indian auto industry updaterenault introduces kwid climber at rs 4.3 lakh smart hybrid vehicles...
TRANSCRIPT
Indian Auto Industry Update
15 March 2017
IndustryMampMs Pawan Goenka to continue as Chairman IIT-M Board of Governors
Tata Motors rolls out VRS to cut costs
Tata Motors to prune several regional roles to cut costs
Global auto companies heads drive into India
Interviews amp FeaturesNot just a car Hindustan Motors
Cars SUVs MUVsToyota to launch Vios in 2018 will compete with Honda City and Maruti Suzuki Ciaz
Maruti case Unions to meet in city today
Preparing PV portfolio to meet new norms Tata Motors
Mahindra pitches its only car as a successor to the Ambassador
Mahindra readies US debut with off-roader Ssangyong products
E20 Plus Indias first electric family car
Ford retains Ethical honour
Ford Endeavour Big beast conquers all topographies
Renault introduces Kwid Climber at Rs 43 lakh
Smart Hybrid Vehicles surpass one lakh units
Car Tech SmartPlay adds the Android touch
Luxury CarsThe best of both worlds Roland Folger MD amp CEO of Mercedes-Benz India
Mercedes-Benz E350D A luxury car with limousine looks
Audi Launches 2017 Q3 at Rs 3420 Lakh
Commercial VehiclesTepid growth of 2-3 expected in CV industry in FY 17 Tata Motors
Tata Motors to showcase all new 1000 bhp race truck
Construction amp Agri MachinerySBI floats one-time settlement scheme for tractor loans
23 WheelersYamaha aims to export 22 lakh units from India in 2017 Hiroaki Fujita Chairman
BSIV Compliant TVS Jupiter launched at Rs 49666 (Ex-Delhi)
Dominar 400 takes the battle to the Royal Enfield turf
Bajaj cheers at Feb sales
India Yamaha Motor sets ambitious sales target
Thunderous sound remain forever
E-BikesComponents
Amtek Autoamprsquos Arvind Dham may offload personal assets to reduce debt
Allied IndustriesTyre stocks race ahead as China cuts India trade
How to avoid being overcharged for car service at dealerships
Emissions EnvironmentFinance amp Insurance
Customer not bound by tie-up between vehicle dealer insurer Pune Court
Analysts in wait-and-watch mode on Bajaj Finance
SBI announces Rs 6000-cr tractor loan settlement scheme
Oil Lubricants amp Alternative FuelsOil hovers near three-month low as investors awaits data
News MagazinesMahindra Electric geared up to be a component supplier
Tesla Model Y SUV due by 2019
VW promises higher focus on EVs after record sales year
Mercedes to expand E-class range with E 220 diesel
Nissan to launch Kicks SUV in Q3 2018
International NewsVolkswagen CEO gets 778 mn euros in pay and benefits for 2016
Volkswagen CEO US remains core market for company
Volkswagen targets strong 2017 even as core brand struggles
VW CEO says not ruling out merger talks with Fiat Chrysler boss
Volkswagen chief denies talks with Fiat
Volkswagen has good chances to build on strong 2016 performance CEO
BMW i3 batteries to be used by Vattenfall
Toyota to look at Saudi production as the countries seek closer ties
Geneva Motor Show 2017 Airbus unveils fully electric flying car PopUp
Nissan boosts management presence at Mitsubishi Motors
Renault Zoe e-Sport breaks covers at 2017 Geneva Motor Show
Sensata Technologies opens testing facility in Bulgaria
Driving driverless Quest for an autonomous car has reached a truck now
Samsung completes acquisition of Harman
Skoda delivers 81200 units in Feb 2017 globally
Isuzu claims more durability on its diesel engines for trucks
MoS visits Rolls-Royces new logistics centre in England
All new Mazda CX-5 to be produced at Hofu Plant
Rheinmetall receives over $25 mn order from American carmaker
Nissans Infiniti names former BMW executive as new design chief
Elon Musks bold offer of Tesla batteries wont solve Australias power problems
Innogy in talks with car consortium over charging stations CEO
China may roll back electric vehicle quotas as industry pushes back
Russias standards agency says Volkswagen recalls 43151 Skoda cars
EconomyRupee hits 1-12 yr high surges 78 paise on BJP sweep
Nifty hits all time high of 912275 Sensex surges 616 points after big BJP win
WPI inflation up 655 for February 2017
February CPI at 365 vs 317 in January highest since October 2016
ClosingLast Financial Closing
Industry
MampMs Pawan Goenka to continue as Chairman IIT-M Board of Governors PTISee this story in The Economic Times (Web Edition)
Chennai Pawan Goenka Managing Director of diversified business conglomerate Mahindra and Mahindra will continue asChairman Board of Governors of IIT Madras
President Pranab Mukherjee in his capacity as visitor of Indian Institute of Technology Madras has approved the nomination ofGoenka as Chairman Board of Governors IIT-Madras for another three years a press release said here today
Goenkas term as Chairman Board of Governors ends in June 2017 and Mukherjee has allowed him to continue for another threeyears with effect from June 9 2017 the release added
Goenka an alumni of IIT Kanpur has a PhD from Cornell University New York
He is also an alumni of Harvard Business School Advanced Management Programmehttpautoeconomictimesindiatimescomnewsindustrymms-pawan-goenka-to-continue-as-chairman-iit-m-board-of-governors57635237Pawan Goenka IIT-M Board ChairmanThe Hindu Business Line (Web Edition)httpwwwthehindubusinesslinecomnewseducationpawan-goenka-iitm-board-chairmanarticle9583901eceGoenkas IIT-M term extended by another three yearsAsian Age (Web Edition)httpwwwasianagecombusinesscompanies140317goenkas-iit-m-term-extended-by-another-three-yearshtml
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Tata Motors rolls out VRS to cut costs Varun AggarwalThe Hindu Business Line (Web amp Print Edition)
Mumbai Within weeks of finalising its management restructuring the Tata Motors board has approved a VRS proposal tosignificantly prune its middle management
The company is in the process of bringing down the management layers down to five from the existing 14 to cut costs
The move to bring in a voluntary retirement scheme is the second step towards achieving the goal of creating a leaner organisationampldquoTata Motors confirms that as part of the ongoing Organisation Effectiveness project where we have already finalised the top2 levels of our management structure a proposal on VRS package has been presented and approved by the board Since theexercise for selecting L3-L5 is still under way it is premature for us to comment on any other specifics at this point of timeamprdquo aTata Motors spokesperson told BusinessLine
As a part of the restructuring 120 executives have been finalised for L1 and L2 roles For the remaining tiers there would be rolesthat would become redundant and therefore the company is offering a severance package to such employees the spokespersonsaidhttpwwwthehindubusinesslinecomtodays-papertata-motors-rolls-out-vrs-to-cut-costsarticle9583956eceTata Motors to offer VRS to employees to trim costs as part of restructuringmint (Web amp Print Edition)httpwwwlivemintcomCompaniesaT7nDpW0DOC91gZDLSwwOITata-Motors-to-offer-VRS-to-employees-to-trim-costs-as-parthtmlTata Motors rolls out VRS reduces hierarchy levelsBusiness Standard (Web amp Print Edition)httpwwwbusiness-standardcomarticlecompaniestata-motors-rolls-out-vrs-reduces-hierarchy-levels-117031401193_1htmlTata motors to offer VRSThe Pioneer (Web amp Print Edition)httpwwwdailypioneercombusinesstata-motors-to-offer-vrshtml
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Tata Motors to prune several regional roles to cut costs Varun AggarwalThe Hindu Business Line (Web amp Print Edition)
Mumbai The management restructuring at Tata Motors comes at a time when the company has been constantly losing marketshare in the passenger vehicle segment while also seeing competitive pressure in commercial vehicles where it has enjoyed alionamprsquos share for decades
The company reported a 96 per cent decline in profits in the third quarter Net profit fell to Rs 11157 crore from Rs 295267 crorein the year-ago period
On a standalone basis Tata Motorsamprsquo losses after tax widened to Rs 1046 crore in the quarter from Rs 137 crore a yearago
New strategy
Tata Motors last month was on the front foot with Managing Director and CEO Guenter Butschek emphasising on the need to havea leaner team with a focus on profitable growth while announcing its strategy to test out new platforms and high-end cars under asub-brand TAMO
The company also signed an MoU with Volkswagen Group and Skoda for exploring joint development projects as the companystrives hard to regain market-share
The VRS scheme will cut down several regional roles and integrate several roles into a central unit ampldquoAs part of therestructuring we have also identified roles which are best located in a central common service structure providing service acrossthe company through optimised and efficient processes
ampldquoTo facilitate this a number of roles distributed currently across the company are being relocated in the Global DevelopmentCentre (Pune) We expect significant benefits in cost service quality and process efficienciesamprdquo the company said
Tata Motors however did not provide more details such as the specific functions that will be eligible for VRS and the kind ofpackage theyamprsquoll receive under the scheme It remains to be seen how this move goes down with worker unions across thecompanyamprsquos many plantshttpwwwthehindubusinesslinecomtodays-papertp-money-bankingtata-motors-to-prune-several-regional-roles-to-cut-costsarticle9583939ece
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Global auto companies heads drive into India Ketan ThakkarThe Economic Times (Web amp Print Edition)
Mumbai As soon as campaigning ended in Uttar Pradesh Prime Minister Narendra Modi had two Japanese visitors whoamprsquodbeen waiting to see him ampmdashToyota Motor president Akio Toyoda and Suzuki Motor chairman Osamu Suzuki
Even their own India offices had little clue the two were in town but theyamprsquod wanted to brief the Prime Minister on theintricacies of the partnership the companies had signed in Japan and the implications of that for India which is emerging as theworldamprsquos third-biggest auto market
The visit underscores the countryamprsquos importance in their scheme of things Just the day before the worldamprsquos largestautomotive group Volkswagen had decided to explore a partnership with Indiaamprsquos largest automobile company by revenueTata Motors after failing to crack the market during the decade itamprsquos been present in India The likes of Kia PSA SAIC andothers are also queuing up Maruti Suzuki accounts for half the Indian market while Toyotaamprsquos Innova and Fortuner head theirrespective segments
India is critical for the Japanese parent with 50 of global sales coming from the country said Maruti Suzuki chairman RCBhargava So whatever technology it gets from Toyota will surely be deployed in India he said
On the increased interest by other car makers in India Bhargava said ampldquoNobody wants to miss the opportunity and the sizeThey donamprsquot see the kind of potential growth in any other market like in India Itamprsquos just not the growth rate but the baseis also very highamprdquo Global auto bosses have been visiting regularly to get a sense of the market
Skoda Autoamprsquos global CEO Bernhard Maier made a trip soon after taking over General Motors CEO Mary Barra visited twicein less than a year to restructure local operations and devise a long-term strategy Ford Motor executive chairman Bill Ford visitedlate last year to inaugurate the New Product Development Centre that will create the foundation for India products
Hyundai Motor chairman Chung Mong-Koo is also expected to visit soon to announce the launch of the Kia brand in India CarlosGhosn global CEO of the Renault-Nissan Alliance and a frequent visitor told EThe has always been bullish on the Indian market
ampldquoWe know that India is going to be one of the top markets in the worldamprdquo he said ampldquoThe market is going to becrossing 3 million units this year so little by little this is taking its place as one of the top markets So you are going to end uphaving all car makers there including Mitsubishi (run by Ghosn)amprdquo
The Indian automotive industry broke into the top three in 2016 according to rating agency CARE
With the passenger vehicle market set to cross the 3 million mark by the end of 2017 India is seen as a future growth centre by allmanufacturers
For Volkswagen-Skoda India could be a beachhead for its emerging market strategy Chrysler Jeep has its sole right-hand-drivemanufacturing hub here The Maruti-Toyota combine is exploring an affordable hybrid vehicle for which India may become anexport hub Component makers like ZF Continental and Faurecia see India playing a bigger role in the development of newtechnology for autonomous cars and vehicles that conform to the emission norms of the future
According to IHS Markit Automotive India is expected to be among the fastest-growing markets in the coming five years besideswhich local regulations are getting harmonised with global standardshttpeconomictimesindiatimescomglobal-auto-companies-heads-drive-into-indiaarticleshow57639612cms
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Interviews amp Features
Not just a car Hindustan Motors Tushar BurmanThe Hindu (Web amp Print Edition)
As we finally say goodbye to the well-lovedAmby we look back at its storied production run and the characters that make up thetale
In February 2017 Hindustan Motors (HM) sold the Ambassador brand to Peugeot the French car manufacturer poised to re-enterthe Indian market with the HM principals They paid Rs 80 crore for the name that moved the armed forces government andinnumerable families across India for almost 60 years
Nostalgia tripThe car most remember as the Ambassador is based on the British-built Morris Oxford Series III and has been produced with minorchanges since 1957 Manufactured by the CK Birla group company Hindustan Motors it was liked for its spacious interiors solidbuild and status ampndash considering it was the passenger vehicle of choice for government functionaries It remained so until the80s when Maruti Suzuki came into the country and changed motoring forever with cheap reliable Japanese cars
Reliability was not a strong point for the Ambassador in the early days and owners always had to carry aggregates such as hosepipes fan belts and such The car also supported a cottage industry of specialist mechanics who strengthened the chassis withadditional welding to make them suitable for India Being one of very few locally-produced cars in the country however made theAmbassador fairly easy to work on You could find a mechanic to fix one in almost any part of our vast country Engines were simpleand made barely-adequate power
Starting off with a 15-litre side-valve petrol engine later models switched to a more robust 18-litre Isuzu petrol engine which hadsignificantly more power at 75hp The Ambassador holds the distinction of being the first diesel passenger car sold in India using a15-litre 37bhp diesel motor Later models also employed 20-litre diesel and turbo-diesel motors of similarly modest output
Vintage collectionDhananjay Badamikar of Pune has a few Ambassadors among his growing collection of vintage cars ampndash a amprsquo62 Mk I aamprsquo65 Mk II a amprsquo70 Mk II a 2012 Classic 1500 diesel The latest acquisition had done only 3000km and was used as atest vehicle at ARAI His Porter pickup truck model has a 1500cc diesel motor as well
All his vehicles are in running condition Maintaining them is a task and a hobby in itself Heamprsquos constantly on the lookout forspares grabbing any that become available and keeping them in his inventory He often shares parts with friends and members ofvintage car clubs
As faithful as Badamikar is to keeping his Ambassadors mint there are others that stick to the cars of their childhood while givingtheir own unique twists to their upkeep Anant Pithawalla runs N1 Racing Equipment in Mumbai and has kept his familyamprsquos1979 Ambassador Mk IV sprinting quite literally Heamprsquos swapped the old 15-litre engine for the more modern 18 installedpower steering disc brakes all round (still a rarity today in Indian cars) put in a high-flow KampN air filter performance spark plugscams and a carb rejet Still the voluminous Ambassador carries considerable heft so 18 seconds is his quickest quarter-mile withhis beefy Amby
As of 2017 the Ambassador has been through seven or so generations After the Landmaster there were Mk I through IV modelsthe Nova we often saw through the 90s followed by the Grand Classic and Encore ampmdash the final version compliant with BS4norms ampmdash as the vehicle became increasingly irrelevant Nevertheless whether due to nostalgia canny business sense orlove for its unique qualities enthusiasts over the years have kept their Ambassadors soldiering onhttpwwwthehinducomtodays-papertp-featurestp-metroplusnot-just-a-cararticle17464529ece
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Cars SUVs MUVs
Toyota to launch Vios in 2018 will compete with Honda City and Maruti Suzuki Ciaz The Financial Express (Web Edition)
Toyota will launch its sedan Vios next year in India and will showcase the car at the 2018 Auto Expo According to a report byNDTV the Vios launch will be followed in a couple of months from the showcase at the Auto Expo The company has alreadylaunched the Vios in Thailand and might bring the same model in India The Vios will be offered in petrol and diesel options will bepositioned between Toyota Corolla Altis amp Etios The car will be an important one for the company as itll give Toyota a presence inthe hugely popular sedan segment consisting of cars such as the Honda City Maruti Suzuki Ciaz Hyundai Verna and VolkswagenVento
The Thailand spec version of Vios is powered by a 15-litre petrol engine and it is expected that the company might bring the sedanin two engine options- a 15-litre petrol and 14-litre diesel engine The 15-litre petrol engine develops 107 hp of power and 141Nmof torque The engine will be mated to a 5 -speed manual gearbox and CVT transmission
On the exterior the Vios will get new projector headlamps with LED daytime running lights T-shaped grille new fog lamps and willride on 16 and 17-inch alloy wheels Dimensionally the sedan measures 4410mm in length 1700mm in width 1475mm in height
and 2550mm wheelbase Inside the cabin the Vios gets a touch screen infotainment system audio system with steering mountedcontrols leather upholstery automatic air conditioning and keyless entry It however remains to be seen as to what features doesToyota introduce in India
In terms of safety the Vios could get dual airbags ABS (anti-lock braking system) with EBD (electronic brake-force distribution) asstandard across all variants in wake of the upcoming safety legislations In addition it might get brake assist ISOFIX rear child seatanchors traction control and VSC (vehicle stability control)
Toyota Motor launched the Vios in Thailand around at a price of 609000 baht ( Rs 115 lakh) and it is expected that the Indianversion might be launched under Rs10 lakh in India If priced competitively and packaged smartly the Vios might give Toyota astrong foothold in a segment that is driven more by value-for-money in form of new features and technologies and not just acheaper price-tag something that Toyota got it wrong with the Etioshttpwwwfinancialexpresscomautocar-newstoyota-to-launch-vios-in-2018-will-compete-with-honda-city-and-maruti-suzuki-ciaz587255
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Maruti case Unions to meet in city today Chetna ChoudhryThe Times of India (Web amp Print Edition)
Gurgaon Over 500 representatives from 150 workers unions including six from Maruti Suzuki India Limited (MSIL) and Gurgaonchapters of the AITUC CITU and HMS will gather at 11am on Wednesday in Tau Devi Lal Park in Manesar to devise their futurecourse of action in the 2012 Maruti Suzuki labour unrest case The unions will decide how to re-appeal the verdict and extend helpto the families of the 31 convicted workers Sources revealed that since 18 of these who have been convicted of rioting havealready been in jail for four years there will be efforts to get them released
With over 30000 workers across Gurgaon and neighbouring Rewari choosing not to celebrate Holi workers colonies in ManesarDharuhera and Dundahera wore a deserted look on Monday This was the was workers chose to express their solidarity with theircomrades and their unhappiness at the decision by the sessions court which last Friday convicted 31 workers
Sources revealed the unions intend to work on multiple angles in the matter Firstly they plan to appeal for acquittal of the 18workers who have been convicted of rioting Lawyers representing the workers will request the court to consider that these accusedhave already been jailed for four years Secondly for the 13 workers convicted for murder if the quantum of punishment is veryhigh they will challenge it in the high court They are also considering challenging the lower court order which has convicted 13workers for Section 302 (murder) They believe the workers were not involved in the killing of the general manager (humanresources) Awanish Kumar Dev Besides this life insurances policies will be provided to the families of the 13 convicts andemployment avenues will be explored for their families Also around 6000 regular workers from MSIL have planned to contributemoney to provide financial help to the families of the convicted workers
Well discuss all aspects in detail and chalk out a plan Our priority is to get the ones who have been convicted of rioting out of jailand challenge the verdict if for the murder convicts the quantum of punishment is high Also we have to support the livelihood oftheir families and their childrens education said Kuldeep Janghu of Maruti Udyog Workers Unionhttptimesofindiaindiatimescomcitygurgaonmaruti-case-unions-to-meet-in-city-todayarticleshow57639394cms
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Preparing PV portfolio to meet new norms Tata Motors
PTISee this story in The Hindu (Web Edition)
Geneva Tata Motors is undertaking a ampldquoclean upamprdquo of its passenger vehicles product portfolio as part of transition tomeet new regulations and achieve profitable growth that could bring an end to the Nano
The company is focusing on hatchback Tiago and upcoming compact sedan Tigor to act as bridge during its ongoing transition fromthe past to the future to drive volumes and improve bottomline of its passenger vehicles (PV) unit till it launches new products undernew platforms by 2018
ampldquoThe old world is any way going to be changed not because of Tata Motors but because of changes in regulatoryenvironment It may be emission requirements in 2020 or even earlier changes as far as safety requirements (2017) areconcernedamprdquo Tata Motors Managing Director and CEO Guenter Butschek told PTI at the Geneva Motor Show
He was responding to a query on how Tata Motors saw the future of its entry level small car Nano the dream project of Tata Groupchairman emeritus Ratan Tata
From October this year India will adopt stringent norms for frontal and side crash tests that would require vehicles to be equippedwith safety airbags In 2020 the country will implement the BSampmdashVI emission norms
ampldquoSome products will actually get naturally to the end of their lifecycle So there is already a clean up going on in this regardWe have launched intensive activities in order to get the cost down on all the products that are currently in operationsamprdquoButschek added
When asked when will the company call time on the Nano he declined a specific answer but said ampldquoAt one point of time each
and every car gets naturally to the end of its lifecycle
ampldquoWe have already well laid out PV strategy We will make the calls on the execution of the bits and pieces of the strategy atthe right time Each and every decision has its timeamprdquo
The companyamprsquos focus during the transition is to have models Tiago and Tigor to drive volumes and profitable growth so that itis in a better position financially to invest on its future products
ampldquoThe key focus in on Tiago and Tigor because these are our volume productsamprdquo he said adding cost savingengineering changes and improvement of productivity on these models could successfully boost bottomline during the transition
ampldquoThere is a period inampmdashbetween which we have to overcome where even if turn individual products into a positive oneit is certainly not good enough in the first instance to acually get me my overall funding requirements into the futureamprdquoButschek said
Stressing on the need to bring new products on time within stipulated investments Butschek said ampldquoWe need to deliver ournew products on time on cost because the market doesnamprsquot wait for us The customer is not going to be for usamprdquo
The company is changing the way it has been working on that front he said
ampldquoWe are not going to continue with the legacy where all products effectively could launch later than initially plannedamprdquoButschek said
Elaborating on the future products strategy he said ampldquoWe have presented AMP platform with 6ampmdash8 topheads and theother platform to come the Q5 with at least two different topheads and possibly even more in the near future to leverage on theseplatforms and create economies of scaleamprdquo
He said the plan is to get ampldquodesirable products on one side and on the other get also products that will get us to the costposition products which are going to be profitableampldquohttpwwwthehinducombusinessIndustrypreparing-pv-portfolio-to-meet-new-norms-tata-motorsarticle17461284ecePreparing PV portfolio to meet new norms Tata MotorsThe Pioneer (Web amp Print Edition)httpwwwdailypioneercombusinesspreparing-pv-portfolio-to-meet-new-norms-tata-motorshtml
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Mahindra pitches its only car as a successor to the Ambassador Amrit Raj amp Jyotika Soodmint (Web amp Print Edition)
New Delhi Mahindra and Mahindra Ltd plans to redesign the only car in its stable Verito to cater to the needs of Indiaamprsquosfast-growing taxi segment as it looks to fill the void created by Hindustan Motorsamprsquo Ambassador a top executive at the firmsaid in an interview
The CK Birla Group-owned Hindustan Motors sold the brand Ambassador to French company PSA Group in February TheAmbassador has a cult following among some retro-minded enthusiasts in the country It was the vehicle of choice (or rather giventhe limited choice default) of thousands of owners since 1957 due to its sheer ruggedness and ability to manoeuvre Indiaamprsquospotholed roads It was hugely successful in Indiaamprsquos small car market and in particular with the government This was ofcourse before Maruti Udyog Ltdamprsquos Maruti 800 killed its appeal Today Marutiamprsquos SX4 has replaced the Ambassador ingovernment circles The Ambassador was also the preferred vehicle for taxis
Mahindra wants to occupy this space vacated by the Ambassador
ampldquoTherefore if we say that let us focus that vehicle (Mahindra Verito) on the taxi segment alone whether it is electric vehiclegasoline or diesel can we redesign that vehicle to become the next Ambassador in the taxi segment Thatamprsquos what we areworking on right nowamprdquo Pawan Goenka managing director of Mahindra and Mahindra said in an interview
ampldquoWe will be looking at all the aggregators Today aggregators buy Verito but not in large quantity because it is moreexpensive than some of the other products in that category If we can take care of that part of it then it is a very desirable taxivehicleamprdquo he added
To be sure Verito has never been a runaway success Born as Logan under a joint venture with Renault SA it became Verito whenMahindra got full control of it after the partnership ended Since then the company has made several attempts to resurrect thebrand but for various reasons customers have stayed away from the product Goenka now sees it as a perfect fit for the taxisegment
ampldquoWhat do you need in a taxi You need a spacious vehicle which is comfortable runs from point A to point B economicallyIf you forget for a minute about the looks which is where we lose out and if you look at the functionality of the vehicle it is verydifficult to find a vehicle in that size that will give you better functionality in terms of space comfort (than the Verito)amprdquo he said
Mahindraamprsquos new plan for the Verito is driven in part by the growing sales of cars as taxis amidst the advent of cabaggregators Ola and Uber Driven by demand for these app-based cab operators as much as 17 of total passenger vehicles soldin the country by 2020 are expected to be sold in the taxi segment estimates rating agency Icra
But Mahindra may not be looking at cab operators only Being the only maker of electric vehicles in Indiaampmdashit has two pureelectric cars such as Verito Electric and E2Oampmdashthe company is also looking to push sales through government channels TheIndian government itself wants to promote sale of electric and hybrid cars and is in the process of drafting a policy on the subjectMint reported on 7 February
A top officer in the ministry of road transport and highways told Mint that the Mumbai-based company is in talks with road transportminister Nitin Gadkari to initiate a pilot project of electric car taxis in Nagpur
ampldquoUnder the first phase around 200 electric cars would be plied on the roads as taxis to see the resultsamprdquo the officersaid requesting anonymity The details of the project still need to be worked out It remains to be decided if the government will buythese electric cars as taxis and run them under a public transport system or hire a company to ply them as private taxishttpwwwlivemintcomCompaniesCrdVqpFcTgRyyjIlGLpYdPMahindra-pitches-its-only-car-as-a-successor-to-the-Ambassadhtml
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Mahindra readies US debut with off-roader Ssangyong products The Times of India (Web amp Print Edition)
Chennai The nearly $18 billion Group Mahindra is finalising its ambitious automotive foray into the US market starting from 2019when an offroad product entirely developed by the companys Detroit RampD centre will be launched in that market Korean groupcompany Ssangyong too is planning to debut its products in the US in the next 18 months According to company sources MampM isreadying for full-fledged US push given that its earlier legal cases have now all been sorted out
Mahindras US foray is being spear-headed by Mahindra North American Technical Centre (MNATC) the companys RampD centre inDetroit which is currently working on two separate products one for the Indian market and another entirely for the US marketMNATC is developing an off-roader product for the US market which is expected to be launched sometime in 2019 said a seniorcompany source It has also developed another product which will come to the Indian market by the middle of financial year2017-18 he added
Industry sources say the Mahindra-badged vehicle intended for the American market may well be called Thar and has been entirelydeveloped by MNATC The Detroit tech centre assumes importance given that Group Mahindra is one of 6 companies shortlisted bythe United States Postal Service (USPS) for the Next Generation Delivery Vehicle (NGDV) prototype a nearly $5 billion order forthe company that finally bags it
Apart from its own foray into the US Mahindra group company Ssangyong too is preparing for an American outing Ssangyong islooking to enter the US in the short-to-medium term and it is currently developing products and strategy accordingly said the seniorcompany source Industry sources say this could happen as soon as 2018
Mahindras previous attempt to debut in the US with a rugged fuel-efficient pick-up in the late 2000 ran into legal problems withsome of its dealers suing it in 2010 With those cases cleared up the company is now revisiting its US strategy but this time theproduct is designed and developed in America for the American markethttptimesofindiaindiatimescombusinessindia-businessmahindra-readies-us-debut-with-off-roader-ssangyong-productsarticleshow57621866cms
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E20 Plus Indias first electric family car Sandesh M S and Umesh M AvvannavarDeccan Herald
Homegrown auto major Mahindra amp Mahindra (MampM) a pioneer in integrated and electric mobility solutions in India is leaving nostone unturned to make the environment greener and cleaner
The company launched e2O Plus recently which is primarily meant for city commuting The e20 Plus hatchback priced in the rangeof Rs 546 lakh to Rs 846 lakh (ex-showroom Delhi) and is also looking at expanding its electric vehicle portfolio further With thelaunch of the e20 Plus marked the companyamprsquos foray into the mass market electric city car segment
The e20 Plus is an amalgamation of advancements in automotive technology electronics and information technologyMampMamprsquos electric vehicle portfolio includes small car and light commercial models such as e20 eVerito and eSupro amongothers Since launching small car e20 in March 2013 it has so far sold over 3000 units of the car in the country
The company has marked the entry level of the e20 Plus P2 variant of the vehicle for fleet owners The other variants P4 P6 andP8 are priced at Rs 546 lakh Rs 595 lakh and Rs 846 lakh respectively
The vehicle comes with a range of 140 km on a single charge and achieves a top speed of 85 kmph The company which hasalready invested around Rs 800 crore on its electric vehicles business including development of technology
It comes with various features such as easy home charging hill assist reverse camera charging ports and smartphoneconnectivity among others Compared with other normal cars on the road what makes the Mahindra e2o Plus special is itsmechanism The electrically-operated machine will distance you from long lines in pumps One will definitely feel the importance ofthe car during the hike in fuel rate and strikes in the city All you need to have is an AEH plug-point in your parking area to chargethe battery One full charge will last for nearly two days with the planned schedule The driver has to limit the usage of otherfeatures like AC music system indicator and unnecessary honking as this will drain the battery
Accommodating over four passengers will also be an issue as the engine needs more power to pull the weight which is directlydependent on battery
The digital analogue in the car is a required feature in e-cars where we get to know how far a car can take you Thebatteryamprsquos life estimated kilometre to travel will caution you to charge the battery so that you will not be kept in the lurch onthe road
Besides battery the car being gearless is another plus-point that makes your city drive easy The easy switching of the modes fromneutral to forward reverse and power drive is as simple as playing with a toy car As the battery is the whole and soul of the car themakers have completely avoided using any heavy substance in building the body If a complete fibre-made body is a boon forbattery (as it wonamprsquot stress it) itamprsquos a complete drawback for passengers A small accident or even if it comes in touchwith other vehicles will cause huge damage for the vehicle where the owner has to cough up more to fix it The seat-belt is theminimum and the only safety aspect in the car
Four-door offeringThe modified four doors is not just an add on feature but it has also increased the leg room in the rear seat It can easilyaccommodate three people in the back seat and two in front and makes for a complete family car Though the charging plug willoccupy little space in the hatchback rest of the place is for utility The fast drain of the battery with the heavy weight is the onlydrawback in the vehicle
When compared to normal fuel cars the battery-operated cars will charge you less and is effective in cost-cutting But an individualwill definitely be concerned with the cost of the vehicle as the fuel rates in the country are fluctuating For the future MampM is lookingfor a bigger play in the electric vehicle segment with plans to launch electric versions of its existing conventional engine models
Efficient powerThe Mahindra e20 Plus is powered by a 48V and 72V lithium-ion battery pack latter for the top-end variant which produces amaximum power of 26 hp and 40 hp and churns out a peak torque of 70 Nm and 91 Nm respectively The car accelerates from 0to 60 kmph in 141 seconds in the P4 and P6 versions while the 72V battery-powered version takes 95 seconds and has a topspeed of 128 kmph It takes around six to nine hours to fully charge the vehicle and has a fast-charging time of 75 minutes and 90minutes in the P4 and P8 trims While the smaller 48V electric motor has a range of 110 km the 72V unit is good for 140 km
The Mahindra e20 Plus is equipped with a steel frame structure and has a wheelbase of 2258 mm and ground clearance of 170mm
The exterior of the new electric vehicle gets a new grille revised rear end and Mahindraamprsquos signature vertical design Thetop-end variant also gets alloy wheels and a Blaupunkt infotainment system that also has a reverse parking camera
Other highlights of the Mahindra e20 Plus include REVive technology which helps the car to gain an extra 5-10 km of range whenthe battery is low and hill assist which will prevent the car from a rollback on an incline
VerdictWith a simple mechanism and easy to drive the Mahindra e2o plus is tailor-made for city drive
Battery capacity 210 AhBattery weight 121 kgPower 30 kW 3500 rpmTechnology Lithium IonOn-board power 16 kWhrTorque 91Nm 2000 rpmPRICE Rs 950586 lakh (ex-showroom Bengaluru)httpwwwdeccanheraldcomcontent601375e20-plus-indias-first-electrichtml
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Ford retains Ethical honour Nandini Sen GuptaThe Times of India (Web Edition)
Chennai Ford Motor Company has been named one of the Worlds Most Ethical Companies for the eighth straight year byEthisphere Institute This is the longest winning streak by any auto company
The list of the Worlds Most Ethical Companies acknowledges and honours companies that recognise that they have a role insociety to influence or drive a positive change These companies consider their employees investors customers and other keystakeholders when taking action while their values and culture align with the decisions they make every day
Companies weve honoured as Worlds Most Ethical take a novel response to the shift in societal expectations constantredefinition of laws and regulations and the geo-political climate said Timothy Erblich Ethispheres chief executive officer
Weve seen how Ford responds to these challenges while still investing in communities where they reside and embracing ethicalstrategies across the globe as a sustainable business advantage
Ford won the top spot on the basis of programmes aimed at monitoring human rights and safe working conditions sourcingconflict-free minerals to programmes such as the Partnership for a Cleaner Environment which is aimed at encouragingsustainability through Fords supply chain
Efforts to foster long-term relationships with suppliers through active engagement which includes sharing best practices as well asproviding training and evaluations to ensure suppliers meet both legal requirements and Ford standards was also counted as a plusStrong ethics and corporate citizenship are the foundation of our business philosophy which demonstrates to our customers whatwe stand for as a company said Bill Ford Ford Motor Company Executive Chairman This honour is a reflection of Fords corevalues and it shows that our employees are continuing to make the right decisions every day for all of our stakeholdershttptimesofindiaindiatimescomautomiscellaneousford-retains-ethical-honourarticleshow57632785cms
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Ford Endeavour Big beast conquers all topographies Sandesh M S and Umesh M AvvannavarDeccan Herald (Web Edition)
It came down easily from the deep steep it didnamprsquot get stuck in the pool of mud and slush though all the four tyres of thevehicle were like they lay buried inside it was easily making its own way down the path where there was not even a speck of tar inthe surroundings
The easy movement across various obstacles and the first look of the Ford Endeavour will drive any passionate off-roady crazyThe huge 32-litre fully-loaded engine taken for off-road testing on the outskirts of Bengaluru where the real power of the vehiclewas demonstrated by a group of off-roading experts
The vehicle was on top of a rock and there was not even a proper path for its movement but big ditches and meandering ups anddowns It was experienced on a track simulating challenging off-road conditions including hill climbs and descents slush and waterwading among others
Though it was looking like a rally track the car would have toppled at any point if the driver accelerated it amateurly Thisoff-roading track (natural terrain) was surely tailor-made to test the capacity and the power of a proven SUVacirceuroˆbeast
The daring off-roading drive included sharp turns steep hill climbs and hill descent wading through slush uneven surfaces anddriving at a 30-degree tilt among others The powerful four-wheel-drive and terrain management system with NormalSnowMudGrass Sand and Rock modes were ensuring the driver to have complete control of the car even over harsh ground Theterrain management system (the first-of-its-kind in this particular segment of cars) has included the modes for all the possibleobstacles in the off-roading track and makes the owner feel amplsquoready to conqueramprsquo
Terrain Management SystemAs said earlier it is a first-of-its-kind feature in the Ford Endeavour The four different modes are designed in such a way of havingan off-road expert beside you The modes are classified as
NormalFor all regular driving in normal road conditions In this mode the machine passes the torque to the front wheels (when necessary)depending on the movement of throttle and steering-movement This also minimises wheel slip
Snow MudHelps the vehicleamprsquos movement over slippery or loose surfaces Allows the wheel to spin in ups and downs and make thedrive feel smooth
SandFor driving on the rutted condition tracks Helps the driver maintain the same power through sand with aggressive torque transfer
RockThis mode provides maximum traction for low-range four-wheel-drive and prefer low-speed control which will enable one to easilynavigate through extreme off-road terrains
Hill Descent ControlThis mode helps one set and maintain the constant speed which tackles the steep descents with ease This also helps in taking thefeet off from the pedals and concentrate on the steering movement
With all the special modes the car was tested using a specific modes for different obstacles
Halted on the slushEven when the vehicle was completely halted in the slush the water-wading capacity of 800 mm along with 225 mm of groundclearance helped it easily come out of the ditch even in the sharp turns Compared with any other road vehicle the Ford Endeavourcan be halted in between the slush instead of rushing the obstacle
Hill climbing with rock modeThis obstacle was cleared by switching into the Rock mode and turning on the 4X4 drive The only work of the driver is to handle thesteering wheel and keeping the feet on acceleration pedal This mode can make the car climb any steep rock without any difficulty
For the wrong stepTo reduce anxiety on the track or to correct the wrong move the Semi-Auto Parallel Park Assist helps the driver locate the rightplace to halt and proceed while off-roading
70-degree steep downIt was a deadly obstacle on the off-roading track where it should only be done by experts The vehicle was made to come down
from the hill which had a climb of 70 degrees and safely landed on the flat surface The breathtaking obstacle was fought by turninginto the Hill Descent Control mode with extra caution Though one may be a passionate off-roading driver perfection in this obstacleneeds extra practice
Other obstaclesAfter clearing the deadly obstacles rest of the other tests over the track were easily done by the big machine The vehicles easilycrossed the multiple speed breaker and multiple pits and also climbed other steep rocks effortlessly
As a passengerAfter the tough 2 km drive covering all the possible obstacles that one might face during an off-road drive we also tested thevehicle by sitting inside as fellow passengers With the off-roading driving expert on the wheel climbing and getting down the toughterrains crossing other obstacles will make passengers feel the drive is straight out of an amusement park Just make sure thatevery individual inside the car has his seat belt onhttpwwwdeccanheraldcomcontent601374ford-endeavour-big-beast-conquershtml
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Renault introduces Kwid Climber at Rs 43 lakh Deccan Herald (Web Edition)
Bengaluru French auto major Renault has unveiled a variant of its popular hatchback Kwid in the country with the price starting atRs 43 lakh (ex-showroom Delhi)
Christened as Kwid Climber the variant will be available in both manual and automated manual transmission (AMT) modes
The manual variant is priced at Rs 43 lakh while the AMT trim of the vehicle comes for Rs 46 lakh (ex-showroom Delhi) The10-litre SCe engine which powers the Kwid Climber is optimally designed for better performance
The company first showcased the Kwid Climber as a concept vehicle at the auto expo last year The company aims to achieve amarket share of 5 in the near termhttpwwwdeccanheraldcomcontent601369renault-introduces-kwid-climber-rshtml
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Smart Hybrid Vehicles surpass one lakh units Deccan Herald (Web Edition)
Bengaluru Maruti Suzuki India has announced that its Smart Hybrid vehicles Ciaz SHVS and Ertiga SHVS have crossed cumulativesales of 100000 units recently This marks the success of Maruti Suzukiamprsquos efforts in hybrid and electric mobility in India
Introduction of technologies like Smart Hybrid can only create a significant positive impact if they are made available to a largersection of customers With this as a premise MSI introduced Indiaamprsquos first Smart Hybrid Vehicle Ciaz SHVS on September 12015 It subsequently introduced the technology in Ertiga Diesel in October 2015
Smart Hybrid Vehicle by Suzuki (SHVS) is a technology which uses an Integrated Starter Generator (ISG) and an advanced highcapacity battery to supplement the engineamprsquos power SHVS technology makes it more efficient than the conventional set-upand saves energy while deceleratingbraking
Ciaz and Ertiga Smart Hybrid participate in the government of Indiaamprsquos FAME India scheme which aims to promote FasterAdoption and Manufacturing of Hybrid and Electric vehicles in India
Celebrating the success of SHVS sales R S Kalsi Executive Director Marketing amp Sales Maruti Suzuki said ampldquoAs we movetowards hybrid and electric cars we see this as a first important step in this space Both Ciaz SHVS and Ertiga SHVS are high onfuel efficiency come with reduced running costs and lower levels of CO2 emission thus making these popular among customersThe response we have received for SHVS equipped Ciaz and Ertiga encourages us to continue to invest in new technologies thatsupport the environment while benefitting the customeramprdquo
Ciaz SHVS with a certified fuel efficiency of 2809kml tops the mileage chart in India Ertiga SHVS with 2452 kml has set newbench marks in fuel efficiency in its category Both vehicles are market leaders in their respective segments and illustrate thegrowing preference of Indian customers for greener and cleaner technologies like Smart Hybrids SHVS equipped vehicles accountfor over 60 of volume of the two models
Idle Start StopThe engine stops automatically when the driver shifts the gear to neutral and releases clutch while the engine is idling Restartsengine as soon as the clutch is pressed and the stored energy is used for this process
Engine AssistThe stored power in the advanced high capacity battery assists the engine during vehicle acceleration which improves efficiencyand thus prevents wastage of fuel
Brake energy Regeneration During decelerationbraking ISG charges the advanced high capacity battery and provides energy to assist the
engineamprsquos idle-stop-start function and helps the engine during accelerationhttpwwwdeccanheraldcomcontent601368smart-hybrid-vehicles-surpass-onehtml
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Car Tech SmartPlay adds the Android touch Vishal Mathurmint (Web amp Print Edition)
Car entertainment systems have become smarter but car makers in India have been slow to adopt the new technology MarutiSuzuki became the first car maker on our shores to add the Apple CarPlay in-car platform to their SmartPlay infotainment systemavailable in the S-Cross crossover Baleno hatchback Ciaz sedan and Ertiga multi-purpose vehicle (MPV) Now SmartPlay hasbeen upgraded with support for Googleamprsquos Android Auto in addition to Apple CarPlay for the iPhone
At the very heart of the SmartPlay system is a proprietary software for radio Bluetooth connectivity and basic navigation
Android Auto and CarPlay recreate your phoneamprsquos interface on the display in the car What you need to do is plug in yourphone to the caramprsquos USB port At present Android Auto and Apple CarPlay do not work wirelessly
Android Auto gives you instant access to apps such as Google Play Music Google Allo Google Maps and the phone dialer Theinterface is easy to useampmdashthe apps are listed at the bottom of the screen just like the navigation bar at the bottom of yourAndroid phoneamprsquos screen Within each app the menu for relevant options is available on the top left side Android Auto alsointegrates messages and notifications from third-party apps including Facebook Messenger and you can reply or set selectnotifications on mute while you drive
Unlike Apple CarPlay where you donamprsquot need to pair your phoneamprsquos Bluetooth separately Android Auto requiresBluetooth pairing if you want to use the voice-calling feature The 7-inch display has good brightness levels and is adequatelysharp It is a fingerprint magnet though and a bit reflective something youamprsquoll notice during daytime driving The system canalso be accessed with the controls on the steering wheelampmdashthese include media playback voice command and call keys
The new SmartPlay system is rolling out first in the Ignis hatchback priced upwards of Rs459 lakh (ex-showroom Delhi) Thismakes it the first car in its category to have the Apple CarPlay and Android Auto combination available as a default option
There is no doubt then that Apple and Googleamprsquos smart car platforms are a genuine evolution over the infotainment set-upsmost car makers have offered as a default all this whilehttpwwwlivemintcomLeisureTSsAAxb7YqoYittRY2Bw7ICar-Tech-SmartPlay-adds-the-Android-touchhtml
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Luxury Cars
The best of both worlds Roland Folger MD amp CEO of Mercedes-Benz India Hormazd SorabjeeThe Hindu (Web amp Print Edition)
Roland Folger Managing Director amp CEO of Mercedes-Benz India on why the long-wheelbase E-Class is an ideal fit for India
What is the rationale behind introducing the long-wheelbase variant of the E-Class and is it a gamble because of the high price
Well there is always a certain element of risk with a long wheelbase However in the next five to 10 years the road conditions arenot going to be any better and the traffic is not going to be any lighter Our customers including successful businessmen andentrepreneurs spend a lot of time in their cars Once we saw the opportunity within our line-up and solutions we had to some ofthose issues for the Chinese market we were very eager to apply the same in India There is nothing better out there than to havecomfort in your day-to-day driving routine on the populous roads of India
Was there cost pressure arising out of India being the only right-hand-drive market for the new E-Class
Of course there were cost pressures and it was not an easy sell to Germany either looking at the incremental cost of such avehicle and trying to stay within a price level that people would accept
I think that was the biggest challenge we were facing at that time But we remained committed to the idea since we knew it wouldgive us a unique positioning on cost and in price levels in a segment that we really own in India
That also gave us the confidence that the volumes we would achieve in India were definitely going to be worth it
Is there a possibility of exports to other right-hand-drive markets such as Singapore South Africa and Sri Lanka
In markets other than India the situation is different either they sell a lot more S-Classes or are happy with the existing normalwheelbase W213 E-Class We still looked at the opportunity and found that the volume was too small or not profitable for us at all
What was the research that prompted the launch of the long-wheelbase E-Class
We now have a total of 34000 E-Classes running in India We did some research with existing customers that involved talking tothem directly observing cars coming into service and talking to drivers to understand who was driving the car more frequentlyInterestingly we found that most of our customers were chauffeur-driven when they go to work but on the weekend they wish todrive themselves So our aim was to offer a vehicle which offered the best of both worlds
Will the new long-wheelbase E-Class pull in S-Class customers
I donamprsquot see a risk of the new LWB E-Class pulling S-Class customers since the S-Class is not bought because of itslegroom but because of its overall package and positioning We hope to attract a lot of other people from the SUV segmentbecause of the space and comfort the E-Class offers So maybe we can change some of the rules of the game as well
What is the strategy behind bringing the 30-litre V6 diesel to the E-Class
We adopt a skimming policy sometimes where we believe that the first customers because of their long relationship with us aredefinitely going for the 350d
The top-end variants are the first cars to be snatched up eagerly and we need to take care of these customers first
Do you have plans to bring the straight-six diesel engine to India
Yes we might get a straight-six diesel by 2018 Naturally it also depends on our sales figures and our sales success
But it will certainly come to India thatamprsquos a promise We have been making sure that the relevant parties in the Governmentunderstand that from 2018 onwards we will be ready to also introduce Euro-VI or BS-VI-compliant engines in India and arediligently working on thathttpwwwthehinducomtodays-papertp-featurestp-metroplusthe-best-of-both-worldsarticle17464905ece
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Mercedes-Benz E350D A luxury car with limousine looks Shapur Kotwalmint (Web amp Print Edition)
The E-class is the model with which Mercedes first came to India many years ago Now itamprsquos ready with an all-new model in astretched-out long-wheelbase avatar
In fact India is the first right-hand-drive market to get the E-class long-wheelbase
The first thing that strikes you about the new E is that itamprsquos a really long car and itamprsquos this length that gives it the majesticlimousine look The highest specification variant of the 350d gets air suspension In its lowest setting ground clearance is just120mm though you can raise this by 15mm using the ampldquoliftamprdquo function However the underside scrapes over a fewspeed-breakers Whatamprsquos nice though is that the smart 17-inch alloy wheels are wrapped in tyres with tall sidewalls whichhelp the car absorb bad roads better
The focus of the car is its rear seats and this is where the new E-class impresses There is more legroom than you will ever needand the seats are sure to set a new benchmark in the class in terms of comfort They are nicely bolstered and offer excellentsupport all round The back rest even reclines electrically and that combined with the pillow-soft headrest cushions makes the rearseats the perfect spot for a power nap And if you need more legroom you can push the front passenger seat forward with the touchof a button The double panoramic roof adds to the sense of space inside
However the middle seat is narrow and it is best to flip down the centre armrest for comfort There are other shortcomings tooThereamprsquos just one USB slot for the rear passengers who will not be able to control the Comand infotainment system and theair-con system takes quite a while to cool the massive cabin
The Comand system features a 123-inch display and is paired with a Burmester surround-sound audio system It can be controlledvia a jog-dial and a touch pad as well as small steering-mounted touch pads It doesnamprsquot have touch controls and the carbeing sold in India doesnamprsquot get the all-digital instrument cluster that the E-class sold internationally hasampmdashinstead ituses a rather ordinary-looking analogue instrument cluster
However the E-class comes loaded with Mercedesamprsquo Pre-Safe system (it tightens seat belts and braces passengers in caseof an imminent impact) and a 360-degree camera handy when manoeuvring a car this big through tight spaces Thereamprsquoseven a Park Pilot which steers the car into a parking spot for you
Those who like to drive will definitely appreciate the 258hp 30-litre V6 diesel engine Itamprsquos supremely refined you can hardlyhear it in the cabin In addition itamprsquos got nine-speed transmission
The E-class can be quite quick when you want it to be it can accelerate from 0-100 kmph in a claimed 66 seconds Pick up thepace however and the lateral body movement is quite noticeable more so over bad roads Itamprsquos best to use the Sport orSport+ modesampmdash the car feels more tied down and is better to drive In Sport+ though it feels too eager to accelerate andspeed up which can be slightly disconcerting in bumper-to-bumper traffic
In case you donamprsquot plan on driving yourself around the 20-litre petrol-powered variants starting at Rs5615 lakh will serveyou better The car will also get a new 20-litre diesel engine sometime later this year Chauffeur-driven buyers should be impressed
with the caramprsquos ride which almost makes you feel like youamprsquore travelling on a cushion of air especially in the Comfortmode
You must consider the new E-class if you are thinking of buying a luxury car with a brilliant back seat Itamprsquos spacioussupremely comfortable and as with all Mercedes cars has a cabin thatamprsquos fastidiously put together In the right drive mode itcan tackle bad roads well and the big diesel engine is even fun to drive Prices range from Rs5615-6947 lakh (ex-showroomDelhi) which means the top-specification variant is almost Rs7 lakh costlier than the predecessorhttpwwwlivemintcomLeisureZT1ffyCrNaC0DdkXB6GmxIMercedesBenz-E350D-A-luxury-car-with-limousine-lookshtml
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Audi Launches 2017 Q3 at Rs 3420 Lakh Asian Age (Web Edition)
German luxury automaker Audi has recently launched the 2017 Q3 in India It is the third launch from Audi this year and asproposed the automaker will introduce seven more new products in 2017 The updated Q3 comes with subtle aesthetic changesan uprated diesel engine along with standardisation of features The 2017 Audi Q3 is now available in two variants ampndash the 20TDI FWD priced at Rs 3420 lakh and the 20 TDI Quattro priced at Rs 3720 lakh (all prices ex-showroom New Delhi)
In terms of design the changes on the outside are limited to the front bumper The air inlets now get a black surround whichcomplements the black lower cladding The new Q3 is now offered with all-LED headlamps as standard Also offered as standardare 17-inch 5-spoke alloy wheels shod with 23555 R17 tyres
Inside changes are limited to the inlays - the Q3 20 TDI FWD gets walnut brown ones while the Q3 20 TDI quattro gets aluminiumones Equipment such as electric adjustment for the front seats a panoramic sunroof and 2-zone automatic air conditioning isoffered as standard
The MMI system has not been modified in the new Q3 The 65-inch infotainment display remains the same while the multimediasystem is BluetoothSD card compatibility with 20GB of inbuilt storage Infotainment
The 20-litre turbocharged 4-cylinder motor remains the only power source for the Q3 - but it has been tweaked for more powerand torque The transmission option is now limited to the 7-speed S tronic dual clutch The 6-speed manual available on thepre-facelift S edition variant has been discontinued Drivers can use paddle-shifters placed behind the steering wheel to changegears
The 20-litre TDI develops 150PS of maximum power and 340Nm of peak torque in the FWD variant This is 10PS20Nm more thanthe 20 TDI that powered the pre-facelift Q3 S edition Available only with the 7-speed S tronic dual-clutch transmission the 20 TDIFWD can accelerate from 0-100kmph in 93 seconds and has an ARAI-certified fuel efficiency of 1851kmpl
The 20-litre TDI develops 184PS of maximum power and 380Nm of peak torque Compared to the pre-facelift Q3 the motor in thenew develops 7PS more power Paired to the 7-speed S tronic dual-clutch transmission the 20 TDI quattro accelerates from0-100kmph in 79 seconds and has an ARAI-certified mileage of 1517kmpl
Driver convenience features on offer include a colour multi-information display for the driver in the instrument console hill-startassist hill descent control and cruise control Standard safety systems on offer include rear parking sensors reverse parkingcamera ESC and 6-airbagshttpwwwasianagecombusinessautos140317audi-launches-2017-q3-at-rs-3420-lakhhtml
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Commercial Vehicles
Tepid growth of 2-3 expected in CV industry in FY 17 Tata Motors Shobha MathurThe Economic Times (Web Edition)
New Delhi The commercial vehicle industry is expected to grow at a tepid pace of 2-3 percent during financial year 2016-17 due tothe effect of demonetisation and the slow recovery thereafter according to RT Vasan VP sales and marketing at Indias largest CVmaker Tata Motors
In November-December 2016 the commercial vehicle industry had dropped steeply by about 20 percent and has been on arecovery mode since January after the restrictions on cash availability were gradually eased
Improvements have been witnessed across product segments whether LCVs or construction a segment which was doing well rightthrough the year
The cargo market has also started picking up pace since the last couple of months In the bus category privatization has given afillip to its declining fortunes so that the school city and staff transport sector are all on the incline
The construction sector is expected to grow by 25 percent during this fiscal on the back of heightened activity in the infrastructure
sector In FYamprsquo17 ease of financing and improvement of consumption demand was expected to boost LCV sales In the cargoMampHCV segment a double digit growth had been forecast by industry body SIAM with improvement in overall economy led byincrease in industrial and agri output
Vasan told ETAuto that the industry was optimistic about the next fiscal with the advent of the BS-IV emission regime from 1 April2017 However prices of vehicles are expected to rise especially of MampHCV trucks There would be a slow start to the year by theCV industry due to pre-buying in FYamprsquo17 before the new emission regime kicked in that would slowdown sales in the firstquarter of FYamprsquo18
But with the impetus given to this segment by infrastructure development and road construction by the government the industrywould see a growth from Q2 after the impact of pre-buying starts declining
While the industry is ready with the BS-IV product range Vasan says that the new technologies harnessed for compliance wouldboost vehicle prices by 8-10 percent for MampHCVs Buses would also witness a price realignment of 8-10 percent while LCVs wouldsee a price rise of 6-10 percent
In terms of new technologies most of the CV range is already equipped with the anti-lock braking system except for the smallerones
In terms of upcoming regulations some more safety legislation is on its way related to the body code such as cabins that will haveto be necessarily be air conditioned in the future
The bus body code that was earlier announced has only been partially implemented so far and the body code is also believed to becoming up for the truck and trailer segments LCVs are small units and have been already approved by ARAI
The overall CV segment registered a growth of 349 percent in April-February 2017 compared to the same period last year Mediumamp Heavy Commercial Vehicles (MampHCVs) declined marginally by 079 percent and Light Commercial Vehicles grew by 682 percentduring this periodhttpautoeconomictimesindiatimescomnewscommercial-vehiclemhcvtepid-growth-expected-of-the-cv-industry-at-2-3-percent-in-fy1757633279
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Tata Motors to showcase all new 1000 bhp race truck PTISee this story in The Economic Times (Web Edition)
New Delhi Tata Motors will showcase an all new T1 Prima race truck powered by 1000 bhp engine during the fourth season ofthe T1 Prima Truck Racing Championship
The engine of the all-new 1000 bhp T1 race truck is being developed in collaboration with US-based Cummins enabling thecompany to set new benchmarks in the Indian commercial vehicles space Tata Motors said in a statement
Built with specifications similar to that of trucks that race globally the vehicle was developed in a record time of 12 months ademonstration of teamwork speed and capability Tata Motors Executive Director Commercial Vehicles Ravindra Pisharody said
Tata Motors and Cummins have a joint venture company called Tata Cummins established in 1994 developing engines in the rangeof 75 to 400 HPThe fourth edition of T1 Prima Truck Racing championship will be held on March 19 at the Buddh International Circuit (BIC) GreaterNoidahttpautoeconomictimesindiatimescomnewscommercial-vehiclemhcvtata-motors-to-showcase-all-new-1000-bhp-race-truck57635142Tata Motors to showcase 1000 bhp Prima TruckFinancial Chroniclehttpwwwmydigitalfccomcompaniestata-motors-showcase-1000-bhp-prima-truck-900Tata Motors to showcase all new 1000 bhp race truckDaily News amp Analysis (Web Edition)httpwwwdnaindiacommoneyreport-tata-motors-to-showcase-all-new-1000-bhp-race-truck-2352506
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Construction amp Agri Machinery
SBI floats one-time settlement scheme for tractor loans Abhijit LeleBusiness Standard
Mumbai State Bank of India (SBI) has floated a one-time settlement scheme for borrowers defaulting on loans taken to buytractors
The countryamprsquos largest bank has also voiced reservations against the move to waive farm loans saying this will affect therepayment culture in the country
SBI executives said the tractor loan book was part of the bankamprsquos farm loan portfolio and the bank announced settlementschemes regularly to shed doubtful debt where the prospects of recovery were low after making adequate provisions for such dudassets
The settlement scheme for tractor loans began early last month and will continue till March 31 The scheme was for loans disbursedbefore September 30 2011 and had up to Rs 25 lakh outstanding by September 2016 SBI Managing Director Rajnish Kumar saidSBI will take a haircut of 40 per cent on these loans
graphIn a portfolio of over Rs 4000 crore of tractor loans about Rs 800 crore will be eligible for the scheme Crop failure and inability todeploy tractors were some of the reasons for the loans turning bad SBI executives said
SBI had in May 2015 advertised a ampldquoloan resolution weekamprdquo asking borrowers with non-performing assets to ampldquotryand work out a solutionamprdquo The scheme was available to all borrowers except willful defaulters Kumar said the bank was yet tohear anything specific from the government on a farm loan waiver
SBI had in 2014 opposed the waiver of farm loans in Andhra Pradesh and Telangana
ampldquoUttar Pradesh and Punjab constitute 10 per cent of (farm) loans and we wait to understand the contours of the waiver Theimpact will be higher on public banks than on private banksamprdquo Kotak Institutional Equities said in a research notehttpwwwbusiness-standardcomarticleeconomy-policysbi-floats-one-time-settlement-scheme-for-tractor-loans-117031400886_1htmlSBI to offer one-time settlement for Rs 6000-crore tractor loansThe Financial Expresshttpwwwfinancialexpresscomindustrybanking-financesbi-to-offer-one-time-settlement-for-rs-6000-crore-tractor-loans588102SBI to offer Rs6K-cr one-time settlement for tractor loansThe Indian Expresshttpindianexpresscomarticlebusinessbanking-and-financesbi-to-offer-6k-cr-one-time-settlement-for-tractor-loans-4569462
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23 Wheelers
Yamaha aims to export 22 lakh units from India in 2017 Hiroaki Fujita Chairman Deepanshu TaumarThe Economic Times
New Delhi Indian arm of Japanese two-wheeler manufacturer Yamaha Motor is aiming to export over 22 million units from Indiathis year compared to 161 lakh units exported last year thereby recording an estimated growth of 3664 percent Hiroaki FujitaChairman India Yamaha Motor informed in a press statement
In the domestic market the two-wheeler major is also targeting to sell 1 million scooters and motorcycles in 2017
In an annual supplier conference held at Greater Noida Hiroaki Fujita Chairman India Yamaha Motor said ampldquoOur target forthis year is to achieve 1 million unit sales in domestic market and 22 lakh unit sales for exports market In addition we also need toreinforce the Indian parts export business in order to contribute to Yamaha business globally While doing so we must continue withour focus on the amplsquoQualityamprsquo of our parts and productsamprdquo
The two-wheeler major produced a total 94 lakh units in the country in 2016 Yamaha Motor India has two manufacturing plants inIndia at Greater Noida and Chennai having a capacity of 61 lakh units and 56 lakh units respectively
The company aims to produce 15 million units by 2018
Yamaha Motor India has sold over 786 lakh units of two-wheelers in 2016 and over 50 of its total sales have come from scooters
The two-wheeler manufacturer saw a steep decline in sales from the month of November 2016 to January 2017 It was only duringFebruary 2017 when Yamaha registered a growth of 20 percent in domestic sales as compared to the corresponding period lastyear The company recorded domestic sales of 68095 units (including Nepal) in February 2017 compared to 56960 units (includingNepal) in February 2016
Industry analyst believes that the impact of demonetisation is wearing off now Only motorcycles are in red zone because of a largerural consumer base However scooters which are largely sold in urban areas is on the positive side It further believed that by nextmonth the demonetisation impact will completely go away
India Yamaha Motor recently marked its entry into 250 cc sports bikes segment which has very less competition Going forward thecompany wants to focus on urban area than the rural market
The objective of conducting the Annual Suppliers Conference was to share the last yearamprsquos result for Sales and Productionand the current yearamprsquos Sales and Production Plan During the conference India Yamaha Motor shared the direction for 2017its purchase policy the Purchasing Policy of Yamaha Motor Company (Japan) and activities organised amp initiatives were taken forsales and marketing in the previous year
India Yamaha Motor shared its expectations with the suppliers for improvement in Quality Delivery and Development performances
besides cost competitiveness to compete in the export market to increase profitability for both Yamaha and the Suppliers IndiaYamaha Motor also emphasised that all the Suppliers can draw up their investment plans based on the increasing volumes infuture
Sixteen Suppliers were also awarded for their exceptional services in the areas of Quality Delivery Development and Costincluding the Appreciation Award for some of them for the extraordinary Improvement support provided to India Yamaha Motor in2016httpautoeconomictimesindiatimescomnewstwo-wheelersscooters-mopedsyamaha-aims-to-export-2-2-lakh-units-from-india-in-2017-chairman57632349
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BSIV Compliant TVS Jupiter launched at Rs 49666 (Ex-Delhi) The Economic Times
New Delhi Hosur based TVS Motor Company in a BSE filing announced the launch of its BSIV compliant TVS Jupiter at Rs 49666(Ex-Delhi) and it is now available with two new colours - Jade Green and Mystic Gold
The refreshed scooter is now BSIV compliant with Auto Headlamp On (AHO) and equipped with Sync Braking System (SBS) SBSensures rider safety as it automatically activates the front brakes when the rear brakes are used claims TVS The feature previouslyavailable on ZX range will now be available on the Base variant as well
Commenting on this Aniruddha Haldar Vice President Marketing- Scooters TVS Motor Company said ampldquoTVS Jupiter hasreceived such enthusiasm from the consumers in response to its credo of Zyada ka Fayda Living true to this credo not only is theentire Jupiter range now BSIV compliant it now offers the unique Sync Braking System (SBS) across the entire range (earlier onlyavailable on the ZX range) Further for our customers we are adding two colours Jade Green and Mystic Gold giving them 10colour options to choose from We are happy to offer all this with absolutely no change in the Exshowroom price truly ZYADA KAFAYDAamprdquo
Since its launch in 2013 TVS Motor Companyamprsquos flagship scooter brand Jupiter has been strengthening theCompanyamprsquos foothold in the scooter market and contributing to overall scooter segment uptake penetration and growth inIndia
Company has sold over 15 million Jupiter scooters since its launch in 2013 The scooter is powered by a all-aluminum low-friction110cc engine
There is no revision in the prices for the BS IV models of Jupiter priced at Rs 49666 (Ex-Showroom Delhi) the scooter is availableacross all TVS dealershipshttpautoeconomictimesindiatimescomnewstwo-wheelersscooters-mopedsbsiv-compliant-tvs-jupiter-launched-at-rs-49666-ex-delhi57630201TVS Motor rolls out BS IV variants of JupiterThe Hindu Business Linehttpwwwthehindubusinesslinecomtodays-papertp-newstvs-motor-rolls-out-bs-iv-variants-of-jupiterarticle9583972eceTVS unveils BS-IV compliant JupiterThe Hinduhttpwwwthehinducomtodays-papertp-businesstvs-unveils-bs-iv-compliant-jupiterarticle17464118eceTVS launches BS-IV compliant JupiterBusiness Standardhttpwwwbusiness-standardcomarticlecompaniestvs-launches-bs-iv-compliant-jupiter-117031400552_1html
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Dominar 400 takes the battle to the Royal Enfield turf Murali GopalanThe Hindu Business Line
Mumbai Bajaj Autoamprsquos recently launched Dominar 400 is attracting former Royal Enfield bike users who now account for 20per cent of its customer base
According to Eric Vas President (Motorcycle Business) Bajaj Auto the larger chunk of 80 per cent is still taken up by those whoused Yamaha Honda and Bajajamprsquos own Pulsar motorcycles
The Dominar made its debut in mid-December as a serious contender to Royal Enfield While monthly numbers thus far have beena little over 3000 units the good news is that the bike has taken pride of place in the 350cc plus segment vis-a-vis RoyalEnfieldamprsquos offerings However when it comes to the core 350cc space the latter continues to be the market leader withmonthly sales of nearly 55000 units powered by the Classic and Bullet
The three-month-old Dominar 400 kicked off its presence in 22 towns which has since increased to 32 in February and slated to goup to 110 towns by the end of this month
This tally will double to 200 in April and Bajaj Auto hopes to have at least 300 towns covered for the Dominar 400 during the courseof 2017-18
If everything goes according to plan the company hopes to be clocking its targeted 10000 motorcycles every month by the end of
Q3 next fiscal
Attractive features
Vas says market feedback shows that buyers love the Dominar 400 for its performance speed and top-class brakes Interestingly alarge number of them have opted for the more expensive ABS version which retails at a little over Rs 15 lakh
The LED lamps are another big draw and their attractive lighting explains why many customers opt to have their test rides at night
According to Vas Dominar 400 buyers are largely in the age group of 25 years who have already owned a bike There are no firsttime users yet but this is expected to begin happening once the network grows and more customers start going in for the relativelyless expensive disc brake version which has a price tag of nearly Rs 14 lakh
The Dominar 400 was launched to take on Royal Enfield in a segment that is priced between Rs 1-2 lakh and accounts for five percent of motorcycles sold in India
In terms of numbers this translates into 65000 units each month
The next fiscal could see this grow to nearly 85000 units or over one million units annually
Changing dynamics
It is in this product category that Royal Enfield has a market share of 80 per cent and it is in the balance 20 per cent space thatBajaj has thrown down the gauntlet with the Dominar 400
The other rival models include KTM Yamaha YZF-R15 and Honda CBR 150R but none of them has posed a serious threat to RoyalEnfield yet
It now remains to be seen if the Dominar 400 can draw customers from the top-selling Classic
It is clear that with 10000 units targeted during 2017-18 Royal Enfield will still be comfortably ahead in terms of numbers
How dynamics change after this period will be interesting to watch
From Bajaj Autoamprsquos point of view the strategy boils down to acknowledging the reality of living in a world of opposites whereevery mature segment is essentially a two-horse race
The Dominar will stick to the core principle of being opposite from the market leaderamprsquos offerings and has been positioned as amodern machine and not a heritage brandhttpwwwthehindubusinesslinecomtodays-papertp-newsdominar-400-takes-the-battle-to-the-royal-enfield-turfarticle9583973ece
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Bajaj cheers at Feb sales Ajay ModiBusiness Standard
New Delhi Pune-headquartered Bajaj Auto claims to have surpassed volumes sold by market leader Royal Enfield in the 350-500ccmotorcycle segment in February
It attributes this to the Dominar a 373 cc premium sports motorcycle it launched in December at an ex-showroom price of Rs 136lakh Enfield says Bajaj is celebrating too early
Bajaj has sold about 3000 units of Dominar a month this calendar year and is drawing a comparison with the February volume ofRoyal Enfield in the 350-500 cc segment when the latter did wholesale volumes of 2602 units Eric Vas president for themotorcycle business at Bajaj said ampldquoWe have already overtaken Royal Enfield in the segment They used to sell an averageof 5000 units a month until a few months agoamprdquo
He claims that two of every 10 Dominars was sold to customers who owned an Enfield ampldquoSome have sold it to buy Dominarand some have bought it as their second bikeamprdquo He added there had been a decline in the waiting period of some of Enfieldsmotorcycles The 350-500 cc segment for Enfield includes the Bullet 500 Classic 500 Thunderbird 500 and Himalayan
Bajaj hopes to gradually raise Dominar volumes to an output of 10000 units monthly in about six months ampldquoThe bike hasbeen accepted very well We should reach a monthly volume of 6000 units by next monthamprdquo said Vas He did not disclosecumulative bookings for the Dominar He said most customers bought it after test rides
