Top Indian Automobile Industry News & Updates - 19 April 2024,Friday
🏢 Industry
How will the government's decision on the FAME 3 initiative impact EV adoption in India?
The Indian electric vehicle market has undergone revolutionary changes in the last few years. Within a short period, this segment has grown to become one of the most important and fastest-growing sectors of the Indian automobile sector.
Tesla's Musk likely to unveil USD 2-USD 3 bn India investment during visit, sources say
Tesla chief Elon Musk is set to announce an investment in India of USD 2-USD 3 billion, mainly for building a new factory, when he visits New Delhi next week to meet Prime Minister Narendra Modi, two sources familiar with the discussions said.
MG Motor ties up with Epsilon Group for EV charging solutions, battery recycling
New Delhi: MG Motor India on Thursday said it has partnered with the Epsilon Group for EV charging solutions and battery recycling. As part of the collaboration, the automaker has signed an MoU with two Epsilon Group subsidiaries - Power EV, for charging solutions and LICO, for battery recycling and second-life expertise.
Govt brainstorms with EV makers, Space sector on reform modalities as Modi, Musk meeting draws nearer
New Delhi: Days ahead of Elon Musk’s scheduled meeting with Prime Minister Narendra Modi to discuss Tesla and Starlink’s possible operations in India, top officials from the Ministries of Telecom and Heavy Industries, and the Niti Aayog held meetings centred around enhancing ease of doing business and further expansion of the e-mobility and satellite communications sectors.
Tata explores Jaguar Land Rover EV imports, considers TN plant for JLR cars
New Delhi Tata Motors plans to import its Jaguar Land Rover (JLR) luxury electric cars under a new government policy that lowers import taxes for companies agreeing to set up local manufacturing, two Indian government sources said. Tesla is also expected to start importing its cars to India and make an investment in the country, Reuters has reported, but Tata's plan if realised would make it the first local carmaker to opt for the policy designed to increase use of electric vehicles (EVs).
Hyundai starts setting the stage for India’s biggest IPO
New Delhi : Hyundai Motor Co. plans to invite analysts to its manufacturing facility in Chennai over the next few weeks as it kick-starts its runup to what would be India's largest initial public offering.
Strong vehicle and spares business power Bajaj Auto’s record net profit of Rs 7,479 crore in FY2024
Bajaj Auto, one of the leading two- and three-wheeler manufacturer in the country has announced its financial results for Q4 FY 2024 and full year FY2024.
Tata Motors to use new $1 bln plant to make Jaguar Land Rover cars
Tata Motors to invest $1 billion in new plant for Jaguar Land Rover luxury cars in Tamil Nadu: Report
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Bajaj Auto Q4 Results: PAT jumps 35% YoY to Rs 1,936 crore
Bajaj Auto Q4 profit jumps 35 per cent to ₹1,936 crore
Elon Musk's Tesla initiates formal dialogue with govt on new EV policy
Source Credit: Nitin Kumar, Business Standard
New Delhi: In its first official engagement with the Indian government, Elon Musk-led Tesla and other global automotive (auto) manufacturers sought clarification on the new electric vehicle (EV) policy, specifically regarding investment guidelines and the timeline for the domestic value addition (DVA) requirement.
Bajaj Auto board approves Rs 2,250 crore capital in NBFC subsidiary
Source Credit: Business Standard
Mumbai: The board of Bajaj Auto approved an additional fund infusion of Rs 2,250 crore in its wholly owned subsidiary, Bajaj Auto Credit Ltd, and also decided to grant a revolving credit line of Rs 2,250 crore as standby liquidity support.
Carmakers in top gear on rural roads
After Witnessing a faster-than-anticipated rise in demand for expensive cars and SUVs from aspirational buyers in FY24, automakers are keen to keep the rural outreach programme in top gear, as volume growth in these areas is expected to outstrip urban growth yet again. Leading players like Tata Motors, Hyundai and Skoda are coming up with specific strategies in target these customers.
