Top Indian Automobile Industry News & Updates - 23 Feb 2024,Friday
🏢 Industry
VinFast to break ground for Tamil Nadu EV facility on February 25
Vietnamese automotive company VinFast Auto has announced that it will break ground at its integrated electric vehicle (EV) manufacturing site in Thoothukudi City, Tamil Nadu on February 25.
Uber CEO aims to get into cheap rides in ‘toughest market’ India, extending rivalry with Ola
Uber Technologies Inc. wants to quicken an expansion into the cheaper but potentially larger market for two- and three-wheeled rides in India, extending a long-running rivalry with local provider Ola.
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.
Auto PLI: Minda, TVS, Toyota set to get incentives
Source Credit: The Financial Express (Delhi Print Edition)
EV Charger demand to jump six fold by FY28
Source Credit: Swaraj Banggonkar, The Financial Express (Delhi Print Edition)
📝 Need research work on ways to reduce dependence on fossil fuels, says Gadkari
📝 Gadkari: Concerted efforts on to make Nagpur accident-free zone
📝 Bad news for India? Indonesia and Thailand up their EV strategy to attract electric vehicle makers
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🎤 Interviews & Features
Mahindra Scorpio X — What to expect?
Mahindra has trademarked the ‘Scorpio X’ nameplate, hinting at a new vehicle the carmaker’s working on. At the moment, sources suggest that it will be the name for the upcoming Scorpio-based pickup truck, which was showcased last year in its concept form, called the Global Pik Up. So if this is what Mahindra’s working on, here’s what to expect from the new Mahindra Scorpio X.
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🚗 Cars / SUVs
Toyota Kirloskar Motor sells 50,000 Innova Hycross cars in 14 months
Toyota Kirloskar Motor, which introduced Innova Hycross to the Indian car market in November 2022, has sold over 50,000 units in 14 months.
Renault Nissan Automotive utilises 85% of renewable energy at TN plant between July-December 2023
Renault-Nissan Automotive India Pvt Ltd for its target to become carbon neutral has rolled out a three pillared approach which include -- increasing the share of green energy, aggressively improving efficiencies in energy usage and continuous adoption of energy efficient technology at the facility.
Mahindra introduces new ‘Scorpio-N Z8 Select’ variant; price starts at INR 16.99 lakh
New Delhi: Mahindra & Mahindra, India's leading SUV manufacturer, Thursdaty launched the ‘Scorpio-N Z8 Select’ variant, an addition to its Scorpio-N Z8 premium range, at a starting price of INR 16.99 lakh.
CarLelo unveils new brand identity; partners with UP Warriorz for WPL 2024
CarLelo, a digital new car-buying platform of Capri Loans venture, has announced the launch of its revamped brand identity at the onset of the Women Premier League 2024. As per the company, the fresh logo, accompanied by the tagline ‘Nayi Car? Hum Hain Na, Yaar,’ echoes CarLelo’s core proposition and resonates with the changing nature of the online new car buying industry.
📝 Kia Sonet to Tata Nexon: Top SUVs around ₹10 lakh with six airbags as standard
📝 Maruti Suzuki faces DRI Inquiry over incorrect HSN code for imported component
📝 Volkswagen Taigun GT 1.5 DCT real-world fuel economy tested
📝 Kia Seltos likely to go hybrid as early as 2025. Check details
📝 Fun & fearless: The new Mahindra XUV400
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🚗 Luxury Cars
Mercedes-Benz Research and Development India launches Sustainability Garage
New Delhi: Mercedes-Benz Research and Development India (MBRDI) has launched the 'Sustainability Garage', an initiative for promoting innovation in sustainable mobility in association with Prayoga Institute of Education Research.
Price Cut: Range Rover Velar cheaper by Rs 6.40 lakh
Jaguar Land Rover (JLR) has slashed the prices of the Range Rover Velar by Rs 6.40 lakh bringing the price down to Rs 87.90 lakh, ex-showroom. The Velar is available in two engine options and both come in a single trim. Hence, the price of both the petrol and diesel Velar is Rs 87.90 lakh. JLR launched the Velar last year in July at Rs 94.30 lakh, ex-showroom. The Velar goes up against BMW X5, Jaguar F-Pace, Mercedes-Benz GLE and Porsche Macan.
📝 2024 Porsche Panamera E-Hybrid revealed: All you need to know
📝 New-gen Toyota Land Cruiser LC300 recalled in India for transmission update
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⛟ Commercial Vehicles
Ashok Leyland rolls out its 3 millionth vehicle from plant in Pantnagar in Uttarakhand
New Delhi: Ashok Leyland, the Indian flagship of the Hinduja Group and the country’s leading commercial vehicle manufacturer, in the 75th year of its operations rolled out on Thursday its 3 millionth vehicle from its manufacturing facility in Pantnagar, Uttarakhand.
