Page 19 - Automobile Manufacturer

Audi to drive in over 20 new models by 2025-end, says CEO Gernot Dollner

German automaker Audi plans to roll out over 20 new models by the end of 2025 across markets, Audi AG CEO Gernot Dollner said on Tuesday. The company also plans to electrify all core segments by 2027. The automaker has also lined up a capex of EUR 41 billion for the period between 2024-2028. Audi AG will invest EUR 11.5 billion in the development of ICE (internal combustion engine), PHEV (plug-in hybrid electric vehicle) and other segments and EUR 29.5 billion for BEV (battery electric vehicles) and digitisation. "The Audi Q6 e-tron is the start of an extensive product initiative that we will use to rejuvenate our portfolio over the coming years," Dollner stated. He further said: "We are planning more than 20 new models in 2024 and 2025, including the presentation of the A6 e-tron in the summer of 2024 and the new generation of the A5 and Q5 as the first models on the new Premium Platform Combustion (PPC) in the second half of the year." The group is positioning itself for the fu

Auto component makers to gain from new 4-wheeler electric vehicle policy

Currently Indian ancillary makers are not all capable of supplying EV-specific components but some component makers are suppliers to global EV OEMs

New EV policy to help launch many premium-quality SUVs: VinFast Auto

Vietnam's electric car maker VinFast Auto on Monday said India's new electric vehicle policy that provides import duty concessions for companies setting up manufacturing units in the country with a minimum investment of USD 500 million will allow it to introduce a wide variety of eco-friendly premium-quality SUVs at inclusive prices. The Indian government's new electric vehicle (EV) scheme aims to drive large investments in manufacturing, create competencies and upskilling, set up a robust supply chain and offer consumers world-class, zero-tailpipe emission vehicles, VinFast India CEO Pham Sanh Chau said in a statement. "This forward-looking policy helps us introduce a wide variety of smart, green, premium-quality SUVs, at inclusive prices, along with outstanding aftersales policies," he added. Chau further said, "With a long-term growth commitment in India, we have pledged an expenditure of USD 500 million, which includes the electric vehicle manufacturing facility in Tamil Nadu."

Popular Vehicles' IPO gets subscribed 1.23 times on last day of bidding

The Initial Public Offer (IPO) of Popular Vehicles and Services received 1.23 times subscription on the closing day of bidding on Thursday. The Rs 601.55 crore-IPO received bids for 1,77,74,350 shares against 1,44,15,110 shares on offer, as per NSE data. The quota for Qualified Institutional Buyers (QIBs) got subscribed 1.97 times while the category for Retail Individual Investors (RIIs) fetched 1.05 times subscription. The portion for non-institutional investors received 66 per cent subscription. The IPO had a fresh issue of up to Rs 250 crore and an Offer For Sale of up to 1,19,17,075 equity shares. The IPO had a price range of Rs 280-295 a share. On Monday, Popular Vehicles and Services said it has garnered Rs 180.17 crore from anchor investors. Proceeds of the fresh issue will be used for debt payment and general corporate purposes. Popular Vehicles and Services is a leading diversified automotive dealership in the country with a presence across the automotive retail value c

PV or CV at TN plant? Tata Motors will take a call based on market trend

Tata Motors and the Tamil Nadu government signed a memorandum of understanding on Wednesday to set up a manufacturing unit in Ranipet near Vellore with an investment of Rs 9,000 crore

Citroen plans to expand network footprint by 400% in India this year

Automaker says it seeks 'aggressive' expansion in the country, announced Rs 2,000 crore investment earlier

Centre replaces FAME with EMPS to promote e2W, e3W, 4-wheelers kept out

The upcoming Electric Mobility Promotion Scheme is set to debut on April 1, supplanting the current Faster Adoption and Manufacturing Electric Vehicles- Phase-II initiative

Volkswagen sees slowdown in vehicle sales growth amid growing competition

The company said on Wednesday it expected a boost to vehicle orders in Western Europe in the coming months from new models including fully electric cars

Xiaomi to deliver first batch of electric vehicles this month in China

The smartphone maker, China's fifth-largest, said in a Weibo post that 59 of its stores in 29 cities nationwide will take orders for its new Speed Ultra 7 (SU7) sedan

M&M posts 40% growth in SUV sales in Feb, overall production grows by 26%

The company has been increasing its production steadily and as of February 1, it had opened bookings for around 226,000 SUVs

Hyundai to target performance-oriented niche segment with N Line range

Hyundai Motor India is seeking to address a niche, yet growing segment of buyers who are performance-oriented through its N Line range of products, according to company COO Tarun Garg. The company, which currently offers the N Line range on its two models -- i20 hatchback and compact SUV Venue -- that has styling and performance upgrades compared to the normal offering, on Monday also introduced its mid-sized SUV Creta priced between Rs 16.82 lakh and Rs 20.29 lakh (ex-showroom Delhi). "In 2021, we sold 3,196 (units of ) N Line. In 2022, we sold 7,560 N Line and in 2023, we sold 9,718 N Line...overall 22,000 N Line....the numbers are increasing. At the same time, frankly, I don't think volume is an objective in N Line. We understand it's a niche market," Garg said in an interaction. On the objective behind introducing more products under N Line, he said, "We believe even if there's a niche, I think it's our responsibility to give the set of customers who are looking to have a very .

