Page 40 - Automobile Industry

China's BYD proposes $1 bn India plan to build EVs, batteries: Reports

The longer-term plan is to build a full line-up of BYD-brand electric cars in India from hatchbacks to luxury models, one of the three people said

Confused over UV definition, car companies await govt notification on cess

Some UVs which to date are paying 20% compensation cess under the old definition, will pay 22% once notification comes. But it isn't clear which UVs will be impacted

Passenger vehicle sales up 2% YoY in June, 3W sales almost double: Siam

Two-wheeler sales registered a slight jump of 1.68% as the sales touched 1,330,826 in June 2023, compared to 1,308,764 in June 2022

Domestic automobile industry to log 17% revenue growth in June qtr: Report

Domestic automobile industry is expected to log a 17 per cent year-on-year revenue growth in the June quarter of FY24, a report said on Tuesday. This estimated growth will be led by healthy growth across segments, barring muted growth in battery companies, brokerage firm Emkay Global said in its report. The revenue growth projections are excluding Tata Motors, it said. Segment wise, the report said, the domestic two-wheeler industry's volumes are likely to have improved by around 10 per cent Year-on-Year (YoY) in Q1, primarily on account of continued and healthy demand from the urban/premium segment. However, the two-wheeler exports remained weak on a year-on-year basis while sequential improvement was recorded for larger volume players, it said. The overall revenue is expected to grow at 24 per cent, 19 per cent and 16 per cent amid volume growth of 10 per cent, 5 per cent and 21 per cent for Bajaj Auto, TVS Motors and Eicher Motor-Royal Enfield, respectively, Emkay Global said.

50th GST Council meet underway, taxation on online gaming on agenda

The 50th GST Council meeting started on Tuesday and is likely to deliberate on a host of issues including taxation of online gaming, definition of utility vehicles and tightening of norms for registration and claiming of ITC. At the beginning of the meeting taking place in the national capital, Finance Minister Nirmala Sitharaman released a short film titled 'GST Council - 50 steps towards a journey'. In 49 meetings held so far, the Council has taken approximately 1,500 decisions in the spirit of co-operative federalism, the office of Nirmala Sitharaman tweeted. "The 50th meeting is a milestone which indicates success of cooperative federalism and establishment of a good & simple tax regime," the tweet said. Sitharaman also released a Special Cover and customised 'myStamp', which was presented to her by the Chief Post Master General, Delhi Circle India Post Office, the finance ministry tweeted. The GST Council is chaired by the Union Finance Minister and comprises ministers from .

Hyundai drives in micro SUV Exter with price starting at Rs 5.99 lakh

Hyundai Motor India on Monday forayed into the entry-level SUV segment in the country with the launch of all-new model Exter, with introductory prices ranging between Rs 5.99 lakh and Rs 9.31 lakh (ex-showroom). The model, which competes directly with Tata Motors Punch, comes powered by a 1.2-litre petrol engine mated with both manual and automatic variants. The five-speed manual trims, which deliver fuel efficiency of 19.4 km per litre are priced between Rs 5.99 lakh and Rs 9.31 lakh. The five-speed automatic variant is tagged at Rs 7.96 lakh with a claimed fuel efficiency of 19.2 km per litre. The CNG trim is priced at Rs 8.23 lakh with an efficiency of 27.1 km per kg. Speaking at the launch, Hyundai Motor India MD and CEO Unsoo Kim said with the launch of Exter, the automaker has now become a full-range SUV manufacturer in the country. He noted that the company has invested Rs 950 crore on the development of the model. Outlining Hyundai's commitment to the Indian market, Kim

Robust Jaguar Land Rover sales in June quarter power up Tata Motors

Wholesale, retail volumes up 30% and 29%, respectively

Audi to launch electric SUV Q8 e-tron with 95 kW battery in August

German luxury carmaker Audi will launch electric SUV Q8 e-tron in India next month to strengthen its electric vehicle portfolio in the country, according to a senior company official. The company will launch its Q8 e-tron on August 18, in two body types -- Q8 e-tron SUV and Q8 e-tron Sportback -- with a 114kW battery offering more range as compared to the existing e-tron that has a 95 kW battery. "We are basically strengthening our (electric vehicle) product portfolio and (bringing) what is available globally also for our customers in India," Audi India Head Balbir Singh Dhillon told PTI. Whatever makes a positive business case, he said, "We want to bring in India, and with the Q8 e-tron we want to strengthen our (EV) portfolio with what is the latest available across Audi's offering." Dhillon said the Q8 e-tron is being launched in India in the same cycle where globally it is being launched, underlining the significance of the Indian market. "So, we are very positively looking ..

