Page 4 - Automobile Manufacturer

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

SUVs outpace small cars as top carmakers' Sep sales to dealers drop

Levels of unsold cars rose to a record 70-75 days in August. Inventory levels for September and retail sales figures will be published later this month

Tata-JLR unit takes the wheel, steering India towards luxury car export hub

The company announced that the state-of-the-art production facility, located in Panapakkam, Ranipet district, will produce both cars and sport utility vehicles

Waymo in talks with S Korea's Hyundai Motor to produce self-driving taxis

Motional, a self-driving technology unit of Hyundai Motor Group, earlier this year delayed plans to launch a robotaxi service with its next-generation Hyundai Ioniq 5 robotaxis

Mahindra expands LCV range with product based on multi-energy platform

Mahindra & Mahindra on Monday expanded its light commercial vehicle (LCV) range with a new product range based on an all new platform developed at an initial investment of Rs 900 crore. The company has introduced "Veero" light commercial vehicle in the less than 3.5 tonne range with both diesel and CNG trims, with price starting at Rs 7.99 lakh (ex-showroom). An electric version of the LCV would be introduced at a later stage. In an interaction with PTI, Mahindra & Mahindra (M&M) President Automotive Division Veejay Nakra said the model will help the company further strengthen its leadership in the LCV (less than 3.5 tonne) segment. The product, with multiple fuel options and payloads, will be useful for various applications, he added. "We have a market share of around 51 per cent in the less than 3.5 tonne LCV segment... now this range comes in 2-3.5 tonne segment where we have a market share of 63 per cent. So it will help us further strengthen market share beyond 63 per

Volkswagen may book up to $4.4 bn in provisions on capacity cuts: Jefferies

Volkswagen said earlier this month it was considering shutting plants in Germany for the first time in its history

PV sales dip 1.8%, two-wheeler sales grow 9.3% in August: Siam data

According to Siam, total production of passenger vehicles, three-wheelers, two-wheelers, and quadricycles in August 2024 stood at 2.49 million units

GM, Hyundai Motor agree to explore joint vehicle development projects

The US and Korean automakers said they had signed a non-binding memorandum of understanding to consider ways to leverage their complementary scale and strengths to reduce costs

Auto dealers can claim ITC on demo cars used for promoting sales: CBIC

Automobile dealers using demonstration vehicles or demo cars for promoting sales can claim input tax credit (ITC) under the GST law, the CBIC has said. However, no ITC would be available if demo cars are used by dealers for their own purpose during the course of the business. In a circular, the Central Board of Indirect Taxes and Customs (CBIC) said authorised dealers are required to maintain demo vehicles at their sales outlet as per dealership norms which are used for providing trial runs and for demonstrating features of the vehicle to the potential buyers. These vehicles are purchased by the authorised dealers from the vehicle manufacturers against tax invoices and are typically reflected as capital assets in books of account of the authorized dealers. As per dealership norms, these vehicles may be required to be held by the authorized dealers as demo vehicle for certain mandatory period and may, thereafter, be sold by the dealer at a written down value and applicable tax is ..

EV promotion schemes great for making green transportation accessible: Siam

Auto industry body SIAM on Wednesday welcomed the government's decision to approve two schemes with a total outlay of Rs 14,335 crore to promote electric vehicles, saying the forward thinking initiative will make clean and green transportation more accessible to all. The Union Cabinet on Wednesday approved two schemes -- PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) Scheme with an outlay of Rs 10,900 crore over a period of two years, and PM-eBus Sewa-Payment Security Mechanism (PSM) scheme with a budget of Rs 3,435 crore. Reacting to the announcement, Society of Indian Automobile Manufacturers (SIAM) President Shailesh Chandra termed the move as "progressive step that underscores the firm commitment towards promoting sustainable mobility". He further said, "It will undoubtedly help accelerate the adoption of electric vehicles (EVs) across the country, making clean and green transportation more accessible to all." This forward-thinking initiative reflec

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 ...

Tamil Nadu, Ford Motor in talks to restart production eyeing global market

Tamil Nadu Chief Minister M K Stalin visited Ford headquarters in Michigan on Tuesday and held detailed discussions with its top management, urging them to restart production