Polls may rev up 2-wheeler sales but passenger vehicles likely to be a drag

But passenger vehicle sales may hit slow lane, say industry experts

Auto retail sales jump 13%, PV sales scale record high in February

PV sales moved up by 12 per cent to 330,107 units as compared to 293,803 units in February last year

Passenger vehicles industry estimated to grow up to 9% this fiscal: ICRA

The domestic passenger vehicle (PV) market is estimated to grow by six to nine per cent in the current financial year over the preceding fiscal, according to ratings firm ICRA. In absolute terms, the PV industry will clock a sales figure of 4.2 million units in the current fiscal. The report said that dealer inventories remain high despite strong retail sales, and the pace of growth is expected to taper off in the coming financial year. ICRA said that during the recently concluded festive season, retail sales grew six per cent year-on-year. The inventory levels in the industry remain high at 50 to 55 days at the end of January 2024. The utility vehicle (UV) segment continued to expand led by a shift in customer preferences coupled with a slew of product launches. The demand for the entry car segment remained muted, the report said. The availability of alternative fuels like CNG and electricity is steadily on the rise aided by the introduction of new models. The capital expendi

Govt denies reports of extension of EV subsidy scheme FAME-II beyond Mar 31

The government on Thursday said it has not extended the flagship scheme to promote electric mobility FAME-II beyond March 31, according to officials. The Ministry of Heavy Industries denied media reports claiming that the Centre has granted a temporary four-month extension to the scheme till July 31, with an outlay of Rs 500 crore for the period. Subsidies under the second phase of the FAME Scheme will be eligible for e-vehicles sold till March 31, 2024, or till the time funds are available, the Heavy Industries ministry stated last month. It also shared that the outlay of the Faster Adoption and Manufacturing of Electric Vehicles in India (FAME-II) programme has been enhanced from Rs 10,000 crore to Rs 11,500 crore. The ministry had said in the statement that the second phase of its flagship scheme to promote adoption of EVs in India -- FAME II -- was "fund- and term-limited". As per the revised outlay, electric two-wheelers, electric three-wheelers, and electric four-wheelers ar

Tata Motors to hike commercial vehicle prices by up to 2% from April 1

Tata Motors, India's top automaker by revenue, had last hiked prices for its CV range by up to 3% in January

EAC-PM pitches for mandating EV sales by all automobile manufacturers

The Economic Advisory Council to the PM (EAC-PM) has proposed the introduction of a transferable mandate, prescribing a certain percentage of auto manufactured must be electric vehicles. The advisor also suggested ensuring greater adoption of EVs in the government fleet to enhance demand for electric vehicle cars. In its working paper, the EAC-PM also suggested encouraging the leasing of vehicles as opposed to outright purchase by introducing a suitable GST rate differential for leasing. The paper has been co-authored by EAC-PM chairman Bibek Deroy and Director Devi Prasad Misra. "Hitherto, our policies for the promotion of EVs have focused on subsidies, tax breaks, charging infrastructure etc. While we see a significant increase in the number of two- and three-wheeler EVs, the adoption of EVs in the LMV (cars) segment has remained sluggish. "... the introduction of transferable mandates prescribing for a certain percentage of vehicles manufactured to be EVs will be an efficient w

Banyantree backed Popular Vehicles and Services to launch IPO on March 12

Popular Vehicles and Services Ltd, which is engaged in automotive dealerships, is set to launch its Initial Public Offering (IPO) on March 12. The initial share sale will conclude on March 14 and the bidding for anchor investors will open for a day on March 11, according to the Red Herring Prospectus (RHP). The IPO comprises a fresh issuance of equity shares worth Rs 250 crore and an Offer For Sale (OFS) of 1.19 crore equity shares by Banyantree Growth Capital II, LLC. At present, promoters hold a 69.45 per cent stake in Popular Vehicles and Services and Banyan Tree owns over 30 per cent stake in the company. Proceeds of the fresh issue will be used for payment of debt and general corporate purposes. The Kerala-based company is a leading diversified automotive dealership in the country with a presence across the automotive retail value chain, including the sale of new passenger and commercial vehicles, services and repairs, spare parts distribution, sale of pre-owned passenger ...

BYD plans to cover 90% of India's EV market in 2024, to target major towns

Chinese electric vehicle maker BYD plans to cover 90 per cent of the EV market in India by the end of the year as it strengthens leadership position in EVs priced above Rs 30 lakh category, a senior company official said on Tuesday. BYD India, which launched its electric sedan SEAL priced between Rs 41 lakh and Rs 53 lakh, is working to achieve homologation certification from ARAI for its electric SUV Atto 3 which will lift the restriction on import volume of 2,500 units. Homologation is the process of certifying vehicles for roadworthiness under rules specified by the government for all vehicles made or imported into the country. "Our target is that we cover 90 per cent of the EV market in India. That is what we are planning to do by this year, which means we will be present in major towns, and tier I cities. "Wherever we see the electric vehicle penetration is high, wherever the electric vehicle sales are, where it is growing," BYD India, Senior Vice President of Electric Passeng

Expect India to be third largest market among 118 nations: Mercedes-Benz

The company also plans to tap smaller cities as it looks to establish sales outlets in 10 new locations ranging from Jammu to Kottayam to scale operations, Sardien stated