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Coronavirus supply chain shock will have negative impact on Indian auto component sector
Despite slowing demand and softening raw material prices due to COVID-19, 35% of respondents reported higher electronic component prices due to supply disruptions in China. NEW DELHI: Supply chain impact due to coronavirus pandemic will have a negative impact on the Indian auto component industry, ICRA rating agency said on Friday. The COVID-19 supply chain disruption will have a multi-quarter demand impact on the domestic industry, ICRA said in a statement. The credit rating agency said it has conducted extensive research with major auto component importers and exporters to understand the impact of the epidemic on the global auto component supply chain and expects a significant decline in exports over the next two quarters. “While most respondents believe that India will benefit when global original equipment manufacturers (OEMs) India, there are concerns about competition from other countries to remove geographic risk from the supply chain. Salt. This country will ma...
BurgessNehemiah
35
June 2, 2024
Auto parts companies face late payments
Representative photo (This article was originally published on April 8, 2020.) NEW DELHI: Due to COVID-19, carmakers Renault, Nissan, top two-wheeler seller Hero MotoCorp along with local firm Eicher Group factories and retail outlets were closed for 21 days, which will lead to a delay in partial payments to many vendors in the year 2000. Go to the automotive industry. Force majeure is a term used to describe unforeseen circumstances that prevent someone from performing a contract. Sources said the decision could lead to a delay in total payments starting from $50 Rs 100 crore to Rs 100 crore. In a letter to suppliers, the companies cited the downturn in business and promised to repay the debt when things return to normal. India’s largest two-wheeler maker said in the letter, “As things stand, Hero MotoCorp (HMCL) has no receivables, its on-site inventory of BS4 and BS6 vehicles and its all-India dealerships have been closed for 21 days.” , We have no opti...
WinniLamb
39
June 2, 2024
Auto parts manufacturers plan diversification of supply chain in the post-Covid-19 world
While India still relies on imported batteries, electronics or rare earth magnets for motors, components such as castings, shafts and rims can be produced locally in India. Mumbai: Diversification is the investment theme chosen by most of the majority of the stock market. Today, the auto parts industry is looking for more takers and risk reduction has become the cornerstone of the industry’s supply chain strategy in the post epidemic era. The main beneficiary of this approach is likely to be local sourcing. While Tata Motors and Maruti are keen to increase local sourcing, other companies still see value in sourcing from China given the cost competitiveness. /p Clearly, China is not all in right now. With the implementation of the BS6 emission standards since April this year, sources of supply will have to be diversified as well. India still relies on imported rare-earth magnets for batteries, electronics and motors, but castings, axles and rims can be produced locally, ...
SabrinaMorris
44
June 2, 2024
Auto-parts demand from China at pre-coronavirus level: Motherson Group
NEW DELHI: As the country recovers from COVID-19 from the pandemic, a similar trend is expected around the world, Laksh Vaaman Sehgal, vice chairman of Motherson Group, a leading auto component supplier in China, told The Economic Times. It has also appeared in other regions, helping the market. It will bounce back in the next few months. Surprisingly, demand is recovering strongly (in China), which bodes well for our industry. Customer demand has returned to pre-COVID-19 levels and the market is strong. The market is strong,” said Segal. Production is expected to increase in the coming months as global manufacturing facilities gradually recover in the coming weeks. Suppressed demand is expected to be in the 6 point months to 8 helping the market rebound to COVID-19 months In addition, consumer preference for private vehicles over public transportation is expected to increase sales in the automotive industry in the near future. PM Sehgal said, “I am happy to see t...
ZacharyDickens
49
June 2, 2024
Auto components industry in preparatory mode to resume operations: ACMA
NEW DELHI: The auto component industry is in a phase of preparation and recovery. ACMA on Monday said production will depend on whether the plants are located in green or permitted zones and whether customers resume operations. According to the new guidelines issued by the Ministry of Home Affairs (MHA) during the extension to May 3 government, private sector and industry bodies during the day blockade should operate in cities outside the city boundaries: can be done. 4 to start operations on March 20th. In addition, Special Economic Zones (SEZ) manufacturing, controlled industrial facilities, export-oriented facilities, industrial zones and industrial cities have also been approved. Vinnie Mehta, Secretary General, Automotive Component Manufacturers Association of India (ACMA), told PTI: “The component industry is in the preparatory stage.” He added, “Before resumption of work, it is important to fumigate/disinfect the manufacturing sites and conduct all...
