Page 7 - Automotive Industry

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

Hindustan Zinc launches Asia's first low-carbon zinc brand, EcoZen

The automotive industry is a significant consumer of zinc, primarily for galvanisation to protect steel from corrosion

Tesla veteran Jay Vijayan's startup Tekion secures $200 million funding

Automotive software platform gets backing of Dragoneer Investment Group at a valuation of $4 billion

Budget 2024: Green tech, vehicle scrapping aid; auto sector's wishlist

Budget 2024: During the Interim Budget presentation, Nirmala Sitharaman had highlighted that the Centre is keen on expanding and strengthening the electronic-vehicle ecosystem

Automobile exports from India rise 15.5% in June quarter, shows Siam data

Automobile exports from India rose 15.5 per cent year-on-year in the June quarter with all verticals, barring three-wheelers, recording growth in shipments, according to the latest SIAM data. Overall shipments stood at 11,92,577 units in the first quarter the current fiscal year, as compared with 10,32,449 units in the same period of the last fiscal. Passenger vehicle exports stood at 1,80,483 units in the first quarter, registering a jump of 19 per cent over 1,52,156 units in the same period last year. Maruti Suzuki India led the space with shipments of 69,962 units in the period under review. It exported 62,857 units in the first quarter of the 2023-24 fiscal. Hyundai Motor India exported 42,600 units in the April-June period. It had shipped 35,100 units in the same period last year. Two-wheeler exports stood at 9,23,148 units in the first quarter, up 17 per cent as against 7,91,316 units in the year-ago period. Commercial vehicle shipments rose 8 per cent year-on-year to 15,74

India's car exports grow by 18.6% in Q1; domestic sales remain flat

The auto industry body sought incentives to promote EVs in Budget

'No link between XUV700 price cuts and UP EV policy': Mahindra & Mahindra

The automobile manufacturer said that the announced price cut of XUV700 is a business strategy that was pre-decided in a February meeting

Xiaomi to showcase its first electric car SU7 EV on June 9 in India

Chinese technology company Xiaomi might not proceed with launching SU7 EV in the Indian market just yet, reports suggest. It aims to gauge the interest of Indian consumers in its electric cars

M&M may surpass Tata Motors, Maruti Suzuki in PV segment in June: Nuvama

Raghunandhan NL, director at Nuvama, predicts a 13 per cent overall volume growth for M&M's automotive sector (including PVs, commercial vehicles, and three-wheelers), reaching 70,500 units

As vehicle sales hit brakes, manufacturers seek extended financing

Auto dealerships are grappling with a 60-day stockpile of four-wheeler inventory, which is imposing a financial burden due to the additional interest costs incurred during the extended holding period