Page 44 - Automobile Industry

Landmark Cars hits record high; up 11% in 2 days on institutional buying

TPG Growth II SF Pte Ltd, on Friday, sold 4.46 million shares for Rs 293 crore through an open market transaction

K'taka invites Tesla to invest, says ready to provide necessary facilities

The Karnataka government on Friday invited Tesla Inc, the world's largest electric car maker, to invest in the state, saying it is the ideal destination for the company's expansion into India, and that the authorities here are ready to support the company and its ventures and provide the necessary facilities. Tesla said earlier this week that it is looking to make a significant investment in India. After meeting Prime Minister Narendra Modi in the US, Tesla chief Elon Musk said he saw India as holding more promise than any other large country around the globe. He said he plans to pay a visit to the country in 2024. "I am confident that Tesla will be in India and we will do so it as soon as humanly possible," Musk told reporters after the meeting. "We don't want to jump the gun on an announcement, but I think it's quite likely that it will be a significant investment, a relationship with India." India, the world's third-largest energy consumer, is pitching as an alternate ...

Punjab announces Rs 300 cr incentive to promote use of electric vehicles

Punjab's transport minister Laljit Singh Bhullar has said the state government will provide incentives worth around Rs 300 crore in the next three years to promote the adoption of electric vehicles (EVs) and reduce pollution. These incentives will be provided on electric two-wheelers, e-cycles, e-rickshaws, e-autos and electric light commercial vehicles. He directed the officials of the transport department to write a letter to the finance department for creating a dedicated EV fund to facilitate initiatives for the adoption of the EVs in the state. He was presiding over a meeting of the state level EV committee, which has been set up for the implementation of the Electric Vehicle Policy-2023, here on Wednesday. According to an official statement, Bhullar took details of the responsibilities entrusted to various departments concerning the implementation of the EV policy and asked officials to ensure speedy implementation. Bhullar instructed the Punjab State Power Corporation Ltd a

HPCL to open vehicle service centres in India with Saudi Arabia's Petromin

HPCL's co-branded service centres will be located at its select retail outlets in metros and other major cities across India

Renault India reaches 1 mn production milestone at Tamil Nadu plant

France-based automaker Renault has reached a milestone by producing 10 lakh vehicles at its Tamil Nadu plant, a top official said here on Wednesday. Renault India Pvt Ltd is a fully owned subsidiary of Renault S.A.S France and has a manufacturing facility in association with Nissan Automotive India Pvt Ltd at Oragadam, located around 45 kilometres from here. Renault has a production capacity of about 4.80 lakh units per year. "We have nine lakh customers totally across India... Yesterday, we reached a key milestone. We rolled out the one millionth vehicles at the plant...," Renault India Operations Country CEO and Managing Director Venkatram Mamillapalle told reporters. A red colour KIGER marked the 10,00,000th rollout from the assembly line that was formally flagged off by senior company officials including Mamillapalle at the facility. The company has made substantial investments in manufacturing, technology, and talent, creating a robust production infrastructure ensuring the .

EVs to play significant role in closing on record sales this year: Volvo MD

Swedish luxury carmaker Volvo Cars expects electric cars to play a significant role in its bid to close in on record sales in India this year, a senior company official said on Wednesday. The company unveiled its all-electric SUV C40 Recharge in India, which will be launched in August and deliveries to start September onwards. The vehicle will be the company's second electric offering in India after its fully-electric XC40 Recharge launched last year. "2023 has started on a very promising note and we believe that we will do much better this year as compared to the last few years. Since the pandemic I think the market was a bit slow and then we had supply issues. "Supply issue is still around us but I believe that we should go back close to the 2018 number which was our peak," Volvo Car India Managing Director Jyoti Malhotra told PTI here. In 2018, Volvo Car India had sold 2,600 units. Last year it sold around 1,800 units in the domestic market. Asked if the company could cross re

Commercial vehicle industry to record moderate 8-10% volume growth: Report

The commercial vehicle (CV) industry is likely to record moderate volume growth of around 8-10 per cent this fiscal, with the pent-up demand levelling off, a report said on Tuesday. The growth will come amid increased government thrust on infrastructure spending despite expected muted exports on account of the uncertain global environment amid inflationary concerns, Care Edge Ratings said in its report. This growth is also expected to come on the back of the strong upcycle that the industry is witnessing despite the high base effect. Noting that the demand remains strong across all the segments, while the medium and heavy commercial vehicles (MHCV) are expected to grow by 10-12 per cent in FY24, the light commercial vehicles (LCV) are likely to grow by 6-8 per cent aided by last-mile connectivity demand boosting e-commerce activities, it stated. "With tailwinds like healthy replacement demand, increased freight movement and increasing government infra spending and a continued boom

Hyundai to utilise $5.9 bn in overseas operations' money for EV investments

Hyundai Motor Group said on Monday it will utilise 7.8 trillion won ($5.9 billion) worth of reservation money held by its overseas operations to push forward planned investments in domestic EV plants

Rs 25,938-cr Auto PLI scheme: Centre considers paying incentive quarterly

Incentives for FY23 yet to be disbursed as OEMs yet to furnish requisite documents, say officials

