Plan to launch six new products under Renault-Nissan alliance is on schedule: Official
Chennai: The plan to roll out six new products, including two electric vehicles under the Franco-Japanese automotive alliance Renault Nissan, at a total outlay of INR 5,300 crore has been progressing and is on schedule, a top official of French car major Renault India said on Wednesday. Renault-Nissan, in February 2023, had announced investments of USD 600 million (about INR 5,300 crore) in India, to bring in six new products, including two electric cars, and an upgradation of their Chennai plant.
Penetration of electric vehicles growing across segments in auto industry
Electric vehicle penetration is growing across segments in the auto industry. Hero MotoCorp’s EV sales were at 0.74 per cent of total sales from January to August in 2024, while Bajaj Auto’s share jumped from 4.04 per cent in 2023 to 8.32 per cent so far in 2024. Mahindra dominated the passenger 3W market with 96.75 per cent EV penetration, and Bajaj increased from 1.21 per cent to 7.7 per cent. EV reach among PVs rose slightly from 2.27 per cent to 2.39 per cent. Tata Motors reported a penetration of 12.05 per cent, down from 12.61 per cent last year, while JSW-MG Motors surged to 33.77 per cent, up from 23.75 per cent.
Indian oil PSUs’ dividends stuck in Russia swell to around $900 million as repatriation efforts flounder
India’s public sector oil companies’ stuck dividend income from their Russian investments has ballooned to around $900 million as the companies have been unable to work out a mechanism with the Russians to repatriate that money or use it in bilateral trade between the two countries, according to sources in the know.
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