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  • Mahindra Q2 PAT Rises 35% To Rs 3,171 Cr In 3 Months

    Mumbai: Mahindra & Mahindra Ltd on Thursday reported a 35 per cent on-year growth in consolidated Profit After Tax (PAT) at Rs 3,171-crore in three months to September. The company had posted a consolidated PAT of Rs2,348 crore in the second quarter of FY’24. Consolidated revenue for the September quarter was at Rs37,924 crore, up 10 per cent from Rs 34,436 crore in the corresponding quarter a year ago, the company said in a statement. “Our businesses have delivered a solid operating performance this quarter. Auto and farm continued to strengthen market leadership by gaining market share and expanding margins,” said Anish Shah, Managing Director & CEO at M&M Ltd.

    Shah further noted “M&M Financial Services Ltd (MMFSL) GS3 remained under 4 per cent and end losses have improved structurally. Tech Mahindra delivered a good quarter and the long-term focus remains on reverting to past profitability.”

    Auto and farm segment delivered robust operating results with profits during the quarter under review growing at 23 per cent, it said, adding that auto consolidated revenue for the quarter stood at Rs 21,755 crore up 15 per cent year-on-year, while auto consolidated PAT was recorded at Rs 1,423 crore, growing 40 per cent year-on-year. The company said in the auto segment it delivered the highest-ever quarterly volumes at 2.31 lakh, up 9 per cent year-on-year, while the utility vehicle volumes were also the highest-ever during the quarter at 1.36 lakh. In the farm sector, the September quarter saw the company delivering the highest-ever Q2 market share at 42.5 per cent, while the volumes grew 4 per cent year-on-year at 92,000.

  • Hero MotoCorp Looks To Scale Up EV Biz

    Earlier this week, Hero MotoCorp reported a 13 per cent rise in sales during the festive period in India this year at 15.98 lakh units compared to the year-ago period

    Milan: Hero MotoCorp is looking to scale up its presence in the electric two-wheeler space as it gears up to introduce affordable models over the next few months, according to a top company executive.

    The two-wheeler major is also looking to bolster its presence in Europe as it looks to enter markets like the UK, France, Spain and Italy next year. “In the next six months, there will be a lot of action in the product portfolio (in the EV space). We will be launching products (under VIDA range) in the more affordable segments as well,” Hero MotoCorp CEO Niranjan Gupta told PTI in an interaction here on the sidelines of EICMA. Hero MotoCorp’s VIDA electric scooter range is currently priced between Rs 1-1.5 lakh, including state subsidies, in India.

    The company currently sells the VIDA range in over 230 cities and towns in the country, with over 400 sales touchpoints. Gupta noted that the company has done well in the electric segment, having sold 11,600 units in the just concluded 32-day festive period. Emphasising the importance of having a physical sales and service infrastructure on the ground, he noted that it helps in gaining customer trust. “There’s a physicality to customer service that is required. I think, as Hero, we are into every nook and corner of the country, and therefore, we have an advantage there,” Gupta said.

    He also noted that being cost-competitive also works out in the company’s favour. “So, I would say cost and customer service is the differentiator between winners and losers in the long run (EV space),” he added. When asked about the overall sales scenario in the domestic market, he said urban centres were doing better, and now rural areas have also started to pick up pace. “So, I would say that there’s a positive momentum that can come up from the rural market as you move forward. We do know that the monsoon has been good.

    We do know that the government has increased the MSP… So, I think all of these, in the fullness of time, will percolate down in terms of income at the bottom of the pyramid and the employment,” Gupta said. “So, we are seeing green shoots, and therefore, moving forward, we do see positive momentum coming back.” Earlier this week, Hero MotoCorp reported a 13 per cent rise in sales during the festive period in India this year at 15.98 lakh units compared to the year-ago period.

  • Mahindra clocks 13 pc jump in Q2 net profit as SUV, tractor sales surge

    New Delhi, Nov 7: Auto major Mahindra and Mahindra (M&M) on Thursday reported a 13 per cent rise in its standalone net profit for the July-September quarter at Rs 3,841 crore, driven by higher sales of SUVs and a revival in the demand for tractors.

    M&M said its automobile segment, which produces the popular Thar and Scorpio SUVs, recorded the highest-ever quarterly volumes at 2,31,038 units in the quarter, up 9 per cent over the same period of the previous year.

