Global connected car sales grew 12% in 2022, Volkswagen leads: Report
Volkswagen Group led in connected car sales, closely followed by Toyota Group, according to Counterpoint Research. The US remained the strongest market for connected cars, followed by China and Europe. In 2022, these three markets accounted for nearly 80 per cent of the total connected car sales globally.
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.
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.
Relief for home buyers as NCLT approves Suraksha group's bid for Jaypee Infratech
A two-member principal bench of the NCLT, headed by President Ramalingam Sudhkar, approved the resolution plan. The Suraksha group had proposed to complete around 20,000 flats in Noida and Greater Noida, which came as a relief to home buyers who have been waiting for their homes for more than 10 years.
BMW recalls over 14K electric cars over crash risk
The recall covers certain iX SUVs and i4 and i7 sedans produced between October 14, 2021, and October 28, 2022. The software issue relates to the high voltage battery electronic control unit, according to BMW."The high voltage battery electronic control unit (ECU) software may cause an interruption of electrical power,"
Toyota Kirloskar restarts booking for Hilux utility vehicle
The bookings for the model that was launched early 2022 was stopped temporarily due to various factors impacting supply. According to the company, globally, the Hilux sales have surpassed 20 million units.The details of the ex-showroom price of the model ranges between Rs 33.99 lakh and Rs 36.80 lakh
BMW launches two new models including EV
The BMW 740i M Sport is locally produced at BMW Group Plant, Chennai while the all-electric BMW i7 xDrive60 is available as a completely built-up unit (CBU), BMW India said. According to the company, the diesel variant will be introduced later. While bookings for the two models can be done at the dealerships, deliveries will begin in March 2023.
Mercedes-Benz India sold 15,822 units in 2022
According to the company, it has retained its leading position in the luxury car market in India by selling 15,822 units last year, up from 11,242 units sold in 2021. The key models that drove the growth in 2022 were the C-Class, E-Class, S-Class limousines and the GLA, GLC, GLE and GLS sport utility vehicle (SUV).
CarDekho logs Rs 1,600 cr in revenue in FY22, narrows losses by 28%
A $1.2 billion unicorn, the company said it narrowed its losses by 28 per cent, to Rs 246 crore in FY22 from Rs 341 crore in FY21. The company informed that it has Rs 1,000 crore in net cash and has a clear path to achieve profitability by FY24. "The stellar business growth is a testament to the trust reposed in CarDekho Group by over 50 million visitors, over 5,000 used car loan agent partners, more than 50,000 insurance partners in over 1,300 cities and more than 3,500 used car dealers as at March 2022," said Amit Jain, Co-founder and CEO, CarDekho Group.
Mercedes-Benz India Jan-Sep'22 sales exceed those of 2021
"Our sales are at pre-pandemic level, having crossed CY 2021 sales numbers in the first nine months this year. The current market momentum gives us the confidence for striving to achieve our highest sales ever. However, it also remains our endeavour to produce as many cars as possible to cater to the growing demand, amidst the current supply constraints," Managing Director & CEO Martin Schwenk said.