Tata Motors on Monday said it has bagged an order for supply of 10,000 XPRES-T EV units from BluSmart Electric Mobility. The deployment of 10,000 units makes this the biggest ever EV fleet order in India, the auto major said in a statement. With deliveries starting soon, these vehicles are an addition to the 3,500 XPRES-T EV order, which was signed by both the companies in October last year, and will be used across the country for commuters, in turn helping minimise the carbon footprint.
Even though Bharat Forge's performance in the July-September quarter broadly met Street estimates and defence orders are on the rise, the subdued outlook for its global business has prompted some brokerages to adopt a cautious stance on the company. Analysts have reduced the company's earnings per share (EPS) estimates to account for the slow recovery of its overseas subsidiaries. Valuations are also trading at long-term averages, which could limit potential upsides.
'This is not just the IREDA's IPO. It is the success of the ministry of new and renewable energy and of the renewable energy industry.'
As Ayodhya readies itself for the glittering, much-awaited consecration ceremony of the Ram Mandir on January 22, and as millions of pilgrims and devotees pour into the holy city for the momentous event, companies are rushing to do their bit and be a part of the mega celebrations. Some are offering a part of their profits as donations, telcos are beefing up the number of cellular towers to ensure better connectivity, and there are those distributing jalebis and food platters.
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.
Passenger vehicle sales in India touched a record high of 41.08 lakh units in 2023, growing by 8.3 per cent over the previous year driven by SUVs, which accounted for almost half of the total dispatches from manufacturers to dealers. The record sales have been achieved despite an increase in the average price of vehicles to Rs 11.5 lakh last year as compared to Rs 10.58 lakh in 2022. Market leader Maruti Suzuki, Hyundai Motor India, Tata Motors and Toyota Kirloskar Motor reported their best-ever annual sales in 2023.
'There is a need for a national task force with a singular objective to increase automotive exports.'
'SUV is a very intensely fought category, unlike hatchbacks and cars.'
Tata Motors plans to set up separate sales network for its electric passenger vehicles in current fiscal year as it looks to give differentiated experience to the buyers opting for the environment-friendly models, according to a top company official. The Mumbai-based auto major, which on Thursday introduced all-new versions of its Nexon EV and Nexon (internal combustion engine), said it will start experimenting with new outlets in some of the cities where EV volumes have gone up. "We'll have to separate them (sales outlets for EVs and ICE) given that we have different requirements of customers and also a growing portfolio (of EVs)" Tata Motors Passenger Vehicles managing director Shailesh Chandra told PTI in an interaction.
'The second generation of migrant labourers is not enthusiastic about continuing in this field.' 'The parents of the next generation do not wish their children to be part of this trade.'
'We will see a lot of investments from the private sector.' 'As long as we are not impacted by some global events, I think we will be in a strong place.'
Tata Motors on Wednesday said it is repositioning its Nexon EV range in the market, with changes in pricing and the addition of new trims, to maintain the leadership position in the segment amid new launches by the competitors. The Nexon EV range now starts from Rs 14.49 lakh. The Nexon EV Prime has now tagged between Rs 14.49 and Rs 16.99 lakh (all prices ex-showroom). Earlier, the starting price was Rs 14.99 lakh for the range.
'India is the sixth-largest market for the Kia Corporation, and contributes 8 to 9 per cent to our global sales.' 'We are eyeing 10 per cent market share over the next few years depending on customer demand and new product innovations.'
With its new premium Primus and Ampere NXG, it is targeting buyers seeking a faster and more stylish ride
Recently, TPEM's first born electric concept, Avinya broke cover. The model promises a minimum range of 500 kilometres and advanced technology features, aimed at buyers in India and outside. TPEM, the newly formed entity may also consider a separate dedicated sales channel for the EVs with a distinctive corporate identity once the volumes reach a critical mass and throughput is large enough for the dealers to be profitable, said Chandra. Elaborating further on the hiring strategy he said, "We will hire from everywhere-wherever the talent of the required competency is available."
At Prestige Polygon Towers in Chennai's Teynampet, hectic preparations are on for a mega global investors' meet under the aegis of Guidance Tamil Nadu (the state investment promotion agency) scheduled for January 2024. Asked about the key focus areas of the meet, the agency's managing director and chief executive officer, V Vishnu, said the state was betting big on electric mobility. This is no surprise, given that the state has signed electric vehicle (EV)-related memorandums of understanding (MoUs) with several companies in the recent past that may bring in investments worth around Rs 33,000 crore with the potential to create over 43,000 job opportunities.