📝 Elon Musk has brought new and disruptive technologies in many domains, says Indian Space Association DG
📝 Group Landmark to focus on retailing premium cars, after sales service, used cars to grow business
📝 Tesla advisor joins India’s first consultative meeting on new EV policy
📝 Tesla Power India, E-Ashwa Automotive to launch India’s 1st electric two-wheeler with fire safety technology
📝 Four automakers to recall over 11,000 vehicles for faulty components
📝 Tesla advisors dive into India's EV policy ahead of Musk's visit
📝 BYD Atto 3 receives ARAI homologation certification, removes import restrictions
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🎤 Interviews & Features
Pleased as punch: Why is Tata Punch India’s number 1 SUV?
Tata Motors has managed to muscle its way to the top as the Punch became the number-one-selling vehicle in March 2024. This could probably be the first time that the top two spots are occupied by non-Maruti Suzuki vehicles and SUVs. The runners-up place went to the Hyundai Creta, one of the most successful midsize SUVs in the market. In many ways, we are witnessing history in the making as the Punch and the Creta sold 17,547 and 16,458 units respectively.
How pure EV architecture enables scalability and profitability in manufacturing
New Delhi: The electric vehicle (EV) market is experiencing unprecedented growth globally, driven by increasing consumer demand, heightened environmental consciousness, and supportive regulatory frameworks. In India, especially, this trend is gaining momentum, presenting both opportunities and challenges for manufacturers. To thrive in this evolving landscape, innovation fuelled by technology is imperative. One such innovation offering a promising solution is the Pure EV architecture.
2024 Force Gurkha will be loaded with features— new touchscreen, TFT IP, TPMS
It was recently revealed that Force Motors will be launching an all-new 5-door Gurkha, alongside an updated version of the 3-door Gurkha, later this month. The 5-door model has been in development for a very long time and test mules of the same have been caught on camera on numerous occasions over the past couple of years.
Reise tripR 01 scooter tyre review: New name, but still performs well in the game
It is not often one gets to review a tyre, that too a scooter tyre. So when Reise Moto, a new name in the Indian tyre industry reached out to Express Drives, to review their tyre, I had a sense of pessimism. After all, the Reise tripR was going to be tested on my Activa, which for the longest time had sported a leagcy tyre brand.
As more EVs roll out, here’s what can spoil the party
Brayden Wall, a Colorado, US resident, bought a used Tesla Model 3 (2020 model) about 18 months ago for USD51,000. He got the shock of his life when he went to a Tesla dealership for a trade in. Wall was offered only USD22,000. “I understand vehicles drop in value and are not investments,” he told CNN. “But losing well over 50% of a USD50,000 purchase in 18 months is a huge kick in the a**.”
Mahindra Bolero Neo+ variants and features explained
A few days ago, Mahindra launched the Bolero Neo+ in India, priced at Rs 11.39 lakh, ex-showroom. The 9-seater Bolero, which was formerly called the TUV300+, is available in two variants – P4 and P10 – which vary on the features they have.
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🚗 Cars / SUVs
Kia bags 2024 Car Design Award for Brand Design Language
South Korean auto major Kia Corporation (Kia) was honoured at the 2024 Car Design Award ceremony, receiving the recognition under the ‘Brand Design Language’ category.
Nissan recalls Magnite units to fix front door handle sensors
Nissan Motor India on Thursday said it is voluntarily recalling Magnite units produced between November 2020 and December 2023 for a retrofit of front door handle sensors. The company did not share the number of affected units.
Honda City sales dip to 16,925 units in 2023-24
New Delhi: Honda City that once used to be the top brand in the Indian mid-size sedan market, seems to have lost its sheen and sold only 16,925 units in FY24, which is less than half of 35,038 units sold in the previous financial year. One of the major reasons for the drop in sales is because of customers choosing sports utility vehicles (SUVs) and similar form factors over sedans or other segments in the last few years, said experts tracking the sector.
