Top Indian Automobile Industry News & Updates - 17 Feb 2024,Saturday
🏢 Industry
Mint Explainer: The EV incentive conundrum
With the government deliberating the extent of support to the fledgling electric vehicle industry, makers, suppliers, dealers, and customers of electric vehicles are seeking timely clarity on the way forward for the incentive scheme which expires on 31 March.
Volkswagen Group to supply MEB’s components to Mahindra for its INGLO platform
Volkswagen Group and Mahindra & Mahindra (M&M) have signed the first supply agreement on components of Volkswagen’s MEB for Mahindra’s purpose-built fully-electric platform INGLO.
Is it time for India’s EV sector to drop the crutches of subsidy?
Subsidies play a key role in driving companies to make electric vehicles (EV) and also in making them appealing for buyers. So, when the government decided to almost halve the support for EVs, it surprised many stakeholders in the ecosystem. But some say it is time to end sops if EV innovation has to grow.
A new No. 2? Mahindra may just zoom past Hyundai.
One was already a big name in the global auto market before entering India in 1996. The other proved its car-making mettle way back in 1954, when it started assembling Jeep CJ3 under the licence of Willy Jeep. While one cannot separate the South Korean DNA from the former, the latter knows the Indian roads, and off-roads, better than anyone else.
Export of vehicles declines 11% y-o-y in April-January: SIAM
New Delhi: Export of automobiles across categories from India declined around 11 per cent year-on-year (y-o-y) between April and January to 36,11,614 units, compared with 40,46,115 units in the same period in the last financial year (FY23).
Maruti Suzuki India’s CV Raman in race for World Car Person of the Year Award
Maruti Suzuki India’s Chief Technology Officer, C V Raman, has been shortlisted as a finalist for the prestigious World Car Person of the Year Award 2024.
M&M on a high despite issuing a cautious outlook on tractor growth, Find out why brokerages are bullish?
Despite Mahindra & Mahindra (M&M) recently providing a cautious outlook on tractor growth, brokerages remain bullish on the company, propelling its stock to higher levels. The stock has gained over 8% in the past 2 days.
Ceat ISRL season one finale to be held in Bengaluru
Ceat ISRL has announced a change in venue for the Season One finale. Originally slated for Delhi, the event will now be held in Bengaluru on February 25, 2024, as initially scheduled.
India's small exporters reel as Red Sea crisis helps rivals nab business
Atul Jhunjhunwala, an exporter in the Indian eastern city of Kolkata, is tearing his hair out, having just lost another order due to the Red Sea crisis that has jacked up his shipping costs and times.
UP emerges as top state in total vehicle sales in Oct-Dec 2023; Maharashtra 2nd: SIAM
UP emerges as top state in total vehicle sales, Maharashtra 2nd: SIAM
M&M hits new high, up 12% in 2 days; strong Q3, Volkswagen deal aid buying
With today’s gain, the market price of M&M has rallied 12 per cent after the company said on Wednesday that the group delivered ‘solid’ operating performance across all business verticals except Tech Mahindra. The stock of Mahindra Group automobile company surpassed its previous high of Rs 1,758 touched on December 29, 2023.
It is not about EV vs hybrid but reducing emission: Maruti's RC Bhargava
Responding to the fact that the sales numbers of hybrid cars have been higher than electric cars in the last quarter of 2024, Bhargava pointed out: “It has never been about electric versus hybrid. Both have a clear role to play. By 2030 we expect electric car penetration to be around 20 per cent. But 80 per cent of the cars will still be internal combustion engine (ICE) vehicles. The government should make the effort to convert a large share of these ICE cars to hybrid so that the overall carbon emissions come down. But the government has never promoted hybrid cars in the country.”
India outpaces peers in light vehicle sales growth: S&P Global Mobility
Other global markets such as the US, Japan, Germany, France, Italy, and South Korea are still behind, hovering at pre-pandemic levels (see chart). Only China is in a positive zone, growing by 2.6 per cent in 2023 from its pandemic levels of 2019.
Auto shares rally; Maruti Suzuki, TVS, Hero Moto, Bajaj, M&M hit new highs
Maruti Suzuki India (MSIL), TVS Motor Company, Bajaj Auto, Hero MotoCorp and Mahindra & Mahindra (M&M) also made fresh highs on the BSE, rallying 3-4 per cent.
Auto OEM-maker Remsons Industries to buy out Uni-Automation
Assam to get INR 25,000 cr semiconductor packaging unit: Chandrasekhar
''The summit is being held in the country for the first time and I have been asked why it is being held here and not in Hyderabad or Delhi. The reason is that under the dynamic leadership of Assam Chief Minister Himanta Biswa Sarma, a semiconductor plant will come up very soon in the state, allowing interested youth to find employment opportunities without having to leave," the Union minister said.
