Top Indian Automobile Industry News & Updates - 24 April 2024,Wednesday
🏢 Industry
Namaste Ayodhya! Ola starts operations at Ayodhya airport; CEO Bhavish Aggarwal aims to serve one billion people
Ola has launched its operations at Ayodhya airport on Monday, April 22, in order to help visitors and guarantee a hassle free trip to Lord Rama’s birthplace.
NATRAX conference on ‘Global Presence of Indian Test Agencies - Way Forward’
New Delhi: The National Automotive Test Tracks (NATRAX), under the National Automotive Board (NAB), Union Ministry of Heavy Industries, is organizing a Conference on “Global Presence of Indian Test Agencies - Way Forward” in Pithampur, Near Indore, Madhya Pradesh on Saturday, 27th April, 2024.
India sets up task force to accelerate EV drive
New Delhi : To promote the country’s electric vehicle (EV) ecosystem in line with its vision of Viksit Bharat, the Centre is in the process of establishing a task force to create a roadmap for the industry, according to a letter sent by the ministry of heavy industries (MHI) to automakers that Mint has seen.
Hybrid cars must haul the cess load for longer
New Delhi : Hybrid cars in India may remain pricey for a while, with a top panel tasked to review taxes on them yet to formally meet even once, in the backdrop of a divided auto industry. Besides, any change in automobile taxes is unlikely without a comprehensive overhaul in the GST framework, two people aware of the development said.
Tata Motors DVR investors express concern over 30% discount for conversion
Mumbai: The retail investors and mutual funds are set to get a raw deal in the proposed conversion of Tata Motors DVR (differential voting rights) to ordinary shares.
India's Mahindra Logistics Q4 loss widens on subdued volume growth
India's Mahindra Logistics reported a fifth straight quarterly loss on Monday, hurt by subdued volume growth at its mainstay business of supply chain management.
India may not extend EV concessions to Chinese firms
India may not extend electric vehicle concessions to Chinese EV companies like BYD owing to national security concerns, according to a report of Moneycontrol.
Macquarie sets up $1.5-billion EV platform
Australia’s diversified financial group Macquarie has launched its electric vehicle (EV) financing and end-to-end solutions platform Vertelo in India. The platform will invest $1.5 billion in electrifying fleets of buses and cars, about 95 per cent of this investment will go into electrifying commercial vehicles. The platform will offer financing, fleet management, and charging infrastructure solutions. . The remaining 5 per cent of investment will go towards charging infrastructure and other requirements.
Centre receives seven bids to set up giga-scale battery manufacturing facilities; RIL, JSW Neo among bidders
Reliance, JSW among bidders for battery storage PLI
The Financial Express
Tesla's shift on low-cost cars throws India investment plans into limbo
Tesla said on Tuesday that it will use its existing factories to build new and more affordable vehicles as early as late this year, leaving investments in new factories in Mexico and India unlikely in the near term. The world's top EV maker said it plans to raise production by 50 per cent from 2023 to its current capacity of close to 3 million vehicles before investing in new manufacturing lines.
📝 Representation of women apprentices in manufacturing sector to touch 40% by year-end: TeamLease
📝 PLI: Automobile, auto parts cos invested Rs 13,000 cr in past one year in EV, EV parts making
📝 Tesla shares rise 2.3% ahead of quarterly results
📝 Tesla puts on hold partnership with Ramkrishna Forgings
📝 'Illegal' BH series number plate circular quashed by Bombay HC; What is the BH series number plate, eligibility, how to get, fees, features
📝 Indian govt sets up a task force to accelerate electric vehicle drive. Know more
📝 Why older vehicles get low safety ratings: New Global NCAP norms explained
📝 VinFast's Indian odyssey: Navigating challenges, embracing opportunity
Read More >>
🎤 Interviews & Features
What the latest global crash tests say about Indian cars
New Delhi : Are cars safe in India? Some of them are, going by past crash test results, but some continue to fall short of safety standards under global crash test protocols. The latest round of test results from Global New Car Assessment Programme (GNCAP) has found serious safety shortcomings in some car models, prompting calls for industry-wide action to prioritize occupant and vehicle safety.
📝 New-age Hyundai Verna: Hyundai's timeless sedan now in a modern avatar
Read More >>
🚗 Cars / SUVs
Honda Amaze scores 2-star safety rating in Global NCAP
The Indian car industry is slowly but gradually warming up to the importance of safety in vehicles. Even prospective buyers have started to consider the safety rating of a car before making a purchase decision. In the recent bout of crash tests conducted by Global NCAP for Indian cars, Honda Amaze has scored an underwhelming 2-star safety rating.
