Top Indian Automobile Industry News & Updates - 10 Jan 2024,Wednesday
🏢 Industry
Tamil Nadu attracts over Rs 36,000 crore investment from Auto Inc at investors meet
Tamil Nadu has now more reasons to be considered one of the most sought-after automotive hubs in the country. It has attracted over Rs 36,000 crore worth of new investments by several automakers and suppliers at the Tamil Nadu Global Investors Meet 2024.
Tata Motors shares hit 52-week high on JLR Q3 updates
Shares of Tata Motors jumped 3% to hit their 52-week peak of INR 809.20 on Tuesday after the company reported a 27% uptick in Jaguar Land Rover (JLR) wholesales for the quarter ended December 30, 2023 at 101,043 units. Sequentially it was up 4%.
Tata Motors reports 9% hike in global wholesales at 3,38,177 units in Q3 FY24
New Delhi: Tata Motors Group announced that its global wholesales in Q3 FY24 were 9% higher at 3,38,177 units compared to Q3 FY23. Its global wholesales included Jaguar Land Rover at 1,01,043 vehicles, higher by 27%.
Xiaomi may enter automotive space in a big way: GlobalData
New Delhi: During the recent holiday season, Xiaomi made headlines by unveiling its first electric car, the SU7, which is set to enter production later in 2024. In a surprising move, the company also announced plans to continue investing in research and development (R&D) of electric vehicles (EVs) with the aim of securing a spot among the top five global car manufacturers.
ePV grow 114 per cent, e-two-wheelers grow 36 per cent in CY23
Mumbai: The electric passenger vehicles (ePVs) saw a 114.71 per cent growth with 82,105 units, while the electric two-wheeler segment witnessed a 36.09 per cent growth with 8,59,376 units in CY23.
Modi meets top CEOs, discusses made-in-India vehicles to green hydrogen
Modi and Toshihiro Suzuki, Representative Director & President, Suzuki Motor Corp, "discussed Maruti Suzuki's plans to make India a strong player in the global automotive market by exporting Made in India vehicles, along with deploying global best practices related to vehicle scrapping and vehicle recycling into India," the Prime Minister's Office said in a post on X.
Mobileye agrees to supply ADAS tech to M&M as it eyes growth in India
Mobileye Global Inc. will supply advanced driver assistance technology for Mahindra & Mahindra Ltd.’s next-generation vehicles as it eyes growth in India’s auto market.
BluSmart shifts gears, introduces surge pricing
Gurugram-based all-electric taxi startup BluSmart has announced that it will introduce a new pricing structure, marking out ‘rush hour’ parts of a day, when fares will be slightly higher, and the remaining part of the day, ‘relaxed hour’, when fares will be regular or reduced. This is a significant shift for the company, which has long prided itself on its no-surge pricing policy.
Tata outsells Hyundai again in December 2023
For the second time in a row, Tata Motors beats Hyundai in retail sales, as per numbers by FADA. In December 2023, Tata Motors sold 43,859 units, while Hyundai sold 39,501 units. Tata’s YoY recorded a growth of 17.9 percent, while Hyundai registered a 5.9 percent decline in YoY growth.
EV sales jumps 49 pc to 15.29 lakh units in 2023: FADA
Electric vehicle sales jumps 49% to 1.52 million units in 2023: Fada
📝 Gensol Engineering to invest INR 2,000 cr for EV plant
📝 Terra Motors proposes to invest INR 50 cr on EV charging ecosystem in TN, signs MoU
📝 Bajaj Auto tops M&M in m-cap to regain 3rd largest auto co tag
📝 Budget Announcements for EVs: Can Interim Budget get the 'fame' for EVs roaring?
📝 Plan Afoot to Charge up Highways for e-mobility
📝 Ultra expensive homes, luxury cars witness record sales
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🎤 Interviews & Features
Tata’s new acti.ev platform Vs JLR EMA: What’s different?
Tata has unveiled the acti.ev – its made-in-India advanced Pure EV architecture that will spawn a variety of products with multiple body styles and sizes, addressing the country’s rapidly developing EV market.