Vas said the volumes were aggregated from the 22 cities where itwas available until February We have expanded reach to 32cities and it will be available in a 100 cities and towns by end-March In April the company plans to add another 100 cities andtowns The constraint is more on the capacity front than on the network sideamprdquo he said
Bajaj said the incremental volume from Dominar would start reflecting in the profit figures once volume crossed 5000-6000 units amonth
Enfield has almost the entire 250-350 cc motorcycle market in the country estimated at close to 50000 units a month This is where
it gets the lionamprsquos share of its sales In the 350-500 cc market it controls 80 per cent (data for the first 11 months of FY17)This is a much smaller segment with monthly volume of 5300 units
Siddhartha Lal managing director of Eicher (which owns Enfield) told Business Standard last month that it would continue toengage with the target segment and expand reach to grow volumes ampldquoWhen one succeeds in a segment others try to enterand take a bite Of course there will be competition but we are not worriedamprdquo hed said It is understood that Enfieldamprsquosproduction volume in February was impacted due to fewer days (February having only 28) and the transition to BS-IV emissionnormshttpwwwbusiness-standardcomarticlecompaniesbajaj-cheers-at-feb-sales-117031400822_1html
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India Yamaha Motor sets ambitious sales target Nandini Sen GuptaThe Times of India
Chennai India Yamaha Motor Private Limited (IYM) is targeting an ambitious production and sales pitch of more than three millionunits this year with one million in the domestic market alone It was revealed by the top management at a recently organised AnnualSuppliers Conference at Greater Noida (Delhi-NCR) which was attended by 500 members representing more than 200 suppliersfrom across India
The theme of this years conference was Challenge the Innovation for Global Competitiveness and Its all about the customer
Our target for this year is to achieve one million unit sales in domestic market and 22 lakh unit sales for exports market Inaddition we also need to reinforce the Indian parts export business in order to contribute to Yamaha business globally While doingso we must continue with our focus on the Quality of our parts and products said Hiroaki Fujita Chairman YMI-G Cos
The objective for conducting the Annual Suppliers Conference was to share the last years result for sales and production and thecurrent years sales and production plan During the conference IYM shared the direction for 2017 its purchase policy thepurchasing policy of Yamaha Motor Company (Japan) and activities organised amp initiatives taken for sales and marketing in theprevious year
Among the senior management members who were present on the occasion on behalf of IYM included Hiroaki Fujita chairmanYamaha Motor India Group Cos (YMI-G Cos) Takashi Terabayashi MD -IYM Yasuo Ishihara MD- Yamaha Motor Research ampDevelopment India (YMRI) T Yamaguchi Deputy MD amp Purchase Head- IYM along with the YMC Purchase team - Olivier Prevostdeputy chief general manager and Hiroshi Hagio general manager
IYM shared its expectations with the suppliers for improvement in quality delivery and development performances besides costcompetitiveness to compete in the export market to increase profitability for both Yamaha and the Suppliers IYM also emphasisedthat all the suppliers can draw up their investment plans based on the increasing volumes in future
Sixteen suppliers were also awarded for their exceptional services in the areas of quality delivery development and costhttptimesofindiaindiatimescomautobikesindia-yamaha-motor-sets-ambitious-sales-targetarticleshow57633067cms
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Thunderous sound remain forever Sandesh M SDeccan Herald (Web Edition)
Bike-lovers had expected a lot from Royal Enfield when the homegrown tough motorcycle manufacturer revealed the 500ccThunderbird in October 2012
When DH decided to check out the four-year-old model with respect to the present dayamprsquos bikes with updated technology theThunderbird 500 remains outstanding in its segment
The bike was tested for two weeks with everyday regular usage and an enthusiastic rider The bike is a good choice for the dailyneeds of an Indian family
Be it an office-goer or a student the bike gives an extra feel where you enjoy every bit of it You need an extra muscle and morepower to handle the bike when the engine is turned off Sometimes it will be a great challenge to tow the bike till a filling station ifthe engine goes dry
PerformanceUndoubtedly this is the most powerful variant of Royal Enfield today The bike feels far impressive than any other machine in thissegment It constantly urges you to take it on highways as it feels best when you pushed harder Overtaking is also very easy withthis bike and it can easily cross a speed of 120 kmphr It still remains a very responsive bike especially at slow speeds
The heavy amount of torque helps it move easily in city traffic The gear ratios are well-matched with this bike and you need lessgear shifts than before The only issue we have with the bike is its heavy weight In city traffic and with a pillion rider sometimes youwill feel the actual weight of this bike Otherwise there are no major concerns related to its performance
Fuel efficiency
Mileage is still a concern and the major drawback with Royal Enfield bikes As the brand new bikes claims to offer 30 kmpl the oldbikeamprsquos mileage drops day-by-day
After few years this will be the main reason for the rider to get rid of his bike In a typical Indian customer mindset a middle-classfamily will think twice before going for a Bullet
Depending on the usage the cushion will loose its power day-by-day The rider will surely feel the pain on the long rides and trafficjams Regular servicing from an authorised mechanic will keep the vehicle in good condition
VerdictThe Royal Enfield Thunderbird 500 is a special bike but the cost compared with its 350 cc sibling the biker has to cough up anextra Rs 40000 which makes anybody to think twice before investing in one The bike has the capability to sustain any roughhandling Though it becomes rough and old its sturdiness remains the samehttpwwwdeccanheraldcomcontent601371thunderous-sound-remain-foreverhtml
Top
E-Bikes
Components
Amtek Autoacirceurotrades Arvind Dham may offload personal assets to reduce debt Deborshi Chaki amp Swaraj Singh Dhanjalmint
Mumbai With troubled auto parts maker Amtek Auto Ltdamprsquos planned divestment of domestic and overseas businesses yet tomaterialize company chairman and founder Arvind Dham has begun exploring options to monetise assets owned by him
According to two people familiar with the matter who asked not to be identified Dham is in talks with potential buyers to sellIndraprasta Engine Parts Pvt Ltd ( IEPPL) an auto component manufacturing company which he owns in his personal capacityDocuments filed with the registrar of companies show that Arvind Dham along with other senior executives of Amtek Auto holdshares in Indraprasta Engine Parts Pvt Ltd
Dham did not respond to emails text messages and phone calls seeking comment
According to the latest available filings Indraprasta Engine Parts reported a revenue of Rs9525 crore and a loss of Rs115 crore inthe financial year ended 31 March 2015 The company was incorporated in 2010 and currently has a manufacturing plant in HosurTamil Nadu
ampldquoDham has been in discussions to sell the unit following which talks with Kalyani Forge Ltd (KFL) and Sterling Tools Ltd (STL) have reached an advanced stageamprdquo said one of the two people ampldquoDham is keen to show to the lenders that he iswilling put his own money even though the plans to sell Amtek Autoamprsquos assets to repay its debt have not beensuccessfulamprdquo
Amtek Autoamprsquos standalone loss widened to Rs24156 crore for the quarter ended December 2016 from Rs17536 crore in thesame quarter last fiscal Dham plans to plough the proceeds of the sale into the company the first person added
Spokespersons for Kalyani Forge and Sterling Tools did not respond to emails seeking comment
Ever since Amtek Auto defaulted on bond repayments of close to Rs800 crore in September 2015 it has been trying to sell variousgroup businesses to reduce the debt on its books The company has appointed Morgan Stanley as an adviser to assist in its debtreduction plan Amtek Auto owed Rs8066 crore to various lenders as on 30 September 2016 Mint learns that its consolidated debtat the group level is higher
In July last year Bloomberg reported that Amtek Auto has hired global investment bank Rothschild and Co to advise on thepotential sale of all overseas operations including those in the UK the US Mexico China and Germany The report said Amtek wasseeking bidders for its German unit Amtek Tekfor Holding GmbH and expected to raise over $1 billion from the process
A manufacturer of forging parts Amtek Auto counts most of Indiaamprsquos top auto component makers as clients Its overseasclients include global auto brands such as Aston Martin and Daimler
In February the company said in a regulatory filing that it is planning to raise Rs1175 crore by selling shares to promoters on apreferential basis for which it will seek shareholdersamprsquo approval The company has called an extraordinary general meeting on25 March to seek approval from its shareholders for the proposal it added
In February lenders of Amtek Auto are understood to have asked it to either repay loans or convert the outstanding into equityshares or warrantshttpwwwlivemintcomIndustry1tt2QpJ8TtSm53I1bN4VgKAmtek-Autos-Arvind-Dham-may-offload-personal-assets-to-reduhtml
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Allied Industries
Tyre stocks race ahead as China cuts India trade Palak ShahThe Economic Times
Mumbai What is aiding Indiaamprsquos tyre stocks Chinaamprsquos policy to shun India market for the US The share price ofdomestic tyre manufactures including MRF Apollo Tyre Ceat and J K Tyre rose between 1-7 on Tuesday
A research report by Philip Capital said China had curtailed its tyre exports to India to focus on US markets as Trump administrationhad decided against anti-dumping duty on tyres The research pointed out there was more upside for these stocks
ampldquoChina has raised their TBR (truck bus and radial) tyre prices for Indian market by 10-15 rendering themunattractiveamprdquo said Nitesh Sharma and Dhawal Doshi in the research report ampldquoOur checks indicate that Chinesefactories have nearly stopped catering to tyre demand from India as US markets were more lucrativeamprdquo
Ceat rose by 607 on Tuesday Apollo Tyres was up 396 MRF gained 186 and Goodyear India jumped by 129 amongmajor tyre companies
The report titled amplsquoTables Turn Chinese players out rubber fallingamprsquo further said Chinese imports will not bounce backsoon
Demonitisation too has dent a blow to the tyre imports from China which were largely in cash China accounted for roughly 120000 tyre units each month between April to October 2016 but it has fallen sharply now said experts
ampldquoTyre stocks will do well as rubber prices are on a downward spiralamprdquo said Mehraboon Irani Principal amp Head PrivateClient Group Nirmal Bang Securities ampldquoFall in auto sales and jump in rubber prices are not expected which may keep thetraction for tyre stocksamprdquo
Natural rubber prices had jumped to three year high in January due to floods in Thailand the largest exporter of rubber The priceswhich rose to Rs 210kg are now down by over 20 Meanwhile domestic tyre manufactures hiked tyre prices by 3-5 recentlyPhilip Capital has a buy on Ceat and Apollo Tyres with a target of Rs 1550 and Rs 239 respectivelyhttpeconomictimesindiatimescommarketsstocksnewstyre-stocks-race-ahead-as-china-cuts-india-tradearticleshow57633191cms
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How to avoid being overcharged for car service at dealerships The Financial Express
Authorised workshops or dealerships are the main preference for servicing of a customers new car There are dealerships that aregenuine and would not fleece your money while after sales treatment however there are others who would try and take everypenny from you This would also involve you to be thorough with the detailed billing as well as being cautious about understanding ifa requisite task is at all required in your car Here are some tips on how to avoid being overcharged while getting your car serviced
One key area where sales executives of a said dealership can suggest unnecessary expense is anything related to the engineTasks like engine de-carbonisation or engine flushing are suggested right from the first service however it is not required in avehicles early years A cars decarbonisation should ideally take place when the response from the engine is sluggish or there arefrequent misfires despite regular services This usually starts to happen after 60000 kms or more In case it is recommended by asales executive and he or she insists simply avoid by saying no Another popular unnecessary expense is fuel line cleaning whichis suggested at every service Remember that petrol is itself used as a cleaning agent in many applications so fuel line cleaningshould be carried out only in case of a problem
Another aspect where customers are cheated is due to the lack of knowledge about their respective vehicle There have been caseswhere a dealership has conned a customer by putting spark plugs in a diesel car or heater plugs in a petrol engine powered vehicleA diesel car does not have spark plugs (but a petrol car does) and similarly a petrol car doesnt have heater plugs (which arepresent in diesel cars) Additives are advised by many service advisors but these arent needed unless specified by the carmakerKnowing the basic mechanical and electrical parts of your car can go a long way in saving you your money
Other mechanical parts where a person can be overcharged is the clutch adjustment Most modern manual transmission cars soldin India have a hydraulic clutch which is self adjusting till the time the pressure plates and the clutch plates are completely worn outA worn out clutch system will require more pressure to depress the pedal thereby indicating the clutch plates andor pressure plateswould need replacement Ideal time to replace is not at every service which clever dealerships would suggest but at least a gap ofthree service intervals is recommended (with the service interval at every 10000 kms)
All carmakers offer an owners booklet which has all the details of which part needs to be replaced when and the recommendedservice interval When getting your car serviced always refer to this manual and insist on only the aspects mentioned in the manualto be donehttpwwwfinancialexpresscomautocar-newshow-to-avoid-being-overcharged-for-car-service-at-dealerships587326
Top
Emissions Environment
Finance amp Insurance
Customer not bound by tie-up between vehicle dealer insurer Pune Court Vishwas KothariThe Economic Times
Pune The district consumer court here has ruled that a tie-up between a vehicle dealer and an insurance company is not bindingupon the consumer who buys a vehicle from such a dealer
The court has directed the Bajaj Allianz General Insurance Company in Yerawada here to refund a premium of Rs 21053 ampmdashalong with an annual interest of 9 since September 20 2014 ampmdash and a Rs 5000 fine to a Daund resident for failing to renewhis car insurance despite the latter having paid the renewal premium through the online NEFT transaction
The interest component payable so far works out to over Rs 4700
The company argued that the consumer did not route the payment through the vehicle dealer by way of a demand draft as wasrequired under an agreement between the company and the vehicle dealer
Shankar Raghunath Chavan a resident of Kusegaon in Daund had purchased an insurance policy from the company for his car onSeptember 21 2012 A year later the policy was renewed for the period between September 21 2013 and September 20 2014 Atthe end of this term he had received a reminder from the company for the renewal of his policy
Through the net banking facility Chavan made a payment of the renewal premium worth Rs 21053 for the term betweenSeptember 21 2014 and September 20 2015 He then made repeated requests to the company for the issuance of the policydocument
However in December 2014 when he approached the company he was shocked to learn that his policy had ampldquoexpired due tonon-renewalamprdquo The company did not renew his policy even after his repeated reminders This prompted him to move theconsumer court seeking refund of the premium amount and appropriate costs towards physical and mental agony
The bench observed in its order ampldquoIt is not denied by the insurance company that the complainant (Chavan) had paid thepremium It is the case of the insurance company that as per practice prevailing between the company and the dealer the paymentshould be made by demand draft through the dealer so that the policy can be renewed conveniently It is true that the dealer of thevehicle was not aware about the payment of premium made by the complainant However a tie-up between the dealer and theinsurance company is not binding upon the consumeramprdquo
ampldquoDocumentary evidence which is produced by the complainant is sufficiently eloquent and speaks about inaction on the partof the insurance company Even after sending documentary evidence as regards to payment of policy premium the insurancecompany has failed to renew the policy Definitely this act on the part of the company amounts to deficiency in serviceamprdquo thebench ruledhttpautoeconomictimesindiatimescomnewsindustrycustomer-not-bound-by-tie-up-between-vehicle-dealer-insurer-pune-court57623564
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Analysts in wait-and-watch mode on Bajaj Finance Hamsini KarthikBusiness Standard
A robust business model established over years of experience often tends to withstand the test of time quite remarkably That ofBajaj Finance Indiaamprsquos largest consumer durables financier is one such example
During the note ban period there were doubts on whether Bajaj Finance could replicate its historic performance in terms ofcustomer acquisition loan growth and more importantly asset quality in the December quarter (Q3) Much to the Streetamprsquossurprise Bajaj Finance comfortably met these parameters
Customer acquisition grew by 35 per cent year-on-year in Q3 while assets under management expanded by 33 per cent to Rs57600 crore year-on-year Even asset quality stood out with gross non-performing assets ratio at 147 per cent and that toowithout utilising RBIamprsquos 90-day dispensation on loans less than Rs 1 crore Overall financials remained robust with net interestincome and net profit growing by 27 and 36 per cent respectively These factors have helped Bajaj Financeamprsquos stock reboundfrom its demonetisation period low of Rs 766 to Rs 1125 on Tuesday
However after outperforming the broader markets by a reasonable margin for most of the last two years the stock has lagged inthe past six months Bloomberg data indicate that while the Bank Nifty has gained six per cent in the past six months Bajaj Financeis up only 21 per cent Analysts nonetheless feel that Bajaj Finance may not surpass its previous high of Rs 1180 in a rush
Pointing to some key indicators they prefer to see how March quarter pans out particularly on consumer loans before altering theirexpectations on the stock
Consumer loans which grew by 52 per cent year-on-year in September quarter (Q2) grew 47 per cent year-on-year in Q3 Butwithin this segment consumer durables grew slower at 27 per cent versus 48 per cent in Q2 As for the vehicle financing (two andthree wheelers) the dependence on Bajaj Auto was seen higher in Q3 ampndash 46 per cent dependence on Bajaj Auto fortwo-wheelers and 29 per cent for three-wheelers as against 38 per cent and 18 per cent respectively a year ago Average ticketsize which dipped post demonetisation is yet to see a strong recovery All these factors prompt analysts to be on a wait-and-watchmode
ampldquoWe arenamprsquot able to see a secular return in consumer buying yet While demand for consumer durables may havepicked up as summer sales is already playing out we canamprsquot say the same for vehicle salesamprdquo says an analyst with adomestic brokerage
Analysts at Jefferies feel the annual compounded loan growth for Bajaj Finance could be lower in FY16-19 compared to what was inFY13-16 The brokerage flags that at current valuations (52 x FY18 price-to-book) risk-reward appears negativehttpwwwbusiness-standardcomarticleopinionwhy-analysts-are-in-wait-and-watch-mode-on-bajaj-finance-117031400674_1html
Top
SBI announces Rs 6000-cr tractor loan settlement scheme PTISee this story in The Economic Times
State Bank of India (SBI) today announced a one-time farm loan settlement scheme worth Rs 6000 crore primarily for tractors
One Time Settlement (OTS) announced for Agriculture Loans Scheme valid until 31st March Contact your branch for details ampbenefits the nations largest lender said on the microblogging site Twitter today
Managing director Rajnish Kumar told CNBC-TV18 the scheme will result in the bank taking a 40 per cent haircut on outstandingtractor loans as of September 2016
SBIs total farm loan portfolio is Rs 125 trillion and Kumar said the tractor loan book is about Rs 6000 crore
He said doubtful or loss category accounts as of September 2016 which were disbursed before September 2011 will beconsidered under the scheme He said a circular in this regard was sent to branches on February 2
But he was quick to add the OTS has nothing to do with Prime Minister Narendra Modis promise of a loan waiver to UP farmersduring the just concluded elections saying there were no talks with the Centre or state in this regard so far SBIs Uttar Pradeshportfolio will be around Rs 13000 crore
SBI had announced OTS schemes for SMEs last December and education loans early in 2016
He said other agri loans like kisan credit cards and other term-loans for tractors and farm loans may also be covered under theschemehttpwwwdnaindiacommoneyreport-sbi-announces-rs-6000-cr-tractor-loan-settlement-scheme-2352737SBI to allow one-time settlement for tractor farm equipment loansminthttpwwwlivemintcomIndustryiXDTXX1onxjwfHcz731WzJSBI-announces-Rs6000-crore-tractor-loan-settlement-schemehtmlSBI announces rs 6000-crore tractor loan settlement schemeThe Pioneerhttpwwwdailypioneercombusinesssbi-announces-rs-6000-crore-tractor-loan-settlement-schemehtml
Top
Oil Lubricants amp Alternative Fuels
Oil hovers near three-month low as investors awaits data ReutersSee this story in The Hindu Business Line
Tokyo Crude oil prices hovered near three-month lows on Tuesday in early Asian trading as investors await key reports and datathat may shed light on a supply overhang in the global market
US West Texas Intermediate crude (WTI) edged down 3 cents to $4837 a barrel by 0026 GMT The contract ended down 9 centsin the previous session after touching $4790 the lowest since the end of November
Brent crude futures were down 1 cent at $5134 a barrel having settled down 2 cents on Monday after dipping to as low as $5085
Prices fell sharply last week as investors worried that swelling US crude supplies would hinder Organization of the Petroleum
Exporting Countries (OPEC)s efforts to restrict output and reduce a global glut
Prices had risen after the OPEC and other major oil producers including Russia agreed at the end of November to rein inproduction by almost 18 million barrels per day (bpd) in the first half of 2017
ampldquoIts shaping up to be another fun week in the crude complex with OPEC releasing its monthly oil market report on Tuesdayswiftly followed by the IEAs monthly oil market report the day afteramprdquo Matt Smith analyst at ClipperData said in a note
The International Energy Agency releases its closely watched monthly oil market report on Wednesday
Data from the industry group the American Petroleum Institute on US crude and product stockpiles is also due out later on Tuesday
Analysts said the slump may not have much further to go now that prices have fallen more than 8 percent since last Monday thebiggest week-on-week drop in four monthshttpwwwthehindubusinesslinecommarketscommoditiesoil-hovers-near-threemonth-low-as-investors-awaid-dataarticle9582601ece
Top
News Magazines
Mahindra Electric geared up to be a component supplier Autocar India
Speaking to Autocar India Mahindra Electric (ME) stated that the company is open to being a supplier to other vehiclemanufacturers and will sell complete electric drive systems to those interested At present the ME plant builds the e2o while it shipsout the drive systems for the eVerito sedan and eSupro van For this purpose the production line has been modified to produce notjust built-up vehicles but also fully ready electric drive systems that can be offered to other manufacturers interested in procuringthem With expertise in electrification virtually absent in India ME hopes to build on its first-mover advantage and cater to theindustry Itamprsquos unlikely that there would be any takers for passenger cars but commercial and three-wheeler manufacturerscould be potential customers
Mahindra also confirmed that they are open to supplying other bits like charge system controllers as well Mahindra outsources thebattery and electric motor for its EV powertrains and has no plans of producing these components in-house as apart from the hugeinvestments needed there is no real advantage Battery technology is quite specialised and there are many players in this fieldalready And with electric motor efficiency already at 80 percent ampndash compared to about 30 percent for internal combustionengines ampndash there is very little to differentiate one EV maker from another Mahindra believes the real differentiator in the nearfuture will be in the battery management systems where big gains can be made in the charging and discharging cycle Thus ME isputting a lot of effort into this area and going forward has ambitions to be a supplier solely for battery management systems toother manufacturershttpwwwautocarindiacomauto-newsmahindra-electric-geared-up-to-be-a-component-supplier-404432aspx
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Tesla Model Y SUV due by 2019 Autocar India
Tesla Inc recently renamed from Tesla Motors Inc is on the verge of what it says will be a massive expansion of production with twonew models due to arrive in the next two years
Alongside the much-hyped Model 3 Tesla is also expected to launch an entry-level crossover based on the same platform andrumoured to be badged the Model Y
The starting price of the Model 3 is likely to be around $37000 (Rs 2435 lakh approx) with the Model Y expected to be slightlymore expensive However Tesla founder Elon Musk believes the transaction prices of the new compact Teslas will go higherbecause buyers will be keen to add paid options to their vehicles
While the compact Model Y could turn out to be Teslaamprsquos best seller ampndash some seven million crossovers of all types weresold in the US last year ampndash Musk recently tweeted that the Model 3 remained the biggest priority for the company
The Model Y is unlikely to be unveiled until sometime next year with production set to follow late in the year Little in the way ofspecification has been released though it is expected to borrow the top-hinged amplsquofalcon wingamprsquo rear doors from thebigger Model X SUV
The Model Y will also have the promised updated electrical architecture that will allow Tesla to offer full autonomous drivingcapability Future Tesla cars will be equipped with as many as eight cameras giving a 360-degree view of the surroundingroadscape as well as 12 ultrasonic sensors and a amplsquonewamprsquo forward-facing radar that works in the worst weatherconditions Existing radar systems can be fooled by heavy rain and fog
Musk also said the new electrical architecture has a brain that is as much as ampldquo40 timesamprdquo more powerful than onprevious Teslas calling it a ampldquosupercomputer inside the caramprdquo The autonomous driving technology though will be offered
as add-on option to customers on both entry-level Teslas
Another challenge for the Model 3 and Y will be balancing their lower price against the need for a battery big enough to give anacceptable range
The entry-level Model 3 may have a cheaper sub-60kWh battery but will still need to have a range of at least 370km The ModelYamprsquos more bluff shape and greater frontal area might mean a bigger battery for the same range and so a slight price premium
Tesla is in a race against time to achieve the kind of production levels needed to turn around what is still a cash-hungry operationThe firm has spent nearly $2 billion (Rs 1316350 crore approx) since 2010 with investments including building the battery-makingGigafactory and trying to expand car production to a massive 500000 units a year
Tesla delivered around 76000 vehicles last year but says it was able to build around 2000 cars a week by the second half of 2016With as many as 400000 deposits taken for the Model 3 the company is looking to produce well over 100000 of the BMW3-series rival before the end of this year
Muskamprsquos expansion plans will test the limits of the capabilities of Teslaamprsquos suppliers and those of its own plant inFreemont California But getting to annual sales of half a million vehicles should finally push the carmaker into profit and secure thecompanyamprsquos long-term futurehttpwwwautocarindiacomauto-newstesla-model-y-suv-due-by-2019-404434aspx
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VW promises higher focus on EVs after record sales year Autocar India
The Volkswagen Group ampldquowill be a role model in environmental protection safety and integrityamprdquo according to CEOMatthias Muller who was speaking as the firm confirmed a record-breaking sales year in 2016
Outlining plans for the firm to reinvent itself as a far-reaching mobility company in the wake of the emission scandal Muller revealedthat the VW Group sold 103 million cars in 2016 making it the worldamprsquos largest car manufacturer It made pound62 billion in profitafter allowances including pound56 billion of losses to cover emission scandal costs In 2015 expenses relating to emission scandalamounted to pound142 billion
Most notably its sales in China where the effects of the diesel crisis were negligible grew 122 percent and its 2016 salesrevenues of pound1904 billion also exceeded forecasts by pound35 billion
ampldquoThe last year was challenging yet remarkably successfulamprdquo said Muller ampldquoIn 2016 we set the course for thebiggest transformation in the history of the company while at the same time performing better in our operating business than manythought possibleamphellipVolkswagen is back on trackamprdquo
Muller vowed that the success would be a catalyst for further change adding ampldquoWe will still be one of the most successfulautomakers in 2025 But we will also be a leading international provider of sustainable mobility and set the standard for new mobilityservicesamprdquo
New initiatives include a stated goal of taking leadership in the field of battery technology by 2025 which is by when the VW Grouphas committed to have solid state batteries in production These are seen as the next technological step over the lithium-ionbatteries currently favoured by most manufacturers The VW Group has committed to have 30 battery-electric vehicles on sale by2025
He also signalled that Audi had been tasked with leading the Groupamprsquos autonomous driving projects while adding that the VWGroup now had 37 centres around the world working on autonomous and digital service ideas pivoting around the Groupamprsquosnew mobility company Moia which was set up last year
Muller also highlighted recent joint ventures ampndash in China with FAW and JAC the latter of which will lead to the co-developmentof a budget electric car line in India with Tata Motors and in America with Navistar which is in the commercial vehicle segmentampndash as examples of the firmamprsquos commitment to forging partnerships to boost sales success He also confirmed that thefirst economy vehicles to be developed by the brand will go on sale in emerging markets in 2018httpwwwautocarindiacomauto-newsvw-promises-higher-focus-on-evs-after-record-sales-year-404433aspx
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Mercedes to expand E-class range with E 220 diesel Autocar India
The tenth-generation Mercedes-Benz E-class launched for the first time in India with a long wheelbase has moved the goalposts toset new standards for comfort and space in its segment The E-class comes with two engine options ampndash the base E 200 petroland the top-of-the-line
E 350 diesel Priced at Rs 5670 lakh and Rs 7015 lakh (ex-showroom Delhi) respectively these two variants bookend the E-classrange and is essentially aimed at two sets of customers The E 200 buyer is likely to be almost always chauffeur-driven and henceis mainly interested in rear seat space and comfort while the E 350d customer wants all the bells and whistles as well as the
sublime driving experience only the silky smooth and torquey V6 diesel can offer
However that still leaves a massive Rs 1345 lakh gap in the range which no doubt future E-class variants will eventually plug butwhich one will find that sweet spot to form the bulk of E-class sales
Itamprsquos no surprise then that Mercedes-Benz India is readying a base diesel which like the previous-generation W212 E-class islikely to be the most popular variant offering a strong dose of practicality without too much of a compromise on refinement andluxury
But unlike the W212 which had the E 250d representing the base diesel in the range Mercedes-Benz India is offering the lower E220d as the starting point for the E-class diesel This suggests that the E 220d will be very attractively priced when it goes on salearound June 2017 and could be priced very close to the E 200
The E 220amprsquos all-new 20 litre four-cylinder diesel which pumps out 194hp and 400Nm of torque may not have the punch ofthe outgoing E 250damprsquos 204hp and 500Nm motor but again given the chauffeur-driven focus the new E-class has beenconceived for the newE 220damprsquos performance is unlikely to be an issue
What is a big issue however is downgrading the 20-litre motor which has been designed for stricter Euro-VI emissions to run onlocally available BS-IV diesel ampldquoItamprsquos such a waste of engineering resource and a step backwardsamprdquo said aMercedes-Benz engineer The 2143cc (OM651) diesel engine which powered the previous E-class was easier to adapt to BS-IVfuel unlike the spanking new high-tech 1995cc (OM654) diesel thatamprsquos built to meet the latest global emission standards Infact the OM654 made its debut in the latest E-class when it was launched globally in 2016 Its advanced tech includes a uniquealuminium engine block with steel pistons a special low-friction coating for the cylinder walls and a fourth-generation common-raildiesel injection system At 168kg it is 31kg lighter than the engine it replaces
Downgrading a Euro-VI engine to BS-IV standards takes a lot of time and resources but there is no way out until fuel pumps in Indiaget low-sulphur BS-VI fuel which is not expected until 2020 The BS-IV-spec OM654 wasnamprsquot ready in time for the newE-class launch and this is one reason why the E 220d is coming a couple of months later The other reason could be a strategicone Mercedes-Benz India wants to wait until BMW launches the all-new 5-series expected in June and in a counter move tweakthe E 220damprsquos mix of specifications features and price accordingly A starting price of Rs 57-58 lakh for the E 220disnamprsquot unlikely especially since this variant will be Mercedes-Benz Indiaamprsquos trump card in a luxury car segment it seemsdetermined to dominatehttpwwwautocarindiacomauto-newsmercedes-to-expand-e-class-range-with-e-220-diesel-404429aspx
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Nissan to launch Kicks SUV in Q3 2018 Autocar India
The Nissan Kicks SUV which made its global debut in 2016 in Brazil will be launched in India in the third quarter of 2018 accordingto company sources
However unlike the South American model which is spun off Nissanamprsquos V-platform the made-for-India Kicks (code PB1D)will be based on the upcoming Renault Kapturamprsquos (code HHA) platform This is essentially a modified version ofRenaultamprsquos proven M0 platform that underpins cars like the Duster and Lodgy which are known for their robust mechanicals
The M0 is also a critical part of the Renault-Nissan Allianceamprsquos platform strategy in India which is essentially centred aroundtwo platforms Whilst the CMF-A and CMF-A+ platforms underpin Renault and Nissanamprsquos (and later Mitsubishiamprsquos) smallto mid-size car range in India the M0 platform will cater to higher end products The low-cost M0 platform has proved to be a cashcow for Renault globally and is ideally suited for markets like India The allianceamprsquos European-spec CMF-B platform was alsoevaluated initially but was eventually rejected as it proved to be a lot more expensive than the M0 which has also been localisedover the years
Developed and conceived originally by Renault for its Dacia sub-brand over a decade ago the French carmaker has first rights toproducts spun off the M0 platform and hence like the Nissan Terrano which followed the Renault Duster the Nissan Kicks too willfollow the Renault Kaptur to India but almost a year later
While both the Kaptur and Kicks will use the same modified version of the platform the amplsquotop hatsamprsquo will be completelydifferent The Kicks design and styling will mirror the South American car and thatamprsquos no bad thing
Sharply styled with lots of distinctive design touches like a floating roof massive wheel arches and a wraparound visor look theKicks wonamprsquot have a problem standing out on Indian roads The good thing is that the edgy design hasnamprsquot compromisedpracticality and Nissan claims best-in-class space in the back seat
Cars based on the M0 platform get a choice of just two engines a 16 petrol and the venerable 15 K9K diesel and hence these arelikely to be carried forward into the Kicks as well The 15 diesel is expected to be the mainstay but its likely that in its latest iterationthere will be a small bump up in power and torque
Nissan has set an ambitious target of 30000 Kicks in its first full year of production with an additional 20000 units earmarked forexports Pricing will be crucial for the Kicksamprsquo success and Nissan may do well to undercut its rivals to buy some much neededmarket sharehttpwwwautocarindiacomauto-newsnissan-to-launch-kicks-suv-in-q3-2018-404426aspx
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International News
Volkswagen CEO gets 778 mn euros in pay and benefits for 2016 ReutersSee this story in The Economic Times
Wolfsburg Volkswagen Groups Chief Executive Matthias Mueller was awarded 778 million euros ($828 million) in pay andbenefits for 2016 up from 417 million euros in total remuneration awarded a year earlier the companys annual report showed onTuesday
Mueller was not awarded a full years CEO pay for 2015 since he only took over as chief executive in September following theresignation of his predecessor Martin Winterkorn who was forced out in the wake of a diesel emissions cheating scandal
Volkswagen overhauled its bonus and executive pay policy in February this year to cap total pay for its chief executive at 10 millioneuros ($106 million) and other top managers at 55 million euros
Volkswagen brand chief Herbert Diess saw his total remuneration for 2016 fall to 393 million euros down from 713 million in 2015the annual report showed
($1 = 09401 euros)httpautoeconomictimesindiatimescomnewsindustryvolkswagen-ceo-gets-7-78-mn-euros-in-pay-and-benefits-for-201657631837Volkswagen CEO Matthias Mueller says not ruling out merger talks with Fiat ChryslerThe Financial Expresshttpwwwfinancialexpresscomindustryvolkswagen-ceo-matthias-mueller-says-not-ruling-out-merger-talks-with-fiat-chrysler587861
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Volkswagen CEO US remains core market for company APSee this story in The Economic Times
Frankfurt The CEO of German automaker Volkswagen says the United States remains a core market for the company despite itsdiesel emissions scandal and has underlined that it hopes to expand there
Matthias Mueller made the comments Tuesday at the companys annual news and investor conference at its headquarters inWolfsburg Germany
Mueller said that we are standing by our investment decisions and intend over the long term to play a significantly greater role therethan today
The Volkswagen brand has only a small share in the US market although it is important for the companys luxury brands Porscheand Audi It makes cars in Chattanooga Tennessee
US authorities uncovered Volkswagens use of engine control software that enabled vehicles to cheat on emissions testshttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsvolkswagen-ceo-us-remains-core-market-for-company57633149
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Volkswagen targets strong 2017 even as core brand struggles ReutersSee this story in The Economic Times
Wolfsburg Germany Volkswagen said it was capable of shouldering the costs of its emissions crisis and was targeting an evenbetter year than in 2016 but warned that its core autos division continued to struggle
We see good chances of being able to ride the wave of the positive performance last year when Volkswagen turned in recordunderlying profit helped by sales of upmarket Audis and Porsches Chief Executive Matthias Mueller said on Tuesday at thecarmakers annual news conference
Volkswagen expects group revenue to exceed last years record 217 billion euros ($231 billion) by as much as 4 percent this yearand is forecasting an underlying operating margin of between 6 and 7 percent compared with 67 percent in 2016 it said affirminga forecast given on February 24
The company also aims to moderately exceed last years record 103 million deliveries
You can rest assured that we will do everything in our power to make 2017 an even better year than 2016 the CEO said
But Volkswagen appears to be making slow progress in tackling the biggest trouble spot within the 12-brand group thelong-planned turnaround of its core autos division
Operating profit of the namesake brand slipped further to 187 billion euros in 2016 from 210 billion a year earlier because of highermarketing costs related to dieselgate and plunging demand in Brazil and other key markets finance chief Frank Witter said
($1 = 09394 euros)httpautoeconomictimesindiatimescomnewsindustryvolkswagen-targets-strong-2017-even-as-core-brand-struggles57630343
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VW CEO says not ruling out merger talks with Fiat Chrysler boss ReutersSee this story in The Economic Times
Wolfsburg Volkswagen Chief Executive Matthias Mueller said he is not ruling out talks with Fiat Chrysler boss Sergio Marchionneabout a possible merger
I am not ruling out a conversation Mueller told reporters on Tuesday after the carmakers annual earnings press conference inWolfsburg
Marchionne has long advocated car industry mergers to share the costs of making cleaner and more technologically advancedvehicles and has repeatedly relayed his desire via the media
It would be very helpful if Marchionne were to communicate his considerations to me too and not just to you Mueller said
I am pretty confident about the future of Volkswagen with or without Marchionne
Only last week Mueller appeared to dismiss the prospect of talks with Fiat Chrysler
We are not ready for talks about anything he told Reuters on the fringes of the Geneva auto show I havent seen Marchionne formonths he said at the timehttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsvw-ceo-says-not-ruling-out-merger-talks-with-fiat-chrysler-boss57632909
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Volkswagen chief denies talks with Fiat AFPSee this story in The Economic Times
Berlin Volkswagen chief Matthias Mueller on Tuesday denied rumours that the German auto giant was in talks with rival FiatChrysler
At present there is no contact between me and Fiat Chrysler boss Sergio Marchionne Mueller told the companys annual pressconference in Wolfsburg north Germany
Marchionne had said at the Geneva car show last week that he was expecting Volkswagen to reach out as more firms are thinkingof cost-cutting tie-ups in the vein of Frances Peugeot and German carmaker Opel
In response Mueller said he had other problems since VWs 2015 admission that it installed software to cheat regulatoryemissions tests in 11 million vehicles worldwide
He nevertheless added that Ive never said a tie-up with any other partner is altogether ruled out
VW clawed its way back to profit in 2016 and pulled ahead of Toyota to become the worlds biggest carmaker by unit sales shipping103 million vehicles over the year
Mueller on Tuesday confirmed the groups forecast of moderate growth in sales in 2017
But the firm is far from turning the page as it continues to refit cars equipped with the cheating software and faces legal action fromcustomers and investors in numerous countries
The final bill for the scandal is impossible to predict Mueller acknowledged
All we know is that this question will keep us busy for a long time several years he saidhttpeconomictimesindiatimescomindustryautovolkswagen-chief-denies-talks-with-fiatarticleshow57633113cms
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Volkswagen has good chances to build on strong 2016 performance CEO ReutersSee this story in The Economic Times
Germany Volkswagen has good chances of building on its strong 2016 performance when it swung to a record underlying profitdespite its diesel emissions crisis Chief Executive Matthias Mueller said
The Volkswagen Group is in very robust shape Mueller said on Tuesday at the carmakers annual news conference in Wolfsburg
VW expects group revenue to exceed last years record 217 billion euros ($231 billion) by as much as 4 percent this year and isforecasting an underlying operating margin of between 6 and 7 percent compared with 67 percent in 2016 it said affirming aforecast given on Feb 24
Still operating profit of its core autos division slipped further to 187 billion euros in 2016 from 210 billion a year earlier as the brandis struggling to implement a wide-ranging turnaround planhttpeconomictimesindiatimescomnewsinternationalbusinessvolkswagen-has-good-chances-to-build-on-strong-2016-performance-ceoarticleshow57630339cms
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BMW i3 batteries to be used by Vattenfall The Economic Times
New Delhi Swedish power making company Vattenfall and German auto giant BMW Group have signed a contract for the deliveryof up to 1000 lithium-ion batteries this year The batteries with a capacity of 33 kilowatt hours (kWh) each are equipped with aBMW-owned battery management system and are also used by the car manufacturer in the BMW i3
Vattenfall will purchase the new batteries from the BMW plant in Dingolfing and use them in all storage projects
Energy storage and grid stability are the major topics of the new energy world says Gunnar Groebler Senior Vice President ofVattenfall and Head of Business Area Wind
We want to use the sites where we generate electricity from renewable energies in order to drive the transformation to a newenergy system and to facilitate the integration of renewable energies into the energy system with the storage facilities Thedecoupling of production and consumption and the coupling of different consumption sectors are in the focus of our work
The first energy storage from the BMW-i3 batteries is being built at the 122 MW onshore wind farm Princess Alexia nearAmsterdam With a capacity of 32 megawatts (MW) it is Vattenfalls first large storage project in the Netherlands
Pending on a final investment decision the largest battery storage will be built at the Vattenfall wind farm Pen y Cymoedd (230 MW)in South Wales - a 22-megawatt storage facility which will help to support the stability of the country-wide power grid in the UK aspart of the so-called EFR (Enhanced Frequency Response) service
As part of the project Norddeutsche Energiewende NEW 40 Vattenfall together with the Hamburg University of Applied Sciences(HAW) and the company Nordex will implement a large battery storage at the future wind farm in Hamburg-Bergedorf
This is a so-called storage control unit made of batteries It is meant to maintain the security of supply with a feed-in of 100 percentrenewable energy In addition the battery storage contributes to the improvement of the network quality and the more efficient useof the existing network structure Other possible applications would be electricity storage in private households Energy storagesolutions are an important part of Vattenfallamprsquos strive to power climate smarter living
We are pleased that we have found a supplier in BMW who meets our high safety requirements with the use of the batteries withreliably good quality from German series production says Daniel Hustadt project manager for large batteries at VattenfallInnovation GmbHhttpautoeconomictimesindiatimescomnewsindustrybmw-i3-batteries-to-be-used-by-vattenfall57630728
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Toyota to look at Saudi production as the countries seek closer ties ReutersSee this story in The Economic Times
New Delhi Toyota Motor Corp signed a memorandum of understanding (MOU) on Tuesday with a Saudi Arabian governmentagency to conduct a feasibility study into producing vehicles and parts in the Middle Eastern nation
The move if firmed up would be a big step for the Saudi economy as the government tries to diversify beyond oil exports andcreate jobs as part of the kingdoms 2030 Vision
So far Saudi Arabia and other Gulf oil exporters have failed to significantly develop industries such as automaking because theylack broad industrial bases and a skilled local workforce
The study would take into account the evaluation of development of a local supply base using materials produced by major Saudi
companies like Sabic Maaden Petro Rabigh and other major industrial companies in the kingdom the official Saudi state newsagency reported
The MOU is with Saudi Arabias National Industrial Clusters Development Program (NICDP)
Meanwhile state-run Saudi Aramco has signed MOUs with five Japanese entities during a business forum that both nations hostedon Tuesday coinciding with a visit by Saudi Arabias King Salman this week
Saudi Aramco and Japans biggest oil refiner JX Nippon Oil amp Energy (5020T) agreed to consider a refinery joint venture in a thirdcountry and cooperation in trading and technology of oil and petrochemical products
Aramco also agreed to consider a possible future cooperation in crude oil supply and downstream business with Idemitsu KosanCompany
In addition Aramco and state-run Japan Oil Gas and Metals National Corp (JOGMEC) formally agreed to expand crude storagecapacity in Japan by 300000 kilolitres (about 19 million barrels) from the current 63 million barrels from April 1
Japan treats crude oil stored by Aramco as quasi-government oil reserves counting half of the barrels stored by Aramco as nationalcrude reserves
Companies and government organizations in both nations signed a total of 20 MOUs on Tuesday including cooperation betweenthe Saudi Arabian General Investment Authority (SAGIA) and Japans three megabanks - Mitsubishi UFJ Financial Group (8306T)Sumitomo Mitsui Financial Group (8316T) and Mizuho Financial Group (8411T) - on increasing investments in the kingdom
The MOUs also included cooperation in seawater desalinationhttpautoeconomictimesindiatimescomnewsindustrytoyota-to-look-at-saudi-production-as-the-countries-seek-closer-ties57636587
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Geneva Motor Show 2017 Airbus unveils fully electric flying car PopUp The Economic Times
Geneva Airbus along with Italdesign has unveiled the first modular fully electric zero emission concept vehicle system - PopUpat the Geneva Motor Show 2017 informed the French company in an official statement
PopUp envisages a modular system for multi-modal transportation that makes full use of both ground and airspace and isdesigned to relieve traffic congestion in crowded megacities
PopUp System consists of a three layers concept1 an Artificial Intelligence platform that based on its user knowledge manages the travel complexity offering alternative usagescenarios and assuring a seamless travel experience
2 a vehicle shaped as a passenger capsule designed to be coupled with two different and independent electric propelled modules(the ground module and the air module) Other public means of transportation (eg trains or hyperloops) could also integrate thePopUp capsule
3 an interface module that dialogues with users in a fully virtual environment
Airbus claims The PopUp vehicle combines the flexibility of a small two seater ground vehicle with the freedom and speed of avertical take-off and landing (VTOL) air vehicle thus bridging the automotive and aerospace domains
PopUpamprsquos monocoque carbon-fibre cocoon measures 26 metres long 14 metres high and 15 metres wide The capsuletransforms itself into a city car by simply coupling to the ground module which features a carbon-fibre chassis and is batterypowered
For megacity journeys with high congested traffic the capsule disconnects from the ground module and is carried by a 5 by 44metre air module propelled by eight counter-rotating rotors
ampldquoAdding the third dimension to seamless multi-modal transportation networks will without a doubt improve the way we liveand how we get from A to Bamprdquo said Mathias Thomsen General Manager for Urban Air Mobility at Airbus on the occasion ofthe unveil
ampldquoSuccessfully designing and implementing solutions that will work both in the air and on the ground requires a joint reflectionon the part of both aerospace and automotive sectors alongside collaboration with local government bodies for infrastructure andregulatory frameworks Italdesign with its long track record of exceptional vehicle design was an exciting partner for Airbus for thisunique concept projectamprdquo
ampldquoToday automobiles are part of a much wider eco-system if you want to design the urban vehicle of the future the traditionalcar cannot alone be the solution for megacities you also have to think about sustainable and intelligent infrastructure appsintegration power systems urban planning social aspects and so on In the next years ground transportation will move to the nextlevel and from being shared connected and autonomous it will also go multimodal and moving into the third dimensionamprdquo saidItaldesign CEO Joumlrg Astaloschhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsgeneva-motor-show-2017-airbus-unveils-fully-electric-flying-car-pop-up57630936
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Nissan boosts management presence at Mitsubishi Motors ReutersSee this story in The Economic Times
Tokyo Mitsubishi Motors on Tuesday said an additional four Nissan executives would join its management team as Nissan tightensits control over the smaller struggling automaker in which it took a controlling stake last year
The announcement is part of Mitsubishi Motors efforts to rebuild its management system after it admitted last year that it hadoverstated the mileage on a number of its cars sold in Japan battering domestic sales and tarnishing its brand image
From April corporate vice president positions for roles including product development and marketing and sales would be occupiedby officials from Nissan Mitsubishi Motors said
This would hike the number of Nissan executives on Mitsubishi Motors management team to seven from two now
We need to strengthen our corporate governance to avoid a repeat of last years scandal along with scandals previous to thatMitsubishi Chief Executive Officer (CEO) Osamu Masuko told reporters during a teleconference
After taking a one-third stake in Mitsubishi Motors Nissan installed Carlos Ghosn - its CEO at the time - as chairman of MitsubishiMotors while also naming two Nissan officials to Mitsubishis board of directors
Nissan also dispatched other executives to the smaller automaker including Trevor Mann previously Nissans chief performanceofficer who became chief operating officer at Mitsubishi late last year
Last month Ghosn said he would step down from the top position at Nissan to focus on deepening the companys alliance withRenault SA and Mitsubishi Motors
Separately Nissan said Shiro Nakamura the companys chief creative officer and one of Japans best-known car designers willretire after nearly 20 years at the automaker
Nakamura 66 is recognised for referencing science fiction anime and embracing Japans culture of cute in models including theGT-R supercar the Cube compact MPV and the Juke SUV crossover setting the automaker apart from many of its rivals whichhave been accused of making lookalike cars
Nakamura joined Nissan in 1999 from Japanese truckmaker Isuzu Motors and was one of the first key hires by Ghosn shortly afterGhosn himself arrived from French automaker Renault to save the company from bankruptcy
Alfonso Albaisa who currently overseas design at Nissans premium Infiniti brand will succeed Nakamura while former BMWglobal chief designer Karim Habib will become the brands new chief designer effective July 1httpautoeconomictimesindiatimescomnewsindustrynissan-boosts-management-presence-at-mitsubishi-motors57631800
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Renault Zoe e-Sport breaks covers at 2017 Geneva Motor Show The Economic Times
New Delhi In the ongoing Geneva Motor Show Renault has showcased its new two-seat version of its electric car Renault Zoee-Sport The company claims to have taken the design cues from Formula E
The ZOE e-Sport Concept is the fully electric concept car that embodies Renaultamprsquos commitment to the idea that electric carscan be fun and fast says Renault The sporting credentials of the ZOE e-Sport Concept extend beyond the caramprsquos styling andthe same blue livery as the Renault edams teamamprsquos front-running Formula E single-seaters
The bodywork of the ZOE e-Sport Concept is made entirely from lightweight carbon fibre which helps to ensure outstandingacceleration from standstill to 100kph in just 32 seconds The car tips the scales at a mere 1400 kilograms including 450kilograms of batteries
The car is powered by two electric motors capable of generating 450 bhp and 650 Nm of torque One of the motor is powered to therear axle and the other to the front axle Renault Zoe e-Sport gets the same 40 kWh battery which powers the standard variant ofthe car
Jean-Christophe Kugler CEO Renault Europe said that the concept as a link car - a styling exercise intended to connect the Zoeroad car with what Renault is doing in Formula E racing and to send a message that EVs are fun to drive Its not a signal of thefuture for Zoe and we have no intention to develop a performance version
Renault also claims that the electric performance car uses the same air and water cooling systems as the Renaultamprsquos FormulaE car The car is based on a tubular steel chassis with use of extensive carbon fibre The car also gets four driving modes
At the moment Renault has no plans to make the Zoe e-Sport into productionhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsrenault-zoe-e-sport-breaks-covers-at-2017-geneva-motor-show57627528
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Sensata Technologies opens testing facility in Bulgaria ReutersSee this story in The Economic Times
Sofia Sensata Technologies has opened its largest global testing facility in Sofia to support its automotive sensing technologies thecompany said on Tuesday
Sensata which has manufacturing sites in 13 countries already employs 3000 people in Bulgaria where it produces pressure andhigh temperature sensors for the automotive market and operates a business centre
In recent years inexpensive labour low taxes and an educated workforce have encouraged dozens of car part producers and ITand business outsourcing companies to set up in the Balkan countryhttpautoeconomictimesindiatimescomnewsauto-componentssensata-technologies-opens-testing-facility-in-bulgaria57632975
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Driving driverless Quest for an autonomous car has reached a truck now Nandagopal RajanThe Financial Express
At San Franciscoamprsquos Pier 90 chock-a-block with cargo vehicles it is pretty tough for any truck to stand out But a white Volvotruck with Otto emblazoned on it is the centre of attention This is the next big thing in automated cars and has already shown itsmettle by delivering a consignment of Budweiser beer in Colorado without a driver controlling it on the freeway
Uber is one of the many companies thinking in terms of driverless car While CEO Travis Kalanick says automated vehicles areampldquoexistentialamprdquo for the ride-hailing companyamprsquos future he is not alone in the race to drive without drivers Just in theUS at least 23 companiesampmdashincluding Tesla Google and Volkswagenampmdashhave registered in autonomous vehicleprogrammes The idea that fuels this cutting-edge technology is pure economics at the end of the day Cars suffer from seriousissues of inefficiency as they sit idle 95 of the time Considering that the world has 1200000000 cars this is inefficiency at agargantuan scale Add to this the fact that cars amount for 22 of all emissions globally and muddy the urban infrastructureproblem by creating the need for parking spaces
Since 1984 when the first experimental self-driving cars appeared there has been much progress on the technology leading toMercedes-Benz showcasing its concept car the F 015 at the Consumer Electronics Show in Las Vegas in 2015 Everyone has adifferent take on the technology but in the end the idea is to make cars intelligent and independent enough to be aware ofsurroundings and take decisions based on that
Interestingly Uberamprsquos dream is to bring ampldquoreliable transportation to everyone everywhereamprdquo now extended toeverything too with the trucks from Otto a start-up it acquired last year Matt Sweeney who heads product at UberamprsquosAdvanced Technology Group says ampldquothe truck and passenger vehicles share software and hardware components and thishelps us work on different aspects of the self-driving problem at the same timeamprdquo But on scope passenger vehicles are forurban environments where Uber has its focus on ride-sharing while trucks will be for high-speed highways where the constraintsare different
Just last week Uber got a permit from California Department of Motor Vehicles to test two self-driving Volvo SUVs on public roadsthough it will need to have backup drivers behind the wheel in case the prototype cars malfunction Its self-driving cars have beenrunning test drives in other parts of the US too
The Otto truck comes with a rig of radars laser scanners and stereo cameras that give the computers inside a live 360-degreevision of its environment with high dynamic range high resolution and high colour information imagery so that the truck can besmart enough to decide what to do next But the computing task this presents is ampldquoalmost as big as a small datacentreamprdquo Sweeney says the computing has to be done inside as ampldquothere is no tech that can let us send all that data tothe cloud real time and hence a lot of the computing has to be done in the truck itselfamprdquo
ampldquoA lot of the tech is based on prior mapping but in subsequent runs we see differences that have come about in the area andpay attention on those objects that are differentamprdquo
Interestingly Otto is being sued by Googleamprsquos Waymo self-driving car unit which claims its former employee and start-upfounder Anthony Levandowski stole its proprietary design for its laser-based radar system There are other challenges tooampldquoUber tech is different because we are trying to make this on top of the ride-sharing network that we already haveamprdquo headded
Nissan in contrast keeps the driver and not the technology at the centre and its definition of an ampldquoautonomous caramprdquo ishence a vehicle with different levels of driving technologies that enable it to operate autonomously for certain periods of time ANissan spokesperson said on the technology side the challenges are in artificial intelligence software development data processingand digital mapping technologies while on the social environment side laws and regulations along with modifications of roadinfrastructure will become necessary
This contrast in technologies is why it is important to see how the entire ecosystem evolves maybe with different platforms talkingto each other But Uber is not depending on this ampldquoWe need to see and interact with vehicles but there is no guarantee wewill have that technology So we are approaching it with the assumption it wonamprsquot existamprdquo says Sweeney
Uberamprsquos goal is to take its technology everywhere but can these vehicles actually be practical for an environment like IndiaSweeney accepts the new elements this will throw in along with the sheer volume will present a slew of challenges ampldquoThoseare situations we think we will be able to tackle but those are not the first places we will goamprdquo he explains adding that theywill look for opportunities where they can deploy this technology safely Clearly this drive has just started(The author attended the Uber Media Summit in San Francisco at the invitation of Uber)httpwwwfinancialexpresscomopiniondriving-driverless-quest-for-an-autonomous-car-has-reached-a-truck-now588112
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Samsung completes acquisition of Harman The Economic Times
New Delhi The arrest of the Vice-Chairman of Samsung Board Lee Jae Yong on bribery and corruption charges has not affectedthe deal between Samsung and Harman International IndustriesIn a media statement the South Korean giant confirmed thecompletion of its largest such deal ever
Under the terms of the merger agreement Harman stockholders will receive $11200 per share in cash The completion follows thesatisfaction of all conditions to the closing of the transaction including approval of the transaction by HARMAN stockholders andreceipt of all necessary regulatory approvals in the United States and certain foreign jurisdictions
ampldquoToday is a historic moment for us The close of this transaction opens the door to create substantial growth opportunitiesand deliver greater benefits for customers worldwideamprdquo said Young Sohn President and Chief Strategy Officer of SamsungElectronics and Chairman of the Board HARMAN ampldquoWe see transformative opportunities in the car ampndash and a futurewhich seamlessly connects lifestyle across automotive home mobile and work Samsungamprsquos and HARMANamprsquosleadership in these spaces perfectly positions Samsung to be the preferred partner to our OEM customers In addition bringingtogether HARMANamprsquos iconic audio brands and capabilities paired with Samsungamprsquos leading display technologies willdeliver enhanced audio and video experiences to consumers and professional end markets And most importantly we areenthusiastic about our common vision the similarities in our culture of innovation and the added value we can create for customersWe look forward to working with all of HARMANamprsquos employees to execute on our visionamprdquo
Harman boasts around 30000 employees spreadout across different brands including JBL Infinity Lexicon and Mark LevinsonThe company will continue to conduct business as an independent subsidiary under the terms of the deal with Samsung
ampldquoWe are excited to have completed the transaction which provides compelling cash value to our stockholders benefits ourcustomers and provides new opportunities for our employeesamprdquo said Dinesh Paliwal Harman President and CEOampldquoSamsung shares our commitment to our customers and our culture of speed innovation and execution Samsung providesHarman with the scale platform and complementary technologies to accelerate growth and extend our global market leadership inautomotive smart audio and connected technologies Recognizing the importance of partnerships in an increasingly connectedworld particularly in automotive we are poised to leverage our combined teams and resources to produce even greater value forour customers Working closely with automakers and other technology companies Samsung and Harman will define ampndash anddrive ampndash the future of automotiveamprdquohttpautoeconomictimesindiatimescomnewsauto-technologysamsung-completes-acquisition-of-harman57624440
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Skoda delivers 81200 units in Feb 2017 globally The Economic Times
Mlada Boleslav Czech car manufacturer Skoda in a press release stated that the company delivered 81200 vehicles to customersworldwide in February 31 more than in the same period last year (February 2016 78800) brvbarkoda also claims that it has soldmore cars than any February in its history The Czech manufacturer achieved double-digit growth in Central and Eastern Europe (+129 and + 133) India (+ 128) and Israel (+ 198) among others
We are delighted with our strong start to 2017 We expect the market launch of the OCTAVIA product upgrade as well as the newKodiaq to create further momentum says Werner Eichhorn brvbarKODA Board Member for Sales and Marketing
In Western Europe deliveries to customers rose by 70 in February to 34800 vehicles (February 2016 32500) With 12600vehicles Germany remains the strongest single European market (February 2016 12100 vehicles +45) brvbarKODA recordeddouble-digit growth rates in the UK (3400 vehicles +236) Italy (2200 vehicles + 201) Belgium (2 000 vehicles +271) andAustria (1900 vehicles +647)
In Central Europe brvbarKODA achieved an increase of 129 with 17400 cars (February 2016 15400 vehicles) Deliveries on thehome market of the Czech Republic rose by 88 to 8200 vehicles in Poland (5700 vehicles + 163) Slovakia (1700 vehicles+154) Slovenia (600 vehicles +226) and Croatia (300 vehicles +469) also rose in double figures
In Eastern Europe excluding Russia Skoda achieved a year-on-year increase of 133 with 2800 vehicles delivered (February2016 2500 vehicles) In the same period 400 customers in Ukraine received their new brvbarKODA ampndash an increase of 939(February 2016 200 vehicles) The number of deliveries increased significantly in Bosnia (200 vehicles + 557) Bulgaria (200vehicles +175) and the Baltic States (600 vehicles + 229) In Russia brvbarKODA achieved an increase of 46 with 4300vehicles (February 2016 4100 vehicles)
In China ampndash the brandamprsquos largest market worldwide ampndash brvbarKODA handed over the keys to 15000 new vehicles(February 2016 18500 vehicles -188) Deliveries overseas increased by 98 to a total of 2500 vehicles
At the Geneva Motor Show brvbarKODA is presenting several new highlights These include the brvbarKODA KODIAQ SCOUT and brvbarKODAKODIAQ SPORTLINE alongside the extensively upgraded brvbarKODA OCTAVIA as well as the sporty spearhead brvbarKODA OCTAVIA RS245 and the brvbarKODA OCTAVIA SCOUT with a rugged off-road look In addition the upgraded brvbarKODA models RAPID and RAPIDSPACEBACK and Citigo are on show
brvbarKODA deliveries to customers in February 2017 (in units rounded off by model +- in percent compared to February2016)brvbarKODA OCTAVIA (28600 -86)brvbarKODA FABIA (16700 + 152)brvbarKODA RAPID (15000 + 121)brvbarKODA SUPERB (10900 + 171)brvbarKODA KODIAQ (1300 + 1000)brvbarKODA YETI (6300 -157)brvbarKODA CITIGO (only sold in Europe 2300 -164)httpautoeconomictimesindiatimescomnewspassenger-vehiclecarsskoda-delivers-81200-units-in-feb-201757626693
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Isuzu claims more durability on its diesel engines for trucks The Economic Times
Indianapolis Isuzu Commercial Truck of America has announced that the B10 durability rating of its 4HK1-TC diesel engine hasbeen increased to 375000 miles informed the company in an official statement
To elaborate further on what it means the Japanese commercial vehicle manufacturer went on to say that A B10-life rating is anindustry-standard gauge provided by engine makers to help consumers determine the long-term durability of an engine Thenumber following the B indicates the percentage of an engineamprsquos population that will require an overhaul before the indicatedmileage
That means that 90 of Isuzu 4HK1-TC engines are expected to last 375000 miles before they require a major repair or rebuildPreviously the 4HK1-TC engine carried an already-robust B10 durability rating of 310000 miles added the company
ampldquoWe are proud to say that Isuzu diesel engines are already known worldwide for their long-term dependabilityamprdquo saidShaun Skinner president of Isuzu Commercial Truck of America ampldquoOur new B-10 rating is strong evidence that our enginesare even more durable than everamprdquo
The turbocharged intercooled 4HK1-TC four-cylinder diesel engine displaces 52 liters and generates 215 horsepower Torqueratings vary depending on model The engine is fitted to Isuzu NPR-HD NPR-XD NQR and NRR models as well as the all-new2018 Isuzu FTR Class 6 truck
The company made the above announcement at the National Truck Equipment Associationamprsquos 2017 Work Truck Show inIndianapolis held on March 13httpautoeconomictimesindiatimescomnewsauto-componentsisuzu-diesel-engines-for-trucks-now-become-more-durable57626832
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MoS visits Rolls-Royces new logistics centre in England The Economic Times
New Delhi Nick Gibb Minister for School Standards and MP for Bognor Regis and Littlehampton has visited Rolls-Royce MotorCars Technology and Logistics Centre on Monday informed the British luxury car maker in a media release
During the visit Gibb toured the facility met the expert team onsite and was briefed on the companyamprsquos future plans to expandthe Centre He also took the opportunity to learn more about the Rolls-Royce Motor Cars apprenticeship graduate and internprogrammes
Nick Gibb said ampldquoThe original announcement that Rolls-Royce Motor Cars would be locating its Technology and LogisticsCentre in Bognor Regis was a great boost for our town and warmly welcomed I am delighted to see the huge new state of the artfacilities fully operational and providing high quality jobs for local people The support of such a prestigious company is good newsfor Bognor Regis and for the wider local economyamprdquo
He continued ampldquoIt is very welcome that Rolls-Royce operates an apprenticeship scheme ensuring the company has the skillsit needs for the future and providing opportunities and training for a cohort of young people every year This year Rolls-Royce istaking on record numbers of apprenticesamprdquo
The new Rolls-Royce Technology and Logistics Centre at Bognor Regis opened on schedule in January 2016 The purpose-built30000m2 facility is located close to the companyamprsquos head office and manufacturing plant at Goodwoodhttpautoeconomictimesindiatimescomnewsindustrymos-visits-rolls-royce-new-logistics-centre-in-england57626981
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All new Mazda CX-5 to be produced at Hofu Plant The Economic Times
Hiroshima Japan Japanese automaker Mazda Motor Corporation starting from November is going to produce the all-new MazdaCX-5 crossover SUV at its Hofu Plant in addition to the Hiroshima Plant where it is currently produced
The company informed that the move will help the automaker respond quickly and flexibly to growing demand for SUVs globally
Mazda aims to create a production system that can respond flexibly to changes in demand for crossover vehicles as it works tomeet its global sales goal of 165 million units
Launched domestically in February the all-new CX-5 has till date recorded sales of 16639 units about seven times the monthlytarget claims the company
As with the CX-3 starting production of the CX-5 at Hofu Plant as well is part of our plan to build a production framework that givesus more flexibility between plants and between models said Masatoshi Maruyama Managing Executive Officer in charge of GlobalProduction We will do everything we can to get customers the crossover vehicles they want as quickly as possiblehttpautoeconomictimesindiatimescomnewspassenger-vehicleuvall-new-mazda-cx-5-to-be-produced-at-hofu-plant57627447
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Rheinmetall receives over $25 mn order from American carmaker The Economic Times
New Delhi German automotive parts supplier Rheinmetall has booked its first order for a special application of coolant valves by amajor American carmaker and destined for the NAFTA market
The company in a statement said that the order has a lifetime value of over US$25 million (around Rs 165 crore) Series productionof the valves is scheduled to start in 2019 with the contract set to run for about five years
Talking about the product the company went on to say that the innovative valves play a lead role in intelligent thermal and energymanagement on modern vehicle engines These often have several cooling circuits which are controllable with the aid of switchingseat valves
As from model year 2020 this particular customer will be installing several versions of such valves on gasoline and diesel enginesfor pick-ups with over 6 liters displacement
They will take over functions in the cooling circuit of the transmission ensuring that it reaches operating temperature faster byswitching off the coolant flow when the engine is started This also helps to reduce emissions added the companyhttpautoeconomictimesindiatimescomnewsauto-componentsrheinmetall-receives-over-25-mn-order-from-american-carmaker57628058
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Nissans Infiniti names former BMW executive as new design chief ReutersSee this story in The Economic Times
Beijing Infiniti Nissan Motors premium brand named Karim Habib former global design chief for BMW as the brands new chiefdesigner effective July 1
Habib will replace Alfonso Albaisa who will be promoted to lead Nissans global design according to a press release seen byReuters Habib will report to Albaisa
Habib who has worked for several premium automotive brands including BMW and Daimler will be based in Nissans technicalcentre in Atsugi Japan and lead Infinitis design teams in Japan Beijing San Diego and Londonhttpautoeconomictimesindiatimescomnewsindustrynissans-infiniti-names-former-bmw-executive-as-new-design-chief57630437
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Elon Musks bold offer of Tesla batteries wont solve Australias power problems ReutersSee this story in The Economic Times
Launceston Australia Australia is becoming an interesting microcosm on how to or how not to transition an economy from beingpredominantly powered by coal to more climate-friendly alternatives
The dramatic intervention by Tesla Inc Chief Executive Elon Musk last week is just the latest twist in an ongoing saga that pits
business government farmers government and environmentalists against each other
Musk in an exchange of tweets with software billionaire Mike Cannon-Brookes chief executive of Atlassian Corp offered to fix theelectricity supply problems of South Australia state within 100 days of signing a contract
Musks plan is to install 100 megawatts (MW) of grid-connected battery storage which would be available to meet peak demandand would be charged with surplus electricity from other generating sources in periods of low demand
