🏢 Industry
After brisk start, electric vehicle penetration loses momentum in FY24
The penetration of EVs electric two-wheelers, passenger vehicles, three- wheelers and other segments collectively in the first 10 months of FY24 has been pegged at 4.3 per cent, compared to 3.7 per cent in FY23, according to credit rating agency ICRA.
Ceat ISRL race 2 to take place in Ahmedabad on Feb 11
The Ceat Indian Supercross Racing League (ISRL) Ahmedabad race is scheduled to take place on the 11th of February 2024 at the EKA Arena (formerly The Arena/Transstadia Arena). The Chief Minister of Gujarat, Bhupendrabhai Patel, will be the chief guest.
LG Energy plans to sell batteries to more EV car makers in India
South Korea's LG Energy Solution, the biggest supplier of battery cells to electric scooter makers in India, plans to grow its presence in the country's passenger vehicle market, the company said in a statement on Thursday.
These auto sector stocks can deliver more than 17% return in next one year
If one looks at the old large players from the auto sector, after a phase of relative under performance for quite some time, in the last six months most of them have seen a catch up trade. While valuations have moved upward sharply and are relatively higher then what they were recently, two things need to be taken into account. First, the balance sheets of most of these companies are strong, and strong balance sheets should be given the due importance in normal time but surely more at a time when valuations are expensive across the board. Secondly, there is an underlying transformation happening in auto space, it will take some time but once the new earning stream sets up, there is likely to be a re-rating though it will not be across the board but surely, a select few would be better placed. That is probably the reason why analysts are bullish on them.
‘UP working to realise PM’s vision on semiconductors’
Claiming that UP govt was working diligently towards realising the PM’s dream of increasing India’s prowess in semiconductor manufacturing, officials said that the state was gearing up to compete with Taiwan, US and Korea.
Murugappa Group’s EV arm plans another round of fund raise and higher capex in FY25
Chennai: TI Clean Mobility Pvt Ltd (TICMPL), the electric vehicle (EV) arm of Murugappa Group’s engineering firm Tube Investments of India Ltd (TII), plans multi-pronged expansion – to go for one more round of fund raise, incur higher capex in FY25, to strengthen its EV supply chain and launch network expansion in northern and eastern regions to sell its electric three-wheelers. Regarding funding for the EV arm, TII has already infused ₹250 crore as equity into TICMPL and ₹500 crore as Compulsorily Convertible Preference Shares (CCPS). TICMPL has also mobilised about ₹1,200 crore through private equity investors. Overall, the EV arm has raised funds to the tune of ₹1,950 crore so far.
📝 Niti Aayog bats for LNG for heavy-duty vehicles
📝 Coal India to increase e-vehicles at mines to 681 by FY26
📝 Around 100 auto dealers likely to showcase vehicles
📝 GFCL EV to invest for EV and ESS batteries for domestic and global markets
📝 This was Transport Minister Nitin Gadkari’s first vehicle
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🚗 Cars / SUVs
AMT gearbox launched in Tata Tiago CNG, Tigor CNG— prices starting at Rs 7.90 lakh
Tata Motors has made the early bird move by launching the option of an AMT gearbox in Tiago iCNG and Tigor iCNG. This makes it the first carmaker in India to offer an automatic gearbox option for CNG powertrain. Prices for Tiago CNG with an AMT gearbox start at Rs 7.90 lakh, whereas for Tiago CNG with AMT start from Rs 8.85 lakh (both ex-showroom).
Skoda releases design sketches of 2024 Octavia, global debut on Feb 14
Skoda has released the first official set of design sketches of the 2024 Octavia facelift ahead of its global debut scheduled on 14 February. This is the first major update to fourth-gen Octavia which made its debut in 2020. The latest sketches hint at subtle exterior updates over the current model.
Renault offering discounts up to Rs 65,000 in February 2024
French carmaker Renault is offering a host of discounts totalling up to Rs 65,000 on its lineup of cars, which include the Kwid, Kiger, and Triber this month. The discounts include a cash discount, exchange bonus, and loyalty benefits. Here’s a detailed look at the discounts and benefits Renault is offering in February 2024.