Auto retail sales touch 1.86 million in June, 10% more than last year: FADA

'New model introductions, festive promotions, seasonal factors couldn't markedly boost sales'

As automakers milk price-hike benefits, employees get handsome appraisals

The average salary hike at Maruti Suzuki this year is 14-15 per cent

GST Council likely to define MUVs and XUVs for levy of 22% cess: Report

The GST Council is likely to clarify on the definition of multi utility vehicles (MUVs) and crossover utility vehicles (XUVs) for levy of 22 per cent compensation cess over and above the 28 per cent GST rate, sources said. The Council is expected to clarify on the issue in its next meeting on July 11, they said. The Fitment Committee, comprising tax officials from the Centre and states, has recommended to the GST Council to define MUVs and XUVs at par with the sports utility vehicles (SUVs) for the purpose of Goods and Services Tax (GST). The committee has recommended that all utility vehicles, by whatever name called, would attract 22 per cent cess provided they meet three parameters -- length greater than 4-metre, engine capacity greater than 1500 cc and ground clearance more than 170 mm. The GST Council, chaired by the Union finance minister and comprising her state counterparts, had in December last year clarified on the definition of SUVs. At that time, some states had asked f

Maruti Suzuki launches multi purpose vehicle Invicto, starts at Rs 24 lakh

Maruti Suzuki India (MSI) on Wednesday launched the new Invicto at introductory prices ranging from Rs 24.8-Rs 28.4 lakh as it looks to gain foothold in the premium three-row multi purpose vehicle segment. The company has launched Invicto in three variants and expects the model to further strengthen its presence in the overall MPV segment where it commands around 50 per cent market share already. The country's largest carmaker will source the strong hybrid model from Toyota Kirloskar Motor (TKM) as part of a global collaboration between Toyota and Suzuki. TKM already sells Innova HyCross in the domestic market and the same would be supplied to MSI with certain changes in design and other elements. Speaking at the launch event, MSI MD and CEO Hisashi Takeuchi said the model has been carefully crafted to match the modern taste of NEXA customers, who want a premium three-row vehicle with dynamism of an SUV. He noted that Grand Vitara, Fronx and Jimny have substantially enhanced the .

Expect to grow at double speed of passenger vehicle industry in 2023: Kia

The South Korean carmaker on Tuesday unveiled the Seltos facelift. Seltos, an SUV, currently contributes 55 per cent to the company's overall domestic sales

Kia plans to launch 3 new models, including 2 EVs in India by 2025: Par

South Korean automaker Kia plans to launch three new models, including two electric vehicles in India by 2025, expecting 20 per cent of its total sales to come from EVs by 2030. The company, which on Tuesday unveiled the updated version of its flagship SUV Seltos, has set a target of garnering 10 per cent market share in the India passenger vehicles market in the near future, up from around 7 per cent at present, under its Kia 2.0 strategy in the country. "We have a long-term focus on the Indian market. As we already know, the Indian market is a very high potential market, as the number third (largest automotive market in the world)," Kia India Managing Director and CEO, Tae-Jin Park told PTI in an interview here. In order to keep pace with the growth trend in India, he said the company's current model line up is "not enough to maintain our market share". "So, that is why we are thinking about new products for this market that could be happening in 2025 with some ICE (internal ...

Kia unveils new updated Seltos; eyes 10% market share in PV segment

Kia India on Tuesday unveiled the updated version of its mid-sized sports utility vehicle Seltos, as it aims to garner a 10 per cent market share in the domestic passenger vehicle (PV) segment. The automaker, which currently has a market share of around 7 per cent in the domestic market, also aims to double its existing sales network to 600 plus outlets from over 300. "Seltos is the product with which we entered India, and since then, the journey of Kia India and the Seltos has been almost identical. We have a segment disruptor and a segment winner in the new Seltos and are confident to take forward the strong legacy of the Brand Seltos to lead the premium RV market," Kia India Managing Director and CEO Tae-Jin Park said. This strategic launch is key to the company's ambitions of attaining a 10 per cent market share soon, he added. "We feel that there is a lot of growth potential in the mid-SUV segment, and the new Seltos will grow the premium end of it," Park noted. With the ...

Govt's battery swapping policy for EVs faces resistance from industry

Finance Minister Niramala Sitharaman first talked about the battery-swapping plan in her budget speech in February 2022

Audi sales nearly double in H1 of CY2023 on surge in premium car demand

Pre-owned business grows 53% YoY; company starts initiative for EV owners that gves them acccess to multiple electric partners on a single app

M&M overall sales up 15% in June, SUV sales rise 22%; exports down by 10%

Three-wheeler sales were also up by 59% and reached 6,377 units in June 2023 from 4,008 units in June 2022

Tata Motors to hike prices of PVs from July 17 to offset input costs

Tata Motors on Monday said it will hike prices of its passenger vehicles with effect from July 17. The company will increase prices of its passenger vehicles (including EVs) by an average of 0.6 per cent across models and variants, Tata Motors said in a statement. The price increase is to offset the residual impact of past input costs, it added. The auto major noted that it will offer price protection to bookings made up to July 16, 2023 and deliveries up to July 31, 2023. Tata Motors sells a range of passenger vehicles including Punch, Nexon and Harrier.

Ashok Leyland June total sales up 5% at 15,221 units, CV sales jump 10%

Commercial vehicles maker Ashok Leyland on Monday reported a 5 per cent rise in total vehicle sales in June at 15,221 units. In the year-ago period, total vehicle sales of the company stood at 14,531 units. Total domestic sales were higher by 7 per cent at 14,363 units as against 13,469 units a year ago, the company said in a statement. Domestic medium and heavy commercial vehicle sales were at 9,274 units as compared to 8,399 units in June last year, a growth of 10 per cent, it added. Sales of light commercial vehicles in the domestic market marginally increased to 5,089 units from 5,070 units in June 2022, the company said.