Page 12 - Automobile

Kia India looks to bring in more EV6 units to cater to pending orders

Kia India is looking to bring in more EV6 units into the country in order to cater to the pending bookings, the automaker said on Thursday. The company said it has delivered 200 units of the EV6, which comes as a completely built unit (CBU), to customers till date. This number is already twice the initially planned 100 units for the entire year, the South Korean automaker said in a statement. "Now, the company is planning to further increase the total allocation of EV6 in 2022 and complete most of the pending deliveries within this year," it added. The company had launched EV6 in the country in June this year, and the deliveries to customers began last month. "At the launch of EV6, amid the very positive response received, we had promised our customers to bring in more units of the EV6, over and above the initially allotted 100 units for 2022. Going forward, our focus will be on completing the deliveries of all the existing and new bookings at the earliest," Kia India Chief Sales .

Mahindra & Mahindra posts Rs 2,089 crore Q2 PAT, revenue at Rs 20,839 cr

Automobile major Mahindra & Mahindra Ltd on Friday said it had closed Q2FY23 with a net profit of Rs 2,089.92 crore.

Qualcomm's venture capital arm planning to pick up stakes in EV startups

The company is also open to mergers and acquisitions in the auto tech space

Bharat Forge's subsidiary bags $155.5 mn order to export artillery guns

Bharat Forge has been consolidating its defence and aerospace business under Kalyani Strategic Systems with an aim to target export opportunities in the defence sector

Europe leans on Asian firms for 'homegrown' electric vehicle batteries

French battery startup Verkor, for example, announced on Wednesday that it had raised 250 million euros ($249 million) to fund a megafactory

Switch Mobility aims to be in EV markets around the globe: CEO

Markets will come back after geopolitical turbulence and each company will have to make its own strategy, says Mahesh Babu

Vehicle finance sector to return to pre-Covid level by Q2 next fiscal: CIFC

Murugappa group's financial services unit says bad loans are down and it expects AUM to grow 25% this financial year

Maruti Suzuki India crosses 25 million cumulative production milestone

Maruti Suzuki India (MSI) on Wednesday said it has crossed 2.5 crore cumulative production mark. MSI started production in December 1983 and crossed the 10-lakh production mark in March 1994. It crossed 1- crore mark in March 2011 and 2-crore milestone in July 2018. Its first production facility came up in Gurugram, Haryana. The company now has two manufacturing plants in Gurugram and Manesar in Haryana, with an installed production capacity of 15 lakh units per annum. The company sells 16 passenger vehicles in the domestic market and also exports to around 100 countries. "2022 marks 40 years of Suzuki's partnership with the people of India. Crossing 25 million cumulative production milestone this year is a testimony of Suzuki's continued commitment and partnership with the people of India," MSI Managing Director and CEO Hisashi Takeuchi said in a statement. Going forward, the automaker will continue to introduce new products in the market, he added. "Anticipating growing deman

Overall commercial-vehicle volume to touch 1 mn units by FY24: Fitch

Domestic commercial-vehicle (CV) sales volume will witness significant growth over the next few years and the overall CV volume is likely to reach close to 1-million units by FY24, a report said on Wednesday. The report by credit ratings agency Fitch Ratings also expects growing demand and the resultant rise in operating leverage to boost the profitability of the domestic CV-focused original equipment manufacturers after FY22, despite elevated production costs. A recovery in medium and heavy CVs from multi-year lows, along with sustained growth in light CV categories, will help overall CV volume to reach close to 1-million units by FY24 the level of the last cyclical peak recorded in FY19, it said. According to Fitch, domestic CV sales volume are expected to grow in the mid-to high-teens over the next few years. Factors like rapid recovery in India's economic activity after the pandemic shock and the government's planned increase in infrastructure spending will help sustain an ...

Wheels India reports net profit at Rs 15.14 cr for July-September quarter

Wheels India Ltd, manufacturer of steel wheels for automobiles has reported net profit at Rs 15.14 crore during the quarter ending September 30, 2022, the company said on Tuesday. The company had reported net profits at Rs 21.2 crore during corresponding quarter previous year. For the half year ending September 30, 2022, the net profits of the company stood at Rs 25.8 crore as against Rs 31.3 crore registered in the corresponding period last year. Revenues for the quarter ending September 30, 2022 grew to Rs 1,109 crore as compared to Rs 911 crore registered in the same period last year. Revenues for the six-month period ending September 30, 2022 rose to Rs 2,166 crore as compared to Rs 1,586 crore recorded same period of last year. The revenue growth was driven by a good recovery in the domestic CV market. Exports have been impacted especially in retail segments in the United States and European Union, company Managing Director Srivats Ram said. The company has commenced product

