Automobile
Automobile Sales Surge in Q1 FY25 Driven by Economic Growth and Rural Demand: SIAM
SIAM registered a 3 per cent increase with 1,026,006 units sold as against the same period last year. Utility vehicles contributed 18 per cent while vans registered a 9.2 per cent growth.
Automobile Sector Boosts Nifty to New All-Time High
This surge propelled the combined market capitalization of BSE-listed companies beyond the Rs 400 lakh crore milestone.
Union Minister Gadkari Predicts India's Auto Industry to Claim Global Top Spot Within 5 Years
During an exclusive interview with NDTV's Editor-in-Chief, Sanjay Pugalia, Gadkari projected India's auto industry to ascend to the pinnacle of global rankings within the next five years. He underscored the industry's current valuation at Rs 12.5 lakh crore, its contribution of 4.5 crore jobs, and its significant GST contribution to both central and state governments.
RBI Survey Reveals Automobile Sector at the Forefront of India's Foreign Technical Collaborations
During the fiscal year 2022-2023, the motor vehicles sector recorded remarkable production growth, reaching 28.4%, surpassing the 24.3% growth registered by all FTC companies collectively.
CarTrade Tech acquires OLX Autos' India biz for Rs 537 crore
In a filing with the Bombay Stock Exchange (BSE), CarTrade Tech said it will buy 100 per cent of Sobek's shares and is making the purchase "to provide synergistic benefits to the existing businesses of CarTrade Tech" CarTrade Tech said the acquisition is in furtherance of the strategic objectives of the company to undertake investments that provide synergistic benefits to its existing businesses.
28-year-old tech billionaire Austin Russell acquires 82% stake in Forbes
According to a report in Wall Street Journal, Russell's stake includes the remaining portion of the company owned by its namesake family, which sold 95 per cent of the company to Hong Kong-based investor group Integrated Whale Media Investments in 2014.
Hyundai Motor's Q1 net jumps 92% on SUVs, increased production
South Korea's Hyundai Motor said on Tuesday its first-quarter net profit jumped 92 per cent from a year earlier on increased production and an improved product mix. Net profit for the three months ended in March rose to 3.42 trillion won ($2.56 billion) from 1.78 trillion won during the same period of last year, the company said in a statement.
Daimler India sold 29,470 trucks, buses in 2022
The DICV, a 100 per cent subsidiary of Daimler Truck AG, Germany, said that it had logged 25 per cent sales volume growth in 2022 over 2021. The company also said that in 2022 it crossed the production milestone of 200,000 vehicles (including domestic and exports) and 200,000 transmissions at its Oragadam manufacturing facility near here.
Passenger vehicles sales records nearly 27% jump in FY 2022-23
The Society of Indian Automobile Manufacturers (SIAM) released the data on Thursday which showed that total of 38,90,114 passenger vehicles were sold during the year 2022-23 as against 30,69,523 in the previous year 2021-22. As per SIAM, chip shortages eased and demand for sport utility vehicles (SUVs) surged during the year 2022-23.
Sequoia India-backed GoMechanic acquired by Lifelong Group consortium
The distressed startup was last valued at $30 million. "Acquisition of the GoMechanic business, aligns with our strategic vision of synergising the Lifelong Group's proven expertise in the automotive industry. We are focused on building upon GoMechanic's business," Lifelong Group said in a statement.
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