Page 34 - Automobile Industry

Festival season momentum lights up domestic PV sales, GST collection

PV sales climb new peak for 3rd straight month; GST mop-up at Rs 1.72 trn

Hero Moto's consolidated net profit jumps 47.6% to Rs 1,007 crore

Regarding sales volume, the company recorded 14.16 lakh units of motorcycles and scooters sold during the quarter

Expecting topline growth of over 60% during this fiscal, says CarDekho

Auto-tech solutions provider CarDekho on Wednesday said it is expecting a topline growth of over 60 per cent year-on-year this fiscal. The company said it recorded a revenue of Rs 2,331 crore in the previous fiscal, which may see a growth of over 60 per cent by March next year. The company at the core business level has already turned net income positive in the September quarter of FY24, it said. The company had posted a loss of Rs 562 crore in the fiscal year ended March 31, 2023. Last year, the CarDekho group discontinued its used car franchise retail and consumer-to-dealer businesses owing to inviable unit economics and the strategic decision of prudent capital allocation moving towards asset-light business model, the company said. "The group remains a market leader in Autotech and handles transactions worth over USD 2.2 billion (on ARR basis) annualised. It also has a significant cash reserve of over Rs 12,000 million (Rs 1,200 crore) at group level dedicated to growth project

Ashok Leyland posts 13% rise in total sales to 16,864 units in October

Commercial vehicle maker Ashok Leyland on Wednesday reported a 13 per cent increase in total sales at 16,864 units in October as compared to 14,863 units in the same month last year. Domestic sales were up 14 per cent at 15,759 units as against 13,860 units in October 2022, Ashok Leyland said in a statement. Sales of medium and heavy commercial vehicles in the domestic market were at 9,411 units as against 8,189 units in the year-ago period, up 15 per cent, it added. Light commercial vehicle sales in the domestic market last month stood at 6,348 units as against 5,671 units in the year-ago period, up 12 per cent, the company added.

General Motors reaches tentative agreement with UAW, ending 6-week strike

General Motors and the United Auto Workers union have reached a tentative contract agreement that could end a six-week-old strike against Detroit automakers, a person briefed on the deal said Monday. The deal follows the pattern set with Ford last week and Jeep maker Stellantis over the weekend. The deals will last four years and eight months and include 25 per cent general pay raises and cost of living adjustments. Combined they bring the wage increase to over 30 per cent over the life of the contract. The person briefed on the matter, who didn't want to be identified because they were not authorised to speak publicly about the deal, said the deal was to be announced early Monday. The contract with GM will essentially be the same as the other two automakers but will have differences. GM was the last company to reach a deal, and the union added a factory in Tennessee to the strike list on Saturday in an effort to turn up the pressure. The UAW reached tentative agreement last week

Tata Motors wins Singur land case, entitled to recover Rs 766 cr from WB

Tata Motors on Monday said an arbitral tribunal has asked the West Bengal Industrial Development Corp to pay the company Rs 766 crore compensation in connection with losses incurred on its manufacturing site in Singur. Tata Motors had to shift its plant to produce small car Nano from Singur in West Bengal to Sanand in Gujarat in October 2008 due to a land row. Tatas, by then, had already put over Rs 1,000 crore in Singur. In a regulatory filing, the auto major said a three-member Arbitral Tribunal has ruled that the company is entitled to recover from the respondent West Bengal Industrial Development Corporation Ltd (WBIDC) a sum of Rs 765.78 crore with interest thereon 11 per cent per annum from September 1, 2016, till actual recovery thereof. The compensation is in respect to the auto major's claim of compensation from WBIDC under various heads, including the loss of capital investments with regard to the automobile manufacturing facility at Singur. "This is to inform that the ..

Renault lines up € 3 bn investment, 8 new models to expand global reach

International Game Plan for 2027 to include areas outside Europe, including India

Sona BLW Precision Forgings Q2 results: Net profit rises 34% to Rs 124 cr

Revenue during the second quarter of the current fiscal increased 20 per cent to Rs 791 crore compared to Rs 657 crore in the July-September period of the previous fiscal, the company said

Battery testing race to work out what used electric vehicles are worth

With traditional combustion-engine cars, mileage and years racked up can quickly tell prospective buyers how much they should fork out

Delhi govt extends policy meant for electric vehicles till December 31

The Delhi government has extended its existing electric vehicle policy till December 31 this year, Transport Minister Kailash Gahlot on Saturday said. Gahlot said the Cabinet has approved the extension of the existing policy and all incentives including subsidies under it will continue. "Delhi Cabinet led by CM @arvindkejriwal has given its approval to extend the existing Delhi Electric Vehicle Policy till 31.12.2023 or till notification of Delhi EV policy 2.0 whichever is earlier. "All incentives including subsidy under the existing policy shall continue. Delhi EV policy 2.0 is in final stages and after necessary approvals shall be notified soon," Gahlot posted on X. The minister had earlier told PTI that the Electric Vehicles Policy 2.0 would look at incentivising the retrofitting of vehicles considering its high cost. People want to convert their IC (internal combustion) engines into electric ones. The process is expensive. For converting a normal Gypsy, it takes almost Rs 5-6

