The death toll in the BEST bus accident in Mumbai has risen to seven, officials on Tuesday said as experts inspected the wet leased vehicle to ascertain if it had any mechanical fault.
Mahindra & Mahindra (M&M) and the British International Investment (BII) have inked a pact to invest Rs 1,925 crore each in a wholly-owned subsidiary of the home-grown auto major to focus on four-wheel passenger electric vehicles. The Mumbai-based automaker and BII have executed a binding agreement to invest in the new entity -- "EV Co". According to the pact, BII will invest up to Rs 1,925 crore in the form of compulsory convertible instruments at a valuation of up to Rs 70,070 crore, resulting in 2.75 per cent to 4.76 per cent ownership in the EV Co, M&M said in a regulatory filing. EV Co will focus on four-wheel (4W) passenger electric vehicles, it added.
The Union Cabinet on Wednesday approved a Rs 26,058 crore production linked incentive (PLI) scheme for auto, auto-components and drone industry to enhance India's manufacturing capabilities, Union Minister Anurag Thakur said on Wednesday. The PLI scheme will incentivize the emergence of advanced automotive technologies' global supply chain in India.
Electric vehicle market is likely to attract investments of Rs 94,000 crore over the next five years and is expected to generate business opportunities in the real estate sector, according to a joint report by Colliers India and Indospace. The report 'Electric Mobility in Full Gear' mentioned that the electric vehicle (EV) industry in India is currently at a nascent stage but it is likely to grow, backed by government initiatives and a move towards recognising climate change. "India is taking a step towards sustainability and has vowed to cut its carbon emissions. "At the recently concluded CoP26 summit, India pledged to reach net-zero carbon emissions by 2070. "In India, the transport sector is currently the third-largest emitter of CO2. This is leading to increased thrust on EVs in India," it said.
Passenger vehicle sales in India could hit a record of over 38 lakh units in FY23 but the strong growth momentum is not expected to carry over to 2023-24 with pent-up demand already been released, according to Tata Motors Passenger Vehicles managing director Shailesh Chandra.
Tata Motors is looking to ramp up the production of electric vehicles as demand continues to outpace the manufacturing activity by a huge margin, according to a top company official. The Mumbai-based automaker, which led the passenger electric vehicle space in the domestic market in last fiscal year, has been receiving an average of 5,500-6,000 bookings in the past two months for its EV range. The company sells three electric products -- Nexon EV, Tigor EV and XPRES-T -- in the domestic market.
This is the Tesla CEO's first visit to China in three years.
Posing a series of questions to the prime minister, Congress general secretary in-charge communications Jairam Ramesh also asked if Modi would convey to the US president that India would send its own aircraft -- like Venezuela and Colombia did -- to bring back Indian deportees in the future.
Audi plans to focus the Indian market, including deepening market penetration and increasing sales volume.
The company, which unveiled its compact multi-purpose vehicle Triber in India, is bringing the MPV only in petrol engine option as part of the strategy even as it prepares to introduce electric vehicles in the near future.
'Some companies have agreed to 2-3% incentive but the automakers and SIAM have to decide amongst themselves'
In its first official engagement with the Indian government, Elon Musk-led Tesla and other global automotive (auto) manufacturers sought clarification on the new electric vehicle (EV) policy, specifically regarding investment guidelines and the timeline for the domestic value addition (DVA) requirement. Officials who attended the meeting told Business Standard that the original equipment manufacturers (OEMs) tried to understand whether the complete investment would be made within three or five years and the duration they would have to achieve the 50 per cent DVA. "The consultation meeting was convened to address queries from auto OEMs.
The only silver lining in March's performance -- which otherwise dragged down the financial year's momentum -- was a 6 per cent year-on-year (Y-o-Y) growth compared to March of the previous year. This is largely due to incentives, festival-driven gains, and new launches.
The heavy industries ministry has asked US-based electric car major Tesla to first start manufacturing its iconic electric vehicles in India before any tax concessions can be considered, government sources said. They said that the government is not giving such concessions to any auto firm and giving duty benefits to Tesla will not send a good signal to other companies that have invested billions of dollars in India. Tesla has demanded reduction in import duties on electric vehicles (EVs) in India.
CURVV, currently in its production-ready avatar, will first be made available as an electric vehicle, to be followed by its internal combustion engine counterpart.
Making it clear that relaxations will not be provided to US-based electric vehicles major Tesla unless it participates in manufacturing activities in India, Union Minister Krishan Pal Gurjar on Tuesday said there cannot be a situation where the market is India but jobs are created in China. The minister of state for heavy industries also told the Lok Sabha during Question Hour that the company is yet to apply for schemes as per the government's policy. Last year, the Elon Musk-led company sought a reduction in import duties on electric vehicles (EVs) in India but the Ministry of Heavy Industries asked the firm to start manufacturing its iconic EVs in the country before any tax concessions can be considered.
The electric vehicle market in India needs a policy push that goes beyond targets, says Vandana Gombar.
