Top Indian Automobile Industry News & Updates - 24 Feb 2024,Saturday
🏢 Industry
Govt amends electricity rules to speed up new connections, promote EVs and solar PV systems
New Delhi: The government has introduced amendments to the Electricity (Rights of Consumers) Rules, 2020, aimed at simplifying and expediting the process for obtaining new electricity connections and installing rooftop solar systems, Union minister for power and new & renewable energy R. K. Singh said.
Private capex starting to grow now: M&M’s Shah
Source Credit: Swaraj Baggonkar, The Financial Express (Delhi Print Edition)
📝 Modi govt has built 1,500km highways in K’taka: Gadkari
📝 EV boom sets off high-end tech hiring
📝 Plea seeks electric auto policy for women in Amritsar
📝 Carvana shares soar 40% after first annual profit
📝 Govt tweaks electricity Act to promote EVs and solar panels. Check details
📝 Manufacturing sector should contribute quarter to India's economic growth: M&M Group MD Anish Shah
📝 Tesla-rival VinFast to begin construction of its EV plant in India from Sunday
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🎤 Interviews & Features
Opinion: Need to unlock the potential of bike-taxis to ease road traffic congestion in India
The global attention to transportation has risen over the years as Goal 11 of the SDGs (UN Sustainable Development Goals) emphasizes making cities and human settlements inclusive, safe, resilient, and sustainable. Sustainable transportation and mobility have been identified as quintessential to sustainable development.
Mahindra Scorpio N Z8 Select vs Z8: Which is value for money?
Mahindra’s best-selling SUV, the Scorpio N launched the Z8 Select variant which is the most affordable trim in its premium Z8 portfolio. The Z8 Select comes packed with both convenient and safety features. We take a closer look at how this new Scorpio N variant fares against the more premium Z8.
Tigor iCNG: Alt-Fuel
Among alternative fuels, CNG has proven to be a thoroughly inexpensive choice, both to buy and run. Its widespread availability, especially in bigger cities, has further boosted the rate of adoption, but what’s made it popular is the inclusion of factory-made CNG-powered cars. This nullifies the chances of mistuned CNG kits spoiling the engine, as is sometimes witnessed with retrofitted applications. So what’s stopping buyers from further embracing this simple yet effective solution to rising fuel prices, you might wonder? It’s the absence of an automatic gearbox. For many urban drivers, especially those who use their cars for office/work commutes, an automatic is a more suitable choice, and the absence of CNG-powered, automatic-gearbox cars was a definite deterrent. We say ‘was’ because with Tata Motors offering an AMT gearbox on some of its iCNG cars, both your pocket and your left leg can get some respite. We check out the Tata Tigor iCNG to find out if pocket-friendly motoring comes at a cost.
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🚗 Cars / SUVs
Over 50,000 Toyota Innova HyCross units sold since launch
Toyota Kirloskar Motor (TKM), today, announced that cumulative sales of its popular model Innova HyCross has clocked sales of over 50,000 units since its launch in November 2022.
Hyundai Creta N Line launch date confirmed for March 11
The N Line versions for Hyundai are gaining popularity and after the launch of the i20 N Line, followed by the Venue N Line, the South Korean carmaker is readying the launch of the Creta N Line, which will take place on March 11.
Kia recalls 4,358 units of Seltos to replace electronic oil pump controller
New Delhi: Kia India on Friday said it is voluntarily recalling 4,358 units of a petrol variant of its mid-sized sports utility vehicle Seltos to replace the electronic oil pump controller. The company is recalling Smartstream G1.5 Petrol Seltos with IVT transmission, manufactured between February 28 and July 13, 2023, the South Korean automaker said in a statement.
Mahindra Scorpio-N Z8 Select, a more affordable variant, hits showrooms: Check out what's new
In a bid to make its popular Scorpio-N SUV more accessible to a wider audience, Mahindra has launched the new Scorpio-N Z8 Select variant. Priced between ₹16.99 lakh and ₹18.99 lakh (ex-showroom), this variant sits below the top-tier Z8 and Z8L variants, offering a compelling package of features at a more budget-friendly range.
Toyota Kirloskar Motor recalls 269 units of Land Cruiser 300
Toyota Land Cruiser 300 recalled in India
Maruti Suzuki bets on strong hybrids to drive growth in green vehicles
The company anticipates that 25 per cent of its sales will come from strong hybrids in the foreseeable future.
