Page 30 - Automobile Industry

Bajaj Auto Vice Chairman Madhur Bajaj steps down due to health reasons

Bajaj Auto Ltd on Wednesday said its Vice Chairman Madhur Bajaj has resigned due to health reasons. In a regulatory filing, Bajaj Auto said Madhur Bajaj has tendered his resignation from his position in the company with effect from the close of business hours on January 24, 2024. In his resignation letter, Bajaj said considering his age and current health and after being associated with the company for 44 years he wished to step down as the Vice Chairman and non-executive Director of Bajaj Auto. "I believe now is the time for me to pursue my other interests and commitments," he added. Further, Bajaj Auto said its independent director Lila Poonawalla has expressed her desire not to seek a second term when her first term ends on March 31, 2024. The board has approved re-appointment of Pradip Shah as an independent director for the second five-year term effective from April 1, 2024 and also recommended to the shareholders, the appointment of Vinita Bali as an independent director for

Passenger vehicle segment to see record 18-20% growth in FY24: Report

The Passenger Vehicles (PV) segment volumes are expected to log a record 18-20 per cent growth this fiscal as the pent-up demand levels off amid hike in vehicle prices, CareEdge said in a report on Tuesday. It also projected the PV sales volume to continue this growth momentum in the next fiscal, driven by factors such as strong order book and improvement in supply chain, the credit ratings agency said. The demand for premium variants is expected to remain healthy, while that of entry-level variants may remain muted due to high interest rates and an inflationary environment, according to CareEdge. The Electric Four-Wheeler (E4Ws) segment -- which contributes about 6 per cent to the total EV market sales -- volumes have grown significantly in the past few years, it said. Major Original Equipment Manufacturers (OEMs) have planned to introduce more EV models in the future, suitable for the domestic market that could boost their adoption and increase competition in the market, it ...

Suzuki Motorcycle India, SMFG India Credit Co partner for vehicle finance

Suzuki Motorcycle India Pvt Ltd on Friday said it has partnered with SMFG India Credit Co Ltd (formerly Fullerton India Credit Co) to provide financing on purchase of its two-wheelers. The two companies have entered into an MoU for the same, Suzuki Motorcycle India Pvt Ltd (SMIPL) said in a statement. SMFG India Credit is registered as a Non-Banking Financial Company-Investment and Credit Company (NBFC-ICC) with the Reserve Bank of India, and a member of Sumitomo Mitsui Financial Group (SMFG), it added. "Considering our continuous growth in the Indian market, it becomes imperative for us to associate with financiers who can facilitate ease of purchasing Suzuki two-wheelers. The idea is to offer flexible, yet easy retail finance offers, keeping in mind the needs of our customers," SMIPL Managing Director Kenichi UMEDA said. "We are confident that our engagement with SMFG India Credit will be another step in enhancing our ability to cater to the needs of our growing customer base in

BNC Motors plans to expand dealership network to over 300 outlets this year

Electric bike maker BNC Motors on Monday said it plans to expand its dealership network to over 300 outlets this year. It also said that around 90 of these outlets will be set up in north India, mainly across Delhi-NCR, Uttar Pradesh, Punjab and Haryana. The company further said that it plans to launch two more products this year, including a scooter and a bike. The electric bike maker currently has 10 dealerships. As part of the plans for accelerating national growth with a strategic expansion, BNC Motors plans to add over 300 dealerships in its networks in India by this year, the company said. Of this, close to 90 new outlets are planned for northern part of India, mainly in Delhi-NCR, Uttar Pradesh, Punjab and Haryana, it said. "Our increased focus on expansion into north India is a response to the growing demand and inquiries from customers who want to experience the BNC quality," said Anirudh Ravi Narayanan, CEO of BNC Motors. After six months of focused efforts in southern

Tata Motors to commence EV production at Sanand plant from April 2024

Tata Motors plans to commence production of electric vehicles at the Sanand plant, acquired from Ford India, from April this year, as per a top company official. Tata Passenger Electric Mobility Ltd, a unit of Tata Motors, acquired the facility from Ford India for Rs 725.7 crore in January last year. "We are planning to commence electric vehicle production at Sanand with Nexon EV from April," Tata Motors Passenger Vehicles MD Shailesh Chandra told PTI. The company has already commenced production of internal combustion engine-powered versions of the Nexon at the manufacturing plant with an installed capacity of 3 lakh units per annum. It can be further scaled up to 4.2 lakh units per annum. Chandra said the company is also looking to produce upcoming models at the facility. When asked about the company's product pipeline, he said that Curvv EV would be introduced around the second or third quarter of this calendar year. "We are also hoping that by the fag-end of this year, we sh

Ashok Leyland to make 1225 buses for Karnataka state transport undertakings

Company says order will strengthen its lead in Indian bus manufacturing

Classic Legends charts revival plan; to focus more on Asean markets

The company revealed that they are now targeting the Asean markets, starting with the Philippines

Ola Electric gets domestic value addition certificate under auto PLI scheme

Ola Electric on Wednesday said it has received domestic value addition certificate under the production linked incentive scheme for the automobile and auto component industry. The company successfully met the domestic value addition (DVA) criteria of 50 per cent among others as mandated by the Union Ministry of Heavy Industries, under the Production Linked Incentive (PLI) scheme for automobile and auto component industry, Ola Electric said in a statement. The certification has been granted by the Automotive Research Association of India (ARAI) after testing of the product and checks on the localisation standards of the components, it added. The company claimed it has become the first Indian two-wheelers company to receive the DVA certificate under the PLI scheme. "The PLI certification is a testament to our vertically integrated manufacturing capabilities and a significant milestone in our quest to accelerate India's journey towards clean mobility," a spokesperson of Ola Electric .

