The resilient performance extended to all segments of the auto industry, with record-breaking passenger vehicle retail sales, a substantial rise in three-wheeler registrations, and increased sales of two-wheelers, commercial vehicles, and tractors.
Primarily influenced by the private equity (PE) segment, the automotive industry in India has entered a transformative phase, embracing alternative fuel technologies and innovative mobility solutions in the EV era, according to the report by Grant Thornton Bharat.
The 30-share BSE Sensex settled up 16.17 points or 0.03 percent at 53,177.45. During the day, it had declined 389.75 points or 0.73 percent to 52,771.53. The NSE Nifty gained 18.15 points or 0.11 percent to 15,850.20.
From the Sensex pack, Maruti, M&M, Asian Paints, Bharti Airtel, TCS and Hindustan Unilever among others were the major gainers. On the other hand, Reliance Industries, NTPC, Power Grid and UltraTech Cement were the laggards.
The PLI scheme will incentivize the emergence of advanced automotive technologies' global supply chain in India.
SIAM said that the PLI scheme announced by the government will increase competitiveness and take the growth of the sector to the next level.
Motorcycle sales were at 8,37,096 units last month as against 8,88,520 units in July 2020, down 6 pc.
The 6.2 MWp solar carport deployed by Tata Power will generate 86.4 lakh kWh of electricity per year and is estimated to reduce 7,000 tons of carbon emissions annually and 1.6 lakh tons over its lifecycle, a regulatory filing said.
The country's second largest passenger vehicle maker is looking to further consolidate its position in the fast-growing SUV segment with the introduction of Alcazar which comes with six and seven seat configurations.
The new Velar is available in the R-Dynamic S trim with 2-litre petrol and diesel powertrains.
The 2nd generation BMW S 1000 R is being imported as a completely built-up unit and can be booked at all BMW Motorrad India dealerships from Tuesday onwards, the group said in a statement.
Finance Minister Nirmala Sitharaman presented the Union Budget 2021-22 on Monday, which was approved by the Union Cabinet headed by Prime Minister Narendra Modi earlier today.
Automobile dealers' body FADA fears that the coronavirus pandemic could result in job losses in dealerships which could be worse than what was experienced last year when over two lakh jobs were lost due to a prolonged slowdown in the automobile industry
Union Transport Minister Nitin Gadkari told India TV, in an exclusive conversation, that India is taking steps in the direction of becoming the hub in auto manufacturing in the next 5 years. Speaking on India TV's #TeamModiOnIndiaTv platform Gadkari said that it will be a part of the 'Atmanirbhar Bharat' and India would cut its dependency on China for products and start producing them at home.
Automobile makers are in for tough period at least in the short to medium term as the period of poor sales is expected to continue well into the first half of current fiscal year with only a moderate recovery thereafter.
The global automobile industry is well prepared to deal with the impact of the coronavirus outbreak due to its strong supply chain management mechanism, according to a senior Mercedes-Benz official.
A training centre for skilling women to get jobs in the automobile sector was inaugurated on Saturday at the IIT in Ambala in Haryana.
Big Boy Toyz sales director Nipun Miglani in an exclusive conversation with India TV spoke of several issues pertaining to the current state of auto sector in India. He spoke of how the sales of new cars have affected the used car market in India.
India' largest buyer and seller of luxury used cars, Big Boy Toyz, is all set to expand its business to Kolkata and Ahmedabad. The plans to open new stores is in its initial stages of development and could be implemented by 2020-21 financial year.
Sales in the auto sector remained slow in the month of January. While India's largest car manufacturer, Maruti Suzuki, recorded a marginal gain, Hyundai and Tata Motors remained in the red.
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