Top Indian Automobile Industry News & Updates - 04 April 2024,Thursday
🏢 Industry
EV push to create more jobs despite disruption to traditional roles: Report
The report also says that Pune, India's auto hub, should take the lead in a smooth transition to electric vehicles for Maharashtra. With its automotive legacy, Pune stands capable of driving change in the state's automobile sector. This shift will create new jobs in areas like battery technology but also displace some workers in traditional manufacturing.
FinMin sets vehicle condemnation, scrappage timeline; to benefit auto cos like Maruti Suzuki, Tata Motors
New Delhi: The Finance Ministry has fixed a timeline for scrapping various types of vehicles and placing fresh orders. This is a part of new guidelines to write off losses under revised Delegation of Financial Power Rules (DOFR). These rules have set the threshold for writing off losses in case of theft, fraud, etc.
Terra Charge and BYPL join hands to set up EV charging hubs in Delhi
New Delhi: Terra Charge, a Charging Point Operator (CPO), and BSES Yamuna Power Limited (BYPL), a joint venture between Reliance Infrastructure Ltd and the Govt of NCT of Delhi, have announced a collaboration to advance the electric mobility drive in Delhi.
India's passenger vehicle segment registers 10% YoY growth: Nomura
New Delhi: Nomura's market research for auto sector reveals that in March 2024, India's passenger vehicle segment grew by 10% while there was a decline of 11% in sales of commercial vehicles. The two-wheeler segment registered a positive growth with 20% gain while the tractor sales declined by 22%, YoY in March 2024.
Is there more steam left in the passenger vehicle segment?
Maruti Suzuki India Ltd’s ended FY24 on a good note within the passenger vehicle (PV) industry. The company’s overall volume grew by 10% year-on-year last month to 187,196 vehicles even though exports units dropped. Here, domestic PV volumes rose by 15% year-on-year to 152,718.
Lithium producers cut output, scaleback expansion as prices plunge
Chennai: Lithium prices will likely recover modestly in 2024 and 2025 as the fall in the rates witnessed in 2023 has resulted in a production cut, the Australian Office of the Chief Economist (AOCE) has said. Analysts and industry leaders say prices may stabilise in 2024 before rising in 2025. In its “Resources and Energy Quarterly”, it said lithium spodumene price is forecast to rise (in real terms) to about $1,360 a tonne by 2026, before falling to about $1,090 by 2029.
Tesla to scout Maharashtra, Gujarat & Tamil Nadu for potential $2-3 billion India foray: Report
American electric vehicle major Tesla is expected to send a team to India this month for scouting a potential location for its proposed facility says a report by Financial Times.
GM close to exiting India, Talegaon workers accept separation offer
After nearly 40 months of standoff between workers and GM India, local authorities and the Maharashtra government intervened to facilitate a smooth transition. The controversy-ridden plant is now slated for closure, with Hyundai poised to take over the operations soon. Hyundai Motor India Ltd said on March 13 last year that it has signed a term sheet with General Motors India (GMI) for the potential acquisition of the Talegaon plant.
Automation and robotics to disrupt automotive manufacturing in next 5 years says Survey
A new global survey commissioned by ABB Robotics and conducted by Automotive Manufacturing Solutions (AMS) has concluded that while automation is considered critical to the future of the automotive industry, many companies in the supply chain have yet to take advantage of the benefits offered by robotics and digitalisation.
India becomes Suzuki's second market to cross 3 crore cumulative production mark
India becomes Suzuki's 2nd market to cross 30 mn cumulative production mark
Business Standard
Chinese manufacturers to benefit from India’s decision to reduce import duties of EVs
Kerala charges ahead with highest penetration of e-2Ws and e-cars in FY24
Kerala has emerged the No.1 State in the adoption of electric two-wheelers and electric cars in the country in FY24. The southern State has been at the forefront of electric car adoption in the past two years and retained its top position in electric passenger vehicle adoption with an improved share in FY24.
Ola, TVS, Hero MotoCorp, others get EMPS certificates manually to avail subsidy as Navratri approaches
As Navratri and high sale season approaches, Ola Electric, TVS Motor, Bajaj Auto, Hero MotoCorp and Ather Energy have managed to get certificates from the Ministry of Heavy Industries (MHI) in a manual format for availing subsidies under the Electric Mobility Promotion Scheme (EMPS) 2024. Sources close to the matter told businessline that although the online portal for completing the process for availing subsidy under EMPS is not ready, companies are getting a ‘go ahead’ certificate from the Ministry of Heavy Industries (MHI) in manual format.
