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  • Maruti Suzuki starts Fronx export to Japan

    Hyderabad: Maruti Suzuki India on Tuesday said it has commenced export of its sports utility vehicle Fronx to Japan.

    The first consignment of over 1,600 vehicles left for Japan from Gujarat’s Pipavav port, the country’s largest carmaker said in a statement. Fronx will be the first SUV from Maruti Suzuki stable to be launched in Japan, it added. The company rolls out the model exclusively from its Gujarat plant. Fronx is the second model from Maruti Suzuki to be exported to Japan, after Baleno in 2016. Suzuki Motor Corporation, which owns around 58 per cent stake in Maruti Suzuki, plans to introduce Fronx in the Japanese market later this year.

    “Japan is one of the most quality-conscious and advanced automobile markets in the world. Our export to Japan is a testament to Maruti Suzuki’s capability to manufacture world-class vehicles that exemplify cutting-edge technology, exceptional performance, internationally recognised safety, and quality standards,” Maruti Suzuki India MD & CEO Hisashi Takeuchi said.

    The Fronx embodies the best of engineering and design finesse and is a beacon of Indian auto manufacturing excellence, he added. “I am confident that it will be received well by Japanese customers,” Takeuchi said. Unveiled globally at the Auto Expo 2023, Fronx was launched in India on April 24, 2023. The SUV became the first model in the country to clock the fastest 1 lakh sales within 10 months from launch. In July 2023, the company commenced export of Fronx to destinations like Latin America, the Middle East, and Africa. Cumulatively since launch, Fronx has recorded total sales of over 2 lakh units in domestic and export markets. Maruti Suzuki led passenger vehicle exports last fiscal with shipments of over 2.8 lakh units to over 100 countries The company currently has a 42 per cent share in the exports of passenger vehicles from the country. In the April-June quarter of the current fiscal, Maruti Suzuki has already exported 70,560 units, the highest ever in any Q1 of the company.

  • Indians Who Pre Booked Tesla Model 3 in 2016 Now Seeking Refunds After Delays

    In 2016, Elon Musk extended an invitation to Indians to place a preorder for the Tesla Model 3. The first person to pay a $1,000 deposit on a car that never got delivered till date is Vishal Gondal, the founder and CEO of the health technology company GOQii.

    Since 2016, several automakers have introduced their own electric vehicles, in contrast to the American automaker that failed to live up to expectations. Elon Musk cited the high cost of taxes in India as well as the challenges of establishing an Indian facility to move production from China as the reason for the delay.

    Given the murky explanation provided by Tesla on its arrival in India, Gondal opted to purchase an electric SUV from German automaker Audi. He was able to get his $1,000 in January 2023, thanks to a friend who assisted him in locating a Tesla sales manager in India. “I think Tesla may be a great tech company. But they just don’t know how to sell luxury cars,” Gondal said.

    Director of a design company in Mumbai, Hemant Suthar, who had also pre booked a Tesla in 2016 and eventually received his money back in 2023, expressed doubts about the basic Tesla’s ability to compete with some of the more opulent EVs currently being driven in India.

    In 2019, Musk went on to voice fears that import duties would drive up the cost of Tesla manufactured in India, rendering them unaffordable. He abruptly cancelled an anticipated trip, citing extremely demanding Tesla duties, despite the expectation of many in India that he would reveal plans for a factory there in April.

    In the last five years, the EV market has experienced significant changes in India and other countries, and Tesla’s position has shifted as a result of the company building massive plants in China, Germany, and the US. For the past two quarters, global sales have decreased year over year due to the limited market for its sole new product, the ‘Cybertruck EV’, outside of the United States.

    Tu Le, founder of the consultancy Sino Auto Insights, said, “To keep a leading position among global automakers, Tesla needs new, more affordable cars for emerging markets like India. Even a car priced at $25,000 is not competitive in China given the dominance of Chinese EV makers like BYD. They’re expanding overseas with both cheap and premium cars, wiping out Tesla’s first-mover advantage in a place like India.”

  • Maruti Suzuki begins SUV Fronx export to Japan

    New Delhi, Aug 13: In a boost to the ‘Make in India’ initiative, leading automobile company Maruti Suzuki India on Tuesday started exporting its SUV Fronx model to Japan.

    The first consignment of over 1,600 vehicles left for Japan from Gujarat’s Pipavav port, according to the company.

    It will be the first SUV from Maruti Suzuki to launch in Japan. After Baleno in 2016, this is the second car of India’s largest automobile player (in terms of selling four-wheelers) to be exported to Japan. Fronx is manufactured at Maruti Suzuki’s Gujarat plant.

