Tag: toyota

Toyota agrees to biggest wage hike in 25 years, paves way for Bank Of Japan policy shift

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

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Toyota Motor agreed to give factory workers their biggest pay increase in 25 years on Wednesday (March 13), heightening expectations that bumper pay raises will give the central bank leeway to make a key policy shift next week.

The world’s biggest carmaker and traditionally a bellwether of the annual talks, said it agreed to the demands of monthly pay increases of as much as 28,440 yen ($193) and record bonus payments. Keeping with past practice, the company did not provide a percentage figure for the salary rise.

Toyota, Nippon Steel and Nissan Motor were among some of Japan Inc’s biggest names that agreed to fully meet union demands for pay increases at annual wage negotiations that wrap on Wednesday.

Also Read: Tesla investors sound off to judge who voided Elon Musk mega-pay plan

The talks, long a defining feature of the usually collaborative relationship between Japanese management and labour, are being closely watched this year as the pay increases are expected to help clear the way for the central bank to end its years-long policy of negative interest rates as early as next week.

Japan’s top government spokesperson and chief cabinet secretary Yoshimasa Hayashi told reporters on Wednesday it was important that the strong wage hike momentum spreads to small and mid-sized firms.

Also Read: SIDBI plans to raise ₹5,000 crore via rights issue next financial year

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

Toyota announces recall of over 280,000 vehicles in US due to unexpected movement

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

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A U.S. auto safety regulator said on Tuesday Toyota will recall 280,663 pickup trucks and SUVs and issue a software update to address concerns over unexpected movement caused when vehicles are in neutral and brakes are not applied.

Dealers will issue a free software update on impacted vehicles for the transmission control ECU (electronic control unit) software, the National Highway Traffic Safety Administration said.

The recall includes certain Tundra, Tundra hybrids and Lexus LX600 vehicles produced between 2022 and 2024 as well as Sequoia SUVs manufactured last year.

Also Read: BYD Seal electric sedan set for India launch on March 5; Check out expected features

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

Bharat Mobility Expo 2024: Key highlights from Tata, Maruti, Royal Enfield and Honda on Day 1

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

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The Bharat Mobility Global Expo, an event showcasing the future of mobility, is underway from February 1 to 3, 2024, at the Bharat Mandapam in Pragati Maidan, New Delhi. The expo serves as a platform for the display of a wide array of innovative technologies and upcoming vehicles.

It features everything from automotive components to electric vehicle battery and charging technologies, and from alternate powertrains to groundbreaking technologies such as urban mobility solutions and autonomous vehicles.

Here’s an overview of the key highlights and presentations from major automotive companies on Day 1 of the expo.

Tata Motors

Tata Motors showcased a range of vehicles at the Bharat Mobility Global Expo 2024. The Nexon iCNG concept, based on the recently facelifted Nexon SUV, debuted and is expected to be the only vehicle in India offering an extensive list of powertrains. The CNG-powered Tiago and Tigor AMT, India’s first vehicles with a CNG powertrain and an AMT automatic gearbox, will go on sale in early February.

Also Read: Auto sales LIVE: Tata Motors sales rise over 6% to 86,125 in January

The Tata Curvv, displayed at the expo, is expected to launch soon. It stands out with a sharp-looking fascia and a unique coupe-like roofline. The Curvv EV will initially go on sale, competing with the upcoming Creta EV and born-EV SUVs from Maruti and Toyota. The Curvv will also have petrol and diesel engine options. Production of the Curvv EV series will start around April at Tata Motors’ Ranjangaon plant near Pune, with an annual sales target of around 48,000 units, including 12,000 units of the Curvv EV.

Tata Motors also showcased the Harrier EV, the Altroz Racer concept, and the recently launched Punch EV. The Curvv SUV and the Harrier EV in production form will go on sale later this year. The Altroz is expected to get a facelift with some features seen on the Racer concept. Other displays included the Safari Dark Edition concept, a Safari-based safety demonstrator, and the Nexon EV Dark.

Maruti Suzuki

Maruti Suzuki India unveiled the eVX concept, a preview of the company’s first SUV for India, set to launch in late 2024. This SUV is a joint venture with Toyota, which will release its version next year.

The eVX and its Toyota counterpart, recently previewed as the Toyota Urban SUV concept, will be built on Toyota’s 27PL skateboard platform. This platform will also be used for future mass-market EVs. Both SUVs, measuring 4.3 metres in length, will offer ample cabin space due to their born-EV architecture. Maruti has been road-testing the eVX in India, and spy shots have revealed some details of the production model’s exterior and interior.

