Page 39 - Automobile Industry

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

Servotech Power to make EV components with initial investment of Rs 30 cr

Servotech Power Systems on Friday announced an initial investment of Rs 30 crore to manufacture EV charger components and lithium-ion batteries. The initial investment will be made along with the company's subsidiary Techbec Green Energy Pvt Ltd and another Rs 300 crore by March 2025. In a statement, Servotech Power said the initial investment will be utilized to procure testing equipment, manpower, machinery, and cutting-edge technology and supporting other allied activities. To take the plans forward, a facility spanning 40,000 square feet has been bought in Sonipat, Haryana where EV charger components like power modules, connectors, control cards, and PLC modules will be manufactured along with lithium-ion batteries. Company's founder and MD Raman Bhatia said the initial investment of Rs 30 crore will be allocated towards acquiring testing equipment, hiring skilled manpower, obtaining advanced machinery and technology, and supporting other related activities. "Our new subsidiar

Global automakers scramble to reset China strategies as sales slow

Global automakers, who for years have dominated the market along with their Chinese state-run partners, have been slow to pivot to the fast-growing market for EVs with competitive offerings

China's petrol demand to peak as electric vehicle sales soar: Analysts

With gasoline consumption having topped out in the U.S., the world's top gas guzzler, in 2019 and China set to peak around next year, global gasoline markets could move into a surplus from 2025

Tata Motors to launch CNG variant of Punch, top variants to get sunroof

CNG variants of the Punch are likely to cost Rs 50,000 to Rs 100,000 more than the regular petrol variants

DEEFCC secy asks employees to discard petrol, diesel vehicles once a week

The Department of Environment, Forest and Climate Change (DEFCC) of Bihar government on Tuesday asked its all officials to discard the use of petrol/diesel vehicles at least once in a week in their official work. DEFECC secretary Bandana Preyashi in a circular to officials requested them to use electric vehicles, bicycles or rickshaws at least once in a week in their official work. "Keeping the rising level of vehicular pollution in mind, we must take the initiative to save the environment. All officials and employees of the department are requested to use fuel-efficient vehicles at least once in a week for official work from August. We must discard the use of 'petrol/diesel vehicles' at least once in a week for our official work. We should use electric vehicles, bicycles, rickshawsor if possiblewe can walk to our offices also," Preyashi said in a circular to all employees of the department. Talking to PTI, Preyashi said "We have collectively decided to discard use of 'petrol/diesel

Royal Enfield's Hunter 350 bike sales cross 200K-mark in 11 months

'Most popular' product launched in mid-size motorcycle segment, says company

Tata Motors Q1FY24 results: Auto giant records net profit of Rs 3,202 crore

The commercial vehicle volumes were lower by 15% over the prior year due to the transition to BS-VI Phase-2

Govt blocks $1 billion bid by China's BYD to set up EV factory in India

The Indian govt dismissed the plan from BYD and Hyderabad-based Megha Engineering and Infrastructures Ltd. on national security concerns

Automobile and Electronic Companies look at Coimbatore for Manufacturing

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Kia India eyes 10% sales growth this calendar yr as chip supplies improve

Automaker Kia India expects its sales to grow by 8-10 per cent this year as compared with 2022 on the back of improved chip supplies and introduction of the updated Seltos in the market, according to a senior company official. The South Korean carmaker, which sells models like Carens, Sonet and Seltos in the Indian market, sold a total of 3.4 lakh units in the domestic and export markets last year. "So last year our domestic sales were about 2.54 lakh units while exports stood at around 80,000 units. So we did about 3.34 lakh units overall. So this year we are looking at about 8-10 per cent growth," Kia India National Head (Sales and Marketing) Hardeep S Brar told PTI in an interaction. He noted that the company has outpaced the overall passenger industry growth in the first half of the year and expects to do the same in the second half as well. "For the first six months industry has grown at 10 per cent. We have grown at 12 per cent. So like every other year we have outpaced the .

Ashok Leyland Q1 net up 25x to Rs 584 cr; plans Rs 800 cr capex in FY24

Better show propelled by 20-fold surge in sales volume across segments, one-time deferred tax credit of Rs 172 crore

Talbros Automotive zooms over 100% since April; board to mull stock split

The company said its board will meet on August 8, 2023 to consider sub-division/splitting its existing equity shares