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.
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.
The much awaited Mahindra e20 launched on Tuesday.
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.
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.
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 vehicle offers a mileage of 27 km per litre and comes with a high performance 9.1 HP Kohler engine for good pickup and load carrying capacity.
The e2o is manufactured by Mahindra Reva Electric Vehicles.
.jpg)
The company presently manufactures eight-seater -- GA8 utility aircraft, in its Australia-based companies Aerostaff and GrippsAero which it acquired in 2010 to get into the aviation sector.
E-vehicles may face pollution hurdle with hazardous batteries. One lithium-ion battery has a potential to poison the whole water aquifer of Delhi.
Commercial vehicles witnessed a fall of 15-17% in November as buyers struggled to meet margin money requirements, reports Swaraj Baggonkar.
Issues relating to shortage of key automotive components, which were supposed to be sorted out a month ago, will hit production even for the next two quarters, as slow ramp-up and discrepancies in tyre prices impact output.
Industry representatives have said from the second half of the year, they hope to see revival because the rural economy is looking up and the projects the government has announced.
'Two would be premium products and three would be mainstream products.'
Arun Jaitley presented the Budget in Parliament on Saturday.
Eyes investments of Rs 31,000 cr in research and manufacturing of electric vehicles
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.
On Day One of the lockdown announced by the Maharashtra Government, it wasn't business as usual for automobile manufacturing units in the State. Confusion prevailed over regulations-what is allowed and what isn't. While some units ran with less than half the workforce, others sought clarity from the government on what is permissible and what isn't.
The BSA Gold Star is launched....Ola Enters e-motorbikes Biz... Bajaj, TVS To Enter e2Ws Market...
India's largest carmaker, Maruti Suzuki India (MSIL), is focused on getting 50 per cent of its customers' car-financing transactions executed through its Smart Finance platform by next year. Shashank Srivastava, executive director-sales, MSIL, said this will help the company turn its website into a single-window channel through which customers can select their models, find dealers, and arrange financing. He said there is a likelihood that 100 per cent of its customers availing of financing will take it through Smart Finance. To date, the company has disbursed Rs 6,500-crore loans via Smart Finance to around 100,000 customers, accounting for 28 per cent of all finance-based car-purchase transactions for the company.
High lending rates, fuel prices, higher input costs and labour trouble impact profitability.
Delhi, labelled the world's most polluted city in a 2014 World Health Organization survey, alone makes up about 7 per cent of total Indian auto sales.
Four companies - Rajesh Exports, Hyundai Global Motors Company, Ola Electric Mobility and Reliance New Energy - are eligible for receiving benefits under the production-linked incentive (PLI) scheme for advanced chemistry cell battery storage, the heavy industries ministry said on Thursday. The allotment was made for a total of 50 GWh of battery capacity to the four successful bidders. These firms, the ministry said, will receive incentives under India's Rs 18,100 crore programme to boost local battery cell production.
From setting up cutting-edge facilities to cater to the domestic market and building capabilities of global standards, the action is building up.
The government has decided to extend the Rs 25,938-crore production-linked incentive scheme for the automotive sector by one year, Union Heavy Industries Minister Mahendra Nath Pandey said on Tuesday. Post extension, the five-year scheme, originally in place from 2022-23 to 2026-27, will be active until 2027-28. At present, incentives are applicable under the scheme for determined sales of Advanced Automotive Technology (AAT) products (vehicles and components) manufactured in India from 1 April 2022 onwards for a period of five consecutive years.
Celebrating Freedom with an unusual automobile convoy!
For deciding which vehicles are to be scrapped, the setting up of fitness centres and regulating them would be a humongous task.
According to the latest data from SIAM, in the top 10 best passenger vehicles, Maruti's Alto retained the top position last month
Union Minister Nitin Gadkari on Tuesday launched the country's first crash testing programme Bharat NCAP aimed at improving road safety standards of motor vehicles up to 3.5 tonnes. Bharat New Car Assessment Programme (Bharat NCAP) is India's own crash testing programme and is cheaper than tests conducted abroad, Gadkari said, adding that the star ratings will help buyers understand the quality of the product and make an informed purchase decision. Bharat NCAP will be implemented from October 1, 2023.
Wipro was the biggest gainer in the Sensex pack, rising 4.34 per cent, followed by HCL Tech, UltraTech Cement, Tata Steel, Tech Mahindra, NTPC, Infosys, Power Grid, Tata Consultancy Services and State Bank of India. Mahindra & Mahindra, ITC, Axis Bank, Nestle, Kotak Mahindra Bank and Asian Paints were among the laggards.
http://im.rediff.com/money/2023/jul/20uv.jpg
Senior Tesla executives including those from its supply chain are planning to come to India on Wednesday and Thursday for meetings with government officials, including those in the Prime Minister's Office, according to sources. Prashant R Menon, director of Tesla India, did not respond to a specific query on the meetings. Sources say that the executives are coming to see how they can expand and develop local sourcing of components from India for the Tesla car.
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.
The major reason for the policy confusion over e-vehicles is the lack of conviction within government about the utility of this disruptive technology and its role in India's larger Paris Agreement climate change commitments.
Auto major Mahindra & Mahindra on Friday said it will hike the prices of its passenger cars and commercial vehicles by Rs 6,000 to Rs 20,000 from October 1, partly to offset higher input costs and depreciation of rupee against the dollar.
There are four things that stand out in China's strategy for electric vehicles, says Vandana Gombar.
