Investment pledges worth Rs 6.64 trillion at Tamil Nadu meet
The two-day Tamil Nadu Global Investors Meet (TN GIM 2024) has led to investment commitments to the tune of Rs 6.64 trillion in the state, with potential job generation of 26.9 million.

Hinduja Group to invest INR 1200 cr in TN over the next 3-5 years
The Hinduja Group will invest INR 1200 crore over the next 3 – 5 years for strategic initiatives to drive innovation, technological advancements and overall business expansion.

Uber India FY23 revenue jumps to INR 2,666 crore, net loss widens
Online mobility platform Uber India has reported a 54% year-on-year rise in operating revenue for the year ended March 31, 2023 to INR 2,666 crore, while its net loss during the period expanded to INR 311 crore.

Vehicle scrappage policy key to cutting India steel sector emissions
One sector poised for significant impact is the Indian steel industry. Currently, the Indian iron and steel sector stands as the largest consumer of energy within the manufacturing sector. Carbon dioxide (CO2) emissions from Indian steel production range from 2.5 to 2.85 tonnes per tonne of crude steel, in contrast to the global average carbon intensity of 1.4 tonnes per tonne of steel, according to the International Energy Agency (IEA). This disparity can be primarily attributed to differences in production techniques. According to the Ministry of Steel's annual report 2022-23, approximately 70-75 per cent of steel is produced either through the Blast Furnace – Basic Oxygen Furnace (BF-BoF) route or Direct Reduced Iron (DRI) based route with coking coal serving as the primary reductant. In contrast, other major steel-producing nations like the European Union, Japan, and the USA commonly employ the Electric Arc Furnace (EAF) route for steel production. The choice of production technique in different regions can be influenced by various factors, but one of the primary factors is the availability of low-cost raw materials, which primarily depends on factor endowment. In the case of India, where iron ore, a key raw material to produce steel, is readily available at an affordable price, most companies prefer to rely on the BF or coal-based DRI route to produce steel.
 

Auto retails grow 21% in Dec 2023; CY2023 growth at 11%; outlook remains positive: FADA
New Delhi: December 2023 was an overall good month for Indian auto retail with a growth of 21% YoY, Manish Raj Singhania, president, Federation of Automobile Dealers Associations (FADA), said,

India's Modi to lure tech, EV investments at Gujarat summit as poll looms
Indian Prime Minister Narendra Modi will roll out the red carpet for hundreds of domestic and foreign investors visiting his home state of Gujarat this week for a business event, in one of his last major efforts to draw investments before a re-election bid.

MeitY working on a PLI like scheme to boost electronics component manufacturing
Chennai: The Union Ministry of Electronics and Technology is examining the possibility of having a new programme to ensure that more and more of the electronic components can be made in India, and through an appropriate PLI like scheme. “That is currently in the works, and something on which the ministry is working on. The Union Minister is keen on pushing this, and where we expect there would be substantial growth,” said S Krishnan, Secretary, Ministry of Electronics and Information Technology. This will greatly assist the non-semiconductor electronics part sector. This is clearly an area where states like Tamil Nadu should be interested because its the kind of advanced manufacturing that states like Tamil Nadu need to push, he added.

Bajaj Auto to buyback at ₹10,000/share
Chennai: The board of Bajaj Auto Ltd on Monday approved buyback of company shares at ₹10,000 a share. The board approved a proposal for buy-back of up to 40 lakh fully paid-up shares, representing 1.41 per cent of the total number of equity shares of the company, for a consideration not exceeding ₹4,000 crore.

Hyundai in pact with IIT-M to establish a Hydrogen Innovation Hub, sets aside ₹180 cr
Chennai: Hyundai Motor India Ltd, India’s second-largest carmaker, has signed an agreement with IIT- Madras to establish a dedicated ‘Hydrogen Valley Innovation Hub, with an investment of ₹180 crore. The objective is to help foster a worldwide Hydrogen Society by making hydrogen readily used for everyone, everything and everywhere, according to a statement.  This facility will act as an incubation cell to develop a framework for the localisation of the hydrogen ecosystem. The initiative is also expected to generate employment and support skill development in the region, it said.

