INDIAN CARMAKERS
Indian carmakers post SUV-led June sales growth amid heat waves
Carmakers Mahindra & Mahindra, Toyota Motor Corp's Indian unit, and Kia Motor reported increased car sales in June. This rise was driven by demand for sports utility vehicles (SUVs), despite heat waves affecting purchase decisions.
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.
Hyundai IPO: A chaebol looks at India to break out of a Korean trap
Just as Indian stock markets are trading near record highs, Hyundai expects the listing of the equity shares in India "will enhance our visibility and brand image", and "provide liquidity and a public market" for the shares.
Carmakers take the multiple powertrain ride
Carmakers from industry leader Maruti Suzuki to Tata Motors, Toyota Motor, Honda and Citroen, a relatively newcomer in the Indian market, offer diverse options in powertrains, from petrol, diesel and CNG to flexible fuel, electric and hybrid.
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 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.
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Auto sales enter slow lane in May, expected to bounce back in the festive season
In May, automobile sales slowed down due to heatwaves, election uncertainties, and a high base effect. Maruti Suzuki's sales grew 4.4% year-on-year, but this was lower than the 13.8% growth seen in May 2023. Hyundai Motor India and Tata Motors also saw modest growth, while Mahindra and Mahindra and Toyota India experienced significant increases in sales. Industry leaders expect a sales rebound post-election and with a good monsoon forecast. The auto sector's growth aligns with India's 8.2% GDP rise in 2023-24.
Mercedes Benz eyes reduced trade barriers from new India government
Mercedes-Benz is urging the next government to prioritise the forging of more free trade agreements and reducing trade barriers to boost sales in the country's growing luxury car market. The company's India head emphasized the importance of FTAs for economic growth and expressed optimism for the future of the luxury car segment in India, where sales have been on the rise.
Iconic British car brand Jaguar Land Rover plans to ride India's luxury boom
The luxury carmaker plans to launch at least half a dozen new models from the JLR stables, both ICE and EV (internal combustion engines and electric vehicles), as it seeks to capitalise on the growing number of high-net-worth individuals in the country. This is the most aggressive push by JLR since it entered the Indian market in 2009.
Tesla 'silent'; yet to communicate its India plans: Official
American tech billionaire Elon Musk, who was scheduled to visit India on April 21-22, had postponed his visit at the last moment citing "very heavy Tesla obligations".
India new land of rising sun for auto exports
India's auto industry attracts global players like Honda and Suzuki for exports, with a focus on quality and cost efficiency. The country's emergence as a key manufacturing hub reflects its appeal to major auto manufacturers.
Indian auto market sees 2% rise in vehicle sales; SUVs continue to dominate
Last month, sales of cars, sedans, and utility vehicles in the local market increased by approximately 2%, reaching around 338,341 vehicles, compared to 332,468 units sold in April 2023. This marks the 16th consecutive month of best-ever monthly sales for automakers in the region. Despite a moderation in growth rate, the absolute volume remained robust. Maruti Suzuki, Hyundai, and Tata Motors reported marginal increases in sales, while SUV sales surged by about 15%, constituting 53.6% of total car sales.
MS Dhoni is Citroen's new brand ambassador: Sources
Indian cricket legend Mahendra Singh Dhoni has been appointed as the brand ambassador for French carmaker Citroen in India, as per sources. The move aims to boost brand recognition for the Stellantis Group company in the competitive Indian market. Dhoni is set to represent the brand for two years, with an annual fee of Rs 7 crore, as revealed by the sources.
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.
Maruti Suzuki India gets revised ₹2.5 crore tax demand
"Even on revised total demand of Rs. 25 million, the company will be filing appeal against the order before the Supreme Court. As per the company's view, the order will have no major impact on the financial, operation or other activities of the Company," Maruti Suzuki said in an exchange filing.
Not all big cars are created equal: Half of cars sold in India really not SUVs
Going strictly by the GST Council's definition, SUV sales were 445,556 against the 2.13 million attributed to the segment by carmakers. To be sure, that doesn't take away from the shift in customer preference toward the SUV silhouette.
Car shipments shifting back to pre-Covid gear; Maruti, Hyundai at the top
According to industry estimates, Indian carmakers are set to ship more than 675,000 vehicles in the fiscal year that ends March 31, recovering from a low of 404,000 reported in the aftermath of the pandemic in FY21. Around 663,000 cars were exported from the country in the last financial year. Vehicle exports were dominated by Maruti Suzuki and Hyundai, which together accounted for two-thirds of all cars shipped out of the country.