    The company’s tractor sales during the quarter rose 4 per cent YoY to 92,382 units with its highest-ever Q2 market share at 42.5 per cent for the farm equipment segment.

    M&M, India’s market leader for tractors, reported a double-digit rise of 10 per cent revenue increase in the farm equipment segment. Its tractor sales rose 3.6 per cent as a good monsoon led to higher crop yields and incomes for farmers. Tractor sales have gone up for a second straight quarter, after a 7 per cent fall in 2023-2024 when erratic weather had hit the country’s agricultural sector.

    The company’s earnings before interest, taxes, depreciation and amortisation (EBITDA) shot 30 per cent to Rs 3,908 crore from Rs 2,993 crore during the second quarter, while the EBITDA margin improved by 190 basis points (bps) to 14.2 per cent from 12.3 per cent in the same quarter last year.

    “In Q2 FY25, we gained market share across both our auto and tractor businesses. SUV volumes increased by 18 per cent year-on-year, maintaining leadership in revenue market share, with an increase of 190 bps YoY on the back of two successful launches. Volume market share for LCVs stands at 52.3 per cent, a rise of 260 bps YoY. The auto standalone PBIT margin was 9.5 per cent, a gain of 140 bps YoY,” M&M Ltd’s Executive Director & CEO, Auto and Farm Sector, Rajesh Jejurikar said.

  • Total Vehicle Retail Sales In Oct Sees 32% Rise: FADA

    Mumbai: The total vehicle retail sales in India witnessed a 32 per cent on-year rise in October to 28,32,944 units with all segments including two-wheelers and passenger vehicles registering strong growth, Federation of Automobile Dealers’ Association (FADA) said on Wednesday.

    The total vehicle retail sales in October 2023 stood at 21,43,929 units, as per FADA. The strong growth in October this year was largely driven by the rural market, especially boosting two-wheeler and passenger vehicles sales, supported by increased Minimum Support Price (MSP) for Rabi crops, FADA said. Passenger vehicle sales grew 32.38 per cent to 4,83,159 units, from 3,64,991 units retailed in October 2023, it stated.

    Two-wheeler sales for the previous month were recorded at 20,65,095 units, as compared to 15,14,634 units in October 2023, registering a growth of 36.35 per cent, while three-wheeler sales were up 11.45 per cent year-on-year to 1,22,846 in in October 2024, it said. Tractor sales, according to FADA, increased 3.08 per cent during October to 64,433 units, from 62,542 units a year ago.

  • Hyundai Motor pips Volkswagen to become world’s 2nd-largest automaker

    Seoul, Nov 7: Hyundai Motor Group has outperformed Volkswagen Group to become the world’s second-largest automaker in terms of operating profit, industry data showed on Thursday.

    According to automotive industry data, Hyundai Motor Group achieved sales of 69.4 trillion won ($49.6 billion) and an operating profit of 6.5 trillion won during the third quarter.

    For the period from January to September, the South Korean automaker’s cumulative sales reached 208.9 trillion won, while operating profit was recorded at 21.4 trillion won, reports Yonhap news agency.

    In terms of operating profit alone, Hyundai Motor Group ranked second among global competitors after Toyota Group.

    The Japanese automaker reported an operating profit of 1.15 trillion yen ($7.4 billion) for the third quarter. and an operating profit of 32.4 trillion won for the January-September period.

    For the third quarter, Volkswagen Group has reported an operating profit of 4.3 trillion won. For the first nine-month period, Volkswagen’s operating profit stood at 19.36 trillion won.

    With Volkswagen Group facing challenges in the Chinese market, many industry watchers see Hyundai Motor Group as being poised to secure the No. 2 position in terms of operating profit after Toyota Group for the entirety of 2024.

    Hyundai Motor Group, however, is likely to take some time before surpassing Volkswagen Group in global sales volume.

    From January to September this year, Hyundai Motor Group sold 5.4 million units worldwide, maintaining its position as the third-largest automaker, following Toyota Group at 7.18 million units and Volkswagen Group at 6.5 million units.

    “Operating profit, in addition to sales volume, is a crucial performance indicator in the auto industry,” Kim Pil-soo, an automotive professor at Daelim University, said. “Hyundai Motor Group is performing well despite an overall decline in vehicle demand affected by the so-called EV chasm affecting the industry.”

