Indian passenger vehicles market registered record wholesales of 43 lakh units in 2024, with companies like market leader Maruti Suzuki, Hyundai, Tata Motors, Toyota Kirloskar Motor, and Kia posting their best-ever annual domestic sales. The continued growth of SUVs, along with rural markets playing a key role in driving up car sales, helped the industry better the previous best of nearly 41.1 lakh units posted in 2023.
Model 3 received 180,000 orders worldwide.
The Mahindra group's Igatpuri plant becomes the first in India to be declared carbon-neutral. Ashish Narsale / Rediff.com finds out how this was achieved.
A new XUV, a new logo, and a big bang at the launch! Mahindra revealed its keenly-awaited XUV700 in Chennai on Saturday.
Roughly 40% of this projected outlay is expected to go towards emerging industries, including green hydrogen, clean energy, semiconductors, and electric vehicles.
Hyundai Motor India Ltd has become the country's fifth most valuable auto firm by market valuation in its debut trade on Tuesday. Shares of Hyundai Motor India Ltd, the Indian arm of South Korean automaker Hyundai, listed at Rs 1,931, reflecting a decline of 1.47 per cent against the issue price of Rs 1,960 on the BSE earlier in the day. The stock slumped 7.80 per cent to Rs 1,807.05 during the day and finally ended at Rs 1,820.40 apiece, down 7.12 per cent.
The carmaker was waiting for the government to announce sops for green vehicles in the Budget that would have help price the car lower.
Privately, many bankers admit their immediate goal is not growth but slowing the erosion of Casa deposits, reveals Tamal Bandyopadhyay.
Mahindra Racing will enter the new Formula E electric racing series next year with ex-Formula One racer Karun Chandhok set to drive for what will be the only Indian team on the grid.
The auto major is eyeing 20 per cent of the compact SUV market with the petrol and diesel variants of the XUV300, reports Shally Seth Mohile.
Swedish driver Felix Rosenqvist won the first of two Berlin ePrix races on Saturday to hand India's Mahindra team a maiden victory in the Formula E electric series.
The e2o, an all-electric, four-seater passenger car, will be the first model under the Mahindra Reva stable to be launched.
E-mobility is only one among the several fronts on which Mahindra is waging a battle of aspirations, to future-proof the $19-billion tractor-to-technology conglomerate, says Nikhil Inamdar.
The much awaited Mahindra e20 launched on Tuesday.
The 2-door vehicle may finds its way back in India with the launch of the all-new Thar by Mahindra and Mahindra, says Rajesh Karkera.
The Pune-based research institute will design and develop car batteries and offer the technology for mass production.
Mahindra & Mahindra Ltd, India's largest sports utility vehicle and tractor maker, is bullish on its latest acquisition of REVA Electric Car Company.
Firm attributes move to pandemic and legal spat with Fiat Chrysler, says it is in line with group's strategy to re-think capital allocation and drive efficiency.
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.
GM declined to put a timeframe on when the electric small car would hit the Indian market.
Gujarat, Telangana to roll out policies to encourage manufacturing
The new scheme, promoting manufacturing of electric vehicles (EVs) by global majors, will give a fillip to companies like Tesla and its upstart rival Vinfast, both of whom have lobbied for lower import duties from the Centre. While Vinfast has already announced an investment of Rs 4,000 crore to set up an electric vehicle (EV) plant in Tamil Nadu, Tesla's next move will be watched carefully. Four years ago, Musk announced that his company would come to India.
There is also lack of mandate from the government on adoption of electric mobility after ambitious talks of moving all new automobile sales to electric by 2030
...But sales of domestic passenger vehicles dropped 2% to 3% year-on-year in August owing to low demand.
Car sales are experiencing a challenging phase with around Rs 60,000 crore worth of inventory lying unsold with dealers.
The company plans to launch a slew of models in the domestic as well as overseas markets in the coming year.
The letter "o" continues to play a superstitious role in Mahindra & Mahindra (M&M's) car launches, as the name of its first electric car after the acquisition of Reva showed.
Mahindra & Mahindra is in talks to buy a majority stake in Pininfarina.
Hybrids have helped Maruti acquire leadership in SUVs, a segment that was never its forte. Toyota has also risen with the hybrid tide to clock its highest-ever annual sales in 2023.
An EV has to be purchased along with the battery as there are hardly any battery swapping, rental, or leasing business models available across India.
Ministries such as road transport and heavy industries are learnt to have objected to NITI Aayog's attempts to become an implementing body for the EV programme.
This, my friends, is the ultimate off-road champion, gloats Rajesh Karkera/Rediff.com.
The EV industry is at an inflection point and batteries will play a critical role ahead -- batteries and related components typically constitute 35-45 per cent of an EV's costs.
Passenger vehicle wholesales saw a marginal growth of 4 per cent in June on account of high base effect and muted demand due to severe heatwave conditions in several parts of the country. Overall passenger vehicle dispatches last month stood at 340,784 units, a growth of 3.67 per cent compared with 328,710 units in June 2023.
India's financial sector is dominated by large government-owned and private-sector banks.
The investment will be made through a joint venture with Toshiba and Denso. The battery is the most expensive single part of an EV.
Mahindra will serve as a mentor and sounding board for the managing director on issues to be presented to the board, especially in the areas of strategic planning, risk mitigation and external interface. In addition, he will be available to provide feedback and counsel to the managing director on key issues facing the enterprise.
Future strategy will not just revolve around EVs: Maruti Suzuki's Ayukawa. Maruti Suzuki's MD&CEO says electric vehicles cannot be a solution outside the cities.
By industry estimates, less than five per cent of the passenger car market in India would comprise electric cars over the next five-seven years, at 1,75,000 units, when the industry size would double to 3.5 million units, as against over 1.6 million in 2009.
Large manufacturers are investing in small companies to get a peek into their R&D. Alnoor Peermohamed and Anita Babu report.