📝 Two youngsters have quietly set new EV standards in India
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🚗 Cars / SUVs
Maruti working on Suzuki Spacia-based MPV compact MPV
Suzuki has plenty of new models under development both for global markets as well as India markets. Among them is the much-anticipated eVX, the brand’s first born electric vehicle (EV) slated to make its global debut in 2025. Maruti, Suzuki’s Indian arm, will soon be launching the new-gen Swift and Dzire in the local market this year.
Renault launches Kwid, Triber, Kiger starting from Rs 4.69 lakh
Renault India has decided to rejig its entire portfolio, including the Kwid, Triber and the Kiger. The French car manufacturer has equipped the three vehicles with new features and has introduced five new variants across its range, focusing more on the affordable trims.
Renault India Growth Plan: Launch 2 new SUVs, an EV by 2027
New Delhi: Renault has worked out a growth plan for the India market involving three new product launches to boost its sales momentum in the country.
From Swift to Baleno: Top 5 hatchbacks sold in Dec 2023
Hatchbacks, like sedans, have borne the heavy downfall in sales thanks to ever increasing popularity of SUVs in the country over the last few years. Once an aspirational segment for most car buyers in India, even first time buyers usually opt for SUVs these days. As a result, only 6 cars have made it to the list of best selling 25 cars in December 2023.
Renault plans five product launches in 3 years; eyes double-digit sales growth this year
Renault India plans 5 new launches in the next three years, including all-new Duster and an EV
The Financial Express
Renault to launch upgraded variants of its cars to boost sales in India
The French carmaker said it plans to launch five products, including midsize SUV and electric models, in the next three years. These include entirely new models and the next generation of Kiger and Triber, the company said in a press release. This is in addition to the $3.2 billion investments in markets outside Europe, which also includes India, it said.
After a hit in 2023, Renault India expects to grow by double digit in 2024
Renault India has plans ot launch five new cars, including an electric car, in the next three years, beginning the 2025 calendar year, which could help the company gain back some of the market shares it lost in 2023. It also seeks to focus on rural markets for its current portfolio, per a senior official.
📝 Renault’s message to Indian regulators on airbag U-turn: If you lay down a path, follow it
📝 Renault to continue selling small cars in India "as long as regulations permit"
📝 Renault Kwid, Kiger and Triber updated with more features and variants. Check what’s new
📝 New Hyundai Creta 2024 design revealed ahead of January 16 launch
📝 Renault seeks regulatory discipline in India as it plans new investments
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🚗 Luxury Cars
Why Ferraris are red and limousines are black
“Any customer can have a car painted any colour that he wants so long as it’s black,” Henry Ford famously said about the company’s 1908 iconic Model-T, to apparently make the production process more efficient. But even Ford couldn’t keep up with this policy; the Model-T, which was manufactured in black only between 1914 and 1925, began to retail in several other colours till its production halted in 1927.
📝 Mercedes Benz GLS vs BMW X7 vs Audi Q8: Price and specification comparison
📝 Mercedes Benz aims to double sales in India this year after all-time high in 2023
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⛟ Commercial Vehicles
Delhi govt tweaks rules, speed governor certificates no longer mandatory for commercial vehicles
The Arvind Kejriwal-led government in Delhi has scrapped the provision requiring speed governor certificates for commercial vehicle owners during fitness checks, transport department officials said on Tuesday.
📝 Ashok Leyland clocks record sales in CY23
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🏗 Construction & Agri Machinery
CASE Construction Equipment signs MOU with IIT Indore to set up Centre of Excellence
The MOU was signed by Satendra Tiwari, Head of Manufacturing – Pithampur, CASE Construction Equipment, and Prof Suhas S Joshi, Director, IIT Indore, in the presence of Partha Pratim Chattaraj, Sr. Vice President, Alumni and Corporate Relation, IIT Indore. The CASE Centre of Excellence, which is scheduled to be ready by March 2024, will have a range of laboratory equipment for technical assessment contributed by CASE.
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🏍 2/3 Wheelers
QJ Motor drops prices for SRC, SRV lineup by up to Rs 40k
QJ Motor has announced a significant price reduction on select models in the India market. One of the many brands under the umbrella of Hyderabad-based Adishwar Auto Ride, QJ has announced prices for three models in its models– SRC 250,SRC 500, and SRV 300.
