Page 24 - Automobile

Car market in slow lane, Mercedes rides high on branded merchandise sales

From watches and shades to fitness bicycles, online shoppers have been lapping it up all in a big way; 75% of shoppers in 18-34 age bracket, firms' revenue tops Rs one crore from this biz

The Modi govt must forget pakoras and let the likes of Toyota create jobs

When India should be presenting itself as an alternative to China by making it easy for enterprises, we find the old and discarded Soviet-style statism creeping back

Global automobile sales forecast to fall by 20% this year, says S&P

Global light vehicles sales are expected to fall by 20 per cent this year compared with 2019 following sales and production disruption due to the COVID-19 pandemic, S & P Global Ratings in a report published on Friday."This new forecast follows a first-half 2020 sales slump of 25 per cent, an unprecedented shock for the global industry," said S & P Global Ratings analyst Vittoria Ferraris."We project global vehicle sales to expand 7 to 9 per cent both in 2021 and 2022, meaning that light vehicle sales two years from now will still be 6 per cent below 2019 volumes."Any upside to our sales scenario will stem mainly from the Chinese market, the most dynamic but least predictable among the main global auto markets, said Ferraris adding that China may be the only market to catch up with 2019 volumes by the end of 2022.S & P said its global auto sales forecast is more conservative than general market standards.But it deems it consistent with the pandemic-related dramatic squeeze

No easing GST rate, automakers should cut royalty payments: FinMin sources

They say companies should cut royalty payments to parents abroad instead of asking GST cut to tide over Covid crisis

GM encouraged by global recovery, will prefer long-term strategy: CEO

GM also is not looking for "a short-term pop" as it relates to its corporate structure, CEO Barra added, when asked about a possible spinoff of the automaker's electric vehicle assets

Ashok Leyland expands LCV offering in bid be among top-10 global CV players

The CV major has said that LCV will be one of the three major levers to drive company's future growth

Auto retail sales down by 26.8% in August, jump in tractor segment by 28.7%

Dealers said that the overall demand is still not back to pre-Covid levels as banks and NBFCs continue to have a cautious approach towards funding

Maruti Suzuki India posts 11% rise in production to 123,769 units in August

The country's largest carmaker Maruti Suzuki India said its total production in August increased by 11 per cent to 123,769 units

SIAM appoints Maruti Suzuki India CEO Kenichi Ayukawa as its new president

The executive committee of Society of Indian Automobile Manufacturers (SIAM) has elected Kenichi Ayukawa as its new President.He has been the Managing Director and Chief Executive Officer of Maruti Suzuki India Ltd since 2013.Ayukawa who was earlier the Vice President of SIAM succeeds Rajan Wadhera, Senior Advisor at Mahindra & Mahindra Ltd.The members of SIAM also elected Vipin Sondhi, Managing Director and Chief Executive Officer of Ashok Leyland Ltd, as the next SIAM Vice President.Vinod Aggarwal, Managing Director and Chief Executive Officer of Volvo Eicher Commercial Vehicles Ltd, will continue as the Treasurer.SIAM is a not-for-profit apex national body representing all major vehicle and vehicular engine manufacturers in India. It works towards supporting sustainable development of the Indian automobile industry with the vision that the country emerges as a destination of choice for design and manufacture of automobiles.

Auto firms moving facilities out of China to cover geopolitical risks: SIAM

Many companies in China are relocating plants in other countries to cover geopolitical risks and the auto and components sector must bring those investments or tie up with them to produce in India

Auto industry facing tough times, needs govt support: Kenichi Ayukawa

The Indian auto industry is facing one of the toughest times in history and needs government support through reduction of GST and incentive-based scrappage policy, Kenichi Ayukawa said

Hyundai, Kia recall over 600,000 vehicles for leaks that can cause fires

Korean automakers Hyundai and Kia are recalling over 600,000 vehicles in the U.S. and Canada to fix a brake fluid leak that could cause engine fires.

Bajaj Auto posts 9% fall in total sales in August with 356,199 units sold

Bajaj Auto on Wednesday reported a 9 per cent fall in its total vehicle sales at 3,56,199 units in August

Escorts Ltd posts best-ever August sales; domestic tractor sales shoot 80%

The company's domestic sales rose to 6,750 units from 3,763 units

Two-wheeler makers' shares surge after Sitharaman's comment on GST cut

Shares of two-wheeler majors Hero MotoCorp, Bajaj Auto and TVS Motor Company soared after Nirmala Sitharaman's comment that the GST Council will consider the proposal to cut GST on two-wheelers

Top-end bike maker Harley-Davidson may exit India due to poor sales: Report

Harley-Davidson India sold fewer than 2,500 units in the last financial year and only about 100 bikes between April-June 2020

Ashok Leyland shares up 13% post Q1 nos; expects Q3 and Q4 to be better

The company reported a consolidated net loss of Rs 388.82 crore for the first quarter ended June 30 (Q1) as against a net profit of Rs 274.96 crore in Q1FY20

Honda Amaze crosses 400,000 cumulative sales milestone in India

Honda Cars India Ltd said its compact sedan Amaze has crossed 4-lakh cumulative sales mark in the country

Kia Motors Corp unveils compact SUV Sonet; plans to launch next month

South Korean automaker Kia Motors Corporation on Friday globally unveiled its sub four meter compact SUV Sonet which it plans to launch in India next month.

Tata Motors introduces subscription model for compact SUV Nexon EV

Customers can select the tenure of their subscription from a minimum period of 18 months, 24 and 36 months