MG Motor India on Tuesday said it will shut its manufacturing unit at Halol in Gujarat for seven days to curb the spread of COVID-19 as the second wave of the pandemic is sweeping across the country. The company follows Hero MotoCorp, which had last week announced temporarily stopping of operations at all of its six manufacturing facilities located at Dharuhera and Gurugram, Haryana; Chittoor in Andhra Pradesh; Haridwar in Uttarakhand; Neemrana in Rajasthan, and Halol in Gujarat along with its Global Parts Center (GPC) at Neemrana as COVID-19 cases surged in India.
Industry watchers attribute a lot of the current successes of the $6 billion Hero Group to how B M Munjal planned and executed succession in HeroCorp, balancing the interests of other family-owned businesses.
After termination of the joint venture with Honda Motor Corporation (HMC), the world's single largest two-wheeler manufacturer Hero Honda has begun scouting for partners globally to source technology and designing expertise.
Passenger vehicle wholesales in India rose to a record high in October as companies pushed dispatches to dealers to cater to the enhanced demand in the festive season. The overall passenger vehicle wholesales in October rose to 391,472 units, up 16 per cent from 336,679 units in the same month last year. Last month witnessed the highest-ever dispatches of passenger vehicles in the domestic market by Maruti Suzuki India and Mahindra & Mahindra.
The K-shaped economic recovery in India from the pandemic slowdown shows in corporate results as well. The automobile sector, which represents big-ticket consumption, continues to do well and has increased its share in corporate revenues and profits while fast-moving consumer goods (FMCG) companies that sell low-ticket consumer goods are struggling with poor sales and earnings growth. The share of the automobile sector, including makers of auto ancillaries, in corporate net sales rose to a 10-quarter high of 10.05 per cent during July-September 2023 (Q2FY24) from 8.94 per cent a year earlier and 9.75 per cent in Q1FY24.
Electric vehicle retail sales in the country witnessed over three-fold jump last fiscal with two-wheeler offtake leading the segment, according to data compiled by automobile dealers' body FADA. Total electric vehicle (EV) retails reached 4,29,217 units in 2021-22, a rise of three-fold from 1,34,821 units in the financial year 2020-21, the industry body said. Total EV sales had stood at 1,68,300 units in the 2019-20 fiscal, it noted.
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With entry-level cars being preferred amid the pandemic, market leader Maruti Suzuki has strengthened its hold, along with Hyundai Motor India.
Since the break up with Honda in 2011, Hero MotoCorp has succeeded in maintaining its numero uno position. But can it sustain the lead for long? How is Hero planning to maintains its top position?
The Softbank-backed company has set a price band of Rs 72 to Rs 76 per share for the maiden share sale and is expected to test the appetite for new-age loss-making companies.
Automaker Toyota Kirloskar Motor (TKM) on Tuesday said it will increase prices of its entire model range by up to 2 per cent with effect from October 1 in order to partially offset the impact of rise in input costs. The company, which is a joint venture between Japan's Toyota Motor Company and Kirloskar Group, sells a range of vehicles including Innova Crysta and Fortuner in the domestic market. The company will realign the prices of its models, with effect from October 1, 2021, TKM said in a statement.
Hero Honda Motors, India's largest motorcycle maker, on Monday said sales rose 18.3 per cent in October 2004.
This partnership will help us improve our own capability, says Munjal.
It has been seven months since the iconic motorcycle manufacturers, Harley-Davidson and Triumph, embarked on their journey in India with the backing of partners Hero MotoCorp and Bajaj Auto. According to data shared by the Indian majors, both brands are already creating ripples in the above 350cc category. The increase in sales has prompted a ramp-up in production and even the doubling of retail touchpoints for one of them.
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The Argentinian becomes the first brand ambassador of the company in its 70-year history.
