Page 6 - Passenger Vehicles

Minda Corp partners with Taiwan firm to locally produce sunroof for PVs

Auto components maker Minda Corporation on Friday said it has inked a pact to form a joint venture with Taiwan-based HSIN Chong Machinery Works Co to locally produce sunroofs for passenger vehicles. The 50:50 partnership aims to localise the production of sunroof and closure technology products. "This collaboration underscores our commitment to Atmanirbhar Bharat, as we strive to deliver comprehensive system solutions encompassing product design, development, and manufacturing for passenger vehicles," Minda Corporation Chairman & Group CEO Ashok Minda said in a statement. HSIN Chong Machinery Works Chairman Roger Hsi said the company is looking forward to collaborate with Spark Minda to expand its footprint in India's growing vehicle market to develop and manufacture innovative integrated automotive sunroof and closure systems for next-generation vehicles. The company is confident that this partnership will effectively channelise the complementary strengths of both organisations ..

Domestic PV sales increase by 4% to 350,257 in May amid elections, heat

The share of hatchbacks in total PV sales has reduced from 47 per cent in 2020 to about 25 per cent in 2024

Maruti Suzuki India sees 2% drop in sales to 174,551 units in May

Maruti Suzuki India on Saturday reported 2 per cent year-on-year dip in total wholesales at 1,74,551 units in May 2024. The company had dispatched a total of 1,78,083 units to its dealers in the same month last year, Maruti Suzuki India (MSI) said in a statement. Total domestic passenger vehicle sales rose marginally to 1,44,002 units last month from 1,43,708 units in the year-ago period, it added. Sales of mini segment cars, comprising Alto and S-Presso, declined to 9,902 units from 12,236 units in May 2023. Sales of compact cars, including Baleno, Celerio, Dzire, Ignis, Swift, Tour S and WagonR, also fell to 68,206 units from 71,419 units in the year-ago month. Utility vehicles, including Brezza, Grand Vitara, Ertiga, S-Cross and XL6, clocked sales of 54,204 units last month as against 46,243 units earlier. Sales of vans were at 10,960 units in May 2024 as against 12,818 units a year ago, while that of light commercial vehicle Super Carry stood at 2,692 units as against 2,888 un

Domestic PV sales set to exceed 5mn; TaMo set to tap growth opportunity

Domestic passenger vehicle segment is expected to cross the 50 lakh-mark of annual sales over the next few years and Tata Motors is geared up to tap into this growth opportunity, according to Tata Group Chairman N Chandrasekaran. In a message to the company's shareholders in Annual Report for 2023-24, he noted that the company will focus on revenue growth and strong free cash flows across its businesses going ahead. "India is well on track to exceed the 5 million vehicle sales mark in passenger vehicles over the next few years from the 4.1 million volumes clocked last year," Chandrasekaran said. India's vehicle penetration, at about 30 vehicles per 1,000 population, is well below global norms and is expected to continue to increase, he noted. "Tata Motors is well placed to further strengthen its market position and tap into this growth opportunity," Chandrasekaran stated. Elaborating on the passenger vehicle segment, he stated that in the next phase the business will focus on ..

Car dealers may be staring at inventory stockpile exceeding 400,000 units

Automobile manufacturers said a record inventory of 400,000 vehicles valued at Rs 44,000 crore can be expected by the end of May due to less demand

Passenger vehicle, 2W exports rose by over 20% in April: Siam monthly data

Two-wheeler exports up by 24.3% and passenger vehicles by 21.1% Y-o-Y

Stuck in neutral? Tata Motors' upsides may sputter on demand worries

Automaker optimistic despite current roadblocks, banking on economic growth and government support to accelerate progress

ICRA forecasts moderate growth for tyre sector in FY25 as input costs rises

The report cites healthy demand from OEMs in the passenger vehicle (PV) and two-wheeler (2W) segments, along with replacement demand, as the primary drivers of domestic growth

India Inc's revenue growth weakest since September 2021: CRISIL report

India Inc is likely to log 4-6 per cent revenue growth in the January-March quarter of 2023-24, marking the slowest quarterly growth since recovery from the Covid-19 pandemic which began in September 2021, said a Crisil report. The report is based on an analysis of 350 companies which exclude financial services and oil and gas sectors firms. The moderation follows stronger growth in previous years, the report said, adding "among the 47 sectors monitored by CRISIL, only 12 are expected to have clocked an improvement in revenue growth both sequentially and on-year for the quarter." Consumer discretionary products and services are expected to have led the show in the January-March quarter. Among discretionary products, the automobiles sector was steered by healthy growth in passenger vehicles on the back of higher volumes and price hikes in the past year. The organised retail sector, the report said, grew for the thirteenth quarter in a row, on healthy urban demand. Discretionary .

