Top Indian Automobile Industry News & Updates - 08 May 2024,Wednesday
🏢 Industry
JSW woos a Chinese tech partner for its lithium-ion cell project
The Sajjan Jindal-led JSW Group is finalizing a major technology transfer partnership with a Chinese lithium-ion cell manufacturer, two people familiar with the plans told Mint.
Quest Global acquires People Tech Group to expand digital, product engineering capabilities
New Delhi: Quest Global, a leading global product engineering services company, has acquired a majority stake in People Tech Group, a leader in next-generation digital transformation and digital innovation for Fortune 500 clients.
Nephew, niece have no claim over asset division: Baba Kalyani
Mumbai: Babasaheb Kalyani, Managing Director of Bharat Forge, has stated that his nephew Sameer Jai Hiremath and niece Pallavi Swadi have no right to seek partition of the Kalyani Hindu undivided family’s (HUL) assets as they are not part of it under current law. In a response petition before the Pune Civil Court, Kalyani said Hiremath and Swadi cannot claim to be coparceners in the Kalyani joint family as they belong to Hiremath family by birth. The children of Kalyani’s sister Sugandha and Jai Hiremath have opened a new chapter in the ongoing feud between Kalyani and Sugandha.
Kerala introduces stricter driving test regulations – Will it be the new norm pan India?
Kerala recently introduced new regulations for driving tests conducted for applying and renewal of driving licence. From the outset, the new regulations appear much stricter than the traditional regulations as they involve overhauling several real-life driving challenges to secure a driving licence.
Auto industry identifies 28 components to reduce imports
India’s automobile sector has identified 28 key components for indigenisation as part of the ‘localisation roadmap’ to accelerate the ‘Make in India’ initiative.
📝 Tata Electronics begins export of semiconductor chip samples from Bengaluru centre
📝 FMCG, auto companies break the jinx as rural growth rises above urban
📝 18% GST on compensation paid on sale of test drive cars
📝 Used car market in India revving up. What's fuelling this growth?
📝 This state to claim input tax credit on demo cars. Check details
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🎤 Interviews & Features
‘The second cycle of product planning has begun’
Switch Mobility, the electric vehicle arm of Chennai-based Ashok Leyland, will supply 500 units of the mini electric truck IeV4 to fleet operator Magenta Mobility. This mini truck is part of the first product planning cycle. CEO Mahesh Babu told Swaraj multiple new products are in the pipeline that would help widen the range in trucks and buses.
Okaya EV MD Anshul Gupta reveals company's future strategy, says not in a price war with Ola
Okaya has recently launched a new premium brand, Ferrato, under which it introduced its first electric bike, the Disruptor, priced at INR 1.59 lakh. Okaya is targeting a niche, premium segment, Anshul Gupta, Managing Director of Okaya EV, told ET on the sidelines of the bike's launch last week.
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🚗 Cars / SUVs
Top 10 vehicles in April: Tata Motors delivers knockout Punch
Tata Punch continues to take the pole position as Tata Motors sold 19,158 units in April 2024. The micro SUV silenced its critics who thought it was a flash-in-the-pan Carlos Sainz moment. Well, the momentum is certainly with the Indian automobile manufacturer as it kept the Maruti Suzuki WagonR at bay while the sub-4-metre SUV, the Brezza, stormed to take third place.
Tata Motors ‘Punches’ Maruti, Hyundai for 2nd straight month
Tata Motors is giving both Maruti Suzuki and Hyundai a run for their money. While Maruti still maintains a comfortable lead over the other two OEMs, Hyundai and Tata are fighting neck for the second spot. In April this year, Maruti recorded a monthly sales volume of 1,37,952 units whereas Hyundai and Tata sold 50,201 units and 47,885 units, respectively.
Volkswagen India offers Summer Car Care across 142 service facilities
New Delhi: Volkswagen India has offered its comprehensive Summer Car Care across its 142 service facilities in India during this month
Hyundai sees youth power fuel car sales across India
New Delhi: Hyundai Motor India has seen a near doubling of customers under 30 years in the past four years.
Hyundai Motors gear up for season 4 of Hyundai Explorers Adventure
Hyundai has announced the launch of Season 4 of its Hyundai Explorers Adventure programme. This time with a theme of “Quality of time”, an initiative for their Hyundai SUV enthusiasts, promising them hilarious road trips and allowing them to explore the beauty of India in their SUVs.