Landmark Cars receives LoI for MG Motor dealership in Mumbai
Bengaluru: Landmark Cars Ltd has received a Letter of Intent (LoI) from MG Motor India Pvt Ltd for opening a dealership in Mumbai, Maharashtra. As per the company’s statement, the dealership will be established by Aeromark Cars Private Limited, a wholly-owned subsidiary company of Landmark Cars. The business will include sales and after sales services of MG Cars.
Tata Motors launches Tiago and Tigor iCNG AMT at INR 7.89 lakh and INR 8.84 lakh
Source Credit: Agencies, The Economic Times
New Delhi: Tata Motors, India’s leading automotive manufacturer, has launched the Tiago and Tigor iCNG AMT - India’s first AMT CNG Cars.
With an impressive mileage of 28.06 Km/kg, the cars will be available at a starting price of INR 7.89 lakhs for the Tiago iCNG and INR 8.84 lakhs for the Tigor iCNG (Ex-showroom Delhi). Adding to the current colour palate, the company will be introducing a new Tornado Blue in Tiago, Grassland Beige in Tiago NRG and a Meteor Bronze in the Tigor.
Amit Kamat, Chief Commercial Officer, Tata Motors Passenger Vehicles Ltd. said, “CNG, known for its widespread availability and accessibility, has garnered considerable acceptance over the years. Tata Motors has revolutionized the CNG segment with various industry firsts like the twin-cylinder technology (helping provide no compromise boot space), high end feature choices and direct start in CNG. In the past 24 months we have sold more than 1.3 lakh CNG vehicles. In our effort to further drive volumes and provide our customers with the best, we are now proudly launching the Tiago and the Tigor iCNG in AMT—Introducing India to its first AMT CNG Cars.”
“Tata Motors boasts of the widest CNG portfolio, including Tiago, Tigor, Altroz and the Punch. As one of the top 2 brands in the CNG market, we have experienced a remarkable 67.9% growth in CNG sales in FY24 compared to the previous year. With the introduction of these Intelligent, safe and powerful twins, we are confident to further improve demand for this fuel option, in turn continuing to sustain our growth momentum in passenger cars,” he added.
| Product |
Variants in CNG |
Price in INR (Ex-showroom Delhi) |
| Tiago iCNG AMT |
XTA |
7,89,900 |
| |
XZA+ |
8,79,900 |
| |
XZA+ DT |
8,89,900 |
| |
XZA NRG |
8,79,900 |
📝 Tata Tiago, Tigor CNG automatic variants, starting Rs 7.9 lakh, launched: Here are price, specification, booking details
📝 Toyota Urban Cruiser Hyryder vs Hyundai Creta: Which one to choose
📝 Hyundai vehicles get cheaper by upto ₹50,000. Check details
📝 Tata Safari SUV brings minor changes but major difference: Key tech highlights
📝 Maruti Suzuki ordered to refund car's price for faulty airbags
📝 Maruti Suzuki Fronx Turbo Velocity Edition adds zing to Baleno crossover
📝 Mahindra BE.05, XUV.e9 and XUV.e8 spotted high altitude testing in Ladakh
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🚗 Luxury Cars
Fourth-gen Mini Cooper, Cooper S makes debut: All you need to know
Mini has unveiled the fourth generation Cooper and Cooper S globally, marking the final iteration of the sporty 3-door hatchbacks powered by internal combustion engines (ICE). Future models wearing the Cooper badge will only be offered in the fully-electric forms.
📝 2025 Range Rover Electric already has over 16,000 interested buyers: Land Rover
📝 BMW, MG warned against 'Zero Emission' electric car ads in UK: Here's why
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⛟ Commercial Vehicles
Euler Motors bags order to supply 2,000 HiLoad EVs to Magenta Mobility
Euler Motors, an electric vehicle company has extended its partnership with Magenta Mobility with a new order of 2,000 HiLoad EVs.
