Page 35 - Automobile Industry

TVS Motor, BMW commence production of first electric bike CE 02 at TN plant

The factory located about 70 kms from Bengaluru, was engaged in the production of vehicles co-developed by the two auto companies

Audi reports 88% increase in retail sales at 5,530 units in Jan-Sept

German luxury carmaker Audi on Wednesday reported an 88 per cent year-on-year growth in retail sales at 5,530 units in January-September period this year in India. Audi India had retailed 2,947 units in the same period last year. The launch of the new Q8 e-tron, Q8 Sportback e-tron, Q3 and Q3 Sportback coupled with continued demand for other models like the A4, A6 and Q5 has led to positive growth, the automaker said in a statement. "Our SUVs have witnessed a growth of 187 per cent. With the upcoming festive season, we are expecting this growth to continue on the back of sustained demand," Audi India Head Balbir Singh Dhillon noted. Robust sales performance owing to strong demand, expansion in the luxury car segment, evolving demographics and favourable economic conditions are leading to growth, he added. "We are on a growth path -- sustainable, profitable business is our strategy and we expect to close the year with high double-digit growth," Dhillon stated.

Automobile industry capable of becoming export-led $1 trn by 2035

The Indian automobile sector has the potential to become an export-led USD 1 trillion industry by 2035, according to a report. The industry can achieve the size enabled by manufacturing, innovation and technology leadership, as per a report by Arthur D Little. Arthur D Little Managing Partner (India & South Asia) Barnik Chitran Maitra noted that India's automotive industry can become a global hub for design, development, and production, appealing to international markets. To achieve this, players across the industry must upgrade their capabilities for reliable and competitive global manufacturing, he added. "India's strength in automotive software and ER&D (engineering research and development) can thrive by offering solutions aligned with emerging trends like zonal architecture and Advanced Driver Assistance Systems (ADAS). India has the potential to be an automotive innovation leader, with a thriving well-funded startup ecosystem," Maitra said. This highlights the increasing

Robert Bosch Automotive Steering pays Rs 10 lakh to settle case with Sebi

Robert Bosch Automotive Steering GmbH, a promoter of Z F Steering Gear (India) Ltd, has settled a case pertaining to alleged violation of disclosure norms with Sebi after paying Rs 10 lakh as the settlement charges. The order came after the applicant had filed a suo motu settlement application proposed to "settle by neither admitting nor denying any conclusions of law or fact". "It is hereby ordered that any proceedings that may be initiated for the violations are settled in respect of the applicant," Sebi's whole time members Ananth Narayan G and Amarjeet Singh said in the settlement order passed on September 27. The applicant was required to make annual disclosures of its shareholding in terms of SAST (Substantial Acquisition of Shares and Takeover) rules, for the financial years 2019-20 and 2020-21 on or before June 01, 2020 and April 9, 2021, respectively. However, it had made delayed disclosures in March 2023 and July 2021, respectively. Robert Bosch Automotive Steering was a

Escorts Sept sales: Tractor sales down 11.2%; construction machine sales up

Year-to-date sales for construction equipment registered a 56.7 per cent rise as the sales zoomed from 1,883 units during Apr-Sep 2022, to 2,950 units for Apr-Sep 2023

Tesla owners must arbitrate false ad claims over autopilot feature: Judge

The ruling marks a significant victory for Tesla, as it means the company will not have to face class action claims on behalf of much larger groups of vehicle owners

Tesla misses market estimates for quarterly deliveries, shares fall 3.7%

The electric-vehicle maker handed over 435,059 vehicles in the three months to Sept. 30, down nearly 7% from the preceding quarter

EV maker Rivian beats Q3 delivery estimates after raising production

The Irvine, California-based startup said it was on track to produce 52,000 vehicles in 2023 - a target it raised in August from 50,000 vehicles as supply-chain bottlenecks eased

United Auto Workers union reaches tentative agreement with Mack Trucks

The United Auto Workers union has reached a tentative contract agreement with Mack Trucks that covers about 4,000 workers in three states. Mack Trucks confirmed a tentative agreement on a five-year contract early Monday after the UAW announced the deal just before midnight Sunday. The terms of this tentative agreement would deliver significantly increased wages and continue first-class benefits for Mack employees and their families, Mack President Stephen Roy said. At the same time, it would allow the company to successfully compete in the market, and continue making the necessary investments in our people, plants and products. Nearly 4,000 UAW members at Mack Truck in Pennsylvania, Maryland and Florida (UAW Region 8 and Region 9) have a tentative agreement!, the union said on social media platform X, formerly known as Twitter. The UAW said that more details would become available as members review the tentative deal with Mack, which is owned by Volvo Group. Mack said UAW members