📝 Move aside WagonR & Swift, India’s newest favourite is Tata Motors' Punch
📝 Tata Punch becomes India's favourite car in April, registers soaring sales
📝 Hyundai Creta outperforms two of its biggest competitors in April
📝 Still looking to buy XUV300? Mahindra offers massive discount. Check how much you can save
📝 Honda Elevate, Amaze and City get offers up to ₹1.15 lakh. Check details
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Electric-Cars / SUVs
India-bound Kia EV3 teased ahead of global debut
Kia has released the first teasers of the production-spec of EV3 ahead of its global debut scheduled to take place on 23 May 2024. The global premiere of the unveiling will be live-streamed on the company’s YouTube channel. The upcoming compact electric SUV will sit below the EV9 and EV5 in the Korean brand’s all-electric SUV lineup.
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⛟ Commercial Vehicles
Tata Motors rolls out 9,00,000th vehicle from Lucknow facility
New Delhi: Tata Motors, India’s largest commercial vehicle manufacturer, has rolled 9,00,000 vehicles from its Lucknow facility.
GreenCell gets INR 300 cr credit from Sumitomo Mitsui Bank for UP e-bus project
New Delhi: GreenCell Mobility, a pioneer in the electric mass mobility sector, has secured Green Financing worth over INR 300 crore from the Sumitomo Mitsui Banking Corporation (SMBC), Japan for its electric bus project in Uttar Pradesh.
Magenta Mobility partners with Switch Mobility to deploy eLCVs across India
Magenta Mobility, an integrated electric mobility solutions provider, and Switch Mobility, the electric vehicle arm of the Hinduja Group, have signed a Memorandum of Understanding (MoU) to procure 500 SWITCH IeV4 (Intelligent EV) over two years.
Used truck market to stay in positive growth curve amid rise in prices of vehicles
Chennai: The used truck market in the country is expected to maintain its growth momentum despite the increase in prices of pre-owned vehicles, according to Umesh G Revankar, Executive Vice-Chairman, Shriram Finance Ltd. Less availability of vehicles and continuing increase in prices of new trucks are reported to be the key factors for growth and price hikes in the used truck market.
📝 India's emerging electric truck market set to double in FY25?
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🏍 2/3 Wheelers
Bajaj NS400Z competition check: Most affordable 400cc motorcycle
Bajaj Auto has unleashed its latest 400cc motorcycle, the Pulsar NS400Z, priced at Rs 1.85 lakh. With this aggressive pricing, the new Pulsar significantly undercuts its sibling, the Dominar 400. The new Pulsar NS400Z takes on two segments, the under 300cc class and the 400cc. We have shortlisted the NS400Z’s competition based on engine capacity and not on price.
📝 Hero MotoCorp Q4 Results Preview: Robust volumes to drive revenue, profit higher; margins to expand
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🚲 Electric 2/3 Wheelers
EMotorad to set up South Asia’s biggest integrated e-cycle gigafactory
More EV players are joining the fray to build gigafactories in the country. After Ola, electric bike maker EMotorad, supported by Mahendra Singh Dhoni, is set to expand its existing manufacturing unit in Pune. Set to be the world’s second-largest Gigafactory in India, the company aims to meet the rising demand for alternative modes of transportation with an initial capacity of 500,000+ e-cycles each year.
📝 iVOOMi launches JeetX ZE e-scooter at a starting price of INR 79,999
📝 Electric vehicles: Future of Indian 2Wheeler industry? Check what experts think
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⚙ Components
📝 Rane Engine Valve Q4 standalone net profit narrows 2.5%
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🌇 Allied Industries
Tata Elxsi and Arm Collaborate to Propel Software-Defined Vehicles
Tata Elxsi, a leader in technology and design services, has joined forces with Arm, the global semiconductor design and software platform company, to deliver cutting-edge solutions leveraging the latest Arm processors. This collaboration aims to empower Automotive OEMs and Tier-1s in expediting their transition to software-defined vehicles (SDVs).
Tata Communications unveils fully-automated edge computing platform CloudLyte
Tata Communications, the global commtech player, Tuesday unveiled Tata Communications CloudLyte, a fully-automated edge computing platform, designed to empower future-ready enterprises to thrive in a data-driven world.
Declining battery costs to encourage faster adoption of BESS
New Delhi: Softening prices of raw materials and increasing production has led to a record decline in battery prices last year, which in turn will help in increasing the adoption of battery energy storage systems (BESS). According to ICRA, the storage cost using BESS is estimated to have come down from over ₹8-9 per unit in 2022 to ₹6-7 per unit at present.
Suniel Shetty-backed Regrip exits to IIMA Ventures and secures USD 2 mn funding from seed investors
New Delhi: Regrip, a tyre-recycling startup backed by Suniel Shetty, Govt of Rajasthan, and the Union Ministry of Electronics and Information Technology(MeitY), has secured USD 2 million funding to innovate tyre recycling landscape in India. It has also announced the exit of the initial investors in favour of IIM Ahmedabad Ventures.
