Page 42 - Automobile Industry

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

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