📝 Tesla begins hunt for site for India plant worth billions: Report
📝 RIL, Tata Motors and IOC to be key bidders for pilot GH2 project
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🎤 Interviews & Features
Maruti Fronx-based Toyota Taisor launch: What to expect?
Toyota will be launching the Taisor today. It marks Toyota’s re-entry into the sub-4 metre SUV/crossover space after the Maruti Vitara Brezza-based Urban Cruiser was discontinued from the market in 2022. Like the Urban Cruiser, the Taisor will also be a re-engineered Maruti product.
Sustainability is core focus at CJ Darcl Logistics says Nikhil Agarwal
India, despite its massive road network and connectivity through air and sea, faces unique challenges in terms of logistics. While this is being addressed by the government with new policies, the sector is also looking at ways to be more environmentaly conscious. In response to the significant ecological concerns associated with logistics, the industry is actively adopting eco-friendly practices to ensure that in the future it will be sustainable and resilient for the supply chain.
The year gone by in auto industry: FY24
In the following video, experts discuss the sales performance of various segments in the domestic market during FY 2023-24, the progress of India’s EV story, top highlights in the industry, and key trends in terms of technology advancements and regulatory changes, and what can be expected in FY 2024-25.
Toyota Urban Cruiser Taisor launched in India: Check price, features & more
Toyota Urban Cruiser Taisor: Styling
📝 Buses will see more traction in electric technology as compared to trucks: Vinod Aggarwal, VECV
📝 Warren Harris on JV with BMW, FY25 hiring outlook & more
📝 Software Defined Vehicles (SDV) – Shift in Vehicle Cybersecurity
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🚗 Cars / SUVs
Toyota launches Urban Cruiser Taisor at INR 7.74 lakh
Toyota launched its most affordable vehicle in the Indian market, the Urban Cruiser Taisor, starting at Rs 7.74 lakh, ex-showroom. The Toyota coupe SUV is at least Rs 22,000 more expensive than the Maruti Suzuki Fronx. The bookings for the Taisor have already begun, and deliveries will begin in May.
Skoda Superb returns to India at a price of Rs 54 lakh
Skoda Superb has made its return to India in an updated avatar. In its fourth-generation, Skoda discontinued its flagship sedan in India a couple of years ago due to poor sales. A facelift of the fourth-gen Superb model made its global debut in November last year before hitting the roads in United Kingdom earlier last month.
New Kia Sonet variants launched with sunroof, priced at Rs 8.19 lakh onwards
Kia India has introduced four new entry and mid variants in the refreshed Sonet adding features like a sunroof. The newly introduced HTE(O) and HTK(O) variants are now available with petrol G1.2 and diesel 1.5 CRDi VGT engines.
Honda Elevate price hike starts at Rs 11.91 lakh
Honda has increased the price of the Elevate, as it now starts at Rs 11.91 lakh, ex-showroom. Earlier, the entry-level trim, the SV, used to cost Rs 11.58 lakh. Recently, the Japanese automobile manufacturer has also updated the safety features list by making it standard across both the City and the Elevate.
Maruti Suzuki achieves 3 crore production milestone in India
Adding to its list of milestones, Maruti Suzuki India Limited has attained cumulative production of over 3 crore units. This is the production undertaken at the company’s Gurugram, Manesar (in Haryana) and Hansalpur (in Gujarat) manufacturing facilities.
Toyota Kirloskar Motor targets premium segment growth in India
Toyota looks to introduce more premium models in India
The Indian Express
Ola Electric unveils first autonomous scooter named Solo
Ola Electric has taken the wraps of what could be the world’s first fully autonomous scooter. Called Solo, details of this scooter were revealed on the company’s YouTube channel and social media handles. Even Ola Co-founder and CEO, Bhavish Aggarwal, also shared the self-ridden scooter on his X (formerly Twitter) handle.
Maruti Suzuki discounts in April 2024: Jimny gets Rs 1.5 lakh discount
As the new Financial Year begins, carmakers are looking to move stock and one way to achieve this is by offering discounts. Maruti Suzuki is offering discounts on multiple products in its Nexa range, which include popular models such as the Jimny, Fronx, Baleno, and more. Here are the April discounts in detail.