📝 Mahindra Last Mile Mobility sells 40,000 E3Ws in 8 months of FY24
📝 Adani to Electrify Intra-city Mobility with E-Bus Supply
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🏗 Construction & Agri Machinery
Sonalika unveils range of 10 ‘Tiger’ advanced heavy duty tractors in 40-75 HP segment
New Delhi: India’s leading tractor export brand Sonalika Tractors has introduced a range of 10 ‘Tiger’ advanced heavy duty tractors in 40 – 75 HP segment.
India's Escorts Kubota misses Q3 profit view on lower tractor demand
Escorts Kubota, a leading construction and tractor manufacturer has announced its financial results for Q3 and 9 months of FY2024.
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🏍 2/3 Wheelers
Norton Motorcycles announces appointment of Chief Technology Officer, Brian Gillen
Norton Motorcycles, part of the TVS Motor Company Group, today announced the appointment of Brian Gillen as Chief Technology Officer. Brian joins with a wealth of experience from Magneti Marelli, and most recently MV Agusta, where he had a long stint of 15+ years and last held the position of R&D Director. Brian is an expert in the fields of R&D leadership, engine and vehicle design and World Championship motorcycle racing.
Hero MotoCorp Q3 Preview: PAT to see double-digit growth YoY on all-round show
Hero MotoCorp Ltd is likely to report healthy double-digit growth in earnings for the quarter ended December 2023, on the back of robust sales volumes and higher realisations.
Benelli, Keeway slash prices by up to Rs 61,000
Adishwar Auto Ride India has unveiled its 2024 plans for Benelli and Keeway with an aggressive price revision. With the new pricing announced for the Benelli 502C, Leoncino 500, and Keeway K300 N, Adishwar Auto Ride India aims to enhance the brand’s presence in India.
📝 Triumph Daytona 660 launch imminent, listed on official website
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🚲 Electric 2/3 Wheelers
Aponyx to launch high-speed electric scooters, bikes in India
The electric mobility revolution has given birth to many new auto OEMs in the country. Aponyx Electric Vehicles, one such EV brand, aspires to transform urban transportation by releasing high-speed electric two-wheelers. This innovative EV is built for efficiency, style, and a cleaner tomorrow.
📝 Kinetic Green plans to sell one lakh E-Luna electric moped by 2025
📝 Lectrix EV launches E2W LXS 2.0 with 2.3KW battery at INR 79,999
📝 2024 Matter Aera electric motorcycle first ride review: Game changer?
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⚙ Components
Cummins India reports Rs 455 crore profit for Q3 FY2024
Engine supplier major Cummins India has announced its financial results for Q3 FY2024.
ASK Automotive partners Taiwan’s Lioho Machine Works to manufacture and sell alloy wheels in India
📝 Rane Holdings posts consolidated profit of ₹48 cr. in Q3
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🌇 Allied Industries
SKF India reports Rs 132 crore profit for Q3 FY2024
SKF India, one of the leading technology and solutions providers of bearings and units, condition monitoring, and services, has announced its financial results for the Q3 FY2024.
BatX Energies off-grid solar EV charging station powered by repurposed MG EV batteries
MG Motor India has announced its collaboration with BatX Energies – a greenfield startup founded in 2020 – for what it claims is India’s first-ever off-grid, solar EV charging station powered by repurposed MG EV batteries.
LG Energy Solution garners over 50% market share in Indian electric two-wheeler market, to expand to 3W and 4W segment
LG Energy Solution India, a marketing subsidiary of LG Energy Solution (KRX: 373220) located in New Delhi, today celebrates its first anniversary in the country. It was last year that the company officially established its subsidiary in India, to closely monitor the fast-changing market trends and respond more efficiently to local customers’ needs.
Greaves Cotton reports Rs 87 crore net profit for Q3 FY2024
Greaves Cotton, one of India’s leading diversified engineering companies, has reported its financial results for Q3 FY2024. he company reported standalone revenue of Rs 443 crore, up 21 percent YoY, compared to Rs 365 crore a year. The net profit came at Rs 87 crore, up 222 percent compared to Rs 27 crore last year.
