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 ...
Maruti Suzuki becomes Indias top exporter of passenger cars
The Dollar Business Bureau Most popular car manufacturer in India, Maruti Suzuki India Ltd has become the largest exporter of passenger cars from the country in the first half of the current fiscal, replacing Hyundai Motor India Ltd. During the period April-September of the ongoing fiscal, Maruti Suzuki shipped 57,300 units of passenger cars, an increase of 6% compared to 54,008 units exported in the same period a year earlier, as per the recent data by apex industry body Society of Indian Automobile Manufacturers (SIAM). The number one exporter for a long time, Hyundai Motor India Ltd exported 44,585 units of passenger cars, witnessing a steep drop of 29.25% compared to 63,014 units shipped in the same period a year ago. The company ...
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 ...
GST: Small cars to become costly, SUVs, 2-wheelers benefit
Aamir H Kaki Under the new goods and services tax (GST) regime, the luxury cars will become cheaper and for buying small cars the buyers have to shell out a little more. Luxury cars, sports utility vehicles (SUVs) and larger sedans would be benefitted from some rationalisation in tax structure as even after a 15% cess on the total levy, it will be lesser than the tax currently being levied on such models. Under the new tax regime, there will be a uniform rate of 28% on cars, unlike the multiple rates of tax levied presently. An additional cess of 1% and 3% is being discussed to be imposed on small cars of petrol and diesel, respectively. Larger cars and SUVs are ...
Suzuki to invest $970 mn in 2nd production unit in Gujarat
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 ...
Maruti Suzuki profit up 23% in Q1 of FY 2016-17
The Dollar Business Bureau Maruti Suzuki India Ltd. said on Tuesday that it has posted a 23 percent rise in its net profit during the first quarter of 2016-17 fiscal. The country’s top-selling car manufacturer said the company’s profit during the April-June quarter stood at Rs.14.86 billion ($220.80 million), up from Rs.12.08 billion during the same period a year ago. Its net sales grew about 12 percent to 146.5 billion rupees. “The profit in the quarter was helped by a higher turnover, material cost reduction, higher non-operating income and lower depreciation,” Maruti Suzuki said in a statement. Maruti’s recent output is important as the Japanese car maker attempts to recover from an emissions testing scandal. Maruti Suzuki, controlled by Japanese company Suzuki Motor Corp through its ...
Maruti Suzuki profit up 23% in Q1 of FY 2016-17
The Dollar Business Bureau Maruti Suzuki India Ltd. said on Tuesday that it has posted a 23 percent rise in its net profit during the first quarter of 2016-17 fiscal. The country’s top-selling car manufacturer said the company’s profit during the April-June quarter stood at Rs.14.86 billion ($220.80 million), up from Rs.12.08 billion during the same period a year ago. Its net sales grew about 12 percent to 146.5 billion rupees. “The profit in the quarter was helped by a higher turnover, material cost reduction, higher non-operating income and lower depreciation,” Maruti Suzuki said in a statement. Maruti’s recent output is important as the Japanese car maker attempts to recover from an emissions testing scandal. Maruti Suzuki, controlled by Japanese company Suzuki Motor Corp through its ...
Maruti to focus on double digit growth target in FY'17
PTI Maruti Suzuki India Ltd (MSIL) today said its double digit growth target remains on track for the current fiscal despite production losses of 30,000 units in June owing to fire in one of its key vendor facilities at Manesar. "Whatever losses we had we will make up in the next few months as our production engineers are working on how to increase the production," MSIL Executive Director R S Kalsi said here today on the sidelines of the launch of new platinum rated showroom of 'One Auto' in Kolkata. The production loss is about 30,000 units for the company as the overall impact was almost for four weeks in the plant. Waiting period for Vitara Brezza and ...