📝 Apologise to buyers for long wait: Toyota dy MD
📝 Small cars likely to stage a comeback by 2026 amid rising entry-level incomes, says Maruti Suzuki chairman RC Bhargava
📝 Indians bought more cars in FY2023–24 than ever before. Half of them were SUVs
📝 Veteran Sedan or SUV? Hyundai Verna and Creta Compared
📝 Toyota reopens booking for top hybrid variant of Innova HyCross, price hiked
📝 Budget Hatchback or Cost-Effective SUV: Comparing the Tata Tiago and Hyundai Exter
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Electric-Cars / SUVs
📝 Tesla’s Giga Berlin plant kicks off production for Indian market
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🚗 Luxury Cars
📝 Actor Ranbir Kapoor brings home the Bentley Continental GT worth over ₹6 crore
📝 Bentley Bentayga EWB review: Longer, more expensive but better?
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🏗 Construction & Agri Machinery
Escorts Kubota appoints Kenji Ennyu as Chief Officer in Operation Division
New Delhi: Escorts Kubota Limited has announced the appointment of Kenji Ennyu as the Chief Officer in the Operation Division (Senior Management). The appointment, effective from April 1, 2024, on a full-time basis , comes in compliance with the SEBI Listing Regulations 30.
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🏍 2/3 Wheelers
2024 Suzuki V-Strom 800RE Touring variant makes debut – India bound?
Suzuki recently launched the V-Strom 800DE in India at a price of Rs 10.30 lakh (ex-showroom). Now, the Japanese bikemaker has unveiled a touring-friendly version of the adventure bike. The latest introduction expands the V-Strom 800 range to three variants– the standard model, the off-road focussed 800DE and the 800RE for road-biased touring.
KTM 250 Duke gets new Atlantic Blue colour option
KTM India has quietly added a new Atlantic Blue colour option for the 250 Duke. The new dual-tone black and blue colour is showcased on the two-wheeler manufacturer’s social media platform. Earlier, the Atlantic Blue was only available on the 390 Duke. With this new paint scheme, the 250 Duke is now available in Ceramic White, Electric Orange, and the new Atlantic Blue. There is no change in the price as the new colour is available at Rs 2.39 lakh, ex-showroom Delhi.
📝 2025 Indian Scout lineup unveiled an all-new engine
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🚲 Electric 2/3 Wheelers
Zypp Electric registers 3X revenue growth in FY24; deploys 20,000 e-scooters in 2023
New Delhi: Zypp Electric, a leading tech-enabled EV-as-a-service platform, has registered 3X surge in revenue in FY24 and achieved 396% compound annual growth rate (CAGR) from 2019 to 2022. With a keen focus on sustainable growth, the company said, it is close to reaching breakeven over the next 12 to 18 months, setting a solid foundation for long-term success and growth.
Finayo appoints Nitin Kant as Director for Sales & Operations
Finayo, a green mobility lending platform has announced the appointment of Nitin Kant as Director – Sales & Operations. He will be responsible for steering the company towards growth trajectory by creating a top-notch strategy that focuses on effectively managing the platform’s entire portfolio.
Slashed subsidies to cause e-two-wheeler sales to ebb
New Delhi: Buyers swarmed showrooms in March to lap up attractive deals on electric two-wheelers while higher subsidies on them lasted. This led to their sales swelling to 136,000 units last month compared to over 83,000 units in February, according to the Vahan dashboard.
📝 Top 4 EV manufacturers sell over 50% vehicle in March ‘24
📝 AMO Mobility launches high-speed smart electric scooter Jaunty i Pro at Rs 1.15 lakh
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⚙ Components
Amit Kalyani to become Vice-Chairman & Joint MD of Bharat Forge
Bharat Forge, a leading forging company has announced that its Board of Directors have approved the reappointment of Amit Kalyani as a Whole-time Director designated as Vice-Chairman and Joint MD of the company.
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🌇 Allied Industries
Centre to develop plant for recycling lithium-ion batteries, e-waste in Uttarakhand
New Delhi: The Technology Development Board (TDB), under the Department of Science and Technology (DST), on Tuesday said it has partnered with startup Remine India to develop a commercial plant for recycling lithium-ion (Li-ion) batteries and e-waste using indigenous technology in Uttarakhand.
Expanded production capacity will usher in more growth: Yokohama India
Expanded production capacity as well as higher state expenditure on infrastructure creation and a focus on high-end tyres are expected to usher in further growth for Yokohama India, the company’s MD and CEO Harinder Singh told FE.
