So far, the current year has not been great for the leading car exporters from India. In the top five list of exporters -- Hyundai, Ford, Maruti Suzuki, General Motors and Volkswagen -- it is only Hyundai which is clocking a growth.
The company had identified some emission-related issue with Tavera and some quality issue with Sail.
Automobile manufacturers are likely to report strong numbers for the September quarter of Financial Year 2023-24 (Q2 FY24), riding on growth across segments and offset by a marginal drop in overall two-wheeler (2W) volumes. Higher average selling price (ASP) year-on-year (YoY), which was necessitated by price hikes taken by original equipment manufacturers (OEMs), and an improved product mix will also aid revenues and margins. Moreover, commodity prices are down on a YoY basis, leading to higher margins in earnings before interest, taxes, depreciation and amortisation (Ebitda).
"Out of the total sales, we feel that Chevrolet Spark would enjoy major share in total car sales for this year as small cars continue to have largest share in passengers cars market in the country," General Motors India Director (Operations) S Garg told reporters in Chandigarh on Friday.
General Motors India, 100 per cent subsidiary of General Motors Corporation, on Thursday said the company's entry level Chevrolet Spark has crossed the mark of 3 million customers globally.
The mini car is likely to be based on the auto maker's Beat concept, showcased at the New York Auto Show two years ago. It would offer the option of diesel or petrol engines and will be the third small car in GM's offering in the country after Spark and Aveo U-VA. India would be the company's export hub for the mini car, said Karl Slym, president and managing director, General Motors India.
The US government, that invested $49.5 billion in the Detroit automaker to save thousands of jobs at the height of the financial crisis five years ago, lost about $10 billion, Treasury Secretary Jacob Lew said on Monday.
India is a market for low-priced cars with low running costs. The global majors don't have models that fit the bill; only Maruti and Hyundai have successful entry-level models, observes T N Ninan.
On Sunday morning, the sun shone brightly on vintage cars parked in symmetry on the grounds of ITC Maurya in New Delhi. The owners were making sure the old beauties turned up spick and span for a rally organised by ITC Hotels in partnership with the Heritage Motoring Club of India. The rally would end at ITC Grand Bharat in Gurugram, Haryana, later in the day.
The dealers operating in the space have jumped nearly three times over the past two years.
The note mentioned "domestic problems".
GM will join a very short list of S&P 500 companies, including Hershey Co and American Water Works Co, with women serving as CEO and CFO.
General Motors, the world's largest automaker, said it would buy South Korea-based Daewoo Motors' assembly unit in India for an undisclosed price.
General Motors India is in talks with the creditors Daewoo Motors India to acquire the car assembly unit of the failed carmaker and has set a timeframe to clinch the deal.
Operations of several top companies, located in central and south Gujarat, continued to be affected on Friday with torrential rains lashing several parts of Gujarat for close to a week.
Maharashtra has the highest share - over 16 per cent -- in the motor insurance premium (own damage category) of about Rs 17,098 crore (Rs 170.98 billion) collected as of 2012-13 in the country, whereas Gujarat tops in terms of annual growth rate, an Assocham study said.
American automaker Ford on Thursday said that it had withdrawn plans to manufacture electric vehicles (EVs) in India and it won't invest in the country under the performance-linked incentive (PLI) scheme. "After careful review, we have decided to no longer pursue EV manufacturing for exports from any of the Indian plants. "We remain grateful to the government for approving our proposal under the PLI and for being supportive while we continued our exploration. "Ford India's previously announced business restructuring continues as planned, including exploring other alternatives for our manufacturing facilities.
Leading manufacturers, including Maruti Suzuki, Hyundai and General Motors, are planning to raise prices of each of their models starting from the last week of this month or early next month.
Production was halted at the Halol plant of General Motors in Gujarat because of heavy rains, a senior company official said on Thursday.
'What's sad today is that there are so many people who cannot find work, not because the country is devoid of that opportunity, but because we are not doing enough in the country.'
The Spark will be available for Rs 2.79 lakh (ex-showroom Delhi) compared with its usual price of Rs 3.32 lakh. Hyundai Motor India (HMIL) will offer a discount of up to Rs 40,000 across various models till the end of next month aiming to cash in on the festive season.
Displaying 'ARMY' on private transport is an attempt to milk the respect and reverence that the common citizen has for a person in the armed forces, observes Colonel K Thammayya Udupa (retd). By writing 'ARMY' and displaying regimental insignias, we expect a few misdemeanours to be overlooked.
General Motors Asia-Pacific on Friday announced the appointment of chief operating officer, Rajeev Chaba, as president and managing director of General Motors India with effect from June 1.
R Balendran, director and vice-president, corporate affairs, General Motors India, said on Wednesday that the company might bring in the SUV as either a completely built unit or a completely knocked down unit.
General Motors India on Monday launched a new variant of Chevrolet Tavera priced at Rs 599,000.
Health premiums have picked up again after a slight moderation in growth, taking the non-life insurance industry's growth to 22 per cent in November, and to almost 17 per cent so far this financial year. Health premiums grew by 22.54 per cent in the April-November period, driven largely by group health plans, which have seen good growth due to rationalisation of discounts in premiums caused by adverse claim ratios in prior periods, medical inflation, and enhanced coverage. Health premiums grew by 29 per cent in the same period last year.
The new financial year started on a mixed note for car makers.
MNC auto firms that sold cars below cost, at a loss, thereby paying lower excise duty are prime targets.
General Motors India on Wednesday launched three new cars in the Indian markets
General Motors India, the 100 per cent subsidiary of the world's largest vehicle manufacturer, has achieved break-even and become a profitable company, a top company official said on Monday.
The Budget should use the extra RBI surplus to better effect, suggests A K Bhattacharya.
General Motors India on Tuesday introduced a new version of its multi-utility vehicle Chevrolet Tavera, the Elite range even as the company prepares to rev up capacity at its Halol plant to meet rising demands.
A government-instituted panel which probed the extent of non-compliance by General Motors in re-fitting pre-approved engines on Tavera models sent for inspection to meet specified emission norms, submitted its report late on Monday evening, holding the company responsible for corporate fraud.
General Motors Corp. plans to source $1 billion worth of automobile parts from India each year by 2008 as part of cost-cutting measure at the world's biggest automaker, a senior executive at its local subsidiary said Friday.
The stock of Mahindra & Mahindra (M&M) has been touching successive all-time highs on the bourses and, over the past year, gained 81 per cent. While the S&P BSE Auto Index has not performed poorly, registering gains of 73 per cent, it still trails the company by 800 basis points (bps) during this period. There are multiple reasons why investors are beating a path to M&M's counter.