📝 Car buyer wins Rs 15 lakh compensation as company couldn't fix engine fault despite multiple seizures
📝 New-gen Maruti Suzuki Swift bookings open at select dealerships, launch in May
📝 ‘Volkswagen Experiences’ launched for Indian customers
📝 Mahindra XUV 3XO to get these first-in-segment features: Teased again
📝 2024 Force Gurkha 5-door to get digital cluster, new infotainment system & more
📝 Toyota Fortuner gets mild hybrid tech, but will it come to India? Check details
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🚗 Luxury Cars
Birthday boy KL Rahul is an SUV buff: Here’s why
Cricketer KL Rahul is no new name when it comes to owning a garage full of exotic cars, however, he loves SUVs, especially ones made by Land Rover. Rahul recently added a Land Rover Defender 110 to his car collection, which will share space with a host of other exotics, including a Lamborghini Huracan Spyder and an Aston Martin DB11.
📝 EVs a luxury the Indian rich can’t get enough of
📝 Actor Sai Tamhankar brings home the Mercedes-Benz GLE luxury SUV
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⛟ Commercial Vehicles
Switch Mobility to supply 2,500 leV4 e-LCVs to MoEVing
Switch Mobility, a global manufacturer of electric buses and light commercial vehicles, has inked a MoU with MoEVing, an electric mobility technology platform, to deliver 2,500 SWITCH IeV4 LCVs to be deployed in the logistics sector.
Sany unveils India-made SKT105E electric dump truck
Sany India, a leading global manufacturer of construction and mining equipment, has unveiled SKT105E electric dump truck, the first of its kind to be locally manufactured in India.
Ashok Leyland signs MOU with South Indian Bank for dealer financing
Ashok Leyland in pact with South Indian Bank for dealer financing
The Hindu Business Line
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🏗 Construction & Agri Machinery
Sterling Tools signs MoU with South Korea’s Yongin Electronics for EV components facility
Sterling Tools Limited, the automotive fastener manufacturer, through its subsidiary, Motor Control Units (MCUs) in India, has signed a Memorandum of Understanding (MoU) with South Korea’s Yongin Electronics Co Ltd, a supplier of components to the Hyundai Kia Motor Group.
Volvo Group’s SDLG inaugurates its first India manufacturing facility in Bengaluru
SDLG, a member of Volvo Group, which offers sustainable solutions to construction, earthmoving, infrastructure and mining projects has inaugurated its first manufacturing facility in Bengaluru, India.
Mahindra surpasses 40 lakh tractor sales milestone
Mahindra Tractors, part of the Mahindra Group and the world’s largest tractor manufacturer by volume, has achieved a milestone of selling the 40th lakh tractor, inclusive of exports in March 2024.
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🏍 2/3 Wheelers
Suzuki Motorcycle India crosses 8 million production milestone
Suzuki Motorcycle India (SMIPL), the two-wheeler subsidiary of Suzuki Motor Corporation, Japan has surpassed the production milestone of manufacturing 8 million cumulative two-wheelers in India.
Suzuki Motorcycle opens new dealership in Thiruvananthapuram
Suzuki inaugurates its new dealership Indus Suzuki in Thiruvananthapuram, Kerala. It is located at Sarada Complex, Step Junction, Near Bharat Petroleum Pump, Mannanthala, Thiruvananthapuram. It aims to address diverse sales requirements and is equipped with infrastructure to deliver the standards of Sales Service.
Royal Enfield introduces new global rental and tours programme
Royal Enfield has announced the launch of its new ‘Rentals and Tours’ programme promises hassle-free and easy discovery of new destinations. The programme will be available in over 25 countries including India, France, Italy, Scotland, Spain, Turkey, Peru, Argentina, Vietnam, Indonesia, Thailand, South Africa, and more.
Bajaj Auto plans INR 800 cr capex in FY25, upcoming CNG bike to launch in phases
New Delhi: Pune-based Bajaj Auto plans to invest about INR 800 crore capex (capital expenditures) in FY 2024-25. The automaker committed a capex of INR 800 crore in FY 2023-24 as well.
