BUSINESS
We are open to expanding our cooperation with Volkswagen on EVs, says M&M top official
The Anand Mahindra led company will be the first external partner to use the unified cell concept, the core element of Volkswagen's battery strategy, and is well prepared to battle any semiconductor crisis.
BUSINESS
We are going ahead with our EV investments in a phased manner: Amara Raja Executive director
The Hyderabad-based firm will begin the first phase of the 5 GWh battery pack assembly unit in the near term, says Harshavardhana Gourineni.
BUSINESS
Indian auto component industry logs 9.8% growth in topline at $74.1 bn in FY24, EVs’ share rises to 6%
Component supply to OEMs in the domestic market increased by 8.9 percent to $62.4 billion (Rs.5.18 lakh crore), with supply to the EV manufacturing industry accounting for 6 percent of the total component production in the country
BUSINESS
BMW India has no immediate plans to build EVs locally, banks on subsidies to perk up numbers
BMW Group India revealed that 397 units of fully electric BMW and MINI cars were sold in the first six months of this year
BUSINESS
Budget 2024: FM leaves out direct doles for auto sector; duty cut on critical minerals to help EVs
Industry stakeholders reckon that improved infrastructure is a boon for the auto sector, facilitating better logistics and enhancing the overall consumer experience.
BUSINESS
Customs duty waiver on critical minerals like lithium, cobalt for EV battery
Industry players reckon that the move by the Finance Minister is pivotal and will substantially lower the production costs of battery cells, directly translating into more affordable electric vehicles (EVs) for consumers
BUSINESS
Vehicle sales in rural areas recovered since pandemic, says Economic Survey
Citing the FADA data, the latest survey revealed that close to 40 percent of Passenger Vehicle retails were in the countryside at 14,73,403 units
BUSINESS
Economic Survey 2024: Auto PLI schemes attract Rs 67k-crore investment, FAME-II and ACC battery storage policy to boost industry
The automobile industry was helped by multiple government schemes in the fiscal year 2024 (FY24) during which the country produced around 49-lakh passenger vehicles, 9.9-lakh three-wheelers, 214.7-lakh two-wheelers, and 10.7-lakh commercial vehicles; the survey pointed out.
BUSINESS
Budget 2024: EV Industry counts on incentives, tax rationalisation and funds for infrastructure to reignite volumes
Industry players reckon that the reduction of custom duties on EV components and encouraging R&D in battery technology will further accelerate local production and create jobs.
BUSINESS
Budget 2024: Auto industry expects continued capex, thrust on rural economy, FAME 3 subsidy among others
The industry has also sought sops to promote electric vehicles and suggested the government bring in additional incentives for scrapping of vehicles in the upcoming budget.
BUSINESS
M&M, JSW in talks with Skoda Auto for potential partnership
One of the two Indian conglomerates may acquire a 15-20% stake in Skoda Auto Volkswagen’s Indian operations. The partnership is expected to boost Skoda’s distribution network and production capabilities in India
BUSINESS
Carmakers will take corrective action to cut inventory levels at their dealers: SIAM
FADA had earlier retail body stated that PV inventories have reached levels of 65-67 days of sales.
BUSINESS
Double whammy for EV makers as copper prices rally amid declining sales
Analysts predict a 7-8 percent increase in copper prices this financial year, which will push up cost of manufacturing EVs, a worry for the industry battling declining sales
BUSINESS
Automobile sales continue to move upwards, jump 16.4% to 6.4 mn units in Q1: SIAM
Total automobile sales include 10,26,000 units of PVs, up by 3 percent from 9,96,565 units in Q1 FY24, as per the data shared by auto industry body
BUSINESS
Carmakers resort to discount offers and price cuts to revive volumes
Discounts and other benefits were already being offered on compact cars and sedans, and they have recently been extended to hot-selling SUVs
BUSINESS
MC Exclusive: Hybrid Cars could see a budget boost with potential cess cut
The proposal, if implemented, will provide a strong boost to sales of hybrid cars in the country, as it will reduce the tax differential between hybrids and electric cars.
BUSINESS
Mercedes-Benz to bring its most expensive electric car to India as luxury EV demand grows
The German luxury carmaker has already pumped in Rs 3,000 crore for its Pune greenfield facility and is open to invest on BEVs (battery electric vehicles) if there are favourable market dynamics and upward thrust
BUSINESS
Bengaluru leads in electric vehicle sales this year; Tata Tiago.ev tops in major cities
The surge in Battery Electric Vehicles in India's tech hub can be traced back to Reva, an electric car manufacturer founded by Chetan Maini, a Stanford graduate, in the city four decades ago.
BUSINESS
Auto sales stay flat at 18.95 lakh in June, passenger car retail melts in heatwave, polls: FADA
The auto retail body's president had flagged his concern about the rising inventory levels of cars, which have reached an all-time high – ranging from 62 to 67 days.
BUSINESS
JSW-MG Motor readies five new cars, to focus more on EVs, hybrid vehicles
Analysts believe that with its latest portfolio priced up to Rs 35 lakhs, MG is well-positioned to compete directly with its rivals, as plug-in hybrids are seen as a practical choice due to current limitations in charging infrastructure
BUSINESS
Auto sales rise marginally by 3.67% to 3.40 lakh units in June
While the high base effect of last year also resulted in modest growth in volumes, industry players reckon that new launches such as as Maruti Suzuki Swift, Hyundai Creta, etc., continued to contribute to incremental volumes
BUSINESS
E2W sales remain flat in Q1FY25 despite new offerings by Ola, TVS, Bajaj Auto
Industry players attributed the muted growth in numbers to the reduction in subsidies granted to EVs by the government by replacing the FAME2 Policy (valid till 31st March 2024) with the Electric Mobility Promotion Scheme (EMPS) 2024
BUSINESS
Tata Motors' demerger of CV, PV businesses to secure synergies across biz verticals: Chairman N. Chandrasekaran
In his view, the initiative will lead each company to deliver a “superior experience” for customers, “better growth prospects” for employees and “enhanced value for shareholders
BUSINESS
Dealers urge carmakers to slow down factory dispatches as inventory piles up
Over the last three months, auto dealers saw a steady rise in passenger vehicles inventory which closed with 55 to 60 days of inventory in May totalling 550,000 to 600,000 unsold vehicles for a two-month stock.