Stellantis India to hike prices of Citroen and Jeep models by 0.5% from April 30, 2024
New Delhi: Stellantis India, an automotive conglomerate, said it will increase prices by 0.5% across all models of the Citroën brand and of the Compass and Meridian under the Jeep brand from April 30, 2024.
Bolero Neo and Honda Amaze fare badly in GNCAP test; Kia Carens does better in retest
New Delhi: Global NCAP announced its ratings for three passenger vehicles under the #SaferCarsForIndia campaign. The three tested cars are Honda Amaze, Mahindra Bolero Neo, and Kia Carens. Honda Amaze and Bolero NEO have performed poorly while Kia Carens outshined in its retesting with three stars in adult safety and five stars for child occupants.
Is Mahindra Bolero Neo safe for you? The SUV scores only one star in safety ratings
Mahindra Bolero Neo scores 1 star in Global NCAP crash tests: Here's how the carmaker reacts
mint
Some Indian cars falter in latest global crash tests
Are cars safe in India? Many are, going by past crash-test results, but some others continue to fall short of safety standards under global protocols. The latest round of test results from Global New Car Assessment Programme (GNCAP) has found serious safety shortcomings in some car models, prompting calls for industry-wide action to prioritize occupant and vehicle safety.
📝 Volkswagen Taigun GT Line and GT Plus Sport launched in India: Here's what's new
📝 Nissan Motor India sold 39,000 units of compact SUV Magnite for three years in a row
📝 Volkswagen India launches new variants
📝 2024 Isuzu D-Max V-Cross teased ahead of launch
📝 The curious case of Magnite SUV, the one-car army for Nissan in India
📝 Amaze returns with 2-star safety rating at Global NCAP, Honda reacts
📝 Kia Carens scores 3 stars in Global NCAP crash test. Check out the full report
📝 Toyota Fortuner Leader Edition launched in India: Key highlights
📝 Kia teases its first pick-up truck, will launch in 2025
Read More >>
Electric-Cars / SUVs
Mahindra XUV e9 electric SUV spied in near production form, launch in 2025
Mahindra has grand plans for its born electric vehicle lineup starting this year with the XUV.e8 which is slated to make its debut at the end of this year. The XUV.e8 or XUV e8 is essentially the all-electric equivalent to the XUV700. It will be followed by the XUV.e9 or XUV e9, a coupe version of the e8.
Over 2.5 lakh e-cars sold every week in 2023, e-car sales to reach 17 million globally in 2024
Chennai: Electric car sales keep rising and could reach about 17 million in 2024, accounting for more than one in five cars sold worldwide, according to a report ‘The Global EV Outlook 2024 by the International Energy Agency (IEA). In 2023, global sales of electric cars reached close to 14 million, reaching 18 per cent of all cars sold. Electric car sales in 2023 were 3.5 million higher than in 2022, a 35 per cent year-on-year increase.
📝 Kia Motors to announce new battery electric vehicle soon: Hardeep Singh Brar
📝 Kia EV9, new Carnival India launch in 2nd half of 2024, 30% EV penetration doubtful by 2030: Hardeep Brar, Kia India
Read More >>
🚗 Luxury Cars
Aston Martin launches Vantage at INR 3.99 cr
New Delhi: Aston Martin, Tuesday launched the new Vantage at INR 3.99 crore (ex-showroom, excluding customizations).
Sunrisers Hyderabad’s CEO Kavya Maran’s car collection is all-European
Cricketers have car-crazy people, and we’ve seen multiple players and their insane car collections. We have also seen cars owned by team owners, but never CEOs, like Kavya Maran, the daughter of the media tycoon Kalanithi Maran.
📝 Aston Martin launches 'Vantage', priced at Rs 3.99 crore. Check key features and details of the sportscar
Read More >>
🏗 Construction & Agri Machinery
📝 Swaraj Tractors unveils a limited-edition tractor of its five variants to mark its golden jubilee
Read More >>
🏍 2/3 Wheelers
Triumph Speed 400 and Scrambler 400X get their first price hike
The Triumph 400 twins – Speed 400 and Scrambler 400X – have received their first official price hike after their introductory pricing came to an end earlier this year. Both motorcycles have received a price increase of Rs 1,500, effectively bringing their ex-showroom prices to Rs Rs 2,34,497 and Rs 2,64,496, respectively.
