Substantial cost increase is expected with new CEV BS-IV norms: MD, ACE
In an interaction with ETAuto, he elaborated on the company's readiness for new CEV BS-IV norms and also indicated on flat to negative growth in the topline for financial year 2019-2020 due to demand slump in the market. Edited Excerpts
HMSI contract workers go on indefinite strike; seek Rs 1 lakh yearly compensation
According to Auto India Contract Worker Union (AlCWU), around 200 contractual workers were ousted citing slowdown within the industry, with a promise of contracts to be renewed as market sentiments will uplift. These contracts usually get renewed after 11 months, but this time the company refused to renew and instead hired cheap labour to replace them, a worker at HMSI told ETAuto requesting anonymity.
Toyota Q2 operating profit grows 14% as global demand picks up
The company posted 579.1 billion yen operating profit for July-September quarter a year ago.
EV startup by military veterans aim to make a mark in e-mobility
The company on Wednesday opened its dealership network in Punjab. Going forward, Evolet plans to open 100 plus dealerships across India by the end of 2020 with target sales of around 150 units per month per dealership.
India's dependence on imports increases: Crude oil, natural gas output falls
Foreign oil made up 84.5% of the country’s needs in six months to September, up from 83.3% a year earlier. Imported gas accounted for 51.2% of local needs
Auto sector revival as much in govt's interest as in ours: RC Bhargava
"The automotive industry is a big part of manufacturing, it is such a large sector, there has to be a defined long term roadmap. It accounts for half of the manufacturing GDP and the government understands the importance of the sector. It is as much in the government’s interest as much as ours," said Maruti Suzuki chairman RC Bhargava.
BYD-Olectra, Tata Motors, Ashok Leyland in fray to supply, operate 1,200 e-buses
State transport utilities have floated, or are in the process of floating, tenders for about 5,500 electric buses, and out of these bids for about 1,200 buses have been opened so far. The largest number of buses have been sanctioned for Maharashtra at 725, followed by UP at 600. Delhi has floated tenders for 100 electric buses, and Gujarat for 200 buses.
Bosch Q2 net profit drops 77% to Rs 98 cr
Auto component major Bosch on Wednesday reported a 76.57 per cent drop in consolidated net profit at Rs 98.4 crore for the second quarter ended September, impacted by sluggish demand in the automobile industry.
New geographies lift Royal Enfield retail sales to record
The wholesales domestic volume of Royal Enfield fell 3.6 per cent to 67,538 units in October.
Working strongly on electric vehicle charging infrastructure: NTPC
NTPC had earlier said it has signed pacts with cab aggregators Ola, Lithium, Shuttl, Bikxie, Bounce, Electrie and Zoom Car for creation of public charging infrastructure for electric vehicles.
Maruti Suzuki partners with Toyota Tsusho for vehicle dismantling and recycling
The JV, named as Maruti Suzuki Toyotsu India Private Limited (MSTI) will have 50 per cent equity from both the two partner companies, informs the release.
Auto stocks may find it difficult to sustain rally
Companies have got volumes in October because of festival season and heavy promotion.