SOCIETY OF INDIAN AUTOMOBILE MANUFACTURERS
Hyundai has the same fear like Tata Motors & Mahindra about petrol, diesel cars
Hyundai has joined Tata Motors and Mahindra & Mahindra in opposing tax breaks for hybrid vehicles in India, arguing it could disrupt the market for petrol and diesel cars. Japanese carmakers support lower taxes on strong hybrids, citing emissions reduction and fuel efficiency benefits. The debate underscores the auto industry's shift towards more sustainable technologies.
Hyundai flags concerns with 'changes' by Indian govt ahead of planned Rs 25,000 crore IPO
Hyundai, which plans to raise Rs 25,000 crore through the Indian stock market by selling a 17% equity stake in the local unit, flagged the importance of stable policies for confidently making technological upgrades. They also highlighted concerns about localisation norms like PLI for automotive technology, aiming to reduce import dependence and lower manufacturing costs with significant initial capital investments.
FADA plans to take up issue of high inventory with SIAM
The Federation of Automobile Dealers' Association (FADA) expressed concerns over high inventory levels and plans to discuss the issue with the Society of Indian Automobile Manufacturers (SIAM). FADA President Manish Singhania highlighted challenges faced by dealers, emphasizing the need for continuity in policies like FAME-3 and infrastructure development. Singhania noted that high inventory levels can impact dealerships negatively, especially if they exceed 30 days. He urged for collaboration with SIAM to address the issue and emphasized the importance of maintaining manageable inventory levels to avoid a repeat of the challenges faced in 2018-19.
Domestic passenger vehicle sales up 4% in May at 3,47,492 units: SIAM
India's passenger vehicle wholesales increased by 4% YoY to 3,47,492 units in May, according to SIAM. The overall dispatches from companies to dealers reached 3,34,537 units. Two-wheeler sales rose 10% to 16,20,084 units, while three-wheeler dispatches rose 15% to 55,763 units.
Railway, power to remain mega themes for next decade: Gautam Duggad
Last two, two-and-a-half years we have been significantly overweight on PSU banks in our model portfolio. In fact if you look at our model portfolio, the highest overweight across sectors stands at PSU bank and that has worked very well for us.
Heat is costing India dear. How to prevent it from charring our economy
Indian Institute for Human Settlements (IIHS) estimates that failing to address climate change, notably heat, could cost India up to 2.3% of GDP by 2023, and 6.7% by 2050. India can't roll the heat back. But we can prevent it from charring our economy and grilling India's liveability.
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Mirae Asset Mutual Fund files draft document with Sebi for Nifty EV & New Age Automotive ETF
Mirae Asset Mutual Fund has filed a draft document with SEBI for India's first ETF focused on Electric Vehicles (EV) and New Age Automotive. The fund will track Nifty EV & New Age Automotive Index.
Listen closely: From Google smart speakers to Paytm soundboxes, these businesses are thriving in manufacturing
Making for others can be more lucrative than building a brand for themselves — this realisation has created a brigade of small contract manufacturers who are making India’s place prominent in the global electronics manufacturing services map.
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.
Why imports from China are rising despite atmanirbhar Bharat initiatives
Imports from China is something India should monitor. But in some ways, this might be the way for the country to become a self-reliant economy.
India leads in electric vehicle sales amid global slowdown
Global electric vehicle sales growth faces challenges like capital costs and election uncertainty. US EV sales outpaced Europe, where EV sales declined due to Easter holidays. Germany saw a 29% drop in EV sales, while India's EV market share doubled to 4% in 2023.
Sachin Tendulkar spends ‘memorable’ Sunday with Ratan Tata; here's what kept them busy!
On Sunday, Sachin Tendulkar, cricket's GOAT (greatest of all time), had a meeting with distinguished business magnate Ratan Tata, the former chairman of Tata & Sons. The two icons engaged in a deep conversation about their shared interests, including cars, wildlife conservation, and philanthropy.
A heavy monsoon season is great news for these Indian stocks
Stocks of Indian firms reliant on rural demand are rising with optimistic monsoon forecasts. Motorcycle, farm-equipment, and FMCG companies are seeing improved sales in rural areas. Nifty FMCG Index is up, Hindustan Unilever and Dabur India expect demand growth.
