Page 2 - Automobile Manufacturer

India most promising growth market for Skoda, says CEO Klaus Zellmer

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

Hero MotoCorp plans to enter Europe, UK markets in second half of 2025

Hero MotoCorp on Tuesday said it is planning to enter Europe and the UK markets from the second half of 2025 as it looks to further consolidate its presence overseas. The New Delhi-headquartered two-wheeler major sells its products in 48 countries across Asia, Africa, and Latin America. "Hero MotoCorp continues to be a trusted global leader, known for reliability and resilience of our machines. This enduring trust and our world-class products form the foundation as we expand into Europe and the UK," Hero MotoCorp Executive Chairman Pawan Munjal said here at EICMA. The company will enter the markets riding on a new electric scooter -- the VIDA Z. Subsequently, the company plans to expand its range to high capacity premium internal combustion engine (ICE) motorcycles. The company's existing and new product range will suitably cater to the present and future requirements of European markets, Hero MotoCorp stated. The company also announced the appointment of distributors in Italy --

Maruti Suzuki Q2FY25 results: Net profit falls 18% to Rs 3,102 cr

Maruti Suzuki India on Tuesday reported an 18 per cent year-on-year dip in consolidated net profit at Rs 3,102 crore for the second quarter ended September hit by the withdrawal of indexation benefit and change in the tax rate on long term capital gains on debt mutual funds. The country's largest carmaker had posted a net profit of Rs 3,786 crore in the July-September quarter of last fiscal. Total revenue from operations increased to Rs 37,449 crore for the second quarter as against Rs 37,339 crore in the year-ago period, Maruti Suzuki India (MSI) said in a regulatory filing. On a standalone basis, the company reported a net profit of Rs 3,069 crore for the September quarter, down 17 per cent as compared with Rs 3,716 crore in the same period last year. Net sales of the company stood at Rs 35,589 crore against Rs 35,535 crore in the same quarter last year. MSI said it sold a total of 5,41,550 vehicles during the July-September quarter, of which the domestic market volume stood at

Honda recalls 780,000 vehicles in North America on fuel pump concern

Honda said because of defective high-pressure fuel pump core, cracks may form inside fuel pump, which can grow during driving, leading to possible fuel leaks or fuel smell while idling or driving

Meet Avira & Vir: JSW MG Motor's new AI chatbots revolutionising car buying

JSW MG Motor India claims to be the first automotive company in India to launch two AI-powered chatbots, which are designed to enhance customer interaction and service

EV shift especially in China likely to disrupt global oil market, says IEA

An increasing shift toward electric vehicles globally, especially in China, is poised to disrupt the global oil market, according to a report released Wednesday by the International Energy Agency. In recent years, China has accounted for most of the growth in oil demand and planet-heating emissions, but electric vehicles now make up 40% of new sales of cars there, and 20% of sales globally, putting major oil and gas producers in a bind. The IEA World Energy Outlook 2024 outlines a future where EV adoption continues to gain momentum, potentially displacing up to 6 million barrels per day of oil demand by 2030. The agency said based on current trends and policies and the availability of materials, EV will reach 50% of global car sales in 2030. China already accounts for half the world's electric cars on the road. By 2030, it's projected that 70% of new car sales in China will be electric. With its massive additions of new wind and solar power, China is aligned with its target for ...

BMW sales drop due to China's EV, CEO asks to cancel new fossil ban plan

Demand in China, the world's biggest auto market, is suffering from a flagging economy, while foreign carmakers face stiff competition from local manufacturers offering cheaper models, especially EVs

Tesla to give permanent jobs to 500 temporary staff at German gigafactory

Tesla said this request had been thoroughly reviewed by the plant's management, adding German union IG Metall , which has long criticised working conditions at Gruenheide

Ratan Tata's redemption: White knight for Ford despite earlier humiliation

The story of two iconic brands Jaguar and Land Rover entering the Tata stable began with an insult Ratan Tata couldn't bear. Back in 1998, the legendary industrialist launched his dream project, Tata Indica -- India's first hatchback with a diesel engine. But sales initially were slow and Tata Motors decided to sell off its fledgling car business within a year of its debut. US auto giant Ford was seen as an ideal candidate. The company acceded to a meeting requirement from Ford Motors. Officials of the US firm came to Bombay House for talks sometime in 1999. During the meeting at the Tata headquarters, the American company evinced interest in buying out the business. To take the deal forward, Ratan Tata and his team flew to Detroit to meet Bill Ford, then the chairman of Ford. The meeting lasted about three hours but did not go well. The American businessman was condescending and "humiliated" the Indian businessman, according to a person who attended the meeting. "You do not kn

Tesla's China-made EV sales grow 19.2% in Sept, sells over 72K vehicles

Tesla sold more than 72,000 EVs in China's domestic market, up 66 per cent year-on-year, its best month this year, according to a company statement on Thursday

Auto major Hyundai sets ball rolling on India's biggest IPO at Rs 27,856 cr

The firm will be valued at Rs 1.59 trillion at the top-end of the price band of Rs 1,865-Rs 1,960

BYD hopes for ease in investment rules as it aims to build cars in India

BYD, in partnership with a local firm, submitted a $1 billion investment proposal last year to build electric vehicles in India. But New Delhi is yet to approve the plan

Passenger vehicle sales drops 19% in September, inventory hits record high

Fada, however, said that the near-term outlook for automobile retail is cautiously optimistic as both Navratri and Diwali fall in the same month, creating strong expectations for a surge in sales

Carmakers expect festive period to improve sales, overall buyer sentiment

Auto industry players are eyeing robust performance in the ongoing festive period to lift overall consumer sentiment and set the tone for the rest of the year amid slowing demand. The festive season usually commences with Onam and ends with Diwali every year. Kia India National Head of Sales and Marketing Hardeep Singh Brar told PTI that the last 3-4 months were not good for the industry as sales declined compared to the same period last year. "With pent-up demand of the last few months there and government investment starting to flow in, we feel things should start improving from here onwards," he noted. Brar said the booking momentum in September was good, which is a strong indication for October. "And this time, all festivals are in October..we expect about 5-10 per cent sales growth during the period as compared to last year," he added. Brar said that in the January-April period, the passenger vehicle industry witnessed a growth of 7 per cent, but in May-September, there was

China's loss may be Indian companies' gain in electric vehicle race

Li-ion cells may become cheaper after punitive tariffs imposed by the US

Automobiles, auto component companies score low on PLI scheme in FY24

The government has budgeted Rs 25,938 crore for five years as PLI for this sector

Tesla misses forecasts for third-quarter deliveries on stiff competition

The EV maker handed over 462,890 vehicles in the three months to Sept. 30, up 6.4% from the preceding quarter

Carmakers expand dealerships to boost sales: Do they have right products?

India's passenger vehicle market is the third largest in the world now, at more than 4 million units a year, but car ownership remains low

From Maruti to Tata, auto firms prune sales to dealers over low demand

September tally hit by Shraddh period, but enquiries and bookings rise

H D Kumaraswamy urges compliance with PM E-DRIVE and PLI guidelines

The minister's remarks come in the wake of violations under the FAME scheme, where 13 companies were found to have wrongfully claimed subsidies