Top Indian Automobile Industry News & Updates - 22 Feb 2024,Thursday
🏢 Industry
Automakers join forces under South Asian Automobile Forum
The Society of Indian Automobile Ma,nufacturers (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.
Govt hits 79% of revised EV targets under FAME II as of February 18
The revised number of vehicles across the three segments was pegged at 1.73 million in the five years of the scheme (previously 1.5 million) which ends on March 31.
Motor Vehicles department resumes printing of registration certificates in Kochi
The Motor Vehicles department has resumed printing Registration certificates (RCs) of transport (commercial) vehicles at its printing station in Thevara on Tuesday.
Govt to soon come out with tender for introducing GPS-based highway toll collection system: Gadkari
The government will soon come out with a tender for introducing GPS-based highway toll collection system on national highways, Union minister Nitin Gadkari said on Wednesday. Gadkari said the pilot projects of GPS-based toll systems of the Ministry of Road Transport and Highways (MoRTH) have been successful and the government will soon come out with a tender for implementing the new toll collection system.
TVS Motor's Singapore arm completes payment for stake in Killwatt GmbH
New Delhi: In continuation of its strategic moves in the e-mobility sector, TVS Motor Company Limited's subsidiary, TVS Motor (Singapore) Pte Ltd, has concluded the acquisition of an additional 14.28% stake in Killwatt GmbH. This follows the stake increase from the initial 25% to 39.28%, as announced in November 2023.
Tax rebate on vehicles may up sales in Ujjain trade fair
More than 130 automobile stalls will be set up in the month-long Vikram Trade fair in Ujjain while the announcement by the state government to offer 50% discount in tax on vehicles has further raised hopes of encouraging business in the automobile sector.
MBRDI launches Sustainability Garage initiative in India, partners Prayoga Institute of Education Research
Mercedes-Benz Research and Development India (MBRDI), has launched the ‘Sustainability Garage’ – a Mercedes-Benz initiative, for promoting innovation in sustainable mobility.
Exicom Tele-Systems to float IPO on Feb 27; aims to raise INR329 crore
EV chargers maker Exicom Tele-Systems Ltd is set to launch its Initial Public Offering (IPO) on February 27. The initial share sale will conclude on February 29 and the bidding for anchor investors will open for a day on February 26, according to the Red Herring Prospectus (RHP).
BluSmart signs deal with Tata Power; moves to solar power for all EV charging needs
BluSmart partners Tata Power to source solar power for EV charging
JSW group in talks with Volkswagen AG to strengthen its electric vehicle foray
Micron pitches for stable policy environment to attract semiconductor investments
Auto Q3 Result Review: Expect positive momentum to sustain, says Nuvama; picks Hero Moto, M&M, Minda
The Q3FY24 auto demand momentum has been robust, according to domestic brokerage house Nuvama Institutional Equities' review report on the automotive sector. Revenue for the brokerages coverage (excluding Tata Motors Ltd.) increased by 17% YoY, and earnings before interest, taxes, depreciation, and amortisation (EBITDA) increased by 33% YoY, driven by improved scale/net pricing and a stable currency movement.
📝 Delhi govt issues guidelines for handling end-of-life vehicles in public places
📝 Govt steps up road safety efforts in UP
📝 JSW Group ready to collaborate with global OEMs to strengthen position in India
📝 Global light vehicle sales to grow under 2% in 2024, down from 10.8% surge in 2023: Moody’s
📝 Delhi Govt to penalise cars, two-wheelers by up to Rs 10,000 if not complying with this rule: Details
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🎤 Interviews & Features
CEO’s Take On 2024: Indian auto sector to be among the global best by 2030 with its intrinsic strength, says Anshuman Singhania, MD, JK Tyre & Industries
The excerpts:
How Maruti failed to rev with Jimny
Noida: “Never turn back.” This was the brand promise Maruti Suzuki made to its customers when it launched Jimny in India in the summer of 2023. Eight months later, the whispers around Jimny’s fate are becoming louder — has the globally successful 4x4 off-roader failed miserably in India? Will it be forced to turn back?
Tata Tiago iCNG AMT Review: Convenience at its finest
Ever since the inception of CNG vehicles, automobile manufacturers have generally offered them as an entry or a middle-level variant. Last year, Tata Motors decided to disrupt the CNG market by launching a fully loaded Altroz iCNG with a sunroof. The Indian car maker has now again managed to push the envelope by launching the Tiago iCNG Automated Manual Transmission (AMT). That’s right, it is the first CNG-powered hatchback that is mated to an automatic transmission. True, it isn’t a fully automatic transmission as it has an internally built clutch that the gearbox applies by itself, but it still manages to offer a clutchless pedal driving experience.