Indore's BRTS corridor to go green with all-electric bus fleet
In a first in the country, the Bus Rapid Transit System (BRTS) corridor in Indore city will soon have only electric buses, a senior official said here on Thursday.
📝 Haryana-based EV-CO to produce L3, L5 EVs in its new facility
📝 Olectra Green Tech bags INR 4,000-cr deal for 2,400 e-buses from BEST along with EVEY
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🏗 Construction & Agri Machinery
Have tractor sales hit a muddy patch, find out why industry is upbeat despite moderation in sales?
Leading tractor maker, Mahindra & Mahindra, recently issued a cautious outlook for tractor sales next fiscal. In January, an average 16 percent decline was recorded on a year-on-year comparison. A total of 53,924 tractors were sold amongst the top 7 players in the country, with Kubota witnessing the biggest drop of 40 percent in wholesales YoY. Are the poster boys of the post-Covid auto industry revival losing their sheen?
Domestic tractor volume to pick up 3-5% in FY25
Source Credit: The Financial Express
📝 Tractor sales in India hit a rough patch, reflecting rural economic slowdown
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🏍 2/3 Wheelers
Is this the end of the Yamaha R1?
Yes, and that’s what sources from the UK say! As per reports by MCN and Visor Down, Yamaha is not updating its litre-class motorcycles, the R1 and R1M to meet Euro 5+ emissions, meaning the motorcycles will not be sold for street use any more.
Kawasaki Ninja 500 launched at Rs 5.24 lakh
That’s ‘Kwick’ — months after showcasing the Ninja 500 at EICMA, Kawasaki has launched the new fully-faired motorcycle in India, priced at Rs 5.24 lakh, ex-showroom. The new Ninja 500 gets a larger engine compared to the Ninja 400 and is priced the same, suggesting that the 500 will replace the 400 soon.
2024 Kawasaki Z900 launches in India with exciting upgrades: Know what all is new
Kawasaki India has unveiled the highly anticipated 2024 Z900 model, continuing its legacy of high-performance motorcycles in the Indian market. With an ex-showroom price of ₹9.29 lakh, the 2024 iteration commands a slight premium of ₹9,000 over its predecessor, the 2023 model.
📝 2024 Kawasaki Z900 launched in India at Rs 9.29 lakh: What's different
📝 Made-in-India Royal Enfield Shotgun 650 launched in Europe
📝 Honda Motorcycle and Scooter India expands Road Safety Awareness Campaign at Khammam
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🚲 Electric 2/3 Wheelers
You may have just few days left to get your favourite electric scooter at best prices
Prime Minister Narendra Modi once famously said, "Yahi samay hai, sahi samay hai," and while his words were meant for a different context, they ring true for those considering the purchase of an electric scooter. Time is of the essence, as you may have just a few days left to seize the opportunity to acquire your favorite electric scooter or bike at an exceptional value. Here's why.
📝 Bounce Infinity cuts E2W price by INR 24,000 to INR 89,999; offer valid till March 31
📝 Yulu raises $19.25 mn from Magna and Bajaj Auto, eyes expansion & new product launch
📝 Bajaj Auto enhances stake in Yulu Bikes with Rs 45.75 cr investment
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⚙ Components
📝 Sona Comstar gets certification under auto PLI scheme
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🌇 Allied Industries
Innovations and collaborations to shape the EV future in last mile mobility
New Delhi: A Bengaluru-based startup, Emobi, contributes to the evolution of electric mobility by focusing on areas such as EV design, frugal engineering, and lean manufacturing processes in collaboration with various prominent players in the segment.
EDAG and Bosch Engineering agree on project- based collaboration in vehicle engineering
EDAG Engineering GmbH and Bosch Engineering GmbH have signed a memorandum of understanding regarding project-based collaboration in complete vehicle engineering.
📝 Pirelli launches new Cinturato all-season SF3 tyres for wet grip
📝 TVS Eurogrip exhibits farm equipment tyres at Krishi Darshan Expo in Haryana
📝 Recyclers look to collaborate with solar companies to give EV batteries a second life
📝 Flash PMI signals February fervour for India Inc.