Jawa Yezdi Motorcycles opens Phase-2 of service camps in 32 cities on Friday
New Delhi: Jawa Yezdi Motorcycles is all set to roll out the second phase of its service camp on Friday, April 19, in 32 tier-II and tier-III cities across the country. It will continue till the end of June.
Bajaj Auto appoints Abraham Joseph as MD, Ramtilak Ananthan as CTO of Chetak Tech
New Delhi: Bajaj Auto, a leading two and three-wheeler manufacture, has appointed from April 1, 2024, Abraham Joseph as the new Managing Director, and Ramtilak Ananthan as Chief Technology Officer of of Chetak Technology Limited, a wholly owned subsidiary of the company focusing on new and innovative mobility solutions.
Aprilia India unveils new range of superbikes; appoints John Abraham as brand ambassador
New Delhi: Aprilia, a renowned manufacturer of high-performance motorcycles, has launched its extensive superbike portfolio in India. The company has also appointed John Abraham, a motorcycle aficionado himself, as its brand ambassador in India.
Kawasaki now offers 3-year standard warranty across all models
Kawasaki is now offering a 3-year warranty as standard across all the models in its India lineup. Earlier, the Japanese superbike brand used to offer a standard warranty of 2 years. The new warranty scheme is applicable across all models, except the KX and KLX dirt bikes, which aren’t road-legal.
HMSI inaugurates new engine assembly line for exports at Manesar facility
Honda Motorcycle & Scooter India (HMSI), one of the country’s leading two-wheeler manufacturers has inaugurated a engine assembly line at its Global Resource Factory in Manesar, Gurugram (Haryana), with focus on CKD (Completely Knocked Down) exports.
📝 Bajaj Auto aims to make 10,000 Triumph units a month by September, CFO says
📝 2024 Bajaj Pulsar F250 & Pulsar RS200 to arrive with upgrades soon
📝 2024 Bajaj Pulsar N250 launched: 5 things to know
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⚙ Components
Talbros Automotive's JV firm secures order worth INR 1,000 cr
Talbros Automotive Components on Thursday said its joint venture firm has secured a multi-year contract valued at around INR 1,000 crore from a European original equipment manufacturer (OEM). The order is to be executed over a period of next eight years commencing from the fourth quarter of this fiscal, the company said in a regulatory filing.
Sterling Tools signs MoU with South Korea’s Yongin Electronics for EV components facility
Sterling Tools Limited, the automotive fastener manufacturer, through its subsidiary, Motor Control Units (MCUs) in India, has signed a Memorandum of Understanding (MoU) with South Korea’s Yongin Electronics Co Ltd, a supplier of components to the Hyundai Kia Motor Group.
Ramkrishna Forgings bags order for powertrain components from USA’s largest electric car manufacturer
Ramkrishna Forgings, one of the leading suppliers of rolled, forged, and machined products, has announced that it has been granted approvals from USA’s largest electric passenger vehicle manufacturer for powertrain components.
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🌇 Allied Industries
Auto safety solutions provider Safe Cams introduces R2 dash camera in 2 variants
New Delhi: Pune based SafeCams Digital Eye Solutions Pvt. Ltd. has unvеiled its latеst product, thе R2 dash camеra. Thе R2 is the first entry-level dash camera in India having a metal body. It has everything needed for the safety of the occupant/s and vehicles on the road, the company said in a media release.
Lumax Cornaglia opens new manufacturing facility in Pune
Lumax Cornaglia Auto Technologies (LCAT), a 50:50 joint venture company of Lumax Auto Technologies and Cornaglia s.p.a, Italy, has expanded its operations by opening a new manufacturing facility near Pune. The plant will produce and supply plastic fuel tanks for commercial vehicles.
