Contrary to expectations that car sales dip in December, auto majors Maruti Suzuki and Hyundai Motor India are poised to grow 30 per cent in sales (the two companies control 72 per cent of the domestic market). General Motors is looking at 70-80 per cent increase in sales.
Among the Sensex firms, ICICI Bank and SBI led the index with the maximum gains of 4.68 per cent and 3.99 per cent, respectively. Other major gainers were Larsen & Toubro, Kotak Mahindra Bank and HDFC Bank. On the other hand, Wipro and Tata Motors defied the trend and traded in negative.
Almost all car makers are trying to catch consumers' eyeballs by offering cash discounts, free insurance and paying registration charges of the car, distributing gift cheques, silver and gold coins and free accessories.
About 1,800 workers at Rico Auto Industries, in Gurgaon near Delhi, ended their almost 50-day strike following an agreement with the management on reinstatement of some employees.
If you think that revenue officials are going berserk, acting on their own, while the government chants the mantra of 'ease of doing business', you would be wrong. These moves appear to have full official backing, points out Debashis Basu.
Ford dealers in India are staring at huge losses with the automaker deciding to shut production in the country with immediate effect, automobile dealers' body FADA said on Thursday. Terming the company decision as shocking, the industry body noted that the dealers have invested over Rs 2,000 crore in creating sales infrastructure while employing around 40,000 people across the country. "The auto retail fraternity is really shocked to hear another Ford India's announcement where it has said that it will shut down production with immediate effect," FADA president Vinkesh Gulati said in a statement.
The company will launch six new vehicles -- a pick-up van, multi-seater van, hatchback, notchback, sports utility vehicle and multi-purpose vehicle.
The humanoid robot, which resembles the torso, head and shoulders of a person, was designed by NASA and General Motors to work alongside astronauts to complete chores and repairs aboard the International Space Station.
This is the first time a global company is looking to introduce an SUV in this price segment.
The next three months will be a wrenching time for every player in the North American motor industry as the Detroit carmakers seek to prove their long-term viability.
Toyota is being cautious with the technology, but GM is full-speed-ahead for a 2010 launch of its Volt. To the victor will go the spoils.
In 2006, components worth $2 billion, around Rs 90,000 crore were exported by Indian companies, 75 percent of which were bought directly by car companies.
Asked if it is looking at the Maruti 800 and the Chevrolet Spark segment, Nigel E Wark, executive director, marketing, sales and service, Ford India, said: "Yes, we will be launching the small car in this segment broadly, but there are sub-segments and this is where we will differentiate ourselves. We will be competing in the largest volume segment. India and China are the two markets where small cars are in huge demand and we will be focusing on these countries."
Life Insurance Corporation of India (LIC) February 8 for the first time ever crossed the Rs 7 trillion market capitalisation, as the stock price of state-owned insurer hit a new high of Rs 1,144,45, on rallying 10 per cent on the BSE. The board of directors of the Corporation are scheduled to meet today i.e. February 8, 2024, to consider a proposal for declaration of interim dividend for the financial year 2023-24 (FY24). The board will also consider and approve the unaudited financial results for the quarter and nine-month period ended on December 31, 2023.
Karl Slym was affable, gregarious and always motivated. Even in moments of crisis, Slym's sense of humour remained intact.
Maharashtra's Labour Minister Dilip Walse-Patil has sought a written submission from the General Motors' (GM) Employees Union and the management of the company detailing its stance on the issue of plant closure. The labour minister asked the warring sides for submission at a hearing on Tuesday. Both sides have been given a week's time to reply.
Jagdish Khattar, Maruti Suzuki's managing director, talks about the need for small cars, global players expanding in India, and why his company will prosper.
What was being hailed as innovation in Indian industry not so long ago was nothing but cutting corners and skipping processes.
The 1,14,000 affected vehicles will be repaired free of charge at GMI's 280 dealers, the company said.
General Motors Co said on Tuesday Chief Executive Officer Dan Akerson will step down next month and be replaced by global product development chief Mary Barra, who will become the first woman to lead a global automaker.
Multi-purpose vehicle segment has seen some serious activity in the past one year.
Disappointed with the RBI decision of not reducing policy rates, carmakers and real estate players today said the sectors, which are already reeling under a slump, will continue to suffer due to the high interest rate regime.
Dhivya Suryadevara, chief finance officer of the US's largest automaker General Motors, comes in at the 4th spot, followed by Vimeo CEO Anjali Sud (14), cofounder and co-CEO of Robinhood, Baiju Bhatt (24) and Female Founders Fund founding partner Anu Duggal (32).
The petrol and diesel base variants of Enjoy are priced Rs 49,000 and Rs 70,000 cheaper than the Ertiga.
The New Year will begin on a costly note for car buyers with major players, including Maruti Suzuki, Hyundai Motors and General Motors, planning to increase prices of the vehicles by as much as Rs 12,000.
The car has a more powerful engine compared to its competitors and give a mileage of 18kmpl.
Maruti Suzuki India (MSIL) has ambitious plans to increase capacity. It is also seeking shareholders' approval for a complex swap transaction, which would acquire Suzuki Motor Gujarat (SMG), a subsidiary of Suzuki Motor Corporation (SMC) through a preferential offer. SMC already holds 56.37 per cent of MSIL's equity.
China's automobile industry has been the largest in the world in terms of automobile unit production since 2008.
Automobile dealers' body FADA has urged the government to formulate a task force to monitor the compensation structure being worked out by Ford India for its dealer partners across the country. In a letter to Heavy Industries Minister Mahendra Nath Pandey, FADA president Vinkesh Gulati also requested the government to instruct Ford India to keep the industry body in the loop regarding the compensation structure for the dealerships. "We humbly request your Ministry's intervention... Create a task force which takes day-to-day updates from Ford India to monitor the compensation plan for automobile dealers and dealership employees," Gulati said in the letter.
The General Motors Building in New York is marked by buyers' curses.
There are 763 registered voters among around a thousand residents of this remote village in Alirajpur assembly constituency, reserved for the Scheduled Tribes, but no candidate has bothered to visit the place, locals said on Thursday.
Beginning with a bang amid all the glitz and glamour of the biennial Auto Expo, the year will be ending with a whimper for the automobile industry as sales dwindle, and the worst-ever industrial violence at Maruti Suzuki's Manesar plant leaves a big scar.
Less than a week after sealing a deal with Chrysler to form a partnership, Fiat CEO Sergio Marchionne visited Berlin to try to convince Germany's political leaders of his plan to create a European car giant with the acquisition of General Motors Corp's Opel unit.