Royal Enfield goes global with ‘Rentals and Tours’ programme
Setting out on a journey of exploration and adventure has never been easier for travellers across the world. With the introduction of "Rentals and Tours," a one-stop solution for any journey on two wheels, Royal Enfield promises hassle-free and easy discovery of new destinations with brand assurance.
Hero’s CTO Arun Jaura steps down, Vikram Kasbekar to head R&D
Hero MotoCorp, in an official statement, has announced that Arun Jaura, the company’s CTO, has stepped down from his position. This will be effective from April 30, and the company has said that Jaura stepped down to pursue personal endeavours. The company also stated that Vikram Kasbekar will head the R&D for the company.
📝 Bajaj Auto appoints Abraham Joseph as MD of EV arm Chetak Technology
📝 Triumph Speed 400, Scrambler 400 X get first price hike since launch: Here's by how much
Read More >>
🚲 Electric 2/3 Wheelers
Hero Lectro launches cargo e-cycle Muv-E for last mile delivery at INR 61,999
Equipped with a front basket with a load-carrying capacity of up to 10 kg and a rear carrier capable of accommodating loads up to 25 kg, it is a versatile and efficient option for transporting packages, cargo and more. Prioritizing efficiency and safety, it has a robust total load capacity of 120 kg, including the rider's weight. Featuring a detachable battery with a capacity of 14.5 AH, the Muv-E offers a remarkable range of up to 70 km with pedal assist on a single charge. With a quick charge time of just 8 hours, riders can enjoy uninterrupted journeys. Muv-E doesn't require a license, providing a hassle-free commuting experience.
India pips China to become the largest electric 3W market globally in 2023
Chennai: India surpassed China to become the largest market for electric three-wheelers in 2023, thanks to government financial incentives and resulting reductions in the cost of ownership of electric three-wheelers (3Ws), according to a report by the International Energy Agency (IEA). “India has made good progress to date, and almost a quarter of the country’s three-wheelers are electric,” it said.
📝 Ampere NXG electric scooter launch confirmed on April 30. Will rival Ola S1 Pro
📝 Ultraviolette F77 Mach 2 to be launched tomorrow: What to expect
📝 Deliveries of the most-affordable Ola electric scooter to begin April end. Check prices
Read More >>
⚙ Components
Capex for EV components to exceed INR 25,000 cr in 3-4 years: ICRA
EV penetration reached 4.7% in FY2024, with much of it driven by the electric two-wheeler (E2W) segment, although e-three-wheelers (E3Ws) and electric buses have also contributed to the same.
📝 BofA among anchor investors in Emmforce Autotech IPO. All you need to know about Rs 54 cr offer
Read More >>
🌇 Allied Industries
Ecofy and Vidyut join to offer subscription-based battery-as-a-service model for EV sales
With a hybrid financing model that reduces the cost of acquisition and introduces a pay-per-km battery leasing model, Ecofy and Vidyut aim to make the adoption of EVs stress-free and risk-free, the companies said.
Tata Elxsi Q4 revenue, profit drops sequentially; announces final dividend of Rs 70/share
Tata Elxsi announced its Q4 and full year earnings. The Q4FY24 PAT came in at Rs 196.9 crore, down 4.6% QoQ as compared to the Q3 performance. The revenue in Q4 also came in muted at Rs 905.9 crore, down 0.9% QoQ.
Sona Comstar inaugurates new plant in Mexico to serve Northern America EV market
Sona Comstar has opened a new manufacturing unit in the Fipasi Industrial Park, Silao, Mexico. This strategic expansion aims towards meeting the growing demand for high-quality driveline solutions for Battery Electric Vehicles (BEVs) in North America.
Pavna Industries to supply ignition switches and latches to Ola Electric
Pavna Industries has announced that it has inked an agreement with Ola Electric to supply ignition switches and latches. This contract further consolidates the company’s foray into the two-wheeler electric vehicle segment.
RCRS innovations files for IPO, aims to expand battery manufacturing
New Delhi: RCRS Innovations Limited, India’s leading manufacturer of Lithium-Ion batteries, has filed a Draft Red Herring Prospectus with NSE Emerge for its Initial Public Offering, which includes a fresh issuance of 48.24 lakh equity shares valued at INR 10 each through the book-building process.
Reliance Industries, JSW Neo Energy in fray for 10 Gwh ACC Battery PLI
“The list of bidders (in alphabetical order) who have submitted bids in response to this tender are ACME Cleantech Solutions, Amara Raja Advanced Cell Technologies, Anvi Power Industries, JSW Neo Energy, Reliance Industries, Lucas TVS, and Waaree Energies for a cumulative capacity of 70 Gwh,” the ministry said in a statement.
