Tag: auto

Why passenger vehicles will continue to grow in low single-digits this year

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

The passenger vehicle (PV) industry has grown at a modest pace in April, and the trend is likely to continue for the rest of the year.

Tarun Garg, COO of Hyundai Motor India, and Hemal Thakkar, Director at CRISIL, who watches the auto space closely, expect low single-digit growth of about 2-3% for the PV industry during April-March 2024-25.

Garg says the slow pace of growth should not be a cause for worry because of two reasons: one, it’s coming on a high base, and two, the compound annual growth rate (CAGR) of the industry over the past decade has also been around 5%.

Thakkar notes that the inventory position is also still tight. “We’re still at about 40 days of inventory that will limit our growth going forward.”

However, within the PV industry, the Sport Utility Vehicle (SUV) segment has seen a solid growth.

With newer models coming in, Garg expects this space to remain on an uptrend.

“I think SUVs are continuously going to grow. And I don’t buy the argument that just because the smaller cars or entry level is not growing, it is having an effect on the overall industry growth. I think that industry growth has been phenomenal. And people are directly moving to SUVs, which is very clearly seen. The first timers in SUVs is going up,” he points out.

Garg also pointed to an interesting trend in the PV segment, where SUV’s are increasingly selling in the rural market.

The South Korean auto giant and India’s second largest carmaker is also optimistic of a strong growth in the electric vehicles (EV) space and has plans to launch five new EVs by 2030.

The first high-volume Hyundai EV is likely come in early 2025.

Garg believes when it comes to EVs, the direction is clear that they are going to be the future.

However, one needs to be patient as the industry might face teething troubles in terms of charging infrastructure. The absence of bigger, more established players will also affect momentum possibly for another year or two.

Thakkar agrees with Garg that EVs are the way forward although there will be challenges in the near term.

However, he also notes that the increasing availability and variants of EVs and the government’s initiatives to promote EV manufacturing will build confidence among customers to opt for it.

For hybrids cars, Thakkar believes the deciding factor will be the price point. If the delta of its price with petrol cars is low, customers will opt for it.

Watch the accompanying video for the full interview

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Maruti Suzuki Swift, Tata Altroz Racer and more, auto launches in May 2024

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

India’s auto sector is gearing up for some exciting launches in May, with several new models set to hit the roads. With each having its unique features, these vehicles cater to every segment. Here’s a look at the upcoming launches in the auto sector in May 2024:

Maruti Suzuki Swift

The all-new, refreshed version of the highly-anticipated Maruti Suzuki Swift will be making its debut in the Indian market in May, bringing with it a variety of upgrades from the previous model. Talking about its design, the new Swift is expected to showcase a revamped appearance with updated elements like a redesigned front bumper, a new grille, enhanced headlamps, and LED daytime running lights among others.

Also, the Suzuki logo now is placed prominently on the bonnet, complemented by fresh dual-tone alloy wheels on the sides. Moreover, the cabin of the new Swift is expected to receive a technology and comfort upgrade, drawing major inspiration from Maruti Suzuki’s other models — Baleno and Fronx.

Tata Altroz Racer edition

Leading car maker Tata is expected to launch the latest Altroz Racer edition in India soon. The company showcased the model at the 2024 Bharat Mobility Show some time ago.

According to rumours, the new Altroz is expected to have a bold front fascia, featuring an LED headlight setup, which the company has paired with LED DRLs with sleek fog lamps. The bonnet of the car might feature two-white strips, which will enhance its overall road appearance.

Force Gurkha 5-door

Force Motors has officially announced the new three-door and five-door variants of the Force Gurkha. Boasting a 2.6-litre turbocharged diesel engine with 140 horsepower and 320 Nm of torque, the new vehicles offer different driving modes, including Eco and Power. The new variants likely to hit the Indian market in the first week of May.

In India, the Gurkha competes with Mahindra Thar, which is expected to unveil the five-door variant in the coming months.

Bajaj Pulsar NS400

Bajaj is set to launch the Pulsar NS400, the most powerful motorcycle in the series, in India on May 3. Recently, the company teased its latest vehicle on social media, giving a glimpse of its rear alloy wheel, which looks quite similar to that of the Pulsar N250. More details are expected to be out in the coming days.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

First Global’s Devina Mehra cautious on market in the near term, adds new names to portfolio

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Devina Mehra, the Founder, Chairperson, and Managing Director of First Global, is cautious on the Indian market for the next 2-3 months and advises giving more weightage to market indicators over economic conditions while making investment decisions.

