Top Indian Automobile Industry News & Updates - 16 Feb 2024,Friday
🏢 Industry
Tata Group’s Rs 25,000-crore chip project to soon get govt nod
The Tata Group’s Rs 25,000-crore semiconductor packaging plant in Assam, may soon get government’s approval, making it the first domestic firm to set up a chip plant in the country following the government’s Rs 76,000-crore incentive scheme for the sector. Once approved, it will be the second big semiconductor project to get approval after the $2.75 billion Micron’s assembly, testing, marking, and packaging (ATMP) project.
Govt issues guidelines for using Green Hydrogen as fuel in trucks, buses
The government on Wednesday issued guidelines for undertaking pilot projects for using Green Hydrogen as fuel in buses, trucks and 4-wheelers.
Tata Group mulls battery business spinoff, to expand presence in EV and renewable energy segments
Tata Group is considering a potential spinoff of its battery business, according to people familiar with the matter, as the Indian conglomerate expands its foray in the country’s renewable-energy and electric-vehicle sectors.
Decision on Tesla only after Lok Sabha elections: Sources
New Delhi: The fate of American electric vehicle (EV) giant Tesla, particularly regarding any concessional import duty structure or ‘favourable conditions’, is to be decided only after the General elections. The company is expected to bring in the completely built units (CBUs) to kickstart its operations in India, people in the know told businessline.
M&M evaluating EV battery manufacturing unit
Mumbai: Indian automaker Mahindra & Mahindra (M&M) is contemplating setting up a battery plant for its electric vehicles (EVs). The company will be evaluating the viability of a plant and will then look into partnerships. “We are going to look at the next phase on whether we should have a battery plant or not. The inclination is that we should have. But we need to verify the inclination through a lot of data and analysis on the benefits of doing and make the final call. Then the question is with whom and what technology we should use,” said Dr Anish Shah, Group Chief Executive Officer and Managing Director of Mahindra Group, during the analyst meeting.
Mahindra & Mahindra Q3 FY24 Results Live : profit falls by 0.68% YOY
Mahindra & Mahindra declared their Q3 FY24 results on 14 Feb, 2024. The topline increased by 15.02% & the profit decreased by 0.68% YoY.
BYD set to launch third electric car in India - the Seal electric Sedan
In an exciting development for electric vehicle enthusiasts in India, Chinese EV giant BYD is gearing up to introduce its third electric car to the Indian market. The eagerly awaited BYD Seal electric sedan is scheduled to make its debut on March 5, joining the existing lineup of the Atto 3 electric SUV and e6 electric MPV, reported HT Auto.
Motorcycles can ply as bike taxis: Centre to States
In an advisory to States last month, the Ministry pointed out that certain States while processing applications for grant of permits, are taking a view that ‘motorcycle’ is not eligible to ply under contract carriage or operate as a transport vehicle.
Hyundai India expands Ultra-Fast charging stations to 11 locations
Hyundai Motor expands ultra-high speed EV charging network in India, plans 100 charging stations by 2027
Battery capacity lowered due to electric vehicle target scale-down
This figure is half of what would have been required for the government’s earlier ambitious target for EV penetration by the end of the decade.
Centre may reduce import duty for Tesla in lieu of an EV factory in India
The report added that this is likely to be offered against bank guarantees by the US-based car maker for investment to build an electric vehicle (EV) factory in India.
Rs 25K cr semiconductor packaging plant in Assam soon: Rajeev Chandrasekhar
“I want to share with you today that Assam is soon going to have a Rs 25,000 crore semiconductor packaging plant come up in the state. It is a proposal from the Tatas that has to be evaluated,” he added. Chandrasekhar was talking at the Digital India Future Skills summit in Guwahati.
📝 ZF opens new plant in TN, looks to grow with focus on EVs, exports
📝 EV vs ICE price parity for luxury cars unlikely in near future
📝 Road ministry clarifies legal status of bike taxis
📝 Analysts raise price targets of M&M on robust Q3 numbers
📝 Car import duty cut possible soon as govt woos Tesla for domestic EV mfg: Details
📝 State to project itself as destination with ‘green industry base’
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🎤 Interviews & Features
📝 Technology-Agnostic Policies and Incentives are the Need of the Hour for the Indian EV Industry
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🚗 Cars / SUVs
VW introduces “My Volkswagen” app for customers
Volkswagen India launches the new “My Volkswagen” app, a one-stop solution that offers a digital experience for prospective and existing customers. The mobile application offers a 360-degree experience with holistic offerings for the customer.
Skoda Auto India launches Slavia Style edition at INR 19.13 lakh
Skoda has launched the Slavia Style Edition in India, in limited numbers, priced at Rs 19.13 lakh, ex-showroom. The new variant is based on the top-of-the-line Style variant of the Slavia, commanding Rs 30,000 more, and will be limited to just 500 examples, making it exclusive.