Cartrade Tech Q4 Results Live : profit rise by 50.58% YOY
Cartrade Tech Q4 Results Live : Cartrade Tech declared their Q4 results on 06 May, 2024. The topline increased by 51.54% & the profit increased by 50.58% YoY. As compared to the previous quarter the revenue grew by 4.83% and the profit increased by 192.94%.
Rubber industry renews call for higher duty on import products
All India Rubber Industries Association has renewed its demand for higher import duty on rubber-finished products to promote the interests of local producers and farmers. The fall in natural rubber prices is mainly due to oversupply globally, with countries such as Thailand, Vietnam, Indonesia, Malaysia and India significantly increasing rubber cultivation to meet demand from the automotive industry, according to Shashi Singh, President, AIRIA.
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🌢 Fuels, Lubricants & Charging Stations
IGL net profit up 9% at ₹433 crore in Q4
New Delhi: State-run Indraprastha Gas (IGL) on Tuesday reported a 9 per cent year-on-year (y-o-y) growth in its consolidated net profit at ₹433 crore in Q4 FY24, aided by higher sales. However, the net profit of India’s largest compressed natural gas (CNG) distributor fell 9 per cent on a sequential basis. IGL’s consolidated total income rose 2 per cent y-o-y to ₹4,044 crore in Q4 FY24. Sequentially, income fell 2 per cent.
📝 Reliance renews bid for US license to import Venezuelan oil
📝 Diesel, petrol export revenues dip 20% to $33 bn in 2023-24
📝 Clean and clear: All RRTS stns to have EV charging
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💸 Finance & Insurance
Book a new two-wheeler on EMIs with special Akshaya Tritiya offers from Bajaj Finance
Akshaya Tritiya is considered an auspicious day that symbolises prosperity and good fortune. It is believed that any venture initiated on this day is bound to succeed and bring wealth and happiness. As the golden rays of Akshaya Tritiya illuminate our lives, it’s the perfect time to embark on new journeys. And what better way to celebrate this auspicious occasion than by booking a two-wheeler, a symbol of freedom and mobility.
📝 M&M Fin to increase due diligence for onboarding: CEO
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📖 Magazines News
Kia EV3 SUV global debut on May 23
Source Credit: Autocar India
The upcoming Kia EV3 SUV, the Korean brand’s entry-level born EV, will debut globally on May 23. Kia has confirmed this development and released some teaser images of the production-spec EV3. The EV3 was shown as a concept last year, and the snapshots confirm that the production car would closely mirror that concept. The vehicle will feature boxy, angular lines reminiscent of the flagship EV9 that sits atop Kia’s growing range of bespoke EVs; its wheels will be pushed towards the corners to extend the wheelbase and maximise interior space.
Tata Nexon EV gets discounts of up to Rs 75,000 on MY2023 stock
Source Credit: Autocar India
Tata Motors is offering attractive benefits on the Nexon EV and Tiago EV in May, including exchange benefits, corporate offers and a 'green bonus' – an incentive for customers who opt for electric vehicles. Read on to see how much you can save on the purchase of a new Nexon EV or Tiago EV.
New Mercedes-AMG CLE 53 Cabriolet revealed
Source Credit: Autocar India
Mercedes has revealed its performance division’s entry-level drop-top, the AMG CLE 53 Cabriolet, to take on the BMW M440i. The convertible packs 449hp, more aggressive styling and a series of performance-focused chassis upgrades.
Maruti Swift gets Rs 38,000 discounts ahead of new model launch
Source Credit: Autocar India
Maruti Suzuki Arena dealers are offering a range of benefits this month. These include cash discounts and exchange bonuses on models such as Alto K10, S-Presso, Wagon R, Celerio, Swift and Dzire. Ertiga is the only Maruti Suzuki Arena car that isn’t available with any discounts in May.
Mahindra XUV 3XO: tech secrets decoded
Source Credit: Autocar India
Mahindra recently announced prices for the heavily updated XUV300, which is now christened the Mahindra XUV 3XO. While much is already known about the updated Tata Nexon rival, we take a closer look at the most significant changes in an interview with R Velusamy, president of automotive technology and product development at Mahindra.
Hyundai Exter listed with discounts for the first time
Source Credit: Autocar India
Hyundai is offering cash discounts, exchange bonuses and corporate discounts on the i20, Grand i10 Nios and Venue. However, what's more interesting is that the Exter compact SUV is offered with an exchange bonus for the first time. Do note that models like the Verna, Creta, Alcazar and Tucson are not available with benefits this month.
