Page 43 - Automobile Industry

Lexus India rolls out new LC 500H Luxury Coupe starts at Rs 2.39 cr

Lexus India on Thursday said it has launched announced the new LC 500H Luxury Coupe in the country priced at Rs 2.39 crore (ex-showroom). The company said the model now comes with all new instrument panels to the layout of the centre console, among others. "The transition to the new model of LC 500h is in sync with our commitment to designing products that offer unparalleled comfort and superior performance to our discerning guests," Lexus India President Naveen Soni said in a statement. The new enhanced LC will surely catch the imagination of luxury consumers with newer technology and design upgrades, he added. The automaker said it has teamed up with designers Abraham and Thakore to release limited edition jackets, featuring custom designs inspired by Lexus.

Honda Cars India to hike prices of Amaze, City by upto 1% from June

Honda Cars India on Wednesday said it will hike prices of its sedans City and Amaze by up to 1 per cent from June in order to offset the impact of increased cost pressures. "While our endeavour is to partially offset the increase, it has become imperative to pass on some of the impact. We have planned to increase prices for City and Amaze up to 1 per cent from June which shall vary across variants," Honda Cars India Vice President (Sales and Marketing) Kunal Behl said in a statement. The Amaze is currently priced between Rs 6.99 lakh and Rs 9.6 lakh while the City range including strong hybrid trims are tagged between Rs 11.55 lakh and Rs 20.39 lakh (ex-showroom Delhi). The price increase activity would not have any impact on the strong hybrid trims of the mid-sized sedan.

Maruti Suzuki working on various initiatives to make roads safer: Official

Maruti Suzuki India is working on multiple initiatives, including setting up driver training institutes and fully automated driving test tracks, in order to make roads safer, a senior company executive said on Friday. The auto major has now automated all 12 driving test tracks in Delhi as part of the Memorandum of Agreement (MoA) with the Department of Transport, NCT of Delhi signed in December 2017. As part of the initiative, Maruti Suzuki's automated driving test track at Lado Sarai was inaugurated by Delhi Government Principal Secretary for Transport Ashish Kundra on Friday. Maruti Suzuki Executive Officer - Corporate Affairs Rahul Bharti said the company has been working hard over the past two decades on all five pillars of road safety -- engineering, education, evaluation, enforcement and emergency care. He noted that as the country's largest carmaker, it is company's responsibility to work towards enhancing safety for people on the roads. While the car safety norms keep ...

Siemens board agrees to sell low voltage motors, gears biz for Rs 2,200 cr

Technology firm Siemens' board on Friday approved the sale of low voltage motors and geared motors businesses to a Siemens AG subsidiary -- Siemens Large Drives India -- for Rs 2,200 crore. The Board of Directors of Siemens Limited has approved the sale and transfer of low voltage motors and geared motors businesses, including related customer service business to Siemens Large Drives India Pvt Ltd, an entity wholly owned by Siemens AG, for a consideration of Rs 2,200 crore with effect from October 1, 2023, a company statement said. The transaction is subject to fulfilment of conditions precedents agreed upon between the parties, including receipt of requisite shareholders, statutory and regulatory approvals, as applicable, it added. The Board has also decided to consider the distribution of 100 per cent of the sale consideration as reduced by applicable Capital Gains Tax and any other applicable taxes, if any, on the transaction, as a special dividend, at the first board meeting aft

China overtakes Japan to become world's biggest car exporter in Q1 2023

China said that it has become the world's biggest exporter of cars after overtaking Japan in the first three months of the year

Automobile dealers' body seeks cut in GST on two-wheelers from 28% to 18%

Automobile dealers' body FADA on Thursday sought a cut in GST on two-wheelers from 28 per cent to 18 per cent, saying the segment being essential for millions should not be categorised as luxury item. The industry body said it has appealed to the finance minister, chair of the GST Council, all GST Council members, the ministry of heavy industries, which supervises the automobile sector, and the ministry of road transport & highways. This timely and decisive intervention would help in making two-wheelers more affordable, reviving demand and reinvigorating an industry that has seen a significant slump in sales over the past few years, the Federation of Automobile Dealers Associations (FADA) said in a statement. "The two-wheeler industry is at a critical juncture, grappling with unprecedented challenges such as rising inflation, stringent emission norms and the post Covid-19 effects. Now is the opportune moment for the GST Council to reduce the GST rate on two-wheelers, making them ..

