Top Indian Automobile Industry News & Updates - 31 July 2024,Wednesday
🏢 Industry
Driving over 130 kmph in Karnataka? Be ready to face fines & imprisonment
With more and more powerful cars and bikes in the market, overspeeding has become a menace, especially with the growing road infrastructure in the country with new highways and expressways. This has caused several fatal accidents in recent years.
Now get tax concessions for scrapping your old vehicle in Delhi
Vehicle scrappage may be a very attractive proposition for consumers as well as auto OEMS but truth is most of it is still on paper. To promote vehicle scrapping, the Government of Delhi has proposed tax concession of scrapping old vehicles to the Lt Governor VK Saxena. At the time of filing this report, there has been no confirmation on the proposal.
New FASTag rules effective August 1: KYC updates, vehicle detail linking. All you need to know
The updated FASTag rules will take effect on August 1, focusing on improving toll payment processes and easing congestion at toll booths.
From Tata Curvv to Mahindra Thar Roxx: Upcoming car launches in August
The Indian auto industry is gearing up to dazzle SUV enthusiasts with an impressive lineup of seven new models launching in August. From iconic off-roaders making a comeback to sleek new designs, this month promises a diverse range of options for SUV lovers as the festive season approaches, reported HT Auto.
Q1 results today: Maruti, M&M among 115 companies to announce earnings on Wednesday
The first quarter earnings season is underway and as many as 115 companies will announce their quarterly numbers on Wednesday. Key results to watch out include Maruti, M&M, Coal India, Adani Power, Tata Steel, Ambuja and Bank of Baroda.
Statiq and Bluwheelz join for EV delivery solutions
Statiq, a leading EV charging network, has partnered with Bluwheelz, a major player in last-mile delivery, for mid-mile and first-mile delivery solutions.
Wardwizard Innovations Q1 FY25 PAT at INR 2.41 cr
New Delhi: Wardwizard Innovations & Mobility Limited, one of the leading manufacturers of electric vehicles under the brands 'Joy e-bike’ and ‘Joy e-rik’, Tuesday announced its financial results for Q1 of FY25 (April-June 2024).
Approval for 755 PLI scheme applications; INR 1.23 lakh cr investment proposals in 14 sectors
New Delhi: India's vision of becoming 'Atmanirbhar' is making substantial progress through the Production Linked Incentive (PLI) Schemes, which have attracted an investment of INR 1.23 lakh crore across 14 key sectors by March 2024.
Clean mobility ecosystem to become USD 250 bn opportunity in India by FY30
New Delhi: As the government doubles down on clean and sustainable transportation, the clean mobility ecosystem in the country is expected to become a USD 250 billion opportunity by FY30, growing at a compound annual growth rate (CAGR) of 38%, a new report said on Tuesday.
‘Long-term policy for EV adoption indispensable’
Mumbai: As the Centre announced the extension of the EMPS (Electric Mobility Promotion Scheme) up till September this year, electric vehicle companies and industry experts are of the view that a long-term policy for increasing the adoption of EVs is indispensable. In its first Budget after the election, the government slashed the subsidy on electric vehicles under FAME II to 15 per cent from the earlier 40 per cent.
Green Frontier Capital leads USD 3mn pre-series A Round for ElectricPe
Green Frontier Capital, an early-stage VC fund with operations in India and the US, has led a USD 3 million pre-series A round for ElectricPe, India's EV super-app, alongside Blume Ventures, Micelio Fund, and NB Ventures.
Steeling a march: Big Boys of steel pushing pedal to drive future mobility
The success of Ford’s Model T, credited with “putting the world on wheels” was, in part, attributed to the use of the lightweight, high-strength steel frame. In the years that followed, the alloy has had a significant presence in automobiles.
Maharashtra, Tamil Nadu lead the race for Tesla's manufacturing unit
If the company is setting its sights on a low-cost model targeting the Indian domestic market, it may establish a unit in Maharashtra. On the other hand, if exports top its priority list, Tamil Nadu may seal the deal. However, Gujarat will be an option if it receives sufficient subsidies from the state and central governments to cover logistics losses.
