Automobile Industry

Tata High-interest rates make auto industry cautious about growth prospects

Unseasonal rains impacting rural demand, high-interest rates on auto loans and increased costs due to new regulatory norms are making the automotive industry cautious about the growth prospects in the current fiscal. The industry --- which witnessed the first full year without any impact of COVID-19 in FY23 after a gap of two years with double-digit growth of 21 per cent in overall retail sales -- is now set to clock tapered growth in the low single-digit due to a high base, according to the Federation of Automobile Dealers Associations (FADA). As per data shared by the dealers' body, the total domestic vehicle retail sales stood at 2,21,50,222 units in FY23 against 18,3,27,326 units in FY22. Maruti Suzuki India Senior Executive Officer, Marketing and Sales, Shashank Srivastava said the unseasonal rains in March and early April could have a dampening effect on the sentiment in the rural areas. "Because this is the harvest time and these rains are not so good (for the rural sales),"

Maruti Suzuki Q4 net profit up 42.6%; firm declares dividend of Rs 90/share

Maruti Suzuki Q4 net profit up 42.6%; firm declares dividend of Rs 90/share

Maruti eyes doubling SUV sales in FY24; aims top position with 25% share

The country's largest car maker Maruti Suzuki India aims to more than double its SUV sales this year and take the leadership position in the fast-growing segment with a market share of over 25 per cent, according to a senior company official. The auto major sold 2.02 lakh sports utility vehicles (SUVs) last financial year with a market share of around 13 per cent. In the current fiscal year, the company aims to sell around 5 lakh units. The SUV segment is currently the fastest-growing vertical in the domestic passenger vehicle industry. The SUV contribution to the overall passenger vehicle market has grown from 24 per cent in 2018 to 43 per cent in 2022. In an interaction with PTI, Maruti Suzuki India Senior Executive Officer (Sales & Marketing) Shashank Srivastava said the doubling of the market share in the SUV segment would also help the company in its bid to again surpass the 50 per cent market share mark in the domestic passenger vehicle industry. "This fiscal year we expect

Realty, auto firms expect demand to remain intact after RBI holds rate

Central bank outlook reflects 'sense of optimism' about business and demand growth, says one CEO

EV sales on the rise in March; industry needs policy clarity, says FADA

The industry body says while EV segment as a whole grew by 157% during FY23, govt policy should be clear on how much manufacturers can get and how to encash on the subsidy

Automobile retail sales up 14% in March; post 21% YoY growth in FY23

All vehicle categories, except tractors, post double-digit growth for March and the full financial year

Isuzu Motors names Rajesh Mittal as new head of India operations

Isuzu Motors India on Tuesday said it has appointed Rajesh Mittal as the new President. Mittal, the first person of Indian origin to head the country operations, succeeds Wataru Nakano who takes over as a Head of Isuzu operations in Vietnam. Mittal joined the company's top management team as President of Isuzu Engineering Business Centre India (IEBCI) and as Deputy President at Isuzu Motors India (IMI) in February 2022. Since then, he has focused on consolidating the business and steering key projects while fostering a culture of excellence and collaboration, the automaker said in a statement. Isuzu Motors India also named Yasuhito Kondo as Deputy President.

Automobile industry to log single digit growth in FY24, says Fada

The two-wheeler segment fell to seven years low with total retails of 15.9 million during the year. EV penetration in this category during the year was at 4.5 per cent

Street cheers auto volume data amid interest rate, chip crunch concerns

Rural consumption will be crucial in the near-term for two-wheelers, while tractor sales have been healthy due to higher crop prices and adequate water reservoir levels

Maruti Suzuki sales dip marginally in March; highest ever sales in FY23

Maruti Suzuki India on Saturday said its total sales declined marginally to 1,70,071 last month as compared with 1,70,395 units in March 2022. Total dispatches to dealers in the domestic market declined 3 per cent to 1,39,952 units as compared with 1,43,899 units in March 2022. Exports last month however increased 14 per cent to 30,119 units from 26,496 units in the year-ago period. For the last financial year, the company reported its highest ever wholesales till date at 19,66,164 units, up 19 per cent from 16,52,653 units in 2021-22. Domestic dispatches stood at 17,06,831 units in 2022-23 as against 14,14,277 units in 2021-22. Exports rose to 2,59,333 units from 2,38,376 units a year ago.

