Page 37 - Automobile Industry

Chinese chipmaker raises over $1.8 bn as Beijing prepares new chip fund

With this injection of capital Shanghai-based GTA Semiconductor has in less than two years racked up over $2.7 billion of mostly state funds

Mercedes CEO Kallenius changes tune on China as 'economic wonder' stalls

Mercedes-Benz Group AG had enjoyed a string of successful years in the country, the chief executive officer said, but the best was yet to come

Volvo Car India expects 'good' festival season for domestic auto industry

With improved supply chain situation and positive economic sentiment, Swedish car maker Volvo expects the upcoming festival season to be "good" for India's automobile industry. A top executive of Volvo Car India has said that price parity is being slowly seen between electric cars and ICE (Internal Combustion Engine) cars. Volvo Car India on Monday launched its first ground up electric car C40 Recharge here at an introductory price of Rs 61.25 lakh (excluding taxes). "We have been through a pandemic (in the) last two years. Then we had supply (chain) challenges. This year, it looks normal... If you look at the overall economy, there is generally a very positive sentiment. I think it (festive season) should be really good," Volvo Car India Managing Director Jyoti Malhotra said. The luxury car segment sales are expected to return to the 2018 peak this year, after going through a rough road during the pandemic years, he said, adding that the supply chain situation has improved though

Auto sales up 9% in August, PV inventory at an all-time high: FADA

Adopting a cautious stance for the near-term outlook, FADA said that low rainfall may impact rural auto demand during the upcoming festive season

All kinds of green tech required to reduce dependence on fossil fuels: TKM

India needs all kinds of green technologies, including electric, hybrid and flex-fuel compliant powertrains in automobiles, in order to reduce dependence on fossil fuels, according to a senior executive of Toyota Kirloskar Motor. Aligning with the national goals, the automaker plans to go in for all kinds of powertrains in its cars as it looks to provide customers with a wide range of mobility options across multiple price points. "We need all the technologies to basically shift away from petrol and diesel fossil fuels. There is so much in terms of what needs to be done. Even if we have all these green technologies. there is still going to be a gap," Toyota Kirloskar Motor (TKM) Country Head and Executive Vice-President Vikram Gulati said in an interaction with PTI. TKM aims to offer wider clean energy technology choices, including hybrid, electric vehicles, fuel-cell electric and flex-fuel vehicles to align with the government's goal of reducing dependence on fossil fuels, he ...

Except Assam, north-eastern states lag CMVR implementation: Dealers' body

Barring Assam, other northeastern states are "lagging" in implementing rules about paperless and online registration of vehicles, an automobile dealers' body claimed on Saturday. It urged all states in the regions to expedite the implementation of the Central Motor Vehicle Rules (CMVR) for these online services aimed at easing the procedure for customers as well as dealers. While some states like Assam are doing commendable work in implementing CMVR, others are still lagging. It should be understood that the rules are framed to make it convenient for customers as well as for dealers, Federation of Automobile Dealers' Associations CEO Saharash Damani said at a press conference here. Sharing the status of CMVR implementation in six northeastern states, he said Assam has achieved it in all six parameters, from online issues of registration marks to digitally granting trade licences to doing away with the need for vehicles to be inspected or documents to be sent to regional transport ..

M&M August sales up 19% overall, automaker reports 26% growth in SUVs

Farm equipment sales see 3% growth, while exports drop by 26% YoY; 3-wheeler sales up 47%

Mahindra Logistics to provide Flipkart with heavy commercial vehicles

Companies announce collaboration to improve e-commerce firm's line haul transportation

Maruti Suzuki reports highest ever monthly sales of 189,082 units in August

Maruti Suzuki India on Friday reported its highest-ever monthly wholesales at 1,89,082 units in August. The auto major's dispatches to dealers last month were 14 per cent higher as compared to 1,65,173 units in August. Total domestic passenger vehicle sales were at 1,56,114 units as against 1,34,166 units in the year-ago month, a growth of 16 per cent, Maruti Suzuki India (MSI) said in a statement. Sales of mini segment cars, comprising Alto and S-Presso, declined to 12,209 units last month from 22,162 units in August 2022, it added. Dispatch of compact cars, including Baleno, Celerio, Dzire, Ignis and Swift rose to 72,451 units over 71,557 units in the year-ago period. Utility vehicles, consisting of Brezza, Grand Vitara, Jimny, Ertiga and XL6, clocked sales of 58,746 units last month as compared to 26,932 units in August last year. MSI said its exports last month stood at 24,614 units as against 21,481 units in the same month last year.