Honda Cars India domestic sales up by 13% at 9,861 units in September

Honda Cars India Ltd on Sunday reported a 13 per cent increase year-on-year in domestic sales at 9,861 units in September 2023. Newly launched mid-size SUV Elevate received good response in the market and the deliveries of the model started from last month, Honda Cars India said in a statement. "The new SUV has emerged as a frontrunner and is contributing significantly to the sales momentum during this festive season," Honda Cars India Ltd Director, Marketing and Sales, Yuichi Murata said. He further said, "The auto industry is experiencing strong demand at the beginning of the festive season. With an extended festive period this year, we expect this momentum to continue, which is very encouraging." Exports last month stood at 1,310 units, the company said.

Festive demand steers passenger vehicle wholesales to record high in Sept

Passenger vehicle wholesales in India rose to record levels in September as automakers dispatched stocks to dealers in order to cater to the robust demand in the ongoing festive season. The industry dispatches stood at 3,63,733 units last month, the best ever in a month. The previous best was reported in August 2023 with dispatches of 3,60,700 units. "This is the highest ever September of course, in any year in the Indian passenger vehicle history. It is also the highest ever in any month so far," Maruti Suzuki India Senior Executive Officer (Marketing and Sales) Shashank Srivastava told reporters in a virtual press meet. He noted that dispatches rose in September as the dealers prepared for the festive season which kicks in a big way from October 14. Last month also witnessed robust demand in western and southern states due to various festivals which see increase in car sales, Srivastava said. Another reason is better availability of cars due to chip supplies stabilising, he ...

Tata Motors total sales in domestic market rise 2% to 80,633 units in Sept

Tata Motors Ltd on Sunday reported a 2 per cent rise in its total domestic vehicle sales at 82,023 units in September, as against 80,633 units in the same month last year. Passenger vehicle sales in the domestic market, including electric vehicles, were down 6 per cent at 44,809 units last month, as compared to 47,654 units in September 2022, Tata Motors said in a regulatory filing. Electric vehicle sales, including in international markets, were at 6,050 units as compared to 3,864 units in the year-ago month, a growth of 57 per cent. "Passenger vehicle sales remained strong in Q2 FY24 driven by new launches and pre-festive offtakes. Tata Motors posted quarterly sales of 1,38,939 cars and SUVs in Q2 FY24, about 2.7 per cent below our highest ever quarter, Q2 FY23," Tata Motors Passenger Vehicles Ltd and Tata Passenger Electric Mobility Ltd Managing Director Shailesh Chandra said. He further said, "Our EV business continues its strong momentum and has posted growth of about 55 per c

Maruti Suzuki posts highest ever monthly sales in Sept at 181,343 units

Maruti Suzuki India (MSI) on Sunday said its total wholesales increased 3 per cent year-on-year to 1,81,343 units in September, its best ever in a month. The country's largest carmaker had dispatched 1,76,306 units to dealers in the same month last year. Total domestic passenger vehicle sales rose to 1,50,812 units last month, up 2 per cent from 1,48,380 units in September 2022, MSI said in a statement. In the April-September period, the company's total sales crossed the 10-lakh sales mark. MSI dispatched 10,50,085 units in the first half of the current fiscal as compared with 9,85,326 units in the same period of last fiscal. It is for the first time that the company surpassed the half-yearly sales mark of 1 million units, the automaker noted. In September, the company said the sales of its entry level cars -- Alto and S-Presso -- stood at 10,351 units, down 65 per cent from 29,574 units in the year-ago period. Sales of compact cars also declined to 68,552 units last month from