  • Hala Mobility secures Rs 51 Cr to accelerate EV adoption in India

    Mumbai, Nov 06: Hala Mobility, India’s fastest-growing EV-as-a-Service Platform, has secured Rs 51 crore in its pre-Series A funding round, a combination of debt and equity. The round saw participation from founders Srikanth Reddy and Snehith Reddy, Phani Ramineni (Founder of Previa Health), along with Rohan Bajaj syndicate via invstt, sarthy angels, Bestvantage and a network of high-net-worth individuals (HNIs) and family offices.

    This new capital will be instrumental in scaling Hala Mobility’s EV fleet and expanding its footprint to six additional cities across India. The company aims to deploy 10,000 new electric vehicles by December next year, furthering its vision of revolutionising urban mobility with sustainable and eco-friendly solutions.

    “At Hala Mobility, we’re not just offering convenience but pushing for necessary change. This funding is a major milestone as we gear up to expand our EV fleet and extend our green mobility solutions to more cities,” said Srikanth Reddy, Co-Founder of Hala Mobility. “The support from our investors enables us to scale rapidly and drive the shift towards cleaner, more sustainable urban transportation across India. We believe the future of mobility has to be clean and efficient, and we’re here to drive that change.” added Srikanth.

    Hala Mobility, based in Hyderabad, operates in six major Indian cities: Hyderabad, Bangalore, Chennai, Vizag, Vijayawada, and Guntur. The company provides an EV-as-a-service platform designed for e-commerce companies and gig workers. Their platform includes an app with software for EV, Battery and driver management, along with a fleet of electric two-wheelers ensuring 95% uptime guarantee and round-the-clock service availability. Currently working with Bigbasket, Zomato, and Zepto and partnering with 13 scooters and eight battery manufacturers. They have a dense service network setup named S3 stations, serving as the epicentre of demand and supply. They efficiently manage the ground operations by increasing revenue by 25%, reducing churn by 42% and increase earning potential by 48%. With 3000+ fleet Hala has travelled more than 132M kms on EV’s reducing more than 4000 metric tonnes of CO2 emissions and saving 2M Litres of fuel consumption. With peta bytes of location information and vehicle information processed, hala’s ML algorithms are today capable of mapping demand, vehicle type, battery type to different geographies, terrains, users and businesses and stiching a right solution with available providers on ground becoming a full stack EV solution offering.

    Hala Mobility is focused on expanding its geographical reach and fleet size. It currently has a fleet of 3000 electric two-wheelers in Hyderabad, Bangalore, Chennai, Vizag, Vijayawada, and Guntur in Hyderabad, with a further growth of 10,000 more fleet within these cities.

    “Hala Mobility is leading the way in revolutionising urban transportation using technology and innovation. Investing in Hala gets us to be part of a forward-thinking movement that prioritizes cleaner, more efficient mobility for cities. This aligns with our commitment to supporting sustainable initiatives and presents an opportunity to contribute to meaningful change while backing the growth of eco-friendly transportation.” – Kanishk Dubey & Sathvik Reddy

    “My investment in Hala Mobility is driven by our vision of transforming mobility through sustainable solutions and the development of a complete EV life cycle management software. This platform not only supports the current fleet expansion but also opens up future applications across the EV ecosystem. I’m committed to driving this innovation and leading the shift toward a greener, tech-driven future.” – Phani Ramineni, Previa Health

    Hala Mobility is part of a growing ecosystem that recognizes the importance of reducing transportation’s environmental impact while improving mobility options for urban dwellers. The company’s continued innovation in the EV space positions it as a leader in this rapidly evolving market.

  • Skoda Kylaq To Be Launched On Dec 2; Price Starts At ₹7.89 lakh

    Skoda unveiled its much-awaited SUV Kylaq for the Indian market today. Priced at ₹7.89 lakh, the SUV will be available in six colour options including Lava Blue, Tornado Red, Carbon Steel, Brilliant Silver and Candy White along with a new Olive Gold. While the car will be officially launched in India on December 2, the delivery will commence from January 27,2025.

    Featuring 17-inch alloy wheels, the Kylaq looks like a mini Kushaq with a very similar face and rear end. On the interior, it offers dual digital screens, powered driver seat, leatherette upholstery, connected car technology, ambient lighting, and a six-speaker Canton sound system. All the variants including the top and the base will include six airbags along with a traction control programme among many.

