Top Indian Automobile Industry News & Updates - 21 Feb 2024,Wednesday
🏢 Industry
TVS Mobility’s current dealership biz to move to JV with Mitsubishi, targets Rs 15000 crore revenue in three years
TVS Mobility has partnered Mitsubishi Corporation in a bid to strengthen its dealership business. In an exclusive interaction with Financial Express Online, TVS Mobility management confirmed that the existing dealership business will be moved to the JV, TVS Vehicle Mobility and they are targetting revenue around Rs 15000 crore in three years.
JSW Group, Volkswagen in talks for electric vehicle joint venture in India
This development comes days after JSW Group inked an agreement with the Odisha government to establish an integrated EV and battery manufacturing project in Cuttack and Paradip, with an estimated investment of Rs 40,000 crore. This significant investment, slated to be rolled out over the coming years, marks the largest venture into electric vehicle capacity in India so far.
BITS Pilani launches new PG diploma for the automotive industry
The Work Integrated Learning Programmes (WILP) division of Birla Institute of Technology & Science (BITS), Pilani, a premier education institute has launched new programmes that it says have been designed to address the rapidly evolving automotive landscape in India.
TVS SCS contract with Rolls-Royce extended for 5 years
New Delhi: TVS Supply Chain Solutions Limited (TVSSCS), a global supply chain solutions provider and one of the largest and fastest growing integrated supply chain solutions providers in India, Tuesday announced that its contract with Rolls-Royce, a global leader in technology and innovation, has been extended for five years until 2029.
SIAM with South Asian countries form Automobile Forum to expand trade
New Delhi: The Society of Indian Automobile Manufacturers (SIAM) along with the Bangladesh Automobiles Assemblers and Manufacturers Association (BAAMA), the Ceylon Motor Traders' Association, Sri Lanka (CMTA) and the NADA Automobiles Association of Nepal (NADA), recently formed a South Asian Automobile Forum at the sidelines of Bharat Global Mobility Expo in February 2024.
Screw tightens around end-of-life vehicles
New Delhi: Overage vehicles found parked in public spaces or plying on city roads can be released once by the transport department of Delhi govt on an undertaking from the owner but will be scrapped if the violation is repeated.
EV startup Pravaig wins deal to export batteries to Greece
New Delhi: Bengaluru-based electric vehicle startup Pravaig Dynamics has won a deal to export its energy storage systems for solar farms in Greece, a breakthrough for an Indian company in the highly competitive renewable energy market in Europe. Pravaig, which manufacturers high precision batteries for its EVs, will sell 20 MwH batteries as part of the Greece deal, the company said in a statement.
Scrapping your old car may fetch more soon
Mumbai/New Delhi: Owners of old and polluting automobiles may get additional benefits to scrap them in the near future, two people familiar with the matter said, with the government reviewing the existing scrappage policy that has found few takers so far.
JSW Group eyes multiple global auto OEM alliances
Keen to swiftly enter the world’s third-largest automotive market, Sajjan Jindal’s JSW Group may be eyeing alliances with more than one automotive original equipment maker (OEM) in India. The $23-billion conglomerate is considering dual alliances with leading global automotive OEMs Volkswagen Group of Germany and state-owned SAIC of China, two people aware of the matter said.
IONAGE and SundayGrids join to launch digital solar EV charging platform
IONAGE, a prominent eMobility service provider, in collaboration with SundayGrids, a digital solar platform, has unveiled a digital solar-based EV charging platform. This platform provides EV owners the convenience of charging their vehicles using solar power anywhere, anytime.
Punjab CM may visit Ludhiana expo this month
Amid resentment brewing in the industry over issues ranging from harsh regulations to expensive electricity, Punjab CM Bhagwant Mann is expected to visit a four-day trade expo starting Feb 23 — a move being seen as an attempt by him to reach out to traders and industrialists in the city.
At $9.8 billion Mahindra EV tops Tata rival in valuation
Source Credit: Swaraj Baggonkar, The Financial Express (Delhi Print Edition)
Sona BLW shifts gear with order boost from electric vehicle space
From its lows this month, the stock of Sona BLW Precision Forgings is up 10 per cent on better-than-expected results. The stock rose by 4 per cent in the trading session on Tuesday after Japan’s Nikkei Group said that the Indian automotive component major has topped its rankings in terms of competitive advantage.