Bajaj Auto board approves INR 4000-cr share buyback at INR 10,000 each
Bajaj Auto Ltd on Monday approved buyback of shares worth INR 4,000 crore through the tender offer route.

VinFast's India entry: Tamil Nadu plant may start EV production by 2026

In a SEC filing in the US, VinFast has now stated that it will make an initial investment of $200 million to set up a plant in Tamil Nadu for completely knocked-down (CKD) assembly of electric vehicles with a capacity of 50,000 vehicles per annum.
 

Call of duty: Maruti Suzuki chairman advocates for low car tariffs in FTAs
R C Bhargava, chairman of India’s largest carmaker, Maruti Suzuki, is no stranger to making contrarian calls. And he has done it once again.  
 

We are betting on EVs now in alternative fuel segments, says Anand Mahindra
Anand Mahindra, the Chairman of Mahindra and Mahindra (M&M) Group, said it is currently betting on the electric vehicle (EV) segment though multiple alternative fuel technologies are emerging.

Our defence business has taken off in a big way: Baba Kalyani
The country’s largest diversified forging firm, Bharat Forge, wants its defence vertical to become its new core, as it aggressively pursues ambitions in this space. Baba Kalyani, chairman and managing director, unveiled Bharat Forge’s plans on his 75th birthday while speaking to Swaraj Baggonkar.

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2024 Hyundai Creta design officially revealed
Hyundai Motor India today revealed the design of the new Hyundai Creta. The new Creta will feature a fresh look and design, following the global SUV design language. Aligned with Hyundai’s design philosophy of ‘Sensuous Sportiness,’ the new Hyundai Creta draws inspiration from the rugged spirit of off-road adventures, travel and urban living.

2024 Hyundai Creta facelift exterior fully leaked: All you need to know
Hyundai is gearing up to launch the 2024 Creta facelift next week. The carmaker is aggressively promoting its launch on social media and television on the back of star power of actors Shahrukh Khan and Deepika Padukone. Test mules of the updated Creta have been spotted on several occasions in the past few months.

New Bajaj Chetak vs Ola S1 specifications comparison
Bajaj updated the Chetak electric scooter a few days ago, launching the Urbane and Premium variants, priced at Rs 1.15 lakh onwards. The updated EV competes with the Ather 450 range and the Ola S1 range, two of the most popular selling EV brands in India. Let’s see how the new Chetak variants compare to the Ola S1 Air and the S1 Pro in terms of specifications.

2024 Kia Sonet mileage revealed ahead of global launch
Kia India has unveiled the 2024 Sonet facelift’s fuel economy figures before the compact SUV’s official debut. The South Korean manufacturer unveiled the Sonet in December 2023 and opened the bookings at an amount of Rs 25,000. 

Honda Elevate gets its first price hike by up to ₹58,000; check details
Honda Cars India has raised the prices of the recently launched Elevate compact SUV by a maximum of ₹58,000. This marks the first price hike for the Honda Elevate since its introduction last year, with the new starting price now at ₹11.58 lakh and reaching ₹16.48 lakh for the top-spec dual-tone variant. 

Hyundai Motor India to make INR 6,180-cr long-term investment in Tamil Nadu
Hyundai India to invest Rs 6,180 crore in Tamil Nadu
The Financial Express

Market share of SUVs likely to come down by 2025 after reaching peak of 54-55 per cent
 

Jaguar Land Rover Q3: Tata Motor's luxury arm achieves highest wholesales in 11 quarters; order book declines
Tata Motors-owned Jaguar Land Rover on Monday reported a 27 % rise in total wholesales at 1,01,043 units in the third quarter ended December 31, 2023, as compared to the year-ago period. Jaguar Land Rover (JLR) delivered the highest wholesales in 11 quarters during the period, a statement by JLR shared on BSE by Tata Motors said.

