Top Indian Automobile Industry News & Updates - 08 March 2024,Friday
🏢 Industry
Reduce screens, add more buttons — What the new Euro NCAP rules demand
With the advancements in the automotive industry, carmakers are offering larger touchscreen infotainment systems, digital cockpits, a host of touch controls, and a lot of vehicle operations crammed into the infotainment system, eliminating physical buttons and making the dash look neat. However, Euro NCAP has asked carmakers to stop this.
Odisha Transport Department, NCC launch Junior Rakshak initiative to create awareness on road safety
The National Cadet Corps (NCC) Directorate and the Commerce & Transport Department of Odisha have signed a Memorandum of Understanding (MoU) to launch the ‘Junior Rakshak’ initiative.
Gujarat allots 188 acres for Tata group, CG Power semiconductor plants
The ground-breaking ceremony of the two projects is likely to take place on March 13 in the presence of top politicians and government officials. The projects, under the India Semiconductor Mission, were cleared by the Union Cabinet a few days ago.
Govt denies reports of FAME-II extension beyond March 31: Officials
The government on Thursday said it has not extended the flagship scheme to promote electric mobility FAME-II beyond March 31, according to officials. The Ministry of Heavy Industries denied media reports claiming that the Centre has granted a temporary four-month extension to the scheme till July 31, with an outlay of INR 500 crore for the period.
Global car sales losing steam but passenger vehicles sales in India likely to be in top gear
The global passenger vehicle volume and EV growth is likely to moderate in 2024 based on the analysis of Q4 Y2023 earnings call of key automakers such as Tesla, Ford, General Motors, Mercedes-Benz, Stellantis, Toyota Motor Corporation, Suzuki, Rivian says a report by Elara Capital. However, India might buck the global trend given the hybrid push by top car makers
Passenger vehicles industry to grow up to 9% this fiscal, says ICRA
The domestic passenger vehicle (PV) market is estimated to grow by six to nine per cent in the current financial year over the preceding fiscal, according to ratings firm ICRA. In absolute terms, the PV industry will clock a sales figure of 4.2 million units in the current fiscal.
Ford Endeavour spied in India — Launch sooner than expected?
Recently, Ford patented a few models for India which included the Mustang Mach-e and the Endeavour, and now, the latter has been spotted in Chennai at the back of a flatbed, hinting that Ford could launch the SUV in India sooner than expected.
NOW announces to invest upto $500,000 each in 3-4 deep tech and green start-ups
NOW, a Sustainability Action Venture Studio (SAVES), has announced its official launch for driving innovation and entrepreneurship in the sustainability and climate-tech sectors in India.
TVS SCS expands warehousing space in Hosur, TN
New Delhi: TVS Supply Chain Solutions Limited, a global supply chain solutions provider and one of the largest and fastest-growing integrated supply chain solutions providers in India, has expanded its warehousing capacity by adding 6,50,000 sq. ft. of ultra-modern multi-client warehouse space in Hosur, Tamil Nadu.
Asia Brake 2024: Insights on EV challenges and price war in the US, EU, China and ASEAN markets
New Delhi: A deep and clear insight on the challenges electric vehicles faced in the world markets especially in the US, Europe, China, India and he ASEAN were provided by the expert speakers and panellists at Asia Brake 2024, the 10th Annual Conference & Exhibition held at The Leela Ambience Gurugram, Delhi NCR, during March 3-5, 2024.
Rupyy, part of CarDekho Group, appoints Vineet Tripathi as CBO
New Delhi : Rupyy, a leading lending fintech platform in the financing industry, has appointed Vineet Tripathi as its Chief Business Officer (CBO). In his new role, Tripathi will oversee the business growth and expansion plans at Rupyy.
BLive initiative to support women entrepreneurs in EV sales
Bengaluru: In order to foster gender equality BLive, an e-mobility platform, on the occasion of International Women's Day, is offering 50% discount in franchise fees to aspiring women entrepreneurs interested in opening an EV Hub Franchise or an EV Micro Fleet franchise.
Auto Retail in Feb 2024 posts overall growth of 13% YoY; Cautious optimism for March: FADA
Auto retail sales jump 13%, PV sales scale record high in February
Auto cos in focus amid rising product premiumisation
Foreign portfolio investors (FPIs) are lapping up automobile stocks given superior earnings visibility. The sector’s weight in the FPI equity portfolio rose by 123 basis points to a record 7.2% at end of February 2024, according to the data from NSDL. It was 200 basis points higher than the long-term average.
