Auto Industry

Though EVs have fast gained traction; CNG vehicle sales are up 82% in 5 years

The government is working towards making India a global automobile manufacturing hub and the domestic industry is expected to be worth Rs 15 lakh crore in the near term, Union Minister Nitin Gadkari said on Tuesday. Virtually inaugurating Tata Motor's vehicle scrapping facility in Jaipur, Gadkari said the automobile sector currently contributes to 7.1 per cent of the nation's GDP with the industry size at around Rs 7.8 lakh crore. "The auto sector gives direct and indirect employment to around 4 crore people and this number is expected to grow to 5 crore by 2025. I am working with a target to make India number one global automobile manufacturing hub and to take its size to Rs 15 lakh crore in the near future," he noted. Gadkari noted that the scrappage policy enables removal of older and unfit vehicles and introduction of new lesser polluting vehicles in a phased manner. "It is estimated that the automotive demand generated by the scrapping policy will lead to additional GST revenu

Bajaj Auto Ltd total vehicle sales fell 21 per cent at 2,85,995 units in January. The company's vehicle sales stood at 3,63,443 units in the year-ago period. Total domestic sales rose 16 per cent to 1,73,270 units in the previous month as against 1,49,656 units in January 2022. Exports declined 47 per cent year-on-year at 1,12,725 units, according to a company statement. Bajaj Auto had shipped out a total of 2,13,787 vehicles to various overseas markets in January 2022. Total two-wheeler sales dropped 25 per cent at 2,41,107 units in January 2023 compared to 3,23,430 vehicles sold in the same month previous year, with domestic sales rose 4 per cent at 1,40,428 units and exports declining a whopping 46 per cent at 1,00,679 during the period under review over 2022, as per the statement.

MG Motor India on Wednesday reported a 4 per cent fall in vehicle sales at 4,114 units in January over the same month last year. The company had retailed 4,306 vehicles in January 2022, MG Motor India said in a statement. The carmaker said production is regaining momentum with some improvement in the supply chain. However, select variants of its vehicles still remain impacted, MG Motor India added.

The domestic automobile industry is scaling up efforts to enhance localisation of electronic components in order to curtail dependence on other countries, especially China, as per auto component industry body President Sunjay Kapur. In an interaction with PTI, Kapur noted that the Automotive Component Manufacturers Association of India (ACMA), Society of Indian Automobile Manufacturers (SIAM) and the Ministry of Heavy Industries are working together to achieve the target of localisation especially in electronics. He noted that there lies a great opportunity for the auto component industry with the big push towards electrification. With growth in consumption of electric vehicles, the industry is witnessing fast transformation of the auto components sector to be an integral part of the electric vehicle manufacturing supply chain. The component industry is making steady investments and acquiring technology companies. "We will have to keep localising...we as an industry are very fortu

He said that many people in the age group of 18-34 young people are losing their lives due to road accidents

India is aiming to double the size of its automobile industry to Rs 15 lakh crore by the end of 2024, making it one of the world's top countries in this sector, Union Road Transport and Highways Minister Nitin Gadkari said on Wednesday. Gadkari also said that his ministry will carry out project works worth Rs 5 lakh crore next year, of which Rs 2 lakh crore will come from the government and the rest will be raised from the capital market. "Currently our automobile industry is Rs 7.5 lakh crore and we want to take it to Rs 15 lakh crore by the end of 2024, making it one of the largest automakers in the world, creating huge job opportunities," Gadkari said at a virtual session of Merchants' Chamber of Commerce and Industry. He said the majority of automobiles in the country will run on alternative fuels by 2030. "We are also working on developing alternative, clean and green fuels like bio-ethanol, bio-CNG, bio-LNG and green hydrogen," he said, adding that green hydrogen is the fuel

With this deal, which is Castrol's largest all-cash transaction, the firm aims to expand its presence in service and maintenance of ICE vehicles and EVs

The US marquee on Thursday launched the 2022 edition of Grand Cherokee, priced at Rs 77.50 lakh in the Indian market

Auto component suppliers are expected to log an 8-10 per cent growth in revenue this fiscal driven by healthy domestic original equipment manufacturers (OEMs) and pent-up demand from the aftermarket even as headwinds persist on the exports front, credit ratings agency ICRA said in a report. For the first half of the current fiscal, the industry reported a year-on-year growth of 29 per cent, ICRA said on Monday, based on projections from 49 auto ancillaries with aggregate annual revenues of close to Rs 3,00,000 crore. The export orders have slowed down in the last few months, impacted by inflationary pressures, geopolitical tensions, and supply-chain issues. "Domestic original equipment manufacturer (OEM) demand constitutes almost 50 per cent of sales for the Indian auto component industry. This is likely to remain healthy in FY2023, with double-digit growth expected in both passenger vehicle and commercial vehicle segments," said Vinutaa S, Vice President and Sector Head at ...

Atto 3 can be charged from 0 per cent to 80 per cent within 50 minutes, and it has a range of 521 km. It can reach 0 to 100 km/h acceleration in 7.3 seconds

With the launch of the EQB by year-end, Mercedes will have a portfolio of four EVs. It expects a fourth of its sales in India to come from electric in the next five years

Those scrapping old vehicles must get discount on new purchase: Gadkari

Auto industry expects car sales to be on the fast lane this festive season on back of new launches and improved production but is cautiously optimistic on the road ahead once the festivities peter out

The tech and auto industry expects the 'Right to Repair' policy to provide recognition to the largely unorganised third-party repairs sector through increased availability of original spares

Across the Indian capital's dense localities, battery swapping stations are becoming a frequent site at local provision stores and small retail outlets

Two-wheeler stocks ready to roll on pick-up in mobility

The spurt in mobility after the pandemic has brightened prospects for auto companies in India, especially the two-wheelers. Take a look at the likely tailwinds for two-wheeler companies.

Despite all the attention they command, e-scooters are used for only about one one-thousandth of all trips made in the world's cities.

The auto component industry, which has traditionally relied on engine parts for the bulk of its business, is ready for the electric shift

Here are the top headlines of the day on Monday