Automotive Industry Updates: April 2024
Tata Motors Inaugurates New Commercial Vehicle Spare Parts Warehouse in Guwahati Tata Motors, India’s largest commercial vehicle manufacturer, announced the inauguration of a new commercial vehicle spare parts warehouse in Guwahati. The state-of-the-art facility spans across 1 lakh square feet, stocking spare parts for the entire commercial vehicle portfolio, enabling faster turnaround times and easier availability of spares at Tata Authorised Service Stations in the North East. (Source)
Maruti Suzuki Announces Financial Results for FY2023-24 Maruti Suzuki India Limited announced its financial results for the year ended 31st March 2024, surpassing the annual total sales milestone of 2 million units for the first time. The company continued to be the top exporter of passenger vehicles from India for the third consecutive year, contributing 41.8% of total exports. (Source)
Maruti Suzuki Transports 25% of Vehicles through Railways In a bid to reduce its carbon footprint, Maruti Suzuki transported around 25% of its vehicles through railways in the last financial year. With infrastructure development and cooperation with the Indian Railways, the company plans to increase its rail transport steadily and substantially in the future. (Source)
Government Looks to Revisit Funding Support for Automotive Testing Agencies The government is considering revisiting funding support for automotive testing agencies under the NATRIP (National Automotive Testing and R&D Infrastructure) project, which completed in March 2021. (Source)
Tata Motors Slapped INR 1.92cr Penalty by Raipur Tax Division Tata Motors was slapped with a penalty of INR 1.92 crores by the Raipur Tax Division, with a total tax amount of INR 1,92,83,966 with interest of INR 22,04,93,836 and Penalty of INR 19,28,39. (Source)
Singur Tata Motors’ Nano Plant Controversy Remains Key Focus in Hooghly Election Chatter Sixteen years after an anti-land acquisition movement forced the Tata Nano car plant out of Singur, the issue of industrialization remains central in the Hooghly Lok Sabha constituency, with two film celebrities running for TMC and BJP vowing to rejuvenate industry in the region. (Source)
Mahindra XUV 3XO Compact SUV Launching Today Mahindra & Mahindra is launching the XUV 3XO compact SUV today, a significantly revamped iteration of the Mahindra XUV300, challenging rivals like the Tata Nexon, Hyundai Venue, and Maruti Suzuki Brezza in the highly competitive compact SUV segment in India. (Source)
Ampere Vehicles to Launch New Nexus Electric Scooter on April 30 Ampere Vehicles is launching the Nexus electric scooter in the Indian market on April 30, featuring four riding modes, an LFP battery, and a front disc brake, among other premium elements. (Source)
TVS Motor Company Showcases TVS iQube Electric Scooter in Philippines TVS Motor Company displayed its electric scooter, TVS iQube, for the first time at the Makina MotoShow in Manila, Philippines, representing the future of urban commuting with its cutting-edge EV technology, robust build quality, and premium comfort. (Source)
Tata AutoComp’s ‘Make in India’ Push for EVs As part of the ‘One Tata’ approach to manufacturing electric vehicles, Pune-based Tata AutoComp played a pivotal role in the localization of components for Tata Motors. (Source)
Himadri Speciality Chemical Q4 Profit Jumps 51%, Approves Brownfield Expansion Himadri Speciality Chemical reported a 51% jump in Q4 profit and approved a brownfield expansion of a new speciality carbon black line, increasing its total speciality carbon black capacity to 130,000 MTPA. (Source)
Shakti Pumps (India) Limited Q4 & FY24 Financial & Operational Performance Shakti Pumps (India) Limited announced its Q4 and FY24 financial and operational performance, with a remarkable year in terms of revenue and profitability, supported by growth in government and export businesses. The company also secured new orders worth Rs. 250.62 Crores from Haryana and Maharashtra since the beginning of January 2024. (Source, Source)
Samvardhana Motherson International Limited Acquires Stake in Irillic Private Limited Samvardhana Motherson International Limited completed the acquisition of a 73.05% stake in Irillic Private Limited, a company engaged in the design, development, manufacturing, and distribution of real-time Fluorescence Imaging and 4K Laparoscopy Imaging systems. (Source)
Exide Industries Limited Acquires Stake in Clean Max Arcadia Private Limited Exide Industries Limited acquired a 26% equity stake in Clean Max Arcadia Private Limited, a Special Purpose Vehicle for generating and supplying solar power at its Bawal factory in Haryana. (Source)
