Page 5 - Automobile Industry

Ducati India to hike prices of entire range of motorcycle from Jan

Italian superbike maker Ducati on Monday said it will hike the prices of its entire range of motorcycles in India from January 1. The company, however, did not disclose the quantum of the hike. Ducati India announces an increase in price on its entire motorcycle range to be effective on ex-showroom price from January 1, 2023, the luxury bike maker said in a statement. The company has been absorbing costs for some time but will now have to pass on the increase through a revision in prices due to a substantial increment in costs related to raw material, production and logistics, it added. The revised prices will be applicable for all models and variants of the bikes irrespective of dealerships across New Delhi, Mumbai, Pune, Bengaluru, Chennai, Kochi, Hyderabad and Kolkata. The company also said it remains committed to India and will launch all the motorcycles unveiled globally in the domestic market.

Indian automobile industry looks to sustain growth momentum in 2023

The Indian automobile industry is setting out on a journey with hopes for a sustained growth momentum in 2023 and further embracing clean technology amid the lurking speed breakers of rising interest rates and cost increases due to new emission and safety norms, having witnessed a strong comeback from the COVID-led downturn this year. While the passenger vehicles (PV) segment is set for record sales in 2022 despite the lingering effects of supply chain constraints and semiconductor shortages, the two-wheeler space is yet to see sustained sales buoyancy after having suffered for most of the year. According to industry estimates, PV sales can reach around 38 lakh units this year. The three-wheelers and commercial vehicles segments have also witnessed good growth in 2022 compared to 2021, albeit on a low base of last year, which was affected by the second wave of COVID-19 and manufacturers will be keen to carry forward the momentum to the new year. As per industry observers, 2023 will

Honda to hike prices of entire model range by up to Rs 30,000 from Jan

Japanese car maker Honda on Friday said it is planning to increase prices of its entire model range by up to Rs 30,000 from January to partially offset the impact of rising input costs and prepare products in compliance with upcoming stricter emission norms. The company, which is present in the country through a wholly-owned subsidiary, joins the likes of market leader Maruti Suzuki, Hyundai, Tata Motors, Mercedes-Benz, Audi, Renault, Kia India and MG Motor, who have also made the year-end announcements to hike prices from the next month. "After assessing the consistent increase in the input cost of raw materials and upcoming regulatory requirements, we will have to undergo a price revision for our products from January 23. The increment will be in the range of up to Rs 30,000 and vary from model to model," Honda Cars India Vice President (Sales and Marketing) Kunal Behl told PTI. As per the second phase of BS-VI emission regulations, to be effective from April 2023, vehicles will

Auto aftermarket firm myTVS raises Rs 203 cr in funding from Lingotto

Company earlier got Rs 487 cr from Castrol India for business and technology collaborations

Landmark Cars' initial public offering subscribed 39% on Day 2 of offer

The Initial Public Offer (IPO) of automobile dealership chain Landmark Cars got subscribed 39 per cent on the day two of offer on Wednesday. The IPO received bids for 31,33,102 shares against 80,41,805 shares on offer, as per data available with the NSE. The category meant for non-institutional investors received 84 per cent subscription, while Retail Individual Investors (RIIs) portion was subscribed 36 per cent and Qualified Institutional Buyers (QIBs) 9 per cent. The 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. Its price range is at 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 manage

Passenger vehicle wholesales rise 28 per cent in Nov on robust demand

Passenger vehicle wholesales in India rose 28 per cent year-on-year in November, aided by robust demand for both utility vehicles and cars, industry body Society of Indian Automobile Manufacturers said on Tuesday. Overall passenger vehicles dispatched from companies to dealers stood at 2,76,231 units last month as compared to 2,15,626 units in November 2021. Utility vehicle wholesales rose 32 per cent to 1,38,780 units in November against 1,05,091 units in the year-ago period. Similarly, passenger car dispatches increased 29 per cent to 1,30,142 units from 1,00,906 units in November 2021. Van sales, however, dropped to 7,309 units last month from 9,629 units in November 2021. "Positive consumer and business sentiments have reflected in the better sales in the month of November 2022, compared to the previous year," Society of Indian Automobile Manufacturers (SIAM) President Vinod Aggarwal said in a statement. There is a sequential decline in wholesales over October 2022 attributab

Will ICE 2-wheelers really fall off a cliff as Ola's Bhavish Aggarwal says?