Indian Auto Majors in the Slow Lane on Gender Diversity
Anil Agarwal sees opportunity for job creation from electric vehicles boost
Vedanta Group Chairman Anil Agarwal took to social media site X (formerly known as Twitter), to express that he is optimistic about India's growing electric vehicles segment enabling job creation in the country.
📝 India seeks to expand partnership with South Korea in new areas like critical technologies, semiconductors: Jaishankar
📝 Moody's affirms Tata Motors' Ba3 corporate family rating
📝 FAME-II Scheme extended by 4 months with INR 500 cr boost
📝 Mahindra Group and Johnson Controls launch Net Zero Buildings initiative
📝 Vehicle registrations increase by 13% to two million units in February, according to FADA
📝 EV vs Petrol Car Showdown: What You'll Pay for Tata Tiago EV and Maruti Swift in 2024?
📝 M&M promoter group entity sells 0.7% stake for Rs 1,778 crore
📝 Has the global EV bubble burst? Demand dip prompts panic posturing
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🎤 Interviews & Features
2024 MG Hector drives in two new variants: All you need to know
MG Motor is leaving no stone unturned to upgrade its entire portfolio in India. The latest to receive updates is the Hector. MG Motor has been on a roll as both the month-on-month and year-on-year sales figures have been on an upswing. The YoY saw February 2024 witnessed a growth of 8.1 per cent as compared to last year. Last month, MG also managed to sell 4,532 units as compared to 3,825 units in January, which is an 18.5 per cent growth. Here’s all you need to know about the 2024 Hector’s two new variants — Shine Pro and Select Pro.
Opinion: Role of design thinking in shaping transportation innovations beyond cars
By prioritizing sustainable modes of transportation, and integrating smart technologies along with urban planning strategies, we can mitigate environmental impact while enhancing mobility and accessibility. Collaboration among stakeholders, from government agencies to community advocates, is essential to driving systemic change and fostering equitable, resilient transportation solutions. In doing so, we can create a future where transportation not only connects us but also sustains our communities and planet.
A practical workhorse of a car gets a stylish makeover
📝 Hyundai Creta N Line vs Creta SUV: Key differences
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🚗 Cars / SUVs
Top 10 best-selling car brands in Feb– Maruti, Tata, Hyundai, Mahindra, Kia
The passenger vehicle segment has been witnessing growth after a long lull caused due to the Covid-19 pandemic and the semiconductor crisis. In February 2024, the Indian market witnessed the sales of 3,30,107 passenger vehicles as opposed to 2,93,803 units sold during the same month last year. This led to a YoY growth of 12.35%.
Kia India sells 4 lakh connected cars
New Delhi:Kia India, renowned for enabling new tech-driven mobility experiences, has driven past yet another milestone by recording sales of over 400,000 connected cars. The connected car variants contribute more than 44% to Kia India's overall domestic dispatches, representing one of the best industry case studies. Furthermore, Kia India's Connected Car variants are growing at 30.9% CAGR, outpacing the global growth forecast of 18% by 2032, the company said.
If not Hyundai Creta N Line, then what? Top 5 alternatives
Hyundai is all set to launch the sporty Creta N Line on March 11. Like the rest of the vehicles in the N Line portfolio, the SUV will only be available with a turbo petrol engine. The Creta N Line is powered by the 1.5-litre turbo with an output of 158bhp and 253Nm of torque. It will be mated to a 6-speed manual and a 7-speed dual-clutch automatic transmission. Before its official launch, we take a look at what are other turbo petrol-powered SUVs available in this segment.
Honda Discount: Elevate, City, Amaze deals up to Rs 1.20 lakh
Honda is offering massive discounts across its portfolio in India this March. This is also the first time the midsize SUV, the Elevate, is being offered with benefits. Here’s a deep dive into what to expect from the deals offered by Honda.
Car detailing major Turtle Wax looking to enter OEM, used car spaces in India
US-based Turtle Wax, a leading global car care and detailing company, is working on a strategy to promote partnerships in India in the OEM and used car spaces. It has been talking to a leading car manufacturer based in the North of the country and a prominent player in the used cars space in the South.
📝 CARS24 to increase number of female workers by 50% in 2024
📝 Punchy and Affordable: On-Road Prices Compared for Tata's Tiago and Punch
📝 Ford Ranger pick-up truck spotted in India alongside new-gen Endeavour
📝 Mahindra family to sell ‘small’ portion of stake in automaker
📝 How Much Does Hyundai's Verna and Creta Cost? A Price Analysis
📝 Battle of the Small SUVs: Nexon vs Venue - Which is More Affordable Now?