📝 EV startup Vidyut raises USD 10 mn to build full-stack ecosystem
📝 Almost 50% of Indian car buyers prefer to quit ICE tech; 24% to opt for HEVs: Deloitte study
📝 Air India, Tata Advanced Systems to invest USD 277 mn in Karnataka
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🎤 Interviews & Features
Bullish on OMC pack; best yet to come for BPCL, HPCL and IOC: Harshvardhan Dole
Harshvardhan Dole, V-P, IIFL Securities, says “typically, BPCL has traded at a substantial premium, followed by HP and IOC, typically much lower than the other two. So, for the cycle to repeat, oil prices have to remain benign, I think the PE multiple for all the three companies can substantially increase even from here on. In the base case, BPCL which is typically traded at a substantial premium, can trade anywhere between 13 and 14 times on a one-year forward basis. I would not pick one over the other, but I think the best is yet to come for the OMCs. That makes us quite bullish on the overall OMC pack.”
There was a time OMCs were available at one to two times PE. Now, they have doubled, but still the PE is four-five times. Some say that it is not right to compare the HPCL of today or BPCL of today versus what it used to be five years back. The outlook, visibility, everything has changed. How much potential do you see for further re-rating of oil marketing companies or even upstream for that matter?
📝 Green Revolution: Porter's VP-Trucks discusses the role of EVs in achieving sustainable logistics and reducing costs
📝 From ESP to airbags: Tata Punch safety features detailed
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🚗 Cars / SUVs
Top selling Sedans in Jan’24: Hyundai Verna makes surprising entry to the top 5 list
New Delhi: In the bustling automotive market of January 2024, Maruti Suzuki Dzire emerged as the undisputed leader in sedan sales. The popular model secured the top spot by selling an impressive 16,773 cars, marking a substantial Y-o-Y increase of 48%. This remarkable performance outshone its December 2023 sales of 14,012 units, showcasing a notable 20% growth.
Hyundai Creta rules the Indian market in mid-SUV segment
New Delhi: Hyundai Motor India (HMIL’s) mid-sports utility vehicle (SUV) Creta leads the market between April 2023 and January this year, leaving behind several competitors such as Maruti Suzuki Grand Vitara, Kia Seltos, Skoda Kushaq and Toyota Hyryder.
Renault India and BLS E-Services sign MoU to boost mobility in rural India
Renault India partners BLS E-Services to make its vehicle range accessible in rural India
Tata Tiago iCNG AMT: Five things to know
Source Credit: The Financial Express
Tata Motors recently launched the first CNG-based automatic hatchback in the Indian market, the Tiago iCNG AMT. Tata Motors always wanted its iCNG portfolio to be packed with all features like its petrol vehicles and now the company has launched the CNG AMT range. Here’s all you need to know about the Tiago iCNG.
Hyundai to further raise its localization levels
Source Credit: Rohit Vaid, The Financial Express (Delhi Print Edition)
📝 Hyundai Creta's runaway success story enters million club: 1 Creta sold every 5 mins
📝 Mahindra Scorpio X trademark filed, could be for upcoming pick-up truck
📝 Volkswagen customers can now avail range of services through this new app
📝 Maruti Suzuki patents Poolkar, Charge Hub, and Smart Charge names. What it means
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Electric-Cars / SUVs
Dacia Spring EV global debut on Feb 21 — The Renault Kwid EV?
Dacia is all set to unveil the updated Spring EV to the world on February 21, which means that Renault could finally have an EV version of the Kwif for India. The Spring is the Dacia version of the Renault Kwid, similar to how the Dacia Duster is to the Renault Duster.
