France-based automobile manufacturer Renault and Japan-headquartered Nissan on Monday committed investments of $600 million (around Rs 5,300 crore) in the country 15 years after foraying into the Tamil Nadu automobile industry. The fresh round of investments would witness roll out of six new models between the two companies including -- two electric vehicles -- representing the two global brands, Nissan Global chief operating officer and Member, Alliance Board Ashwani Gupta said in Chennai.
'The semiconductor supply is constantly improving, with visible green-shoots in the situation as compared to earlier part of last year'
The Supreme Court, examining whether states can sub-classify the Scheduled Castes and Scheduled Tribes for the grant of a quota within a quota, said on Thursday that the state governments cannot be selective in granting reservation benefits to backward classes as it will lead to a dangerous trend of appeasement.
ITC's move to demerge the hotel business into a new entity, ITC Hotels Ltd, is a step in the right direction and will allay investor's concerns on the company's capital allocation strategy in the medium-to-long term, said analysts at Morgan Stanley in a note. According to the company, the board of directors has approved in principle the demerger of the hotels business, wherein ITC will hold a 40 per cent stake in the new entity, and the remaining 60 per cent will be held directly by shareholders. The scheme of arrangement shall be placed for approval of the Board at its next meeting to be convened on 14th August 2023.
India's climate change goals are turning combustible. On the one hand, a protracted dispute between the government and manufacturers over subsidies threatens to slow the pace of electric vehicle (EV) sales. On the other hand, repeated assertions by different arms of the government over banning sales of new fossil fuel-fired vehicles have queered the pitch for energy investments. Before we address the issue of the recommended diesel vehicle ban in the recent report on energy transition, issued months before the next round of global climate talks begin in Dubai in November, let's look at what's at stake.
India's electric two-wheeler (E2W) sector is expected to cross the one million mark in 2024 fuelled by rising demand, increased production, and affordability, industry experts said, even as several original equipment makers are expanding their penetration to rural areas. Improved battery technology and innovative features are also likely to fuel growth, they said. "E2W sales will breach the 1-million mark in 2024 as the demand for electric two-wheelers is expected to continue growing due to factors such as environmental awareness, government incentives, and improvements in technology," Hyder Khan, chief executive officer (CEO), Godawari Electric Motors, said.
Commerce and Industry Minister Piyush Goyal has visited the manufacturing facility of US-based electric vehicle major Tesla at Fremont, California and said that the company would be doubling its auto components imports from India. The minister is in the US on a four-day visit. The world's largest electric car producer Tesla Inc's chief Elon Musk met Prime Minister Narendra Modi in June in New York and after the meeting Musk had said that he planned to visit India in 2024.
As much as 35 per cent to 40 per cent of all vehicles sold in the country across segments will be electric by 2030, up from a mere 2 per cent this year, says a Bain & Co report released today. This translates to 14-16 million new electric vehicles (EVs) selling in a year. The inflexion point, which is now being seen month on month in many segments (such as two-wheelers which hit around 4-5 per cent in December), will be more than visible in 2026, when 4-5 million EVs across segments are expected to be sold, accounting for 15-20 per cent of the total sales, says the report.
Even as India overtakes Japan in automotive sales in 2022, moving to third place for the first time, oddly enough the country's biggest motor show is going to see some big hitters give it a clear miss. Some prominent automotive brands have cited high event costs, negligible returns on investment, poor event management, and unfavourable location as reasons for their reluctance to participate. Major pure-play electric two-wheelers, too, are riding past this year's edition of the Auto Expo.
Based on discussions with stakeholders, the ministry is proposing to allocate Rs 26,400 crore for FAME-III subsidy alone with electric two wheelers getting around Rs 8,158 crore, electric buses Rs 9,600 crore and electric three-wheelers Rs 4,100 crore, according to sources in the know. Along with some other components like setting up an innovation fund and money for testing , the total allocation could cross Rs 33,000 crore, estimates suggest.
You increase the production, only then it is possible to reduce cost, Gadkari said.
'In India, the GenAI startup ecosystem is unfolding with remarkable speed, signalling a new era of technological advancement and investment opportunities.'
The three companies - Ola, Hyundai and Kia - will co-create solutions to operate and manage fleet vehicles.
