Page 6 - Automotive Industry

Mahindra & Mahindra, Skoda-Volkswagen clash over joint venture terms

M&M, with a stronger position in the domestic market, is reluctant to compromise with the two sides facing disagreements over issues related to development costs and sourcing

Hyundai bets on CNG vehicles, sees rising demand in rural and urban India

Hyundai Motor India Ltd is betting big on CNG fuel option with sales of models equipped with the technology witnessing increasing demand across rural and urban markets in the country, according to a top company official. The company, which currently offers CNG option in its three models -- Grand i10 NIOS, AURA and EXTER -- has seen an increase in contribution of the CNG models to its domestic sales to 11.4 per cent in FY24 from 9.1 per cent in FY22. So far in the April-October period this fiscal, the contribution of CNG models to the company's domestic sales has risen to 12.8 per cent. Its overall vehicle sales across different fuel options stood at 3.54 lakh units in the domestic market during the period. "At present, India already has more than 7,000 CNG stations and aim is to have approximately 17,500 CNG stations by 2030 which will further fuel the CNG demand," HMIL Whole-time Director and COO Tarun Garg said on the reasons behind the company's bullishness on CNG models. With a

BMW sales drop due to China's EV, CEO asks to cancel new fossil ban plan

Demand in China, the world's biggest auto market, is suffering from a flagging economy, while foreign carmakers face stiff competition from local manufacturers offering cheaper models, especially EVs

BYD hopes for ease in investment rules as it aims to build cars in India

BYD, in partnership with a local firm, submitted a $1 billion investment proposal last year to build electric vehicles in India. But New Delhi is yet to approve the plan

BFSI sector valuation discount to overall market at a record high

Valuation re-rating has been much sharper for non-BFSI companies

About 83% of Indian buyers will consider new energy vehicles by 2030: Study

Driven by the Centre's efforts, India's EV sector shows promise but challenges remain. At present, EV adoption in the country stands at 2% for passenger vehicles and 6% aross all categories

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 ..

Auto sector needs to focus on customer service, quality assurance: Gadkari

The Indian automobile industry is at the cusp of a revolution and it needs to focus on customer service, after-sales and quality assurance, Union Minister Nitin Gadkari said on Wednesday. In a video message to the Auto Retail Conclave organised by Federation of Automobile Dealers Associations (FADA), Gadkari, the Minister for Road Transport and Highways acknowledged that automotive dealers play a key role in realising the government's mission of a self-reliant India. "The automotive industry is at the cusp of the revolution, and as we look to the future, it is critical that the sector continues to innovate, especially in areas like customer service, after-sales and quality assurance," Gadkari said. The minister further said, "As a distributor of automobiles, you play a pivotal role in the government mission of 'make in India' and contribute significantly to realising our vision of self reliant India." Stating that the government deeply values the role that FADA and its members play

Fada announces appointment of C S Vigneshwar as new president for 2024-26

The Federation of Automobile Dealers Associations (FADA) on Wednesday announced the appointment of C S Vigneshwar as its President for 2024-26 period. The decision was taken at the 315th Governing Council Meeting, held immediately after the 60th annual general meeting, FADA said in a statement. Vigneshwar is the Managing Director of Anaamalais Toyota based out of Coimbatore, Tamil Nadu, and has other dealerships of Volvo Eicher Commercial Vehicles (VECV) and Ather Energy, it added. He has been a council member of FADA for the last 12 years. Besides, Vigneshwar has been a member of the Apex Consultative Committee of VECV for the last 16 years and a part of the Toyota Dealer Council for 11 years and served as the Head of the Toyota India Service Dealer Council for 7 years, the statement said. FADA said its governing council also elevated Sai Giridhar, MD of Saisha Motors Pvt Ltd (Dealer for Skoda Volvo Cars & MG Motors) based out of Jaipur, as Vice President and Amar Jatin Sheth, ..

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

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.

Automotive players gear up for festive season with dealership expansion

Maruti Suzuki, India's leading car manufacturer, recently celebrated the inauguration of its 500th Nexa outlet

EU new car sales flat in July as battery EVs lose market share, says ACEA

Improvements in the Belgian, Dutch and French electric-vehicle (EV) markets failed to offset a drop of almost 37 per cent in sales

Craftsman Automation surges 13%, hits record high on healthy outlook

The stock of the auto components and equipment company is trading higher for the fifth straight day, surging 23 per cent during the period.

BMW to recall 1.36 million cars in China over airbag risks, says regulator

For vehicles that have been confirmed to have defects after inspection, BMW will replace the driver's front airbag free of charge to eliminate safety hazards, the statement said

Mercedes-Benz confident of double-digit growth, rolls out 2 new models

German luxury carmaker Mercedes-Benz on Thursday sounded confident of posting a double-digit growth this calendar year and said it is expecting the demand to remain good in the coming festive season on the lines of last year. Speaking with PTI at the launch of two new top-end car models, Mercedes-Benz India Managing Director and CEO Santosh Iyer said that the company is seeing growth in its electric vehicle portfolio also and it will come out with the electric version of Maybach in September this year. With the unveiling of the Mercedes-AMG GLC 43 4MATIC Coup and CLE 300 Cabriolet AMG Line, priced at Rs 1.105 crore and Rs 1.10 crore, respectively, the company has strengthened its top-end product range further. "We grew 9 per cent in the first half of 2024. Of course, quarter two is low seasonality and this year it was even low considering elections. But when we look at the third quarter it is again showing a good amount of bookings. The market is there. We are confident of a ...

Amara Raja Energy Q1 FY25 results: Net profit up 26% at Rs 249 crore

Amara Raja Energy & Mobility (ARE&M) has posted about 26 per cent rise in consolidated net profit at Rs 249.12 crore for June quarter FY25. It had reported a net profit of Rs 198.31 crore for April-June period of 2023-24, the company said in an exchange filing on Saturday. Revenue from operations rose to Rs 3,263.05 crore from Rs 2,796.27 crore in the year-ago quarter. Revenue growth was aided by year-on-year healthy volumes registered in the automotive after-market, OEMs (original equipment manufacturers), and export markets, the company said in a statement. "In the quarter, we have seen good traction from our international operations. This was spearheaded by the offtake of our indigenously designed AGM (Absorbed Glass Mat) batteries. We are betting big on growing this space in the coming months," Harshavardhana Gourineni, Executive Director, Automotive & Industrial Batteries said. The company will continue to build its product range, cater to newer segments, and ...

Ford may re-enter India after 2021 exit as western markets face speed bumps

Ford's re-entry strategy will involve new investments, a focus on electric vehicles and sustainability, among other objectives

Toyota to post jump in profit over hybrid demand, momentum may be slowing

Toyota's global sales declined 2% in April-June versus a year earlier as robust U.S. and European demand wasn't enough to make up for declines at home and in China

India's auto components industry still reeling from Red Sea crisis

The Indian auto component industry exported items worth $21.2 billion in 2023-24, marking a five per cent year-on-year growth, he noted