“While I am cautious about the next one to three months, that does not mean that you should be out of the market. I always say that there is a risk of being invested in the market to the risk of a downside, but there is also a risk of not being invested and missing out on an up move,” she said.

First Global, she said, has been overweight on Japan for a year now and on India in its global funds. However, China hasn’t bottomed out yet.

Mehra included some metal companies as part of the quarterly portfolio adjustments.

She is also overweight on auto and pharmaceutical sectors since the beginning of 2023 and added a few names in the spaces during the portfolio rejig. Construction is another sector on her radar.

“IT is one space I am watching for bottoming out this year. But again, still waiting for the signals for that to happen,” she said.

Also Read | Japan’s bond market liquidity improves as BoJ loosens its grip

Mehra believes that unless there is a significant risk of a major crash, which she does not foresee, investors may opt to hedge their positions to be cautious.

“We were hedged up until now, those hedges expired. We are just reevaluating how much to hedge now. But we are not making a big cash call and we plan to be mostly invested,” she said.

Also Read | Fitch cuts China outlook to negative on steady rise in debt

For the entire interview, watch the accompanying video

Catch all the latest updates from the stock market here

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Munjal Auto soars 9% to hit 52-week high after tax relief in ₹401 crore I-T demand notice

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Munjal Auto Industries Ltd shares rallied nearly 9% to hit a fresh 52-week high after the company announced that it has received tax relief from the income tax department in a ₹401 crore demand order.

In a stock exchange filing, the leading auto components manufacturer said the I-T Department has reduced the tax demand to ₹69.74 lakh against its earlier order of ₹401.42 crore, following its appeal to higher authorities.

After the disclosure, the stock jumped 9.14% to touch its 52-week high of ₹85.58 per share on BSE. Shares have surged 140% from the 52-week low hit on March 29, 2023.

The company clarified that it has always been disclosing to the stock exchanges all the material information that have a bearing on the operations or performance, including all necessary disclosures in line with SEBI rules within the stipulated time.

The exchanges had sought clarification from the company on the unusual spike in its shares in the last few days.

The stock has surged around 52% in the past month while in the last week it moved up 22%.

Munjal Auto in July had received a tax demand notice of ₹401.42 crore (₹4,01,42,70,150), including interest of ₹64.26 crore from the I-T Department for AY 2022-23.

The company in September filed an appeal before the deputy commissioner of the income tax, Vadodara, stating that income assessment was purely on account of a software processing error.

It also moved CPC Bengaluru and Central Board of Direct Taxes (Income Tax) against the tax demand notice.

“On application being filed to deputy commissioner of the income tax, Vadodara, company has received Rectification order u/s 154 of the Income Tax Act, 1961 for A.Y. 2022-23 on November 28, 2023,” the company said on Wednesday.

Munjal Auto also stated that the matter is under scrutiny assessment and it does not expect any financial implications.

The stock was trading 6.25% higher at Rs 83.3 apiece at 12.41pm on November 29, 2023.

Also Read: PCBL gains 6% to hit 52-week high after board approval to acquire Aquapharm Chemicals

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Auto This Week: Maserati unveils MC20 Notte, Lotus Eletre makes India debut and more

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

The automotive industry saw some major launches and updates this week. Maserati has unveiled a limited edition version of its super sports car the MC20 Notte, while British carmaker Lotus announced its first car in India ahead of Diwali. Apart from that, there were some major launches at EICMA 2023 as well.

Here’s a look at some of the top auto launches this week:

British carmaker Lotus to Introduce Its First Car in India

British carmaker Lotus is all set to launch its first electric SUV in India, known as the Eletre. The all-new car comes in three different variants, like the Eletre, Electre S, and Eletre R. The Eletre and Eletre S feature a 603hp dual-motor system with a maximum range of 600km, while the Eletre R boasts a 905hp dual-motor setup with a 2-speed transmission and a maximum range of 490km. The Eletre R, with its top speed of 258kph, is claimed by Lotus to be the world’s fastest production electric SUV.

Suzuki Unveils GSX-S1000GX and GSX-8R

Suzuki has introduced the new GSX-S1000GX and GSX-8R at the EICMA 2023. The Suzuki GSX-S1000GX is Suzuki’s first bike to have the Advanced Electronic Suspension (SAES) system, which adjusts damping based on factors such as vehicle speed, road surface, and braking. The vehicle weighs 232 kg, sits on 17-inch alloy wheels with tubeless tyres, and has a ground clearance of 155 mm. On the other hand, the all-new GSX-8R is made on the company’s 776cc engine platform, which is also found in the GSX-8S and the V-Strom 800 line up.

