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Tyre makers may now feel the pinch after Donald Trump’s tariff threat
KOCHI: The Trump effect seems to be affecting the Indian tire industry. India’s imports of Chinese tires are expected to surge at the same time after US President Donald Trump threatened to impose tariffs on them. Natural rubber prices have risen again, in line with global market trends and the Trump effect. Tire prices are expected to rise by 7% to Rs 160 per kg this week, which could force the domestic tire industry to increase tire prices. Apart from about 10% of natural rubber, the raw material component of tires also accounts for 40% of the Prices. Some tire companies have already increased tire prices by 2-5%. “Since natural rubber and all the chemicals used in tires are becoming more and more expensive, we have no choice but to increase the prices slightly.” said Vikram Malhotra, Director, Marketing, JK Tires. Volume increases. “Currently, imported Chinese tires account for more than 30% of the replacement market for truck lunch tires in India...
Bernice
81
May 21, 2024
Sundaram-Clayton unveils Rs 750-crore expansion plan; announces US factory
Chennai: Sundaram-Clayton It is an auto parts maker worth 16 TVS worth $100 million Motor Holding, which will invest Rs 400 crore in the expansion of his Indian plant, has invested 35 The US new plant construction covers an area of Rs 50 crore acre plant. Expected. The expansion (including a US joint venture) will increase the company’s capacity to 80,000 tons. On the investment front, the company has invested Rs 4.08 billion in the last five years. The main reason for the US JV was to be geographically closer to the customers so that the supply can be flexible and nimble to meet the needs of the customers. Manufacturers’ production requirements are changing. The plant is due to open on 4 Construction is expected to start in month of 2018 Construction is expected to start production in 2018 annually. As a greenfield plant, the U.S. plant is expected to reach production, but sales growth will take slightly longer than the expansion of the India plant. “The rece...
HoraceWood
75
May 21, 2024
Taxi market to account for 15-17 per cent of Indian PV market by 2020
Mumbai: The cab market has become increasingly important in the last two to three years in the backdrop of the entry of app-based aggregators. This has not only disrupted the HRV and traditional cab markets, but has forced OEMs to modify their growth and marketing strategies. A report published by ICRA says that the Indian passenger car industry is likely to benefit from the strong growth potential of the domestic cab market in the short term, while medium to long term growth will be supported by low penetration rates and rising income levels. “The Indian cab market is expected to witness strong double-digit growth over the next 2-3 This year, fleet sales including car rental aggregators are likely to emerge in 2016 due to strong demand and increasing penetration of these players in smaller towns It accounted for FY growth. About 9% of India’s PV sales are expected to reach 15-17% in FY2020. The Indian cab market is still in its infancy and has huge scope for grow...
PearlNell
69
May 21, 2024
GST may fuel growth of domestic auto ancillary industry
Mumbai: The proposed Goods and Services Tax (GST) implementation is expected to boost economic growth by $100 million in 390 years. Industry experts said that under the new tax regime, the domestic auto ancillary sector will enjoy a low tax rate of 18%. With the introduction of GST, automobile-related industries will get a boost. Experts predicted that the current effective tax rate of 28-30% for automobile-related industries will be reduced to 18% after the implementation of GST. They were speaking at a panel discussion at KDK Software on GST competition impacting auto ancillary industries. The industry is benefiting from a healthy ecosystem in the domestic market and the increasing globalization of Indian automotive suppliers. He said that tax discounts will be transferred to OEMs (Original Equipment Manufacturers) which will ultimately lead to increased demand for automobiles. “Many automotive ancillary facilities and auto component manufacturers usually set up the...
JulianWalker
68
May 21, 2024
Replacement demand growth for automotive battery segment at 4-5%: Ambit Capital
Mumbai:Ambit Capital, an investment advisory firm, estimates that the current replacement demand in the automotive battery segment is growing at 4-5% year-on-year. As of 2016, this is much lower than the double-digit growth rates the sector was experiencing on a monthly basis in the year 201610. Before the cash ban took effect. Demand in India’s automotive battery sector has “largely recovered” from its post-demon era lows as the cash ban hit the automotive sector hard. However, rural demand is still suffering, the report said. On the acceleration of demand from the unorganized sector to the organized sector, Ambit said that the feedback is quite mixed based on dealer interactions. While some believe that the unorganized sector has been hit harder, others say it will bounce back soon. Further, dealers said that there will be a gradual shift to the organized sector after the implementation of GST and said, “The unorganized sector will be able to evade compl...
