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Auto industry needs boosters to come out of slowdown: JK Tyres Chairman Raghupati Singhania
NEW DELHI: JK Tyre Industries chairman Raghupati Singhania he said India’s automobile industry needs a series of boosts, including a speedy announcement of a vehicle scrapping policy, to rid the economy of a coronavirus epidemic that has intensified. Singhania said the recent decision to restrict imports of some pneumatic tires was a step in the right direction to boost domestic manufacturing. But he added that more measures were needed to speed up the process. In an email interview with The Economic Times, company Managing Director Singhania also said, “Effective utilization of demand curbs will largely depend on the implementation of the much-needed retirement policy.” “Reducing the temporary GST on the automobile sector to 18% starting from the current 28% may also help increase demand.” In terms of all categories, auto sales declined the most in the last quarter, down 75% YoY. Production and sales were severely impacted by the COVID-19 pandemic...
VicMarlowe
61
May 30, 2024
Bridgestone launches doorstep contactless pickup and drop tyre servicing in 20 cities
Mumbai: Tire maker Bridgestone India on Wednesday launched a contactless doorstep service in 20 One city across the country to cater to all tire-related needs, including wheel alignment, balancing or new tire installation. The service is available for both new and existing tires and allows consumers to track their vehicles during tire maintenance, Bridgestone said in a press release. The country is emerging from the embargo and the pace of recovery appears to be slow but steadily improving. However, with COVID-19 cases increasing daily, people are still hesitant to leave their homes. In response, Bridgestone has introduced solutions and pick-up and drop-off services adapted to all populations. In a statement, Bridgestone India revealed the consumer demand related to tires. Bridgestone said its pick-up and drop service is a contactless service designed to allow consumers to book parking without leaving their homes for all tire-related needs and services. Initially, the servi...
JaneHenrietta
55
May 30, 2024
Rural, semi-urban areas bright spot for tyre industry amid COVID-19 challenge: MRF
MRF said tire demand, particularly in the agricultural and commercial sectors, has not been significantly impacted. KM Mammen, chairman and chairman, said, “High demand for two-wheelers and tractors in the rural and urban-rural segments continues to be a bright spot for the domestic tire industry in the challenging business environment in New Crown Pneumonia (COVID-19).” MRF Executive Director. He presented the company’s annual report for 2019-20 to the shareholders of the company, saying that normal monsoon and bumper harvest expectations augur well for the rural economy. “It has been two months since the government lifted the blockade. We are still looking for ways to increase the level of production in the economy. Our manufacturing plants have to deal with COVID-19 cases from time to time, which affects our production dynamics. “, noted Mamen. Fortunately, he added, the demand for tires, especially in the agricultural and commercial sectors, ...
JohnCronin
47
May 30, 2024
Off-highway tyre maker Alliance Tire to invest Rs 1,240 crore in third plant at Visakhapatnam
Mumbai: Japan’s Yokohama Group off-road tire maker Alliance Tire Group (ATG) third plant is being set up in Visakhapatnam with an investment of $165 1 million (about Rs 12.4 billion).1655 to build the plant costing $165 5 million $2.3 billion annual production capacity will be $2.3 billion for two of its The Indian plant adds more than 20,000 tons annual production of 10,000 tons (555 tons of rubber weight) tons) and is expected to be operational by the first quarter of 2023. Nitin Mantri, Chairman of Yokohama India and Director of ATG, said on Sunday that the project will create about 600 new jobs, bringing the workforce to 55,000 people. ATG has plants in Dahej, Gujarat with a production capacity of 1,300 lakh tons per annum (360 tons per day) and Tirunelil, Tamil Nadu has a plant with a capacity of 10 lakh tons per day. The group has an annual production capacity of 45,000 tons in Israel. ton plant where the main R&D center is located. The Tennessee plant also has ...
AriesCollins
47
May 30, 2024
Birla Tyres scouts for partners for strategic collaboration
Reuters. Kolkata: Birla Tyres was recently launched from Kesoram is a company Ltd The company is in talks with several potential partners at home and abroad for strategic tie-ups, a senior official of the company said. Discussions with potential partners and funding agencies are underway and are expected to be finalized in the next three to six months. Manjushree Khaitan Corporation told shareholders at its virtual annual general meeting, “The company is in talks with various domestic and international partners for strategic alliances, including technical know-how and other expertise in off-site manufacturing of various tire products.” Tuesday’s meeting. She said the company is looking at all tire segments, including off-road tires and other specialty categories. P CEO Radhakrishnan The tire maker plans to raise around Rs 20 crore through fresh equity and debt. He said, “Discussions with potential strategic partners and financial institutions ar...
