Page 8 - Automotive Industry

Tata Motors-owned JLR India sales rise 81% at 4,436 units in FY24

Tata Motors-owned Jaguar Land Rover (JLR) on Wednesday reported an 81 per cent jump at 4,436 units in its retail sales in India in the fiscal ended March 31, 2024. The year-on-year growth of 81 per cent represents one of the best performances in the market since the company's launch in India in 2009 and its highest in the last five years, JLR India said in a statement. Retail sales of SUVs, Range Rover, and Defender continued to grow with year-on-year increases of 160 per cent and 120 per cent respectively, it added. The newly launched 2024 model year 'Discovery Sport' and 'Range Rover Evoque' grew by 50 per cent and 55 per cent year-on-year respectively, the company said. JLR India Managing Director Rajan Amba said during the past year, JLR India achieved a series of retail sales records, resulting in a strong full year position for the year ended March 31, 2024. "We remain confident in our strategy and vision for the years to come. The positive gains we have made in the last yea

BMW, Tata Technologies to form JV for developing automotive software

The two firms have signed an agreement to form a joint venture (JV) with the aim to establish an automotive software and IT development hub in Pune, Bengaluru, and Chennai

Hi-Tech Gears hits new high; surges 26% in 2 days on healthy outlook

In the past six weeks, the stock of Hi-Tech Gears has soared 56 per cent; while, thus far in the financial year 2024, it has zoomed 159 per cent

Charging Ahead: A Deep Dive into the Tata Tiago EV Price, Performance, and Affordability

.

Domestic passenger vehicle sales rise 11% in February, shows Siam data

Two-wheeler sales jump 34%; PV exports up 20%

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

Car leasing player Avyens eyes 8-10 per cent fleet growth in 2024

Indian car leasing market comprises of approximately 90,000 vehicles. Projection of Ayvens aligns with rising trend of car leasing as businesses seek more flexible & cost-effective mobility solutions

Female workforce grows in automotive manufacturing as tech adoption surges

Automation, skilled talent requirements, along with active measures to improve gender representation drive female hiring in the automobile industry

Mitsubishi to enter Indian car market with over 30% stake in TVS Mobility

Leveraging TVS Mobility's existing network of approximately 150 outlets, the new venture will also establish dedicated stores for each car brand

Automotive supplier ZF Group inaugurates new manufacturing unit in TN

With an Rs 1,800 crore project outlay, ZF plans to strengthen its manufacturing presence and expansion in India with investment realization by 2030

Bosch Q3 results: Profit up 62% driven by high sales in automotive segment

Overall product sales of the automotive segment have increased by 16.8 per cent compared to the same quarter of the previous year

Bridgestone appoints Hiroshi Yoshizane as head of India operations

Japanese tyremaker Bridgestone on Monday announced the appointment of Hiroshi Yoshizane as its new Managing Director for India. He succeeds Stefano Sanchini, who will be moving into the role of VP of Consumer Replacement for Europe, Bridgestone India said. Yoshizane, who moves to the new role from Bridgestone Japan, is the third MD of Bridgestone's India operations in a little over one year. Sanchini had in January last year assumed the position from then-incumbent Parag Satpute. Earlier, Yoshizane served as executive vice president of solution business, retail, and service business in Bridgestone Tire Solution Japan Co Ltd, the company said. "India is a strategic, evolving, and growth market for Bridgestone, with a unique set of opportunities and challenges, as the country's automotive sector is poised for major advances both in terms of numbers and technology," said Yoshizane. The development follows Bridgestone Corporation's recent announcement regarding the global reorganisat

Toyota Motor hikes annual profit forecast after Q3 beats expectations

TOKYO (Reuters) -Toyota Motor raised its full-year operating profit forecast by nearly 9% on Tuesday, after higher sales volumes and a weaker yen boosted its third-quarter results

Bharat Mobility Global Expo 2024: Venue, dates, tickets details here

The expo is poised to draw attendees from domestic stakeholders and international participants across 47 countries. Here is everything you need to know about India's global mobility expo