Nexon gets 5-star rating from Global NCAP
Mumbai: Tata Motors on Wednesday said its new Nexon (ICE) has got a 5-star rating (32.22/34 points) for adult occupant protection, and a 5-star rating (44.52/49 points) for child occupant protection from Global NCAP. “With Nexon, all our new SUVs have now received GNCAP 5-star rating certifications and have raised the bar for safer SUVs in India. We are dedicated to delivering vehicles that not only surpass expectations, but also prioritise the safety of every passenger on the road,” said Mohan Savarkar, Chief Product Officer at Tata Motors Passenger Vehicles.
Diesel engines propel Mahindra sales
Indian automobile manufacturer and SUV specialist, Mahindra & Mahindra, continues to laugh all the way to the bank thanks to the high demand for diesel powertrains. With many companies switching to petrol, hybrid and electric vehicles, diesel vehicles remain the heart and soul of Mahindra’s January sales figures. Let’s dissect the numbers model-wise and see what customers prefer.
Honda launches exclusive range of merchandise in India
Honda Cars India has announced the launch of its official merchandise ‘Honda Collection’. The Honda Collection features a diverse range of merchandise, from T-shirts, Jackets and caps.
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Electric-Cars / SUVs
From Comet EV to Tiago EV: Price of electric cars reduced in last 1 month
Since the onset of 2024, a bunch of auto OEMs have updated prices of certain models. This has led to prices of several electric cars reduced over the past one month. This is courtesy of a drop in battery cell costs in the global market. Let us take a look at all the battery-powered cars whose prices have been reduced in 2024.
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🚗 Luxury Cars
Mercedes-Benz India, GECBH celebrate 10-years of advanced Mechatronics course milestone
Mercedes-Benz India one of the largest luxury carmaker in the country and Kerala-based engineering college, Government Engineering College Barton Hill (GECBH), have completed 10-year milestone for the Advanced Diploma in Automotive Mechatronics (ADAM) Course.
A handsome car that’s high on speed, comfort
📝 You can buy this car only after government's permission: Highlights of BMW 7 Protection
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⛟ Commercial Vehicles
Order book for e-buses grows to over 20,000 even as industry awaits payment security mechanism
Chennai: With the prospect of introducing a payment security mechanism getting brighter for electric buses, the order book for battery-powered buses is expected to swell further, supported by the participation of more players to bid for e-bus tenders in the coming months.
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🏗 Construction & Agri Machinery
Tractor industry in a rough spot; Mahindra expects sales to drop 10% in Q4
New Delhi: Mahindra & Mahindra, India’s largest tractor maker, expects the drop in demand for tractors so far this fiscal year to worsen. It expects a 10% decline in sales in the ongoing quarter, taking the overall decline in the segment to 5% for FY24 from just over 4% at present, Rajesh Jejurikar, executive director, auto & farm equipment sectors at Mahindra & Mahindra told Mint.
SUV push to keep M&M on fast track despite slackness in tractor demand
Mahindra and Mahindra’s (M&M) encouraging FY25 guidance for the automotive volume has fuelled investors’ interest, helping the stock gain 6.5% on Thursday, a day after its third-quarter earnings call. The company expects sales of sports utility vehicles (SUVs) to grow in the mid-teens while the overall passenger car market is likely to grow by 3-4%. Consistent volume growth in the automotive segment with expanding margins will likely offset the downcycle in the tractor segment and support estimated earnings growth of 12-15% for FY25.
Escorts-Kubota may establish INR 4,500 cr tractor plant in Raj
Escorts-Kubota Ltd has evinced interest in investing INR 4,500 crore to set up a tractor and agri-machinery plant in Rajasthan.
Farmers' demand for guaranteed MSP unlikely to have significant impact on tractor industry: M&M
Source Credit: PTI, The Economic Times
Mahindra & Mahindra Ltd on Wednesday said the ongoing farmers' protest demanding a guaranteed Minimum Support Prices (MSP), among others, is unlikely to have any "significant impact" on tractor sales volumes. The company said the tractor industry is expected to see a 5% volume decline this fiscal.
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🏍 2/3 Wheelers
Premium segment likely to help Hero Moto sustain high valuation
The stock of Hero Moto Corp has lost nearly 3% in the three trading sessions since Friday when it declared the third quarter result, following profit booking and concerns over losses in the electric vehicle (EV) segment. However, factors such as incremental volume from the premium bike segment, strong product lineup, and improving demand for entry-level bikes may help the country’s largest bike maker in mitigating the margin pressure from the EV segment and retain its outperformance on bourses. The stock has gained over 50% in the past three months, outperforming the 18% return of the ET Automobiles index.
