Page 12 - Automotive Industry

Online used car retailing platform Spinny raises $65 mn in funding round

Spinny, an online platform for selling pre-owned cars, has raised $65 million in a funding round, led by Silicon Valley-based venture capital firm General Catalyst

PV retail sales rise 28% YoY, 2-wheeler registrations dip 35% in Mar: FADA

Automobile dealers body on Thursday said PV retail sales in March witnessed a growth of 28.39% to 2,79,745 units, as compared to year-ago period which saw disruptions due to Covid-19 led lockdown

Steady rise in metal prices is a big risk for the automotive industry

Analysts expect more pain for automakers since prices of steel and non-ferrous metals, such as copper, aluminium, and zinc, have increased further in three months

Thyssenkrupp raises annual outlook for first time in nearly four years

German conglomerate Thyssenkrupp AG raised its full-year outlook for the first time in nearly four years, citing turnaround efforts as well as improved demand for automotive components and materials

Govt asks automakers not sell vehicles with downgraded safety standards

Road Transport and Highways Secretary Giridhar Aramane also noted that only a few manufacturers have adopted vehicle safety ratings system and that too used only for their high-end models

Budget 2021-22 wishlist: Here are the key challenges in automotive sector

The sector accounts for a major share of the retail financing and is key to driving sales in the commercial vehicle segment

Lumax Group to ramp up production capacity at two key plants in 2021

A positive outlook for the overall passenger car market in the next fiscal year encouraged the firm to move ahead with its plans, said Vineet Sahni, group CEO, Lumax

M&M expects drop in production, sales at auto division over supply shortage

Mahindra and Mahindra (M&M) is expecting reduction in production and sales volume at its automotive division and in its wholly-owned subsidiary in the last quarter of the current fiscal due to global supply shortage of micro-processors. M&M said it is engaging closely with its auto components supplier Bosch and assessing likely production loss. "The operations of the company in the automotive sector will be affected by the global supply shortage of micro-processors (semiconductors) used in electronic control unit (ECUs) which is supplied by Bosch," Mahindra said in a regulatory filing. Mahindra said this is estimated to result in reduction in production/ sales volume of the company (automotive division) and Mahindra Vehicle Manufacturers (MVML), a wholly-owned subsidiary of the company, in the last quarter of financial year 2020-2021. "The company is engaging closely with Bosch and assessing likely production loss for the last quarter of FY 2020-2021 on account of this supply .

Manufacturing, retail, auto hold highest potential of 5G adoption: Report

The report titled 'TMT Industry CEO Outlook: Smart. Secure. Sustainable' was launched at the ongoing India Mobile Congress 2020.

TVS Automobile Solutions acquires Mahindra First Choice service business

As part of the transaction, M&M will secure a minority stake in TVS ASPL and in turn, MFCSL will become a subsidiary of TVS ASPL

Valeo launches fully-integrated compact electric powertrain system

The system will aid the electrification of small mobility vehicles, especially two- and three-wheelers

Motherson Sumi Systems Q2 net profit rises 3% to Rs 388 crore

The company had posted a net profit of Rs 377.73 crore in the July-September period of previous fiscal

Icra sees overall automotive volumes in FY21 being pushed back by 10 years

Rating agency expects GDP to decline by 11% in FY21; this will trickle down into lower demand for the automotive industry in general

Auto component industry faces shortage of skilled labour: Industry leader

Sector employs around 5 million people and it accounts for 2.5 per cent of country's GDP

Andrew Palmer joins Optare Plc as non-executive chairman: Ashok Leyland

Palmer will be taking over from John Fickling, who is stepping down as Chairman due to personal reasons

Automotive aftermarket spending to fall 11% in FY21: Crisil report

According to the report, aftermarket automotive spends are typically driven by annual running and replacement frequency

Maruti Suzuki chairman R C Bhargava pens book on industrialising India

According to the author, it is necessary to build trust with the political system, governments, bureaucracy, judiciary and industrial leaders

Murugappa's Tube Investments plans to set up truck body building plants

TMT bars & Truck Body Building businesses are more like venture capital investments at the incubatory stage, says management

Life after Covid-19: How the Indian automotive sector can be future-ready

A three-pronged approach can help the sector navigate turbulence related to Covid-19

Used-CV sales surge on rural demand uptick, health ministry guidelines

Small Commercial Vehicles and Light Commercial Vehicles are buoyant, Medium and Heavt segment yet to see traction