TammyHerbert
44
June 2, 2024
Availability of components critical to restart manufacturing operations: Automakers
Reuters. Maruti Suzuki, Hyundai, Toyota, Honda and other major carmakers that have not yet resumed production at their factories said the supply of spare parts was a prerequisite for the plants to reopen, which remained inaccessible due to a nationwide blockade. Automakers suspended plant operations for nearly a month as the COVID-19 outbreak spread across the country. Factories and dealerships of all major auto parts makers also remain closed. India’s largest carmaker Maruti Suzuki India (MSI) he said is closely monitoring the resumption of operations at two of its plants. In Haryana. MSI Chairman RC Bhargava told PTI: “Parts availability is one of the key requirements for restarting the plants and the company management is looking into the matter. It may take a few days to decide how and when to start operations. “MSI’s Manesar (Haryana) plant is outside the city while the Gurgaon plant is in the city. As on March 22, the annual installed capacity was ...
TheresaSouthey
40
June 2, 2024
Setco Automotive gets permission to re-start manufacturing operations at two plants
The factory is allowed to run as long as conditions allow. (file image) NEW DELHI: Auto component maker Setcoo Automotive on Thursday said two of its plants in Gujarat and Uttarakhand have been allowed to resume operations. Setco Automotive said in a regulatory filing that it would like to inform that its Carroll (Gujarat) and Sitagangi (Uttarakhand) plants have received permission from their respective state governments to resume manufacturing operations. As per the state government guidelines and Ministry of Home Affairs 2020, these plants have been permitted to operate as per the conditions and guidelines mentioned in the order of April 15, 2012 . The blockade period under the new guidelines of the Ministry of Home Affairs (MHA) has been extended to May 3rd. Therefore, starting from 12 months 3 Since April 20, government, private companies and industrial organizations operating in rural areas (outside the municipal area) must remain in the city. Since April 20, local gove...
OdeliaMacArthur
42
June 2, 2024
Sodium-ion battery maker Faradion mulling over manufacturing in India
Speaking in New Delhi, Jamess Quin, chief executive officer of Faradion Agency, said sodium-ion battery maker Faradion LTD on Thursday said it is actively exploring setting up a battery manufacturing base in India for various applications. The company has won its first order from Australia’s ICM. Citing “superior advantages,” ICM plans to convert sodium-ion batteries into lithium-ion batteries, which will play a key role in the global revolution in the automotive/mobile, storage and mobility industries. In a statement, the company said, “India is one of the largest markets for mobile devices in the world. India has recently made significant progress in the use of EV (electric vehicle) technology, making it a priority market for Paradion.” In addition, the company claims that Faradion’s sodium-ion technology offers a promising solution as the world seeks alternatives to its reliance on Chinese lithium-ion batteries. To this end, Faradion is ...
LeifCotton
44
June 2, 2024
Over 80 plants across globe resume operations: Motherson Sumi
The company said it is taking all necessary precautions in accordance with COVID-19 guidelines issued by governments. Auto parts giant Motherson Sumi said Wednesday that it is increasing production at more than half of its 152 plants around the world that are already operational. The company said in a statement that more than 80 manufacturing plants remain in operation, with about 30 percent of them operating at more than 80 percent of their ideal capacity. However, the company did not disclose the location of these manufacturing facilities. Laksh Vaaman Sehgal, Vice Chairman, Motherson Group In a recent interview, I told The Economic Times that other plants are also preparing following the Covid-19 follow-on requirements and will start operations once they are licensed. China’s outbreak recovery is gaining momentum. “We were surprised to see a strong recovery in demand (in China). This is a good sign for our industry. Customer demand is back to pre-New Crown outb...
LillianFrances
42
June 2, 2024
Auto component suppliers may derail companies’ plan to restart output
AFP. MUMBAI: Automakers may find component supply could be a problem, with some having placed product planning orders with suppliers. The components industry comprises hundreds of companies, including many small and medium-sized enterprises (SMEs). Many automotive companies have suffered from labor shortages due to ongoing travel restrictions and the disappearance of migrant workers following closures. The program began this month after the blockade was eased to start production for 2,000 to 30 automotive companies, suppliers will provide some details on what they want to do as several major cities remain covid-19 hotspots and are not expected to ease. Clarity from the state. At least a few weeks. Parts maker ET said workers’ willingness to return to work and transportation are some of the challenges they face. Shri Ram Pistons Managing Director Ashok Taneja said, “Laborers who have returned to their villages are reluctant to return to work immediately due to re...
ArcherAlice
45
June 2, 2024
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