Bajaj Pulsar NS400Z vs competition: specification comparison
Source Credit: Autocar India
Bajaj has launched the Pulsar NS400Z at a mouth watering price of Rs 1.85 lakh (ex-showroom Delhi) which begs the question of how it stacks up against some of its competitors. We’ve only picked motorcycles that either share a similar price or similar specifications for this comparison.
Over 45,000 luxury cars, SUVs sold in FY2024; up 20.5 percent
Source Credit: Autocar India
A global trend that has also found resonance in India over the past three years is the soaring demand for luxury as well as super-luxury cars and SUVs. This niche segment has hit a new high in FY2024. As per JATO Dynamics India, cumulative sales of seven luxury carmakers in FY2024 were 45,311 units, up 20.5 percent on FY2023’s 37,615 units.
Rolls Royce Cullinan facelift revealed
Source Credit: Autocar India
Rolls-Royce has updated the Cullinan SUV, six years after its launch with new styling, an overhauled interior, updated technology and with a special focus on offering extensive personalisation options. Rolls-Royce describes it as "the most extensive Series II development in Rolls-Royce history."
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📰 International News
US seeks answers from Tesla in Autopilot recall probe
U.S. auto safety investigators are seeking detailed answers and documents from Tesla in a probe into the automaker's December recall of more than 2 million vehicles to install new Autopilot safeguards.
Toyota to get an earnings lift from hybrids as EV hype cools
Toyota Motor is expected to get a big lift from demand for hybrids when it reports annual earnings on Wednesday, illustrating how the world's top-selling automaker is poised to benefit as hype around battery electric vehicles cools.
S. Korea raises concerns over US inquiry on connected vehicle supply chains
South Korea has raised its automotive industry's concerns with the US over Washington's inquiry and envisioned rules to address potential security risks from "connected vehicles" that use technology from China and other countries of concern.
Jozef Kaban joins MG Global Design Centre as Vice President
MG has confirmed that Jozef Kaban (51), has joined the company, accepting the role of Vice President at the company’s Global Design Centre. A highly respected automotive designer, Kaban’s role will entail developing MG’s global design language as the brand celebrates its 100th anniversary in 2024, the company said.
Lucid posts quarterly revenue beat as luxury EV sedan price cuts boost sales
Lucid Group reported first-quarter revenue above analysts' estimates on Monday as price cuts helped the company deliver more luxury electric sedans in the first three months of 2024.
Eramine Sudamerica joins Argentine lithium race with Salta plant
Eramine Sudamerica is set to inaugurate its first lithium carbonate plant in the northern Argentine province of Salta this July, setting it on track to become the South American country's fourth producer of the key battery metal.
Tesla lays off more staff in software, service teams, Electrek reports
Electric-vehicle maker Tesla has launched another round of layoffs including staff from the software, service and engineering departments, Electrek reported on Monday, citing emails and sources familiar with the matter. The move comes after the Elon Musk-led automaker disbanded its EV charging department following Tesla's announcement last month that it was reducing its global workforce by more than 10 per cent.
China's Zeekr to close USD 367.5 mn New York IPO one day early
Chinese electric vehicle maker Zeekr Intelligent Technology Holding will close its New York initial public offering (IPO) bookbuilding to raise up to USD 367.5 million on Wednesday, according to two sources with direct knowledge of the matter.
Nio on track to unveil its first mass-market car in May, executive says
China's premium electric vehicle maker Nio is on track to unveil a new model under a mass-market brand by the end of this month and a second smaller EV to be sold in Europe next year for less than USD 30,000, a senior executive told Reuters on Monday.
China's Nio turns to rival BYD to power new EV brand, sources say
China electric vehicle maker Nio has struck a deal with larger rival BYD to source batteries for an EV brand priced at a lower range that aims to compete with Tesla, three sources with direct knowledge of the matter said.
AI-powered EV batteries: The next welcome change
Artificial intelligence's next target is the electric vehicle battery. Chemix, an AI-powered EV battery developer, has completed a USD 20 million Series A funding round, led by Ibex Investors. The three-year-old startup will use the funding to scale its technology, which uses algorithms to design and optimise novel batteries for electric vehicle makers.
📝 Kia teases new EV3, its compact electric SUV
📝 Tesla pullback puts onus on others to build electric vehicle chargers
📝 Tesla’s China-made EV sales fall 18% year on year in April
📝 US seeks information from Tesla on how it developed and verified whether Autopilot recall worked
📝 European Union election could force a sharp turn in electric car policy
📝 Ferrari shares drop on underwhelming earnings, flat deliveries
📝 Rolls Royce Cullinan Series II unveiled, gets design and feature enhancements
📝 Tesla retreats from next-generation 'gigacasting' manufacturing process
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