Apollo Tyres posts Rs 497 crore profit for Q3 FY2024
Apollo Tyres, one of the leading tyre manufacturers in India has announced its financial results for Q3 and 9M of FY2024.
📝 Terra Charge opens R&D Center in Kolkata to boost charging technology
📝 JK Tyre has a two-pronged business strategy beyond just selling tyres
📝 Mandatory quality control norms for 70 sizes, types of tyres from next year
📝 Will ADAS as a technology survive in India?
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🌢 Fuels, Lubricants & Charging Stations
BPCL launches "Pure for Sure" LPG initiative with QR code authentication
State-run Bharat Petroleum Corporation (BPCL) unveiled its "Pure for Sure" initiative at the India Energy Week 2024 in Goa, a pioneering move aimed at transforming the LPG cylinder delivery system in India.
Servotech Power Systems partners Adani TotalEnergies E-Mobility to setup EV chargers across India
Servotech Power Systems, a leading EV charger manufacturer and charging solutions provider has signed a contract with Adani TotalEnergies E-Mobility (ATEL) for setting up AC EV chargers across India.
Ethanol blending benefits passed on to sugarcane farmers: Govt
New Delhi: The government has saved INR 24,000 crore due to blending of ethanol with petrol and majority of the benefit has been passed on to sugarcane farmers, Union Minister Gajendra Singh Shekhawat said in the Lok Sabha on Thursday. He said at present the blending of ethanol stands at 12% and the government plans to take it to 20% as desired by Prime Minister Narendra Modi.
India's fuel demand rises 8.2% y/y in January
India's fuel consumption rose 8.2% year-on-year in January, government data showed on Thursday, helped by strong industrial activity in the world's third top oil consumer. Total consumption, a proxy for oil demand, totalled 20.04 million tonnes in January, up from 18.51 million tonnes last year, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed.
Gensol Group appoints Ravindra Goyal as Chief Procurement Officer
Bengaluru: Gensol Engineering has announced the appointment of Ravindra Goyal as its Group Chief Procurement Officer. Goyal will spearhead the company’s supply chain management, encompassing all entities in the clean energy and electric mobility domains.
Terra Charge unveils new R&D Center in Kolkata
📝 BPCL avoiding Russian Sokol crude oil purchases due to payment issues: Source
📝 India set to beat China as world's largest source of oil demand despite EV rise
📝 Oil prices headed for weekly gains as Israel rejects ceasefire offer
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💸 Finance & Insurance
Manappuram Finance posts 46% rise in Q3 net profit at ₹575 crore
Kochi: Manappuram Finance Ltd has reported a consolidated net profit of ₹575 crore in Q3 of FY24, reflecting a 46 per cent increase over the corresponding Q3 of FY23, which stood at ₹394 crore.
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📖 Magazines News
Maruti to launch 35kpl+ Fronx hybrid in 2025
Source Credit: Autocar India
While the automotive industry rushes headlong into electrification, the reality is that hybrids are fast finding favour with car buyers and outselling EVs, and that too with a very limited choice of models. The jump in demand for hybrids has been driven by Maruti Suzuki and Toyota, who, unlike most other automakers, aren’t rushing into the EV game. Maruti Suzuki has instead hedged its bets with a multi-fuel strategy that includes EVs, CNG, biofuels and, significantly, hybrids.
Tata Curvv to expand diesel midsize SUV segment beyond Creta, Seltos
Source Credit: Autocar India
The Tata Curvv recently made its debut in production guise at the Bharat Mobility Show, and confirming our previous report, Tata Motors showcased the Curvv with the 1.5-litre diesel engine carried over from the Nexon.
Honda confirms EV sports car development, hints at NSX return
Source Credit: Autocar India
The Honda NSX is tipped to make a comeback with electric power in the coming years as part of the Japanese firm’s radical new EV line-up.