Yamaha unveils the 2024 MT-09 SP

Popular bikemaker Yamaha has unveiled the all-new 2024 MT-09 SP variant for the international market. The all-new bike is equipped with a front fascia, a reworked fuel tank, and a split-seat layout. It also has a new DLC-coated 41mm KYB front fork that is completely adjustable. The 2024 MT-09 is powered by a crossplane triple CP3 engine with two overhead cams.

Royal Enfield Introduced the Himalayan Electric Concept

Royal Enfield has introduced the Himalayan Electric Concept at EICMA 2024. The electric concept of the Himalayan will have a round, full-LED headlamp, a big windscreen, a distinctive tank flowing into a single-piece seat, and a compact electric motor. It has an engine similar to that of the Himalayan 450 and is inspired by the ‘Sherpa 450’. It has a 451.65-cc single-cylinder liquid-cooled engine that develops 40 BHP at 8,000 rpm and 40 Nm at 5,500 rpm.

Maserati launches MC20 Notte

Maserati has unveiled the MC20 Notte, a limited edition of its super sports car, the MC20. This nocturnal beast is the first of its kind, designed to dominate both the track and the road. To celebrate the launch, global brand ambassador David Beckham and Andrea Bertolini star in a short film. Beckham’s dazzling MC20 transforms into a new racing creature, blazing through the night across the city and on the racetrack.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

New car and bike launches in November: Mercedes AMG-C43, Royal Enfield Himalayan 452, and more

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

The automobile market in 2023 has witnessed a wide range of launches, which include hybrid cars, petrol vehicles, and electric cars. According to reports, the trend doesn’t appear to be slowing down, as many leading carmakers are gearing up for new launches with an exciting lineup of cars in the month of November.

Many top brands, including Indian manufacturers like Tata Motors and international carmakers like Renault, Mercedes-Benz, and Skoda, are going to introduce their new cars. Let’s take a look at the major car launches that are expected in November:

New Renault Duster

The automobile company’s most popular car Duster is all set to make a global comeback with new features in November. The next-generation Duster is built upon the new CMF-B modular platform. It will be equipped with a 1.3-litre turbo-petrol engine and will be capable of delivering 167.6 bhp of power. The Renault Duster is expected to be launched on November 29.

Mercedes GLE Facelift

Mercedes-Benz is all set to end 2023 on a high note with some exciting launches in November and December. As per reports, the German luxury carmaker will be unveiling the GLE SUV with new features. The facelift version is expecting a redesigned front bumper, updated LED headlight and taillight assemblies, and a fresh set of alloy wheels. The luxury SUV is expected to be launched on November 2.

Skoda Superb

Czech carmaker Skoda is all set to introduce the latest version of its sedan model, the Superb. The new generation Superb will feature sleeker headlights equipped with Matrix LED technology, eye-catching LED taillights, and a broader grille. The upcoming sedan will offer a range of powertrains, including TSI petrol, TDI diesel, and plug-in hybrid engines. Skoda Superb will be unveiled on November 2.

Tata Punch EV

One of India’s largest automakers, Tata Motors, has already launched several facelift versions of its cars, like the Nexon, Nexon EV, Harrier, and Safari. As per reports, they are set to launch the new EV version of their hatchback, Punch. The EV version of Tata Punch is expected to offer a range of over 500km on a single charge.

Mercedes-AMG C43

Another major launch by Mercedes-Benz is the all-new AMG C43. It is a new sportier version of the luxurious C-Class and comes with a 2-litre turbo-petrol engine and a nine-speed automatic transmission. The engine can produce 397bhp of power and 500Nm of peak torque.

Toyota Urban Cruiser Taisor

Toyota will be launching the all-new Urban Cruiser Taisor, which is expected to be based on the Maruti Suzuki Fronx, in the coming month of November. The car is expected to be powered by the 1.2-litre petrol engine from the Maruti Suzuki Baleno. It has also been found that the vehicle will get a 1.0-litre turbo-petrol engine option.

Royal Enfield Himalayan 452

Royal Enfield is all set to launch the all-new Himalayan 452 in the first week of November. The adventure bike will be equipped with features like a new 452 cc single-cylinder liquid-cooled and is expected to churn out around 40 BHP and 40-45 Nm of torque.

Ducati Superquadro Mono

Ducati is expected to launch the all-new Superquadro Mono in the first week of November. The Superquadro Mono will give out 77.5bhp at 9,750rpm and 62.9Nm at 8,000rpm. Ducati has claimed that the bike has the most high-performance and road-going single-cylinder engine.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Rising crude oil prices could eat into the festive profit of Indian companies

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

In an interaction with CNBC-TV18, Harsha Upadhyaya, Chief Investment Officer at Kotak Mahindra Asset Management Co. pointed out that while overall sentiment for the Indian market continues to remain positive from a medium-term perspective, investors should keep an eye on crude oil.

