Automobile

Country’s largest two-wheeler maker Hero MotoCorp said on Wednesday it has acquired 17.49 lakh shares, constituting around 60 per cent stake, in its joint venture with Italian firm Magneti Marelli.

Financial details were not immediately available.

Hero MotoCorp has subscribed to a total of 1,749,999 equity shares of face value Rs 10 of ‘HMC MM Auto Ltd’ constituting 60 per cent shareholding in the JV company, Hero MotoCorp said in a filing to the BSE.

Auto firm Mahindra & Mahindra on Thursday said it would increase prices of its passenger and commercial vehicles by up to 2 per cent from next month to offset high input costs.

“This increase would be effective January 1, 2014. The price increase is primarily due to rising materials, input and higher freight costs,” the company said in a statement.

“We have been holding back prices for a while, but now it has become necessary to raise them to partly compensate the increase in materials, input and freight costs,” said Pravin Shah, Chief Executive of Mahindra’s Automotive Division.

Auto major Mahindra & Mahindra today said it will increase prices of its passenger and commercial vehicles by up to 2 per cent from next month to offset high input costs.

“This increase would be effective January 1, 2014. The price increase is primarily due to rising materials, input and higher freight costs,” the company said in a statement.

“We have been holding back prices for a while, but now it has become necessary to raise them to partly compensate the increase in materials, input and freight costs,” said Pravin Shah, Chief Executive of Mahindra’s Automotive Division.

German car-maker Volkswagen today said it will increase its vehicle prices by up to 2.5 per cent in India from next month in order to offset impact of high input costs.

The company said the price increase would be effective from January 1, 2104.

Commenting on the development, Volkswagen Passenger Cars Managing Director Arvind Saxena said: “We have been faced with constant rise in input cost over the past several months and have tried our best to absorb it.”

Domestic passenger car sales declined 8.15 per cent to 1,42,849 units in November this year as compared to 1,55,535 units sold in the same month last year.

According to the data released by the Society of Indian Automobile Manufacturers (SIAM), motorcycle sales during last month grew by 1.44 per cent to 8,80,015 units from 8,67,508 units in the same month previous year.

Total two-wheeler sales in November 2013 grew by 5.55 per cent to 12,40,732 units from 11,75,441 units in the same period of previous year.

Tata Motors-owned Jaguar Land Rover today reported 25 per cent increase in its global sales in November this year at 37,403 units.

November sales were strong for Jaguar Land Rover in the China Region, up 42 per cent, North America up 37 per cent, Asia Pacific up 32 per cent and other overseas markets, higher 42 per cent, the company said in a statement.

In November, Jaguar sold 6,244 units, up 55 per cent reflecting strong demand for XJ and all XF derivatives, JLR said, adding Land Rover sold 31,159 units, up 20 per cent.

Japanese car major Nissan will make its entire product line up available for purchase via internet in India.

The company sells a range of vehicles, including hatchback Micra, mid-sized sedan Sunny, Nissan Evalia (MPV), and newly-launched compact SUV Terrano along with SUV X-Trail. These are priced between Rs 4.9 lakh and Rs 26.96 lakh (ex-showroom, Delhi).

“Customers will be able to book their cars by making payments through an online gateway by credit card. The car will then be delivered to the customer by their nearest Nissan dealership when ready,” the company said in a statement.

Japanese car firm Nissan on Tuesday said it would hike prices of its vehicles, including hatchback Micra and sports utility vehicle Terrano in India, by up to 4 per cent from next month in order to offset the impact of rupee depreciation and escalating input costs.

The company, which is present in the country through a wholly owned subsidiary Nissan Motor India Pvt Ltd , said the price increase ranging from 2 per cent to 4 per cent, will be effective from January 2014.

German automobile manufacturer Mercedes-Benz is planning to introduce a new feature, called “Stop&Go Pilot”, in the 2015 C-Class sedan that could help in traffic jams.

The system will keep the car in its lane automatically, bring the car to a complete stop at slow speeds, then resume after a full stop, TechHive reports.

The new small sedan C-Class will be launched on December 16 and will have more new features like a touchpad that sits between the seats for controlling the touch screen display, and a unique air-freshness control feature.

Tata Motors is all set to take its trucks to the racing track. If everything goes as planned, you will have the unusual spectacle of the big-built machines racing in March, 2014.

Tata Motors officials were unavailable for comment, but president of Federation of Motorsports Clubs of India (FMSCI) Vicky Chandhok gave IANS a sneak peek of the initiative.

Tata Motors-owned Jaguar Land Rover (JLR) has said it would set up its first manufacturing unit in Brazil with an investment of up to 240 million pounds by 2020.

