Page 2 - Auto Industry India

India aims to double auto industry size to Rs 15 trn by 2024 end: Gadkari

India is aiming to double the size of its automobile industry to Rs 15 lakh crore by the end of 2024, making it one of the world's top countries in this sector, Union Road Transport and Highways Minister Nitin Gadkari said on Wednesday. Gadkari also said that his ministry will carry out project works worth Rs 5 lakh crore next year, of which Rs 2 lakh crore will come from the government and the rest will be raised from the capital market. "Currently our automobile industry is Rs 7.5 lakh crore and we want to take it to Rs 15 lakh crore by the end of 2024, making it one of the largest automakers in the world, creating huge job opportunities," Gadkari said at a virtual session of Merchants' Chamber of Commerce and Industry. He said the majority of automobiles in the country will run on alternative fuels by 2030. "We are also working on developing alternative, clean and green fuels like bio-ethanol, bio-CNG, bio-LNG and green hydrogen," he said, adding that green hydrogen is the fuel

Updated On : 29 Dec 2022 | 8:12 AM IST

Auto components industry grows 34.8% to Rs 2.65 trillion in H1 of FY23

India's auto components industry witnessed a 34.8 per cent growth to Rs 2.65 lakh crore in first-half of 2022-23, riding on domestic demand, particularly from the passenger vehicles segment, the Automotive Component Manufacturers Association of India said on Wednesday. During the period, exports of components grew by 8.6 per cent to USD 10.1 billion (Rs 79.03 lakh crore), while imports climbed 17.2 per cent to USD 10.1 billion (Rs 79.8 lakh crore), Automotive Component Manufacturers Association of India (ACMA) said. "We've seen great growth come out of passenger cars and commercial vehicles... The festive season was very positive for two-wheelers, and we hope that two-wheelers will be back on the growth track, like they have been in the past," ACMA President Sunjay Kapur told reporters in a virtual conference. He further said moderation in the supply-side issues, such as availability of semiconductors, high input raw-material costs and non-availability of containers, also helped in

Updated On : 21 Dec 2022 | 4:15 PM IST

Expect substantial increase in SUV market share this fiscal: Maruti Suzuki

Maruti Suzuki expects substantial increase in its market share in the sports utility vehicle (SUV) segment this fiscal with the new Brezza and Grand Vitara receiving robust response, according to a senior company official. The auto major also plans to introduce more models in the SUV segment in the remaining part of the financial year. "In July we were at 7.1 per cent (market share) in the SUV segment...it increased to 10.8 per cent in August, 13.01 per cent in September and 14.4 per cent in October. So it is showing an increasing trend," Maruti Suzuki India (MSI) Senior Executive Officer Marketing & Sales Shashank Srivastava told PTI in an interaction. He noted that the market share would have increased further if the company had not faced supply issues with Brezza last month. "I would not like to project a going forward figure but can safely say that we are expecting a good increase (in market share) this fiscal as we expect to launch a few more SUVs," Srivastava said. He noted

Updated On : 20 Nov 2022 | 12:02 PM IST

Sona Comstar to invest up to Rs 1,000 cr by FY25 on scaling up capacity

Auto components maker Sona BLW Precision Forgings Ltd (Sona Comstar) plans to invest up to Rs 1,000 crore by FY25 to scale up capacity, majorly for EV business, according to Group CFO Rohit Nanda. The company, a major supplier of systems and components for the electrified and non-electrified powertrain segment to automobile manufacturers, expects revenue from the electric vehicle (EV) segment to account for up to 45 per cent of its total revenue, up from 25 per cent currently. "Over a timeframe of FY23 plus two years -- FY24 and FY25, I will say our expected capex spend will be anywhere between Rs 900 crore to Rs 1,000 crore. A large part of this (around 75 to 80 per cent) is for the EV business," Nanda told PTI. Under the expansion plan, Sona Comstar would set up another plant at Manesar in Haryana for additional differential assembly capacity, he said adding the capacity of the existing facility has been fully utilised. The company had also moved to a new larger facility from a .

Updated On : 06 Nov 2022 | 10:42 AM IST

Fisker to sell electric SUV in India with view to local production

Sales of electric cars in India will gather pace by 2025-26, Henrik Fisker said and added that the company wants to secure a first-mover advantage

Updated On : 26 Sep 2022 | 6:35 PM IST

Auto industry's innovation for green alternatives need of the hour: PM Modi

Prime Minister Narendra Modi on Thursday stressed on the need for automobile industry's innovation for green alternatives to ensure protection and conservation of environment as well as help in making India self-reliant. In a written address to the annual session of the Society of Indian Automobile Manufacturers (SIAM), Modi said, "Amrit Kaal is an opportunity to achieve self-sufficiency in every sector and the automobile sector is no exception." The automobile sector has contributed to all-round development and growth of the economy through new avenues for employment generation, the Prime Minister said in his message read out by SIAM President Kenichi Ayukawa. "It is a need of the hour that the automobile industry's innovation for greener alternatives attains a new momentum, to ensure the protection and conservation of environment, as well as help in making India self-reliant," Modi said. He also expressed hope that the various stakeholders gathered at the convention that include