Scandal-hit German carmaker Volkswagen on Monday said it will recall 1,950 diesel vehicles in China to rectify engine software that cheats on emissions tests.
Wipro was the biggest gainer in the Sensex chart, rising 4.79 per cent, followed by M&M, L&T, Tata Motors, Maruti, Infosys, Nestle India and IndusInd Bank.
American electric carmaker Tesla has opened recruitment for various roles in India, including business operations analyst and customer support specialist, in what could be a precursor for the company's entry into the country. As per the job postings on the company's website, the posts are for the 'Mumbai Suburban' area.
Carmaker meets govt; agrees to give evaluation results by Nov-end.
Of the 15 car manufacturing companies in India, eight have a market share of below 2 per cent, raising questions about their long-term future in a competitive market that has already seen Ford Motors and General Motors slam the door on India.
Volkswagen has admitted that 11 million diesel engine cars worldwide were fitted with the software that helped in manipulating emission tests.
Law firm Maurice Blackburn will launch a class action lawsuit on Thursday on behalf of Australian owners of scam-tainted Volkswagen AG seeking total damages "well north" of A$100 million ($71.59 million).
A bench headed by NGT chairperson Justice Adarsh Kumar Goel directed the carmaker to deposit the amount within two months.
However, the company has claimed its vehicles are 'compliant' with the country's emission norms and that it will 'challenge' the tribunal's order.
The German carmaker will hike prices of its best selling cars in Indiafrom February citing increased inputs costs and changes in the exchange rate.
Volkswagen is planning to make India a low-cost manufacturing hub.
Czech automaker Skoda on Thursday globally unveiled its all new SUV Kushaq which would take on the likes of Hyundai Creta and Kia Seltos in the fastest growing mid-sized SUV segment in the domestic market. The model is the first production car as part of the company's India 2.0 project. Under the lead responsibility of Skoda Auto, Volkswagen Group is investing 1 billion euros in its model campaign in the Indian subcontinent to strengthen its presence.
Volkswagen has partnered with PCH Group and launched Passat Sedan in Bangalore.
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.
German automobile giant Volkswagen Group has found in John Chacko a natural successor to Joerg Mueller as the new chief representative for India as well as president & managing director, Volkswagen India. The 58-year-old BTech from Indian Institute of Technology-Madras (Class of '73) has been a part of the Volkswagen Group since 1978.
While Porsche India has issued public notices stating that Volkswagen Group Sales India is the sole importer of Porsche vehicles and asking customers not to deal with any other entities, Precision Cars India is contesting it saying Porsche's act was a breach of contract.
Volkswagen may also have to compensate customers for misleading them about a car's performance.
German prosecutors launched an investigation on Monday into fraud allegations against former Volkswagen boss Martin Winterkorn.
During the test of the Q5 diesel model by ARAI, nitrogen oxide (NOx) level was found to be more than the stipulated level following which the company withdrew the model from its dealerships.
German carmaker Volkswagen said it has no plans to discontinue the sale of its current generation super luxury sedan Passat in the Indian market.
Sources say Volkswagen may foray into this venture by May.
Volkswagen did not name a successor, but said proposals on management appointments would be made to a full board meeting on Friday.
Tata Motors, Mahindra & Mahindra and Kia India on the other hand witnessed an increase in their market share based on the retail sales last fiscal. As per the Federation of Automobile Dealers Associations (FADA), the retail sales of country's largest carmaker Maruti Suzuki India rose to 14,79,221 units in 2022-23 fiscal, attaining a market share of 40.86 per cent. It had retailed 12,39,688 units in 2021-22 and grabbed a market share of 42.13 per cent.
Volkswagen plans to cut investments by 1 billion euros a year at its core division.
MSI said compact sedan Dzire Tour stood out as sales rose by over two-fold during the month under review to 3,370 units as against 1,299 in July 2014.
German name Volkswagen translates into English as the 'people's car'.
Volkswagen will start firing people responsible for rigging US emissions tests and shake up management on Friday,
"We will launch the new Jetta and new Passat in the Indian market in 2011," Volkswagen Group's Head of Marketing and PR (Passenger Cars) Lutz Kothe said.
Eyeing a revival, CK-GP Birla group's Hindustan Motors Ltd said it expected sales of its flagship 'Ambassador' cars to go up by 50 per cent in the next three years to 18,000 units annually.
VW had dodged environmental rules for which penalty could run up to more than $18 billion.
Late on Monday, Volkswagen's U.S. chief Michael Horn said the company had "totally screwed up" and promised to make amends.
The company faces fine of up to $18 billion in the US.
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.
South Korea is the first country after the US to announce measures.
Volkswagen is looking at ways to cut costs and boost cash flow.
'We are seeing one of the highest discounts in recent years across companies.' 'October is a crucial month with several festivals coming up.'
Volkswagen is under huge pressure to act, with its shares down more than a third in value since the crisis broke, and the bad news still coming.
The carmaker was presenting itself as being run by technological diehards obsessed with building the world's best cars.
Volkswagen AG said a scandal over falsified US. vehicle emission tests could affect 11 million of its cars around the globe.
Volkswagen plans to integrate its Indian facilities, which will help the company contain costs and maintain uninterrupted supply of auto parts.
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