The Jimny debacle: What went wrong with Maruti’s Mahindra Thar rival
“Never turn back.”
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🚗 Cars / SUVs
Maruti Suzuki faces probe over wrong Tax Code for parts import
New Delhi: Maruti Suzuki India is under scrutiny by the Directorate of Revenue Intelligence (DRI) for using the wrong Harmonized System of Nomenclature (HSN) code for an imported component. The company revealed in a regulatory filing that it received a communication from the DRI's Hyderabad Zonal Unit on February 20, 2024.
Mahindra Scorpio X name trademarked in India
Get set for the third lifestyle pickup in India — Mahindra Scorpio X. That’s right, Mahindra has trademarked the Scorpio X nameplate in India, which will most likely be the Global Pik Up concept showcased last year. This is no surprise, as the Mahindra Getaway pickup was already sold in India earlier.
Hyundai IPO: How will the proposed largest IPO in India impact rival Maruti Suzuki?
Hyundai IPO: South Korean automaker Hyundai Motor Company is planning to list its Indian unit and is likely to file regulatory papers in India by May to June for an approval, reports said.
📝 Toyota Kirloskar organises training for Karnataka GTTC Principals
📝 DRI initiates inquiry against Maruti Suzuki over incorrect HSN code of imported part
📝 Tata Nexon to Kia Sonet: Cars under ₹15 lakh in India with 360-degree camera
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Electric-Cars / SUVs
Hyundai scraps plans to transform Genesis into an all-EV brand
Hyundai has scrapped plans to transform its premium brand, Genesis, to an all-EV lineup, according to various industry sources and reported by The Korea Economic Daily. Earlier, Hyundai announced plans saying that all Genesis models sold from 2025 onwards will be electric.
Wireless charging for electric vehicles getting closer to reality: Report
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.
📝 Kwid EV-based Dacia Spring EV gets Duster-inspired looks and overhauled interior
📝 Fancy a three row electric SUV? Hyundai’s Ioniq 7 can satisfy this thirst
📝 Plugs and cables will be a thing of past for EVs soon. Here’s why
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🚗 Luxury Cars
India has a lot of potential to grow in super luxury cars segment: Lamborghini Chairman & CEO
New Delhi: India has not yet acquired its optimal growth in the super luxury car segment and still has a lot of potential as the economy is booming, senior officials at Automobili Lamborghini said on Wednesday. Further, they said that as there has not been much change in the policies in the automobile sector for the last few years, the direction looks favourable for India.
BYD India plans to retain the top brand tag in the luxury electric car market
Chennai: BYD India, a subsidiary of the leading global electric vehicle (EV) manufacturer BYD, aims to remain a leading player in the luxury electric car segment – above ₹30-lakh category — in India helped by its strong product portfolio and the global brand image in the EV segment.
📝 In India, young revving up demand for Lamborghini: Stephan Winkelmann
📝 Cricketer Ajinkya Rahane brings home Rs 2.88 crore Mercedes-Maybach GLS
📝 Volvo XC40 and C40 Recharge EVs get new names: Drops ‘Recharge’ suffix
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⛟ Commercial Vehicles
📝 PMPML only choice, as cabs & autos expensive: Commuters
📝 Ashok Leyland lays foundation for greenfield facility in UP
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🏍 2/3 Wheelers
New Honda CBR400R — All you need to know
The sub 500cc fully-faired motorcycle segment is getting interesting in India, especially after the launch of the Yamaha R3 and the Aprilia RS 457. KTM is also updating the RC 390 soon with a more powerful engine seen in the new 390 Duke, while Kawasaki is gearing up to launch the new Ninja 500. However, there’s an elephant in the room, rather, one missing in the room — Honda.
Business strength, new RE launches to power up Eicher
The stock of Eicher Motors, the maker of Royal Enfield (RE) bikes, is likely to emerge as a contrarian bet after underperforming the Nifty Auto Index by nearly 35% since January 2023. The company's monthly sales volume has remained steady over the past 10 months despite competitive pressure. In addition, the stock trades at its lowest P/E premium to Hero Moto and Bajaj Auto in a decade.
Royal Enfield celebrates 1 year of the Meteor, organises celebratory ride across India
The launch of the Royal Enfield Super Meteor 650 last year has garnered immense interest among fans. To celebrate the motorcycle’s first anniversary, Royal Enfield organised a celebratory ride spanning 41 cities across India, with over 2000 participants.
Two-wheelers are having their moment in the sun
The automobile industry played a pivotal role in boosting overall corporate earnings growth during the December quarter (Q3FY24), with most automakers experiencing a year-on-year increase in sales volumes last quarter, positively impacting their revenue performance.
