Page 2 - Automobile Industry

myTVS to set up centres in 3 Asia Pacific nations for overseas foray

Vehicle service provider is present across India through around 25,000 garages and 1,100 outlets

Hyundai Motors joins the list of increasing plant acquisitions in India

ArcelorMittal Nippon Steel and JSW Steel are fighting it out for NMDC's steel plant, while Tata inches closer to the iPhone plant acquisition

Lamborghini eyes Tier I, Tier II cities for business growth in India

Having established a presence across top cities in India, Italian automaker Automobili Lamborghini is now eyeing customers in smaller centres to generate additional volumes, according to a top company official. The super sports car maker is bullish on the country's economic growth, a rise of first-generation entrepreneurs and large-scale road infrastructure development to fuel future business growth. In an interaction with PTI, Lamborghini India Head Sharad Agarwal said a few years ago the demand was largely concentrated in bigger cities and metros but now it is well spread out. "We launched a programme and reached out to possible customers in 100 cities. Today we have 50 cities in India where you can find a Lamborghini owner and these Tier I and Tier II cities now contribute to more than 25 per cent of the business. So these cities are becoming very important for us," he noted. Lamborghini began its India operations in 2007. Last year it sold 92 units in India, a growth of 33 per

Passenger vehicle dispatches rise 11% to 291,928 units in Feb: Siam

PV exports decreased by 9.24 percent Y-O-Y to 46,486 units in February this year. Maruti Suzuki, largest exporter of PVs, saw its foreign sales decrease by 28.7 percent to 16,956 units

Nearly 80% of targetted 1 mn e-two-wheelers sponsored under FAME so far

In the eleven months of FY23, some 649,000 E2Ws were sold at an average of 59,000 units a month. E2W made up more than 60% of the overall 1.04 million EVs sold so far

Uncertainty in Nigeria affects Indian auto, pharma, and consumer firms

Consumer companies like Godrej and Dabur too have significant exposure to Nigeria

Rajan Amba to take over as JLR managing director, succeeds Rohit Suri

Appointment comes at a time when JLR is facing supply chain issues hampering its production

Tesla now cheaper than average new car in the US, says report

Even before those cuts, it was the third best-selling SUV in the US last year, after the Toyota RAV4 and the Honda CR-V

Near-term demand worries in replacements biz cloud Apollo Tyres' outlook

There could be some margin relief on account of falling input costs

SAS' capex need is much lower than our traditional business: Motherson

SAMIL announced it is buying SAS Autosystemtechnik (SAS), which manufactures automobile cockpit modules, from French company Faurecia at an enterprise value of Rs 4,790 crore

Minda Corp set to focus on organic growth after 15.7% Pricol buy

Pricol is a major player in the connected vehicle solutions and telematics segment of the auto component industry

Semiconductor chip supply constraints put brakes on auto OEM ramp-up

Firms struggle to increase production as supplies yet to fully normalise

Japan's Nissan reports 55% jump in profits as chip shortages decline

Nissan reported a 55% jump in October-December profit Thursday, as the Japanese automaker seeks to embark on a less bumpy journey with its French alliance partner Renault. Profit for the quarter at Yokohama-based Nissan Motor Co. totaled 50.6 billion yen ($386 million), up from 32.7 billion yen the previous year. Quarterly sales surged 29% to 2.8 trillion yen ($21 billion), as a shortage of computer chips that has slammed the world's automakers gradually eased, according to Nissan. The crunch was caused by COVID-19-related lockdowns and other restrictions, which hindered Nissan's ability to deliver vehicles to customers. Some buyers were waiting for a year for their Z sportscar or Ariya sport utility vehicle, said Chief Operating Officer Ashwani Gupta. We really don't want our customers to wait this long, he told reporters. The rising cost of raw materials, inflation pressures and volatile currency exchange rates have added to the risks for the auto industry, including Nissan. N

India's Escorts Kubota posts 7.5% drop in Q3 profit on higher input costs

Indian tractor maker Escorts Kubota Ltd reported a 7.5% fall in quarterly profit on Wednesday, as margins were pressured from persistently high raw material costs

SUVs may rule but premium hatches, small cars drive volumes in India

While almost all cars that fell into that category cost less than larger sedans or even mid-size SUVs, the underlying truism led to two realities

Turning India into a green mobility hub

While almost all cars that fell into that category cost less than larger sedans or even mid-size SUVs, the underlying truism led to two realities

CNG, EVs, hybrid vehicles to comprise 30% of total auto sales: ICRA

CNG, EVs and hybrid vehicles may grab up to 30 per cent share in total auto sales in next five years even as petrol cars are likely to dominate passenger vehicle volumes in medium-term, a report said on Tuesday. Demand for Electric Vehicles (EVs) has increased exponentially in the last two years with the government's push, increasing awareness, and new launches, domestic rating agency Icra said in its report. However, the share of EVs in the overall PV (passenger vehicle) industry remains low, at 1 per cent currently, it stated. On the other hand, CNG vehicles have also gained prominence in recent years, aided by favourable running costs, improving penetration of CNG dispensing stations across the country, and enhanced product offerings by OEMs, Icra said and added, lower emissions in CNG vehicles would also help OEMs (original equipment manufacturers) comply with the impending Corporate Average Fuel Economy (CAF) norms. Noting that a cohesive approach from all stakeholders is ...

India's retail vehicle sales up 14% to 1.8 million units in January: FADA

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

Funding for electric vehicle sector up 117% in 2022, at $1.6 billion

The Budget exemption for Customs duty on capital goods and machinery for manufacture of EV batteries, and the duty cut on lithium batteries from 21 per cent to 13 per cent will lower prices

JK Tyre and Industries' Q3 profit up 24%, income rises 17% to Rs 3,622 cr

The company's total income during the quarter was seen up by 17 per cent to Rs 3,622.62 crore, as against Rs 3,083.95 crore during the third quarter of 2021-22