Yamaha unveils new colour schemes, graphics for its motorcycle range
New Delhi: India Yamaha Motor (IYM) Pvt. Ltd. has announced a refresh to its motorcycle line-up. This update includes fresh colour choices and cosmetic enhancements for the popular R15 V4 and the FZ series model range including FZ-S FI Ver 4.0 DLX, FZ-S FI Ver 3.0, FZ FI Ver 3.0, and the FZ-X.
Bullet at 30% less: What Royal Enfield’s pre-owned market foray means for buyers and its business
If you want to call it the democratisation of the Royal Enfield brand, feel free.
Bajaj Auto board approves massive buyback of shares worth 4,000-crore at Rs 10,000 per share
Bajaj Auto’s board has given the green light to a massive buyback Rs 4,000 crore share at a substantial price of Rs 10,000 per share, marking a 43% premium over the last closing price of January 8.
📝 India-bound Triumph Daytona 660 unveiled globally. Check details
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🚲 Electric 2/3 Wheelers
Ola bikes get a lift from group firm
New Delhi : Bhavish Aggarwal-led Ola Electric has sold more than 8,200 scooters to promoter group company ANI Technologies Ltd, which is looking to launch and expand its electric bike taxi service in various Indian cities. Ola Electric, which has filed draft papers for an initial public offering, confirmed the numbers to Mint.
Hero MotoCorp stake in electric scooter firm Ather Energy capped at 40%
Any subsequent increase would require a green signal from the promoters led by Tarun Mehta, who is also the company’s chief executive officer (CEO), it is learnt.
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⚙ Components
HASTERI becomes first NABL accredited proficiency testing provider for tyre rolling resistance
Hari Shankar Singhania Elastomer and Tyre Research Institute (HASETRI), an independent research and testing laboratory claims to have become the world’s first accredited Proficiency Testing Provider (PTP) for Rolling Resistance Tests by the National Accreditation Board for Testing and Calibration Laboratories (NABL).
📝 Steel Strips Wheels to invest Rs 138 cr in AMW Autocomponent
📝 Bharat Forge to invest Rs 1,000 cr in Tamil Nadu to enhance production activities
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🌇 Allied Industries
Steelbird launches new SBA-20 helmet
Steelbird Hi-Tech Limited has announced the launch of its new helmet– SBA-20– designed to elevate rider protection and address the pressing issue of road accidents. The launch of SBA-20 underscores Steelbird’s unwavering commitment to innovation, quality, and a safer riding experience for individuals across the country.
📝 JSW Steel's crude steel output grows 12 pc to 6.87 MT in October-December
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🌢 Fuels, Lubricants & Charging Stations
Indian refiners set to ask for extra Saudi oil after sharp price cut
Two Indian state refiners are seeking to boost imports of Saudi crude oil after the kingdom cut the official selling price of its key export grade for February to the lowest in 27 months, company sources said.
Fuel credit cards top in tier 2-3 cities; demand for travel and e-commerce cards rises
Mumbai: Fuel credit cards were the most in demand in Tier 2 and Tier 3 cities in 2023 due to rising fuel prices, whereas demand for travel and e-commerce credit saw a substantial increase during the year.
Inside EESL’s vision for a greener, energy-efficient future
In this episode of businessline podcast, Vasanth Srinivasan catches up with Vishal Kapoor, the CEO of Energy Efficiency Services Limited (EESL), as he reflects on the year that has gone by and the road ahead.
EVRE aims to capture 35% of commercial vehicle charging market by 2025
EVRE, an electric vehicle (EV) charging solutions provider, is setting its sights on capturing 35 per cent share of the commercial vehicle (CV) charging market within the next 2-3 years. The company plans to achieve this goal by investing Rs 250 to 300 crore by the end of 2024.
📝 First oil was recovered from the Krishna Godavari Basin thirty kilometers off the shore of Kakinada: Hardeep Puri
📝 Oil tries to regain footing as Middle East crisis, OPEC supply in focus
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🌍 Emissions/Environment
How factory waste is painting wetland black
Untreated effluents from industrial units flowing into the Surajpur have killed over a dozen trees at the wetland, considered the ‘green lungs’ of Greater Noida and a haven for more than 180 species of birds from Asia and Europe during the migratory season.