Rubber e-market mRube clocks ₹330-cr turnover
mRube, the electronic market promoted by Rubber Board, has garnered a revenue of ₹332.81 crore till March 31 after trading 24,487 tonnes of natural rubber under 1,369 contracts since its inception in June 2022.
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🌢 Fuels, Lubricants & Charging Stations
India aims for first strategic petroleum reserve with a private company by 2029/30
India plans to build its first privately managed strategic petroleum reserve (SPR) by 2029-30, granting the operator the freedom to trade all of the stored oil, the chief executive of Indian Strategic Petroleum Reserves Ltd (ISPRL) said.
Crude oil’s climb towards USD 90 per barrel is a matter of anxiety for India, oil secretary Pankaj Jain says
Crude oil’s climb towards USD 90 per barrel is a matter of anxiety for India, oil secretary Pankaj Jain has said.
📝 Govt hikes windfall tax on crude petroleum to Rs 6,800 per tonne
📝 India to build first commercial crude oil strategic storage
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📖 Magazines News
Volkswagen Taigun, Virtus get discounts of up to Rs 1.50 lakh this month
Source Credit: Autocar India
Volkswagen dealerships across the country are offering some attractive and sizeable benefits for the month of April 2024. All models from the German brand – the Virtus midsize sedan, Taigun midsize SUV and the Tiguan SUV – are available with discounts. Read on to see how much you can save on the purchase of a new Volkswagen this month.
Toyota expects majority of Taisor sales from Turbo version
Source Credit: Autocar India
Toyota launched the Taisor, their version of the Maruti Suzuki Fronx and has offered it with the CNG, the regular as well as the turbo direct injection petrol engines. This despite the Turbo selling in very small numbers; earlier this year Maruti said sales of the turbo Fronx accounted for only 7 percent of total sales.
Toyota Taisor vs Maruti Fronx: What's the difference?
Source Credit: Autocar India
Toyota has re-entered the compact SUV segment with the Urban Cruiser Taisor. Based on the Maruti Suzuki Fronx, the Taisor features some brand-specific styling changes, while making use of the same powertrains as the donor car. Let’s take a look at how the two compact SUVs differ on paper.
Toyota Urban Cruiser Taisor launched at Rs 7.74 lakh
Source Credit: Autocar India
Toyota has launched the Taisor compact SUV in India at a starting price of Rs 7.74 lakh, going up to Rs 13.04 lakh for the top-end trim. Essentially a rebadged version of the Maruti Suzuki Fronx, the Toyota Taisor features some cosmetic changes over the donor car.
2024 Porsche Taycan facelift review: The driver’s EV
Source Credit: Autocar India
The Porsche Taycan is a car we know really well. We’ve dragged it, we’ve set lap records in it and we even drove one from Kashmir to Kanyakumari. The takeaway was always the same. The Taycan is the enthusiast’s electric car. Today, I’m in Sevilla, Spain to see how the story has moved forward. Say hello to the updated Porsche Taycan.
Honda City hybrid now only available in top-spec ZX trim
Source Credit: Autocar India
The City hybrid has been a unique product not just for Honda but also in its segment. The City e:HEV was launched back in May 2022 as one of the first mass market strong-hybrids in India. So far, the sedan was availanble in two trims – V and ZX – but now the brand has decided to sell the car in a single fully loaded ZX trim that's priced Rs 20.55 lakh (ex-showroom).
1.36 lakh EV two-wheelers sold in March as FAME subsidy ends
Source Credit: Autocar India
Retail sales of electric scooters and motorcycles in FY24 have hit a record of over 9.44 lakh units as a result of best-ever monthly sales of 1,36,559 units in March 2024.
Maruti Suzuki surpasses 3 crore units production milestone
Autocar Pro
Maruti Suzuki India has registered yet another milestone, the company has surpassed cumulative production of over 3 crore units since it began manufacturing cars in December 1983.
Skoda Superb reintroduced as CBU, priced at Rs 54 lakh
Source Credit: Autocar India
Skoda has re-launched the current-gen Superb in India. At Rs 54 lakh (ex-showroom), the Superb makes a return in India after a gap of almost a year. Limited to just 100 units in India, the re-introduced Skoda Superb is the second-gen car and not the all-new third-gen model that saw its global debut last November.
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📰 International News
China's Zeekr renews plans to raise up to USD 500 mn in U.S. IPO, sources say
Zeekr, the premium electric vehicle (EV) brand of Chinese automaker Geely , has restarted stalled plans to raise up to USD 500 million in a New York initial public offering (IPO), according to two sources with direct knowledge of the matter.
