Page 45 - Automobile Industry

Not prudent to allow more than 2 persons on two-wheelers, says Centre

The Centre has made it clear that it was "not prudent" to allow a third person to travel on a two-wheeler as the same was prohibited under the law and motorcycles or scooters were universally designed to carry only two people. This was Union Transport Minister Nitin Gadkari's response to a plea by CPI(M) MP Elamaram Kareem requesting that children upto to the age of 10 years be allowed to travel as a third person on two-wheelers on following necessary safety measures, like wearing helmets. Denying the request, Gadkari in a letter dated May 31 has said, "...under the Central Motor Vehicles Act 1988, no driver of a two-wheeler can carry more than one person. "Therefore, from the safety angle of riders, it would not be prudent to allow more than one person in addition to the driver to be carried thereon." The Union Minister also said that every two-wheeler "is universally designed and constructed to carry one person in addition to the driver." This response comes even as the ruling L

India will become world's largest automobile market in 5 years: Gadkari

Union Minister Nitin Gadkari on Friday expressed confidence that India will become the largest automobile market in the world in the next five years under the leadership of Prime Minister Narendra Modi. The Union minister for road transport and highways was addressing a gathering in Vapi town of Gujarat's Valsad district after inaugurating 'Rajju Shroff ROFEL University' campus. "At present, the size of the Indian automobile industry is Rs 7.5 lakh crore. The industry has so far created 4.5 crore jobs, and it pays the maximum Goods and Services Tax (GST) to the Central and state governments," Gadkari said. India was previously at fourth position in the world (automobile market) after Japan, the US and China, but recently the country surpassed Japan to become No. 3, he said. "And, I am confident that within five years, thanks to the leadership of Prime Minister Narendra Modi, we will be No.1 and the size of the industry will be Rs 15 lakh crore," the minister said. Given the qualif

TVS Motor posts 9% YoY growth in wholesales at 330,609 units in May

TVS Motor Company on Thursday reported a 9 per cent growth in wholesales at 3,30,609 units in May 2023. The company's wholesales stood at 3,02,982 units in the same month last year. Total two-wheelers sales grew 11 per cent last month to 3,19,295 units, as compared with 2,87,058 units in May 2022, TVS Motor Company said in a statement. In May 2023, domestic two-wheeler sales were at 2,52,690 units as against 1,91,482 units in the year-ago period, up 32 per cent, it added. Three-wheeler sales were down at 11,314 units during the month under review from 15,924 units in May 2022. Total exports were also lower at 76,607 units last month over 1,10,245 units in May 2022.

Honda's domestic wholesales decline by 43% YoY to 4,660 units in May

Honda Cars India on Thursday reported a 43 per cent dip in domestic wholesales at 4,660 units in May. The company had dispatched 8,188 units in the domestic market in May 2022, Honda Cars India Ltd (HCIL) said in a statement. Exports dropped by 71 per cent to 587 units last month against 1,997 units in the previous year, it added. "Our sales for the month of May 23 were in line with our plan. The Amaze and City continued to perform well and get strong customer preference," Honda Cars India Director (Marketing and Sales) Yuichi Murata said.

Toyota logs 2-fold growth with highest monthly sales in May at 20,410 units

Toyota Kirloskar Motor on Thursday said its total sales surged two-fold to 20,410 units in May, its highest-ever in a month. The automaker had dispatched 10,216 units in the same month last year. The company said its domestic wholesales last month stood at 19,379 units. It also exported 1,031 units of the Urban Cruiser Hyryder in May. Toyota Kirloskar Motor (TKM) Vice President of Sales and Strategic Marketing Atul Sood said the automaker has scaled a new high in May by reporting the highest monthly sales performance of 20,410 units. "As we look forward, given the sustained momentum, we continue to be optimistic for the rest of the year by prioritising the customers' needs," he added. The company believes that the strong upward trajectory, highlights the company's customer alignment and ever-growing product popularity with the latest launches like Urban Cruiser Hyryder, Innova Hycross and the Hilux that continue to support the strong sales momentum in their respective segments, So

Bajaj Auto records 29% rise in total sales at 355,148 units for May

Bajaj Auto on Thursday reported 29 per cent rise in total sales at 3,55,148 units in May compared to the same month last year. The company had sold a total of 2,75,868 units in May 2022, Bajaj Auto said in a statement. Total two-wheeler sales stood at 3,07,696 units last month as against 2,49,499 units in the year-ago period, up 23 per cent. Domestic two-wheeler sales were higher at 1,94,811 units as compared to 96,102 units in May 2022, the company said. However, exports were down at 1,12,885 units last month from 1,53,397 units in May 2022, it added. Total commercial vehicle sales rose 80 per cent to 47,452 units last month as compared with 26,369 units in the same period a year ago.

Healthy growth, valuations point to more gains for Mahindra & Mahindra

Auto segment to drive growth on the back of improving demand, new launches

McLaren Automotive launches hybrid sports car Artura with V6 petrol engine

British luxury carmaker McLaren Automotive on Friday said it has launched hybrid sports car Artura in India with price starting at Rs 5.1 crore (ex-showroom). The company produces the cars at its UK-based facility and then ships the units to various locations, including India. The price of the car varies on the level of personalisation ordered by the customer. "Our impact in the Indian market in our first year has been outstanding, and we look forward to continuing to provide our customers with an exceptional service and the ultimate driving experience," McLaren Automotive Managing Director - APAC and China Paul Harris noted. The model comes with a 2,993-cc twin-turbocharged V6 petrol engine, paired with an eight-speed transmission and a lithium-ion battery pack, which provides the supercar with instant torque and improved throttle response. The package generates a combined power output of 680PS and 720 Nm of torque. Artura's top speed is electronically limited to 330km/h with ..

Tesla whistleblower leaks data on customers' Full Self-Driving complaints

Challenging Musk's full self-driving claims, a Tesla whistleblower has reportedly leaked data to a German media outlet that contains thousands of customer complaints about automaker's FSD features

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