Search Result for : Automotive Industry

The Dollar Business Bureau  Germany’s industrial output had unexpectedly declined in June - for the first time this year, a data by German Ministry of Economic Affairs revealed on Monday. However, the industrial production increased overall in the second quarter of this year. The production fell by 1.1% in June after increasing 1.2% in May, the data showed. But production in factories and construction companies in Germany was 1.8% higher in the period April-June compared to the previous quarter. The Ministry said the upward trend would continue as indicated from the order levels and favourable business climate. “As unexpected as today's drop in industrial production has been, the German economy is still on track to post another strong quarter,” Carsten Brzeski, an economist with ING ...

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 ...

The Dollar Business Bureau Indian-origin businessman Sanjeev Gupta is likely to bail out yet another ailing plant in Britain after he agreed to acquire the UK’s biggest producer of merchant bars that are used in shaping steel products. As per the deal, Gupta’s Liberty House Group will buy out 100% of the share capital of the Caparo Merchant Bar Plc (CMB) from its managers of Caparo Industries. The acquisition forms a part of Liberty House’s broader strategy for Britain’s steel industry, with taken over major parts of Tata Steel’s UK business and earlier acquiring a large part of Caparo’s engineering operations when the plants owned by Indian-born business magnate Lord Swraj Paul, went into management in 2015. “CMB remained solvent despite its parent, Caparo Industries Plc, ...

By Sheela Mamidenna The youngest of the German cars in India, BMW, is fighting back to reclaim its leadership position in India. With its new Indian President and the company’s ‘power to lead’ strategy, BMW India recently launched the newest version of its luxury sedan, the 5 series, on June 29. Locally produced at the BMW Plant Chennai, the all-new BMW 5 Series will be available in diesel and petrol variants at all BMW dealerships across India from 1 July 2017 onwards. With the official implementation of GST on July 1, BMW is hopeful that it will make a strong comeback in India in a segment that accounts for less than 2% in the passenger vehicle market. With BMW, MINI and Motorrad, the BMW ...

By Abin Daya A very contentious regulation came out last week in the form of the new Prevention of Cruelty to Animals (Regulation of Livestock Markets) Rules, thereby making it illegal to sell cattle for slaughter in animal markets. While the actual impact of the regulation will depend on the implementation, which is mostly a state subject, there are fears that this will impact the $12Bn leather market and the approximately $4Bn carabeef (buffalo meat) export business. Added to this are unanswered questions of what farmers will now do with their old draught and milch cattle.  Things are already not so great for India’s leather export business, which has declined over the past 3 years. Global trade sentiment remains weak, and indicative of this ...

The Dollar Business Bureau BMW Motorrad, the motorcycle subsidiary of luxury German auto major BMW, has officially begun its operations in India. Earlier, the firm was operating in the country with importers who had retail outlets in New Delhi and Mumbai. “We see a tremendous potential in this country and we are pleased to introduce BMW Motorrad as a part of the Indian subsidiary of BMW Group,” said Dimitris Raptis, Head of Region - Asia, China, Pacific, South Africa, BMW Motorrad said in a release. Presently, the two-wheeler arm of BMW is in the process of establishing a network of dealers and a team in India with Shivapada Ray already being appointed as the Head of the company. Initially, the company will set up dealerships ...

The Dollar Business Bureau  The German automaker Volkswagen has agreed to pay $157.5 million to 10 US states for violating emissions standards. Speaking to the media, a spokesperson of the company said that his company has reached a settlement on Thursday with the representatives of Massachusetts, Virginia, New York and other seven states on this matter avoiding further prolonged and expensive litigation.  In its press statement, the company said, "The agreement avoids further prolonged and costly litigation as Volkswagen continues to work to earn back the trust of its customers, regulators and the public.”  So far the company has agreed to pay out more than $20 billion to state and federal authorities, auto dealers and consumers to avoid criminal penalties in its bid ...

The Dollar Business Bureau Volkswagen has expressed need for a change in its strategy towards the Indian market. The German automaker, which entered the Indian market 10 years ago, said that it is still learning and it's assumptions with respect to India before it launched Polo and Vento at the very onset of its entry into India might not have been 100% right. Volkswagen's revised strategy aims to transmogrify its brand image by projecting itself as an 'affordable premium brand'. The luxury brand seeks an overhaul of its Indian operations by boosting localisation and bringing to India many more feature-packed fresh models in the coming years. The world-renowned automobile giant is set to launch more models to pursue a rigorous expansion of its product line in India. The Passat and the Tiguan, two ...