Exports of passenger vehicle drop 1.51%; two-wheelers up 20% in FY18
The Dollar Business Bureau With focus of the industry shifting towards domestic market and lasting impact of GST refunds on exporters, the passenger vehicle exports from India dropped by 1.51% in 2017-18, witnessing a dip for the first time in the past seven years. In 2017-18 fiscal, 7.47 lakh units of passenger vehicles were exported as against 7.58 lakh units in the previous fiscal, as per the Society of Indian Automobile Manufacturers (SIAM). “This is the first decline in exports of passenger vehicles since 2010-11 when it declined 0.41%,” said Sugato Sen, Deputy Director General, SIAM. Citing the the reasons behind the decline in passenger vehicles export, Sen said that some key exporters have shifted their focus on the domestic market. In addition, the exporters ...
Indian auto industry to grow more than 3.5 times by 2026
By Aamir H Kaki The Heavy Industries Secretary Girish Shankar on Thursday said that the Indian auto industry will grow by 3.5 times, from the output of around Rs.464,000 crores in 2015 to above Rs.16-19 lakh crore by 2026. “We have finalised the next Automotive Vision Plan 2016-2026, as has been the case with the previous one, combined efforts of the government of India and the industry, we chart a growth path that we jointly seek to achieve,” Shankar said, while speaking at the 2nd ASSOCHAM Auto Forum & Awards 2017 in New Delhi. “This Vision Plan also seeks to define the trajectory of the evolution of the automotive eco system in India including deadline of specific regulations and policies that govern a ...
Auto industry likely to continue on its growth path: Report
The Dollar Business Bureau India’s auto sector, which witnessed a revival in 2016 after two years of instability, is set to keep the momentum in 2017 with demand to pick up across all categories, according to a report. The auto industry growth is likely to continue this year across all vehicle segments – passenger, commercial and also two and three-wheelers. However, it is unlikely that the sector will see the sales growth of last year because of the impact of demonetisation and uncertainty with regards to the Goods and Services Tax (GST), revealed a report by Dun & Bradstreet (D&B). Last year, auto sales increased 9.2% led by two-wheelers which grew by 9.6% from 0.7% compared to a year-ago. In the meantime, cars segment clipped ...
Trump threatens Toyota with 'big border tax'
The Dollar Business Bureau Trump's tweet has yet again sent shock waves through the auto industry with its threat to penalise Toyota with 'big border tax' if it opens a new manufacturing facility in Mexico. "Toyota Motor said will build a new plant in Baja, Mexico, to build Corolla cars for U.S. NO WAY! Build in U.S. or pay big border tax," Trump tweeted on 5 Jan 2017. Trying to deliver on his promise to bring back manufacturing jobs to America, Trump has often used his twitter account to target multiple automobile and prevent them from moving production facilities out of the US. His attempts at meddling with the economy (even before assuming the title of POTUS) have also been rewarded earlier in Ford's ...
Govt to make automobiles manufacturing key driver of Make in India
The Dollar Business BureauUnderlining the government’s agenda of making automobile industry as the key driver of Make in India initiative, the Ministry of Heavy Industries and Public Enterprises on Friday said the government has formulated a scheme for faster adoption and manufacturing of electric and hybrid vehicles in India, a part of the National Electric Mobility Mission 2020, to promote the introduction of reliable, affordable and efficient electric and hybrid vehicles in the domestic market. Addressing a CII International Automotive Design Conclave 2016 in New Delhi on Friday, Girish Shankar, Secretary, Ministry of Heavy Industries and Public Enterprises said, “Both the industries and industrial organisations have to explore the development of funding strategies/models/mechanisms for design and development and how the outcome ...
Ministry wants the lower excise duty benefits for the auto industry to continue
The Dollar Business Bureau The Heavy Industries and Public Enterprises Ministry wants restoration of lower excise duty benefits to the Automobile Industry that had been withdrawn at the end of December. Anant Geete, Minister of Heavy Industries and Public Enterprises said, "We have suggested for the continuation (of reduced excise rates)." The previous UPA government, in order to boost the two sectors that were struggling in the wake of economic downturn, had cut excise duty on cars, SUVs, two-wheelers and consumer durables in the interim Budget in February. Excise duty on small cars, scooters, motorcycles and commercial vehicles was reduced to 8% from 12% previously. For SUVs, it was cut to 24% from 30%; for mid-sized cars ...