📝 Road Transport Ministry mandates stringent emission tests for flex-fuel vehicles
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💸 Finance & Insurance
📝 Arkam Ventures bullish on manufacturing, EV startups
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📖 Magazines News
Volkswagen Group to offer ChatGPT in some of its models
Source Credit: Autocar India
Volkswagen Group, in collaboration with Cerence Inc, has confirmed at the ongoing CES 2024 in Las Vegas that it will offer ChatGPT in some of its cars and SUVs globally. The carmaker also confirmed that the current MEB and MQB EVO-based models will have access to automotive-grade ChatGPT integration. The announcement also says that personal data is protected as ChatGPT does not gain access to vehicle information.
Triumph Daytona 660 unveiled; makes 95hp, weighs 201kg
Source Credit: Autocar India
Triumph has finally taken the covers off the Daytona 660 and in this bike, the 660cc triple is in its most powerful state yet making 95hp at 11,250rpm and 69Nm at 8,250rpm.
Toyota Innova Crysta, Hycross prices hiked by up to Rs 42,000
Source Credit: Autocar India
Toyota has announced price hikes for its popular Innova MPV line-up – the Crysta and Hycross – by up to Rs 15,000 and Rs 42,000, respectively. The Hycross is now priced between Rs 18.92 lakh-30.68 lakh, while the diesel Innova Crysta is priced between Rs 19.99 lakh-26.30 lakh.
Bike, scooter sales slow down in December 2023
Source Credit: Autocar India
The final month of 2023 saw all two-wheeler OEMs report a decline in their monthly sales. Keep reading to find out how each OEM fared.
MG Comet EV based Baojun Yep 5 door SUV global debut this year
Source Credit: Autocar India
The Baojun Yep compact SUV will be getting a five-door version in select markets soon and the model has been spied testing already. The new EV SUV, said to be called the Yep Plus, is expected to launch in China in the first quarter of this year. Read on to know how this new model relates to the India-bound MG Comet EV-based SUV that’s coming in 2025.
Royal Enfield signs Rs 3,000 crore MoU with TN government
Source Credit: Autocar India
Royal Enfield has signed a Memorandum of Understanding (MoU) with the Government of Tamil Nadu for a proposed investment of Rs 3,000 crore, over eight years, for brownfield and greenfield projects. The MoU was signed at the Tamil Nadu Global Investors Meet 2024, in Chennai yesterday.
Maruti Jimny discounts down by Rs 75,000 to Rs 1.55 lakh
Source Credit: Autocar India
Maruti Suzuki's premium retail outlet, Nexa, is offering benefits on the Jimny, Fronx, Baleno, Grand Vitara, Ciaz and the Ignis this January. Vehicles manufactured in 2023 receive a higher discount compared to the 2024 models. Benefits include consumer offers, retail discounts, exchange bonuses and more. Read on to find out how much you can save on each model.
Honda Elevate prices hiked by up to Rs 58,000
Source Credit: Autocar India
Honda has hiked the prices of the Elevate SUV, bringing an end to its introductory price period. Depending on the variant, the hike ranges between Rs 20,000 and Rs 58,000, and now the Elevate SUV is priced from Rs 11.58 lakh to 16.20 lakh (ex-showroom, Delhi).
Hero 440cc bike spied for the first time; likely to be called Mavrick
Source Credit: Autocar India
Ahead of its public unveil later this month, Hero’s upcoming 440cc bike has been spotted testing in the real world alongside its Harley-Davidson cousin. We've learned that it will be called the Mavrick.
Renault to launch 5 new cars, SUVs in the next three years
Source Credit: Autocar India
Renault India has announced an ambitious plan to bring five new models by 2027, as part of its Renaulution 2024 initiative. This underlines the French carmaker’s commitment to our market – Renault considers India one of four key hubs for the brand outside of Europe.
Lamborghini Huracan replacement to get V8 power
Source Credit: Autocar India
Lamborghini Huracan’s replacement is all set to see a global debut in the coming months. It will serve as the final entrant into the Italian brand’s all-electrified model line-up, representing the most radical reinvention of its junior supercar since the Gallardo arrived in 2003.