In addition to the eVX, the Wagon R Flex Fuel was also displayed at the show. This prototype is powered by a 1.2-litre petrol engine modified to run on E20-E85 Ethanol. The Wagon R Flex Fuel is still in the prototype stage, indicating Maruti’s commitment to exploring alternative fuel options.

Also Read: Budget 2024 highlights: Allocation for FAME subsidy for electric vehicles

Toyota

Toyota presented five models at the Bharat Mobility Global Expo 2024, emphasising alternative fuel vehicles. The lineup includes petrol, petrol-hybrid, CNG, and diesel-powered models currently available in India.

The event was inaugurated with the Toyota Mirai, a Fuel Cell Electric Vehicle that operates on hydrogen. This sedan, available in select global markets, serves as Toyota’s technology demonstrator in India.

The made-in-India Innova Hycross, equipped with a flex-fuel powertrain, was also showcased. It features a 2.0-litre Atkinson Cycle petrol engine paired with an electric motor, similar to the standard Innova Hycross hybrid. This model can perform comparably to the standard model, even with ethanol-blended petrol, which Toyota claims can significantly reduce hydrocarbon emissions.

A cross-section display of the Innova Hycross hybrid was also featured, showcasing common electric powertrain parts among Toyota models. The Hyryder CNG and a specially designed Hilux emergency response truck were also on display.

Royal Enfield

Royal Enfield has unveiled a flex-fuel variant of its popular Classic 350 at the Bharat Mobility Global Expo in Delhi. This version can operate on a blend of petrol and ethanol, with ethanol content up to 85%. The mechanical specifications of the flex-fuel bike mirror those of the standard Classic 350, featuring an air-cooled, 349cc, single-cylinder engine that delivers 20.2hp at 6,100rpm and 27Nm of torque at 4,000rpm, paired with a 5-speed gearbox.

Given that this engine is also used in other Royal Enfield models like the Meteor, Hunter, and Bullet, there is potential for the introduction of flex-fuel versions of these bikes in the future. The Flex-Fuel Classic 350 distinguishes itself visually with a unique green and red paint scheme.

Honda Motorcycle & Scooter India

Honda Motorcycle & Scooter India (HMSI) has unveiled its first flex-fuel motorcycle, specifically designed for the Indian market. This model embodies HMSI’s commitment to eco-friendly and sustainable mobility solutions, aligning with the Indian government’s initiative to explore alternative fuels. The pre-production model on display employs innovative “Flex Tech” Technology.

The flex-fuel motorcycle will be HMSI’s inaugural Flex Fuel Vehicle (FFV). It will be powered by a 293.52cc, single-cylinder, air-cooled engine compatible with up to E85 fuel (85% ethanol & 15% gasoline). With over a decade of global expertise in flex-fuel technology and more than 7 million satisfied customers in Brazil, HMSI is well-positioned to facilitate a smooth transition to flex-fuel for the Indian two-wheeler market.

Also Read: Budget 2024 | India plans to expand EV ecosystem, pushes for greener public transport

Honda Cars India

Honda Cars India Limited (HCIL) is showcasing its Honda City e:HEV and the recently launched SUV, Honda Elevate, at the expo. The City e:HEV features a two-motor strong hybrid system. With three multi-mode drive powertrain options – EV Drive Mode, Hybrid Drive Mode, and Engine Drive Mode.

Both showcased models are equipped with Honda’s advanced safety technology, “Honda Sensing.” This system uses a high-performance front camera with a wide-angle detection system to scan the road, alerting the driver and intervening when necessary to minimise accident risks.  Other safety features are Honda Sensing which includes Collision Mitigation Braking System (CMBS), Adaptive Cruise Control, Road Departure Mitigation (RDM), Lane Keeping Assist System (LKAS), and Auto High-Beam.

Skoda Auto Volkswagen

Skoda Auto Volkswagen India is showcasing the Skoda Enyaq iV EV for the first time in India. The all-electric Enyaq iV, first showcased in production form in September 2020 and also spied testing in India, is expected to have its prices revealed in March this year.

The likely model to be introduced is the top-of-the-line Enyaq iV 80x, equipped with a 77kWh battery and dual motors that produce 265hp. The battery pack supports 125kW DC fast charging and offers a range of 513km (WLTP) on a single charge.

The Enyaq iV is built on the VW Group’s born-electric MEB platform, which also underpins the Volkswagen ID 4 and Audi Q4 e-tron. This marks the Czech brand’s entry into the Indian EV space.