Hyundai reports highest ever monthly sales in September at 71,641 units

Hyundai Motor India on Sunday said its total wholesales increased 13 per cent year-on-year to 71,641 units in September, its highest ever in a month. The country's second largest carmaker had dispatched 63,201 units to dealers in September last year. Domestic sales last month rose to 54,241 units, up 9 per cent from 49,700 units in September 2022, Hyundai Motor India said in a statement. Exports were higher at 17,400 units last month from 13,501 units in September 2022, an increase of 29 per cent. "While the industry grew by 2 per cent last month, our domestic dispatches were up 9 per cent. The share of SUV sales in our overall volumes continues to grow," Hyundai Motor India COO Tarun Garg told PTI. The ongoing festive season has resulted in strong sales momentum, helping the automaker achieve 9 per cent growth, he added. "Our strong SUV portfolio has received a further boost with the exceptional customer response to the newly launched Exter," Garg said. The company has garnere

Maruti receives show cause notice from GST Authority, demands interest

Maruti Suzuki India on Friday said it has received a show cause notice from the GST Authority proposing to demand interest and impose penalty, besides appropriating tax already paid, amounting to Rs 139.3 crore. The notice pertains to the matter of tax liability under reverse charge basis on certain services for the period of July 2017 to August, 2022, Maruti Suzuki India said in a regulatory filing. "The company will file a reply to the show cause notice before the Adjudicating Authority," it said, adding that there was no impact on its financial, operation or other activities due to the notice. The company also said it has received a favourable order from the High Court of Punjab and Haryana wherein appeals filed by the Central Excise Department for the period June 2006 to March 2011 have been dismissed. The Central Excise Department had filed appeals before the high court against an earlier tribunal order of August 2016, which was passed in favour of the company in which input .

Hero MotoCorp to hike prices of select models by 1% from October 3

Hero MotoCorp on Friday said it will increase prices of select motorcycles and scooters by around 1 per cent from October 3. The company will make a marginal revision in the ex-showroom prices of select motorcycles and scooters, effective from October 3, 2023, the country's largest two-wheeler maker said in a statement. The price increase will be around 1 per cent, and the exact quantum of increase will vary by specific models and markets, it added. The price revision is part of our regular review of product competitiveness and positioning, factoring inflation, margins and market share, the company stated.

Indian EV charger maker Exicom Tele-Systems files for $48 million IPO

The company proposes to utilise the proceeds for partially financing the cost of setting up production lines at its planned manufacturing facility in Telangana

Skoda Auto Volkswagen India net profit up 49% in FY23 at Rs 309.5 cr

KODA AUTO Volkswagen India posted a 48.6 per cent rise in its standalone net profit at Rs 309.5 crore in the fiscal ended March 31, 2023 riding on strong revenue growth, according to financial data accessed by business intelligence platform Tofler. The company had posted a net profit of Rs 208.34 crore in the fiscal ended March 31, 2022. Revenue from operations was at Rs 17,041.72 crore in FY23, highest in the last five financial years, according to the data. In its regulatory filing, the company said the rise in revenue was due to increase in sales volumes in the domestic market. This was mainly due to the launch of new models under the India 2.0 project. In FY22, the company's revenue from operations was at Rs 12,410.48 crore; Rs 6,796.52 crore in FY21; Rs 9,300.06 crore in FY20 and Rs 7,062.71 crore in FY19. In terms of net profit, in the last five fiscals the company posted its highest in FY21 at Rs 756.97 crore. It was at Rs 261.39 crore in FY20 and Rs 198.06 crore in FY19.

350 public electric vehicle charging points will be set up, says NDMC

The New Delhi Municipal Council (NDMC) has decided to set up 350 public electric vehicle charging points, officials said on Wednesday. The NDMC, in its Council Meeting, also discussed the framing and amendment of Recruitment Rules (RRs) for different posts in the civic body. "The indicative scope of work for setting up Public EV charging stations includes selective quantities/locations for installation of Public EV charging stations that will be provided to the PSUs in the initial stage. Further allocation of quantities/locations will be decided by the NDMC considering the performance parameters delivered by the PSUs, NDMC vice-chairman Satish Upadhyay said. Collaborating with the PSUs on promoting electric vehicles, including two-wheelers, in the NDMC area was also approved by the council, he said. The NDMC approved the signing of MoU between the NDMC and HLL Infra Tech Services Ltd., Rajasthan Electronics & Instruments Limited (REIL) and Kerala State Electronics Development ...

Toyota Motor plans third India plant, new SUV as domestic sales surge

The world's biggest car maker wants the plant to start with capacity of 80,000-120,000 vehicles a year, which could grow to around 200,000 over time