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📰 International News
Yellen to visit Boston to tout clean energy tax credit benefits
U.S. Treasury Secretary Janet Yellen will travel to Boston on Wednesday in another trip to promote the benefits of the Biden Administration's clean energy tax credits for the economy ahead of the start of the 2024 presidential nominating contests.
Texas Instruments launches automotive chips for more safety, autonomy
Texas Instruments (TI) has introduced new semiconductors designed to improve automotive safety and intelligence.
Synetiq, Allye to turn salvaged EV batteries into energy storage
Synetiq, the UK's largest vehicle salvage company has partnered with Allye Energy to provide salvaged electric vehicle battery packs for the startup to use for energy storage systems, the two companies said on Monday.
Pirelli develops P Zero range for Porsche Cayenne facelift
New Delhi: Pirelli has been confirmed as original equipment for the new Porsche Cayenne. The latest facelift for this iconic sporting SUV expands the collaboration between Pirelli and Porsche, with products from the P Zero range available for every wheel size on the Cayenne.
Panasonic Automotive unveils system to boost in-vehicle computing
New Delhi: Japan's Panasonic Holdings' automotive systems business launched a new platform at the CES electronics trade fair in Las Vegas which it says can make in-vehicle computing faster and lighter by reducing the number of electronic control units (ECUs).
Hyundai Motor presents vision for hydrogen energy and software solutions at CES 2024
New Delhi: Hyundai Motor Company presented its vision for a hydrogen-powered, software-driven transformation beyond mobility applications at CES 2024. Under the theme ‘Ease every way,’ the company held its Media Day at the Mandalay Bay Convention Center in Las Vegas to highlight its future blueprint for a hydrogen energy ecosystem and a vision for software and artificial intelligence (AI).
BMW hits 2023 sales target, on track for EV goals in 2024
New Delhi: BMW Group reported record sales of over 2.5 million units in 2023 and hit its target of a 15% share of battery-electric vehicles, the carmaker said on Tuesday.
Stellantis, BlackBerry QNX and AWS launch virtual cockpit
Global automaker Stellantis N.V. led the creation of the world’s first virtual cockpit platform as part of its Stellantis Virtual Engineering Workbench (VEW) enabling the delivery of infotainment tech to customers 100 times faster than previous processes.
Volkswagen to unveil ChatGPT-based IDA voice assistant in its vehicle at CES 2024
German auto major Volkswagen will unveil the first vehicles in which the Artificial Intelligence-based chatbot ChatGPT is integrated into its IDA voice assistant at CES 2024, Las Vegas.
Chinese auto brands to improve profitability with EV upgrades -UBS
Chinese auto brands are set for better profitability in 2024 despite intensifying competition in the world's largest auto market, UBS analysts said on Tuesday, thanks to upgrades they have been making in their electric vehicle (EV) product mix.
Schaeffler issues EUR 1.1 bn bonds to finance Vitesco share acquisition
As a result of the strong investor demand, the bond issuance was oversubscribed several times. The proceeds of the issuance will mainly be used for the refinancing of the previous bridge financing of the tender offer for all outstanding shares of Vitesco Technologies Group AG (“Vitesco”) which was completed on January 5, 2024.
China becomes world’s biggest auto exporter
Global electric vehicle market growth to slow this year on lower subsidies
Growth in the global electric-vehicle market is set to slow to 27.1% this year as a reduction in state subsidies makes the cars less appealing to buyers, according to research firm Canalys.
📝 Nvidia expands its reach in China's EV sector
📝 Mercedes launches 'dialogue partner' voice assistant
📝 Global EV market growth to slow this year on lower subsidies
📝 Kia unveils Platform Beyond Vehicle future strategy at CES 2024
📝 Sony-Honda's Afeela EV inches closer to production, updated prototype showcased
📝 CES 2024: New-gen Mercedes-Benz operating system gets AI virtual assistant
📝 CES 2024: Volkswagen announces ChatGPT AI integration into its vehicles
📝 General Motors' China sales lag US for 1st time since 2009
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