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🌢 Fuels, Lubricants & Charging Stations
Increase in sugarcane support price a positive but no major impact seen on ethanol-blended petrol prices
The government of India announced a hike in MSP (Minimum Support Price) of Rs 25 per quintal on the price of sugarcane yield for the period October 1, 2024 to September 30, 2025, which Anurag Thakur, Union Minister of Information & Broadcasting, said will “ensure fair and reasonable price of sugarcane to the farmers by the sugar mills. It has been decided to fix the price at Rs 340 per quintal for the year 2024-25 as compared to the previous year which was Rs 315 per quintal.”
Electric highway plans are moving closer to reality
New Delhi: Adani Total Energy, Jio BP, Shell Mobility and the Aditya Birla Group are among private entities in talks with the government to set up charging stations along national highways under a new initiative to enhance electric mobility, two people aware of the development said.
📝 Govt allows Nafed, NCCF to sell maize to ethanol makers at base rate of INR 2,291/quintal
📝 Russia’s disrupted oil trade crimps margins for Indian refiners
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💸 Finance & Insurance
Five-Star Business Finance mulls diversification into affordable housing & used vehicle segments
Chennai: Five-Star Business Finance Ltd, a Chennai-based non-banking finance company, is looking to diversify into newer opportunities, even while staying focused on its core business of providing secured loans to ‘bottom of the pyramid’ borrowers, where the typical loan ticket size is ₹2-10 lakh. This core business is growing more than 30 per cent, says G Srikant, Chief Financial Officer of the company which got listed on the stock exchanges in November 2022. The company raised ₹1,588.5 crore via its initial IPO (initial public offering).
Chargeup partners Credit Fair and Ascend Capital to provide retail loans on electric three-wheelers
Chargeup,a driver-first EV platform providing Energy-as-a-Service (EaaS) solution, has entered into strategic partnerships with non-banking financial corporations (NBFCs) – Credit Fair and Ascend Capital.
Bajaj Finance stock: Seizing opportunity amid market correction
This decline coincided with the introduction of new Reserve Bank of India (RBI) regulations on risk-weight norms and embargoes on EMI cards, e-commerce loans, etc. However, it remains an analyst favourite with many ‘buy’ calls and few ‘sell’/’reduce’ recommendations.
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📖 Magazines News
Toyota Urban Cruiser Hyryder waiting period reduces to 5 months
Source Credit: Autocar India
Waiting periods for the Toyota Urban Cruiser Hyryder have reduced by a significant amount in February 2024, compared to the end of 2023. Meanwhile, delivery timelines for the Rumion MPV and the Glanza hatchback, which are manufactured by Maruti Suzuki, have remained the same.
Toyota Innova Hycross waiting period still stretches to over a year
Source Credit: Autocar India
The Toyota Innova Hycross and the Innova Crysta have been plagued by lengthy waiting periods for quite a while now with the petrol, hybrid and diesel models enjoying healthy demand. This forced Toyota to also halt bookings temporarily on the more popular variants. As of February 2024, the Innova Crysta's waiting period has reduced, while the Hycross' has increased.
Royal Enfield sold 26,775 650cc bikes in FY24
Source Credit: Autocar India
The Royal Enfield Super Meteor 650 and the 650 Twins (Interceptor 650 and Continental GT 650) have together sold a total of 26,775 units in the first 10 months of the ongoing fiscal, as per latest numbers from SIAM for the 500cc-800cc motorcycle category. Another interesting tid-bit is that with just over a year since launch, the Super Meteor 650 has sold 13,997 units.
Kawasaki Ninja 500 vs rivals: specifications compared
Source Credit: Autocar India
The Kawasaki Ninja 500 has been launched at the same price as the outgoing Ninja 400 – a hefty sum of Rs 5.24 lakh, because it comes to India via the CBU route. Here, we’ve compared the newest Ninja on the block with its immediate rivals.
Ather 450 Apex production begins
Source Credit: Autocar India
The Ather 450 Apex was launched in January at Rs 1.89 lakh (ex-showroom, Bengaluru), with its deliveries slated to commence in March 2024. An image shared by Swapnil Jain, co-founder, Ather Energy, captures the Ather 450 Apex ready to roll off the production line. Production of this passion project is taking place at the company’s manufacturing plant in Hosur, Tamil Nadu.
Mahindra Scorpio N Z8 Select launched at Rs 16.99 lakh
Source Credit: Autocar India
Mahindra has added a new Z8 Select variant to the Scorpio N line-up, which is priced from Rs 16.99 lakh-18.99 lakh, ex-showroom. The Scorpio N Z8 Select trim slots below the standard Z8 variant, but above the Z6. Read on to know what features to expect from the Z8 Select variant when it becomes available at Mahindra dealerships from March 1 onwards.
