AUTOMAKER SKODA AUTO INDIA
Automakers take lead in FY24 salary hikes with double-digit raises
Most organisations that follow the April to March fiscal cycle hand out salary increments during April to July. About 84% of the companies surveyed by Deloitte have already doled out this year’s increment.
Kia India sales surge 10 pc to 21,300 units in June
Kia India reported a 10% year-on-year increase in June wholesales, reaching 21,300 units. For the first half of 2024, sales grew by 6% to 126,137 units. Senior VP Hardeep Singh Brar credited strong product offerings and noted plans to maintain this growth through further network expansion.
Skoda eyeing local equity partnership amid electric shift
Skoda Auto Volkswagen India is making progress in equity partnership talks with an Indian company to share costs and risks. While open to continuing solo, Skoda sees value in local collaboration amid government EV pushes and stricter emissions regulations. Future investments depend on this decision.
Skoda Auto CEO's strategy for Indian market: Humility, learning, customer focus and a new partner
Skoda Auto's CEO Klaus Zellmer highlights India's pivotal role in the company's global strategy, noting it as the most attractive and competitive auto market. With a robust development base in Pune, Skoda plans to leverage India's potential for expansion into ASEAN and the Middle East.
Revving up: Fuelled by PLI, Indian automakers eye global EV space, targeting Europe & other developed markets
Indian auto manufacturers are seizing the export opportunity in the electric vehicle (EV) market, driven by increasing demand for cleaner mobility in developed countries and government support. Companies like Maruti Suzuki and Hero MotoCorp are gearing up to export their EV models to Europe, leveraging India's frugal manufacturing capabilities. With India's production-linked incentive scheme and alignment with global standards, automakers aim to challenge Chinese dominance in the EV sector and establish India as an EV export hub.
Electric vehicles: Desi automakers are seizing export opportunities driven by increased demand for cleaner mobility
Domestic auto makers like Maruti Suzuki, Hero MotoCorp, and TVS Motor are seizing the export opportunity in the electric vehicle market. Maruti Suzuki is set to export its first electric SUV to Europe, Hero MotoCorp is launching its VIDA V1 electric scooter in European countries, and TVS Motor is expanding to the European Union with its electric scooter iQube.
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Hyundai’s IPO Is Poised to Boost Indian Automakers’ Valuations
Hyundai Motor India Ltd. plans a significant share sale, potentially valuing its Indian unit at $25 billion. Analysts believe this could elevate the nation's auto sector valuations further.
Auto industry’s ability to hike prices will be lower in FY25 but value growth to be strong: Primus Partners
Automakers in Mumbai are predicted to face limited pricing power this fiscal due to subdued demand, resulting in an anticipated average price increase of 4% to 5%, down from 8% in the previous fiscal year. Despite sluggish volumes, a strong growth trend in value terms is expected to persist, with India's automobile market witnessing a 19% growth to Rs10.6 crore in FY24, driven by factors such as the increasing popularity of utility vehicles, electric vehicles, and demand for features like sunroofs and automatic transmission.
Auto emission norms to get stricter, make cars costlier
India's automakers face stricter carbon emissions norms, requiring a 30% reduction over three years or penalties. The Bureau of Energy Efficiency (BEE) proposed CAFE 3 norms effective from April 2027, with CAFE 4 norms following. CAFE 3 aims for 91.7 gm CO2/km and CAFE 4 for 70 gm CO2/km. Automakers get a five-year transition to CAFE 4, but compliance challenges remain, including pricing affordable low-emission vehicles. Penalties for non-compliance are stiff, encouraging more fuel-efficient cars.
VinFast pushes ahead with Asia expansion, expects to open India plant ahead of schedule
VinFast in January signed an agreement with the Indian state of Tamil Nadu to invest as much as $2 billion in the country as it seeks to break into one of the world’s biggest auto markets. Work on the plant started in February, with an initial investment of $500 million.
India's electric car incentives limited to new investments: Officials
The Indian government's scheme to promote local production of electric cars will offer incentives only to automakers investing in new manufacturing facilities in the country, officials have revealed. Foreign firms, including those already operating in India, can apply for benefits under the Scheme for Manufacturing of Electric Cars (SMEC) but with no retrospective approval for previous investments.
MG Motor sales dip 5 pc in May at 4,769 units
MG Motor India's wholesale figures for May showed a 5% decline at 4,769 units compared to the same period last year when it dispatched 5,006 units. The company highlighted positive interest in its electric vehicles (EVs), which accounted for 36% of total monthly sales, maintaining a significant contribution in May 2024.
Car dealers may end up with ₹44,000 crore worth of inventory as demand cools off
Carmakers in India are forecast to face a record stockpile of 400,000 vehicles worth ₹44,000 crore by the end of May, as demand cools after a three-year run of high sales. Passenger vehicle registrations are expected to fall by 5% in May from a year earlier, due to election-related uncertainties, the completion of marriage season, and heat waves in key markets, particularly Delhi NCR.