📝 Maruti Suzuki Jimny available with up to ₹1.50 lakh discounts
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Electric-Cars / SUVs
MG Motor to assemble batteries at Halol plant
Mumbai: Automaker MG Motor India is exploring the assembly of batteries for electric vehicles and repairs at its Halol manufacturing plant. The company will explore battery cell manufacturing along with third parties. “With a focus on electric vehicles, we’ll explore battery assembly and repair at our plant and cell manufacturing with third parties to advance sustainability efforts. While we remain committed to exploring innovative technologies, specific plans for manufacturing hydrogen cell fuel and other technologies will be communicated as developments unfold,” said Rajeev Chaba, CEO Emeritus, MG Motor India to businessline.
📝 MG Motor India to bring 2 new cars this year, expects EV Inc to reach tipping point next year
📝 BYD Seal vs Hyundai Ioniq 5: Which premium EV to go for
📝 MG Comet new variants launched: Check price, features, battery power, speed
📝 Tata Nexon EV Dark Edition on-road prices in top cities: Delhi, Mumbai, Bengaluru and more
📝 MG ZS EV Excite Pro Launched at Rs 19.98 Lakh
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🚗 Luxury Cars
Volvo Car India launches new variant of XC40 Recharge at INR 54.95 lakh
New Delhi: Volvo Car India Thursday launched the single motor variant of XC40 Recharge at an introductory ex-showroom price of INR 54.95 lakh plus applicable taxes. Bookings for the XC40 Recharge will be exclusively online and can be done on the Volvo Car India Website.
XC40 Recharge single motor is assembled at the Volvo facility in Hosakote, Bengaluru, along with the existing vehicle lineup. Pre-booking for the car has begun. Customers can pre-book their car at their nearest Volvo Car India business partner.
After the success of XC40 Recharge launched in 2022, we are delighted to unveil its single motor variant- the XC40 Recharge. The vehicle has been strategically priced so as to increase our customer base as well as to showcase our continued commitment to grow the Indian EV market.
📝 BMW, Lamborghini vs Rolls Royce, Aston Martin: Which luxury car brands were favoured in past five years
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⛟ Commercial Vehicles
Tata Motors to hike prices of CVs up to 2% from April
Tata Motors, one of India’s largest commercial vehicle manufacturer will increase the price of its commercial vehicles by upto 2 percent, effective April 1, 2024.
📝 Tata & Ashok Leyland get busy on a bumpy road to India's green transport push
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🏍 2/3 Wheelers
Husqvarna Svartpilen 801 debut on March 19: All you need to know
The all-new and highly anticipated Husqvarna Svartpilen 801 has finally broken cover internationally. The Swedish brand released a video on its YouTube channel where a prototype of the new Husqvarna 801 can be seen scrambling on a snow-capped flat track oval and a frozen lake. It is slated to make its global debut on 19 March 2023.
Honda Gold Wing, CBR 1000 RR Fireblade, and CBR 600 RR recalled
Honda has issued a recall in the US and Germany for the three motorcycle models — Gold Wing, CBR 1000 RR, and CBR 600 RR. The motorcycles that fall under the recall are made between 2018 and 2020. As per the recall, as many as 20,000 motorcycles are affected, of which 17,374 are from the US while 2,264 are from Germany.
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🚲 Electric 2/3 Wheelers
Nexzu Mobility introduces special offer on International Women's Day
New Delhi: On the International Women's Day, Nexzu Mobility, a sustainable and innovative urban transportation solutions provider, is extending a special offer to its female customers. As a part of the limited period offer, female customers will be able to purchase Rompus Plus and Bazinga EV-Cycles for discounted rates from March 8 to March 17 (10 days).
Wardwizard Innovations dispatches 2,018 units of electric two-wheelers in February
Bengaluru: Wardwizard Innovations & Mobility Ltd dispatched 2,018 units of electric two-wheelers in February 2024, compared to 953 units in February 2023. Additionally, the company sold 11 electric three-wheelers in February 2024.
📝 Sabse bada seat mil gaya, says the Great Khali to promote XXXXXXL seat of Aether's new e-scooters
📝 Komaki relaunches Flora electric scooter with 100 km of range at ₹69,000
📝 Ather co-founders drop new details on Rizta e-scooter ahead of April 6 debut
📝 Okaya EV's premium brand Ferrato to launch 3 electric bikes & 1 electric scooter
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⚙ Components
Ravi Sharma joins Minda Corporation as Head of Group Communication, Branding
New Delhi: Communications and marketing professional Ravi Sharma has joined Minda Corporation Limited as Head - Group Communications and Branding.
