Page 12 - Automobile Manufacturer

Volkswagen may book up to $4.4 bn in provisions on capacity cuts: Jefferies

Volkswagen said earlier this month it was considering shutting plants in Germany for the first time in its history

PV sales dip 1.8%, two-wheeler sales grow 9.3% in August: Siam data

According to Siam, total production of passenger vehicles, three-wheelers, two-wheelers, and quadricycles in August 2024 stood at 2.49 million units

GM, Hyundai Motor agree to explore joint vehicle development projects

The US and Korean automakers said they had signed a non-binding memorandum of understanding to consider ways to leverage their complementary scale and strengths to reduce costs

Auto dealers can claim ITC on demo cars used for promoting sales: CBIC

Automobile dealers using demonstration vehicles or demo cars for promoting sales can claim input tax credit (ITC) under the GST law, the CBIC has said. However, no ITC would be available if demo cars are used by dealers for their own purpose during the course of the business. In a circular, the Central Board of Indirect Taxes and Customs (CBIC) said authorised dealers are required to maintain demo vehicles at their sales outlet as per dealership norms which are used for providing trial runs and for demonstrating features of the vehicle to the potential buyers. These vehicles are purchased by the authorised dealers from the vehicle manufacturers against tax invoices and are typically reflected as capital assets in books of account of the authorized dealers. As per dealership norms, these vehicles may be required to be held by the authorized dealers as demo vehicle for certain mandatory period and may, thereafter, be sold by the dealer at a written down value and applicable tax is ..

EV promotion schemes great for making green transportation accessible: Siam

Auto industry body SIAM on Wednesday welcomed the government's decision to approve two schemes with a total outlay of Rs 14,335 crore to promote electric vehicles, saying the forward thinking initiative will make clean and green transportation more accessible to all. The Union Cabinet on Wednesday approved two schemes -- PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) Scheme with an outlay of Rs 10,900 crore over a period of two years, and PM-eBus Sewa-Payment Security Mechanism (PSM) scheme with a budget of Rs 3,435 crore. Reacting to the announcement, Society of Indian Automobile Manufacturers (SIAM) President Shailesh Chandra termed the move as "progressive step that underscores the firm commitment towards promoting sustainable mobility". He further said, "It will undoubtedly help accelerate the adoption of electric vehicles (EVs) across the country, making clean and green transportation more accessible to all." This forward-thinking initiative reflec

Fada seeks legislative safeguards to prevent OEMs exiting abruptly

Automobile dealer body FADA on Wednesday sought legislative safeguards to prevent companies from exiting the country abruptly in order to safeguard the interest of dealers and employees working at the dealerships. Speaking at the 6th Auto Retail Conclave here, newly appointed President of the Federation of Automobile Dealers Associations (FADA) C S Vigneshwar also asked the government to issue strong directives to state governments for the full implementation of the CMVR (Central Motor Vehicles Rules). Addressing Minister of Heavy Industries HD Kumaraswamy, Vigneshwar said, "We need your support, and hence we request legislative safeguards to prevent OEMs (Original Equipment Manufacturers) from exiting the country abruptly, leaving dealers, employees, and customers stranded." Various automotive OEMs like Ford, General Motors and Harley Davidson have ceased sales operations in India since 2017. As per FADA, it has resulted in layoffs of thousands of people working at ...

Tamil Nadu, Ford Motor in talks to restart production eyeing global market

Tamil Nadu Chief Minister M K Stalin visited Ford headquarters in Michigan on Tuesday and held detailed discussions with its top management, urging them to restart production

BMW brake recall, VW job threat deepen German automobile industry crisis

BMW shares plunged after the company disclosed the spiraling cost of a recall affecting 1.5 million vehicles due to faults with their Continental AG braking systems

Goyal urges auto component makers to explore investment from EFTA countries

He asked to target $100 billion worth of automobile components' exports by 2030

Low discount may not drive polluting old vehicles towards scrapping shops

Automobile sector experts argue that consumers may find more value in continuing to drive their existing vehicles or selling them to third parties