125cc bikes see higher demand on lucrative price offerings, upgraded features
Mumbai: With lucrative price offerings, upgraded features and replacement, the 125cc segment of motorcycles is witnessing an uptick in the urban and rural segments of the Indian automobile market.
2024 Kawasaki Z900 launched at Rs 9.29 lakh
Kawasaki is on a roll, and after launching the updated Z650RS in India a few days ago, the Japanese motorcycle maker has launched the 2024 Z900 in India, priced at Rs 9.29 lakh ex-showroom. The 2024 model commands a premium of Rs 9,000 over last year’s model.
Hero MotoCorp losing rural 2-wheeler market share to other companies
Hero’s share of rural two-wheeler sales in India has dropped from 40.4 per cent in 2018 to 33.3 per cent in 2023.
📝 Iconic Yamaha RX100 reportedly coming back to India in new avatar
📝 Made-in-India Aprilia RS 457 storms to UK market: Priced at Rs 6.79 lakh!
📝 2024 Kawasaki Ninja 500 launched in India, priced at ₹5.24 lakh
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🚲 Electric 2/3 Wheelers
Ather Energy starts production of 450 Apex
New Delhi: Ather Energy has started production of its recently unveiled Ather 450 Apex, co-founder Swapnil Jain taking to his X (formerly Twitter) social media account shared on Wednesday.
📝 Ultraviolette inducts Ajay Shanker as CFO to advance global expansion plans
📝 iVoomi rolls out discounts up to ₹10,000 on JeetX, S1, & S1 2.0 e-scooters
📝 This is how e2W makers working on prices to increase adoption. Check details
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⚙ Components
📝 CCI approves Minda Corporation's stake purchase in Pricol
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🌇 Allied Industries
Collaboration, innovation, and cybersecurity to ensure safe future for connected vehicles: EY report
Stakeholder Benefit: Enhancing the Connected Car Experience
Vervesemi launches Made-in-India semiconductor ASIC
Noida-based Fabless semiconductor company, Vervesemi, has said that it launched Made-in-India Semiconductor Application-Specific Integrated Circuit (ASIC). The company said that this achievement marks a significant milestone in India's journey towards becoming a global leader in semiconductor innovation and manufacturing.
📝 Soracom and Suzuki agree to IoT collaboration in mobility services
📝 Alarmed Milan bans heavy vehicles as AQI nears 200. What Indian cities can learn
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🌢 Fuels, Lubricants & Charging Stations
India exported USD 6.65 bn oil products derived from Russian oil to sanctioning nations: Report
This was aimed at punishing Russia for its February 2022 invasion of Ukraine by depriving it of oil revenues while averting a surge in prices that could occur if Russian oil stopped flowing to global markets.
📝 Novotel Mumbai Juhu beach installs EV charging station
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💸 Finance & Insurance
📝 Chargeup collaborates with Credit Fair and Ascend Capital for E3W financing solutions
📝 GC&C Italy, Pirelli, and Aon agree on new insurance solution
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📖 Magazines News
Range Rover Velar gets price cut
Land Rover India has given the 2024 Range Rover a price cut of Rs 6.4 lakh, with the SUV now priced at Rs 87.9 lakh, ex-showroom. Upon launch in July last year, the 2024 Velar was priced at Rs 93 lakh and received a price hike towards the end of the year that took it up to Rs 94.3 lakh.
Tata Nexon EV vs Mahindra XUV400 comparison: Round three
Source Credit: Autocar India
We’re comparing the Mahindra XUV400 and Tata Nexon EV for the third time in just one year, which reflects the rapid pace at which these EVs are evolving. In May 2023, we pitted the fresh-out-of-factory Mahindra XUV400 against the pre-facelift Tata Nexon EV Max. The winner? It was Tata’s electric SUV, as Mahindra left some scope for improvement in the XUV400’s drivability and equipment list. A few months later, the XUV400 was introduced with key features like ESP, however, the Nexon EV’s substantial updates boosted its desirability exponentially, which is why it also won round two of our comparison.
Mahindra, JSW in fray for stake in VW Group’s India operations
Source Credit: Autocar India
The top brass of the Volkswagen Group has engaged with two major business groups in India to explore a potential partnership in the electrification space. Our sister publication Autocar Professional had exclusively reported earlier this week that the VW Group is ready to dilute stake in its 100 percent local subsidiary Skoda Auto Volkswagen India Pvt Ltd (SAVIPL) to a suitable partner with synergies to share production capacities, vehicle architectures and investments in future product development and technologies.