A landmark agreement between the iconic British luxury carmaker and the Brazilian authorities will result in a plant-based in the state of Rio de Janeiro.

It will initially employ 400 people and generate additional jobs in the supply chain, aimed at an annual production capacity of 24,000 vehicles.

Maruti Suzuki and Hyundai have joined Mercedes, BMW, Audi and Honda, announcing a hike in prices of their cars from January.

Maruti Suzuki, the country’s largest car manufacturer, sells a range of vehicles, from M800 to Grand Vitara, priced between Rs 2.13 lakh and to Rs 24.6 lakh (ex-showroom, Delhi).

“Maruti Suzuki will increase prices from January 2014 as input costs have been going up and we cannot continue to absorb all of it. We will pass on some part of it to the customers,” Maruti Suzuki India (MSI) COO (Marketing and Sales) Mayank Pareek said.

German luxury car maker Mercedes Benz on Friday said it will hike prices of its products across models by up to 10 per cent in India from next month.

While the company did not specify the reason for the price increase, its rivals BMW and Audi have already said they would hike prices from January onwards owing to pressure on their business due to economic factors.

Mercedes Benz sells a range of luxury cars and sports utility vehicles in India, including compact cars A Class and B class, sedans C Class, E Class and S Class and sports car SLS AMG, priced between Rs 22 lakh and Rs 3 crore.

Homegrown auto firm Mahindra & Mahindra on Thursday said it would recall 900 units of a variant of its popular sports utility vehicle Scorpio, manufactured between October and November this year, to rectify faulty pressure valve.

“Mahindra will carry out preventive replacement of a pressure regulating valve in 900 units of only Scorpio’s Ex variant which were manufactured between October/November 2013,” the company said in a statement.

German luxury car maker Mercedes Benz today said it will hike prices of its products across models by up to 10 per cent in India from next month.

While the company did not specify the reason for the price increase, its rivals BMW and Audi have already said they would hike prices from January onwards owing to pressure on their business due to economic factors.

Mercedes Benz sells a range of luxury cars and sports utility vehicles in India, including compact cars A Class and B class, sedans C Class, E Class and S Class and sports car SLS AMG, priced between Rs 22 lakh and Rs 3 crore.

India Ratings has said stressed assets in the commercial vehicles (CV) loan books of lenders hit a new high of 3 per cent in September quarter due to the lingering slowdown.

The agency cautioned that the asset quality stress will continue at least for the next two quarters.

“Delinquencies of CV loans rose to 3 per cent in the September quarter from 2.4 per cent a year ago,” India Ratings said in a note.

Toyota Kirloskar Motor’s total sales went up by a little over 12 per cent in November at 12,748 units. The company had sold 11,357 units in the same month last year.

Domestic sales of the company dipped slightly to 10,208 units in November this year compared to 10,352 units in the same month last year.

“The market continues to be sluggish and market sentiments are not expected to improve in the coming months,” said company’s Deputy Managing Director and Chief Operating Officer (Marketing and Commercial) Sandeep Singh.

General Motors India on Monday reported a 14.14 per cent decline in sales at 6,214 units in November 2013.

The company had sold 7,238 units in the same month of 2012, GM India said in a statement.

Last month’s sales included 2,151 units of Beat, 1,206 units of multi-purpose vehicle Enjoy and 1,347 units of Tavera, it added.

Commenting on sales performance, GM India Vice-President P Balendran said: “As expected, the market has gone down drastically after a small spike during the festive season.”

Country’s largest two-wheeler maker Hero MotoCorp on Monday reported a 5.61 per cent rise in total sales at 5,30,530 units for November this year.

In the same month last year, it had sold 5,02,305 units, Hero MotoCorp said in a statement.

Bajaj Auto Ltd (BAL) on Tuesday reported a decline of 14.69 per cent in motorcycle sales at 2,78,703 units in November 2013.

The company had sold 3,26,727 units in the corresponding month last year, Bajaj Auto Ltd (BAL) said in a statement.

BAL said exports were up 8 per cent during the month at 1,33,731 units compared to 1,24,115 units in November 2012.

In the commercial vehicles category, the company said its sales stood at 31,888 units as against 45,566 units in the same month last year, a decline of 30 per cent.

Honda Cars India Ltd (HCIL) is looking to hike prices of its entire product range in the country from the first week of January as it aims to partially offset the effects of adverse exchange rate and inflation.

“We are looking to hike prices from the beginning of January. The price hike will be across our entire model range comprising Amaze, Brio, CR-V and Accord,” said HCIL Senior Vice-President Jnaneshwar Sen.

When asked about the quantum of increase in prices, Sen said the company is “still working on the details”.