📝 Auto news recap, July 30: Maserati Grecale launch, Yezdi Adventure teased & more
📝 Mahindra and Mahindra Q1 Preview: Revenue may rise 16% YoY, but profit seen muted
📝 Honda’s two-wheel Indian rivals leave it in the dust
📝 Tata Curvv to Mahindra Thar Roxx: 8 cars expected to launch in August
📝 Saudi Arabia sees lithium investment options in Chile: Mining minister
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🚗 Cars / SUVs
Bumper Discount: Tata Nexon top trim gets discount of up to Rs 60k off
Tata Motors kick-started July with ‘King of SUVs’ festival discount offer after the company registered 20 lakh Tata SUVs sold in India. This also includes the original Safari and the Sierra. With an inventory surplus, the Indian automobile manufacturer is now offering deals on Nexon’s top variant, the Fearless, which is available in various options.
Since Japan launch, Honda Elevate exports nearly double of India sales
Data from the Society of Indian Automobile Manufacturers (SIAM) shows that between April and June 2024, Honda exported 10,659 units of the Elevate, with shipments picking up month-on-month.
📝 Maruti Suzuki Q1 Preview: PAT may jump 30% YoY; revenue growth seen stable
📝 2024 Maruti Suzuki Swift: Pros and cons
📝 Planning to buy a CNG car? Here are most fuel efficient options available
📝 Skoda's upcoming Brezza, Nexon rival name to be revealed on this date
📝 Kia Seltos vs Hyundai Creta vs Honda Elevate: Which SUV offers best fuel economy
📝 Skoda’s new SUV's name to be revealed on August 21: Launch date, design and more
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Electric-Cars / SUVs
📝 Buy Tata Curvv EV or wait for Harrier EV? Here's what to expect from both EVs
Read More >>
🚗 Luxury Cars
Maserati expands in India, banks on India-EU FTA talks
The super luxury car market may yet be very small in India, but Italian sports car maker Maserati has decided to expand, banking on the growing number of high-net-worth individuals (HNIs) and entrepreneurs.
Lamborghini records 14% growth in H1
Lamborghini registered a growth of 14% globally in the first half of the year. According to the company, 5,558 cars were delivered the first six months of 2024, generating revenue of €1,621 million (Rs 1,46,911.39) , making an increase of 14.1% over the same period of 2023 with operating profit rising to a record €458 million (Rs. 41,51,07,76,633.84).This success is attributed to Lamborghini’s three models manufactured at Sant’ Agata Bolognese — Revuelto, Urus and Huracan.
📝 Actor Sanjay Dutt gets the Range Rover SV worth over ₹4 crore on 65th birthday
📝 Lexus LM 350h MPV deliveries begin in India: Why it's the most expensive MPV in the country
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⛟ Commercial Vehicles
Electric bus sales likely to reach 6-6.5K this fiscal with GoI's push, says CRISIL reports
Electric bus (e-bus) sales in India are expected to increase by 75 to 80% year-on-year, driven by government policies aimed at reducing carbon emissions in public transport. Research firm Crisil Ratings forecasts that the supply of e-buses will surge to 6,000-6,500 units this fiscal year. This is due to tenders awarded under schemes like FAME (1 and 2), the National Electric Bus Programme (NEBP) by CESL, and the PM-eBus Sewa Scheme.
Daimler India partners with Bajaj Finance to offer financing solutions for CV customers
Daimler India Commercial Vehicles (DICV), a wholly owned subsidiary of Daimler Truck AG, has entered into a strategic partnership with Bajaj Finance, a part of the Bajaj Finserv Group.This collaboration aims to offer tailored financing solutions for DICV's commercial vehicle customers and dealerships, enhancing the accessibility and convenience of financing options.
Delhi LG flags off 320 electric buses, says they will strengthen fight against pollution
Delhi expands electric bus fleet with 320 new additions, reaching 1,970
The Financial Express
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🎤 Interviews & Features
Tata Curvv: All you need to know before August 7 launch
Updates on the Tata Curvv are coming up thick and fast before its official launch on August 7. Tata Motors will first launch the electric version of the coupe SUV and the internal combustion engine trim later in the year. The Indian automobile manufacturer will be upping the ante with the Curvv as it will introduce tonnes of safety and convenience. Here is all we know about the Tata Curvv.
4 reasons why tyre rotation is important
Repeatedly, we neglect to inspect the condition of our tyres, despite the fact that they are the only part of a vehicle in direct contact with the road. Astonishingly, even during routine maintenance checks, many of us ignore the service centre’s advice to rotate the tyres or perform a wheel alignment.
