Page 38 - Automobile Industry

Revolt Intellicorp returns Rs 50 cr claimed under FAME for flouting rules

Revolt Intellicorp, one of the seven companies accused of violating phased manufacturing programme guidelines under the Rs 10,000-crore FAME-II scheme, has repaid the subsidy claimed, along with interest, amounting to Rs 50.02 crore to the government. Joint Secretary in the Ministry of Heavy Industries Hanif Qureshi confirmed the repayment and said the ministry will give "a few weeks more" to six other companies found violating the Phased Manufacturing Programme (PMP) norms. He said while notices were issued to the firms after giving them a hearing, more time will be given as some of them maintain that they have not violated norms and will be required to submit documents validating their claims. Apart from Revolt Intellicorp, the six other companies found violating the norms were Hero Electric, Okinawa Autotech, Ampere Vehicles (Greaves Cotton), Benling India, Amo Mobility, and Lohia Auto. "We'll give them a few weeks more. Still giving them 2-3 chances in case they want to furnish

SMEV appoints Yulu Bikes co-founder R K Misra as new President for 2023-24

Society of Manufacturers of Electric Vehicles (SMEV) on Thursday said it has appointed R K Misra, Co-Founder of Yulu Bikes and Director at Magna Yuma, as its new President for 2023-24. The electric two-wheeler body also named Akshay Kashyap, Umesh Balani and Anadi N Sinha as Vice President, Secretary and Treasurer, respectively. Kashyap is Managing Director of Greenfuel Energy Solutions; Balani is Managing Director of Rotomag Group; Sinha is Director, Group Corporate Affairs at UNO Minda. Last month, SMEV had temporarily suspended its present constitution while appointing former BJP spokesperson Sanjay Kaul as its Chief Evangelist to help revise the agenda of the association. Kaul will continue in his role as Chief Evangelist.

Will unveil 100% ethanol-fueled Toyota's Innova car on August 29: Gadkari

Union Road Transport and Highways Minister Nitin Gadkari on Wednesday said he will unveil a 100 per cent ethanol-fueled variant of Toyota's Innova car on August 29. The Union minister, who has been exhorting automakers to come out with alternative fuel-powered and green vehicles, had last year launched a hydrogen-powered car, Toyota Mirai EV. "On August 29, I am going to launch the popular (Toyota) Innova car on 100 per cent ethanol," Gadkari said while addressing the Mint Sustainability Summit here. This car will be World's first BS-VI (Stage-II), electrified flex-fuel vehicle. Gadkari said that he started taking interest in biofuels in 2004 after the petrol price hike in the country and visited Brazil for this purpose. He opined that biofuels can do wonders and save a lot of forex which is being spent on the import of petroleum. "If we want to become Atamnirbhar (self-reliant) we have to bring this oil import to zero. At present it is Rs 16 lakh crore. This is a big loss to the

Revolt Motors launches limited edition RV400 electric motorcycle: Details

The limited edition RV400 is available in stealth black colour and comes with high-end golden upside-down front forks

Atul Auto zooms 19% on heavy volumes, hit highest level since May 2018

A combined 3.33 million shares, representing 12.8 per cent of total equity of Atul Auto, changed hands on the NSE and BSE till 12:05 PM

Electricity usage by EVs in Maha rises to 14.44 mn units in July: MSEDCL

The power usage for electric vehicles (EVs) rose more than three-fold from 4.56 million units in September last year to 14.44 million units in July 2023, the Maharashtra State Electricity Distribution Company Limited said on Monday. State-run MSEDCL, also called Mahavitaran, is the nodal agency for providing charging stations for EVs, as well as other works like helping the private sector come up with such infrastructure, and assisting the government in policies regarding the sector, an official release said. Quoting MSEDCL CMD Lokesh Chandra, the release said the power usage for EVs in Maharashtra was 4.56 million units in September 2022, which rose to 6.10 million units in March and further to 14.44 million units in July this year. The sale of power for EVs took place from 3,214 public and private charging stations statewide, it said, adding that the sale of EVs in Maharashtra increased from 4,643 in 2018 to 1,89,698 in 2022 and 2,98,838 as on March 31 this year. Two-wheelers ...

Tesla didn't fix autopilot after fatal 2016 Florida crash, engineers say

Tesla also is in the cross-hairs of multiple investigations by the National Highway Traffic Safety Administration over possible defects in Autopilot linked to at least 17 deaths since June 2021

Govt likely to slash duty on UK cars, scotch whisky under trade pact

Striking a trade accord is critical for India's ambition to become a manufacturing powerhouse, while the UK is seeking to clinch new deals to highlight the benefits of Brexit

