India's largest truck maker, Tata Engineering & Locomotive Co Ltd, said on Wednesday its total vehicle sales in April jumped 55 per cent from a year ago to 14,979 units, despite a truckers strike.
Announcing their first product carrying Ashok Leyland's badge under the joint venture -- the 'Ashok Leyland DOST' -- in Chennai on Tuesday, Hinduja Automotive chairman and Nissan Ashok Leyland Powertrain Ltd chairman V Sumantran said another product from Nissan's stable would be launched next year.
While the slowdown in the domestic economy and a ban on mining has sharply impacted the demand for medium and heavy commercial vehicles, sales of LCVs rose 15.61 per cent to 378,509 units between April and December, driven by need for products for last mile transportation.
The two partners have said they will produce 150,000 vehicles as part of their phase I plans from their existing facilities and they said, the greenfield facility is "very much" on the cards.
MHCV sales' grew by 9% to 5,033 units over September 2020 and 3% over October 2019, the first month registering growth over the previous year.
Homegrown auto major Mahindra & Mahindra on Tuesday said it plans to launch 16 electric vehicles (EVs) by 2027 across SUV and light commercial vehicle categories to strengthen its leadership position in India's electric mobility segment. The company, which has set a cumulative revenue growth target of 15-20 per cent by 2025, is keeping its options open to either bring in private equity investors or carve out its EV business into a separate entity to drive its growth. M&M, which has already announced plans to invest Rs 3,000 crore in EVs, is also considering a new brand name for the electric SUVs that it will launch by 2027.
Nissan has several joint ventures in India. The one with Ashok Leyland is for manufacturing light trucks for the domestic, as well as export markets.
DeepSeek is a case in point on how economic interdependence between nations are utilised for geopolitical ambitions and global domination efforts, observes China expert Srikanth Kondapalli.
Delhi's 24-hour average air quality index (AQI) stood at 248 on Saturday.
In the past six months, Nissan sold around 200 Evalias only
The two partners have said they'd produce 150,000 vehicles as part of the phase-I plan from their existing facilities in the state, till the new factory goes on stream.
Ashok Leyland would fully exploit the boom in trade and industrial production and launch 20 new products in all categories of vehicles
Following Tata's footsteps, other companies like Bajaj Auto and Mahindra & Mahindra are also developing their respective products in the segment, while three-wheeler major Piaggio has already introduced "Ape Truk" to take on "Ace". Ashok Leyland has announced a tie-up with Nissan for developing and manufacturing LCVs in India.
Towards the end of February, the Reserve Bank of India (RBI) restored the risk weighting on banks loans to non-banking financial companies (NBFCs; including to microfinance institutions, or MFIs) to 100 - back to its November 2023 position - from 125. It is only a partial relief though. "Higher risk weighting on unsecured lending continues to be in place while the same on bank funding to NBFCs has been done away with. "This is a positive step by RBI," says Rajiv Sabharwal, managing director (MD) and chief executive officer (CEO), Tata Capital.
The visuals on social media also showed huge traffic on the National Highway-24 and Sarai Kale Khan where vehicles were crawling. Water from the overflowing Yamuna river reached ITO, a key route to commute from east Delhi to central Delhi and Connaught Place.
Companies expect recovery in second half of fiscal as BS VI approaches, claim banks and NBFCs showing greater interest in financing.
Mahindra & Mahindra has posted a 34.8% rise in sales for the fiscal 2003-04 at 1,15,782 vehicles as against 85,835 in 2002-03 while its SUV Scorpio at 23,976 units posted a whopping 103.3 per cent rise over the previous fiscal.
When Modi Rubber closed an agreement with German tyre manufacturer Continental for outright sale of Modi Tyre Company Ltd (MTCL) last month, the exit led to speculation of the group foregoing interests in the segment.
Carlos Ghosn, the iconic CEO of Nissan Motors and Renault, is on a whistle-stop visit to India on Monday to finalise a joint venture and small-car blue-print with India's second-largest two-wheeler maker Bajaj Auto. Renault, Nissan and M&M also have a three-way equity tie-up to make passenger vehicles in Chennai, for which the facility is yet to be built.
German auto major Daimler and Franco-Japanese alliance Renault-Nissan on Wednesday announced a three-way tie up, including equity swaps, for co-operation in development of small cars and light commercial vehicles.
Three-wheeler giant Piaggio Vehicles Pvt Ltd is set to introduce a four wheeled 1.5 tonne delivery-cum-pickup van in India by the end of 2005.
The 117 km stretch has recently been widened at a cost of Rs 286.5 crore (Rs 2.86 billion). \nThe Maharashtra government intends recovering expenses from commuters, according to official sources.
Analysts at stock broking houses Motilal Oswal, Religare Securities, IL&FS Investsmart and Sharekhan say that while Maruti Udyog is doing well, the other biggies Tata Motors and Mahindra & Mahindra would have weak single-digit performances that could lead to a decline in net profit.
The Halol facility is projected to operate in three shifts to cater to production of LCV's and the automaker plans to hire new suppliers for it as well.
Manufacturers of compressed natural gas (CNG) kits are stepping up production to meet the expected surge in demand in the coming months.
The joint venture of Ashok Leyland and Nissan for manufacturing light commercial vehicles would become operational during the current financial year, executive vice-chairman of Hinduja Group India Subir Raha said.
Japanese carmaker Nissan on Tuesday said it is in talks with Hinduja flagship company Ashok Leyland for developing a small car for the global market that could be priced around $4500-5000.
The board of directors of Mahindra & Mahindra on Tuesday approved the transfer of the transport solutions group and light commercial vehicles businesses to a separate company.
In a chat with Sohini Das, GM India president and managing director Karl Slym says, with the launch of the new compact car, Beat, and a positive response to the Cruze, GM plans to cross the 100,000-unit mark this year in sales.
Automaker Tata Engineering & Locomotive Co Ltd said on Monday its total vehicle sales in May vaulted 67.9 per cent from a year ago to 21,929 units, boosted by higher car sales.
Under the MCA, one of the joint venture would be to manufacture LCVs, in which Ashok Leyland would have an equity stake of 51 per cent and the Nissan 49 per cent, Gopichand P Hinduja, President of the Hinduja Group and Carlos Ghosn, president, Nissan, said.
A visiting official of Volkswagen, Europe's largest automobiles manufacturer, has told the Tamil Nadu chief minister that Chennai is one of the most likely locations for the company's manufacturing plant.
The company cut production of its mini cars comprising Alto, and S-Presso by 98.32 per cent at 401 units as against 23,874 units in the year-ago month.
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