Automobile dealership industry revenues to grow by 11-13% in FY24: Icra

Aided by robust sales, revenues of domestic automobile dealership industry are expected to grow by 11-13 per cent in the current fiscal, rating firm Icra said on Thursday. The revenue growth this fiscal will be aided by expected 6-9 per cent volume growth and an increase in vehicle prices during the current financial year, it added. Factors like improving consumer sentiments, as seen through a continued preference for personal mobility and rising disposable income, easing supply-side constraints, better features in the new product models, change in product-mix with increasing skew towards high-priced vehicles, etc., are expected to favourably support the sales growth in the consumer segment, Icra said. In the commercial segment, improving economic activities, rising spends in infrastructure and mining activities, a stable financing environment shall support the growth, it added. Potential headwinds could arise from adverse monsoons or the occurrence of the El Nino and its impact on

Hero MotoCorp partners Motosport SA in Costa Rica for sales, services

Hero MotoCorp on Friday said it has roped in Motosport SA as a partner in Costa Rica. As the exclusive distributor for the sale and service of Hero MotoCorp motorcycles and scooters in the country, Motosport SA will play a key role in the rapid expansion of the company's network in Costa Rica, a key market in Central America. "With their expertise in the motorcycle market, Motosport is the ideal partner for Hero MotoCorp as we introduce our technologically-advanced and globally benchmarked products and services here. Our immediate focus is to develop a robust and widespread sales, service and spare parts network across the entire country. We expect our new range of motorcycles and scooters to excite the customers," Hero MotoCorp Head-Global Business Sanjay Bhan said in a statement. Established in 2002, Motosport SA has more than two decades of expertise in the motorcycle industry, with its sales, service and parts network spanning across the entire country. Hero MotoCorp plans to h

PV dispatches highest ever in April, grow 13% YoY, shows SIAM data

2W dispatches up 15% YoY, auto body says all segments have posted growth this April, indicating smooth shift to BS VI Phase 2 emission norms

Suzuki Motor to invest aggressively to grow auto industry in India

Suzuki Motor Corporation will continue to invest aggressively to grow the automobile industry in India, a senior company official said on Thursday. "We will continue to make investments aggressively to grow the industry and make people happy in India and continuously contribute to Atmanirbhar Bharat," Suzuki Motor Corporation Executive VP Kenichi Ayukawa said. In a tweet shared by the Finance Ministry, Ayukawa said Maruti Suzuki India has announced an increase in annual production capacity by one million units last month. "This could never have happened without the continuous support from the government of India," Ayukawa, who previously headed Maruti Suzuki India, stated. He noted that India is now the third-largest automobile market which is expected to expand in the future. "The automobile industry requires long-term, large scale capital investment. In this regard, the consistent support by the government to the manufacturing sector is very very important, also including the PL

myTVS parts division on expansion spree, to add one store a day in FY24

Under Ki Mobility, two brands are functioning at present, which includes myTVS for the automobile service business and myTVS Partsmart for the parts business

Gabriel India ties up with Inalfa to manufacture sunroofs for PVs

Auto component maker Anand Group on Tuesday said its unit Gabriel India has inked a technical collaboration with Netherlands-based Inalfa Roof Systems to manufacture sunroofs for the passenger vehicles. The newly formed Inalfa Gabriel Sunroof Systems (IGSS), which will initially be a wholly-owned subsidiary of Gabriel India, will produce sunroofs at a new plant in Chennai with operations set to commence in the first quarter of 2024 with an investment of around Rs 170 crore. The entities noted that the IGSS will be later converted into a joint venture with Inalfa holding 51 per cent shareholding. IGSS will have an installed production capacity of 2 lakh units in the first phase with first line catering to South Korean automakers Hyundai and Kia. "This partnership supports the government's AtmaNirbhar manufacturing drive; provides our OEM (Original Equipment Manufacturer) customers with a domestic and resilient supply chain for sunroofs," Anand Group Executive Chairperson Anjali Sing