Tata Tiago CNG AMT review: First of its kind
Source Credit: Autocar India
Tata has really been moving the CNG game forward. It started off bucking the trend with what it called premiumisation of CNG by offering top-end variants with CNG power. Then last year the Altroz CNG introduced Tata’s innovative twin-cylinder technology, which has two tanks under the boot floor instead of one large cylinder in the boot, thus liberating the entire boot. And now, Tata has pushed the CNG case further still with the introduction of the Tiago, Tiago NRG and Tigor CNG automatic; an industry first powertrain combination.
Kawasaki Z900 launched at Rs 9.29 lakh
Source Credit: Autocar India
Kawasaki has launched the 2024 Z900 in India at Rs 9.29 lakh (ex-showroom, India). The bike remains unchanged compared to the 2023 model and has gotten dearer by Rs 9,000 compared to it.
Kawasaki Ninja 500 launched at Rs 5.24 lakh
Source Credit: Autocar India
Just a few days after Kawasaki teased that the Ninja 500 will make its way to our shores, it has been launched at Rs 5.24 lakh (introductory, ex-showroom, India). This is exactly the same price as the Ninja 400, which is currently listed on the manufacturer’s website but is being offered with a Rs 40,000 discount, which leads us to believe that the 500 will eventually replace the 400 in India.
Top 5 most affordable bikes in India
Source Credit: Autocar India
Honda's Shine 100 is its very first offering in the 100cc commuter space which deals in truly massive volumes. In the process, it also became one of the most affordable motorcycles in the country. Here’s a full list of the top 5 most affordable bikes currently on sale in India.
Top 5 most affordable scooters in India
Source Credit: Autocar India
Ever since the launch of the very first Honda Activa in 2001, the popularity of gearless scooters has been steadily on the rise, and with good reason. They offer convenient and hassle-free urban transportation, and have democratised mobility in India, opening the doors of motoring to all ages and genders. Here is a list of the top 5 most affordable petrol scooters currently on sale in India.
Nexon, Brezza, Creta: top contenders for bestselling SUV in FY2024
Source Credit: Autocar India
As demand continues to soar for SUVs and MPVs in India, carmakers have ramped up production of their popular models. In the first 10 months of FY2024 (April-January), a total of 20,61,075 utility vehicles (UVs) have already been sold, which is a 25 percent year-on-year growth.
Updated Dacia Spring revealed, based on the Kwid EV
Source Credit: Autocar India
Renault’s sister brand Dacia has revealed the 2024 Spring EV. Based on the Renault Kwid EV, this is the second-gen Spring EV that gets a majorly overhauled design and an all-new interior with a significant step up on the equipment front.
Read More >>
📰 International News
Thailand approves incentives for companies transitioning to EVs
Thailand has approved incentives for companies to transition their commercial fleets of large trucks and buses to battery electric vehicles, the government said on Wednesday.
Indonesia issues more tax incentives for EV sales
Indonesia has announced new incentives to encourage sales of locally produced and imported electric vehicles (EVs), in its latest bid to boost take-up of environment-friendlier cars as well as attract investment to its domestic EV industry.
Stellantis says Turin remains home for Fiat's BEV 500
Fiat owner Stellantis said on Tuesday it will continue to manufacture the fully electric (BEV) 500 small car and also future versions of the vehicle in Turin, in its latest step to ease tensions with the Italian government.
EV charging void has drivers trying new routes to power up
Electric vehicle drivers unable to install a charger at home are turning instead to stopgaps offered by US and European firms as alternatives to often expensive or inconvenient public charging points.
Toyota recalls 280,000 pickup trucks and SUVs in the US for faulty transmission problem
Toyota is recalling about 280,000 pickup trucks and SUVs in the United States to fix a transmission problem that can let the vehicles creep forward while in neutral. The recall covers certain Toyota Tundra pickups and Lexus LX 600 SUVs from the 2022 and 2023 model years. Also included are 2023 and 2024 Toyota Sequoia SUVs.
📝 Toyota holds off response on wage talks after first round
📝 Tesla faces rejection from locals for plans to expand German site
📝 Hyundai Motor Group invites startups for ZER01NE 2024 program
📝 Ford cuts prices of electric Mustang Mach-E by up to USD 8,100
📝 GM pauses sales of new mid-size Colorado, Canyon trucks over software issue
📝 CNH takes minority stake in drone imaging AI company Bem Agro, a Brazilian startup
📝 Volvo Cars introduces upgrades to fully electric and hybrid cars with new model names
📝 Toyota to launch new Land Cruiser in US for USD 55,950
📝 EVs may soon sound and drive like traditional ICE vehicles. Here’s how
📝 Rift in family? Report claims Audi CEO wants to fire company CTO. Here's why
📝 China's lithium carbonate futures jump on talk of environmental crackdown
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