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🌇 Allied Industries
TVS SCS adds 6.5 lakh sq ft of warehousing space in Hosur
TVS Supply Chain Solutions Ltd, a global supply chain solutions provider, has expanded its warehousing capacity in India by adding 6,50,000 sq ft of warehouse space in Hosur, Tamil Nadu. The facility was inaugurated by KN Radhakrishnan, Director and CEO, TVS Motor Company and Ravi Viswanathan, Managing Director, TVS Supply Chain Solutions, on Thursday.
Spinny launches ‘Lady Luck’ initiative on International Women’s Day
Spinny, an online platform for buying and selling used cars, has announced the launch of its month-long campaign ‘It’s a Woman’s World’ to coincide with International Women’s Day. As part of this initiative, Spinny is offering exclusive discounts of up to Rs 25,000 on car purchases made by women from March 5th to March 10th, 2024, dubbed ‘Lady Luck’. The limited-time offer aims to appreciate women who are car enthusiasts and challenge traditional gender roles within Indian families.
Intangles Lab unveils DPF solution to address clogging issues and improve active regeneration process
Pune-based Intangles Lab, a Digital Twin solution provider, has unveiled what it claims is state-of-the-art Diesel Particulate Filter (DPF) solution.
Servotech Power Systems sets up facility to produce EV charger components
New Delhi: Servotech Power Systems Ltd. announced a strategic initiative to bolster critical EV charger components. To achieve this goal, Servotech has secured a technical collaboration with a leading international company.
India likely to witness slower growth in steel consumption in FY25: Icra
New Delhi: India's domestic steel consumption growth is likely to come down to 7-8 % in the next financial year against an estimated 12-13 % this fiscal due to moderate government spending during the election period, Icra said in a report on Thursday. Elevated input costs, import pressures, along with softer steel prices are expected to sequentially pull down the steel industry's operating profit margins by 110-115 basis points in FY2025, the ratings agency said.
📝 Lanxess India completes expansion of Rhenodiv plant at Jhagadia, Gujarat
📝 Planning to install a new touchscreen infotainment in your car? It could prove dangerous. Here's why
📝 Visteon and Shinry form JV in US to advance power electronics technology
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🌢 Fuels, Lubricants & Charging Stations
IGL cuts CNG prices by ₹2.50 in Delhi-NCR
New Delhi: Indraprastha Gas (IGL) has slashed the prices of compressed natural gas (CNG) by ₹2.50 per kg. The revised prices become effective from Thursday. “The retail consumer price of CNG is being reduced by ₹2.50 per kg across all geographical areas of IGL from 6 a.m. on Thursday, 7 March 2024. The revised selling price of CNG in Delhi will be ₹74.09 per kg, while it will be ₹78.70 per kg in Noida, Greater Noida and Ghaziabad GA from 6 a.m. tomorrow morning,” IGL said on X (formerly Twitter) late Wednesday night.
Indian Oil becomes the first Indian firm to produce fuel for Formula 1 cars
Indian Oil Corporation (IOC) is all set to begin the production of fuel for Formula 1 (F1) cars in three months, marking the entry of Indian oil companies into F1 championships.
India's fuel demand rises 5.7% YoY in February on strong factory output
India's fuel consumption rose 5.7% year-on-year in February, government data showed on Thursday, helped by strong factory activity in the world's third-biggest oil importer and consumer.
Jio-bp to set up EV charging infra at properties of House of Hiranandani
In a statement, the company said, "With this collaboration, Jio-bp pulse will be expanding its network to the properties of the prestigious House of Hiranandani, starting with marquee locations like Hiranandani Estate and Hiranandani Meadows in Thane."
📝 City gas companies stocks tumble on government pricing concerns
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📖 Magazines News
We see India's growth coming from Tier 2, Tier 3 markets: Mercedes' region overseas head
Source Credit: Autocar India
With cumulative annual volumes crossing 17,000 units in 2023, India has become the fifth-largest overseas market for German luxury carmaker Mercedes-Benz, and the brand is bullish about our country's potential in the coming years.
Volvo XC40 Recharge single motor launched at Rs 54.95 lakh
Source Credit: Autocar India
Volvo has launched a new variant of the XC40 Recharge with a single motor mounted to the rear axle. Officially called the E60, the variant is dubbed the ‘Plus’ on the Volvo India website and is priced at Rs 54.95 lakh, ex-showroom, India. It is positioned below the dual-motor, AWD XC40 Recharge E80 (Ultimate) that's priced at Rs 57.9 lakh, ex-showroom, India.
