Auto Parts

US-based automotive supplier Inteva Products LLC on Friday announced its plans to expand capacity at its Chakan plant in Pune to meet the rising demand in the domestic automotive industry. This expansion, which is expected to come up at an investment of USD 3.3 million, will create 100 new jobs also, India Inteva Products said. The company's sole facility manufactures automotive components such as side door latches, liftgate latches, window regulators and motors for window regulators for leading Indian automakers. "As part of this expansion at the Chakan plant, we are adding five new assembly lines, which will take the total number of assembly lines to 17. This will help us increase our window regulator capacity to 6.3 million units by the end of next year," Sanjay Kataria, Vice President and Managing Director of Inteva India told PTI. Kataria said besides this, the production capacity of motors for window regulators, which is 8.1-million units at present, will be enhanced to ...

Punjab Chief Minister Bhagwant Mann on Thursday assured full support to Modern Automotives for its plans to expand its project in the state and manufacture parts for luxury car maker BMW. A delegation of the Modern Automotives Ltd comprising its representatives -- Aditya Goyal, Suhail Goyal and Manish Bagga called on the Chief Minister here. During the meeting, Mann was informed that Modern Automotive has become the first Indian company to receive approval for deliveries of differential pinion shafts to German luxury vehicles manufacturer BMW AG Munich, according to an official statement. They said that an order has been confirmed for 2.50 million units valued at Rs 150 crore, the statement said. Assuring fulsome support to the company for their future endeavours, Mann accepted the invitation of the delegation to lay the foundation stone of the upcoming plant next month at Mandi Gobindgarh. He said it is a matter of immense pride and satisfaction that the parts for BMW will now be

Honda Motorcycle & Scooter India on Monday said it is recalling certain units of its bike models like CB350 and H'ness CB350 due to issues with wheel speed sensor and camshaft. The company is recalling CB300F, CB300R, CB350, H'ness CB350 and CB350RS, manufactured between October 2020 and April 2024, for issues with wheel speed sensor, the two wheeler major said in a statement. "It has been observed that due to an improper molding procedure being followed, water may seep into the wheel speed sensor. This may lead to a speed sensor malfunction causing error in the speedometer, traction control or ABS intervention," it said. In the worst case scenario, it may result in ineffective braking, it added. Units manufactured from October 2020 to April 2024 are affected under this potential issue, the company said. For issues with camshaft component, HMSI is recalling units of CB350, H'ness CB350 and CB350RS. "It has been identified that an improper manufacturing process being followed for

The initial share sale of auto parts manufacturer Kross Ltd got subscribed 16.81 times on the last day of subscription on Wednesday. The public offer received bids for 25,80,21,618 shares against 1,53,50,877 shares on offer, according to data available with the NSE. The portion for Qualified Institutional Buyers (QIBs) garnered 23.32 times subscription while the quota for non-institutional investors got subscribed 22.24 times. The Retail Individual Investors (RIIs) part received 10.76 times subscription. Kross Ltd on Friday said it has mobilised Rs 150 crore from anchor investors. 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 OFS portion consists of equity shares to the tune of up to Rs 168 crore by Sudhir Rai and Rs 82 crore by Anita Rai. The issue has a price band of Rs 228-240 per share. Kross proposes to utilise the net proceeds of the f

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

Analysts predict moderation in growth to 5-7% in FY25

The company aims to produce 1 million e-axles per year by 2030 to accelerate India's transition to green mobility

The company has not disclosed the name of the vehicle manufacturer in its announcement, but sources indicated that it could be Tesla

Previously, Naoya Nishimura was the global Chief Research & Development Officer at Musashi

Automotive Tyre Manufacturers' Association on Friday said Arnab Banerjee, Managing Director (MD) & CEO of CEAT Ltd has been elected as its new Chairman. Banerjee was elected at the Managing Committee Meeting (MCM) of the association held on Thursday evening, Automotive Tyre Manufacturers Association (ATMA) said in a statement. He takes over from Anshuman Singhania, Managing Director of JK Tyre and Industries. Having joined CEAT in 2005 as Vice President-Sales and Marketing, Banerjee held several roles and was the Chief Operating Officer at CEAT since 2018 prior to taking over his current role, the statement said. An alumnus of the Harvard Business School, IIM Kolkata, and IIT Kharagpur, Banerjee also holds an Associate Certified Coach (ACC) Certification. ATMA members include Apollo Tyres, Bridgestone India, CEAT, Continental India, Goodyear India, JK Tyre & Industries, MRF and TVS Tyres.

Maruti Suzuki India on Wednesday said the Directorate of Revenue Intelligence has initiated an inquiry against it over incorrect HSN (Harmonized System of Nomenclature) code of an imported component. In a regulatory filing, Maruti Suzuki India said it has received a communication regarding the inquiry from the Directorate of Revenue Intelligence (DRI), Hyderabad Zonal Unit, on February 20, 2024. "As perI inquiry, the imported good 'Shaft Assy Propeller' is imported under incorrect HSN code as per explanatory notes of WCO (World Customs Organisation). Also, IGST (Integrated Goods and Services Tax) has been paid on few automobile parts at the rate of 18 per cent whereas the correct IGST is 28 per cent...," the company said. The company will file a suitable reply toI, the filing said adding, that there is no major impact on financial, operation, or other activities due to this inquiry.

The net profit number included a negative hyperinflationary impact of Rs 191 crore for the Argentina business, the company said in a presentation

Company plans capex of Rs 300 cr in FY24, has got orders to serve large electric vehicles

Surprisingly, human hair also comes in the top category

Business practice could increase companies' top line by 10-20 per cent, it says

The Noida-based automotive (auto) parts maker said it expected this deal to close by the first quarter of 2024-25

The domestic automobile industry is scaling up efforts to enhance localisation of electronic components in order to curtail dependence on other countries, especially China, as per auto component industry body President Sunjay Kapur. In an interaction with PTI, Kapur noted that the Automotive Component Manufacturers Association of India (ACMA), Society of Indian Automobile Manufacturers (SIAM) and the Ministry of Heavy Industries are working together to achieve the target of localisation especially in electronics. He noted that there lies a great opportunity for the auto component industry with the big push towards electrification. With growth in consumption of electric vehicles, the industry is witnessing fast transformation of the auto components sector to be an integral part of the electric vehicle manufacturing supply chain. The component industry is making steady investments and acquiring technology companies. "We will have to keep localising...we as an industry are very fortu

MSMEs in the automotive components sector should see higher growth as well, but will lag average industry revenue growth owing to lack of vertical integration.

Government's production linked incentive scheme will be good for the automotive sector, says firm

The Indian auto component industry is expected to clock 8-10 per cent growth in FY23, supported by the easing of supply-chain issues and commodity inflation in the second half of the year, according to rating agency Icra. For 2021-22, the revenue growth of the industry is pegged at 13-15 per cent, driven by domestic OEM, replacement, export volumes and pass-through of commodity prices. The healthy volume growth will, however, come on a low base of FY2021, the agency said in a statement. "Demand for auto components stems from domestic OEMs, replacement and exports. Domestic OEM demand has remained a mixed bag across segments in FY2022, with a slowdown in two-wheelers (2Ws) and semiconductor shortage dragging down overall production volumes," Icra Ltd Assistant Vice President & Sector Head Corporate Ratings - Vinutaa S said. Exports have remained a bright spot in the Indian auto component story, partly aided by the "China+1 strategy". This is despite supply chain issues, she ...