BUSINESS
Maruti Suzuki to cut October output by 40% due to semiconductor shortage
The cut in output comes just at the start of the festive season which begins on October 7 with the start of Navratri. This is usually the time of the year when automakers build inventory for the rush in demand
BUSINESS
MG Motor to nearly double factory capacity; lines up Astor SUV and new EV
The expansion of the Halol plant’s capacity will, however, depend on the availability of semiconductors. The chip shortage has hit the entire industry’s production and MG Motor has a wait time of 3-4 months for its models
BUSINESS
Covid-19 triggers demand for costlier cars: Hyundai Motor India
New car buyers are opting for more expensive and premium variants of vehicles, startling experts who had predicted a shift towards entry-level models
BUSINESS
Siddhartha Lal’s pay: Eicher Motors approaches shareholders again
Eicher Motors decided to make separate proposals for Siddhartha Lal’s reappointment as MD and for his remuneration after a special resolution combining the two proposals had been rejected by shareholders earlier
BUSINESS
Semiconductor shortage may ease from January 2022
“We believe Q2 and Q3 are going to be pretty difficult,” says a parts manufacturer. OEMs are now in talks with semiconductor makers, and even signing contracts for chips, which will be delivered 12 months later
BUSINESS
Premium Volvo trucks see demand as economic activity picks up
Each of the company’s trucks costs more than Rs 1 crore. It sells 1,100 trucks a year, and the order book is full for the next 2-3 months. “We have more than 85 percent market share in this segment. We expect demand for such premium trucks to keep increasing,” said VE Commercial Vehicles CEO.
BUSINESS
Given the pace of demand revival, sales will rescale peak levels in 2023: Satyakam Arya, Daimler India Commercial Vehicles
Medium and heavy truck sales between January and July this year have already surpassed volumes of the entire 2020 and is expected to close at almost double the sales volume compared to last year.
BUSINESS
Exclusive: Scooter brand LML scouts for investors to launch another comeback
Promoters hope to rake in Rs 1,000 crore to develop two-wheeler scooters and bikes. Launch planned for late 2022, with manufacturing units in Haryana and Madhya Pradesh
BUSINESS
Spark Minda eyes inorganic route to expand EV presence
The company is looking to acquire a component maker by March 2022 and is in discussions with a few potential targets
BUSINESS
Govt must provide subsidy to push EV demand: SS Kim, MD & CEO, Hyundai Motor India
Electric cars meant for personal use do not get any direct subsidy from the Centre. Only those buyers who wish to put electric cars to commercial use, such as running taxis, receive a central subsidy
BUSINESS
As Maruti Suzuki, Mahindra struggle to source chips, Hyundai keeps its lines rolling
With the festive season here, it’s advantage Hyundai. Maruti, Mahindra and Tata Motors, which together control over 65% of India’s car market, have announced production cuts just when their dealers are preparing to build inventory
BUSINESS
With properties shut, COVID-19 wipes out pay packages of hoteliers
Indian Hotels Company MD and CEO Puneet Chhatwal saw his remuneration drop by half to Rs 7.22 crore during FY21, compared to Rs 14.57 crore in FY20. EIH Executive Chairman PRS Oberoi took home Rs 29 lakh during FY21, compared to Rs 2.82 crore in FY20
BUSINESS
Tata Motors to cutdown production due to semiconductor shortages
On August 31, car market leader Maruti Suzuki, said that September volumes could be 40 percent of its normal monthly output
BUSINESS
Tata Nexon EV demand hits the roof, but it’s wait ’n’ watch for Volkswagen
While Tata Motors is find it tough to ensure enough supply of the Nexon, growing demand for EVs has prompted it to add one more model – the Tigor EV. Volkswagen believes the EV market in India is still in its early days, and is concerned on the taxation front
BUSINESS
Market can expect substantial price hike: Maruti Suzuki Senior Executive Director Shashank Srivastava
The cost of steel and copper has more than doubled while precious metals have seen the highest jump in prices.
BUSINESS
Tesla gets approval for four models from India’s testing agencies
It was not immediately clear which models or variants these were but multiple test cars of Tesla have been spotted regularly on Indian roads. Model 3 and Model Y have been seen testing in India since the past several weeks.
BUSINESS
Govt-owned CESL plans pan-India solar charging stations for e-vehicles
Solar carports, which make electric vehicles 100% green by avoiding polluting sources of power, should be commercially viable and attractive for private investors, the company's CEO says
BUSINESS
Tata Technologies ready for inorganic growth to scale up operations
Tata Technologies, the product development IT services subsidiary of Tata Motors, has its best-ever order book, a strong balance sheet and is gearing up for ‘outstanding’ 3-5 years for the company and the industry, its chief executive told Moneycontrol
BUSINESS
Maruti Suzuki Chairman RC Bhargava urges vendors to spend less on senior management lifestyle
Bhargava, in his capacity as non-executive chairman, non-independent director of Maruti Suzuki, does not draw any salary, perquisites and performance linked bonus.
BUSINESS
Amitabh Kant warns automakers against the rise of start-ups in the EV space
EV disruption is led by start-ups and they could capture a significant market of the EV space, said CEO of Niti Aayog.
BUSINESS
RC Bhargava of Maruti, TVS’ Venu Srinivasan face off with govt on auto GST rate
Maruti Chairman RC Bhargava says green mobility will not take off unless question of affordability is addressed. TVS Motor Chairman Venu Srinivasan says two-wheelers being taxed at the same level as luxury cars. Industry asks govt to reconsider higher taxation.
BUSINESS
Volkswagen production ramp-up hinges on chip availability
The company is counting on allocation of semiconductors from its German parent to operate the plant near Pune 24x7 by November
BUSINESS
With occupancy rising, luxury hotel room rates are back at 2019 levels
With more people holidaying, occupancy has risen to 55-60% across destinations from around 25-30% a few months ago. Higher occupancy drives a gradual uptick in room revenue
BUSINESS
Exclusive | Maruti Suzuki developing self-charging hybrid cars with Toyota
Inadequate charging facilities have been a major roadblock for adoption of electric vehicles, and Maruti is going for hybrid cars until the infrastructure improves