📝 After Vadodara and Kanpur, Lucknow Police also gets AC helmets to beat the heat
Read More >>
🌢 Fuels, Lubricants & Charging Stations
📝 Oil prices inch up after data shows unexpected drop in U.S. crude stocks
Read More >>
💸 Finance & Insurance
M&M Finance share price falls over 7% as company delays Q4 results after ₹150 crore fraud at a North East branch
Mahindra & Mahindra Financial Services share price dropped over 7% in early trade on Tuesday after the company deferred its board meeting scheduled for today after a fraud worth ₹150 crore was detected at one of its branches in the North East region. Mahindra Finance shares declined as much as 7.88% to ₹256.85 apiece on the BSE.
Mahindra Finance detects about Rs 150 cr fraud in retail vehicle loan portfolio
Mahindra Finance detects fraud in its retail vehicle loans portfolio amounting to ₹150 crore
The Hindu Business Line
Read More >>
📖 Magazines News
New BMW X3 details revealed before global debut
While the all-new fourth-generation BMW X3 is scheduled to be revealed in the coming weeks, some details have been revealed about the upcoming SUV. The new X3 will grow in size, be sleeker, and come with a variety of combustion-engined powertrains. Here’s what to expect from the upcoming X3, which is scheduled to be revealed in June this year, and go into production the month after.
Range Rover Electric prototype revealed
The Range Rover EV prototype has been revealed as it enters the final stages of testing ahead of global debut later this year. The Range Rover EV is expected to go on sale in multiple markets, including India, as the brand has already opened a "waiting list" for the SUV in our market. JLR opened the global waiting list for the electric Range Rover in December last year and by February claimed to have taken more than 16,000 expressions of interest.
Mahindra Bolero Neo gets 1-star Global NCAP rating
The Mahindra Bolero Neo compact SUV received a 1-star rating for both adult and child protection in Global NCAP's latest round of crash tests under its Safer Cars for India programme. The SUV that was tested was only equipped with two airbags as standard and received low ratings on multiple parameters.
Kia Carens receives 3-star Global NCAP rating in fresh tests
The Kia Carens has been crash tested under Global NCAP’s new protocols, and it has received a 3-star rating. While it may seem like the Carens' result is the same as the last time, this time around, Kia had volunteered for the Carens to be tested under the new protocols. The road safety organisation also announced that Kia’s MPV scored 0 stars for adult occupancy protection the first time it was tested under the new norms.
BYD Shark pickup to debut at Beijing motor show
The all-new BYD Shark pickup truck will make its global debut at the upcoming Beijing motor show. Leaked pictures confirm that the Shark pickup from BYD gets boxy looks with rugged design cues that make it look similar to the Ford Ranger sold globally. The name “Shark” is in line with BYD’s “Ocean Series” line-up of cars and SUVs that also includes the Seal sedan, the Seal U SUV and the Dolphin hatchback.
MG EXE181 EV hypercar concept unveiled ahead of Beijing debut
MG has unveiled the EXE181 concept ahead of its public debut at Auto China 2024, set to be held from April 25 to May 5. The EV hypercar concept, the brand's first, is inspired by the EX181 land speed record car, which was designed for optimal aerodynamic efficiency.
Kia Tasman pickup truck teased with unique camouflage
Kia is gearing up to unveil its first-ever pickup truck, the Hilux rivalling Tasman that will see a global debut in the coming months. Ahead of its full reveal, Kia has teased the Tasman, wrapped in a unique camouflage developed in collaboration with New Zealand-based artist Richard Boyd-Dunlop, inspired by Australia’s diverse landscapes.
Honda Amaze scores 2-star Global NCAP crash test rating
Global NCAP has crash tested the Honda Amaze sedan under its new protocol, and awarded it a 2-star adult occupant and a 0-star child occupant protection rating. The Honda Amaze is among the last few cars to be tested under Global NCAP's Safer Cars for India campaign as India moves to its own Bharat NCAP safety assessment programme.
New Aston Martin Vantage launched at Rs 3.99 crore
Aston Martin has launched the all-new Vantage in India, with prices starting from Rs 3.99 crore (ex-showroom, India). Globally unveiled just a couple of months ago, Aston’s sports coupe has been extensively restyled on the outside, but even more significant are the updates to the interior; there's a new dashboard and an all-new software platform. Under the hood, the Vantage retains the Mercedes-AMG-sourced 4.0-litre, twin-turbo V8 engine, but it receives a massive bump in power.
