Page 44 - Automobile Industry

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

Don't see growth in small car segment in this fiscal year: R C Bhargava

With rising commodity prices and increasing inflation, the cost of acquisition for small cars has increased significantly during the last few years

Maruti Suzuki Q4 net profit up 42.6%; firm declares dividend of Rs 90/share

The automaker also declared a dividend of Rs 90 per share

Mahindra & Mahindra to increase LCV production capacity as demand rises

As per the SIAM data, M&M's domestic sales of LCVs in this segment reached 198,121 units in 2022-23, indicating that production capacity is almost fully utilized

Is Apple's focus on India as momentous as Suzuki's entry 40 yrs ago?

The full measure of Apple's success in India will depend on its becoming more than a phone company. Still, this promising start is sufficient for the moment, writes T N Ninan

Jaguar Land Rover raises EV drive bill to £15 bn to catch up with peers

Jefferies, in a report this month, noted that JLR had been focusing on improving profit and cash flow with an emphasis on selling higher-margin SUVs

Discounts are back to 2019 levels; is this a good time to buy a car?

Dealers across brands are slashing prices by Rs 20,000 to over Rs 1 lakh, depending car model

Unpaid subsidies worth Rs 1,200 cr leading to liquidity crisis: SMEV

Call for the industry and the government to work together to solve the issues

Two-wheel rides saddle up: Growth recovery, valuations to kick-start gains

Eicher hot on the trail of TVS, which is a top pick of most brokerages

Convenient and economical: Why car leasing is catching up in India

Automobile manufacturers report a growing interest in non-ownership options for vehicles

Tata Motors joins rivals, will hike PV prices from May 1 by 0.6%

Company earlier raised prices of its commercial vehicles by 5% as auto industry transitions to new emission norms

Hyundai to launch Tata Punch rival micro-SUV Exter in Aug; details here

The Exter is expected to get a split-headlamp treatment, similar to what Hyundai offers in Creta, Venue, and Alcazar

Four months in waiting, Mahindra Thar to cost up to Rs 1.05 lakh more

The price for the base variant of the Mahindra Thar, which stands at Rs 13.49 lakh (all prices are ex-showroom), remains unchanged

High-interest rates make auto industry cautious about growth prospects

Unseasonal rains impacting rural demand, high-interest rates on auto loans and increased costs due to new regulatory norms are making the automotive industry cautious about the growth prospects in the current fiscal. The industry --- which witnessed the first full year without any impact of COVID-19 in FY23 after a gap of two years with double-digit growth of 21 per cent in overall retail sales -- is now set to clock tapered growth in the low single-digit due to a high base, according to the Federation of Automobile Dealers Associations (FADA). As per data shared by the dealers' body, the total domestic vehicle retail sales stood at 2,21,50,222 units in FY23 against 18,3,27,326 units in FY22. Maruti Suzuki India Senior Executive Officer, Marketing and Sales, Shashank Srivastava said the unseasonal rains in March and early April could have a dampening effect on the sentiment in the rural areas. "Because this is the harvest time and these rains are not so good (for the rural sales),"

Maruti eyes doubling SUV sales in FY24; aims top position with 25% share

The country's largest car maker Maruti Suzuki India aims to more than double its SUV sales this year and take the leadership position in the fast-growing segment with a market share of over 25 per cent, according to a senior company official. The auto major sold 2.02 lakh sports utility vehicles (SUVs) last financial year with a market share of around 13 per cent. In the current fiscal year, the company aims to sell around 5 lakh units. The SUV segment is currently the fastest-growing vertical in the domestic passenger vehicle industry. The SUV contribution to the overall passenger vehicle market has grown from 24 per cent in 2018 to 43 per cent in 2022. In an interaction with PTI, Maruti Suzuki India Senior Executive Officer (Sales & Marketing) Shashank Srivastava said the doubling of the market share in the SUV segment would also help the company in its bid to again surpass the 50 per cent market share mark in the domestic passenger vehicle industry. "This fiscal year we expect

Realty, auto firms expect demand to remain intact after RBI holds rate

Central bank outlook reflects 'sense of optimism' about business and demand growth, says one CEO

EV sales on the rise in March; industry needs policy clarity, says FADA

The industry body says while EV segment as a whole grew by 157% during FY23, govt policy should be clear on how much manufacturers can get and how to encash on the subsidy