Mercedes-Benz India CY23 sales up 10% at 17,408 units; to launch 12 models in 2024
New Delhi: Mercedes-Benz India sold 17,408 units in CY '23, 10% more than the 15,822 units sold in CY22. With this the company had its best H2 sales of 8,880 units and Q4 sales of 4,640 units. Sedan segment was responsible for 45% of the annual sales. LWB (Long Wheel Base) E-Class was the highest-selling model for Mercedes-Benz in 2023, the company said.

Mercedes-Benz India expects to grow by double digit in 2024, after recording highest-ever sales in 2023
New Delhi: Mercedes-Benz India on Monday said it is expecting double digit growth in its sales this year, after achieving the highest-ever sales in 2023 (17,408 units) and investing ₹200 crore in 2024 for new product line-up and expansions. The company’s sales grew by 10 per cent year-on-year in 2023 compared with 15,822 units in 2022 calendar year.

Mercedes Benz India to invest INR 200 cr in 2024; launches new GLS luxury SUV at INR 1.32 cr
New Delhi: Mercedes-Benz India has lined up an investment of INR 200 crore this year to enhance capacity, digitise manufacturing processes, and introduce new products and technologies in the country, a top company official said Mercedes-Benz India Monday launched the first of the proposed 12 models – the facelifted GLS luxury SUV- priced at INR 1.32 crore for petrol version and INR 1.37 crore for diesel (ex-showroom).

2024 Mercedes Benz GLS facelift launch : What to expect?
Mercedes Benz is set to kick start its 2024 campaign in India by launching the facelifted GLS. The updated iteration of the flagship SUV made its global debut in April this year, and is not ready to make its debut in India. The German marque will announce prices of the large luxury SUV at its annual press conference which is to be held in New Delhi.

Why driving a Mercedes GLC from Delhi to Bhopal on the Mumbai Expressway is better than flying
I love road trips and it’s my preferred means of travelling between cities if time permits. A recent event in Bhopal had me sitting on the fence – should I fly, take the train or drive? Since the event was followed by a weekend, the choice was obvious. Drive. The choice was even more compelling because travelling to Bhopal from Delhi, now offers an alternate (and faster) route via the Delhi-Mumbai Expressway going via Kota, rather than taking the traditional Agra, Gwalior, Jhansi, Bhopal route. The distance is just a tad over 800 Km.

Mercedes-Benz to invest Rs 200 cr in India in 2024, to launch a dozen new cars
Mercedes Benz lines up Rs 200 cr investment, will launch over 12 products

Mercedes Benz expands presence in India with ambitious launch plans for 2024
Aiming for double digit volume growth in 2024: Mercedes-Benz India MD & CEO

UltraTech introduces electric trucks to boost green mobility
UltraTech pilots 5 electric trucks for transport of clinker from its Dhar factory
The Financial Express

Ashok Leyland achieves record sales at 1,98,113 units in 2023
Ashok Leyland reports record sales of 198,113 CVs in 2023
The Financial Express

Ashok Leyland signs MoU with Tamil Nadu govt to invest Rs 1,200 cr

Ashok Leyland Managing Director and CEO Shenu Agarwal exchanged documents with Industries Department Secretary V Arun Roy during the second day of the Global Investors Meet in the presence of Chief Minister M K Stalin here.' The investment of Rs 1,200 crore is assigned for strategic initiatives to drive innovation, technological advancements and overall business expansion, the heavy commercial vehicle maker said in a release.

Royal Enfield proposes to invest INR 3000 cr on brownfield and greenfield projects in TN
Royal Enfield, a unit of Eicher Motors Limited (EML), the makers of Royal Enfield band of motor cycles, Monday signed a non-binding Memorandum of Understanding (MoU) with the Government of Tamil Nadu at Global Investors Meet 2024, in Chennai, to invest around INR 3,000 crore over eight years to set up greenfield and brownfield projects in the state.

BikeWo partners with Bounce Infinity to sell two-wheelers at its Outlets
BikeWo, a two-wheeler company, has announced a collaboration with Bounce Infinity, India's first smart mobility solution. This partnership will incorporate Bounce Infinity's entire range of scooters available through BikeWo's extensive network of dealers and outlets.

