Car sales are experiencing a challenging phase with around Rs 60,000 crore worth of inventory lying unsold with dealers.
Tata Motors Ltd on Monday reported a 4.2 per cent decline in total sales, including exports, at 23,889 vehicles in April 2005 compared to 24,961 vehicles sold in April 2004.\n\n
The approval to bring in the FDI is subject to compliance with RBI and SEBI guidelines, besides subjected to approval of the relevant high courts for the demerger of distribution business of Volvo India. The finance ministry had already approved the FDI proposal of Volvo to invest $30 million (Rs 123 crore) for induction of foreign equity up to 8.1 per cent by way of acquisition of shares in EML.
'While we have done a few thousand kilometres in India, most of the testing and data collection and analysis has been done in the US, Japan and Europe.'
The vehicle scrapping policy will offer about 5 per cent rebate to those buying new cars if they junk their old vehicles, Union Minister Nitin Gadkari said in Rajya Sabha on Thursday terming it a "win-win" situation. The voluntary vehicle scrapping policy announced in the Union Budget for 2021-22 provides for fitness test after 20 years for personal vehicles while commercial vehicles would require it after the completion of 15 years. "The 'Voluntary Vehicle-Fleet Modernisation Programme' or 'Vehicle Scrapping Policy' will offer a rebate of about 5 per cent to buyers on new car purchases in lieu of scrapping of the old.
The company sells four different variants of Ace in the Indian market.
In view of cost, these vehicles will justify deployment only as public buses, taxis, three-wheelers
Electric two-wheeler (e2W) maker Ather Energy has submitted preliminary papers to the Securities and Exchange Board of India to raise funds through an initial public offering (IPO). According to the draft red herring prospectus (DRHP), the IPO will comprise a fresh issue of equity shares valued at Rs 3,100 crore, alongside an offer for sale of 22 million equity shares by its promoters and investor shareholders.
Leyland expects the digital drive to help tap its in-house strength as well as segments such as passenger cars and two-wheelers.
The overall volume at India's top four M&HCV makers - Tata Motors, Ashok Leyland, Volvo Eicher, and Mahindra & Mahindra - fell 59.5 per cent to 31,067 units during the month.
On Wednesday, Tata Motors had announced shutting down its Jamshedpur unit, the mother plant for its heavy commercial vehicles, for three days due to slump in demand. The Jamshedpur plant is the hub for manufacturing tippers, tractor trailers and multi-axle vehicles.
Daimler, world's largest manufacturer of commercial vehicles, had reached an understanding in December 2007 for establishment of a joint venture with Munjal family-promoted Hero group, a leading Indian business house with presence in automotive manufacturing, auto parts and services sector.
Commercial vehicle drivers, caught unaware of Supreme Court's imposition of an 'environment tax', remained stranded on National Highway-8 in Gurgaon on Saturday for around five hours which led to a massive traffic jam in the area.
Bharat Forge, the Pune-based automotive component maker, has been one of the top-performing companies in its segment. The company's stock price is up 39.3 per cent since the beginning of the 2023 calendar year, surpassing other leading automotive component makers such as Bosch and Samvardhana Motherson International. The stock also outperformed the benchmark BSE Sensex, which is up 17.3 per cent year to date so far.
The government on Friday approved an electric-vehicle policy, under which duty concessions will be given to companies setting up manufacturing units in the country with a minimum investment of $500 million, a move aimed at attracting major global players like US-based Tesla. According to an official statement, the companies setting up manufacturing facilities for e-vehicles will be allowed to import a limited number of cars at lower customs duty. The policy seeks to promote India as a manufacturing destination for EVs and attract investment from reputed global EV manufacturers, it added.
Sales of commercial vehicles, which were on a decline for over a year, are showing signs of a recovery. Two out of the three CV makers reported an increase in sales last month.
Mahindra and Mahindra will set up a medium and heavy commercial vehicle plant in Maharashtra at a cost of Rs 2,500 crore
Auto major Tata Motors on Wednesday said it will shut down its commercial vehicle plant in Pune for three days -- the second time within 15 days -- to prevent inventory build up on account of falling sales.
The company attributes the delay to the slump in demand for commercial vehicles in the country since the beginning of the current year.
