Maruti cannot make a Rs 1 lakh car and the company engineers say it cannot be done, Maruti Suzuki India managing director and CEO Shinzo Nakanishi said.
The proxy advisory firm's latest comments come within days of Maruti saying that it expects to save about Rs 10,500 crore (Rs 105 billion) in the first 15 years by not investing in the Gujarat facility.
Maruti Suzuki India Limited, the country's largest car manufacturer, on Wednesday unveiled its luxurious and sporty sedan, Kizashi, at an introductory price of up to Rs 17.5 lakh (Rs 1.75 million).
Sales growth of entry-level cars or hatchbacks like WagonR and Alto have seen a decline during the past few years due to changing consumer preference. Maruti Suzuki chairman R C Bhargava had on October 28 said that he does not expect hatchback unit sales to grow in the fourth quarter (Q4FY23) or in the next fiscal year.
Tata Motors on Tuesday said it will increase prices of its passenger vehicles by an average of 0.9 per cent with effect from January 19, in order to partially offset the impact of rise in input costs. The Mumbai-based automaker sells various models like Tiago, Punch and Harrier, in the domestic market. Effective January 19, 2022, an average increase of 0.9 per cent will be implemented, depending on the variant and model, the automaker said in a statement.
The strike, however, had no impact on production of auto majors Maruti Suzuki India, Hero MotoCorp, Honda Cars India, Mahindra & Mahindra, Tata Motors and Hyundai Motors India as their plants in various parts of the country functioned normally.
India's corporate sector is likely to report a slowdown in revenue growth and earnings for the July-September 2023 period (Q2FY24), according to earnings estimates by brokerages, after the country's top listed companies posted higher than expected profits for the first quarter. The combined net profit of Nifty50 companies, based on brokerage estimates, is expected to have grown by 19.6 per cent year-on-year (Y-o-Y) to Rs 1.75 trillion in Q2FY24 - a sharp deceleration from 37.6 per cent Y-o-Y growth in the combined earnings of index companies in the April-June 2023 period. According to estimates, the combined earnings in the second quarter would be down 8.8 per cent on a quarter-on-quarter (Q-o-Q) basis and the lowest in the past three quarters.
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Country's largest car-maker Maruti Suzuki India continues its dominance on the Indian roads, with its four models, led by entry-level small car Alto.
Maruti Suzuki, the market leader in the passenger car market in India is betting big on the A2 segment which is the biggest contributor to the overall passenger car sales in the country.
Only five of India's top 20 car models have seen a reduction in wait times over the past year.
The new body -- Maruti Suzuki Workers' Union -- has received its registration number from the Haryana Labour Department this week and the company has also decided to recognise it for any future negotiations at the plant.
The vehicles affected by the recall are manufactured between September 2011 and July 2014.
The country's top carmaker Maruti Suzuki India (MSI) on Wednesday said it has decided to advance maintenance shutdown at its two Haryana-based manufacturing plants by a month amid a surge in the COVID-19 cases across the country. The auto major was supposed to take the shutdown at its two plants in Gurugram and Manesar in June, but due to the tsunami of COVID-19 cases, it decided to take it one month earlier to save oxygen for medical needs. MSI noted that as part of the car manufacturing process, it uses a small amount of oxygen in its factories, while relatively much larger quantities are used by the manufacturers of components.
With sentiment for the automotive (auto) sector turning positive, stocks of two-wheeler auto majors have been hitting their 52-week highs. Hero MotoCorp, Bajaj Auto, TVS Motor Company, and Eicher Motors recently reached their yearly highs on strong sales in the festival season and the expectation of faster growth rates ahead. Since the start of this month, listed two-wheeler majors have delivered returns in the 12-17 per cent range, compared to the 7 per cent gains for the S&P BSE Auto Index and 3 per cent for the benchmark S&P BSE Sensex.
Maruti Suzuki India on Tuesday became the first Indian automobile company to produce one million cars in a year.
Even as Maruti Suzuki's once bread-and-butter M800 model is seeing interest wane among buyers in India, demand for the country's once most iconic car has shot up in markets abroad.
Elaborating on the pricing formula of cars produced by Maruti Suzuki at its facilities in Haryana, the company said it marked up the cost of production of the car to generate profits.
Workers across Suzuki Motor Corporation's three subsidiaries in the country are standing firm on their decision to continue an indefinite sit-in strike at the company's Manesar facility.
With Onam and Raksha Bandhan just around the corner, the festival season is ready to kick off in full swing. As people embrace the celebratory spirit, companies anticipate a surge in sales this year. Consumer durables firms are expecting strong growth of 40-50 per cent in the premium segment during the upcoming season. Appliance makers also foresee increased demand for cooling appliances - refrigerators and air conditioners - which were impacted by unseasonal rainfall.