TyroneWesley
60
May 21, 2024
Need for speed surpasses demonetisation blues, diesel embargo
Mumbai: Sales of supercars in India soared 20% last year thanks to a slowdown in the mainstream luxury car market, currency swaps and a long-standing ban on diesel cars. Prices in the two supercar markets, or dedicated sports car markets, exceeded 5 million won. 68 Units selling for Rs 25 million is the highest level in the last four years. According to industry sources, Lamborghini 2016 Lamborghini Annual sales increased by 15 percent, and its closest competitor, Ferrari, also achieved double-digit growth. Sharad Agarwal, head of Lamborghini India, said that the exclusive sports car market will see more than 100 cars a year in the next 24 a month. “Despite the economic disruptions, the market bounced back quickly to normalcy in the second half of December. Lamborghini has already accomplished 50 percent of its 2017 Lamborghini 50 percent of its annual target. Our new Aventador S is already sold out.-Agarwal said the numbers will continue to grow this year. Annual sal...
RobertaBruno
84
May 21, 2024
Skoda Auto opens new sales, service and spares facility in Delhi
NEW DELHI: Skoda Auto India on Tuesday opened a state-of-the-art sales, service and spare parts facility in collaboration with Aryaverererer Motors Pvt. Ltd. located in New Delhi. The new facility will cater to the needs of customers in the region and will serve as the main point of contact for sales, service and spare parts. The sales facility is located on Moti Nagar Najafgarh Road and is spread over an area of 5,100 square feet. We also have a service facility in Najafgarh Industrial Area at a distance of 0.5 1900000 km Sq.ft. from our showroom. Aryaveer Motors is the 31st plant of Skoda Auto India and has adopted a new corporate identity. Ashutosh Dixit, Director (Sales, Service and Marketing), Skoda Auto India Private Limited “This is an important part of our strategy to strengthen our business in the region and is another step towards enhancing our experience.”” /p Skoda Auto India is in the process of revamping its entire dealership network, which en...
HunterMacadam
66
May 21, 2024
Rockman targets US, European markets for carbon composites business
NEW DELHI: Hero Group Rockman Company Industries today, in line with its strategy, opened the first office of its composites subsidiary Moldex outside India. In a statement, Rockman Industries said, “The new office will focus on expanding our carbon composites business by increasing market penetration, especially in the US and Europe.” Suman Kant Munjal, chairman and managing director of Rockman Sumanstris, said the company expects carbon composites to account for about 10 percent of its sales over the next five years. He also said that apart from racing and aerospace, the global automotive industry is also transitioning to carbon fiber. The company aims to penetrate more deeply into various sectors, including automotive, to be at the forefront of this technology. Monjar added: “The opening of our UK office is a step in that direction as it gives us access to the heart of European motorsport.” Earlier this year, Rockman Industries acquired Molde...
OswaldPartridge
67
May 21, 2024
Sona Group lines up Rs 400 crore investment
NEW DELHI: Auto component maker Sona Group plans to invest Rs 300 crore and Rs 40 in the next four years in order to expand its operations in the country. The Gurgaon-based company plans to expand its forging and electric shaft business besides developing new products. It also plans to increase its supply to the US market. Sona Group Sunjay J Kapur told PTI: “We plan to invest Rs 300-400-400-400-400 crore in the next four years, most of it in India.” Most of the investment will be utilized for expansion of forging business, bridge business and drive train business, he added. “Currently, we account for 19 to 20 percent of the global forging business,” Kapoor said while detailing future plans for the group’s business. Our goal is to continue to expand to 30 percent.” “The company aims to introduce new products,” he added. Says Kapoor, “We want to see what else we can do in the drivetrain space, not just make gears, and...
MartinaGeorge
67
May 21, 2024
Talbros gets Rs 175 crore job order from German luxury car maker
PTI NEW DELHI: Automotive component maker Talbrosss Automotive Components today said it has secured orders worth about Rs 1.75 crore to supply forgings to an unnamed German luxury carmaker. Talbros Automotive Components Company has received orders for forgings to supply components for large German luxury cars. The order will last for seven years and the total revenue is expected to be around Rs 1.75 billion, the company said in a statement. The release is scheduled to start in June-July 2017 2017. Anujj Talwar, Joint Managing Director, Talbros “This is a great validation of our technical capabilities and opens doors for us,” he said The company said it has enough production capacity to fulfill the order without major investments. Talbros Automotive Parts is the flagship manufacturing company of the Talbros Group, established in 1956 in partnership with Coopersss Payen in the UK to produce automotive and industrial gaskets.
CandiceMilton
73
May 21, 2024
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