India will not tailor its policies to suit US EV maker Tesla, and its laws and tariff rules will be formulated to attract all-electric vehicle manufacturers from across the world to set up a base in the world's fastest-growing economy, Commerce and Industry Minister Piyush Goyal said. Tesla has been seeking an initial tariff concession that would allow it to offset 70 per cent customs duty for cars priced less than $40,000, and 100 per cent for cars of higher value.
Good pay hikes, positive macroeconomic factors and the taming of inflation have had a positive effect on purchases
Component makers don't see any recovery yet, but manufacturers believe the end of poor sales is nearing its end.
Tata Motors on Thursday said its car sales in August 2003 grew by 23.5 per cent to nearly 11,700 units over 9,482 units sold in the same month last year.
Analysts have predicted a 23 per cent volume growth for the auto segment between FY22 and FY25, riding on the company's differentiated EV and SUV plan. M&M is already a market leader with a 36 per cent share in electric three-wheelers, and its Zaheerabad plant in Telangana is ready to cater to demand. In the farm segment, the company plans to focus on niche electric products.
Joint crack team of Maruti, Tata Motors, M&M to develop hybrid cars in India
The institutional portion was subscribed 143 times, the wealthy investor portion by 360 times and the retail investor portion by 24.5 times.
Automobile manufacturers are offering freebies, ranging from gold coins and LED televisions to record discounts, to push petrol vehicle sales.
Domestic passenger car sales rose by 9.62 per cent to 1,77,604 units in July as against 1,62,022 units in the same month last year.
In a bid to push up sales, Tata Motors on Wednesday announced a special finance scheme by which a customer will get a loan for the Nano within 48 hours.
The S&P BSE Auto Index has been one of the biggest outperformers among sectoral indices over the past year with returns of 26 per cent. By comparison, the benchmarks - the National Stock Exchange Nifty50 and the S&P BSE Sensex - managed about 6-8 per cent during this period. Improving demand, falling raw material costs, and rising product realisations, led by the premiumisation of portfolios, have led to a revision of growth estimates and upgrades by domestic brokerages.
Paris-based international advisory firm Mazars predicts four per cent growth in India's automobile sector this financial year.
as the FAME II deadline of March 31, 2024, nears, EV manufacturers are worried about their investments and future plans.
The fuel price hike could slow demand for automobiles in the country in the short term. But in the long term, there could be a greater shift towards smaller and more fuel-efficient vehicles, as is happening in the West now, according to industry experts and analysts.
The Tata group flagship has sold more sport utility vehicles (SUVs) in the domestic PV market in the past four months than any other automotive manufacturer, cementing its no.1 spot. It first grabbed pole position in the SUV segment in October 2021 after the launch of the Punch - a sub-compact SUV offering.
During the meeting with Finance Minister Nirmala Sitharaman, the auto industry broadly presented factors such as issues regarding availability and affordability of financing, increasing cost of acquisition of vehicles and change in axle load capacity for commercial vehicles that have hurt demand.
It expects 6-7 per cent sales growth in 2013-14.
The question is: Will the company have a strong balance sheet to support this massive investment plan?
German automotive giant Volkswagen (VW) has said it will focus on the premium sedan/sport utility vehicle (SUV) segment and avoid the mass hatchback segment. "Customers don't expect anything less than a premium product from VW. "Customers expect a certain level of quality and driving dynamics. We have to stay true to that DNA. "The day we go mass, customers will reject us," says Ashish Gupta, brand director, VW India.
Seven years after it announced Nexa, there's no mistaking the seriousness with which Maruti wants the segment to grow, says Pavan Lall.
The domestic car market, which sees sales of almost one diesel car for every petrol car sold, will see demand for diesel-powered cars to hit the roof.
Overall, the credit profiles of players will be supported by healthy balance sheets and liquidity. Prudence in capital and development expenditure, efficient working-capital management, and recent equity raising will help sustain credit metrics in FY22.
Renault will start with a slew of new products that will be launched over the second half of this year and next year, apart from giving facelifts to the Kwid and Duster.
Maruti Suzuki India (MSIL) - the market leader in small cars - is eyeing the top spot in the sports utility vehicle (SUV) segment within a year - with a 33 per cent share of the pie. The company has been selling two SUVs - the Brezza and the Grand Vitara - and will start deliveries of the Jimny and the Fronx from March-end, and has set a target of growing its share from the current 11.5 per cent of the SUV market to 33 per cent by the end of 2023-24. The SUV segment is roughly about 42 per cent of the total passenger vehicle market, or around 1.3 million units.
Home-grown auto major Mahindra and Mahindra on Monday unveiled a new visual identity, including a brand-new logo, exclusively for its SUV portfolio, ahead of the launch of its much awaited SUV, XUV700. The new brand identity is in tune with the company's focus to be makers of sophisticated and authentic SUVs. It heralds the strategic shift across Mahindra's SUV portfolio, where we are putting the building blocks in place for a new world with a range of authentic SUVs, the company said in a release.
The widely tracked HSBC Purchasing Managers' Index (PMI) rose to 54.2 points in December, the fastest in a month since April 2009.
Prices of two-wheelers, passenger and commercial vehicles are set to rise 15-25%
Amid a rush of sport utility vehicle sales, Volkswagen is betting on its premium mid-sized sedan - the Virtus - to gain market share in India. The Volkswagen Virtus is the second product under the India 2.0 project being developed on the MQB-A0 IN platform, with up to 95 per cent localisation levels. In February, the company registered an 84 per cent year-on-year growth in sales, primarily driving on the Taigun it launched last year.
While rising interest rates and tighter liquidity are giving negative signals for the financial sector, increasing economic activity could mean higher business volumes for lenders. Liquidity in the banking system has moved from Rs 8 trillion surplus into a deficit of Rs 33,000 crore over the 2022 calendar year. By the end of November, bank credit had grown 17.5 per cent YoY (year-on-year).
Take out Maruti Suzuki and Honda, and the auto sector's prospects suddenly don't look all that rosy.
Upbeat high-frequency indicators and consumer confidence show that Indian economy continues to forge ahead, emerging out of shackles of pandemic, said an article on the state of economy published in RBI Bulletin on Wednesday. The recovery is spearheaded by an uptick in private investment through November-December alongside a turnaround in bank credit offtake and high capex from the government sector (Centre and states). In conjunction, the employment situation has brightened, said the article written by RBI officials.
Mahindra & Mahindra has decided to curtail its capital expenditure of Rs 5,000 crore (Rs 50 billion) in view of the ongoing slump in demand for cars and sports utility vehicles in the domestic market.
Data available from top six players - Maruti Suzuki, Hyundai, M&M, Tata Motors, Honda and Toyota - shows an average growth of about 42 per cent for the industry in June
Lenders have become worried as some dealers were not using the money provided to them for car financing.
Passenger car sales during May 2005 jumped 13.02 per cent to 68,516 units compared to 60,618 units during the same month last fiscal.
M&M recently roared past Tata Motors in auto sales for the first time.
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.
Reeling under severe slowdown, the auto major had reduced its production by 33.99 per cent in August, making it the seventh straight month of reduction.
Declining interest rates, a near-normal monsoon leading to higher rural incomes and pay hikes for central government employees are key triggers, says Dev Chatterjee.
Market leader Maruti Suzuki is putting finishing touches to its plan of finding its feet in what is being hailed as a battle of epic proportions in India's fastest-growing passenger vehicle segment, reports Arindam Majumder.