Its a bold offer and would most likely provide a quick fix to Australias fourth-largest state which suffered a blackout last Novemberand has been dealing with power shortages over the peak summer period
Businesses like BHP Billiton which operates the giant Olympic Dam copper mine in the state have been pushing for thegovernment and other stakeholders to ensure stable electricity supply saying the cost of blackouts runs into millions of dollars inlost output
Musk whose Tesla Corp is ramping up output of its battery storage packs at its Gigafactory in Nevada held talks with AustralianPrime Minister Malcolm Turnbull at the weekend as well as with South Australian Premier Jay Weatherill
The politicians will no doubt be tempted to Musks offer to install batteries especially since the electric car pioneer said if he didntmeet his 100 day deadline he wouldnt charge anything
But while Musks offer if taken up would provide a quick fix it would not do enough to mend the underlying problems at the heart ofAustralias electricity woes
Its worth looking at how Australia got itself to the point where virtually all players can agree that the nation is facing somethingapproaching an energy crisis
After all the country is not short of fossil fuels such as coal and natural gas and its climate and low population density outside themajor cities are ideal for renewables such as solar and wind power
The country is heavily reliant on an ageing fleet of coal-fired power stations which makes Australia one of the highest polluters percapita
These coal power stations are starting to close down with one shutting in South Australia last year and another planned to close inVictoria state at the end of this month
The problem is that the coal-fired power stations role as providers of base load electricity cannot be taken over by wind and solarand the role is falling to natural gas
But natural gas is also the most expensive method of generating electricity in Australia so utilities are reluctant to run their gas-firedplants until prices are high enough to justify the cost
South Australia has a gas-fired plant that was mothballed until last years power supply crisis but even with the higher prices forelectricity the operator is struggling to make the plant profitable
The state moved on Tuesday to try and address its energy security issues announcing it would build a 250 MW gas-fired plant andhelp the private sector build a 100 MW battery at a total cost of A$510 million ($385 million)
Gas Supply ConstraintsNatural gas supply is becoming a problem in Australia which may seem ironic given the country is on the verge of becoming theworlds largest exporter of liquefied natural gas (LNG) as the last of eight new plants come closer to completion
In fact the new LNG plants are copping some of the blame for the tightening natural gas market especially the three in easternQueensland state based on using coal-seam gas as the feedstock
These are being blamed for sucking domestic natural gas out of the market and into the export LNG industry
What hasnt helped is that some of Australias state and territory governments are also pursuing policies that will restrict futurenatural gas supplies
Victoria state has banned hydraulic fracturing or fracking as well as shale and coal-seam gas exploration while the NorthernTerritory New South Wales and Tasmania have various moratoriums on fracking
This leaves Western Australia Queensland and South Australia as the remaining states where onshore natural gas supplies can bedeveloped and they are now in the cross-hairs of the environmental lobby which is opposed to any and all new natural gas wells
Politicians across the traditional Labor-Liberal divide are increasingly giving in to demands to restrict natural gas exploration whilepretending that this wont have a negative impact on energy security and electricity prices
But the costs are starting to become apparent with spot electricity prices surging over the Australian summer and natural gassuppliers warning that they will be unable to meet the needs of industrial customers without action being taken
Its often the case politicians only take action when the point of crisis is reached and this appears to be the case in Australia
Whats needed is a holistic approach to energy supply as Australia transitions away from coal-fired power
This means ensuring enough natural gas is available to provide base load generation while scaling up renewables such as solar
wind pumped hydro and battery storage
Forging enough common ground with the various stakeholders will be the main obstacle but more than anything else Australia isshowing how difficult it is to end the age of coalhttpautoeconomictimesindiatimescomnewsindustryelon-musks-bold-offer-of-tesla-batteries-wont-solve-australias-power-problems57630514
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Innogy in talks with car consortium over charging stations CEO ReutersSee this story in The Economic Times
Essen Germany Innogy is in intense talks with a group of carmakers Chief Executive Peter Terium told journalists on Mondayhoping to be selected as a supplier of super-fast charging stations for electric vehicles across Europe
Its not a done deal yet Terium said pointing to strong competition from rival vendors
BMW Volkswagen Ford and Daimler plan to build about 400 next-generation charging stations in Europe that can reload anelectric car in minutes instead of hours
Sources told Reuters in January that Innogy was in talks with the consortiumhttpautoeconomictimesindiatimescomnewsindustryinnogy-in-talks-with-car-consortium-over-charging-stations-ceo57624184
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China may roll back electric vehicle quotas as industry pushes back ReutersSee this story in The Economic Times
Beijing China is considering easing proposed quotas aimed at producing more electric vehicles as Beijing gets pushback from theautomotive industry over the scale and pace of the plans
If adopted proposed changes under discussion could see a target of new energy vehicles (NEV) making up 8 percent of sales nextyear pushed to 2019 two auto executives said
The changes would lower targets from a draft policy released in September requiring 8 percent of automakers sales to be batteryelectric or plug-in hybrid vehicles by 2018 rising to 10 percent in 2019 and 12 percent in 2020
Any loosening of NEV targets would mark a pull back by Beijing which has faced opposition to the planned targets as it looks todrive its domestic carmakers to overtake global rivals in the green vehicle sector
Automakers and industry bodies have said the targets are too tough and could hurt manufacturers interests New energy vehicleslast year accounted for just 18 percent of sales in the worlds biggest autos market according to Reuters calculations based onofficial data
Its normal to make revisions as its a draft plan An Jin chairman of Anhui Jianghuai Automobile Group (JAC Motor) said on thesidelines of the National Peoples Congress in Beijing
He said he was aware of talks to revise the quota targets but said nothing was set in stone JAC hasnt been told what revisionsmight be made to the draft but I think it is possible the draft will be changed after the discussions he said
Whether the whole market can hit this quota by 2018 depends a lot on the strength of government policy If its strong then weshould be able to surpass the targets An said (But) if you consider Chinas infrastructure and the transformation of Chinas autosector then perhaps the pace will have to slow
Two Percent CutTwo executives familiar with the plans told Reuters the government was considering options for lowering the requirements
One idea was to reduce the quota requirement by 2 percent each year cutting the 2018 requirement to 6 percent said aChina-based government relations official at a major global automaker It would then be 8 percent in 2019 and 10 percent in 2020
Another option would be to push back each target by a year with the 8 percent quota starting from 2019 an executive at aJapanese car maker said
Both asked not to be named due to the sensitivity of the matter and because the draft was still under consideration
The overall policy includes quotas for plug-in cars targets for average fuel economy requirements and a credit trading system topromote green energy cars while penalizing petrol cars
The two people said the quota stand-off was tied to a disagreement between the Ministry of Industry and Information Technology(MIIT) and Chinas top state planner the National Development and Reform Commission (NDRC)
MIIT which regulates manufacturers supports a more flexible credit trading system favoured by automakers The NDRC is more
aggressive in promoting a transition to electric vehicles pushing the introduction of the stricter quotas
An NDRC spokesman said the body played a small role when the draft was open to public for discussion MIIT did not immediatelyrespond to Reuters requests for comment
China has strongly supported and subsidized electric vehicles but is gradually swapping out incentives for hard targets automakersmust meet The central government cut subsidies 20 percent this year a first reduction towards eliminating them by 2020httpautoeconomictimesindiatimescomnewspolicychina-may-roll-back-electric-vehicle-quotas-as-industry-pushes-back57623608
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Russias standards agency says Volkswagen recalls 43151 Skoda cars ReutersSee this story in The Economic Times
Moscow Russias standards agency said on Monday that Volkswagens Russian operation had informed it about the voluntaryrecall of 43151 Skoda cars due to a possible technical fault
The recall affects Skoda Octavia Superb Fabia Yeti and Rapid cars sold in Russia between 2012 and 2016 the watchdog saidhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsrussias-standards-agency-says-volkswagen-recalls-43151-skoda-cars57624140
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Economy
Rupee hits 1-12 yr high surges 78 paise on BJP sweep PTISee this story in The Economic Times
Mumbai The rupee surged by a massive 78 paise to end at a nearly one-and-a-half year high of 6582 against the US dollar onfrantic unwinding of the American currency following BJPs emphatic victory in Uttar Pradesh
Forex market sentiment soared on hopes that BJPs stellar show in state polls would pave the way for the Modi government to focuson key reform measures
The home currency resumed on a strong footing at 6620 from last Fridays closing value of 6660 at the Interbank ForeignExchange (forex) market on heavy dollar unwinding from speculative traders and exporters tracking weekend developments
Maintaining its bullish momentum against the dollar the rupee hit a fresh intra-day high of 6576 in late afternoon deals beforeending at 6582 showing a solid gain of 78 paise or 117 per cent
This is the highest closing of the rupee since November 6 2015 when it had ended at 6576
Meanwhile the RBI fixed the reference rate for the dollar at 661800 and for the euro at 704354
Financial markets too took comfort from BJPs landslide victory with the broader Nifty climbing 15245 points to a new closing peakof 9087 and the Sensex rallying 49640 points to end at 2944263
The much-anticipated turnaround on the economic front has opened up a barrage of foreign capital fund flows into India
Foreign investors pumped in over Rs 10000 crore in the Indian capital markets this month so far
It also got an added fillip from bullish macro data which showed that the countrys industrial production bounced back in Januaryexpanding by 27 per cent year-on-year
Factory output measured in terms of Index of Industrial Production (IIP) had contracted by 01 per cent in December
However inflation based on wholesale prices shot up to a 39-month high of 655 per cent in February against 525 per cent inJanuary according to official data
On the global front the dollar traded firmly higher against its major counterparts ahead of the two-day Fed meet when it could liftrates for the third time since the financial crisishttpautoeconomictimesindiatimescomnewsindustryrupee-hits-1-12-yr-high-surges-78-paise-on-bjp-sweep57635104
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Nifty hits all time high of 912275 Sensex surges 616 points after big BJP win The Economic Times
Mumbai The Nifty jumped to life highs on Tuesday after the BJPamprsquos thumping win in the crucial state of Uttar Pradeshrekindled hopes of a bigger-than-expected push for reforms by the Narendra Modi government
The Nifty up 11 so far this year crossed its previous life high of 9119 to hit 912275 before ending the day 171 or 15245points higher at 9087 This is the indexamprsquos biggest single-day gain in points since February 1 and caps a strong reboundsince the December 26 low of 7893 on demonetisation worries
The Sensex surged by 616 points or 212 intra-day before ending the day at 2944263 up 49640 points This is its biggest gainsince May 25 last year The index is the best performer among all developed and emerging market indices in local currency terms inthe past three months
The rupee surged 79 paise to a 16-month high of 6582 to the dollar as exporters sold more dollars and foreign investors boughtlocal shares BSE data showed that foreign investors bought local shares worth Rs 4089 crore their biggest single-day purchasesince February 17 when they purchased Rs 8059 crore
FPIs have bought shares worthRs 23132 crore since January this year against net sales of Rs 9800 crore in the same period lastyear The BSE Midcap and Smallcap indices gained 144 each
ampldquoOne must be ready for a correction after a rally but I am optimistic about the medium to longterm prospectsamprdquo saidMotilal Oswal chairman Motilal Oswal Financial Services Ltd ampldquoFundamentally valuations are comfortable at this point intime because of good corporate earnings growth In the short term markets may remain volatileamprdquo
BJP romped to victory in UP on Saturday winning 312 out of the 403 seats Its allies won 13 more taking the NDA tally to 325 Thisis the biggest win recorded by any party in the state since 1977 and has raised prospects of the BJP doing well in other electionsthis year and next Many political pundits also believe that the victory has improved Prime Minister Narendra Modiamprsquos chancesof retaining power in the 2019 general election
Barring the metals index all other sectoral indices on the NSE ended with gains on Tuesday About 55 stocks including TitanJubilant Life Sciences Kotak Mahindra Bank IndusInd Bank YES Bank and Indiabulls Housing Finance among others hit life highswhile 92 stocks were locked in upper circuit with no sellers
ampldquoWith the sharp rally the market which is currently susceptible to global risk is trading at above average multiples and westay cautious near termamprdquo said Sanjay Mookim India Equity Strategist BofA Merrill Lynch ampldquoIndiaamprsquos businesscycle should improve over the next several quarters while improving construction should drive capex which is good forequitiesamprdquo
Some market experts are divided over the near-term outlook as indices have begun to look expensive at current valuations Plusthere is no immediate trigger for upgrade
ampldquoValuations of the Indian market are quite high and would require the support of strong earnings growth Any disappointmenton earnings will make valuations look even more expensive which the market may not likeamprdquo said Sanjeev Prasad senior EDand co-head of Kotak Institutional Equities
ampldquoGlobal and domestic interest rate cycles are no longer supportive with likely increase in developed markets bondyieldsamprdquo
ampldquoWhile markets are expecting a rate hike this meeting what will be of more interest is the commentaryamprdquo said DipenShah senior V-P PCG research Kotak Securities ampldquoIf it is hawkish it may have an impact on fund flows to emerging marketsbut India may be relatively less impacted because of the continuing domestic flowsamprdquo
ampldquoNotwithstanding the election results we believe the risk-reward is not favourable currently and advise investors to sell intothis rally We expect Nifty EPS to rise 15-16 in FY18 and see no trigger for an earnings upgrade at this junctureamprdquo ReligareInstitutional Research said in a notehttpeconomictimesindiatimescommarketsstocksnewsnifty-hits-all-time-high-of-9122-75-sensex-surges-616-points-after-big-bjp-winarticleshow57639036cms
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WPI inflation up 655 for February 2017 The Economic Times
New Delhi The annual rate of inflation based on monthly Wholesale Price Index (WPI) stood at 655 percent (provisional) for themonth of February 2017 (over February 2016) as compared to 525 percent (provisional) for the previous month and -085 percentduring the corresponding month of the previous year
The official Wholesale Price Index for amplsquoAll Commoditiesamprsquo for the month of February 2017 rose by 05 percent to 1855(provisional) from 1846 (provisional) for the previous month
The index for primary articles rose by 09 percent to 2581 (provisional) from 2557 (provisional) for the previous month
The inflation rate for Fuel and power group rose by 13 percent to 2038 (provisional) from 2012 (provisional) for the previousmonth due to higher price of coking coal (15 percent) aviation turbine fuel (3 percent) bitumen (2 percent) and kerosene highspeed diesel LPG and lignite (1 percent each) However the price of furnace oil (1 percent) declined
The index for the major group of manufactured products remained unchanged at its previous monthamprsquos level of 1588
(provisional) In this group the index for amplsquoRubber amp Plastic Productsamprsquo group rose by 02 percent to 1489 (provisional)from 1486 (provisional) for the previous month due to higher price of rubber products (1 percent)
The index for amplsquoTransport Equipment amp Partsamprsquo group rose by 05 percent to 1405 (provisional) from 1398 (provisional)for the previous month due to higher price of auto rickshaw tempo matador (4 percent) and auto parts (1 percent)
For the month of December 2016 the final Wholesale Price Index for amplsquoAll Commoditiesamprsquo stood at 1833 as comparedto 1828 (provisional) and annual rate of inflation based on final index stood at 368 percent as compared to 339 percent(provisional) respectively as reported on January 1 2017httpautoeconomictimesindiatimescomnewsindustrywpi-inflation-up-6-55-for-february-201757627665
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February CPI at 365 vs 317 in January highest since October 2016 PTISee this story in The Economic Times
New Delhi Retail inflation rose to 4-month high of 365 per cent in February mainly due to surge in price of food items like fruitssugar and confectionery
Measured in terms of Consumer Price Index (CPI) the inflation had dipped to a multi-year low of 317 per cent in January this yearon account of cash crunch following demonetisation It was 526 per cent in February last year
According to the CPI data released today by the Central Statistics Office (CSO) the consumer food prices index (CFPI) rose by201 per cent in February from 061 per cent in January The CFPI was 53 per cent in February 2016
Inflation in fruits was higher at 833 per cent fuel and light at 39 per cent in February The rate of price rise in meat and fish was 35per cent in February
Prices of sugar and confectionery items rose by 1883 per cent in February while inflation in milk and milk product increased by 422per cent
The rate of inflation in household goods and services was 409 per cent while this rate was in health segment was 4 per cent Thetransport and communication became expensive by 539 per cent
The personal care and effects segment rose by 515 per cent while the education became more expensive by 537 per cent inFebruary this year
The inflation rate was 438 per cent in clothing and footware segment while it was 49 per cent in housing segment
However the prices of vegetables and pulses declined by 829 per cent and 902 per cent respectively
Rural retail inflation was at 367 per cent in February compared with 336 per cent in the preceding month The CPI was also up inthe urban sector at 355 per cent in February from 29 per cent in January this yearhttpautoeconomictimesindiatimescomnewsindustryfebruary-cpi-at-3-65-vs-3-17-in-january-highest-since-october-201657633211
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Closing
Last Financial Closing
Sensex 2944263 (+49640)NSE 9087 (+15245)US$ spot Rs6582US$ Y1148000US$ 6 months RsYen Rs57Euro spot Rs70
Gold (10gm) Rs28333Silver (1kg) Rs4008300
Crude Oil (WTI) Crude Oil (Brent) $5172 (+037)
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Apollo Tyres 1 18610Asahi Ind 1 21655Amara Raja B 1 83230Ashok Leyland 1 9080Bajaj Auto 10 286670Bharat Forge 2 103550Denso 1 Eicher Motor 10 2396325Escorts 10 51945Exide Ind 1 21645Force Motors 10 427760Gabriel India 1 11460Hero Motocor 2 335745Hind Motors 5 950Hi-Tech Gear 10 29885Jay Bh Maruti 5 38190
Jamna Auto 5 20550JK Tyres amp Inds 10 1241 Kinetic Motors 10 Kinetic Engg 10 KOEL 2 37685Kirloskar Br 2 24135LML Ltd 10 1250LampT 2 155810Lumax Ind 10 131690Lumax Tech 10 43230MampM 5 132600Maruti Suzuki 5 613240Motherson SS 1 36290Minda Inds 2 44350MRF 10 5298390Omax Auto 10 7555Rico Auto 1 5720Sona Koyo St 1 8170
SRF 10 157155Tata Motors 2 46975 TVS Motors 1 43690
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Bhushan Steel 2 5430Hindalco 1 19040Hind Zinc 2 29140JSW Ispat S 10 Jind Steel 1 12490JSW Steel 1 18190Jindal Saw 2 7995National Aluminium 5 7310SAIL 10 6005Tata Steel 10 47255Visa Steel 10 2185
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Ambuja Cement 2 23370Binani Industries 10 7200Birla Corp 10 70360India Cement 10 16070Prism Cement 10 9375JK Cement 10 88470Shree Cement 10 1639835
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PLEASE NOTE
NURC Industry Updates contain editedtruncated text of Industry-specific news as it appears in various select dailies and websites These are NOT full stories unless otherwisespecifically mentioned The stories contained herein are informational only and no representation is made or warranty given as to their content reliability truthfulness orusefulness User assumes all risk of use It be clearly understood that NURC updates do not claim to and neither mean to replace the Print or the Internet editions of variousnewspapers whose articles are featured therein For the best and complete news reading NURC urges its readers to read the full text of the stories from the Newspaperswhose credits are given after the headline and visit the related website whose URL is given below the text matter of each news item
NURC News Update - AUTOMOBILES
News on Indian Auto Industry Copyright 1999 NURC MediaNext Pvt Ltd
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Emissions EnvironmentFinance amp Insurance
Customer not bound by tie-up between vehicle dealer insurer Pune Court
Analysts in wait-and-watch mode on Bajaj Finance
SBI announces Rs 6000-cr tractor loan settlement scheme
Oil Lubricants amp Alternative FuelsOil hovers near three-month low as investors awaits data
News MagazinesMahindra Electric geared up to be a component supplier
Tesla Model Y SUV due by 2019
VW promises higher focus on EVs after record sales year
Mercedes to expand E-class range with E 220 diesel
Nissan to launch Kicks SUV in Q3 2018
International NewsVolkswagen CEO gets 778 mn euros in pay and benefits for 2016
Volkswagen CEO US remains core market for company
Volkswagen targets strong 2017 even as core brand struggles
VW CEO says not ruling out merger talks with Fiat Chrysler boss
Volkswagen chief denies talks with Fiat
Volkswagen has good chances to build on strong 2016 performance CEO
BMW i3 batteries to be used by Vattenfall
Toyota to look at Saudi production as the countries seek closer ties
Geneva Motor Show 2017 Airbus unveils fully electric flying car PopUp
Nissan boosts management presence at Mitsubishi Motors
Renault Zoe e-Sport breaks covers at 2017 Geneva Motor Show
Sensata Technologies opens testing facility in Bulgaria
Driving driverless Quest for an autonomous car has reached a truck now
Samsung completes acquisition of Harman
Skoda delivers 81200 units in Feb 2017 globally
Isuzu claims more durability on its diesel engines for trucks
MoS visits Rolls-Royces new logistics centre in England
All new Mazda CX-5 to be produced at Hofu Plant
Rheinmetall receives over $25 mn order from American carmaker
Nissans Infiniti names former BMW executive as new design chief
Elon Musks bold offer of Tesla batteries wont solve Australias power problems
Innogy in talks with car consortium over charging stations CEO
China may roll back electric vehicle quotas as industry pushes back
Russias standards agency says Volkswagen recalls 43151 Skoda cars
EconomyRupee hits 1-12 yr high surges 78 paise on BJP sweep
Nifty hits all time high of 912275 Sensex surges 616 points after big BJP win
WPI inflation up 655 for February 2017
February CPI at 365 vs 317 in January highest since October 2016
ClosingLast Financial Closing
Industry
MampMs Pawan Goenka to continue as Chairman IIT-M Board of Governors PTISee this story in The Economic Times (Web Edition)
Chennai Pawan Goenka Managing Director of diversified business conglomerate Mahindra and Mahindra will continue asChairman Board of Governors of IIT Madras
President Pranab Mukherjee in his capacity as visitor of Indian Institute of Technology Madras has approved the nomination ofGoenka as Chairman Board of Governors IIT-Madras for another three years a press release said here today
Goenkas term as Chairman Board of Governors ends in June 2017 and Mukherjee has allowed him to continue for another threeyears with effect from June 9 2017 the release added
Goenka an alumni of IIT Kanpur has a PhD from Cornell University New York
He is also an alumni of Harvard Business School Advanced Management Programmehttpautoeconomictimesindiatimescomnewsindustrymms-pawan-goenka-to-continue-as-chairman-iit-m-board-of-governors57635237Pawan Goenka IIT-M Board ChairmanThe Hindu Business Line (Web Edition)httpwwwthehindubusinesslinecomnewseducationpawan-goenka-iitm-board-chairmanarticle9583901eceGoenkas IIT-M term extended by another three yearsAsian Age (Web Edition)httpwwwasianagecombusinesscompanies140317goenkas-iit-m-term-extended-by-another-three-yearshtml
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Tata Motors rolls out VRS to cut costs Varun AggarwalThe Hindu Business Line (Web amp Print Edition)
Mumbai Within weeks of finalising its management restructuring the Tata Motors board has approved a VRS proposal tosignificantly prune its middle management
The company is in the process of bringing down the management layers down to five from the existing 14 to cut costs
The move to bring in a voluntary retirement scheme is the second step towards achieving the goal of creating a leaner organisationampldquoTata Motors confirms that as part of the ongoing Organisation Effectiveness project where we have already finalised the top2 levels of our management structure a proposal on VRS package has been presented and approved by the board Since theexercise for selecting L3-L5 is still under way it is premature for us to comment on any other specifics at this point of timeamprdquo aTata Motors spokesperson told BusinessLine
As a part of the restructuring 120 executives have been finalised for L1 and L2 roles For the remaining tiers there would be rolesthat would become redundant and therefore the company is offering a severance package to such employees the spokespersonsaidhttpwwwthehindubusinesslinecomtodays-papertata-motors-rolls-out-vrs-to-cut-costsarticle9583956eceTata Motors to offer VRS to employees to trim costs as part of restructuringmint (Web amp Print Edition)httpwwwlivemintcomCompaniesaT7nDpW0DOC91gZDLSwwOITata-Motors-to-offer-VRS-to-employees-to-trim-costs-as-parthtmlTata Motors rolls out VRS reduces hierarchy levelsBusiness Standard (Web amp Print Edition)httpwwwbusiness-standardcomarticlecompaniestata-motors-rolls-out-vrs-reduces-hierarchy-levels-117031401193_1htmlTata motors to offer VRSThe Pioneer (Web amp Print Edition)httpwwwdailypioneercombusinesstata-motors-to-offer-vrshtml
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Tata Motors to prune several regional roles to cut costs Varun AggarwalThe Hindu Business Line (Web amp Print Edition)
Mumbai The management restructuring at Tata Motors comes at a time when the company has been constantly losing marketshare in the passenger vehicle segment while also seeing competitive pressure in commercial vehicles where it has enjoyed alionamprsquos share for decades
The company reported a 96 per cent decline in profits in the third quarter Net profit fell to Rs 11157 crore from Rs 295267 crorein the year-ago period
On a standalone basis Tata Motorsamprsquo losses after tax widened to Rs 1046 crore in the quarter from Rs 137 crore a yearago
New strategy
Tata Motors last month was on the front foot with Managing Director and CEO Guenter Butschek emphasising on the need to havea leaner team with a focus on profitable growth while announcing its strategy to test out new platforms and high-end cars under asub-brand TAMO
The company also signed an MoU with Volkswagen Group and Skoda for exploring joint development projects as the companystrives hard to regain market-share
The VRS scheme will cut down several regional roles and integrate several roles into a central unit ampldquoAs part of therestructuring we have also identified roles which are best located in a central common service structure providing service acrossthe company through optimised and efficient processes
ampldquoTo facilitate this a number of roles distributed currently across the company are being relocated in the Global DevelopmentCentre (Pune) We expect significant benefits in cost service quality and process efficienciesamprdquo the company said
Tata Motors however did not provide more details such as the specific functions that will be eligible for VRS and the kind ofpackage theyamprsquoll receive under the scheme It remains to be seen how this move goes down with worker unions across thecompanyamprsquos many plantshttpwwwthehindubusinesslinecomtodays-papertp-money-bankingtata-motors-to-prune-several-regional-roles-to-cut-costsarticle9583939ece
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Global auto companies heads drive into India Ketan ThakkarThe Economic Times (Web amp Print Edition)
Mumbai As soon as campaigning ended in Uttar Pradesh Prime Minister Narendra Modi had two Japanese visitors whoamprsquodbeen waiting to see him ampmdashToyota Motor president Akio Toyoda and Suzuki Motor chairman Osamu Suzuki
Even their own India offices had little clue the two were in town but theyamprsquod wanted to brief the Prime Minister on theintricacies of the partnership the companies had signed in Japan and the implications of that for India which is emerging as theworldamprsquos third-biggest auto market
The visit underscores the countryamprsquos importance in their scheme of things Just the day before the worldamprsquos largestautomotive group Volkswagen had decided to explore a partnership with Indiaamprsquos largest automobile company by revenueTata Motors after failing to crack the market during the decade itamprsquos been present in India The likes of Kia PSA SAIC andothers are also queuing up Maruti Suzuki accounts for half the Indian market while Toyotaamprsquos Innova and Fortuner head theirrespective segments
India is critical for the Japanese parent with 50 of global sales coming from the country said Maruti Suzuki chairman RCBhargava So whatever technology it gets from Toyota will surely be deployed in India he said
On the increased interest by other car makers in India Bhargava said ampldquoNobody wants to miss the opportunity and the sizeThey donamprsquot see the kind of potential growth in any other market like in India Itamprsquos just not the growth rate but the baseis also very highamprdquo Global auto bosses have been visiting regularly to get a sense of the market
Skoda Autoamprsquos global CEO Bernhard Maier made a trip soon after taking over General Motors CEO Mary Barra visited twicein less than a year to restructure local operations and devise a long-term strategy Ford Motor executive chairman Bill Ford visitedlate last year to inaugurate the New Product Development Centre that will create the foundation for India products
Hyundai Motor chairman Chung Mong-Koo is also expected to visit soon to announce the launch of the Kia brand in India CarlosGhosn global CEO of the Renault-Nissan Alliance and a frequent visitor told EThe has always been bullish on the Indian market
ampldquoWe know that India is going to be one of the top markets in the worldamprdquo he said ampldquoThe market is going to becrossing 3 million units this year so little by little this is taking its place as one of the top markets So you are going to end uphaving all car makers there including Mitsubishi (run by Ghosn)amprdquo
The Indian automotive industry broke into the top three in 2016 according to rating agency CARE
With the passenger vehicle market set to cross the 3 million mark by the end of 2017 India is seen as a future growth centre by allmanufacturers
For Volkswagen-Skoda India could be a beachhead for its emerging market strategy Chrysler Jeep has its sole right-hand-drivemanufacturing hub here The Maruti-Toyota combine is exploring an affordable hybrid vehicle for which India may become anexport hub Component makers like ZF Continental and Faurecia see India playing a bigger role in the development of newtechnology for autonomous cars and vehicles that conform to the emission norms of the future
According to IHS Markit Automotive India is expected to be among the fastest-growing markets in the coming five years besideswhich local regulations are getting harmonised with global standardshttpeconomictimesindiatimescomglobal-auto-companies-heads-drive-into-indiaarticleshow57639612cms
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Interviews amp Features
Not just a car Hindustan Motors Tushar BurmanThe Hindu (Web amp Print Edition)
As we finally say goodbye to the well-lovedAmby we look back at its storied production run and the characters that make up thetale
In February 2017 Hindustan Motors (HM) sold the Ambassador brand to Peugeot the French car manufacturer poised to re-enterthe Indian market with the HM principals They paid Rs 80 crore for the name that moved the armed forces government andinnumerable families across India for almost 60 years
Nostalgia tripThe car most remember as the Ambassador is based on the British-built Morris Oxford Series III and has been produced with minorchanges since 1957 Manufactured by the CK Birla group company Hindustan Motors it was liked for its spacious interiors solidbuild and status ampndash considering it was the passenger vehicle of choice for government functionaries It remained so until the80s when Maruti Suzuki came into the country and changed motoring forever with cheap reliable Japanese cars
Reliability was not a strong point for the Ambassador in the early days and owners always had to carry aggregates such as hosepipes fan belts and such The car also supported a cottage industry of specialist mechanics who strengthened the chassis withadditional welding to make them suitable for India Being one of very few locally-produced cars in the country however made theAmbassador fairly easy to work on You could find a mechanic to fix one in almost any part of our vast country Engines were simpleand made barely-adequate power
Starting off with a 15-litre side-valve petrol engine later models switched to a more robust 18-litre Isuzu petrol engine which hadsignificantly more power at 75hp The Ambassador holds the distinction of being the first diesel passenger car sold in India using a15-litre 37bhp diesel motor Later models also employed 20-litre diesel and turbo-diesel motors of similarly modest output
Vintage collectionDhananjay Badamikar of Pune has a few Ambassadors among his growing collection of vintage cars ampndash a amprsquo62 Mk I aamprsquo65 Mk II a amprsquo70 Mk II a 2012 Classic 1500 diesel The latest acquisition had done only 3000km and was used as atest vehicle at ARAI His Porter pickup truck model has a 1500cc diesel motor as well
All his vehicles are in running condition Maintaining them is a task and a hobby in itself Heamprsquos constantly on the lookout forspares grabbing any that become available and keeping them in his inventory He often shares parts with friends and members ofvintage car clubs
As faithful as Badamikar is to keeping his Ambassadors mint there are others that stick to the cars of their childhood while givingtheir own unique twists to their upkeep Anant Pithawalla runs N1 Racing Equipment in Mumbai and has kept his familyamprsquos1979 Ambassador Mk IV sprinting quite literally Heamprsquos swapped the old 15-litre engine for the more modern 18 installedpower steering disc brakes all round (still a rarity today in Indian cars) put in a high-flow KampN air filter performance spark plugscams and a carb rejet Still the voluminous Ambassador carries considerable heft so 18 seconds is his quickest quarter-mile withhis beefy Amby
As of 2017 the Ambassador has been through seven or so generations After the Landmaster there were Mk I through IV modelsthe Nova we often saw through the 90s followed by the Grand Classic and Encore ampmdash the final version compliant with BS4norms ampmdash as the vehicle became increasingly irrelevant Nevertheless whether due to nostalgia canny business sense orlove for its unique qualities enthusiasts over the years have kept their Ambassadors soldiering onhttpwwwthehinducomtodays-papertp-featurestp-metroplusnot-just-a-cararticle17464529ece
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Cars SUVs MUVs
Toyota to launch Vios in 2018 will compete with Honda City and Maruti Suzuki Ciaz The Financial Express (Web Edition)
Toyota will launch its sedan Vios next year in India and will showcase the car at the 2018 Auto Expo According to a report byNDTV the Vios launch will be followed in a couple of months from the showcase at the Auto Expo The company has alreadylaunched the Vios in Thailand and might bring the same model in India The Vios will be offered in petrol and diesel options will bepositioned between Toyota Corolla Altis amp Etios The car will be an important one for the company as itll give Toyota a presence inthe hugely popular sedan segment consisting of cars such as the Honda City Maruti Suzuki Ciaz Hyundai Verna and VolkswagenVento
The Thailand spec version of Vios is powered by a 15-litre petrol engine and it is expected that the company might bring the sedanin two engine options- a 15-litre petrol and 14-litre diesel engine The 15-litre petrol engine develops 107 hp of power and 141Nmof torque The engine will be mated to a 5 -speed manual gearbox and CVT transmission
On the exterior the Vios will get new projector headlamps with LED daytime running lights T-shaped grille new fog lamps and willride on 16 and 17-inch alloy wheels Dimensionally the sedan measures 4410mm in length 1700mm in width 1475mm in height
and 2550mm wheelbase Inside the cabin the Vios gets a touch screen infotainment system audio system with steering mountedcontrols leather upholstery automatic air conditioning and keyless entry It however remains to be seen as to what features doesToyota introduce in India
In terms of safety the Vios could get dual airbags ABS (anti-lock braking system) with EBD (electronic brake-force distribution) asstandard across all variants in wake of the upcoming safety legislations In addition it might get brake assist ISOFIX rear child seatanchors traction control and VSC (vehicle stability control)
Toyota Motor launched the Vios in Thailand around at a price of 609000 baht ( Rs 115 lakh) and it is expected that the Indianversion might be launched under Rs10 lakh in India If priced competitively and packaged smartly the Vios might give Toyota astrong foothold in a segment that is driven more by value-for-money in form of new features and technologies and not just acheaper price-tag something that Toyota got it wrong with the Etioshttpwwwfinancialexpresscomautocar-newstoyota-to-launch-vios-in-2018-will-compete-with-honda-city-and-maruti-suzuki-ciaz587255
Top
Maruti case Unions to meet in city today Chetna ChoudhryThe Times of India (Web amp Print Edition)
Gurgaon Over 500 representatives from 150 workers unions including six from Maruti Suzuki India Limited (MSIL) and Gurgaonchapters of the AITUC CITU and HMS will gather at 11am on Wednesday in Tau Devi Lal Park in Manesar to devise their futurecourse of action in the 2012 Maruti Suzuki labour unrest case The unions will decide how to re-appeal the verdict and extend helpto the families of the 31 convicted workers Sources revealed that since 18 of these who have been convicted of rioting havealready been in jail for four years there will be efforts to get them released
With over 30000 workers across Gurgaon and neighbouring Rewari choosing not to celebrate Holi workers colonies in ManesarDharuhera and Dundahera wore a deserted look on Monday This was the was workers chose to express their solidarity with theircomrades and their unhappiness at the decision by the sessions court which last Friday convicted 31 workers
Sources revealed the unions intend to work on multiple angles in the matter Firstly they plan to appeal for acquittal of the 18workers who have been convicted of rioting Lawyers representing the workers will request the court to consider that these accusedhave already been jailed for four years Secondly for the 13 workers convicted for murder if the quantum of punishment is veryhigh they will challenge it in the high court They are also considering challenging the lower court order which has convicted 13workers for Section 302 (murder) They believe the workers were not involved in the killing of the general manager (humanresources) Awanish Kumar Dev Besides this life insurances policies will be provided to the families of the 13 convicts andemployment avenues will be explored for their families Also around 6000 regular workers from MSIL have planned to contributemoney to provide financial help to the families of the convicted workers
Well discuss all aspects in detail and chalk out a plan Our priority is to get the ones who have been convicted of rioting out of jailand challenge the verdict if for the murder convicts the quantum of punishment is high Also we have to support the livelihood oftheir families and their childrens education said Kuldeep Janghu of Maruti Udyog Workers Unionhttptimesofindiaindiatimescomcitygurgaonmaruti-case-unions-to-meet-in-city-todayarticleshow57639394cms
Top
Preparing PV portfolio to meet new norms Tata Motors
PTISee this story in The Hindu (Web Edition)
Geneva Tata Motors is undertaking a ampldquoclean upamprdquo of its passenger vehicles product portfolio as part of transition tomeet new regulations and achieve profitable growth that could bring an end to the Nano
The company is focusing on hatchback Tiago and upcoming compact sedan Tigor to act as bridge during its ongoing transition fromthe past to the future to drive volumes and improve bottomline of its passenger vehicles (PV) unit till it launches new products undernew platforms by 2018
ampldquoThe old world is any way going to be changed not because of Tata Motors but because of changes in regulatoryenvironment It may be emission requirements in 2020 or even earlier changes as far as safety requirements (2017) areconcernedamprdquo Tata Motors Managing Director and CEO Guenter Butschek told PTI at the Geneva Motor Show
He was responding to a query on how Tata Motors saw the future of its entry level small car Nano the dream project of Tata Groupchairman emeritus Ratan Tata
From October this year India will adopt stringent norms for frontal and side crash tests that would require vehicles to be equippedwith safety airbags In 2020 the country will implement the BSampmdashVI emission norms
ampldquoSome products will actually get naturally to the end of their lifecycle So there is already a clean up going on in this regardWe have launched intensive activities in order to get the cost down on all the products that are currently in operationsamprdquoButschek added
When asked when will the company call time on the Nano he declined a specific answer but said ampldquoAt one point of time each
and every car gets naturally to the end of its lifecycle
ampldquoWe have already well laid out PV strategy We will make the calls on the execution of the bits and pieces of the strategy atthe right time Each and every decision has its timeamprdquo
The companyamprsquos focus during the transition is to have models Tiago and Tigor to drive volumes and profitable growth so that itis in a better position financially to invest on its future products
ampldquoThe key focus in on Tiago and Tigor because these are our volume productsamprdquo he said adding cost savingengineering changes and improvement of productivity on these models could successfully boost bottomline during the transition
ampldquoThere is a period inampmdashbetween which we have to overcome where even if turn individual products into a positive oneit is certainly not good enough in the first instance to acually get me my overall funding requirements into the futureamprdquoButschek said
Stressing on the need to bring new products on time within stipulated investments Butschek said ampldquoWe need to deliver ournew products on time on cost because the market doesnamprsquot wait for us The customer is not going to be for usamprdquo
The company is changing the way it has been working on that front he said
ampldquoWe are not going to continue with the legacy where all products effectively could launch later than initially plannedamprdquoButschek said
Elaborating on the future products strategy he said ampldquoWe have presented AMP platform with 6ampmdash8 topheads and theother platform to come the Q5 with at least two different topheads and possibly even more in the near future to leverage on theseplatforms and create economies of scaleamprdquo
He said the plan is to get ampldquodesirable products on one side and on the other get also products that will get us to the costposition products which are going to be profitableampldquohttpwwwthehinducombusinessIndustrypreparing-pv-portfolio-to-meet-new-norms-tata-motorsarticle17461284ecePreparing PV portfolio to meet new norms Tata MotorsThe Pioneer (Web amp Print Edition)httpwwwdailypioneercombusinesspreparing-pv-portfolio-to-meet-new-norms-tata-motorshtml
Top
Mahindra pitches its only car as a successor to the Ambassador Amrit Raj amp Jyotika Soodmint (Web amp Print Edition)
New Delhi Mahindra and Mahindra Ltd plans to redesign the only car in its stable Verito to cater to the needs of Indiaamprsquosfast-growing taxi segment as it looks to fill the void created by Hindustan Motorsamprsquo Ambassador a top executive at the firmsaid in an interview
The CK Birla Group-owned Hindustan Motors sold the brand Ambassador to French company PSA Group in February TheAmbassador has a cult following among some retro-minded enthusiasts in the country It was the vehicle of choice (or rather giventhe limited choice default) of thousands of owners since 1957 due to its sheer ruggedness and ability to manoeuvre Indiaamprsquospotholed roads It was hugely successful in Indiaamprsquos small car market and in particular with the government This was ofcourse before Maruti Udyog Ltdamprsquos Maruti 800 killed its appeal Today Marutiamprsquos SX4 has replaced the Ambassador ingovernment circles The Ambassador was also the preferred vehicle for taxis
Mahindra wants to occupy this space vacated by the Ambassador
ampldquoTherefore if we say that let us focus that vehicle (Mahindra Verito) on the taxi segment alone whether it is electric vehiclegasoline or diesel can we redesign that vehicle to become the next Ambassador in the taxi segment Thatamprsquos what we areworking on right nowamprdquo Pawan Goenka managing director of Mahindra and Mahindra said in an interview
ampldquoWe will be looking at all the aggregators Today aggregators buy Verito but not in large quantity because it is moreexpensive than some of the other products in that category If we can take care of that part of it then it is a very desirable taxivehicleamprdquo he added
To be sure Verito has never been a runaway success Born as Logan under a joint venture with Renault SA it became Verito whenMahindra got full control of it after the partnership ended Since then the company has made several attempts to resurrect thebrand but for various reasons customers have stayed away from the product Goenka now sees it as a perfect fit for the taxisegment
ampldquoWhat do you need in a taxi You need a spacious vehicle which is comfortable runs from point A to point B economicallyIf you forget for a minute about the looks which is where we lose out and if you look at the functionality of the vehicle it is verydifficult to find a vehicle in that size that will give you better functionality in terms of space comfort (than the Verito)amprdquo he said
Mahindraamprsquos new plan for the Verito is driven in part by the growing sales of cars as taxis amidst the advent of cabaggregators Ola and Uber Driven by demand for these app-based cab operators as much as 17 of total passenger vehicles soldin the country by 2020 are expected to be sold in the taxi segment estimates rating agency Icra
But Mahindra may not be looking at cab operators only Being the only maker of electric vehicles in Indiaampmdashit has two pureelectric cars such as Verito Electric and E2Oampmdashthe company is also looking to push sales through government channels TheIndian government itself wants to promote sale of electric and hybrid cars and is in the process of drafting a policy on the subjectMint reported on 7 February
A top officer in the ministry of road transport and highways told Mint that the Mumbai-based company is in talks with road transportminister Nitin Gadkari to initiate a pilot project of electric car taxis in Nagpur
ampldquoUnder the first phase around 200 electric cars would be plied on the roads as taxis to see the resultsamprdquo the officersaid requesting anonymity The details of the project still need to be worked out It remains to be decided if the government will buythese electric cars as taxis and run them under a public transport system or hire a company to ply them as private taxishttpwwwlivemintcomCompaniesCrdVqpFcTgRyyjIlGLpYdPMahindra-pitches-its-only-car-as-a-successor-to-the-Ambassadhtml
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Mahindra readies US debut with off-roader Ssangyong products The Times of India (Web amp Print Edition)
Chennai The nearly $18 billion Group Mahindra is finalising its ambitious automotive foray into the US market starting from 2019when an offroad product entirely developed by the companys Detroit RampD centre will be launched in that market Korean groupcompany Ssangyong too is planning to debut its products in the US in the next 18 months According to company sources MampM isreadying for full-fledged US push given that its earlier legal cases have now all been sorted out
Mahindras US foray is being spear-headed by Mahindra North American Technical Centre (MNATC) the companys RampD centre inDetroit which is currently working on two separate products one for the Indian market and another entirely for the US marketMNATC is developing an off-roader product for the US market which is expected to be launched sometime in 2019 said a seniorcompany source It has also developed another product which will come to the Indian market by the middle of financial year2017-18 he added
Industry sources say the Mahindra-badged vehicle intended for the American market may well be called Thar and has been entirelydeveloped by MNATC The Detroit tech centre assumes importance given that Group Mahindra is one of 6 companies shortlisted bythe United States Postal Service (USPS) for the Next Generation Delivery Vehicle (NGDV) prototype a nearly $5 billion order forthe company that finally bags it
Apart from its own foray into the US Mahindra group company Ssangyong too is preparing for an American outing Ssangyong islooking to enter the US in the short-to-medium term and it is currently developing products and strategy accordingly said the seniorcompany source Industry sources say this could happen as soon as 2018
Mahindras previous attempt to debut in the US with a rugged fuel-efficient pick-up in the late 2000 ran into legal problems withsome of its dealers suing it in 2010 With those cases cleared up the company is now revisiting its US strategy but this time theproduct is designed and developed in America for the American markethttptimesofindiaindiatimescombusinessindia-businessmahindra-readies-us-debut-with-off-roader-ssangyong-productsarticleshow57621866cms
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E20 Plus Indias first electric family car Sandesh M S and Umesh M AvvannavarDeccan Herald
Homegrown auto major Mahindra amp Mahindra (MampM) a pioneer in integrated and electric mobility solutions in India is leaving nostone unturned to make the environment greener and cleaner
The company launched e2O Plus recently which is primarily meant for city commuting The e20 Plus hatchback priced in the rangeof Rs 546 lakh to Rs 846 lakh (ex-showroom Delhi) and is also looking at expanding its electric vehicle portfolio further With thelaunch of the e20 Plus marked the companyamprsquos foray into the mass market electric city car segment
The e20 Plus is an amalgamation of advancements in automotive technology electronics and information technologyMampMamprsquos electric vehicle portfolio includes small car and light commercial models such as e20 eVerito and eSupro amongothers Since launching small car e20 in March 2013 it has so far sold over 3000 units of the car in the country
The company has marked the entry level of the e20 Plus P2 variant of the vehicle for fleet owners The other variants P4 P6 andP8 are priced at Rs 546 lakh Rs 595 lakh and Rs 846 lakh respectively
The vehicle comes with a range of 140 km on a single charge and achieves a top speed of 85 kmph The company which hasalready invested around Rs 800 crore on its electric vehicles business including development of technology
It comes with various features such as easy home charging hill assist reverse camera charging ports and smartphoneconnectivity among others Compared with other normal cars on the road what makes the Mahindra e2o Plus special is itsmechanism The electrically-operated machine will distance you from long lines in pumps One will definitely feel the importance ofthe car during the hike in fuel rate and strikes in the city All you need to have is an AEH plug-point in your parking area to chargethe battery One full charge will last for nearly two days with the planned schedule The driver has to limit the usage of otherfeatures like AC music system indicator and unnecessary honking as this will drain the battery
Accommodating over four passengers will also be an issue as the engine needs more power to pull the weight which is directlydependent on battery
The digital analogue in the car is a required feature in e-cars where we get to know how far a car can take you Thebatteryamprsquos life estimated kilometre to travel will caution you to charge the battery so that you will not be kept in the lurch onthe road
Besides battery the car being gearless is another plus-point that makes your city drive easy The easy switching of the modes fromneutral to forward reverse and power drive is as simple as playing with a toy car As the battery is the whole and soul of the car themakers have completely avoided using any heavy substance in building the body If a complete fibre-made body is a boon forbattery (as it wonamprsquot stress it) itamprsquos a complete drawback for passengers A small accident or even if it comes in touchwith other vehicles will cause huge damage for the vehicle where the owner has to cough up more to fix it The seat-belt is theminimum and the only safety aspect in the car
Four-door offeringThe modified four doors is not just an add on feature but it has also increased the leg room in the rear seat It can easilyaccommodate three people in the back seat and two in front and makes for a complete family car Though the charging plug willoccupy little space in the hatchback rest of the place is for utility The fast drain of the battery with the heavy weight is the onlydrawback in the vehicle
When compared to normal fuel cars the battery-operated cars will charge you less and is effective in cost-cutting But an individualwill definitely be concerned with the cost of the vehicle as the fuel rates in the country are fluctuating For the future MampM is lookingfor a bigger play in the electric vehicle segment with plans to launch electric versions of its existing conventional engine models
Efficient powerThe Mahindra e20 Plus is powered by a 48V and 72V lithium-ion battery pack latter for the top-end variant which produces amaximum power of 26 hp and 40 hp and churns out a peak torque of 70 Nm and 91 Nm respectively The car accelerates from 0to 60 kmph in 141 seconds in the P4 and P6 versions while the 72V battery-powered version takes 95 seconds and has a topspeed of 128 kmph It takes around six to nine hours to fully charge the vehicle and has a fast-charging time of 75 minutes and 90minutes in the P4 and P8 trims While the smaller 48V electric motor has a range of 110 km the 72V unit is good for 140 km
The Mahindra e20 Plus is equipped with a steel frame structure and has a wheelbase of 2258 mm and ground clearance of 170mm
The exterior of the new electric vehicle gets a new grille revised rear end and Mahindraamprsquos signature vertical design Thetop-end variant also gets alloy wheels and a Blaupunkt infotainment system that also has a reverse parking camera
Other highlights of the Mahindra e20 Plus include REVive technology which helps the car to gain an extra 5-10 km of range whenthe battery is low and hill assist which will prevent the car from a rollback on an incline
VerdictWith a simple mechanism and easy to drive the Mahindra e2o plus is tailor-made for city drive
Battery capacity 210 AhBattery weight 121 kgPower 30 kW 3500 rpmTechnology Lithium IonOn-board power 16 kWhrTorque 91Nm 2000 rpmPRICE Rs 950586 lakh (ex-showroom Bengaluru)httpwwwdeccanheraldcomcontent601375e20-plus-indias-first-electrichtml
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Ford retains Ethical honour Nandini Sen GuptaThe Times of India (Web Edition)
Chennai Ford Motor Company has been named one of the Worlds Most Ethical Companies for the eighth straight year byEthisphere Institute This is the longest winning streak by any auto company
The list of the Worlds Most Ethical Companies acknowledges and honours companies that recognise that they have a role insociety to influence or drive a positive change These companies consider their employees investors customers and other keystakeholders when taking action while their values and culture align with the decisions they make every day
Companies weve honoured as Worlds Most Ethical take a novel response to the shift in societal expectations constantredefinition of laws and regulations and the geo-political climate said Timothy Erblich Ethispheres chief executive officer
Weve seen how Ford responds to these challenges while still investing in communities where they reside and embracing ethicalstrategies across the globe as a sustainable business advantage
Ford won the top spot on the basis of programmes aimed at monitoring human rights and safe working conditions sourcingconflict-free minerals to programmes such as the Partnership for a Cleaner Environment which is aimed at encouragingsustainability through Fords supply chain
Efforts to foster long-term relationships with suppliers through active engagement which includes sharing best practices as well asproviding training and evaluations to ensure suppliers meet both legal requirements and Ford standards was also counted as a plusStrong ethics and corporate citizenship are the foundation of our business philosophy which demonstrates to our customers whatwe stand for as a company said Bill Ford Ford Motor Company Executive Chairman This honour is a reflection of Fords corevalues and it shows that our employees are continuing to make the right decisions every day for all of our stakeholdershttptimesofindiaindiatimescomautomiscellaneousford-retains-ethical-honourarticleshow57632785cms
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Ford Endeavour Big beast conquers all topographies Sandesh M S and Umesh M AvvannavarDeccan Herald (Web Edition)
It came down easily from the deep steep it didnamprsquot get stuck in the pool of mud and slush though all the four tyres of thevehicle were like they lay buried inside it was easily making its own way down the path where there was not even a speck of tar inthe surroundings
The easy movement across various obstacles and the first look of the Ford Endeavour will drive any passionate off-roady crazyThe huge 32-litre fully-loaded engine taken for off-road testing on the outskirts of Bengaluru where the real power of the vehiclewas demonstrated by a group of off-roading experts
The vehicle was on top of a rock and there was not even a proper path for its movement but big ditches and meandering ups anddowns It was experienced on a track simulating challenging off-road conditions including hill climbs and descents slush and waterwading among others
Though it was looking like a rally track the car would have toppled at any point if the driver accelerated it amateurly Thisoff-roading track (natural terrain) was surely tailor-made to test the capacity and the power of a proven SUVacirceuroˆbeast
The daring off-roading drive included sharp turns steep hill climbs and hill descent wading through slush uneven surfaces anddriving at a 30-degree tilt among others The powerful four-wheel-drive and terrain management system with NormalSnowMudGrass Sand and Rock modes were ensuring the driver to have complete control of the car even over harsh ground Theterrain management system (the first-of-its-kind in this particular segment of cars) has included the modes for all the possibleobstacles in the off-roading track and makes the owner feel amplsquoready to conqueramprsquo
Terrain Management SystemAs said earlier it is a first-of-its-kind feature in the Ford Endeavour The four different modes are designed in such a way of havingan off-road expert beside you The modes are classified as
NormalFor all regular driving in normal road conditions In this mode the machine passes the torque to the front wheels (when necessary)depending on the movement of throttle and steering-movement This also minimises wheel slip
Snow MudHelps the vehicleamprsquos movement over slippery or loose surfaces Allows the wheel to spin in ups and downs and make thedrive feel smooth
SandFor driving on the rutted condition tracks Helps the driver maintain the same power through sand with aggressive torque transfer
RockThis mode provides maximum traction for low-range four-wheel-drive and prefer low-speed control which will enable one to easilynavigate through extreme off-road terrains
Hill Descent ControlThis mode helps one set and maintain the constant speed which tackles the steep descents with ease This also helps in taking thefeet off from the pedals and concentrate on the steering movement
With all the special modes the car was tested using a specific modes for different obstacles
Halted on the slushEven when the vehicle was completely halted in the slush the water-wading capacity of 800 mm along with 225 mm of groundclearance helped it easily come out of the ditch even in the sharp turns Compared with any other road vehicle the Ford Endeavourcan be halted in between the slush instead of rushing the obstacle
Hill climbing with rock modeThis obstacle was cleared by switching into the Rock mode and turning on the 4X4 drive The only work of the driver is to handle thesteering wheel and keeping the feet on acceleration pedal This mode can make the car climb any steep rock without any difficulty
For the wrong stepTo reduce anxiety on the track or to correct the wrong move the Semi-Auto Parallel Park Assist helps the driver locate the rightplace to halt and proceed while off-roading
70-degree steep downIt was a deadly obstacle on the off-roading track where it should only be done by experts The vehicle was made to come down
from the hill which had a climb of 70 degrees and safely landed on the flat surface The breathtaking obstacle was fought by turninginto the Hill Descent Control mode with extra caution Though one may be a passionate off-roading driver perfection in this obstacleneeds extra practice
Other obstaclesAfter clearing the deadly obstacles rest of the other tests over the track were easily done by the big machine The vehicles easilycrossed the multiple speed breaker and multiple pits and also climbed other steep rocks effortlessly
As a passengerAfter the tough 2 km drive covering all the possible obstacles that one might face during an off-road drive we also tested thevehicle by sitting inside as fellow passengers With the off-roading driving expert on the wheel climbing and getting down the toughterrains crossing other obstacles will make passengers feel the drive is straight out of an amusement park Just make sure thatevery individual inside the car has his seat belt onhttpwwwdeccanheraldcomcontent601374ford-endeavour-big-beast-conquershtml
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Renault introduces Kwid Climber at Rs 43 lakh Deccan Herald (Web Edition)
Bengaluru French auto major Renault has unveiled a variant of its popular hatchback Kwid in the country with the price starting atRs 43 lakh (ex-showroom Delhi)
Christened as Kwid Climber the variant will be available in both manual and automated manual transmission (AMT) modes
The manual variant is priced at Rs 43 lakh while the AMT trim of the vehicle comes for Rs 46 lakh (ex-showroom Delhi) The10-litre SCe engine which powers the Kwid Climber is optimally designed for better performance
The company first showcased the Kwid Climber as a concept vehicle at the auto expo last year The company aims to achieve amarket share of 5 in the near termhttpwwwdeccanheraldcomcontent601369renault-introduces-kwid-climber-rshtml
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Smart Hybrid Vehicles surpass one lakh units Deccan Herald (Web Edition)
Bengaluru Maruti Suzuki India has announced that its Smart Hybrid vehicles Ciaz SHVS and Ertiga SHVS have crossed cumulativesales of 100000 units recently This marks the success of Maruti Suzukiamprsquos efforts in hybrid and electric mobility in India
Introduction of technologies like Smart Hybrid can only create a significant positive impact if they are made available to a largersection of customers With this as a premise MSI introduced Indiaamprsquos first Smart Hybrid Vehicle Ciaz SHVS on September 12015 It subsequently introduced the technology in Ertiga Diesel in October 2015
Smart Hybrid Vehicle by Suzuki (SHVS) is a technology which uses an Integrated Starter Generator (ISG) and an advanced highcapacity battery to supplement the engineamprsquos power SHVS technology makes it more efficient than the conventional set-upand saves energy while deceleratingbraking
Ciaz and Ertiga Smart Hybrid participate in the government of Indiaamprsquos FAME India scheme which aims to promote FasterAdoption and Manufacturing of Hybrid and Electric vehicles in India
Celebrating the success of SHVS sales R S Kalsi Executive Director Marketing amp Sales Maruti Suzuki said ampldquoAs we movetowards hybrid and electric cars we see this as a first important step in this space Both Ciaz SHVS and Ertiga SHVS are high onfuel efficiency come with reduced running costs and lower levels of CO2 emission thus making these popular among customersThe response we have received for SHVS equipped Ciaz and Ertiga encourages us to continue to invest in new technologies thatsupport the environment while benefitting the customeramprdquo
Ciaz SHVS with a certified fuel efficiency of 2809kml tops the mileage chart in India Ertiga SHVS with 2452 kml has set newbench marks in fuel efficiency in its category Both vehicles are market leaders in their respective segments and illustrate thegrowing preference of Indian customers for greener and cleaner technologies like Smart Hybrids SHVS equipped vehicles accountfor over 60 of volume of the two models
Idle Start StopThe engine stops automatically when the driver shifts the gear to neutral and releases clutch while the engine is idling Restartsengine as soon as the clutch is pressed and the stored energy is used for this process
Engine AssistThe stored power in the advanced high capacity battery assists the engine during vehicle acceleration which improves efficiencyand thus prevents wastage of fuel
Brake energy Regeneration During decelerationbraking ISG charges the advanced high capacity battery and provides energy to assist the
engineamprsquos idle-stop-start function and helps the engine during accelerationhttpwwwdeccanheraldcomcontent601368smart-hybrid-vehicles-surpass-onehtml
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Car Tech SmartPlay adds the Android touch Vishal Mathurmint (Web amp Print Edition)
Car entertainment systems have become smarter but car makers in India have been slow to adopt the new technology MarutiSuzuki became the first car maker on our shores to add the Apple CarPlay in-car platform to their SmartPlay infotainment systemavailable in the S-Cross crossover Baleno hatchback Ciaz sedan and Ertiga multi-purpose vehicle (MPV) Now SmartPlay hasbeen upgraded with support for Googleamprsquos Android Auto in addition to Apple CarPlay for the iPhone
At the very heart of the SmartPlay system is a proprietary software for radio Bluetooth connectivity and basic navigation
Android Auto and CarPlay recreate your phoneamprsquos interface on the display in the car What you need to do is plug in yourphone to the caramprsquos USB port At present Android Auto and Apple CarPlay do not work wirelessly
Android Auto gives you instant access to apps such as Google Play Music Google Allo Google Maps and the phone dialer Theinterface is easy to useampmdashthe apps are listed at the bottom of the screen just like the navigation bar at the bottom of yourAndroid phoneamprsquos screen Within each app the menu for relevant options is available on the top left side Android Auto alsointegrates messages and notifications from third-party apps including Facebook Messenger and you can reply or set selectnotifications on mute while you drive
Unlike Apple CarPlay where you donamprsquot need to pair your phoneamprsquos Bluetooth separately Android Auto requiresBluetooth pairing if you want to use the voice-calling feature The 7-inch display has good brightness levels and is adequatelysharp It is a fingerprint magnet though and a bit reflective something youamprsquoll notice during daytime driving The system canalso be accessed with the controls on the steering wheelampmdashthese include media playback voice command and call keys
The new SmartPlay system is rolling out first in the Ignis hatchback priced upwards of Rs459 lakh (ex-showroom Delhi) Thismakes it the first car in its category to have the Apple CarPlay and Android Auto combination available as a default option
There is no doubt then that Apple and Googleamprsquos smart car platforms are a genuine evolution over the infotainment set-upsmost car makers have offered as a default all this whilehttpwwwlivemintcomLeisureTSsAAxb7YqoYittRY2Bw7ICar-Tech-SmartPlay-adds-the-Android-touchhtml
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Luxury Cars
The best of both worlds Roland Folger MD amp CEO of Mercedes-Benz India Hormazd SorabjeeThe Hindu (Web amp Print Edition)
Roland Folger Managing Director amp CEO of Mercedes-Benz India on why the long-wheelbase E-Class is an ideal fit for India
What is the rationale behind introducing the long-wheelbase variant of the E-Class and is it a gamble because of the high price
Well there is always a certain element of risk with a long wheelbase However in the next five to 10 years the road conditions arenot going to be any better and the traffic is not going to be any lighter Our customers including successful businessmen andentrepreneurs spend a lot of time in their cars Once we saw the opportunity within our line-up and solutions we had to some ofthose issues for the Chinese market we were very eager to apply the same in India There is nothing better out there than to havecomfort in your day-to-day driving routine on the populous roads of India
Was there cost pressure arising out of India being the only right-hand-drive market for the new E-Class
Of course there were cost pressures and it was not an easy sell to Germany either looking at the incremental cost of such avehicle and trying to stay within a price level that people would accept
I think that was the biggest challenge we were facing at that time But we remained committed to the idea since we knew it wouldgive us a unique positioning on cost and in price levels in a segment that we really own in India
That also gave us the confidence that the volumes we would achieve in India were definitely going to be worth it
Is there a possibility of exports to other right-hand-drive markets such as Singapore South Africa and Sri Lanka
In markets other than India the situation is different either they sell a lot more S-Classes or are happy with the existing normalwheelbase W213 E-Class We still looked at the opportunity and found that the volume was too small or not profitable for us at all
What was the research that prompted the launch of the long-wheelbase E-Class
We now have a total of 34000 E-Classes running in India We did some research with existing customers that involved talking tothem directly observing cars coming into service and talking to drivers to understand who was driving the car more frequentlyInterestingly we found that most of our customers were chauffeur-driven when they go to work but on the weekend they wish todrive themselves So our aim was to offer a vehicle which offered the best of both worlds
Will the new long-wheelbase E-Class pull in S-Class customers
I donamprsquot see a risk of the new LWB E-Class pulling S-Class customers since the S-Class is not bought because of itslegroom but because of its overall package and positioning We hope to attract a lot of other people from the SUV segmentbecause of the space and comfort the E-Class offers So maybe we can change some of the rules of the game as well
What is the strategy behind bringing the 30-litre V6 diesel to the E-Class
We adopt a skimming policy sometimes where we believe that the first customers because of their long relationship with us aredefinitely going for the 350d
The top-end variants are the first cars to be snatched up eagerly and we need to take care of these customers first
Do you have plans to bring the straight-six diesel engine to India
Yes we might get a straight-six diesel by 2018 Naturally it also depends on our sales figures and our sales success
But it will certainly come to India thatamprsquos a promise We have been making sure that the relevant parties in the Governmentunderstand that from 2018 onwards we will be ready to also introduce Euro-VI or BS-VI-compliant engines in India and arediligently working on thathttpwwwthehinducomtodays-papertp-featurestp-metroplusthe-best-of-both-worldsarticle17464905ece
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Mercedes-Benz E350D A luxury car with limousine looks Shapur Kotwalmint (Web amp Print Edition)
The E-class is the model with which Mercedes first came to India many years ago Now itamprsquos ready with an all-new model in astretched-out long-wheelbase avatar
In fact India is the first right-hand-drive market to get the E-class long-wheelbase
The first thing that strikes you about the new E is that itamprsquos a really long car and itamprsquos this length that gives it the majesticlimousine look The highest specification variant of the 350d gets air suspension In its lowest setting ground clearance is just120mm though you can raise this by 15mm using the ampldquoliftamprdquo function However the underside scrapes over a fewspeed-breakers Whatamprsquos nice though is that the smart 17-inch alloy wheels are wrapped in tyres with tall sidewalls whichhelp the car absorb bad roads better
The focus of the car is its rear seats and this is where the new E-class impresses There is more legroom than you will ever needand the seats are sure to set a new benchmark in the class in terms of comfort They are nicely bolstered and offer excellentsupport all round The back rest even reclines electrically and that combined with the pillow-soft headrest cushions makes the rearseats the perfect spot for a power nap And if you need more legroom you can push the front passenger seat forward with the touchof a button The double panoramic roof adds to the sense of space inside
However the middle seat is narrow and it is best to flip down the centre armrest for comfort There are other shortcomings tooThereamprsquos just one USB slot for the rear passengers who will not be able to control the Comand infotainment system and theair-con system takes quite a while to cool the massive cabin
The Comand system features a 123-inch display and is paired with a Burmester surround-sound audio system It can be controlledvia a jog-dial and a touch pad as well as small steering-mounted touch pads It doesnamprsquot have touch controls and the carbeing sold in India doesnamprsquot get the all-digital instrument cluster that the E-class sold internationally hasampmdashinstead ituses a rather ordinary-looking analogue instrument cluster
However the E-class comes loaded with Mercedesamprsquo Pre-Safe system (it tightens seat belts and braces passengers in caseof an imminent impact) and a 360-degree camera handy when manoeuvring a car this big through tight spaces Thereamprsquoseven a Park Pilot which steers the car into a parking spot for you
Those who like to drive will definitely appreciate the 258hp 30-litre V6 diesel engine Itamprsquos supremely refined you can hardlyhear it in the cabin In addition itamprsquos got nine-speed transmission
The E-class can be quite quick when you want it to be it can accelerate from 0-100 kmph in a claimed 66 seconds Pick up thepace however and the lateral body movement is quite noticeable more so over bad roads Itamprsquos best to use the Sport orSport+ modesampmdash the car feels more tied down and is better to drive In Sport+ though it feels too eager to accelerate andspeed up which can be slightly disconcerting in bumper-to-bumper traffic
In case you donamprsquot plan on driving yourself around the 20-litre petrol-powered variants starting at Rs5615 lakh will serveyou better The car will also get a new 20-litre diesel engine sometime later this year Chauffeur-driven buyers should be impressed
with the caramprsquos ride which almost makes you feel like youamprsquore travelling on a cushion of air especially in the Comfortmode
You must consider the new E-class if you are thinking of buying a luxury car with a brilliant back seat Itamprsquos spacioussupremely comfortable and as with all Mercedes cars has a cabin thatamprsquos fastidiously put together In the right drive mode itcan tackle bad roads well and the big diesel engine is even fun to drive Prices range from Rs5615-6947 lakh (ex-showroomDelhi) which means the top-specification variant is almost Rs7 lakh costlier than the predecessorhttpwwwlivemintcomLeisureZT1ffyCrNaC0DdkXB6GmxIMercedesBenz-E350D-A-luxury-car-with-limousine-lookshtml
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Audi Launches 2017 Q3 at Rs 3420 Lakh Asian Age (Web Edition)