Merchandise exports likely to reach $500 bn in FY25, growth of labour intensive sectors a concern: FIEO
FIEO also said that while meeting the ambitious target of $2 trillion exports by 2030, requiring a CAGR of 12.7%, is challenging, it is within reach and can be achieved.
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.
Maruti Suzuki reveals recipe for improved export plans in FY25
Indian automaker Maruti Suzuki is targeting nearly 3 lakh exports in FY25, focusing on improving its portfolio abroad. With 283,067 units exported, the company has been India's top passenger car exporter for the third consecutive year. The company has also manufactured over 3 crore automobiles in India. Supporting factors for this outlook include better products, improved portfolio in foreign nations, and talent transfer.
Indian auto industry poised to reach USD 300 Billion by 2026; Revving up for innovation and expansion
India's auto market aims for a USD 300 billion milestone by 2026, backed by rising income levels and urbanization. The industry showcases robust production figures and significant FDI inflow, positioning itself as a global automotive hub with a promising future.
Hyundai to rev up India capacity to tap rising demand
To expand production, Hyundai Motor India will open its Pune plant - acquired from General Motors - in the second half of next calendar year. The company is upgrading the facility for producing more than 200,000 vehicles annually. Adding the Chennai plant's capacity of 824,000 vehicles, Hyundai Motor India's annual capacity will reach more than one million vehicles a year, the company said.
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.
Halve your fuel expense? Bajaj's CNG bike may do just that
Bajaj Auto plans to disrupt the entry-level motorcycle market with the world's first CNG-run motorcycle, aiming to halve monthly fuel expenses. The bi-fuel motorcycles, priced at a premium, will challenge Hero MotoCorp's dominance. Bajaj aims to capitalize on the mileage-conscious entry-level segment, where it currently holds an 8% share. The move aligns with government carbon reduction goals and leverages Bajaj's experience in CNG three-wheelers. Launching first in Maharashtra and Gujarat, Bajaj plans to expand its CNG motorcycle portfolio in India and select international markets.
Car sales touch record mark in February amid better supplies and strong consumer demand
As per data available with industry body Society of Indian Automobile Manufacturers (SIAM), as many as 370,786 cars, sedans and utility vehicles were sold last month, which is an increase of 10.8% over 334,790 units reported in the same period last year.
Domestic passenger vehicle sales rise 11 pc in February: SIAM
In February, passenger vehicle wholesales in India increased by 11% year-on-year, with total dispatches reaching 3,70,786 units. Sports utility vehicles continued to drive demand, contributing to the highest-ever February sales for passenger vehicles. Two-wheeler sales rose 35% to 15,20,761 units, while three-wheeler dispatches increased to 54,584 units.
Auto industry to invest $7 bn in 5 years to deepen parts localisation
The Indian auto industry is set to invest up to $7 billion by FY28 to deepen localisation of advanced components, including electric motors and automatic transmissions, to reduce imports and capitalize on multinationals' 'China Plus One' sourcing strategy. The Automotive Component Manufacturers Association (ACMA) reports that automakers and suppliers are likely to make this investment between FY24 and FY28.
UP emerges as top state in total vehicle sales in Oct-Dec 2023; Maharashtra 2nd: SIAM
Uttar Pradesh witnessed the highest number of three-wheelers sold in the quarter at 23,859 units, followed by Maharashtra (20,495), Gujarat (19,743) and Bihar (14,955). Similarly, in the two-wheeler category, Uttar Pradesh topped the list with a total of 6,73,962 units sold in the state, followed by Maharashtra (5,15,612), Madhya Pradesh (3,35,478) and Tamil Nadu (3,24,918).
India to be number 1 auto manufacturing hub in 5 yrs
Under the leadership of Prime Minister Narendra Modi, the government aims to secure a majority in the next general elections. The focus is on good work, progress, and development, transcending caste, creed, sex, religion, and language.
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.
Domestic passenger vehicle sales rise 4% YoY at 2.86 lakh units in December: SIAM data
The total domestic Passenger Vehicle (PV) sales for December 2023 were recorded at 2,86,390 units as against 2,75,352 units sold in December 2022, data from Society of Indian Automobile Manufacturers (SIAM) showed. In the final month of 2023, the automakers sold 12,11,966 two-wheelers, while 50,537 three-wheelers were sold.
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