Despite the flip-flop stance of the government on electric vehicles or EVs, creating a huge uncertainty among automobile manufacturers in the country, Mahindra and Mahindra on Mondayannounced a fresh investment of Rs 900 crore in EVs business over the next four years. The Mumbai-based pioneer major in electric vehicles plans to ramp up its first installed capacity to 5,000 units a month.
Electric cars were the flavour of the season at the 14th edition of the biennial Auto Expo The Motor Show, South Asia’s biggest motor spectacle at Greater Noida in New Delhi.
Just last week I came across an advertisement for a new scheme for iPhone from a leading Telco and called them for signing up. After going through four layers of irritating and long IVR, I finally got to speak to a human being at the call centre that was outsourced by the Telco. I asked for the iPhone package and the person did not have a clue and I was handed over to three different sections before connection timed out. I could not help marvel at the lack of fundamentals of services marketing in this firm even as Jio was disrupting the entire industry.
With the organised sector of socks market fast opening up and growing, Bonjour, the first Indian multinational socks brand, is focusing on expansion of its own brand portfolio. The 30-year old company is not only gearing up to tap the fast growing Indian socks market, which is estimated to be Rs 5000 crore (or 90 crore pairs in volume), but also to explore new geographies, overseas.
Amway India, a wholly owned subsidiary of Michigan (US)-based $8.8 billion Amway, one of the largest direct selling companies in the world with presence in over 100 countries and territories, has made inroads into the Kids’ oral care segment with Glister Kids toothpaste. The roll out has also marked expansion of the flagship global oral care brand Glister in India.
The assembled luxury cars and top-end bikes in India will become costlier, along with imported trucks, buses and tempos, as the finance minister has proposed doubling basic custom duty rate for engines and engine parts for all vehicles, 5 per cent increase each on SKD (semi knocked down) vehicles and trucks, buses and tempos imported through CBU (completely built up) route.
American car giant Ford took the covers off the new Freestyle, its Figo-based crossover, making its global debut in India where it would go on sales from July. The ‘Made-in-India’ car will also be exported to European market. Ford is calling it a CUV or a compact utility vehicle, which is essentially a jazzier and beefed up variant of the new Figo hatchback.
Minda Corporation, the BSE listed automotive component manufacturer, on Tuesday opened its new Spark Minda Technical Centre (SMIT) at Chaken, near Pune with an investment of Rs 60 crore.
The Gurgaon-headquartered firm is gearing to meet demands of the growing automobile industry with the government’s push for electric vehicles or EV by 2030.
The company, which was targeting export revenues to the tune of Rs 500 crore by 2021 from Rs 150 crore clocked last fiscal, has currently got an export book order of Rs 400 crore.
TVS Motor Company, manufacturer of two-wheelers and three-wheelers, has kicked off a countrywide copy cat hunt to protect the brand and customers from the ill effects of spurious market. India’s auto components market is pegged at $30 billion and spurious components (fake/ copy right infringed parts) account for 30 to 40 per cent of it.
Hero MotoCorp, India’s biggest motorcycle makes by sales, on Tuesday unveiled an all-new model called the Xtreme 200R as part of its plans to strengthen its presence in the rapidly growing premium segment in Asia’s third biggest economy.
Showcased at the Auto Expo 2016, the new product powered by a 200cc air-cooled engine will hit markets across the country in April this year and its rivals include the Bajaj Pulsar NS 200 and TVS Apache RTR 200. The prices will be announced closer to the date.