Page 4 - Automotive Industry

Minda Corp divests 15.07 pc stake in Pricol worth Rs 631 crore

Minda Corporation on Wednesday offloaded a 15.07 per cent stake in automotive components maker Pricol Ltd for around Rs 631 crore through an open market transaction. ICICI Prudential Mutual Fund (MF), Fidelity India Fund, Tata MF, Aditya Birla Sun Life Insurance Company, Goldman Sachs India, City of New York Group Trust, and Carnelian Asset Management & Advisors, among others, were the buyers of Pricol's shares on the National Stock Exchange (NSE). Minda Corporation Ltd sold more than 1.83 crore shares, amounting to a 15.07 per cent stake in Pricol, as per the block deal data available with the NSE. The shares were disposed of at an average price of Rs 343.50 apiece, taking the transaction size to Rs 631.23 crore. After the latest transaction, Minda Corporation's shareholding has declined to 0.63 per cent from a 15.70 per cent stake (at the end of December quarter) in the company. The scrip of Pricol Ltd rose 3.35 per cent to close at Rs 380.50 apiece on the NSE.

Auto sector will contribute to India's rise as 3rd largest economy: Pandey

The Ministry of Heavy Industries is overseeing the Rs 25,938 crore Production Linked Incentive (PLI) scheme for Automobile and Auto Components (PLI-AUTO Scheme)

Nissan Motor India names Saurabh Vatsa as Deputy Managing Director

Nissan Motor India on Monday said it has appointed Saurabh Vatsa as the Deputy Managing Director with immediate effect. He will report to Managing Director Rakesh Srivastava and support in implementing the company's ongoing transformation roadmap, the automaker said in a statement. The appointment is reflective of the company's transformation plan to meet the opportunities and challenges ahead for the automotive industry in India, it added. Vatsa joins Nissan from Stellantis, where he was a member of the Stellantis leadership team and spearheading the Citroen brand since its inception in India. "His (Vatsa) appointment underpins our commitment to invest USD 600 m USD (Rs 5,300 crore) in India as part of the Alliance and introduce more products for the Indian consumer as part of the transformation plan," Nissan India Operations President Frank Torres said.

Auto exports dip 21% in 2023 as markets abroad face monetary crisis: Siam

Automobile shipments from India declined 21 per cent last year as many overseas markets continued to face monetary and geopolitical crises, as per the latest SIAM data. Overall exports stood at 42,85,809 units last year compared to 52,04,966 units in 2022. Passenger vehicle shipments rose 5 per cent to 6,77,956 units last year from 6,44,842 units in 2022. However, other segments like commercial vehicles, two-wheelers and three-wheelers saw a decline in exports last year. Two-wheeler exports slipped 20 per cent to 32,43,673 units last year from 40,53,254 units in 2022. Similarly, commercial vehicle shipments declined to 68,473 units last year from 88,305 units. Three-wheeler exports declined 30 per cent to 2,91,919 units last year from 4,17,178 units. Society of Indian Automobile Manufacturers (SIAM) Director General Rajesh Menon told PTI that in 2023, passenger vehicle exports were driven by vehicle launches and pent-up demand in markets like South Africa and the Gulf region. "

MG Motor launches Astor 2024 SUV with AI assistant, starting at Rs 9,98,000

The MG Astor 2024 boasts to be the most advanced SUV, with in-built personal AI assistant

Formula E could return to India as soon as 2025: Co-founder Alberto Longo

Formula E could return to India in 2025 and discussions with other cities to host a race will begin soon, said co-founder Alberto Longo, making it clear that the electric series is keen to race in the country despite the Hyderabad E-Prix cancelation. The Hyderabad race, which was scheduled to take place on February 10, was cancelled last week after just one season with Formula E alleging a breach of the host city agreement by the newly-elected Telangana government. "We are working to coming to India in the future, we will be starting conversations with different cities in India soon," Longo told PTI ahead of the season-opening Mexico E-Prix. "But we will be looking to race in India in the future, hopefully as soon as 2025," he added. He also revealed that one Indian city has already expressed interest in hosting the electric race. "Too fresh (the Hyderabad cancellation), but there has been some approach when they got to know the news of us not coming back to Hyderabad. There was o

