Elon Musk-led Tesla Inc is yet to express interest in India's flagship scheme to attract global investment in electric vehicle (EV) manufacturing, said Union Minister for Heavy Industries H D Kumaraswamy on Monday. In contrast, multiple global automobile giants -- such as Mercedes-Benz, koda Auto Volkswagen, Hyundai Motor, and Kia Motors -- are keen to participate, the minister noted.
'The Indian govt's initiatives on EVs are very strong and customers want to buy EVs. This will make the country's conversion to EVs faster than other markets, and I hope even faster than the US'
'...the auto industry to get back to 7% to 8% annual growth.' 'High growth in the SUV segment alone will not achieve this, as it is a small market.'
A robust show during the March quarter of 2024-25 (Q4FY25) and hopes of a strong demand momentum have led to an upward revision of Mahindra & Mahindra's (M&M's) earnings. With a slew of launches lined up amid a steady demand environment, brokerages see M&M outperforming peers in passenger vehicles (PVs), tractors and commercial vehicles (CVs).
At Prestige Polygon Towers in Chennai's Teynampet, hectic preparations are on for a mega global investors' meet under the aegis of Guidance Tamil Nadu (the state investment promotion agency) scheduled for January 2024. Asked about the key focus areas of the meet, the agency's managing director and chief executive officer, V Vishnu, said the state was betting big on electric mobility. This is no surprise, given that the state has signed electric vehicle (EV)-related memorandums of understanding (MoUs) with several companies in the recent past that may bring in investments worth around Rs 33,000 crore with the potential to create over 43,000 job opportunities.
Auto majors Maruti Suzuki, Tata Motors and Mahindra & Mahindra reported robust sales in September as reduced price tags owing to GST rationalisation led to record demand in the Navaratri period. The month also saw Tata Motors and Mahindra & Mahindra settling at number two and three positions, respectively in vehicle wholesales ahead of Hyundai Motor India.
China's export curbs on critical minerals crucial for India's electronics sectors are no longer mere warnings but a wake-up call for New Delhi, underscoring the need for urgent measures like reverse-engineering of low- to mid-tech imports to cut overreliance on Beijing, think tank GTRI said on Thursday.
China's covid crisis could provoke a raw material crunch for India's EV industry later this year.
Tata Motors, India's largest electric passenger vehicle manufacturer, has signed an agreement with ride-hailing company Uber to supply 25,000 electric vehicles (EVs), the company said. The agreement is the largest EV commitment between an automotive manufacturer and a ride-sharing platform in India. Under the agreement, Uber will deploy Tata Motors' XPRES-T EVs by partnering fleet operators in Delhi National Capital Region, Mumbai, Kolkata, Chennai, Hyderabad, Bengaluru, and Ahmedabad.
Ride-hailing unicorn Rapido is quickly scaling up its four-wheeler segment, which now contributes up to 25 per cent of its total bookings. Aravind Sanka, Rapido's cofounder, in a video interview with Udisha Srivastav/Business Standard, shares insights on the company's plans to expand into the segment, how BluSmart's exit has created an opportunity for the company, its push towards green mobility, and navigating state-specific policies.
Ola Electric's latest MoveOS 5 upgrade delivers sharper performance on its Gen 3 platform due to an optimised in-house Motor Control Unit that enhances range and responsiveness.
To ensure a glitch-free rollout of the next-generation GST with reduced rates and lesser slabs, Finance Minister Nirmala Sitharaman chaired three separate meetings to assess GSTN's preparedness and the time it would take to implement technological changes required in the software systems.
Mahindra & Mahindra plans to manage rare earth magnet supplies through alternative sourcing channels for the next nine months and will pursue 'engineering efforts' to address the raw material shortage situation amid growing product portfolio, according to a senior company executive. The imposition of export restrictions by China on key rare earth magnets has resulted in supply chain bottlenecks, impacting the user industries, including the auto and electronics sectors.
With India's EV penetration at just 2.5 per cent, the market presents an opportunity -- provided Tesla gets its pricing right.
While the Syros shines in many areas, its ride quality is a point of contention, notes Rajesh Karkera.
A quarter of the car sales in China are of electric vehicles; domestic brands command 81% of EV sales in the country.
