Page 46 - Automobile Industry

SUVs may rule but premium hatches, small cars drive volumes in India

While almost all cars that fell into that category cost less than larger sedans or even mid-size SUVs, the underlying truism led to two realities

Turning India into a green mobility hub

While almost all cars that fell into that category cost less than larger sedans or even mid-size SUVs, the underlying truism led to two realities

CNG, EVs, hybrid vehicles to comprise 30% of total auto sales: ICRA

CNG, EVs and hybrid vehicles may grab up to 30 per cent share in total auto sales in next five years even as petrol cars are likely to dominate passenger vehicle volumes in medium-term, a report said on Tuesday. Demand for Electric Vehicles (EVs) has increased exponentially in the last two years with the government's push, increasing awareness, and new launches, domestic rating agency Icra said in its report. However, the share of EVs in the overall PV (passenger vehicle) industry remains low, at 1 per cent currently, it stated. On the other hand, CNG vehicles have also gained prominence in recent years, aided by favourable running costs, improving penetration of CNG dispensing stations across the country, and enhanced product offerings by OEMs, Icra said and added, lower emissions in CNG vehicles would also help OEMs (original equipment manufacturers) comply with the impending Corporate Average Fuel Economy (CAF) norms. Noting that a cohesive approach from all stakeholders is ...

India's retail vehicle sales up 14% to 1.8 million units in January: FADA

This improvement would fuel growth in an already healthy passenger vehicle category, the automobile dealers' body said

Funding for electric vehicle sector up 117% in 2022, at $1.6 billion

The Budget exemption for Customs duty on capital goods and machinery for manufacture of EV batteries, and the duty cut on lithium batteries from 21 per cent to 13 per cent will lower prices

JK Tyre and Industries' Q3 profit up 24%, income rises 17% to Rs 3,622 cr

The company's total income during the quarter was seen up by 17 per cent to Rs 3,622.62 crore, as against Rs 3,083.95 crore during the third quarter of 2021-22

Hyundai Motor India's rural sales cross 100,000-mark in 2022

Hyundai Motor India on Friday said its sales in the rural areas crossed one lakh-mark last year. The company said it has deployed its 100th Mobile Service Van (MSV) in Siliguri (West Bengal) to further strengthen its commitment to the rural markets. Hyundai Motor India Chief Operating Officer Tarun Garg said there was a growth of 17 per cent in the rural sales last year as compared to 2019. "We are confident that the company's growing rural network of over 600 outlets will act as a catalyst in enhancing customer peace of mind," he added. As upcountry customers demand more attention and care, the automaker has increased its rural manpower to over 5,000 in 2022, Garg said. Hyundai had commenced doorstep car care initiative with its first mobile service van in Meerut (Uttar Pradesh).

Automobile exports record growth of 35.9% from 2020-21 to 2021-22

The Vehicle exports have witnessed an impressive growth during 2021-22. Export of the total number of automobiles increased from 41,34,047 in 2020-21 to 56,17,246 in 2021-22

Car-sharing firm Getaround lays off 10% of workforce with immediate effect

The US-based car-sharing company Getaround has announced laying off about 10 per cent of its workforce with immediate effect

Ford Motor Co posts lower profit, issues downbeat outlook; shares drop

Ford Motor Co said quarterly profits fell and automaker predicted a difficult year ahead, sending its shares down after bell as investors were disappointed

Steady demand pushes domestic PV sales up 17.4% in Jan despite price hikes

The auto industry sold 346,000 units this January, compared to 295,000 a year ago

Automobile industry terms Union Budget 2023-24 as 'growth-oriented'

The automobile industry on Wednesday termed the Budget for 2023-24 as growth-oriented, saying the proposed measures will drive sustainable yet inclusive growth at a rapid pace. Automobile industry body Society of Indian Automobile Manufacturers President Vinod Aggarwal said a 33 per cent increase in capital outlay with an effective provision of Rs 13.7 lakh crore will spur growth in the economy, resulting in a positive impact on the domestic automobile industry. "Another appreciable feature of the budget is putting more money in the hands of the individuals by lowering effective personal income tax rates that should increase consumption and consequently lead to more demand," he added. All in all, this is a growth-oriented budget with a positive impact on the auto sector, Aggarwal said. Automotive Component Manufacturers Association President Sunjay J Kapur said the budget is a blueprint of a digitally enabled Aatmanirbhar Bharat, coupled with measures that will drive sustainable ye

Will raise Chennai unit output to curtail waiting period: BMW's Pawah

Indian market is probably at its take-off point, says Vikram Pawah

Tata Motors to hike prices of passenger vehicles by 1.2% from Feb

Tata Motors on Friday said it will increase prices of its internal combustion engine-powered passenger vehicle range by 1.2 per cent on a weighted average basis from February 1. The company has been absorbing a significant portion of the increased costs on account of regulatory changes and a rise in overall input costs, and is hence passing on some portion through this hike, the auto major said in a statement. Effective February 1, 2023, the weighted average increase will be 1.2 per cent, depending on the variant and model, it added. The company sells various models like Nexon, Harrier, Safari and Punch in the domestic market.

Germany-based micro-mobility firm Tier Mobility lays off 7% of workforce

Germany-based micro-mobility company Tier Mobility on Thursday announced that it will be laying off 7 per cent of its workforce amid restructuring

Hyundai motors Q4 net profit more than doubles on improved chip supplies

Hyundai Motor said on Thursday that its fourth-quarter net profit more than doubled from a year earlier on improved chip supplies, strong demand for its high-end SUVs and a weak won

'Back to Bharat' trend picking up in EV, Hitech sectors, says CIEL

With the West facing economic recession, job losses happening and while the Indian economy is predicted to grow, "Back to Bharat" is gaining ground in the executive placement segment, said CIEL

Honda Motorcycle set to join two-wheeler EV race by March next year

It also announces 100cc bike to compete with Hero MotoCorp, Bajaj Auto & TVS Motor in low-end segment

Brakes India to clock 15-20% growth in revenue this FY, says MD Sriram Viji

According to a report by Crisil recently, Brakes India derives 23 per cent of its total revenue from exports in the brakes and foundry divisions

Britishvolt: More evidence UK is losing race to capture growing EV market

The start-up had no track record developing technology and never confirmed how it would raise the £3.8 billion needed to start mass producing batteries, which reduces the average cost per battery