Tag: TVs

Ather 450S: ₹20,000 cheaper and ready to rival Bajaj Chetak, TVS i-Qube

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

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Homegrown electric scooter manufacturer Ather Energy, on Wednesday, announced a significant price drop for its entry-level scooter, the 450S. The new price is ₹1.09 lakh in Bangalore and ₹97,000 in Delhi (both ex-showroom), marking a reduction of ₹20,000 for the base 450S and ₹25,000 for the 450S with Pro Pack.

This makes the 450S more competitive against rivals like the Bajaj Chetak and TVS i-Qube. The base variant of Bajaj Chetak costs ₹1.15 lakh, while the TVS i-Qube’s base variant is priced at ₹1.23 lakh (ex-showroom Bengaluru).

The Ather 450S, built on the company’s best-selling 450 platform, offers segment-leading performance and technology. It boasts a battery capacity of 2.9 kWh, an IDC range of 115km, a 0-40 acceleration of 3.9 sec, and a top speed of 90 km/h. The scooter also features a 7-inch Deep View Display, providing superior readability at any time of the day.

Also Read: TVS and Bajaj stir up competition among India’s leading EV makers, emerge as Ola’s newest rivals

Ravneet Singh Phokela, Chief Business Officer at Ather Energy, in a company statement, said, “Ather is embarking on an aggressive growth journey to tap into the growing demand for electric scooters. The Ather 450S at this new price makes for a strong value proposition, bringing the quality & assurance of Ather at a more accessible price point.”

Ather is also introducing the ‘Emergency Stop Signal’, a regulation in Europe, to the Indian market and coasting regen, which improves range by up to 7%. The 450S comes with an innovative inbox-to-scooter feature that delivers destination addresses from other apps directly to the Ather dashboard via the Ather app.

The company also offers a Battery Protect plan that extends the battery warranty to 5 years/60,000 kms. This warranty not only covers battery failures but also guarantees a minimum of 70% state-of-health for the battery at the end of 5 years.

Ather Energy, claims to have one of the largest two-wheeler fast charging networks in India, with more than 1700 Ather Grids across 140+ cities. The company plans to install a total of 2500 Ather Grids by March 2024.

Also Read: Government considers tax rationalisation for hybrid cars

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)

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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.

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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

TVS Motor applies brakes on $300 mn-$350 mn EV fund raise; to revisit deal in 2024

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

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TVS Motor Company has shelved plans to raise funds for its carved-out electric mobility business amid an uncertain sectoral environment and plans to pursue the proposed capital mop up next year, multiple industry sources with knowledge of the matter told Moneycontrol.

On June 8, 2022, Moneycontrol was the first to report that the South-based 2-wheeler major had kick-started a process to induct private equity investors and raise around $300 mn to $350 mn to facilitate capacity expansion and new launches for its EV arm, TVS Electric Mobility.

“The government’s move to slash the subsidies for electric 2-wheelers under the FAME (Faster Adoption of Manufacturing of Electric Vehicles in India) 2 scheme has impacted the segment and was a factor in re-thinking the timing of this fund raise. TVS Motor Company wants to wait for the dust to settle in the sector, when the men are separated from the boys and return to the table at a more opportune time,” said one of the persons above.

Also Read: This analyst explains why she recommends buy calls on TVS Motor and JK Cement

A second person told Moneycontrol: ” There is no real hurry to raise funds as the EV arm can get support from the parent. Plus, TVS Electric Mobility has a cushion and potential access to additional liquidity with the group’s NBFC arm TVS Credit sealing a funding round recently.”

Earlier this month, TVS Credit Services raised Rs 480 crore from Premji Invest via a combination of primary and secondary investments.

A third person confirmed that the fund raise plans of TVS Electric Mobility had been put on hold. ” The decision has been communicated to potential suitors/investors and as of now, this is a 2024 transaction.”

On February 15, 2023, The Economic Times reported that Abu Dhabi Investment Authority (ADIA), Goldman Sachs and Carlyle are in active discussions with TVS Motor Co to invest $300-350 million in the latter’s electric vehicle (EV) arm at a potential $3-3.5 billion valuation.

All the three persons above spoke to Moneycontrol on the condition of anonymity.

Moneycontrol has sent reminders but an email query sent to TVS Motor was left unanswered at the time of publishing this article.

Fund raise deals are also getting delayed in the four-wheeler segment. In May, The Economic Times reported that Tata Motors and Mahindra & Mahindra had paused plans to sell stakes in their respective EV units over valuation mismatches.