Hyundai March sales up 11%; records highest ever dispatches in FY23

Hyundai Motor India on Saturday logged 11 per cent increase in wholesales at 61,500 units last month as compared with 55,287 units in March 2022. Domestic dispatches in March 2023 rose 13 per cent to 50,600 units as compared with 44,600 units a year ago. Exports rose to 10,900 units from 10,687 vehicles in the same period a year ago. Total sales in last fiscal year stood at 7,20,565 units, up 18 per cent from 6,10,760 units in 2021-22. It is the company's highest-ever sales in a financial year since commencing operations in the country. Domestic dispatches last month rose to 5,67,546 units from 4,81,500 units in 2021-22. Exports were higher 18 per cent year-on- year to 1,53, 019 vehicles. "FY 22-23 has been a phenomenal year for Hyundai Motor India, as we introduced seven segment defining products like the all-new Hyundai Tucson, new Venue, Venue N Line, all electric IONIQ 5, new Grand i10 NIOS, new AURA and the all-new Verna catering to different segments thus giving a strong p

Toyota Kirloskar Motor sales increase by 9% to 18,670 units in March

Toyota Kirloskar Motor (TKM) on Saturday said its sales increased by 9 per cent year on year to 18,670 units in March. The company had sold 17,131 units in the domestic market in March 2022. For the 2022-23 fiscal, the automaker reported a 41 per cent increase in wholesales at 1,74,015 units from 1,23,770 units in 2021-22 fiscal. "We are extremely pleased to close this fiscal year on a positive note and expect continued momentum and growth in the fiscal of 2024-2025. "The passenger vehicles segment witnessed a steady growth last year, and TKM was prepared to ride the wave by making deeper inroads into the market to meet the varied mobility needs," TKM Vice President, Sales and Strategic Marketing Atul Sood said in a statement. The company's new product launches, introduction of newer, greener and advanced technology options and reaching closer to customers, enabled it to successfully sustain the continued growth momentum, he added. "Given the strong customer demand for all our ..

MG Motor India reports best retail sales in March at 6,051 units, up 28%

MG Motor India on Saturday reported a 28 per cent year-on-year increase in its retail sales at 6,051 units in March, its best ever so far in a month. The strengthening of semiconductor supplies through various localisation initiatives and the easing of logistical bottlenecks have been key factors in achieving the highest ever sales, the automaker said in a statement. This momentum is expected to sustain and improve in the near future as well, it added. The company had retailed 4,721 units in March 2022. "The Next-Gen MG Hector, India's first internet SUV maintains its strong uptake in the market and has recorded its second-highest lifetime sales, since its launch, in the month of March," MG Motor India Senior Director Sales Rakesh Sidana noted. Similarly, the ZS EV has been registering good traction across market segments, he added. The automaker said it is gearing up for the launch of its forthcoming electric vehicle 'Comet'.

Honda introduces new Activa125, compliant with latest BS-VI norms

Honda Motorcycle & Scooter India on Tuesday said it has launched latest version of its scooter Activa125 with upgraded engine priced at Rs 78,920 (ex-showroom, Delhi). The 2023 Activa125 now conforms to the stricter emission norms which will be effective from next month. "With this new model, we have leveraged the latest technology to ensure that our customers can enjoy a smooth and hassle-free ride while meeting the latest norms," Honda Motorcycle & Scooter India (HMSI) Managing Director, President & CEO Atsushi Ogata said in a statement. The Indian automobile industry is currently working to make products meet the second phase of BS-VI norms in real-time driving conditions. Automobiles will need more sophisticated equipment to meet the next level of emission standards. The second phase of BS-VI emission norms is set to kick in on April 1.

Gentari signs pact with Tata Motors for 5,000 e-commercial vehicles

Clean energy solutions provider Gentari on Monday said it has signed an agreement with Tata Motors for the delivery of 5,000 units of e-commercial vehicles. The memorandum of understanding (MoU) through its affiliate entity is for three years, Gentari said in a statement. "Gentari, through its affiliated entity Amplus Power Supply Private Limited, signed an MoU with Tata Motors, India's largest commercial vehicle manufacturer, in 2022, whereby the latter will deliver 5,000 units of Tata Ace EV, over three years. The MoU includes delivery of 1,000 units in the first year for deployment in cities, such as Delhi, Bengaluru, Hyderabad, Pune and Kolkata," it said. High-quality electric four-wheelers coming into the market opens a whole new segment to electrify in the urban delivery ecosystem, MoEVing CEO Vikash Mishra said. "We are excited to work with Gentari to deploy three- and four-wheeler commercial electric vehicles across India to reduce the carbon footprint of deliveries. With o

Five firms make the PLI cut to manufacture hydrogen-powered vehicles

Ashok Leyland, Eicher, Pinnacle, Tata, and Booma get the nod

We want to become No. 1 EV player in India, says Hyundai's Unsoo Kim

"The Indian govt's initiatives on EVs are very strong and customers want to buy EVs. This will make the country's conversion to EVs faster than other markets, and I hope even faster than the US"

Honda to launch new car every year till 2028 in Indian market

Kunal Behl, VP, Honda Cars India said that there are also plans to re-launch an SUV in the first half of the next fiscal year to ride on the booming segment in the country

Tata Motors to raise prices of commercial vehicles by 5% from April

This would be the fourth price hike by India's largest automobile maker this fiscal year

Hyundai inks pact to acquire General Motors India's Talegaon factory

Maharashtra facility can produce 1.3 million cars and 1.6 million engines annually