Automobile Industry

Maruti to M&M, carmakers in the fast lane to roll out festival discounts

Based on industry data, the average discounts by the top 13 players in 2023 were Rs 34,630, which increased to Rs 38,816 so far in 2024

PM E-DRIVE, eBus Sewa: How the schemes may help accelerate EV adoption

The two schemes, with over Rs 14,000 crore allocated to boost EV adoption, focusing on electric two-wheelers, buses, and charging stations, aim to support India's emissions-reduction goals

Auto sector needs to focus on customer service, quality assurance: Gadkari

The Indian automobile industry is at the cusp of a revolution and it needs to focus on customer service, after-sales and quality assurance, Union Minister Nitin Gadkari said on Wednesday. In a video message to the Auto Retail Conclave organised by Federation of Automobile Dealers Associations (FADA), Gadkari, the Minister for Road Transport and Highways acknowledged that automotive dealers play a key role in realising the government's mission of a self-reliant India. "The automotive industry is at the cusp of the revolution, and as we look to the future, it is critical that the sector continues to innovate, especially in areas like customer service, after-sales and quality assurance," Gadkari said. The minister further said, "As a distributor of automobiles, you play a pivotal role in the government mission of 'make in India' and contribute significantly to realising our vision of self reliant India." Stating that the government deeply values the role that FADA and its members play

Fada seeks legislative safeguards to prevent OEMs exiting abruptly

Automobile dealer body FADA on Wednesday sought legislative safeguards to prevent companies from exiting the country abruptly in order to safeguard the interest of dealers and employees working at the dealerships. Speaking at the 6th Auto Retail Conclave here, newly appointed President of the Federation of Automobile Dealers Associations (FADA) C S Vigneshwar also asked the government to issue strong directives to state governments for the full implementation of the CMVR (Central Motor Vehicles Rules). Addressing Minister of Heavy Industries HD Kumaraswamy, Vigneshwar said, "We need your support, and hence we request legislative safeguards to prevent OEMs (Original Equipment Manufacturers) from exiting the country abruptly, leaving dealers, employees, and customers stranded." Various automotive OEMs like Ford, General Motors and Harley Davidson have ceased sales operations in India since 2017. As per FADA, it has resulted in layoffs of thousands of people working at ...

Auto makers must invest in R&D to make world-class industry: CEA Nageswaran

Chief Economic Advisor V Anantha Nageswaran on Tuesday asked automobile manufacturers to invest in R&D in order to make a world-class industry. Speaking at the SIAM Annual Convention, he also asked them to focus on improving the global NCAP (New Car Assessment Programme) ratings of their products so that exports get further push. In general, he said, the Indian private sector roughly contributes about one third of the overall R&D spending in the economy while the remaining two thirds comes from the government. "Again, our studies show that it is not due to lack of government support for R&D spending in general, but it also depends on our ability to think over a much longer horizon...seeing the R&D expenditure as an investment, rather than as an expenditure against the profit and loss account," he said. So in that sense, he said, "enhancing the investment in R&D and becoming global leaders, it will be an important contributor to the 'aatmanirbharta' programme in ...

Received proposals worth Rs 75k cr under auto PLI scheme: Kumaraswamy

The government has received investment proposals worth around Rs 75,000 crore under the auto PLI scheme of which close to Rs 18,000 crore has already been invested, Union heavy industries minister H D Kumaraswamy said on Tuesday. Speaking at the 64th Annual SIAM convention here, the minister said the scheme has helped create around 30,000 jobs in the country. "Since its launch, the scheme (Auto PLI) has been instrumental in attracting Rs 74,850 crore in proposed investments. Of this Rs 17,896 crore has been actually invested by March 2024," Kumaraswamy said. He noted that in order to ensure continuous growth in electric mobility, the ministry is now focusing on charging infrastructure. "While developing the charging infrastructure, we are conscious that integrating this infrastructure with renewable energy sources is essential for maximising the environmental benefits of electric mobility," the minister said. He noted that the government and the industry need to make dedicated eff

