Page 59 - Automobile Industry

Target is to take turnover of auto sector to Rs 15 trn in 5 years: Gadkari

Union Road Transport Minister Nitin Gadkari on Tuesday said that the Centre's mission is to increase the turnover of the automobile industry to Rs 15 lakh crore within the next five years."The current turnover of the automobile sector of the country is Rs 7.5 lakh crore, out of which Rs 3 crore is export. My aim is to make the auto industry to the volume of Rs 15 lakh crore within the next five year, " Gadkari said as he inaugurated Maruti Suzuki and Toyota Tsusho Group's government-approved scrapping in Greater Noida.Recently, Prime Minister Narendra Modi at the COP26 summit said India is aiming for net zero carbon emissions by 2070.Gadkari said that for this purpose, the government was encouraging the usage of CNG, LNG, green hydrogen, ethanol fuels and electric vehicles."Our current import of fossil fuel is currently Rs 8 lakh crores and it will reach Rs 25 lakh crores in the next five years. We are working constantly on the diversification of agriculture towards energy and power ..

Domestic two-wheeler volume to shrink 1-4% YoY this fiscal: ICRA

Domestic two-wheeler (2W) volume is expected to shrink by 1-4 per cent year-on-year this fiscal, impacted by relentless increase in 2W prices as well as record high petrol cost, ICRA has said

Kerala-based Popular Vehicles and Services plans entry in west, north

The company said it will focus more on the services segment of the business rather than sales, going ahead

With supply short, Ford Motor dips toe into computer chip business

Ford Motor Co. is in talks with a computer chip maker to shore up its semiconductor supplies and avoid a repeat of this year's auto factory shutdowns caused by semiconductor shortages.

Tata Motors 'punches' its way to pole position in SUV market in October

Riding on new SUV Punch, it zips past M&M, Hyundai and Kia

Automobile marketplace Droom files Rs 3,000-cr IPO papers

Droom Technology, an online marketplace for automobiles, has filed preliminary papers with capital markets regulator Sebi to raise Rs 3,000 crore through an initial share-sale

Suzuki Motor expects automobile sales in India to decline 6%

Japan's Suzuki Motor Corporation on Thursday said it expects its automobile sales in India to decline 6 per cent year-on-year and has cut its overall global sales forecast for the ongoing fiscal

Maruti Suzuki India to bolster SUV segment, begins work on new models

The company currently sells Vitara Brezza and S-Cross in the SUV segment

Maruti Suzuki drives in all-new version of Celerio at Rs 4.99 lakh

Maruti Suzuki India (MSI) on Wednesday launched the all-new version of its premium hatchback Celerio in the country, priced between Rs 4.99 lakh and Rs 6.94 lakh (ex-showroom Delhi)

M&M Q2 standalone net surges over 8-fold to Rs 1,432 cr; revenue rises 15%

Homegrown auto major Mahindra & Mahindra (M&M) on Tuesday reported an over eight-fold increase in its standalone profit after tax (PAT) at Rs 1,432 crore for the second quarter ended September 30, 2021, riding on the back of robust sales. The Mumbai-based company had posted a standalone PAT of Rs 162 crore in the July-September period of previous fiscal. Revenue for the second quarter rose by 15 per cent to Rs 13,305 crore as against Rs 11,590 crore in the year-ago period, M&M said in a regulatory filing. The company said it sold 99,334 vehicles during the period under review, up 9 per cent from 91,536 units in the second quarter of last fiscal. M&M tractor sales however declined by 5 per cent to 88,920 units in the second quarter as against 93,246 units in the year-ago period. On a consolidated basis, the Mahindra Group reported a PAT of Rs 1,929 crore as compared with Rs 615 crore in the Q2 of 2020-21. Revenue rose to Rs 21,470 crore in the second quarter as ...

On track to record high double-digit sales growth in 2021: Hyundai

The shift towards personal mobility has really helped, Hyundai Motor India Ltd (HMIL) Director (Sales, Marketing, Service) Tarun Garg told PTI in an interaction

European automakers say magnesium shortage not a problem, for now

Part manufacturers supplying automakers with key components are heavily reliant on magnesium, which can be used by itself or combined with aluminium to reduce the weight of cars

Persistent increase in commodity prices to hurt margins: Apollo Tyres

Firm says it needs 20-25 per cent price hike to offset increase in input costs

Current festive season worst in decade: Automobile dealers' body FADA

The industry body said the chip shortage situation has impacted offtake in the passenger vehicle segment

Volvo India MD Interview: Kamal Bali on glide path to net-zero target

How does Volvo India plan to reduce emissions and achieve the net-zero target? In this exclusive interview with Jyoti Mukul, Volvo India MD Kamal Bali talks about this and more

High taxes hampering growth of luxury car segment in India: Audi

A high taxation regime is restricting growth of the luxury car segment in India and the government should look at lowering the levies in order to help the sector grow, according to automaker Audi

Toyota Kirloskar reports 1% increase in October domestic wholesales

Toyota Kirloskar Motor (TKM) on Sunday reported a 1 per cent increase in domestic wholesales at 12,440 units in October as compared to the year-ago period

Registration of electric vehicles picking up pace in Delhi: Officials

Adoption of electric vehicles is picking up pace in Delhi with the count of such vehicles surpassing the total number of registrations of CNG and hybrid-fuel vehicles in the city in the recent months

Mercedes-Benz rolls out new format of retailing cars in India

German luxury carmaker Mercedes-Benz on Friday rolled out its new format of retailing cars in India with a 'direct to customer' model, under which it will own now the entire stock of new cars for sale

Astor clocks 5,000 orders in 20 minutes of opening bookings: MG Motor India

MG Motor India on Thursday said it has sold out its new SUV Astor for this calendar year clocking 5,000 orders within 20 minutes of opening bookings.