WandaStella
50
May 30, 2024
Budget 2015: Tyre makers seek doubling of import duty
NEW DELHI: Indian manufacturers hit by cheap Chinese imports have asked the government to raise the tariff on tire imports to 20 percent, on par with natural rubber, to level the playing field for the domestic industry. The Automotive Tire Manufacturers Association (ATMA), according to the pre-budget report, under various trade agreements, tires can be imported at 5% or even zero tariff, as is the case with inferior natural rubber. 20%. “For the success of the ‘Make in India’ campaign and promotion of domestic manufacturing, imports of finished products should be subjected to at least the same duty as taxes. The ATMA Raghupatiapatiitipatipa Singhania said: He added that while tires can be imported into India at preferential tariffs under various trade agreements, there is no corresponding preferential tariff for natural rubber as it is on the negative list of most trade agreements. Tires are probably the only finished product where the “tariff invers...
JeffreyGeoffrey
48
May 29, 2024
Hungary plant to start rolling out products by 2017: Apollo Tyres
NEW DELHI: Apollo Tyres today said it will invest 4.75 2017 euros in its Greenfield plant in Hungary and start rolling out products every year in 2017. The board approved setting up the plant with a total capacity of 5.5 million passenger car and light truck (PCLT) tires and six 75,000 heavy commercial vehicle (HCV) tires per year. The plant will be built in a new industrial area near Gyonyoshalasz will produce Apolloolo and Vrestein brand tires and will meet the needs of the entire market. It will enter the European market and will complement Apollo tires at the existing plant in the Netherlands. “This investment is our first in a new plant outside India and marks a significant milestone in the company’s international growth journey. We aim to establish a benchmark manufacturing facility to further enhance our competitiveness in the European market.” Apollo Tyres Limited Vice Chairman and Managing Director said in a statement. Factory Plan 2015 Factory Pl...
MyrnaIsaiah
57
May 29, 2024
Local tyre companies trump global peers in returns
(This story was originally (June 24, 2014) Shares of domestic tire companies soared more than two-and-a-half times last year, with returns four times higher than those of global tire companies. Analysts believe that high margins, growth and cost competitiveness of Indian manufacturers have helped them perform well in the sluggish Indian automobile market. Ceat, Apollo Tires & Balkrishana Industries It is the most liquid tire stock, topping global returns. Based on this, domestic automakers have also done well. Five companies like TVS Motors, Atul, Tata Motors, Eicher Motors and Hero Motocorp are amongst the world’s leading automakers. “While the business model of Indian tire suppliers has not changed structurally over the last few years as compared to their global counterparts, the coordinated approach adopted by local players during the period of weak raw material prices has transformed tire companies. “Basant Kumar Bansal, Director Finance, Balkr...
CarterWoolley
50
May 29, 2024
JK Tyres to up exports with Mexico plant
Chennai: Tire giant JK Tires, which has started using Indian brands for the first time by some New York cabbies in an effort to boost sales in the automotive market, is looking to expand its export business using its Mexican plant. The tire market leader has been pushing aftermarket sales and exports to make up for the downturn in the domestic auto market, company executives said. JK Tyres President Arun Kumar Bajoria “Our export focus has helped us grow our business, with exports growing 23% in fiscal 2013-14.” 20%. The Mexican branch is also entering the JK New York cab market for the first time. “We already have Nissan and Volkswagen as OEMs for our Mexican operations As a result, for the first time, Nissan Taxi New York started using JK tires made in Mexico,” Bajoria says. “Last fiscal year, we added five new export markets. We operate in more than 100 markets. “Improved exports, increased share of aftermarket sales, and lower raw material ...
PayneSpender
49
May 29, 2024
Yokohama introduces Geolandar Mud-Terrain tyres in India
New Delhi: Yokohama India has launched the Land (M/T ) as part of its Geolandarrr range. Designed for tough off-road driving, the Geolandar M/T is well-equipped to deflect side impacts in extreme conditions, the tire maker said. The Mud is designed for high performance and maximum visual impact. The Terrain is currently available in two sizes: 31×10.50 R15 and 33×12.50 R15. The Geolandar M/T features a new dual protection bar for enhanced cut and puncture protection. The stepped center notch is said to improve surface grip. Takeshii, General Manager, Yokohama India “Off-roading is gaining popularity as a new weekend adventure sport,” says Fujino. Especially for young professionals and advanced people, the Geolandar M/T has many interesting features that make it ideal for off-roading.-The best companion. Off-road activities require vehicles to be driven on off-road surfaces. Since roads and tracks are made of sand, gravel, riverbeds, soil, snow, rocks...
ErinForster
58
May 29, 2024
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