According to experts, even if an additional 5 per cent of people opt to buy new vehicles, it may bring a huge boost to the sector.
So, the next time someone tempts you with a slightly higher FD rate from a lesser-known bank, point them to hybrid funds that can deliver extra returns without the administrative and emotional rollercoaster.
Even as the government debates whether to continue the FAME-II subsidy for electric vehicles (EVs), the share of such vehicles in overall sales is decelerating, after witnessing a heady growth in the first few years. The penetration of EVs - electric two-wheelers, passenger vehicles, three- wheelers and other segments collectively - in the first 10 months of FY24 has been pegged at 4.3 per cent, compared to 3.7 per cent in FY23, according to credit rating agency ICRA.
Top executives from Siam and major carmakers recently met with Heavy Industries Secretary Kamran Rizvi to discuss the matter. Officials from NITI Aayog were also present.
Ola Electric, India's largest electric vehicle company, has achieved a significant milestone by becoming the first two-wheeler automotive electric vehicle (EV) manufacturer in India to receive incentives under the Production Linked Incentive (PLI) Scheme for Automotive and Auto Component (PLI-Auto Scheme). The company has been granted a total incentive of Rs 73.74 crore for the Determined Sales Value of FY 2023-24 under the scheme, according to a stock exchange filing by the company.
The state is also the biggest market for TVS, another incumbent player, and together with Bajaj Auto, they accounted for 88 per cent of Maharashtra's total electric scooter sales last month. As many as 8,417 units were sold in Maharashtra in September. Bajaj Auto's contribution was 4,048 vehicles and that of TVS was 3,389, according to model- and state-wise data from the Society of Indian Automobile Manufacturers (Siam).
French auto major Renault on Monday said it will buy out its Japanese partner Nissan's stake in their Indian joint venture -- Renault Nissan Automotive India Private Ltd. Renault Group would own 100 per cent of Renault Nissan Automotive India Private Ltd (RNAIPL), by acquiring the 51 per cent shareholding currently held by Nissan, the company said in a statement.
While Elon Musk's political influence continues to grow, his business empire is witnessing headwinds.
According to the monthly sales figures released by the Society of Automobile Manufacturers on Wednesday, motorcycle sales in the domestic market during September declined 18.40 per cent to 5,48,816 units compared to 6,72,570 units in the same month last year.
Passenger vehicle retail sales in India witnessed an 11 per cent year-on-year decline in December as semiconductor shortage continued to impact the segment, automobile dealers' body FADA said on Wednesday. The passenger vehicle (PV) retail sales last month fell 10.91 per cent to 2,44,639 units from 2,74,605 units in December 2020. "The month of December is usually seen as a high sales month where OEMs continue to offer best discounts to clear the inventory due to change of the year.
When Gensol Engineering made its public market debut through a small and medium enterprises (SME) initial public offering (IPO) in September 2019, its promoters held a commanding 96 per cent stake. Now, that figure has shrunk to a "negligible" fraction.
While two-wheeler sales are down 15 per cent year-on-year, passenger vehicles sales are lower by 5-7 per cent.
Maruti Suzuki India (MSIL) will hold discussions with the Centre and state governments on how the production of compressed biogas (CBG), which can be used in vehicles that run on compressed natural gas (CNG), can be expanded in the country, its majority shareholder Suzuki Motor Corporation (SMC) said. The demand for CNG vehicles has been rising significantly in the country. MSIL sold 145,000 CNG vehicles in the first quarter of 2024-25, marking a 28.3 per cent year-on-year (Y-o-Y) growth.
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 domestic passenger car sales fell by 6.59 per cent in October to 98,900 units from 1,05,877 units in the same month last year.
Domestic passenger vehicle retail sales declined eight per cent in February as the companies continued to suffer production loss due to chip shortage, automobile dealers' body FADA said on Friday. The passenger vehicle (PV) sales dropped to 2,38,096 units last month, down 7.84 per cent from 2,58,337 units in February 2021. "Even though the passenger vehicle (PV) segment saw some launches and slight respite in supply due to better production, it was not enough to meet customer demand. "Vehicle waiting period thus remains similar to what it was in the past few months," FADA president Vinkesh Gulati stated.
Retail sales of passenger vehicles grew last month but the sales of two-wheeler and commercial vehicles remained low compared to the pre-COVID month of May 2019, according to automobile dealers' body FADA. On Monday, FADA said that overall auto retails stood at 16,46,773 units in May, down from 18,22,900 units in May 2019. "May 2022 retails when compared to May 2019 reveal that sales are still not on a growth trajectory as overall retails were down by 10 per cent.
Passenger vehicle wholesales in India declined by 66 per cent to 88,045 units in May as compared to April this year as lockdowns across various states impacted dispatches to dealers, auto industry body SIAM said on Friday. Passenger vehicle wholesales in April stood at 261,633 units. As per the latest data by the Society of Indian Automobile Manufacturers (SIAM), two-wheeler dispatches to dealers dropped by 65 per cent to 3,52,717 units, compared to 9,95,097 units in April.
Leading automakers Maruti Suzuki, Hyundai and Tata Motors on Thursday reported robust sales in March as a shift towards personal mobility and pent up demand continued to help companies push dispatches to their respective retail partners. Toyota Kirloskar Motor, Honda Cars and Mahindra and Mahindra (M&M) also reported strong sales last month as compared to the year-ago period, when dispatches were adversely impacted due to the impending transition to BSVI from April 2020 and the nationwide lockdown to contain the coronavirus pandemic. The country's largest carmaker Maruti Suzuki India said its domestic sales stood at 1,49,518 units last month. The auto major had reported sales of 76,976 units in March 2020.
