Page 31 - Automobile Industry

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 ..

TN global investors meet: Tata Electronics, JSW, TVS unveil mega plans

Hyundai, Pegatron, First Solar also queue up

UK looks for greater share in India auto sector under FTA: Official

Countries which are negotiating free trade agreements (FTAs) with India, including the UK, want a greater share in the country's fast-growing automobile sector, Commerce Secretary Sunil Barthwal said on Friday. He said that India has come to the centre stage of auto manufacturing not only in assembling but also in the whole value chain. The industry has strengthened itself in all areas, including making auto grade steel, components and tyres, besides exporting these goods, he said. The auto sector is now being shifting from conventional ICE (internal combustion engines) to Electric Vehicle (EV) battery-based systems. "When we look at our present strength and the future potential in India, I think it is going to be huge. "In fact when we are doing our FTAs, I remember that country after country, they are focusing on how they can get a pie out of the Indian automobile sector and when we are negotiating FTA with the UK...saying that this much of market share should be available to th

'EV sales in India to grow at 35%, annual volumes may cross 27 mn by 2032'

Electric Vehicle (EV) sales in India is expected to grow at a Compound Annual Growth Rate (CAGR) of 35 per cent with annual volumes likely to touch 27.2 million units by 2032, a report said on Friday. The report, 'India Electric Vehicle Market Overview 2023', by energy advisory, software and services firm, Customized Energy Solutions, also predicts a record-breaking sale of 1.7 million units in 2023. EV sale in India is projected to touch about 27.2 million units by 2032 and with a CAGR of 35 per cent from 2023-2032 under business-as-usual conditions, according to the report. The driving force behind this is a confluence of factors, including the availability of the FAME-II subsidy, which has proven to be a catalyst, with a substantial budget allocation of USD 1.2 billion assigned to subsidise various EV segments, it said. The central government's commitment to fostering an indigenous EV ecosystem is evident in the approval of a USD 3.5-billion Production-Linked Incentive (PLI) sch

HMSI sees increase in sales by 27% to 317,123 units in December 2023

Honda Motorcycle and Scooter India on Wednesday reported a 27 per cent increase in total sales at 3,17,123 units in December 2023 as compared to 2,50,171 units in the year-ago period. Domestic sales were at 2,86,101 units last month, as compared to 2,33,151 units in December 2022, at a growth of 22.71 per cent, Honda Motorcycle and Scooter India (HMSI) said in a statement. Exports were at 31,022 units as against 17,020 units in the year-ago period, it added. In the calendar year 2023, the company sold 43,84,559 units, the statement said.

Maruti Suzuki production falls 2.96% at 1,21,028 units in Dec 2023

Maruti Suzuki India on Tuesday reported a 2.96 per cent decline in total vehicle production at 1,21,028 units in December 2023. The company had produced 1,24,722 units in December 2022, Maruti Suzuki India said in a regulatory filing. Total passenger vehicle production last month stood at 1,19,518 units as against 1,24,135 units in December 2022, down 3.72 per cent, it added. Production of light commercial vehicle Super Carry was, however, higher at 1,510 units as compared to 587 units in the year-ago month. Maruti Suzuki India Senior Executive Officer (Marketing and Sales) Shashank Srivastava had on Monday stated that the company had cut down on production in December to reduce stocks at dealerships ahead of the year-end.

Hero MotoCorp sales increase by 5% YoY to 5.49 million units in 2023

Two-wheeler maker Hero MotoCorp on Tuesday reported a 5 per cent rise in its total sales at 54.99 lakh units in 2023 as compared to 52.47 lakh units sold in the previous year. In December 2023, total sales were marginally down at 3,93,952 units as against 3,94,179 units in the year-ago month, Hero MotoCorp said in a statement. Motorcycle sales stood at 3,54,658 units last month as compared to 3,56,749 units in the corresponding period a year ago. Scooter sales in December 2023 were, however, higher at 39,294 units as against 37,430 units in the year-ago month, the company said. "With increased government spending and improved liquidity, encouraging farm activity and the upcoming marriage season, the company expects a positive momentum to build up from the fourth quarter onwards," Hero MotoCorp said.

Suzuki Motorcycle India's vehicle sales grow 24% to 79,483 units in Dec

Two-wheeler maker Suzuki Motorcycle India on Tuesday said its vehicle sales increased 24 per cent year-on-year to 79,483 units in December. Suzuki Motorcycle India Pvt Ltd (SMIPL), a subsidiary of Suzuki Motor Corporation, had sold 63,912 vehicles in December, as per a company statement. "The company closed December 2023 with total sales of 79,483 units, recording 24 per cent year-on-year growth," Suzuki Motorcycle India said in the statement. Of the total two-wheeler sales last month, the domestic sales volume stood at 69,025 units, while the remaining 10,458 units were retailed in the overseas markets, it stated.

Govt extends PLI scheme for auto sector by a year with 'partial amendments'

The Ministry of Heavy Industries on Monday announced the extension of the Production Linked Incentive (PLI) Scheme for Automobile and Auto Components by one year with "partial amendments". This decision has been made after receiving the approval of the Empowered Group of Secretaries (EGoS). "In pursuance of the approval of EGoS, the Ministry of Heavy Industries has made partial amendments in the Production Linked Incentive (PLI) Scheme for the Automobile and Auto Component Industry and Guidelines of the Scheme. These amendments, effective from the date of publication in the Official Gazette, aim to provide clarity and flexibility to the scheme," an official statement said. Under the amended scheme, the incentive will be applicable for a total of five consecutive financial years, starting from the financial year 2023-24. The disbursement of the incentive will take place in the following financial year 2024-25. The scheme also specifies that an approved applicant will be eligible for