In a bid to address slowdown in the auto sector, the government on Friday announced a slew of measures including lifting ban on purchase of vehicles by government departments, and allowing additional 15 per cent depreciation on vehicles acquired from now till March 2020.Also, BS-IV vehicles purchased up to March 2020 will remain operational for the entire period of registration, Finance Minister Nirmala Sitharaman said.The Centre will lift the ban on purchase of new vehicles for replacing all old vehicles by government departments, and consider various measures including scrappage policy to boost demand, she said.
Speaking at the 73rd Annual General Meeting in Mumbai Wednesday, Mahindra & Mahindra Group chairman Anand Mahindra called out for a joint collaboration between industry and government to carve out a future roadmap for EVs and mentioned that India has the potential to be a global electric vehicle hub. Listen-in. (Text: ETAuto)
Industrialist Anand Mahindra praised the Reserve Bank of India (RBI) for today's policy rate cut. "Excellent. I had just tweeted about the need to roll up our sleeves & get the GDP growth engine moving faster. Clearly, the RBI is leading from the front..." Mr Mahindra tweeted on Wednesday, after the RBI's Monetary Policy Committee (MPC) delivered its fourth rate cut of the current year. The central bank reduced the repo rate - the key interest rate at which it lends short-term funds to commercial banks - by 35 basis points to 5.40 per cent - the lowest level recorded in over nine years.
India's biggest automaker, Maruti Suzuki India Ltd, has cut the number of workers it employs on temporary contracts following a plunge in vehicle sales. The auto industry, which accounts for nearly half of India's manufacturing output, is going through one of its worst slowdowns in nearly a decade, with vehicle sales falling rapidly and little sign of a revival anytime soon.
The Motor Vehicles (Amendment) Bill was recently passed by the Rajya Sabha, and with a few more amendments, it is expected to be passed from the Lok Sabha soon. With an increase in traffic violation penalties and removal of archaic provisions, here's all you need to know about the Bill.
The Motor Vehicles (Amendment) Bill, passed in Lok Sabha Tuesday, proposes huge increase in various penalties for traffic violations, protection to Good Samaritans, recall of defective vehicle parts by auto companies, holding builders accountable for poor quality of infrastructure and making vehicle owners criminally liable for violations committed by juvenile drivers. Watch this video to know more. (Text: ET Online)
According to the monthly sales data released by SIAM, domestic passenger vehicle sales remained in red for almost 12th consecutive months in June 2019. Passenger car sales shrank by double digits for the third straight month in June as buyers continued to be put off by higher interest costs following the nonbank lending crisis and by rising automobile prices. Production across all segments also dipped by double digits in the first quarter of FY 19-20. Sharmistha Mukherjee explains the reasons for the slowdown and what the industry is seeking from the government to revive the Motown. Watch
Automobile major Hyundai Motor India on Tuesday launched KONA Electric, India's 'First Fully Electric SUV', with an introductory price of Rs 25.30 lakh. Kona has an estimated range of 452 kms per charge and comes with differentiated driving modes like Eco+, Eco, Comfort and Sport. The new electric SUV's powertrain employs a 136 ps permanent-magnet synchronous electric motor powered by a high-voltage 39.2 kWh advanced lithium-ion polymer battery. According to the company, customers will be provided with two chargers including a portable charger and an AC wall box charger.
The announcement of the reduction of GST on electric vehicles have brought cheer to EV start-ups of the country. Majority of start-ups who were struggling to find new customers and fundings have now a reason to smile as the government announced tax rebate on EV loans. Tune in as ETAuto Editor Nabeel Khan dissects the major Budget announcements related to the auto sector. (Text: ETAuto)
Advancing the auto industry's move towards electric vehicles, luxury car maker BMW has announced that it 25 would launch new electrified models by 2023. As Cnet reports, 12 models will be full EVs. Harald Kruger, BMW's chairman of the board of management, had earlier announced the release year to be 2025. However, now the cars will be launching sooner than expected. The company will be releasing its next full EV, the iX3 SUV, in 2020. In addition to the BMW brand, Mini will also be introducing electrified versions with the 2020 Cooper SE arriving later this year.
A stimulus package along with reduction in GST tax rate and a scrappage policy are required to rev up India's automobile sector which faces recessionary downtrend. Facing the effects of an ebbing rural and urban economy, the auto industry looks to the new government to alleviate past troubles and pave the way for fresh innovation. Here are the key demands from the auto industry from this budget and how much can the newly appointed Finance Minister Nirmal Sitharaman deliver.
Facing the effects of an ebbing rural and urban economy, the auto industry looks to the new government to alleviate past troubles and pave the way for fresh innovation. Nabeel A Khan taps into the problems and the expectations of the automobile sector from the Union Budget 2019.
In one of the worst falls, passenger vehicles sales fell almost 17 per cent in April. The cautious attitude of customers, political uncertainty and negative shadow of tightened liquidity and higher insurance cost dragged down the new vehicle sales in all the four segments in the first month of FY'20. What is plaguing Indian Auto sector and is there any recovery on the horizon? Nabeel Khan explains
M&M may just join Maruti Corp & Tata Motors diesel bandwagon. Sources tell ET Now, the country's largest SUV maker, M&M might discontinue their smaller diesel vehicles.
The country's largest carmaker Maruti Suzuki India (MSI) will phase out all diesel cars from its portfolio with effect from April 1, 2020.
Maruti Suzuki has developed an all-new 1.5-litre diesel engine in-house to replace the old Fiat-sourced 1.3 Multijet engine. The new engine has just made its debut in the Maruti Ciaz, and we drive it to tell you what it's like.
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