📝 Jindal Stainless cuts 2.4 lakh tons of CO2 emissions in last two fiscals
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🌢 Fuels, Lubricants & Charging Stations
📝 India's crude oil import bill drops 16% but import dependency hits new high
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💸 Finance & Insurance
Types of car insurance scams in India
In recent times, vehicle insurance scams particularly the ones related to cars have become rampant in India. The sad part, however, is that most of the people including vehicle owners are still unaware of all the malpractices carried out by these fraudsters.
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📖 Magazines News
Toyota Fortuner mild hybrid revealed
Source Credit: Autocar India
Toyota has introduced a mild-hybrid version of the Fortuner SUV in South Africa. The Fortuner MHEV shares its mild-hybrid tech with the Hilux MHEV that was revealed late last year. Following its introduction in South Africa, the SUV is also expected to go on sale in other markets in the coming months.
McLaren 750S track review: Scalpel sharp
Source Credit: Autocar India
The McLaren 750S is the definition of a quintessential supercar. With styling that would drop jaws, sound that would induce goosebumps and performance that would raise heart rates, it is a raw and unhinged experience. The last time we sampled it was in the beautiful town of Estoril in Portugal, but we finally have it on home soil and on India’s newest race track – CoASTT in Coimbatore.
New Force Gurkha interior, features revealed
Source Credit: Autocar India
The launch of the updated Force Gurkha, in both 3-door and 5-door form, is just a few days away, and the brand has released another teaser showing its interior and the features available. While the teaser only show the Gurkha 5-door, the 3-door version is highly likely to get the same level of kit.
Royal Enfield Interceptor Bear 650 India launch in 2024
Source Credit: Autocar India
The Interceptor Bear 650 is Royal Enfield’s first model on the 650cc platform that is decidedly off road-focused, and our sources have led us to believe that this bike will be launched before the year ends.
Tata Motors likely to make Tamil Nadu a hub for JLR EVs
Source Credit: Autocar India
Tata Motors had signed a Memorandum of Understanding (MoU) with the Tamil Nadu government to invest Rs 9,000 crore in the state to setup an EV plant. The plant is likely to come up at Ranipet and sources say that the manufacturer could use it to produce Jaguar Land Rover EVs.
Aprilia RS 457 accessories pricing revealed
Source Credit: Autocar India
One of the few things we were waiting to hear about when it comes to the Aprilia RS 457 were the prices for the various accessories that the company had announced along with the bike. Well those numbers are now out and some of them may come as a shock.
Mercedes AMG electric super SUV in the works
Source Credit: Autocar India
Mercedes-Benz’s AMG performance car division has started engineering a new high-powered flagship SUV based on its own electric car platform, our sister publication Autocar UK can reveal. Set to be unveiled in 2026, the new super-SUV has been conceived to lock horns with several high-end rivals, including the BMW XM, the Lotus Eletre and Porsche’s upcoming K1.
Maruti Swift prices hiked ahead of new-gen launch next month
Source Credit: Autocar India
Maruti Suzuki has increased the prices of its Swift hatchback by Rs 15,000-39,000, depending on the variant. The price hike comes just weeks ahead of the next-gen Swift’s arrival in India.
Mahindra Thar 5-door could get at least three variants
Source Credit: Autocar India
Mahindra’s Thar 5-door, which could be called the Thar Armada, has been spied testing across the country for over a year now, and if latest spy shots are to be believed, the launch is finally inching closer.
Euro-spec Citroen C3 Aircross revealed with petrol, EV powertrain options
Source Credit: Autocar India
Citroen has taken the wraps off the all-new C3 Aircross SUV for Europe. The new C3 Aircross will be sold with petrol and EV powertrain in those markets. The C3 Aircross for Europe, similar to the new C3 hatchback, gets different styling cues than the one sold in India.
Royal Enfield Rentals and Tours service now available across 25 countries
Source Credit: Autocar India
Building on the success of Royal Enfield Rentals in India, the company has now made that service available across many more international markets and has dubbed it Royal Enfield Rentals and Tours. With accredited partners in all the countries where this service is available, Royal Enfield aims to make its entire lineup available for riders across the world.
