OLD VEHICLES
Insured Declared Value in motor insurance cover: How is it calculated, is lower IDV better?
If you are confused by personal finance terms, jargon and calculations, here’s a new series to simplify and deconstruct these for you. In the seventh part of this series, ET Wealth explains the meaning of Insured Declared Value (IDV) in vehicle insurance.
Supreme Court asks BMW to pay Rs 50 lakh as compensation to customer for defective car
The Supreme Court mandated BMW India to pay Rs 50 lakh for a defective 2009 car. Justices Chandrachud, Pardiwala, and Misra overturned Telangana High Court's 2012 order under Article 142. GVR India Projects Limited rejected a new car in July 2012, as the old vehicle depreciated in value. Payment due by August 10, 2024.
Ola, Uber, Zomato among 21 entities registered under Delhi's motor vehicle aggregator scheme
Delhi's Transport Minister Kailash Gahlot said this initiative will not only promote green mobility but also set high standards for service quality and public safety in the transport sector. The scheme stipulates penalties ranging from Rs 5,000 up to Rs 100,000 per instance.
Under new criminal laws, more work for Delhi Police as number of FIRs recorded daily rises to 600
Delhi Police files 600 daily FIRs under BNS, leading to 22 arrests on average. From July 1-10, 6,334 FIRs were filed. BNS mandates videography via e-Pramaan, introduces harsh penalties, and targets criminal gangs. Public awareness campaigns educate citizens. FIRs are filed under BNS and IPC, with BNS being primary. Improved resolution rates mark success.
Bajaj Auto looks to disrupt market with its CNG motorcycle Freedom 125, return favour to its arch-rival
Rajiv Bajaj, managing director of Bajaj Auto, aims to "return the favour" to Hero Honda with the Freedom 125, the world's first CNG-powered motorcycle. Hero Honda revolutionized the scooter-dominated market 25 years ago with fuel-efficient motorcycles that offered 80 km per litre. Priced between Rs 95,000 and Rs 110,000, the Freedom 125 claims to cut operating costs by up to 50% compared to petrol bikes
We never thought such an incident would happen, says father of 3-year-old killed in Hathras stampede
A stampede at a religious congregation in Hathras, Uttar Pradesh, killed 121 people, mostly women, as devotees suffocated to death and bodies piled atop each other. The incident occurred as the 'satsang' ended, and some accounts say people slipped in the slush as they ran after the preacher's car, triggering the stampede. The victims were part of the crowd which had gathered near Phulrai village in the Sikandrarau area for the'satsang' by religious preacher Baba Narayan Hari.
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Budget 2024 should hike basic income tax exemption limit to Rs 5 lakh in both old and new tax regimes: Deloitte
Finance Minister Nirmala Sitharaman is likely to present Union Budget 2024 this month. Salaried taxpayers are eagerly waiting for some much-needed tax benefits from the upcoming Budget. According to Deloitte, salaried people want Finance Minister to revamp tax slab benefits, adjust HRA rates, incentivise EV sales, and promote affordable housing in Budget.
Tesla deliveries set to fall for second straight quarter
The company is expected to deliver 438,019 vehicles for the April to June period, according to an average estimate based on forecasts from 12 analysts polled by LSEG, seven of whom slashed their expectations in the past three months. The EV maker is expected to announce the results on Tuesday.
Thief steals car with children in Delhi, demands Rs 50 lakh ransom, abandons vehicle after police chase
According to officials, the incident occurred at around 11.40 pm when a couple went to a confectionery shop on Laxmi Nagar Vikas Marg and left their two children in the car parked outside the shop. The couple left the vehicle running with the AC on for the kids while they went inside to buy sweets. During this time, a suspect opened the vehicle's door and drove away with the children inside.
JLR steps up its 5-year investment plan by £3 billion
Tata Motors has increased its five-year investment in Jaguar Land Rover to £18 billion for FY24-FY28, up from £15 billion, focusing on developing electric vehicles and hybrid models. This aligns with JLR's "Reimagine" strategy. Additionally, JLR will partner with China's Chery to produce electric vehicles under the Freelander brand in China.
Why India needs micro EVs ?
The 2nd car. The small car for the city. The wife's car. The college kid’s car. The urban machine - affordable, efficient, compact, cheerful. And that’s something the small EVs can be really good at. Yet, how many EV brands are launching cars that fit that description? And those that are closest to the brief e.g. the MG Comet EV, are not exactly inexpensive.
Shareholders have okayed move: Musk
Tesla shareholders voted in favor of a $56 billion pay package for Elon Musk and to relocate the company's legal home to Texas, as announced by the CEO on social media.
Used EV sales fail to take off: Why electric resale market lags
Electric vehicles (EVs), including scooters, cars, and commercial vehicles, are surprisingly unpopular in the used vehicle market and often sell for less than similar fossil fuel-powered models, according to EV experts. One major reason is the challenge of precisely determining an EV's remaining battery life. This is crucial because batteries can make up half the cost of a new EV, significantly impacting how much a used one is worth.
Tata Motors Finance to be merged with Tata Capital
Tata Motors announced a merger of Tata Motor Finance with Tata Capital, approved by their respective boards. This aligns with Tata Motors' strategy to focus on core businesses and emerging technologies. Tata Capital will issue its equity shares to Tata Motor Finance shareholders, giving Tata Motors a 4.7% stake in the merged entity. Tata Capital, a major NBFC in India, will expand its presence in CV/PV financing, aiming to offer innovative products and digital services. The merger is subject to regulatory approvals and is expected to take 9-12 months to complete, with no adverse impact on customers or creditors.
