BUSINESS
Rains disrupt business revival of Uttarakhand, Kerala hotels
Both states put together have about 5,000 branded and unbranded hotels, including Radisson Blu, Lemon Tree, Ginger and Taj Hotels in Uttarakhand's Rudrapur, Pantnagar and Ramnagar
BUSINESS
Chetan Maini’s Sun Mobility raises $50 million from Dutch power trader for EVs
Sun Mobility will have 500 Swap Points in India by end-2022, plans to roll out products to enhance the swap experience, and firm up its share in battery-swapping space.
BUSINESS
Rains force automobile companies to shut production at Uttarakhand plants
Bajaj Auto, Tata Motors and Ashok Leyland had shut down production at their Pantnagar plants as a precautionary measure on October 19
BUSINESS
This Chinese electric scooter company will shift production base to India
DAO EVTech is laying the groundwork for the launch of its first electric two-wheelers in the Indian market as it pursues talks with the Andhra Pradesh government for a plant in Chittoor that will manufacture products for export
BUSINESS
Tata Punch launched, prices start at Rs 5.49 lakh
The Tata Punch is positioned below the Nexon and will compete against the Renault Kiger and the Nissan Magnite, which are priced at Rs 5.6 lakh
BUSINESS
Battery cost slide can offset potential subsidy withdrawal: Tata Motors on EV prices
India’s EV industry is thriving on an array of incentives provided by central and state government to promote the faster adoption of the eco-friendly vehicles
BUSINESS
Tata Motors halts passenger vehicle stake sale as EVs shift to top gear
The carmaker plans to roll out seven electric vehicles in five years after TPG decides to invest Rs 7,500 crore into the business
BUSINESS
Tata Motors offers TPG multiple exit options, including IPO, from EV arm
A TPG-led round of $1 billion will give Tata Motors’ new EV subsidiary a valuation of $9.1 billion, making it the most valuable company in the EV category in India
BUSINESS
Tata Motors’ new electric vehicle company won’t have any manufacturing plants
The PV business will benefit from the fees paid to it by the new EV company for using its brand and IP.
BUSINESS
A lot more on the plate: Ola Cars looks beyond selling just used cars
Ola Car’s vision is to offer the full spectrum of vehicle commerce – from buying a vehicle to selling it and everything in between
BUSINESS
Chip shortage mars Maruti Suzuki’s market share dominance
The impact of the chip shortage has been the most severe on Maruti Suzuki. October is the third month in a row that production at the car market leader’s plants is less than planned.
BUSINESS
Elon Musk plans new Tesla factories, India awaits local production
Musk wants Tesla’s factories to be closer to its customers with at least one factory catering to one major continent.
BUSINESS
Fuel price surge adds to inflationary pressure for companies, consumers
Price of diesel has gone up by 23% since January 1, 2021 while that of petrol has gone up by 22%
BUSINESS
N Chandrasekaran, MK Stalin meet sends Tata Motors stock to 52-week high
Tata Motors has become an outlier in the passenger vehicle (PV) industry, posting growth in sales every month even as its competitors are forced to shut production to parts shortages
BUSINESS
Mercedes-Benz retains lead in luxury car segment in India
Mercedes-Benz saw 79% YoY jump in car sales between January-September 2021 and claims it would have sold 20% more if not for business disruptions
BUSINESS
Pricol hunts for technology partners, seeks to attract investors by hiving off verticals
The process of forming new entities will be completed over the next 12-15 months, and the company hopes to have investors on board by the end of FY23
BUSINESS
Semiconductor snag cripples US truck market; Bharat Forge, Ramkrishna Forgings may be hit
The shortage of semiconductors is expected to continue in the current quarter, translating into lower production of trucks
LUXURY-LIFESTYLE
Mumbai to be home to most luxe hotel rooms, Bengaluru comes close
Relaxation in COVID curbs paves way for a revival in business travel to most major cities, leisure business recovers faster than anticipated with restrictions in overseas travel yet to be lifted
BUSINESS
China power shortage may aggravate supply-chain challenges for India Inc
Auto and appliance makers dependent on China for sourcing components may have a tough time getting supplies as a power shortage in the country forces most manufacturing units to operate only two or three days a week.
BUSINESS
Grand Challenge will have total subsidy of Rs 1,800 crore for 3,472 electric buses
The subsidy for the scheme will be based on operating expenditure, unlike the earlier capex-based programmes. The scheme falls under the remodeled Faster Adoption and Manufacturing of Hybrid and Electric vehicle 2 (FAME) scheme.
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
