Chennai: US auto major Ford on Tuesday announced the setting up of its new research and development centre at a cost of Rs 1,300 crore. Ford's Executive Chairman Bill Ford made an official announcement regarding the investment plan in Chennai. The automaker will invest $195 million (around Rs 1300 crore) and hire 3,000 skilled people for the new centre over the next 5 years. It will serve as a hub for product development, mobility solutions and business services in India and other markets across the world. Ford will also consolidate 9000 employees from its six existing facilities, spread over a campus area of 28 acres, in Chennai.
Posted by RP on 08 November
New Delhi: Hinduja flagship firm Ashok Leyland on Tuesday reported a 70.96 per cent increase in standalone net profit at Rs 294.41 crore for the second quarter ended September 30, 2016. The company had posted a standalone net profit of Rs 172.2 crore in the same period last fiscal, Ashok Leyland said in a BSE filing. Its total income from operations stood at Rs 4,911.62 crore as against Rs 5,274.36 crore in the year ago period, down 6.87 per cent. While, the company had a foreign exchange gain of Rs 6.56 crore in the quarter under review, in the year-ago period it had incurred an exceptional item loss of Rs 157 crore as impairment loss in respect of investments in joint ventures and subsidiaries.
New Delhi: Toyota Kirloskar Motor (TKM) on Monday launched the all new Fortuner priced between Rs 25.92 lakh and Rs 31.12 lakh (ex-showroom, Delhi). The new Fortuner comes in both petrol and diesel options. The petrol version comes with a 2.7 litre engine and the diesel with a 2.8 litre engine. Earlier this year, Toyota also brought in a petrol version of the Innova to de-risk sales. Sales of best-sellers Innova and Fortuner had been hit in the National Capital Region (NCR) when the Supreme Court banned registration of new diesel vehicles with over two litre engines for an eight-month period starting Dec 2015. The company, at that time, was only selling diesel options.
Mumbai: Tata Motors' run Jaguar Land Rover sold 46,325 vehicles in October, up 11% from the same period last year, the Indian carmaker said in a notification to the BSE. "The month's performance has been driven by strong sales of the Land Rover Discovery Sport, Range Rover Evoque, Jaguar XF, and the introduction of the Jaguar F-Pace, as well as strong year-on-year sales growth in China and Europe," the statement said. JLR sold 30% more cars in China, 25% more in Europe and sales in UK and North America were both up 8%. However sales in other overseas markets were down 22%. In the first ten month of 2016, JLR sold 480,349 vehicles, up 23% on the same period last year. Commenting on JLR's October performance Andi Goss, Jaguar Land Rover Group Sales Operations Director, said, "With our most engaging product line up to date we are continuing to see positive sales momentum. Impressive performances across Europe and China have boosted our year-to-date sales to over 480,000 vehicles." While Jaguar recorded best-ever October sales, with retail sales touching 14,402 vehicles, up 93% from last year, Land Rover's sales at 31,923 vehicles was down 6% year-on-year. Jaguar's sales reflected "the strong launch of the F-Pace and the introduction of the long-wheel base XFL in China" while "production of the Defender and Discovery ceased in January 2016 and August 2016, respectively," which was a drag on Land Rover's numbers. The Discover Sport was the best-seller of the month, with the carmaker selling 9,605 units, up 34% from last year.
Mumbai: Volkswagen India sold 5,534 units in the month of October, up 70.02% from the same period last year. In October 2015, VW India had sold 3,255 units, the carmaker said in a statement. Commenting on the sales, Volkswagen Passenger Cars India, Director, Michael Mayer, said, "We are confident in continuing to improve our performance in sales and service, in the coming months along with exciting new products on the anvil." Volkswagen India launched the made-for-India and made-in-India diesel Ameo in the festive season. Volkswagen sells the Ameo, the Polo, the Polo GT, the Cross Polo, the Polo ALLSTAR, the Vento and the Jetta in India. Its product portfolio also includes the Beetle.