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

Tesla, GM, Volkswagen and Toyota may be using Chinese aluminium tied to Uyghur forced labor, claims rights group

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

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Automakers including Tesla, General Motors, Volkswagen and Toyota are failing to ensure they are not using forced labour as part of their China supply chains, a report released Thursday by Human Rights Watch says.

The U.S.-based nonprofit linked some of the world’s largest car manufacturers to aluminium allegedly produced with forced labour by Uyghurs and other ethnic minorities in China’s western Xinjiang region and other parts of the country.

China is accused of running labour transfer programs in which Uyghurs and other Turkic minorities are forced to toil in factories as part of a longstanding campaign of assimilation and mass detention.

Also Read: Budget 2024 highlights: Allocation for FAME subsidy for electric vehicles

A United Nations report in 2022 found China may have committed crimes against humanity in Xinjiang, where more than 1 million Uyghurs are estimated to have been arbitrarily detained as part of measures the Chinese government said were intended to target terrorism and separatism.

The Chinese Foreign Ministry did not immediately answer questions about the report sent by fax by The Associated Press.

The report links aluminium –- a material used in dozens of car parts –- to the labour transfer programs, where workers reportedly face ideological indoctrination and limited freedom of movement. The report is based on company statements, Chinese government documents and previous research by Human Rights Watch and other organizations.

Since 2022, the United States has required importers of any goods produced in Xinjiang to prove they were not made with forced labour to avoid penalties.

The Human Rights Watch report argues that when it comes to aluminium from Xinjiang, its origins are difficult to track, especially when it is shipped to other parts of China and made into alloys.

More than 15% of China’s aluminium supply and about 9% of the global supply originates in Xinjiang, according to industry reports. The global automotive industry uses it for parts ranging from vehicle frames to wheels and battery foils.

China became the world’s largest car exporter last year and is the biggest manufacturer of battery-powered electric cars. The companies in the new report also include Chinese electric vehicle giant BYD.

Also Read: Auto sales LIVE: Tata Motors sales rise over 6% to 86,125 in January

Global demand for aluminium is projected to double between 2019 and 2050, due in part to the growing popularity of electric vehicles, according to the International Aluminum Institute, a U.K.-based industry group.

“China is a dominant player in the global car industry, and governments need to ensure that companies building cars or sourcing parts in China are not tainted by the government’s repression in Xinjiang,” said Jim Wormington, a senior researcher at Human Rights Watch. “Doing business in China should not mean having to use or benefit from forced labor.”

The report alleges that foreign carmakers have buckled under the Chinese government’s pressure and allowed laxer control of their China operations than in other countries, which increases the risk of using forced labour in their supply chains.

Most foreign carmakers in China operate as joint ventures with Chinese firms due to government restrictions in key sectors.

Toyota said in a statement it would closely review the Human Rights Watch report. The company added that “regard for human rights” is part of its core values. “We expect our suppliers to follow our lead to respect and not infringe upon human rights,” it said.

Volkswagen said it has a risk management system in place for due diligence in procuring raw materials and it directly commissions its China suppliers. It added the company immediately investigates any allegations of forced labour and is looking for new solutions to prevent it in its supply chains.

Volkswagen operates a plant in Xinjiang as part of a joint venture with Chinese state-owned carmaker SAIC Motor. An audit commissioned by the German carmaker last year found no signs of forced labour at the Xinjiang plant.

General Motors, Tesla and BYD did not immediately answer emailed questions about the allegations.

Tesla owns a factory in Shanghai where it builds cars for both the Chinese and international markets. The company told Human Rights Watch it had tracked its supply chain back to the mining level and had not found evidence of forced labour. However, it did not specify how much of its aluminium came from unknown sources and could be linked to Xinjiang.

Also Thursday, the Xinjiang government enacted stricter rules governing religious expression, part of a campaign to Sinicize places and forms of worship of the predominantly Muslim Uyghurs.

The rules tighten controls over religious schools, which must be government-sanctioned, and require that Muslims can only perform the Hajj pilgrimage to Mecca as part of a group organized by the official Islamic Association of China. They essentially forbid receiving alms, or Zakat, from abroad, according to the human rights research firm Duihua.

Also Read: Budget 2024 highlights: Allocation for FAME subsidy for electric vehicles

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

Toyota suspends shipment of select models amid certification issues

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

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Toyota Motor said it would suspend shipments of some models including the Hilux truck and Land Cruiser 300 SUV after irregularities were found in certification tests for diesel engines developed by affiliate Toyota Industries.

A special investigative committee had found irregularities during horsepower output testing for the certification of three diesel engine models.

Ten models use the affected engines globally, Toyota said. They included the Hiace van, Fortuner SUV, Innova multi-purpose vehicle and Lexus-branded LX500D SUV, the automaker said.