German luxury automaker Audi has recently launched the 2017 Q3 in India It is the third launch from Audi this year and asproposed the automaker will introduce seven more new products in 2017 The updated Q3 comes with subtle aesthetic changesan uprated diesel engine along with standardisation of features The 2017 Audi Q3 is now available in two variants ampndash the 20TDI FWD priced at Rs 3420 lakh and the 20 TDI Quattro priced at Rs 3720 lakh (all prices ex-showroom New Delhi)
In terms of design the changes on the outside are limited to the front bumper The air inlets now get a black surround whichcomplements the black lower cladding The new Q3 is now offered with all-LED headlamps as standard Also offered as standardare 17-inch 5-spoke alloy wheels shod with 23555 R17 tyres
Inside changes are limited to the inlays - the Q3 20 TDI FWD gets walnut brown ones while the Q3 20 TDI quattro gets aluminiumones Equipment such as electric adjustment for the front seats a panoramic sunroof and 2-zone automatic air conditioning isoffered as standard
The MMI system has not been modified in the new Q3 The 65-inch infotainment display remains the same while the multimediasystem is BluetoothSD card compatibility with 20GB of inbuilt storage Infotainment
The 20-litre turbocharged 4-cylinder motor remains the only power source for the Q3 - but it has been tweaked for more powerand torque The transmission option is now limited to the 7-speed S tronic dual clutch The 6-speed manual available on thepre-facelift S edition variant has been discontinued Drivers can use paddle-shifters placed behind the steering wheel to changegears
The 20-litre TDI develops 150PS of maximum power and 340Nm of peak torque in the FWD variant This is 10PS20Nm more thanthe 20 TDI that powered the pre-facelift Q3 S edition Available only with the 7-speed S tronic dual-clutch transmission the 20 TDIFWD can accelerate from 0-100kmph in 93 seconds and has an ARAI-certified fuel efficiency of 1851kmpl
The 20-litre TDI develops 184PS of maximum power and 380Nm of peak torque Compared to the pre-facelift Q3 the motor in thenew develops 7PS more power Paired to the 7-speed S tronic dual-clutch transmission the 20 TDI quattro accelerates from0-100kmph in 79 seconds and has an ARAI-certified mileage of 1517kmpl
Driver convenience features on offer include a colour multi-information display for the driver in the instrument console hill-startassist hill descent control and cruise control Standard safety systems on offer include rear parking sensors reverse parkingcamera ESC and 6-airbagshttpwwwasianagecombusinessautos140317audi-launches-2017-q3-at-rs-3420-lakhhtml
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Commercial Vehicles
Tepid growth of 2-3 expected in CV industry in FY 17 Tata Motors Shobha MathurThe Economic Times (Web Edition)
New Delhi The commercial vehicle industry is expected to grow at a tepid pace of 2-3 percent during financial year 2016-17 due tothe effect of demonetisation and the slow recovery thereafter according to RT Vasan VP sales and marketing at Indias largest CVmaker Tata Motors
In November-December 2016 the commercial vehicle industry had dropped steeply by about 20 percent and has been on arecovery mode since January after the restrictions on cash availability were gradually eased
Improvements have been witnessed across product segments whether LCVs or construction a segment which was doing well rightthrough the year
The cargo market has also started picking up pace since the last couple of months In the bus category privatization has given afillip to its declining fortunes so that the school city and staff transport sector are all on the incline
The construction sector is expected to grow by 25 percent during this fiscal on the back of heightened activity in the infrastructure
sector In FYamprsquo17 ease of financing and improvement of consumption demand was expected to boost LCV sales In the cargoMampHCV segment a double digit growth had been forecast by industry body SIAM with improvement in overall economy led byincrease in industrial and agri output
Vasan told ETAuto that the industry was optimistic about the next fiscal with the advent of the BS-IV emission regime from 1 April2017 However prices of vehicles are expected to rise especially of MampHCV trucks There would be a slow start to the year by theCV industry due to pre-buying in FYamprsquo17 before the new emission regime kicked in that would slowdown sales in the firstquarter of FYamprsquo18
But with the impetus given to this segment by infrastructure development and road construction by the government the industrywould see a growth from Q2 after the impact of pre-buying starts declining
While the industry is ready with the BS-IV product range Vasan says that the new technologies harnessed for compliance wouldboost vehicle prices by 8-10 percent for MampHCVs Buses would also witness a price realignment of 8-10 percent while LCVs wouldsee a price rise of 6-10 percent
In terms of new technologies most of the CV range is already equipped with the anti-lock braking system except for the smallerones
In terms of upcoming regulations some more safety legislation is on its way related to the body code such as cabins that will haveto be necessarily be air conditioned in the future
The bus body code that was earlier announced has only been partially implemented so far and the body code is also believed to becoming up for the truck and trailer segments LCVs are small units and have been already approved by ARAI
The overall CV segment registered a growth of 349 percent in April-February 2017 compared to the same period last year Mediumamp Heavy Commercial Vehicles (MampHCVs) declined marginally by 079 percent and Light Commercial Vehicles grew by 682 percentduring this periodhttpautoeconomictimesindiatimescomnewscommercial-vehiclemhcvtepid-growth-expected-of-the-cv-industry-at-2-3-percent-in-fy1757633279
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Tata Motors to showcase all new 1000 bhp race truck PTISee this story in The Economic Times (Web Edition)
New Delhi Tata Motors will showcase an all new T1 Prima race truck powered by 1000 bhp engine during the fourth season ofthe T1 Prima Truck Racing Championship
The engine of the all-new 1000 bhp T1 race truck is being developed in collaboration with US-based Cummins enabling thecompany to set new benchmarks in the Indian commercial vehicles space Tata Motors said in a statement
Built with specifications similar to that of trucks that race globally the vehicle was developed in a record time of 12 months ademonstration of teamwork speed and capability Tata Motors Executive Director Commercial Vehicles Ravindra Pisharody said
Tata Motors and Cummins have a joint venture company called Tata Cummins established in 1994 developing engines in the rangeof 75 to 400 HPThe fourth edition of T1 Prima Truck Racing championship will be held on March 19 at the Buddh International Circuit (BIC) GreaterNoidahttpautoeconomictimesindiatimescomnewscommercial-vehiclemhcvtata-motors-to-showcase-all-new-1000-bhp-race-truck57635142Tata Motors to showcase 1000 bhp Prima TruckFinancial Chroniclehttpwwwmydigitalfccomcompaniestata-motors-showcase-1000-bhp-prima-truck-900Tata Motors to showcase all new 1000 bhp race truckDaily News amp Analysis (Web Edition)httpwwwdnaindiacommoneyreport-tata-motors-to-showcase-all-new-1000-bhp-race-truck-2352506
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Construction amp Agri Machinery
SBI floats one-time settlement scheme for tractor loans Abhijit LeleBusiness Standard
Mumbai State Bank of India (SBI) has floated a one-time settlement scheme for borrowers defaulting on loans taken to buytractors
The countryamprsquos largest bank has also voiced reservations against the move to waive farm loans saying this will affect therepayment culture in the country
SBI executives said the tractor loan book was part of the bankamprsquos farm loan portfolio and the bank announced settlementschemes regularly to shed doubtful debt where the prospects of recovery were low after making adequate provisions for such dudassets
The settlement scheme for tractor loans began early last month and will continue till March 31 The scheme was for loans disbursedbefore September 30 2011 and had up to Rs 25 lakh outstanding by September 2016 SBI Managing Director Rajnish Kumar saidSBI will take a haircut of 40 per cent on these loans
graphIn a portfolio of over Rs 4000 crore of tractor loans about Rs 800 crore will be eligible for the scheme Crop failure and inability todeploy tractors were some of the reasons for the loans turning bad SBI executives said
SBI had in May 2015 advertised a ampldquoloan resolution weekamprdquo asking borrowers with non-performing assets to ampldquotryand work out a solutionamprdquo The scheme was available to all borrowers except willful defaulters Kumar said the bank was yet tohear anything specific from the government on a farm loan waiver
SBI had in 2014 opposed the waiver of farm loans in Andhra Pradesh and Telangana
ampldquoUttar Pradesh and Punjab constitute 10 per cent of (farm) loans and we wait to understand the contours of the waiver Theimpact will be higher on public banks than on private banksamprdquo Kotak Institutional Equities said in a research notehttpwwwbusiness-standardcomarticleeconomy-policysbi-floats-one-time-settlement-scheme-for-tractor-loans-117031400886_1htmlSBI to offer one-time settlement for Rs 6000-crore tractor loansThe Financial Expresshttpwwwfinancialexpresscomindustrybanking-financesbi-to-offer-one-time-settlement-for-rs-6000-crore-tractor-loans588102SBI to offer Rs6K-cr one-time settlement for tractor loansThe Indian Expresshttpindianexpresscomarticlebusinessbanking-and-financesbi-to-offer-6k-cr-one-time-settlement-for-tractor-loans-4569462
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23 Wheelers
Yamaha aims to export 22 lakh units from India in 2017 Hiroaki Fujita Chairman Deepanshu TaumarThe Economic Times
New Delhi Indian arm of Japanese two-wheeler manufacturer Yamaha Motor is aiming to export over 22 million units from Indiathis year compared to 161 lakh units exported last year thereby recording an estimated growth of 3664 percent Hiroaki FujitaChairman India Yamaha Motor informed in a press statement
In the domestic market the two-wheeler major is also targeting to sell 1 million scooters and motorcycles in 2017
In an annual supplier conference held at Greater Noida Hiroaki Fujita Chairman India Yamaha Motor said ampldquoOur target forthis year is to achieve 1 million unit sales in domestic market and 22 lakh unit sales for exports market In addition we also need toreinforce the Indian parts export business in order to contribute to Yamaha business globally While doing so we must continue withour focus on the amplsquoQualityamprsquo of our parts and productsamprdquo
The two-wheeler major produced a total 94 lakh units in the country in 2016 Yamaha Motor India has two manufacturing plants inIndia at Greater Noida and Chennai having a capacity of 61 lakh units and 56 lakh units respectively
The company aims to produce 15 million units by 2018
Yamaha Motor India has sold over 786 lakh units of two-wheelers in 2016 and over 50 of its total sales have come from scooters
The two-wheeler manufacturer saw a steep decline in sales from the month of November 2016 to January 2017 It was only duringFebruary 2017 when Yamaha registered a growth of 20 percent in domestic sales as compared to the corresponding period lastyear The company recorded domestic sales of 68095 units (including Nepal) in February 2017 compared to 56960 units (includingNepal) in February 2016
Industry analyst believes that the impact of demonetisation is wearing off now Only motorcycles are in red zone because of a largerural consumer base However scooters which are largely sold in urban areas is on the positive side It further believed that by nextmonth the demonetisation impact will completely go away
India Yamaha Motor recently marked its entry into 250 cc sports bikes segment which has very less competition Going forward thecompany wants to focus on urban area than the rural market
The objective of conducting the Annual Suppliers Conference was to share the last yearamprsquos result for Sales and Productionand the current yearamprsquos Sales and Production Plan During the conference India Yamaha Motor shared the direction for 2017its purchase policy the Purchasing Policy of Yamaha Motor Company (Japan) and activities organised amp initiatives were taken forsales and marketing in the previous year
India Yamaha Motor shared its expectations with the suppliers for improvement in Quality Delivery and Development performances
besides cost competitiveness to compete in the export market to increase profitability for both Yamaha and the Suppliers IndiaYamaha Motor also emphasised that all the Suppliers can draw up their investment plans based on the increasing volumes infuture
Sixteen Suppliers were also awarded for their exceptional services in the areas of Quality Delivery Development and Costincluding the Appreciation Award for some of them for the extraordinary Improvement support provided to India Yamaha Motor in2016httpautoeconomictimesindiatimescomnewstwo-wheelersscooters-mopedsyamaha-aims-to-export-2-2-lakh-units-from-india-in-2017-chairman57632349
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BSIV Compliant TVS Jupiter launched at Rs 49666 (Ex-Delhi) The Economic Times
New Delhi Hosur based TVS Motor Company in a BSE filing announced the launch of its BSIV compliant TVS Jupiter at Rs 49666(Ex-Delhi) and it is now available with two new colours - Jade Green and Mystic Gold
The refreshed scooter is now BSIV compliant with Auto Headlamp On (AHO) and equipped with Sync Braking System (SBS) SBSensures rider safety as it automatically activates the front brakes when the rear brakes are used claims TVS The feature previouslyavailable on ZX range will now be available on the Base variant as well
Commenting on this Aniruddha Haldar Vice President Marketing- Scooters TVS Motor Company said ampldquoTVS Jupiter hasreceived such enthusiasm from the consumers in response to its credo of Zyada ka Fayda Living true to this credo not only is theentire Jupiter range now BSIV compliant it now offers the unique Sync Braking System (SBS) across the entire range (earlier onlyavailable on the ZX range) Further for our customers we are adding two colours Jade Green and Mystic Gold giving them 10colour options to choose from We are happy to offer all this with absolutely no change in the Exshowroom price truly ZYADA KAFAYDAamprdquo
Since its launch in 2013 TVS Motor Companyamprsquos flagship scooter brand Jupiter has been strengthening theCompanyamprsquos foothold in the scooter market and contributing to overall scooter segment uptake penetration and growth inIndia
Company has sold over 15 million Jupiter scooters since its launch in 2013 The scooter is powered by a all-aluminum low-friction110cc engine
There is no revision in the prices for the BS IV models of Jupiter priced at Rs 49666 (Ex-Showroom Delhi) the scooter is availableacross all TVS dealershipshttpautoeconomictimesindiatimescomnewstwo-wheelersscooters-mopedsbsiv-compliant-tvs-jupiter-launched-at-rs-49666-ex-delhi57630201TVS Motor rolls out BS IV variants of JupiterThe Hindu Business Linehttpwwwthehindubusinesslinecomtodays-papertp-newstvs-motor-rolls-out-bs-iv-variants-of-jupiterarticle9583972eceTVS unveils BS-IV compliant JupiterThe Hinduhttpwwwthehinducomtodays-papertp-businesstvs-unveils-bs-iv-compliant-jupiterarticle17464118eceTVS launches BS-IV compliant JupiterBusiness Standardhttpwwwbusiness-standardcomarticlecompaniestvs-launches-bs-iv-compliant-jupiter-117031400552_1html
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Dominar 400 takes the battle to the Royal Enfield turf Murali GopalanThe Hindu Business Line
Mumbai Bajaj Autoamprsquos recently launched Dominar 400 is attracting former Royal Enfield bike users who now account for 20per cent of its customer base
According to Eric Vas President (Motorcycle Business) Bajaj Auto the larger chunk of 80 per cent is still taken up by those whoused Yamaha Honda and Bajajamprsquos own Pulsar motorcycles
The Dominar made its debut in mid-December as a serious contender to Royal Enfield While monthly numbers thus far have beena little over 3000 units the good news is that the bike has taken pride of place in the 350cc plus segment vis-a-vis RoyalEnfieldamprsquos offerings However when it comes to the core 350cc space the latter continues to be the market leader withmonthly sales of nearly 55000 units powered by the Classic and Bullet
The three-month-old Dominar 400 kicked off its presence in 22 towns which has since increased to 32 in February and slated to goup to 110 towns by the end of this month
This tally will double to 200 in April and Bajaj Auto hopes to have at least 300 towns covered for the Dominar 400 during the courseof 2017-18
If everything goes according to plan the company hopes to be clocking its targeted 10000 motorcycles every month by the end of
Q3 next fiscal
Attractive features
Vas says market feedback shows that buyers love the Dominar 400 for its performance speed and top-class brakes Interestingly alarge number of them have opted for the more expensive ABS version which retails at a little over Rs 15 lakh
The LED lamps are another big draw and their attractive lighting explains why many customers opt to have their test rides at night
According to Vas Dominar 400 buyers are largely in the age group of 25 years who have already owned a bike There are no firsttime users yet but this is expected to begin happening once the network grows and more customers start going in for the relativelyless expensive disc brake version which has a price tag of nearly Rs 14 lakh
The Dominar 400 was launched to take on Royal Enfield in a segment that is priced between Rs 1-2 lakh and accounts for five percent of motorcycles sold in India
In terms of numbers this translates into 65000 units each month
The next fiscal could see this grow to nearly 85000 units or over one million units annually
Changing dynamics
It is in this product category that Royal Enfield has a market share of 80 per cent and it is in the balance 20 per cent space thatBajaj has thrown down the gauntlet with the Dominar 400
The other rival models include KTM Yamaha YZF-R15 and Honda CBR 150R but none of them has posed a serious threat to RoyalEnfield yet
It now remains to be seen if the Dominar 400 can draw customers from the top-selling Classic
It is clear that with 10000 units targeted during 2017-18 Royal Enfield will still be comfortably ahead in terms of numbers
How dynamics change after this period will be interesting to watch
From Bajaj Autoamprsquos point of view the strategy boils down to acknowledging the reality of living in a world of opposites whereevery mature segment is essentially a two-horse race
The Dominar will stick to the core principle of being opposite from the market leaderamprsquos offerings and has been positioned as amodern machine and not a heritage brandhttpwwwthehindubusinesslinecomtodays-papertp-newsdominar-400-takes-the-battle-to-the-royal-enfield-turfarticle9583973ece
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Bajaj cheers at Feb sales Ajay ModiBusiness Standard
New Delhi Pune-headquartered Bajaj Auto claims to have surpassed volumes sold by market leader Royal Enfield in the 350-500ccmotorcycle segment in February
It attributes this to the Dominar a 373 cc premium sports motorcycle it launched in December at an ex-showroom price of Rs 136lakh Enfield says Bajaj is celebrating too early
Bajaj has sold about 3000 units of Dominar a month this calendar year and is drawing a comparison with the February volume ofRoyal Enfield in the 350-500 cc segment when the latter did wholesale volumes of 2602 units Eric Vas president for themotorcycle business at Bajaj said ampldquoWe have already overtaken Royal Enfield in the segment They used to sell an averageof 5000 units a month until a few months agoamprdquo
He claims that two of every 10 Dominars was sold to customers who owned an Enfield ampldquoSome have sold it to buy Dominarand some have bought it as their second bikeamprdquo He added there had been a decline in the waiting period of some of Enfieldsmotorcycles The 350-500 cc segment for Enfield includes the Bullet 500 Classic 500 Thunderbird 500 and Himalayan
Bajaj hopes to gradually raise Dominar volumes to an output of 10000 units monthly in about six months ampldquoThe bike hasbeen accepted very well We should reach a monthly volume of 6000 units by next monthamprdquo said Vas He did not disclosecumulative bookings for the Dominar He said most customers bought it after test rides
Vas said the volumes were aggregated from the 22 cities where itwas available until February We have expanded reach to 32cities and it will be available in a 100 cities and towns by end-March In April the company plans to add another 100 cities andtowns The constraint is more on the capacity front than on the network sideamprdquo he said
Bajaj said the incremental volume from Dominar would start reflecting in the profit figures once volume crossed 5000-6000 units amonth
Enfield has almost the entire 250-350 cc motorcycle market in the country estimated at close to 50000 units a month This is where
it gets the lionamprsquos share of its sales In the 350-500 cc market it controls 80 per cent (data for the first 11 months of FY17)This is a much smaller segment with monthly volume of 5300 units
Siddhartha Lal managing director of Eicher (which owns Enfield) told Business Standard last month that it would continue toengage with the target segment and expand reach to grow volumes ampldquoWhen one succeeds in a segment others try to enterand take a bite Of course there will be competition but we are not worriedamprdquo hed said It is understood that Enfieldamprsquosproduction volume in February was impacted due to fewer days (February having only 28) and the transition to BS-IV emissionnormshttpwwwbusiness-standardcomarticlecompaniesbajaj-cheers-at-feb-sales-117031400822_1html
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India Yamaha Motor sets ambitious sales target Nandini Sen GuptaThe Times of India
Chennai India Yamaha Motor Private Limited (IYM) is targeting an ambitious production and sales pitch of more than three millionunits this year with one million in the domestic market alone It was revealed by the top management at a recently organised AnnualSuppliers Conference at Greater Noida (Delhi-NCR) which was attended by 500 members representing more than 200 suppliersfrom across India
The theme of this years conference was Challenge the Innovation for Global Competitiveness and Its all about the customer
Our target for this year is to achieve one million unit sales in domestic market and 22 lakh unit sales for exports market Inaddition we also need to reinforce the Indian parts export business in order to contribute to Yamaha business globally While doingso we must continue with our focus on the Quality of our parts and products said Hiroaki Fujita Chairman YMI-G Cos
The objective for conducting the Annual Suppliers Conference was to share the last years result for sales and production and thecurrent years sales and production plan During the conference IYM shared the direction for 2017 its purchase policy thepurchasing policy of Yamaha Motor Company (Japan) and activities organised amp initiatives taken for sales and marketing in theprevious year
Among the senior management members who were present on the occasion on behalf of IYM included Hiroaki Fujita chairmanYamaha Motor India Group Cos (YMI-G Cos) Takashi Terabayashi MD -IYM Yasuo Ishihara MD- Yamaha Motor Research ampDevelopment India (YMRI) T Yamaguchi Deputy MD amp Purchase Head- IYM along with the YMC Purchase team - Olivier Prevostdeputy chief general manager and Hiroshi Hagio general manager
IYM shared its expectations with the suppliers for improvement in quality delivery and development performances besides costcompetitiveness to compete in the export market to increase profitability for both Yamaha and the Suppliers IYM also emphasisedthat all the suppliers can draw up their investment plans based on the increasing volumes in future
Sixteen suppliers were also awarded for their exceptional services in the areas of quality delivery development and costhttptimesofindiaindiatimescomautobikesindia-yamaha-motor-sets-ambitious-sales-targetarticleshow57633067cms
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Thunderous sound remain forever Sandesh M SDeccan Herald (Web Edition)
Bike-lovers had expected a lot from Royal Enfield when the homegrown tough motorcycle manufacturer revealed the 500ccThunderbird in October 2012
When DH decided to check out the four-year-old model with respect to the present dayamprsquos bikes with updated technology theThunderbird 500 remains outstanding in its segment
The bike was tested for two weeks with everyday regular usage and an enthusiastic rider The bike is a good choice for the dailyneeds of an Indian family
Be it an office-goer or a student the bike gives an extra feel where you enjoy every bit of it You need an extra muscle and morepower to handle the bike when the engine is turned off Sometimes it will be a great challenge to tow the bike till a filling station ifthe engine goes dry
PerformanceUndoubtedly this is the most powerful variant of Royal Enfield today The bike feels far impressive than any other machine in thissegment It constantly urges you to take it on highways as it feels best when you pushed harder Overtaking is also very easy withthis bike and it can easily cross a speed of 120 kmphr It still remains a very responsive bike especially at slow speeds
The heavy amount of torque helps it move easily in city traffic The gear ratios are well-matched with this bike and you need lessgear shifts than before The only issue we have with the bike is its heavy weight In city traffic and with a pillion rider sometimes youwill feel the actual weight of this bike Otherwise there are no major concerns related to its performance
Fuel efficiency
Mileage is still a concern and the major drawback with Royal Enfield bikes As the brand new bikes claims to offer 30 kmpl the oldbikeamprsquos mileage drops day-by-day
After few years this will be the main reason for the rider to get rid of his bike In a typical Indian customer mindset a middle-classfamily will think twice before going for a Bullet
Depending on the usage the cushion will loose its power day-by-day The rider will surely feel the pain on the long rides and trafficjams Regular servicing from an authorised mechanic will keep the vehicle in good condition
VerdictThe Royal Enfield Thunderbird 500 is a special bike but the cost compared with its 350 cc sibling the biker has to cough up anextra Rs 40000 which makes anybody to think twice before investing in one The bike has the capability to sustain any roughhandling Though it becomes rough and old its sturdiness remains the samehttpwwwdeccanheraldcomcontent601371thunderous-sound-remain-foreverhtml
Top
E-Bikes
Components
Amtek Autoacirceurotrades Arvind Dham may offload personal assets to reduce debt Deborshi Chaki amp Swaraj Singh Dhanjalmint
Mumbai With troubled auto parts maker Amtek Auto Ltdamprsquos planned divestment of domestic and overseas businesses yet tomaterialize company chairman and founder Arvind Dham has begun exploring options to monetise assets owned by him
According to two people familiar with the matter who asked not to be identified Dham is in talks with potential buyers to sellIndraprasta Engine Parts Pvt Ltd ( IEPPL) an auto component manufacturing company which he owns in his personal capacityDocuments filed with the registrar of companies show that Arvind Dham along with other senior executives of Amtek Auto holdshares in Indraprasta Engine Parts Pvt Ltd
Dham did not respond to emails text messages and phone calls seeking comment
According to the latest available filings Indraprasta Engine Parts reported a revenue of Rs9525 crore and a loss of Rs115 crore inthe financial year ended 31 March 2015 The company was incorporated in 2010 and currently has a manufacturing plant in HosurTamil Nadu
ampldquoDham has been in discussions to sell the unit following which talks with Kalyani Forge Ltd (KFL) and Sterling Tools Ltd (STL) have reached an advanced stageamprdquo said one of the two people ampldquoDham is keen to show to the lenders that he iswilling put his own money even though the plans to sell Amtek Autoamprsquos assets to repay its debt have not beensuccessfulamprdquo
Amtek Autoamprsquos standalone loss widened to Rs24156 crore for the quarter ended December 2016 from Rs17536 crore in thesame quarter last fiscal Dham plans to plough the proceeds of the sale into the company the first person added
Spokespersons for Kalyani Forge and Sterling Tools did not respond to emails seeking comment
Ever since Amtek Auto defaulted on bond repayments of close to Rs800 crore in September 2015 it has been trying to sell variousgroup businesses to reduce the debt on its books The company has appointed Morgan Stanley as an adviser to assist in its debtreduction plan Amtek Auto owed Rs8066 crore to various lenders as on 30 September 2016 Mint learns that its consolidated debtat the group level is higher
In July last year Bloomberg reported that Amtek Auto has hired global investment bank Rothschild and Co to advise on thepotential sale of all overseas operations including those in the UK the US Mexico China and Germany The report said Amtek wasseeking bidders for its German unit Amtek Tekfor Holding GmbH and expected to raise over $1 billion from the process
A manufacturer of forging parts Amtek Auto counts most of Indiaamprsquos top auto component makers as clients Its overseasclients include global auto brands such as Aston Martin and Daimler
In February the company said in a regulatory filing that it is planning to raise Rs1175 crore by selling shares to promoters on apreferential basis for which it will seek shareholdersamprsquo approval The company has called an extraordinary general meeting on25 March to seek approval from its shareholders for the proposal it added
In February lenders of Amtek Auto are understood to have asked it to either repay loans or convert the outstanding into equityshares or warrantshttpwwwlivemintcomIndustry1tt2QpJ8TtSm53I1bN4VgKAmtek-Autos-Arvind-Dham-may-offload-personal-assets-to-reduhtml
Top
Allied Industries
Tyre stocks race ahead as China cuts India trade Palak ShahThe Economic Times
Mumbai What is aiding Indiaamprsquos tyre stocks Chinaamprsquos policy to shun India market for the US The share price ofdomestic tyre manufactures including MRF Apollo Tyre Ceat and J K Tyre rose between 1-7 on Tuesday
A research report by Philip Capital said China had curtailed its tyre exports to India to focus on US markets as Trump administrationhad decided against anti-dumping duty on tyres The research pointed out there was more upside for these stocks
ampldquoChina has raised their TBR (truck bus and radial) tyre prices for Indian market by 10-15 rendering themunattractiveamprdquo said Nitesh Sharma and Dhawal Doshi in the research report ampldquoOur checks indicate that Chinesefactories have nearly stopped catering to tyre demand from India as US markets were more lucrativeamprdquo
Ceat rose by 607 on Tuesday Apollo Tyres was up 396 MRF gained 186 and Goodyear India jumped by 129 amongmajor tyre companies
The report titled amplsquoTables Turn Chinese players out rubber fallingamprsquo further said Chinese imports will not bounce backsoon
Demonitisation too has dent a blow to the tyre imports from China which were largely in cash China accounted for roughly 120000 tyre units each month between April to October 2016 but it has fallen sharply now said experts
ampldquoTyre stocks will do well as rubber prices are on a downward spiralamprdquo said Mehraboon Irani Principal amp Head PrivateClient Group Nirmal Bang Securities ampldquoFall in auto sales and jump in rubber prices are not expected which may keep thetraction for tyre stocksamprdquo
Natural rubber prices had jumped to three year high in January due to floods in Thailand the largest exporter of rubber The priceswhich rose to Rs 210kg are now down by over 20 Meanwhile domestic tyre manufactures hiked tyre prices by 3-5 recentlyPhilip Capital has a buy on Ceat and Apollo Tyres with a target of Rs 1550 and Rs 239 respectivelyhttpeconomictimesindiatimescommarketsstocksnewstyre-stocks-race-ahead-as-china-cuts-india-tradearticleshow57633191cms
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How to avoid being overcharged for car service at dealerships The Financial Express
Authorised workshops or dealerships are the main preference for servicing of a customers new car There are dealerships that aregenuine and would not fleece your money while after sales treatment however there are others who would try and take everypenny from you This would also involve you to be thorough with the detailed billing as well as being cautious about understanding ifa requisite task is at all required in your car Here are some tips on how to avoid being overcharged while getting your car serviced
One key area where sales executives of a said dealership can suggest unnecessary expense is anything related to the engineTasks like engine de-carbonisation or engine flushing are suggested right from the first service however it is not required in avehicles early years A cars decarbonisation should ideally take place when the response from the engine is sluggish or there arefrequent misfires despite regular services This usually starts to happen after 60000 kms or more In case it is recommended by asales executive and he or she insists simply avoid by saying no Another popular unnecessary expense is fuel line cleaning whichis suggested at every service Remember that petrol is itself used as a cleaning agent in many applications so fuel line cleaningshould be carried out only in case of a problem
Another aspect where customers are cheated is due to the lack of knowledge about their respective vehicle There have been caseswhere a dealership has conned a customer by putting spark plugs in a diesel car or heater plugs in a petrol engine powered vehicleA diesel car does not have spark plugs (but a petrol car does) and similarly a petrol car doesnt have heater plugs (which arepresent in diesel cars) Additives are advised by many service advisors but these arent needed unless specified by the carmakerKnowing the basic mechanical and electrical parts of your car can go a long way in saving you your money
Other mechanical parts where a person can be overcharged is the clutch adjustment Most modern manual transmission cars soldin India have a hydraulic clutch which is self adjusting till the time the pressure plates and the clutch plates are completely worn outA worn out clutch system will require more pressure to depress the pedal thereby indicating the clutch plates andor pressure plateswould need replacement Ideal time to replace is not at every service which clever dealerships would suggest but at least a gap ofthree service intervals is recommended (with the service interval at every 10000 kms)
All carmakers offer an owners booklet which has all the details of which part needs to be replaced when and the recommendedservice interval When getting your car serviced always refer to this manual and insist on only the aspects mentioned in the manualto be donehttpwwwfinancialexpresscomautocar-newshow-to-avoid-being-overcharged-for-car-service-at-dealerships587326
Top
Emissions Environment
Finance amp Insurance
Customer not bound by tie-up between vehicle dealer insurer Pune Court Vishwas KothariThe Economic Times
Pune The district consumer court here has ruled that a tie-up between a vehicle dealer and an insurance company is not bindingupon the consumer who buys a vehicle from such a dealer
The court has directed the Bajaj Allianz General Insurance Company in Yerawada here to refund a premium of Rs 21053 ampmdashalong with an annual interest of 9 since September 20 2014 ampmdash and a Rs 5000 fine to a Daund resident for failing to renewhis car insurance despite the latter having paid the renewal premium through the online NEFT transaction
The interest component payable so far works out to over Rs 4700
The company argued that the consumer did not route the payment through the vehicle dealer by way of a demand draft as wasrequired under an agreement between the company and the vehicle dealer
Shankar Raghunath Chavan a resident of Kusegaon in Daund had purchased an insurance policy from the company for his car onSeptember 21 2012 A year later the policy was renewed for the period between September 21 2013 and September 20 2014 Atthe end of this term he had received a reminder from the company for the renewal of his policy
Through the net banking facility Chavan made a payment of the renewal premium worth Rs 21053 for the term betweenSeptember 21 2014 and September 20 2015 He then made repeated requests to the company for the issuance of the policydocument
However in December 2014 when he approached the company he was shocked to learn that his policy had ampldquoexpired due tonon-renewalamprdquo The company did not renew his policy even after his repeated reminders This prompted him to move theconsumer court seeking refund of the premium amount and appropriate costs towards physical and mental agony
The bench observed in its order ampldquoIt is not denied by the insurance company that the complainant (Chavan) had paid thepremium It is the case of the insurance company that as per practice prevailing between the company and the dealer the paymentshould be made by demand draft through the dealer so that the policy can be renewed conveniently It is true that the dealer of thevehicle was not aware about the payment of premium made by the complainant However a tie-up between the dealer and theinsurance company is not binding upon the consumeramprdquo
ampldquoDocumentary evidence which is produced by the complainant is sufficiently eloquent and speaks about inaction on the partof the insurance company Even after sending documentary evidence as regards to payment of policy premium the insurancecompany has failed to renew the policy Definitely this act on the part of the company amounts to deficiency in serviceamprdquo thebench ruledhttpautoeconomictimesindiatimescomnewsindustrycustomer-not-bound-by-tie-up-between-vehicle-dealer-insurer-pune-court57623564
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Analysts in wait-and-watch mode on Bajaj Finance Hamsini KarthikBusiness Standard
A robust business model established over years of experience often tends to withstand the test of time quite remarkably That ofBajaj Finance Indiaamprsquos largest consumer durables financier is one such example
During the note ban period there were doubts on whether Bajaj Finance could replicate its historic performance in terms ofcustomer acquisition loan growth and more importantly asset quality in the December quarter (Q3) Much to the Streetamprsquossurprise Bajaj Finance comfortably met these parameters
Customer acquisition grew by 35 per cent year-on-year in Q3 while assets under management expanded by 33 per cent to Rs57600 crore year-on-year Even asset quality stood out with gross non-performing assets ratio at 147 per cent and that toowithout utilising RBIamprsquos 90-day dispensation on loans less than Rs 1 crore Overall financials remained robust with net interestincome and net profit growing by 27 and 36 per cent respectively These factors have helped Bajaj Financeamprsquos stock reboundfrom its demonetisation period low of Rs 766 to Rs 1125 on Tuesday
However after outperforming the broader markets by a reasonable margin for most of the last two years the stock has lagged inthe past six months Bloomberg data indicate that while the Bank Nifty has gained six per cent in the past six months Bajaj Financeis up only 21 per cent Analysts nonetheless feel that Bajaj Finance may not surpass its previous high of Rs 1180 in a rush
Pointing to some key indicators they prefer to see how March quarter pans out particularly on consumer loans before altering theirexpectations on the stock
Consumer loans which grew by 52 per cent year-on-year in September quarter (Q2) grew 47 per cent year-on-year in Q3 Butwithin this segment consumer durables grew slower at 27 per cent versus 48 per cent in Q2 As for the vehicle financing (two andthree wheelers) the dependence on Bajaj Auto was seen higher in Q3 ampndash 46 per cent dependence on Bajaj Auto fortwo-wheelers and 29 per cent for three-wheelers as against 38 per cent and 18 per cent respectively a year ago Average ticketsize which dipped post demonetisation is yet to see a strong recovery All these factors prompt analysts to be on a wait-and-watchmode
ampldquoWe arenamprsquot able to see a secular return in consumer buying yet While demand for consumer durables may havepicked up as summer sales is already playing out we canamprsquot say the same for vehicle salesamprdquo says an analyst with adomestic brokerage
Analysts at Jefferies feel the annual compounded loan growth for Bajaj Finance could be lower in FY16-19 compared to what was inFY13-16 The brokerage flags that at current valuations (52 x FY18 price-to-book) risk-reward appears negativehttpwwwbusiness-standardcomarticleopinionwhy-analysts-are-in-wait-and-watch-mode-on-bajaj-finance-117031400674_1html
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SBI announces Rs 6000-cr tractor loan settlement scheme PTISee this story in The Economic Times
State Bank of India (SBI) today announced a one-time farm loan settlement scheme worth Rs 6000 crore primarily for tractors
One Time Settlement (OTS) announced for Agriculture Loans Scheme valid until 31st March Contact your branch for details ampbenefits the nations largest lender said on the microblogging site Twitter today
Managing director Rajnish Kumar told CNBC-TV18 the scheme will result in the bank taking a 40 per cent haircut on outstandingtractor loans as of September 2016
SBIs total farm loan portfolio is Rs 125 trillion and Kumar said the tractor loan book is about Rs 6000 crore
He said doubtful or loss category accounts as of September 2016 which were disbursed before September 2011 will beconsidered under the scheme He said a circular in this regard was sent to branches on February 2
But he was quick to add the OTS has nothing to do with Prime Minister Narendra Modis promise of a loan waiver to UP farmersduring the just concluded elections saying there were no talks with the Centre or state in this regard so far SBIs Uttar Pradeshportfolio will be around Rs 13000 crore
SBI had announced OTS schemes for SMEs last December and education loans early in 2016
He said other agri loans like kisan credit cards and other term-loans for tractors and farm loans may also be covered under theschemehttpwwwdnaindiacommoneyreport-sbi-announces-rs-6000-cr-tractor-loan-settlement-scheme-2352737SBI to allow one-time settlement for tractor farm equipment loansminthttpwwwlivemintcomIndustryiXDTXX1onxjwfHcz731WzJSBI-announces-Rs6000-crore-tractor-loan-settlement-schemehtmlSBI announces rs 6000-crore tractor loan settlement schemeThe Pioneerhttpwwwdailypioneercombusinesssbi-announces-rs-6000-crore-tractor-loan-settlement-schemehtml
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Oil Lubricants amp Alternative Fuels
Oil hovers near three-month low as investors awaits data ReutersSee this story in The Hindu Business Line
Tokyo Crude oil prices hovered near three-month lows on Tuesday in early Asian trading as investors await key reports and datathat may shed light on a supply overhang in the global market
US West Texas Intermediate crude (WTI) edged down 3 cents to $4837 a barrel by 0026 GMT The contract ended down 9 centsin the previous session after touching $4790 the lowest since the end of November
Brent crude futures were down 1 cent at $5134 a barrel having settled down 2 cents on Monday after dipping to as low as $5085
Prices fell sharply last week as investors worried that swelling US crude supplies would hinder Organization of the Petroleum
Exporting Countries (OPEC)s efforts to restrict output and reduce a global glut
Prices had risen after the OPEC and other major oil producers including Russia agreed at the end of November to rein inproduction by almost 18 million barrels per day (bpd) in the first half of 2017
ampldquoIts shaping up to be another fun week in the crude complex with OPEC releasing its monthly oil market report on Tuesdayswiftly followed by the IEAs monthly oil market report the day afteramprdquo Matt Smith analyst at ClipperData said in a note
The International Energy Agency releases its closely watched monthly oil market report on Wednesday
Data from the industry group the American Petroleum Institute on US crude and product stockpiles is also due out later on Tuesday
Analysts said the slump may not have much further to go now that prices have fallen more than 8 percent since last Monday thebiggest week-on-week drop in four monthshttpwwwthehindubusinesslinecommarketscommoditiesoil-hovers-near-threemonth-low-as-investors-awaid-dataarticle9582601ece
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News Magazines
Mahindra Electric geared up to be a component supplier Autocar India
Speaking to Autocar India Mahindra Electric (ME) stated that the company is open to being a supplier to other vehiclemanufacturers and will sell complete electric drive systems to those interested At present the ME plant builds the e2o while it shipsout the drive systems for the eVerito sedan and eSupro van For this purpose the production line has been modified to produce notjust built-up vehicles but also fully ready electric drive systems that can be offered to other manufacturers interested in procuringthem With expertise in electrification virtually absent in India ME hopes to build on its first-mover advantage and cater to theindustry Itamprsquos unlikely that there would be any takers for passenger cars but commercial and three-wheeler manufacturerscould be potential customers
Mahindra also confirmed that they are open to supplying other bits like charge system controllers as well Mahindra outsources thebattery and electric motor for its EV powertrains and has no plans of producing these components in-house as apart from the hugeinvestments needed there is no real advantage Battery technology is quite specialised and there are many players in this fieldalready And with electric motor efficiency already at 80 percent ampndash compared to about 30 percent for internal combustionengines ampndash there is very little to differentiate one EV maker from another Mahindra believes the real differentiator in the nearfuture will be in the battery management systems where big gains can be made in the charging and discharging cycle Thus ME isputting a lot of effort into this area and going forward has ambitions to be a supplier solely for battery management systems toother manufacturershttpwwwautocarindiacomauto-newsmahindra-electric-geared-up-to-be-a-component-supplier-404432aspx
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Tesla Model Y SUV due by 2019 Autocar India
Tesla Inc recently renamed from Tesla Motors Inc is on the verge of what it says will be a massive expansion of production with twonew models due to arrive in the next two years
Alongside the much-hyped Model 3 Tesla is also expected to launch an entry-level crossover based on the same platform andrumoured to be badged the Model Y
The starting price of the Model 3 is likely to be around $37000 (Rs 2435 lakh approx) with the Model Y expected to be slightlymore expensive However Tesla founder Elon Musk believes the transaction prices of the new compact Teslas will go higherbecause buyers will be keen to add paid options to their vehicles
While the compact Model Y could turn out to be Teslaamprsquos best seller ampndash some seven million crossovers of all types weresold in the US last year ampndash Musk recently tweeted that the Model 3 remained the biggest priority for the company
The Model Y is unlikely to be unveiled until sometime next year with production set to follow late in the year Little in the way ofspecification has been released though it is expected to borrow the top-hinged amplsquofalcon wingamprsquo rear doors from thebigger Model X SUV
The Model Y will also have the promised updated electrical architecture that will allow Tesla to offer full autonomous drivingcapability Future Tesla cars will be equipped with as many as eight cameras giving a 360-degree view of the surroundingroadscape as well as 12 ultrasonic sensors and a amplsquonewamprsquo forward-facing radar that works in the worst weatherconditions Existing radar systems can be fooled by heavy rain and fog
Musk also said the new electrical architecture has a brain that is as much as ampldquo40 timesamprdquo more powerful than onprevious Teslas calling it a ampldquosupercomputer inside the caramprdquo The autonomous driving technology though will be offered
as add-on option to customers on both entry-level Teslas
Another challenge for the Model 3 and Y will be balancing their lower price against the need for a battery big enough to give anacceptable range
The entry-level Model 3 may have a cheaper sub-60kWh battery but will still need to have a range of at least 370km The ModelYamprsquos more bluff shape and greater frontal area might mean a bigger battery for the same range and so a slight price premium
Tesla is in a race against time to achieve the kind of production levels needed to turn around what is still a cash-hungry operationThe firm has spent nearly $2 billion (Rs 1316350 crore approx) since 2010 with investments including building the battery-makingGigafactory and trying to expand car production to a massive 500000 units a year
Tesla delivered around 76000 vehicles last year but says it was able to build around 2000 cars a week by the second half of 2016With as many as 400000 deposits taken for the Model 3 the company is looking to produce well over 100000 of the BMW3-series rival before the end of this year
Muskamprsquos expansion plans will test the limits of the capabilities of Teslaamprsquos suppliers and those of its own plant inFreemont California But getting to annual sales of half a million vehicles should finally push the carmaker into profit and secure thecompanyamprsquos long-term futurehttpwwwautocarindiacomauto-newstesla-model-y-suv-due-by-2019-404434aspx
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VW promises higher focus on EVs after record sales year Autocar India
The Volkswagen Group ampldquowill be a role model in environmental protection safety and integrityamprdquo according to CEOMatthias Muller who was speaking as the firm confirmed a record-breaking sales year in 2016
Outlining plans for the firm to reinvent itself as a far-reaching mobility company in the wake of the emission scandal Muller revealedthat the VW Group sold 103 million cars in 2016 making it the worldamprsquos largest car manufacturer It made pound62 billion in profitafter allowances including pound56 billion of losses to cover emission scandal costs In 2015 expenses relating to emission scandalamounted to pound142 billion
Most notably its sales in China where the effects of the diesel crisis were negligible grew 122 percent and its 2016 salesrevenues of pound1904 billion also exceeded forecasts by pound35 billion
ampldquoThe last year was challenging yet remarkably successfulamprdquo said Muller ampldquoIn 2016 we set the course for thebiggest transformation in the history of the company while at the same time performing better in our operating business than manythought possibleamphellipVolkswagen is back on trackamprdquo
Muller vowed that the success would be a catalyst for further change adding ampldquoWe will still be one of the most successfulautomakers in 2025 But we will also be a leading international provider of sustainable mobility and set the standard for new mobilityservicesamprdquo
New initiatives include a stated goal of taking leadership in the field of battery technology by 2025 which is by when the VW Grouphas committed to have solid state batteries in production These are seen as the next technological step over the lithium-ionbatteries currently favoured by most manufacturers The VW Group has committed to have 30 battery-electric vehicles on sale by2025
He also signalled that Audi had been tasked with leading the Groupamprsquos autonomous driving projects while adding that the VWGroup now had 37 centres around the world working on autonomous and digital service ideas pivoting around the Groupamprsquosnew mobility company Moia which was set up last year
Muller also highlighted recent joint ventures ampndash in China with FAW and JAC the latter of which will lead to the co-developmentof a budget electric car line in India with Tata Motors and in America with Navistar which is in the commercial vehicle segmentampndash as examples of the firmamprsquos commitment to forging partnerships to boost sales success He also confirmed that thefirst economy vehicles to be developed by the brand will go on sale in emerging markets in 2018httpwwwautocarindiacomauto-newsvw-promises-higher-focus-on-evs-after-record-sales-year-404433aspx
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Mercedes to expand E-class range with E 220 diesel Autocar India
The tenth-generation Mercedes-Benz E-class launched for the first time in India with a long wheelbase has moved the goalposts toset new standards for comfort and space in its segment The E-class comes with two engine options ampndash the base E 200 petroland the top-of-the-line
E 350 diesel Priced at Rs 5670 lakh and Rs 7015 lakh (ex-showroom Delhi) respectively these two variants bookend the E-classrange and is essentially aimed at two sets of customers The E 200 buyer is likely to be almost always chauffeur-driven and henceis mainly interested in rear seat space and comfort while the E 350d customer wants all the bells and whistles as well as the
sublime driving experience only the silky smooth and torquey V6 diesel can offer
However that still leaves a massive Rs 1345 lakh gap in the range which no doubt future E-class variants will eventually plug butwhich one will find that sweet spot to form the bulk of E-class sales
Itamprsquos no surprise then that Mercedes-Benz India is readying a base diesel which like the previous-generation W212 E-class islikely to be the most popular variant offering a strong dose of practicality without too much of a compromise on refinement andluxury
But unlike the W212 which had the E 250d representing the base diesel in the range Mercedes-Benz India is offering the lower E220d as the starting point for the E-class diesel This suggests that the E 220d will be very attractively priced when it goes on salearound June 2017 and could be priced very close to the E 200
The E 220amprsquos all-new 20 litre four-cylinder diesel which pumps out 194hp and 400Nm of torque may not have the punch ofthe outgoing E 250damprsquos 204hp and 500Nm motor but again given the chauffeur-driven focus the new E-class has beenconceived for the newE 220damprsquos performance is unlikely to be an issue
What is a big issue however is downgrading the 20-litre motor which has been designed for stricter Euro-VI emissions to run onlocally available BS-IV diesel ampldquoItamprsquos such a waste of engineering resource and a step backwardsamprdquo said aMercedes-Benz engineer The 2143cc (OM651) diesel engine which powered the previous E-class was easier to adapt to BS-IVfuel unlike the spanking new high-tech 1995cc (OM654) diesel thatamprsquos built to meet the latest global emission standards Infact the OM654 made its debut in the latest E-class when it was launched globally in 2016 Its advanced tech includes a uniquealuminium engine block with steel pistons a special low-friction coating for the cylinder walls and a fourth-generation common-raildiesel injection system At 168kg it is 31kg lighter than the engine it replaces
Downgrading a Euro-VI engine to BS-IV standards takes a lot of time and resources but there is no way out until fuel pumps in Indiaget low-sulphur BS-VI fuel which is not expected until 2020 The BS-IV-spec OM654 wasnamprsquot ready in time for the newE-class launch and this is one reason why the E 220d is coming a couple of months later The other reason could be a strategicone Mercedes-Benz India wants to wait until BMW launches the all-new 5-series expected in June and in a counter move tweakthe E 220damprsquos mix of specifications features and price accordingly A starting price of Rs 57-58 lakh for the E 220disnamprsquot unlikely especially since this variant will be Mercedes-Benz Indiaamprsquos trump card in a luxury car segment it seemsdetermined to dominatehttpwwwautocarindiacomauto-newsmercedes-to-expand-e-class-range-with-e-220-diesel-404429aspx
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Nissan to launch Kicks SUV in Q3 2018 Autocar India
The Nissan Kicks SUV which made its global debut in 2016 in Brazil will be launched in India in the third quarter of 2018 accordingto company sources
However unlike the South American model which is spun off Nissanamprsquos V-platform the made-for-India Kicks (code PB1D)will be based on the upcoming Renault Kapturamprsquos (code HHA) platform This is essentially a modified version ofRenaultamprsquos proven M0 platform that underpins cars like the Duster and Lodgy which are known for their robust mechanicals
The M0 is also a critical part of the Renault-Nissan Allianceamprsquos platform strategy in India which is essentially centred aroundtwo platforms Whilst the CMF-A and CMF-A+ platforms underpin Renault and Nissanamprsquos (and later Mitsubishiamprsquos) smallto mid-size car range in India the M0 platform will cater to higher end products The low-cost M0 platform has proved to be a cashcow for Renault globally and is ideally suited for markets like India The allianceamprsquos European-spec CMF-B platform was alsoevaluated initially but was eventually rejected as it proved to be a lot more expensive than the M0 which has also been localisedover the years
Developed and conceived originally by Renault for its Dacia sub-brand over a decade ago the French carmaker has first rights toproducts spun off the M0 platform and hence like the Nissan Terrano which followed the Renault Duster the Nissan Kicks too willfollow the Renault Kaptur to India but almost a year later
While both the Kaptur and Kicks will use the same modified version of the platform the amplsquotop hatsamprsquo will be completelydifferent The Kicks design and styling will mirror the South American car and thatamprsquos no bad thing
Sharply styled with lots of distinctive design touches like a floating roof massive wheel arches and a wraparound visor look theKicks wonamprsquot have a problem standing out on Indian roads The good thing is that the edgy design hasnamprsquot compromisedpracticality and Nissan claims best-in-class space in the back seat
Cars based on the M0 platform get a choice of just two engines a 16 petrol and the venerable 15 K9K diesel and hence these arelikely to be carried forward into the Kicks as well The 15 diesel is expected to be the mainstay but its likely that in its latest iterationthere will be a small bump up in power and torque
Nissan has set an ambitious target of 30000 Kicks in its first full year of production with an additional 20000 units earmarked forexports Pricing will be crucial for the Kicksamprsquo success and Nissan may do well to undercut its rivals to buy some much neededmarket sharehttpwwwautocarindiacomauto-newsnissan-to-launch-kicks-suv-in-q3-2018-404426aspx
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International News
Volkswagen CEO gets 778 mn euros in pay and benefits for 2016 ReutersSee this story in The Economic Times
Wolfsburg Volkswagen Groups Chief Executive Matthias Mueller was awarded 778 million euros ($828 million) in pay andbenefits for 2016 up from 417 million euros in total remuneration awarded a year earlier the companys annual report showed onTuesday
Mueller was not awarded a full years CEO pay for 2015 since he only took over as chief executive in September following theresignation of his predecessor Martin Winterkorn who was forced out in the wake of a diesel emissions cheating scandal
Volkswagen overhauled its bonus and executive pay policy in February this year to cap total pay for its chief executive at 10 millioneuros ($106 million) and other top managers at 55 million euros
Volkswagen brand chief Herbert Diess saw his total remuneration for 2016 fall to 393 million euros down from 713 million in 2015the annual report showed
($1 = 09401 euros)httpautoeconomictimesindiatimescomnewsindustryvolkswagen-ceo-gets-7-78-mn-euros-in-pay-and-benefits-for-201657631837Volkswagen CEO Matthias Mueller says not ruling out merger talks with Fiat ChryslerThe Financial Expresshttpwwwfinancialexpresscomindustryvolkswagen-ceo-matthias-mueller-says-not-ruling-out-merger-talks-with-fiat-chrysler587861
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Volkswagen CEO US remains core market for company APSee this story in The Economic Times
Frankfurt The CEO of German automaker Volkswagen says the United States remains a core market for the company despite itsdiesel emissions scandal and has underlined that it hopes to expand there
Matthias Mueller made the comments Tuesday at the companys annual news and investor conference at its headquarters inWolfsburg Germany
Mueller said that we are standing by our investment decisions and intend over the long term to play a significantly greater role therethan today
The Volkswagen brand has only a small share in the US market although it is important for the companys luxury brands Porscheand Audi It makes cars in Chattanooga Tennessee
US authorities uncovered Volkswagens use of engine control software that enabled vehicles to cheat on emissions testshttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsvolkswagen-ceo-us-remains-core-market-for-company57633149
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Volkswagen targets strong 2017 even as core brand struggles ReutersSee this story in The Economic Times
Wolfsburg Germany Volkswagen said it was capable of shouldering the costs of its emissions crisis and was targeting an evenbetter year than in 2016 but warned that its core autos division continued to struggle
We see good chances of being able to ride the wave of the positive performance last year when Volkswagen turned in recordunderlying profit helped by sales of upmarket Audis and Porsches Chief Executive Matthias Mueller said on Tuesday at thecarmakers annual news conference
Volkswagen expects group revenue to exceed last years record 217 billion euros ($231 billion) by as much as 4 percent this yearand is forecasting an underlying operating margin of between 6 and 7 percent compared with 67 percent in 2016 it said affirminga forecast given on February 24
The company also aims to moderately exceed last years record 103 million deliveries
You can rest assured that we will do everything in our power to make 2017 an even better year than 2016 the CEO said
But Volkswagen appears to be making slow progress in tackling the biggest trouble spot within the 12-brand group thelong-planned turnaround of its core autos division
Operating profit of the namesake brand slipped further to 187 billion euros in 2016 from 210 billion a year earlier because of highermarketing costs related to dieselgate and plunging demand in Brazil and other key markets finance chief Frank Witter said
($1 = 09394 euros)httpautoeconomictimesindiatimescomnewsindustryvolkswagen-targets-strong-2017-even-as-core-brand-struggles57630343
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VW CEO says not ruling out merger talks with Fiat Chrysler boss ReutersSee this story in The Economic Times
Wolfsburg Volkswagen Chief Executive Matthias Mueller said he is not ruling out talks with Fiat Chrysler boss Sergio Marchionneabout a possible merger
I am not ruling out a conversation Mueller told reporters on Tuesday after the carmakers annual earnings press conference inWolfsburg
Marchionne has long advocated car industry mergers to share the costs of making cleaner and more technologically advancedvehicles and has repeatedly relayed his desire via the media
It would be very helpful if Marchionne were to communicate his considerations to me too and not just to you Mueller said
I am pretty confident about the future of Volkswagen with or without Marchionne
Only last week Mueller appeared to dismiss the prospect of talks with Fiat Chrysler
We are not ready for talks about anything he told Reuters on the fringes of the Geneva auto show I havent seen Marchionne formonths he said at the timehttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsvw-ceo-says-not-ruling-out-merger-talks-with-fiat-chrysler-boss57632909
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Volkswagen chief denies talks with Fiat AFPSee this story in The Economic Times
Berlin Volkswagen chief Matthias Mueller on Tuesday denied rumours that the German auto giant was in talks with rival FiatChrysler
At present there is no contact between me and Fiat Chrysler boss Sergio Marchionne Mueller told the companys annual pressconference in Wolfsburg north Germany
Marchionne had said at the Geneva car show last week that he was expecting Volkswagen to reach out as more firms are thinkingof cost-cutting tie-ups in the vein of Frances Peugeot and German carmaker Opel
In response Mueller said he had other problems since VWs 2015 admission that it installed software to cheat regulatoryemissions tests in 11 million vehicles worldwide
He nevertheless added that Ive never said a tie-up with any other partner is altogether ruled out
VW clawed its way back to profit in 2016 and pulled ahead of Toyota to become the worlds biggest carmaker by unit sales shipping103 million vehicles over the year
Mueller on Tuesday confirmed the groups forecast of moderate growth in sales in 2017
But the firm is far from turning the page as it continues to refit cars equipped with the cheating software and faces legal action fromcustomers and investors in numerous countries
The final bill for the scandal is impossible to predict Mueller acknowledged
All we know is that this question will keep us busy for a long time several years he saidhttpeconomictimesindiatimescomindustryautovolkswagen-chief-denies-talks-with-fiatarticleshow57633113cms
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Volkswagen has good chances to build on strong 2016 performance CEO ReutersSee this story in The Economic Times
Germany Volkswagen has good chances of building on its strong 2016 performance when it swung to a record underlying profitdespite its diesel emissions crisis Chief Executive Matthias Mueller said
The Volkswagen Group is in very robust shape Mueller said on Tuesday at the carmakers annual news conference in Wolfsburg
VW expects group revenue to exceed last years record 217 billion euros ($231 billion) by as much as 4 percent this year and isforecasting an underlying operating margin of between 6 and 7 percent compared with 67 percent in 2016 it said affirming aforecast given on Feb 24
Still operating profit of its core autos division slipped further to 187 billion euros in 2016 from 210 billion a year earlier as the brandis struggling to implement a wide-ranging turnaround planhttpeconomictimesindiatimescomnewsinternationalbusinessvolkswagen-has-good-chances-to-build-on-strong-2016-performance-ceoarticleshow57630339cms
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BMW i3 batteries to be used by Vattenfall The Economic Times
New Delhi Swedish power making company Vattenfall and German auto giant BMW Group have signed a contract for the deliveryof up to 1000 lithium-ion batteries this year The batteries with a capacity of 33 kilowatt hours (kWh) each are equipped with aBMW-owned battery management system and are also used by the car manufacturer in the BMW i3
Vattenfall will purchase the new batteries from the BMW plant in Dingolfing and use them in all storage projects
Energy storage and grid stability are the major topics of the new energy world says Gunnar Groebler Senior Vice President ofVattenfall and Head of Business Area Wind
We want to use the sites where we generate electricity from renewable energies in order to drive the transformation to a newenergy system and to facilitate the integration of renewable energies into the energy system with the storage facilities Thedecoupling of production and consumption and the coupling of different consumption sectors are in the focus of our work
The first energy storage from the BMW-i3 batteries is being built at the 122 MW onshore wind farm Princess Alexia nearAmsterdam With a capacity of 32 megawatts (MW) it is Vattenfalls first large storage project in the Netherlands
Pending on a final investment decision the largest battery storage will be built at the Vattenfall wind farm Pen y Cymoedd (230 MW)in South Wales - a 22-megawatt storage facility which will help to support the stability of the country-wide power grid in the UK aspart of the so-called EFR (Enhanced Frequency Response) service
As part of the project Norddeutsche Energiewende NEW 40 Vattenfall together with the Hamburg University of Applied Sciences(HAW) and the company Nordex will implement a large battery storage at the future wind farm in Hamburg-Bergedorf
This is a so-called storage control unit made of batteries It is meant to maintain the security of supply with a feed-in of 100 percentrenewable energy In addition the battery storage contributes to the improvement of the network quality and the more efficient useof the existing network structure Other possible applications would be electricity storage in private households Energy storagesolutions are an important part of Vattenfallamprsquos strive to power climate smarter living
We are pleased that we have found a supplier in BMW who meets our high safety requirements with the use of the batteries withreliably good quality from German series production says Daniel Hustadt project manager for large batteries at VattenfallInnovation GmbHhttpautoeconomictimesindiatimescomnewsindustrybmw-i3-batteries-to-be-used-by-vattenfall57630728
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Toyota to look at Saudi production as the countries seek closer ties ReutersSee this story in The Economic Times
New Delhi Toyota Motor Corp signed a memorandum of understanding (MOU) on Tuesday with a Saudi Arabian governmentagency to conduct a feasibility study into producing vehicles and parts in the Middle Eastern nation
The move if firmed up would be a big step for the Saudi economy as the government tries to diversify beyond oil exports andcreate jobs as part of the kingdoms 2030 Vision
So far Saudi Arabia and other Gulf oil exporters have failed to significantly develop industries such as automaking because theylack broad industrial bases and a skilled local workforce
The study would take into account the evaluation of development of a local supply base using materials produced by major Saudi
companies like Sabic Maaden Petro Rabigh and other major industrial companies in the kingdom the official Saudi state newsagency reported
The MOU is with Saudi Arabias National Industrial Clusters Development Program (NICDP)
Meanwhile state-run Saudi Aramco has signed MOUs with five Japanese entities during a business forum that both nations hostedon Tuesday coinciding with a visit by Saudi Arabias King Salman this week
Saudi Aramco and Japans biggest oil refiner JX Nippon Oil amp Energy (5020T) agreed to consider a refinery joint venture in a thirdcountry and cooperation in trading and technology of oil and petrochemical products
Aramco also agreed to consider a possible future cooperation in crude oil supply and downstream business with Idemitsu KosanCompany
In addition Aramco and state-run Japan Oil Gas and Metals National Corp (JOGMEC) formally agreed to expand crude storagecapacity in Japan by 300000 kilolitres (about 19 million barrels) from the current 63 million barrels from April 1
Japan treats crude oil stored by Aramco as quasi-government oil reserves counting half of the barrels stored by Aramco as nationalcrude reserves
Companies and government organizations in both nations signed a total of 20 MOUs on Tuesday including cooperation betweenthe Saudi Arabian General Investment Authority (SAGIA) and Japans three megabanks - Mitsubishi UFJ Financial Group (8306T)Sumitomo Mitsui Financial Group (8316T) and Mizuho Financial Group (8411T) - on increasing investments in the kingdom
The MOUs also included cooperation in seawater desalinationhttpautoeconomictimesindiatimescomnewsindustrytoyota-to-look-at-saudi-production-as-the-countries-seek-closer-ties57636587
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Geneva Motor Show 2017 Airbus unveils fully electric flying car PopUp The Economic Times
Geneva Airbus along with Italdesign has unveiled the first modular fully electric zero emission concept vehicle system - PopUpat the Geneva Motor Show 2017 informed the French company in an official statement
PopUp envisages a modular system for multi-modal transportation that makes full use of both ground and airspace and isdesigned to relieve traffic congestion in crowded megacities
PopUp System consists of a three layers concept1 an Artificial Intelligence platform that based on its user knowledge manages the travel complexity offering alternative usagescenarios and assuring a seamless travel experience
2 a vehicle shaped as a passenger capsule designed to be coupled with two different and independent electric propelled modules(the ground module and the air module) Other public means of transportation (eg trains or hyperloops) could also integrate thePopUp capsule
3 an interface module that dialogues with users in a fully virtual environment
Airbus claims The PopUp vehicle combines the flexibility of a small two seater ground vehicle with the freedom and speed of avertical take-off and landing (VTOL) air vehicle thus bridging the automotive and aerospace domains
PopUpamprsquos monocoque carbon-fibre cocoon measures 26 metres long 14 metres high and 15 metres wide The capsuletransforms itself into a city car by simply coupling to the ground module which features a carbon-fibre chassis and is batterypowered
For megacity journeys with high congested traffic the capsule disconnects from the ground module and is carried by a 5 by 44metre air module propelled by eight counter-rotating rotors
ampldquoAdding the third dimension to seamless multi-modal transportation networks will without a doubt improve the way we liveand how we get from A to Bamprdquo said Mathias Thomsen General Manager for Urban Air Mobility at Airbus on the occasion ofthe unveil
ampldquoSuccessfully designing and implementing solutions that will work both in the air and on the ground requires a joint reflectionon the part of both aerospace and automotive sectors alongside collaboration with local government bodies for infrastructure andregulatory frameworks Italdesign with its long track record of exceptional vehicle design was an exciting partner for Airbus for thisunique concept projectamprdquo
ampldquoToday automobiles are part of a much wider eco-system if you want to design the urban vehicle of the future the traditionalcar cannot alone be the solution for megacities you also have to think about sustainable and intelligent infrastructure appsintegration power systems urban planning social aspects and so on In the next years ground transportation will move to the nextlevel and from being shared connected and autonomous it will also go multimodal and moving into the third dimensionamprdquo saidItaldesign CEO Joumlrg Astaloschhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsgeneva-motor-show-2017-airbus-unveils-fully-electric-flying-car-pop-up57630936
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Nissan boosts management presence at Mitsubishi Motors ReutersSee this story in The Economic Times
Tokyo Mitsubishi Motors on Tuesday said an additional four Nissan executives would join its management team as Nissan tightensits control over the smaller struggling automaker in which it took a controlling stake last year
The announcement is part of Mitsubishi Motors efforts to rebuild its management system after it admitted last year that it hadoverstated the mileage on a number of its cars sold in Japan battering domestic sales and tarnishing its brand image
From April corporate vice president positions for roles including product development and marketing and sales would be occupiedby officials from Nissan Mitsubishi Motors said
This would hike the number of Nissan executives on Mitsubishi Motors management team to seven from two now
We need to strengthen our corporate governance to avoid a repeat of last years scandal along with scandals previous to thatMitsubishi Chief Executive Officer (CEO) Osamu Masuko told reporters during a teleconference
After taking a one-third stake in Mitsubishi Motors Nissan installed Carlos Ghosn - its CEO at the time - as chairman of MitsubishiMotors while also naming two Nissan officials to Mitsubishis board of directors
Nissan also dispatched other executives to the smaller automaker including Trevor Mann previously Nissans chief performanceofficer who became chief operating officer at Mitsubishi late last year
Last month Ghosn said he would step down from the top position at Nissan to focus on deepening the companys alliance withRenault SA and Mitsubishi Motors
Separately Nissan said Shiro Nakamura the companys chief creative officer and one of Japans best-known car designers willretire after nearly 20 years at the automaker
Nakamura 66 is recognised for referencing science fiction anime and embracing Japans culture of cute in models including theGT-R supercar the Cube compact MPV and the Juke SUV crossover setting the automaker apart from many of its rivals whichhave been accused of making lookalike cars
Nakamura joined Nissan in 1999 from Japanese truckmaker Isuzu Motors and was one of the first key hires by Ghosn shortly afterGhosn himself arrived from French automaker Renault to save the company from bankruptcy
Alfonso Albaisa who currently overseas design at Nissans premium Infiniti brand will succeed Nakamura while former BMWglobal chief designer Karim Habib will become the brands new chief designer effective July 1httpautoeconomictimesindiatimescomnewsindustrynissan-boosts-management-presence-at-mitsubishi-motors57631800
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Renault Zoe e-Sport breaks covers at 2017 Geneva Motor Show The Economic Times
New Delhi In the ongoing Geneva Motor Show Renault has showcased its new two-seat version of its electric car Renault Zoee-Sport The company claims to have taken the design cues from Formula E
The ZOE e-Sport Concept is the fully electric concept car that embodies Renaultamprsquos commitment to the idea that electric carscan be fun and fast says Renault The sporting credentials of the ZOE e-Sport Concept extend beyond the caramprsquos styling andthe same blue livery as the Renault edams teamamprsquos front-running Formula E single-seaters
The bodywork of the ZOE e-Sport Concept is made entirely from lightweight carbon fibre which helps to ensure outstandingacceleration from standstill to 100kph in just 32 seconds The car tips the scales at a mere 1400 kilograms including 450kilograms of batteries
The car is powered by two electric motors capable of generating 450 bhp and 650 Nm of torque One of the motor is powered to therear axle and the other to the front axle Renault Zoe e-Sport gets the same 40 kWh battery which powers the standard variant ofthe car
Jean-Christophe Kugler CEO Renault Europe said that the concept as a link car - a styling exercise intended to connect the Zoeroad car with what Renault is doing in Formula E racing and to send a message that EVs are fun to drive Its not a signal of thefuture for Zoe and we have no intention to develop a performance version