Read More >>
📰 International News
Xiaomi secures lock-in orders of more than 70,000 SU7 cars
Xiaomi secured lock-in orders of more than 70,000 SU7 cars as of Saturday, its founder Lei Jun told an investor conference on Tuesday.
Tesla cuts prices globally to spur demand
Tesla has cut prices in a number of its major markets, including China and Germany, following price cuts in the United States, as it grapples with falling sales and an intensifying price war, especially against Chinese electric vehicles (EVs).
Renault says new models to lift 2024 sales, confirms profit outlook
Renault expects its sales growth to accelerate this year as it launches a number of new models, the French automaker said on Tuesday, as it confirmed its profit margin and cash flow forecasts for 2024 and pushes ahead with cost cuts.
Volkswagen holds keys to Porsche's race against Ferrari
Porsche AG's ability to close a hefty valuation discount to top rival Ferrari could hinge on whether its main owner, Volkswagen, is prepared to take a step back, giving the German sports car maker more freedom to cut costs and shape its future.
Honda to build electric vehicles and batteries in Ontario
Honda will build electric vehicles and their parts in Ontario with financial support from the Canadian and provincial governments under a plan to be announced this week, a source with direct knowledge of the deal said on Monday.
General Motors beats quarterly results targets, raises forecast
General Motors on Tuesday posted quarterly results that topped Wall Street targets and raised its annual forecast, citing stable pricing and demand for its gas-engine vehicles, sending shares up 4.9% in pre-market trading.
Electric car sales to rise but affordability in focus, IEA says
Electric car sales will rise strongly in 2024 despite economic headwinds in some markets, the International Energy Agency (IEA) forecast on Tuesday, but affordability and charging infrastructure will be key to future growth.
Continental Tech ensure greater comfort and safety in Mercedes-Benz E-Class
Convenient and secure access: The built-in smart device-based CoSmA access system is a core component of the digital car key. The ultra-wideband (UWB) technology used allows mobile devices such as smartphones or smart watches to open and start the vehicle automatically (hands-free).
China wants everyone to trade in their old cars, fridges to help save its economy
China’s world-beating electric vehicle industry, at the heart of growing trade tensions with the US and Europe, is set to receive a big boost from the government’s latest effort to accelerate growth.
Auto supplier Adient cuts jobs, transfers roles in Europe to shave costs
Automotive seating supplier Adient plc on Monday said it was restructuring its Europe business by cutting jobs and transferring work to countries with lower labor expenses, in a bid to cut costs.
Tesla to lay off nearly 2,700 employees in Texas factory, says report
Tesla will lay off 2,688 employees at its Texas factory, the electric vehicle maker said in a Worker Adjustment and Retraining Notification (WARN) notice. The notice on Monday was issued under the WARN Act, a U.S. labor law that requires companies with 100 or more employees to notify 60 days ahead of planned closings or mass layoffs.
Tesla to introduce new models ahead of planned timeline, shares jump
Tesla said on Tuesday it would introduce "new models" by early 2025 using its current platforms and production lines as it retreated from more ambitious plans to produce an all-new model that had been expected to cost $25,000. The talk of new offerings on a faster timeline sent Tesla shares soaring in after-hours trading, a much-needed boost, after months of decline during which Tesla has struggled with fierce competition and falling sales. The gains came despite Tesla releasing first-quarter results that missed Wall Street expectations.
📝 Kia unveils unique camouflage for new Tasman pickup truck
📝 EU's 2050 net zero goals at risk as EV rollout faces setbacks
📝 Automakers hope for a cut as two-way EV charging becomes real
📝 Hyundai Motor signs 174-MW renewable energy deal for EV plant in US
📝 2024 forecast to set new record for electric car sales: IEA
📝 Tesla earnings a 'moment of truth' for Elon Musk after stumbles
📝 Tesla to cut more than 6,000 jobs in these plants as it shrinks global workforce
📝 Tesla Q1 profit falls 55%, but stock jumps as company moves to speed production of cheaper vehicles
📝 Tesla Model 2 launch likely by 2025, Elon Musk hints without sharing any detail
📝 MG draws inspiration from land speed record car for new concept. Check details
📝 Singer Katy Perry gets the Tesla Cybertruck, thanks Elon Musk on X
📝 Are e-SUVs robust? Range Rover Electric undergoes Arctic, desert hellstorm
📝 ‘Elon Musk is pigeon CEO, he sh*ts all over us’: Former Tesla manager takes aim
Read More >>
405, TSL Corner
contact@nurcmedianext.com
+91-11-49849324, +91-9958949710