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Toyota, the world’s biggest automaker by sales, has been separately seeking to resolve a case of misconduct related to rigged collision safety tests at small car specialist Daihatsu.

Toyota Industries said it sold about 840,000 affected automobile engines during the financial year to Mar. 31, 2023. A Toyota spokesperson could not immediately say how many affected vehicles the automaker had sold over the years.

Toyota said the investigation found that electronic control units used during horsepower output testing were different from those used during engine production.

Shares in Toyota Industries sank into negative territory shortly after the news and ended down 4%. Toyota Motor shares closed 3.1% higher.

Also Read: Tata Motors steps up its electric game with Punch EV: A Nexon EV successor with enhanced features and safety

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

Toyota ready to help Daihatsu pay for costs of safety scandal

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

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Toyota Motor Corp. is prepared to help subsidiary Daihatsu Motor Co. pay for damages incurred by the fallout of an investigation that revealed most of its vehicles weren’t properly tested for collision safety.

Daihatsu is halting shipments and suspending operations through January, following revelations that the carmaker manipulated the results of tests dating as far back as 1989. Earlier this week, the maker of popular kei cars promised to compensate the companies it directly supplies

“Toyota is ready to provide its full support should Daihatsu ask for it,” Chief Communication Officer Jun Nagata told reporters Thursday.

Japan’s transport ministry raided Daihatsu’s headquarters in Osaka last week. Osaka Prefecture set up a dedicated website Thursday for customers and firms affected by the scandal to submit requests for support and express their grievances.

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

Toyota shares slump on Daihatsu raid, US million-car recall

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

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Toyota Motor Corp shares slumped the most in 18 months, after subsidiary Daihatsu Motor Co.’s offices were raided over a safety scandal and the automaker recalled 1 million cars in the US.

The world’s biggest carmaker fell as much as 5.6% in early trading Thursday, the biggest intraday decline since May 2022. The stock recovered a bit and was trading down about 3% in the morning in Tokyo.

The transport ministry’s raid of Daihatsu’s Osaka headquarters Thursday morning came after revelations that the carmaker and supplier manipulated the results of collision safety tests dating as far back as 1989, forcing it to halt all shipments.

Daihatsu supplies cars and parts to a number of major brands, including Toyota, Mazda Motor Corp. and Subaru Corp., which could cause the scandal to ripple through the rest of Japan’s auto industry. For Toyota, rebuilding trust in its oversight will be a challenge, as it’s the second time one of its major affiliates has been caught red-handed after truck and bus maker Hino Motor Co. disclosed the falsification of emissions data last year.

“As voluntary in-house inspections detected only one case where vehicle performance did not meet the legal requirements, we think the risk of an extensive recall is low,” analysts at Citi Research wrote in a note. “However, if production is suspended for a lengthy period, Toyota could suffer an operating profit hit of hundreds of billions of yen.”

It’s been a tough week for the world’s biggest carmaker. Toyota recalled about 1 million cars sold in the US at risk of faulty passenger-side air bags, it said Wednesday. Sensors in certain Toyota and Lexus brand sedans and SUVs could miscalculate passenger and prevent airbags from deploying when they should, the company said in a statement.

Aisin Corp. made the faulty air bag sensors that forced Toyota to recall cars in the US, Aisin spokesperson Miho Isogai told Bloomberg News. Aisin’s shares dipped as much as 2.9%.

Daihatsu has been a wholly-owned subsidiary of Toyota since 2016 and accounts for roughly 4% of Toyota group’s global vehicle sales.

The smaller carmaker produced more than 1.7 million vehicles worldwide in fiscal 2022, around half of which were made in Japan. It holds a roughly 30% market share for kei cars — pint-sized vehicles that have been snapped up for years by domestic customers — making it an industry leader along with rival Suzuki Motor Corp.

Outside of kei cars, Daihatsu, which is based in Osaka, is known for its line-up of lightweight vehicles and sedans that are popular across Japan and Southeast Asia, include the Gran Max pickup and vans and Terios and Xenia passenger vehicles.

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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

Toyota pledges change in wake of subsidiary Daihatsu’s safety scandal

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

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Toyota Motor Corp. pledged “fundamental reform” after subsidiary Daihatsu Motor Co. was forced to suspend all shipments — and now faces a government raid of its offices — following an investigation that found most of its vehicles weren’t properly tested for collision safety.

The situation presents a crisis of trust not only for the world’s largest carmaker, which suffered another scandal last year with its other major unit Hino Motors Ltd., but also for the country’s automotive industry.