Renault also claims that the electric performance car uses the same air and water cooling systems as the Renaultamprsquos FormulaE car The car is based on a tubular steel chassis with use of extensive carbon fibre The car also gets four driving modes
At the moment Renault has no plans to make the Zoe e-Sport into productionhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsrenault-zoe-e-sport-breaks-covers-at-2017-geneva-motor-show57627528
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Sensata Technologies opens testing facility in Bulgaria ReutersSee this story in The Economic Times
Sofia Sensata Technologies has opened its largest global testing facility in Sofia to support its automotive sensing technologies thecompany said on Tuesday
Sensata which has manufacturing sites in 13 countries already employs 3000 people in Bulgaria where it produces pressure andhigh temperature sensors for the automotive market and operates a business centre
In recent years inexpensive labour low taxes and an educated workforce have encouraged dozens of car part producers and ITand business outsourcing companies to set up in the Balkan countryhttpautoeconomictimesindiatimescomnewsauto-componentssensata-technologies-opens-testing-facility-in-bulgaria57632975
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Driving driverless Quest for an autonomous car has reached a truck now Nandagopal RajanThe Financial Express
At San Franciscoamprsquos Pier 90 chock-a-block with cargo vehicles it is pretty tough for any truck to stand out But a white Volvotruck with Otto emblazoned on it is the centre of attention This is the next big thing in automated cars and has already shown itsmettle by delivering a consignment of Budweiser beer in Colorado without a driver controlling it on the freeway
Uber is one of the many companies thinking in terms of driverless car While CEO Travis Kalanick says automated vehicles areampldquoexistentialamprdquo for the ride-hailing companyamprsquos future he is not alone in the race to drive without drivers Just in theUS at least 23 companiesampmdashincluding Tesla Google and Volkswagenampmdashhave registered in autonomous vehicleprogrammes The idea that fuels this cutting-edge technology is pure economics at the end of the day Cars suffer from seriousissues of inefficiency as they sit idle 95 of the time Considering that the world has 1200000000 cars this is inefficiency at agargantuan scale Add to this the fact that cars amount for 22 of all emissions globally and muddy the urban infrastructureproblem by creating the need for parking spaces
Since 1984 when the first experimental self-driving cars appeared there has been much progress on the technology leading toMercedes-Benz showcasing its concept car the F 015 at the Consumer Electronics Show in Las Vegas in 2015 Everyone has adifferent take on the technology but in the end the idea is to make cars intelligent and independent enough to be aware ofsurroundings and take decisions based on that
Interestingly Uberamprsquos dream is to bring ampldquoreliable transportation to everyone everywhereamprdquo now extended toeverything too with the trucks from Otto a start-up it acquired last year Matt Sweeney who heads product at UberamprsquosAdvanced Technology Group says ampldquothe truck and passenger vehicles share software and hardware components and thishelps us work on different aspects of the self-driving problem at the same timeamprdquo But on scope passenger vehicles are forurban environments where Uber has its focus on ride-sharing while trucks will be for high-speed highways where the constraintsare different
Just last week Uber got a permit from California Department of Motor Vehicles to test two self-driving Volvo SUVs on public roadsthough it will need to have backup drivers behind the wheel in case the prototype cars malfunction Its self-driving cars have beenrunning test drives in other parts of the US too
The Otto truck comes with a rig of radars laser scanners and stereo cameras that give the computers inside a live 360-degreevision of its environment with high dynamic range high resolution and high colour information imagery so that the truck can besmart enough to decide what to do next But the computing task this presents is ampldquoalmost as big as a small datacentreamprdquo Sweeney says the computing has to be done inside as ampldquothere is no tech that can let us send all that data tothe cloud real time and hence a lot of the computing has to be done in the truck itselfamprdquo
ampldquoA lot of the tech is based on prior mapping but in subsequent runs we see differences that have come about in the area andpay attention on those objects that are differentamprdquo
Interestingly Otto is being sued by Googleamprsquos Waymo self-driving car unit which claims its former employee and start-upfounder Anthony Levandowski stole its proprietary design for its laser-based radar system There are other challenges tooampldquoUber tech is different because we are trying to make this on top of the ride-sharing network that we already haveamprdquo headded
Nissan in contrast keeps the driver and not the technology at the centre and its definition of an ampldquoautonomous caramprdquo ishence a vehicle with different levels of driving technologies that enable it to operate autonomously for certain periods of time ANissan spokesperson said on the technology side the challenges are in artificial intelligence software development data processingand digital mapping technologies while on the social environment side laws and regulations along with modifications of roadinfrastructure will become necessary
This contrast in technologies is why it is important to see how the entire ecosystem evolves maybe with different platforms talkingto each other But Uber is not depending on this ampldquoWe need to see and interact with vehicles but there is no guarantee wewill have that technology So we are approaching it with the assumption it wonamprsquot existamprdquo says Sweeney
Uberamprsquos goal is to take its technology everywhere but can these vehicles actually be practical for an environment like IndiaSweeney accepts the new elements this will throw in along with the sheer volume will present a slew of challenges ampldquoThoseare situations we think we will be able to tackle but those are not the first places we will goamprdquo he explains adding that theywill look for opportunities where they can deploy this technology safely Clearly this drive has just started(The author attended the Uber Media Summit in San Francisco at the invitation of Uber)httpwwwfinancialexpresscomopiniondriving-driverless-quest-for-an-autonomous-car-has-reached-a-truck-now588112
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Samsung completes acquisition of Harman The Economic Times
New Delhi The arrest of the Vice-Chairman of Samsung Board Lee Jae Yong on bribery and corruption charges has not affectedthe deal between Samsung and Harman International IndustriesIn a media statement the South Korean giant confirmed thecompletion of its largest such deal ever
Under the terms of the merger agreement Harman stockholders will receive $11200 per share in cash The completion follows thesatisfaction of all conditions to the closing of the transaction including approval of the transaction by HARMAN stockholders andreceipt of all necessary regulatory approvals in the United States and certain foreign jurisdictions
ampldquoToday is a historic moment for us The close of this transaction opens the door to create substantial growth opportunitiesand deliver greater benefits for customers worldwideamprdquo said Young Sohn President and Chief Strategy Officer of SamsungElectronics and Chairman of the Board HARMAN ampldquoWe see transformative opportunities in the car ampndash and a futurewhich seamlessly connects lifestyle across automotive home mobile and work Samsungamprsquos and HARMANamprsquosleadership in these spaces perfectly positions Samsung to be the preferred partner to our OEM customers In addition bringingtogether HARMANamprsquos iconic audio brands and capabilities paired with Samsungamprsquos leading display technologies willdeliver enhanced audio and video experiences to consumers and professional end markets And most importantly we areenthusiastic about our common vision the similarities in our culture of innovation and the added value we can create for customersWe look forward to working with all of HARMANamprsquos employees to execute on our visionamprdquo
Harman boasts around 30000 employees spreadout across different brands including JBL Infinity Lexicon and Mark LevinsonThe company will continue to conduct business as an independent subsidiary under the terms of the deal with Samsung
ampldquoWe are excited to have completed the transaction which provides compelling cash value to our stockholders benefits ourcustomers and provides new opportunities for our employeesamprdquo said Dinesh Paliwal Harman President and CEOampldquoSamsung shares our commitment to our customers and our culture of speed innovation and execution Samsung providesHarman with the scale platform and complementary technologies to accelerate growth and extend our global market leadership inautomotive smart audio and connected technologies Recognizing the importance of partnerships in an increasingly connectedworld particularly in automotive we are poised to leverage our combined teams and resources to produce even greater value forour customers Working closely with automakers and other technology companies Samsung and Harman will define ampndash anddrive ampndash the future of automotiveamprdquohttpautoeconomictimesindiatimescomnewsauto-technologysamsung-completes-acquisition-of-harman57624440
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Skoda delivers 81200 units in Feb 2017 globally The Economic Times
Mlada Boleslav Czech car manufacturer Skoda in a press release stated that the company delivered 81200 vehicles to customersworldwide in February 31 more than in the same period last year (February 2016 78800) brvbarkoda also claims that it has soldmore cars than any February in its history The Czech manufacturer achieved double-digit growth in Central and Eastern Europe (+129 and + 133) India (+ 128) and Israel (+ 198) among others
We are delighted with our strong start to 2017 We expect the market launch of the OCTAVIA product upgrade as well as the newKodiaq to create further momentum says Werner Eichhorn brvbarKODA Board Member for Sales and Marketing
In Western Europe deliveries to customers rose by 70 in February to 34800 vehicles (February 2016 32500) With 12600vehicles Germany remains the strongest single European market (February 2016 12100 vehicles +45) brvbarKODA recordeddouble-digit growth rates in the UK (3400 vehicles +236) Italy (2200 vehicles + 201) Belgium (2 000 vehicles +271) andAustria (1900 vehicles +647)
In Central Europe brvbarKODA achieved an increase of 129 with 17400 cars (February 2016 15400 vehicles) Deliveries on thehome market of the Czech Republic rose by 88 to 8200 vehicles in Poland (5700 vehicles + 163) Slovakia (1700 vehicles+154) Slovenia (600 vehicles +226) and Croatia (300 vehicles +469) also rose in double figures
In Eastern Europe excluding Russia Skoda achieved a year-on-year increase of 133 with 2800 vehicles delivered (February2016 2500 vehicles) In the same period 400 customers in Ukraine received their new brvbarKODA ampndash an increase of 939(February 2016 200 vehicles) The number of deliveries increased significantly in Bosnia (200 vehicles + 557) Bulgaria (200vehicles +175) and the Baltic States (600 vehicles + 229) In Russia brvbarKODA achieved an increase of 46 with 4300vehicles (February 2016 4100 vehicles)
In China ampndash the brandamprsquos largest market worldwide ampndash brvbarKODA handed over the keys to 15000 new vehicles(February 2016 18500 vehicles -188) Deliveries overseas increased by 98 to a total of 2500 vehicles
At the Geneva Motor Show brvbarKODA is presenting several new highlights These include the brvbarKODA KODIAQ SCOUT and brvbarKODAKODIAQ SPORTLINE alongside the extensively upgraded brvbarKODA OCTAVIA as well as the sporty spearhead brvbarKODA OCTAVIA RS245 and the brvbarKODA OCTAVIA SCOUT with a rugged off-road look In addition the upgraded brvbarKODA models RAPID and RAPIDSPACEBACK and Citigo are on show
brvbarKODA deliveries to customers in February 2017 (in units rounded off by model +- in percent compared to February2016)brvbarKODA OCTAVIA (28600 -86)brvbarKODA FABIA (16700 + 152)brvbarKODA RAPID (15000 + 121)brvbarKODA SUPERB (10900 + 171)brvbarKODA KODIAQ (1300 + 1000)brvbarKODA YETI (6300 -157)brvbarKODA CITIGO (only sold in Europe 2300 -164)httpautoeconomictimesindiatimescomnewspassenger-vehiclecarsskoda-delivers-81200-units-in-feb-201757626693
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Isuzu claims more durability on its diesel engines for trucks The Economic Times
Indianapolis Isuzu Commercial Truck of America has announced that the B10 durability rating of its 4HK1-TC diesel engine hasbeen increased to 375000 miles informed the company in an official statement
To elaborate further on what it means the Japanese commercial vehicle manufacturer went on to say that A B10-life rating is anindustry-standard gauge provided by engine makers to help consumers determine the long-term durability of an engine Thenumber following the B indicates the percentage of an engineamprsquos population that will require an overhaul before the indicatedmileage
That means that 90 of Isuzu 4HK1-TC engines are expected to last 375000 miles before they require a major repair or rebuildPreviously the 4HK1-TC engine carried an already-robust B10 durability rating of 310000 miles added the company
ampldquoWe are proud to say that Isuzu diesel engines are already known worldwide for their long-term dependabilityamprdquo saidShaun Skinner president of Isuzu Commercial Truck of America ampldquoOur new B-10 rating is strong evidence that our enginesare even more durable than everamprdquo
The turbocharged intercooled 4HK1-TC four-cylinder diesel engine displaces 52 liters and generates 215 horsepower Torqueratings vary depending on model The engine is fitted to Isuzu NPR-HD NPR-XD NQR and NRR models as well as the all-new2018 Isuzu FTR Class 6 truck
The company made the above announcement at the National Truck Equipment Associationamprsquos 2017 Work Truck Show inIndianapolis held on March 13httpautoeconomictimesindiatimescomnewsauto-componentsisuzu-diesel-engines-for-trucks-now-become-more-durable57626832
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MoS visits Rolls-Royces new logistics centre in England The Economic Times
New Delhi Nick Gibb Minister for School Standards and MP for Bognor Regis and Littlehampton has visited Rolls-Royce MotorCars Technology and Logistics Centre on Monday informed the British luxury car maker in a media release
During the visit Gibb toured the facility met the expert team onsite and was briefed on the companyamprsquos future plans to expandthe Centre He also took the opportunity to learn more about the Rolls-Royce Motor Cars apprenticeship graduate and internprogrammes
Nick Gibb said ampldquoThe original announcement that Rolls-Royce Motor Cars would be locating its Technology and LogisticsCentre in Bognor Regis was a great boost for our town and warmly welcomed I am delighted to see the huge new state of the artfacilities fully operational and providing high quality jobs for local people The support of such a prestigious company is good newsfor Bognor Regis and for the wider local economyamprdquo
He continued ampldquoIt is very welcome that Rolls-Royce operates an apprenticeship scheme ensuring the company has the skillsit needs for the future and providing opportunities and training for a cohort of young people every year This year Rolls-Royce istaking on record numbers of apprenticesamprdquo
The new Rolls-Royce Technology and Logistics Centre at Bognor Regis opened on schedule in January 2016 The purpose-built30000m2 facility is located close to the companyamprsquos head office and manufacturing plant at Goodwoodhttpautoeconomictimesindiatimescomnewsindustrymos-visits-rolls-royce-new-logistics-centre-in-england57626981
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All new Mazda CX-5 to be produced at Hofu Plant The Economic Times
Hiroshima Japan Japanese automaker Mazda Motor Corporation starting from November is going to produce the all-new MazdaCX-5 crossover SUV at its Hofu Plant in addition to the Hiroshima Plant where it is currently produced
The company informed that the move will help the automaker respond quickly and flexibly to growing demand for SUVs globally
Mazda aims to create a production system that can respond flexibly to changes in demand for crossover vehicles as it works tomeet its global sales goal of 165 million units
Launched domestically in February the all-new CX-5 has till date recorded sales of 16639 units about seven times the monthlytarget claims the company
As with the CX-3 starting production of the CX-5 at Hofu Plant as well is part of our plan to build a production framework that givesus more flexibility between plants and between models said Masatoshi Maruyama Managing Executive Officer in charge of GlobalProduction We will do everything we can to get customers the crossover vehicles they want as quickly as possiblehttpautoeconomictimesindiatimescomnewspassenger-vehicleuvall-new-mazda-cx-5-to-be-produced-at-hofu-plant57627447
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Rheinmetall receives over $25 mn order from American carmaker The Economic Times
New Delhi German automotive parts supplier Rheinmetall has booked its first order for a special application of coolant valves by amajor American carmaker and destined for the NAFTA market
The company in a statement said that the order has a lifetime value of over US$25 million (around Rs 165 crore) Series productionof the valves is scheduled to start in 2019 with the contract set to run for about five years
Talking about the product the company went on to say that the innovative valves play a lead role in intelligent thermal and energymanagement on modern vehicle engines These often have several cooling circuits which are controllable with the aid of switchingseat valves
As from model year 2020 this particular customer will be installing several versions of such valves on gasoline and diesel enginesfor pick-ups with over 6 liters displacement
They will take over functions in the cooling circuit of the transmission ensuring that it reaches operating temperature faster byswitching off the coolant flow when the engine is started This also helps to reduce emissions added the companyhttpautoeconomictimesindiatimescomnewsauto-componentsrheinmetall-receives-over-25-mn-order-from-american-carmaker57628058
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Nissans Infiniti names former BMW executive as new design chief ReutersSee this story in The Economic Times
Beijing Infiniti Nissan Motors premium brand named Karim Habib former global design chief for BMW as the brands new chiefdesigner effective July 1
Habib will replace Alfonso Albaisa who will be promoted to lead Nissans global design according to a press release seen byReuters Habib will report to Albaisa
Habib who has worked for several premium automotive brands including BMW and Daimler will be based in Nissans technicalcentre in Atsugi Japan and lead Infinitis design teams in Japan Beijing San Diego and Londonhttpautoeconomictimesindiatimescomnewsindustrynissans-infiniti-names-former-bmw-executive-as-new-design-chief57630437
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Elon Musks bold offer of Tesla batteries wont solve Australias power problems ReutersSee this story in The Economic Times
Launceston Australia Australia is becoming an interesting microcosm on how to or how not to transition an economy from beingpredominantly powered by coal to more climate-friendly alternatives
The dramatic intervention by Tesla Inc Chief Executive Elon Musk last week is just the latest twist in an ongoing saga that pits
business government farmers government and environmentalists against each other
Musk in an exchange of tweets with software billionaire Mike Cannon-Brookes chief executive of Atlassian Corp offered to fix theelectricity supply problems of South Australia state within 100 days of signing a contract
Musks plan is to install 100 megawatts (MW) of grid-connected battery storage which would be available to meet peak demandand would be charged with surplus electricity from other generating sources in periods of low demand
Its a bold offer and would most likely provide a quick fix to Australias fourth-largest state which suffered a blackout last Novemberand has been dealing with power shortages over the peak summer period
Businesses like BHP Billiton which operates the giant Olympic Dam copper mine in the state have been pushing for thegovernment and other stakeholders to ensure stable electricity supply saying the cost of blackouts runs into millions of dollars inlost output
Musk whose Tesla Corp is ramping up output of its battery storage packs at its Gigafactory in Nevada held talks with AustralianPrime Minister Malcolm Turnbull at the weekend as well as with South Australian Premier Jay Weatherill
The politicians will no doubt be tempted to Musks offer to install batteries especially since the electric car pioneer said if he didntmeet his 100 day deadline he wouldnt charge anything
But while Musks offer if taken up would provide a quick fix it would not do enough to mend the underlying problems at the heart ofAustralias electricity woes
Its worth looking at how Australia got itself to the point where virtually all players can agree that the nation is facing somethingapproaching an energy crisis
After all the country is not short of fossil fuels such as coal and natural gas and its climate and low population density outside themajor cities are ideal for renewables such as solar and wind power
The country is heavily reliant on an ageing fleet of coal-fired power stations which makes Australia one of the highest polluters percapita
These coal power stations are starting to close down with one shutting in South Australia last year and another planned to close inVictoria state at the end of this month
The problem is that the coal-fired power stations role as providers of base load electricity cannot be taken over by wind and solarand the role is falling to natural gas
But natural gas is also the most expensive method of generating electricity in Australia so utilities are reluctant to run their gas-firedplants until prices are high enough to justify the cost
South Australia has a gas-fired plant that was mothballed until last years power supply crisis but even with the higher prices forelectricity the operator is struggling to make the plant profitable
The state moved on Tuesday to try and address its energy security issues announcing it would build a 250 MW gas-fired plant andhelp the private sector build a 100 MW battery at a total cost of A$510 million ($385 million)
Gas Supply ConstraintsNatural gas supply is becoming a problem in Australia which may seem ironic given the country is on the verge of becoming theworlds largest exporter of liquefied natural gas (LNG) as the last of eight new plants come closer to completion
In fact the new LNG plants are copping some of the blame for the tightening natural gas market especially the three in easternQueensland state based on using coal-seam gas as the feedstock
These are being blamed for sucking domestic natural gas out of the market and into the export LNG industry
What hasnt helped is that some of Australias state and territory governments are also pursuing policies that will restrict futurenatural gas supplies
Victoria state has banned hydraulic fracturing or fracking as well as shale and coal-seam gas exploration while the NorthernTerritory New South Wales and Tasmania have various moratoriums on fracking
This leaves Western Australia Queensland and South Australia as the remaining states where onshore natural gas supplies can bedeveloped and they are now in the cross-hairs of the environmental lobby which is opposed to any and all new natural gas wells
Politicians across the traditional Labor-Liberal divide are increasingly giving in to demands to restrict natural gas exploration whilepretending that this wont have a negative impact on energy security and electricity prices
But the costs are starting to become apparent with spot electricity prices surging over the Australian summer and natural gassuppliers warning that they will be unable to meet the needs of industrial customers without action being taken
Its often the case politicians only take action when the point of crisis is reached and this appears to be the case in Australia
Whats needed is a holistic approach to energy supply as Australia transitions away from coal-fired power
This means ensuring enough natural gas is available to provide base load generation while scaling up renewables such as solar
wind pumped hydro and battery storage
Forging enough common ground with the various stakeholders will be the main obstacle but more than anything else Australia isshowing how difficult it is to end the age of coalhttpautoeconomictimesindiatimescomnewsindustryelon-musks-bold-offer-of-tesla-batteries-wont-solve-australias-power-problems57630514
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Innogy in talks with car consortium over charging stations CEO ReutersSee this story in The Economic Times
Essen Germany Innogy is in intense talks with a group of carmakers Chief Executive Peter Terium told journalists on Mondayhoping to be selected as a supplier of super-fast charging stations for electric vehicles across Europe
Its not a done deal yet Terium said pointing to strong competition from rival vendors
BMW Volkswagen Ford and Daimler plan to build about 400 next-generation charging stations in Europe that can reload anelectric car in minutes instead of hours
Sources told Reuters in January that Innogy was in talks with the consortiumhttpautoeconomictimesindiatimescomnewsindustryinnogy-in-talks-with-car-consortium-over-charging-stations-ceo57624184
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China may roll back electric vehicle quotas as industry pushes back ReutersSee this story in The Economic Times
Beijing China is considering easing proposed quotas aimed at producing more electric vehicles as Beijing gets pushback from theautomotive industry over the scale and pace of the plans
If adopted proposed changes under discussion could see a target of new energy vehicles (NEV) making up 8 percent of sales nextyear pushed to 2019 two auto executives said
The changes would lower targets from a draft policy released in September requiring 8 percent of automakers sales to be batteryelectric or plug-in hybrid vehicles by 2018 rising to 10 percent in 2019 and 12 percent in 2020
Any loosening of NEV targets would mark a pull back by Beijing which has faced opposition to the planned targets as it looks todrive its domestic carmakers to overtake global rivals in the green vehicle sector
Automakers and industry bodies have said the targets are too tough and could hurt manufacturers interests New energy vehicleslast year accounted for just 18 percent of sales in the worlds biggest autos market according to Reuters calculations based onofficial data
Its normal to make revisions as its a draft plan An Jin chairman of Anhui Jianghuai Automobile Group (JAC Motor) said on thesidelines of the National Peoples Congress in Beijing
He said he was aware of talks to revise the quota targets but said nothing was set in stone JAC hasnt been told what revisionsmight be made to the draft but I think it is possible the draft will be changed after the discussions he said
Whether the whole market can hit this quota by 2018 depends a lot on the strength of government policy If its strong then weshould be able to surpass the targets An said (But) if you consider Chinas infrastructure and the transformation of Chinas autosector then perhaps the pace will have to slow
Two Percent CutTwo executives familiar with the plans told Reuters the government was considering options for lowering the requirements
One idea was to reduce the quota requirement by 2 percent each year cutting the 2018 requirement to 6 percent said aChina-based government relations official at a major global automaker It would then be 8 percent in 2019 and 10 percent in 2020
Another option would be to push back each target by a year with the 8 percent quota starting from 2019 an executive at aJapanese car maker said
Both asked not to be named due to the sensitivity of the matter and because the draft was still under consideration
The overall policy includes quotas for plug-in cars targets for average fuel economy requirements and a credit trading system topromote green energy cars while penalizing petrol cars
The two people said the quota stand-off was tied to a disagreement between the Ministry of Industry and Information Technology(MIIT) and Chinas top state planner the National Development and Reform Commission (NDRC)
MIIT which regulates manufacturers supports a more flexible credit trading system favoured by automakers The NDRC is more
aggressive in promoting a transition to electric vehicles pushing the introduction of the stricter quotas
An NDRC spokesman said the body played a small role when the draft was open to public for discussion MIIT did not immediatelyrespond to Reuters requests for comment
China has strongly supported and subsidized electric vehicles but is gradually swapping out incentives for hard targets automakersmust meet The central government cut subsidies 20 percent this year a first reduction towards eliminating them by 2020httpautoeconomictimesindiatimescomnewspolicychina-may-roll-back-electric-vehicle-quotas-as-industry-pushes-back57623608
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Russias standards agency says Volkswagen recalls 43151 Skoda cars ReutersSee this story in The Economic Times
Moscow Russias standards agency said on Monday that Volkswagens Russian operation had informed it about the voluntaryrecall of 43151 Skoda cars due to a possible technical fault
The recall affects Skoda Octavia Superb Fabia Yeti and Rapid cars sold in Russia between 2012 and 2016 the watchdog saidhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsrussias-standards-agency-says-volkswagen-recalls-43151-skoda-cars57624140
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Economy
Rupee hits 1-12 yr high surges 78 paise on BJP sweep PTISee this story in The Economic Times
Mumbai The rupee surged by a massive 78 paise to end at a nearly one-and-a-half year high of 6582 against the US dollar onfrantic unwinding of the American currency following BJPs emphatic victory in Uttar Pradesh
Forex market sentiment soared on hopes that BJPs stellar show in state polls would pave the way for the Modi government to focuson key reform measures
The home currency resumed on a strong footing at 6620 from last Fridays closing value of 6660 at the Interbank ForeignExchange (forex) market on heavy dollar unwinding from speculative traders and exporters tracking weekend developments
Maintaining its bullish momentum against the dollar the rupee hit a fresh intra-day high of 6576 in late afternoon deals beforeending at 6582 showing a solid gain of 78 paise or 117 per cent
This is the highest closing of the rupee since November 6 2015 when it had ended at 6576
Meanwhile the RBI fixed the reference rate for the dollar at 661800 and for the euro at 704354
Financial markets too took comfort from BJPs landslide victory with the broader Nifty climbing 15245 points to a new closing peakof 9087 and the Sensex rallying 49640 points to end at 2944263
The much-anticipated turnaround on the economic front has opened up a barrage of foreign capital fund flows into India
Foreign investors pumped in over Rs 10000 crore in the Indian capital markets this month so far
It also got an added fillip from bullish macro data which showed that the countrys industrial production bounced back in Januaryexpanding by 27 per cent year-on-year
Factory output measured in terms of Index of Industrial Production (IIP) had contracted by 01 per cent in December
However inflation based on wholesale prices shot up to a 39-month high of 655 per cent in February against 525 per cent inJanuary according to official data
On the global front the dollar traded firmly higher against its major counterparts ahead of the two-day Fed meet when it could liftrates for the third time since the financial crisishttpautoeconomictimesindiatimescomnewsindustryrupee-hits-1-12-yr-high-surges-78-paise-on-bjp-sweep57635104
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Nifty hits all time high of 912275 Sensex surges 616 points after big BJP win The Economic Times
Mumbai The Nifty jumped to life highs on Tuesday after the BJPamprsquos thumping win in the crucial state of Uttar Pradeshrekindled hopes of a bigger-than-expected push for reforms by the Narendra Modi government
The Nifty up 11 so far this year crossed its previous life high of 9119 to hit 912275 before ending the day 171 or 15245points higher at 9087 This is the indexamprsquos biggest single-day gain in points since February 1 and caps a strong reboundsince the December 26 low of 7893 on demonetisation worries
The Sensex surged by 616 points or 212 intra-day before ending the day at 2944263 up 49640 points This is its biggest gainsince May 25 last year The index is the best performer among all developed and emerging market indices in local currency terms inthe past three months
The rupee surged 79 paise to a 16-month high of 6582 to the dollar as exporters sold more dollars and foreign investors boughtlocal shares BSE data showed that foreign investors bought local shares worth Rs 4089 crore their biggest single-day purchasesince February 17 when they purchased Rs 8059 crore
FPIs have bought shares worthRs 23132 crore since January this year against net sales of Rs 9800 crore in the same period lastyear The BSE Midcap and Smallcap indices gained 144 each
ampldquoOne must be ready for a correction after a rally but I am optimistic about the medium to longterm prospectsamprdquo saidMotilal Oswal chairman Motilal Oswal Financial Services Ltd ampldquoFundamentally valuations are comfortable at this point intime because of good corporate earnings growth In the short term markets may remain volatileamprdquo
BJP romped to victory in UP on Saturday winning 312 out of the 403 seats Its allies won 13 more taking the NDA tally to 325 Thisis the biggest win recorded by any party in the state since 1977 and has raised prospects of the BJP doing well in other electionsthis year and next Many political pundits also believe that the victory has improved Prime Minister Narendra Modiamprsquos chancesof retaining power in the 2019 general election
Barring the metals index all other sectoral indices on the NSE ended with gains on Tuesday About 55 stocks including TitanJubilant Life Sciences Kotak Mahindra Bank IndusInd Bank YES Bank and Indiabulls Housing Finance among others hit life highswhile 92 stocks were locked in upper circuit with no sellers
ampldquoWith the sharp rally the market which is currently susceptible to global risk is trading at above average multiples and westay cautious near termamprdquo said Sanjay Mookim India Equity Strategist BofA Merrill Lynch ampldquoIndiaamprsquos businesscycle should improve over the next several quarters while improving construction should drive capex which is good forequitiesamprdquo
Some market experts are divided over the near-term outlook as indices have begun to look expensive at current valuations Plusthere is no immediate trigger for upgrade
ampldquoValuations of the Indian market are quite high and would require the support of strong earnings growth Any disappointmenton earnings will make valuations look even more expensive which the market may not likeamprdquo said Sanjeev Prasad senior EDand co-head of Kotak Institutional Equities
ampldquoGlobal and domestic interest rate cycles are no longer supportive with likely increase in developed markets bondyieldsamprdquo
ampldquoWhile markets are expecting a rate hike this meeting what will be of more interest is the commentaryamprdquo said DipenShah senior V-P PCG research Kotak Securities ampldquoIf it is hawkish it may have an impact on fund flows to emerging marketsbut India may be relatively less impacted because of the continuing domestic flowsamprdquo
ampldquoNotwithstanding the election results we believe the risk-reward is not favourable currently and advise investors to sell intothis rally We expect Nifty EPS to rise 15-16 in FY18 and see no trigger for an earnings upgrade at this junctureamprdquo ReligareInstitutional Research said in a notehttpeconomictimesindiatimescommarketsstocksnewsnifty-hits-all-time-high-of-9122-75-sensex-surges-616-points-after-big-bjp-winarticleshow57639036cms
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WPI inflation up 655 for February 2017 The Economic Times
New Delhi The annual rate of inflation based on monthly Wholesale Price Index (WPI) stood at 655 percent (provisional) for themonth of February 2017 (over February 2016) as compared to 525 percent (provisional) for the previous month and -085 percentduring the corresponding month of the previous year
The official Wholesale Price Index for amplsquoAll Commoditiesamprsquo for the month of February 2017 rose by 05 percent to 1855(provisional) from 1846 (provisional) for the previous month
The index for primary articles rose by 09 percent to 2581 (provisional) from 2557 (provisional) for the previous month
The inflation rate for Fuel and power group rose by 13 percent to 2038 (provisional) from 2012 (provisional) for the previousmonth due to higher price of coking coal (15 percent) aviation turbine fuel (3 percent) bitumen (2 percent) and kerosene highspeed diesel LPG and lignite (1 percent each) However the price of furnace oil (1 percent) declined
The index for the major group of manufactured products remained unchanged at its previous monthamprsquos level of 1588
(provisional) In this group the index for amplsquoRubber amp Plastic Productsamprsquo group rose by 02 percent to 1489 (provisional)from 1486 (provisional) for the previous month due to higher price of rubber products (1 percent)
The index for amplsquoTransport Equipment amp Partsamprsquo group rose by 05 percent to 1405 (provisional) from 1398 (provisional)for the previous month due to higher price of auto rickshaw tempo matador (4 percent) and auto parts (1 percent)
For the month of December 2016 the final Wholesale Price Index for amplsquoAll Commoditiesamprsquo stood at 1833 as comparedto 1828 (provisional) and annual rate of inflation based on final index stood at 368 percent as compared to 339 percent(provisional) respectively as reported on January 1 2017httpautoeconomictimesindiatimescomnewsindustrywpi-inflation-up-6-55-for-february-201757627665
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February CPI at 365 vs 317 in January highest since October 2016 PTISee this story in The Economic Times
New Delhi Retail inflation rose to 4-month high of 365 per cent in February mainly due to surge in price of food items like fruitssugar and confectionery
Measured in terms of Consumer Price Index (CPI) the inflation had dipped to a multi-year low of 317 per cent in January this yearon account of cash crunch following demonetisation It was 526 per cent in February last year
According to the CPI data released today by the Central Statistics Office (CSO) the consumer food prices index (CFPI) rose by201 per cent in February from 061 per cent in January The CFPI was 53 per cent in February 2016
Inflation in fruits was higher at 833 per cent fuel and light at 39 per cent in February The rate of price rise in meat and fish was 35per cent in February
Prices of sugar and confectionery items rose by 1883 per cent in February while inflation in milk and milk product increased by 422per cent
The rate of inflation in household goods and services was 409 per cent while this rate was in health segment was 4 per cent Thetransport and communication became expensive by 539 per cent
The personal care and effects segment rose by 515 per cent while the education became more expensive by 537 per cent inFebruary this year
The inflation rate was 438 per cent in clothing and footware segment while it was 49 per cent in housing segment
However the prices of vegetables and pulses declined by 829 per cent and 902 per cent respectively
Rural retail inflation was at 367 per cent in February compared with 336 per cent in the preceding month The CPI was also up inthe urban sector at 355 per cent in February from 29 per cent in January this yearhttpautoeconomictimesindiatimescomnewsindustryfebruary-cpi-at-3-65-vs-3-17-in-january-highest-since-october-201657633211
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Closing
Last Financial Closing
Sensex 2944263 (+49640)NSE 9087 (+15245)US$ spot Rs6582US$ Y1148000US$ 6 months RsYen Rs57Euro spot Rs70
Gold (10gm) Rs28333Silver (1kg) Rs4008300
Crude Oil (WTI) Crude Oil (Brent) $5172 (+037)
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Apollo Tyres 1 18610Asahi Ind 1 21655Amara Raja B 1 83230Ashok Leyland 1 9080Bajaj Auto 10 286670Bharat Forge 2 103550Denso 1 Eicher Motor 10 2396325Escorts 10 51945Exide Ind 1 21645Force Motors 10 427760Gabriel India 1 11460Hero Motocor 2 335745Hind Motors 5 950Hi-Tech Gear 10 29885Jay Bh Maruti 5 38190
Jamna Auto 5 20550JK Tyres amp Inds 10 1241 Kinetic Motors 10 Kinetic Engg 10 KOEL 2 37685Kirloskar Br 2 24135LML Ltd 10 1250LampT 2 155810Lumax Ind 10 131690Lumax Tech 10 43230MampM 5 132600Maruti Suzuki 5 613240Motherson SS 1 36290Minda Inds 2 44350MRF 10 5298390Omax Auto 10 7555Rico Auto 1 5720Sona Koyo St 1 8170
SRF 10 157155Tata Motors 2 46975 TVS Motors 1 43690
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Bhushan Steel 2 5430Hindalco 1 19040Hind Zinc 2 29140JSW Ispat S 10 Jind Steel 1 12490JSW Steel 1 18190Jindal Saw 2 7995National Aluminium 5 7310SAIL 10 6005Tata Steel 10 47255Visa Steel 10 2185
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Ambuja Cement 2 23370Binani Industries 10 7200Birla Corp 10 70360India Cement 10 16070Prism Cement 10 9375JK Cement 10 88470Shree Cement 10 1639835
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PLEASE NOTE
NURC Industry Updates contain editedtruncated text of Industry-specific news as it appears in various select dailies and websites These are NOT full stories unless otherwisespecifically mentioned The stories contained herein are informational only and no representation is made or warranty given as to their content reliability truthfulness orusefulness User assumes all risk of use It be clearly understood that NURC updates do not claim to and neither mean to replace the Print or the Internet editions of variousnewspapers whose articles are featured therein For the best and complete news reading NURC urges its readers to read the full text of the stories from the Newspaperswhose credits are given after the headline and visit the related website whose URL is given below the text matter of each news item
NURC News Update - AUTOMOBILES
News on Indian Auto Industry Copyright 1999 NURC MediaNext Pvt Ltd
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Powered by Enablingbiz Esoluttions
MampMs Pawan Goenka to continue as Chairman IIT-M Board of Governors PTISee this story in The Economic Times (Web Edition)
Chennai Pawan Goenka Managing Director of diversified business conglomerate Mahindra and Mahindra will continue asChairman Board of Governors of IIT Madras
President Pranab Mukherjee in his capacity as visitor of Indian Institute of Technology Madras has approved the nomination ofGoenka as Chairman Board of Governors IIT-Madras for another three years a press release said here today
Goenkas term as Chairman Board of Governors ends in June 2017 and Mukherjee has allowed him to continue for another threeyears with effect from June 9 2017 the release added
Goenka an alumni of IIT Kanpur has a PhD from Cornell University New York
He is also an alumni of Harvard Business School Advanced Management Programmehttpautoeconomictimesindiatimescomnewsindustrymms-pawan-goenka-to-continue-as-chairman-iit-m-board-of-governors57635237Pawan Goenka IIT-M Board ChairmanThe Hindu Business Line (Web Edition)httpwwwthehindubusinesslinecomnewseducationpawan-goenka-iitm-board-chairmanarticle9583901eceGoenkas IIT-M term extended by another three yearsAsian Age (Web Edition)httpwwwasianagecombusinesscompanies140317goenkas-iit-m-term-extended-by-another-three-yearshtml
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Tata Motors rolls out VRS to cut costs Varun AggarwalThe Hindu Business Line (Web amp Print Edition)
Mumbai Within weeks of finalising its management restructuring the Tata Motors board has approved a VRS proposal tosignificantly prune its middle management
The company is in the process of bringing down the management layers down to five from the existing 14 to cut costs
The move to bring in a voluntary retirement scheme is the second step towards achieving the goal of creating a leaner organisationampldquoTata Motors confirms that as part of the ongoing Organisation Effectiveness project where we have already finalised the top2 levels of our management structure a proposal on VRS package has been presented and approved by the board Since theexercise for selecting L3-L5 is still under way it is premature for us to comment on any other specifics at this point of timeamprdquo aTata Motors spokesperson told BusinessLine
As a part of the restructuring 120 executives have been finalised for L1 and L2 roles For the remaining tiers there would be rolesthat would become redundant and therefore the company is offering a severance package to such employees the spokespersonsaidhttpwwwthehindubusinesslinecomtodays-papertata-motors-rolls-out-vrs-to-cut-costsarticle9583956eceTata Motors to offer VRS to employees to trim costs as part of restructuringmint (Web amp Print Edition)httpwwwlivemintcomCompaniesaT7nDpW0DOC91gZDLSwwOITata-Motors-to-offer-VRS-to-employees-to-trim-costs-as-parthtmlTata Motors rolls out VRS reduces hierarchy levelsBusiness Standard (Web amp Print Edition)httpwwwbusiness-standardcomarticlecompaniestata-motors-rolls-out-vrs-reduces-hierarchy-levels-117031401193_1htmlTata motors to offer VRSThe Pioneer (Web amp Print Edition)httpwwwdailypioneercombusinesstata-motors-to-offer-vrshtml
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Tata Motors to prune several regional roles to cut costs Varun AggarwalThe Hindu Business Line (Web amp Print Edition)
Mumbai The management restructuring at Tata Motors comes at a time when the company has been constantly losing marketshare in the passenger vehicle segment while also seeing competitive pressure in commercial vehicles where it has enjoyed alionamprsquos share for decades
The company reported a 96 per cent decline in profits in the third quarter Net profit fell to Rs 11157 crore from Rs 295267 crorein the year-ago period
On a standalone basis Tata Motorsamprsquo losses after tax widened to Rs 1046 crore in the quarter from Rs 137 crore a yearago
New strategy
Tata Motors last month was on the front foot with Managing Director and CEO Guenter Butschek emphasising on the need to havea leaner team with a focus on profitable growth while announcing its strategy to test out new platforms and high-end cars under asub-brand TAMO
The company also signed an MoU with Volkswagen Group and Skoda for exploring joint development projects as the companystrives hard to regain market-share
The VRS scheme will cut down several regional roles and integrate several roles into a central unit ampldquoAs part of therestructuring we have also identified roles which are best located in a central common service structure providing service acrossthe company through optimised and efficient processes
ampldquoTo facilitate this a number of roles distributed currently across the company are being relocated in the Global DevelopmentCentre (Pune) We expect significant benefits in cost service quality and process efficienciesamprdquo the company said
Tata Motors however did not provide more details such as the specific functions that will be eligible for VRS and the kind ofpackage theyamprsquoll receive under the scheme It remains to be seen how this move goes down with worker unions across thecompanyamprsquos many plantshttpwwwthehindubusinesslinecomtodays-papertp-money-bankingtata-motors-to-prune-several-regional-roles-to-cut-costsarticle9583939ece
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Global auto companies heads drive into India Ketan ThakkarThe Economic Times (Web amp Print Edition)
Mumbai As soon as campaigning ended in Uttar Pradesh Prime Minister Narendra Modi had two Japanese visitors whoamprsquodbeen waiting to see him ampmdashToyota Motor president Akio Toyoda and Suzuki Motor chairman Osamu Suzuki
Even their own India offices had little clue the two were in town but theyamprsquod wanted to brief the Prime Minister on theintricacies of the partnership the companies had signed in Japan and the implications of that for India which is emerging as theworldamprsquos third-biggest auto market
The visit underscores the countryamprsquos importance in their scheme of things Just the day before the worldamprsquos largestautomotive group Volkswagen had decided to explore a partnership with Indiaamprsquos largest automobile company by revenueTata Motors after failing to crack the market during the decade itamprsquos been present in India The likes of Kia PSA SAIC andothers are also queuing up Maruti Suzuki accounts for half the Indian market while Toyotaamprsquos Innova and Fortuner head theirrespective segments
India is critical for the Japanese parent with 50 of global sales coming from the country said Maruti Suzuki chairman RCBhargava So whatever technology it gets from Toyota will surely be deployed in India he said
On the increased interest by other car makers in India Bhargava said ampldquoNobody wants to miss the opportunity and the sizeThey donamprsquot see the kind of potential growth in any other market like in India Itamprsquos just not the growth rate but the baseis also very highamprdquo Global auto bosses have been visiting regularly to get a sense of the market
Skoda Autoamprsquos global CEO Bernhard Maier made a trip soon after taking over General Motors CEO Mary Barra visited twicein less than a year to restructure local operations and devise a long-term strategy Ford Motor executive chairman Bill Ford visitedlate last year to inaugurate the New Product Development Centre that will create the foundation for India products
Hyundai Motor chairman Chung Mong-Koo is also expected to visit soon to announce the launch of the Kia brand in India CarlosGhosn global CEO of the Renault-Nissan Alliance and a frequent visitor told EThe has always been bullish on the Indian market
ampldquoWe know that India is going to be one of the top markets in the worldamprdquo he said ampldquoThe market is going to becrossing 3 million units this year so little by little this is taking its place as one of the top markets So you are going to end uphaving all car makers there including Mitsubishi (run by Ghosn)amprdquo
The Indian automotive industry broke into the top three in 2016 according to rating agency CARE
With the passenger vehicle market set to cross the 3 million mark by the end of 2017 India is seen as a future growth centre by allmanufacturers
For Volkswagen-Skoda India could be a beachhead for its emerging market strategy Chrysler Jeep has its sole right-hand-drivemanufacturing hub here The Maruti-Toyota combine is exploring an affordable hybrid vehicle for which India may become anexport hub Component makers like ZF Continental and Faurecia see India playing a bigger role in the development of newtechnology for autonomous cars and vehicles that conform to the emission norms of the future
According to IHS Markit Automotive India is expected to be among the fastest-growing markets in the coming five years besideswhich local regulations are getting harmonised with global standardshttpeconomictimesindiatimescomglobal-auto-companies-heads-drive-into-indiaarticleshow57639612cms
Top
Interviews amp Features
Not just a car Hindustan Motors Tushar BurmanThe Hindu (Web amp Print Edition)
As we finally say goodbye to the well-lovedAmby we look back at its storied production run and the characters that make up thetale
In February 2017 Hindustan Motors (HM) sold the Ambassador brand to Peugeot the French car manufacturer poised to re-enterthe Indian market with the HM principals They paid Rs 80 crore for the name that moved the armed forces government andinnumerable families across India for almost 60 years
Nostalgia tripThe car most remember as the Ambassador is based on the British-built Morris Oxford Series III and has been produced with minorchanges since 1957 Manufactured by the CK Birla group company Hindustan Motors it was liked for its spacious interiors solidbuild and status ampndash considering it was the passenger vehicle of choice for government functionaries It remained so until the80s when Maruti Suzuki came into the country and changed motoring forever with cheap reliable Japanese cars
Reliability was not a strong point for the Ambassador in the early days and owners always had to carry aggregates such as hosepipes fan belts and such The car also supported a cottage industry of specialist mechanics who strengthened the chassis withadditional welding to make them suitable for India Being one of very few locally-produced cars in the country however made theAmbassador fairly easy to work on You could find a mechanic to fix one in almost any part of our vast country Engines were simpleand made barely-adequate power
Starting off with a 15-litre side-valve petrol engine later models switched to a more robust 18-litre Isuzu petrol engine which hadsignificantly more power at 75hp The Ambassador holds the distinction of being the first diesel passenger car sold in India using a15-litre 37bhp diesel motor Later models also employed 20-litre diesel and turbo-diesel motors of similarly modest output
Vintage collectionDhananjay Badamikar of Pune has a few Ambassadors among his growing collection of vintage cars ampndash a amprsquo62 Mk I aamprsquo65 Mk II a amprsquo70 Mk II a 2012 Classic 1500 diesel The latest acquisition had done only 3000km and was used as atest vehicle at ARAI His Porter pickup truck model has a 1500cc diesel motor as well
All his vehicles are in running condition Maintaining them is a task and a hobby in itself Heamprsquos constantly on the lookout forspares grabbing any that become available and keeping them in his inventory He often shares parts with friends and members ofvintage car clubs
As faithful as Badamikar is to keeping his Ambassadors mint there are others that stick to the cars of their childhood while givingtheir own unique twists to their upkeep Anant Pithawalla runs N1 Racing Equipment in Mumbai and has kept his familyamprsquos1979 Ambassador Mk IV sprinting quite literally Heamprsquos swapped the old 15-litre engine for the more modern 18 installedpower steering disc brakes all round (still a rarity today in Indian cars) put in a high-flow KampN air filter performance spark plugscams and a carb rejet Still the voluminous Ambassador carries considerable heft so 18 seconds is his quickest quarter-mile withhis beefy Amby
As of 2017 the Ambassador has been through seven or so generations After the Landmaster there were Mk I through IV modelsthe Nova we often saw through the 90s followed by the Grand Classic and Encore ampmdash the final version compliant with BS4norms ampmdash as the vehicle became increasingly irrelevant Nevertheless whether due to nostalgia canny business sense orlove for its unique qualities enthusiasts over the years have kept their Ambassadors soldiering onhttpwwwthehinducomtodays-papertp-featurestp-metroplusnot-just-a-cararticle17464529ece
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Cars SUVs MUVs
Toyota to launch Vios in 2018 will compete with Honda City and Maruti Suzuki Ciaz The Financial Express (Web Edition)
Toyota will launch its sedan Vios next year in India and will showcase the car at the 2018 Auto Expo According to a report byNDTV the Vios launch will be followed in a couple of months from the showcase at the Auto Expo The company has alreadylaunched the Vios in Thailand and might bring the same model in India The Vios will be offered in petrol and diesel options will bepositioned between Toyota Corolla Altis amp Etios The car will be an important one for the company as itll give Toyota a presence inthe hugely popular sedan segment consisting of cars such as the Honda City Maruti Suzuki Ciaz Hyundai Verna and VolkswagenVento
The Thailand spec version of Vios is powered by a 15-litre petrol engine and it is expected that the company might bring the sedanin two engine options- a 15-litre petrol and 14-litre diesel engine The 15-litre petrol engine develops 107 hp of power and 141Nmof torque The engine will be mated to a 5 -speed manual gearbox and CVT transmission
On the exterior the Vios will get new projector headlamps with LED daytime running lights T-shaped grille new fog lamps and willride on 16 and 17-inch alloy wheels Dimensionally the sedan measures 4410mm in length 1700mm in width 1475mm in height
and 2550mm wheelbase Inside the cabin the Vios gets a touch screen infotainment system audio system with steering mountedcontrols leather upholstery automatic air conditioning and keyless entry It however remains to be seen as to what features doesToyota introduce in India
In terms of safety the Vios could get dual airbags ABS (anti-lock braking system) with EBD (electronic brake-force distribution) asstandard across all variants in wake of the upcoming safety legislations In addition it might get brake assist ISOFIX rear child seatanchors traction control and VSC (vehicle stability control)
Toyota Motor launched the Vios in Thailand around at a price of 609000 baht ( Rs 115 lakh) and it is expected that the Indianversion might be launched under Rs10 lakh in India If priced competitively and packaged smartly the Vios might give Toyota astrong foothold in a segment that is driven more by value-for-money in form of new features and technologies and not just acheaper price-tag something that Toyota got it wrong with the Etioshttpwwwfinancialexpresscomautocar-newstoyota-to-launch-vios-in-2018-will-compete-with-honda-city-and-maruti-suzuki-ciaz587255
Top
Maruti case Unions to meet in city today Chetna ChoudhryThe Times of India (Web amp Print Edition)
Gurgaon Over 500 representatives from 150 workers unions including six from Maruti Suzuki India Limited (MSIL) and Gurgaonchapters of the AITUC CITU and HMS will gather at 11am on Wednesday in Tau Devi Lal Park in Manesar to devise their futurecourse of action in the 2012 Maruti Suzuki labour unrest case The unions will decide how to re-appeal the verdict and extend helpto the families of the 31 convicted workers Sources revealed that since 18 of these who have been convicted of rioting havealready been in jail for four years there will be efforts to get them released
With over 30000 workers across Gurgaon and neighbouring Rewari choosing not to celebrate Holi workers colonies in ManesarDharuhera and Dundahera wore a deserted look on Monday This was the was workers chose to express their solidarity with theircomrades and their unhappiness at the decision by the sessions court which last Friday convicted 31 workers
Sources revealed the unions intend to work on multiple angles in the matter Firstly they plan to appeal for acquittal of the 18workers who have been convicted of rioting Lawyers representing the workers will request the court to consider that these accusedhave already been jailed for four years Secondly for the 13 workers convicted for murder if the quantum of punishment is veryhigh they will challenge it in the high court They are also considering challenging the lower court order which has convicted 13workers for Section 302 (murder) They believe the workers were not involved in the killing of the general manager (humanresources) Awanish Kumar Dev Besides this life insurances policies will be provided to the families of the 13 convicts andemployment avenues will be explored for their families Also around 6000 regular workers from MSIL have planned to contributemoney to provide financial help to the families of the convicted workers
Well discuss all aspects in detail and chalk out a plan Our priority is to get the ones who have been convicted of rioting out of jailand challenge the verdict if for the murder convicts the quantum of punishment is high Also we have to support the livelihood oftheir families and their childrens education said Kuldeep Janghu of Maruti Udyog Workers Unionhttptimesofindiaindiatimescomcitygurgaonmaruti-case-unions-to-meet-in-city-todayarticleshow57639394cms
Top
Preparing PV portfolio to meet new norms Tata Motors
PTISee this story in The Hindu (Web Edition)
Geneva Tata Motors is undertaking a ampldquoclean upamprdquo of its passenger vehicles product portfolio as part of transition tomeet new regulations and achieve profitable growth that could bring an end to the Nano
The company is focusing on hatchback Tiago and upcoming compact sedan Tigor to act as bridge during its ongoing transition fromthe past to the future to drive volumes and improve bottomline of its passenger vehicles (PV) unit till it launches new products undernew platforms by 2018
ampldquoThe old world is any way going to be changed not because of Tata Motors but because of changes in regulatoryenvironment It may be emission requirements in 2020 or even earlier changes as far as safety requirements (2017) areconcernedamprdquo Tata Motors Managing Director and CEO Guenter Butschek told PTI at the Geneva Motor Show
He was responding to a query on how Tata Motors saw the future of its entry level small car Nano the dream project of Tata Groupchairman emeritus Ratan Tata
From October this year India will adopt stringent norms for frontal and side crash tests that would require vehicles to be equippedwith safety airbags In 2020 the country will implement the BSampmdashVI emission norms
ampldquoSome products will actually get naturally to the end of their lifecycle So there is already a clean up going on in this regardWe have launched intensive activities in order to get the cost down on all the products that are currently in operationsamprdquoButschek added
When asked when will the company call time on the Nano he declined a specific answer but said ampldquoAt one point of time each
and every car gets naturally to the end of its lifecycle
ampldquoWe have already well laid out PV strategy We will make the calls on the execution of the bits and pieces of the strategy atthe right time Each and every decision has its timeamprdquo
The companyamprsquos focus during the transition is to have models Tiago and Tigor to drive volumes and profitable growth so that itis in a better position financially to invest on its future products
ampldquoThe key focus in on Tiago and Tigor because these are our volume productsamprdquo he said adding cost savingengineering changes and improvement of productivity on these models could successfully boost bottomline during the transition
ampldquoThere is a period inampmdashbetween which we have to overcome where even if turn individual products into a positive oneit is certainly not good enough in the first instance to acually get me my overall funding requirements into the futureamprdquoButschek said
Stressing on the need to bring new products on time within stipulated investments Butschek said ampldquoWe need to deliver ournew products on time on cost because the market doesnamprsquot wait for us The customer is not going to be for usamprdquo
The company is changing the way it has been working on that front he said
ampldquoWe are not going to continue with the legacy where all products effectively could launch later than initially plannedamprdquoButschek said
Elaborating on the future products strategy he said ampldquoWe have presented AMP platform with 6ampmdash8 topheads and theother platform to come the Q5 with at least two different topheads and possibly even more in the near future to leverage on theseplatforms and create economies of scaleamprdquo
He said the plan is to get ampldquodesirable products on one side and on the other get also products that will get us to the costposition products which are going to be profitableampldquohttpwwwthehinducombusinessIndustrypreparing-pv-portfolio-to-meet-new-norms-tata-motorsarticle17461284ecePreparing PV portfolio to meet new norms Tata MotorsThe Pioneer (Web amp Print Edition)httpwwwdailypioneercombusinesspreparing-pv-portfolio-to-meet-new-norms-tata-motorshtml
Top
Mahindra pitches its only car as a successor to the Ambassador Amrit Raj amp Jyotika Soodmint (Web amp Print Edition)
New Delhi Mahindra and Mahindra Ltd plans to redesign the only car in its stable Verito to cater to the needs of Indiaamprsquosfast-growing taxi segment as it looks to fill the void created by Hindustan Motorsamprsquo Ambassador a top executive at the firmsaid in an interview
The CK Birla Group-owned Hindustan Motors sold the brand Ambassador to French company PSA Group in February TheAmbassador has a cult following among some retro-minded enthusiasts in the country It was the vehicle of choice (or rather giventhe limited choice default) of thousands of owners since 1957 due to its sheer ruggedness and ability to manoeuvre Indiaamprsquospotholed roads It was hugely successful in Indiaamprsquos small car market and in particular with the government This was ofcourse before Maruti Udyog Ltdamprsquos Maruti 800 killed its appeal Today Marutiamprsquos SX4 has replaced the Ambassador ingovernment circles The Ambassador was also the preferred vehicle for taxis
Mahindra wants to occupy this space vacated by the Ambassador
ampldquoTherefore if we say that let us focus that vehicle (Mahindra Verito) on the taxi segment alone whether it is electric vehiclegasoline or diesel can we redesign that vehicle to become the next Ambassador in the taxi segment Thatamprsquos what we areworking on right nowamprdquo Pawan Goenka managing director of Mahindra and Mahindra said in an interview
ampldquoWe will be looking at all the aggregators Today aggregators buy Verito but not in large quantity because it is moreexpensive than some of the other products in that category If we can take care of that part of it then it is a very desirable taxivehicleamprdquo he added
To be sure Verito has never been a runaway success Born as Logan under a joint venture with Renault SA it became Verito whenMahindra got full control of it after the partnership ended Since then the company has made several attempts to resurrect thebrand but for various reasons customers have stayed away from the product Goenka now sees it as a perfect fit for the taxisegment
ampldquoWhat do you need in a taxi You need a spacious vehicle which is comfortable runs from point A to point B economicallyIf you forget for a minute about the looks which is where we lose out and if you look at the functionality of the vehicle it is verydifficult to find a vehicle in that size that will give you better functionality in terms of space comfort (than the Verito)amprdquo he said
Mahindraamprsquos new plan for the Verito is driven in part by the growing sales of cars as taxis amidst the advent of cabaggregators Ola and Uber Driven by demand for these app-based cab operators as much as 17 of total passenger vehicles soldin the country by 2020 are expected to be sold in the taxi segment estimates rating agency Icra
But Mahindra may not be looking at cab operators only Being the only maker of electric vehicles in Indiaampmdashit has two pureelectric cars such as Verito Electric and E2Oampmdashthe company is also looking to push sales through government channels TheIndian government itself wants to promote sale of electric and hybrid cars and is in the process of drafting a policy on the subjectMint reported on 7 February
A top officer in the ministry of road transport and highways told Mint that the Mumbai-based company is in talks with road transportminister Nitin Gadkari to initiate a pilot project of electric car taxis in Nagpur
ampldquoUnder the first phase around 200 electric cars would be plied on the roads as taxis to see the resultsamprdquo the officersaid requesting anonymity The details of the project still need to be worked out It remains to be decided if the government will buythese electric cars as taxis and run them under a public transport system or hire a company to ply them as private taxishttpwwwlivemintcomCompaniesCrdVqpFcTgRyyjIlGLpYdPMahindra-pitches-its-only-car-as-a-successor-to-the-Ambassadhtml
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Mahindra readies US debut with off-roader Ssangyong products The Times of India (Web amp Print Edition)
Chennai The nearly $18 billion Group Mahindra is finalising its ambitious automotive foray into the US market starting from 2019when an offroad product entirely developed by the companys Detroit RampD centre will be launched in that market Korean groupcompany Ssangyong too is planning to debut its products in the US in the next 18 months According to company sources MampM isreadying for full-fledged US push given that its earlier legal cases have now all been sorted out
Mahindras US foray is being spear-headed by Mahindra North American Technical Centre (MNATC) the companys RampD centre inDetroit which is currently working on two separate products one for the Indian market and another entirely for the US marketMNATC is developing an off-roader product for the US market which is expected to be launched sometime in 2019 said a seniorcompany source It has also developed another product which will come to the Indian market by the middle of financial year2017-18 he added
Industry sources say the Mahindra-badged vehicle intended for the American market may well be called Thar and has been entirelydeveloped by MNATC The Detroit tech centre assumes importance given that Group Mahindra is one of 6 companies shortlisted bythe United States Postal Service (USPS) for the Next Generation Delivery Vehicle (NGDV) prototype a nearly $5 billion order forthe company that finally bags it
Apart from its own foray into the US Mahindra group company Ssangyong too is preparing for an American outing Ssangyong islooking to enter the US in the short-to-medium term and it is currently developing products and strategy accordingly said the seniorcompany source Industry sources say this could happen as soon as 2018
Mahindras previous attempt to debut in the US with a rugged fuel-efficient pick-up in the late 2000 ran into legal problems withsome of its dealers suing it in 2010 With those cases cleared up the company is now revisiting its US strategy but this time theproduct is designed and developed in America for the American markethttptimesofindiaindiatimescombusinessindia-businessmahindra-readies-us-debut-with-off-roader-ssangyong-productsarticleshow57621866cms
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E20 Plus Indias first electric family car Sandesh M S and Umesh M AvvannavarDeccan Herald
Homegrown auto major Mahindra amp Mahindra (MampM) a pioneer in integrated and electric mobility solutions in India is leaving nostone unturned to make the environment greener and cleaner
The company launched e2O Plus recently which is primarily meant for city commuting The e20 Plus hatchback priced in the rangeof Rs 546 lakh to Rs 846 lakh (ex-showroom Delhi) and is also looking at expanding its electric vehicle portfolio further With thelaunch of the e20 Plus marked the companyamprsquos foray into the mass market electric city car segment
The e20 Plus is an amalgamation of advancements in automotive technology electronics and information technologyMampMamprsquos electric vehicle portfolio includes small car and light commercial models such as e20 eVerito and eSupro amongothers Since launching small car e20 in March 2013 it has so far sold over 3000 units of the car in the country
The company has marked the entry level of the e20 Plus P2 variant of the vehicle for fleet owners The other variants P4 P6 andP8 are priced at Rs 546 lakh Rs 595 lakh and Rs 846 lakh respectively
The vehicle comes with a range of 140 km on a single charge and achieves a top speed of 85 kmph The company which hasalready invested around Rs 800 crore on its electric vehicles business including development of technology
It comes with various features such as easy home charging hill assist reverse camera charging ports and smartphoneconnectivity among others Compared with other normal cars on the road what makes the Mahindra e2o Plus special is itsmechanism The electrically-operated machine will distance you from long lines in pumps One will definitely feel the importance ofthe car during the hike in fuel rate and strikes in the city All you need to have is an AEH plug-point in your parking area to chargethe battery One full charge will last for nearly two days with the planned schedule The driver has to limit the usage of otherfeatures like AC music system indicator and unnecessary honking as this will drain the battery
Accommodating over four passengers will also be an issue as the engine needs more power to pull the weight which is directlydependent on battery
The digital analogue in the car is a required feature in e-cars where we get to know how far a car can take you Thebatteryamprsquos life estimated kilometre to travel will caution you to charge the battery so that you will not be kept in the lurch onthe road
Besides battery the car being gearless is another plus-point that makes your city drive easy The easy switching of the modes fromneutral to forward reverse and power drive is as simple as playing with a toy car As the battery is the whole and soul of the car themakers have completely avoided using any heavy substance in building the body If a complete fibre-made body is a boon forbattery (as it wonamprsquot stress it) itamprsquos a complete drawback for passengers A small accident or even if it comes in touchwith other vehicles will cause huge damage for the vehicle where the owner has to cough up more to fix it The seat-belt is theminimum and the only safety aspect in the car
Four-door offeringThe modified four doors is not just an add on feature but it has also increased the leg room in the rear seat It can easilyaccommodate three people in the back seat and two in front and makes for a complete family car Though the charging plug willoccupy little space in the hatchback rest of the place is for utility The fast drain of the battery with the heavy weight is the onlydrawback in the vehicle
When compared to normal fuel cars the battery-operated cars will charge you less and is effective in cost-cutting But an individualwill definitely be concerned with the cost of the vehicle as the fuel rates in the country are fluctuating For the future MampM is lookingfor a bigger play in the electric vehicle segment with plans to launch electric versions of its existing conventional engine models
Efficient powerThe Mahindra e20 Plus is powered by a 48V and 72V lithium-ion battery pack latter for the top-end variant which produces amaximum power of 26 hp and 40 hp and churns out a peak torque of 70 Nm and 91 Nm respectively The car accelerates from 0to 60 kmph in 141 seconds in the P4 and P6 versions while the 72V battery-powered version takes 95 seconds and has a topspeed of 128 kmph It takes around six to nine hours to fully charge the vehicle and has a fast-charging time of 75 minutes and 90minutes in the P4 and P8 trims While the smaller 48V electric motor has a range of 110 km the 72V unit is good for 140 km
The Mahindra e20 Plus is equipped with a steel frame structure and has a wheelbase of 2258 mm and ground clearance of 170mm
The exterior of the new electric vehicle gets a new grille revised rear end and Mahindraamprsquos signature vertical design Thetop-end variant also gets alloy wheels and a Blaupunkt infotainment system that also has a reverse parking camera
Other highlights of the Mahindra e20 Plus include REVive technology which helps the car to gain an extra 5-10 km of range whenthe battery is low and hill assist which will prevent the car from a rollback on an incline
VerdictWith a simple mechanism and easy to drive the Mahindra e2o plus is tailor-made for city drive
Battery capacity 210 AhBattery weight 121 kgPower 30 kW 3500 rpmTechnology Lithium IonOn-board power 16 kWhrTorque 91Nm 2000 rpmPRICE Rs 950586 lakh (ex-showroom Bengaluru)httpwwwdeccanheraldcomcontent601375e20-plus-indias-first-electrichtml
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Ford retains Ethical honour Nandini Sen GuptaThe Times of India (Web Edition)
Chennai Ford Motor Company has been named one of the Worlds Most Ethical Companies for the eighth straight year byEthisphere Institute This is the longest winning streak by any auto company
The list of the Worlds Most Ethical Companies acknowledges and honours companies that recognise that they have a role insociety to influence or drive a positive change These companies consider their employees investors customers and other keystakeholders when taking action while their values and culture align with the decisions they make every day
Companies weve honoured as Worlds Most Ethical take a novel response to the shift in societal expectations constantredefinition of laws and regulations and the geo-political climate said Timothy Erblich Ethispheres chief executive officer
Weve seen how Ford responds to these challenges while still investing in communities where they reside and embracing ethicalstrategies across the globe as a sustainable business advantage
Ford won the top spot on the basis of programmes aimed at monitoring human rights and safe working conditions sourcingconflict-free minerals to programmes such as the Partnership for a Cleaner Environment which is aimed at encouragingsustainability through Fords supply chain
Efforts to foster long-term relationships with suppliers through active engagement which includes sharing best practices as well asproviding training and evaluations to ensure suppliers meet both legal requirements and Ford standards was also counted as a plusStrong ethics and corporate citizenship are the foundation of our business philosophy which demonstrates to our customers whatwe stand for as a company said Bill Ford Ford Motor Company Executive Chairman This honour is a reflection of Fords corevalues and it shows that our employees are continuing to make the right decisions every day for all of our stakeholdershttptimesofindiaindiatimescomautomiscellaneousford-retains-ethical-honourarticleshow57632785cms
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Ford Endeavour Big beast conquers all topographies Sandesh M S and Umesh M AvvannavarDeccan Herald (Web Edition)
It came down easily from the deep steep it didnamprsquot get stuck in the pool of mud and slush though all the four tyres of thevehicle were like they lay buried inside it was easily making its own way down the path where there was not even a speck of tar inthe surroundings
The easy movement across various obstacles and the first look of the Ford Endeavour will drive any passionate off-roady crazyThe huge 32-litre fully-loaded engine taken for off-road testing on the outskirts of Bengaluru where the real power of the vehiclewas demonstrated by a group of off-roading experts
The vehicle was on top of a rock and there was not even a proper path for its movement but big ditches and meandering ups anddowns It was experienced on a track simulating challenging off-road conditions including hill climbs and descents slush and waterwading among others