Sale of entry-level cars, two-wheelers yet to hit pre-pandemic peak

Slow recovery in the rural economy and customers transitioning to purchasing vehicles in higher segments are the primary reasons for the gradual decline

Two wheeler, three wheeler and CV exports skid in FY24 on global woes

India exported 3.458 million units of two-wheelers in financial year 2024, which was 5.3 per cent fewer Y-o-Y

High on SUVs: India records all-time high passenger vehicle sales in FY24

2023-24 also witnessed a high demand for sports utility vehicles (SUVs), which, for the first time in India, now hold a market share of 50 per cent in total PV sales

Robust rural growth, strong demand for SUVs drive car sales in FY24

The SUV segment's market share in the total Indian PV market grew from 40.1 per cent in FY22 to 43 per cent in FY23, and further surged to 50.4 per cent in FY24

Full throttle ahead: FY24 roars to 4.23 mn PV sales, 4.15 mn in retail

Overall automobile registrations rose 10% in FY23; Hybrids caught up with EVs in FY23; Consumer preference for cleaner fuels grew

Volkswagen targets 2-3 times faster growth than Indian PV industry in 2024

The firm's India brand director, Ashish Gupta said Virtus itself is growing in its segment (sub-compact sedan) and its rising sales will also assist the company in reaching the 15% growth target

Kia India to increase prices of vehicles by up to 3% from April 1

Kia India on Thursday said it will increase prices of its range of vehicles by up to 3 per cent from April 1, 2024. The decision is attributed to the escalation in commodity prices and supply chain-related inputs, the automaker, which sells models like Seltos, Sonet and Carens, said in a statement. It marks the first price adjustment by the company this year, Kia India said. Commenting on the development, Kia India National Head Sales and Marketing Hardeep Singh Brar said the company consistently strives to deliver premium and technologically advanced products to customers. "However, due to the continuous increase in commodity prices, adverse exchange rate and rising input cost, we are compelled to implement a partial price hike," he added. The company is absorbing a significant portion of the increase, allowing customers to continue driving their favourite Kia cars without a major dent in their pockets, Brar stated. Kia has sold almost 1.16 million units in India and overseas .

Auto companies target smaller towns as rural sales growth beats urban

The road infrastructure in rural areas is improving, leading to better demand for vehicles, OEMs say.

Passenger vehicles record their best February with sales of 370,000 units

Two-wheelers and three-wheelers also witnessed higher sales in February this year as compared to last year, according to data released by Siam on Tuesday

Passenger vehicles industry estimated to grow up to 9% this fiscal: ICRA

The domestic passenger vehicle (PV) market is estimated to grow by six to nine per cent in the current financial year over the preceding fiscal, according to ratings firm ICRA. In absolute terms, the PV industry will clock a sales figure of 4.2 million units in the current fiscal. The report said that dealer inventories remain high despite strong retail sales, and the pace of growth is expected to taper off in the coming financial year. ICRA said that during the recently concluded festive season, retail sales grew six per cent year-on-year. The inventory levels in the industry remain high at 50 to 55 days at the end of January 2024. The utility vehicle (UV) segment continued to expand led by a shift in customer preferences coupled with a slew of product launches. The demand for the entry car segment remained muted, the report said. The availability of alternative fuels like CNG and electricity is steadily on the rise aided by the introduction of new models. The capital expendi

Tata Motors demerger a positive move, but no immediate gains seen

The company will be transformed into two listed firms with the commercial vehicles (CVs) business in one and passenger vehicles (PVs), including Jaguar Land Rover (JLR), in the other