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 ...
Royal Enfield to bid nearly $2bn for Ducati India
The Dollar Business Bureau The Royal Enfield’s maker in India, Eicher Motors is bidding $1.8 billion-$2 billion for the Italian motorcycle manufacturer Ducati, according to a Reuters India news on Thursday. This led to the shares of Eicher Motors spiraling to a record high. Eicher Motors is the only Asian company in the auction, finalising the terms with advisers before the bidding deadline at the end of September, the media agency reported. German carmaker Volkswagen(VW) is also considering options for Ducati, including a sale of the brand, wholly controlled by VW's Audi division. But internal rifts and resistance from the German trade unions, have put the company’s plans on hold. It should be recalled that Reuters had reported earlier that Hero Motor Corp ...
Volkswagen reaches settlement with 10 US states on its emissions scandal
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 ...
VW starts SUV Tiguan production at Aurangabad plant
The Dollar Business Bureau German automobile major Volkswagen on Wednesday said that the production has commenced on its forthcoming premium SUV Tiguan at the Skoda plant in Aurangabad (Maharashtra). Slated to be launched in India later this year, the Tiguan model will be available in a 2-litre diesel engine coupled with an automatic 7-speed gearbox. “The Tiguan will be our premium SUV offering for India and will cater to the unceasing demand in the segment. Our customers will now have an extended portfolio, ranging from hatchback to executive sedan, to meet their requirements at our showrooms,” said Michael Mayer, Director, Volkswagen Passenger Cars India, said in a statement. The premium SUV and the sedan Passat are the latest products of Volkswagen lined up to ...
Volkswagen pleads guilty in US court to diesel emissions scandal
The Dollar Business Bureau Volkswagen AG on Friday pleaded guilty on criminal conduct for its diesel emissions scandal and agreed to settle all the claims and charges imposed by the buyers and the US Department of Justice. The sentencing date has been set as on April 21. In January, Volkswagen had agreed to a $4.3 billion settlement for its involvement in cheating on emission tests for at least six years by installing devices on its diesel-powered cars to evade emissions standards. The company had installed secret software in 580,000 US vehicles. A company spokesman said it was the first time Volkswagen has pleaded guilty to criminal charges. The scandal resulted in the ouster of its chief executive, tarnished the company's reputation and attracted ...
Volkswagen India to launch a slew of new models in 2017
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 ...
Volkswagen eyes SUV segment in India, to launch Tiguan this year
The Dollar Business BureauAutomobile major Volkswagen is planning to strengthen its SUV segment with the launch of its premium model Tiguan in India. The world's largest car manufacturer looks to scale up its presence in the Indian market. It is reintroducing its premium sedan Passat this year, in addition to its newly unveiled performance-oriented hatchback GTI. The company in one of its recent announcements said it is eyeing at positioning itself as an "accessible premium car brand" in the world’s fourth-largest automobile market. "Tiguan as our first premium SUV, comes into an area where we see more and more people investing in such cars. That will be the first step for us into that domain of SUVs," said Michael Mayer, Volkswagen Group ...