Tesla Inc, the world's largest electric car producer, is looking to make a significant investment in India, said its chief Elon Musk, who saw India as holding more promise than any other large country around the globe. Musk, after meeting Prime Minister Narendra Modi, said he plans to visit India in 2024. "I am confident that Tesla will be in India and we will do so as soon as humanly possible," Musk told reporters after the meeting.
Automaker MG Motor India on Monday said it has partnered with Bharat Petroleum Corporation Ltd (BPCL) to bolster EV charging infrastructure across the country. The partnership with BPCL will add momentum to EV adoption by expanding opportunities for intercity travel as the two entities will install EV chargers across highways and within cities, the automaker said in a statement. With BPCL's vast customer reach and operations and MG's strides in the EV space, the two entities can combine expertise to strategically identify charging sites, garner consumer insights, devise loyalty programs, and create technology to manage charging systems, it added.
For IT services companies, ESG (environmental, social, and corporate governance) metrics are becoming a crucial component in winning deals as clients are considering sustainability a top priority and are keen to work with partners who are on the same page. "Sustainability is becoming an important part of the client's evaluation. "There is a tremendous focus across the world on sustainability, and it is becoming one of the top five business priorities.
Tata Motors, India's largest electric passenger vehicle manufacturer, has signed an agreement with ride-hailing company Uber to supply 25,000 electric vehicles (EVs), the company said. The agreement is the largest EV commitment between an automotive manufacturer and a ride-sharing platform in India. Under the agreement, Uber will deploy Tata Motors' XPRES-T EVs by partnering fleet operators in Delhi National Capital Region, Mumbai, Kolkata, Chennai, Hyderabad, Bengaluru, and Ahmedabad.
Tata Motors, India's largest electric passenger vehicle manufacturer, has signed an agreement with ride-hailing company Uber to supply 25,000 electric vehicles (EVs), the company said. The agreement is the largest EV commitment between an automotive manufacturer and a ride-sharing platform in India. Under the agreement, Uber will deploy Tata Motors' XPRES-T EVs by partnering fleet operators in Delhi National Capital Region, Mumbai, Kolkata, Chennai, Hyderabad, Bengaluru, and Ahmedabad.
Automobile manufacturers, new and old, as well as ancillary suppliers are set to spend a combined Rs 70,630 crore over the next five years on either entering the electric vehicle segment or stepping up their presence in it. Data culled from announcements made by firms shows India, the world's fifth largest automobile market, is poised to receive one of the biggest capex pushes ever to fuel the transition from internal combustion engines to electric motors and batteries as part of a green drive. The EV push, egged on by the government's emphasis on electric mobility to meet its net zero targets, is expected to yield at least 25 electric vehicles - new ones as well as electrified versions of existing vehicles running on internal combustion engines.
In light of the recent incidents involving scooters from prominent electric mobility brands bursting into flames, the subject of electric vehicle (EV) safety has come under the spotlight. As many as 20 electric scooters of Nashik-based Jitendra EV Tech caught fire after being loaded on a transport container. While no one has been reported injured, the company said it is conducting an investigation to find the 'root cause' of the fire.
India's flagship motor show Auto Expo 2023 kicked off on Wednesday with the global unveiling of Suzuki Motor Corporation's concept electric SUV 'eVX' which is slated to hit the market by 2025. The company's Indian arm Maruti Suzuki India is among the major manufacturers participating in the show that has returned after three years. The Concept eVX is a mid-size electric SUV concept designed and developed by Suzuki Motor Corporation (SMC), Japan. It will be powered by a 60 kWh battery pack offering up to 550 km of driving range on single charge.
Private equity investments into domestic companies fell sharply year-on-year by 42 per cent to $23.3 billion in 2022, which is the lowest since 2019, when it was $15.8 billion, according to an industry report. The numbers reflect the overall funding winter that the startup space in particular, and the overall foreign investments in general have been witnessing since the Ukraine war began last February. Private equity investment inflows into the country fell by a sharp 42 per cent in 2022 from last year to $23.3 billion -- the lowest annual inflows since 2019 when it was a low $15.8 billion, but still relatively elevated compared to historical levels, said Elaine Tan, a senior analyst at Refinitiv, the LSEG business arm that provides financial markets data and insights.