Hyundai seeks expansion, higher valuation with India IPO
Hyundai Motor's planned $3 billion IPO in India aims to achieve two objectives: expand in a rapidly growing market and address the "Korea discount" that affects its valuation back home. As India's second-largest carmaker, Hyundai seeks to leverage its popularity in India and reduce reliance on its parent company for funds.
Sunroof Surge: India's buyers drive demand, prompting carmakers to elevate the roof game
Once considered a luxury feature, currently more than one out of every four cars sold in the local market is equipped with a sunroof, up from just about 7% five years ago. In models where the feature is available, sales are even higher at 55%. Be it premium hatchbacks, sedans or fast-moving sport-utility vehicles, demand for sunroofs is on the rise in a predominantly tropical country.
Carmakers go extra mile to keep vehicles light
Indian carmakers are using lightweight materials like high strength steels and aluminium alloys to reduce the weight of bulky SUVs while adding more features. This helps to maintain lower CO2 emissions and improve fuel efficiency. The usage of high-strength steels and hot-stamped parts has increased in new age cars, reducing weight by around 30 kg. Mahindra & Mahindra has managed to reduce the weight of their SUVs, such as the XUV-700, by 79 kg despite new feature additions and increased vehicle length. Additionally, the sales of plug-in hybrids, electric vehicles, CNG, and ethanol options are offsetting emissions from larger vehicles and contributing to a reduction in average CO2 emissions in India.
Maruti Suzuki, Hyundai, Tata, Renault post the highest-ever share of sales from rural markets in 2023
Senior industry executives ET spoke to said even in the rural markets, the gap in incomes between varied sets of consumers has been triggering demand more at the higher end of the market, which is expected to eventually percolate down and make broad based the recovery over the next few quarters.
Renault plans five product launches in 3 years; eyes double-digit sales growth this year
Auto manufacturer Renault is planning to launch five new products in the next three years in India. On Tuesday, Renault rolled out five new variants across its three models -- Kwid, Triber and Kiger -- as it looks to expand its customer base. Renew will be a standalone brand offering certified used cars sales and purchase, to both Renault and non-Renault models, the automaker said.
Mercedes Benz expands presence in India with ambitious launch plans for 2024
Mercedes Benz India - which grew volumes by 10% to a record 17,408 units last year - expects sales to increase in double-digits in 2024. To realise this targets, the company has firmed up plans to invest an additional Rs 200 crore to enhance capacity, drive in new products and introduce new technologies in the country this year.
Vehicle registrations zoom 21% in December
This growth in monthly registrations was a sharp pickup from the previous two years when the numbers had dropped - by 5.4% in December 2022 and 16.6% in December 2021. It has been driven by robust supply of vehicles, better promotional offers and increased consumer appetite to buy new cars, according to industry insiders.
The year of the SUV: When Indian automakers started riding higher
SUVs have seen a four-fold increase in their share among first-time buyers in the country over the past decade. About a third of first-time car buyers in the Indian market now drive home an SUV compared to less than a tenth a decade ago, when hatchbacks ruled the country's roads, according to industry data. The share of additional and replacement buying in the category during this period has fallen to 69% from a whopping 92% in 2014.
SUV launches jam sales highway as sedans and hatchbacks take a backseat
The number of SUV launches hit a new high this calendar year at 108, reaching the three-figure mark for the first time. In the overall passenger vehicle segment, though, there have been fewer launches in 2023 than in the pre-pandemic 2019 with hatchbacks and sedans taking a hit, data collated by automotive market research firm Jato Dynamics shows.
Mercedes-Benz India zips past ₹10,000-crore revenue mark in FY23
The robust financial performance came even as volumes have still to reach the peak of the pre-Covid year of FY19. In FY23, the local arm of the German luxury carmaker sold 16,497 vehicles, a 38% increase from the previous year, but lower than the 18,211 vehicles sold in FY19, according to the company's filing with the corporate affairs ministry.
Mass-market carmakers are making 'six airbags' a new norm for cars & SUVs in India
Once seen only in premium and luxury cars, six airbags are now becoming more accessible to and affordable for the average car buyer in India. The government last month clarified that six airbags were not mandatory (in India, two airbags are mandatory), leaving it to the customer to make a comparative assessment of safety while buying vehicles.
Carmakers take a safety path for smooth & seamless drive
Features like telematics, over-the-air software updates, geo-fencing, theft & speed alerts, and remote immobilisation are now available in around 30% of mid-range cars and in over 70% of luxury models, and they play a significant role in car buying decisions, according to data collated by Jato Dynamics .
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