The Heavy Industries Ministry on Thursday started consultations with stakeholders on the Rs 500 crore subsidy outlay under the PM E-drive scheme and frame guidelines to fast-track the adoption of electric trucks. In the first meeting on Thursday, officials stressed the need for truck makers, buyers and banks to come together for a faster and smoother transition to e-trucks. The meeting was attended by representatives of the Indian Ports Association, Ashok Leyland, Tata Motors, BillionE Mobility, Olectra, Amazon, Flipkart, Switch Labs, Murugappa group Volvo Eicher, Mahindra Trucks, apart from representatives from industry associations like SIAM and ICCT. During the consultation on e-trucks, Secretary of the Heavy Industries Ministry Kamran Rizvi highlighted that the meeting marks the first-of-its-kind government initiative on e-trucks. "The e-truck phase has just begun, and India is among the 5-6 countries globally manufacturing e-trucks," Rizvi said. He also added that in line wit
With sales surpassing 100,000 in October, companies expect the trend to continue until March 31, 2025
The company said its net profit rose 8.3% year-on-year to Rs 1,100 crore ($130.40 million) in the three months to Sept. 30
Shares in the US EV maker, valued at over $11 billion, rose nearly 9 per cent in extended trading
German luxury carmaker Mercedes-Benz is taking learnings on direct-to-consumer retailing of vehicles to its global market from India, where it has been able to clock a revenue of Rs 40,000 crore in three years of starting its 'Retail of the Future' model, a senior company official said on Tuesday. Mercedes-Benz India, which on Tuesday launched its new 'AMG C 63 S E PERFORMANCE' model equipped with F1 hybrid technology priced at Rs 1.95 crore, plans to complete conversion of all of its existing 100 outlets under the direct-to-consumer model in the next 12 to 18 months. "This October, we completed three years of the direct-to-consumer model that we started. When you look at the numbers, (we have sold) 50,000 cars and Rs 40,000 crore turnover coming just in the last three years out of 'Retail of the Future' direct transactions," Mercedes-Benz India Managing Director & CEO Santosh Iyer told PTI in an interaction. He further said, "What makes us more proud is also that after India, now
The plan, which has not been previously reported, represents a strategic pivot by the world's top selling automaker in the world's largest car market
Despite strong profits, total income dipped by 2 per cent to Rs 11,262.84 crore during the quarter, compared to Rs 11,463.03 crore in Q2 FY24
US-based Zero Motorcycles sees tremendous growth opportunity in India where it has tied up with Hero MotoCorp for co-developing premium electric bikes, according to CEO Sam Paschel. The California-based firm, which specialises in electric motorcycles and powertrains, feels that it needs to have a product which could help it penetrate the price-sensitive market. "We see tremendous opportunities for us in those (APAC and India) markets. But I think you have to have a product that fits the use case and the price points of those markets," Zero Motorcycles CEO Sam Paschel told PTI here in an interaction. In future, the company will have models that should allow it to start penetrating the Asia Pacific and India as key markets, he added. Zero Motorcycles, which is a global leader in electric motorcycles and powertrains, currently sells the majority of its vehicles in the US and Europe. Terming Hero MotoCorp as a long-term committed development partner, Paschel noted that partners are ..
Czech firm Skoda Auto on Wednesday said India is the most promising growth market and a key contributor as a future export hub in its global expansion plans. Speaking at the global premiere of its first sub-four meter SUV, Kylaq, here, Skoda Auto CEO Klaus Zellmer also said India's domestic potential as the world's third-largest car market is huge and the introduction of a new model in the domestic market will help Skoda achieve its target of selling 10,000 cars annually by 2026. Priced at Rs 7.89 lakh, bookings for the compact SUV will open from December 2 while deliveries will commence from January 27 next year, the company announced. "For Skoda, India is really (an) important (market). Europe is the key market but the strategic focus for Skoda is to build a broader international foundation, which is based on the principle of having two strong pillars. And India, clearly, is our second pillar that we want to build outside Europe," said Klaus. At the start of this year, the compan
The first model under Flying Flea to hit the road next year will be the FF-C6
Suzuki Motor Corporation on Monday unveiled its first mass-production battery electric vehicle -- the e Vitara -- in Europe. Production of the model is slated to commence at Suzuki Motor Gujarat in India in spring 2025, with sales expected to begin in various countries, including Europe, India, and Japan, around summer 2025, the Japanese automaker said in a statement. Maruti Suzuki India plans to launch the model next year. Suzuki has about 58 per cent stake in Maruti Suzuki India. The e VITARA is based on the concept model "eVX", which was showcased at the Auto Expo held in India in January 2023, and at the Japan Mobility Show in October same year. The model marks Suzuki's first global strategic BEV model. "The e Vitara is our first BEV, developed through repeated trial and error to create an easy-to-use BEV for our customers," Suzuki Motor Corporation President and Representative Director Toshihiro Suzuki said. To realise a carbon-neutral society, the company will provide a var
India Yamaha Motor on Friday said it has appointed Itaru Otani as the new Chairman. Otani brings over three decades of experience with Yamaha Motor Company, having held key leadership roles across global markets, including Australia, Brazil and Japan, the company said in a statement. Prior to this role, he served as Chief General Manager, leading the Land Mobility Business Operations based out of Japan, it added. "The aspirations of Indian consumers are evolving rapidly, and we see incredible opportunities to bring in products that blend Yamaha's global expertise with the unique needs and desires of Indian riders," Otani said. "Our focus will be on promoting exciting, stylish and sporty two-wheelers that not only align with the market's expectations but also set new benchmarks in design, quality and innovation," he added.
Retail sales during the Navratras grew by mid-to-high single digits across regions even as rural sales have remained muted, a brokerage firm said in a report on the automobile sector on Thursday. The report by Motilal Oswal Financial Services also said that during the last week of October, inquiries and bookings are seeing a slight improvement for passenger vehicle OEMs (original equipment makers) especially for Maruti Suzuki and Tata Motors. "We observed varied demand trends in October, with two-wheelers and tractors showing positive momentum and passenger and commercial vehicles witnessing moderate demand. A better monsoon is helping drive positive sentiment in rural regions, though the sustainability of this demand remains to be seen," the brokerage firm said. Overall, two-wheelers performed better, with festive growth expected at 4-5 per cent year-on-year partially constrained by a high base, it said. At the same time, passenger vehicles may see a fall in the festive season ...
Plans to expand operations with Rs 650-cr outlay
The manufacturer plans to close at least three German factories, shrink all other remaining sites in the country and slash wages by 10 per cent for around 140,000 workers
Registrations highest since Freedom 125 was launched in July this year
During the two Covid-affected years of FY20 and FY21, the company's net loss stood at Rs 1,672.2 crore and Rs 1,587.5 crore, respectively, according to documents
In 2024, a report compiled by consultancy Public First, estimates that driver-partners earn an additional 60% a year in higher income through Uber, relative to their next best alternative type of work
Also plans to expand EV portfolio and production capacity
The latest warning signs came last week, when all three German manufacturers reported slumping third-quarter sales in China