Perhaps the more realistic scenario is also the more appropriate metaphor, writes Suveen Sinha

Bharat Forge: Diversification, lower input costs should reap benefits

Bharat Forge is the largest exporter in forgings components globally, with around 60 global customers and about 68 per cent of its revenue from exports

Stellantis to shut key Jeep Cherokee plant in US, lay off 1,200 in EV era

Stellantis said that the plant, which produces the Jeep Cherokee SUV, will cease production as of February 28

Rising gas prices constrain CNG penetration in commercial vehicles: Icra

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

Ather Energy, Greaves Cotton exit EV association SMEV, choose Siam

SMEV was set up primarily for electric two-wheeler players and start-ups in this space. Its membership restricts the entry of companies that have ICE operations and use petrol

TaMo, M&M: Price rise unlikely to put auto stocks in top gear, charts show

Automobile stocks like Tata Motor, M&M, HeroMoto Corp, and TVS motors need to cross significant hurdle to rally further

Maruti Suzuki recalls 9,125 vehicles to fix possible defects in seat belts

Maruti Suzuki India on Tuesday said it is recalling 9,125 units of its models Ciaz, Brezza, Ertiga, XL6 and Grand Vitara to fix possible defects in a part of the front row seat belts. The affected vehicles were manufactured between November 2-28, 2022, Maruti Suzuki India said in a regulatory filing. "It is suspected that there is a possible defect in one of the child parts of shoulder height adjuster assembly of front row seat belts, which in a rare case, may lead to seat belt disassembly," it said. The company said it has decided to recall the suspected vehicles for inspection and replacement of the faulty part, free of cost. "Affected vehicle owners will be receiving communication from the company's authorised workshops for immediate attention," it said.

Kia India records 69% increase in total sales at 24,025 units in Nov

Kia India on Thursday reported a 69 per cent rise in total sales at 24,025 units in November this year. The company had sold 14,214 units in the same month last year, Kia India said in a statement. Flagship SUV Seltos led the sales with 9,284 vehicles with Sonet, Carens, and the Carnival recorded sales of 7,834, 6,360 and 419 units, respectively last month, it added. Kia India said it also delivered 128 units of EV6 in the domestic market, taking the total EV6 deliveries to 296 units. The company has been able to post healthy sales figures throughout this year due to improved customer sentiment and pent-up demand, Kia India Vice President and Head of Sales & Marketing Hardeep Singh Brar said. The commencement of the third shift at the company's Anantapur Plant earlier this year and gradually improving supply chain has also helped streamline the delivery period and meet customer expectations, he added. "However, we will remain observant of dynamic market conditions," Brar added.

Skoda India reports two-fold increase in November sales at 4,433 units

Skoda Auto India on Thursday reported two-fold increase in sales for November 2022 at 4,433 units. The company had sold 2,196 units in the same month last year. "We have doubled our annual sales this year, over 2021, with a big month of December still to go," Skoda Auto India Brand Director Petr Solc said in a statement. Cumulatively, from January to November 2022, the automaker sold 48,933 units, which is more than double of the 23,858 cars sold in 2021.

Bajaj Auto total sales in November decline 19% YoY to 306,552 units

Bajaj Auto on Thursday reported a 19 per cent decline in total sales at 3,06,552 units in November, compared to 3,79,276 units in the same month a year ago. Total sales in the domestic market stood at 1,52,716, down 4 per cent from 1,58,755 units in the same month last year, the company said in a regulatory filing. Bajaj Auto said its exports last month were down 30 per cent at 1,53,836 units, as against 2,20,521 units in the same month last year.

Vikram Kirloskar remade Indian manufacturing; his legacy is everlasting

Vikram Kirloskar, vice chairperson of Toyota Kirloskar Motor, passed away at age 64 on Tuesday

Toyota Kirloskar Motor Vice Chairman Vikram Kirloskar passes away at 64

Vikram Kirloskar, a pioneer of India's automotive industry, played a key role in bringing Japan's Toyota Motor Corp to India in the late 1990s

Ola Electric on track to open 200 experience centres by end of 2022

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

Reducing taxes on automobiles can benefit economy: Vikram Kirloskar

A roadmap to reduce taxes on automobiles by half over a 10-year period to make the Indian auto industry more competitive globally and provide large scale employment to benefit the economy needs consideration, according to Toyota Kirloskar Motor Vice Chairman Vikram Kirloskar. Although at the moment India cannot afford to slash the tax rate on automobiles drastically, he said a plan to reduce cess on the industry can be looked at considering the sector's contribution to the overall GDP of the country. "The auto industry is highly taxed. If we look at a car by the time it's produced and by the time it's sold, in most cases it is 30 to 50 per cent more than the ex-factory prices (after adding) GST and all the other taxes, including road taxes," he told PTI in an interview. He further said, "We as an industry are very competitive. I think in the world, cost wise, quality wise, we have become quite competitive. So I think a plan to reduce taxes over a period of time will really benefit t