HMSI opens third assembly line at Gujarat plant to add 6.5 lakh units capacity
HMSI adds 3rd assembly line at Vithalapur plant, expands capacity by 6.5 lakh unit
The Financial Express

TVS Motor's market cap nears Rs 1 trillion; stock surges 55% in 5 months
 

Rincell Corporation raises USD 1.2 m seed round investment
New Delhi: Rincell Corporation, an advanced chemistry battery cell manufacturer, has raised USD 1.2 million seed round investment in an oversubscribed round led by the US-based NextGen Battery Chem Ventures LLC, managed by globally-renowned venture capitalist, Sandiip Bhammer.

HASETRI certified as world’s first proficiency testing provider of tyre rolling resistance
New Delhi: Hari Shankar Singhania Elastomer and Tyre Research Institute (HASETRI), becomes world’s first accredited Proficiency Testing Provider (PTP) for Rolling Resistance Tests by the National Accreditation Board for Testing and Calibration Laboratories (NABL).

GoMechanic and iACE join hands for automotive skills development
GoMechanic inks MoU with iACE to upskill over 5,000 mechanic partners
The Financial Express

Demand for diesel drops, petrol remains stable: Oil Ministry
New Delhi: The demand for diesel fell 2.5% in December over last year while that for petrol barely changed, according to the oil ministry data.

Market darling to a laggard: Bajaj Finance disappointed investors last year. Will 2024 be different?
For a ‘market darling’, Bajaj Finance certainly failed to live up to its reputation in 2023. It’s a year the company’s investors would want to forget — one in which their favourite ‘wealth generator’ underperformed the benchmark indices.

NBFCs capitalise on big used-car demand

Non-Banking financial companies (NBFCs) are capitalising on the robust demand for used-cars. The outstanding credit for used-cars stood at close to Rs.5,000 crore at the end of September 2023, data from the Finance Industry Development Council and CRIF High Mark show. 

Mercedes-Benz GLS facelift launched at Rs 1.32 crore
Source Credit: Autocar India

Mercedes-Benz has kick-started 2024 with the launch of the GLS facelift priced at Rs 1.32 crore for the GLS 450 and Rs 1.37 crore for the GLS 450d. The three-row GLS sits at the top of Mercedes’ SUV line-up and made its global debut in April last year.

Mercedes India records highest ever sales of 17,408 cars, SUVs in 2023
Source Credit: Autocar India

Mercedes-Benz has clocked its highest-ever annual sales in India in 2023 with a growth of 10 percent on a year-on-year basis. On the sidelines of the GLS facelift launch, Mercedes-Benz India announced that it had sold 17,408 units in 2023, against 15,822 units it sold in 2022.

Hyundai Motor to invest Rs 26,180 crore in Tamil Nadu until 2032
Source Credit: Autocar India

Hyundai Motor India has announced an additional investment of Rs 6,180 crore in Tamil Nadu, at the Tamil Nadu Global Investors Meet 2024. This investment includes an amount of Rs 180 crore towards a dedicated ‘Hydrogen Valley Innovation Hub,’ in association with IIT Madras. 

Honda adds third assembly line to its largest scooter-only plant
Source Credit: Autocar India

Honda Motorcycle & Scooter India (HMSI) has inaugurated its third assembly line at its two-wheeler manufacturing plant at Vithalapur in Gujarat, adding a capacity of 6.5 lakh units per annum. HMSI’s state-of-the-art Vithalapur facility is Honda’s largest scooter-only plant in the world. The inauguration of this line took place on January 5.

QJMotor slashes prices of Indian lineup by up to Rs 40,000
Source Credit: Autocar India

Chinese manufacturer QJMotor has announced new pricing for nearly its entire Indian lineup, with the biggest price cut being a substantial Rs 40,000. 

Mercedes India confirms over 12 new cars, SUVs coming this year
Source Credit: Autocar India

After recording its highest-ever annual sales in India in 2023, Mercedes-Benz is entering 2024 with a flourish, bringing the GLS SUV, priced between Rs 1.32 crore-1.37 crore, to the market a week into the new year. The German luxury brand has confirmed that the GLS is the first of over 12 new launches planned for India this year. The company says it is bringing three EVs and that half of the new models coming cost upwards of Rs 1.5 crore. Here are eight new cars and SUVs we can confirm are coming to India during 2024.