📝 Tata group considering spinoff and listing of battery business Agratas Energy Storage Solutions
📝 Steel, Cement, EVs: JSW goes big on Odisha
📝 80% in just 21 minutes: Hyundai expands ultra-fast EV charging network in India
📝 Bajaj Auto sets February 29 as record date for Rs 4,000 crore share buyback
📝 VinFast gets 400 acres in Tamil Nadu's Thoothukudi for EV plant
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🎤 Interviews & Features
How to ride a bike in snow?
Riding in snow is a strict no-no. Unlike four-wheelers that may skid but will unlikely topple, there is every chance of falling from a two-wheeler your two-wheeler falling on you, in snow. Yet snow presents a unique challenge, and if you love motorcycling, riding in snow can be a once-in-a-lifetime experience.lt can also teach you a thing or two about safe riding. We just rode the new Royal Enfield Himalayan from Shimla to the cold desert of Spiti and back, over eight days, in virgin snow, as part of the Whiteout 2024 (a marquee ride by Royal Enfield).
Confident of delivering 1.5x industry growth in the medium to long term: Sunil Bohra, UNO Minda
Just going through your Q3 performance and we have seen a 20% growth in your top line. You have given good guidance as well for the coming quarters. What segments make you confident and you think will contribute to growth?
📝 ‘Copper is key to energy transition, strong demand in India may emerge from 2030’: Mayur Karmarkar
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🚗 Cars / SUVs
📝 Anand Mahindra honours Sarfaraz Khan's father, offers Thar SUV as gift
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Electric-Cars / SUVs
Car Review: Mahindra XUV400 Electric Pro: Fully electric, a bit eccentric
Mahindra’s `serious' electric car, the XUV400, got off to a great start. Launched in January 2023, it got over 10,000 bookings in four days, and 15,000 in 15 days. But sales were low — 700-800 units per month, as per industry sources. It was priced a bit more than Tata Nexon EV, and the cabin looked dated. Mahindra has now updated the SUV, and we drove it.
BYD to launch Seal EV Sedan in India on March 5, check full update here
Now, the Shenzhen-based company is all set to launch its third car, Seal EV in India, on March 5, 2024. The company's portfolio includes Atto 3 and e6 MPV in India.
📝 MG Motor India plans festive season launch for third electric car model amid growing market competition
📝 Mahindra partners Volkswagen for EV-related components. What's significant
📝 Ford Mustang Mach-E trademarked in India. Check details
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🚗 Luxury Cars
CEO’s Take 2024: Aspirational neo-rich entrepreneurs to expand luxury car market in 2024 - Vikram Pawah, BMW Group India
The excerpts:
Mercedes-Benz celebrates 10 years of ADAM course in Kerala
Kochi: Luxury car maker Mercedes-Benz has completed 10 years of its Advanced Diploma in Automotive Mechatronics (ADAM) course with the Government Engineering College Barton Hill (GECBH), Thiruvananthapuram. The course, which is part of the company’s social initiative project, has been curated to impart a holistic understanding of the latest automotive mechatronics and cutting-edge EV technologies. In 2012, an MoU between Mercedes-Benz India Ltd and the Kerala Government laid the foundation for the ADAM course.
Bentley Bentayga EWB: First Class
The Bentley Bentayga was a bold move, with Bentley treading the line between profits and a clear departure from its nearly SUV-free lineage. In hindsight, it didn’t do too badly in finding that balance. Time flies, because that was nine years ago, and the Bentayga is as strong as ever. We check out the Bentley Bentayga EWB (extended wheelbase) in the uber-rich Azure trim, to get a first-hand experience of what this seemingly driver-focussed super-opulent SUV has to offer.
Mercedes Benz G 400d: G for Genius
Nothing – absolutely nothing – comes close to the G-Class when it’s about a modern car with old-school appeal. There are throwbacks and there are special editions, but for a series production vehicle to go pretty much against the tide and retain stuff that harks back to the late 1970s is almost unheard of. Yes, the Porsche 911 is still rear-engined, but it definitely isn’t going to scare the daylights out of its driver any more, as they lift off the throttle mid-corner.
📝 Land Rover Defender vs Jeep Wrangler: Which off-road SUV should you buy?
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⛟ Commercial Vehicles
Tata Motors launches Ultra range of trucks in South Africa
Tata Motors, one of the leading commercial vehicle manufacturers, along with its authorised distributor, Tata Africa Holdings has launched launch the Ultra range of of multipurpose heavy-duty trucks – Ultra T.9 and Ultra T.14 – in South Africa.