📝 Renault Kwid-based Dacia Spring EV to break cover tomorrow: Key things to expect
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⛟ Commercial Vehicles
Ashok Leyland lays foundation stone for greenfield plant in UP focused on clean mobility
Ashok Leyland lays foundation stone for Greenfield EV facility in Uttar Pradesh
Ashok Leyland begins work on its new e-bus factory in Uttar Pradesh
📝 Start production of EV, entire north Indian market is waiting; CM to Ashok Leyland
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🏍 2/3 Wheelers
Hero Mavrick vs competition — Price check
The newest motorcycle in the sub 500cc segment is the Hero Mavrick, a retro roadster based on the same platform as the Harley-Davidson X440. The two motorcycles also share the same engine, however, they are completely different in terms of what they are — the X440 is a cruiser while the Mavrick is a roadster.
We make too much out of rural demand signals: Hero CEO
New Delhi: Is the classification of consumers merely into rural and urban a passe? Like many other industries, vehicle makers have also begun talking about sub-segmentation and premiumisation within rural markets now, after adopting this strategy for urban consumers.
Kawasaki India teases Ninja 500 — India launch soon
Just days after reporting the Kawasaki Ninja 500 launch timeline in India, the Japanese motorcycle maker has teased the Ninja 500 on its social media platform, hinting at its approaching launch date. The new Kawasaki Ninja can be expected to go on sale next month.
📝 Jawa Yezdi Motorcycles to bring Mega Service Camp to Jaipur, Lucknow
📝 Iconic Yamaha RX100 reportedly coming back to India in new avatar
📝 Classic Legends to set up plant in UK to manufacture BSA bikes
📝 Hero Mavrick 440 deliveries to begin on April 15
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🚲 Electric 2/3 Wheelers
Ola Electric sees huge jump in sales post price cut: Report
Ola Electric has reportedly sold 10,000 electric scooters in just three days after it announced a price cut, according to a report of Moneycontrol.
This e-motorcycle which is set to hit the road by June can be charged with car charging standards
New Delhi: Raptee, an electric bike manufacturer which is yet to launch its first e-bike in the market believes that whether it is ex-factory or ex-showroom subsidy a direct effect won’t be seen on the company as it wants to play in the mid-premium price range.
Joy e-bike’s E2W sales exceed 1 lakh units
Joy e-bike sells over 1 lakh EVs, announces offers and benefits
📝 iVOOMi offers discounts up to INR 10,000 on e-scooters
📝 This e-motorcycle which is set to hit the road by June can be charged with car charging standards
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⚙ Components
CCI approves Minda Corp’s stake buy of up to 8.79% in Pricol
New Delhi: The Competition Commission of India (CCI) has approved the acquisition of up to 8.79 per cent of the equity share capital of Pricol Ltd (Pricol/target) by Minda Corporation Ltd (Minda/acquirer).
CIE Automotive India Q4 CY23 results: profit at ₹168.94Cr, Revenue increased by 198.01% YoY
CIE Automotive India declared their Q4 CY23 results on 19 Feb, 2024. The topline increased by 198.01% & the profit came at ₹168.94cr. It is noteworthy that CIE Automotive India had declared a loss of ₹657.85cr in the previous fiscal year same period. Compared to the previous quarter, the revenue declined by 1.71%.
Ramkrishna Forgings bags USD 220 mn deal to supply to LV segment in N America
Ramkrishna Forgings bags $220 million order from North American customer
Belrise Industries bags major EV orders from Tata Motors, M&M
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🌇 Allied Industries
India to become 3rd largest tyre market, exports to cross $5 billion by 2030 says ATMA’s Anshuman Singhania
The Indian tyre industry is aiming to increase its export value to over $5 billion (Rs 41,655 crore) and emerge amongst the top 3 global tyre hubs by 2030, said Anshuman Singhania, Chairman, Automotive Tyre Manufacturers Association (ATMA).
CPCB directs producers to procure EPR certificates for tyre disposal
The Central Pollution Control Board has asked all producers to fulfil their assigned EPR obligations for fiscal years 2023 and 2024.
Accelerating cyber security threats in connected cars
New Delhi: Car technology has evolved significantly in recent years, with advancements in various areas to improve safety, efficiency, connectivity, and overall driving experience. Some key aspects of car technology are Autonomous Driving, Autonomous Driving Assistance System (ADAS), Vehicle-to-Everything communication (V2X), and Augmented Reality.