📝 Do you own a Kia Seltos? The company is recalling some cars. Check details here
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Electric-Cars / SUVs
📝 Mahindra XUV.e8 to BE.05: 4 Mahindra EVs to launch before October 2026
📝 Renault Kwid-based Dacia Spring EV gets a major update
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🚗 Luxury Cars
CEO's Take On 2024: Teeming consumer market to make India hot spot of auto investment and hub of consumption, says Jyoti Malhotra, MD, Volvo Car India
The excerpts:
Mercedes-AMG GLE 53: Dual Nature
It was fifteen years ago when BMW decided to do the unthinkable. It took what looked like a perfectly functional SUV, lowered its roof to make it appear sporting, sprinkled some upmarket styling on it, and made an incremental change to its name. The SUV in question was the BMW X5, and the resulting Sports Activity Coupe, as BMW liked to call it, was the brand-new BMW X6. It spawned a new category of products, and while this wasn’t the first time an SUV had undergone such treatment, in terms of market success, the X6 led the way. Like all radical new designs, it was mocked to some extent, but the buyer was unfazed by all this. Needless to say, there would’ve been some apprehension, because other carmakers (especially compatriots) took a while before they took the plunge. Mercedes-Benz, for instance, waited for nearly seven years to bring out their X6 rival, and Porsche nearly a decade.
📝 Baby, you can drive my Aurus Senat
📝 Jawan actor Priya Mani brings home the Mercedes-Benz GLC worth ₹74.20 lakh
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⛟ Commercial Vehicles
Ashok Leyland invests INR 24.95 cr in TVS Trucks to acquire 49.9% equity stake
New Delhi: Ashok Leyland has invested INR 24.95 crore in TVS Trucks and Buses Private Limited (TVS Trucks), to acquire 49.9% shareholding. This strategic investment makes TVS Trucks an associate company for Ashok Leyland.
BharatBenz opens new 3S dealership in Indore
Daimler India Commercial Vehicles (DICV), the wholly-owned subsidiary of Daimler Truck has added a new 3S (Sales, Service and Spares) BharatBenz dealership to its network in Indore, Madhya Pradesh, in partnership with PPS Trucking.
📝 BRTS set to go green soon with 40 electric buses
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🏗 Construction & Agri Machinery
Farm sector’s mechanisation: ‘Govt allocated `6,400 cr since 2014-15’
The government has allocated over Rs 6,400 crore for mechanisation in the farm sector since 2014-15 as part of efforts to reduce input cost and boost farmers’ income, a senior official said. The Centre has also provided more than 15 lakh machines and equipment to farmers on subsidy. “During the period from 2014-15 to December 2023, an amount of Rs 6,405.55 crore have been allocated for agricultural mechanisation. A total of 15,23,650 machines and equipment have been provided to farmers on subsidy,” the official said. That apart, 23,018 custom hiring centres, 475 high-tech hubs and 20,461 farm machinery banks have been established to make available agricultural machines and equipment to farmers on a rental basis.
Tractor sales drop by 4% in FY24, signalling rural economic trouble
Maharashtra recorded a 33 per cent drop, Karnataka 21 per cent, and Telangana 36 per cent, marking the most substantial decline ever observed in these states. Additionally, a four per cent decrease in Madhya Pradesh, the second-largest tractor market by volume after Uttar Pradesh, further impacted the overall sales figures.
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🏍 2/3 Wheelers
Kawasaki Ninja 500 vs Aprilia RS457 comparison
The newest fully-faired 500cc motorcycle in the Indian market is the Kawasaki Ninja 500, launched at Rs 5.24 lakh ex-showroom. The Ninja sits in a rapidly growing segment consisting of the KTM RC390, Yamaha R3, and another new entrant, the Aprilia RS457.
📝 Apache RTR 160 4V vs. Bajaj Pulsar NS 160: All details
📝 Suzuki Motorcycle India produces 1 mn 2Ws in FY24 ahead of year-end
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🚲 Electric 2/3 Wheelers
Bajaj Auto, Magna infuse Rs 160 crore in Yulu
Yulu, one of India’s largest shared electric two-wheeler mobility company has announced successful equity infusion of $19.25 million (around Rs 160 crore) in its business. The funds have been raised via further issuance of shares to Yulu’s existing strategic investors Magna and Bajaj Auto.
TVS makes smart gains in electric two-wheeler space, Ola, Bajaj & Ather continue to grow share
The Indian two-wheeler industry is currently witnessing a slowdown, contrary to some, the lower-than-expected rural demand and below-par uptick in entry-level products can be attributed to a downward trend in the world’s largest two-wheeler market.
Bajaj Auto ups investment in Yulu Bikes with Rs 45.75 Crore; Here is what analyst say
Bajaj Auto, a leading player in the Indian automotive industry, announced on Thursday an additional investment of ₹45.75 crore in the electric bike-sharing platform Yulu Bikes.
