Automobile
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.
India pips Japan to become world's third-largest auto market
In 2022, according to the preliminary data, India sold at least 4.25 million new vehicles compared to 4.2 million sold in Japan. India's sales volume will further increase with the inclusion of upcoming commercial vehicle Q4 sales data from Tata Motors and other manufacturers.
Tata Motors to hike prices of passenger vehicles
The passenger car segment is logging good monthly growth for the industry players. While Tata Motors did not specify the model wise price hike, it said the weighted average increase will be 0.9 per cent depending on the variant and the model.
Automobile sales to witness 40% jump during run-up to Diwali
Auto dealers say that between Navratri and Diwali, nearly two lakh passenger vehicles are likely to be sold while around 8 lakh units so far have been booked. According to Federation of Automobile Dealers Associations (FADA), the retail sales segment witnessed 57 per cent growth during Navratri period.
PMI Electro emerges as 2nd largest electric bus brand in India
PMI Electro made this announcement on the heels of its foray into Surat where it delivered 25 electric buses as part of a larger order to supply 150 electric buses to the Surat Municipal Corporation. "We are elated to emerge as the second largest electric bus manufacturer in India in just five years of commencing operations," Satish Jain, Chairman, PMI Electro Mobility, said in a statement.
Match supplies with demand: FADA to vehicle makers
"The month of October will see Auto Retail on high grounds with 24 days of festive season out of the total 31 days. Dealers anticipate this to be the best festive in a decade for the PV (passenger vehicle) segment as we anticipate even higher sales during the month," FADA said.
Mahindra & Mahindra number one in SUV segment in September
The company said that it had sold a total of 64,486 units (passenger vehicles 34,508 units, commercial vehicles 27,440 units, exports 2,538 units) last month up from 28,112 units sold in September 2021.
Hyundai to invest $300 mn in US plant for eco-friendly cars
Hyundai Motor will upgrade the existing assembly lines of its Alabama plant for the production of the Santa Fe gasoline hybrid model and the all-electric Genesis GV70 sport utility vehicle in October and December, respectively, the company said in a statement.
Mercedes-Benz India's YoY Q1 2022 sales up 26%
The company's sales rose to 4,022 units from 3,193 units sold in the corresponding period of last year. The luxury carmaker said the Q1 sales growth has been achieved against the backdrop of continuing semi-conductor shortage, global supply chain challenges, and increasing operating cost for the company. Mercedes-Benz also ended Q1 2022 with a highest-ever order bank of more than 4,000 units.
Rising ownership, fuel costs subdue India's March auto sales: FADA
FADA data showed a YoY fall of 2.87 per cent in overall automobile retail sales during the month under review. he overall retail sales fell to 16,19,181 units last month from 16,66,996 units sold during the corresponding month of 2021. Also, last month's overall retail sales figure, when compared to the March 2020 period, showed a decline of 29.99 per cent.
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