“Crude has moved up and there could be some pressure on margins,” he said, adding that there could be further pressure on oil prices if the Israel-Hamas conflict escalates and is no longer a local conflict.

“We have seen a 30% rise in crude prices over the last 3 months, from $70 to $90 a barrel. So there has already been an increase. This will flow into margins over the next 1-2 quarters with a lag,” he said.

Also Read: Can stocks keep rallying with the rise in oil prices?

Crude oil prices have risen nearly 6% since the Israel-Hamas conflict first began ten days ago. Analysts back home are in a wait-and-watch mode as any escalation of the conflict can lead to a significant impact on margin across oil-dependent sectors such as auto, aviation, and paints, among others.

How rising oil prices could impact businesses 

In a report released on October 9, Axis Capital noted that oil marketing companies are likely to be worst affected due to a spike in oil prices. Auto-fuel gross marketing margin has already dropped from a strong Rs 10.2 per litre in the first quarter of FY24 to Rs 2.1 a litre in the second quarter and to Rs 0.8 a litre on a spot basis. Axis expects this to adversely impact the earnings of oil marketing companies in the second half of the current financial year.

“Airlines like Indigo lose 20% of their earnings, and paints and tyres manufacturers may lose 4-7%, if oil prices rise $5 a barrel. FMCG companies are also likely to be affected (through detergents and via packaging) and are likely to pass on price increase but at the cost of volumes,” the Axis report stated.

Crude prices have impacted the price of Styrene, a crude oil byproduct and a solvent used in making reinforced plastic fabrications, pipes and automobile body parts. Prices of Styrene have risen nearly 26% over the last three months.

The prices of daily-use items such as soaps, toothpaste, hair oil, etc. have also been on a steady uptrend over the past couple of months.

Nomura estimates that every 10% increase in oil prices can raise the fiscal cost by 0.2% of GDP in India, assuming the government bears the entire loss.

Broad market outlook

Upadhyaya said that earnings delivery remains an important factor that will drive market sentiment. He expects earnings for large caps to grow in the mid-teens. However, small- and mid-cap stocks could be at more risk of a correction if things don’t pan out as expected, he said.

“In large caps, we do not see too much earnings risk. Over the next 2 years, we expect about 16-17% earnings CAGR. Even in a worst-case scenario, there is not so much valuation discomfort in that basket. However, in small and mid-caps the earnings CAGR is about 25% for the next 2 years and valuations are at a premium to large caps as well as the segment’s historical average. If at all there are risks to earnings delivery it will be in mid- and small-caps,” he noted.

For more details, watch accompanying video

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

UAW Chief Shawn Fain rejects 21% pay increase offer as a ‘no-go’

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

United Auto Workers President Shawn Fain said he’s unmoved by an offer of a 21 percent pay raise from Stellantis NV as the strike against the Big Three US automakers entered its third full day.

“It’s definitely a no-go,” Fain said Sunday on CBS’s Face the Nation. “We’ve made that very clear.”

Fain’s comments signal the union and Detroit executives are still far apart. Stellantis’ chief operating officer for North America said Saturday that he was “disappointed” the union rejected what the automaker considers a “compelling offer,” which included a “solution” to protect jobs at an idled Jeep plant in Illinois.

Workers at plants in Michigan, Ohio and Missouri walked off the job on Friday in a partial strike that’s threatening billions in losses if it spreads to more plants. The union and the companies, which also include Ford Motor Co. and General Motors Co, are expected to resume negotiations on Monday.

The strike, which is rippling into the politics of the wealth-inequality discussion as the 2024 presidential race takes shape, comes amid a turbulent and costly transition to electric vehicles.

While the shift to EVs threatens to shrink auto employment and lower pay, Fain repeated in the interview that workers shouldn’t have to shoulder an unfair burden.

“Anyone that doesn’t believe global warming is happening isn’t paying attention,” Fain said. “But this transition has to be a just transition, and a just transition means if our tax dollars are going to finance this transition that labor can’t be left behind.”

President Joe Biden and Democratic politicians around the US are rallying behind the union, seeking the support of its members as the campaign heats up. Biden would like the union’s endorsement — something Fain pointedly didn’t commit to.

“Our endorsements are going to be earned,” he said. “We expect action, not words.”