Automobile exports from India recovered in the first quarter with all vehicle segments, including passenger vehicles and two-wheelers, witnessing growth following an improvement in the pandemic situation across various international markets. As per the latest SIAM data, total vehicle exports during the April-June quarter this fiscal stood at 14,19,430 units as compared with 436,500 units in the same period of 2020-21 which saw massive disruptions due to the COVID lockdowns across the country, hampering sales as well overseas shipments. SIAM director general Rajesh Menon told PTI that while two-wheeler shipments were better than previous three years, passenger vehicles, three-wheelers and commercial vehicles export numbers were yet to catch up with numbers in the first quarter of 2018-19 fiscal.
Analysts say in spite of its recent recall of 100,000 Swift, Ertiga and Dzire cars, Maruti's outlook remains stable.
India's largest car manufacturer Maruti Suzuki India Ltd has resumed its small car exports to Europe after four years and hopes to export about 150,000 cars in the 2010-11 fiscal, a top company official said here on Saturday.
Benchmark Sensex trimmed early gains to close marginally higher while Nifty settled flat in choppy trade on Tuesday as gains in auto shares were offset by selling pressure in banking and energy shares. The 30-share BSE barometer closed marginally up by 37.08 points or 0.06 per cent to 60,978.75 with 15 of its stocks ending in green and the rest in red. The index opened higher and gained over 300 points to a high of 61,266.06 in early trade.
Stingray, which is powered by a 998 cc petrol engine, is available in three variants, with price ranging between Rs 4,10,000 to Rs 4,67,000.
Auto major Maruti Suzuki tops the chart for buyers' satisfaction with newly launched cars, while Tata Motors found its berth at the bottom, says a study by JD Power.
While saying money was due from Suzuki, the HC told the tax department to determine an appropriate arm's-length pricing mechanism in this case.
Automobile manufacturers are likely to report strong numbers for the September quarter of Financial Year 2023-24 (Q2 FY24), riding on growth across segments and offset by a marginal drop in overall two-wheeler (2W) volumes. Higher average selling price (ASP) year-on-year (YoY), which was necessitated by price hikes taken by original equipment manufacturers (OEMs), and an improved product mix will also aid revenues and margins. Moreover, commodity prices are down on a YoY basis, leading to higher margins in earnings before interest, taxes, depreciation and amortisation (Ebitda).
The new Duster will go head-to-head with popular models like Hyundai Creta, Kia Seltos, Volkswagen Taigun, Skoda Kushaq, Maruti Suzuki Grand Vitara, Toyota Urban Cruiser Hyryder, MG Astor, etc in the highly competitive mid-size SUV segment.
Good sowing of kharif crops, better minimum support prices, and fewer Covid-19 cases (in villages) will help the rural growth story to continue, says Maruti.
The limited availability of flexible (flex)-fuel vehicles in the Indian market and the slow rollout of ethanol-blended petrol by oil-marketing companies (OMCs) remain major obstacles to achieving widespread use of biofuels in the transportation sector in India. Recently, two Union ministers have emphasised India's biofuel potential, arguing that it has the capacity and potential to lead a transition towards widespread biofuel adoption. Road Transport Minister Nitin Gadkari signalled that this transition is well underway and urged car manufacturers to quickly adapt and introduce new biofuel-run vehicles, lest the government resort to taxing diesel vehicles.
M&M also saw its domestic passenger vehicle sales grow by 1 per cent, while Toyota Kirloskar Motor witnessed a decline in its PV sales.
Maruti's transformation -- if not descent -- to the 'low road' of labour practices stems from growing competitive pressures in the marketplace since the late 1990s.
The company would decide on increasing the capacity and investment needed for the same in presence of its parent Suzuki Motor's chairman Osamu Suzuki
The government is working on a recall policy.
The new SX4 comes with many features including an all new touch-screen audio with integrated navigation with Bluetooth.
Small car wizard, Maruti Suzuki's supremacy goes back to the year 1983 when the carmaker started its innings in India.
In June, MSI recorded domestic sales at 83,531 units, compared to 70,020 units in the year-ago period, registering a rise of 19.30 per cent.
Market leader Maruti Suzuki India's passenger vehicles sales declined by 2.34 per cent last month at 133,702 units. Hero MotoCorp reported total two-wheeler sales of 480,196 units last month, down 20.05 per cent.
While Tata Consultancy Services, HUL, ITC and Infosys saw a rise in their market capitalisation (m-cap) for the week ended Friday, RIL, HDFC Bank, HDFC, Maruti Suzuki India, SBI and Kotak Mahindra Bank suffered losses.
Maruti Udyog Ltd is set to embark on an aggressive cost cutting drive and improve operating efficiencies to bring itself at par with auto major Suzuki's manufacturing facility in Kosai, Japan.\n\n
