BUSINESS
Hero Electric to set up 2-3 factories by 2025 to hit 1 million capacity by 2025
Managing Director Naveen Munjal is betting on strong growth in sales of electric two-wheelers in the country, which has encouraged the company to invest at least Rs 700 crore in new plants, and plan new models.
BUSINESS
Jaguar Land Rover testing changes on models to counter chip shortage problem
Due to the shortage JLR is forced to give priority to production of high-margin models even as efforts are on to source the chips from companies that are not the regular suppliers of JLR.
BUSINESS
Govt can evaluate splitting P75I submarine contract between two bidders: Mazagon Shipbuilders
L&T likely to be the second partner, if the govt decides to share the project. It takes eight years from the awarding of the contract to the handing over of the first submarine. Splitting the project between two firms can cut down delivery time. Given the geopolitical situation, the govt may not like the project to be delayed.
BUSINESS
Explained: How global chip shortage can bite into Tata Motors' JLR pie
Tata Motors has already lost 30,000 units in the June quarter only preceded by a loss of 7,000 units in the March quarter
BUSINESS
First Norton bikes to roll out before September: TVS Motor
The company’s new facility at Solar Park, UK, is expected to produce 8,000 high-end premium motorcycles every year. The 1,200cc, 200bhp Norton V4 SS model will be the first product to be launched after Norton’s takeover by TVS.
BUSINESS
Bajaj Auto to set up engineering design centre in Spain, new company in Brazil
The centre in Spain is Bajaj’s attempt at garnering European engineering talent, on the lines of its rivals Hero MotoCorp and Royal Enfield. Brazil’s two-wheeler market is the largest in Latin America, and the eighth-largest in the world. It is dominated by Japanese heavyweight Honda
BUSINESS
More lockdowns will destroy business, employment & economy: Rahul Bajaj in his last address as Bajaj Auto Chairman
There is enough evidence to show that lockdowns create massive economic uncertainty; threaten the livelihood of daily workers and the poor; prompt needless urban-to-rural migration; and sharply accentuate fears in an already fearful milieu. That will be an unmitigated disaster, the company said
BUSINESS
Petrol Skoda Kushaq lines up against mighty diesels of mid-size SUVs
Hyundai, Kia, Tata Motors, MG and Mahindra & Mahindra offer diesel engine options alongside petrol engines.
BUSINESS
Taj Hotels assists families of employees who died of COVID-19 with 3 months’ salary, job for family member
The luxury hotels chain will also fund the education of children of employees who succumbed to COVID. Bajaj Auto, Borosil, Tata Motors, Tata Steel, and Tech Mahindra among those which have announced similar relief packages.
BUSINESS
Planning 10,000 keys, 100 hotels in Ginger: Chairman Chandrasekaran at Indian Hotels AGM
From being a no-frills, basic, economy hotel brand, Ginger underwent a major mid-life repositioning exercise in late 2018 to make the brand aspirational. Calling it ‘lean luxe’, the hotel chain has been redesigned as an ‘on-the-go’ lifestyle for young customers who are its target audience.
BUSINESS
All Independent Directors of Asian Hotels (West) resign; auditors yet to clear FY21 results
Independent directors are disillusioned by the management and have alleged irregularities at the company which is already struggling as business travel has collapsed because of the pandemic.
BUSINESS
This week in Auto: Maruti to hike prices, Gujarat announces EV subsidy, Tata Motors MD to step down and more
Here is a complete look at what else made headlines in the auto space during the week
BUSINESS
Discounting is steep, hope demand picks up soon: Ashok Leyland
Both Ashok Leyland and CV market leader Tata Motors have decided to reduce the level of discounting in the market and pursue profitable growth.
BUSINESS
Ashok Leyland lines up Rs 750 crore capex for FY22, plans new LCV variants
Ashok Leyland will not invest in any new factory. Instead, it would focus on debottlenecking its plants to improve efficiency.
BUSINESS
Greaves Cotton looks to launch high-speed electric two-wheelers in two years
Besides the three existing models -- Magnus, Magnus Pro and Zeal -- the company is planning two product launches every year. The company is also in talks with various e-commerce players to custom-build e-vehicles.
BUSINESS
Tata Motors approves issuing performance shares to reward employees
These are similar to employee stock options (ESOP) but are considered as a reward unlike ESOP which are part of the compensation package.
BUSINESS
Immunity booster meals, discounts, free stays; hotels are rolling out red carpet for guests
Hotel chains like Taj Hotels, IHG, Marriott, The Leela, Oberoi Hotels, and The Lalit are hoping to benefit from another round of revenge travel – a phenomenon that represents compulsive travel to beat boredom brought about by the Covid-19 lockdown
BUSINESS
Honda may move to two-shift production following strong demand pickup
Company sees retail sales and enquiries growing by more than two times in June, compared to May. Enquiries for June 2021 have already hit the June 2020 levels. There is a strong surge in retail demand from the western region.
BUSINESS
This week in Auto: Mercedes drives in S-Class, Hyundai launches Alcazar, incentives for electric two-wheelers and more
Here is a complete look at what made headlines during the week in the auto space
BUSINESS
Automobile demand unscathed by petrol above Rs 100, auto firms to rev up output
Launch of new models, low interest rates for car loans and growing preference for personal mobility because of the pandemic has helped demand bounce back and prompted leading companies Maruti Suzuki and Hyundai to ramp up production.
TRENDS
COVID-19 impact | Indian Hotels MD salary down by 50% in FY21, others follow
IHCL MD Puneet Chhatwal’s remuneration for FY21 stood at Rs 7.22 crore, down from Rs 14.57 crore paid in FY20.
BUSINESS
Electric two-wheeler makers cut prices; Ather, TVS, Ampere, Okinawa issue revised prices
The cut in prices of a maximum Rs 14,500 have made battery-powered two-wheelers close the gap further with their petrol counterparts, and, in some cases, even cheaper
TRENDS
Mazagon Dock to deliver INS Visakhapatnam by Oct, INS Vela by March to Indian Navy
INS Visakhapatnam is undergoing sea trials and three other destroyers are under various stages of development by the state-run company, which had to revise the delivery schedule because COVID-19 disrupted operations
TRENDS
Semiconductor shortages will hit Q2 volumes also: JLR guidance
The two British luxury brands lost about 7,000 units production to the semiconductor shortage during the March quarter before suspending production at two of its factories in the UK in April