Renault to launch upgraded variants of its cars to boost sales in India

Renault and its alliance partner Nissan will pump nearly $600 million in India over the next three years in a bid to boost its sales

GoMechanic, iACe to upskill over 5,000 mechanics on latest automotive tech

Car services and repair platform GoMechanic on Monday said it has tied up with the International Automobile Centre of Excellence (iACE) to train more than 5,000 mechanics on latest automotive technologies. iACE is a joint initiative of the Gujarat government and Maruti Suzuki India for automobile training with state-of-the-art infrastructure and technical labs. "This collaboration is not just about upskilling, it's a holistic effort to transform the automotive workforce," GoMechanic COO and Co-Founder Muskan Kakkar said in a statement. By integrating iACE's expertise with the company's extensive network, the initiative aims to create a workforce that is not only technically proficient but also adaptive to the evolving automotive landscape, she added. "Through this collaboration, we also aim to create a pipeline of manpower by providing deserving individuals enrolled at iACE with employment opportunities, thereby contributing to the growth of skilled professionals in the Indian ...

Hiring expected to recover in 2024; likely to witness 8.3% growth: Report

The overall hiring this year is expected to grow 8.3 per cent this year with the job market showing signs of recovery in December, a report said on Thursday. December witnessed a 2 per cent growth in hiring, the foundit Annual Trends Report said. It projected an overall hiring expansion of 8.3 per cent for 2024, with Bengaluru expected to see an 11 per cent surge. Key sectors that will experience increased hiring include manufacturing, BFSI, automotive, retail, and travel and tourism, it said. According to the data from the foundit Insights Tracker (fit), hiring activity in 2023 was 5 per cent lower than in 2022, indicating a slowdown in the job market. However, the index also showed a 2 per cent increase in the last month of 2023, suggesting a possible turnaround in the hiring scenario. "The economy experienced a shift towards the end of 2023, breaking the previous trend that had been consistent since mid-2022. The job market entered a phase of variability, where both quit and hi

Tata Motors domestic sales rise 4% in Dec; EV sales rise 21% in Q3FY24

Tata Motors' passenger vehicles remained in strong demand including preference for emission-friendly products in the domestic market, the company said

Kia India appoints Gwanggu Lee as MD and CEO, succeeds Tae Jin Park

Kia India on Tuesday said it has appointed Gwanggu Lee as the new Managing Director and CEO with immediate effect. Lee succeeds Tae Jin Park, who retires after a 36-year journey with Kia Corporation including a four year stint with Kia India, the automaker said in a statement. Lee has held leadership positions in various capacities in both developed and developing economies, including roles in the US, Canada, Italy, Mexico, Kia Headquarters in Central and South America, and Kia Europe Headquarters in Germany. His recent role as President at Kia Mexico played a pivotal role in the company's substantial growth and establishment as a production and export hub, the company said. With two segment-breaking updates -- the new Seltos and the new Sonet, and a host of more innovative products on the way, Kia India is surely on the right path to sustainable business growth, Lee stated. "My vision is to unlock the next phase of growth through inspiring Kia brand experiences thereby creating m

Automotive firm Emmforce Autotech files draft papers to raise funds via IPO

Automotive components manufacturer Emmforce Autotech has filed draft papers to raise funds through an initial public offering (IPO). The public issue will be entirely a fresh issue of up to 55,00,000 equity shares, each with a face value of Rs 10, the company said in a statement on Thursday. Post the completion of the IPO, the company's shares are proposed to be listed on the SME Platform of BSE Ltd, a platform for small and medium enterprises, it added. The company proposes to utilise the proceeds from the fresh issue towards investment in its subsidiary, Emmforce Mobility Solutions Pvt Ltd (EMSPL). Proceeds will also be used to meet the working capital requirements of the company, and general corporate purposes, as per the draft red herring prospectus (DRHP). "We are planning to invest proceeds from the IPO in our subsidiary company EMSPL to expand its manufacturing capabilities and cater to untapped territories, including Europe, South America, Africa, the Middle East, Asia Pac