Bounce Infinity E1+ e-scooter now priced at Rs 89,000
Source Credit: Autocar India
Bounce Infinity has announced that its E1+ electric scooter will be available at Rs 89,999 (ex-showroom, India) till March 31. This is a significant price reduction from the earlier Rs 1.13 lakh, and this should help the company boost its sales. Since it began deliveries in April 2022, nearly two years ago, Bounce has only registered 8,570 units to date (VAHAN numbers as of the publishing of this article).
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📰 International News
Vauxhall to begin production of Vivaro Electric at its Luton facility next year
Vauxhall has announced that limited production of its medium electric van – Vivaro Electric – will begin at its Luton manufacturing facility from the first half of 2025.
UAW reaches agreement with Ford over local Kentucky plant contract
The United Auto Workers (UAW) said on Wednesday it had reached an agreement with Ford Motor Co over a local contract covering workers at the automaker's Kentucky truck plant, averting a strike.
Rivian forecasts annual production well below estimates
Rivian said on Wednesday it would cut its workforce by 10% and forecast EV production this year that widely missed estimates, hurt by downtime for factory upgrades and slowing demand for electric vehicles due to high interest rates.
Mercedes-Benz warns geopolitics, trade tensions to weigh in 2024
Mercedes-Benz on Thursday forecast lower returns on sales in 2024 across its cars and vans division, warning of the "exceptional" uncertainty caused by conflict in the Middle East and Russia, and tensions between China and the U.S.
Mercedes-Benz says plug-in hybrids to 'stay relevant' amid EV demand slowdown
Mercedes-Benz expects lower returns on sales across its cars and vans division this year, it said on Thursday, flagging "exceptional" uncertainty caused by conflict in the Middle East and Ukraine and tensions between China and the U.S.
Mercedes cautious on 2024 after profits dip in 2023
German luxury automaker Mercedes-Benz Thursday said net profits dipped in 2023 on the back of flat car sales, high inflation and supply chain woes, with little improvement seen in 2024.
China's Xpeng signs partnership with UAE's Ali&Sons, eyes Italian market
China's Xpeng on Thursday said it has established a strategic partnership with UAE-based Ali&Sons and added Italy to its Europe plans, as the electric vehicle maker ramps up overseas expansion.
UK set to miss near, long term emissions targets, DNV predicts
Britain is set to miss its decarbonisation targets for 2030 and its goal of reducing greenhouse gas emissions to net zero by the middle of the century, Norwegian risk manager DNV said.
Hyundai's Supernal and Embraer-backed Eve Air Mobility see future in electric-powered air taxis
As the aviation sector seeks ways to make air travel less polluting and more sustainable, aerospace company Embraer and South Korean automaker Hyundai are among the companies betting on a new form of air travel -- air taxis.
A self-driving car ride
The future car is likely electric, shared and self-driving. You may have heard this statement before, but the truth is, it is not a car of the future; it is here today.
📝 Kia plans to introduce 'Platform Beyond Vehicle' business in the MEA region
📝 Nikola CEO Girsky appointed as acting chief financial officer
📝 California puts Waymo robotaxi expansion application on hold until June 19
📝 Lucid forecasts annual vehicle production below estimates
📝 Thailand car production drops 12% YoY in Jan as local sales slow
📝 Swedish Tesla strike expands to include charging stations
📝 UAW commits USD 40 mn to organizing US auto, EV battery workers
📝 SQM venture arm invests USD 9.4 mn in UK EV battery recycling firm Altilium
📝 GM says Cadillac Lyriq again qualifies for USD 7,500 US EV tax credit
📝 Australia's lithium producers see signs market is stabilising
📝 Rivian, Lucid's 2024 production targets disappoint as EV demand wanes
📝 Mercedes Benz introduces flexible EV charging system
📝 Yokohama eliminates counterfeit version of its aluminium wheels in China
📝 Continental to divest Finnish stud-specialist Tikka Spikes Oy through management buyout
📝 Toyota Alabama powers up new i-FORCE engine line
📝 Mercedes-Benz UK announces pricing and specification of new CLE Cabriolet
📝 Stellantis announces electric van production at Luton lant by 2025
📝 Porsche Mission X electric supercar likely to confirm for production in 2024
📝 'Russia makes luxury cars?': US mocks Vladimir Putin for his gift to North Korea's Kim Jong Un
📝 South Africa announces tax break to boost EV and hydrogen vehicle production
📝 Toyota faces penalties in Japan over emissions-cheating diesel engines
📝 EV-maker Rivian plans to lay off 10% staff
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