Page 39 - Automobile Industry

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

Ashok Leyland Q1FY24 results: Net profit jumps 747%, revenue up 13%

The Ebitda margin in Q1FY24 expanded by 560 basis points to 10% from 4.4% YoY

Kia Seltos facelift launched at an introductory price of Rs 10.90 lakh

The South Korean car manufacturer originally launched Seltos in June 2019 and became an instant hit among Indian car buyers

MG Motor sales register healthy growth, up 21% YoY in first half of CY2023

MG registered its highest-ever retail sales of 6,051 units in March 2023

India should target 100% electrification of 2Ws, 3Ws by 2030: Amitabh Kant

India's G20 Sherpa Amitabh Kant on Wednesday said the country should target 100 per cent electrification of two and three-wheelers by 2030. He also said India should target that 65 per cent of its state public transport should be electric by 2030. India requires a clear policy framework to achieve these goals of electric mobility, Kant said. He was addressing a side event organised by the NITI Aayog on 'Policy support and Enablers to Accelerate India's Electric Mobility during the ongoing fourth Energy Transitions Working Group meeting under India's G20 Presidency in Panaji. "When India urbanises, our urbanisation should be compact. There should be good livability. In India, we must first go for electrifying two and three-wheeler vehicles, the former NITI Aayog CEO said. "India's policy should be that we must have 100 per cent electrification of two and three-wheeler vehicles by the year 2030. Whatever it takes, fix the target and work backwards, he said. Kant said diesel and pet

Nissan, Renault to announce restructured alliance deal in days: Report

That timeline slipped when senior Nissan executives and some directors challenged detailed provisions of deal and the benefits and protections for Nissan's intellectual property

Indian Army places order for 1,850 Scorpio Classics to replace Gypsy

The new batch of Scorpio Classic SUVs being sold to the Indian Army are painted in a shade of green and come fitted with five-spoke silver alloy wheels, fog lamps, side steps, and roof rails

BMW India expects double-digit growth in 2023, chip supply a challenge

Company expects one-third of sales will come from the online channel, says its India president in interview

Automobile exports from India dip 28% in Q1 as several mkts hit by crisis

Automobile exports from India declined 28 per cent in the April-June period this year hit by monetary crisis in Africa and various other developing countries, according to the latest data shared by industry body SIAM. Overall exports stood at 10,32,449 units in the first quarter ended on June 30, 2023 as compared with 14,25,967 units in the same period of last year. "All vehicle segments have seen a drop in exports in the first quarter, as there has been a devaluation of currencies in many destinations of exports, especially in Africa and other developing countries," Society of Indian Automobile Manufacturers (SIAM) DG Rajesh Menon told PTI. These countries have been facing challenges of availability of foreign exchange, which is limiting the sales for vehicles and countries are focusing more on imports of essential items, though the demand for vehicles from consumers exists in these markets, he added. Total passenger vehicle shipments stood at 1,52,156 units in the June quarter, d