Tesla planning to revamp smash hit model Y from Shanghai plant: Report

Earlier this year, Tesla revamped its six-year-old Model 3 sedan with a sleeker look and longer range to attract customers

NITI plans to boost India's electronics, auto global value chain share

In talks with industry, Centre, states for 4-pronged strategy

Volkswagen India, Skoda set to hike prices by up to 2% from January

Volkswagen Passenger Cars India on Tuesday said it plans to hike prices by up to 2 per cent across model range to offset adverse impact of rising input and material costs from January 1, 2024. Already other manufacturers such as Maruti Suzuki, Hyundai Motor India, Tata Motors, Mahindra & Mahindra, Honda, Audi and BMW, have announced plans to increase prices of their vehicles in January. Effective January 1, 2024, the company plans to hike prices by up to 2 per cent across its model range owing to rising input and material costs, a spokesperson of Volkswagen Passenger Cars India said in a statement. "While the brand continues to absorb most of the input cost increase, however, some impact will have to be passed on to the end consumers," it added. Volkswagen Passenger Cars India sells vehicles ranging from mid-sized sedan Virtus to premium SUV Tiguan priced between Rs 11.48 lakh and Rs 35.17 lakh.

Park+ to turn profitable in Mar 2024 qtr, double revenue to Rs 200 cr

Car care services start-up Park+ expects to turn profitable by the January-March 2024 quarter and close the current fiscal with over Rs 200 crore, a senior company official said. Park+ Founder and CEO Amit Lakhotia said that the company at present has operations in about 30 cities and plans to expand to over 100 cities by 2024. The Epiq Capital backed company has raised USD 55 million till date to fund its operation which is sufficient for the company to fund operations as well as planned expansion. "We want every service related to cars and car owners to be available on our platform. We are providing parking, car cleaning and repair services etc through the app. Roughly every 4th car in India is on Park+. We expect to turn profitable by the January-March 2024 quarter," Lakhotia said. He said that Park+ has services now available at over 7,000 locations in 30 cities and there is no user acquisition cost now for the company. "We expect to post revenue of Rs 200 crore this fiscal. W

Mahindra sales rise 21% to 70,576 units in November, export declines

Mahindra & Mahindra on Friday said its total wholesales increased by 21 per cent year on year to 70,576 units in November. The Mumbai-based automaker had dispatched 58,303 units in November 2022. Utility vehicle dispatches stood at 39,981 units last month, an increase of 32 per cent over 30,238 units in the year-ago period, Mahindra & Mahindra (M&M) said in a statement. Exports, however, declined 42 per cent last month to 1,816 units as compared to 3,122 units in November 2022. "We continue our growth trend, backed by strong demand for our SUV portfolio...While we saw a healthy festive season, we faced supply challenges on select parts during the month. We are keeping a close watch and taking appropriate steps to mitigate the challenges," M&M President Automotive Division Veejay Nakra said. M&M said its tractor wholesales stood at 32,074 units in November as compared to 30,528 units in the year-ago period. Exports, however, declined to 1,005 units last month from ..

Hyundai Motor sets sight on domestic sales of 600,000 units in CY2023

HMIL also reiterated its plans to invest around Rs 20,000 crore strategically towards building an electric vehicle (EV) ecosystem in India

Changing business models of auto OEMs creating new opportunities: KPIT CFO

KPIT has recently revised its constant currency revenue growth outlook for 2023-24 (FY24) to over 37 per cent, up from the earlier guidance of 27-30 per cent

Continental plans thousands of job cuts in auto division to save €400 mn

The group as a whole employed around 200,000 people in 57 countries and markets as of the end of 2022