India launches probe into MG Motor as scrutiny on Chinese firms widens

The company's top management, including directors, managing director and auditors have been summoned next month by the ministry seeking more clarification

China's Evergrande group starts delivering its first electric vehicles

China Evergrande New Energy Vehicle Group Ltd has started deliveries of its Hengchi 5 electric vehicle, with the first 100 customers getting their cars on Saturday

Hero MotoCorp partners with Terrafirma Motors to enter Philippines

Two-wheeler maker Hero MotoCorp on Wednesday announced its plans to enter the Philippines for which it has partnered with Terrafirma Motors Corporation for assembly and distribution of its vehicles. A part of the Columbian Group of Companies, Terrafirma Motors Corporation (TMC) will be the exclusive assembler and distributor of Hero MotoCorp motorcycles in the Philippines, the company said in a regulatory filing. TMC will set up an assembly facility of 29,000 square metres in its existing principal manufacturing facility situated in Laguna City and will start its operations in the second half of fiscal year 2024, it added. "In keeping with our R4 (recalibrate, revitalise, revolutionise and revive) strategy, we are always keenly exploring new opportunities in global markets. Our partnership with Terrafirma Motors Corporation to enter the Southeast Asian region is an integral part of this expansion strategy," Hero MotoCorp Head of Global Business Sanjay Bhan said. TMC Chairman ...

How Kia turned out to be a 'sweet price band' for upper middle class

Hyundai's sister concern has established a respectable presence in India despite a pandemic-year launch

Mercedes-Benz India records Rs 441-cr PAT in FY23 after two years of losses

Luxury carmaker Mercedes-Benz India recorded a profit after tax of Rs 441.4 crore in the fiscal ended March 31, 2022, after two years of losses, according to financial data accessed by business intelligence platform Tofler. The company, which is not a publicly listed entity, had posted a loss after tax of Rs 107.1 crore and Rs 86.5 crore in 2020-21 and 2019-20 respectively. Revenue from operations in FY22 were at Rs 6,188.5 crore. This was the company's highest revenue after FY19 when it had clocked Rs 6,314.3 crore with a profit after tax of Rs 311.4 crore. In the fiscal ended March 31, 2021, the company's revenue from operations had dipped to Rs 3,639 crore with the pandemic impacting vehicle sales. In FY20, the company's revenue from operations was at Rs 4,819 crore, as per the Tofler data. Mercedes-Benz India's operating revenue in the year ended March 31, 2018 was at Rs 6,077.9 crore and it had posted a profit after tax of Rs 306.6 crore. In terms of unit volume sales, ...

Can Bhavish Aggarwal's ambitious plans for Ola Electric challenge Musk?

Whether Ola Electric succeeds or not, Aggarwal's admirers seem to agree that he has turbo-charged the EV market, pulling in millions of investment dollars

Toyota marks turnaround in India, reports highest profit in four years

The company has worked towards meeting the mobility needs of consumers

Bajaj Auto Q2 preview: Ebitda may rise up to 34% YoY, margins seen flat

Bajaj Auto Q2: Brokerages tracking the company expect it to report a double digit sequential growth in net profit on the back of healthy volume-based sales during the quarter

Jubilant Food, Bata: Consumption stocks get leg up amid festive boost

Nine-day Navratri festival saw retailers witness the highest footfalls in two-three years across segments such as automobiles, consumer appliances, and apparels

Audi India retail sales up 29% to 2,947 units during Jan-Sept period

German luxury carmaker Audi on Friday reported a 29 per cent growth in retail sales at 2,947 units in the January-September period of this year in India. Audi India had retailed 2,291 units in the same period last year. The growth was driven by the new A8 and Q7, coupled with continued demand for the e-tron range, A4, A6, Q5 and the RS performance range, the company said in a statement. In addition, Audi Approved: plus, the company's pre-owned car business, has grown by 73 per cent in the first nine months of 2022, it added. "Our performance in the first nine months has laid the foundation for a positive performance in the remainder of the year. "Robust growth, despite the semiconductor shortage and global supply-chain issues reiterates the customers' enthusiasm around the brand and our wide product portfolio," Audi India Head Balbir Singh Dhillon said. In the ongoing festive season, the automaker is expecting good growth on the back of sustained demand, he added. The automker n