Wheels India, steel wheel maker for passenger cars and utility vehicles, has reported a 64.11 per cent jump in net profit at Rs 8.78 crore for the fourth quarter ended March 31, 2014.
The Chennai-based TVS Group company had reported a net profit of Rs 5.35 crore in the year-ago period.
The revenues of the company increased to Rs 485 crore in the January-March 2014 quarter from Rs 467 crore in the year-ago period, Wheels India said in a statement.
Harnessing capabilities from its centres across the globe, India’s Tata Motors is gearing up for a big leap to reclaim its position among top car makers in the domestic market while also seeking a bigger play internationally.
Beyond the conventional fuel vehicles, the company’s board has already given approval for a product launch programme till 2020 that will include hybrids, electric and other alternate fuel technologies.
German auto giant Volkswagen Group is planning to invest about 100 million euros (over Rs 800 crore) in India to expand business, including launches of sedan and SUV in the compact segment along with a hatchback.
“At present, an investment of approximately 100 million euros is in the decision process for new models and for further localisation of parts and components,” Volkswagen India president and managing Director Mahesh Kodumudi told PTI.
The results of the general elections are out and BJP has swept its way into Raisina Hill with a clear majority at hand. The country has been in a state of economic turmoil over the last two-three years and factors like fluctuations in dollar-rupee exchange rates, high crude oil prices and ever growing inflation are responsible for the suffering of the automobile industry. The coalition government and lack of strong policy making has been blamed for this climate of uncertainty.
Royal Enfield is on the move to give the brand a fresh new image, and hence the company has gone ahead to not only offer a redesigned logo but also refreshed colour options for its popular Classic and Thunderbird series bikes.
Recently refreshed, the Classic 350 and Classic 500 are now available with new colour options, wherein the Classic 350 gets a blue and white colour, along with the initial black and silver colours to choose from. Meanwhile, the Classic 500 gets a beige colour option with a maroon strip running down from the front fender to the tail light.
Federal safety regulators slapped General Motors with a record $35 million fine on Friday for taking more than a decade to disclose an ignition-switch defect in millions of cars that has been linked to at least 13 deaths.
Under an agreement with the Transportation Department, GM admitted it was slow to inform regulators, promised to report problems faster and submitted to more in-depth government oversight of its safety operations.
The fine was the maximum the department can impose.
The beleaguered Indian automobile industry on Friday pinned hopes on the new government, to be led by Narendra Modi, to push reforms such as GST and policies that boost infrastructure development on the back of a clear mandate in the polls.
The industry also hoped that the new government would keep the excise duty rates at the existing level to help the sector come out from a prolonged demand slump.
Mahindra unveils its first-ever electric two-wheeler, GenZe, in Ann Arbor, Michigan in US which is quite cute actually as a two-wheeler!!!
Its Slim, agile and somewhat retro look make it quite unique!!!Hope this will catch the attention of potential buyers!!Its range per charge, 48 Kms.
Tata Motors on Thursday reported 7.65 per cent decline in its global sales, including that of Jaguar Land Rover (JLR), to 75,026 units in April.
The company had sold 81,241 units in April last year, Tata Motors said in a statement.
In the passenger vehicles category, global sales last month were at 47,972 units, as against 41,272 units in April 2013, up 16.23 per cent.
Sales of luxury brand Jaguar Land Rover jumped 39 per cent to 40,137 units in April, compared with 28,874 units in the same month last year.
Tata Motors on Thursday reported 7.65 percent decline in its global sales, including that of Jaguar Land Rover (JLR), to 75,026 units in April.
The company had sold 81,241 units in April last year, Tata Motors said in a statement.
In the passenger vehicles category, global sales last month were at 47,972 units, as against 41,272 units in April 2013, up 16.23 percent.
Sales of luxury brand Jaguar Land Rover jumped 39 percent to 40,137 units in April, compared with 28,874 units in the same month last year.
Luxury automobile manufacturer Mercedes-Benz India Thursday launched its high-performance sports utility vehicle (SUV) ML 63 AMG priced at Rs.1.49 crore (ex-showroom, Delhi).
“The new ML 63 AMG sets new standards in terms of performance, exclusivity, efficiency and a superlative driving experience,” said Eberhard Kern, managing director and chief executive, Mercedes-Benz India.
According to the company, the new vehicle is powered by a 5.5-litre V8 biturbo engine, which develops a peak output of 410 kW and maximum torque of 760 Nm.
Iconic cult bike maker Harley-Davidson has hit the sweet spot with its model ‘Street 750’, that is built in India, accounting for nearly 60 per cent of its April sales in the country within the first month of starting deliveries.
The company, which is present in India through a wholly-owned subsidiary Harley-Davidson India, had launched the Street 750 priced at Rs 4.1 lakh in February and opened for bookings in March.
The Mahindra Group has announced to open a new technical centre in the US state of Michigan to facilitate the company’s expansion into automotive markets worldwide and would create 112 jobs with a total capital investment of USD 2 million.
Mahindra North American Technical Centre, being opened with support from Michigan Strategic Fund and the Michigan Economic Development will design, develop and prototype complete vehicle designs to facilitate Mahindra & Mahindra’s expansion into automotive markets worldwide.
