Passenger vehicle retail sales in India declined by 1 per cent last month as buyers preponed purchases to March in order to avoid enhanced prices on account of stricter emission norms kicking in from April 1, automobile dealers' body FADA said on Thursday. The passenger vehicle retail sales declined to 282,674 units last month as compared with 286,539 units in April 2022. "The passenger vehicle segment, which achieved record sales in FY23, slowed down in April... This was primarily due to last year's high base and the OBD 2A norms, which led to vehicle price increases and advanced purchases in March," Federation of Automobile Dealers Associations (FADA) president Manish Raj Singhania said in a statement.
'The scheme excludes tractors, light commercial vehicles, and medium and heavy commercial vehicles.'
'What's sad today is that there are so many people who cannot find work, not because the country is devoid of that opportunity, but because we are not doing enough in the country.'
Ola Electric has finalised its second phase of expansion, under which it will increase its plant capacity fourfold - from 1 million two-wheelers per annum to 4 million. This will also include motorcycles, said a top executive of the company. It will also build a plant with a 5 Gwh of advanced chemistry cell battery storage capacity in the same super factory located on the outskirts of Bengaluru.
Kansai Nerolac Paints has seen its market capitalisation (mcap) erode by over 5 per cent since May 3 after posting a subpar performance in the fourth quarter of 2023-24. Weighed down by stiff competition, the company has shed Rs 1,172 crore over the past two weeks in mcap. India's largest paint maker in terms of mcap, expects double-digit growth in the industrial segment and aims to maintain margins, but its performance in decorative paints could suffer amid competition.
Passenger vehicle wholesales rose 23 per cent year-on-year in the December 2022 quarter, aided by robust demand in the festive period, the automobile industry body Society of Indian Automobile Manufacturers said on Friday.
The teen, who the police claim was drunk and driving the luxury car when it hit a two-wheeler in the early hours of May 19 killing two techies, was lodged at an observation home in Maharashtra's Pune city.
TVS Motor Company has been one of the best-performing two-wheeler stocks in the current financial year (FY24), enriching investors with gains of 24 per cent. Among listed two-wheeler stocks, only Hero MotoCorp has done better in this period. New launches, market share gains, steady margins and expectations that its performance will continue in FY24 are expected to support TVS Motor's stock.
Indian manufacturers are very experienced in producing vehicles at price levels that are very competitive, says
Automobile retail sales in India rose by 9 per cent in August aided by sales growth in all segments, including passenger vehicles and two wheelers, dealers' body FADA said on Tuesday. The total retail sales across segments rose to 18,18,647 units last month, up 9 per cent, from 16,74,162 units in August 2022. Passenger vehicle registrations increased by 7 per cent to 315,153 units last month from 295,842 units in August 2022.
The Ministry of Heavy Industries has approved 11 electric vehicle (EV) manufacturers, including Ather Energy, Bajaj Auto, Hero MotoCorp, Ola Electric, and Mahindra, to receive incentives under the recently introduced Electric Mobility Promotion Scheme (EMPS) 2024. "A total of 11 firms have been granted approval under the EMPS, with several more under consideration," informed a senior official of the ministry to Business Standard. The scheme aims to sustain the growth in EV sales, replacing the Faster Adoption and Manufacturing of Electric Vehicles - II (FAME-II) scheme.
Food delivery major Zomato has received a Rs 401.7 crore show cause notice from the Directorate General of GST Intelligence (DGGI) over 'unpaid taxes' on delivery charges collected from customers, the company said in a regulatory filing late on Wednesday. The company claimed that it is not liable to pay the penalty for the period from October 29, 2019, to March 31, 2022, as the amount collected from customers is "on behalf of the delivery partners during the referred period."
Rapid changes are taking place in the two-wheeler world.
