News From ETAuto

More from ETAuto

• Pricol Q4FY24 PAT up 39.25% to INR 41.5cr

  In the fourth quarter of FY24, Pricol achieved revenue from operations of INR 566.21 crore, the company said.

  

• M&M Q4 net PAT up 4% to INR 2,754 cr

  For the full year FY24, its consolidated net profit grew 25% at INR 11,269 crore as against INR 9,025 crore in FY23.

  

• Siemens to sell electrical motors business Innomotics for USD 3.8 billion to US equity firm KPS

  "By selling Innomotics to KPS, I am pleased that we have made further significant progress in optimising our portfolio," said Siemens chief financial officer Ralf Thomas.

  

• Honda to double investment in electric vehicles to USD 65 bn by 2030

  "Honda is planning to invest approximately 10 trillion yen in resources... through 2030, when the period of full-fledged popularisation of EVs is expected to start," a statement said.

  

• Killing me Swift-ly!

  To price itself close to INR .10.00 lakhs is simply preposterous. This is a vehicle supposed to cater to the younger Indian, not necessarily the rich one. This is not the Baleno or the Fronx. This is the rebellious, opinionated, confident young Indian into his / her first job, cocking a snook at those who take safer decisions in life. Pricey? Profiteering? Again something the gen-Z does not take too kindly.

  

• While Chinese EVs get tariff shock in US, Leapmotor prepares for India entry

  With the US increasing import tariffs on Chinese electric vehicles four-fold to 100%, the market is pretty much out of bounds for them. Meanwhile, Leapmotor of China has announced its India plans, though concrete details still have not emerged. There is no love lost between the two countries but it does look as if there is some relaxation of controls now. Are India and China going to bury the hatchet sometime in the near future?

  

• Tata Motors India biz now debt free

  For FY24, Tata Motors consolidated net profit was up at INR 31,806.75 crore, when compared to INR 2,689.87 crore in FY23. By the end of March 2024, its net automotive debt stood at INR 16,000 crore. This compares with a total debt of INR 43,700 crore by the end of March 2023. The auto major said it's India business is now debt free, and aims to become net automotive debt free on a consolidated basis in FY25. For JLR, it expects the demand to stay consistent this year.

  

• Finance Ministry to keep tax on hybrid cars unchanged, boost for electric vehicle sector

  The Finance Ministry, chaired by Nirmala Sitharaman, is not expected to discuss granting tax concessions to hybrid cars in the upcoming GST council meeting. Nitin Gadkari had requested a reduction in GST on hybrid vehicles, benefiting Indian automobile giants like Mahindra and Mahindra and Tata Motors.

  

• We don’t want to do it fast, we want to do it amazing: Royal Enfield on electric motorcycles

  Eicher Motors owned Royal Enfield is working on two electric motorcycle platforms-- an in-house and another in collaboration with Spanish startup Stark Motorcycle. The company which had earlier shared its plan of bringing the first product by 2025, says it could take a little more time as its approach is to "do it amazing" and not "do it fast". In the long term, the premium motorcycle maker aims to grow 2X of the domestic industry and be a leader in the middleweight segment of motorcycles across the globe.

  

• Team Shiva Mahindra receives Top Notch President Award by Mahindra

  The prestigious Top Notch President Award is given by Mahindra Pan India for the term of 2023-2024 which serves as a recognition or a testament to the dedication and hard work of the team.

  

• Satish Sharma resigns as director of Apollo Tyres, continues as president of APMEA region until month-end

  In a letter to the Board of Directors, Sharma cited his desire to take early retirement to pursue personal interests as the reason for his resignation.