    Fronx is likely to be launched in Japan by Suzuki Motor Corporation, Maruti Suzuki’s parent company, in the autumn of 2024.

    Fronx was launched in India in the second quarter of 2023. In July 2023, the company commenced export of Fronx to destinations like Latin America, the Middle East and Africa.

    Hisashi Takeuchi, MD & CEO of Maruti Suzuki India Limited said, “I am proud to share that our ‘Made-in-India’ Fronx will soon be seen on the roads in Japan. Japan is one of the most quality-conscious and advanced automobile markets in the world. Our export to Japan is a testament to Maruti Suzuki’s capability to manufacture world-class vehicles that exemplify cutting-edge technology, exceptional performance and internationally recognised safety, and quality standards. It underscores our strong commitment to excellence.

    “The Fronx embodies the best of engineering and design finesse and is a beacon of Indian auto manufacturing excellence. I am confident that it will be received well by Japanese customers,” he added.

    According to the SIAM (Society of Indian Automobile Manufacturers) report, Maruti Suzuki exported over 2.8 lakh units to over 100 countries in FY 2023-24. The company has a 42 per cent share in the exports of passenger vehicles from the country.

    The company shipped 70,560 units in Q1 FY 2024-25, the highest ever in any Q1 in the company’s history.

    Earlier this month, Maruti Suzuki reported sales figures for July 2024 at 1,37,463 units which was lower by 9.6 per cent compared to the same month last year.

  • Global demand muted, gradual improvement expected: TataMotors

    New Delhi: Tata Motors expects demand to remain sluggish in overseas markets this fiscal while pinning hopes on a gradual bounce back in the domestic market on the back of new launches and the upcoming festive season.

    Earlier this month, the Mumbai-based automaker reported a consolidated net profit of Rs 5,566 crore and total income of Rs 1,09,623 crore for June quarter. “Overall, from a demand perspective, we do anticipate that as far as the global demand is concerned, it is likely to remain muted. It has been that way. It’s likely to remain muted. No immediate changes there,” Tata Motors Global CFO PB Balaji said in an analyst call.

    In the domestic market, the company expects a gradual improvement in demand during the rest of the year aided by government plans to invest on infrastructure, healthy monsoons, favourable overall economic macros, new launches and upcoming festive period, he noted. “So there is a need for absolute reason why there is optimism as far as the domestic demand buildup is concerned, how gradual it’s going to be, we will have to wait and see,” Balaji said. He noted that commodities are also likely to remain range bound and therefore, in this situation, the automaker is confident of sustaining the performance in the coming quarters, and delivering a strong year. “So financials wise, this business is on a strong wicket and is likely to remain that way in the coming quarters and the full year as well,” Balaji said. Passenger vehicle industry retail sales witnessed decline for two consecutive months — May and June, this fiscal.

    Tata Motors Passenger Vehicles MD Shailesh Chandra cited high channel inventory as a notable challenge. “We have an all-time high channel inventory with further buildup which happened in Q1, did add stress on the wholesales.

  • Electric LCV region-wise sales trend in India









    Electric LCV region-wise sales trend in India | Jan 24 to Jun 24 • EVreporter



























































    Leading Indian States – H1 | Jan 2024 to Jun 2024

    Source: EVreporter Research, Vahan and Telangana open data portal.

    Observations:

    • 3689 e-LCVs were registered in India from Jan 2024 to Jun 2024.
    • Maharashtra has the highest sales for e-LCVs, with 794 units sold from Jan 24 to June 24, followed by Uttar Pradesh and Tamil Nadu, with 580 and 462 units registered, respectively.
    • Top 15 states account for 93.6% of e-LCV sales, with 3453 units.
    • Tata Motors accounts for 92% (731 units) of Maharashtra’s e-LCV sales and 95.3% (553 units) of Uttar Pradesh’s e-LCV sales.
    • Out of 580 units sold in Uttar Pradesh, 503 units were sold in Lucknow.
    • In Delhi, Tata Motors sold 306 units (87%) of the 352 units sold during the period.

    Top OEM wise e-LCV sales in India | Jan 24 to Jun 24

    Source: EVreporter Research, Vahan and Telangana open data portal.

    Observations:

    • Maharashtra has the highest sales for e-LCV(N1), with 794 units sold from Jan 24 to Jun 24, 731 of which were sold by Tata Motors.
    • Tata Motors sold 553 units in Uttar Pradesh and 206 units in Karnataka.
    • Out of the total 59 units registered for Evage Automotive, 49 were sold in Chandigarh, and 10 were sold in Sahibzada Ajit Singh Nagar (Punjab).
    • Switch Mobility sold 21 units in Delhi and 15 units in Maharashtra out of the total 59 units sold during the period.
    • VE Commercial Vehicles sold 14 units in Delhi, 9 in Maharashtra, and 6 units in Tamil Nadu out of a total of 35 units.
    • Pinnacle Mobility sold 16 units in Maharashtra out of the total 22 units sold.
    • QUCEV is a new player in the e-LCV category and sold 2 units in Telangana in Jun 2024.