MG Gloster facelift interiors spied, launch this year
MG Motor has a busy year ahead, with a couple of important launches on cards. One of them will be the compact electric crossover which was recently teased by the carmaker on its official social media handles. The other one is the facelifted Gloster which is expected to hit the roads around the festive season this year.
Steel sector catalyses India's economic development, says Nagendra Sinha
Edited excerpts.
📝 Mahindra taking steps to prepare staff for green shift, says Group CEO & MD Anish Shah
📝 Ola Electric is The Indian Story and not just an Indian story; want to make sure investors make money long term: Bhavish Aggarwal
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🏗 Construction & Agri Machinery
CNH revamps global leadership team to deliver fast world-class farm products and services
New Delhi: CNH Monday announced its new Global Leadership Team (GLT), which is empowered to deliver its strategic priorities for profitable long-term growth globally in the agriculture segment.
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🏍 2/3 Wheelers
Royal Enfield Guerrilla 450: 5 most asked questions answered
Royal Enfield has recently introduced the Guerrilla 450, which is based on the Sherpa 450, akin to the Himalayan. As with any Royal Enfield bike, the new roadster has garnered a lot of attention. The Guerrilla is the most affordable 450 cc motorcycle in Royal Enfield’s lineup. Below are the five most frequently asked questions regarding the Guerrilla 450.
HMSI sells 5 mn units in Tamil Nadu
Honda Motorcycle & Scooter India (HMSI) announced on Friday that it has reached a significant milestone of selling 5 million units in Tamil Nadu since it began operations in June 2001. The achievement demonstrates the brand's solid presence and the demand for its diverse range of motorcycles and scooters in the region.
Bajaj Freedom 125 to be available in 77 towns by Independence Day
Bajaj created ripples in the global automotive industry by launching the world’s first CNG-powered two-wheeler earlier this month. The Freedom 125 is going to be the first of many CNG bikes from Bajaj and a landmark for the Chakan-based automaker. Available in three variants, prices for the Freedom 125 start at Rs 95,000 (ex-showroom).
📝 City gas cos pin hopes on CNG 2-wheelers to ride over EV threat
📝 Updated Yezdi Adventure teased ahead of launch in August
📝 Triumph sells 50,000 units of 400 cc motorcycles, opens 100 dealerships in India
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🚲 Electric 2/3 Wheelers
Revolt Motors secures approval for subsidy under EMPS
This approval is a significant step for Revolt Motors. The company can now avail subsidies under the ongoing EMPS 2024, making its motorcycles competitively priced and potentially boosting both sales and profitability.
Ola’s Bhavish Aggarwal says “der aaye durust aaye” to rising EV competition, says 4680 lithium cell to give an edge
Ola’s mega Rs 6000 crore IPO will hit the street on Friday. Speaking to media at the IPO launch, the founder and CEO Bhavish Aggarwal highlighted the first mover’s advantage that Ola has in the electric two-wheeler space and added that the indigenously developed 4680 lithium cell will give the electric start-up a price advantage. Referring to many legacy players who forayed into the electric two-wheeler space rather recently, he said “der aaye durust aaye” or better late than never. He reiterated that Ola is a “mission-driven company” and ‘electric vehicles are the biggest transformation in Auto industry” in recent times.
Ola Electric’s IPO to bring big moolah for top employees, early investors
Bengaluru/Mumbai: Several top executives and early investors in Ola Electric Mobility are expected to make a killing when the company becomes the first pureplay homegrown electric vehicle manufacturer to list on the stock exchanges.
Ola Electric's China import costs surge 37% in FY24 amid rising expenses
The company’s Red Herring Prospectus reveals that imports from China accounted for 37 per cent of Ola Electric’s total material costs in FY24, up from 19 per cent in the previous financial year. This increase underscores the Bengaluru-based EV manufacturer’s reliance on Chinese suppliers for essential raw materials, according to a report by Moneycontrol.
Who's Hyun Shik Park, Ola Electric's top earner, eclipsing Bhavish Aggarwal
Instead, Hyun Shik Park, an expert in battery manufacturing with over 36 years experience at South Korean consumer-electronics giant "LG", received the highest compensation package at Ola Electric during the past fiscal year, according to a report by Moneycontrol.
