Page 11 - Automobile

EV maker Avon Cycles denies allegations over misappropriation of incentives

India's Avon Cycles Ltd has denied any wrongdoing in a scheme granting subsidies to vehicle manufacturers to boost the sale of electric vehicles (EV)

Tesla stock drops to its lowest, Elon Musk blames macroeconomic conditions

Electric car company Tesla's shares tumbled further to around $137 apiece, its lowest ever, as Elon Musk on Wednesday again blamed global macroeconomic conditions

Hyundai becomes 3rd largest carmaker, set to overtake Toyota, Volkswagen

While Toyota Motor Corp. and Volkswagen AG vie each year for pole position atop the global automobile industry, Hyundai has quietly slipped in behind them, surpassing General Motors Co., Nissan Motor

High regulatory burden, taxes keep cars out of reach of Indians: Automaker

The levies by the Indian govt have made purchasing vehicles expensive for the population, said RC Bhargava, Maruti Suzuki's chairman

BMW Motorrad India expects sales to cross 7,000 units mark next year

BMW Motorrad, the two wheeler division of the German luxury car maker, expects sales to grown in double digits next year as well as it remains bullish on the long term growth prospects of the country. The company, which sells a range of motorcycles in the country, is looking to cross the 7,000 unit sales mark this year. With sales volume this year till November having already crossed the 6,000 units mark, a growth of around 40 per cent as compared to same period last year, BMW Motorrad India has for the first time entered the top ten markets for the brand globally. The company had sold 5,191 units in the country last year. "I am absolutely certain of that," BMW Motorrad Head of Region Asia, China, Pacific & Africa Markus Mueller-Zambre told PTI when asked if the company would be able to achieve double digit volume growth in 2023. In order to continue with sustainable growth in the market, the company has realigned its strategy a bit to reflect on the measures it needs to take to .

Mahindra CIE surges 16% in two days, hits 52-week high in weak market

India is projected to be one of the fastest growing large economies in the world and CIE Automotive's global strategy continues to focus on India as a key market, the company said

40% of all vehicles sold will be electric by 2030, says Bain & Co report

Report estimates that 4-5 million EVs will be sold across segments in 2026

General Motors recalls over 825,000 vehicles to fix daytime running lights

General Motors is recalling more than 825,000 SUVs and cars in the US and Canada because the daytime running lights may not turn off when the headlights are on. The recall covers certain 2022 and 2023 Cadillac Escalade, Chevrolet Silverado 1500, Chevrolet Suburban and Tahoe, GMC Sierra 1500 and GMC Yukon SUVs. Also included are Cadillac CT4s and CT5s from the 2020 to 2023 model years, as well as Buick Envisions from 2021 to 2023. GM says in documents posted Wednesday by US safety regulators that daytime running lights that stay on with headlights can cause glare for other drivers, increasing the risk of a crash. Dealers will update software, or it will be updated online. Owners will be notified by letter starting January 23. The recall announced Wednesday adds more vehicles to a recall of 340,000 big SUVs in November.

Rivian EV puts hold on partnership for electric vans with Mercedes-Benz

Electric car-maker Rivian has put a pause on plans to co-develop multiple new electric delivery vans with luxury German automaker Mercedes-Benz

Wedding season pushed vehicle retail sales up by 26% in November: FADA

All categories were in the green with two-wheelers, three-wheelers, passenger vehicles, tractors & commercial vehicles growing by 24%, 80%, 21%, 57% and 33%, respectively

Auto dealership chain Landmark Cars IPO to open from December 13-15

Automobile dealership chain Landmark Cars Ltd on Thursday said it has fixed a price band of Rs 481-506 per share for its Rs 552 crore initial share-sale that opens for public subscription on December 13. The three-day initial public offering (IPO) will conclude on December 15 and the bidding for anchor investors will open on December 12, the company said in a statement. The public issue consists of a fresh issue of equity shares aggregating to Rs 150 crore and an Offer-For-Sale (OFS) of up to Rs 402 crore. Those selling shares through the OFS route are -- TPG Growth II SF PTE Ltd, Sanjay Karsandas Thakker HUF, Aastha Limited and Garima Misra. Proceeds from its fresh issuance worth Rs 120 crore will be utilised for payment of debt and general corporate purposes. Half of the issue size has been reserved for qualified institutional investors, 35 per cent for the retail investors and the remaining 15 per cent for non-institutional investors. Investors can bid for a minimum of 29 equi

Chinese EV maker BYD widens market leadership gap with Tesla in Q3

China's BYD Auto remained the global market leader, shipping more than 537,000 EV units -- an increase of 197 per cent (on-year) -- in the third quarter this year, leaving Tesla far behind globally

Two-wheeler sales rise in Nov at most manufacturers on last year's low base

Some of the uptick is also attributable to the marriage season which usually perks up the volumes in the northern part of the country

Hero MotoCorp to hike prices from December 1; stock gains nearly 4%

The company said it will increase the prices of its motorcycles and scooters by up to Rs 1,500, with effect from December 1, due to inflationary cost pressures

Castrol to pick up 7.09% stake in TVS family's Ki Mobility for Rs 488 cr

With this deal, which is Castrol's largest all-cash transaction, the firm aims to expand its presence in service and maintenance of ICE vehicles and EVs

EV company Motovolt Mobility raises Rs 16 cr in per-series A funding

The funds raised will primarily be used for new product introduction, marketing initiatives, and growing Motovolt's presence through more retail points pan India

Kia India profit down 25% in FY22 as tax outgo slams the brakes

Kia is one of the few unlisted global carmakers in India that saw a contraction in profits

Ultraviolette unveils India-made F77 electric motorcycle for Rs 3.8 lakh

Company says bike has the most advanced battery pack in the industry

LG develops 'Invisible' Thin Actuator Sound Solution for automobiles

LG Display has announced that it has developed the "Thin Actuator Sound Solution", a new sound technology for automobiles.

Indian techies writing 35% of 100 mn lines of code for the driverless car

Global auto Tier-1 firms already have 50,000-55,000 software engineers working in India, OEMs have another 25,000