Maruti Suzuki India (MSIL) plans to open new Arena Satellite showrooms as the country's largest carmaker aims to tap small towns and new markets, said a senior company executive, amid signs of recovery in rural demand and an approaching festival season. Senior executive officer for marketing and sales MSIL, Partho Banerjee, told Business Standard the company was aiming to penetrate deeper into markets and reach closer to its customers. "We have already had a concept of mobile showrooms in the Arena channel.
The soaring prices of metals like lithium, nickel and cobalt, which are the primary constituents of the cell, as well as supply chain bottlenecks, are also pushing up the cost of batteries
Tata Motors on Thursday reported a 42.9 per cent rise in its sales during the fiscal 2003-04 at 3,14,256 vehicles, including exports, as against 2,19,865 units sold in the previous year.
Top commercial vehicle maker Tata Motors has raised the prices of its medium and heavy vehicles by 2-2.5 per cent on account of increase in input costs.
Swedish behemoth Volvo has charted out an aggressive strategy to become a leader in the country's heavy commercial vehicle sector, following its alliance with the Delhi-based Eicher Motors.
The plant, which would be functional in 2010, would produce up to 70,000 trucks in its initial phase of operation. The company said it plans to export from the plant to markets whose product requirements are similar to those of the Indian market. The investment plan is valued at about Rs 4,500 crore (Rs 45 billion).
Germany's Daimler AG, known for its luxury cars and high-end commercial vehicles, has pulled out of the race to acquire a strategic stake in the Delhi-based commercial vehicles maker Eicher Motors.
As per SIAM data, vehicle sales across categories, including passenger vehicles and two-wheelers and commercial vehicles stood at 18,21,490 units last month as against 23,82,436 units in August 2018, a fall of 23.55 per cent.
GSLV-MK III, which uses a homegrown cryogenic engine, has to do at least two more launches before it begins commercial operations, report Raghu Krishnan and T E Narasimhan.
The company will start manufacturing commercial vehicles by 2010. The new company is aiming to achieve a localisation rate of up to 80 per cent. The production of commercial vehicle for export to other emerging markets will also be launched thereafter. The two companies signed a joint venture agreement on Monday to float a company Daimler Hero Motor Corporation, in which the German company will have 60 per cent stake and the rest with Hero.
The sharp fall in commercial vehicle (CV) sales has forced automobile giant Tata Motors to again shut its Pune plant for six days this month. The CV plant will be out of action from December 5 to 7 and again from December 26 to 28.
MMFS is looking at a compounded annual growth rate (CAGR) of 18 per cent in assets under management (AUM) during FY23 to FY26 on the back of the strong recovery. The company has initiated risk-mitigating initiatives, including diversification into non-vehicle loans, building digital capacity and re-classification of customer profiles into affluent and mass-affluent in semi-urban segments to better target marketing.
The mission has been delayed for several years because of setbacks in the spacecraft's development.
Most market analysts are expecting the momentum to shift towards 'quality' and 'growth' stocks in 2024 after the outperformance of 'value' stocks over the past three years. 'Value' stocks are generally well-established companies with steady profits that are trading at a discount to what they are intrinsically worth. Companies in sectors such as commodities, industrials, commercial vehicles and public sector units (PSUs) fall in this bracket.
Japanese commercial vehicle major Isuzu is entering the Indian commercial vehicle market through a technical agreement with Swaraj Mazda, the joint venture between Japan's Sumitomo Corporation and Punjab Tractors.
High loan-to-value and high-yield buckets have reported higher delinquencies
After clocking losses for seven straight quarters, Tata Motors on Wednesday posted a consolidated net profit of Rs 3,043 crore in the third quarter (Q3) of 2022-23. This came on the back of a strong order book, better semiconductor chip supply, tempered commodity prices, and a better product mix. "We remain cautiously optimistic about the demand situation, notwithstanding the global uncertainty.
Tata Motors on Tuesday said its electric vehicle arm has reduced prices of two models -- Nexon.ev and Tiago.ev -- by up to Rs 1.2 lakh on account of reduction in battery cost. The auto major has cut the price of Nexon.ev by up to Rs 1.2 lakh and now the model price starts at Rs 14.49 lakh. Similarly, the company has reduced the prices of Tiago.ev by up to Rs 70,000 with the base model now starting at Rs 7.99 lakh, Tata Motors said in a statement.
The complainant accused the Consulting Editor of spreading false news about the scheme offered by the corporation and trying to disturb communal harmony in the state.