The Warren Buffet-backed Chinese electric vehicle manufacturer BYD will be unveiling a Born Electric SUV for the Indian market by the fourth quarter of the current calendar year. The deliveries of the same would begin in January, the company's top official said. This will be the first Born Electric SUV in the mass market. The Born Electric models from Tata Motors and Mahindra and Mahindra would be launched from 2024. BYD has been selling the E6 MPV in the Indian market since 2021.
Maruti Suzuki's contribution to the sales revenue of its Japanese parent, Suzuki Motor Corporation (SMC), has touched the highest-ever figure during April-December of FY23. According to SMC's results declared on Tuesday, Maruti's share in its global revenues jumped from 33.42 per cent in April-December of FY22 to 40.93 per cent in the corresponding period of FY23.
Automotive (auto) and auto ancillary stocks have been in the fast lane thus far in 2023-24 (FY24), with the National Stock Exchange Nifty Auto Index surging nearly 27 per cent, outperforming the Nifty50, which has gained roughly 11 per cent during this period. The top-gear performance of auto stocks at the bourses, according to A K Prabhakar, head of research at IDBI Capital, has been triggered by the premiumisation of products across vehicle manufacturers, which has seen vehicle sales remaining relatively stable. "It is not about higher sales figures now, but about premiumisation.
Vader is the first electric bike in India to offer 7-inch Android display.
With increased consumer awareness and government support in place, it is the opportune time to enter the electric passenger vehicle segment, Mahindra Group Chairman Anand Mahindra said on Monday. With an eye on gaining leadership in the electric four-wheeler segment, the Indian auto major announced that it will launch five new electric Sports Utility Vehicles (SUVs) for both domestic and international markets, with the first four expected to hit the road between 2024 and 2026. The company would introduce the first of the five e-SUVs towards the end of 2024, starting with the Indian market.
There's a hint of new competition riding into a sector that has attracted attention for being in a duopoly-like situation. Rapido, a commute app known for its budget-friendly bike-taxi services, on Tuesday announced its entry into the cab market, which is currently dominated by marquee brands Uber and Ola. Rapido's cab foray will be enabled by a software as a service (SaaS)-based platform.
So far at least eight incidents of EV fires have been reported in just over a month's time.
India will have 30 per cent of its two-wheeler industry turning electric by 2030 as new manufacturers lead the shift, said a report on Monday. Passenger vehicles will be 15 per cent electric and the three-wheeler segment 75 per cent electric by 2030, said the report by BNP Paribas called 'India Autos-Electric vehicles: Minutes to midnight'. "We see FY22 as the year of inflection for the two-wheeler EV industry, with an accelerated EV adoption helped by incentives, wider availability, model launches, rise in crude prices and improved general awareness. We see 30 per cent of the 2W industry turning electric by 2030; the pace of incentive withdrawal presents an upside/downside risk," the report (India Autos - Electric vehicles: Minutes to midnight) said.
As Ayodhya readies itself for the glittering, much-awaited consecration ceremony of the Ram Mandir on January 22, and as millions of pilgrims and devotees pour into the holy city for the momentous event, companies are rushing to do their bit and be a part of the mega celebrations. Some are offering a part of their profits as donations, telcos are beefing up the number of cellular towers to ensure better connectivity, and there are those distributing jalebis and food platters.
The board of Maruti Suzuki India (MSIL) on Tuesday approved a proposal to issue shares worth Rs 12,841 crore to parent company Suzuki Motor Corporation (SMC) for acquiring Suzuki Motor Gujarat (SMG). The Gujarat manufacturing plant - with an annual capacity of 750,000 units - is owned by SMG, a wholly-owned subsidiary of SMC. The shares issued to SMC will raise its ownership in MSIL from 56.48 per cent to 58.19 per cent--India's largest carmaker stated in a notice to BSE.
Ola Electric on Thursday teased five new electric motorcycles that the SoftBank-backed company is working on, announcing the range after selling electric scooters. The products are labelled cafe racer, an adventure tourer, a scrambler and a naked motorcycle. The motorcycles are expected to be launched next year and would include premium and mass-market versions, said sources.
'If we are to be a contributor to the economy, we have to reduce carbon and imports.' 'We will achieve both -- that's our target.'