Chennai: India's second largest commercial vehicle maker Ashok Leyland reported solid growth in October sales, driven by medium & heavy commercial vehicle (M&HCV) segment. The company sold 12,533 units during the month (the highest sales since March 2016), higher by 28 percent compared with 9,803 units sold in year-ago period. M&HCV sales grew by 33 percent to 9,574 units while light commercial vehicle segment registered a 13 percent growth at 2,959 units on yearly basis. Ashok Leyland beat Nomura estimates that had expected 10.2 percent growth for the month gone by.
Mumbai: Royal Enfield sold 33% more motorcycles in October 2016 than it did in the same month last year, data released by the Society of Indian Automobile Manufacturers showed. In the month, it sold 59,127 units of Royal Enfields, up from the 44,522 units sold in the same period last year, a 33% rise. Eicher-Motors-led Royal Enfield sold 55,188 units of motorcycles with the engine capacity upto 350cc in the month, up 35% from the same period last year, while it sold 3,939 units of bikes with engine capacity exceeding 350cc, a 6% rise from October 2015. Royal Enfield's exports were up 95%. It shipped 748 motorcycles in October, up from the 384 motorcycles exported in the same period last year, a robust growth of 95%.
New Delhi: Honda Motorcycle and Scooter India (HMSI) said its 'by India, for India' bike Navi has crossed 50,000 units sales mark in just six months after launch. The bike was launched at the Auto Expo 2016 in Greater Noida in February. The two-wheeler maker recently introduced a utility box for the convenience of storage to Navi riders. "Navi crosses 50,000 units landmark in just six months of market availability," HMSI said in a statement. It also said that the company has witnessed jump in sales over the years. Celebrating the 28 million customer milestone, HMSI said it has further consolidated HMSI's equity as India's fastest growing auto manufacturer. Keita Muramatsu, President & CEO, HMSI said: "India is the fastest growing economy in the world and one of the most important markets for Honda. With this vision of growth, we have achieved a new milestone for our business in India. The journey to the 28 million milestone has been phenomenal." Further, it said that HMSI is setting the pace of industry with its 24% growth compared to the 13% growth of total two-wheeler industry. The automaker is currently running at full capacity at all its four manufacturing plants. Its total production capacity is 5.8 million units. HMSI has expanded its touch points network to 4,800 plus mark and will be adding another 500 touch points by the end of this fiscal.
New Delhi: The country's top two carmakers Maruti Suzuki and Hyundai said they sold over 45,000 units on Dhanteras on Saturday. Maruti Suzuki India Ltd's deliveries on Dhanteras is expected to be around 30,000 vehicles, a company official said. "This is around 20 per cent more than last year," the official added. Likewise, Hyundai Motor India Ltd (HMIL) also reported good sales on Dhanteras, considered auspicious for making new purchases. "This Dhanteras, the customers have done heightened purchases with deliveries of 15,153 Hyundai cars, growth of 26 percent over last year," HMIL Senior Vice President Sales and Marketing Rakesh Srivastava told PTI. He further said: "We expect to have 50,000-plus deliveries for the full month, making this festival season as the best in the last couple of years." Good monsoons, better consumer sentiments and 7th Pay Commission award have fuelled demand for automobiles.
New Delhi: Mahindra First Choice Wheels Ltd (MFCWL) on Friday announced the launch of a platform that allows buyers to participate in traditional ‘on the ground’ used-car auctions via internet in real-time. The platform, True Time Bids (www.truetimebids.com) will significantly improve efficiency of how vehicle auctions are conducted in India today, the company said in a statement. MFCWL ran a pilot project of True Time Bids with Kotak Bank prior to its launch. MFCWL Senior Vice President of eBusiness B Ganeshkumar said: “The pilot launch of Truetimebids.com with Kotak has been extremely successful and we look forward to taking this platform to all our clients over the next few weeks.” Stating that the platform will fundamentally change the way vehicles are disposed at auctions, he added: “Our clients are continuously looking for higher liquidity and more efficiency in our auction services, and we are pleased to develop and launch India’s first simultaneous online-offline auction platform.” Typically, vehicle auctions are conducted offline while some are also done online to attract non-local bidders. The truetimebids.com platform combines both auction formats into one simultaneous auction event. The launch of True Time Bids is a part of Mahindra First Choice Wheels’ overall aim to organise the used-car space in India and bring legitimacy and transparency to the market, the company added.