The Ministry of Heavy Industries announced on Tuesday that it has received bids from seven players for the re-bidding tender of the 10 gigawatt-hour (Gwh) tranche of the Advanced Chemistry Cell (ACC) manufacturing production-linked incentive (PLI). "The list of bidders (in alphabetical order) who have submitted bids in response to this tender are ACME Cleantech Solutions, Amara Raja Advanced Cell Technologies, Anvi Power Industries, JSW Neo Energy, Reliance Industries, Lucas TVS, and Waaree Energies for a cumulative capacity of 70 Gwh," the ministry said in a statement. After the re-auctioning for the manufacturing unit was announced in January, the pre-bid meeting was held on February 12, the ministry said.
Kinetic Engineering (KEL), the makers of the iconic Luna two-wheelers in the seventies, will soon start producing components for an electric version of the moped. Pune-based Kinetic said in September that Luna would make a comeback in an electric avatar. The electric Luna, or E-Luna, will be launched by KEL's sister company Kinetic Green Energy and Power Solutions.
Passenger vehicle wholesales in India rose 29 per cent to 291,113 units in October aided by robust demand in the festive season, the Society of Indian Automobile Manufacturers (SIAM) said on Friday. Total passenger vehicle dispatches from companies to dealers were 226,353 units in October 2021. Total two-wheeler dispatches last month increased 2 per cent to 15,77,694 units as compared to October 2021.
Bajaj Auto, India's leading two-wheeler (2W) and three-wheeler (3W) maker, is scaling up its wholly owned finance subsidiary, Bajaj Auto Credit Ltd (BACL), with an investment of more than Rs 3,000 crore planned over the next two financial years, company's managing director Rajiv Bajaj said. BACL has already started commercial operations, Bajaj recently said on the sidelines of the group's CSR identity event. According to rating agency CRISIL, BACL's operations began on January 1 after receiving its licence from the Reserve Bank of India (RBI) in August last year.
The mother of the minor in the Porsche car accident case was arrested after confirmation that his blood samples were replaced with hers, Pune police chief Amitesh Kumar said on Saturday.
Several firms are stepping up to help their workforce cope with soaring temperatures
Uber Chief Executive Officer (CEO) Dara Khosrowshahi sees India as one of the toughest markets and a standard to succeed in any other part of the world. One of the biggest challenges for the ride-hailing firm, according to Khosrowshahi, is the expectation of Indian consumers for more services at lower spending. "India is one of the toughest markets out there.
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.
A huge contingent of police personnel, including a Rapid Action Force (RAF) team, was deployed in the area to avoid any untoward incident.
"The accused is a coconut vendor. He was stopped while he was taking seven children to school on his scooter. He was charged under Section 308 of the Indian Penal Code as well as provisions of Motor Vehicles Act and arrested," the official said.
The country saw a massive year-on-year surge in the demand for electric vehicles, with retail sales of electric two-wheelers rising by 58 per cent, passenger vehicles by 130 per cent, three-wheelers by 82 per cent, and commercial vehicles by 171 per cent in March 2023, according to the data shared by the Federation of Automobile Dealers Associations (Fada). According to a report by JMK Research, the EV segment as a whole grew by 157 per cent during FY23, to 1,180,597 units, from 458,746 units a year ago. Overall, EV sales in March 2023 rose by 82 per cent from the March 2022 figure, the JMK report added.
After identifying the duo, the police used human and technical intelligence to track them.
Bajaj Auto's market capitalisation (market cap) hit Rs 2 trillion mark for the first time. The stock of the two and three-wheeler major rallied 6 per cent to hit a new high of Rs 7,420 on the BSE in Tuesday's (January 9) intraday trade after its board approved Rs 4,000 crore share buyback at Rs 10,000 per share. The stock ended the day at Rs 7,093.75, up 1.55 per cent and its market cap a shade above Rs 2 trillion.
Led by Ola Electric, which registered an industry record of 53,186 vehicles in March, electric two-wheeler (e2W) penetration hit a record at 8.91 per cent - the highest ever for a month (based on Vahan data).