Though it was looking like a rally track the car would have toppled at any point if the driver accelerated it amateurly Thisoff-roading track (natural terrain) was surely tailor-made to test the capacity and the power of a proven SUVacirceuroˆbeast
The daring off-roading drive included sharp turns steep hill climbs and hill descent wading through slush uneven surfaces anddriving at a 30-degree tilt among others The powerful four-wheel-drive and terrain management system with NormalSnowMudGrass Sand and Rock modes were ensuring the driver to have complete control of the car even over harsh ground Theterrain management system (the first-of-its-kind in this particular segment of cars) has included the modes for all the possibleobstacles in the off-roading track and makes the owner feel amplsquoready to conqueramprsquo
Terrain Management SystemAs said earlier it is a first-of-its-kind feature in the Ford Endeavour The four different modes are designed in such a way of havingan off-road expert beside you The modes are classified as
NormalFor all regular driving in normal road conditions In this mode the machine passes the torque to the front wheels (when necessary)depending on the movement of throttle and steering-movement This also minimises wheel slip
Snow MudHelps the vehicleamprsquos movement over slippery or loose surfaces Allows the wheel to spin in ups and downs and make thedrive feel smooth
SandFor driving on the rutted condition tracks Helps the driver maintain the same power through sand with aggressive torque transfer
RockThis mode provides maximum traction for low-range four-wheel-drive and prefer low-speed control which will enable one to easilynavigate through extreme off-road terrains
Hill Descent ControlThis mode helps one set and maintain the constant speed which tackles the steep descents with ease This also helps in taking thefeet off from the pedals and concentrate on the steering movement
With all the special modes the car was tested using a specific modes for different obstacles
Halted on the slushEven when the vehicle was completely halted in the slush the water-wading capacity of 800 mm along with 225 mm of groundclearance helped it easily come out of the ditch even in the sharp turns Compared with any other road vehicle the Ford Endeavourcan be halted in between the slush instead of rushing the obstacle
Hill climbing with rock modeThis obstacle was cleared by switching into the Rock mode and turning on the 4X4 drive The only work of the driver is to handle thesteering wheel and keeping the feet on acceleration pedal This mode can make the car climb any steep rock without any difficulty
For the wrong stepTo reduce anxiety on the track or to correct the wrong move the Semi-Auto Parallel Park Assist helps the driver locate the rightplace to halt and proceed while off-roading
70-degree steep downIt was a deadly obstacle on the off-roading track where it should only be done by experts The vehicle was made to come down
from the hill which had a climb of 70 degrees and safely landed on the flat surface The breathtaking obstacle was fought by turninginto the Hill Descent Control mode with extra caution Though one may be a passionate off-roading driver perfection in this obstacleneeds extra practice
Other obstaclesAfter clearing the deadly obstacles rest of the other tests over the track were easily done by the big machine The vehicles easilycrossed the multiple speed breaker and multiple pits and also climbed other steep rocks effortlessly
As a passengerAfter the tough 2 km drive covering all the possible obstacles that one might face during an off-road drive we also tested thevehicle by sitting inside as fellow passengers With the off-roading driving expert on the wheel climbing and getting down the toughterrains crossing other obstacles will make passengers feel the drive is straight out of an amusement park Just make sure thatevery individual inside the car has his seat belt onhttpwwwdeccanheraldcomcontent601374ford-endeavour-big-beast-conquershtml
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Renault introduces Kwid Climber at Rs 43 lakh Deccan Herald (Web Edition)
Bengaluru French auto major Renault has unveiled a variant of its popular hatchback Kwid in the country with the price starting atRs 43 lakh (ex-showroom Delhi)
Christened as Kwid Climber the variant will be available in both manual and automated manual transmission (AMT) modes
The manual variant is priced at Rs 43 lakh while the AMT trim of the vehicle comes for Rs 46 lakh (ex-showroom Delhi) The10-litre SCe engine which powers the Kwid Climber is optimally designed for better performance
The company first showcased the Kwid Climber as a concept vehicle at the auto expo last year The company aims to achieve amarket share of 5 in the near termhttpwwwdeccanheraldcomcontent601369renault-introduces-kwid-climber-rshtml
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Smart Hybrid Vehicles surpass one lakh units Deccan Herald (Web Edition)
Bengaluru Maruti Suzuki India has announced that its Smart Hybrid vehicles Ciaz SHVS and Ertiga SHVS have crossed cumulativesales of 100000 units recently This marks the success of Maruti Suzukiamprsquos efforts in hybrid and electric mobility in India
Introduction of technologies like Smart Hybrid can only create a significant positive impact if they are made available to a largersection of customers With this as a premise MSI introduced Indiaamprsquos first Smart Hybrid Vehicle Ciaz SHVS on September 12015 It subsequently introduced the technology in Ertiga Diesel in October 2015
Smart Hybrid Vehicle by Suzuki (SHVS) is a technology which uses an Integrated Starter Generator (ISG) and an advanced highcapacity battery to supplement the engineamprsquos power SHVS technology makes it more efficient than the conventional set-upand saves energy while deceleratingbraking
Ciaz and Ertiga Smart Hybrid participate in the government of Indiaamprsquos FAME India scheme which aims to promote FasterAdoption and Manufacturing of Hybrid and Electric vehicles in India
Celebrating the success of SHVS sales R S Kalsi Executive Director Marketing amp Sales Maruti Suzuki said ampldquoAs we movetowards hybrid and electric cars we see this as a first important step in this space Both Ciaz SHVS and Ertiga SHVS are high onfuel efficiency come with reduced running costs and lower levels of CO2 emission thus making these popular among customersThe response we have received for SHVS equipped Ciaz and Ertiga encourages us to continue to invest in new technologies thatsupport the environment while benefitting the customeramprdquo
Ciaz SHVS with a certified fuel efficiency of 2809kml tops the mileage chart in India Ertiga SHVS with 2452 kml has set newbench marks in fuel efficiency in its category Both vehicles are market leaders in their respective segments and illustrate thegrowing preference of Indian customers for greener and cleaner technologies like Smart Hybrids SHVS equipped vehicles accountfor over 60 of volume of the two models
Idle Start StopThe engine stops automatically when the driver shifts the gear to neutral and releases clutch while the engine is idling Restartsengine as soon as the clutch is pressed and the stored energy is used for this process
Engine AssistThe stored power in the advanced high capacity battery assists the engine during vehicle acceleration which improves efficiencyand thus prevents wastage of fuel
Brake energy Regeneration During decelerationbraking ISG charges the advanced high capacity battery and provides energy to assist the
engineamprsquos idle-stop-start function and helps the engine during accelerationhttpwwwdeccanheraldcomcontent601368smart-hybrid-vehicles-surpass-onehtml
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Car Tech SmartPlay adds the Android touch Vishal Mathurmint (Web amp Print Edition)
Car entertainment systems have become smarter but car makers in India have been slow to adopt the new technology MarutiSuzuki became the first car maker on our shores to add the Apple CarPlay in-car platform to their SmartPlay infotainment systemavailable in the S-Cross crossover Baleno hatchback Ciaz sedan and Ertiga multi-purpose vehicle (MPV) Now SmartPlay hasbeen upgraded with support for Googleamprsquos Android Auto in addition to Apple CarPlay for the iPhone
At the very heart of the SmartPlay system is a proprietary software for radio Bluetooth connectivity and basic navigation
Android Auto and CarPlay recreate your phoneamprsquos interface on the display in the car What you need to do is plug in yourphone to the caramprsquos USB port At present Android Auto and Apple CarPlay do not work wirelessly
Android Auto gives you instant access to apps such as Google Play Music Google Allo Google Maps and the phone dialer Theinterface is easy to useampmdashthe apps are listed at the bottom of the screen just like the navigation bar at the bottom of yourAndroid phoneamprsquos screen Within each app the menu for relevant options is available on the top left side Android Auto alsointegrates messages and notifications from third-party apps including Facebook Messenger and you can reply or set selectnotifications on mute while you drive
Unlike Apple CarPlay where you donamprsquot need to pair your phoneamprsquos Bluetooth separately Android Auto requiresBluetooth pairing if you want to use the voice-calling feature The 7-inch display has good brightness levels and is adequatelysharp It is a fingerprint magnet though and a bit reflective something youamprsquoll notice during daytime driving The system canalso be accessed with the controls on the steering wheelampmdashthese include media playback voice command and call keys
The new SmartPlay system is rolling out first in the Ignis hatchback priced upwards of Rs459 lakh (ex-showroom Delhi) Thismakes it the first car in its category to have the Apple CarPlay and Android Auto combination available as a default option
There is no doubt then that Apple and Googleamprsquos smart car platforms are a genuine evolution over the infotainment set-upsmost car makers have offered as a default all this whilehttpwwwlivemintcomLeisureTSsAAxb7YqoYittRY2Bw7ICar-Tech-SmartPlay-adds-the-Android-touchhtml
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Luxury Cars
The best of both worlds Roland Folger MD amp CEO of Mercedes-Benz India Hormazd SorabjeeThe Hindu (Web amp Print Edition)
Roland Folger Managing Director amp CEO of Mercedes-Benz India on why the long-wheelbase E-Class is an ideal fit for India
What is the rationale behind introducing the long-wheelbase variant of the E-Class and is it a gamble because of the high price
Well there is always a certain element of risk with a long wheelbase However in the next five to 10 years the road conditions arenot going to be any better and the traffic is not going to be any lighter Our customers including successful businessmen andentrepreneurs spend a lot of time in their cars Once we saw the opportunity within our line-up and solutions we had to some ofthose issues for the Chinese market we were very eager to apply the same in India There is nothing better out there than to havecomfort in your day-to-day driving routine on the populous roads of India
Was there cost pressure arising out of India being the only right-hand-drive market for the new E-Class
Of course there were cost pressures and it was not an easy sell to Germany either looking at the incremental cost of such avehicle and trying to stay within a price level that people would accept
I think that was the biggest challenge we were facing at that time But we remained committed to the idea since we knew it wouldgive us a unique positioning on cost and in price levels in a segment that we really own in India
That also gave us the confidence that the volumes we would achieve in India were definitely going to be worth it
Is there a possibility of exports to other right-hand-drive markets such as Singapore South Africa and Sri Lanka
In markets other than India the situation is different either they sell a lot more S-Classes or are happy with the existing normalwheelbase W213 E-Class We still looked at the opportunity and found that the volume was too small or not profitable for us at all
What was the research that prompted the launch of the long-wheelbase E-Class
We now have a total of 34000 E-Classes running in India We did some research with existing customers that involved talking tothem directly observing cars coming into service and talking to drivers to understand who was driving the car more frequentlyInterestingly we found that most of our customers were chauffeur-driven when they go to work but on the weekend they wish todrive themselves So our aim was to offer a vehicle which offered the best of both worlds
Will the new long-wheelbase E-Class pull in S-Class customers
I donamprsquot see a risk of the new LWB E-Class pulling S-Class customers since the S-Class is not bought because of itslegroom but because of its overall package and positioning We hope to attract a lot of other people from the SUV segmentbecause of the space and comfort the E-Class offers So maybe we can change some of the rules of the game as well
What is the strategy behind bringing the 30-litre V6 diesel to the E-Class
We adopt a skimming policy sometimes where we believe that the first customers because of their long relationship with us aredefinitely going for the 350d
The top-end variants are the first cars to be snatched up eagerly and we need to take care of these customers first
Do you have plans to bring the straight-six diesel engine to India
Yes we might get a straight-six diesel by 2018 Naturally it also depends on our sales figures and our sales success
But it will certainly come to India thatamprsquos a promise We have been making sure that the relevant parties in the Governmentunderstand that from 2018 onwards we will be ready to also introduce Euro-VI or BS-VI-compliant engines in India and arediligently working on thathttpwwwthehinducomtodays-papertp-featurestp-metroplusthe-best-of-both-worldsarticle17464905ece
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Mercedes-Benz E350D A luxury car with limousine looks Shapur Kotwalmint (Web amp Print Edition)
The E-class is the model with which Mercedes first came to India many years ago Now itamprsquos ready with an all-new model in astretched-out long-wheelbase avatar
In fact India is the first right-hand-drive market to get the E-class long-wheelbase
The first thing that strikes you about the new E is that itamprsquos a really long car and itamprsquos this length that gives it the majesticlimousine look The highest specification variant of the 350d gets air suspension In its lowest setting ground clearance is just120mm though you can raise this by 15mm using the ampldquoliftamprdquo function However the underside scrapes over a fewspeed-breakers Whatamprsquos nice though is that the smart 17-inch alloy wheels are wrapped in tyres with tall sidewalls whichhelp the car absorb bad roads better
The focus of the car is its rear seats and this is where the new E-class impresses There is more legroom than you will ever needand the seats are sure to set a new benchmark in the class in terms of comfort They are nicely bolstered and offer excellentsupport all round The back rest even reclines electrically and that combined with the pillow-soft headrest cushions makes the rearseats the perfect spot for a power nap And if you need more legroom you can push the front passenger seat forward with the touchof a button The double panoramic roof adds to the sense of space inside
However the middle seat is narrow and it is best to flip down the centre armrest for comfort There are other shortcomings tooThereamprsquos just one USB slot for the rear passengers who will not be able to control the Comand infotainment system and theair-con system takes quite a while to cool the massive cabin
The Comand system features a 123-inch display and is paired with a Burmester surround-sound audio system It can be controlledvia a jog-dial and a touch pad as well as small steering-mounted touch pads It doesnamprsquot have touch controls and the carbeing sold in India doesnamprsquot get the all-digital instrument cluster that the E-class sold internationally hasampmdashinstead ituses a rather ordinary-looking analogue instrument cluster
However the E-class comes loaded with Mercedesamprsquo Pre-Safe system (it tightens seat belts and braces passengers in caseof an imminent impact) and a 360-degree camera handy when manoeuvring a car this big through tight spaces Thereamprsquoseven a Park Pilot which steers the car into a parking spot for you
Those who like to drive will definitely appreciate the 258hp 30-litre V6 diesel engine Itamprsquos supremely refined you can hardlyhear it in the cabin In addition itamprsquos got nine-speed transmission
The E-class can be quite quick when you want it to be it can accelerate from 0-100 kmph in a claimed 66 seconds Pick up thepace however and the lateral body movement is quite noticeable more so over bad roads Itamprsquos best to use the Sport orSport+ modesampmdash the car feels more tied down and is better to drive In Sport+ though it feels too eager to accelerate andspeed up which can be slightly disconcerting in bumper-to-bumper traffic
In case you donamprsquot plan on driving yourself around the 20-litre petrol-powered variants starting at Rs5615 lakh will serveyou better The car will also get a new 20-litre diesel engine sometime later this year Chauffeur-driven buyers should be impressed
with the caramprsquos ride which almost makes you feel like youamprsquore travelling on a cushion of air especially in the Comfortmode
You must consider the new E-class if you are thinking of buying a luxury car with a brilliant back seat Itamprsquos spacioussupremely comfortable and as with all Mercedes cars has a cabin thatamprsquos fastidiously put together In the right drive mode itcan tackle bad roads well and the big diesel engine is even fun to drive Prices range from Rs5615-6947 lakh (ex-showroomDelhi) which means the top-specification variant is almost Rs7 lakh costlier than the predecessorhttpwwwlivemintcomLeisureZT1ffyCrNaC0DdkXB6GmxIMercedesBenz-E350D-A-luxury-car-with-limousine-lookshtml
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Audi Launches 2017 Q3 at Rs 3420 Lakh Asian Age (Web Edition)
German luxury automaker Audi has recently launched the 2017 Q3 in India It is the third launch from Audi this year and asproposed the automaker will introduce seven more new products in 2017 The updated Q3 comes with subtle aesthetic changesan uprated diesel engine along with standardisation of features The 2017 Audi Q3 is now available in two variants ampndash the 20TDI FWD priced at Rs 3420 lakh and the 20 TDI Quattro priced at Rs 3720 lakh (all prices ex-showroom New Delhi)
In terms of design the changes on the outside are limited to the front bumper The air inlets now get a black surround whichcomplements the black lower cladding The new Q3 is now offered with all-LED headlamps as standard Also offered as standardare 17-inch 5-spoke alloy wheels shod with 23555 R17 tyres
Inside changes are limited to the inlays - the Q3 20 TDI FWD gets walnut brown ones while the Q3 20 TDI quattro gets aluminiumones Equipment such as electric adjustment for the front seats a panoramic sunroof and 2-zone automatic air conditioning isoffered as standard
The MMI system has not been modified in the new Q3 The 65-inch infotainment display remains the same while the multimediasystem is BluetoothSD card compatibility with 20GB of inbuilt storage Infotainment
The 20-litre turbocharged 4-cylinder motor remains the only power source for the Q3 - but it has been tweaked for more powerand torque The transmission option is now limited to the 7-speed S tronic dual clutch The 6-speed manual available on thepre-facelift S edition variant has been discontinued Drivers can use paddle-shifters placed behind the steering wheel to changegears
The 20-litre TDI develops 150PS of maximum power and 340Nm of peak torque in the FWD variant This is 10PS20Nm more thanthe 20 TDI that powered the pre-facelift Q3 S edition Available only with the 7-speed S tronic dual-clutch transmission the 20 TDIFWD can accelerate from 0-100kmph in 93 seconds and has an ARAI-certified fuel efficiency of 1851kmpl
The 20-litre TDI develops 184PS of maximum power and 380Nm of peak torque Compared to the pre-facelift Q3 the motor in thenew develops 7PS more power Paired to the 7-speed S tronic dual-clutch transmission the 20 TDI quattro accelerates from0-100kmph in 79 seconds and has an ARAI-certified mileage of 1517kmpl
Driver convenience features on offer include a colour multi-information display for the driver in the instrument console hill-startassist hill descent control and cruise control Standard safety systems on offer include rear parking sensors reverse parkingcamera ESC and 6-airbagshttpwwwasianagecombusinessautos140317audi-launches-2017-q3-at-rs-3420-lakhhtml
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Commercial Vehicles
Tepid growth of 2-3 expected in CV industry in FY 17 Tata Motors Shobha MathurThe Economic Times (Web Edition)
New Delhi The commercial vehicle industry is expected to grow at a tepid pace of 2-3 percent during financial year 2016-17 due tothe effect of demonetisation and the slow recovery thereafter according to RT Vasan VP sales and marketing at Indias largest CVmaker Tata Motors
In November-December 2016 the commercial vehicle industry had dropped steeply by about 20 percent and has been on arecovery mode since January after the restrictions on cash availability were gradually eased
Improvements have been witnessed across product segments whether LCVs or construction a segment which was doing well rightthrough the year
The cargo market has also started picking up pace since the last couple of months In the bus category privatization has given afillip to its declining fortunes so that the school city and staff transport sector are all on the incline
The construction sector is expected to grow by 25 percent during this fiscal on the back of heightened activity in the infrastructure
sector In FYamprsquo17 ease of financing and improvement of consumption demand was expected to boost LCV sales In the cargoMampHCV segment a double digit growth had been forecast by industry body SIAM with improvement in overall economy led byincrease in industrial and agri output
Vasan told ETAuto that the industry was optimistic about the next fiscal with the advent of the BS-IV emission regime from 1 April2017 However prices of vehicles are expected to rise especially of MampHCV trucks There would be a slow start to the year by theCV industry due to pre-buying in FYamprsquo17 before the new emission regime kicked in that would slowdown sales in the firstquarter of FYamprsquo18
But with the impetus given to this segment by infrastructure development and road construction by the government the industrywould see a growth from Q2 after the impact of pre-buying starts declining
While the industry is ready with the BS-IV product range Vasan says that the new technologies harnessed for compliance wouldboost vehicle prices by 8-10 percent for MampHCVs Buses would also witness a price realignment of 8-10 percent while LCVs wouldsee a price rise of 6-10 percent
In terms of new technologies most of the CV range is already equipped with the anti-lock braking system except for the smallerones
In terms of upcoming regulations some more safety legislation is on its way related to the body code such as cabins that will haveto be necessarily be air conditioned in the future
The bus body code that was earlier announced has only been partially implemented so far and the body code is also believed to becoming up for the truck and trailer segments LCVs are small units and have been already approved by ARAI
The overall CV segment registered a growth of 349 percent in April-February 2017 compared to the same period last year Mediumamp Heavy Commercial Vehicles (MampHCVs) declined marginally by 079 percent and Light Commercial Vehicles grew by 682 percentduring this periodhttpautoeconomictimesindiatimescomnewscommercial-vehiclemhcvtepid-growth-expected-of-the-cv-industry-at-2-3-percent-in-fy1757633279
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Tata Motors to showcase all new 1000 bhp race truck PTISee this story in The Economic Times (Web Edition)
New Delhi Tata Motors will showcase an all new T1 Prima race truck powered by 1000 bhp engine during the fourth season ofthe T1 Prima Truck Racing Championship
The engine of the all-new 1000 bhp T1 race truck is being developed in collaboration with US-based Cummins enabling thecompany to set new benchmarks in the Indian commercial vehicles space Tata Motors said in a statement
Built with specifications similar to that of trucks that race globally the vehicle was developed in a record time of 12 months ademonstration of teamwork speed and capability Tata Motors Executive Director Commercial Vehicles Ravindra Pisharody said
Tata Motors and Cummins have a joint venture company called Tata Cummins established in 1994 developing engines in the rangeof 75 to 400 HPThe fourth edition of T1 Prima Truck Racing championship will be held on March 19 at the Buddh International Circuit (BIC) GreaterNoidahttpautoeconomictimesindiatimescomnewscommercial-vehiclemhcvtata-motors-to-showcase-all-new-1000-bhp-race-truck57635142Tata Motors to showcase 1000 bhp Prima TruckFinancial Chroniclehttpwwwmydigitalfccomcompaniestata-motors-showcase-1000-bhp-prima-truck-900Tata Motors to showcase all new 1000 bhp race truckDaily News amp Analysis (Web Edition)httpwwwdnaindiacommoneyreport-tata-motors-to-showcase-all-new-1000-bhp-race-truck-2352506
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Construction amp Agri Machinery
SBI floats one-time settlement scheme for tractor loans Abhijit LeleBusiness Standard
Mumbai State Bank of India (SBI) has floated a one-time settlement scheme for borrowers defaulting on loans taken to buytractors
The countryamprsquos largest bank has also voiced reservations against the move to waive farm loans saying this will affect therepayment culture in the country
SBI executives said the tractor loan book was part of the bankamprsquos farm loan portfolio and the bank announced settlementschemes regularly to shed doubtful debt where the prospects of recovery were low after making adequate provisions for such dudassets
The settlement scheme for tractor loans began early last month and will continue till March 31 The scheme was for loans disbursedbefore September 30 2011 and had up to Rs 25 lakh outstanding by September 2016 SBI Managing Director Rajnish Kumar saidSBI will take a haircut of 40 per cent on these loans
graphIn a portfolio of over Rs 4000 crore of tractor loans about Rs 800 crore will be eligible for the scheme Crop failure and inability todeploy tractors were some of the reasons for the loans turning bad SBI executives said
SBI had in May 2015 advertised a ampldquoloan resolution weekamprdquo asking borrowers with non-performing assets to ampldquotryand work out a solutionamprdquo The scheme was available to all borrowers except willful defaulters Kumar said the bank was yet tohear anything specific from the government on a farm loan waiver
SBI had in 2014 opposed the waiver of farm loans in Andhra Pradesh and Telangana
ampldquoUttar Pradesh and Punjab constitute 10 per cent of (farm) loans and we wait to understand the contours of the waiver Theimpact will be higher on public banks than on private banksamprdquo Kotak Institutional Equities said in a research notehttpwwwbusiness-standardcomarticleeconomy-policysbi-floats-one-time-settlement-scheme-for-tractor-loans-117031400886_1htmlSBI to offer one-time settlement for Rs 6000-crore tractor loansThe Financial Expresshttpwwwfinancialexpresscomindustrybanking-financesbi-to-offer-one-time-settlement-for-rs-6000-crore-tractor-loans588102SBI to offer Rs6K-cr one-time settlement for tractor loansThe Indian Expresshttpindianexpresscomarticlebusinessbanking-and-financesbi-to-offer-6k-cr-one-time-settlement-for-tractor-loans-4569462
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23 Wheelers
Yamaha aims to export 22 lakh units from India in 2017 Hiroaki Fujita Chairman Deepanshu TaumarThe Economic Times
New Delhi Indian arm of Japanese two-wheeler manufacturer Yamaha Motor is aiming to export over 22 million units from Indiathis year compared to 161 lakh units exported last year thereby recording an estimated growth of 3664 percent Hiroaki FujitaChairman India Yamaha Motor informed in a press statement
In the domestic market the two-wheeler major is also targeting to sell 1 million scooters and motorcycles in 2017
In an annual supplier conference held at Greater Noida Hiroaki Fujita Chairman India Yamaha Motor said ampldquoOur target forthis year is to achieve 1 million unit sales in domestic market and 22 lakh unit sales for exports market In addition we also need toreinforce the Indian parts export business in order to contribute to Yamaha business globally While doing so we must continue withour focus on the amplsquoQualityamprsquo of our parts and productsamprdquo
The two-wheeler major produced a total 94 lakh units in the country in 2016 Yamaha Motor India has two manufacturing plants inIndia at Greater Noida and Chennai having a capacity of 61 lakh units and 56 lakh units respectively
The company aims to produce 15 million units by 2018
Yamaha Motor India has sold over 786 lakh units of two-wheelers in 2016 and over 50 of its total sales have come from scooters
The two-wheeler manufacturer saw a steep decline in sales from the month of November 2016 to January 2017 It was only duringFebruary 2017 when Yamaha registered a growth of 20 percent in domestic sales as compared to the corresponding period lastyear The company recorded domestic sales of 68095 units (including Nepal) in February 2017 compared to 56960 units (includingNepal) in February 2016
Industry analyst believes that the impact of demonetisation is wearing off now Only motorcycles are in red zone because of a largerural consumer base However scooters which are largely sold in urban areas is on the positive side It further believed that by nextmonth the demonetisation impact will completely go away
India Yamaha Motor recently marked its entry into 250 cc sports bikes segment which has very less competition Going forward thecompany wants to focus on urban area than the rural market
The objective of conducting the Annual Suppliers Conference was to share the last yearamprsquos result for Sales and Productionand the current yearamprsquos Sales and Production Plan During the conference India Yamaha Motor shared the direction for 2017its purchase policy the Purchasing Policy of Yamaha Motor Company (Japan) and activities organised amp initiatives were taken forsales and marketing in the previous year
India Yamaha Motor shared its expectations with the suppliers for improvement in Quality Delivery and Development performances
besides cost competitiveness to compete in the export market to increase profitability for both Yamaha and the Suppliers IndiaYamaha Motor also emphasised that all the Suppliers can draw up their investment plans based on the increasing volumes infuture
Sixteen Suppliers were also awarded for their exceptional services in the areas of Quality Delivery Development and Costincluding the Appreciation Award for some of them for the extraordinary Improvement support provided to India Yamaha Motor in2016httpautoeconomictimesindiatimescomnewstwo-wheelersscooters-mopedsyamaha-aims-to-export-2-2-lakh-units-from-india-in-2017-chairman57632349
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BSIV Compliant TVS Jupiter launched at Rs 49666 (Ex-Delhi) The Economic Times
New Delhi Hosur based TVS Motor Company in a BSE filing announced the launch of its BSIV compliant TVS Jupiter at Rs 49666(Ex-Delhi) and it is now available with two new colours - Jade Green and Mystic Gold
The refreshed scooter is now BSIV compliant with Auto Headlamp On (AHO) and equipped with Sync Braking System (SBS) SBSensures rider safety as it automatically activates the front brakes when the rear brakes are used claims TVS The feature previouslyavailable on ZX range will now be available on the Base variant as well
Commenting on this Aniruddha Haldar Vice President Marketing- Scooters TVS Motor Company said ampldquoTVS Jupiter hasreceived such enthusiasm from the consumers in response to its credo of Zyada ka Fayda Living true to this credo not only is theentire Jupiter range now BSIV compliant it now offers the unique Sync Braking System (SBS) across the entire range (earlier onlyavailable on the ZX range) Further for our customers we are adding two colours Jade Green and Mystic Gold giving them 10colour options to choose from We are happy to offer all this with absolutely no change in the Exshowroom price truly ZYADA KAFAYDAamprdquo
Since its launch in 2013 TVS Motor Companyamprsquos flagship scooter brand Jupiter has been strengthening theCompanyamprsquos foothold in the scooter market and contributing to overall scooter segment uptake penetration and growth inIndia
Company has sold over 15 million Jupiter scooters since its launch in 2013 The scooter is powered by a all-aluminum low-friction110cc engine
There is no revision in the prices for the BS IV models of Jupiter priced at Rs 49666 (Ex-Showroom Delhi) the scooter is availableacross all TVS dealershipshttpautoeconomictimesindiatimescomnewstwo-wheelersscooters-mopedsbsiv-compliant-tvs-jupiter-launched-at-rs-49666-ex-delhi57630201TVS Motor rolls out BS IV variants of JupiterThe Hindu Business Linehttpwwwthehindubusinesslinecomtodays-papertp-newstvs-motor-rolls-out-bs-iv-variants-of-jupiterarticle9583972eceTVS unveils BS-IV compliant JupiterThe Hinduhttpwwwthehinducomtodays-papertp-businesstvs-unveils-bs-iv-compliant-jupiterarticle17464118eceTVS launches BS-IV compliant JupiterBusiness Standardhttpwwwbusiness-standardcomarticlecompaniestvs-launches-bs-iv-compliant-jupiter-117031400552_1html
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Dominar 400 takes the battle to the Royal Enfield turf Murali GopalanThe Hindu Business Line
Mumbai Bajaj Autoamprsquos recently launched Dominar 400 is attracting former Royal Enfield bike users who now account for 20per cent of its customer base
According to Eric Vas President (Motorcycle Business) Bajaj Auto the larger chunk of 80 per cent is still taken up by those whoused Yamaha Honda and Bajajamprsquos own Pulsar motorcycles
The Dominar made its debut in mid-December as a serious contender to Royal Enfield While monthly numbers thus far have beena little over 3000 units the good news is that the bike has taken pride of place in the 350cc plus segment vis-a-vis RoyalEnfieldamprsquos offerings However when it comes to the core 350cc space the latter continues to be the market leader withmonthly sales of nearly 55000 units powered by the Classic and Bullet
The three-month-old Dominar 400 kicked off its presence in 22 towns which has since increased to 32 in February and slated to goup to 110 towns by the end of this month
This tally will double to 200 in April and Bajaj Auto hopes to have at least 300 towns covered for the Dominar 400 during the courseof 2017-18
If everything goes according to plan the company hopes to be clocking its targeted 10000 motorcycles every month by the end of
Q3 next fiscal
Attractive features
Vas says market feedback shows that buyers love the Dominar 400 for its performance speed and top-class brakes Interestingly alarge number of them have opted for the more expensive ABS version which retails at a little over Rs 15 lakh
The LED lamps are another big draw and their attractive lighting explains why many customers opt to have their test rides at night
According to Vas Dominar 400 buyers are largely in the age group of 25 years who have already owned a bike There are no firsttime users yet but this is expected to begin happening once the network grows and more customers start going in for the relativelyless expensive disc brake version which has a price tag of nearly Rs 14 lakh
The Dominar 400 was launched to take on Royal Enfield in a segment that is priced between Rs 1-2 lakh and accounts for five percent of motorcycles sold in India
In terms of numbers this translates into 65000 units each month
The next fiscal could see this grow to nearly 85000 units or over one million units annually
Changing dynamics
It is in this product category that Royal Enfield has a market share of 80 per cent and it is in the balance 20 per cent space thatBajaj has thrown down the gauntlet with the Dominar 400
The other rival models include KTM Yamaha YZF-R15 and Honda CBR 150R but none of them has posed a serious threat to RoyalEnfield yet
It now remains to be seen if the Dominar 400 can draw customers from the top-selling Classic
It is clear that with 10000 units targeted during 2017-18 Royal Enfield will still be comfortably ahead in terms of numbers
How dynamics change after this period will be interesting to watch
From Bajaj Autoamprsquos point of view the strategy boils down to acknowledging the reality of living in a world of opposites whereevery mature segment is essentially a two-horse race
The Dominar will stick to the core principle of being opposite from the market leaderamprsquos offerings and has been positioned as amodern machine and not a heritage brandhttpwwwthehindubusinesslinecomtodays-papertp-newsdominar-400-takes-the-battle-to-the-royal-enfield-turfarticle9583973ece
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Bajaj cheers at Feb sales Ajay ModiBusiness Standard
New Delhi Pune-headquartered Bajaj Auto claims to have surpassed volumes sold by market leader Royal Enfield in the 350-500ccmotorcycle segment in February
It attributes this to the Dominar a 373 cc premium sports motorcycle it launched in December at an ex-showroom price of Rs 136lakh Enfield says Bajaj is celebrating too early
Bajaj has sold about 3000 units of Dominar a month this calendar year and is drawing a comparison with the February volume ofRoyal Enfield in the 350-500 cc segment when the latter did wholesale volumes of 2602 units Eric Vas president for themotorcycle business at Bajaj said ampldquoWe have already overtaken Royal Enfield in the segment They used to sell an averageof 5000 units a month until a few months agoamprdquo
He claims that two of every 10 Dominars was sold to customers who owned an Enfield ampldquoSome have sold it to buy Dominarand some have bought it as their second bikeamprdquo He added there had been a decline in the waiting period of some of Enfieldsmotorcycles The 350-500 cc segment for Enfield includes the Bullet 500 Classic 500 Thunderbird 500 and Himalayan
Bajaj hopes to gradually raise Dominar volumes to an output of 10000 units monthly in about six months ampldquoThe bike hasbeen accepted very well We should reach a monthly volume of 6000 units by next monthamprdquo said Vas He did not disclosecumulative bookings for the Dominar He said most customers bought it after test rides
Vas said the volumes were aggregated from the 22 cities where itwas available until February We have expanded reach to 32cities and it will be available in a 100 cities and towns by end-March In April the company plans to add another 100 cities andtowns The constraint is more on the capacity front than on the network sideamprdquo he said
Bajaj said the incremental volume from Dominar would start reflecting in the profit figures once volume crossed 5000-6000 units amonth
Enfield has almost the entire 250-350 cc motorcycle market in the country estimated at close to 50000 units a month This is where
it gets the lionamprsquos share of its sales In the 350-500 cc market it controls 80 per cent (data for the first 11 months of FY17)This is a much smaller segment with monthly volume of 5300 units
Siddhartha Lal managing director of Eicher (which owns Enfield) told Business Standard last month that it would continue toengage with the target segment and expand reach to grow volumes ampldquoWhen one succeeds in a segment others try to enterand take a bite Of course there will be competition but we are not worriedamprdquo hed said It is understood that Enfieldamprsquosproduction volume in February was impacted due to fewer days (February having only 28) and the transition to BS-IV emissionnormshttpwwwbusiness-standardcomarticlecompaniesbajaj-cheers-at-feb-sales-117031400822_1html
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India Yamaha Motor sets ambitious sales target Nandini Sen GuptaThe Times of India
Chennai India Yamaha Motor Private Limited (IYM) is targeting an ambitious production and sales pitch of more than three millionunits this year with one million in the domestic market alone It was revealed by the top management at a recently organised AnnualSuppliers Conference at Greater Noida (Delhi-NCR) which was attended by 500 members representing more than 200 suppliersfrom across India
The theme of this years conference was Challenge the Innovation for Global Competitiveness and Its all about the customer
Our target for this year is to achieve one million unit sales in domestic market and 22 lakh unit sales for exports market Inaddition we also need to reinforce the Indian parts export business in order to contribute to Yamaha business globally While doingso we must continue with our focus on the Quality of our parts and products said Hiroaki Fujita Chairman YMI-G Cos
The objective for conducting the Annual Suppliers Conference was to share the last years result for sales and production and thecurrent years sales and production plan During the conference IYM shared the direction for 2017 its purchase policy thepurchasing policy of Yamaha Motor Company (Japan) and activities organised amp initiatives taken for sales and marketing in theprevious year
Among the senior management members who were present on the occasion on behalf of IYM included Hiroaki Fujita chairmanYamaha Motor India Group Cos (YMI-G Cos) Takashi Terabayashi MD -IYM Yasuo Ishihara MD- Yamaha Motor Research ampDevelopment India (YMRI) T Yamaguchi Deputy MD amp Purchase Head- IYM along with the YMC Purchase team - Olivier Prevostdeputy chief general manager and Hiroshi Hagio general manager
IYM shared its expectations with the suppliers for improvement in quality delivery and development performances besides costcompetitiveness to compete in the export market to increase profitability for both Yamaha and the Suppliers IYM also emphasisedthat all the suppliers can draw up their investment plans based on the increasing volumes in future
Sixteen suppliers were also awarded for their exceptional services in the areas of quality delivery development and costhttptimesofindiaindiatimescomautobikesindia-yamaha-motor-sets-ambitious-sales-targetarticleshow57633067cms
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Thunderous sound remain forever Sandesh M SDeccan Herald (Web Edition)
Bike-lovers had expected a lot from Royal Enfield when the homegrown tough motorcycle manufacturer revealed the 500ccThunderbird in October 2012
When DH decided to check out the four-year-old model with respect to the present dayamprsquos bikes with updated technology theThunderbird 500 remains outstanding in its segment
The bike was tested for two weeks with everyday regular usage and an enthusiastic rider The bike is a good choice for the dailyneeds of an Indian family
Be it an office-goer or a student the bike gives an extra feel where you enjoy every bit of it You need an extra muscle and morepower to handle the bike when the engine is turned off Sometimes it will be a great challenge to tow the bike till a filling station ifthe engine goes dry
PerformanceUndoubtedly this is the most powerful variant of Royal Enfield today The bike feels far impressive than any other machine in thissegment It constantly urges you to take it on highways as it feels best when you pushed harder Overtaking is also very easy withthis bike and it can easily cross a speed of 120 kmphr It still remains a very responsive bike especially at slow speeds
The heavy amount of torque helps it move easily in city traffic The gear ratios are well-matched with this bike and you need lessgear shifts than before The only issue we have with the bike is its heavy weight In city traffic and with a pillion rider sometimes youwill feel the actual weight of this bike Otherwise there are no major concerns related to its performance
Fuel efficiency
Mileage is still a concern and the major drawback with Royal Enfield bikes As the brand new bikes claims to offer 30 kmpl the oldbikeamprsquos mileage drops day-by-day
After few years this will be the main reason for the rider to get rid of his bike In a typical Indian customer mindset a middle-classfamily will think twice before going for a Bullet
Depending on the usage the cushion will loose its power day-by-day The rider will surely feel the pain on the long rides and trafficjams Regular servicing from an authorised mechanic will keep the vehicle in good condition
VerdictThe Royal Enfield Thunderbird 500 is a special bike but the cost compared with its 350 cc sibling the biker has to cough up anextra Rs 40000 which makes anybody to think twice before investing in one The bike has the capability to sustain any roughhandling Though it becomes rough and old its sturdiness remains the samehttpwwwdeccanheraldcomcontent601371thunderous-sound-remain-foreverhtml
Top
E-Bikes
Components
Amtek Autoacirceurotrades Arvind Dham may offload personal assets to reduce debt Deborshi Chaki amp Swaraj Singh Dhanjalmint
Mumbai With troubled auto parts maker Amtek Auto Ltdamprsquos planned divestment of domestic and overseas businesses yet tomaterialize company chairman and founder Arvind Dham has begun exploring options to monetise assets owned by him
According to two people familiar with the matter who asked not to be identified Dham is in talks with potential buyers to sellIndraprasta Engine Parts Pvt Ltd ( IEPPL) an auto component manufacturing company which he owns in his personal capacityDocuments filed with the registrar of companies show that Arvind Dham along with other senior executives of Amtek Auto holdshares in Indraprasta Engine Parts Pvt Ltd
Dham did not respond to emails text messages and phone calls seeking comment
According to the latest available filings Indraprasta Engine Parts reported a revenue of Rs9525 crore and a loss of Rs115 crore inthe financial year ended 31 March 2015 The company was incorporated in 2010 and currently has a manufacturing plant in HosurTamil Nadu
ampldquoDham has been in discussions to sell the unit following which talks with Kalyani Forge Ltd (KFL) and Sterling Tools Ltd (STL) have reached an advanced stageamprdquo said one of the two people ampldquoDham is keen to show to the lenders that he iswilling put his own money even though the plans to sell Amtek Autoamprsquos assets to repay its debt have not beensuccessfulamprdquo
Amtek Autoamprsquos standalone loss widened to Rs24156 crore for the quarter ended December 2016 from Rs17536 crore in thesame quarter last fiscal Dham plans to plough the proceeds of the sale into the company the first person added
Spokespersons for Kalyani Forge and Sterling Tools did not respond to emails seeking comment
Ever since Amtek Auto defaulted on bond repayments of close to Rs800 crore in September 2015 it has been trying to sell variousgroup businesses to reduce the debt on its books The company has appointed Morgan Stanley as an adviser to assist in its debtreduction plan Amtek Auto owed Rs8066 crore to various lenders as on 30 September 2016 Mint learns that its consolidated debtat the group level is higher
In July last year Bloomberg reported that Amtek Auto has hired global investment bank Rothschild and Co to advise on thepotential sale of all overseas operations including those in the UK the US Mexico China and Germany The report said Amtek wasseeking bidders for its German unit Amtek Tekfor Holding GmbH and expected to raise over $1 billion from the process
A manufacturer of forging parts Amtek Auto counts most of Indiaamprsquos top auto component makers as clients Its overseasclients include global auto brands such as Aston Martin and Daimler
In February the company said in a regulatory filing that it is planning to raise Rs1175 crore by selling shares to promoters on apreferential basis for which it will seek shareholdersamprsquo approval The company has called an extraordinary general meeting on25 March to seek approval from its shareholders for the proposal it added
In February lenders of Amtek Auto are understood to have asked it to either repay loans or convert the outstanding into equityshares or warrantshttpwwwlivemintcomIndustry1tt2QpJ8TtSm53I1bN4VgKAmtek-Autos-Arvind-Dham-may-offload-personal-assets-to-reduhtml
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Allied Industries
Tyre stocks race ahead as China cuts India trade Palak ShahThe Economic Times
Mumbai What is aiding Indiaamprsquos tyre stocks Chinaamprsquos policy to shun India market for the US The share price ofdomestic tyre manufactures including MRF Apollo Tyre Ceat and J K Tyre rose between 1-7 on Tuesday
A research report by Philip Capital said China had curtailed its tyre exports to India to focus on US markets as Trump administrationhad decided against anti-dumping duty on tyres The research pointed out there was more upside for these stocks
ampldquoChina has raised their TBR (truck bus and radial) tyre prices for Indian market by 10-15 rendering themunattractiveamprdquo said Nitesh Sharma and Dhawal Doshi in the research report ampldquoOur checks indicate that Chinesefactories have nearly stopped catering to tyre demand from India as US markets were more lucrativeamprdquo
Ceat rose by 607 on Tuesday Apollo Tyres was up 396 MRF gained 186 and Goodyear India jumped by 129 amongmajor tyre companies
The report titled amplsquoTables Turn Chinese players out rubber fallingamprsquo further said Chinese imports will not bounce backsoon
Demonitisation too has dent a blow to the tyre imports from China which were largely in cash China accounted for roughly 120000 tyre units each month between April to October 2016 but it has fallen sharply now said experts
ampldquoTyre stocks will do well as rubber prices are on a downward spiralamprdquo said Mehraboon Irani Principal amp Head PrivateClient Group Nirmal Bang Securities ampldquoFall in auto sales and jump in rubber prices are not expected which may keep thetraction for tyre stocksamprdquo
Natural rubber prices had jumped to three year high in January due to floods in Thailand the largest exporter of rubber The priceswhich rose to Rs 210kg are now down by over 20 Meanwhile domestic tyre manufactures hiked tyre prices by 3-5 recentlyPhilip Capital has a buy on Ceat and Apollo Tyres with a target of Rs 1550 and Rs 239 respectivelyhttpeconomictimesindiatimescommarketsstocksnewstyre-stocks-race-ahead-as-china-cuts-india-tradearticleshow57633191cms
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How to avoid being overcharged for car service at dealerships The Financial Express
Authorised workshops or dealerships are the main preference for servicing of a customers new car There are dealerships that aregenuine and would not fleece your money while after sales treatment however there are others who would try and take everypenny from you This would also involve you to be thorough with the detailed billing as well as being cautious about understanding ifa requisite task is at all required in your car Here are some tips on how to avoid being overcharged while getting your car serviced
One key area where sales executives of a said dealership can suggest unnecessary expense is anything related to the engineTasks like engine de-carbonisation or engine flushing are suggested right from the first service however it is not required in avehicles early years A cars decarbonisation should ideally take place when the response from the engine is sluggish or there arefrequent misfires despite regular services This usually starts to happen after 60000 kms or more In case it is recommended by asales executive and he or she insists simply avoid by saying no Another popular unnecessary expense is fuel line cleaning whichis suggested at every service Remember that petrol is itself used as a cleaning agent in many applications so fuel line cleaningshould be carried out only in case of a problem
Another aspect where customers are cheated is due to the lack of knowledge about their respective vehicle There have been caseswhere a dealership has conned a customer by putting spark plugs in a diesel car or heater plugs in a petrol engine powered vehicleA diesel car does not have spark plugs (but a petrol car does) and similarly a petrol car doesnt have heater plugs (which arepresent in diesel cars) Additives are advised by many service advisors but these arent needed unless specified by the carmakerKnowing the basic mechanical and electrical parts of your car can go a long way in saving you your money
Other mechanical parts where a person can be overcharged is the clutch adjustment Most modern manual transmission cars soldin India have a hydraulic clutch which is self adjusting till the time the pressure plates and the clutch plates are completely worn outA worn out clutch system will require more pressure to depress the pedal thereby indicating the clutch plates andor pressure plateswould need replacement Ideal time to replace is not at every service which clever dealerships would suggest but at least a gap ofthree service intervals is recommended (with the service interval at every 10000 kms)
All carmakers offer an owners booklet which has all the details of which part needs to be replaced when and the recommendedservice interval When getting your car serviced always refer to this manual and insist on only the aspects mentioned in the manualto be donehttpwwwfinancialexpresscomautocar-newshow-to-avoid-being-overcharged-for-car-service-at-dealerships587326
Top
Emissions Environment
Finance amp Insurance
Customer not bound by tie-up between vehicle dealer insurer Pune Court Vishwas KothariThe Economic Times
Pune The district consumer court here has ruled that a tie-up between a vehicle dealer and an insurance company is not bindingupon the consumer who buys a vehicle from such a dealer
The court has directed the Bajaj Allianz General Insurance Company in Yerawada here to refund a premium of Rs 21053 ampmdashalong with an annual interest of 9 since September 20 2014 ampmdash and a Rs 5000 fine to a Daund resident for failing to renewhis car insurance despite the latter having paid the renewal premium through the online NEFT transaction
The interest component payable so far works out to over Rs 4700
The company argued that the consumer did not route the payment through the vehicle dealer by way of a demand draft as wasrequired under an agreement between the company and the vehicle dealer
Shankar Raghunath Chavan a resident of Kusegaon in Daund had purchased an insurance policy from the company for his car onSeptember 21 2012 A year later the policy was renewed for the period between September 21 2013 and September 20 2014 Atthe end of this term he had received a reminder from the company for the renewal of his policy
Through the net banking facility Chavan made a payment of the renewal premium worth Rs 21053 for the term betweenSeptember 21 2014 and September 20 2015 He then made repeated requests to the company for the issuance of the policydocument
However in December 2014 when he approached the company he was shocked to learn that his policy had ampldquoexpired due tonon-renewalamprdquo The company did not renew his policy even after his repeated reminders This prompted him to move theconsumer court seeking refund of the premium amount and appropriate costs towards physical and mental agony
The bench observed in its order ampldquoIt is not denied by the insurance company that the complainant (Chavan) had paid thepremium It is the case of the insurance company that as per practice prevailing between the company and the dealer the paymentshould be made by demand draft through the dealer so that the policy can be renewed conveniently It is true that the dealer of thevehicle was not aware about the payment of premium made by the complainant However a tie-up between the dealer and theinsurance company is not binding upon the consumeramprdquo
ampldquoDocumentary evidence which is produced by the complainant is sufficiently eloquent and speaks about inaction on the partof the insurance company Even after sending documentary evidence as regards to payment of policy premium the insurancecompany has failed to renew the policy Definitely this act on the part of the company amounts to deficiency in serviceamprdquo thebench ruledhttpautoeconomictimesindiatimescomnewsindustrycustomer-not-bound-by-tie-up-between-vehicle-dealer-insurer-pune-court57623564
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Analysts in wait-and-watch mode on Bajaj Finance Hamsini KarthikBusiness Standard
A robust business model established over years of experience often tends to withstand the test of time quite remarkably That ofBajaj Finance Indiaamprsquos largest consumer durables financier is one such example
During the note ban period there were doubts on whether Bajaj Finance could replicate its historic performance in terms ofcustomer acquisition loan growth and more importantly asset quality in the December quarter (Q3) Much to the Streetamprsquossurprise Bajaj Finance comfortably met these parameters
Customer acquisition grew by 35 per cent year-on-year in Q3 while assets under management expanded by 33 per cent to Rs57600 crore year-on-year Even asset quality stood out with gross non-performing assets ratio at 147 per cent and that toowithout utilising RBIamprsquos 90-day dispensation on loans less than Rs 1 crore Overall financials remained robust with net interestincome and net profit growing by 27 and 36 per cent respectively These factors have helped Bajaj Financeamprsquos stock reboundfrom its demonetisation period low of Rs 766 to Rs 1125 on Tuesday
However after outperforming the broader markets by a reasonable margin for most of the last two years the stock has lagged inthe past six months Bloomberg data indicate that while the Bank Nifty has gained six per cent in the past six months Bajaj Financeis up only 21 per cent Analysts nonetheless feel that Bajaj Finance may not surpass its previous high of Rs 1180 in a rush
Pointing to some key indicators they prefer to see how March quarter pans out particularly on consumer loans before altering theirexpectations on the stock
Consumer loans which grew by 52 per cent year-on-year in September quarter (Q2) grew 47 per cent year-on-year in Q3 Butwithin this segment consumer durables grew slower at 27 per cent versus 48 per cent in Q2 As for the vehicle financing (two andthree wheelers) the dependence on Bajaj Auto was seen higher in Q3 ampndash 46 per cent dependence on Bajaj Auto fortwo-wheelers and 29 per cent for three-wheelers as against 38 per cent and 18 per cent respectively a year ago Average ticketsize which dipped post demonetisation is yet to see a strong recovery All these factors prompt analysts to be on a wait-and-watchmode
ampldquoWe arenamprsquot able to see a secular return in consumer buying yet While demand for consumer durables may havepicked up as summer sales is already playing out we canamprsquot say the same for vehicle salesamprdquo says an analyst with adomestic brokerage
Analysts at Jefferies feel the annual compounded loan growth for Bajaj Finance could be lower in FY16-19 compared to what was inFY13-16 The brokerage flags that at current valuations (52 x FY18 price-to-book) risk-reward appears negativehttpwwwbusiness-standardcomarticleopinionwhy-analysts-are-in-wait-and-watch-mode-on-bajaj-finance-117031400674_1html
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SBI announces Rs 6000-cr tractor loan settlement scheme PTISee this story in The Economic Times
State Bank of India (SBI) today announced a one-time farm loan settlement scheme worth Rs 6000 crore primarily for tractors
One Time Settlement (OTS) announced for Agriculture Loans Scheme valid until 31st March Contact your branch for details ampbenefits the nations largest lender said on the microblogging site Twitter today
Managing director Rajnish Kumar told CNBC-TV18 the scheme will result in the bank taking a 40 per cent haircut on outstandingtractor loans as of September 2016
SBIs total farm loan portfolio is Rs 125 trillion and Kumar said the tractor loan book is about Rs 6000 crore
He said doubtful or loss category accounts as of September 2016 which were disbursed before September 2011 will beconsidered under the scheme He said a circular in this regard was sent to branches on February 2
But he was quick to add the OTS has nothing to do with Prime Minister Narendra Modis promise of a loan waiver to UP farmersduring the just concluded elections saying there were no talks with the Centre or state in this regard so far SBIs Uttar Pradeshportfolio will be around Rs 13000 crore
SBI had announced OTS schemes for SMEs last December and education loans early in 2016
He said other agri loans like kisan credit cards and other term-loans for tractors and farm loans may also be covered under theschemehttpwwwdnaindiacommoneyreport-sbi-announces-rs-6000-cr-tractor-loan-settlement-scheme-2352737SBI to allow one-time settlement for tractor farm equipment loansminthttpwwwlivemintcomIndustryiXDTXX1onxjwfHcz731WzJSBI-announces-Rs6000-crore-tractor-loan-settlement-schemehtmlSBI announces rs 6000-crore tractor loan settlement schemeThe Pioneerhttpwwwdailypioneercombusinesssbi-announces-rs-6000-crore-tractor-loan-settlement-schemehtml
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Oil Lubricants amp Alternative Fuels
Oil hovers near three-month low as investors awaits data ReutersSee this story in The Hindu Business Line
Tokyo Crude oil prices hovered near three-month lows on Tuesday in early Asian trading as investors await key reports and datathat may shed light on a supply overhang in the global market
US West Texas Intermediate crude (WTI) edged down 3 cents to $4837 a barrel by 0026 GMT The contract ended down 9 centsin the previous session after touching $4790 the lowest since the end of November
Brent crude futures were down 1 cent at $5134 a barrel having settled down 2 cents on Monday after dipping to as low as $5085
Prices fell sharply last week as investors worried that swelling US crude supplies would hinder Organization of the Petroleum
Exporting Countries (OPEC)s efforts to restrict output and reduce a global glut
Prices had risen after the OPEC and other major oil producers including Russia agreed at the end of November to rein inproduction by almost 18 million barrels per day (bpd) in the first half of 2017
ampldquoIts shaping up to be another fun week in the crude complex with OPEC releasing its monthly oil market report on Tuesdayswiftly followed by the IEAs monthly oil market report the day afteramprdquo Matt Smith analyst at ClipperData said in a note
The International Energy Agency releases its closely watched monthly oil market report on Wednesday
Data from the industry group the American Petroleum Institute on US crude and product stockpiles is also due out later on Tuesday
Analysts said the slump may not have much further to go now that prices have fallen more than 8 percent since last Monday thebiggest week-on-week drop in four monthshttpwwwthehindubusinesslinecommarketscommoditiesoil-hovers-near-threemonth-low-as-investors-awaid-dataarticle9582601ece
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News Magazines
Mahindra Electric geared up to be a component supplier Autocar India
Speaking to Autocar India Mahindra Electric (ME) stated that the company is open to being a supplier to other vehiclemanufacturers and will sell complete electric drive systems to those interested At present the ME plant builds the e2o while it shipsout the drive systems for the eVerito sedan and eSupro van For this purpose the production line has been modified to produce notjust built-up vehicles but also fully ready electric drive systems that can be offered to other manufacturers interested in procuringthem With expertise in electrification virtually absent in India ME hopes to build on its first-mover advantage and cater to theindustry Itamprsquos unlikely that there would be any takers for passenger cars but commercial and three-wheeler manufacturerscould be potential customers
Mahindra also confirmed that they are open to supplying other bits like charge system controllers as well Mahindra outsources thebattery and electric motor for its EV powertrains and has no plans of producing these components in-house as apart from the hugeinvestments needed there is no real advantage Battery technology is quite specialised and there are many players in this fieldalready And with electric motor efficiency already at 80 percent ampndash compared to about 30 percent for internal combustionengines ampndash there is very little to differentiate one EV maker from another Mahindra believes the real differentiator in the nearfuture will be in the battery management systems where big gains can be made in the charging and discharging cycle Thus ME isputting a lot of effort into this area and going forward has ambitions to be a supplier solely for battery management systems toother manufacturershttpwwwautocarindiacomauto-newsmahindra-electric-geared-up-to-be-a-component-supplier-404432aspx
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Tesla Model Y SUV due by 2019 Autocar India
Tesla Inc recently renamed from Tesla Motors Inc is on the verge of what it says will be a massive expansion of production with twonew models due to arrive in the next two years
Alongside the much-hyped Model 3 Tesla is also expected to launch an entry-level crossover based on the same platform andrumoured to be badged the Model Y
The starting price of the Model 3 is likely to be around $37000 (Rs 2435 lakh approx) with the Model Y expected to be slightlymore expensive However Tesla founder Elon Musk believes the transaction prices of the new compact Teslas will go higherbecause buyers will be keen to add paid options to their vehicles
While the compact Model Y could turn out to be Teslaamprsquos best seller ampndash some seven million crossovers of all types weresold in the US last year ampndash Musk recently tweeted that the Model 3 remained the biggest priority for the company
The Model Y is unlikely to be unveiled until sometime next year with production set to follow late in the year Little in the way ofspecification has been released though it is expected to borrow the top-hinged amplsquofalcon wingamprsquo rear doors from thebigger Model X SUV
The Model Y will also have the promised updated electrical architecture that will allow Tesla to offer full autonomous drivingcapability Future Tesla cars will be equipped with as many as eight cameras giving a 360-degree view of the surroundingroadscape as well as 12 ultrasonic sensors and a amplsquonewamprsquo forward-facing radar that works in the worst weatherconditions Existing radar systems can be fooled by heavy rain and fog
Musk also said the new electrical architecture has a brain that is as much as ampldquo40 timesamprdquo more powerful than onprevious Teslas calling it a ampldquosupercomputer inside the caramprdquo The autonomous driving technology though will be offered
as add-on option to customers on both entry-level Teslas
Another challenge for the Model 3 and Y will be balancing their lower price against the need for a battery big enough to give anacceptable range
The entry-level Model 3 may have a cheaper sub-60kWh battery but will still need to have a range of at least 370km The ModelYamprsquos more bluff shape and greater frontal area might mean a bigger battery for the same range and so a slight price premium
Tesla is in a race against time to achieve the kind of production levels needed to turn around what is still a cash-hungry operationThe firm has spent nearly $2 billion (Rs 1316350 crore approx) since 2010 with investments including building the battery-makingGigafactory and trying to expand car production to a massive 500000 units a year
Tesla delivered around 76000 vehicles last year but says it was able to build around 2000 cars a week by the second half of 2016With as many as 400000 deposits taken for the Model 3 the company is looking to produce well over 100000 of the BMW3-series rival before the end of this year
Muskamprsquos expansion plans will test the limits of the capabilities of Teslaamprsquos suppliers and those of its own plant inFreemont California But getting to annual sales of half a million vehicles should finally push the carmaker into profit and secure thecompanyamprsquos long-term futurehttpwwwautocarindiacomauto-newstesla-model-y-suv-due-by-2019-404434aspx
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VW promises higher focus on EVs after record sales year Autocar India
The Volkswagen Group ampldquowill be a role model in environmental protection safety and integrityamprdquo according to CEOMatthias Muller who was speaking as the firm confirmed a record-breaking sales year in 2016
Outlining plans for the firm to reinvent itself as a far-reaching mobility company in the wake of the emission scandal Muller revealedthat the VW Group sold 103 million cars in 2016 making it the worldamprsquos largest car manufacturer It made pound62 billion in profitafter allowances including pound56 billion of losses to cover emission scandal costs In 2015 expenses relating to emission scandalamounted to pound142 billion
Most notably its sales in China where the effects of the diesel crisis were negligible grew 122 percent and its 2016 salesrevenues of pound1904 billion also exceeded forecasts by pound35 billion
ampldquoThe last year was challenging yet remarkably successfulamprdquo said Muller ampldquoIn 2016 we set the course for thebiggest transformation in the history of the company while at the same time performing better in our operating business than manythought possibleamphellipVolkswagen is back on trackamprdquo
Muller vowed that the success would be a catalyst for further change adding ampldquoWe will still be one of the most successfulautomakers in 2025 But we will also be a leading international provider of sustainable mobility and set the standard for new mobilityservicesamprdquo
New initiatives include a stated goal of taking leadership in the field of battery technology by 2025 which is by when the VW Grouphas committed to have solid state batteries in production These are seen as the next technological step over the lithium-ionbatteries currently favoured by most manufacturers The VW Group has committed to have 30 battery-electric vehicles on sale by2025
He also signalled that Audi had been tasked with leading the Groupamprsquos autonomous driving projects while adding that the VWGroup now had 37 centres around the world working on autonomous and digital service ideas pivoting around the Groupamprsquosnew mobility company Moia which was set up last year
Muller also highlighted recent joint ventures ampndash in China with FAW and JAC the latter of which will lead to the co-developmentof a budget electric car line in India with Tata Motors and in America with Navistar which is in the commercial vehicle segmentampndash as examples of the firmamprsquos commitment to forging partnerships to boost sales success He also confirmed that thefirst economy vehicles to be developed by the brand will go on sale in emerging markets in 2018httpwwwautocarindiacomauto-newsvw-promises-higher-focus-on-evs-after-record-sales-year-404433aspx
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Mercedes to expand E-class range with E 220 diesel Autocar India
The tenth-generation Mercedes-Benz E-class launched for the first time in India with a long wheelbase has moved the goalposts toset new standards for comfort and space in its segment The E-class comes with two engine options ampndash the base E 200 petroland the top-of-the-line
E 350 diesel Priced at Rs 5670 lakh and Rs 7015 lakh (ex-showroom Delhi) respectively these two variants bookend the E-classrange and is essentially aimed at two sets of customers The E 200 buyer is likely to be almost always chauffeur-driven and henceis mainly interested in rear seat space and comfort while the E 350d customer wants all the bells and whistles as well as the
sublime driving experience only the silky smooth and torquey V6 diesel can offer
However that still leaves a massive Rs 1345 lakh gap in the range which no doubt future E-class variants will eventually plug butwhich one will find that sweet spot to form the bulk of E-class sales
Itamprsquos no surprise then that Mercedes-Benz India is readying a base diesel which like the previous-generation W212 E-class islikely to be the most popular variant offering a strong dose of practicality without too much of a compromise on refinement andluxury
But unlike the W212 which had the E 250d representing the base diesel in the range Mercedes-Benz India is offering the lower E220d as the starting point for the E-class diesel This suggests that the E 220d will be very attractively priced when it goes on salearound June 2017 and could be priced very close to the E 200
The E 220amprsquos all-new 20 litre four-cylinder diesel which pumps out 194hp and 400Nm of torque may not have the punch ofthe outgoing E 250damprsquos 204hp and 500Nm motor but again given the chauffeur-driven focus the new E-class has beenconceived for the newE 220damprsquos performance is unlikely to be an issue
What is a big issue however is downgrading the 20-litre motor which has been designed for stricter Euro-VI emissions to run onlocally available BS-IV diesel ampldquoItamprsquos such a waste of engineering resource and a step backwardsamprdquo said aMercedes-Benz engineer The 2143cc (OM651) diesel engine which powered the previous E-class was easier to adapt to BS-IVfuel unlike the spanking new high-tech 1995cc (OM654) diesel thatamprsquos built to meet the latest global emission standards Infact the OM654 made its debut in the latest E-class when it was launched globally in 2016 Its advanced tech includes a uniquealuminium engine block with steel pistons a special low-friction coating for the cylinder walls and a fourth-generation common-raildiesel injection system At 168kg it is 31kg lighter than the engine it replaces
Downgrading a Euro-VI engine to BS-IV standards takes a lot of time and resources but there is no way out until fuel pumps in Indiaget low-sulphur BS-VI fuel which is not expected until 2020 The BS-IV-spec OM654 wasnamprsquot ready in time for the newE-class launch and this is one reason why the E 220d is coming a couple of months later The other reason could be a strategicone Mercedes-Benz India wants to wait until BMW launches the all-new 5-series expected in June and in a counter move tweakthe E 220damprsquos mix of specifications features and price accordingly A starting price of Rs 57-58 lakh for the E 220disnamprsquot unlikely especially since this variant will be Mercedes-Benz Indiaamprsquos trump card in a luxury car segment it seemsdetermined to dominatehttpwwwautocarindiacomauto-newsmercedes-to-expand-e-class-range-with-e-220-diesel-404429aspx
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Nissan to launch Kicks SUV in Q3 2018 Autocar India
The Nissan Kicks SUV which made its global debut in 2016 in Brazil will be launched in India in the third quarter of 2018 accordingto company sources
However unlike the South American model which is spun off Nissanamprsquos V-platform the made-for-India Kicks (code PB1D)will be based on the upcoming Renault Kapturamprsquos (code HHA) platform This is essentially a modified version ofRenaultamprsquos proven M0 platform that underpins cars like the Duster and Lodgy which are known for their robust mechanicals
The M0 is also a critical part of the Renault-Nissan Allianceamprsquos platform strategy in India which is essentially centred aroundtwo platforms Whilst the CMF-A and CMF-A+ platforms underpin Renault and Nissanamprsquos (and later Mitsubishiamprsquos) smallto mid-size car range in India the M0 platform will cater to higher end products The low-cost M0 platform has proved to be a cashcow for Renault globally and is ideally suited for markets like India The allianceamprsquos European-spec CMF-B platform was alsoevaluated initially but was eventually rejected as it proved to be a lot more expensive than the M0 which has also been localisedover the years
Developed and conceived originally by Renault for its Dacia sub-brand over a decade ago the French carmaker has first rights toproducts spun off the M0 platform and hence like the Nissan Terrano which followed the Renault Duster the Nissan Kicks too willfollow the Renault Kaptur to India but almost a year later
While both the Kaptur and Kicks will use the same modified version of the platform the amplsquotop hatsamprsquo will be completelydifferent The Kicks design and styling will mirror the South American car and thatamprsquos no bad thing
Sharply styled with lots of distinctive design touches like a floating roof massive wheel arches and a wraparound visor look theKicks wonamprsquot have a problem standing out on Indian roads The good thing is that the edgy design hasnamprsquot compromisedpracticality and Nissan claims best-in-class space in the back seat
Cars based on the M0 platform get a choice of just two engines a 16 petrol and the venerable 15 K9K diesel and hence these arelikely to be carried forward into the Kicks as well The 15 diesel is expected to be the mainstay but its likely that in its latest iterationthere will be a small bump up in power and torque
Nissan has set an ambitious target of 30000 Kicks in its first full year of production with an additional 20000 units earmarked forexports Pricing will be crucial for the Kicksamprsquo success and Nissan may do well to undercut its rivals to buy some much neededmarket sharehttpwwwautocarindiacomauto-newsnissan-to-launch-kicks-suv-in-q3-2018-404426aspx
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International News
Volkswagen CEO gets 778 mn euros in pay and benefits for 2016 ReutersSee this story in The Economic Times
Wolfsburg Volkswagen Groups Chief Executive Matthias Mueller was awarded 778 million euros ($828 million) in pay andbenefits for 2016 up from 417 million euros in total remuneration awarded a year earlier the companys annual report showed onTuesday
Mueller was not awarded a full years CEO pay for 2015 since he only took over as chief executive in September following theresignation of his predecessor Martin Winterkorn who was forced out in the wake of a diesel emissions cheating scandal
Volkswagen overhauled its bonus and executive pay policy in February this year to cap total pay for its chief executive at 10 millioneuros ($106 million) and other top managers at 55 million euros
Volkswagen brand chief Herbert Diess saw his total remuneration for 2016 fall to 393 million euros down from 713 million in 2015the annual report showed
($1 = 09401 euros)httpautoeconomictimesindiatimescomnewsindustryvolkswagen-ceo-gets-7-78-mn-euros-in-pay-and-benefits-for-201657631837Volkswagen CEO Matthias Mueller says not ruling out merger talks with Fiat ChryslerThe Financial Expresshttpwwwfinancialexpresscomindustryvolkswagen-ceo-matthias-mueller-says-not-ruling-out-merger-talks-with-fiat-chrysler587861
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Volkswagen CEO US remains core market for company APSee this story in The Economic Times
Frankfurt The CEO of German automaker Volkswagen says the United States remains a core market for the company despite itsdiesel emissions scandal and has underlined that it hopes to expand there