📝 Bhavish Aggarwal reveals how Ola Electric became leading EV maker in India
📝 Ola Electric bike to BSA Gold Star: Upcoming two-wheeler launches in August 2024
📝 Ola Electric IPO sees 26% valuation cut, benefiting late-stage investors
📝 Allegations by MapMyIndia false, misleading: Ola Electric
Read More >>
⚙ Components
ASK Automotive records 31% Y-o-Y growth at INR 865 cr in Q1 FY25
Ask Automotive's advanced braking system business maintained its leadership position with a 26% Y-o-Y growth in Q1 FY25. Aluminium Light Weighting Precision Solutions segment saw a revenue increase of 39%, while the safety control cables recorded a 33% revenue growth in the same period.
IMPAL’s standalone PAT grows 17 % in the June quarter
📝 Balu Forge Q1 Results: Net profit rises over two-fold to Rs 34.16 cr
📝 Shanthi Gears Q1 Results: Company reports PAT of Rs 21.66 crore
Read More >>
🌇 Allied Industries
Steel sector likely to see investment of INR 30k cr by 2029: Ministry of Steel Secy
India's steel sector is expected to see an investment of close to INR 30,000-crore, and a production capacity boost by 25 million tonnes in five years, according to a top official.
Ecozen and Volektra join hands to develop sustainable EV technology
Ecozen, a climate-smart technology leader, has made investment in Volektra, an innovator in electric vehicle (EV) technology. This partnership includes investors such as Thinkuvate and Growthfactory.
TVS SCS reports consolidated Q1FY25 PAT at ₹7.50 crore
Chennai: TVS Supply Chain Solutions Ltd, the Chennai-based global supply chain solutions provider reported a consolidated net profit of ₹7.50 crore for the first quarter ended June 30, 2024, compared to a loss of ₹65.26 crore, including ₹14.10 crore from discontinued operations, in the same quarter last year. The first quarter result includes other income of ₹5.78 crore due to forex gains and interest income.
Ola Electric’s new battery cells offer 5x more energy, commercial production starts early 2025
Ahmedabad: Ola Gigafactory, which is currently conducting trial production of battery cells for electric two-wheelers in Tamil Nadu, is expected to start commercial production by the beginning of next year, Ola Electric Mobility Ltd officials visiting Ahmedabad said Tuesday. These indigenous cells not only carry five times the energy compared to their imported counterparts from South Korea, but are also expected to help Ola scale down on imports.
Exide Q1 Results: Net profit rises 16% YoY to Rs 280 cr
Exide reports 15.5% increase in Q1 net profit to ₹279.57 crore
The Hindu Business Line
Konkan region emerging as a major natural rubber production centre
After the North-East, the Konkan belt in Maharashtra is poised to become the next major hub for natural rubber production, thanks to its favourable climate and soil conditions.
📝 Domestic steel companies to coordinate on import price
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🌢 Fuels, Lubricants & Charging Stations
Lubrizol signs MoU with Maharashtra Govt as part of ‘make local for global’ strategy
Lubrizol, a US-based speciality chemicals manufacturer, has signed an MoU with the government of Maharashtra for a 120-acre land to set up a new manufacturing facility. The new plant, set to commence operations in 2028, will also mark the company’s 100th anniversary.
Hindustan Petroleum Corporation Q1 Results Live : profit falls by 90.63% YOY
Hindustan Petroleum Corporation Q1 Results Live : Hindustan Petroleum Corporation declared their Q1 results on 29 Jul, 2024. The topline increased by 1.49% & the profit decreased by 90.63% YoY. As compared to the previous quarter the revenue declined by 0.58% and the profit decreased by 76.6%.
ElectricPe raises $3 million in pre-series A led by Green Frontier Capital
ElectricPe, a Bengaluru-based EV charging aggregator, has raised $3 million pre-series A Round. The funding led by Green Frontier Capital saw participation from its existing lead investors including Blume Ventures, Micelio Fund and NB Ventures. The funds will be used to fuel ElectricPe’s growth and innovation initiatives and expand to new geographic locations.
📝 Castrol India Q2 Results: Net profit rises to Rs 232 crore on sustained demand
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💸 Finance & Insurance
Mortgage business will be a key growth driver: Chola Finance CFO
Mortgage businesses, such as loan against property (LAP) and home loans, are expected to be major growth drivers for Cholamandalam Investment and Finance Company. According to the company’s president and CFO, Arul Selvan, these segments will contribute over 35% of total assets in the next three years.