TVS Srichakra to acquire US based firm, to grow off-highway tyre biz

TVS Srichakra Ltd, makers of TVS Eurogrip, Eurogrip and TVS brand of tyres, has drawn up plans to acquire the US-based Super Grip Corporation as part of its vision to grow in the global off-highway tyre market. On Friday, the company's board of directors approved the formation of a subsidiary in the United States market ahead of the acquisition plan. Super Grip Corporation, established in 1984, is engaged in manufacturing of high-quality tyres for the industrial tyre market. We view the proposed Super Grip transaction with excitement. The company fits in well with our plan to expand our off-highway tyre business globally, TVS Srichakra Ltd Director S Ravichandran said in a company statement here. The proposed transaction also brings with it an experienced and motivated management team, which will add value to the business over time, he said. TVS Srichakra recently invested in a new plant at its facility in Madurai to double the off-highway tyre capacity. This investment is largely

Auto deals jump 858% in Q2FY24 on back of 16 deals worth $939 million

This substantial growth was primarily fuelled by five high-value deals, each surpassing $100 million

Servotech Power Systems, IIT-Roorkee enter pact to develop e-chargers

Servotech Power Systems Ltd (SPSL) on Wednesday said it has inked an agreement with IIT-Roorkee to develop onboard e-chargers for battery-operated two-, three- and four-wheelers. Another pact with the premier institute aims to develop rectifier units that find applications through imports, SPSL said in a statement. "SPSL has signed two memorandums of understanding (MoUs) with IIT Roorkee to develop state-of-the-art rectifier units for CCS2 chargers and onboard EV chargers for two, three and four-wheelers," the statement said. The rectifier unit is an integral component of the CCS2 (combined charging system) charger that is currently imported and the collaboration will boost domestic manufacturing capabilities and promote the growth of the domestic EV industry. Onboard chargers for electric vehicles are compact and lightweight chargers designed to be mounted directly on the two-, three- and four-wheelers, eliminating the need for a separate charger. "The company will now be ...

CIE Automotive India results: Profit up 11%, revenue low in Europe segment

Weak demand for cars in CIE's key Europe market, which analysts say brings higher margins, also saw overall revenue rise just 2.2% - its slowest growth in five quarters

SUV segment to see intense competition among players: Tata Motors

Tata Motors on Tuesday said it plans to keep updating its SUV range as it expects the robustly growing segment to remain highly competitive with presence of all leading players. Sports utility vehicles are driving the overall growth of the domestic passenger vehicle segment. As per the latest SIAM data, SUV sales account for 60 per cent of the overall passenger vehicle sales in the country. In an interaction with PTI, Tata Motors Passenger Vehicles Managing Director Shailesh Chandra said the company has a leadership position in some of the SUV sub-segments and is looking to consolidate in others. "The SUV segment is going to be an intensely fought segment. The top three-four players will have just a few thousand (units) here and there. At some point someone will be number one, sometimes somebody else will become number two," he said. He noted that in such scenarios it is more important to focus on the individual products and whether they are in the top two consideration for ...

Govt mulling another PLI scheme for batteries to bring down cost: Singh

The government will bring out another production-linked incentive scheme for batteries to bring down cost and boost the adoption of electric vehicles in India, union minister R K Singh said on Monday. Speaking at the EV (electric vehicles) Ready India Dashboard of OMI Foundation, the Union Power and New & Renewable Energy Minister said, "We are coming out with another production-linked incentive (PLI) to increase the volumes (of storage or battery)." He was of the view that the price of storage will come down with (higher) volumes. "Price of storage will come down only if you add volumes. That is why there is a production-linked incentive (PLI) for storage," he said. He pointed towards limited battery manufacturing capacity in the world and termed it as a reason for high prices. The minister opined that higher cost and lower driving range are issues in adopting EVs. The central government had approved the (PLI) scheme for manufacturing advanced chemistry cell (ACC) batteries at an

Domestic passenger vehicles wholesales up 2% to 361,717 units in Sept: SIAM

Passenger vehicle wholesales in India increased by 1.87 per cent year-on-year to 3,61,717 units last month, industry body SIAM said on Monday. The passenger vehicle dispatches to dealers stood at 3,55,043 units in September 2022. Similarly, two-wheeler sales increased to 17,49,794 units last month from 17,35,199 units in the year-ago period, Society of Indian Automobile Manufacturers (SIAM) said. Total three-wheeler wholesales rose to 74,418 units last month from 50,626 units in September 2022. Total dispatches last month were up at 21,41,208 units from 20,93,286 units in September 2022. In the September quarter, overall sales rose to 61,16,091 units from 60,52,739 units in the second quarter of 2022-23. Passenger vehicle dispatches rose marginally to 10,74,189 units in the second quarter from 10,26,309 units in July-September period of last fiscal. Commercial vehicles dispatches rose to 2,47,929 units from 2,31,991 units in the year-ago period. Total three-wheeler wholesales ro

No plans to phase out diesel vehicles: BMW India president Vikram Pawah

The company currently has an order book of about 2,000 cars and 1,000 motorcycles

Govt mulls subsidising carmakers investing in local EV production

The government plans to extend incentives to carmakers based on the investments they make to manufacture cars locally, an official aware of the development said

Govt invites bids for licences to supply natural gas to households

"After this round we will go with the authorisation for the island areas to cover 100% geographical areas," Oil minister Hardeep Singh Puri said