After the government announced a reduction in the subsidy on electric two-wheelers, the segment has seen prices surging from June 1. According to a report on News18.com, the registration of e-scooters has dropped to the lowest in 16 months in June 2023, as per Vahan data. The rivals of TVS Electric Mobility have also been in capital raise mode since last year. On September 5, 2022, Moneycontrol had reported that Hero MotoCorp-backed Ather Energy is gearing up for its biggest ever fundraising round as it looks to mop up as much as $200 million to $250 million.

The TVS Mantra

The share price of TVS Motor Company has risen by nearly 19 percent in the last three months and the firm struck an optimistic note in its Annual Report for 2022-23.

“The EV industry will continue to grow rapidly as the consumer interest is buttressed with active policy support from the Central and State Governments through PLI, FAME II and State-specific support policies,” the firm stated in its Annual Report for 2022-23.

Continued support will ensure a smooth lift-off for the industry volumes, it added. “Like in ICE (internal combustion engine) two-wheelers, India will emerge as a major hub for EV two-wheeler exports in addition to the large domestic market,” TVS Motor noted.

Outlining its efforts in the EV space, TVS Motor said the company will deliver the “power of choice” as it enhances its offerings to provide relevant options to new consumer cohorts. “In doing so, expand the portfolio to new variants within iQUBE and introduce new brands,” it added.

This week, TVS Motor Company, which makes the battery powered scooter iQube, announced a strategic partnership with food delivery platform Zomato, as the former looks to deploy 10,000 electric scooters over the next 2 years.

Over and above the incorporation of the electric mobility subsidiary, the following are some of the other investments by TVS Motor Company in the fast-growing EV segment:

– It acquired a majority stake in GO AG, Switzerland, and its subsidiary, EGO Movement. EGO Movement is a Swiss technology company, with a strong presence across Europe and a portfolio of e-bikes, e-cargo bikes and e-scooters.

– It acquired a majority stake in Swiss E-Mobility Group (SEMG), a market-leading e-mobility solutions provider in Europe, and the largest pure-play e-bike manufacturer in Switzerland with around 20 percent market share.

– Via its Singapore subsidiary, the firm has picked up a 1) 70 percent stake in EBCO UK, a British e-bike manufacturer, and 2) 100 percent stake in Alexand’Ro Edouard’O Passion Vélo Sàrl which is engaged in the sale of e-bikes and its accessories.

– It has also increased its stake in Ultraviolette Automotive Private Ltd (UV) to 34 percent in FY22. UV is a start-up engaged in developing electric 2W (mainly motorcycles) for the domestic market.

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

TVS best bet in two-wheeler segment; bullish on Ashok Leyland, M&M, Maruti: Nirmal Bang Institutional

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

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TVS Motor Company is probably the best bet in the two-wheeler bracket, Rahul Arora, CEO of Nirmal Bang Institutional Equities, told CNBC-TV18.

“TVS is probably the best place, according to us, in the two-wheeler bracket. And of course, in passenger vehicles, Maruti Suzuki is the only proxy. So, most of the issues are transient; more medium-term issues, but once you tide over them, some of these names, like Ashok Leyland, M&M, TVS, Maruti could still be a very good portfolio hold for the long-term,” he said.

Also Read: Domestic auto wholesales fall nearly 12% YoY to 15.8 lakh units in August: SIAM

Arora further said, “The biggest issue plaguing the industry is the semiconductor shortage and it seems like this is a transient issue as well. I don’t think anyone can put a lid on exactly when this problem would resolve itself, but looking at the global semiconductor companies, their capex for the next one year is actually higher than it was in the pre-COVID era by 15-20 percent, which is quite astounding. So once this issue does resolve itself, in 6-12 months from now, in totality, this particular issue will be put to bed. The issue then will probably go back to demand.”

Also Read: ‘Still sweating & slaving away at it’, Anand Mahindra responds to Elon Musk on auto industry woes

On Zomato, he said, “Let’s see how the Zomato story plays out. It’s a test of institutional investors as well; it is a loss-making company. The mindset is very different from private equity, they are going to ask for RoEs and RoCs eventually, so they are giving the benefit of the doubt. If you are holding it, hold on. You will still make some money, but I will be watching this space carefully.”

For the entire interview, watch the 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

TVS Group begins implementing Memorandum of Family Arrangement at NCLT

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

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Pursuant to its December 10 announcement proposing to align ownership of company shares with the management of respective companies, the 8.5-billion-dollar TVS Group filed a composite scheme of amalgamation and arrangment with the NCLT.