Next-gen KTM 390 Adventure spotted testing
Source Credit: Autocar India

The next-generation KTM 390 Adventure has been spotted for the first time while out on test and, just like the current bike, will use the latest 390 Duke’s engine and main frame.

Hyundai Creta facelift design sketches revealed ahead of January 16 launch
Source Credit: Autocar India

Prices for the Hyundai Creta facelift will be revealed on January 16, 2024, the Korean brand has confirmed. The refreshed midsize SUV is expected to be priced in the Rs 11 lakh-19.5 lakh (ex-showroom, Delhi) range, and will continue to rival the likes of the Kia Seltos, Skoda Kushaq, Volkswagen Taigun, MG Astor, Maruti Suzuki Grand Vitara, Toyota Hyryder, and other midsize SUVs.

Maruti readying Suzuki Spacia-based mini MPV for India
Source Credit: Autocar India

Maruti Suzuki is readying the launch of its fourth-gen Swift and Dzire along its first EV, the eVX, in India. However, the brand’s long-term plans include bringing a Suzuki Spacia-based compact MPV by 2026. Here’s what you need to know about the upcoming three-row model for India that is codenamed YDB.

Maruti Alto K10, Swift and Dzire get up to Rs 47,000 discount this January
Source Credit: Autocar India

Maruti Suzuki Arena dealers are offering discounts and benefits on models such as the Alto K10, Wagon R, Swift and Dzire this January, which includes cash discounts, exchange bonuses and corporate offers. There are, however, no discounts on offer on the Brezza and Ertiga.

Mahindra XUV e8 takes shape
Source Credit: Autocar India

In the EV segment that’s largely dominated by Tata Motors, Mahindra will be looking to make gradual ingress throughout 2024, with models like the updated XUV400 and new XUV300 EV. But what the company is really betting on to take its EV game ahead is the upcoming XUV700 EV – or the XUV.e8 as it was shown in concept form – and other models on the born-electric INGLO platform.

US Treasury, Energy officials to testify at Senate EV incentive hearing
The No. 2 officials at the U.S. Treasury and Energy departments will testify next Thursday before the Senate Energy Committee on electric vehicle tax incentives, the committee said.

MG Whale SUV Coupe arrives in Middle East
The futuristic design and the daring coupe-like silhouette of the MG Whale embody the youthful and progressive spirit of the people who live and work in the vibrant cities of the region. The Whale-inspired details like its signature front grille and Baleen daytime running lamps help convey the playfulness, intelligence, and grace of its namesake. Other marine-related cues include Whale-fin door mirrors and a Whale-tail spoiler and gearshift.

Continental debuts world’s first automotive display embedded in Swarovski crystal
New Delhi: Technology company Continental is showcasing its Crystal Center Display for the first time at the Consumer Electronics Show 2024 in Las Vegas, USA.

Northvolt gains EU nod for USD 986 mn German aid to build EV battery plant
New Delhi: Swedish lithium-ion battery producer Northvolt on Monday secured EU approval for 902-million-euro (USD 986.43 million) in German state aid to build an electric vehicle battery production plant in the north of Germany.

Fitch Ratings prepares ratings for Tesla Electric Vehicle Trust 2023-1, navigating unique challenges in EV securitization
Fitch Ratings is gearing up to assign ratings to Tesla Electric Vehicle Trust (TEVT) 2023-1, and a presale for the transaction has been issued.

Britain's BT to turn street cabinets into EV charging points
BT, Britain's biggest telecoms group, said it would convert the first of its street cabinets traditionally used to house cabling to an electric vehicle (EV) charging unit in a pilot that could lead to a network of 60,000 new points.

Nvidia expands reach in China's EV sector despite tighter US export rules
Nvidia said four Chinese electric vehicle brands will use its technology as the brains for automated driving systems, underscoring the U.S. chip maker's determination to expand in China despite Washington's tighter export rules.