Ford Mustang celebrates 60th anniversary with retro design package
Source Credit: Autocar India
2024 marks 60 years of the iconic Ford Mustang, and Ford is celebrating that by unveiling a new 60th Anniversary package for the muscle car that brings in some retro design cues that harks back to the original. Ford will be building only 1,965 examples of this special Mustang, commemorating the year it officially debuted, and it's set to go on sale worldwide later this year.
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📰 International News
Chip giant TSMC offers reassurance—and a warning
The chip industry is recovering more slowly than expected from the inventory glut of 2023.
Tesla asks investors to approve Musk's USD 56 bn pay again
Tesla will ask shareholders to vote again on the same USD 56 billion compensation package for chief executive officer Elon Musk that was voided by a Delaware court early this year. In its proxy filing issued Wednesday, Tesla said it will call a vote on moving the company's state of incorporation to Texas from Delaware. The carmaker will convene its annual meeting on June 13.
Taiwan chip giant TSMC's profits surge on AI demand
Taiwanese semiconductor giant TSMC announced Thursday a nearly 9% increase in net profits in the first quarter of 2024, buoyed by global demand for its microchips used to power everything from mobile phones to AI technology.
What the fresh march higher in oil means for world markets
Oil prices are up around 16% so far this year near USD 90 a barrel, with supply worries high given escalating Middle East tensions and tit-for-tat attacks on energy infrastructure between Ukraine and Russia.
Continental presents server-based vehicle architectures with Zone Control Units
New Delhi: With the series introduction of so-called Zone Control Units (ZCUs) for European and Asian car manufacturers, Continental has implemented another key component of server-based architectures in addition to high-performance computers. The company has received multiple customer orders for zone control units from car manufacturers worldwide.
Elektrobit optimizes performance of auto communication networks
New Delhi: Elektrobit Thursday announced EB zoneo GatewayCore, the first software product to enable, configure and integrate the new generation of hardware accelerators of modern microcontrollers for use in advanced automotive electrical/electronic architectures based on the widely adopted Classic AUTOSAR standard.
Early Easter causes EU new car sales to drop 5.2% in March, says ACEA
New car sales in the European Union fell by 5.2% year-on-year in March, marking the first decline this year and the biggest since July 2022, Europe's auto industry body said on Thursday, citing the impact of early Easter holidays and a market downturn.
Lithium Americas to raise USD 275 mn for Thacker Pass mine
Lithium Americas said early on Thursday that it would raise USD 275 million to accelerate construction and development of the Thacker Pass lithium project in Nevada.
Navigation firm TomTom posts operating loss as auto sales slow
Digital mapping company TomTom's operating result turned to a wider-than-expected loss in the first quarter, hit by slower car sales and higher investments in AI and automated driving, it said on Wednesday.
Tesla shares fall as Deutsche Bank flags risks from focus on Robotaxi
Tesla shares fell to their lowest in more than a year on Thursday after Deutsche Bank raised concerns over the electric automaker's increasing focus on its autonomous vehicle products when profit is under pressure.
Sales of first electric car 'SU7' 3-5 times higher than expected: Xiaomi
Sales of Chinese smartphone maker Xiaomi's first electric car have been 3-5 times higher than expected, CEO Lei Jun said on Thursday, as the company began delivering standard versions of the so-called SU7 to buyers ahead of schedule.
📝 US auto sector 'whipsawed' by politicians, Ford chairman says
📝 Tesla layoffs include 14% of Buffalo workers, WARN notice shows
📝 Hennessey releases new performance upgrade for 2024 Cadillac Escalade-V
📝 Japan’s Suzuki Says Yen Set by ‘Various Factors’ Beyond Rate Gap
📝 Sales slump to job cuts: Warning signs grow for Tesla as electric vehicles surge
📝 Google Maps will soon show EV charging stations to help with range anxiety
📝 Mercedes-Benz ditches plan of 1.0-litre turbo-petrol engine for EQS EV
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