Mexico on Thursday imposed a tariff of up to 50 per cent on imports from its non-preferential trade partners, including India, a move that might hit New Delhi's annual $5.75 billion shipments to its third-largest car export market.
Volkswagen Passenger Cars is targeting a volume sales growth of about 15 per cent in the country in 2024, even as it expects the Indian passenger vehicle (PV) industry to grow by 5-7 per cent in the current year, its India brand director, Ashish Gupta, said on Thursday. This means the company is expecting to grow 2-3 times faster than the Indian PV industry in 2024. But globally, the German automaker is expecting just 3 per cent rise in sales this year, down from 12 per cent last year.
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.
Car deliveries during the nine-day period saw sharp year-on-year (double-digit increase for most automobile companies.
The car, which is being rolled out from the company's plant at Chakan, in Maharashtra, comes with 1.6 litre petrol or diesel engine options.
The company faces fine of up to $18 billion in the US.
Volkswagen said the 2-litre engines would get a software update.
The emission is nine times more than cap; Volkswagen denies the claim.
As India is progressing towards Bharat Stage IV (BSIV) emission norms, most cars still run under BSIII standard.
Volkswagen is planning to make India a low-cost manufacturing hub.
The Competition Commission of India (CCI) on Monday slapped a penalty of Rs 2,545 crore on 14 top carmakers of the country for violating trade norms in the spare-part andafter-sale service market.
Turns down firm's plea for stay on CCI order; final order pending
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