“The scheme envisages amalgamation of Sundaram Industries Pvt Ltd (SIPL) and Southern Roadways Pvt Ltd (SRW) into TV Sundaram Iyenger & Sons(TVSS),” said the TVS Group in a statement, “SIPL, SRW and TVS & Sons to be henceforth referred to as ‘TVS holding companies’.”

The scheme will see TVS move various business undertakings to the respective companies of relevant family branches belonging to the TVS Group.

“The ownership of various business undertakings (including shares of various companies) managed by a particular branch of the TVS family hitherto vests in the companies where the branch holds majority of the shares,” the release added.

The composite scheme will be subject to necessary approvals, including that of NCLT, CCI and registrar of companies.

On December 10, TVS announced that it proposed to draw up a Memorandum of Family Arrangement (MFA). This meant that the company sought to align ownership of various company shares with the management of each of these companies.

The decision to file the amalgamation scheme today, TVS said received approval from the board of the companies involved and the TVS holding companies.

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

How two-wheeler makers’ plans to leverage lower BS-IV costs were ambushed by COVID-19

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

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India transitioned to a cleaner vehicular emissions regime — the Bharat Stage VI standards – on April 1. This mean, every new vehicle that is produced and registered in the country from April 1, 2020, must comply with stricter emission norms. The auto industry is investing approximately Rs 70,000 crore towards the transition, according to the Society of Indian Automobile Manufacturers (SIAM).

While passenger vehicle makers were able to wind down production in a phased manner to ensure there were few unsold BS-IV models left by March 31, two-wheeler manufacturers were dealt with a blow and were left contending with a completely different situation due to the coronavirus outbreak.

Inventory reduction to complete transition to BS-IV and lower production due to the lockdown announced in the latter half of the month led two-wheeler makers to report a steep double-digit decline in March wholesale numbers.

Domestic sales during March declined 42.4 percent for Hero Motocorp, 55 percent for Bajaj Auto, 62 percent for TVS Motor, and 44 percent for Royal Enfield on year-on-year basis. Volumes for Honda Motorcycles and Scooters India grew 11 percent in March due to a low base in FY19.

The auto industry was aware in 2016 itself that India would switch to BS-VI emissions standards, yet, the last few months of the transition saw two-wheeler makers aggressively push BS-IV inventory to their dealer partners, hoping to leverage the lower cost of BS-IV vehicles to drive sales and maximize market-share. A BS-VI two wheeler costs Rs 8,000 to Rs 10,000 more, on average when compared to a BS-IV vehicle.

The country’s biggest two-wheeler manufacturer, Hero MotoCorp — which is particularly successful in the under 125cc vehicle category — seemed to be driven by this strategy when it drew up plans to continue dispatching BS-IV vehicles well into mid-March, when inventories at dealerships were at alarming levels.

Sources CNBC-TV18 spoke to confirmed that Hero MotoCorp was dispatching stock to dealers in some cases as late as March 15. Currently, the company has 1.5 lakh BS-IV units, including sold but unregistered vehicles in the system. The company told CNBC-TV18 earlier that it registered a double-digit retail growth in the first two weeks of March. The nation-wide lockdown soon followed, and sales and registrations virtually dropped to zero thereafter.

In a conference call with analysts, Hero MotoCorp said that the company will take back its stock lying with dealers in Delhi-NCR region (about 12,000 units) and committed to taking care of inventory with dealers elsewhere. Hero said that the company would evaluate what part of the Delhi-NCR inventory could be sent for exports or used for the parts business.

Bajaj Auto, which manufactures popular models like Pulsar and Avenger — in what the company calls the ‘Sports’ segment — has liquidated its BS-IV inventory in urban markets, but has some unsold and unregistered units in the dealership network , mostly in the commuter segment, in markets like Uttar Pradesh, Madhya Pradesh, West Bengal and Rajasthan, sources told CNBC-TV18.

There were instances of vehicles being stuck in shipment due to the lockdown, and haven’t reached the destined dealership.

However, Bajaj Auto told CNBC-TV18 that the company had ‘zero saleable stock’ as of April 1. A unit is considered sold by an OEM when a dealer bills it on the VAHAN dashboard. Self-invoiced stock, however, is not considered sold by a dealership until it has purchased by an end user.