Old empires could be the key to a new car future
Hydrogen, a vital element in water creation, is gaining traction as a fuel source for fuel-cell electric vehicles.
Pune Porsche Accident: Teen spent over Rs 48k at pub before mowing down 2, skipped Rs 1,758 registration fee
Pune Porsche Crash Accident: A 17-year-old son of a prominent Pune builder caused a fatal accident that resulted in the death of two young techies. The teenager reportedly spent Rs 48,000 at two pubs before the accident, leading to allegations of drink driving. The police have invoked section 185 of the Motor Vehicle Act against him. Amid allegations of favoritism, Pune police denied collusion and emphasized following legal procedures. Political leaders have demanded a judicial inquiry and criticized the Juvenile Justice Board's lenient treatment. The minor's father was arrested, and police continue investigating the case.
Maharashtra dy CM Devendra Fadnavis calls Pune car accident 'disturbing', meets Police to discuss future course of action
Maharashtra Deputy chief minister Devendra Fadnavis said, "The incident that happened in Pune where two youths died is disturbing. I took a meeting with the police officials and took stock of what has happened till now and what action will be taken..."
Car accident involving juvenile: Sanjay Raut demands removal of Pune police chief
Shiv Sena (UBT) leader Sanjay Raut called for the Pune police commissioner's removal after a fatal accident involving a 17-year-old driving a Porsche. The incident, which killed two, sparked controversy over the police's handling. The teenager, allegedly drunk, was granted bail by the Juvenile Justice Board. Pune police detained the teenager's father and arrested hotel executives for serving alcohol to the minor. Raut criticized the commissioner's actions, calling them corrupt, and demanded justice for the victims.
Pune car accident case: Court sends three accused to police custody till May 24
A 17-year-old driving a Porsche car under the influence of alcohol allegedly struck and killed two motorbike riders early Sunday morning in the Kalyani Nagar area. Police have taken action against multiple individuals connected to the case, including the teenager's father and executives from two local hotels
Kota: Parents forgot 3-year-old in car during wedding, girl dies of suffocation
In a heartbreaking incident, three-year-old Gorvika Nagar tragically suffocated in a locked car during her parents' attendance at a wedding. Despite their efforts, her parents couldn't save her. The incident underscores the dangers of leaving children unattended in vehicles, especially during hot weather. Authorities emphasize the need for vigilant caregiving to prevent such tragedies.
Car more than 15 years old? State govts announce discounts for scrapping; 5 things to know about how to scrap an old car
How to scrap an old car: Several states in India are offering discounts of up to 25% on personal vehicle prices or road taxes for customers who scrap their old vehicles and buy a new one. The government's Voluntary Vehicle Fleet Modernization Program aims to get rid of old and unfit vehicles that cause pollution and harm the environment. Different age criteria apply to commercial and private vehicles, and it is mandatory for states to promote the scrapping of old vehicles.
Scrap your old car, save big on your next buy: Major offers announced across India
If you go to buy a new car for yourself after sent your old one to scrappage, you will get big concessions on the price you pay. A large number of states and Union Territories have announced these offers.
China wants everyone to trade in their old cars, fridges to help save its economy
China's trade-in plan for electric vehicles aims to boost growth amid trade tensions. The initiative includes upgrading machinery, fiscal support details pending, and a focus on environmental standards and recycling networks.
Okaya announces limited time offer, to sell EVs at old prices post FAME II
Okaya EV's festive offer maintains electric two-wheeler prices post FAME II, emphasizing customer satisfaction. Faast F4 model, priced at INR 1,19,989, offers 160 km IDC range with 4.4 kWh output, utilizing LFP Technology for safety and efficiency.
Automakers embrace sustainability: Shift towards recycled materials, biodegradable parts for new models
Corporate-run scrap yards are coming up, creating a new industry of sorts of recyclable parts, while component manufacturers are replacing metal and plastic with innovative biodegradable material. Take Gurgaon-based Paracoat Products, which makes parts that dampen noise, vibration and harshness (NVH) in automobiles. Typically, such parts are made of plastic or wood. Now, the company is experimenting with jute sticks.
Lot more women take the driver's seat in SUVs now
The share of women SUV buyers has climbed 4.5 times from five years ago amid a growing preference for vehicles with high ground clearance and higher seating. Sales jumped from only 29,000 units in 2018 to 125,000 units in 2023, data from industry sources showed.
Soon, Delhiites could earn Rs 50,000 for giving old vehicles to kabadiwala
The Delhi government plans to offer a subsidy of up to Rs 50,000 in road tax on new cars with better emission standards. The revised draft for the scrapping policy in Delhi states that if you buy a new car and scrap the old one, you could get a straight discount of Rs 50,000 on the road tax. The draft policy aims to encourage people to replace old and polluting vehicles with new ones. The transport department will release the draft for public feedback after approval from the Finance Department.
Car buyers in NCR shunning old vehicles to embrace greener options
Replacement demand for vehicles in the NCR has shot up by 30%, outpacing a 22% increase reported countrywide, they said. This has come along with a marked shift away from diesel to more environment-friendly options like CNG, electric and strong hybrid vehicles. The share of diesel in new car sales in the NCR declined to 5.8% this fiscal year from 7.5% in FY23 and 8.8% in FY22. CNG, once used mostly in buses and taxis, now accounts for 20.7% of new vehicle sales.
No one wants used EVs, making new ones a tougher sell too
Part of the problem is that the industry is handling secondhand EVs for the first time. While combustion-engine cars can be quickly valued via their age and mileage, there are no tests in widespread use that determine the quality of a battery.
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