📝 Ather 450 Apex starts arriving at dealers. Deliveries begin in these states first
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⚙ Components
📝 Sona Comstar share price jumps 6% on becoming first automotive component maker to get PLI certificate
📝 Toyota Kirloskar Auto Parts now eligible to avail incentives under PLI scheme
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🌇 Allied Industries
Apollo redefines toughness with EnduTrax tyre range for tipper trucks
New Delhi: The infrastructure segment in the country is growing at a fast pace, and it is further getting a shot-in-the-arm due to the increased spending by the government year after year.
CEAT invests INR 240 cr as an official sponsor for IPL 2024
New Delhi: Board of Control for Cricket in India (BCCI) has appointed CEAT to sponsor certain segments of the IPL matches. Adding to this the company is going to invest INR 240 crore in the coming 5 years for sponsoring IPL matches, said the company’s regulatory filing.
Kalyani Steels signs MoU with Odisha govt for manufacturing unit, to invest INR 11,750 cr
Kalyani Steel Ltd on Friday signed an MoU with the Odisha government to set up a manufacturing facility with an investment of INR 11,750 crore. The project for manufacturing titanium metal, aerospace and automotive components and advanced speciality steel at Gajamara in Dhenkanal district will create 10,000 job opportunities, the company said in a statement.
CEAT’s shares rise after BCCI names it as official partner for IPL matches
Bengaluru: CEAT Ltd has been selected by the Board of Control for Cricket in India (BCCI) as an official partner to sponsor certain segments of the IPL matches According to the company’s stock exchange filing, the contract is valued at an aggregate spend of ₹240 crore over five years.
📝 Indian steel mills seek iron ore export ban as China sales jump
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🌢 Fuels, Lubricants & Charging Stations
Oil settles higher as pressure mounts in the Middle East
Oil futures settled higher on Thursday as hostilities continued in the Red Sea with Iran-aligned Houthis stepping up attacks near Yemen, but a large build in U.S. crude inventories weighed on gains.
Servotech Power Systems wins INR 102-cr order for 1500 DC fast EV chargers from HPCL, OEMs
New Delhi: Servotech Power Systems Ltd., a leading manufacturer of EV chargers in India, has bagged an order for nearly 1500 DC fast EV chargers from Hindustan Petroleum Corporation Limited (HPCL) and other EV charger OEMs. The order is valued at INR 102 crore and involves two charger variants of 60 kW and 120 kW.
A power trip for rooftop solar, home EV charging
New Delhi: Quicker installation of rooftop solar projects, dedicated power connections to charge electric vehicles at home, and speedier grant of electric connections to households may be a reality soon, with the government tweaking key rules in this respect.
📝 India's January crude imports hit 21-month high
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🌍 Emissions/Environment
Clearing the air on emissions and carbon capture
To mitigate CO2 emissions, India is drafting a Carbon Capture, Utilisation, and Storage (CCUS) policy. It will not only facilitate decarbonization efforts but can potentially kickstart a USD 10 billion industry in next five years, by using captured carbon to make chemicals, among other uses.
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💸 Finance & Insurance
Myths around your lapsed car insurance busted: Should you renew your policy if the car isn’t being used at all?
In an ideal scenario, no insurance policies should ever lapse; however, when it comes to motor insurance, the stakes are even higher. Lapsed policies have no room in motor insurance – as it’s illegal to drive without at least a valid third-party motor insurance policy. Certainly, for overall protection, one should opt for a comprehensive policy that covers damage to your own car as well.
Nevertheless, this isn’t to suggest that policies don’t lapse; indeed, they do. Lapses may occur due to oversight in renewing, or some people may opt not to renew their coverage if the vehicle is not in use. In such cases, policyholders often find themselves uncertain about the appropriate steps to remedy the situation. Misinformation is not new to the insurance industry. Several myths surrounding lapsed policies often end up adversely impacting the consumer or deterring their purchase. While it’s important to be aware of prerequisites to renew your policy, it’s equally important to not be plagued by misinformation.
📝 Future Generali India Insurance CEO says growth momentum to continue on motor and health insurance
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📖 Magazines News
VinFast India plant construction to start from February 25
VinFast Auto has, in an official communication, announced that it will break ground at its integrated electric vehicle (EV) manufacturing site in Thoothukudi, Tamil Nadu on February 25, 2024.