Govt to hold 2nd meet with stakeholders to issue draft guidelines for new EV policy
The Ministry of Heavy Industries is drafting guidelines for the new electric vehicle policy to attract global automakers like Tesla. Automakers, including Vietnam's Vinfast, must invest as per the new norms to avail incentives under the Scheme to Promote Manufacturing of Electric Passenger Cars in India (SPMEPCI) approved on March 15, 2024.
Japanese automakers least prepared for EV transition: Think-tank
The four automakers with the lowest proportion of forecasted EV production in 2030 are all from Japan (Suzuki at 10%, Honda at 24%, Toyota at 29% and Mazda at 30%), with Toyota, Mazda and Suzuki all receiving the lowest performance, says InfluenceMap in its latest report titled, “Automakers and Climate Policy Advocacy: A Global Analysis.
Strong sales growth for entry-level two-wheelers in H2 of FY24; big relief for automakers
The trend continued in April, driven by an improvement in income levels thanks to healthy economic growth, making the automobile industry bullish of a sustained recovery in the twowheeler segment and sparking green shoots of recovery in small car sales.
April car sales growth moderates on high base
A high base due to the strong growth in the last two years weighed on the year-on-year comparison, resulting in the tepid pace of growth in April. Though the growth rate moderated in April, it was the fourth consecutive month in CY24 when sales volume in the local market set a new record, as per data from Society of Indian Automobile Manufacturers (SIAM).
Auto sales growth moderates in April, sets record despite tepid demand
Automakers in India reported bumper sales for two straight years on the back of pent-up demand after the pandemic. Sales of passenger vehicle grew 8.4% to a record high of 4.22 million units in the financial year concluded March 31, 2024. Sales had grown 27% the previous financial year.
Suzuki predicts India market to expand 2% in FY25, Maruti to outpace industry growth
India is a bright spot for the Japanese auto giant, accounting for as much as 89% of the incremental volume of 168,000 units sold by Suzuki globally in the last fiscal year. While sales fell in several key markets, the Indian subsidiary posted a 9% increase in volume at 1.79 million units in fiscal 2024.
Discounts, freebies drive in as automakers seek to push sales
Car dealership stock reached an all-time high of 310,000 vehicles at the start of the financial year. This is leading companies into pushing sales by expanding into smaller towns and cities, potentially igniting a price war, multiple car retailers and company executives told ET.
5% GST benefit should only be for smaller EVs; don't extend it to bigger cars: Skoda Auto India
If the said benefit is extended to all EVs -- including bigger and expensive ones -- it will put the exchequer and govt finances under pressure, the report quoted Petr Janeba, the brand director for Skoda in India, as saying.
India EV policy to help global car companies expedite investment decisions: Skoda senior executive
Petr Janeba's comments come at a time when Skoda Auto Volkswagen India is in the process of finalising its next phase of investment. Skoda leads the Volkswagen Group’s strategy in India. The VW Group comprises Skoda, VW, Porsche, and Audi, among other brands.
Skoda Auto, Volkswagen Group Technology Solutions India strengthen partnership
Skoda Auto is strengthening its partnership with Volkswagen Group Technology Solutions India, focusing on enhancing its app portfolio, artificial intelligence, data analytics, and technology services. Volkswagen Group's IT center in India, employing over 2,600 specialists, plays a key role in this collaboration.
China is charging ahead with EVs. Why is the world worried?
Concerns over China's EV dominance in Western markets are rising, with Chinese automakers like BYD offering cheap electric vehicles that undercut Western prices, leading to fears of a future market takeover. The threat of Chinese EVs has prompted global automakers to join forces and consider manufacturing partnerships to stay competitive.
Chinese automakers open factories abroad as export clout causes friction
The growing clout of China car exports has been causing friction with the U.S. and Europe.
Plan to enter mass market EV segment in India: Skoda Auto
Skoda Auto plans to enter India's mass market of electric vehicles segment, exploring options including partnerships with local companies for economies of scale. The company is testing its premium electric SUV Enyaq and aims to participate in the growth of the electric market in India.
Profit is not the main target for India: Skoda Auto board member
The Volkswagen Group company that is responsible for driving the group strategy in India is reinforcing its commitment to the market by getting into the next phase of investment through entry in the competitive sub-four metre compact SUV segment and launching electric vehicles.
Skoda Auto to assemble EVs in India latest by 2027
The focus on electric mobility is in alignment with the government of India's push for EVs, targeting 30 per cent new car sales by 2030, Skoda Auto India Brand Director Petr Janeba said. The company is testing electric SUV Enyaq for possible launch in India this year.
Skoda India to take on Vitara, Brezza with compact SUV launch in 2025
Skoda Auto is set to launch a compact sports utility vehicle (SUV) in India, aiming to tap into the growing demand for "accessible premium" vehicles. The new compact SUV, to be unveiled in a year, is expected to be a significant volume generator for Skoda in India. Skoda Auto India aims to increase its market share to 5% by 2030. The new model will be part of Skoda's strategy to offer tailor-made products for Indian customers.
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