    Disclaimer: Data as per ‘Goods Carrier’ category, filtered by Electric Powertrain and availability of electric LCV models by particular OEMs.

    Did you know?

    IPLTech Electric manufactures 55T e-Trucks and sold 15 units all over India from Jan 24 to June 24, with 10 units sold in Noida and 5 in Jagatpura, Jaipur.

    Also read: Electric vehicle region-wise sales trend in Q4 FY 23-24

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  • Mahindra Thar Roxx Unveiled in India

    Mahindra & Mahindra will launch the five-door Thar Roxx on August 15, 2024.

    A recent teaser image reveals its front design, highlighting several key updates.

    Design Upgrades

    Vertical Grille: New vertical double grille with six slats.

    Headlights: Redesigned round LED projector headlights with C-shaped daytime running lights.

    Refinements: Softer fog lights and indicators, dual-tone ORVMs, and silver bumpers.

    Interior and Features

    Infotainment: 10.25-inch touchscreen system.

    Display: Full-size digital driver display.

    Comfort: Panoramic sunroof, automatic climate control.

    Sound System: Harman Kardon.

    Safety: Six airbags, ESC, TPMS, Hill Descent Control, 360-degree camera. Possible ADAS features include adaptive cruise control and automatic emergency braking.

    Engine OptionsAll

    Petrol: 2.0-liter turbo.

    Diesel: 2.2-liter and new 1.5-liter options.

    Transmission: Manual and automatic.

    Drive: Rear-wheel drive and all-wheel drive.

  • Citroen Basalt bookings opened

    Hyderabad: Citroen India opened bookings for Basalt, the new crossover SUV that offers customers best of both the worlds, combining the bold attitude of an SUV with the elegant silhouette, refinement and spaciousness of a coupe. The Citroen Basalt packs an unparalleled driving experience and is based on four key pillars –bold design, intuitive tech, advanced comfort and safety plus. The new model is now available at an exclusive introductory starting price of Rs 7.99 lakh. This special pricing is valid for all bookings with deliveries made before October 31, 2024.

    Announcing the new Citroën Basalt, Shailesh Hazela, CEO and Managing Director, Stellantis India said, “As a company that instinctively prioritizes the comfort and well-being of our customers, we are thrilled to introduce India’s first mainstream SUV coupé. Our vision is clear, to provide an accessible and sophisticated alternative in the rapidly growing midsized and compact SUV market. The Basalt embodies modern, distinctive SUV design, delivering unparalleled comfort, advanced technology, top-tier safety, and exceptional value that Citroën is renowned for.

  • Royal Enfield to Unveil Classic 350 this month; Check Out Launch Date

    Royal Enfield is set to launch the 2024 Classic 350 in India on August 12.

    This update promises incremental enhancements, including new features and cosmetic tweaks, while maintaining the model’s classic charm.

    Here’s a breakdown of what to expect from the latest iteration of this iconic motorcycle.

    Design and Features

    The 2024 Classic 350 will keep its retro-inspired aesthetics, featuring the iconic teardrop fuel tank, circular headlamp, and elegantly curved fenders. It will also showcase new color options for a modern appearance. Important enhancements include the introduction of LED lighting for the headlamp, pilot lights, indicators, and tail lights. More advanced models will come with adjustable brake and clutch levers taken from the Super Meteor 650.

    Engine and Performance

    Mechanically, the Classic 350 will continue with its 349cc air/oil-cooled engine, delivering 20.2bhp and 27Nm of torque, paired with a five-speed gearbox.

    There are no anticipated changes to the engine for this model year.

    However, Royal Enfield is working on ‘Project J2,’ which aims to introduce significant upgrades in future 350 models.

    Suspension and Brakes

    The 2024 Classic 350 will maintain its current suspension setup, featuring telescopic front forks and dual rear springs. The braking system and wheel options will remain the same, with alloy wheels available in select variants.

    Pricing

    With the introduction of new features and cosmetic updates, a slight increase in price is expected. The current Classic 350 is priced between Rs. 1.95 lakh and Rs. 2.30 lakh (ex-showroom).

