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.
Glimpses from the Bharat Mobility Global Expo in New Delhi.
Unprecedented bribery charges, farewells, separation, failed union, monumental mergers and record-breaking IPOs, along with a healthy dose of online happenings in the form of spat and lessons in customer care, corporate India saw it all in 2024.
In its first official engagement with the Indian government, Elon Musk-led Tesla and other global automotive (auto) manufacturers sought clarification on the new electric vehicle (EV) policy, specifically regarding investment guidelines and the timeline for the domestic value addition (DVA) requirement. Officials who attended the meeting told Business Standard that the original equipment manufacturers (OEMs) tried to understand whether the complete investment would be made within three or five years and the duration they would have to achieve the 50 per cent DVA. "The consultation meeting was convened to address queries from auto OEMs.
The exercise is in keeping with SIAM's voluntary code on vehicle recall
The top six auto brands are: Maruti Suzuki, Hyundai, Tata Motors, Toyota, Kia and Mahindra & Mahindra.
'Gujarat is the frontrunner at present.'
'However, Tamil Nadu's robust automobile ecosystem and Telangana's aggressive incentives make them strong contenders.'
The global semiconductor shortage hit passenger vehicle sales in September, with major manufacturers like Maruti Suzuki, Hyundai and Mahindra & Mahindra reporting a decline in sales on Friday. Kia India and Honda Cars also reported a dip in wholesales last month as compared with the year-ago period. Carmakers like Tata Motors, Toyota Kirloskar Motor, Nissan and Skoda, however, reported an increase in passenger vehicle dispatches last month despite supply chain issues.
The Warren Buffet-backed Chinese electric vehicle manufacturer BYD will be unveiling a Born Electric SUV for the Indian market by the fourth quarter of the current calendar year. The deliveries of the same would begin in January, the company's top official said. This will be the first Born Electric SUV in the mass market. The Born Electric models from Tata Motors and Mahindra and Mahindra would be launched from 2024. BYD has been selling the E6 MPV in the Indian market since 2021.
Automotive (auto) and auto ancillary stocks have been in the fast lane thus far in 2023-24 (FY24), with the National Stock Exchange Nifty Auto Index surging nearly 27 per cent, outperforming the Nifty50, which has gained roughly 11 per cent during this period. The top-gear performance of auto stocks at the bourses, according to A K Prabhakar, head of research at IDBI Capital, has been triggered by the premiumisation of products across vehicle manufacturers, which has seen vehicle sales remaining relatively stable. "It is not about higher sales figures now, but about premiumisation.
Mahindra & Mahindra has come a long way from being a utility vehicle maker to a reigning SUV czar.
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.
Vehicle prices have gone up as manufacturers gear up for the transition to stricter emission norm BS-VI from BS-IV beginning April 1.
You see the Thar is not just a Car.... It is The Thar.
American tech billionaire Elon Musk on Saturday said his proposed visit to India has been postponed due to "very heavy Tesla obligations". The electric carmaker Tesla CEO -- who was expected to be in India on April 21 and 22 and scheduled to meet Prime Minister Narendra Modi -- wrote on X that he is looking forward to coming to India later this year.
US auto major Ford Motor Co will shut its two manufacturing plants in India and will sell only imported vehicles in the country as part of a restructuring exercise, according to people aware of the development. The company, which invested about USD 2.5 billion at its Chennai (Tamil Nadu) and Sanand (Gujarat) plants, will stop selling vehicles such as the EcoSport, Figo and Aspire which are produced from these plants. Going ahead, it would only sell imported vehicles like Mustang in the country.
The company announced on July 11 that it would stop production at its automotive plants for a period ranging from 1 to 8 days during the remaining period of the month.
Initially it will procure only e-rickshaws and e-autos for leasing to operators
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 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.
FCA has alleged that the Roxor, which M&M imports in the US from India as knocked-down kits, was "a nearly identical copy of the iconic Jeep design", adding that the product was modelled after the original Willys Jeep.
Mahindra & Mahindra, India's largest utility vehicle maker, is planning to foray into the premium car segment by bringing out a product from the Ssangyong stable.
Utility vehicle and tractor maker Mahindra and Mahindra on Tuesday said it plans to set up a manufacturing base in Brazil.
Mahindra is desperate for a best-seller in the compact SUV space, on which it missed the bus
The company, which rents cars by the hour, day, week and month, has Mahindra E2O Plus and Tata E Tigor available on the platform for which it charges a subscription fee of Rs 15,000-20,000 per month.
M&M also showcased its new format next generation 'dealership of future' designed by Pininfarina.
'Two would be premium products and three would be mainstream products.'
The diesel hatch is expented to be priced at Rs 5.3 lakh.
If the drop in sales over the past two years is anything to go by, India's dream of putting seven million electric vehicles on road by the end of this decade has come a cropper.
Passenger vehicle wholesales in India increased by 12.73 per cent to 285,367 units in November as against 253,139 units in the same month last year riding on the back of festive demand, auto industry body SIAM said on Friday. According to the latest data by the Society of Indian Automobile Manufacturers (SIAM), two-wheeler sales rose 13.43 per cent to 16,00,379 units, compared with 14,10,939 units in the same month last year.
The BSA Gold Star is launched....Ola Enters e-motorbikes Biz... Bajaj, TVS To Enter e2Ws Market...
Mahindra & Mahindra, the country's biggest utility vehicle maker, is re-considering plans to sell French carmaker Renault's vehicles through its own distribution network after pulling out of a joint venture agreement in January.
Indian vehicle manufacturers saw their market share of the total South African new vehicle market drop below one per cent in September, despite the month being a buoyant one for most manufacturers.
Mahindra & Mahindra (M&M) on Friday launched the all-new version of its sports utility vehicle Thar, priced between Rs 9.8 lakh and Rs 13.75 lakh (ex-showroom). The company has introduced the model in two trims, AX and LX, with both petrol and diesel powertrain options.
If Tesla comes in, India's position as a manufacturing hub will rise many notches, as it will become only the second country, after China, to have both Apple as well as Tesla.
Decision comes weeks after the company pulls out of a joint venture with Renault and Nissan for a facility there. Commercial production at Chakan is expected to start in two years, about the same time Renault and Nissan will launch production at the Chennai unit. Pawan Goenka, president (automotive sector), M&M, told Business Standard that the company is committed to invest in the south, where a new plant will be set up near Chennai.
From setting up cutting-edge facilities to cater to the domestic market and building capabilities of global standards, the action is building up.
The much awaited Mahindra e20 launched on Tuesday.
Homegrown auto major Mahindra & Mahindra on Thursday said it will recall 900 units of a variant of its popular sports utility vehicle Scorpio, manufactured between October and November this year, to rectify faulty pressure valve.
The market shares has already tumbled to 48 per cent from the earlier 56 per cent.
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