Ashok Leyland’s maiden batch at Rudrapur trains 1,000 apprentices
Ashok Leyland, a leading commercial vehicle manufacturer distributed the Apprentice Engagement Letters to the inaugural batch of apprentices at Rudrapur, Pantnagar.
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🏍 2/3 Wheelers
Yamaha recalls Ray ZR 125 and Fascino 125 models
Yamaha India has announced a voluntary recall of around 3,00,000 units of 125cc scooters manufactured between January 1, 2022, to January 4, 2024, with immediate effect.
Royal Enfield partners with K-Rides Motosiklet to enter Turkiye market
New Delhi: Mid-sized motorcycle maker Royal Enfield on Friday announced its foray into the Turkish market through a distribution partnership with K-Rides Motosiklet ve Bisiklet San. ve Tic. A.S., a subsidiary of Kibar Holding.
Eicher Motors faces margin squeeze even as high realisation drives Q3 profit
Eicher Motors Ltd is riding high on tailwinds from improved realisation, which fuelled the 13% year-on-year standalone revenue growth for the December quarter (Q3FY24), beating analysts’ expectations. A superior product mix, led by the introduction of new two-wheelers, has boosted realisation. Net realisation stood at ₹177,758 a unit, registering nearly 10% growth. Softer raw material costs supported operating profitability, with Eicher’s Ebitda increasing by 27% to ₹1,090 crore in Q3.
2024 Bajaj Pulsar NS200 teased: All you need to know
Bajaj Auto is gearing up to launch the 2024 Pulsar NS200 and due to this, the two-wheeler company has been releasing a series of teasers. Bajaj did manage to throw everyone into a tizzy whether it is the N400 or NS200, but it is the latter. Here’s what we know so far about the NS200 update.
📝 Yamaha Motor India recalls 3 lakh scooter units to rectify brake parts
📝 TVS Motor crosses Rs 1 lakh crore m-cap as stock jumps 4% to fresh 52-week high
📝 Jawa 350 vs Honda CB350: Which retro motorcycle should you buy?
📝 TVS 6th auto co to drive into 1 lakh crore market cap club
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🚲 Electric 2/3 Wheelers
Ola Electric S1 range prices reduced by INR 25,000
Recently, Ola Electric was awarded as the first Indian 2W company to receive Domestic Value Addition (DVA) certificate under Production Linked Incentive (PLI) Scheme for automobile and auto component industry. The PLI certification is a testament to companies' vertically integrated manufacturing capabilities, robust localised supply chain ecosystem and govt. subsidies have helped the company restructure costs and hence reduce prices of scooters across S1 portfolio making them more affordable and accessible.
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⚙ Components
TVS Eurogrip showcases its product range at global stage
TVS Eurogrip, one of the fastest-growing tyre brands in two-, three-wheeler, and off-highway range, participated in two international expos this week -World AG EXPO in Tulare, California, USA from February 13th to 15th and FIMA AGRICOLA at Feria de Zaragoza, Aragon, Spain from February 13 to 17, 2024. The company showcased its wide variety of off-highway and agriculture tyres.
Auto Parts Q3 FY24 Results Live : Loss Rise by 376.83% YoY
Sibar Auto Parts declared their Q3 FY24 results on 14 Feb, 2024. The topline decreased by 29.13% & the loss increased by 376.83% YoY. As compared to the previous quarter, the revenue declined by 34.12% and the loss increased by 2307.26%.
Jay Bharat Maruti Q3 FY24 Results Live: Profit Rises by 0.2% YoY
Jay Bharat Maruti declared their Q3 FY24 results on 14 Feb, 2024. The topline increased by 2.38% & the profit increased by 0.2% YoY. As compared to the previous quarter, the revenue declined by 10.73% and the profit decreased by 26.24%.
CV growth worries, sustainable margin gains key concerns for Bosch
The stock of auto component major Bosch has been hitting its 52-week highs repeatedly over the past week. This is on the back of a better-than-expected operational performance in the December quarter. Further, hopes of an improved gross margin performance have led to an upward revision of earnings per share of the company.
ELGi in tech pact with Italian firm to manufacture, sell vacuum products
ELGi Equipments Ltd, a leading manufacturer of air compressors, has entered into a technical licensing agreement with Italy-based DVP Vacuum Technology SpA, a family-owned company that has been in the vacuum business since 1973, to assemble, manufacture, and sell vacuum products.
