Benchmark equity indices Sensex and Nifty closed higher on Friday after two days of fall, helped by buying in metal, telecom and auto stocks amid a firm trend in global markets. Automakers led by Maruti Suzuki India, Hyundai, Mahindra & Mahindra reporting robust wholesales of passenger vehicles and GST collections crossing Rs 1.50 lakh crore for the third straight month in May also added to the optimism. The 30-share BSE Sensex climbed 118.57 points or 0.19 per cent to settle at 62,547.11.
The electric vehicle evolution in India's passenger vehicle market has remained frozen in time and may see limited adoption over the next decade, experts say.
Amid better semiconductor chip supplies, the Indian automotive industry posted an 8 percent growth in production of vehicles across categories for the month of May, with three-wheelers (20 per cent) and passenger vehicles (16 per cent) leading the pack. Exports, however, dipped 21 per cent at an industry level. The industry also recorded its highest-ever May wholesales of domestic passenger vehicles (334,802 units), riding on high demand for sport utility vehicles (SUVs) and better supplies of semiconductor chips.
This is the first decline since June this year when car sales declined by 11%.
Maruti Suzuki and Hyundai would make the largest gain.
Maruti Suzuki, Hyundai and Mahindra failed to register significant growth.
These companies join the likes of other global firms Hyundai, Suzuki, Toyota, KFC, and Pizza Hut which have also apologised for social media posts by their business associates in Pakistan supporting Kashmir Solidarity Day following backlash in India and call for boycott of their products.
Poor contract workers often have little or no access to safety equipment or health benefits in factories.
The 1.0-litre Hyundai Eon takes on the Japanese rivals in its segment, the Datsun GO and the Maruti Alto K10.
According to industry data, for two months, sale of the Zest (7,359 units) were higher than that of Amaze (6,792 units).
The Baleno is among the top selling cars with unserviced bookings of 55,000 units.
Vehicle sales across categories registered a decline of 8.62 per cent to 20,86,358 units from 22,83,262 units in May 2018.
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That means a manufacturer looking at a market like India needs to decide whether small, cheap cars or small, expensive cars or both will work better for them, says Pavan Lall.
Japanese auto major Nissan on Wednesday said it is discontinuing Datsun brand in India, nine years after the company kicked off the marque's global relaunch in the country. Having failed in its ambitious global relaunch of Datsun, Nissan had in 2020 discontinued the brand in Russia and Indonesia, the other two countries along with South Africa and India which were marked as key markets targeting the entry level car segment. Confirming the move to discontinue the Datsun brand, Nissan India in a statement said, "Production of Datsun redi-GO has ceased at the Chennai plant (Renault Nissan Automotive India Private Ltd). "Sales of the model still continue (till the stock lasts)."
The previous May peak was observed in 2018 when the domestic PV wholesales stood at 301,238 units.
Sales of commercial vehicles rose 5.30 per cent to 52,481 units in January this year, SIAM said.
Close to 60 per cent models that Kia sells in India are top trims of the models. In line with its global strategy, the India arm of South Korean major Kia has dropped 'Motors' from its name. This is to reflect the transition from an automaker to a provider of advanced and eco-friendly mobility solutions, the company said. With a new brand identity and slogan, the fourth-largest car maker in India by sales aims to accelerate growth and strengthen its premium positioning.
Finance Minister Nirmala Sitharaman on Tuesday unveiled a Rs 39.45 lakh crore Budget with a view to fire up the key engines of the economy to sustain a world-beating recovery from the pandemic. This was Sitharaman's fourth Budget. While the taxpayers were left in the lurch, once again, was she able to cheer Corporate India?
Ford is among several multinational automobile companies in India for whom exports now bring bigger volumes than local sales.
RBI's interest rate decision, macroeconomic data and global trends would dictate terms in the equity market in a holiday-shortened week, analysts said. Besides, the focus will also be on foreign portfolio investors' trading activity, they added. Equity markets will remain closed on Tuesday for 'Mahavir Jayanti' and on Friday on account of 'Good Friday'.
Domestic passenger vehicle sales declined 0.84 per cent to 2,63,773 units in November from 2,66,000 units in the year-ago period. Motorcycle sales, too, declined 14.87 per cent to 8,93,538 units. Vehicle sales across categories registered a decline of 12.05 per cent to 17,92,415 units from 20,38,007 units in November 2018.
Customers have started to factor in the narrowing gap between petrol and diesel and the premium that needs to be paid for a diesel vehicle.
Car makers are trying hard to boost sales in India.
Scooters, once the fastest growing sub-segment, also declined for the second consecutive month in September.
To ramp up domestic battery manufacturing capacity and reduce the dependence on imports, the government has initiated talks with a few lithium-rich countries to supply the mineral to Indian companies, industry sources informed Business Standard. The Ministry of External Affairs (MEA) held a meeting with the ambassadors of countries, including Argentina, Chile, and Bolivia, among others, to put forth its request.
'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.'
Ola Electric on Thursday teased five new electric motorcycles that the SoftBank-backed company is working on, announcing the range after selling electric scooters. The products are labelled cafe racer, an adventure tourer, a scrambler and a naked motorcycle. The motorcycles are expected to be launched next year and would include premium and mass-market versions, said sources.
Maruti has announced it will phase out diesel variants from April 1, 2020, when stringent BS VI norms take effect
Car sales are likely to grow further in November.
Tata Motors is giving a much stronger focus on the design of its cars, from planning product life cycle in a better way to incorporating subtle Indian elements to its future models.
Maruti Suzuki India (MSIL) does not anticipate growth in the small car segment because people continue to find these vehicles unaffordable, chairman R C Bhargava said on Wednesday. He said the market had clearly shifted towards the sport utility vehicle (SUV) segment and the company will go in the same direction. The domestic sales of utility vehicles jumped in India by 34.54 per cent to about 2 million units in FY23.
Cumulative sales of India's top passenger vehicle makers -- Maruti Suzuki, Mahindra and Mahindra, Tata Motors, Honda Cars, and Toyota Kirloskar -- increased to 206,418 units in February over 200,322 units in the same month last year, an increase of 3 per cent.
During September, Maruti said it dispatched 1,375 units of the soon-to-be-launched sedan Ciaz.
Customers can also book the Datsun redi-GO online through Snapdeal.com
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Tata Motors has halved the volume outlook for its UK subsidiary Jaguar Land Rover Automotive (JLR) and warned of lower earnings as it sees the semiconductor shortage deepening in the September quarter of the current financial year, according to a notification issued by the company to the stock exchanges on Tuesday. The announcement caught investors unawares. They were hoping for a quicker recovery. Tata Motors' stock tanked 13 per cent (on July 6) from the day's high of Rs 358.10 and hit the lower circuit (Rs 311.45) in intra-day trades.
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