India to see sales of 30.81 mn electric vehicles by 2040: Amitabh Kant
The Dollar Business Bureau NITI Aayog Chief Executive Officer (CEO) Amitabh Kant said on Thursday that the strong push by the Government towards e-mobility is targeted towards making India an export hub for electric vehicles. “The vehicle penetration in the country is the lowest among the developing countries. At present, India has 20 cars per 1,000 people whereas the US has 800 cars,” Kant said while addressing the 57th Annual Convention of SIAM in New Delhi. “Other countries will have the problem to make the switch to electric but India has the advantage to become the leader because of its low penetration levels. We must make India the export hub for electric vehicles,” he said. He also said that the country may be slow ...
Apollo Tyres to set up 475 millon euro plant in Hungary
The Dollar Business Bureau India’s leading tyre-maker Apollo Tyres has announced it will soon establish Europe's largest greenfield plant in Hungary with a total investment of 475 million euros to manufacture about 62 lakh tyres for passenger cars and heavy commercial vehicles per year. The facility at Gyongyoshalasz in Hungry will start production early next year and will produce tyres to cater to the entire European market. "Construction of Apollo Tyres' first European greenfield plant at Gyongyoshalasz has started on April 10, 2015 and we will start production in early 2017. It will be Europe's largest greenfield tyres plant," Apollo Tyres (Hungary) KFT, Head - Project Controller, Amitabh Arya said to PTI. Once completed, the Hungarian facility will produce 5.5 million (55 lakh) passenger car and light truck (PCLT) tyres and 675,000 heavy ...
Car sales up 9.53%, passenger vehicles up 16.68% in Aug: SIAM
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% ...
Mahindra to invest Rs.700 cr to boost truck manufacturing
The Dollar Business Bureau Mahindra Truck and Bus Division, a part of $16.9-billion Mahindra Group that manufactures all variants of trucks, on Wednesday said that it will invest Rs.700 crore to bolster its commercial vehicle segment. Emphasising on the company’s visions, Rajan Wadhera, President and Chief Executive - Truck & Power Train - M&M Ltd, said, “The CV (commercial vehicle) industry has seen an upturn over the last few quarters which is a good sign. At Mahindra we have been steadily growing and are fully committed to our commercial vehicles business and taking aggressive steps to become a complete CV range player. “With planned investments and enhancement of our product portfolio, we look forward to ride the growth trajectory,” he added. ...