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🌇 Allied Industries
EV OEMs look for new electrode active material suppliers: GlobalData
The significance of cathode active materials, and more broadly, electrode active materials, cannot be overstated in the realm of high-performance EV batteries. Nickel, magnesium, and other metals constitute the active materials, playing a pivotal role in the electrochemical reactions throughout the charging and discharging processes. The increasing adoption of EVs over the past decade has fuelled a heightened need for electrode materials that exhibit superior efficiency and extended lifespan.
Sodion Energy unveils India's first Sodium Ion Battery; Starter battery to come with 10 yr warranty
New Delhi: Sodion Energy, led by co-founder Bala Pachyappa, has launched India’s first Sodium Ion batteries. The technology promises to revolutionize various sectors, ranging from electric vehicles to home appliances, the company said.
Tata Group mulls battery business spinoff
Indian salt-to-software conglomerate Tata Group is considering spinning off its battery business in a bid to expand its presence in the country's renewable energy and electric vehicle (EV) sectors, Bloomberg News reported on Thursday.
Sodion Energy launches indigenously developed sodium-ion battery for EVs
Hyderabad-based Sodion Energy, a leading energy company has launched its first range of sodium ion batteries, becoming the first Indian company to launch it commercially.
📝 Apollo Tyres drives the conversation towards sustainability with a slew of initiatives at the Bharat Mobility Expo’24
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🌢 Fuels, Lubricants & Charging Stations
Strong Q4 may allow OMCs to cut fuel prices: Puri
Just ahead of the general elections, the state-run oil marketing companies (OMCs) are likely to reduce the retail prices of auto fuels, if their fourth-quarter earnings are supportive. Union minister for petroleum and natural gas Hardeep Singh Puri said on Friday: “The last three quarters’ profits (of OMCs) were good. If the fourth quarter (profits) are also good, then (they) could start looking at (cut in retail fuel prices). Then, there will be basis for that expectation (of price cut by consumers).”
India resumes buying Russian Sokol oil after 2 month hiatus, sources say
India has resumed imports of Russian Sokol oil after a two-month gap with at least two refiners so far taking deliveries of the light sweet crude in February, four trade sources said and ship tracking data showed.
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💸 Finance & Insurance
TotalEnergies India partners Mahindra Insurance Brokers to provide insurance services at authorised workshops
TotalEnergies Marketing India (TEMIPL) has entered into an agreement with Mahindra Insurance Broker (MIBL) to provide one-stop insurance services at TotalEnergies Quartz Auto Services (TEQAS) workshops. This the company says will enable a hassle-free customer experience for insurance-related solutions for car owners.
EV insurance market is expected to grow at a CAGR of over 40%
Generally, EVs consist of several components like electric motors, batteries, charging socket(s), and others, thus demanding more care and protection. In light of this many moving parts EV owners or potential owners should consider buying at least comprehensive EV insurance to keep their vehicles protected. However, one challenge is that for buying an EV insurance, owners need to shell out more money from their pockets than their counterpart conventional fuel vehicle owners.
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📖 Magazines News
Mahindra INGLO-based EVs to use Volkswagen batteries
Source Credit: Autocar India
Volkswagen and Mahindra have confirmed their partnership on sharing EV components for future models. Both brands had signed a term sheet in 2022, which stated that Volkswagen's MEB architecture would be used by Mahindra's INGLO-based EVs. Today, there's an official confirmation from both brands that takes this partnership to the next level.
Kawasaki Versys X-300 spotted testing in India
Source Credit: Autocar India
The Kawasaki Versys X-300, currently available overseas, was recently spotted testing in Pune. The design of the Versys X-300 test mule also closely resembles the international specification model.
Maruti Suzuki Jimny AT long term review; 8,400km report
Source Credit: Autocar India
Our long-term Jimny turned out to be way more special for me than I thought. No, I am not referring to its off-road capability having wowed me, rather it’s managed to do something that I haven’t been able to do with any other car for years – get my mom to drive. It’s special because my mum hasn’t ever driven before this. On my recent visit back home to Nashik, mom was really impressed with how compact this SUV was and instantly said, “I would love to drive this one.” Without a delay, I drove her to an open field and let her have a go. Of course, I was in the passenger seat to assist her, and surprisingly, after just a brief explanation about the controls, she drove it like a pro! Something that’s been on mom’s checklist as well as mine for quite some time.
Over 3 lakh Yamaha Ray ZR, Fascino scooters recalled in India
Source Credit: Autocar India
India Yamaha Motor has announced a voluntary recall of around 3,00,000 units of its Ray ZR 125 Fi Hybrid and Fascino 125 Fi Hybrid scooters manufactured between January 1, 2022 and January 4, 2024, with immediate effect. The recall is “aimed at resolving an issue with the brake lever function” in select units of both the 125cc scooters, the company said. It added that the replacement part will be provided to the customers affected free of charge.
