Automobile Dealers

This improvement would fuel growth in an already healthy passenger vehicle category, the automobile dealers' body said

Toyota Kirloskar Motor (TKM) on Wednesday reported a 175 per cent growth in vehicle sales at 12,835 units in January. The company had sold 7,328 units in the year-ago period, Toyota Kirloskar Motor said in a statement. "Even with a month-on-month strong growth of 175 per cent, we anticipate customer demand to gain further momentum in this year," Atul Sood, vice president, sales and strategic marketing at TKM, said. The carmaker had announced opening of bookings for its Hilux and the Innova Crysta models besides announcing the prices of the CNG variants of its Urban Cruiser Hyryder. The company has commenced dispatches of its Hycross SUV and is making efforts to meet the growing demand for the vehicle in the country, he said and added that its Urban Cruiser Hyryder also continues to witness healthy demand. In addition to this, the company's flagship models -- Camry, Fortuner, Legender and Vellfire -- also continue to garner good orders, he added.

India's Tech Mahindra reported a fall in third-quarter profit on Monday, hurt by higher expenses and a subdued performance by its communications division

With increasing congestion across cities in India, Maruti Suzuki India expects sales of its vehicles with auto gear shift to pick up further next year, according to company Senior Executive Officer, Marketing & Sales Shashank Srivastava. The company had introduced the auto gear shift (AGS) technology that relieves drivers from manually changing gears using the clutch, for the first time in 2013-14 on its hatchback Celerio. It has cumulatively sold 7.74 lakh units of such vehicles across its portfolio so far. "After we introduced AGS, slowly we have expanded it in so many of our models. We do believe that with increased congestion, especially in urban areas, AGS is a further addition to the ease of driving. So we believe technology will pick up even further," Srivastava told PTI. The company has nine models -- Celerio, Alto K10, WagonR, Dzire, Ignis, Swift, Brezza, S-Presso and Baleno -- which come with the AGS option. In terms of AGS penetration, he said, "It varies between 12 per

Electric car company Tesla's shares tumbled further to around $137 apiece, its lowest ever, as Elon Musk on Wednesday again blamed global macroeconomic conditions

While Toyota Motor Corp. and Volkswagen AG vie each year for pole position atop the global automobile industry, Hyundai has quietly slipped in behind them, surpassing General Motors Co., Nissan Motor

BMW Motorrad, the two wheeler division of the German luxury car maker, expects sales to grown in double digits next year as well as it remains bullish on the long term growth prospects of the country. The company, which sells a range of motorcycles in the country, is looking to cross the 7,000 unit sales mark this year. With sales volume this year till November having already crossed the 6,000 units mark, a growth of around 40 per cent as compared to same period last year, BMW Motorrad India has for the first time entered the top ten markets for the brand globally. The company had sold 5,191 units in the country last year. "I am absolutely certain of that," BMW Motorrad Head of Region Asia, China, Pacific & Africa Markus Mueller-Zambre told PTI when asked if the company would be able to achieve double digit volume growth in 2023. In order to continue with sustainable growth in the market, the company has realigned its strategy a bit to reflect on the measures it needs to take to .

The initial public offer of automobile dealership chain Landmark Cars received 17 per cent subscription on the first day of offer on Tuesday. The IPO received bids for 14,04,383 shares against 80,41,805 shares on offer, as per data available with the NSE. The category meant for non-institutional investors received 39 per cent subscription, while Retail Individual Investors (RIIs) got subscribed 17 per cent. The Initial Public Offer (IPO) has a fresh issue of up to Rs 150 crore and an offer for sale of up to Rs 402 crore aggregating up to Rs 552 crore. The IPO has a price range of Rs 481-506 a share. Proceeds from fresh issuance will be utilised for payment of debt and general corporate purposes. TPG-backed Landmark Cars is a leading premium automotive retail business in India with dealerships for Mercedes-Benz, Honda, Jeep, Volkswagen and Renault. Shares of the firm will be listed on the BSE and NSE. Axis Capital and ICICI Securities are the managers to the offer.

Eishin Chihana tells Business Standard that his company wants to ensure quality and safety first

Rising gas prices have constrained CNG penetration in commercial vehicles to 9-10 per cent in the current fiscal from peaks of 16 per cent, Icra Ratings said on Friday. A spurt in global energy prices has led to a 70 per cent jump in the price of CNG in the last one year. This has narrowed the gap between the fuel and diesel, blurring the incentive to shift to the cleaner fuel. In a statement, the rating agency said CNG penetration in the domestic commercial vehicle (CV) sector has witnessed a decline in the current fiscal, especially in the MCV truck segment. "Rising CNG prices have narrowed the gap with diesel and in turn, diminished the running cost savings from CNG vehicles, which has been the key deterrent," it said. Notwithstanding the recent decline witnessed in CNG penetration, medium-term prospects remain favourable given the improving CNG fuelling infrastructure and push for cleaner vehicles, it added. Icra said CV industry has witnessed a contraction in the penetration

Luxury carmaker Audi on Wednesday said it will increase prices of its model range by up to 1.7 per cent, with effect from January 1, 2023. The company said it is hiking the prices due to an increase in input and operational costs. "The primary objective of the company's business strategy focuses on a model that begets profitability and sustainability. The price correction is affected as a result of the rising supply-chain-related input and operational costs," Audi India Head Balbir Singh Dhillon said in a statement. The new price range for the company models is directed at maintaining the premium price positioning of the brand, ensuring sustainable growth of both the automaker and its dealer partners, he added. Audi India's current line-up includes the petrol-powered A4, A6, A8 L, Q3, Q5, Q7, Q8, S5 Sportback, RS 5 Sportback, and RSQ8. The electric vehicle portfolio under the e-Tron brand comprises the e-Tron 50, e-Tron 55, e-Tron Sportback 55, e-Tron GT and RS e-Tron GT. Mainstr

Pre-Covid it had predicted that the market would reach 10 million

Higher production is to cumulatively jack up overall capacity utilisation rate in PV industry to 74% by FY23-end from 59% in FY22

The experience centres will enable customers to touch and feel Ola scooters, clarify their queries, and avail support both before and after purchase

The loss-making manufacturer, owned by India's Tata Motors, will cut production of the Range Rover Velar and Jaguar F-Pace models that are made in Solihull

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

Shift to UVs from sedans, vans, and small cars to drive the trend

Firm is in also in talks with various state govts to set up a third plant, which when completed, is likely to have a capacity of a million units a year

Ola Electric plans to eventually have the capacity to produce 10 mn two-wheelers, 1 mn cars

The carmaker on Friday announced a jobs portal for displaced tech workers to fill 800 roles