“It is honestly surprising,” Bloomberg Intelligence senior auto analyst Tatsuo Yoshida said, adding that it might be necessary for Daihatsu to suspend production as well due to the time it can take to reacquire certifications that were fraudulently obtained. “Toyota won’t be exempt from management oversight responsibility.”

Toyota said in a statement Wednesday that around 174 irregularities have been identified across 64 models, including in some cars sold under the Toyota brand. The move to suspend Daihatsu’s shipments will affect vehicles produced in Japan and overseas, not only at Toyota factories but possibly also at companies like Mazda Motor Corp. and Subaru Corp., considering Daihatsu provides manufacturing services to a range of other automakers.

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Previously, only about half a dozen models were thought to be affected by the manipulated test results, but Toyota now says almost every car in Daihatsu’s line-up could be impacted. Japan’s transport ministry said it will conduct an on-site inspection of the company’s offices on Thursday at 9 a.m. local time.

The investigation centres around cars’ airbag control units and found that the ones used during crash tests were different from the ones used in cars sold to the public. While those other test units were later found to meet industry standards, side-collision test results of the Daihatsu Cast and Toyota Pixis models “may not comply with the law,” Toyota said.

Toyota said it’s not aware of any accidents or incidents related to the issue.

Daihatsu admitted in April that it fudged crash test results on 88,000 cars that were manufactured in Thailand and Malaysia and sold within the past year. Third-party investigators, led by TÜV Rheinland Japan Ltd., said Wednesday that the irregularities date back as far as 1989 but began to ramp up in 2014.

Also Read: Ford halts sale of Chennai plant, sparks speculation of return to India

“Labor conditions resembled a black box where those in charge of manufacturing sites were under so much pressure to deliver good results that they couldn’t report issues further up the chain of command,” Makoto Kaiami, chair of the investigatory committee, told reporters at a press conference. “That upper management wasn’t involved with workers is itself a problem.”

Daihatsu produced more than 1.7 million vehicles worldwide in fiscal 2022, around half of which were made in Japan. It holds a roughly 30% market share for kei cars — pint-sized vehicles that have been snapped up for years by domestic customers — making it an industry leader along with rival Suzuki Motor Corp.

Outside of kei cars, Daihatsu, which is based in Osaka, is known for its line-up of lightweight vehicles and sedans that are popular across Japan and Southeast Asia, including the Gran Max pickup and vans and Terios and Xenia passenger vehicles.

It’s been a wholly owned subsidiary of Toyota since 2016 and accounts for roughly 4% of Toyota Group’s global vehicle sales.

“This will be an extremely significant task that cannot be accomplished overnight,” Toyota said in its statement. “It will require not only a review of management and business operations but also a review of the organization and structure as well as a change in human resource development and awareness of each and every employee.”

No immediate management changes were announced on Wednesday.

Last year, Toyota’s truck-making subsidiary, Hino Motors, admitted to falsifying emissions data. Hino, which is 50.5% owned by Toyota, said in August 2022 that engine exhaust values were falsified for vehicles that were manufactured as far back as 2003.

Those revelations came to light after a third-party panel submitted a report to Hino detailing its findings. The company vowed at the time to work on imposing measures that would stop anything from happening again and said it would improve management and compliance.

In 2017, Japan’s Takata Corp. filed for bankruptcy after almost a decade of recalls and lawsuits related to its airbag inflators, which have been linked to several deaths and scores of injuries around the world because they can rupture and send metal fragments flying.

Denso Co., one of Toyota’s biggest suppliers, said this month that it’s been working since 2020 with six major Japanese carmakers to recall 3.8 million faulty fuel pumps.

Nissan Motor Co. earlier this year issued a recall of about 1.38 million vehicles including Note, Kicks, Serena and Leaf models impacting vehicles in the US, Europe and Japan. That recall involved several issues, including cars suddenly accelerating after exiting cruise control and a short circuit that can cause motors to stop while driving.

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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

Toyota predicts Indian PV market to keep up 2023 trend, SUVs to boost growth

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

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The Indian passenger vehicle market is expected to carry forward the momentum of this year to the next purely driven by economic fundamentals, having already moved beyond pent-up demand-induced growth, according to Toyota Kirloskar Motor Executive Vice President & Country Head Vikram Gulati.

While SUVs are expected to witness fast growth in general in 2024, the mid to higher end of the segment will also see faster acceleration, although the small cars category will remain a concern.

“I think the market is growing. It will continue to grow in a very healthy way. We are well beyond the part when people were saying this is pent-up demand. We have built much beyond that, and the festive season has seen very good pickup,” Gulati said.

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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