Matthias Mueller made the comments Tuesday at the companys annual news and investor conference at its headquarters inWolfsburg Germany
Mueller said that we are standing by our investment decisions and intend over the long term to play a significantly greater role therethan today
The Volkswagen brand has only a small share in the US market although it is important for the companys luxury brands Porscheand Audi It makes cars in Chattanooga Tennessee
US authorities uncovered Volkswagens use of engine control software that enabled vehicles to cheat on emissions testshttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsvolkswagen-ceo-us-remains-core-market-for-company57633149
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Volkswagen targets strong 2017 even as core brand struggles ReutersSee this story in The Economic Times
Wolfsburg Germany Volkswagen said it was capable of shouldering the costs of its emissions crisis and was targeting an evenbetter year than in 2016 but warned that its core autos division continued to struggle
We see good chances of being able to ride the wave of the positive performance last year when Volkswagen turned in recordunderlying profit helped by sales of upmarket Audis and Porsches Chief Executive Matthias Mueller said on Tuesday at thecarmakers annual news conference
Volkswagen expects group revenue to exceed last years record 217 billion euros ($231 billion) by as much as 4 percent this yearand is forecasting an underlying operating margin of between 6 and 7 percent compared with 67 percent in 2016 it said affirminga forecast given on February 24
The company also aims to moderately exceed last years record 103 million deliveries
You can rest assured that we will do everything in our power to make 2017 an even better year than 2016 the CEO said
But Volkswagen appears to be making slow progress in tackling the biggest trouble spot within the 12-brand group thelong-planned turnaround of its core autos division
Operating profit of the namesake brand slipped further to 187 billion euros in 2016 from 210 billion a year earlier because of highermarketing costs related to dieselgate and plunging demand in Brazil and other key markets finance chief Frank Witter said
($1 = 09394 euros)httpautoeconomictimesindiatimescomnewsindustryvolkswagen-targets-strong-2017-even-as-core-brand-struggles57630343
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VW CEO says not ruling out merger talks with Fiat Chrysler boss ReutersSee this story in The Economic Times
Wolfsburg Volkswagen Chief Executive Matthias Mueller said he is not ruling out talks with Fiat Chrysler boss Sergio Marchionneabout a possible merger
I am not ruling out a conversation Mueller told reporters on Tuesday after the carmakers annual earnings press conference inWolfsburg
Marchionne has long advocated car industry mergers to share the costs of making cleaner and more technologically advancedvehicles and has repeatedly relayed his desire via the media
It would be very helpful if Marchionne were to communicate his considerations to me too and not just to you Mueller said
I am pretty confident about the future of Volkswagen with or without Marchionne
Only last week Mueller appeared to dismiss the prospect of talks with Fiat Chrysler
We are not ready for talks about anything he told Reuters on the fringes of the Geneva auto show I havent seen Marchionne formonths he said at the timehttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsvw-ceo-says-not-ruling-out-merger-talks-with-fiat-chrysler-boss57632909
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Volkswagen chief denies talks with Fiat AFPSee this story in The Economic Times
Berlin Volkswagen chief Matthias Mueller on Tuesday denied rumours that the German auto giant was in talks with rival FiatChrysler
At present there is no contact between me and Fiat Chrysler boss Sergio Marchionne Mueller told the companys annual pressconference in Wolfsburg north Germany
Marchionne had said at the Geneva car show last week that he was expecting Volkswagen to reach out as more firms are thinkingof cost-cutting tie-ups in the vein of Frances Peugeot and German carmaker Opel
In response Mueller said he had other problems since VWs 2015 admission that it installed software to cheat regulatoryemissions tests in 11 million vehicles worldwide
He nevertheless added that Ive never said a tie-up with any other partner is altogether ruled out
VW clawed its way back to profit in 2016 and pulled ahead of Toyota to become the worlds biggest carmaker by unit sales shipping103 million vehicles over the year
Mueller on Tuesday confirmed the groups forecast of moderate growth in sales in 2017
But the firm is far from turning the page as it continues to refit cars equipped with the cheating software and faces legal action fromcustomers and investors in numerous countries
The final bill for the scandal is impossible to predict Mueller acknowledged
All we know is that this question will keep us busy for a long time several years he saidhttpeconomictimesindiatimescomindustryautovolkswagen-chief-denies-talks-with-fiatarticleshow57633113cms
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Volkswagen has good chances to build on strong 2016 performance CEO ReutersSee this story in The Economic Times
Germany Volkswagen has good chances of building on its strong 2016 performance when it swung to a record underlying profitdespite its diesel emissions crisis Chief Executive Matthias Mueller said
The Volkswagen Group is in very robust shape Mueller said on Tuesday at the carmakers annual news conference in Wolfsburg
VW expects group revenue to exceed last years record 217 billion euros ($231 billion) by as much as 4 percent this year and isforecasting an underlying operating margin of between 6 and 7 percent compared with 67 percent in 2016 it said affirming aforecast given on Feb 24
Still operating profit of its core autos division slipped further to 187 billion euros in 2016 from 210 billion a year earlier as the brandis struggling to implement a wide-ranging turnaround planhttpeconomictimesindiatimescomnewsinternationalbusinessvolkswagen-has-good-chances-to-build-on-strong-2016-performance-ceoarticleshow57630339cms
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BMW i3 batteries to be used by Vattenfall The Economic Times
New Delhi Swedish power making company Vattenfall and German auto giant BMW Group have signed a contract for the deliveryof up to 1000 lithium-ion batteries this year The batteries with a capacity of 33 kilowatt hours (kWh) each are equipped with aBMW-owned battery management system and are also used by the car manufacturer in the BMW i3
Vattenfall will purchase the new batteries from the BMW plant in Dingolfing and use them in all storage projects
Energy storage and grid stability are the major topics of the new energy world says Gunnar Groebler Senior Vice President ofVattenfall and Head of Business Area Wind
We want to use the sites where we generate electricity from renewable energies in order to drive the transformation to a newenergy system and to facilitate the integration of renewable energies into the energy system with the storage facilities Thedecoupling of production and consumption and the coupling of different consumption sectors are in the focus of our work
The first energy storage from the BMW-i3 batteries is being built at the 122 MW onshore wind farm Princess Alexia nearAmsterdam With a capacity of 32 megawatts (MW) it is Vattenfalls first large storage project in the Netherlands
Pending on a final investment decision the largest battery storage will be built at the Vattenfall wind farm Pen y Cymoedd (230 MW)in South Wales - a 22-megawatt storage facility which will help to support the stability of the country-wide power grid in the UK aspart of the so-called EFR (Enhanced Frequency Response) service
As part of the project Norddeutsche Energiewende NEW 40 Vattenfall together with the Hamburg University of Applied Sciences(HAW) and the company Nordex will implement a large battery storage at the future wind farm in Hamburg-Bergedorf
This is a so-called storage control unit made of batteries It is meant to maintain the security of supply with a feed-in of 100 percentrenewable energy In addition the battery storage contributes to the improvement of the network quality and the more efficient useof the existing network structure Other possible applications would be electricity storage in private households Energy storagesolutions are an important part of Vattenfallamprsquos strive to power climate smarter living
We are pleased that we have found a supplier in BMW who meets our high safety requirements with the use of the batteries withreliably good quality from German series production says Daniel Hustadt project manager for large batteries at VattenfallInnovation GmbHhttpautoeconomictimesindiatimescomnewsindustrybmw-i3-batteries-to-be-used-by-vattenfall57630728
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Toyota to look at Saudi production as the countries seek closer ties ReutersSee this story in The Economic Times
New Delhi Toyota Motor Corp signed a memorandum of understanding (MOU) on Tuesday with a Saudi Arabian governmentagency to conduct a feasibility study into producing vehicles and parts in the Middle Eastern nation
The move if firmed up would be a big step for the Saudi economy as the government tries to diversify beyond oil exports andcreate jobs as part of the kingdoms 2030 Vision
So far Saudi Arabia and other Gulf oil exporters have failed to significantly develop industries such as automaking because theylack broad industrial bases and a skilled local workforce
The study would take into account the evaluation of development of a local supply base using materials produced by major Saudi
companies like Sabic Maaden Petro Rabigh and other major industrial companies in the kingdom the official Saudi state newsagency reported
The MOU is with Saudi Arabias National Industrial Clusters Development Program (NICDP)
Meanwhile state-run Saudi Aramco has signed MOUs with five Japanese entities during a business forum that both nations hostedon Tuesday coinciding with a visit by Saudi Arabias King Salman this week
Saudi Aramco and Japans biggest oil refiner JX Nippon Oil amp Energy (5020T) agreed to consider a refinery joint venture in a thirdcountry and cooperation in trading and technology of oil and petrochemical products
Aramco also agreed to consider a possible future cooperation in crude oil supply and downstream business with Idemitsu KosanCompany
In addition Aramco and state-run Japan Oil Gas and Metals National Corp (JOGMEC) formally agreed to expand crude storagecapacity in Japan by 300000 kilolitres (about 19 million barrels) from the current 63 million barrels from April 1
Japan treats crude oil stored by Aramco as quasi-government oil reserves counting half of the barrels stored by Aramco as nationalcrude reserves
Companies and government organizations in both nations signed a total of 20 MOUs on Tuesday including cooperation betweenthe Saudi Arabian General Investment Authority (SAGIA) and Japans three megabanks - Mitsubishi UFJ Financial Group (8306T)Sumitomo Mitsui Financial Group (8316T) and Mizuho Financial Group (8411T) - on increasing investments in the kingdom
The MOUs also included cooperation in seawater desalinationhttpautoeconomictimesindiatimescomnewsindustrytoyota-to-look-at-saudi-production-as-the-countries-seek-closer-ties57636587
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Geneva Motor Show 2017 Airbus unveils fully electric flying car PopUp The Economic Times
Geneva Airbus along with Italdesign has unveiled the first modular fully electric zero emission concept vehicle system - PopUpat the Geneva Motor Show 2017 informed the French company in an official statement
PopUp envisages a modular system for multi-modal transportation that makes full use of both ground and airspace and isdesigned to relieve traffic congestion in crowded megacities
PopUp System consists of a three layers concept1 an Artificial Intelligence platform that based on its user knowledge manages the travel complexity offering alternative usagescenarios and assuring a seamless travel experience
2 a vehicle shaped as a passenger capsule designed to be coupled with two different and independent electric propelled modules(the ground module and the air module) Other public means of transportation (eg trains or hyperloops) could also integrate thePopUp capsule
3 an interface module that dialogues with users in a fully virtual environment
Airbus claims The PopUp vehicle combines the flexibility of a small two seater ground vehicle with the freedom and speed of avertical take-off and landing (VTOL) air vehicle thus bridging the automotive and aerospace domains
PopUpamprsquos monocoque carbon-fibre cocoon measures 26 metres long 14 metres high and 15 metres wide The capsuletransforms itself into a city car by simply coupling to the ground module which features a carbon-fibre chassis and is batterypowered
For megacity journeys with high congested traffic the capsule disconnects from the ground module and is carried by a 5 by 44metre air module propelled by eight counter-rotating rotors
ampldquoAdding the third dimension to seamless multi-modal transportation networks will without a doubt improve the way we liveand how we get from A to Bamprdquo said Mathias Thomsen General Manager for Urban Air Mobility at Airbus on the occasion ofthe unveil
ampldquoSuccessfully designing and implementing solutions that will work both in the air and on the ground requires a joint reflectionon the part of both aerospace and automotive sectors alongside collaboration with local government bodies for infrastructure andregulatory frameworks Italdesign with its long track record of exceptional vehicle design was an exciting partner for Airbus for thisunique concept projectamprdquo
ampldquoToday automobiles are part of a much wider eco-system if you want to design the urban vehicle of the future the traditionalcar cannot alone be the solution for megacities you also have to think about sustainable and intelligent infrastructure appsintegration power systems urban planning social aspects and so on In the next years ground transportation will move to the nextlevel and from being shared connected and autonomous it will also go multimodal and moving into the third dimensionamprdquo saidItaldesign CEO Joumlrg Astaloschhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsgeneva-motor-show-2017-airbus-unveils-fully-electric-flying-car-pop-up57630936
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Nissan boosts management presence at Mitsubishi Motors ReutersSee this story in The Economic Times
Tokyo Mitsubishi Motors on Tuesday said an additional four Nissan executives would join its management team as Nissan tightensits control over the smaller struggling automaker in which it took a controlling stake last year
The announcement is part of Mitsubishi Motors efforts to rebuild its management system after it admitted last year that it hadoverstated the mileage on a number of its cars sold in Japan battering domestic sales and tarnishing its brand image
From April corporate vice president positions for roles including product development and marketing and sales would be occupiedby officials from Nissan Mitsubishi Motors said
This would hike the number of Nissan executives on Mitsubishi Motors management team to seven from two now
We need to strengthen our corporate governance to avoid a repeat of last years scandal along with scandals previous to thatMitsubishi Chief Executive Officer (CEO) Osamu Masuko told reporters during a teleconference
After taking a one-third stake in Mitsubishi Motors Nissan installed Carlos Ghosn - its CEO at the time - as chairman of MitsubishiMotors while also naming two Nissan officials to Mitsubishis board of directors
Nissan also dispatched other executives to the smaller automaker including Trevor Mann previously Nissans chief performanceofficer who became chief operating officer at Mitsubishi late last year
Last month Ghosn said he would step down from the top position at Nissan to focus on deepening the companys alliance withRenault SA and Mitsubishi Motors
Separately Nissan said Shiro Nakamura the companys chief creative officer and one of Japans best-known car designers willretire after nearly 20 years at the automaker
Nakamura 66 is recognised for referencing science fiction anime and embracing Japans culture of cute in models including theGT-R supercar the Cube compact MPV and the Juke SUV crossover setting the automaker apart from many of its rivals whichhave been accused of making lookalike cars
Nakamura joined Nissan in 1999 from Japanese truckmaker Isuzu Motors and was one of the first key hires by Ghosn shortly afterGhosn himself arrived from French automaker Renault to save the company from bankruptcy
Alfonso Albaisa who currently overseas design at Nissans premium Infiniti brand will succeed Nakamura while former BMWglobal chief designer Karim Habib will become the brands new chief designer effective July 1httpautoeconomictimesindiatimescomnewsindustrynissan-boosts-management-presence-at-mitsubishi-motors57631800
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Renault Zoe e-Sport breaks covers at 2017 Geneva Motor Show The Economic Times
New Delhi In the ongoing Geneva Motor Show Renault has showcased its new two-seat version of its electric car Renault Zoee-Sport The company claims to have taken the design cues from Formula E
The ZOE e-Sport Concept is the fully electric concept car that embodies Renaultamprsquos commitment to the idea that electric carscan be fun and fast says Renault The sporting credentials of the ZOE e-Sport Concept extend beyond the caramprsquos styling andthe same blue livery as the Renault edams teamamprsquos front-running Formula E single-seaters
The bodywork of the ZOE e-Sport Concept is made entirely from lightweight carbon fibre which helps to ensure outstandingacceleration from standstill to 100kph in just 32 seconds The car tips the scales at a mere 1400 kilograms including 450kilograms of batteries
The car is powered by two electric motors capable of generating 450 bhp and 650 Nm of torque One of the motor is powered to therear axle and the other to the front axle Renault Zoe e-Sport gets the same 40 kWh battery which powers the standard variant ofthe car
Jean-Christophe Kugler CEO Renault Europe said that the concept as a link car - a styling exercise intended to connect the Zoeroad car with what Renault is doing in Formula E racing and to send a message that EVs are fun to drive Its not a signal of thefuture for Zoe and we have no intention to develop a performance version
Renault also claims that the electric performance car uses the same air and water cooling systems as the Renaultamprsquos FormulaE car The car is based on a tubular steel chassis with use of extensive carbon fibre The car also gets four driving modes
At the moment Renault has no plans to make the Zoe e-Sport into productionhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsrenault-zoe-e-sport-breaks-covers-at-2017-geneva-motor-show57627528
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Sensata Technologies opens testing facility in Bulgaria ReutersSee this story in The Economic Times
Sofia Sensata Technologies has opened its largest global testing facility in Sofia to support its automotive sensing technologies thecompany said on Tuesday
Sensata which has manufacturing sites in 13 countries already employs 3000 people in Bulgaria where it produces pressure andhigh temperature sensors for the automotive market and operates a business centre
In recent years inexpensive labour low taxes and an educated workforce have encouraged dozens of car part producers and ITand business outsourcing companies to set up in the Balkan countryhttpautoeconomictimesindiatimescomnewsauto-componentssensata-technologies-opens-testing-facility-in-bulgaria57632975
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Driving driverless Quest for an autonomous car has reached a truck now Nandagopal RajanThe Financial Express
At San Franciscoamprsquos Pier 90 chock-a-block with cargo vehicles it is pretty tough for any truck to stand out But a white Volvotruck with Otto emblazoned on it is the centre of attention This is the next big thing in automated cars and has already shown itsmettle by delivering a consignment of Budweiser beer in Colorado without a driver controlling it on the freeway
Uber is one of the many companies thinking in terms of driverless car While CEO Travis Kalanick says automated vehicles areampldquoexistentialamprdquo for the ride-hailing companyamprsquos future he is not alone in the race to drive without drivers Just in theUS at least 23 companiesampmdashincluding Tesla Google and Volkswagenampmdashhave registered in autonomous vehicleprogrammes The idea that fuels this cutting-edge technology is pure economics at the end of the day Cars suffer from seriousissues of inefficiency as they sit idle 95 of the time Considering that the world has 1200000000 cars this is inefficiency at agargantuan scale Add to this the fact that cars amount for 22 of all emissions globally and muddy the urban infrastructureproblem by creating the need for parking spaces
Since 1984 when the first experimental self-driving cars appeared there has been much progress on the technology leading toMercedes-Benz showcasing its concept car the F 015 at the Consumer Electronics Show in Las Vegas in 2015 Everyone has adifferent take on the technology but in the end the idea is to make cars intelligent and independent enough to be aware ofsurroundings and take decisions based on that
Interestingly Uberamprsquos dream is to bring ampldquoreliable transportation to everyone everywhereamprdquo now extended toeverything too with the trucks from Otto a start-up it acquired last year Matt Sweeney who heads product at UberamprsquosAdvanced Technology Group says ampldquothe truck and passenger vehicles share software and hardware components and thishelps us work on different aspects of the self-driving problem at the same timeamprdquo But on scope passenger vehicles are forurban environments where Uber has its focus on ride-sharing while trucks will be for high-speed highways where the constraintsare different
Just last week Uber got a permit from California Department of Motor Vehicles to test two self-driving Volvo SUVs on public roadsthough it will need to have backup drivers behind the wheel in case the prototype cars malfunction Its self-driving cars have beenrunning test drives in other parts of the US too
The Otto truck comes with a rig of radars laser scanners and stereo cameras that give the computers inside a live 360-degreevision of its environment with high dynamic range high resolution and high colour information imagery so that the truck can besmart enough to decide what to do next But the computing task this presents is ampldquoalmost as big as a small datacentreamprdquo Sweeney says the computing has to be done inside as ampldquothere is no tech that can let us send all that data tothe cloud real time and hence a lot of the computing has to be done in the truck itselfamprdquo
ampldquoA lot of the tech is based on prior mapping but in subsequent runs we see differences that have come about in the area andpay attention on those objects that are differentamprdquo
Interestingly Otto is being sued by Googleamprsquos Waymo self-driving car unit which claims its former employee and start-upfounder Anthony Levandowski stole its proprietary design for its laser-based radar system There are other challenges tooampldquoUber tech is different because we are trying to make this on top of the ride-sharing network that we already haveamprdquo headded
Nissan in contrast keeps the driver and not the technology at the centre and its definition of an ampldquoautonomous caramprdquo ishence a vehicle with different levels of driving technologies that enable it to operate autonomously for certain periods of time ANissan spokesperson said on the technology side the challenges are in artificial intelligence software development data processingand digital mapping technologies while on the social environment side laws and regulations along with modifications of roadinfrastructure will become necessary
This contrast in technologies is why it is important to see how the entire ecosystem evolves maybe with different platforms talkingto each other But Uber is not depending on this ampldquoWe need to see and interact with vehicles but there is no guarantee wewill have that technology So we are approaching it with the assumption it wonamprsquot existamprdquo says Sweeney
Uberamprsquos goal is to take its technology everywhere but can these vehicles actually be practical for an environment like IndiaSweeney accepts the new elements this will throw in along with the sheer volume will present a slew of challenges ampldquoThoseare situations we think we will be able to tackle but those are not the first places we will goamprdquo he explains adding that theywill look for opportunities where they can deploy this technology safely Clearly this drive has just started(The author attended the Uber Media Summit in San Francisco at the invitation of Uber)httpwwwfinancialexpresscomopiniondriving-driverless-quest-for-an-autonomous-car-has-reached-a-truck-now588112
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Samsung completes acquisition of Harman The Economic Times
New Delhi The arrest of the Vice-Chairman of Samsung Board Lee Jae Yong on bribery and corruption charges has not affectedthe deal between Samsung and Harman International IndustriesIn a media statement the South Korean giant confirmed thecompletion of its largest such deal ever
Under the terms of the merger agreement Harman stockholders will receive $11200 per share in cash The completion follows thesatisfaction of all conditions to the closing of the transaction including approval of the transaction by HARMAN stockholders andreceipt of all necessary regulatory approvals in the United States and certain foreign jurisdictions
ampldquoToday is a historic moment for us The close of this transaction opens the door to create substantial growth opportunitiesand deliver greater benefits for customers worldwideamprdquo said Young Sohn President and Chief Strategy Officer of SamsungElectronics and Chairman of the Board HARMAN ampldquoWe see transformative opportunities in the car ampndash and a futurewhich seamlessly connects lifestyle across automotive home mobile and work Samsungamprsquos and HARMANamprsquosleadership in these spaces perfectly positions Samsung to be the preferred partner to our OEM customers In addition bringingtogether HARMANamprsquos iconic audio brands and capabilities paired with Samsungamprsquos leading display technologies willdeliver enhanced audio and video experiences to consumers and professional end markets And most importantly we areenthusiastic about our common vision the similarities in our culture of innovation and the added value we can create for customersWe look forward to working with all of HARMANamprsquos employees to execute on our visionamprdquo
Harman boasts around 30000 employees spreadout across different brands including JBL Infinity Lexicon and Mark LevinsonThe company will continue to conduct business as an independent subsidiary under the terms of the deal with Samsung
ampldquoWe are excited to have completed the transaction which provides compelling cash value to our stockholders benefits ourcustomers and provides new opportunities for our employeesamprdquo said Dinesh Paliwal Harman President and CEOampldquoSamsung shares our commitment to our customers and our culture of speed innovation and execution Samsung providesHarman with the scale platform and complementary technologies to accelerate growth and extend our global market leadership inautomotive smart audio and connected technologies Recognizing the importance of partnerships in an increasingly connectedworld particularly in automotive we are poised to leverage our combined teams and resources to produce even greater value forour customers Working closely with automakers and other technology companies Samsung and Harman will define ampndash anddrive ampndash the future of automotiveamprdquohttpautoeconomictimesindiatimescomnewsauto-technologysamsung-completes-acquisition-of-harman57624440
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Skoda delivers 81200 units in Feb 2017 globally The Economic Times
Mlada Boleslav Czech car manufacturer Skoda in a press release stated that the company delivered 81200 vehicles to customersworldwide in February 31 more than in the same period last year (February 2016 78800) brvbarkoda also claims that it has soldmore cars than any February in its history The Czech manufacturer achieved double-digit growth in Central and Eastern Europe (+129 and + 133) India (+ 128) and Israel (+ 198) among others
We are delighted with our strong start to 2017 We expect the market launch of the OCTAVIA product upgrade as well as the newKodiaq to create further momentum says Werner Eichhorn brvbarKODA Board Member for Sales and Marketing
In Western Europe deliveries to customers rose by 70 in February to 34800 vehicles (February 2016 32500) With 12600vehicles Germany remains the strongest single European market (February 2016 12100 vehicles +45) brvbarKODA recordeddouble-digit growth rates in the UK (3400 vehicles +236) Italy (2200 vehicles + 201) Belgium (2 000 vehicles +271) andAustria (1900 vehicles +647)
In Central Europe brvbarKODA achieved an increase of 129 with 17400 cars (February 2016 15400 vehicles) Deliveries on thehome market of the Czech Republic rose by 88 to 8200 vehicles in Poland (5700 vehicles + 163) Slovakia (1700 vehicles+154) Slovenia (600 vehicles +226) and Croatia (300 vehicles +469) also rose in double figures
In Eastern Europe excluding Russia Skoda achieved a year-on-year increase of 133 with 2800 vehicles delivered (February2016 2500 vehicles) In the same period 400 customers in Ukraine received their new brvbarKODA ampndash an increase of 939(February 2016 200 vehicles) The number of deliveries increased significantly in Bosnia (200 vehicles + 557) Bulgaria (200vehicles +175) and the Baltic States (600 vehicles + 229) In Russia brvbarKODA achieved an increase of 46 with 4300vehicles (February 2016 4100 vehicles)
In China ampndash the brandamprsquos largest market worldwide ampndash brvbarKODA handed over the keys to 15000 new vehicles(February 2016 18500 vehicles -188) Deliveries overseas increased by 98 to a total of 2500 vehicles
At the Geneva Motor Show brvbarKODA is presenting several new highlights These include the brvbarKODA KODIAQ SCOUT and brvbarKODAKODIAQ SPORTLINE alongside the extensively upgraded brvbarKODA OCTAVIA as well as the sporty spearhead brvbarKODA OCTAVIA RS245 and the brvbarKODA OCTAVIA SCOUT with a rugged off-road look In addition the upgraded brvbarKODA models RAPID and RAPIDSPACEBACK and Citigo are on show
brvbarKODA deliveries to customers in February 2017 (in units rounded off by model +- in percent compared to February2016)brvbarKODA OCTAVIA (28600 -86)brvbarKODA FABIA (16700 + 152)brvbarKODA RAPID (15000 + 121)brvbarKODA SUPERB (10900 + 171)brvbarKODA KODIAQ (1300 + 1000)brvbarKODA YETI (6300 -157)brvbarKODA CITIGO (only sold in Europe 2300 -164)httpautoeconomictimesindiatimescomnewspassenger-vehiclecarsskoda-delivers-81200-units-in-feb-201757626693
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Isuzu claims more durability on its diesel engines for trucks The Economic Times
Indianapolis Isuzu Commercial Truck of America has announced that the B10 durability rating of its 4HK1-TC diesel engine hasbeen increased to 375000 miles informed the company in an official statement
To elaborate further on what it means the Japanese commercial vehicle manufacturer went on to say that A B10-life rating is anindustry-standard gauge provided by engine makers to help consumers determine the long-term durability of an engine Thenumber following the B indicates the percentage of an engineamprsquos population that will require an overhaul before the indicatedmileage
That means that 90 of Isuzu 4HK1-TC engines are expected to last 375000 miles before they require a major repair or rebuildPreviously the 4HK1-TC engine carried an already-robust B10 durability rating of 310000 miles added the company
ampldquoWe are proud to say that Isuzu diesel engines are already known worldwide for their long-term dependabilityamprdquo saidShaun Skinner president of Isuzu Commercial Truck of America ampldquoOur new B-10 rating is strong evidence that our enginesare even more durable than everamprdquo
The turbocharged intercooled 4HK1-TC four-cylinder diesel engine displaces 52 liters and generates 215 horsepower Torqueratings vary depending on model The engine is fitted to Isuzu NPR-HD NPR-XD NQR and NRR models as well as the all-new2018 Isuzu FTR Class 6 truck
The company made the above announcement at the National Truck Equipment Associationamprsquos 2017 Work Truck Show inIndianapolis held on March 13httpautoeconomictimesindiatimescomnewsauto-componentsisuzu-diesel-engines-for-trucks-now-become-more-durable57626832
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MoS visits Rolls-Royces new logistics centre in England The Economic Times
New Delhi Nick Gibb Minister for School Standards and MP for Bognor Regis and Littlehampton has visited Rolls-Royce MotorCars Technology and Logistics Centre on Monday informed the British luxury car maker in a media release
During the visit Gibb toured the facility met the expert team onsite and was briefed on the companyamprsquos future plans to expandthe Centre He also took the opportunity to learn more about the Rolls-Royce Motor Cars apprenticeship graduate and internprogrammes
Nick Gibb said ampldquoThe original announcement that Rolls-Royce Motor Cars would be locating its Technology and LogisticsCentre in Bognor Regis was a great boost for our town and warmly welcomed I am delighted to see the huge new state of the artfacilities fully operational and providing high quality jobs for local people The support of such a prestigious company is good newsfor Bognor Regis and for the wider local economyamprdquo
He continued ampldquoIt is very welcome that Rolls-Royce operates an apprenticeship scheme ensuring the company has the skillsit needs for the future and providing opportunities and training for a cohort of young people every year This year Rolls-Royce istaking on record numbers of apprenticesamprdquo
The new Rolls-Royce Technology and Logistics Centre at Bognor Regis opened on schedule in January 2016 The purpose-built30000m2 facility is located close to the companyamprsquos head office and manufacturing plant at Goodwoodhttpautoeconomictimesindiatimescomnewsindustrymos-visits-rolls-royce-new-logistics-centre-in-england57626981
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All new Mazda CX-5 to be produced at Hofu Plant The Economic Times
Hiroshima Japan Japanese automaker Mazda Motor Corporation starting from November is going to produce the all-new MazdaCX-5 crossover SUV at its Hofu Plant in addition to the Hiroshima Plant where it is currently produced
The company informed that the move will help the automaker respond quickly and flexibly to growing demand for SUVs globally
Mazda aims to create a production system that can respond flexibly to changes in demand for crossover vehicles as it works tomeet its global sales goal of 165 million units
Launched domestically in February the all-new CX-5 has till date recorded sales of 16639 units about seven times the monthlytarget claims the company
As with the CX-3 starting production of the CX-5 at Hofu Plant as well is part of our plan to build a production framework that givesus more flexibility between plants and between models said Masatoshi Maruyama Managing Executive Officer in charge of GlobalProduction We will do everything we can to get customers the crossover vehicles they want as quickly as possiblehttpautoeconomictimesindiatimescomnewspassenger-vehicleuvall-new-mazda-cx-5-to-be-produced-at-hofu-plant57627447
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Rheinmetall receives over $25 mn order from American carmaker The Economic Times
New Delhi German automotive parts supplier Rheinmetall has booked its first order for a special application of coolant valves by amajor American carmaker and destined for the NAFTA market
The company in a statement said that the order has a lifetime value of over US$25 million (around Rs 165 crore) Series productionof the valves is scheduled to start in 2019 with the contract set to run for about five years
Talking about the product the company went on to say that the innovative valves play a lead role in intelligent thermal and energymanagement on modern vehicle engines These often have several cooling circuits which are controllable with the aid of switchingseat valves
As from model year 2020 this particular customer will be installing several versions of such valves on gasoline and diesel enginesfor pick-ups with over 6 liters displacement
They will take over functions in the cooling circuit of the transmission ensuring that it reaches operating temperature faster byswitching off the coolant flow when the engine is started This also helps to reduce emissions added the companyhttpautoeconomictimesindiatimescomnewsauto-componentsrheinmetall-receives-over-25-mn-order-from-american-carmaker57628058
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Nissans Infiniti names former BMW executive as new design chief ReutersSee this story in The Economic Times
Beijing Infiniti Nissan Motors premium brand named Karim Habib former global design chief for BMW as the brands new chiefdesigner effective July 1
Habib will replace Alfonso Albaisa who will be promoted to lead Nissans global design according to a press release seen byReuters Habib will report to Albaisa
Habib who has worked for several premium automotive brands including BMW and Daimler will be based in Nissans technicalcentre in Atsugi Japan and lead Infinitis design teams in Japan Beijing San Diego and Londonhttpautoeconomictimesindiatimescomnewsindustrynissans-infiniti-names-former-bmw-executive-as-new-design-chief57630437
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Elon Musks bold offer of Tesla batteries wont solve Australias power problems ReutersSee this story in The Economic Times
Launceston Australia Australia is becoming an interesting microcosm on how to or how not to transition an economy from beingpredominantly powered by coal to more climate-friendly alternatives
The dramatic intervention by Tesla Inc Chief Executive Elon Musk last week is just the latest twist in an ongoing saga that pits
business government farmers government and environmentalists against each other
Musk in an exchange of tweets with software billionaire Mike Cannon-Brookes chief executive of Atlassian Corp offered to fix theelectricity supply problems of South Australia state within 100 days of signing a contract
Musks plan is to install 100 megawatts (MW) of grid-connected battery storage which would be available to meet peak demandand would be charged with surplus electricity from other generating sources in periods of low demand
Its a bold offer and would most likely provide a quick fix to Australias fourth-largest state which suffered a blackout last Novemberand has been dealing with power shortages over the peak summer period
Businesses like BHP Billiton which operates the giant Olympic Dam copper mine in the state have been pushing for thegovernment and other stakeholders to ensure stable electricity supply saying the cost of blackouts runs into millions of dollars inlost output
Musk whose Tesla Corp is ramping up output of its battery storage packs at its Gigafactory in Nevada held talks with AustralianPrime Minister Malcolm Turnbull at the weekend as well as with South Australian Premier Jay Weatherill
The politicians will no doubt be tempted to Musks offer to install batteries especially since the electric car pioneer said if he didntmeet his 100 day deadline he wouldnt charge anything
But while Musks offer if taken up would provide a quick fix it would not do enough to mend the underlying problems at the heart ofAustralias electricity woes
Its worth looking at how Australia got itself to the point where virtually all players can agree that the nation is facing somethingapproaching an energy crisis
After all the country is not short of fossil fuels such as coal and natural gas and its climate and low population density outside themajor cities are ideal for renewables such as solar and wind power
The country is heavily reliant on an ageing fleet of coal-fired power stations which makes Australia one of the highest polluters percapita
These coal power stations are starting to close down with one shutting in South Australia last year and another planned to close inVictoria state at the end of this month
The problem is that the coal-fired power stations role as providers of base load electricity cannot be taken over by wind and solarand the role is falling to natural gas
But natural gas is also the most expensive method of generating electricity in Australia so utilities are reluctant to run their gas-firedplants until prices are high enough to justify the cost
South Australia has a gas-fired plant that was mothballed until last years power supply crisis but even with the higher prices forelectricity the operator is struggling to make the plant profitable
The state moved on Tuesday to try and address its energy security issues announcing it would build a 250 MW gas-fired plant andhelp the private sector build a 100 MW battery at a total cost of A$510 million ($385 million)
Gas Supply ConstraintsNatural gas supply is becoming a problem in Australia which may seem ironic given the country is on the verge of becoming theworlds largest exporter of liquefied natural gas (LNG) as the last of eight new plants come closer to completion
In fact the new LNG plants are copping some of the blame for the tightening natural gas market especially the three in easternQueensland state based on using coal-seam gas as the feedstock
These are being blamed for sucking domestic natural gas out of the market and into the export LNG industry
What hasnt helped is that some of Australias state and territory governments are also pursuing policies that will restrict futurenatural gas supplies
Victoria state has banned hydraulic fracturing or fracking as well as shale and coal-seam gas exploration while the NorthernTerritory New South Wales and Tasmania have various moratoriums on fracking
This leaves Western Australia Queensland and South Australia as the remaining states where onshore natural gas supplies can bedeveloped and they are now in the cross-hairs of the environmental lobby which is opposed to any and all new natural gas wells
Politicians across the traditional Labor-Liberal divide are increasingly giving in to demands to restrict natural gas exploration whilepretending that this wont have a negative impact on energy security and electricity prices
But the costs are starting to become apparent with spot electricity prices surging over the Australian summer and natural gassuppliers warning that they will be unable to meet the needs of industrial customers without action being taken
Its often the case politicians only take action when the point of crisis is reached and this appears to be the case in Australia
Whats needed is a holistic approach to energy supply as Australia transitions away from coal-fired power
This means ensuring enough natural gas is available to provide base load generation while scaling up renewables such as solar
wind pumped hydro and battery storage
Forging enough common ground with the various stakeholders will be the main obstacle but more than anything else Australia isshowing how difficult it is to end the age of coalhttpautoeconomictimesindiatimescomnewsindustryelon-musks-bold-offer-of-tesla-batteries-wont-solve-australias-power-problems57630514
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Innogy in talks with car consortium over charging stations CEO ReutersSee this story in The Economic Times
Essen Germany Innogy is in intense talks with a group of carmakers Chief Executive Peter Terium told journalists on Mondayhoping to be selected as a supplier of super-fast charging stations for electric vehicles across Europe
Its not a done deal yet Terium said pointing to strong competition from rival vendors
BMW Volkswagen Ford and Daimler plan to build about 400 next-generation charging stations in Europe that can reload anelectric car in minutes instead of hours
Sources told Reuters in January that Innogy was in talks with the consortiumhttpautoeconomictimesindiatimescomnewsindustryinnogy-in-talks-with-car-consortium-over-charging-stations-ceo57624184
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China may roll back electric vehicle quotas as industry pushes back ReutersSee this story in The Economic Times
Beijing China is considering easing proposed quotas aimed at producing more electric vehicles as Beijing gets pushback from theautomotive industry over the scale and pace of the plans
If adopted proposed changes under discussion could see a target of new energy vehicles (NEV) making up 8 percent of sales nextyear pushed to 2019 two auto executives said
The changes would lower targets from a draft policy released in September requiring 8 percent of automakers sales to be batteryelectric or plug-in hybrid vehicles by 2018 rising to 10 percent in 2019 and 12 percent in 2020
Any loosening of NEV targets would mark a pull back by Beijing which has faced opposition to the planned targets as it looks todrive its domestic carmakers to overtake global rivals in the green vehicle sector
Automakers and industry bodies have said the targets are too tough and could hurt manufacturers interests New energy vehicleslast year accounted for just 18 percent of sales in the worlds biggest autos market according to Reuters calculations based onofficial data
Its normal to make revisions as its a draft plan An Jin chairman of Anhui Jianghuai Automobile Group (JAC Motor) said on thesidelines of the National Peoples Congress in Beijing
He said he was aware of talks to revise the quota targets but said nothing was set in stone JAC hasnt been told what revisionsmight be made to the draft but I think it is possible the draft will be changed after the discussions he said
Whether the whole market can hit this quota by 2018 depends a lot on the strength of government policy If its strong then weshould be able to surpass the targets An said (But) if you consider Chinas infrastructure and the transformation of Chinas autosector then perhaps the pace will have to slow
Two Percent CutTwo executives familiar with the plans told Reuters the government was considering options for lowering the requirements
One idea was to reduce the quota requirement by 2 percent each year cutting the 2018 requirement to 6 percent said aChina-based government relations official at a major global automaker It would then be 8 percent in 2019 and 10 percent in 2020
Another option would be to push back each target by a year with the 8 percent quota starting from 2019 an executive at aJapanese car maker said
Both asked not to be named due to the sensitivity of the matter and because the draft was still under consideration
The overall policy includes quotas for plug-in cars targets for average fuel economy requirements and a credit trading system topromote green energy cars while penalizing petrol cars
The two people said the quota stand-off was tied to a disagreement between the Ministry of Industry and Information Technology(MIIT) and Chinas top state planner the National Development and Reform Commission (NDRC)
MIIT which regulates manufacturers supports a more flexible credit trading system favoured by automakers The NDRC is more
aggressive in promoting a transition to electric vehicles pushing the introduction of the stricter quotas
An NDRC spokesman said the body played a small role when the draft was open to public for discussion MIIT did not immediatelyrespond to Reuters requests for comment
China has strongly supported and subsidized electric vehicles but is gradually swapping out incentives for hard targets automakersmust meet The central government cut subsidies 20 percent this year a first reduction towards eliminating them by 2020httpautoeconomictimesindiatimescomnewspolicychina-may-roll-back-electric-vehicle-quotas-as-industry-pushes-back57623608
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Russias standards agency says Volkswagen recalls 43151 Skoda cars ReutersSee this story in The Economic Times
Moscow Russias standards agency said on Monday that Volkswagens Russian operation had informed it about the voluntaryrecall of 43151 Skoda cars due to a possible technical fault
The recall affects Skoda Octavia Superb Fabia Yeti and Rapid cars sold in Russia between 2012 and 2016 the watchdog saidhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsrussias-standards-agency-says-volkswagen-recalls-43151-skoda-cars57624140
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Economy
Rupee hits 1-12 yr high surges 78 paise on BJP sweep PTISee this story in The Economic Times
Mumbai The rupee surged by a massive 78 paise to end at a nearly one-and-a-half year high of 6582 against the US dollar onfrantic unwinding of the American currency following BJPs emphatic victory in Uttar Pradesh
Forex market sentiment soared on hopes that BJPs stellar show in state polls would pave the way for the Modi government to focuson key reform measures
The home currency resumed on a strong footing at 6620 from last Fridays closing value of 6660 at the Interbank ForeignExchange (forex) market on heavy dollar unwinding from speculative traders and exporters tracking weekend developments
Maintaining its bullish momentum against the dollar the rupee hit a fresh intra-day high of 6576 in late afternoon deals beforeending at 6582 showing a solid gain of 78 paise or 117 per cent
This is the highest closing of the rupee since November 6 2015 when it had ended at 6576
Meanwhile the RBI fixed the reference rate for the dollar at 661800 and for the euro at 704354
Financial markets too took comfort from BJPs landslide victory with the broader Nifty climbing 15245 points to a new closing peakof 9087 and the Sensex rallying 49640 points to end at 2944263
The much-anticipated turnaround on the economic front has opened up a barrage of foreign capital fund flows into India
Foreign investors pumped in over Rs 10000 crore in the Indian capital markets this month so far
It also got an added fillip from bullish macro data which showed that the countrys industrial production bounced back in Januaryexpanding by 27 per cent year-on-year
Factory output measured in terms of Index of Industrial Production (IIP) had contracted by 01 per cent in December
However inflation based on wholesale prices shot up to a 39-month high of 655 per cent in February against 525 per cent inJanuary according to official data
On the global front the dollar traded firmly higher against its major counterparts ahead of the two-day Fed meet when it could liftrates for the third time since the financial crisishttpautoeconomictimesindiatimescomnewsindustryrupee-hits-1-12-yr-high-surges-78-paise-on-bjp-sweep57635104
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Nifty hits all time high of 912275 Sensex surges 616 points after big BJP win The Economic Times
Mumbai The Nifty jumped to life highs on Tuesday after the BJPamprsquos thumping win in the crucial state of Uttar Pradeshrekindled hopes of a bigger-than-expected push for reforms by the Narendra Modi government
The Nifty up 11 so far this year crossed its previous life high of 9119 to hit 912275 before ending the day 171 or 15245points higher at 9087 This is the indexamprsquos biggest single-day gain in points since February 1 and caps a strong reboundsince the December 26 low of 7893 on demonetisation worries
The Sensex surged by 616 points or 212 intra-day before ending the day at 2944263 up 49640 points This is its biggest gainsince May 25 last year The index is the best performer among all developed and emerging market indices in local currency terms inthe past three months
The rupee surged 79 paise to a 16-month high of 6582 to the dollar as exporters sold more dollars and foreign investors boughtlocal shares BSE data showed that foreign investors bought local shares worth Rs 4089 crore their biggest single-day purchasesince February 17 when they purchased Rs 8059 crore
FPIs have bought shares worthRs 23132 crore since January this year against net sales of Rs 9800 crore in the same period lastyear The BSE Midcap and Smallcap indices gained 144 each
ampldquoOne must be ready for a correction after a rally but I am optimistic about the medium to longterm prospectsamprdquo saidMotilal Oswal chairman Motilal Oswal Financial Services Ltd ampldquoFundamentally valuations are comfortable at this point intime because of good corporate earnings growth In the short term markets may remain volatileamprdquo
BJP romped to victory in UP on Saturday winning 312 out of the 403 seats Its allies won 13 more taking the NDA tally to 325 Thisis the biggest win recorded by any party in the state since 1977 and has raised prospects of the BJP doing well in other electionsthis year and next Many political pundits also believe that the victory has improved Prime Minister Narendra Modiamprsquos chancesof retaining power in the 2019 general election
Barring the metals index all other sectoral indices on the NSE ended with gains on Tuesday About 55 stocks including TitanJubilant Life Sciences Kotak Mahindra Bank IndusInd Bank YES Bank and Indiabulls Housing Finance among others hit life highswhile 92 stocks were locked in upper circuit with no sellers
ampldquoWith the sharp rally the market which is currently susceptible to global risk is trading at above average multiples and westay cautious near termamprdquo said Sanjay Mookim India Equity Strategist BofA Merrill Lynch ampldquoIndiaamprsquos businesscycle should improve over the next several quarters while improving construction should drive capex which is good forequitiesamprdquo
Some market experts are divided over the near-term outlook as indices have begun to look expensive at current valuations Plusthere is no immediate trigger for upgrade
ampldquoValuations of the Indian market are quite high and would require the support of strong earnings growth Any disappointmenton earnings will make valuations look even more expensive which the market may not likeamprdquo said Sanjeev Prasad senior EDand co-head of Kotak Institutional Equities
ampldquoGlobal and domestic interest rate cycles are no longer supportive with likely increase in developed markets bondyieldsamprdquo
ampldquoWhile markets are expecting a rate hike this meeting what will be of more interest is the commentaryamprdquo said DipenShah senior V-P PCG research Kotak Securities ampldquoIf it is hawkish it may have an impact on fund flows to emerging marketsbut India may be relatively less impacted because of the continuing domestic flowsamprdquo
ampldquoNotwithstanding the election results we believe the risk-reward is not favourable currently and advise investors to sell intothis rally We expect Nifty EPS to rise 15-16 in FY18 and see no trigger for an earnings upgrade at this junctureamprdquo ReligareInstitutional Research said in a notehttpeconomictimesindiatimescommarketsstocksnewsnifty-hits-all-time-high-of-9122-75-sensex-surges-616-points-after-big-bjp-winarticleshow57639036cms
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WPI inflation up 655 for February 2017 The Economic Times
New Delhi The annual rate of inflation based on monthly Wholesale Price Index (WPI) stood at 655 percent (provisional) for themonth of February 2017 (over February 2016) as compared to 525 percent (provisional) for the previous month and -085 percentduring the corresponding month of the previous year
The official Wholesale Price Index for amplsquoAll Commoditiesamprsquo for the month of February 2017 rose by 05 percent to 1855(provisional) from 1846 (provisional) for the previous month
The index for primary articles rose by 09 percent to 2581 (provisional) from 2557 (provisional) for the previous month
The inflation rate for Fuel and power group rose by 13 percent to 2038 (provisional) from 2012 (provisional) for the previousmonth due to higher price of coking coal (15 percent) aviation turbine fuel (3 percent) bitumen (2 percent) and kerosene highspeed diesel LPG and lignite (1 percent each) However the price of furnace oil (1 percent) declined
The index for the major group of manufactured products remained unchanged at its previous monthamprsquos level of 1588
(provisional) In this group the index for amplsquoRubber amp Plastic Productsamprsquo group rose by 02 percent to 1489 (provisional)from 1486 (provisional) for the previous month due to higher price of rubber products (1 percent)
The index for amplsquoTransport Equipment amp Partsamprsquo group rose by 05 percent to 1405 (provisional) from 1398 (provisional)for the previous month due to higher price of auto rickshaw tempo matador (4 percent) and auto parts (1 percent)
For the month of December 2016 the final Wholesale Price Index for amplsquoAll Commoditiesamprsquo stood at 1833 as comparedto 1828 (provisional) and annual rate of inflation based on final index stood at 368 percent as compared to 339 percent(provisional) respectively as reported on January 1 2017httpautoeconomictimesindiatimescomnewsindustrywpi-inflation-up-6-55-for-february-201757627665
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February CPI at 365 vs 317 in January highest since October 2016 PTISee this story in The Economic Times
New Delhi Retail inflation rose to 4-month high of 365 per cent in February mainly due to surge in price of food items like fruitssugar and confectionery
Measured in terms of Consumer Price Index (CPI) the inflation had dipped to a multi-year low of 317 per cent in January this yearon account of cash crunch following demonetisation It was 526 per cent in February last year
According to the CPI data released today by the Central Statistics Office (CSO) the consumer food prices index (CFPI) rose by201 per cent in February from 061 per cent in January The CFPI was 53 per cent in February 2016
Inflation in fruits was higher at 833 per cent fuel and light at 39 per cent in February The rate of price rise in meat and fish was 35per cent in February
Prices of sugar and confectionery items rose by 1883 per cent in February while inflation in milk and milk product increased by 422per cent
The rate of inflation in household goods and services was 409 per cent while this rate was in health segment was 4 per cent Thetransport and communication became expensive by 539 per cent
The personal care and effects segment rose by 515 per cent while the education became more expensive by 537 per cent inFebruary this year
The inflation rate was 438 per cent in clothing and footware segment while it was 49 per cent in housing segment
However the prices of vegetables and pulses declined by 829 per cent and 902 per cent respectively
Rural retail inflation was at 367 per cent in February compared with 336 per cent in the preceding month The CPI was also up inthe urban sector at 355 per cent in February from 29 per cent in January this yearhttpautoeconomictimesindiatimescomnewsindustryfebruary-cpi-at-3-65-vs-3-17-in-january-highest-since-october-201657633211
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Closing
Last Financial Closing
Sensex 2944263 (+49640)NSE 9087 (+15245)US$ spot Rs6582US$ Y1148000US$ 6 months RsYen Rs57Euro spot Rs70
Gold (10gm) Rs28333Silver (1kg) Rs4008300
Crude Oil (WTI) Crude Oil (Brent) $5172 (+037)
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Apollo Tyres 1 18610Asahi Ind 1 21655Amara Raja B 1 83230Ashok Leyland 1 9080Bajaj Auto 10 286670Bharat Forge 2 103550Denso 1 Eicher Motor 10 2396325Escorts 10 51945Exide Ind 1 21645Force Motors 10 427760Gabriel India 1 11460Hero Motocor 2 335745Hind Motors 5 950Hi-Tech Gear 10 29885Jay Bh Maruti 5 38190
Jamna Auto 5 20550JK Tyres amp Inds 10 1241 Kinetic Motors 10 Kinetic Engg 10 KOEL 2 37685Kirloskar Br 2 24135LML Ltd 10 1250LampT 2 155810Lumax Ind 10 131690Lumax Tech 10 43230MampM 5 132600Maruti Suzuki 5 613240Motherson SS 1 36290Minda Inds 2 44350MRF 10 5298390Omax Auto 10 7555Rico Auto 1 5720Sona Koyo St 1 8170
SRF 10 157155Tata Motors 2 46975 TVS Motors 1 43690
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Bhushan Steel 2 5430Hindalco 1 19040Hind Zinc 2 29140JSW Ispat S 10 Jind Steel 1 12490JSW Steel 1 18190Jindal Saw 2 7995National Aluminium 5 7310SAIL 10 6005Tata Steel 10 47255Visa Steel 10 2185
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Ambuja Cement 2 23370Binani Industries 10 7200Birla Corp 10 70360India Cement 10 16070Prism Cement 10 9375JK Cement 10 88470Shree Cement 10 1639835
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PLEASE NOTE
NURC Industry Updates contain editedtruncated text of Industry-specific news as it appears in various select dailies and websites These are NOT full stories unless otherwisespecifically mentioned The stories contained herein are informational only and no representation is made or warranty given as to their content reliability truthfulness orusefulness User assumes all risk of use It be clearly understood that NURC updates do not claim to and neither mean to replace the Print or the Internet editions of variousnewspapers whose articles are featured therein For the best and complete news reading NURC urges its readers to read the full text of the stories from the Newspaperswhose credits are given after the headline and visit the related website whose URL is given below the text matter of each news item
NURC News Update - AUTOMOBILES
News on Indian Auto Industry Copyright 1999 NURC MediaNext Pvt Ltd
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Powered by Enablingbiz Esoluttions
Tata Motors last month was on the front foot with Managing Director and CEO Guenter Butschek emphasising on the need to havea leaner team with a focus on profitable growth while announcing its strategy to test out new platforms and high-end cars under asub-brand TAMO
The company also signed an MoU with Volkswagen Group and Skoda for exploring joint development projects as the companystrives hard to regain market-share
The VRS scheme will cut down several regional roles and integrate several roles into a central unit ampldquoAs part of therestructuring we have also identified roles which are best located in a central common service structure providing service acrossthe company through optimised and efficient processes
ampldquoTo facilitate this a number of roles distributed currently across the company are being relocated in the Global DevelopmentCentre (Pune) We expect significant benefits in cost service quality and process efficienciesamprdquo the company said
Tata Motors however did not provide more details such as the specific functions that will be eligible for VRS and the kind ofpackage theyamprsquoll receive under the scheme It remains to be seen how this move goes down with worker unions across thecompanyamprsquos many plantshttpwwwthehindubusinesslinecomtodays-papertp-money-bankingtata-motors-to-prune-several-regional-roles-to-cut-costsarticle9583939ece
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Global auto companies heads drive into India Ketan ThakkarThe Economic Times (Web amp Print Edition)
Mumbai As soon as campaigning ended in Uttar Pradesh Prime Minister Narendra Modi had two Japanese visitors whoamprsquodbeen waiting to see him ampmdashToyota Motor president Akio Toyoda and Suzuki Motor chairman Osamu Suzuki
Even their own India offices had little clue the two were in town but theyamprsquod wanted to brief the Prime Minister on theintricacies of the partnership the companies had signed in Japan and the implications of that for India which is emerging as theworldamprsquos third-biggest auto market
The visit underscores the countryamprsquos importance in their scheme of things Just the day before the worldamprsquos largestautomotive group Volkswagen had decided to explore a partnership with Indiaamprsquos largest automobile company by revenueTata Motors after failing to crack the market during the decade itamprsquos been present in India The likes of Kia PSA SAIC andothers are also queuing up Maruti Suzuki accounts for half the Indian market while Toyotaamprsquos Innova and Fortuner head theirrespective segments
India is critical for the Japanese parent with 50 of global sales coming from the country said Maruti Suzuki chairman RCBhargava So whatever technology it gets from Toyota will surely be deployed in India he said
On the increased interest by other car makers in India Bhargava said ampldquoNobody wants to miss the opportunity and the sizeThey donamprsquot see the kind of potential growth in any other market like in India Itamprsquos just not the growth rate but the baseis also very highamprdquo Global auto bosses have been visiting regularly to get a sense of the market
Skoda Autoamprsquos global CEO Bernhard Maier made a trip soon after taking over General Motors CEO Mary Barra visited twicein less than a year to restructure local operations and devise a long-term strategy Ford Motor executive chairman Bill Ford visitedlate last year to inaugurate the New Product Development Centre that will create the foundation for India products
Hyundai Motor chairman Chung Mong-Koo is also expected to visit soon to announce the launch of the Kia brand in India CarlosGhosn global CEO of the Renault-Nissan Alliance and a frequent visitor told EThe has always been bullish on the Indian market
ampldquoWe know that India is going to be one of the top markets in the worldamprdquo he said ampldquoThe market is going to becrossing 3 million units this year so little by little this is taking its place as one of the top markets So you are going to end uphaving all car makers there including Mitsubishi (run by Ghosn)amprdquo
The Indian automotive industry broke into the top three in 2016 according to rating agency CARE
With the passenger vehicle market set to cross the 3 million mark by the end of 2017 India is seen as a future growth centre by allmanufacturers
For Volkswagen-Skoda India could be a beachhead for its emerging market strategy Chrysler Jeep has its sole right-hand-drivemanufacturing hub here The Maruti-Toyota combine is exploring an affordable hybrid vehicle for which India may become anexport hub Component makers like ZF Continental and Faurecia see India playing a bigger role in the development of newtechnology for autonomous cars and vehicles that conform to the emission norms of the future
According to IHS Markit Automotive India is expected to be among the fastest-growing markets in the coming five years besideswhich local regulations are getting harmonised with global standardshttpeconomictimesindiatimescomglobal-auto-companies-heads-drive-into-indiaarticleshow57639612cms
Top
Interviews amp Features
Not just a car Hindustan Motors Tushar BurmanThe Hindu (Web amp Print Edition)
As we finally say goodbye to the well-lovedAmby we look back at its storied production run and the characters that make up thetale
In February 2017 Hindustan Motors (HM) sold the Ambassador brand to Peugeot the French car manufacturer poised to re-enterthe Indian market with the HM principals They paid Rs 80 crore for the name that moved the armed forces government andinnumerable families across India for almost 60 years
Nostalgia tripThe car most remember as the Ambassador is based on the British-built Morris Oxford Series III and has been produced with minorchanges since 1957 Manufactured by the CK Birla group company Hindustan Motors it was liked for its spacious interiors solidbuild and status ampndash considering it was the passenger vehicle of choice for government functionaries It remained so until the80s when Maruti Suzuki came into the country and changed motoring forever with cheap reliable Japanese cars
Reliability was not a strong point for the Ambassador in the early days and owners always had to carry aggregates such as hosepipes fan belts and such The car also supported a cottage industry of specialist mechanics who strengthened the chassis withadditional welding to make them suitable for India Being one of very few locally-produced cars in the country however made theAmbassador fairly easy to work on You could find a mechanic to fix one in almost any part of our vast country Engines were simpleand made barely-adequate power
Starting off with a 15-litre side-valve petrol engine later models switched to a more robust 18-litre Isuzu petrol engine which hadsignificantly more power at 75hp The Ambassador holds the distinction of being the first diesel passenger car sold in India using a15-litre 37bhp diesel motor Later models also employed 20-litre diesel and turbo-diesel motors of similarly modest output
Vintage collectionDhananjay Badamikar of Pune has a few Ambassadors among his growing collection of vintage cars ampndash a amprsquo62 Mk I aamprsquo65 Mk II a amprsquo70 Mk II a 2012 Classic 1500 diesel The latest acquisition had done only 3000km and was used as atest vehicle at ARAI His Porter pickup truck model has a 1500cc diesel motor as well
All his vehicles are in running condition Maintaining them is a task and a hobby in itself Heamprsquos constantly on the lookout forspares grabbing any that become available and keeping them in his inventory He often shares parts with friends and members ofvintage car clubs
As faithful as Badamikar is to keeping his Ambassadors mint there are others that stick to the cars of their childhood while givingtheir own unique twists to their upkeep Anant Pithawalla runs N1 Racing Equipment in Mumbai and has kept his familyamprsquos1979 Ambassador Mk IV sprinting quite literally Heamprsquos swapped the old 15-litre engine for the more modern 18 installedpower steering disc brakes all round (still a rarity today in Indian cars) put in a high-flow KampN air filter performance spark plugscams and a carb rejet Still the voluminous Ambassador carries considerable heft so 18 seconds is his quickest quarter-mile withhis beefy Amby
As of 2017 the Ambassador has been through seven or so generations After the Landmaster there were Mk I through IV modelsthe Nova we often saw through the 90s followed by the Grand Classic and Encore ampmdash the final version compliant with BS4norms ampmdash as the vehicle became increasingly irrelevant Nevertheless whether due to nostalgia canny business sense orlove for its unique qualities enthusiasts over the years have kept their Ambassadors soldiering onhttpwwwthehinducomtodays-papertp-featurestp-metroplusnot-just-a-cararticle17464529ece
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Cars SUVs MUVs
Toyota to launch Vios in 2018 will compete with Honda City and Maruti Suzuki Ciaz The Financial Express (Web Edition)
Toyota will launch its sedan Vios next year in India and will showcase the car at the 2018 Auto Expo According to a report byNDTV the Vios launch will be followed in a couple of months from the showcase at the Auto Expo The company has alreadylaunched the Vios in Thailand and might bring the same model in India The Vios will be offered in petrol and diesel options will bepositioned between Toyota Corolla Altis amp Etios The car will be an important one for the company as itll give Toyota a presence inthe hugely popular sedan segment consisting of cars such as the Honda City Maruti Suzuki Ciaz Hyundai Verna and VolkswagenVento
The Thailand spec version of Vios is powered by a 15-litre petrol engine and it is expected that the company might bring the sedanin two engine options- a 15-litre petrol and 14-litre diesel engine The 15-litre petrol engine develops 107 hp of power and 141Nmof torque The engine will be mated to a 5 -speed manual gearbox and CVT transmission
On the exterior the Vios will get new projector headlamps with LED daytime running lights T-shaped grille new fog lamps and willride on 16 and 17-inch alloy wheels Dimensionally the sedan measures 4410mm in length 1700mm in width 1475mm in height
and 2550mm wheelbase Inside the cabin the Vios gets a touch screen infotainment system audio system with steering mountedcontrols leather upholstery automatic air conditioning and keyless entry It however remains to be seen as to what features doesToyota introduce in India
In terms of safety the Vios could get dual airbags ABS (anti-lock braking system) with EBD (electronic brake-force distribution) asstandard across all variants in wake of the upcoming safety legislations In addition it might get brake assist ISOFIX rear child seatanchors traction control and VSC (vehicle stability control)
Toyota Motor launched the Vios in Thailand around at a price of 609000 baht ( Rs 115 lakh) and it is expected that the Indianversion might be launched under Rs10 lakh in India If priced competitively and packaged smartly the Vios might give Toyota astrong foothold in a segment that is driven more by value-for-money in form of new features and technologies and not just acheaper price-tag something that Toyota got it wrong with the Etioshttpwwwfinancialexpresscomautocar-newstoyota-to-launch-vios-in-2018-will-compete-with-honda-city-and-maruti-suzuki-ciaz587255
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Maruti case Unions to meet in city today Chetna ChoudhryThe Times of India (Web amp Print Edition)
Gurgaon Over 500 representatives from 150 workers unions including six from Maruti Suzuki India Limited (MSIL) and Gurgaonchapters of the AITUC CITU and HMS will gather at 11am on Wednesday in Tau Devi Lal Park in Manesar to devise their futurecourse of action in the 2012 Maruti Suzuki labour unrest case The unions will decide how to re-appeal the verdict and extend helpto the families of the 31 convicted workers Sources revealed that since 18 of these who have been convicted of rioting havealready been in jail for four years there will be efforts to get them released
With over 30000 workers across Gurgaon and neighbouring Rewari choosing not to celebrate Holi workers colonies in ManesarDharuhera and Dundahera wore a deserted look on Monday This was the was workers chose to express their solidarity with theircomrades and their unhappiness at the decision by the sessions court which last Friday convicted 31 workers
Sources revealed the unions intend to work on multiple angles in the matter Firstly they plan to appeal for acquittal of the 18workers who have been convicted of rioting Lawyers representing the workers will request the court to consider that these accusedhave already been jailed for four years Secondly for the 13 workers convicted for murder if the quantum of punishment is veryhigh they will challenge it in the high court They are also considering challenging the lower court order which has convicted 13workers for Section 302 (murder) They believe the workers were not involved in the killing of the general manager (humanresources) Awanish Kumar Dev Besides this life insurances policies will be provided to the families of the 13 convicts andemployment avenues will be explored for their families Also around 6000 regular workers from MSIL have planned to contributemoney to provide financial help to the families of the convicted workers
Well discuss all aspects in detail and chalk out a plan Our priority is to get the ones who have been convicted of rioting out of jailand challenge the verdict if for the murder convicts the quantum of punishment is high Also we have to support the livelihood oftheir families and their childrens education said Kuldeep Janghu of Maruti Udyog Workers Unionhttptimesofindiaindiatimescomcitygurgaonmaruti-case-unions-to-meet-in-city-todayarticleshow57639394cms
Top
Preparing PV portfolio to meet new norms Tata Motors
PTISee this story in The Hindu (Web Edition)
Geneva Tata Motors is undertaking a ampldquoclean upamprdquo of its passenger vehicles product portfolio as part of transition tomeet new regulations and achieve profitable growth that could bring an end to the Nano
The company is focusing on hatchback Tiago and upcoming compact sedan Tigor to act as bridge during its ongoing transition fromthe past to the future to drive volumes and improve bottomline of its passenger vehicles (PV) unit till it launches new products undernew platforms by 2018
ampldquoThe old world is any way going to be changed not because of Tata Motors but because of changes in regulatoryenvironment It may be emission requirements in 2020 or even earlier changes as far as safety requirements (2017) areconcernedamprdquo Tata Motors Managing Director and CEO Guenter Butschek told PTI at the Geneva Motor Show
He was responding to a query on how Tata Motors saw the future of its entry level small car Nano the dream project of Tata Groupchairman emeritus Ratan Tata
From October this year India will adopt stringent norms for frontal and side crash tests that would require vehicles to be equippedwith safety airbags In 2020 the country will implement the BSampmdashVI emission norms
ampldquoSome products will actually get naturally to the end of their lifecycle So there is already a clean up going on in this regardWe have launched intensive activities in order to get the cost down on all the products that are currently in operationsamprdquoButschek added
When asked when will the company call time on the Nano he declined a specific answer but said ampldquoAt one point of time each
and every car gets naturally to the end of its lifecycle
ampldquoWe have already well laid out PV strategy We will make the calls on the execution of the bits and pieces of the strategy atthe right time Each and every decision has its timeamprdquo
The companyamprsquos focus during the transition is to have models Tiago and Tigor to drive volumes and profitable growth so that itis in a better position financially to invest on its future products
ampldquoThe key focus in on Tiago and Tigor because these are our volume productsamprdquo he said adding cost savingengineering changes and improvement of productivity on these models could successfully boost bottomline during the transition
ampldquoThere is a period inampmdashbetween which we have to overcome where even if turn individual products into a positive oneit is certainly not good enough in the first instance to acually get me my overall funding requirements into the futureamprdquoButschek said
Stressing on the need to bring new products on time within stipulated investments Butschek said ampldquoWe need to deliver ournew products on time on cost because the market doesnamprsquot wait for us The customer is not going to be for usamprdquo
The company is changing the way it has been working on that front he said
ampldquoWe are not going to continue with the legacy where all products effectively could launch later than initially plannedamprdquoButschek said
Elaborating on the future products strategy he said ampldquoWe have presented AMP platform with 6ampmdash8 topheads and theother platform to come the Q5 with at least two different topheads and possibly even more in the near future to leverage on theseplatforms and create economies of scaleamprdquo
He said the plan is to get ampldquodesirable products on one side and on the other get also products that will get us to the costposition products which are going to be profitableampldquohttpwwwthehinducombusinessIndustrypreparing-pv-portfolio-to-meet-new-norms-tata-motorsarticle17461284ecePreparing PV portfolio to meet new norms Tata MotorsThe Pioneer (Web amp Print Edition)httpwwwdailypioneercombusinesspreparing-pv-portfolio-to-meet-new-norms-tata-motorshtml
Top
Mahindra pitches its only car as a successor to the Ambassador Amrit Raj amp Jyotika Soodmint (Web amp Print Edition)