FADA flags concerns over 2-wheeler sales by unauthorised multi-brand stores

Automobile dealers' body FADA on Tuesday said the illegal practice of unauthorised multi-brand outlets selling two-wheelers is making legitimate dealerships lose business and turn unviable. The Federation of Automobile Dealers Associations (FADA) said it has approached various authorities to take strict action against the practice. The multi-brand outlets (MBOs) are acquiring unregistered vehicles in bulk from dealers and reselling them to customers at discounted rates, higher than the prices offered by original equipment manufacturers (OEMs) through authorised dealers, without any commitment to after-sales service, FADA said in a statement. This has not only impacted the legitimate dealerships but has also shaken customers' confidence in the brand and dealer partners, it added. Furthermore, the outlets indulge in evasion of GST, income tax, issuance of fake/ undervalued insurance policies, delivery of vehicles without registration/ HSRP and helmets, resulting in revenue loss on ..

Overall connected vehicle technology grows 60% on year in Jan-Mar

Overall connected vehicle technology grew more than 60% (on-year) in first quarter of this year, with the electric vehicle market showing stupendous growth by 48% YoY, a report showed

Q4 earnings: India Inc's net profit growth slowest in 11 quarters

Slowdown in revenue growth, spike in interest expenses hit Q4 earnings

General Motors lays off several hundred full-time contract workers

The Detroit automaker did not immediately respond to a Reuters request for comment. GM shares were up about 2.5% to $33.86

TVS Motor's total sales sees 4% YoY uptick to 3.06 lakh units in April

TVS Motor Company on Monday reported a 4 per cent rise in total sales to 3,06,224 units in April 2023 compared to 2,95,308 units in the same month last year. Total two-wheeler sales grew by 5 per cent to 2,94,786 units last month as against 2,80,022 units in April 2022, with domestic sales rising to 2,32,956 units from 1,80,553 units in the year-ago period, TVS Motor Company said in a statement. Sales of electric scooter TVS iQube Electric were at 6,227 units in April 2023 as against sales of 1,420 units in the same month last year, it said, adding the production was constrained last month due to new battery safety norm AIS156 changeover and supply chain challenges. On the export front, the company said overseas shipments were at 71,663 units last month as against 113,427 units April 2022 with two-wheeler exports at 61,830 units, down from 99,489 units in the year ago-month. Three-wheeler sales were at 11,438 units in April 2023 as against 15,286 units in the same month last year,

To match Indian aspirations, carmakers to launch 81 new vehicles this year

Carmakers are looking at new sub-segments in the SUV space and trying to expand their offerings to lure in more and more customers

Maximum waiting period accelerates for India's best-selling cars

Only five of India's top 20 car models have seen a reduction in wait times over the past year

Govt releases regulations under PLI scheme for automobile industry

The Union government on Thursday announced the standard operating procedure of the production linked incentive scheme for automobile sector, whereby applicants can submit applications for testing and certification of advanced automotive technology products, which will help them qualify for incentives. Minister of Heavy Industries Mahendra Nath Pandey said his ministry is trying to align itself with the Prime Minister's vision of Aatmanirbhar Bharat, and these SOPs (standard operating procedures) will not only help achieve that but will also help in increasing the manufacturing foothold. With this, the ministry aims to boost the domestic manufacturing sector and reduce dependence on imports, thereby creating more job opportunities for Indians. Pandey also added that it would contribute to the overall economic growth of the nation. The scheme is expected to attract significant investments and help India become a global hub for automobile manufacturing, an official statement said. The