Search Result for : Automobile Exports

The Dollar Business Bureau French car maker Renault and Iran signed a mega JV on Monday in the presence of the Iranian Industry Minister, Mohammedreza Nematzadeh. The JV could change the tide of the car maker in the oil rich Middle eastern country. Many Western companies have made a beeline to do business in Iran with the lifting of the sanctions. The joint venture was signed between Renault and Industrial Development & Renovation Organization of Iran (IRDO). Renault will be the majority shareholder holding 60% of the shares, with IDRO and another private player Parto Negin Naseh taking up 20% each. The production of the cars will begin in 2018, with both the parties agreeing to set up an engineering and sales centre ...

Sreenivasa Rao Dasari  The devastating impact of cyclone Vardah has badly hit the export performance of auto component manufacturers and the aqua sector in Tamil Nadu. Chennai is also known as the Detroit of Asia as it accounts for over 60% of the country’s automobile exports. Though Vardah did not affect the aqua units as they are located far from Chennai, it badly impacted the container movement as floods disrupted the activity at the port. The Federation of Indian Export Organisations (FIEO) urged the Centre and the Tamil Nadu governments to take a holistic approach in order to minimise the impact of natural calamities on the industry and export logistics.  After the floods that affected the city last year, Chennai was limping ...

The Dollar Business Bureau Japanese auto major, Suzuki Motor Corp, will invest 100 billion yen (around $970.97 million) to set up a second production line for vehicles, even before the operations have started at its new manufacturing plant in Gujarat, according to a report in Nikkei business daily on Friday. The second production line could start in early 2019 and will have the capacity to manufacture the same volume per year as the first line, which is scheduled to start in 2017, said the report. With the addition of production lines, Suzuki is likely to increase its production capacity to 2 million cars per annum, it added. The new unit in Gujarat will have the production of models like Baleno hatchback, with vehicles for ...

The Dollar Business Bureau French automobile manufacturer, Renault on Monday announced the commencement of exports of Kwid - its entry-level car and Duster - the popular SUV, to Nepal from its operations in India. Renault marked its entry into the market of Nepal by collaborating with Vishal Group - one of the biggest business groups. This is in line with the company’s strategy to enhance its presence in the region of SAARC, said the company in a statement. Sumit Sawhney, Renault India Operations Country CEO and MD said, “Nepal is an important market for Renault's growth in South Asia and we have carved out a clear-cut strategy to grow our presence in this important market with an ambition to be among the top players.”He further said that Renault is confident that Duster and ...

The Dollar Business Bureau Things seem to be looking good for the automobile industry in India. The Society of Indian Manufacturers (SIAM) released optimistic growth figures of car and passenger vehicles sales in August. According to SIAM, Domestic passenger vehicle sales grew 16.68% to 2,58,722 units in August from 2,21,743 units in the same month last year. Car sales were also up  by 9.53% to 1,77,829 units as against 1,62,360 units in August last year. Motorcycle sales also jumped last month by 22.19% to 10,05,666 units as against 8,23,051 units a year before. In all the two wheeler segment sales in August grew 26.32% to 16,48,883 units compared with 13,05,248 units in the same month a year ago. The sales of commercial vehicles rose by 1.53% ...

The Dollar Business Bureau India’s overall automobile exports have declined 11.53% at 3.05 lakh units in July 2016 when compared to 3.44 lakh units in the same month last year, as per the data released by Society of Indian Automobile Manufacturers (SIAM) on Wednesday. During the month, the exports of Passenger Vehicles (PVs) and Commercial Vehicles (CVs) have registered a growth of 3.23% and 13.21% respectively. But, the exports of three-wheelers and two-wheelers have witnessed a dip by 21.86% and 14.61% respectively in July 2016 over the same month previous year. According to SIAM data, total automobile exports decreased by 10.2% at 11.34 lakh units in April-July 2016 against 12.63 lakh units in the corresponding period last year. While exports ...

The Dollar Business Bureau Ashok Leyland (ALL) announced it will establish its assembly plants in Bangladesh and Kenya. The Chennai-based automobile maker plans to manufacture trucks in Bangladesh and buses and trucks in Kenya. The company has also decided to scale up its capacity in Ras Al Khaimah (UAE) to 6,000 units per annum to tap the growing demand of African and West Asian countries in a big way. “We will be investing $5 million in Kenya and the same amount will be invested by our franchisee in Bangladesh. Both plants will have an annual capacity of 3,000 units to be scaled up based on the demand,” said Gopal Mahadevan, chief financial officer, ALL. Mahadevan said Kenya has emerged as a key market for ALL ...

The Dollar Business Bureau India’s overall auto exports fell 9.7% in the first quarter of the current fiscal due to a significant decline in demand in some of the country’s core automobile markets. The sales of three-wheeler segment witnessed the maximum decline, as it shrank by 46.22% to almost 66 thousand units compared to over 122 thousand units in the same period a year ago. The two-wheeler exports, too, contracted by 8.3% to over 577 thousand units during April-June 2016-17 from almost 623 thousand units in the same period a year ago. "The main reason for the decline has been that our main market Europe saw pressure and we are now moving to new markets like South Africa and Latin America," said Vishnu Mathur, Director ...