SEDAN CAR MARKET
Tesla's share of US electric car market falls below 50%
Tesla's dominance in the U.S. electric vehicle market slipped below 50% in Q2 as sales surged to a record. Tesla's market share dropped to 49.7% from 59.3% a year earlier, losing ground to GM, Ford, Hyundai, and Kia. Overall U.S. EV sales rose 11.3% year-over-year, with over 330,000 electric vehicles sold in Q2, accounting for 8% of new car sales.
We may see demand shifting towards more premium SUVs going ahead: Shruti Saboo
There is a lot of inventory, as you guys have rightly said, that there is inventory days of 62 to 67 days and earlier what we were seeing was that this inventory was piling up in smaller cars, discounts started coming in smaller cars, but now we are seeing that this is also coming up in SUVs too and inventory days have started to come up on a higher side in SUVs as well.
Xiaomi showcases SU7 electric sedan in India, no word on launch date
Celebrating its 10th anniversary, Xiaomi unveiled the SU7 electric car and launched Redmi 13 5G and Redmi Buds 5C. Priced under USD 30,000 and produced with BAIC Group in a 200,000-vehicle capacity Beijing factory, SU7 features a "super electric motor" and up to 800 km range. Initially delivered in China, it reflects Xiaomi’s diversification strategy.
Xiaomi to showcase its first electric car, the SU7 EV, in India tomorrow: Report
Xiaomi will showcase its first electric car, the SU7, in India on July 9 as a market test. The car comes in two versions with different driving ranges and is priced competitively. The event in Bengaluru will also feature other household appliances and new product categories.
Skoda gears up to introduce new Kodiaq, Octavia in India
Czech carmaker Skoda plans to launch new models in India, including the latest version of its premium SUV, Kodiaq, and a sub-4 meter compact SUV early next year. Skoda Auto India Brand Director Petr Janeba announced the re-introduction of the premium sedan Octavia later this year. The new Kodiaq is expected to arrive by the end of next year. Skoda aims to cater to SUV demand while also offering classic sedans like Octavia. The company also plans to introduce battery-electric models in India.
Volkswagen launches first certified pre-owned store in Coimbatore
Volkswagen launched its first brand store in Tamil Nadu, rebranding its used car business to 'Volkswagen Certified Pre-Owned' cars, aiming to offer customers high-quality, reliable vehicles with comprehensive inspection processes and warranty coverage. With 139 touchpoints nationwide, including 36 exclusive outlets, Volkswagen plans to expand by March 2025. The strategic rebranding leverages the brand's strength and trust, with the popular sedan 'Virtus' driving sales in Tamil Nadu.
Car sales lose pace in June, SUVs stay in front
Passenger vehicle sales in India remained sluggish for the third consecutive month in June due to a high base and reduced post-pandemic pent-up demand. Sales rose 3.7% from a year earlier but slightly declined from May, with 340,784 units sold compared to 328,710 last year. SUVs comprised 53% of sales.
Car discounts make comeback after four long years of waiting in the auto industry
Car discounts have returned after four years of long waitlists, driven by changes in the automotive industry's pricing strategies. Dealers are ramping up production to meet high demand, especially for SUVs, and are offering substantial discounts across various models. Some discounts reach as high as Rs 1.5 lakh on specific models, including hatchbacks, sedans, and electric vehicles (EVs).
As buyers diss cars, auto companies count on offers
Passenger car sales surged 8% to a record 4.22 mn units in FY24 but have moderated since amid the heat wave, a long election season and a high base. Going by current vehicle registration trends on the government's Vahan portal, June growth is expected to be either flat or negative. ET reported June 17 that inventory levels at dealerships across the country were at 55-60 days against the norm of 30 days seen at this time of the year.
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.
Indian consumer market sees significant drop in average buyer age across cars, smartphones, and TVs
Over the past 5-6 years, the average age of Indian consumers purchasing cars, premium smartphones, and large televisions has decreased significantly, indicating a shift towards younger demographics. Major car manufacturers like Maruti Suzuki, Hyundai Motor, and Mercedes-Benz note a decline in the average buying age from the 40s to the mid-30s, with over 70% of electric car buyers being in their 20s and 30s. Similarly, the average age for purchasing Apple iPhones and large-screen televisions has dropped from the 30s to the late 20s to early 30s.
Few Chinese electric cars are sold in U.S., but industry fears a flood
American automakers expressed their approval of the Biden administration's decision on Tuesday to levy a 100% tariff on electric vehicles imported from China. They stated that these vehicles could undercut billions of dollars of investments made in electric vehicle and battery manufacturing facilities in the United States.
Ignored by desis, small cars are driving Made in India ambitions elsewhere
India's car market shift towards SUVs impacts small car and sedan sales, despite being crucial for exports. Maruti Suzuki leads in exports, shipping to diverse destinations. Hyundai's exports include Verna, Aura, and Grand i10Nios. Price hikes and SUV preference lessen small car demand, but industry anticipates a revival by 2026-2027.
Xiaomi moves ahead with Tesla-like SUV as first EV hits goals
Xiaomi plans to enter the EV market with SUVs by 2025, starting with the SU7 model. The company aims to reduce reliance on smartphones, taking on competitors like Tesla and BYD, with positive market reception and potential break-even in 2026.
Maruti Suzuki Swift 2024 Launch: Expected Price, features, mileage, design and other details in EPIC new Swift
Maruti Suzuki Swift Launch: Maruti Suzuki India is gearing up to launch the highly anticipated next-generation Swift, featuring a revamped design, new engine, and updated interior. Pre-bookings have begun at an initial payment of ₹11,000, with deliveries expected to commence in June 2024. The hatchback will hit the Indian market today, May 9, 2024, and the epic new swift promises to be a blend of sporty design and enhanced driving experience.
Tesla pullback puts onus on others to build electric vehicle chargers
Musk's decision to lay off the 500-member team responsible for installing charging stations, and to sharply slow investment in new stations, baffled the industry and raised doubts about whether the number of public chargers would grow fast enough to keep pace with sales of battery-powered cars.
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.
Xiaomi locks in over 75,000 orders for SU7 car, targets over 10,000 deliveries in June
Xiaomi's SU7 electric sedan secured 75,723 orders by April 24, with a delivery target of over 10,000 units in June. Founder Lei Jun aims to focus on the Chinese market while competing in the EV price war.
Sales of cars, sedans, utility vehicles see their best-ever February
As per industry estimates this is an increase of 11.3% over 335,324 units sold in the same period last fiscal. February 2024 was the third best month for passenger vehicle sales recorded in the domestic market ever. The highest-ever wholesale in a month was in January 2024 at 3,94,500 units, followed by October 2023 at 3,91,811 units.
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