📝 Buying new car? Here's your quick guide to choose the right insurance: Tips and suggestions
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📖 Magazines News
Triumph expands to 100 dealerships across 75 cities in India
Recently, Triumph reported selling 50,000 units of the Speed 400 and Scrambler 400 X across 50 countries, celebrating with discounts on both bikes. The brand also plans to organise welcome rides for new customers, off-road rides for Scrambler 400 owners, long distance tours and more social gatherings to create a stronger community. It remains to be seen if this significant increase in dealer and service network will help the brand form a stronger foothold in India.
Range Rover Sport EV spied on test for the first time
Range Rover Sport EV gets minor styling changes over ICE version
10 most affordable SUVs with panoramic sunroof
Source Credit: Autocar India
Sunroofs are now becoming commonplace in the Indian automotive market. While a single-pane electric sunroof is now available on a host of affordable cars, many customers are now opting for cars with the larger, panoramic sunroof as it lets in more light and adds a premium feel to the cabin. Here’s a list of the 10 most affordable SUVs with a panoramic sunroof on at least one trim.
Ola Electric IPO launch on August 2
Source Credit: Autocar India
Ola Electric is set to open its shares for public issue, with subscriptions opening on August 2 and closing on August 6. The company has fixed the price band for its upcoming initial public offering (IPO) between Rs 72 to Rs 76 per share. At the upper end of this range, the issue could raise Rs 6,145.56 crore, comprising Rs 5,500 crore from new shares and Rs 645.56 crore from an offer for sale.
Updated Yezdi Adventure teased ahead of launch
Source Credit: Autocar India
Classic Legends is in the process of updating its entire motorcycle line-up under the Yezdi and Jawa brands. Now, the company has shared a teaser of the updated Yezdi Adventure on its social media handle and there are a few things to unpack.
Citroen Basalt new features confirmed
Source Credit: Autocar India
Citroen is gearing up to unveil the new Basalt coupe-SUV on August 2. The carmaker has been drip feeding information about the car through multiple teasers, each confirming new features. A new promotional film has provided a glimpse into additional features that the Basalt will have, compared to the C3 Aircross.
BMW 5 Series LWB rear 'Theatre Screen' under evaluation
Source Credit: Autocar India
BMW revolutionised rear-seat entertainment when it launched the 7 Series with a fold-down 31.3-inch screen. Known as the ‘Theatre Screen’, the system consists of a massive 8K screen that electrically folds down from the roof for an impressive viewing experience for rear-seat passengers. However, BMW hasn’t specified the Indian version of the long-wheelbase 5 Series with its Theatre Screen. So, why was such an important, owner-pleasing feature been left out?
Bajaj Freedom deliveries to begin pan India
Source Credit: Autocar India
Bajaj recently launched the Freedom, the world’s first CNG motorcycle. Starting at Rs 95,000 (ex-showroom, India), it comes in three variants.
Royal Enfield Guerrilla 450: Your questions answered
What is the weight of the Royal Enfield Guerrilla 450?
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📰 International News
Tesla jumps on replacing Ford as Morgan Stanley's 'top pick' in US auto sector
Tesla shares jumped nearly 6.3% on Monday after Morgan Stanley named the most valuable automaker its "top pick" in the U.S. automotive industry, replacing Ford.
Hyundai, Kia showcase integrated air taxi service tech
Hyundai Motor and Kia, South Korea's leading automotive companies, on Monday held a joint demonstration for their integrated air taxi service technology in Indonesia, the companies said.
Toyota global output skids in June, dragged down by Japan and China
In China, Toyota faced a 21.7% reduction in production due to fierce competition from domestic electric vehicle manufacturers like BYD, who have aggressively slashed prices. This represents the fifth month in a row that Toyota’s output in China has decreased by over 20%. North American production declined by 6.2%, while European output dropped 6.6%, partly due to fewer production days compared to the previous year.
📝 Elon Musk is supporting Donald Trump despite the latter’s views on EV vehicles; Here is the reason
📝 Western carmakers are reviving ICE plans amid low EV demand
📝 Lamborghini’s winning formula is defying an auto industry slump
📝 Thailand car production drops sharply in June, local sales fall
📝 Nissan aims for sustainability & worker inclusivity as part of its growth plan
📝 Lamborghini Huracan to be replaced with Temerario, will get V8 hybrid powertrain
📝 Volvo shifts gears: Hybrids back in focus. Check details
📝 Chinese EV-makers rush in and upend a country's entire auto market
📝 Tesla to recall over 1.8 million US vehicles over hood issue
Read More >>
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