Representative Debbie Dingell, a Michigan Democrat, noted that her state is “competitive” going into the 2024 vote, and while she said presidential politics shouldn’t be a part of the negotiations, a union endorsement may hang on the results.

“When we get a good agreement that keeps America strong, keeps our workers strong, then I think that we know who they’re going to support,” she said on the CBS show. “They’re going to support someone that supports the American worker.”

The auto companies have taken a more public and aggressive media stance in this year’s negotiations to respond to Fain.

He’s been holding regular live online briefings for the roughly 150,000 union employees of the carmakers, laying out their proposals and accusing them of corporate greed.

The UAW’s three-pronged attack comes amid a resurgence of labor activism in the US as workers, emboldened by tight labor markets and agitated by inflation, push for higher wages and better benefits.

Also Read: Jeep finalising electric vehicle strategy for India, looks to increase localisation

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Auto This Week: Toyota Rumion Launch, Mercedes-Benz GLC India entry and more

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

This week saw some exciting launches in the automobile world. From Toyota introducing its Ertiga-based Rumion to Mercedes launching its new GLC. There were some exciting two-wheeler launches as well.

Let’s look at the launches that were made this week:

Toyota Launches Rumion: Toyota has launched the Rumion in India, a new MPV based on the Maruti Suzuki Ertiga. The Rumion is Toyota’s fourth badge-engineered car, after the Glanza, Urban Cruiser, and Hyryder. The car comes with some interesting features like a 7-inch touchscreen infotainment system with Apple CarPlay and Android Auto, automatic climate control, rear AC vents, steering-mounted controls, keyless entry and start, rear parking sensors, and a camera.

Mercedes-Benz introduces the new GLC: Mercedes-Benz India has launched the second version of the GLC mid-size luxury SUV with a starting price of Rs 73.5 lakh (ex-showroom, India). The new GLC comes with new appearances, features, and mild-hybrid powertrains. The luxury SUV sports an 11.9-inch portrait-style touchscreen and a 12.3-inch digital instrument cluster and the interior is equipped with an air purifier, a 360-degree camera, 64-colour ambient lighting, a panoramic sunroof and memory functions.

Ducati Launches the Diavel V4 in India: The Diavel V4 is the newest of Ducati’s nine new motorcycles for 2023, which have been released in India. The power cruiser costs Rs 25.91 lakh (ex-showroom, India) and comes in two colour options, ie., Ducati Red and Thrilling Black. The newly launched bike comes with a 1,158-cc V4 Granturismo engine, which produces 168 hp and 126 Nm. The Diavel V4 will be pitched against Harley-Davidson Fat Bob, Triumph Rocket 3, and Kawasaki Vulcan S in the market.

TVS launches Raider Super Squad Edition: Popular two-wheeler manufacturer TVS launched its new Raider Super Squad Edition. The newly launched bike is based on the two characters of Marvel: Black Panther and Ironman. This special edition bike is priced at Rs 98,919 (ex-showroom) and is now available at all TVS Motor dealerships.

Ather launches EV 450S: Ather Energy launched a new EV (electric vehicle) two-wheeler, the 450S, with a range of 115 km. The two-wheeler starts at Rs 1,29,999. The 450S will include India’s first DeepView Display, a 2.9 kWh battery, an IDC range of 115km, an 0–40 acceleration time of 3.9 seconds, and a top speed of 90 km/h.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

SIAM says auto sector growth trajectory will continue as May sets record for highest domestic sales

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

The auto industry recorded its highest domestic passenger sales growth of 13.5 percent in May 2023, SIAM DG Rajesh Menon said on Tuesday. As many as 3,34,247 domestic sales of passenger vehicles were recorded, compared to 2,94,392 units in May 2022.

SIAM President Vinod Aggarwal said all automotive segments posted double-digit growth in May 2023. “We anticipate the growth trajectory to continue in the prevalent economic environment,” he said, adding, that the industry is going through a transition phase with new powertrain technologies being offered to consumers.

The auto sector reported 14,71,550 domestic sales of two-wheelers and 48,732 sales of three-wheeler vehicles in May 2023, data released by the Society of Indian Automobile Manufacturers (SIAM) showed.

“Two-wheeler sales saw a 17.4 percent growth compared to May 2022, but these were still lower than the 2016-17 period. Three-wheeler sales grew 70 percent over May 2022 but on a low base. They are still lower than 2018-19,” Menon said.

Last month, a total of 21,24,235 units of passenger vehicles, three-wheelers, two-wheelers and quadricycles were produced, according to the data.

Also Read:Maruti’s upcoming Innova Hycross-based MPV to be called ‘Invicto’, July 5 launch likely

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow