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India EV production hub, plan to enter small electric cars segment: Toshihiro Suzuki
YourStory
·
6m ago
Medial
Japan's Suzuki Motor Corporation plans to make India a hub for manufacturing its electric SUV, the e VITARA, which will debut globally in India. President Toshihiro Suzuki stated the company aims to expand into the small electric car market after mastering EV production techniques. Despite declining small car sales, Suzuki believes demand will persist as many in India will transition from two-wheelers to affordable four-wheelers. India will also serve as an export hub for Suzuki's models.
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Maruti Suzuki will continue efforts in low-cost car segment; budget buyers in focus: Report
Livemint
·
1y ago
Medial
Maruti Suzuki India plans to continue manufacturing low-cost small cars for budget-conscious consumers, according to RC Bhargava, the company's Chairman. Despite a dip in the small car segment of the passenger vehicle market, Maruti Suzuki aims to meet societal and economic needs by offering affordable and safe options. Additionally, the company is exploring green technologies, including strong hybrids, CNG, and ethanol, to reduce carbon emissions and improve fuel efficiency. Maruti Suzuki is also planning to launch electric vehicles in the near future and has begun trials for biogas production.
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Maruti Suzuki’s new plant faces minor delay, Kharkhoda production to begin by 2025-26: Chairman RC Bhargava | Mint
Livemint
·
11m ago
Medial
Maruti Suzuki India Ltd is facing a slight delay in finalizing the site for their new plant in Kharkhoda, Haryana. The plant, expected to start production by 2025-26, will have an annual capacity of 10 lakh units. Chairman of Maruti Suzuki India, RC Bhargava, reaffirmed the company's commitment to low-cost and small cars despite a temporary setback in demand. He also mentioned the company's plan to release six electric vehicle models by 2030-31, with the first model expected to be produced and exported in the coming months.
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JSW Group-MG Motor venture aims to sell 1 mn EVs by 2030
VCCircle
·
1y ago
Medial
The joint venture between JSW Group and MG Motor aims to sell one million electric vehicles in India by 2030. The companies plan to enter the premium passenger vehicle segment. MG Motor already has two electric car offerings in India. This announcement comes after India lowered import taxes on certain electric vehicles, encouraging carmakers to invest and manufacture domestically. This move benefits Tesla, which plans to enter the Indian market. Electric cars currently represent about 2% of total car sales in India, but the government has set a target of 30% by 2030.
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In April 2016 Elon Musk invited Indians to book Tesla Model 3s, now they’re asking for the money back as car never came… | Mint
Livemint
·
12m ago
Medial
In 2016, Tesla opened preorders for its Model 3 in India. However, due to concerns about taxes and building a factory in the country, Tesla has yet to deliver cars in India. Other automakers have since launched their own electric vehicles (EVs) in India, and the EV market has evolved significantly. Tesla's position has also changed, with slowing sales and the need for more affordable cars. India's domestic auto market is dominated by Maruti Suzuki, Hyundai, and Tata Motors, and EV sales still represent a small portion of total car sales. To succeed in India, Tesla would need to build affordable EVs in the country and establish a robust charging network.
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India cuts import taxes on EVs in win for Tesla's entry plans
TechCrunch
·
1y ago
Medial
India is set to reduce import taxes on certain electric vehicles (EVs) for companies that commit to investing at least $500 million and establishing local manufacturing within three years. This move could potentially support Tesla's plans to enter the Indian market. Under the policy change, companies meeting the investment and manufacturing requirements will be allowed to import 8,000 EVs each year at a reduced import duty of 15% on cars costing $35,000 and above. This aligns with India's goal to boost EV adoption and reduce oil imports. Other EV makers like VinFast and Lotus Cars are also eyeing India as a manufacturing hub.
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After MG And BYD, Leapmotor Eyeing India Entry With Stellantis Partnership
Inc42
·
1y ago
Medial
Chinese electric vehicle (EV) maker Leapmotor is planning to enter the Indian market with the support of auto giant Stellantis. Leapmotor, which has achieved monthly sales of 10,000 cars in China, aims to announce its investments and entry plans soon. Stellantis, known for brands like Citroen, Jeep, and Fiat, already has a presence in India. The partnership with Stellantis has boosted Leapmotor's confidence in venturing into India, despite strict regulations. The move is expected to contribute to the competition in the budget-friendly EV segment in India.
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Tesla Not Keen on Manufacturing in India, Says Union Minister Kumaraswamy
StartupTalky
·
2m ago
Medial
Tesla currently has no plans to manufacture electric cars in India, according to Union Minister H D Kumaraswamy. While the company is preparing to enter the Indian market and has set up a showroom in Mumbai, local production isn't on the agenda. Despite India's attractive EV policy inviting international players with reduced import taxes, Tesla focuses on addressing market challenges, including pricing, direct sales strategies, and adapting to India's dealer-centric and price-sensitive market landscape. Meanwhile, EV sales in India are gradually rising.
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Maruti engine sputters on small car woes
Economic Times
·
23d ago
Medial
Maruti Suzuki India's production hit a five-year low in June due to weakened demand for small cars and compact sedans, its primary offerings. Output declined by 23% from June 2021, reflecting a consumer shift towards SUVs and premium models, which now compose 66% of total sales. Inventory build-up and lack of electric vehicles further challenge Maruti. Analysts suggest re-strategizing product portfolios and adjusting to changing market preferences. However, industry regulations make new small car models unviable.
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Maruti Suzuki India plans to add production capacity of 2 mln cars over 8 years
Reuters
·
1y ago
Medial
Maruti Suzuki India reaffirmed its goal to double production capacity to 4 million cars within the next eight years and anticipates exporting 800,000 vehicles by fiscal 2031. The automaker introduced Arnab Roy, an executive from Schneider Electric, as its new chief financial officer, effective from January 1, 2024, replacing Ajay Seth, who served as CFO since 2005. The company's plans to buy its parent company Suzuki Motor's plant in Gujarat and its intent to manufacture six electric vehicles by 2030 were also highlighted.
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China’s Rare Earth Curbs Hit Key Automakers, Threaten India’s EV Push
OutlookIndia
·
2m ago
Medial
India's electric vehicle (EV) sector faces significant challenges due to China's restrictions on rare earth exports, essential for EV production. As a major supplier, China's move disrupts supply chains and impacts production costs. Indian automakers like Suzuki and TVS Motor are already experiencing production halts. This trade restriction is part of broader geopolitical tensions, particularly between China and the US, emphasizing the need for India to seek alternative supply sources or strategies.
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