Page 34 - Automobile Industry

New launches, exports gain captured in Eicher Motors' valuations

Aided by a 10 per cent increase in volumes and 5 per cent increase in realisations

Volkswagen to cut administrative personnel costs by 20% in savings drive

The specific details of the drive at Volkswagen's passenger car brand, announced in June and currently being defined in talks between management and the workers council, are due to be set by December

MoRTH proposes installation of inbuilt collision warning system in 4-Ws

The Ministry of Road Transport and Highways (MoRTH) has proposed the installation of an inbuilt 'moving off information system' (MOIS) in certain category of four-wheelers passenger and commercial vehicles to reduce the possibility of collision with pedestrians and cyclists in close proximity. MoRTH in a draft titled 'Approval of motor vehicles with regard to the Moving Off Information System for the Detection of Pedestrians and Cyclists' has specified the automotive industry standard for MOIS and will be notified after public consultation. Moving Off Information System (MOIS) means a system to detect and inform the driver of the presence of pedestrians and cyclists in the close proximity and if deemed necessary, based on manufacturer strategy, warn the driver of a potential collision. "Low-speed moving off from rest manoeuvres that involve collisions between M2, M3, N2 and N3 vehicle category vehicles (subject vehicles) and pedestrians and cyclists have serious consequences for the

M&M Ltd Q2 result: Consolidated net profit at Rs 2,348 cr; revenue up 14%

The total income for Q2FY24 came in at Rs 35,027.23 crore, compared to Rs 30,130.85 crore year-on-year, registering a rise of 16.25%

Oct auto retail sales dip 8% due to Shraddh period; Navratri sales up 18%

Navratri of 2023 marked a milestone, with retail sales soaring by 18 per cent year-over-year, surpassing the figures of Navratri 2017

Retail sales of automobile in domestic market dip 7.73% in Oct: FADA

Retail sales of automobiles in the domestic market saw a 7.73 per cent year-on-year decline in October this year at 21,17,596 units, mainly due to dip in two-wheeler uptake with the inauspicious period of Shraddh affecting new purchases, the Federation of Automobile Dealers Associations (FADA) said on Monday. Retail sales of automobiles in the domestic market stood at 22,95,099 units in October 2022, FADA said in a statement. Two-wheeler retail sales were at 15,07,756 units last month, as against 17,25,043 units in the year-ago period, down 12.60 per cent, as per the latest data by FADA. Similarly, passenger vehicle (PV) retail also declined by 1.35 per cent at 3,53,990 last month, as compared to 3,58,884 units in October 2022. On the other hand, three-wheeler sales were up 45.63 per cent at 1,04,711 units, as compared to 71,903 units in the year-ago month. Tractor retail sales also grew by 6.15 per cent at 62,440 units, as against 58,823 units in October 2022. Commercial vehicle

Record sales in sight for 2023, Mercedes-Benz India bullish on 2024 outlook

Set for another record sales this year, Mercedes-Benz India is confident of carrying forward the momentum to 2024 despite supply concerns, company Managing Director and CEO Santosh Iyer said on Thursday. The company on Thursday launched two fresh products -- new SUV GLE priced between Rs 96.4 lakh to Rs 1.15 crore and AMG C 43 with price starting at Rs 98 lakh, completing its planned launch of ten products for 2023. "Overall yes, another record year for us. We still have two months to go but at this stage from a demand perspective (it is) strong. From the supply side, we have to improve from here on and with that we should end the year on a high note," Iyer told PTI in an interview on the sidelines of the launch here. He was responding to a query on whether the company is set for another record sales in 2023 after witnessing a new high in 2022 when it clocked 15,822 units. In the January-September 2023 period, the company delivered 12,768 units at a growth of 11 per cent over the s

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 ...