Zoomcar, SPARKCARS join hands for EV self-drive, to add 1,000 cars in 2 years
New Delhi: Car sharing marketplace Zoomcar on Tuesday said it has partnered with electric vehicles self-drive rental firm SPARKCARS with a plan to introduce over 1,000 EVs on its platform across India within the next two years. The partnership will help increase the supply of EV cars available for self-drive to meet the growing needs of convenient and independent travel, the company said in a statement.
📝 Eco Mobility expands partnership with DreamFolks for car rental services
📝 Tolins Tyres files draft papers to garner INR 230-cr via IPO
📝 Centre hikes financial package for rubber sector by 23% to INR 708 cr
📝 Govt nudging firms towards EV charging interoperability
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🌢 Fuels, Lubricants & Charging Stations
📝 On EV high, Bengaluru to get even more charged up
📝 Russia’s crude oil delivery problems to India aren’t over yet
📝 Indian diesel floods to Asia as Houthis imperil flows to Europe
📝 BPCL launches first mobile MAK Adblue dispenser in Kolkata for eco-friendly fuel access
📝 Good news for Bengaluru EV owners. Reliance BP to set up 225 public charging stations in city
📝 Oil prices hold near 3-week highs on Middle East tensions, China demand
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💸 Finance & Insurance
EV startup Vidyut raises USD 10 mn
Vidyut, a full-stack EV ecosystem startup, has raised USD 10 million in a mix of equity and debt in a Series A round. The round was led by 3one4 Capital, and saw participation from Saison Capital, Zephyr Peacock, Force Ventures, venture debt fund Alteria Capital and Udaan CEO Sujeet Kumar.
InsuranceDekho records 9-fold rise in policies, targets Rs 200 cr premium
Looking forward, InsuranceDekho aims to be part of the growth wave accompanying the rise of SMEs and MSMEs in the manufacturing sector. MSMEs comprise around 75 per cent of the company's customers. In line with its aggressive strategy to penetrate the SME business, InsuranceDekho acquired Verak, a Mumbai-based SME insurance distribution company backed by Sequoia and LightSpeed, and Gujarat-based IRSS, in April this year.
Read More >>
📖 Magazines News
Volvo XC40, C40 EVs renamed as Recharge suffix retired
Source Credit: Autocar India
Volvo recently announced a new naming strategy for its XC40 Recharge and C40 Recharge crossovers, by naming them the EX40 and EC40, respectively. The company is doing this to bring it in line with its current and future EV line-up, which includes the EX30 and the EX90.
Volkswagen ID 7 Tourer revealed
Source Credit: Autocar India
Volkswagen has taken the wraps off the ID 7 Tourer which is first born electric Wagon from the German carmaker. This adds to the sedan lineup that was revealed in April last year. The VW ID 7 Tourer will go on sale in Europe in the second half of 2024, and will take on the upcoming BMW i5 Touring and the Audi A6 e-Tron Avant wagons.
Most affordable diesel cars, SUVs in India in February 2024
Source Credit: Autocar India
The updated Bharat Stage 6 Phase 2 emissions norms, also known as Real Driving Emissions (RDE) norms, came into effect on April 1 last year. Many manufacturers ditched diesel engines in the process as modifying them to comply with the latest emissions norms is expensive. However, there are many diesel cars and SUVs that soldier on in the market.
New 536hp Porsche Panamera e-Hybrid gets 95km EV range
Source Credit: Autocar India
The new Porsche Panamera e-Hybrid has been revealed with a longer 95km EV-only range. It also has faster charging times than the outgoing model. The new Porsche Panamera e-Hybrid is based on the latest Panamera that was revealed late last year.
Tata Nexon Dark Edition variant details revealed
Source Credit: Autocar India
The Dark Editions on Tata’s SUVs have been quite popular with customers, contributing 15-40 percent of sales on models such as the Nexon, Harrier and Safari. And while the facelifted Harrier and Safari already came with the Dark Edition variants at launch, the Nexon didn’t. Our dealer sources have now revealed that Tata Motors will introduce the Nexon Dark Edition around early March, and we have details of the trims it is going to be offered on.