Mercedes Maybach Vision Ultimate Luxury high-riding sedan axed
Source Credit: Autocar India
The Mercedes-Maybach Vision Ultimate Luxury will not make it to production, reports German business newspaper Handelsblatt. The luxury brand has axed the part sedan, part SUV that was first unveiled in 2018, and was meant to be Maybach’s answer to the likes of the Bentley Bentayga and Rolls-Royce Cullinan.
New Ford Endeavour spied in India
Source Credit: Autocar India
The current-gen Ford Endeavour SUV, sold as the Everest abroad, has been spotted on a flat-bed truck near Chennai. This is the first spotting of the new Endeavour in India. The model spied is the Ford Everest Trend, which is the entry-level variant of the SUV sold in markets like Thailand and Australia, among others.
Citroen C3 lineup to get updated features list this year
Source Credit: Autocar India
Despite having two mass segment models under its C-Cubed programme in India – the C3 and C3 Aircross – Citroen is yet to make a mark with either of them. Hamstringing these models' sales potential is a small dealer network and an even smaller features list. Even its midsize SUV, the C3 Aircross, misses features like an auto AC and a foldable key.
Most expensive CNG cars, SUVs in India
Source Credit: Autocar India
CNG-powered cars are increasingly becoming one of the top picks for buyers in the Indian market – Retail sales data available on the VAHAN website reveals that 3,64,528 CNG cars were sold in the first 10 months of FY2024 (April 2023-January 2024), which is a 29 percent increase over last year's 2,82,364 units. This is majorly because the greener fuel costs considerably lower than petrol and diesel. For example, in Mumbai, CNG currently costs Rs 73.50 per kg – cheaper by Rs 32.81 and Rs 20.77 than petrol and diesel, respectively.
BYD lines up 3 more EV launches for India
Source Credit: Autocar India
BYD is looking at serving upwards of 85 percent of the Indian EV market in the next three years, according to G Sanjay, senior vice president, BYD India. It will open more outlets, and make sure the brand is present in more areas where EV demand is high. The largest electric carmaker in the world today, BYD says it will expand its portfolio in India, with the ramp-up in new models starting with the Seal sedan. Currently one of the most successful and respected cars from the BYD stable, the Tesla Model 3 rival is expected to capture the imagination of EV buyers in India. “There currently are not many EV sedans on sale, and this should work well for us,” says Sanjay.
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📰 International News
Dodge delivers world’s first electric muscle car, announces new Dodge Charger multi-energy lineup
New Delhi: Dodge has announced the global debut of the world’s first electric muscle car and the brand’s first multi-energy muscle car: the all-new Dodge Charger.
ADI, BMW Group join to provide 10Mb Ethernet for automotive mega trends
New Delhi: Analog Devices, Inc. ( ADI) and the BMW Group Thursday announced an early adoption of E²B™, ADI's 10BASE-T1S Ethernet to the Edge bus technology within the automotive industry.
German Gigafactory key to Tesla's EV expansion plan in Europe
Elon Musk, Tesla's visionary CEO, has long emphasized the significance of the Grünheide Gigafactory in advancing the company's mission. Musk declared during the factory's opening in 2022 that the new Gigafactory would be "crucial for accelerating the production of affordable electric vehicles, bringing us closer to our goal of making sustainable transportation accessible to all."
EV maker Rivian faces turning point with debut of cheaper R2
Electric-vehicle startup Rivian faces a pivotal moment on Thursday when it unveils a new line of lower-priced models that are key to its future.
📝 Goodyear announces new leadership roles for Europe North region
📝 Tesla Roadster vs Rimac Nevera: Bugatti CEO puts a big but in Musk's claim of achieving 0-60mph in less than 1 second
📝 Tesla quits Australia auto lobby over claims on car emission standards
📝 Tesla shares fall after Morgan Stanley cuts price target on weakening EV demand
📝 Ten top global EV OEMS relied on tyres from Continental in 2023
📝 Firestone Ag introduces improved Regency Plus bias tyre for farm sector applications
📝 GM Fuel Cell pilot program to create blueprint for low-emission worksites
📝 This city in the Philippines bans full-face helmets for two-wheelers. Here's why
📝 China has ability to flood EV market in US, this is big concern: Govt official
📝 Sank cargo ship may have caught fire from Porsche EV on board; Volkswagen sued twice
📝 Porsche Taycan's most potent version to debut on March 11. Know more
📝 This Chinese EV maker to introduce Land Aircraft Carrier soon. Check details
📝 Hyundai N models might suggest just go hybrid soon. Check details
📝 Porsche recalls 8,100 units of 911 sportscar in US over faulty windshield
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