Page 3 - Automobile

India's light vehicle market fastest growing among top 10 markets: S&P

Auto sales in India reached a record high of 3.8 million units in the FY23, surpassing the pre-Covid peak of 3.3 million units seen in FY19

Railway ministry raises freight rates for transportation of automobiles

Short-distance rates see major rise in modern auto-carrier wagons

Vogt resigns as CEO of Cruise over questions of safety of self-driving cars

Kyle Vogt has resigned as CEO of Cruise, General Motors' autonomous vehicle unit, as questions build about the safety of self-driving cars. Vogt's decision to step down, announced late on Sunday, follows a recent recall of all 950 Cruise vehicles to update software after one of them dragged a pedestrian to the side of a San Francisco street in early October. The California Department of Motor Vehicles revoked the license for Cruise. The company earlier announced it had paused operations for a review by independent experts. The results of our ongoing reviews will inform additional next steps as we work to build a better Cruise centred around safety, transparency and trust, the company said in a statement. We will continue to advance AV technology in service of our mission to make transportation safer, cleaner and more accessible. Cruise won approval to transport fare-paying passengers last year. Since then, the autonomous vehicles have drawn complaints for making unexpected, ...

Oct auto retail sales dip 8% due to Shraddh period; Navratri sales up 18%

Navratri of 2023 marked a milestone, with retail sales soaring by 18 per cent year-over-year, surpassing the figures of Navratri 2017

Expecting topline growth of over 60% during this fiscal, says CarDekho

Auto-tech solutions provider CarDekho on Wednesday said it is expecting a topline growth of over 60 per cent year-on-year this fiscal. The company said it recorded a revenue of Rs 2,331 crore in the previous fiscal, which may see a growth of over 60 per cent by March next year. The company at the core business level has already turned net income positive in the September quarter of FY24, it said. The company had posted a loss of Rs 562 crore in the fiscal year ended March 31, 2023. Last year, the CarDekho group discontinued its used car franchise retail and consumer-to-dealer businesses owing to inviable unit economics and the strategic decision of prudent capital allocation moving towards asset-light business model, the company said. "The group remains a market leader in Autotech and handles transactions worth over USD 2.2 billion (on ARR basis) annualised. It also has a significant cash reserve of over Rs 12,000 million (Rs 1,200 crore) at group level dedicated to growth project

Hero MotoCorp reports 26% jump in total sales to 574,930 units in October

Hero MotoCorp expects the demand to remain optimistic on the back of the recent product launches in the premium segment and the ongoing festive season

Sona Comstar surges 5% on strong Q2 operational performance

The company's consolidated Ebitda grew 35% YoY at Rs 223 crore; margins improved 300 bps YoY at 28.4%, largely due to the positive impact of product mix.

Renault lines up € 3 bn investment, 8 new models to expand global reach

International Game Plan for 2027 to include areas outside Europe, including India

Can electric vehicle maker BYD Auto put its India dreams back on track?

To reach anywhere close to the 30% target, BYD will have to introduce affordable electric cars that can generate substantial volumes, and back it up with a strong network

Tata Motors rides Jaguar Land Rover on road to turn net cash positive

On track to pare debt, analysts expect it to have Rs 2K cr cash on the books by end-FY25

Rosmerta lines up Rs 200 cr to set up 10 vehicle scrappage units in 3 yrs

Automobile technology and automation firm Rosmerta Technologies plans to invest Rs 200 crore to set up ten vehicle scrappage units over the next three years, according to a top company executive. The company currently operates a single vehicle scrapping facility in Manesar (Haryana) with a capacity of processing 30,000 vehicles annually. After the capacity addition, the company will be able to process up to 3 lakh vehicles annually. In an interaction with PTI, Rosmerta Technologies President Kartick Nagpal said that with the setting up of the scrappage centres, the company will be able to contribute to the circular economy by helping recycle three lakh vehicles each year. "With this regard, we plan on investing Rs 200 crore across India to leverage this situation and contribute to the circular economy," he added. The central government believes that the output from scrapped vehicle materials would save about 33 per cent on raw material costs and will bring down reliance on importe

India can become $1 trn export-led automotive hub by 2035: Report

India is the fourth-largest global automotive market, generating $250 billion in FY23 and contributing 7.3 per cent to the national GDP

Steel Strips hits new high, up 5% on record net turnover in September

SSWL expects a sharp pull back of export demand with alloy exports being the key factor for Financial year 2023-24.

MotoGP event to help promote global automobile investments in UP: Yogi

Uttar Pradesh has a lot of potential for sports activities and that is why both the state government as well as the Centre are making all possible efforts to promote this sector, Chief Minister Yogi Adityanath said ahead of the MotoGP main event in Greater Noida on Sunday. He said this during his address at the Business Conclave ahead of the main race of MotoGP in which representatives of several major domestic and multinational companies participated, with UP government's MSME Minister Rakesh Sachan and Industrial, Exports Development Minister Nand Gopal Gupta in attendance. The chief minister said he has been informed that more than one lakh tickets have been sold for the high-pulsating motorcycle race's maiden show in India being held at the Buddh International Circuit (BIC). "More than 275 national and international brands are associated with the MotoGP event which include BMW, Tissot, Michelin, RedBull, Shell, DHL, Oakley, Amazon, Petronas, etc. This race also provides an ...

TVS Motor announces India's first racing tournament for electric 2-wheelers

Event will be exclusively for company's Apache RTE motorcycles that will make debut

Citroen C3 Aircross launched at an introductory price of Rs 9.99 lakh

Strap: The C3 Aircross is powered by a 1.2-litre turbo-petrol engine that returns 110hp and 190Nm of peak torque which comes mated with a six-speed manual gearbox

Inflection Point Ventures announces full exit from Koovers at 47% IRR

Founded in 2016, Koovers is a B2B e-commerce platform specializing in supplying auto parts to independent workshops and the aftermarket sector

Nitin Gadkari moots extra 10% GST on diesel vehicles, then clears air

Stocks of auto companies take a hit

Toyota Kirloskar Motor expects record sales in bet on 'looks', high output

The company posted a net profit of Rs 1,404 crore in FY23, about 2.7 times more than its net profit in FY22

Development of sustainable mobility ecosystem need of the hour: PM to Siam

PM Modi also said that India's auto industry has been both a catalyst as well as a beneficiary in its value-creation cycle