Minda Corp divests 15.07 pc stake in Pricol worth Rs 631 crore

Minda Corporation on Wednesday offloaded a 15.07 per cent stake in automotive components maker Pricol Ltd for around Rs 631 crore through an open market transaction. ICICI Prudential Mutual Fund (MF), Fidelity India Fund, Tata MF, Aditya Birla Sun Life Insurance Company, Goldman Sachs India, City of New York Group Trust, and Carnelian Asset Management & Advisors, among others, were the buyers of Pricol's shares on the National Stock Exchange (NSE). Minda Corporation Ltd sold more than 1.83 crore shares, amounting to a 15.07 per cent stake in Pricol, as per the block deal data available with the NSE. The shares were disposed of at an average price of Rs 343.50 apiece, taking the transaction size to Rs 631.23 crore. After the latest transaction, Minda Corporation's shareholding has declined to 0.63 per cent from a 15.70 per cent stake (at the end of December quarter) in the company. The scrip of Pricol Ltd rose 3.35 per cent to close at Rs 380.50 apiece on the NSE.

Auto sector will contribute to India's rise as 3rd largest economy: Pandey

The Ministry of Heavy Industries is overseeing the Rs 25,938 crore Production Linked Incentive (PLI) scheme for Automobile and Auto Components (PLI-AUTO Scheme)

Nissan Motor India names Saurabh Vatsa as Deputy Managing Director

Nissan Motor India on Monday said it has appointed Saurabh Vatsa as the Deputy Managing Director with immediate effect. He will report to Managing Director Rakesh Srivastava and support in implementing the company's ongoing transformation roadmap, the automaker said in a statement. The appointment is reflective of the company's transformation plan to meet the opportunities and challenges ahead for the automotive industry in India, it added. Vatsa joins Nissan from Stellantis, where he was a member of the Stellantis leadership team and spearheading the Citroen brand since its inception in India. "His (Vatsa) appointment underpins our commitment to invest USD 600 m USD (Rs 5,300 crore) in India as part of the Alliance and introduce more products for the Indian consumer as part of the transformation plan," Nissan India Operations President Frank Torres said.

Auto exports dip 21% in 2023 as markets abroad face monetary crisis: Siam

Automobile shipments from India declined 21 per cent last year as many overseas markets continued to face monetary and geopolitical crises, as per the latest SIAM data. Overall exports stood at 42,85,809 units last year compared to 52,04,966 units in 2022. Passenger vehicle shipments rose 5 per cent to 6,77,956 units last year from 6,44,842 units in 2022. However, other segments like commercial vehicles, two-wheelers and three-wheelers saw a decline in exports last year. Two-wheeler exports slipped 20 per cent to 32,43,673 units last year from 40,53,254 units in 2022. Similarly, commercial vehicle shipments declined to 68,473 units last year from 88,305 units. Three-wheeler exports declined 30 per cent to 2,91,919 units last year from 4,17,178 units. Society of Indian Automobile Manufacturers (SIAM) Director General Rajesh Menon told PTI that in 2023, passenger vehicle exports were driven by vehicle launches and pent-up demand in markets like South Africa and the Gulf region. "

MG Motor launches Astor 2024 SUV with AI assistant, starting at Rs 9,98,000

The MG Astor 2024 boasts to be the most advanced SUV, with in-built personal AI assistant

Formula E could return to India as soon as 2025: Co-founder Alberto Longo

Formula E could return to India in 2025 and discussions with other cities to host a race will begin soon, said co-founder Alberto Longo, making it clear that the electric series is keen to race in the country despite the Hyderabad E-Prix cancelation. The Hyderabad race, which was scheduled to take place on February 10, was cancelled last week after just one season with Formula E alleging a breach of the host city agreement by the newly-elected Telangana government. "We are working to coming to India in the future, we will be starting conversations with different cities in India soon," Longo told PTI ahead of the season-opening Mexico E-Prix. "But we will be looking to race in India in the future, hopefully as soon as 2025," he added. He also revealed that one Indian city has already expressed interest in hosting the electric race. "Too fresh (the Hyderabad cancellation), but there has been some approach when they got to know the news of us not coming back to Hyderabad. There was o