📝 India Yamaha Motor recalls 3 lakh scooter units to rectify brake parts
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🚲 Electric 2/3 Wheelers
mXmoto unveils M16 e-bike — All you need to know
The Indian electric motorcycle segment sees yet another new addition — the mXmoto M16 electric cruiser, launched at Rs 1.98 lakh ex-showroom. The company offers a host of benefits, including an 8-year warranty for the battery pack, a 3-year warranty on the motor controller, and a full metal body. Let’s take a closer look at the mXmoto M16.
Court orders EV manufacturer to pay INR 30k to customer over flawed e-bike records
A consumer court ordered Ola Electric Mobility Pvt Ltd and Ola Experience Centre, Rajajinagar, to pay a Bengalurean a compensation of INR 20,000 for the deficient service it provided him when he purchased an Ola electric bike and pay another INR 10,000 as legal cost within 45 days.
Ather hiring investment banks for IPO this year, eyes raising Rs 3,300 cr
The Bengaluru-based firm is planning to raise an estimated $400 million (Rs 3,300 crore) through the IPO. The company is targeting a valuation of about $2 billion, according to sources. Ather declined to comment on its IPO plans.
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⚙ Components
Jefferies raises target price on Samvardhana Motherson to Rs 135; Read to know more
The broking firm Jefferies raised the target price on the stock of Samvardhana Motherson to Rs 135 from Rs 120, earlier. It has kept the rating unchanged to “Buy” on the stock.
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🌇 Allied Industries
Zoomcar Q3 results: Revenue slips 19% to $2.4 mn, bottomline improves
The improvement in adjusted EBITDA was because of a broad-based cost reduction and efficiency initiatives that reduced the cost of revenue, technology and development costs, and operating expenses.
Suprajit Engineering Q3 FY24 Results Live: Profit Rises by 5.8% YoY
Suprajit Engineering declared their Q3 FY24 results on 14 Feb, 2024. The topline increased by 4.63% & the profit increased by 5.8% YoY. As compared to the previous quarter, the revenue grew by 2.16% and the profit increased by 15.79%.
Sony India introduces new car AV receiver XAV-AX8500 at INR 99,990
New Delhi: Sony India Thursday introduced a new addition to its line of car audio visual (AV) receivers, the XAV-AX8500 priced at INR 99,990. It offers a customisable experience to fit the user's personal visual and audio experience with industry-leading quality.
Lumax Auto Technologies Q3 FY24 Results Live: Revenue Increased by 64.53% YoY & Profit Increased by 56.09% YoY
Lumax Auto Technologies Q3 FY24 Results Live: Lumax Auto Technologies declared their Q3 FY24 results on 13 Feb, 2024. The topline increased by 64.53% & the profit increased by 56.09% YoY. As compared to the previous quarter the revenue grew by 4.61% and the profit increased by 32.97%.
Tata group considering spinoff and listing of battery business Agratas Energy Storage Solutions
Tata group considering spinoff of battery business Agratas Energy Storage
📝 Safety takes the driver's seat as Indian consumer preference witnesses shift
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🌢 Fuels, Lubricants & Charging Stations
India emerges as top buyer of Venezuelan crude oil in December, January
After a gap of over three years, India emerged as the top buyer of Venezuelan crude for two consecutive months of December 2023 and January 2024, as per shipping fixtures and ship tracking data.
100-foot tunnel constructed to steal crude oil from IOC pipeline in Rajasthan's Jodhpur
A 100-foot tunnel has been constructed to steal crude oil from the Indian Oil Corporation (IOC) pipeline, police here on Tuesday said. The investigation has been handed over to the special operations group of the police, they said.
📝 Oil slips after large US crude stock build
📝 India hikes windfall tax on petroleum crude, diesel
📝 Centre plans to use hydrogen fuel in transport sector, issues guidelines
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📖 Magazines News
Toyota to dispatch new cars, SUVs on flatbeds
Source Credit: Autocar India
Toyota has introduced a service where new vehicles are transported from the dealer's stockyard to the delivery location on a flatbed. This is the first time a carmaker is officially offering such a service in India, and this helps mitigate risks and improve reliability during transportation.
Matter Aera 5000+ review: An EV like no other
Source Credit: Autocar India
The Matter Aera is an EV like no other and for two reasons. The first is that this is India’s first EV two-wheeler with a liquid-cooled powertrain and battery pack – even the high performance Ultraviolette F77 sticks with air cooling. But it’s the second one that really makes this machine unique – it has four gears just like a petrol motorcycle.