Uber gears up for an electric vehicle future amid rising competition

It has drawn up plans to include more electric vehicles in its fleet by tying up with manufacturers, fleet owners and charging stations

Cracking the investment strategy: FPIs are bullish on finance, auto stocks

Load up on financials, automotive stocks in May

SMEV seeks Rs 3k cr rehabilitation fund to revive ops of e2W makers

Society of Manufacturers of Electric Vehicles (SMEV) has asked the government to create a Rs 3,000 crore fund to revive and sustain operations of OEMs which have been badly affected by the recent FAME subsidy blocks. In a letter to the Finance Minister, the industy body has noted that the total amount of subsidies withheld and still due to various electric two-wheeler OEMs (Original Equipment Manufacturers) amounts to over Rs 1,200 crore and that the industry has been awaiting the funds for over 18 months exclusive of the interest. "The cumulative effect of the subsidy blockade, the claim on older subsidies and the refusal to allow future sales has been devastating on startups and first movers in the electric two-wheeler segment," SMEV Director General Sohinder Gill said. Many of these companies will not be able to come out of the financial stress caused by these actions, he added. "In fact, their post-resolution existence is also a matter of time. It is therefore our considered, .

Volkswagen launches new trims of Virtus, Taigun with 1.5 ltr TSI EVO engine

Volkswagen Passenger Cars India on Thursday said it has launched new trims of its mid-sized sedan Virtus and Taigun sports utility vehicle. The company has introduced the Virtus with a six-speed manual transmission on the GT Plus variant, priced at Rs 16.89 lakh (ex-showroom). Besides, the automaker said it has introduced two new variants of Taigun -- GT DSG and GT Plus, at an introductory price of Rs 16.79 lakh and Rs 17.77 lakh, respectively (ex-showroom). "With its strong legacy of fun-to-drive, the GT badge was introduced on the Performance Line (1.5l TSI EVO engine) variants of Taigun and Virtus. Today, we are taking a step further and democratizing the GT badge by introducing newer variants for customers to choose from," Volkswagen Passenger Cars India Brand Director Ashish Gupta said in a statement. The new variants of Taigun and Virtus will be available across the 161 sales touchpoints in 121 cities in India, the company said.

Automobile emission leading cause of recorded air pollution: IITR study

The pre-monsoon report on air quality released by IITR said that leading cause of air pollution during 2022-23 was automobiles, with number of registered vehicles having risen by 6.3% since 2022

TMS Ep450: Auto inventories, IIT-Madras, RIL, de-risking and decoupling

What do dealer inventories tell about auto market? How does IIT-Madras continue to beat the rest? Can RIL reverse its underperformance trend? How's de-risking different from decoupling? Answers here

Govt to prepare public transport policy with focus on electric vehicles

India has set ambitious targets of making 30% and 70% penetration in private and commercial mobility respectively by 2030

Here are merits, drawbacks of Leasing, buying car which is better for you

When it comes to acquiring a new vehicle, the decision to buy or lease can be a challenging one. Both buying and leasing a car have their own merits and drawbacks

Daimler enters pre-owned market with launch of 'BharatBenz Certified'

Commercial vehicles maker Daimler India has forayed into the pre-owned business segment under its new brand 'BharatBenz Certified', the company said on Monday. Daimler India Commercial Vehicles is a wholly owned subsidiary of Stuttgart-based Daimler Truck AG. The new business initiative would refurbish and sell pre-owned BharatBenz trucks to customers. To be initially available at Trident Trucking in Bengaluru, the BharatBenz Certified programme would be expanded to other dealerships across the country. "Our perpetual and thorough market research practice brought to our attention the aspiration of customers who would like to purchase pre-owned BharatBenz trucks. This need in the market gave birth to the idea of launching BharatBenz Certified -- a company-steered pre-owned CV business initiative...," BharatBenz Marketing, sales, and customer service, President Rajaram K said. BharatBenz Certified would also be the catalyst for its customers to upgrade their fleet to new BharatBenz

Lohum partners MG Motor India for second-life EV battery solutions

Integrated battery recycling and repurposing solutions provider Lohum on Monday said it has teamed up with MG Motor India to develop second-life solutions for the car maker's EV batteries. Under the collaboration, Lohum will reuse end-of-first-life batteries of MG electric vehicles to build 2nd-life Battery Energy Storage Systems (BESS) for a wide variety of clean energy applications in domestic urban and rural markets. As part of the collaboration, it also rolled out a completely off-grid 5kWh battery energy storage system for an uninterrupted power supply even in regions with unreliable grid infrastructure. MG Motor India currently sells its ZS EV, besides the recently launched small electric car Comet EV, in the domestic market. "We anticipate over 1-GW of batteries to be deployed by MG Motor in the market through its vehicles, in roughly a three years period. "The company already has deployed close to 100-MW of power through the batteries in its EVs, which is expected to ...

FMCG, auto data shows rural demand is coming back: CII President R Dinesh

We are projecting FY24 GDP growth at 6.5-6.7 per cent. We believe 6.5 per cent will be achievable, even in a slightly negative scenario. And 6.7 per cent is our belief, let me put it that way