TVS, BMW in discussions to expand manufacturing network beyond India

Chennai-based TVS Motor Company and Germany's BMW Motorrad are in discussions to expand manufacturing network beyond India under their long-term strategic partnership, the companies said on Wednesday. In April 2013, the two firms had entered into a partnership to manufacture sub-500cc motorcycles for global markets. It resulted in the development of four products on the 310cc platform -- BMW G 310 R, BMW 310 GS, BMW G310 RR, which are now available across over 100 markets globally, besides TVS Motor Company's flagship motorcycle TVS Apache RR 310. Under their partnership, TVS Motor's Hosur manufacturing plant produces around 10 per cent of BMW Motorrad's volumes, globally. "And now with the extension and expansion of this partnership towards future technologies and sustainable mobility solutions, we are also in discussions to expand our manufacturing network beyond India to cater to our future growth under this partnership, which includes the recently unveiled BMW CE 02," TVS Motor

Audi to Merc, German carmakers drive luxury vehicle sales into high gear

2023 likely to be a record year for luxury car sales

No plan to reopen PLI application window for automobile sector: Govt

There is no plan to reopen the application window for companies under the production linked incentive (PLI) scheme for the automobile sector, Parliament was informed on Friday. In a written reply to the Lok Sabha, Minister of State for Heavy Industries Krishan Pal Gurjar said that the ministry is implementing two PLI schemes - automobile and auto components, and advanced chemistry cell (ACC) battery storage. "In PLI auto, there is no plan to reopen the application window. As regards PLI ACC, a total (of) 50 GWh ACC manufacturing was allocated to four successful bidders in March 2022 through RFP/ bidding process," he said. Subsequently, one of the awardee bidders was disqualified for violation of the terms and conditions of the RFP/ bid document and 20 GWh ACC capacity became spare. After that, the Empowered Group of Secretaries (EGoS) recommended to re-allocate the 20 GWh ACC capacity through fresh bidding. The ministry has published a SoP (standard operating procedure) for the PL

Ministry set to implement two production-linked incentive schemes

The Ministry of Heavy Industries (MHI) is set to implement PLI scheme for automobile and auto components (PLI Auto), and PLI scheme for advanced chemistry cell (ACC) (PLI ACC)

IEMC demands continuation of incentives for EV sector to maintain sales

Industry body IEMC on Thursday demanded continuation of incentives given to electric vehicle sector and cautioned that the withdrawal of sops would reduce EV sales to 37 million units by 2030 from estimated 125 million. According to India Electric Mobility Council (IEMC), India Energy Storage Alliance (IESA) has estimated that on discontinuation of the demand incentives, the electric vehicles (EV) sales in India will reduce from estimated 125 million units to 37 million units by 2030. The central government launched the FAME (faster adoption and manufacturing of hybrid and electric vehicles) scheme in 2015, under which subsidies are given to electric vehicle manufacturers and the benefit is passed on to buyers. The second phase of the scheme FAME II was launched in 2019. The scheme, which also provides incentives for setting up battery charging stations in the country, is likely to end in March next year. "...to ensure sustained growth of EV adoption in India, more than 80 EV ...

Domestic PV wholesales rise 2.94% YoY in July at 302,521 units: SIAM

Domestic passenger vehicles wholesales registered a 2.94 per cent year-on-year increase in July at 3,02,521 units, the Society of Indian Automobile Manufacturers said on Thursday. As per the latest data issued by the Society of Indian Automobile Manufacturers (SIAM), dispatches of passenger vehicles (PVs) from manufacturers to dealers were at 2,93,865 units in July 2022. Two-wheeler domestic wholesales were down at 12,82,054 units last month, as against 13,81,303 units in July 2022. Three-wheeler wholesales were higher at 56,034 units, as compared to 31,324 units in the year-ago month. Total vehicle dispatches across categories were at 16,40,727 units, as compared to 17,06,545 units in July 2022, SIAM said. "Though the passenger vehicle and three-wheeler segments are performing well, there has been a de-growth of two-wheelers in July 2023, compared to July 2022. "Overall, we expect that the positive economic environment, good monsoons, and upcoming festive season will support ...

RBI policy: Rate sensitives mixed; private banks, auto stocks underperform

At 11:01 AM, Nifty Bank and Nifty Financial Services index were down 0.65 per cent as compared to 0.50 per cent decline in the Nifty 50 index

Chinese carmaker BYD faces investigation for underpaying tax in India: Rpt

India's Directorate of Revenue Intelligence (DRI) has alleged that China's largest electric vehicle (EV) maker, underpaid tax of Rs 73 crore ($9 million)

Toyota Motor's quarterly profit tops estimates, shares hit all-time high

Net sales for the fiscal first quarter rose 24 per cent to ¥10.6 trillion, topping the prediction for ¥9.8 trillion. For the full year, Toyota kept the revenue outlook at ¥38 trillion

Tata Motors July sales: Total sales down 1.41% YoY, CV sales down 4%

Domestic sales did not see any noticeable change with a difference of only 134 vehicles YoY

Institutional investors vote against Siemens's sale of motors business

Nearly 78.5 per cent of the public institutional investors voted against the deal

BYD tells India partner it wants to drop $1 bn EV investment plan: Reports

BYD and its partner, privately held Megha Engineering and Infrastructures submitted a proposal to the Indian govt in April to jointly build electric cars in India, Reuters reported earlier this month