Almost all of these companies either unveiled their new electric vehicle or alternative energy-powered models.
Hyderabad will host India's first ever ePrix on February 11.
Ahead of the upcoming Union Budget, Society of Manufacturers of Electric Vehicles (SMEV) has asked Finance Minister Nirmala Sitharaman to either rejig the FAME II scheme or reintroduce FAME I, saying the programme meant to promote EVs in its second avatar has been able to achieve less than 10 per cent of its target. The Rs 10,000-crore FAME-II scheme which is to be implemented over a period of three years, came into effect from April 1, 2019. It is the expanded version of FAME India I (Faster Adoption and Manufacturing of (Hybrid) and Electric Vehicles (FAME) which was launched on April 1, 2015, with a total outlay of Rs 895 crore.
The EV industry is at an inflection point and batteries will play a critical role ahead -- batteries and related components typically constitute 35-45 per cent of an EV's costs.
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.
Even as India's passenger-vehicle sales touched a record high of 3.9 million units in 2022-23, growing 27 per cent over the previous financial year, the country's largest carmaker, Maruti Suzuki India (MSIL), said on Monday uncertainties in the electronic-component supplies might affect production in FY24. MSIL said the shortage of electronic components had some impact on production in FY23. "The company took all possible measures to minimise the impact.
The electric Chetak has already sold close to 25,000 units in India, and the European version will be based on the same platform.
Four companies - Rajesh Exports, Hyundai Global Motors Company, Ola Electric Mobility and Reliance New Energy - are eligible for receiving benefits under the production-linked incentive (PLI) scheme for advanced chemistry cell battery storage, the heavy industries ministry said on Thursday. The allotment was made for a total of 50 GWh of battery capacity to the four successful bidders. These firms, the ministry said, will receive incentives under India's Rs 18,100 crore programme to boost local battery cell production.
With increasing incidents of electric two-wheelers catching fire, Union minister Nitin Gadkari on Thursday said the companies found negligent will be penalised and a recall of all defective vehicles will be ordered after receiving the report of an expert panel that has been formed to enquire into the matter. In a series of tweets, Gadkari said several mishaps involving electric two-wheelers have come to light in the last two months. "We have constituted an expert committee to enquire into these incidents and make recommendations on remedial steps.
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.
Tata Motors on Wednesday expanded its electric vehicle range in the country with the launch of Nexon EV MAX, priced between Rs 17.74-19.24 lakh (ex-showroom). Equipped with a 40.5 kWh lithium-ion battery pack, the Nexon EV Max offers 33 per cent higher battery capacity than the Nexon EV, delivering ARAI certified range of 437 km (under standard testing conditions), ensuring uninterrupted inter-city travel. ARAI refers to Automotive Research Association of India. The model produces 105 kW (143 PS) of power and delivers a torque of 250 Nm, resulting in 0 to 100 sprint times in under 9 seconds.
Tata Motors has inked a pact to acquire Ford India's Sanand-based manufacturing plant for Rs 725.7 crore, as it aims to bolster its passenger vehicle production capacity. As part of the deal, Tata Motors will get the entire land and buildings, vehicle manufacturing plant along with machinery and equipment situated therein, the Mumbai-based auto major said in a statement. The deal also includes the transfer of all eligible employees, it added.
Maharashtra is looking for potential investment from the US electric car major Tesla in the state and has held discussions with the company, weeks after Tesla revealed its plans to enter the Indian market.
Domestic passenger vehicles sales rose by 23 per cent to a record of 37.93 lakh units in 2022 led by the likes of Maruti Suzuki, Hyundai and Tata Motors as the companies rode on easing of pandemic related challenges and semiconductor shortages to cash in on pent up demand, specially for SUVs. Other manufacturers like Toyota Kirloskar Motor and Skoda India also reported record sales in 2022. "The industry wholesales in January to December 2022 were just short of 38 lakh units.
With rising petrol and diesel prices driving up demand for its CNG vehicles, the country's largest carmaker Maruti Suzuki India plans to widen its CNG portfolio by offering the fuel option in four more models 'very shortly', according to a senior company official. The company, which plans to launch an electric vehicle (EV) in the Indian market by 2025, is also currently keeping a close watch on the country's EV ecosystem "to find out what is the best way of evolution" to be able to offer affordable EVs with hassle free charging infrastructure in order to clock high volumes for a sustainable business.
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