Next-gen Tata Tiago, Tigor likely to get six airbags
Source Credit: Autocar India
Tata Motors is aiming to up the ante in terms of safety of its future products. Speaking to our sister publication Autocar Professional on the sidelines of last week’s Bharat Mobility Global Expo, Mohan Savarkar, chief product officer, Tata Motors Passenger Vehicles, said, “Our main aim is to ensure safe mobility for our customers, and it is not a journey that we have embarked on only recently. In 1997, we set up our in-house crash test lab in Pune even before the Indica was launched. It is one of the most advanced private crash-test laboratories in India till date.”
Tata Tiago, Tigor CNG AMT launched
Source Credit: Autocar India
Tata Motors has announced prices for the CNG and AMT-equipped Tiago hatchback and Tigor compact sedan. The Tiago iCNG AMT is priced from Rs 7.90 lakh, while the Tigor iCNG AMT’s price range starts at Rs 8.85 lakh. The launch of the AMT-equipped Tata iCNG models marks an Indian industry-first – the first automatic CNG passenger vehicle.
Toyota C SUV project for India dropped
Source Credit: Autocar India
Close on the heels of announcing a new plant in Bidadi, Bengaluru, Toyota Kirloskar, the Indian subsidiary of the world’s largest car maker Toyota Motor Corporation has decided to drop the C SUV project scheduled for 2026.
Citroen C3 Aircross gets discounts of up to Rs 1.9 lakh on MY2023 stock
Source Credit: Autocar India
Citroen India has announced rather significant offers and discounts on its ICE range in February 2024, mainly in order to clear inventory of 2023 stock. If you’re in the market for the C3 hatchback, C3 Aircross or C5 Aircross, you’ll be able to avail lakhs worth of benefits this month. Read on to know how much you could potentially save.
Benelli cuts prices of Leoncino, 502C by up to Rs 61,000
Source Credit: Autocar India
Adishwar Auto Ride India (AARI) has slashed the prices of select Benelli and Keeway models by up to Rs 61,000 for 2024. This move follows last month's price revisions for nearly the entire QJMotor and Zontes line-ups.
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📰 International News
Stellantis' Elkann meets Italy's economy minister amid tensions
Stellantis Chairman John Elkann held talks with Italy's president and economy minister in Rome on Tuesday, a spokesperson for the automaker said, amid tensions between the company and the government.
Tesla supplier Panasonic secures Novonix's graphite for EV battery
Japan's Panasonic Energy, a supplier for Tesla's electric vehicles, said on Friday it has struck a graphite supply agreement for its U.S. battery plants with Australian materials company Novonix.
Nissan posts 6% rise in Q3 profit, missing estimates
Japan's Nissan Motor posted a lower-than-expected 6.4% rise in operating profit in the December quarter on Thursday, saying it will maintain its annual outlook as a more profitable product mix offset a lower full-year vehicle sales forecast.
Honda lifts annual profit outlook after strong Q3
Japan's Honda Motor reported a sharp rise in operating profit for the December quarter and lifted its annual outlook, helped by robust sales in the United States, a more profitable product mix and a weaker yen.
Porsche Taycan facelift makes global debut
German carmaker Porsche has unveiled its facelifted flagship electric sedan, the Taycan. The new Porsche Taycan facelift receives minor cosmetic tweaks and major updates to its drivetrain, resulting in more power.
The land of Ferrari and Lamborghini has new speed limit: 30 kmph
Source Credit: Business Standard
When Bologna became the first major Italian city to impose a speed limit of 30 kilometres, or 20 miles, an hour, Luca Mazzoli, a local taxi driver, posted a sign in his cab warning passengers of the change.
German union: agreed job cuts at Ford's Saarlouis plant
"We could not achieve the best solution so we decided to make do with the second-best option: to make job cuts as expensive as possible for Ford," said Joerg Koehlinger, district manager of IG Metall Mitte.
📝 ZF Launches US production of PowerLine CV transmissions
📝 Mazda North America renews pact for Toyota Motor Credit and Mazda Financial Services tie-up
📝 GM head holds talks with Samsung, LG execs over EV battery, auto parts
📝 US closes probe into 3 mn Hyundai, Kia vehicles over fire risks
📝 New indoor EV charging station in San Francisco offers a glimpse into the future
📝 How many cars were sold in Pakistan in 2023? Figures likely to shock you
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