Goyal urges auto component makers to cut imports, target $100 bn exports

Commerce and Industry Minister Piyush Goyal on Monday asked Indian auto component makers to explore ways to cut reliance on imports and boost local manufacturing to make the country a net exporter of these products. The minister also urged these companies to target USD 100 billion in exports by 2030. Addressing the auto component industry here, he expressed his concern over the continued reliance on foreign suppliers and encouraged domestic manufacturers to enhance local production capabilities. "Many of our component manufacturers still import, I do not know whether (due to) any compulsion or voluntarily, their needs of inputs from Korea, Japan, Taiwan and one of the neighbours. "I do not understand why even two or three levels down, we cannot plan to become indigenous suppliers and manufacturers so that we can then start supplying those components to other countries," Goyal said. With the huge Indian market and global opportunities, the industry can increase the exports to USD 1

Auto parts-maker Kross raises Rs 150 cr from anchor investors ahead of IPO

The Jamshedpur-based company's IPO is a combination of a fresh issue of equity shares worth Rs 250 crore and an Offer for Sale (OFS) aggregating up to Rs 250 crore by the promoters

The road ahead: Steel recycle mandate for automakers on the anvil

"We recently held a meeting with members of the Society of Indian Automobile Manufacturers (SIAM). The final regulations are likely to be issued in the next 10 days," a government source informed

Tata Motors launches new Curvv SUV Coupe; priced at Rs 9.99 lakh

With its introductory pricing set to attract a wide range of consumers, the Tata Curvv will challenge established players like Hyundai Creta and Kia Seltos in the mid-SUV segment

Automotive players gear up for festive season with dealership expansion

Maruti Suzuki, India's leading car manufacturer, recently celebrated the inauguration of its 500th Nexa outlet

Bumpy ride: High stock, low demand drive domestic car sales down 2-3%

Domestic car wholesales saw a decline for a second straight month in August

Hero MotoCorp sales rise 5% to 512,360 units, decline for Hyundai in Aug

Hero MotoCorp on Sunday said its wholesales increased 5 per cent year-on-year to 5,12,360 units in August. The two-wheeler major had dispatched 4,88,717 units to dealers in August 2023. The company said its domestic sales increased to 4,92,263 units last month as compared to 4,72,947 units in the year-ago period. August sales were marginally impacted by supply shortages, which will be made up in September, it added. Exports rose to 20,097 units last month as compared to 15,770 units in August 2023. The company said it is geared to ramp-up for the upcoming festive season, where it expects a healthy growth. "With faster recovery expected in the rural segment, growth in the 125cc segment, new launches in scooters and strong investment behind power brands, the company expects to grow ahead of the industry," it added.

Stable govt gives confidence of sustained growth: Maruti Chief Bhargava

India has proven the 'fallacy' of incompatibility of rapid economic growth and a democratic political system, and the continuity of government and policies give industry the confidence of sustained high growth, Maruti Suzuki India Chairman R C Bhargava said on Tuesday. In his address to shareholders in the company's Annual General Meeting held virtually, he asserted that India's democratic processes will lead it to a sustained and more equitable society. Bhargava also said the industry and the government can work with trust and confidence with each other to achieve the goal of India becoming a developed country by 2047. "Over the years, I've heard people arguing that rapid economic development and a democratic political system are not really compatible. Our country has proved the fallacy of this line of thinking," he said. Asserting his point, Bhargava said, "We are now the fastest growing economy in the world, and our prime minister is one of the most respected global ...

Tesla's steep price reductions are fueling used eletric vehicle sales

CarMax Inc.'s superstore in Fremont, California, has seen a stream of shoppers more willing than ever to kick the tires on an electric vehicle

US auto safety regulator gives clean chit to GM in Cruise robotaxis case

Cruise filed a recall for its software earlier this month affecting all its vehicles equipped with automated driving systems in the United States

EU cuts planned import tariff on Tesla's China-made electric vehicles to 9%

Tesla had requested a recalculation of its rate to be based on the specific subsidies the company had received, according to the Commission

BMW recalling around 720,000 vehicles due to issue with water pump

The National Highway Traffic Safety Administration said that the recall includes some X1, X3 and X5 vehicles as well as some other models

Auto companies Tata Motors, Ashok Leyland board the fully built bus boom

Financing, better after-sales services and stricter regulations fuel rising demand for FBUs

Tesla recalls 1.68 mn EVs in China to repair faulty latches free-of-cost

Tesla's recall notice says that an unlocked trunk lid could open during driving, interfering with the driver's vision