Yulu secures fresh funding from Bajaj, Magna International
Source Credit: Autocar India
Yulu has secured a capital boost of $19.25 million (approx. Rs 160 crores) through the sale of shares to existing strategic investors, Magna International Inc. and Bajaj Auto. The fresh funding will help Yulu achieve its three year projection of three million Yulu e-bikes on the road. What’s to note is that the new influx of funds comes at a time when Yulu has experienced a five-fold increase in its revenue over the past year.
Toyota Fortuner has a 2-month waiting period; Vellfire has 10
Source Credit: Autocar India
Toyota has released the waiting period of its the Fortuner, Hilux, Camry and Vellfire. Read on to find out more:
Yamaha R1 may never return to India
Source Credit: Autocar India
The modern 1000cc superbike class is set to lose one of its original, founding members as Yamaha most likely will not update the R1 lineup to meet the stricter Euro5+ emission norms coming into effect from 2025.
Hyundai Creta N Line launch on March 11
Source Credit: Autocar India
In just two months since the launch of the facelifted Creta, Hyundai will be adding the much-anticipated Creta N Line variant to its line-up. Hyundai will announce prices for the Creta N Line on March 11, and bookings are expected to commence by the end of this month. Leaked patent images and spy pictures have already hinted at the updated design: there will be minor tweaks on the inside and it will also get a new powertrain option not available with the regular Creta.
Maruti Suzuki Grand Vitara long term review; 13,700 km report
Source Credit: Autocar India
If we make a list of groundbreaking cars launched here over the last decade or so, the Maruti Suzuki Grand Vitara strong hybrid would certainly feature high on it. The reason, of course, is the Toyota-based strong-hybrid tech that makes it extremely fuel-efficient as well as very drivable and seamless in its functionality.
Kia Seltos petrol-CVT recalled, 4,358 units affected
Source Credit: Autocar India
Kia has announced a voluntary recall for 4,358 units of the Kia Seltos. The company explained that the recall was prompted by a “potential error in the electronic oil pump controller, which may impact the performance of the electronic oil pump” in the SUV’s CVT gearbox. Kia says it is proactively reaching out to customers and replacing the faulty part in the affected models, which were manufactured between February 28 and July 13, 2023.
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📰 International News
New Russian owner of Hyundai's old St Petersburg plant launches Solaris production
The new Russian owner of Hyundai's St Petersburg plant on Thursday said it was launching production and sales of cars under the Solaris brand, weeks after the South Korean carmaker sold its assets and left Russia.
Chinese electric truck start-up Windrose explores production in Europe, CEO says
Chinese electric heavy truck start-up Windrose plans to outsource manufacturing of its vehicles to automaking partners in Europe, its founder and CEO said on Thursday, as it seeks to take on rivals Tesla and Mercedes Benz in the region.
Brazil's Lula says Hyundai to invest USD 1.1 billion in Brazil
Automaker Hyundai Motor is planning to invest more than USD 1.1 billion in Brazil by 2032, Brazilian President Luiz Inacio Lula da Silva said on Thursday.
Toyota extends shutdown of 2 plants after emission test irregularities
Toyota extends shutdown of two production lines after emission test irregularities Toyota Motor has extended until March 1 the shutdown of two production lines at two manufacturing plants run by a group of companies in Japan, it said on Friday.
📝 Volvo Cars to propose a distribution of 62.7% of Polestar holding to its shareholders
📝 Yokohama and Interpneu renew strategic partnership to expand sales
📝 Fiat sales continue to grow by 12% globally to 1.35 mn units in 2023
📝 Brembo enters Thailand with new production site, to invest EUR 40 mn
📝 VinFast targets to deliver 100,000 EVs in 2024
📝 Cheap mini-EVs sparkle in China's smaller, poorer cities
📝 Vietnam aims to produce 100,000-500,000 tons of hydrogen a year by 2030
📝 China's 2023 lithium chemical output jumps on rising battery demand
📝 US offers USD 710 mn in loans for EV technology projects
📝 EV sector grapples with layoffs, production cuts and altered plans
📝 GM's Cruise to resume robotaxi tests on city roads in coming weeks
📝 Volkswagen to launch long-range plug-in hybrid drives of Tiguan for EUR 48.655
📝 Skoda’s Enyaq e-Coupe range production exceeds 2 lakh units
📝 Hyundai’s supernal and Embraer’s Eve see future in electric Air Taxis
📝 This hypercar's maintenance cost is a whopping ₹1.25 crore a year
📝 Volvo's EV shift stumbles with unprofitable Polestar, to stop funding
📝 Volkswagen to recall 261,000 cars to fix pump problem that can let fuel leak and increase fire risk
📝 Japan takes Taiwan’s helping hand on long road to chip revival
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