Page 9 - Automotive Industry

Toyota reports booming profit, vows to invest to keep growth going

Toyota doubled its net profit in the fiscal year that ended in March, as strong vehicles sales and a favorable exchange rate lifted results for Japan's top automaker. Toyota Motor Corp.'s annual profit totaled 4.9 trillion yen ($31.9 billion), up from 2.45 trillion yen the year before, while its sales jumped 21% to 45 trillion yen ($290 billion), the company said Wednesday. The results exceeded than Toyota's own projection for a 4.5 trillion yen ($29 billion) profit, as its global sales surged to 9.4 million vehicles from 8.8 million vehicles in the previous fiscal year. Sales of hybrids performed well, although Toyota stressed it was working hard to offer various kinds of electric vehicles, including battery EVs, plug-ins and fuel cell models. A weak yen worked as a big plus for Toyota, which makes the Camry sedan, Prius hybrid and Lexus luxury models. The U.S. dollar cost an average of 145 Japanese yen during the last fiscal year, up from 135 yen in the year before, according to

Election uncertainty could hurt Indian auto sales in May, says Fada

Analysts say concerns around how a new government's financial policies could affect peoples' income, and could discourage consumers from buying vehicles

Five per cent someone: What kind of ride is Tesla likely to have in India

Initially, Elon Musk's Tesla will address only 5-6% of India's light vehicles market. What kind of ride is it likely to have?

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

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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.