Layoffs, corporate restructuring, governance and most importantly profitability: The 14 Indian startups that plan IPOs this year are pulling out all the stops to ensure successful market debuts.
A 25-year-old rape survivor was seriously injured when she was shot at and attacked with a sharp-edged weapon by a man accused of raping her and his two accomplices in Kotputli-Behror district of Rajasthan.
Apprentices get at an average of Rs 10,000 to Rs 12,000 per month which can double after one year of on-the-job training.
Domestic car sales went up by 15.89 per cent during December 2002 as auto-makers like Maruti, Hyundai, Tata Engineering and Honda witnessed increased demand during the month.
The price hikes during Covid were more because of supply chain and logistics disruptions caused by the pandemic and the Ukraine war rather than firms increasing prices because of higher pricing power, a report by State Bank of India (SBI) said. "It is thus incorrect to infer that concentration power dictated pricing capacity of firms, thus resulting in unyielding core inflation," the report authored by Soumya Kanti Ghosh, group chief economic adviser, SBI, said. A recent research article by former Reserve Bank of India (RBI) deputy governor Viral Acharya had observed that persistence of core inflation in India is due to purchasing power of top-five corporate houses.
Vietnam-based electric vehicle maker VinFast, a rival of Tesla in the global market, has set foot in India and began work on building its Rs 16,000 crore EV manufacturing facility at Thoothukudi in Tamil Nadu. The company has already sought a reduction in import duties on its cars for about two years until customers get familiar with the brand and its unit in the state. The global major kicked off the construction of the first phase of its integrated EV hub, which may see Rs 4,000 crore of investment initially and will create more than 10,000 jobs.
Auto industry volumes have grown by 2.5 per cent overall, led by domestic sales of three-wheelers, two-wheelers and passenger vehicles (PVs) in the first quarter of this financial year. Analysts predict an 18 per cent growth in revenues for automotive original equipment manufacturers (OEMs) and profit growth of 69 per cent year-on-year (YoY). However, on a sequential basis, a decline in revenues as well as earnings before interest, taxes, depreciation, and amortisation (Ebitda) margins is expected.
The new four-wheeler (4W) electric vehicle (EV) policy may spur the entry of global majors. The manufacturing policy cuts Customs duty to 15 per cent, given a minimum investment commitment. It calls for a minimum investment of Rs 4,150 crore (about $500 million) for making electric four wheelers (e-4Ws), with manufacturing to commence within three years of approval.
The semiconductor chip supply for the electric two-wheeler industry has normalised but the prices are up by nearly 50 per cent compared to pre-pandemic period, said Eric Vas, president, Urbanite, the electric vehicle (EV) business of Bajaj Auto. "It (the supply) has improved greatly. It has pretty much normalised. The problem is the cost. "The costs remain very high. Hopefully, the costs will start correcting themselves over this fiscal year," he said in an interview with Business Standard.
State governments need to focus on building charging infrastructure to realise the goal of transitioning a large proportion of their sales to EVs, reports Ishaan Gera.
Passenger vehicle wholesales rose 17 per cent in January to 298,093 units driven by robust offtake of utility vehicles, including the fast-growing sports utility vehicles, industry body SIAM said on Monday. The overall passenger vehicle dispatch from companies to dealers was 254,287 units in January 2022. Utility vehicle sales rose to 149,328 units last month from 116,962 units in January last year.
The bench, which stayed the May 26 order of the Delhi HC, also recorded the Delhi government counsel's submission the final policy will be notified before July-end.
Operating margins have been the primary driver of corporate earnings in India in recent quarters, despite revenue growth suffering from weak consumer demand. Companies across sectors have reported a sharp improvement in earnings before interest, tax, depreciation, and amortisation (Ebitda) margins over the past two years, benefiting from lower commodity and energy prices. Higher margins more than compensated for slower revenue growth, resulting in double-digit growth in net profit for five consecutive quarters.