Govt to examine demands for inclusion of more components in Auto PLI: Min

The government has constituted a committee to examine the auto industry's demand for including more components in the production-linked incentive scheme for automobile and auto components, Union Minister Mahendra Nath Pandey said. "A committee has been constituted to examine demands from stakeholders to include more (automotive) components in the scope of the PLI scheme as technology keeps evolving. It will be chaired by an Additional Secretary in the Ministry of Heavy Industries and have 11 members including those from testing agencies like ARAI and the auto industry," the heavy industries minister told PTI. The minister was speaking on the sidelines of a conference on Auto PLI here on Tuesday. Considering the need of the auto industry, the ministry has extended the tenure of the Production Linked Incentive (PLI) Scheme for Automobile and Auto Components by one year and incentive will be provided for determined sales for a total of five consecutive financial years, starting from th

PLI payout for FY24 may lag behind govt's estimate of over Rs 11,000 crore

Ministries asked to ensure scheme is 'aggressively' monitored

Panel to examine industry's components inclusion demand in Auto PLI

The government has constituted a committee to examine the auto industry's demand for including more components in the production-linked incentive scheme for automobile and auto components, Union Minister Mahendra Nath Pandey said on Tuesday. "A committee has been constituted to examine demands from stakeholders to include more (automotive) components in the scope of the PLI scheme as technology keeps evolving. It will be chaired by an Additional Secretary in the Ministry of Heavy Industries and have 11 members including those from testing agencies like ARAI and the auto industry," the Heavy Industries Minister told PTI. The minister was speaking on the sidelines of a conference on Auto PLI here. Considering the need of the auto industry, the ministry has extended the tenure of the Production Linked Incentive (PLI) Scheme for Automobile and Auto Components by one year and incentive will be provided for determined sales for a total of five consecutive financial years, starting from th

India Inc likely to report 8-10% revenue growth in Q3: CRISIL Ratings

Corporates' revenues are likely to have grown 8-10 per cent in the 2023 December quarter on an annual basis, according to a report. The operating profits have likely expanded 100-150 basis points on-year in the three months ended December 2023, giving the corporates an overall operating margin of 19-20 per cent in the first nine months of 2023-24 fiscal, as per Crisil Ratings. Revenue growth would have been stronger but for the decline in agri-linked sectors such as fertilisers, consumer staples such as edible oils, industrial commodities like chlor-alkalis and commodity chemicals, and aluminium, Crisil Ratings said in the report based on the analysis of 350 companies, excluding financial services and oil and gas sectors. Also, the rating agency said that revenue growth seemed to be propelled by volume. Aniket Dani, a director with the agency, said construction-linked sectors, which together account for 20 per cent of the overall revenue, grew 5-7 per cent as construction activity

BYD's chartered vessel sets sail with 5,000 electric vehicles for Europe

Chinese automakers including BYD, Chery Automobile and SAIC Motor have been placing orders for vessels to counter rising shipping costs as they boost exports

Maruti Suzuki India hikes prices by around 0.45% across models from Jan 16

Maruti Suzuki price hike: The company's announcement followed as several automakers have announced that they will increase prices due to rising input costs and other factors

Toyota aims to produce about 10.3 million vehicles globally in 2024

Toyota is preparing to increase production thanks to strong sales of hybrid vehicles. The shortage of automotive semiconductors and other components is also easing, the Nikkei said

Hyundai Motor to spend $845 million fixing Talegaon plant bought from GM

Hyundai last year bought the General Motors factory in Talegaon, which has stood idle for years after the US company struggled to sell it off following its exit from the country

Hyundai Motor to spend $845 million fixing Talegaon plant bought from GM

Hyundai last year bought the General Motors factory in Talegaon, which has stood idle for years after the US company struggled to sell it off following its exit from the country

Tesla gets $94 billion market cap reality check as EV winter sets in

The hit to Tesla's market capitalization to start the year is the biggest the company has seen over a similar period since it went public in 2010

Super sports car segment in India to grow by 30% in '24: McLaren Automotive

British luxury carmaker McLaren Automotive on Friday said it is expecting the super sports car segment in India to register 30 per cent growth this year. McLaren is also looking to deliver about 20-odd cars to customers in India after witnessing a blip last year owing to supply chain issues. Earlier the company, which entered the Indian market in November 2022, unveiled its super sports car the 750S, priced at Rs 5.91 crore. Built at the McLaren Composites Technology Centre (MCTC) in Yorkshire, UK and imported as a completely built unit, 750S is the lightest and most powerful series-production from the company, achieving 0-200kms/hour in 7.2 seconds (Spider 7.3 seconds), as per the company. "This segment (the cars, which are priced upwards of Rs 4-5 crore) has also seen a healthy growth last year. I think post-Covid, 2021 was kind of a startup year (from the volume's perspective) and then 2022 was a good year. "While the year 2023 was better and we're thinking 2024 will be still .

Tata Motors commences production at Sanand plant it acquired from Ford

Tata Motors on Friday said it has commenced production at its new production facility at Sanand in Gujarat. Tata Passenger Electric Mobility Ltd, a unit of Tata Motors, had acquired the facility from Ford India for Rs 725.7 crore in January last year. "We have successfully retooled the factory in the shortest span of 12 months, taking it to a new level to accommodate a wide range of existing products and future new models to come," Tata Motors Passenger Vehicles and Tata Passenger Electric Mobility (TPEM) MD Shailesh Chandra said in a statement. The facility will play a pivotal role in steering Tata Motors, especially TPEM, towards achieving newer feats, he added. "With existing capacities near saturation, this new facility will unlock an additional manufacturing capacity of 3 lakh units per annum which is scalable to 4.2 lakh units per annum," Chandra said. The plant, which would be the company's second in Gujarat, would roll out both Internal Combustion Engine (ICE) and electric