Major automakers, including Maruti Suzuki, Hyundai, Tata Motors, Mahindra & Mahindra, Kia, Toyota and Honda, on Thursday reported healthy growth in passenger vehicles sales in June, recovering from the disruptions induced by the second wave of COVID-19. The country's largest carmaker Maruti Suzuki India (MSI) posted total sales of 1,47,368 units in June, up from 46,555 units in May. Its domestic dispatches to dealers last month stood at 130,348 units, up from 35,293 units in May, as easing of COVID-related restrictions helped the auto major to dispatch more units to dealerships.
Aided by festive demand, domestic passenger vehicle wholesales rose marginally year-on-year to 3,93,238 units in October, industry body SIAM said on Wednesday. The overall passenger vehicle dispatches by companies to dealers stood at 3,89,714 units in October last year. Total two-wheeler sales rose 14 per cent year-on-year to 21,64,276 units last month, as compared to 18,95,799 units in October 2023, the Society of Indian Automobile Manufacturers (SIAM) said in a statement.
Domestic passenger vehicle dispatches witnessed a 13 per cent year-on-year rise in April as demand remained robust across segments, industry body Siam said on Friday. The total passenger vehicle dispatches from companies to dealers rose to 331,278 units last month compared to 293,303 units in April 2022. Market leader Maruti Suzuki India dispatched 137,320 units to dealers last month against 121,995 units in April last year.
Mahindra & Mahindra (M&M) delivered a stronger-than-expected operational performance in the October-December quarter (Q3) of 2024-25 (FY25), driven by solid growth in its automotive (auto) and farm equipment segments. Higher volumes improved operating leverage, expanding margins.
The company had sold 51,160 vehicles in the same month last year.
Passenger vehicle majors like Hyundai, Tata Motors, M&M, Toyota Kirloskar and Honda on Wednesday reported growth in domestic sales in August riding on festive sentiments, although market leader Maruti Suzuki posted a decline amid a semiconductor shortage affecting the industry. The country's largest carmaker Maruti Suzuki India Ltd (MSIL) reported domestic sales at 110,080 units, as compared to 116,704 units in the same month last year, down 6 per cent. "Sales volume of the company in August 2021 was affected due to electronic components shortage.
Riding on the back of Indica, which crossed the sales mark of 9,000 units, Tata Motors on Friday reported a 31.3 per cent increase in its October sales at 35,283 vehicles as against 26,862 units in the same month last fiscal.
Overall, volume growth is likely to be in the range of 3-8 per cent for two-wheelers and 5-7 per cent for passenger vehicles owing to healthy demand from urban and rural areas and pending order books.
The demand for buses largely remained robust in 2023, driven by the increasing need for public mobility and replacement. Ashok Leyland Limited (ALL) recorded a 64 per cent year-on-year increase in sales of medium and heavy commercial vehicle (MHCV) buses during the April-to-December period of 2023 to 11,216 units. Volvo Eicher Commercial Vehicles (VECV) posted 24.7 per cent sales growth between April and December for light and medium-duty buses, and 36.9 per cent growth for heavy-duty buses.
Despite the alarming figures on job displacement, AI is expected to generate millions of new roles, echoing historical trends of technological transformation.
Tata Motors on Wednesday reported a 22 per cent fall in consolidated net profit to Rs 5,578 crore for the third quarter ended December 2024, impacted by s decline in revenue from its passenger and commercial vehicles divisions. The company had posted a consolidated net profit of Rs 7,145 crore in the same quarter last fiscal, Tata Motors said in a regulatory filing.
'Without his vision and foresight, his willingness to take a risk that no one else was willing to take, his deep and abiding love for India, the Indian automobile industry could not have become the powerhouse that it has become.'
Maruti Suzuki India on Wednesday said its consolidated net profit increased by 16 per cent to Rs 3,727 crore for the third quarter ended December 31, 2024. The auto major had reported a net profit of Rs 3,207 crore in the October-December period of last fiscal.
BYD's new charging system is capable of up to 1000kW charging speeds which may be achievable in China, the carmaker's home market, but such high charging speed is not available in India.
Passenger vehicle wholesales in India increased by 11.14 per cent to 2,76,554 units last month as compared with same month last year amid supply chain challenges, unavailability of semiconductors and higher container charges, auto industry body SIAM said on Thursday.
In the hottest sector of AI, where most global VC funding is going currently, the country's record has not been anything to write home about.
Korean automaker Hyundai Motor Group (HMG) is vigorously aiming to establish a robust presence in India's electric vehicle (EV) segment through the introduction of new models and the establishment of charging stations under Hyundai Motor India (HMIL) and Kia India. Euisun Chung, executive chairman of HMG, who is currently visiting India, urged both companies to deliver products that not only meet but exceed customer expectations on time, thus driving the achievement of these growth targets. The group is strategically working to elevate Kia's market share from the current 6.7 per cent to an impressive 10 per cent in India in the near future.
Auto parts exports from India may see a slight slowdown as US President Donald Trump's 25 per cent tariff could increase car prices for buyers by 8-25 per cent, thereby affecting demand, experts believe.
MSIL, which currently has a subscription service that allows customers to lease its petrol-run and strong hybrid vehicles on a flexible, long-term basis without ownership commitments, will introduce a leasing service as well.
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.
'Currently, EVs are about 30-50 per cent more expensive than ICE vehicles. I believe the inflection point for EVs will come when this price gap narrows to 20-25 per cent. That's when people will start coming in.'
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