    The SUV encompasses a wheelbase of 2.56 metres and a length measuring 3.95 metres. Boot space is equivalent to 446 litres; however, with seats down, it stands at 1,265 litres. The Skoda 1.0-litre TSI petrol produces power and torque of 114bhp and 178 Nm.

    Notably, Kylaq serves as a very important car for Skoda as it’s priced attractively at ₹7.89 lakh. This brings them back to the sub-Rs.10 lakh price bracket after nearly a decade. Notably, Kylaq is expected to give good volumes, especially in Tier 3 and Tier 4 cities. With this launch, Kylaq will be competing with Hyundai Venue, Kia Sonet, Mahindra XUV 3XO, Maruti Fronx, Maruti Brezza, and the Toyota Taisor.

  • Sterling Tools and GLVAC partner to manufacture HVDC components for EVs in India • EVreporter

    Sterling Tools Limited (BSE: 530759) (NSE: STERTOOLS), an automotive fastener manufacturer in India, has partnered, through its wholly owned subsidiary Sterling Tech-Mobility Limited, with Kunshan GLVAC Yuantong New Energy Technology Co., Ltd. (GLVAC YT), a subsidiary of China’s Kunshan GuoLi Electronic Technology Co., Ltd. (GLVAC), to manufacture High Voltage Direct Current (HVDC) contactors and relays in India. These components are essential for regulating current flow in electric and hybrid vehicles.

    This partnership is projected to generate INR 250 crore in revenue by FY30. Sterling Tools, through its subsidiary Sterling Tech-Mobility Limited, will manufacture and assemble HVDC contactors and relays at a new facility in Bengaluru, India, with an investment of about INR 40 crore. The initiative aims to reduce import reliance, aligning with the Indian government’s Atmanirbhar Bharat vision and supporting the Make in India initiative. This facility will provide Indian OEMs, Tier-I suppliers, and other stakeholders with access to locally produced technology, advancing the domestic Electric Vehicles (EV) and Hybrid Electric Vehicles (HEV) ecosystem.

    HVDC contactors and relays play a critical role in electric and hybrid vehicles, controlling high-voltage electricity flow among the battery, motor controller, inverter, and other power electronic systems. They enable safe switching and isolation in EV power circuits, contributing to operational efficiency and protection against electrical faults. In the event of a short circuit or accident, they prevent risks such as fire and explosion.

    Commenting on this new association, Anish Agarwal, Director from Sterling Tools Limited, said, “As the electric and hybrid vehicle markets continue to expand, it is important that we integrate the highest safety measures in the electric and hybrid vehicles through advance technological systems. At Sterling Tools, we recognize these concerns and are dedicated to enhancing safety in the EV and HEVs segment. This association highlights our commitment to the safety of high voltage battery & power electronic systems and contribute to the Make in India initiative of the Government of India. We will manufacture advanced HVDC Contactors and relays at our new Bengaluru facility, making them more affordable and accessible for OEMs and Tier-1 companies.”

    Li Qinghua, General Manager from GLVAC YT, said, “India is an important market for us, and through our association with Sterling Tools Limited, we are poised to strengthen the EV and HEV sectors in India. As a key player in EV components, we recognize India’s immense potential in the electric vehicle market. This partnership combines our technological expertise with Sterling’s manufacturing excellence to deliver high-quality, critical EV components to the Indian market. We see this partnership as a significant step toward supporting the country’s electric mobility journey. Together, we aim to drive meaningful advancements in EV components landscape, contributing to a more sustainable future.”

    Also read: Sterling Tools partners with Yongin Electronics for EV component production in India

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  • India’s No.1 Commercial EV manufacturer, Mahindra Last Mile Mobility Limited, surpasses 200000 electric vehicle Milestone

    Mahindra is the flagbearer of electrification in the L5 segment which saw the EV penetration increase to 21.7% YTD FY25 from 7.6% in FY23 as per Vahan.

    More than 100000 EVs were sold by Mahindra in the last 17 months, supported by the launch of new technologically advanced products like Treo Plus, e-Alfa Plus, and Mahindra ZEO.

    Mahindra holds a 41.2 % market share, as per SIAM, across the L5 EV category.

    Mahindra introduces a new loyalty program, UDAY NXT, that now includes ₹ 20 Lakh* driver accidental insurance cover to vehicle buyers.