Hyundai Motor adds two new variants under EXTER portfolio

Automobile major Hyundai Motor India has rolled out two new variants on its popular entry level sports utility vehicle EXTER, the company said on Friday. The S(O)+ variant, equipped with manual transmission is priced at Rs 7,86,300 (ex-showroom) while S+ variant is an automated manual transmission (AMT) offered at Rs 8,43,900 (ex-showroom). Some of the key features of the newly added variants include smart electric sunroof, digital cluster with Colour TFT multi-information display, an 8" touchscreen infotainment system with Android Auto and Apple CarPlay, rear air-conditioner vents among others. In a company statement, Hyundai said the new EXTER variants come with six air bags, 3-point seatbelts for all seats, tyre-pressure monitoring system, Electronic Stability control among others. Hyundai Motor India, in August, reported a 12 per cent year-on-year decline in its sales to 63,175 units as compared to 71,435 units sold in the same month of last year.

With low sales, auto dealers worry about offering further discounts

The double whammy of higher inventory costs and deeper discounts is a nightmare for auto dealers as that has a direct impact on their profit margins

Kia tops Fada's overall customer experience index in mass-market space

In the luxury segment, Audi takes the top spot

Toyota posts 35% YoY rise in total wholesale at 30,879 units in Aug

Toyota Kirloskar Motor on Sunday reported a 35 per cent growth year-on-year in total wholesales at 30,879 units in August. The automaker had reported a dispatch of 22,910 units in both domestic and exports in the same month last year. "As we approach the festive season, demand for our products remains buoyant, and we are already witnessing increased consumer interest and higher footfall across all our dealerships," Toyota Kirloskar Motor Vice-President, Sales-Service-Used Car Business, Sabari Manohar, said in a statement. SUVs and MPVs continue to significantly contribute to the company's sales numbers, reflecting a growing preference for these segment vehicles, he added. Interestingly, this trend is not limited to major urban centres but extends to tier-2 and tier-3 markets as well, demonstrating widespread customer acceptance for TKM offerings, Manohar said. As a response to the market needs, the automaker reopened the bookings in August for the Innova Hycross ZX & ZX (O) ...

BS@50: Climate change of another kind in India Inc's 50-year journey

India Inc waded through a stifling 'external environment' and unbridled competition. But Big Govt refuses to go away

Hyundai Motor eyes 30% rise in sales by 2030 as it doubles hybrid lineup

The world's No. 3 automaker by sales, along with affiliate Kia Corp, announced its mid- to long-term goals and strategy at its CEO Investor Day

Auto Bet: Bajaj, M&M, Escorts Kubota may lead August sales, says Nuvama

Within the 2W segment, analysts believe, mass-market original equipment manufacturers (OEMs) such as Honda, Hero Moto Corp, Bajaj Auto, and TVS are anticipated to perform well.

Bajaj Auto m-cap nears Rs 3 trn; what drove the stock to record high today?

Thus far in the calendar year 2024, Bajaj Auto has outperformed the market by surging 50 per cent, as against 12 per cent rise in the BSE Sensex.

Bajaj Auto gets DVA certificate for all 15 electric vehicle models

Most companies still have DVA certificates pending or under review by MHI

Motorcycle brand BSA debuts in India; Gold Star 650 priced at Rs 2.99 lakh

Mahindra Group-owned iconic motorcycle brand BSA made its debut in India on Thursday with the launch of 652-cc Gold Star 650 model priced at Rs 2.99 lakh (ex showroom Delhi). One of the oldest motorcycle companies in the world, Birmingham Small Arms Company (BSA), was acquired by the Mahindra group's premium motorcycles arm Classic Legends in 2016. Classic Legends sells Jawa and Yezdi motorcycles in the country. The BSA Gold Star 650, which made a comeback in the UK in 2021, is currently being sold in Europe, Turkey, New Zealand, and the Philippines. "Bringing BSA to India is about sharing a piece of world motorcycling history with India. That indomitable spirit of BSA, a brand built in the fires of battle, is imbued in the new Gold Star," said Anand Mahindra, Chairman Mahindra Group at the launch. The BSA brand is also set to enter the US, Australia, and Japan markets soon, the company said. Earlier this month, Classic Legends Private Limited (CLPL) inked a joint venture (JV) pa