Indian equities were slightly altered on May 23 after advancing over 3% the prior session, as a severe selloff in metal companies offset advances in automobile sector. The Nifty metals index fell 6.6 percent, while the Nifty auto index increased by 2%. The Indian government announced on May 22 that it will eliminate import duty on anthracite, PCI coal, and coking coal, with the goal of lowering raw material costs.
Courtesy: Indian Express
Approximately 20 car making companies have been included in the recently launched production Linked Incentives (PLI) scheme, aiming clean fuel initiative. These based in India car making companies are now eligible for the government scheme; Tata Motors, Hyundai, Bajaj Auto, Hero MotoCorp and Ola Electric (for two-wheelers). The companies will work for the production of hydrogen clean fuel and electric vehicles. Also, Maruti has been dropped… read-more
Courtesy: Hindustan Times
Electric vehicle start-up Oben Electric, on January 25, said that they raised $ 1 million in funding from investors. The money was raised in December 2021 led by We Founders Circle (WFC). The start-up will reportedly use the funding to enhance its business capacity, set up a bigger manufacturing infrastructure, and strengthen distribution plans. The whole process from designing to manufacturing, is done in-house with Indian components, stated… read-more
Courtesy: The Economic Times
Contemporary Amperex Technology Co Ltd in China, launched a battery swap service for electric vehicles. The service 'would allow' drivers to change batteries in car in just a minute. The stations, to swap battery, will be established in ten cities of China, while the service can be accessed through an app. The official said service allows drivers to swap out consumed battery block for freshly charged at its stations.
Courtesy: Car and Bike
Electric Vehicle Indian Startup EVage has raised a whopping sum of $28 Million in seed funding from RedBlue Capital. It aims to supply Electric Vehicles to Indian logistics companies. The company will produce automobiles in leveraging proprietary hardware and 'Modular micro-manufacturing' factories. It will use the funding to complete its 'production-ready' factory outside Delhi and boost up production. Reportedly, EV sales accounted for 1.3… read-more
On a year-on-year basis, Tata Motors automobile manufacturer reported a rise of 24% in its domestic sales in December 2021. The sales rose to 66,307-units during the month under review from 53,430-units sold during December 2020, which takes Tata Motors to the second spot, in terms of sales, ahead of Hyundai. Total commercial sales of company rose to 31,008-units, with total passenger vehicle sales rose by 50% to 35,299-units.
Courtesy: News 18
Kia Motors, a South Korean auto company is planning to push sales in India by 30% in 2022. Tae Jin Park, the MD of Kia Motors said, "Our business plan got limited this year due to the global shortage of semiconductors. But our volume expectation, also on the back of this new launch will reflect in our plan next year". Kia Motors have established their factory in Andhra Pradesh.
Courtesy: The Economic Times
According to reports, Harley Davidson Inc is inspecting ways to impose overcharges on its motorbikes, in order to adapt with inflation. However, the company had applied surcharges only to its biggest market, United States. Even though the price surged, the demand for motorbikes remained high. Furthermore, the company's shares increased by 8.4%, and sales generated from motorcycles and allied products surged by 20%, to $1.16 billion.
In the biggest development, Lei Jun, Chief Executive of Xiaomi on October 19 said it will start producing its own cars in 2024. This was posted on the verified Weibo account of a director in Xiaomi’s international marketing department. Reportedly, the company will also be investing $10 billion in the electric car section, in the upcoming 10 years. Besides, the company’s shares also increased by 5.4%.
The Automobile industry has seen positive growth of 34.2% in July 2021 than July 2020, according to the Federation of Automobile Dealers Association (FADA). Last year in July 2020, people purchased 11.6 lakh vehicles and now it has increased to 15.56 lakh vehicles. The commercial vehicles sales increased by 166%, followed by 83% in a three-wheeler, 63% in passenger vehicles, and 27% in a two-wheeler, and 6% in tractors.