Toyota records highest-ever monthly sales at 22,910 units in August

Toyota Kirloskar Motor (TKM) on Friday reported its best-ever monthly sales at 22,910 units in August. The company's total dispatches to dealers increased by 53 per cent last month to 22,910 units as compared with 14,959 units in August 2022. The company said it sold 20,970 units in the domestic market last month. Exports stood at 1,940 units last month, it added. "Strong sales volume and enhanced demand showcase customers' ever-growing affinity for the brand. Toyota Urban Cruiser Hyryder and Innova Hycross continue to register a strong demand," TKM Vice President of Sales, and Strategic Marketing Atul Sood said in a statement. The Innova Crysta, Fortuner and Legendar are witnessing sustained segment leadership, he added. "Encouraged by the overwhelming response to our entire portfolio, we are constantly working on expanding our product portfolio to offer customers wider choices. In-line with the same, we announced two new launches in the month of August," Sood said. The company

Bajaj Auto total vehicle sales fall 15% to 341,648 units in August

Bajaj Auto on Friday said its total vehicle sales, including sale of commercial vehicles, declined 15 per cent to 3,41,648 units in August. The company had reported total sales of 4,01,595 vehicles in August last year. The total domestic sales dropped 20 per cent to 2,05,100 units in the previous month as compared to 2,56,755 units sold in August 2022, Bajaj Auto Ltd said in a statement. Total vehicle exports fell 6 per cent year-on-year to 1,36,548 units in August from 1,44,840 units shipped to the overseas markets in the year-ago period, it said. Its total two-wheeler sales declined 20 per cent to 2,85,031 units in the previous month from 3,55,625 units sold in August 2022. Two-wheeler exports, however, increased 2 per cent to 1,24,211 units in August 2023 as against 1,21,787 units in the same month last year.

As Indian mkt matures, global automakers aim to make India an export hub

Global automakers are looking to turn India into an export hub, as people are shifting from local demand to pricier vehicles and that may spur more 'India-first' models

Ramkrishna Forgings bags 8.25 million Euro order in South America

Home-grown Ramkrishna Forgings on Tuesday said it has bagged an order worth Euro 8.25 million, about Rs 73.65 crore, for the supply of equipment to a client in the South American market. The company will be supplying front and rear axle components for the next five years, it said in a statement. "This contract represents a significant step in our journey to expand and diversify our operations in the South American market," said Ramkrishna Forgings CFO Lalit Kumar Khetan. "We are honoured to be chosen for this partnership which signifies not only our prowess in providing high-quality components but also solidifies our commitment to fostering innovation and excellence in the automotive segment," he said. The Kolkata-based company is a leading supplier of rolled, forged, and machined products. It has formed a joint venture with Titagarh Railsystems to manufacture and supply 80,000 wheels to the Indian Railways. The company, which exports to over 50 countries, has a manufacturing faci

TVS Motor revs up with strong outlook, market share gains, new launches

Two-wheeler company's margin gains among factors that should be monitored: Analysts

Arnab Roy to be Maruti Suzuki's new CFO from January 1, Ajay Seth to retire

Ajay Seth, current CFO of the company, will step down from his post on December 31 on account of superannuation

Maruti Suzuki plans to double production capacity to 4 mn over 8 years

The company will also take up suggestions by shareholders for a stock split to its board for consideration, he said while speaking at the annual general meeting of the carmaker

BYD reports its weakest revenue as auto price war takes a toll in China

Revenue rose 67 per cent to 140 billion yuan ($17.8 billion) in the three months ended June, the smallest gain since the first quarter of 2022, according to Bloomberg calculations

Toyota launches Rumion MPV at Rs 10.29 lakh; booking starts at Rs 11,000

The Rumion costs about Rs 51,000-61,000 more than the Ertiga (the car it is based upon), which varies according to the variant one decides to buy

Samvardhana Motherson misses Q1 profit view as higher costs weigh

The company also benefited from a recovery in vehicle production volumes in its key markets of China, Europe and North America

Ashish Kacholia buys 1 mn shares of this auto company; stk up 43% in 2 days

Ace investor Ashish Rameshchandra Kacholia bought 1.03 million shares os Universal Autofoundry on Thursday