US opens investigation into Fisker's Ocean vehicles
The U.S. auto regulator has opened a preliminary evaluation of Fisker's 2023 Ocean vehicles after complaints alleging failure to open the door, the National Highway Traffic Safety Administration (NHTSA) said on Wednesday.
EVs could overtake petrol cars in Norway by end-2024
The number of battery electric vehicles (BEVs) on Norway's roads is on track to overtake petrol cars by the end of this year or in early 2025, in a first for any country, according to Reuters' and analysts' calculations.
Tesla sales tumble nearly 9%, most in 4 years, as competition heats up and demand for EVs slows
Tesla sales fell sharply last quarter as competition increased worldwide, electric vehicle sales growth slowed, and price cuts failed to lure more buyers.
Tesla reports drop in auto sales, while Toyota sees US surge
Tesla reported sharply lower first-quarter auto sales on Tuesday amid an underwhelming demand outlook for electric vehicles, while legacy players including Toyota rode improved US inventories to higher sales.
Your new EV could do with a shot of caffeine. And AI
Scientists and investors have poured billions of dollars into researching alternative technologies in a bid to eliminate combustion engines and reduce greenhouse gases. Storing this energy remains the single biggest cost of making an electric vehicle, necessitating unusual approaches to materials development.
Rivian deliveries beat expectations; Tesla dampens industry hopes
Rivian Automotive beat estimates for quarterly deliveries, fueled by strong demand for its electric pickup trucks and SUVs, although its shares fell 5% as Tesla's weak numbers fanned concerns about an EV market slowdown.
Hyundai Motor and Kia unveil DAL-e delivery robot for indoor autonomous services
New Delhi: Hyundai Motor Company (Hyundai Motor) and Kia Corporation (Kia) on Tuesday unveiled the new design of their DAL-e Delivery robot with images and a video clip (URL).
New Mini Cooper S with twin-turbo petrol engine unveiled
Mini has unveiled its latest Cooper S, which gets a four-pot petrol engine and is available in four trims. With the new Cooper S, Mini has gone back to the basics to offer the go-kart-like ability of the car, which has made it popular around the world.
GM's first-quarter US sales dip on lower commercial deliveries but beats Toyota
General Motors on Tuesday reported a drop in first-quarter U.S. vehicle sales on lower deliveries to commercial customers but managed to beat rival Toyota Motor's local unit as other automakers reported mixed results.
Ford's pickups, hybrids drive 6.8% rise in first-quarter US sales
Ford Motor Co reported a 6.8% rise in first-quarter U.S. auto sales on Wednesday, powered by demand for its pickup trucks, crossover SUVs and hybrids.
Mercedes workers in Alabama to file for union vote as soon as this week, sources say
Factory workers at Mercedes Benz's assembly plant in Alabama are moving forward with efforts to join the United Auto Workers union, and they plan to file a petition as soon as this week with U.S. regulators, three people familiar with the matter said on Tuesday.
China's Xiaomi receives over 100,000 orders, begins deliveries of its first EV
Chinese smartphone maker Xiaomi on Thursday said it has received more than 100,000 orders for its first electric vehicle, the SU7, as it began deliveries.
BYD Plans to Launch First Electrified Pickup Truck This Year
Chinese electric vehicle juggernaut BYD Co. plans to launch its first electrified pickup truck for the global market later this year, throwing down the gauntlet to Toyota Motor Corp.’s popular HiLux, Ford Motor Co.’s Ranger and Isuzu Motors Ltd.’s D-Max.
China eases car loan policy for first time since 2018 to boost demand
China's central bank on Wednesday announced revisions to car loans to promote auto trade-ins and scrap government-set minimum down payments for consumers financing new car purchases.
BYD hands back top EV seller title to Tesla after Q1 sales decline
BYD, China's biggest electric vehicle (EV) maker, reported first quarter 2024 sales fell 43 per cent compared to the fourth quarter of 2023, handing back the title of world's biggest EV seller to Tesla after winning it last year.
Tesla also losing market share in China as it disappoints globally
As Tesla Inc. disappoints investors on a global scale, delivering vehicles in the first quarter well short of expectations, it’s also been slowly losing ground in China, the world’s biggest automotive market.
📝 Xiaomi SU7 electric sedan is a big hit. And in more than one way
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