Skoda likely to announce compact SUV plans on February 27
Source Credit: Autocar India
Having created a decent volume base in India with the Kushaq and Slavia – the two mainstream models from Skoda Auto that are a part of the Volkswagen Group’s indigenous ‘India 2.0’ project – the Czech carmaker is now set to announce its entry into the compact SUV segment here. The global management of Skoda is scheduled to travel to India later this month to announce the company’s plans and market expansion strategy.
BMW i16 is the i8 successor that was never made
Source Credit: Autocar India
BMW designed a radical mid-engined hybrid supercar to succeed the i8, but never put it into production. Kept secret for four years and revealed only now by BMW head designer Domagoj Dukec on social media, the striking i16 could have been the M performance division's second bespoke model after the 1978 M1 supercar. M division has since introduced the XM super-SUV as its second bespoke product – a dramatically different proposition to the supercar revealed here.
Citroen C5 Aircross being unofficially assembled at Stellantis' Russia plant
Source Credit: Autocar India
According to a Reuters report, Stellantis’ plant in Kaluga, Russia is being used to assemble Citroen C5 Aircross models, despite the carmaker halting production in Russia in April 2022 amid the Ukraine conflict. Citroen has a 70 percent stake in the plant – the rest is held by Mitsubishi Motors – that is reportedly being used by Russian company Automotive Technologies to manufacture the SUV.
Ola electric scooter prices down by up to Rs 25,000
Source Credit: Autocar India
Indian EV scooter manufacturer Ola Electric has announced a price reduction of up to Rs 25,000 for the S1 scooter line-up. However, these prices are applicable for a limited time only, just for the month of February.
MG, Tata EV prices reduced to boost sales; Mahindra holds steady
Source Credit: Autocar India
In a bid to push inventory and achieve sales targets, mass market brands like Tata Motors and MG Motor India have slashed prices of their popular models. The Nexon EV, which received a significant facelift in late 2023, is priced up to Rs 1.2 lakh lower. Now, prices for the Nexon EV range between Rs 14.49 lakh-19.29 lakh. The Nexon EV is the most popular EV SUV in India and sees average monthly sales of over 1,750 units. Even then, dealers have leftover units of the pre-facelift Nexon EV and also MY2023 stock of the facelifted model, which were available with discounts of up to Rs 2.8 lakh and Rs 1 lakh, respectively. Now, with the price cut for MY2024 Nexon EV, the unsold stocks from last year could be had with even more benefits.
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📰 International News
US auto: vehicle margins compress quarterly profits
Several U.S. auto retailers reported dour fourth-quarter profits this week, as price cuts and incentives to lure in buyers in a turbulent economy put a strain on new-vehicle margins.
Audi ropes in JLR’s Massimo Frascella as the new Head of Design
German luxury carmaker Audi is all set to get a new Design Head, with Massimo Frascella set to succeed Marc Lichte on June 1, 2024.
Exxon aims to make key lithium technology decision by year end
Exxon Mobil plans to decide by the end of the year which lithium filtration technology it will use in Arkansas as part of its push to become one of the world's top producers of the battery metal, an executive said on Thursday.
Chinese EV maker BYD exploring Mexico factory as entry to US Market
Chinese automaker BYD has set its sights on Mexico as its quest for global expansion turns toward North America.
First electric cars. Next, electric factories?
BASF is in the business of molecules. As the world’s biggest chemicals firm, with operations in more than 90 countries, it makes a lot of them. When those molecules contain carbon atoms (and a great many do—they are a wonderfully versatile resource) those carbon atoms tend to come from fossil fuels. When their manufacture requires high temperatures, which is also often the case, that heat comes from burning fossil fuels. Until recently BASF’s massive plant in Ludwigshafen in Germany accounted for 4% of the country’s entire consumption of natural gas.
📝 Investor cash haul gives Stellantis, Renault shares a lift
📝 Shell expects 50% rise in global LNG demand by 2040
📝 GM looking at the best path to unlock value at Cruise, CEO Barra says
📝 Stellantis can be an industry 'consolidator', CFO says
📝 GM is nearly doubling the road miles where drivers can use its partially automated driving system
📝 European, US carmakers race to lower EVs costs as China competition heats up
📝 Ford CEO open to working with rivals to compete with China
📝 Chinese EV companies on war path. What it may mean for global auto brands
📝 Tesla Cybertruck owners complain of rusting. Yes, already
📝 Sony, Honda partnership plans to storm markets with 3 EVs, including an SUV
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