Page 31 - Automobile Industry

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

Consumers moved away from diesel vehicles in 2023; EV, hybrid sales rise

SUVs, on the other hand, are likely to grow up to 54-55 per cent from a current level of 48.7 per cent. It has already grown from 42 per cent in 2022 to nearly 49 per cent in 2023

TVS Motor Company posts 25% jump in sales at 301,898 units in Dec

TVS Motor Company on Monday reported a 25 per cent rise in total dispatches at 3,01,898 units in December 2023. The company had sold a total of 2,42,012 units in December 2022, TVS Motor Company said in a statement. Two-wheelers sales were at 2,90,064 units in December 2023 as compared to 2,27,666 units in the same month last year, up 27 per cent, it added. Domestic two-wheeler sales grew by 33 per cent at 2,14,988 units in December 2023 as against 1,61,369 units in December 2022. Motorcycle sales rose by 19 per cent to 1,48,049 units last month as compared to 1,24,705 units in December 2022, while scooter clocked sales of 1,03,167 units as against 76,766 units in the year-ago month, a growth of 34 per cent. TVS Motor Co said it sold 11,232 units of iQube electric scooter in December 2023 as against sales of 11,071 units in the same month last year. Three-wheeler sales were at 11,834 units last month as compared to 14,346 units in December 2022, it added. Total exports were at

PV sales touch record high in 2023 at 4.1 mn, SUVs continue strong growth

Passenger vehicle sales in India touched a record high of 41.08 lakh units in 2023, growing by 8.3 per cent over the previous year driven by SUVs, which accounted for almost half of the total dispatches from manufacturers to dealers. The record sales have been achieved despite an increase in the average price of vehicles to Rs 11.5 lakh last year as compared to Rs 10.58 lakh in 2022. Market leader Maruti Suzuki, Hyundai Motor India, Tata Motors and Toyota Kirloskar Motor reported their best-ever annual sales in 2023. "If you look at January to December 2023, wholesales crossed 41.08 lakh. This is the first time the industry has ever crossed the 4 million mark. That, I think is a huge milestone in the history of the Indian passenger vehicles (PV) industry," Maruti Suzuki India Senior Executive Officer (Marketing and Sales) Shashank Srivastava told reporters in a call. He further said, "This is against wholesales of 37.92 lakh units for the calendar year 2022. Therefore, there is a .

Honda Cars India domestic sales rise 12% to 7,902 units in December

Honda Cars India Ltd on Monday reported a 12 per cent rise in domestic sales at 7,902 units in December as compared to 7,062 units units in the same month a year ago. Exports stood at 3,749 units last month as against 1,388 units in December 2022, Honda Cars India Ltd (HCIL) said in a statement. "The sales momentum in December has been extremely positive for us in both factory despatches and retail as our network maximised the deliveries for the new SUV Elevate to our customers," HCIL Director, Marketing and Sales, Yuichi Murata, said. He said the company is looking forward to 2024 "with tremendous positivity and optimism" with strong sales momentum and growing market potential, backed by a robust business plan.

Car dealers face inventory accumulation of 650,000 to begin new year

"We saw the best of records every month. We are entering 2024 on a high note for the industry. The fourth quarter of the financial year is always expected to be good," said Singhania

Year ender 2023: Top auto launches of the year and what to expect in 2024

In 2023, Maruti Suzuki launched the Baleno-based crossover, Fronx, Brezza's facelift, and an all-new Grand Vitara in the SUV space and grabbed more than 50% share of the segment

Japan automakers to invest $4.3 bn in Thailand over 5 years: Thai govt

Toyota Motor and Honda Motor will invest about 50 billion baht each, while Isuzu Motors will invest 30 billion baht and Mitsubishi Motors 20 billion baht, spokesperson Chai Wacharoke said

After an impressive festive season, car sales likely to cool down in Dec

December is usually marked with weaker sales as customers tend to wait for the new year to get the newest cars with the changed model year

Tata Curvv to Harrier EV: Here are cars Tata Motors will launch in 2024

Tata Motors will add two more electric cars to its portfolio, along with a facelift variant of Altroz

Tata Motors expects best sales in 2024 on back of fresh portfolio

Automaker plans to have 10 EV models by 2026 including the upcoming Harrier EV and Punch EV: MD Shailesh Chandra

Toyota's Daihatsu to halt all vehicle shipments, in widening safety scandal

Toyota Motor's Daihatsu unit will halt shipments of all of its vehicles, Japan's biggest automaker said on Wednesday, after a safety scandal investigation found issues involving 64 models

Ford Motor cancels deal to sell its Tamil Nadu plant to JSW Group

The JSW Group had finalised an agreement to buy the Ford plant for around $100 million, but Ford called off the deal as it is no longer looking to sell the factory