  • L.G. Balakrishnan & Bros. to invest ₹12 cr. in Greenerg • EVreporter

    On August 5, 2024, the Board of L.G. Balakrishnan & Bros Limited approved a strategic investment in Greenerg Mobility Solutions, a Coimbatore-based startup specializing in EV components like telematics, BMS, VCU, BLDC motors, and motor controllers in accordance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The investment includes acquiring a 14.92% equity stake and subscribing to Secured Optionally Convertible Debentures with a total consideration of up to ₹12 crore. This decision aligns with the company’s strategy to expand its portfolio in the electric mobility sector.

    Investment Details:

    • Equity Subscription: The company will invest in equity shares of Greenerg Mobility Solutions Private Limited, acquiring a 14.92% stake in the post-investment paid-up share capital. This will be done by subscribing to equity shares with a face value of ₹10 each. The total consideration for this investment is capped at ₹6 crore, inclusive of the share premium.
    • Debenture Subscription: Alongside equity investment, the Board also approved the subscription to Secured Optionally Convertible Debentures (SOCDs) worth up to ₹6 crore, to be acquired in one or more tranches.
    • Legal Agreements: The company will enter into a Share Subscription and Shareholders Agreement (SSHA) and a Debenture Subscription Agreement (DSA) to govern the rights, obligations, and management of the Investee Company.

    The acquisition is not a related party transaction, with no involvement from promoters or group companies, and will be conducted at arm’s length. The cash investment will be made at ₹950 per security for both equity shares and debentures, based on a valuation by a Registered Valuer. The equity investment is expected to be completed by August 2024, while the debenture subscription is anticipated to be finalized by January 2025, in one or more tranches.

    The company has demonstrated significant revenue growth, with turnover increasing from ₹2.22 lakh in FY 2020-2021 to ₹11.22 crore in FY 2022-2023.

    The investment in Greenerg Mobility Solutions Private Limited supports the company’s goal to enhance its capabilities in the EV industry and establish a presence in the development of essential EV components, contributing to the growth and adoption of electric vehicles in India.

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

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  • How financial inclusion driving India’s EV adoption

    Government incentives, including expanded subsidies and tax rebates, have led to a 20 per cent increase in loan uptake. This data highlights a growing trend in financial inclusion, driven by increased access, improved affordability, and supportive policies

    The financial inclusion (FI) sector within the electric vehicle (EV) industry is rapidly expanding. As of 2024, the global EV financing market is valued at $25 billion, up from $18 billion in 2023, showing strong growth.

    In India, about 15 per cent of EV buyers now use financing, a rise from 10 per cent in 2023. Loan disbursements for EVs in India have reached Rs 5,000 crore in 2024, up from Rs 3,200 crore the previous year. Interest rates for EV loans in India have decreased to 8.5 per cent, down from 9.2 per cent in 2023, making financing more affordable.

    Government incentives, including expanded subsidies and tax rebates, have led to a 20 per cent increase in loan uptake. This data highlights a growing trend in financial inclusion, driven by increased access, improved affordability, and supportive policies.

    Talking to Bizz Buzz, Nehal Gupta, Founder and Managing Director of Accelerated Money For U says, “This initiative will bridge the gap by increasing accessibility to EV financing, making electric vehicles more affordable for a broader audience. By reducing interest rates, expanding loan options, and providing targeted government incentives, we address financial barriers that previously limited EV adoption.”

    This effort will particularly benefit underserved markets and low-income individuals, promoting inclusivity and accelerating the transition to sustainable transportation, Gupta said.

    Enhanced financial support and lower costs will encourage more people to invest in EVs, thus supporting environmental goals and contributing to the broader adoption of clean energy solution.

    The RBI defines Financial Inclusion as “the process of ensuring access to appropriate financial products and services needed by all sections of the society in general and vulnerable groups such as weaker sections and low income groups in particular at an affordable cost in a fair and transparent manner”. It is a key factor to enhancing economic growth and supporting individuals and families in planning for their financial security and enhancing their quality of life.

    Sandeep Katiyar, Co-founder & CFO, Finhaat says, “Access to formal financial services has been a challenge for the rural and smaller towns in India; and particularly for the low-income category individuals and women. Across the years, Indian government has tried to bridge this gap by introducing initiatives like the PM Jan Dhan Yojna, Financial Literacy Initiatives, Atal Pension Yojna, PM Jeevan Jyoti Beema Yojana, PM Mudra Yojna etc. that allow easy access to banking services, insurance and credit. The Reserve Bank of India (RBI) introduced Financial Inclusion Inclusion Index (FI-Index) in 2021 to track these numbers closely.”

    With initiatives taken to develop the India stack, there has been a push to leverage technology to increase the reach and availability of financial services to the hitherto underserved. Technology has allowed the institutional players to reduce their transactional costs of delivery and add efficiency in the system – allowing them to offer better customized products that are relevant, simple to implement and affordable.