Tata Motors Wednesday launched in Qatar three new heavy trucks from its ‘Prima’ range of commercial vehicles, along with its partners Al-Hamad Automobiles.
“The launch of the Tata Prima brand in Qatar is an important milestone in Tata Motors’ continued expansion in the Qatar market and the GCC region,” said Ravindra Pisharody, executive director, commercial vehicles business, Tata Motors.
Honda Motorcycle & Scooter India has set an ambitious target to sell 45 lakh units in the country this fiscal as it gears up to introduce two new motorcycles, and hopes to cash in on the recently launched scooter – Activa 125.
It is also planning to open 1,000 more outlets taking the total to 3,800 by the end of the 2014-15 fiscal.
The country’s largest carmaker Maruti Suzuki India on Tuesday said its compact car Alto has become the second model from the company’s portfolio to cross the 25 lakh unit sales mark in the domestic market.
The Alto has entered the 25 lakh club, where the only other car is the Maruti 800, Maruti Suzuki India (MSI) said in a statement.
“Launched in 2000, the Alto has attained the 25 lakh milestone in less than 14 years, the fastest by any brand; we are overwhelmed and humbled by its popularity,” MSI Vice President (Marketing) Manohar Bhat said.
Suzuki Motorcycle India (SMIL) on Tuesday launched its 110 cc LET’s scooter in Kerala, targetting sales of 1,000 units per month in the state.
SMIL, a subsidiary of Suzuki Motor Corporation of Japan, is looking at national sales of one lakh units a year, Atul Gupta, Executive Vice-President, Suzuki Motorcycle India Ltd, told reporters here.
A series of regional launches have also been planned, he added.
Initially, the new scooter would be marketed in Kochi, Thiruvananthapuram, Kozhikode, Thrissur and Kannur.
Tata Motors-owned Jaguar Land Rover (JLR) Monday reported 30 percent increase in global sales for April at 37,171 units.
The company’s sales were up 72 percent in the China region, 19 percent in North America, 25 percent in Asia Pacific and 27 percent in Europe, JLR said in a statement.
“April sales continue the positive momentum we saw in the first quarter of 2014. Alongside the F-Type, all three Range Rover models delivered record April sales performances reflecting the global appeal of our strongest ever vehicle line up,” JLR Group Sales Operations Director Andy Goss said.
On Monday, Japanese auto giant Nissan said that its full-year net profit jumped 14.0 percent, boosted by a weaker yen, cost-cutting efforts and brisk sales.
According to Japan’s second-biggest automaker which says that it earned 389.0 billion yen ($3.8 billion) for the fiscal year to March, after sales rose 20 percent on the previous year to 10.48 trillion yen.
Toyota announced the prices for its new cross hatchback, the Etios Cross. Priced between Rs 5.76-7.50 lakh (ex-showroom, Delhi), the Etios Cross will zoom in on stirring up the rather quiet cross hatchback segment.
The Toyota Etios Cross is available with two petrol and one diesel engine. Coalesced with spunky exterior styling and an equally impressive interior design, the Etios Cross is aimed squarely at a younger and more adventurous audience.
Japanese auto major Nissan will start selling its Datsun brand from exclusive showrooms within this fiscal as it plans to have in three years’ time totally independent outlets of its two brands in India.
The company is also bolstering its spare parts supply chain and will set up two distribution centres in North and West India within a year to supplement its main centre at Chennai.
“The Datsun brand is currently sold from Nissan showrooms but within this fiscal you may see separate showrooms for the Datsun,” Nissan India Operations President Kenichiro Yomura told PTI.
Ford India has resumed bookings for all variants of its popular compact sports utility vehicle EcoSport.
The company had stopped taking bookings for the vehicle, which was launched in June, in the wake of heavy demand.
“With 50,000 EcoSports delivered, we have significantly reduced the waiting period and are pleased to extend the opportunity to book the Ford EcoSport to more customers,” Ford India Executive Director of Marketing Sales and Service Vinay Piparsania said today in a statement.
n a bid to consolidate its presence in the Rs 14,000 crore car servicing industry, Mahindra First Choice Services, the multi-brand car service division of the Mahindra Group, said it plans to set up 450 outlets in the country in next three years.
The firm entered the division in 2009 and has opened 28 company-owned outlets across the country. They plan to open 450 outlets, including franchise and company-owned outlets in three years, Mahindra First Choice Services’ Chief Executive Officer Y V S Vijay Kumar said.
Mahindra & Mahindra Tuesday launched a new variant of SsangYong’s sports utility vehicle Rexton in the country, priced at Rs 19.96 lakh (ex-showroom, Delhi).
The new model RX6 will be an addition to the existing model range of Rexton which has received a very good response in India, Mahindra & Mahindra (M&M) said in a statement.
Car major Honda Cars India Ltd (HCIL) Thursday said there is a “high” incidence of taxes on automobile sector, saying “cars are more taxed than cigarettes” in the country.
“Today if you look at incidence of taxes on car whether it is excise duty, CST, calamity tax, education cess, VAT, road tax..If you look at all these taxes on car, probably cars are more taxed than harmful things like cigarettes… taxation is extremely high,” company’s Senior Vice President (Marketing and Sales), Jnaneswar Sen told reporters here.