Page 51 - Automobile Industry

Increased repo rate by RBI big dampener for auto industry, says FADA

The hike in key interest rate by RBI is a big dampener for the automobile industry particularly for the price sensitive entry-level two-wheelers and passenger vehicles segments, Federation of Automotive Dealers Associations said on Friday. The Reserve Bank of India (RBI) on Friday raised the key interest rate by 50 basis points, the fourth straight increase since May with more hikes expected to rein in inflation. The Monetary Policy Committee (MPC), comprising three members from the RBI and three external experts, raised the key lending rate or the repo rate to 5.90 per cent - the highest since April 2019. "It is definitely a big dampener for the auto industry especially for both, entry level two-wheeler and passenger vehicle segment where customers are extremely sensitive to any price hike," Federation of Automotive Dealers Associations (FADA) President Manish Raj Singhania said in a statement. Since May 2022, almost 2 per cent rates have been increased, with vehicle loan rates al

Oops! Wrong Hyundai. Govt's industrial policy misfires again with PLI gaffe

Picking the wrong Hyundai is just embarrassing. Going down a protectionist path reminiscent of the country's own, impoverished socialist past is the bigger folly

Isuzu Motors India announces roll out of 25,000 vehicles in FY23

Isuzu Motors India will roll out 25,000 vehicles this year out of its SriCity plant near, said a top company official

Maruti Suzuki drives in Grand Vitara tagged between Rs 10.45-19.65 lakh

Looking to consolidate its presence in the fast-growing mid-sized sports utility segment, Maruti Suzuki India on Monday launched its all-new model Grand Vitara priced between Rs 10.45 lakh and Rs 19.65 lakh (ex-showroom Delhi). The model, which comes with a 1.5-litre petrol powertrain mated with strong and mild hybrid technology, will compete with the likes of Hyundai Creta, Kia Seltos and Tata Harrier, among others. With Grand Vitara, the country's largest car maker expects to enhance its presence in a segment where it currently lags behind the competition. "The Grand Vitara paves the way toward a cleaner, greener, sustainable and carbon-neutral world. To ensure that we can do this, the Grand Vitara has been launched at a very competitive starting price of Rs 10.45 lakh," MSI Managing Director & CEO Hisashi Takeuchi said in a statement. The model has received over 57,000 bookings so far, he added. The 1.5 litre trims with mild hybrid technology mated with a five-speed manual and

Ola Electric to foray into international markets starting with Nepal

Ola Electric on Thursday said it plans to foray into the international markets starting with Nepal. The company said it has signed a memorandum of understanding with CG Motors in Nepal partnering them as local distributors for its Ola S1 scooters (S1 & S1 Pro). The scooters will be available in Nepal starting next quarter, the Bengaluru-based electric two-wheeler maker said in a statement. In the second phase, the company also aims to enter Latin America, ASEAN and European Union, increasing the company's presence in up to five international markets. "Our international expansion not only means that we will as a company be able to serve customers in these similar regions, but it is also testament to the fact that India will lead the EV revolution for the world," Ola Founder and CEO Bhavish Aggarwal noted. To truly take the electric vehicle revolution to the next level, India will have to be the epicenter of change, he added. The company recently unveiled an electric four-wheeler .

Volvo India sees electric cars contributing to 80% of total sales by 2025

Volvo's EV plans are in line with its global strategy of transitioning into a pure electric car company by 2030

Govt issues draft rules for car firms for mandatory rear seat belt alarm

The government has been considering enforcing the use of rear seatbelts after Cyrus Mistry, the former chairman of Indian conglomerate Tata Sons, died in a car crash recently

Merc's new EQS stays focused on luxury and comfort, EV or not

Globally, this car is priced at around $150,000 or Rs 1.2 crore; there's little surprise then that its price doubles to Rs 2.4 crore in India given the outlandish duties that CBU cars attract

Chip crunch driving used-vehicle sales, Shriram Automall revenues up 52%

Firm says pre-Covid level of sales achieved and that pre-owned vehicles are no longer a second choice

Auto industry's innovation for green alternatives need of the hour: PM Modi

Prime Minister Narendra Modi on Thursday stressed on the need for automobile industry's innovation for green alternatives to ensure protection and conservation of environment as well as help in making India self-reliant. In a written address to the annual session of the Society of Indian Automobile Manufacturers (SIAM), Modi said, "Amrit Kaal is an opportunity to achieve self-sufficiency in every sector and the automobile sector is no exception." The automobile sector has contributed to all-round development and growth of the economy through new avenues for employment generation, the Prime Minister said in his message read out by SIAM President Kenichi Ayukawa. "It is a need of the hour that the automobile industry's innovation for greener alternatives attains a new momentum, to ensure the protection and conservation of environment, as well as help in making India self-reliant," Modi said. He also expressed hope that the various stakeholders gathered at the convention that include

Top Headlines: Petro products export share rises; RBI rate hike, and more

With the price index surprising on the upside in August, many analysts have pencilled in a higher inflation print in September as well and accordingly expect the RBI to frontload policy rate hikes

India must target full electrification of 2, 3-wheelers in 4 years: Kant

80% of vehicle sales are in those segments, says the country's G20 Sherpa as he hails 'electric revolution'

EV adoption to disrupt automobile industry in a decade, says report

Indians likely to prefer electric two- and three-wheelers than bigger vehicles

Indian auto industry should aim for higher quality: Maruti Suzuki's Ayukawa

It should 'localise smallest of the components' and invest in new technology, says business leader

Dealers and automakers have a tumultuous relationship, says FADA President

Says manufacturers' financial clout has led to inequitable contracts between the two

TVS Motor zooms 109% from March'22 low; m-cap crosses Rs 50,000 crore

At 10:59 am; TVS Motor Company's market capitalisation stood at Rs 50,312 crore, the BSE data shows.

Makers of safety-critical parts on capex drive to get set for new rules

Not much gain for seat belts, which are a standard feature in several vehicles; but the airbag rule--as and when it takes effect--will have a multiplier effect on safety-critical components

Honda lines up Rs 260 cr to upgrade sales network with SUV push on anvil

Japanese automaker Honda along with its dealer partners plans to invest around Rs 260 crore to upgrade its dealerships across India to make them more premium as it gears up to drive in sports utility vehicles in the market starting next year, as per a senior company official. Honda's dealer network in the country currently comprises 330 facilities in 242 cities. The company, which is present in the country through a wholly-owned unit, had initiated the project in 2019 but it had to be scaled down due to the impact of the pandemic on the dealers' business. "With COVID situation improving a lot, we have renewed our focus on revamping the entire sales network and putting it on a fast track. There are still some challenges about capacity and time, but our effort is to maximise the number of revamped outlets in this year and next year," Honda Cars India Vice-President (Marketing and Sales) Kunal Behl told PTI in an interaction. The move to make the outlets premium is to cater to the ...

Domestic sales of passenger vehicles jump by 21.1% in August: Siam

Three-wheelers' domestic sales jumped from 23,606 units in August last year to 38,369 units in August this year, Siam noted

Vehicle sales up 8% in Aug, two-wheelers cause for concern: FADA

Tractor sales decline 32% despite good monsoons; three-wheelers do modestly compared to 2019