“Our approach, decided early on in 2019, to navigating the BS-IV to BS-VI transition was primarily supply chain led. The objective was to put out better products at least cost increment and get it right the first time. We ceased BS-IV production by mid-January, apart for some made-to-order Pulsars and were free of BS-IV stocks in our Plants by end Jan. We were targeting for our dealer network to be BS-IV free by 1st March. We were conscious that competition may try and maximize sales of the lower-cost BS-IV range to win market share in the closing period of the transition but decided to not be distracted from our approach,” Rakesh Sharma, Executive Director of Bajaj Auto told CNBC-TV18.

The Pune-headquartered company expressed opposition to OEMs like Hero MotoCorp and Honda Motorcycles and Scooters seeking an extension of the BS-IV deadline from the Supreme Court.

“Since we were not carrying vast quantities of BS-IV stock to begin with, we could accomplish this exercise by March 31 with some effort and did not require to take back any stock from the market”, Sharma added, distinguishing the company’s strategy from competitor Hero.

“Return and re-export was never an option at our end, though we have a substantial overseas business. To do so would have been presumptuous of our international franchise – overseas customers will not at all be happy to accept products which have been sold and returned by dealers… all that remains is for the RTO system to ensure registration of all the products which have been sold but could not be registered due to the lockdown,” Sharma added.

For the April 2019 to Feb 2020 period, the marketshare of Hero MotoCorp was down 10bps at 35.7 percent, HMSI gained marketshare by 20bps at 27 percent, TVS was at 16 percent losing 60bps, and Bajaj Auto gained 20bps to enjoy 12 percent marketshare YoY.

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

Coronavirus hits motown: Car and bike makers shut plants

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

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A large number of Indian automobile giants have announced a halt to production at plants across the country, in the wake of the Coronavirus outbreak. The list includes marquee names like Maruti Suzuki, Hyundai, TVS, Royal Enfield and Suzuki Motorcycles, to name a few.

The decision comes amid appeals from industry bodies like the Society of Indian Automobile Manufacturers (SIAM) and Automobile Component Manufacturers Association of India (ACMA) to halt production at plants, in the wake of the COVID-19 pandemic.

Maruti Suzuki & Hyundai halt production:

On Sunday, Maruti Suzuki said it was shutting down “production and office operations” at its facilities in Gurugram and Manesar with immediate effect until further notice. The closure will also take effect at the company’s R&D centre at Rohtak. “The duration of this shutdown will depend upon on Government policy,” said Maruti Suzki, in a statement.

The decision comes even as the automobile major has been enforcing social distancing, sanitization and hygiene, temperature-screening and a clampdown on employee travel at its offices. Later in the day, several other automobile majors announced that they would adopt similar measures, to prevent the spread of COVID-19

Later in the day, Hyundai Motor India Limited announced that it would shut its Chennai plant from Monday, until further notice. “The health and hygiene of our employees, customers, business partners and communities is of utmost priority in every situation,” said Hyundai Motor India Limited in a statement, “Keeping this in mind, Hyundai Motor India Limited will be taking the preventive counter-measure of suspending manufacturing operations at the Chennai facility from Monday, March 23, 2020, till further notice, to stop the spread of COVID-19.”

Hyundai reassured customers in the statement that emergency services to customers would continue to be active, and that those customers who may not be able to avail of warranty owing to closures, will get a two-month extension on the same.

Two-wheeler makers close plants too:

Two-wheeler manufacturers are taking no chances either, with similar shutdowns announced by Royal Enfield, Suzuki Motorcycles and TVS. While TVS announced that it was shutting operations at all manufacturing facilities for two days from March 23 onwards, Royal Enfield said all its plants in India and overseas would remain closed until March 31.

“In light of the unprecedented situation owing to the spread of COVID-19, Royal Enfield has decided to suspend all operations globally, starting Monday, March 23, 2020, till March 31, 2020,” the company said in a statement, “During this time, company employees will continue to work from home, and there will be no salary deduction for any permanent or temporary employees or workforce, and no reduction of workforce.”

The closure applies to all three of Enfield’s plants in Chennai, and technical centres across Chennai and Leicestershire in the UK.

Suzuki Motorcycle India has closed its plant in Gurgaon as a precautionary measure, until further notice. “While the Company has taken all measures to ensure the well-being of its employees at the workplace, we have announced a `Work from Home’ advisory to our employees and associates who are not involved with maintaining essential services,” said Kochiro Hirao, Managing Director, Suzuki Motorcycle India, in a statement.

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