Mid-size, large cars, SUVs and luxury cars will sharply rise in the range of Rs 79,000 to Rs 1.16 lakh as the Union government on Wednesday approved a hike in goods and services tax (GST) cess on such vehicles to 25 per cent from 15 per cent. The increase in cess comes just when sales of big and luxury vehicles have started picking up in Asia’s third biggest car market.
Altair, the $350 million American simulation technology major, is eying India, the growing world’s fifth largest auto mart, to make it among Asia’s biggest markets. The company is focusing on Internet of Things (IOT), electric mobility, 3D printing and automation to grow its business in Asia’s third biggest economy. It is aggressively tapping automobile, aerospace and defence markets, among other businesses in the country.
Czech car brand Skoda Auto on Tuesday introduced the Monte Carlo, a new edition of Rapid, priced at Rs 10.75 lakh to boost sales in Asia’s third biggest car market. The 2017 Skoda Rapid Monte Carlo is available in both petrol and diesel engine options. This special variant of the Rapid is based on the car sold abroad.
Tata Motors, India’s biggest automobile maker by revenues, and German Volkswagen-controlled Skoda Auto have ended their strategic partnership in what can be described as one of the shortest ties in automotive history in the country.
Both automobile majors, who are struggling to sell their cars in the fiercely competitive world’s fifth biggest car market, had declared their much talked about plans in March 2017 to work jointly on future products and technologies.
Bharat Forge, the world’s biggest forging company, which reported its net profit in the three months to June quarter rise by 43 per cent to Rs 175 crore due to higher income on Thursday, also announced 1:1 bonus issue. The net profit was higher than the Rs 159 crore estimate of analysts tracked by Bloomberg.
The Pune-based auto components maker had clocked a net profit of Rs 122.06 crore during the same period of the previous fiscal, Bharat Forge said in a BSE filing.
India’s passenger vehicle segment, one of the important economic indicators, is set to grow by a healthy 9-10 per cent during the current financial year and between 9-11 per cent at a compounded annual growth rate (CAGR) over the next five fiscals.
Tata Motors-owned British iconic sports cars maker Jaguar Land Rover has opened bookings for the all new fifth generation sports utility vehicle Land Rover Discovery priced Rs 68.05 lakh (ex-showroom).
Claimed as one of the best ‘Family SUV’ in the world, the imported new Discovery from UK will rival the likes of the Audi Q7, Mercedes-Benz GLE and BMW X5 in the Indian market.
The seven-seater SUV will be available in five variants and with petrol and diesel engine options, with the range-topping First Edition diesel trim costing Rs 1.03 crore.
Bajaj Auto, India’s fourth biggest two-wheeler maker by sales, on Tuesday announced a partnership with UK’s Triumph Motorcycles to jointly make mid-capacity motorcycles for Indian and global markets.
The mid-capacity bikes comprise those in the range of 250cc to 750cc engine to be jointly developed by Bajaj and Triumph. But these new mid-capacity bikes would be sold under the badge of Triumph both in India and globally.
Energy and environment solutions major Thermax is focusing on localising its products in the international market to derisk the company from the vagaries of business cycles in the home market. Thermax is targeting 40 per cent of its total sales revenues to come from overseas markets over the next three years.
The Pune-based mid-cap firm’s well crafted strategy is to scale up its businesses in South East Asia, the Middle East, Africa, South America and Eastern Europe.
Samsung India, on Tuesday launched new imported FlexWash washing machine. The consumer durables and electronics firm is targeting to be number one in the washing machine business in the country nest fiscal.
“At present we are number two in the growing washing machines segment in the country with 24 per cent market share and we are targeting to be number one player in financial year 2017-18,” Alok Pathak, vice president, consumer electronics at Samsung India told Financial Chronicle.