Mercedes-AMG GT6 concept: Batman’s ride showcased in Mumbai
Source Credit: Autocar India
Mercedes-Benz has showcased its AMG GT6 concept at the Nita Mukesh Ambani Cultural Centre in Mumbai, where it will be on display until May 2024. Viewers can interact with a video of the car via the QR Code. Mercedes had earlier showcased their Vision Mercedes-Maybach 6 electric concept at the same venue, following an association with NMACC for curated luxury experiences. Another interesting concept Mercedes had recently showcased in India, albeit at the Bharat Mobility Global Expo, was the 360-degree on-the-spot turning Mercedes EQG.
No price cut for Mahindra XUV400 EV
Source Credit: Autocar India
Mahindra will not be instituting any price cuts for its XUV400 EV. At Mahindra’s press meet for the Q3 FY24 (October-December 2023) earnings call, the brand’s executive director and CEO, Rajesh Jejurikar, said, “No price correction is expected on the existing Mahindra XUV400 EV line-up.”
Mahindra XUV300 line-up to shrink before facelift arrives
Source Credit: Autocar India
Mahindra is readying the XUV300 facelift for its market launch, which is slated to take place in the coming weeks. Ahead of introducing the heavily updated model, the brand has announced that announced a “ramp down” of the existing XUV300 line-up.
Car, SUV despatches up 14 percent in January 2024
Source Credit: Autocar India
If CY2023 closed on a very strong note for the Indian passenger vehicle industry with record wholesales of 4.10 million units (up 8 percent), then CY2024 bids fair to go beyond that. The first month of this year saw PV (cars, utility vehicles and vans) manufacturers despatch a record 3,93,074 units to their authorised dealers across the country. This constitutes a solid 14 percent year-on-year increase (January 2023: 3,46,080 units) and a measure of OEM eagerness to cater to customer demand for new vehicle registrations early in the new year.
Bajaj Pulsar NS200 to get big tech update
Source Credit: Autocar India
Bajaj has released another teaser for the updated Pulsar NS200 that gives us a glimpse into some of the changes that will be made to the new bike.
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📰 International News
Volkswagen in talks over future of Xinjiang site as pressure mounts
Volkswagen is in talks with its joint venture partner in China over its presence in Xinjiang, it said on Wednesday after a German newspaper reported what it said was evidence of the carmaker's involvement in forced labour.
Biden's drive for EVs collides with Detroit's profit machines
The Biden administration and automakers are in the final stages of negotiating over ambitious new rules to accelerate the electric-vehicle transition that could cost Detroit's automakers billions and fuel an election-year clash over climate policy.
Tesla Cybertruck owners complaining of rust-related issues on vehicle
Several owners of Tesla Cybertruck are complaining about potential rust-related issues when it comes to the vehicle's exterior.
Japan's Nidec picks chief of automotive motor unit as new CEO
Japanese parts maker Nidec on Wednesday selected an executive of its automotive motor unit as new CEO and president, succeeding the firm's brash, 79-year-old founder Shigenobu Nagamori as its chief executive.
Japan chipmaker Renesas to buy software firm Altium for USD 5.9 bn
Japan's Renesas Electronics on Thursday said it would buy electronics design firm Altium for USD 5.9 billion in cash, as the acquisitive automotive chipmaker looks to offer digital device design to customers.
Italy working to bring in another carmaker besides Stellantis
Italy has been working for months to attract another carmaker to the country alongside Fiat-owner Stellantis, Industry Minister Adolfo Urso said on Wednesday.
Continental to reduce R&D staffing in automotive division
German autos supplier Continental will reduce research and development staffing in its automotive group sector by 1,750 jobs by the end of 2025, the company said on Wednesday, part of a wider business restructuring in the division.
Volkswagen cars blocked by US customs
German automaker Volkswagen said Wednesday several of its models had been refused entry into the United States, after it emerged that a Chinese-made component may have breached labour laws.
Octopus Energy launches UK's first vehicle-to-grid tariff for EVs
Britain's Octopus Energy said on Thursday it has launched the country's first vehicle-to-grid tariff, guaranteeing free charging for electric vehicle owners who sell the power from their cars' batteries back to the grid during peak hours.
Stellantis bags record annual net profits of 18.6 bn euros
Auto giant Stellantis on Thursday posted an 11% annual rise in annual profits to a record 18.6 billion euros (USD 20 billion) for 2023.
📝 Russians use Chinese partner to produce Citroen cars at idled Stellantis plant
📝 Stellantis operating profit down 10% in H2 due to N. America strikes
📝 Stellantis' Lancia unveils fully electric Ypsilon for new push outside Italy
📝 Tower Semiconductor's Q4 revenue drops on softening demand for auto chips
📝 Swedish union to exempt some Tesla cars from mechanic strike
📝 Musk, Tesla shareholder to propose a stay of pay ruling during appeal
📝 Renault posts lower-than-expected FY profit, ups dividend
📝 US auto retailers' falling new vehicle margins compress quarterly profits
📝 Toyota bZ4X electric SUV thinks of itself as a boat and goes swimming in ocean
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