New Delhi: The country’s car industry has for the second time revised upwards its growth projections for this fiscal to more than 8%, nearly twice the rate projected at the start of the year. Passenger vehicle sales in the local market are expected to grow by 8.1-8.2% to 4.23 million units in FY24, buoyed by … Read more
Fuelled by rising disposable incomes, an influx of new sport-utility vehicles, and attractive loan rates, India’s car market is racing ahead. India’s passenger vehicle sales surged past 4 million units for the first-time ever in calendar year 2023. As per industry estimates, about 4.1 million passenger vehicles were sold in the last calendar year, an … Read more
Indian auto industry is set to invest up to $7 billion, or about Rs 58,000 crore, by FY28 to deepen localisation of advanced components from electric motors to automatic transmissions to reduce imports and capitalise on multinationals’ ‘China Plus One’ sourcing strategy. Automakers and their suppliers are likely to make this investment between FY24 and … Read more
Last Updated: January 29, 2024, 19:02 IST Auto Industry’s Wishlist for Budget 2024, Hopes High for Economic Boost. (Representational Image) (Photo: HT) Auto industry anticipates growth-oriented measures in upcoming budget. Hopes for infrastructure support and incentives for electric vehicles. As the interim budget approaches, people in the automobile industry have different hopes for Finance Minister, … Read more
The government has constituted a committee to examine the auto industry’s demand for including more components in the production-linked incentive scheme for automobile and auto components, Union Minister Mahendra Nath Pandey said. “A committee has been constituted to examine demands from stakeholders to include more (automotive) components in the scope of the PLI scheme as … Read more
India’s passenger vehicle sales surged past 4 million units for the first-time ever in calendar year 2023 buoyed by rising disposable incomes, an influx of new sport-utility vehicles, and attractive loan rates. More than 4.1 million cars, sedans and utility vehicles were sold in the domestic market last year, an 8.2% increase from the 3.79 … Read more
Flavio Volpe, head of the Automotive Parts Manufacturers’ Association, believes the recent electric vehicle targets set out by Canada’s environment minister also carried this pointed message to Canada’s domestic auto industry: “Let them eat cake.” Volpe says he has come to this conclusion because he believes those goals, which include a national target of 100 per cent zero-emission vehicle sales by 2035, cannot be … Read more
Chrysler parent company Stellantis says future participation in North American auto shows will be looked at on a “case-by-case basis” amid headwinds in the auto market. “With a focus on preserving business fundamentals to mitigate the impact of a challenging automotive market in North America, Stellantis is working to optimize its marketing strategy as it relates to … Read more
The Union Minister for Road Transport and Highways in India, Nitin Gadkari, has once more expressed his reservations about the idea of driverless cars in the country. He has consistently held this stance, emphasizing that he won’t permit these vehicles in India. Gadkari’s primary argument against driverless cars stems from the potential job losses they … Read more
Automakers are set to get a jolt Tuesday when Ottawa unveils its promised electric vehicle regulations. CBC News has learned that Ottawa will release final regulations it says will ensure that all new passenger cars sold in Canada by 2035 are zero-emission vehicles, a senior government source said. The source — who was not authorized to speak publicly — … Read more