Domestic passenger vehicle (PV) sales saw a significant growth in October due to increased availability of semiconductor chips and rising consumer confidence. The sales figures during the month - which coincided with the first post-Covid festival season - released by the top ten carmakers saw a jump of 30.7 per cent to 322,885 units in October. Auto companies count wholesales - units dispatched to dealers - as sales.
The Ministry of Heavy Industries has approved 11 electric vehicle (EV) manufacturers, including Ather Energy, Bajaj Auto, Hero MotoCorp, Ola Electric, and Mahindra, to receive incentives under the recently introduced Electric Mobility Promotion Scheme (EMPS) 2024. "A total of 11 firms have been granted approval under the EMPS, with several more under consideration," informed a senior official of the ministry to Business Standard. The scheme aims to sustain the growth in EV sales, replacing the Faster Adoption and Manufacturing of Electric Vehicles - II (FAME-II) scheme.
The new Tata Tigor, Datsun Go and Hero Xtreme 200R are hoping to use celebrity endorsers and gain a foothold in a segment that has been the stronghold of market leaders for several decades. But will it work?
India's biggest motorcycle maker Hero Honda Motors said on Monday that it would roll out a number of variants of its bikes soon and is expecting double digit sales growth this fiscal.
The new bike, Splendor Pro, has features such as a power start and a new engine and comes in two variants, the company said in a statement.
Atul Sobti, executive director of sales and marketing, Hero Honda Motors Ltd has quit, after completing over seven years in the company.
Speaking on the cancellation of the deal, Joe Bowman, chief executive officer of Ultra Motors, said, "The opportunity cost of selling electric vehicles in India does not fit strategically under this joint agreement. We intend to create shareholder value and positively impact those markets where we operate. We have come to believe India is one of the largest markets in the world. So we are looking forward to develop it independently."
To come up with first EV by 2025, expects market to grow two to three-fold in the next ten years.
EBR that produces race-only machines for bikes may just help Hero MotoCorp Ltd. (formerly Hero Honda Motors Ltd.) to build a powerful range of bikes post its divorce with Honda Motors.
As macroeconomic numbers continue to disappoint, reaching pre-Covid level is unlikely in FY21.
The ride so far has been a smooth one. But to protect market share, Hero Honda will need to have a bigger presence in the executive segment.
Buoyed by growing sales and good monsoon, India's biggest motorcycle maker Hero Honda Motors is again considering setting up a third plant.
The limited availability of flexible (flex)-fuel vehicles in the Indian market and the slow rollout of ethanol-blended petrol by oil-marketing companies (OMCs) remain major obstacles to achieving widespread use of biofuels in the transportation sector in India. Recently, two Union ministers have emphasised India's biofuel potential, arguing that it has the capacity and potential to lead a transition towards widespread biofuel adoption. Road Transport Minister Nitin Gadkari signalled that this transition is well underway and urged car manufacturers to quickly adapt and introduce new biofuel-run vehicles, lest the government resort to taxing diesel vehicles.
India's largest motorcycle maker, Hero Honda Motors Ltd, launched its cheapest 100 cc motorbike yet on Wednesday, hoping to blunt competition from main rival Bajaj Auto Ltd.
Hero Honda Motors, India's biggest motorcycle maker, on Wednesday said sales grew 31.5 per cent at 1,91,635 units in August 2004 over 1,45,730 units in the same month last year.
The new financial year started on a mixed note for car makers.
In a relief to two-wheeler major Hero Honda Motors, a tax tribunal has ruled in favour of the company in a case filed by the Excise department for alleged duty evasion to the tune of Rs 2 crore (Rs 20 million).
It manufactures cars ranging from entry-level hatchbacks to sedans to sport utility vehicles to vans to pick-up trucks. It also has a range of electric and hybrid vehicles
In addition to new launches and restructuring across product segments, festival demand also aided growth.
Hero Honda Motors, India's largest motorcycle maker, launched a variant of its 110cc motorcycle Splendor on Monday.
To sell its 26 per cent stake to the Munjals for $1.2 billion.
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A round-up of the Ranji Trophy matches played on Monday
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