Tesla Inc, the world's largest electric car producer, is looking to make a significant investment in India, said its chief Elon Musk, who saw India as holding more promise than any other large country around the globe. Musk, after meeting Prime Minister Narendra Modi, said he plans to visit India in 2024. "I am confident that Tesla will be in India and we will do so as soon as humanly possible," Musk told reporters after the meeting.
Her reasoning is simple, "It's a Tata company. No shareholder will let go of this opportunity," she told Business Standard. When asked if the other reason for lining up for the IPO is the technology sector and the fact that the combination of Tata and tech is happening after almost two decades, she replied: "The name of the company and the group matter. Tata means stability and credibility," she added.
Recently, TPEM's first born electric concept, Avinya broke cover. The model promises a minimum range of 500 kilometres and advanced technology features, aimed at buyers in India and outside. TPEM, the newly formed entity may also consider a separate dedicated sales channel for the EVs with a distinctive corporate identity once the volumes reach a critical mass and throughput is large enough for the dealers to be profitable, said Chandra. Elaborating further on the hiring strategy he said, "We will hire from everywhere-wherever the talent of the required competency is available."
The Royal Challengers Bangalore struck a chord with their unique and purpose-driven cheer squad -- Ampere Take Charge Squad.
'EV-charging is the next big opportunity after fuelling'
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.
The Indian startup ecosystem has lauded the inclusion of startups in the New Delhi Leaders' Declaration for the first time ever in the history of G20. Industry stakeholders say that the move will lead to easier access to capital, reduce regulatory hurdles, and may revive funding activity. The Declaration, through the Startup20 initiative, recognised startups as "natural engines of growth" and key to socio-economic transformation by driving innovation and creating employment.
The government-appointed expert committee, which probes incidents of Ola Electric's S1 Pro and Okinawa vehicles catching fires, has added the latest case of fire involving PureEV electric scooter to its investigation, a senior government official told Business Standard. "A team comprising experts from Indian Institute of Science (IISC) and Centre for Fire, Explosive and Environment Safety (CFEES) are investigating the cases. "As soon as the report is submitted, we shall take appropriate action," said Giridhar Aramane, secretary at the ministry of road transport and highways.
Ola Electric became the latest among electric scooter (e-scooter) makers to have started the exercise of recalling a specific batch of its model after a rap on the knuckles by the government. Union Minister of Road Transport & Highways Nitin Gadkari on Thursday advised electric vehicle (EV) companies to act responsibly by identifying and recalling defective batches without waiting for orders or guidelines from the ministry. The Bengaluru-based start-up is conducting pre-emptive diagnostics and health check on 1,441 scooters, it said in a statement on Sunday.
According to Siam data, Indian auto companies sold 982,456 units of utility vehicles in the first half of FY23, a 50.29 per cent growth over the corresponding period last year.
Avenue Supermarts, the operator of DMart retail chain, reported good results for the July-September quarter (Q2FY24) with strong earnings before interest before interest, taxes and depreciation (Ebitda) and profit before tax (PBT) growth, but lower PAT due to higher tax incidence. The operating margin improved, and like-to-like store sales growth was strong. Average bill value also increased though this may be a seasonal effect to some extent. Analysts are assuming this means the slowdown in retail may have bottomed out.
The soaring prices of metals like lithium, nickel and cobalt, which are the primary constituents of the cell, as well as supply chain bottlenecks, are also pushing up the cost of batteries
Rose Monday parades, which will take place across the Rhine region on February 20, typically showcase political satire in a longstanding tradition.
While traditional automakers in India are reeling under a global shortage of semiconductors, the country's electric vehicle (EV) makers, too, are now facing a shortage of lithium-ion batteries, a key raw material. The soaring prices of metals like lithium, nickel and cobalt, which are the primary constituents of the cell, as well as supply chain bottlenecks, are also pushing up the cost of batteries. Battery manufacturers say that prices have been increasing every quarter since the beginning of 2021.
The sector may be overcrowded with a fair number of large players and the entry of the Adani Group through its two key acquisitions, followed by the takeover of majority stake in Sanghi Industries via Ambuja Cements. Since every major player is in expansion mode, there could be a capacity surplus and hence, price wars.
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