Life Insurance Corporation of India's (LIC) annualised premium equivalent (APE) growth remained weak in the fourth quarter of the financial year 2024-25 (Q4FY25) and flat in FY25, but management expects growth to rebound in FY26. The focus remains on improving product mix by increasing share of non-participating or non-par products in the individual APE.
The GST Council on Wednesday approved a two-tier rate structure of 5 and 18 per cent, which will be implemented from September 22.
China promised to address three key concerns of India, the sources said.
Gensol Engineering's promoters treated the listed company as a proprietary firm, diverting corporate funds to buy a high-end apartment in The Camellias, DLF Gurgaon, splurging on a luxury golf set, paying off credit cards, and transferring money to close relatives, Sebi revealed in its interim order.
In response to US criticism of India's oil imports from Russia, the Indian Army shared a 1971 news clip highlighting the US's role in arming Pakistan.
'From the Indian perspective, young customers with more disposable income will also drive the growth.'
Firodia talked about his plans for the EV-components business, and the components business at large for the group
While Mercedes-Benz India expects 25 per cent of its India sales to come from EVs in the next four years, BMW says it estimates around 10 per cent of sales to come from those in the near future.
Tamilaga Vettri Kazhagam chief Vijay launched his state-wide campaign in Tiruchirappalli, encountering an audio glitch. He criticized both the central government and the DMK government in Tamil Nadu, stating his intention to serve the people, not to amass wealth.
The EV industry is at an inflection point and batteries will play a critical role ahead -- batteries and related components typically constitute 35-45 per cent of an EV's costs.
Maruti Suzuki India (MSIL) said on Thursday its operations are unaffected by the global rare earth magnet shortage, but added that the situation is "uncertain and evolving". The firm said it is exploring multiple solutions to maintain continuity in operations and will notify stakeholders in case of material impact.
In 2024 alone, South India saw the highest rise in sales in the luxury segment, with Tamil Nadu reportedly registering a 19.3 per cent increase in premium car registrations from 2022-23
India has strongly criticized the US and EU for their 'unjustified and unreasonable' targeting of New Delhi for its procurement of Russian crude oil, pointing out their own continued trade relations with Russia.
Japanese automaker Suzuki Motor Corporation will invest Rs 70,000 crore in the next five to six years in India to strengthen its operations in the country, its representative director and president Toshihiro Suzuki said on Tuesday. Prime Minister Narendra Modi on Tuesday kicked off exports of Maruti Suzuki India's first electric vehicle e VITARA to 100 countries and also inaugurated the production of lithium-ion battery cells for strong hybrid electric vehicles at its facility in Gujarat.
'Both initiatives are welcome moves and we would commit ourselves with focused attention aligned with the national priorities, and pursue our exploration initiatives.'
From the customer point of view too, LFP batteries are safer and offer a longer life.
These photographs are from last Friday when Musk announced he was leaving government and heading back to run his business empire which had encountered severe turbulence.
Siam argues that a 2040 ban could destabilise ongoing and future investments and threaten millions of jobs in the automotive value chain.
'America is adopting the typical 'my way or the highway'/'Either you are with us or against us' stance.' 'This is a policy India is not going to accept.'
Electric cab-hailing platform BluSmart remained non-operational on Thursday across Delhi-NCR, Bengaluru, and Mumbai, as the market regulator cracked down on its co-founder over alleged misuse of funds at an affiliated company. BluSmart app, that offered more than 8,000 taxis in the three metros, stopped taking bookings on Wednesday evening and remained unoperational on Thursday as well.
Dysprosium and terbium, two heavy rare earth elements with unique properties, are not available in extractable quantities in India.
Once you are behind the wheel of the BE 6 cockpit, you won't be able to wipe the smile off your face.
Hyundai aims to raise exports to 30% of output by FY30 as domestic sales slow; six EVs among 26 product launches planned as part of long-term growth strategy.
Bajaj Auto has become the top player in India's electric vehicle market by monthly volumes, across all categories, with over 25,000 sales and registrations in September. This comes on the back of a big push in expanding distribution by the company and steady demand of electric three-wheelers. In September, the company - according to the latest Vahan data - recorded sales of 17,570 electric two-wheelers, 4,575 three-wheelers, and 3,000 Yulu low-speed electric bikes (based on company sales numbers), which do not require a licence and are not registered on Vahan.