Mahindra Scorpio N Z8 L waiting period down by 5 months
Source Credit: Autocar India
Mahindra recently announced a ramp up in production and deliveries, which has led to a reduction in the order backlog. And while the duo of the Scorpio Classic and Scorpio N have the highest number of open bookings at over 1 lakh units combined as of January 2024, their waiting periods have come down a fair bit from a couple of months ago.
Mahindra Scorpio X name trademarked for future model
Source Credit: Autocar India
Mahindra has trademarked the 'Scorpio X' name, which could be seen on an upcoming model. The brand had earlier said that the Scorpio line-up will expand in the future with more models. Mahindra did showcase the Global Pik Up concept last year, which could get the Scorpio X name upon launch.
Updated Kawasaki Z650RS launched at Rs 6.99 lakh
Source Credit: Autocar India
Kawasaki has launched the updated version of its middleweight neo-retro motorcycle, the Z650RS. The bike stands mechanically unchanged but gets a two-level traction control system as standard. At its new price, the Z650RS costs 7,000 more than before.
Made-in-India scooter exports up 24 percent YoY
Source Credit: Autocar India
India’s two-wheeler industry, which registered strong year-on-year growth of 26 percent in January 2024, is seeing an uptick in exports, which have been down for a long time mainly due to dampened market conditions in key international markets. And, it is the scooters that are driving the resurgence.
Hyundai Alcazar facelift to launch by mid-2024
Source Credit: Autocar India
Hyundai is gearing up to launch the Alcazar facelift within months of updating the Creta. The refreshed Alcazar will go on sale by May or June and be the third Hyundai SUV to launch this year after the Creta N Line that is due next month.
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📰 International News
COP28 president urges countries to set plans for fossil fuel transition
The United Arab Emirates, host of last year's COP28 climate summit, called on Tuesday for governments to take action in transitioning away from fossil fuels.
Wireless charging for electric cars is inching closer to reality
Someday soon, plug-in cars may no longer need a plug. Electric car drivers would simply pull into a specialized parking space when it’s time to power up, wait for a light on their dashboard to switch on, and then hop out of the car and go about their day.
Detroit may be making the same mistake on EVs that it made with Japane
Once upon a time, Japanese cars were seen as exotic vehicles that could never take on the might of Ford and General Motors. Right now, Chinese EVs are in a similar place.
Nvidia dethrones Tesla as Wall Street's most traded stock
Chipmaker Nvidia is replacing Tesla as Wall Street's most traded stock, adding to its prominence after becoming the third-most valuable U.S. company and showing more evidence of how central AI-related bets have become to investors.
BAIC's EV brand to launch first Huawei-backed sedan in 2024
BAIC BluePark New Energy Technology, the electric vehicle arm of Beijing Automotive Group (BAIC), plans to launch its first sedan in partnership with Huawei Technologies this year, as Huawei steers into the EV market.
Stellantis CEO Calls Small EVs a Tough Sell in Truck-Loving US
Small cars are the wrong way to win over truck-loving Americans skeptical of electric vehicles, according to the leader of Jeep-owner Stellantis NV. The automaker instead is taking a more “segmented" approach in the market, pushing a variety of battery-powered offerings including pickups, SUVs and muscle cars, Chief Executive Officer Carlos Tavares said Tuesday in a meeting with reporters in New York.
📝 Porsche presents two new e-hybrid variants of Panamera
📝 Antolin develops new lighting system to improve driver vision for safer night driving
📝 EU new car sales rise 12% Y-O-Y in January - ACEA
📝 World premiere of ID.7 Tourer from Volkswagen
📝 Toyota Industries faces crackdown for engine emissions cheating
📝 Ford cuts prices of all variants of Mustang Mach E electric SUV
📝 Need for even more speed? Dubai Police adds McLaren Artura to its fleet
📝 Mexico wants Tesla to quicken work on Gigafactory. But will it happen?
📝 Mercedes-Benz recalls over 12,000 vehicles over potential fire risk
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