    MUMBAI: Mahindra Last Mile Mobility Limited (MLMML), a subsidiary of Mahindra & Mahindra Limited (M&M), proudly solidifies its position as India’s leading commercial EV manufacturer. With over 200000 electric vehicles sold to date, MLMML continues to set the benchmark in sustainable transportation and innovation within the commercial EV space.

    Offering the most extensive range of technologically advanced small commercial electric vehicles in India, MLMML’s lineup includes the Mahindra Treo range, the e-Alfa range, and Zor Grand three-wheelers. Building on its success in the three-wheeler category, MLMML has recently expanded its portfolio with the launch of Mahindra ZEO – an electric four-wheeler small commercial vehicle in the < 2 t segment. 

    MLMML’s largest sales/service network, and technologically advanced products built to enhance customers’ lives have also helped make the company the go-to electric last-mile mobility manufacturer.

    MLMML has made significant strides in electrifying the three-wheeler L5 segment, which has an overall 21.7 % penetration, YTD FY25, in this category as per Vahan. MLMML holds a 41.2 % market share across all L5 EVs as per SIAM. Remarkably, in the past 17 months, MLMML has achieved sales of over 100000 units, further solidifying its market dominance. MLMML has maintained its market share, despite stiff competition, by launching new customer-centric products like the Treo Plus and e-Alfa Plus in FY25. To meet the increasing demand, production at MLMML’s world-class manufacturing plants in Bengaluru, Haridwar, and Zaheerabad has also been substantially increased.

    To celebrate this momentous occasion, MLMML has introduced a new Loyalty Program, UDAY NXT, for its customers. Those who buy a new MLMML vehicle now will get ₹ 20 Lakh* driver accidental insurance cover, along with career counseling for customers’ kids, business/finance counseling, and more. This program has been carefully curated taking into account customer needs and feedback. MLMML, in fact, was the first automobile manufacturer to introduce the highly-lauded UDAY program to support customers.

    Suman Mishra, Managing Director and CEO of Mahindra Last Mile Mobility said, “At Mahindra Last Mile Mobility, sustainability is not a choice but a promise to our future generations. Our collaborative, agile, and bold efforts have helped reimagine the last-mile ecosystem with reliable products and integrated solutions. Reaching the milestone of 200000 electric vehicles reflects our dedication to innovation and addressing the evolving needs of urban logistics.”

  • EV Charging Market Expected To Touch $3.7 Bn Mark By 2030

    Battery swapping, particularly for two- and three-wheelers, is emerging as a popular solution in India, with major auto companies investing in battery-swapping technologies to make EVs more affordable and accessible

    New Delhi: India’s electric vehicle (EV) charging market is projected to reach $3.7 billion by 2030, led by an increasing adoption of EVs, according to a report on Tuesday.

    Globally, the EV charging infrastructure market is poised to expand significantly, with revenues projected to surge from $25.9 billion in 2023 to $164 billion by 2030, reflecting a compound annual growth rate (CAGR) of approximately 12 per cent.

    In India, the growth is expected at a CAGR of 16 per cent and an increasing adoption of electric vehicles, driven by environmental concerns and fluctuating fuel prices, is a major factor contributing to this growth, according to the report by 1Lattice, a leading tech-enabled market intelligence firm.

    “With India’s EV market set to reach $3.7 billion by 2030, fast-charging technologies and battery-swapping solutions are key to addressing range anxiety and making EV adoption more practical for everyday users,” said Abhishek Maiti, Director-Industrial Goods and Services, 1Lattice. Battery swapping, particularly for two- and three-wheelers, is emerging as a popular solution in India, with major auto companies investing in battery-swapping technologies to make EVs more affordable and accessible.

    Globally, investments in EV charging infrastructure grew at a CAGR of approximately 30 per cent between 2018 and 2023. India has also witnessed strong investment growth, with a CAGR of 35 per cent during the same period, the report noted. As per another report by S&P Global Ratings late last month, the Indian government continues to push for higher EV production in the country and for greater localisation of supply chains, which will be key to help the country reach the target of 30 per cent EV penetration by 2030.

    The government recently launched the PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) scheme that has a financial outlay of Rs 10,900 crore over a period of two years. The PM E-DRIVE scheme will play a pivotal role in accelerating EV adoption and building critical charging infrastructure nationwide, contributing to a cleaner and more sustainable future.