Page 30 - Automobile Industry

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

Rationalisation of duty structure crucial for tech adoption: BMW India Head

Rationalisation of the duty structure is critical for the fast adoption of new technologies, including electric vehicles, BMW Group India President Vikram Pawah said on Thursday. He stressed on a level-playing field in terms of taxation for the existing as well as for new players who seek to foray into the country. "Our ask from the government has always been that if you want faster adoption of new technologies, and then localisation, there needs to be some rationalisation of the duty structure," Pawah told reporters here. If the duties were less, it will allow the companies to bring in products and offer it to the customer at the right price, he added. After demand creation, the products could be localised as BMW has been doing since commencing operations in the country, Pawah said. "Every product that we bring in, initially we try to bring in as CBU, and when the demand grows, we immediately localise it," he added. At present, cars imported as Completely Built Units (CBUs) attr

Govt's mission is to be world's top automobile manufacturing hub: Gadkari

The government's mission is to make India the number one automobile manufacturing hub in the world and make the auto sector a Rs 25 lakh crore industry, Union Minister Nitin Gadkari said on Thursday. Addressing a seminar at the Vibrant Gujarat Global Summit here, the minister asked auto manufacturers to invest in clean technologies, especially in electric vehicles, otherwise, they will "miss the bus". Under Prime Minister Narendra Modi's vision of a USD 5 trillion economy and a self-reliant India, Gadkari said, "We are looking at the auto sector to become a Rs 25 lakh crore industry." He further said, "We have to become the number one. Our mission, our target is to make the Indian automobile industry in the world the number one manufacturing hub." Gadkari reminded the audience that when he took charge as minister, India's automobile sector was seventh in the world. "It is a great pride and pleasure for me that under the leadership of PM Modi, we have achieved a very respectable fe

Tata Motors rides high on Jaguar Land Rover volume, margin expectations

The main trigger for the stock is the volume trajectory for JLR. Its wholesale volumes in the December quarter, excluding China joint venture, grew 27 per cent over year ago quarter to 101,043 units

Musk not attending Vibrant Guj but Tesla welcome to invest: Official

Amid speculation that Elon Musk will visit Gujarat, a senior government official on Wednesday said the billionaire-founder of Tesla is not coming for the ongoing Vibrant Gujarat Global Summit, but they are welcome to invest in the state. The state is very keen to get Tesla if it comes to India, Managing Director of Gujarat Industrial Development Corporation Rahul Gupta said. He also said the state is already home to a slew of electric vehicle manufacturers. To a specific question on whether Musk is expected to attend the three-day event inaugurated by Prime Minister Narendra Modi earlier in the day, a state government official replied in the negative. "Musk is not expected. If he were to come, would he not attend the inaugural session? Will he be attending the seminars on day 2 and day 3?" the official said on the condition of anonymity. Speculation was rife that Musk might attend the summit. "You will appreciate that it is the prerogative of any particular company on where to in

Tesla launches restyled Model 3 in North America at unchanged prices

The move will refresh Tesla's aging vehicle line-up in its biggest market and follows a price war last year that helped the company meet its annual deliveries goal at the cost of margins

Electric vehicle sales jumps 49% to 1.52 million units in 2023: Fada

Electric vehicle sales in India jumped 49.25 per cent year-on-year to 15,29,947 units in 2023, according to a data released by the Federation of Automobile Dealers' Association (FADA) on Tuesday. The EV industry had recorded a total sales of 10,25,063 units in 2022, as per the data. The two-wheeler sales grew 36.09 per cent to 8,59,376 units in the just-concluded year against 6,31,464 units in 2022, it said. The e-three-wheeler sales volumes surged 65.23 per cent year-on-year to 5,82,793 units from 3,52,710 units sold in 2022. E-commercial vehicles sales rose 114.16 per cent year-on-year to 5,673 units in 2023 compared to 2,649 vehicles in the preceding year. Electric passenger vehicle sales grew 114.71 per cent to 82,105 units last year against 38,240 vehicles in 2022, as per the FADA data.

Mobileye agrees to supply ADAS tech to M&M as it eyes growth in India

Mobileye also forecast a decline in sales of 50% year-on-year in the current first quarter as customers and automakers work through a backlog of ADAS chips and have stopped placing orders

Tata Motors global wholesales up 9% to 338,177 units in December quarter

Tata Motors on Tuesday said its global wholesales, including that of Jaguar Land Rover, rose 9 per cent year-on-year to 3,38,177 units in the December quarter. Global wholesales of Tata Motors' commercial vehicles and Tata Daewoo range in October-December period of FY24 were at 98,679 units, up 1 per cent over third quarter of FY23, the company said in a regulatory filing. The company's global sales of all passenger vehicles, including electrical vehicles, were at 1,38,455 units, up 5 per cent year-on-year. Global wholesales for Jaguar Land Rover were 27 per cent higher at 1,01,043 units. Jaguar wholesales for the quarter stood at 12,149 vehicles, while Land Rover wholesales for the quarter were at 88,894 vehicles.

Renault plans 5 launches in 3 years, eyes double-digit sales growth in 2024

French carmaker Renault is planning to launch five products in the Indian market over the next three years as it looks to tap emerging demand for automobiles in the country, according to a top company executive. The automaker, which saw subdued sales last year owing to various challenges, expects a turnaround in business this year. The company sold around 49,000 units in the domestic market and also shipped close to 28,000 units to various international markets in 2023. "We are definitely eyeing double-digit growth this year... we are refreshing our current product range. Also, there will be marketing actions, so that should help," Renault India Operations Country CEO & Managing Director Venkatram Mamillapalle told PTI. On new product launches, he noted that the company will introduce five products in the next three years. This will be in addition to the investment of 3 billion euros that Renault Brand recently announced for the four key international hubs outside Europe, which ..

Global electric vehicle market growth to slow this year on lower subsidies

The figure follows an estimated growth of 29% in 2023 at 13.7 million units, when government incentives helped the adoption of EVs, Canalys said in its report

Aiming for double digit volume growth in 2024: Mercedes-Benz India MD & CEO

The German carmaker, which leads the luxury car market in the country, recorded a 10 per cent year-on-year growth to 17,408 units in 2023

Mercedes Benz lines up Rs 200 cr investment, will launch over 12 products

German luxury carmaker Mercedes-Benz will invest Rs 200 crore in India this year on new products, manufacturing operations and digitisation, to strengthen its position after posting record sales of 17,408 units in 2023, a top company official said on Monday. Mercedes-Benz India will have more than 12 launches in 2024, including three electric vehicles, out of which half will be in the top end vehicle segment (TEV) and will be priced Rs 1.5 crore onwards. "This year marks a special year as we celebrate 30 years of Mercedes Benz in India. We are going to invest Rs 200 crore more into our factory in Pune. This takes a total investment of Rs 3,000 crore in India now. So that's a strong statement of intent," Mercedes-Benz India Managing Director & CEO Santosh Iyer told PTI in an interview. These investments will be towards manufacturing operations, new product startups and digitisation of the manufacturing process, he added. In 2023, Iyer said, the company recorded its best-ever year ..