You increase the production, only then it is possible to reduce cost, Gadkari said.
Automobile dealers' body FADA said the Budget lacked immediate demand boosters for the automobile industry.
The company is eyeing sales of 8,000 units per month for the Kylaq, which starts at Rs 7.89 lakh (ex-showroom) and boasts 96 per cent localisation.
The promoter entities of JSW Group are in talks with several electric-car manufacturers in China to launch an electric car for the Indian market at Rs 15-20 lakh, a source close to the development said.
The Budget has given signals that India is sensitive to the US needs and willing to walk the extra mile, but if need be, we should respond in equal measure as a sovereign nation, notes Ajay Srivastava.
The country's largest car maker Maruti Suzuki India on Friday reported a 47.8 per cent rise in net profit for the March quarter of FY24 to Rs 3,877.8 crore, on account of higher sales volume and favourable commodity prices.
Union Minister Nitin Gadkari on Monday said American electric car major Tesla is set to start its operations in India next year and would also look at setting up of a manufacturing unit based on demand. The Road, Transport and Highways minister has been pushing for green fuel and electric vehicles for cutting India's huge Rs 8 lakh crore crude imports. Tesla Inc. co-founder and chief executive Elon Musk had in October said the company will enter the Indian market in 2021.
During the six-day-long event, automakers have planned 10 global launches, 26 India specific launches, six concept vehicles, seven facelifts and 21 vehicle unveilings.
An EV has to be purchased along with the battery as there are hardly any battery swapping, rental, or leasing business models available across India.
'We are seeing one of the highest discounts in recent years across companies.' 'October is a crucial month with several festivals coming up.'
With only a handful of models by a few manufacturers including Tata Nexon, MG ZS, Hyundai Kona, among others, the segment has remained under tapped.
Tata Motors on Monday announced the demerger of its commercial and passenger vehicle segments into two separate listed entities to better capitalise on growth opportunities. The commercial vehicles business and its related investments would be housed in one entity while the passenger vehicle business, including electric vehicles, Jaguar Land Rover (JLR) and its related investments, would be part of the second entity, the auto major said in a regulatory filing. Tata Motors chairman N Chandrasekaran said that Tata Motors has scripted a strong turnaround in the last few years.
France-based automobile manufacturer Renault and Japan-headquartered Nissan on Monday committed investments of $600 million (around Rs 5,300 crore) in the country 15 years after foraying into the Tamil Nadu automobile industry. The fresh round of investments would witness roll out of six new models between the two companies including -- two electric vehicles -- representing the two global brands, Nissan Global chief operating officer and Member, Alliance Board Ashwani Gupta said in Chennai.
As the government plans no further extension of the scheme beyond FY24, the task is to achieve the unfinished target of subsidising 914,707 EVs.
US-based Tesla is working through a lot of challenges with the government to launch its products in India, the electric car major's founder and CEO Elon Musk said on Thursday. Responding to a tweet on the company's plans to launch its products in India, Musk tweeted: "Still working through a lot of challenges with the government." Last year, Tesla had sought a reduction in import duties on electric vehicles (EVs) in India.
The company will showcase the Ioniq electric vehicle at the Auto Expo that begins next week.
Besides opening up the possibility of a policy that allows vintage cars retrofitted with electric batteries to ply on roads, this also gives a clue to how cars older than 15 years that are banned can be valued again by a similar conversion to EVs, says Ritwik Sharma.
The stock of commercial vehicle (CV) company Ashok Leyland is up 46 per cent in the past three months, gaining despite worries about a slowdown in sales volume. Brokerages have a mixed view on the country's second-largest medium and heavy commercial vehicle manufacturer. The company reported steady March quarter results and its valuation, focus on growth and medium-term prospects are positive, but some brokerages are cautious, given near-term demand concerns and the risk of competition increasing in the industry.
Auto Expo 2023 may not trigger a fresh rally in automobile stocks, say analysts, as this year's edition lacks participation from major listed players. It is also owing to the focus on electric vehicles (EVs), a segment where four-wheelers have minuscule market share. "In the passenger vehicles (PV) segment, Maruti Suzuki India and Tata Motors are the only listed players.
China's covid crisis could provoke a raw material crunch for India's EV industry later this year.
The Hero Electric Cruz is a good electric vehicle, but has a few more boxes to be ticked for it to be accepted by the masses.
We no longer have the ambition to rival China save through words. We are happy to be fighting ourselves and digging up disputes from centuries ago as a substitute for real development, argues Aakar Patel.
India stares at the risk of an influx of Chinese products as US tariffs on a range of Chinese goods, including solar panels, electric vehicles, lithium-ion batteries, syringes, and steel, are set to take effect from September 27. With higher tariffs reducing China's access to the US market, there is concern that China may divert its exports to other markets, including India, which could lead to potential dumping of goods. This situation could challenge Indian industries, particularly in sectors where competition with Chinese products is already fierce.