New Delhi Mahindra and Mahindra Ltd plans to redesign the only car in its stable Verito to cater to the needs of Indiaamprsquosfast-growing taxi segment as it looks to fill the void created by Hindustan Motorsamprsquo Ambassador a top executive at the firmsaid in an interview
The CK Birla Group-owned Hindustan Motors sold the brand Ambassador to French company PSA Group in February TheAmbassador has a cult following among some retro-minded enthusiasts in the country It was the vehicle of choice (or rather giventhe limited choice default) of thousands of owners since 1957 due to its sheer ruggedness and ability to manoeuvre Indiaamprsquospotholed roads It was hugely successful in Indiaamprsquos small car market and in particular with the government This was ofcourse before Maruti Udyog Ltdamprsquos Maruti 800 killed its appeal Today Marutiamprsquos SX4 has replaced the Ambassador ingovernment circles The Ambassador was also the preferred vehicle for taxis
Mahindra wants to occupy this space vacated by the Ambassador
ampldquoTherefore if we say that let us focus that vehicle (Mahindra Verito) on the taxi segment alone whether it is electric vehiclegasoline or diesel can we redesign that vehicle to become the next Ambassador in the taxi segment Thatamprsquos what we areworking on right nowamprdquo Pawan Goenka managing director of Mahindra and Mahindra said in an interview
ampldquoWe will be looking at all the aggregators Today aggregators buy Verito but not in large quantity because it is moreexpensive than some of the other products in that category If we can take care of that part of it then it is a very desirable taxivehicleamprdquo he added
To be sure Verito has never been a runaway success Born as Logan under a joint venture with Renault SA it became Verito whenMahindra got full control of it after the partnership ended Since then the company has made several attempts to resurrect thebrand but for various reasons customers have stayed away from the product Goenka now sees it as a perfect fit for the taxisegment
ampldquoWhat do you need in a taxi You need a spacious vehicle which is comfortable runs from point A to point B economicallyIf you forget for a minute about the looks which is where we lose out and if you look at the functionality of the vehicle it is verydifficult to find a vehicle in that size that will give you better functionality in terms of space comfort (than the Verito)amprdquo he said
Mahindraamprsquos new plan for the Verito is driven in part by the growing sales of cars as taxis amidst the advent of cabaggregators Ola and Uber Driven by demand for these app-based cab operators as much as 17 of total passenger vehicles soldin the country by 2020 are expected to be sold in the taxi segment estimates rating agency Icra
But Mahindra may not be looking at cab operators only Being the only maker of electric vehicles in Indiaampmdashit has two pureelectric cars such as Verito Electric and E2Oampmdashthe company is also looking to push sales through government channels TheIndian government itself wants to promote sale of electric and hybrid cars and is in the process of drafting a policy on the subjectMint reported on 7 February
A top officer in the ministry of road transport and highways told Mint that the Mumbai-based company is in talks with road transportminister Nitin Gadkari to initiate a pilot project of electric car taxis in Nagpur
ampldquoUnder the first phase around 200 electric cars would be plied on the roads as taxis to see the resultsamprdquo the officersaid requesting anonymity The details of the project still need to be worked out It remains to be decided if the government will buythese electric cars as taxis and run them under a public transport system or hire a company to ply them as private taxishttpwwwlivemintcomCompaniesCrdVqpFcTgRyyjIlGLpYdPMahindra-pitches-its-only-car-as-a-successor-to-the-Ambassadhtml
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Mahindra readies US debut with off-roader Ssangyong products The Times of India (Web amp Print Edition)
Chennai The nearly $18 billion Group Mahindra is finalising its ambitious automotive foray into the US market starting from 2019when an offroad product entirely developed by the companys Detroit RampD centre will be launched in that market Korean groupcompany Ssangyong too is planning to debut its products in the US in the next 18 months According to company sources MampM isreadying for full-fledged US push given that its earlier legal cases have now all been sorted out
Mahindras US foray is being spear-headed by Mahindra North American Technical Centre (MNATC) the companys RampD centre inDetroit which is currently working on two separate products one for the Indian market and another entirely for the US marketMNATC is developing an off-roader product for the US market which is expected to be launched sometime in 2019 said a seniorcompany source It has also developed another product which will come to the Indian market by the middle of financial year2017-18 he added
Industry sources say the Mahindra-badged vehicle intended for the American market may well be called Thar and has been entirelydeveloped by MNATC The Detroit tech centre assumes importance given that Group Mahindra is one of 6 companies shortlisted bythe United States Postal Service (USPS) for the Next Generation Delivery Vehicle (NGDV) prototype a nearly $5 billion order forthe company that finally bags it
Apart from its own foray into the US Mahindra group company Ssangyong too is preparing for an American outing Ssangyong islooking to enter the US in the short-to-medium term and it is currently developing products and strategy accordingly said the seniorcompany source Industry sources say this could happen as soon as 2018
Mahindras previous attempt to debut in the US with a rugged fuel-efficient pick-up in the late 2000 ran into legal problems withsome of its dealers suing it in 2010 With those cases cleared up the company is now revisiting its US strategy but this time theproduct is designed and developed in America for the American markethttptimesofindiaindiatimescombusinessindia-businessmahindra-readies-us-debut-with-off-roader-ssangyong-productsarticleshow57621866cms
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E20 Plus Indias first electric family car Sandesh M S and Umesh M AvvannavarDeccan Herald
Homegrown auto major Mahindra amp Mahindra (MampM) a pioneer in integrated and electric mobility solutions in India is leaving nostone unturned to make the environment greener and cleaner
The company launched e2O Plus recently which is primarily meant for city commuting The e20 Plus hatchback priced in the rangeof Rs 546 lakh to Rs 846 lakh (ex-showroom Delhi) and is also looking at expanding its electric vehicle portfolio further With thelaunch of the e20 Plus marked the companyamprsquos foray into the mass market electric city car segment
The e20 Plus is an amalgamation of advancements in automotive technology electronics and information technologyMampMamprsquos electric vehicle portfolio includes small car and light commercial models such as e20 eVerito and eSupro amongothers Since launching small car e20 in March 2013 it has so far sold over 3000 units of the car in the country
The company has marked the entry level of the e20 Plus P2 variant of the vehicle for fleet owners The other variants P4 P6 andP8 are priced at Rs 546 lakh Rs 595 lakh and Rs 846 lakh respectively
The vehicle comes with a range of 140 km on a single charge and achieves a top speed of 85 kmph The company which hasalready invested around Rs 800 crore on its electric vehicles business including development of technology
It comes with various features such as easy home charging hill assist reverse camera charging ports and smartphoneconnectivity among others Compared with other normal cars on the road what makes the Mahindra e2o Plus special is itsmechanism The electrically-operated machine will distance you from long lines in pumps One will definitely feel the importance ofthe car during the hike in fuel rate and strikes in the city All you need to have is an AEH plug-point in your parking area to chargethe battery One full charge will last for nearly two days with the planned schedule The driver has to limit the usage of otherfeatures like AC music system indicator and unnecessary honking as this will drain the battery
Accommodating over four passengers will also be an issue as the engine needs more power to pull the weight which is directlydependent on battery
The digital analogue in the car is a required feature in e-cars where we get to know how far a car can take you Thebatteryamprsquos life estimated kilometre to travel will caution you to charge the battery so that you will not be kept in the lurch onthe road
Besides battery the car being gearless is another plus-point that makes your city drive easy The easy switching of the modes fromneutral to forward reverse and power drive is as simple as playing with a toy car As the battery is the whole and soul of the car themakers have completely avoided using any heavy substance in building the body If a complete fibre-made body is a boon forbattery (as it wonamprsquot stress it) itamprsquos a complete drawback for passengers A small accident or even if it comes in touchwith other vehicles will cause huge damage for the vehicle where the owner has to cough up more to fix it The seat-belt is theminimum and the only safety aspect in the car
Four-door offeringThe modified four doors is not just an add on feature but it has also increased the leg room in the rear seat It can easilyaccommodate three people in the back seat and two in front and makes for a complete family car Though the charging plug willoccupy little space in the hatchback rest of the place is for utility The fast drain of the battery with the heavy weight is the onlydrawback in the vehicle
When compared to normal fuel cars the battery-operated cars will charge you less and is effective in cost-cutting But an individualwill definitely be concerned with the cost of the vehicle as the fuel rates in the country are fluctuating For the future MampM is lookingfor a bigger play in the electric vehicle segment with plans to launch electric versions of its existing conventional engine models
Efficient powerThe Mahindra e20 Plus is powered by a 48V and 72V lithium-ion battery pack latter for the top-end variant which produces amaximum power of 26 hp and 40 hp and churns out a peak torque of 70 Nm and 91 Nm respectively The car accelerates from 0to 60 kmph in 141 seconds in the P4 and P6 versions while the 72V battery-powered version takes 95 seconds and has a topspeed of 128 kmph It takes around six to nine hours to fully charge the vehicle and has a fast-charging time of 75 minutes and 90minutes in the P4 and P8 trims While the smaller 48V electric motor has a range of 110 km the 72V unit is good for 140 km
The Mahindra e20 Plus is equipped with a steel frame structure and has a wheelbase of 2258 mm and ground clearance of 170mm
The exterior of the new electric vehicle gets a new grille revised rear end and Mahindraamprsquos signature vertical design Thetop-end variant also gets alloy wheels and a Blaupunkt infotainment system that also has a reverse parking camera
Other highlights of the Mahindra e20 Plus include REVive technology which helps the car to gain an extra 5-10 km of range whenthe battery is low and hill assist which will prevent the car from a rollback on an incline
VerdictWith a simple mechanism and easy to drive the Mahindra e2o plus is tailor-made for city drive
Battery capacity 210 AhBattery weight 121 kgPower 30 kW 3500 rpmTechnology Lithium IonOn-board power 16 kWhrTorque 91Nm 2000 rpmPRICE Rs 950586 lakh (ex-showroom Bengaluru)httpwwwdeccanheraldcomcontent601375e20-plus-indias-first-electrichtml
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Ford retains Ethical honour Nandini Sen GuptaThe Times of India (Web Edition)
Chennai Ford Motor Company has been named one of the Worlds Most Ethical Companies for the eighth straight year byEthisphere Institute This is the longest winning streak by any auto company
The list of the Worlds Most Ethical Companies acknowledges and honours companies that recognise that they have a role insociety to influence or drive a positive change These companies consider their employees investors customers and other keystakeholders when taking action while their values and culture align with the decisions they make every day
Companies weve honoured as Worlds Most Ethical take a novel response to the shift in societal expectations constantredefinition of laws and regulations and the geo-political climate said Timothy Erblich Ethispheres chief executive officer
Weve seen how Ford responds to these challenges while still investing in communities where they reside and embracing ethicalstrategies across the globe as a sustainable business advantage
Ford won the top spot on the basis of programmes aimed at monitoring human rights and safe working conditions sourcingconflict-free minerals to programmes such as the Partnership for a Cleaner Environment which is aimed at encouragingsustainability through Fords supply chain
Efforts to foster long-term relationships with suppliers through active engagement which includes sharing best practices as well asproviding training and evaluations to ensure suppliers meet both legal requirements and Ford standards was also counted as a plusStrong ethics and corporate citizenship are the foundation of our business philosophy which demonstrates to our customers whatwe stand for as a company said Bill Ford Ford Motor Company Executive Chairman This honour is a reflection of Fords corevalues and it shows that our employees are continuing to make the right decisions every day for all of our stakeholdershttptimesofindiaindiatimescomautomiscellaneousford-retains-ethical-honourarticleshow57632785cms
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Ford Endeavour Big beast conquers all topographies Sandesh M S and Umesh M AvvannavarDeccan Herald (Web Edition)
It came down easily from the deep steep it didnamprsquot get stuck in the pool of mud and slush though all the four tyres of thevehicle were like they lay buried inside it was easily making its own way down the path where there was not even a speck of tar inthe surroundings
The easy movement across various obstacles and the first look of the Ford Endeavour will drive any passionate off-roady crazyThe huge 32-litre fully-loaded engine taken for off-road testing on the outskirts of Bengaluru where the real power of the vehiclewas demonstrated by a group of off-roading experts
The vehicle was on top of a rock and there was not even a proper path for its movement but big ditches and meandering ups anddowns It was experienced on a track simulating challenging off-road conditions including hill climbs and descents slush and waterwading among others
Though it was looking like a rally track the car would have toppled at any point if the driver accelerated it amateurly Thisoff-roading track (natural terrain) was surely tailor-made to test the capacity and the power of a proven SUVacirceuroˆbeast
The daring off-roading drive included sharp turns steep hill climbs and hill descent wading through slush uneven surfaces anddriving at a 30-degree tilt among others The powerful four-wheel-drive and terrain management system with NormalSnowMudGrass Sand and Rock modes were ensuring the driver to have complete control of the car even over harsh ground Theterrain management system (the first-of-its-kind in this particular segment of cars) has included the modes for all the possibleobstacles in the off-roading track and makes the owner feel amplsquoready to conqueramprsquo
Terrain Management SystemAs said earlier it is a first-of-its-kind feature in the Ford Endeavour The four different modes are designed in such a way of havingan off-road expert beside you The modes are classified as
NormalFor all regular driving in normal road conditions In this mode the machine passes the torque to the front wheels (when necessary)depending on the movement of throttle and steering-movement This also minimises wheel slip
Snow MudHelps the vehicleamprsquos movement over slippery or loose surfaces Allows the wheel to spin in ups and downs and make thedrive feel smooth
SandFor driving on the rutted condition tracks Helps the driver maintain the same power through sand with aggressive torque transfer
RockThis mode provides maximum traction for low-range four-wheel-drive and prefer low-speed control which will enable one to easilynavigate through extreme off-road terrains
Hill Descent ControlThis mode helps one set and maintain the constant speed which tackles the steep descents with ease This also helps in taking thefeet off from the pedals and concentrate on the steering movement
With all the special modes the car was tested using a specific modes for different obstacles
Halted on the slushEven when the vehicle was completely halted in the slush the water-wading capacity of 800 mm along with 225 mm of groundclearance helped it easily come out of the ditch even in the sharp turns Compared with any other road vehicle the Ford Endeavourcan be halted in between the slush instead of rushing the obstacle
Hill climbing with rock modeThis obstacle was cleared by switching into the Rock mode and turning on the 4X4 drive The only work of the driver is to handle thesteering wheel and keeping the feet on acceleration pedal This mode can make the car climb any steep rock without any difficulty
For the wrong stepTo reduce anxiety on the track or to correct the wrong move the Semi-Auto Parallel Park Assist helps the driver locate the rightplace to halt and proceed while off-roading
70-degree steep downIt was a deadly obstacle on the off-roading track where it should only be done by experts The vehicle was made to come down
from the hill which had a climb of 70 degrees and safely landed on the flat surface The breathtaking obstacle was fought by turninginto the Hill Descent Control mode with extra caution Though one may be a passionate off-roading driver perfection in this obstacleneeds extra practice
Other obstaclesAfter clearing the deadly obstacles rest of the other tests over the track were easily done by the big machine The vehicles easilycrossed the multiple speed breaker and multiple pits and also climbed other steep rocks effortlessly
As a passengerAfter the tough 2 km drive covering all the possible obstacles that one might face during an off-road drive we also tested thevehicle by sitting inside as fellow passengers With the off-roading driving expert on the wheel climbing and getting down the toughterrains crossing other obstacles will make passengers feel the drive is straight out of an amusement park Just make sure thatevery individual inside the car has his seat belt onhttpwwwdeccanheraldcomcontent601374ford-endeavour-big-beast-conquershtml
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Renault introduces Kwid Climber at Rs 43 lakh Deccan Herald (Web Edition)
Bengaluru French auto major Renault has unveiled a variant of its popular hatchback Kwid in the country with the price starting atRs 43 lakh (ex-showroom Delhi)
Christened as Kwid Climber the variant will be available in both manual and automated manual transmission (AMT) modes
The manual variant is priced at Rs 43 lakh while the AMT trim of the vehicle comes for Rs 46 lakh (ex-showroom Delhi) The10-litre SCe engine which powers the Kwid Climber is optimally designed for better performance
The company first showcased the Kwid Climber as a concept vehicle at the auto expo last year The company aims to achieve amarket share of 5 in the near termhttpwwwdeccanheraldcomcontent601369renault-introduces-kwid-climber-rshtml
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Smart Hybrid Vehicles surpass one lakh units Deccan Herald (Web Edition)
Bengaluru Maruti Suzuki India has announced that its Smart Hybrid vehicles Ciaz SHVS and Ertiga SHVS have crossed cumulativesales of 100000 units recently This marks the success of Maruti Suzukiamprsquos efforts in hybrid and electric mobility in India
Introduction of technologies like Smart Hybrid can only create a significant positive impact if they are made available to a largersection of customers With this as a premise MSI introduced Indiaamprsquos first Smart Hybrid Vehicle Ciaz SHVS on September 12015 It subsequently introduced the technology in Ertiga Diesel in October 2015
Smart Hybrid Vehicle by Suzuki (SHVS) is a technology which uses an Integrated Starter Generator (ISG) and an advanced highcapacity battery to supplement the engineamprsquos power SHVS technology makes it more efficient than the conventional set-upand saves energy while deceleratingbraking
Ciaz and Ertiga Smart Hybrid participate in the government of Indiaamprsquos FAME India scheme which aims to promote FasterAdoption and Manufacturing of Hybrid and Electric vehicles in India
Celebrating the success of SHVS sales R S Kalsi Executive Director Marketing amp Sales Maruti Suzuki said ampldquoAs we movetowards hybrid and electric cars we see this as a first important step in this space Both Ciaz SHVS and Ertiga SHVS are high onfuel efficiency come with reduced running costs and lower levels of CO2 emission thus making these popular among customersThe response we have received for SHVS equipped Ciaz and Ertiga encourages us to continue to invest in new technologies thatsupport the environment while benefitting the customeramprdquo
Ciaz SHVS with a certified fuel efficiency of 2809kml tops the mileage chart in India Ertiga SHVS with 2452 kml has set newbench marks in fuel efficiency in its category Both vehicles are market leaders in their respective segments and illustrate thegrowing preference of Indian customers for greener and cleaner technologies like Smart Hybrids SHVS equipped vehicles accountfor over 60 of volume of the two models
Idle Start StopThe engine stops automatically when the driver shifts the gear to neutral and releases clutch while the engine is idling Restartsengine as soon as the clutch is pressed and the stored energy is used for this process
Engine AssistThe stored power in the advanced high capacity battery assists the engine during vehicle acceleration which improves efficiencyand thus prevents wastage of fuel
Brake energy Regeneration During decelerationbraking ISG charges the advanced high capacity battery and provides energy to assist the
engineamprsquos idle-stop-start function and helps the engine during accelerationhttpwwwdeccanheraldcomcontent601368smart-hybrid-vehicles-surpass-onehtml
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Car Tech SmartPlay adds the Android touch Vishal Mathurmint (Web amp Print Edition)
Car entertainment systems have become smarter but car makers in India have been slow to adopt the new technology MarutiSuzuki became the first car maker on our shores to add the Apple CarPlay in-car platform to their SmartPlay infotainment systemavailable in the S-Cross crossover Baleno hatchback Ciaz sedan and Ertiga multi-purpose vehicle (MPV) Now SmartPlay hasbeen upgraded with support for Googleamprsquos Android Auto in addition to Apple CarPlay for the iPhone
At the very heart of the SmartPlay system is a proprietary software for radio Bluetooth connectivity and basic navigation
Android Auto and CarPlay recreate your phoneamprsquos interface on the display in the car What you need to do is plug in yourphone to the caramprsquos USB port At present Android Auto and Apple CarPlay do not work wirelessly
Android Auto gives you instant access to apps such as Google Play Music Google Allo Google Maps and the phone dialer Theinterface is easy to useampmdashthe apps are listed at the bottom of the screen just like the navigation bar at the bottom of yourAndroid phoneamprsquos screen Within each app the menu for relevant options is available on the top left side Android Auto alsointegrates messages and notifications from third-party apps including Facebook Messenger and you can reply or set selectnotifications on mute while you drive
Unlike Apple CarPlay where you donamprsquot need to pair your phoneamprsquos Bluetooth separately Android Auto requiresBluetooth pairing if you want to use the voice-calling feature The 7-inch display has good brightness levels and is adequatelysharp It is a fingerprint magnet though and a bit reflective something youamprsquoll notice during daytime driving The system canalso be accessed with the controls on the steering wheelampmdashthese include media playback voice command and call keys
The new SmartPlay system is rolling out first in the Ignis hatchback priced upwards of Rs459 lakh (ex-showroom Delhi) Thismakes it the first car in its category to have the Apple CarPlay and Android Auto combination available as a default option
There is no doubt then that Apple and Googleamprsquos smart car platforms are a genuine evolution over the infotainment set-upsmost car makers have offered as a default all this whilehttpwwwlivemintcomLeisureTSsAAxb7YqoYittRY2Bw7ICar-Tech-SmartPlay-adds-the-Android-touchhtml
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Luxury Cars
The best of both worlds Roland Folger MD amp CEO of Mercedes-Benz India Hormazd SorabjeeThe Hindu (Web amp Print Edition)
Roland Folger Managing Director amp CEO of Mercedes-Benz India on why the long-wheelbase E-Class is an ideal fit for India
What is the rationale behind introducing the long-wheelbase variant of the E-Class and is it a gamble because of the high price
Well there is always a certain element of risk with a long wheelbase However in the next five to 10 years the road conditions arenot going to be any better and the traffic is not going to be any lighter Our customers including successful businessmen andentrepreneurs spend a lot of time in their cars Once we saw the opportunity within our line-up and solutions we had to some ofthose issues for the Chinese market we were very eager to apply the same in India There is nothing better out there than to havecomfort in your day-to-day driving routine on the populous roads of India
Was there cost pressure arising out of India being the only right-hand-drive market for the new E-Class
Of course there were cost pressures and it was not an easy sell to Germany either looking at the incremental cost of such avehicle and trying to stay within a price level that people would accept
I think that was the biggest challenge we were facing at that time But we remained committed to the idea since we knew it wouldgive us a unique positioning on cost and in price levels in a segment that we really own in India
That also gave us the confidence that the volumes we would achieve in India were definitely going to be worth it
Is there a possibility of exports to other right-hand-drive markets such as Singapore South Africa and Sri Lanka
In markets other than India the situation is different either they sell a lot more S-Classes or are happy with the existing normalwheelbase W213 E-Class We still looked at the opportunity and found that the volume was too small or not profitable for us at all
What was the research that prompted the launch of the long-wheelbase E-Class
We now have a total of 34000 E-Classes running in India We did some research with existing customers that involved talking tothem directly observing cars coming into service and talking to drivers to understand who was driving the car more frequentlyInterestingly we found that most of our customers were chauffeur-driven when they go to work but on the weekend they wish todrive themselves So our aim was to offer a vehicle which offered the best of both worlds
Will the new long-wheelbase E-Class pull in S-Class customers
I donamprsquot see a risk of the new LWB E-Class pulling S-Class customers since the S-Class is not bought because of itslegroom but because of its overall package and positioning We hope to attract a lot of other people from the SUV segmentbecause of the space and comfort the E-Class offers So maybe we can change some of the rules of the game as well
What is the strategy behind bringing the 30-litre V6 diesel to the E-Class
We adopt a skimming policy sometimes where we believe that the first customers because of their long relationship with us aredefinitely going for the 350d
The top-end variants are the first cars to be snatched up eagerly and we need to take care of these customers first
Do you have plans to bring the straight-six diesel engine to India
Yes we might get a straight-six diesel by 2018 Naturally it also depends on our sales figures and our sales success
But it will certainly come to India thatamprsquos a promise We have been making sure that the relevant parties in the Governmentunderstand that from 2018 onwards we will be ready to also introduce Euro-VI or BS-VI-compliant engines in India and arediligently working on thathttpwwwthehinducomtodays-papertp-featurestp-metroplusthe-best-of-both-worldsarticle17464905ece
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Mercedes-Benz E350D A luxury car with limousine looks Shapur Kotwalmint (Web amp Print Edition)
The E-class is the model with which Mercedes first came to India many years ago Now itamprsquos ready with an all-new model in astretched-out long-wheelbase avatar
In fact India is the first right-hand-drive market to get the E-class long-wheelbase
The first thing that strikes you about the new E is that itamprsquos a really long car and itamprsquos this length that gives it the majesticlimousine look The highest specification variant of the 350d gets air suspension In its lowest setting ground clearance is just120mm though you can raise this by 15mm using the ampldquoliftamprdquo function However the underside scrapes over a fewspeed-breakers Whatamprsquos nice though is that the smart 17-inch alloy wheels are wrapped in tyres with tall sidewalls whichhelp the car absorb bad roads better
The focus of the car is its rear seats and this is where the new E-class impresses There is more legroom than you will ever needand the seats are sure to set a new benchmark in the class in terms of comfort They are nicely bolstered and offer excellentsupport all round The back rest even reclines electrically and that combined with the pillow-soft headrest cushions makes the rearseats the perfect spot for a power nap And if you need more legroom you can push the front passenger seat forward with the touchof a button The double panoramic roof adds to the sense of space inside
However the middle seat is narrow and it is best to flip down the centre armrest for comfort There are other shortcomings tooThereamprsquos just one USB slot for the rear passengers who will not be able to control the Comand infotainment system and theair-con system takes quite a while to cool the massive cabin
The Comand system features a 123-inch display and is paired with a Burmester surround-sound audio system It can be controlledvia a jog-dial and a touch pad as well as small steering-mounted touch pads It doesnamprsquot have touch controls and the carbeing sold in India doesnamprsquot get the all-digital instrument cluster that the E-class sold internationally hasampmdashinstead ituses a rather ordinary-looking analogue instrument cluster
However the E-class comes loaded with Mercedesamprsquo Pre-Safe system (it tightens seat belts and braces passengers in caseof an imminent impact) and a 360-degree camera handy when manoeuvring a car this big through tight spaces Thereamprsquoseven a Park Pilot which steers the car into a parking spot for you
Those who like to drive will definitely appreciate the 258hp 30-litre V6 diesel engine Itamprsquos supremely refined you can hardlyhear it in the cabin In addition itamprsquos got nine-speed transmission
The E-class can be quite quick when you want it to be it can accelerate from 0-100 kmph in a claimed 66 seconds Pick up thepace however and the lateral body movement is quite noticeable more so over bad roads Itamprsquos best to use the Sport orSport+ modesampmdash the car feels more tied down and is better to drive In Sport+ though it feels too eager to accelerate andspeed up which can be slightly disconcerting in bumper-to-bumper traffic
In case you donamprsquot plan on driving yourself around the 20-litre petrol-powered variants starting at Rs5615 lakh will serveyou better The car will also get a new 20-litre diesel engine sometime later this year Chauffeur-driven buyers should be impressed
with the caramprsquos ride which almost makes you feel like youamprsquore travelling on a cushion of air especially in the Comfortmode
You must consider the new E-class if you are thinking of buying a luxury car with a brilliant back seat Itamprsquos spacioussupremely comfortable and as with all Mercedes cars has a cabin thatamprsquos fastidiously put together In the right drive mode itcan tackle bad roads well and the big diesel engine is even fun to drive Prices range from Rs5615-6947 lakh (ex-showroomDelhi) which means the top-specification variant is almost Rs7 lakh costlier than the predecessorhttpwwwlivemintcomLeisureZT1ffyCrNaC0DdkXB6GmxIMercedesBenz-E350D-A-luxury-car-with-limousine-lookshtml
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Audi Launches 2017 Q3 at Rs 3420 Lakh Asian Age (Web Edition)
German luxury automaker Audi has recently launched the 2017 Q3 in India It is the third launch from Audi this year and asproposed the automaker will introduce seven more new products in 2017 The updated Q3 comes with subtle aesthetic changesan uprated diesel engine along with standardisation of features The 2017 Audi Q3 is now available in two variants ampndash the 20TDI FWD priced at Rs 3420 lakh and the 20 TDI Quattro priced at Rs 3720 lakh (all prices ex-showroom New Delhi)
In terms of design the changes on the outside are limited to the front bumper The air inlets now get a black surround whichcomplements the black lower cladding The new Q3 is now offered with all-LED headlamps as standard Also offered as standardare 17-inch 5-spoke alloy wheels shod with 23555 R17 tyres
Inside changes are limited to the inlays - the Q3 20 TDI FWD gets walnut brown ones while the Q3 20 TDI quattro gets aluminiumones Equipment such as electric adjustment for the front seats a panoramic sunroof and 2-zone automatic air conditioning isoffered as standard
The MMI system has not been modified in the new Q3 The 65-inch infotainment display remains the same while the multimediasystem is BluetoothSD card compatibility with 20GB of inbuilt storage Infotainment
The 20-litre turbocharged 4-cylinder motor remains the only power source for the Q3 - but it has been tweaked for more powerand torque The transmission option is now limited to the 7-speed S tronic dual clutch The 6-speed manual available on thepre-facelift S edition variant has been discontinued Drivers can use paddle-shifters placed behind the steering wheel to changegears
The 20-litre TDI develops 150PS of maximum power and 340Nm of peak torque in the FWD variant This is 10PS20Nm more thanthe 20 TDI that powered the pre-facelift Q3 S edition Available only with the 7-speed S tronic dual-clutch transmission the 20 TDIFWD can accelerate from 0-100kmph in 93 seconds and has an ARAI-certified fuel efficiency of 1851kmpl
The 20-litre TDI develops 184PS of maximum power and 380Nm of peak torque Compared to the pre-facelift Q3 the motor in thenew develops 7PS more power Paired to the 7-speed S tronic dual-clutch transmission the 20 TDI quattro accelerates from0-100kmph in 79 seconds and has an ARAI-certified mileage of 1517kmpl
Driver convenience features on offer include a colour multi-information display for the driver in the instrument console hill-startassist hill descent control and cruise control Standard safety systems on offer include rear parking sensors reverse parkingcamera ESC and 6-airbagshttpwwwasianagecombusinessautos140317audi-launches-2017-q3-at-rs-3420-lakhhtml
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Commercial Vehicles
Tepid growth of 2-3 expected in CV industry in FY 17 Tata Motors Shobha MathurThe Economic Times (Web Edition)
New Delhi The commercial vehicle industry is expected to grow at a tepid pace of 2-3 percent during financial year 2016-17 due tothe effect of demonetisation and the slow recovery thereafter according to RT Vasan VP sales and marketing at Indias largest CVmaker Tata Motors
In November-December 2016 the commercial vehicle industry had dropped steeply by about 20 percent and has been on arecovery mode since January after the restrictions on cash availability were gradually eased
Improvements have been witnessed across product segments whether LCVs or construction a segment which was doing well rightthrough the year
The cargo market has also started picking up pace since the last couple of months In the bus category privatization has given afillip to its declining fortunes so that the school city and staff transport sector are all on the incline
The construction sector is expected to grow by 25 percent during this fiscal on the back of heightened activity in the infrastructure
sector In FYamprsquo17 ease of financing and improvement of consumption demand was expected to boost LCV sales In the cargoMampHCV segment a double digit growth had been forecast by industry body SIAM with improvement in overall economy led byincrease in industrial and agri output
Vasan told ETAuto that the industry was optimistic about the next fiscal with the advent of the BS-IV emission regime from 1 April2017 However prices of vehicles are expected to rise especially of MampHCV trucks There would be a slow start to the year by theCV industry due to pre-buying in FYamprsquo17 before the new emission regime kicked in that would slowdown sales in the firstquarter of FYamprsquo18
But with the impetus given to this segment by infrastructure development and road construction by the government the industrywould see a growth from Q2 after the impact of pre-buying starts declining
While the industry is ready with the BS-IV product range Vasan says that the new technologies harnessed for compliance wouldboost vehicle prices by 8-10 percent for MampHCVs Buses would also witness a price realignment of 8-10 percent while LCVs wouldsee a price rise of 6-10 percent
In terms of new technologies most of the CV range is already equipped with the anti-lock braking system except for the smallerones
In terms of upcoming regulations some more safety legislation is on its way related to the body code such as cabins that will haveto be necessarily be air conditioned in the future
The bus body code that was earlier announced has only been partially implemented so far and the body code is also believed to becoming up for the truck and trailer segments LCVs are small units and have been already approved by ARAI
The overall CV segment registered a growth of 349 percent in April-February 2017 compared to the same period last year Mediumamp Heavy Commercial Vehicles (MampHCVs) declined marginally by 079 percent and Light Commercial Vehicles grew by 682 percentduring this periodhttpautoeconomictimesindiatimescomnewscommercial-vehiclemhcvtepid-growth-expected-of-the-cv-industry-at-2-3-percent-in-fy1757633279
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Tata Motors to showcase all new 1000 bhp race truck PTISee this story in The Economic Times (Web Edition)
New Delhi Tata Motors will showcase an all new T1 Prima race truck powered by 1000 bhp engine during the fourth season ofthe T1 Prima Truck Racing Championship
The engine of the all-new 1000 bhp T1 race truck is being developed in collaboration with US-based Cummins enabling thecompany to set new benchmarks in the Indian commercial vehicles space Tata Motors said in a statement
Built with specifications similar to that of trucks that race globally the vehicle was developed in a record time of 12 months ademonstration of teamwork speed and capability Tata Motors Executive Director Commercial Vehicles Ravindra Pisharody said
Tata Motors and Cummins have a joint venture company called Tata Cummins established in 1994 developing engines in the rangeof 75 to 400 HPThe fourth edition of T1 Prima Truck Racing championship will be held on March 19 at the Buddh International Circuit (BIC) GreaterNoidahttpautoeconomictimesindiatimescomnewscommercial-vehiclemhcvtata-motors-to-showcase-all-new-1000-bhp-race-truck57635142Tata Motors to showcase 1000 bhp Prima TruckFinancial Chroniclehttpwwwmydigitalfccomcompaniestata-motors-showcase-1000-bhp-prima-truck-900Tata Motors to showcase all new 1000 bhp race truckDaily News amp Analysis (Web Edition)httpwwwdnaindiacommoneyreport-tata-motors-to-showcase-all-new-1000-bhp-race-truck-2352506
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Construction amp Agri Machinery
SBI floats one-time settlement scheme for tractor loans Abhijit LeleBusiness Standard
Mumbai State Bank of India (SBI) has floated a one-time settlement scheme for borrowers defaulting on loans taken to buytractors
The countryamprsquos largest bank has also voiced reservations against the move to waive farm loans saying this will affect therepayment culture in the country
SBI executives said the tractor loan book was part of the bankamprsquos farm loan portfolio and the bank announced settlementschemes regularly to shed doubtful debt where the prospects of recovery were low after making adequate provisions for such dudassets
The settlement scheme for tractor loans began early last month and will continue till March 31 The scheme was for loans disbursedbefore September 30 2011 and had up to Rs 25 lakh outstanding by September 2016 SBI Managing Director Rajnish Kumar saidSBI will take a haircut of 40 per cent on these loans
graphIn a portfolio of over Rs 4000 crore of tractor loans about Rs 800 crore will be eligible for the scheme Crop failure and inability todeploy tractors were some of the reasons for the loans turning bad SBI executives said
SBI had in May 2015 advertised a ampldquoloan resolution weekamprdquo asking borrowers with non-performing assets to ampldquotryand work out a solutionamprdquo The scheme was available to all borrowers except willful defaulters Kumar said the bank was yet tohear anything specific from the government on a farm loan waiver
SBI had in 2014 opposed the waiver of farm loans in Andhra Pradesh and Telangana
ampldquoUttar Pradesh and Punjab constitute 10 per cent of (farm) loans and we wait to understand the contours of the waiver Theimpact will be higher on public banks than on private banksamprdquo Kotak Institutional Equities said in a research notehttpwwwbusiness-standardcomarticleeconomy-policysbi-floats-one-time-settlement-scheme-for-tractor-loans-117031400886_1htmlSBI to offer one-time settlement for Rs 6000-crore tractor loansThe Financial Expresshttpwwwfinancialexpresscomindustrybanking-financesbi-to-offer-one-time-settlement-for-rs-6000-crore-tractor-loans588102SBI to offer Rs6K-cr one-time settlement for tractor loansThe Indian Expresshttpindianexpresscomarticlebusinessbanking-and-financesbi-to-offer-6k-cr-one-time-settlement-for-tractor-loans-4569462
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23 Wheelers
Yamaha aims to export 22 lakh units from India in 2017 Hiroaki Fujita Chairman Deepanshu TaumarThe Economic Times
New Delhi Indian arm of Japanese two-wheeler manufacturer Yamaha Motor is aiming to export over 22 million units from Indiathis year compared to 161 lakh units exported last year thereby recording an estimated growth of 3664 percent Hiroaki FujitaChairman India Yamaha Motor informed in a press statement
In the domestic market the two-wheeler major is also targeting to sell 1 million scooters and motorcycles in 2017
In an annual supplier conference held at Greater Noida Hiroaki Fujita Chairman India Yamaha Motor said ampldquoOur target forthis year is to achieve 1 million unit sales in domestic market and 22 lakh unit sales for exports market In addition we also need toreinforce the Indian parts export business in order to contribute to Yamaha business globally While doing so we must continue withour focus on the amplsquoQualityamprsquo of our parts and productsamprdquo
The two-wheeler major produced a total 94 lakh units in the country in 2016 Yamaha Motor India has two manufacturing plants inIndia at Greater Noida and Chennai having a capacity of 61 lakh units and 56 lakh units respectively
The company aims to produce 15 million units by 2018
Yamaha Motor India has sold over 786 lakh units of two-wheelers in 2016 and over 50 of its total sales have come from scooters
The two-wheeler manufacturer saw a steep decline in sales from the month of November 2016 to January 2017 It was only duringFebruary 2017 when Yamaha registered a growth of 20 percent in domestic sales as compared to the corresponding period lastyear The company recorded domestic sales of 68095 units (including Nepal) in February 2017 compared to 56960 units (includingNepal) in February 2016
Industry analyst believes that the impact of demonetisation is wearing off now Only motorcycles are in red zone because of a largerural consumer base However scooters which are largely sold in urban areas is on the positive side It further believed that by nextmonth the demonetisation impact will completely go away
India Yamaha Motor recently marked its entry into 250 cc sports bikes segment which has very less competition Going forward thecompany wants to focus on urban area than the rural market
The objective of conducting the Annual Suppliers Conference was to share the last yearamprsquos result for Sales and Productionand the current yearamprsquos Sales and Production Plan During the conference India Yamaha Motor shared the direction for 2017its purchase policy the Purchasing Policy of Yamaha Motor Company (Japan) and activities organised amp initiatives were taken forsales and marketing in the previous year
India Yamaha Motor shared its expectations with the suppliers for improvement in Quality Delivery and Development performances
besides cost competitiveness to compete in the export market to increase profitability for both Yamaha and the Suppliers IndiaYamaha Motor also emphasised that all the Suppliers can draw up their investment plans based on the increasing volumes infuture
Sixteen Suppliers were also awarded for their exceptional services in the areas of Quality Delivery Development and Costincluding the Appreciation Award for some of them for the extraordinary Improvement support provided to India Yamaha Motor in2016httpautoeconomictimesindiatimescomnewstwo-wheelersscooters-mopedsyamaha-aims-to-export-2-2-lakh-units-from-india-in-2017-chairman57632349
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BSIV Compliant TVS Jupiter launched at Rs 49666 (Ex-Delhi) The Economic Times
New Delhi Hosur based TVS Motor Company in a BSE filing announced the launch of its BSIV compliant TVS Jupiter at Rs 49666(Ex-Delhi) and it is now available with two new colours - Jade Green and Mystic Gold
The refreshed scooter is now BSIV compliant with Auto Headlamp On (AHO) and equipped with Sync Braking System (SBS) SBSensures rider safety as it automatically activates the front brakes when the rear brakes are used claims TVS The feature previouslyavailable on ZX range will now be available on the Base variant as well
Commenting on this Aniruddha Haldar Vice President Marketing- Scooters TVS Motor Company said ampldquoTVS Jupiter hasreceived such enthusiasm from the consumers in response to its credo of Zyada ka Fayda Living true to this credo not only is theentire Jupiter range now BSIV compliant it now offers the unique Sync Braking System (SBS) across the entire range (earlier onlyavailable on the ZX range) Further for our customers we are adding two colours Jade Green and Mystic Gold giving them 10colour options to choose from We are happy to offer all this with absolutely no change in the Exshowroom price truly ZYADA KAFAYDAamprdquo
Since its launch in 2013 TVS Motor Companyamprsquos flagship scooter brand Jupiter has been strengthening theCompanyamprsquos foothold in the scooter market and contributing to overall scooter segment uptake penetration and growth inIndia
Company has sold over 15 million Jupiter scooters since its launch in 2013 The scooter is powered by a all-aluminum low-friction110cc engine
There is no revision in the prices for the BS IV models of Jupiter priced at Rs 49666 (Ex-Showroom Delhi) the scooter is availableacross all TVS dealershipshttpautoeconomictimesindiatimescomnewstwo-wheelersscooters-mopedsbsiv-compliant-tvs-jupiter-launched-at-rs-49666-ex-delhi57630201TVS Motor rolls out BS IV variants of JupiterThe Hindu Business Linehttpwwwthehindubusinesslinecomtodays-papertp-newstvs-motor-rolls-out-bs-iv-variants-of-jupiterarticle9583972eceTVS unveils BS-IV compliant JupiterThe Hinduhttpwwwthehinducomtodays-papertp-businesstvs-unveils-bs-iv-compliant-jupiterarticle17464118eceTVS launches BS-IV compliant JupiterBusiness Standardhttpwwwbusiness-standardcomarticlecompaniestvs-launches-bs-iv-compliant-jupiter-117031400552_1html
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Dominar 400 takes the battle to the Royal Enfield turf Murali GopalanThe Hindu Business Line
Mumbai Bajaj Autoamprsquos recently launched Dominar 400 is attracting former Royal Enfield bike users who now account for 20per cent of its customer base
According to Eric Vas President (Motorcycle Business) Bajaj Auto the larger chunk of 80 per cent is still taken up by those whoused Yamaha Honda and Bajajamprsquos own Pulsar motorcycles
The Dominar made its debut in mid-December as a serious contender to Royal Enfield While monthly numbers thus far have beena little over 3000 units the good news is that the bike has taken pride of place in the 350cc plus segment vis-a-vis RoyalEnfieldamprsquos offerings However when it comes to the core 350cc space the latter continues to be the market leader withmonthly sales of nearly 55000 units powered by the Classic and Bullet
The three-month-old Dominar 400 kicked off its presence in 22 towns which has since increased to 32 in February and slated to goup to 110 towns by the end of this month
This tally will double to 200 in April and Bajaj Auto hopes to have at least 300 towns covered for the Dominar 400 during the courseof 2017-18
If everything goes according to plan the company hopes to be clocking its targeted 10000 motorcycles every month by the end of
Q3 next fiscal
Attractive features
Vas says market feedback shows that buyers love the Dominar 400 for its performance speed and top-class brakes Interestingly alarge number of them have opted for the more expensive ABS version which retails at a little over Rs 15 lakh
The LED lamps are another big draw and their attractive lighting explains why many customers opt to have their test rides at night
According to Vas Dominar 400 buyers are largely in the age group of 25 years who have already owned a bike There are no firsttime users yet but this is expected to begin happening once the network grows and more customers start going in for the relativelyless expensive disc brake version which has a price tag of nearly Rs 14 lakh
The Dominar 400 was launched to take on Royal Enfield in a segment that is priced between Rs 1-2 lakh and accounts for five percent of motorcycles sold in India
In terms of numbers this translates into 65000 units each month
The next fiscal could see this grow to nearly 85000 units or over one million units annually
Changing dynamics
It is in this product category that Royal Enfield has a market share of 80 per cent and it is in the balance 20 per cent space thatBajaj has thrown down the gauntlet with the Dominar 400
The other rival models include KTM Yamaha YZF-R15 and Honda CBR 150R but none of them has posed a serious threat to RoyalEnfield yet
It now remains to be seen if the Dominar 400 can draw customers from the top-selling Classic
It is clear that with 10000 units targeted during 2017-18 Royal Enfield will still be comfortably ahead in terms of numbers
How dynamics change after this period will be interesting to watch
From Bajaj Autoamprsquos point of view the strategy boils down to acknowledging the reality of living in a world of opposites whereevery mature segment is essentially a two-horse race
The Dominar will stick to the core principle of being opposite from the market leaderamprsquos offerings and has been positioned as amodern machine and not a heritage brandhttpwwwthehindubusinesslinecomtodays-papertp-newsdominar-400-takes-the-battle-to-the-royal-enfield-turfarticle9583973ece
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Bajaj cheers at Feb sales Ajay ModiBusiness Standard
New Delhi Pune-headquartered Bajaj Auto claims to have surpassed volumes sold by market leader Royal Enfield in the 350-500ccmotorcycle segment in February
It attributes this to the Dominar a 373 cc premium sports motorcycle it launched in December at an ex-showroom price of Rs 136lakh Enfield says Bajaj is celebrating too early
Bajaj has sold about 3000 units of Dominar a month this calendar year and is drawing a comparison with the February volume ofRoyal Enfield in the 350-500 cc segment when the latter did wholesale volumes of 2602 units Eric Vas president for themotorcycle business at Bajaj said ampldquoWe have already overtaken Royal Enfield in the segment They used to sell an averageof 5000 units a month until a few months agoamprdquo
He claims that two of every 10 Dominars was sold to customers who owned an Enfield ampldquoSome have sold it to buy Dominarand some have bought it as their second bikeamprdquo He added there had been a decline in the waiting period of some of Enfieldsmotorcycles The 350-500 cc segment for Enfield includes the Bullet 500 Classic 500 Thunderbird 500 and Himalayan
Bajaj hopes to gradually raise Dominar volumes to an output of 10000 units monthly in about six months ampldquoThe bike hasbeen accepted very well We should reach a monthly volume of 6000 units by next monthamprdquo said Vas He did not disclosecumulative bookings for the Dominar He said most customers bought it after test rides
Vas said the volumes were aggregated from the 22 cities where itwas available until February We have expanded reach to 32cities and it will be available in a 100 cities and towns by end-March In April the company plans to add another 100 cities andtowns The constraint is more on the capacity front than on the network sideamprdquo he said
Bajaj said the incremental volume from Dominar would start reflecting in the profit figures once volume crossed 5000-6000 units amonth
Enfield has almost the entire 250-350 cc motorcycle market in the country estimated at close to 50000 units a month This is where
it gets the lionamprsquos share of its sales In the 350-500 cc market it controls 80 per cent (data for the first 11 months of FY17)This is a much smaller segment with monthly volume of 5300 units
Siddhartha Lal managing director of Eicher (which owns Enfield) told Business Standard last month that it would continue toengage with the target segment and expand reach to grow volumes ampldquoWhen one succeeds in a segment others try to enterand take a bite Of course there will be competition but we are not worriedamprdquo hed said It is understood that Enfieldamprsquosproduction volume in February was impacted due to fewer days (February having only 28) and the transition to BS-IV emissionnormshttpwwwbusiness-standardcomarticlecompaniesbajaj-cheers-at-feb-sales-117031400822_1html
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India Yamaha Motor sets ambitious sales target Nandini Sen GuptaThe Times of India
Chennai India Yamaha Motor Private Limited (IYM) is targeting an ambitious production and sales pitch of more than three millionunits this year with one million in the domestic market alone It was revealed by the top management at a recently organised AnnualSuppliers Conference at Greater Noida (Delhi-NCR) which was attended by 500 members representing more than 200 suppliersfrom across India
The theme of this years conference was Challenge the Innovation for Global Competitiveness and Its all about the customer
Our target for this year is to achieve one million unit sales in domestic market and 22 lakh unit sales for exports market Inaddition we also need to reinforce the Indian parts export business in order to contribute to Yamaha business globally While doingso we must continue with our focus on the Quality of our parts and products said Hiroaki Fujita Chairman YMI-G Cos
The objective for conducting the Annual Suppliers Conference was to share the last years result for sales and production and thecurrent years sales and production plan During the conference IYM shared the direction for 2017 its purchase policy thepurchasing policy of Yamaha Motor Company (Japan) and activities organised amp initiatives taken for sales and marketing in theprevious year
Among the senior management members who were present on the occasion on behalf of IYM included Hiroaki Fujita chairmanYamaha Motor India Group Cos (YMI-G Cos) Takashi Terabayashi MD -IYM Yasuo Ishihara MD- Yamaha Motor Research ampDevelopment India (YMRI) T Yamaguchi Deputy MD amp Purchase Head- IYM along with the YMC Purchase team - Olivier Prevostdeputy chief general manager and Hiroshi Hagio general manager
IYM shared its expectations with the suppliers for improvement in quality delivery and development performances besides costcompetitiveness to compete in the export market to increase profitability for both Yamaha and the Suppliers IYM also emphasisedthat all the suppliers can draw up their investment plans based on the increasing volumes in future
Sixteen suppliers were also awarded for their exceptional services in the areas of quality delivery development and costhttptimesofindiaindiatimescomautobikesindia-yamaha-motor-sets-ambitious-sales-targetarticleshow57633067cms
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Thunderous sound remain forever Sandesh M SDeccan Herald (Web Edition)
Bike-lovers had expected a lot from Royal Enfield when the homegrown tough motorcycle manufacturer revealed the 500ccThunderbird in October 2012
When DH decided to check out the four-year-old model with respect to the present dayamprsquos bikes with updated technology theThunderbird 500 remains outstanding in its segment
The bike was tested for two weeks with everyday regular usage and an enthusiastic rider The bike is a good choice for the dailyneeds of an Indian family
Be it an office-goer or a student the bike gives an extra feel where you enjoy every bit of it You need an extra muscle and morepower to handle the bike when the engine is turned off Sometimes it will be a great challenge to tow the bike till a filling station ifthe engine goes dry
PerformanceUndoubtedly this is the most powerful variant of Royal Enfield today The bike feels far impressive than any other machine in thissegment It constantly urges you to take it on highways as it feels best when you pushed harder Overtaking is also very easy withthis bike and it can easily cross a speed of 120 kmphr It still remains a very responsive bike especially at slow speeds
The heavy amount of torque helps it move easily in city traffic The gear ratios are well-matched with this bike and you need lessgear shifts than before The only issue we have with the bike is its heavy weight In city traffic and with a pillion rider sometimes youwill feel the actual weight of this bike Otherwise there are no major concerns related to its performance
Fuel efficiency
Mileage is still a concern and the major drawback with Royal Enfield bikes As the brand new bikes claims to offer 30 kmpl the oldbikeamprsquos mileage drops day-by-day
After few years this will be the main reason for the rider to get rid of his bike In a typical Indian customer mindset a middle-classfamily will think twice before going for a Bullet
Depending on the usage the cushion will loose its power day-by-day The rider will surely feel the pain on the long rides and trafficjams Regular servicing from an authorised mechanic will keep the vehicle in good condition
VerdictThe Royal Enfield Thunderbird 500 is a special bike but the cost compared with its 350 cc sibling the biker has to cough up anextra Rs 40000 which makes anybody to think twice before investing in one The bike has the capability to sustain any roughhandling Though it becomes rough and old its sturdiness remains the samehttpwwwdeccanheraldcomcontent601371thunderous-sound-remain-foreverhtml
Top
E-Bikes
Components
Amtek Autoacirceurotrades Arvind Dham may offload personal assets to reduce debt Deborshi Chaki amp Swaraj Singh Dhanjalmint
Mumbai With troubled auto parts maker Amtek Auto Ltdamprsquos planned divestment of domestic and overseas businesses yet tomaterialize company chairman and founder Arvind Dham has begun exploring options to monetise assets owned by him
According to two people familiar with the matter who asked not to be identified Dham is in talks with potential buyers to sellIndraprasta Engine Parts Pvt Ltd ( IEPPL) an auto component manufacturing company which he owns in his personal capacityDocuments filed with the registrar of companies show that Arvind Dham along with other senior executives of Amtek Auto holdshares in Indraprasta Engine Parts Pvt Ltd
Dham did not respond to emails text messages and phone calls seeking comment
According to the latest available filings Indraprasta Engine Parts reported a revenue of Rs9525 crore and a loss of Rs115 crore inthe financial year ended 31 March 2015 The company was incorporated in 2010 and currently has a manufacturing plant in HosurTamil Nadu
ampldquoDham has been in discussions to sell the unit following which talks with Kalyani Forge Ltd (KFL) and Sterling Tools Ltd (STL) have reached an advanced stageamprdquo said one of the two people ampldquoDham is keen to show to the lenders that he iswilling put his own money even though the plans to sell Amtek Autoamprsquos assets to repay its debt have not beensuccessfulamprdquo
Amtek Autoamprsquos standalone loss widened to Rs24156 crore for the quarter ended December 2016 from Rs17536 crore in thesame quarter last fiscal Dham plans to plough the proceeds of the sale into the company the first person added
Spokespersons for Kalyani Forge and Sterling Tools did not respond to emails seeking comment
Ever since Amtek Auto defaulted on bond repayments of close to Rs800 crore in September 2015 it has been trying to sell variousgroup businesses to reduce the debt on its books The company has appointed Morgan Stanley as an adviser to assist in its debtreduction plan Amtek Auto owed Rs8066 crore to various lenders as on 30 September 2016 Mint learns that its consolidated debtat the group level is higher
In July last year Bloomberg reported that Amtek Auto has hired global investment bank Rothschild and Co to advise on thepotential sale of all overseas operations including those in the UK the US Mexico China and Germany The report said Amtek wasseeking bidders for its German unit Amtek Tekfor Holding GmbH and expected to raise over $1 billion from the process
A manufacturer of forging parts Amtek Auto counts most of Indiaamprsquos top auto component makers as clients Its overseasclients include global auto brands such as Aston Martin and Daimler
In February the company said in a regulatory filing that it is planning to raise Rs1175 crore by selling shares to promoters on apreferential basis for which it will seek shareholdersamprsquo approval The company has called an extraordinary general meeting on25 March to seek approval from its shareholders for the proposal it added
In February lenders of Amtek Auto are understood to have asked it to either repay loans or convert the outstanding into equityshares or warrantshttpwwwlivemintcomIndustry1tt2QpJ8TtSm53I1bN4VgKAmtek-Autos-Arvind-Dham-may-offload-personal-assets-to-reduhtml
Top
Allied Industries
Tyre stocks race ahead as China cuts India trade Palak ShahThe Economic Times
Mumbai What is aiding Indiaamprsquos tyre stocks Chinaamprsquos policy to shun India market for the US The share price ofdomestic tyre manufactures including MRF Apollo Tyre Ceat and J K Tyre rose between 1-7 on Tuesday
A research report by Philip Capital said China had curtailed its tyre exports to India to focus on US markets as Trump administrationhad decided against anti-dumping duty on tyres The research pointed out there was more upside for these stocks
ampldquoChina has raised their TBR (truck bus and radial) tyre prices for Indian market by 10-15 rendering themunattractiveamprdquo said Nitesh Sharma and Dhawal Doshi in the research report ampldquoOur checks indicate that Chinesefactories have nearly stopped catering to tyre demand from India as US markets were more lucrativeamprdquo
Ceat rose by 607 on Tuesday Apollo Tyres was up 396 MRF gained 186 and Goodyear India jumped by 129 amongmajor tyre companies
The report titled amplsquoTables Turn Chinese players out rubber fallingamprsquo further said Chinese imports will not bounce backsoon
Demonitisation too has dent a blow to the tyre imports from China which were largely in cash China accounted for roughly 120000 tyre units each month between April to October 2016 but it has fallen sharply now said experts
ampldquoTyre stocks will do well as rubber prices are on a downward spiralamprdquo said Mehraboon Irani Principal amp Head PrivateClient Group Nirmal Bang Securities ampldquoFall in auto sales and jump in rubber prices are not expected which may keep thetraction for tyre stocksamprdquo
Natural rubber prices had jumped to three year high in January due to floods in Thailand the largest exporter of rubber The priceswhich rose to Rs 210kg are now down by over 20 Meanwhile domestic tyre manufactures hiked tyre prices by 3-5 recentlyPhilip Capital has a buy on Ceat and Apollo Tyres with a target of Rs 1550 and Rs 239 respectivelyhttpeconomictimesindiatimescommarketsstocksnewstyre-stocks-race-ahead-as-china-cuts-india-tradearticleshow57633191cms
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How to avoid being overcharged for car service at dealerships The Financial Express
Authorised workshops or dealerships are the main preference for servicing of a customers new car There are dealerships that aregenuine and would not fleece your money while after sales treatment however there are others who would try and take everypenny from you This would also involve you to be thorough with the detailed billing as well as being cautious about understanding ifa requisite task is at all required in your car Here are some tips on how to avoid being overcharged while getting your car serviced
One key area where sales executives of a said dealership can suggest unnecessary expense is anything related to the engineTasks like engine de-carbonisation or engine flushing are suggested right from the first service however it is not required in avehicles early years A cars decarbonisation should ideally take place when the response from the engine is sluggish or there arefrequent misfires despite regular services This usually starts to happen after 60000 kms or more In case it is recommended by asales executive and he or she insists simply avoid by saying no Another popular unnecessary expense is fuel line cleaning whichis suggested at every service Remember that petrol is itself used as a cleaning agent in many applications so fuel line cleaningshould be carried out only in case of a problem
Another aspect where customers are cheated is due to the lack of knowledge about their respective vehicle There have been caseswhere a dealership has conned a customer by putting spark plugs in a diesel car or heater plugs in a petrol engine powered vehicleA diesel car does not have spark plugs (but a petrol car does) and similarly a petrol car doesnt have heater plugs (which arepresent in diesel cars) Additives are advised by many service advisors but these arent needed unless specified by the carmakerKnowing the basic mechanical and electrical parts of your car can go a long way in saving you your money
Other mechanical parts where a person can be overcharged is the clutch adjustment Most modern manual transmission cars soldin India have a hydraulic clutch which is self adjusting till the time the pressure plates and the clutch plates are completely worn outA worn out clutch system will require more pressure to depress the pedal thereby indicating the clutch plates andor pressure plateswould need replacement Ideal time to replace is not at every service which clever dealerships would suggest but at least a gap ofthree service intervals is recommended (with the service interval at every 10000 kms)
All carmakers offer an owners booklet which has all the details of which part needs to be replaced when and the recommendedservice interval When getting your car serviced always refer to this manual and insist on only the aspects mentioned in the manualto be donehttpwwwfinancialexpresscomautocar-newshow-to-avoid-being-overcharged-for-car-service-at-dealerships587326
Top
Emissions Environment
Finance amp Insurance
Customer not bound by tie-up between vehicle dealer insurer Pune Court Vishwas KothariThe Economic Times
Pune The district consumer court here has ruled that a tie-up between a vehicle dealer and an insurance company is not bindingupon the consumer who buys a vehicle from such a dealer
The court has directed the Bajaj Allianz General Insurance Company in Yerawada here to refund a premium of Rs 21053 ampmdashalong with an annual interest of 9 since September 20 2014 ampmdash and a Rs 5000 fine to a Daund resident for failing to renewhis car insurance despite the latter having paid the renewal premium through the online NEFT transaction
The interest component payable so far works out to over Rs 4700
The company argued that the consumer did not route the payment through the vehicle dealer by way of a demand draft as wasrequired under an agreement between the company and the vehicle dealer
Shankar Raghunath Chavan a resident of Kusegaon in Daund had purchased an insurance policy from the company for his car onSeptember 21 2012 A year later the policy was renewed for the period between September 21 2013 and September 20 2014 Atthe end of this term he had received a reminder from the company for the renewal of his policy
Through the net banking facility Chavan made a payment of the renewal premium worth Rs 21053 for the term betweenSeptember 21 2014 and September 20 2015 He then made repeated requests to the company for the issuance of the policydocument
However in December 2014 when he approached the company he was shocked to learn that his policy had ampldquoexpired due tonon-renewalamprdquo The company did not renew his policy even after his repeated reminders This prompted him to move theconsumer court seeking refund of the premium amount and appropriate costs towards physical and mental agony
The bench observed in its order ampldquoIt is not denied by the insurance company that the complainant (Chavan) had paid thepremium It is the case of the insurance company that as per practice prevailing between the company and the dealer the paymentshould be made by demand draft through the dealer so that the policy can be renewed conveniently It is true that the dealer of thevehicle was not aware about the payment of premium made by the complainant However a tie-up between the dealer and theinsurance company is not binding upon the consumeramprdquo
ampldquoDocumentary evidence which is produced by the complainant is sufficiently eloquent and speaks about inaction on the partof the insurance company Even after sending documentary evidence as regards to payment of policy premium the insurancecompany has failed to renew the policy Definitely this act on the part of the company amounts to deficiency in serviceamprdquo thebench ruledhttpautoeconomictimesindiatimescomnewsindustrycustomer-not-bound-by-tie-up-between-vehicle-dealer-insurer-pune-court57623564
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Analysts in wait-and-watch mode on Bajaj Finance Hamsini KarthikBusiness Standard
A robust business model established over years of experience often tends to withstand the test of time quite remarkably That ofBajaj Finance Indiaamprsquos largest consumer durables financier is one such example
During the note ban period there were doubts on whether Bajaj Finance could replicate its historic performance in terms ofcustomer acquisition loan growth and more importantly asset quality in the December quarter (Q3) Much to the Streetamprsquossurprise Bajaj Finance comfortably met these parameters
Customer acquisition grew by 35 per cent year-on-year in Q3 while assets under management expanded by 33 per cent to Rs57600 crore year-on-year Even asset quality stood out with gross non-performing assets ratio at 147 per cent and that toowithout utilising RBIamprsquos 90-day dispensation on loans less than Rs 1 crore Overall financials remained robust with net interestincome and net profit growing by 27 and 36 per cent respectively These factors have helped Bajaj Financeamprsquos stock reboundfrom its demonetisation period low of Rs 766 to Rs 1125 on Tuesday
However after outperforming the broader markets by a reasonable margin for most of the last two years the stock has lagged inthe past six months Bloomberg data indicate that while the Bank Nifty has gained six per cent in the past six months Bajaj Financeis up only 21 per cent Analysts nonetheless feel that Bajaj Finance may not surpass its previous high of Rs 1180 in a rush
Pointing to some key indicators they prefer to see how March quarter pans out particularly on consumer loans before altering theirexpectations on the stock
Consumer loans which grew by 52 per cent year-on-year in September quarter (Q2) grew 47 per cent year-on-year in Q3 Butwithin this segment consumer durables grew slower at 27 per cent versus 48 per cent in Q2 As for the vehicle financing (two andthree wheelers) the dependence on Bajaj Auto was seen higher in Q3 ampndash 46 per cent dependence on Bajaj Auto fortwo-wheelers and 29 per cent for three-wheelers as against 38 per cent and 18 per cent respectively a year ago Average ticketsize which dipped post demonetisation is yet to see a strong recovery All these factors prompt analysts to be on a wait-and-watchmode
ampldquoWe arenamprsquot able to see a secular return in consumer buying yet While demand for consumer durables may havepicked up as summer sales is already playing out we canamprsquot say the same for vehicle salesamprdquo says an analyst with adomestic brokerage
Analysts at Jefferies feel the annual compounded loan growth for Bajaj Finance could be lower in FY16-19 compared to what was inFY13-16 The brokerage flags that at current valuations (52 x FY18 price-to-book) risk-reward appears negativehttpwwwbusiness-standardcomarticleopinionwhy-analysts-are-in-wait-and-watch-mode-on-bajaj-finance-117031400674_1html
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SBI announces Rs 6000-cr tractor loan settlement scheme PTISee this story in The Economic Times
State Bank of India (SBI) today announced a one-time farm loan settlement scheme worth Rs 6000 crore primarily for tractors
One Time Settlement (OTS) announced for Agriculture Loans Scheme valid until 31st March Contact your branch for details ampbenefits the nations largest lender said on the microblogging site Twitter today
Managing director Rajnish Kumar told CNBC-TV18 the scheme will result in the bank taking a 40 per cent haircut on outstandingtractor loans as of September 2016
SBIs total farm loan portfolio is Rs 125 trillion and Kumar said the tractor loan book is about Rs 6000 crore
He said doubtful or loss category accounts as of September 2016 which were disbursed before September 2011 will beconsidered under the scheme He said a circular in this regard was sent to branches on February 2
But he was quick to add the OTS has nothing to do with Prime Minister Narendra Modis promise of a loan waiver to UP farmersduring the just concluded elections saying there were no talks with the Centre or state in this regard so far SBIs Uttar Pradeshportfolio will be around Rs 13000 crore
SBI had announced OTS schemes for SMEs last December and education loans early in 2016
He said other agri loans like kisan credit cards and other term-loans for tractors and farm loans may also be covered under theschemehttpwwwdnaindiacommoneyreport-sbi-announces-rs-6000-cr-tractor-loan-settlement-scheme-2352737SBI to allow one-time settlement for tractor farm equipment loansminthttpwwwlivemintcomIndustryiXDTXX1onxjwfHcz731WzJSBI-announces-Rs6000-crore-tractor-loan-settlement-schemehtmlSBI announces rs 6000-crore tractor loan settlement schemeThe Pioneerhttpwwwdailypioneercombusinesssbi-announces-rs-6000-crore-tractor-loan-settlement-schemehtml
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Oil Lubricants amp Alternative Fuels
Oil hovers near three-month low as investors awaits data ReutersSee this story in The Hindu Business Line
Tokyo Crude oil prices hovered near three-month lows on Tuesday in early Asian trading as investors await key reports and datathat may shed light on a supply overhang in the global market
US West Texas Intermediate crude (WTI) edged down 3 cents to $4837 a barrel by 0026 GMT The contract ended down 9 centsin the previous session after touching $4790 the lowest since the end of November
Brent crude futures were down 1 cent at $5134 a barrel having settled down 2 cents on Monday after dipping to as low as $5085
Prices fell sharply last week as investors worried that swelling US crude supplies would hinder Organization of the Petroleum
Exporting Countries (OPEC)s efforts to restrict output and reduce a global glut
Prices had risen after the OPEC and other major oil producers including Russia agreed at the end of November to rein inproduction by almost 18 million barrels per day (bpd) in the first half of 2017
ampldquoIts shaping up to be another fun week in the crude complex with OPEC releasing its monthly oil market report on Tuesdayswiftly followed by the IEAs monthly oil market report the day afteramprdquo Matt Smith analyst at ClipperData said in a note
The International Energy Agency releases its closely watched monthly oil market report on Wednesday
Data from the industry group the American Petroleum Institute on US crude and product stockpiles is also due out later on Tuesday
Analysts said the slump may not have much further to go now that prices have fallen more than 8 percent since last Monday thebiggest week-on-week drop in four monthshttpwwwthehindubusinesslinecommarketscommoditiesoil-hovers-near-threemonth-low-as-investors-awaid-dataarticle9582601ece
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News Magazines
Mahindra Electric geared up to be a component supplier Autocar India
Speaking to Autocar India Mahindra Electric (ME) stated that the company is open to being a supplier to other vehiclemanufacturers and will sell complete electric drive systems to those interested At present the ME plant builds the e2o while it shipsout the drive systems for the eVerito sedan and eSupro van For this purpose the production line has been modified to produce notjust built-up vehicles but also fully ready electric drive systems that can be offered to other manufacturers interested in procuringthem With expertise in electrification virtually absent in India ME hopes to build on its first-mover advantage and cater to theindustry Itamprsquos unlikely that there would be any takers for passenger cars but commercial and three-wheeler manufacturerscould be potential customers
Mahindra also confirmed that they are open to supplying other bits like charge system controllers as well Mahindra outsources thebattery and electric motor for its EV powertrains and has no plans of producing these components in-house as apart from the hugeinvestments needed there is no real advantage Battery technology is quite specialised and there are many players in this fieldalready And with electric motor efficiency already at 80 percent ampndash compared to about 30 percent for internal combustionengines ampndash there is very little to differentiate one EV maker from another Mahindra believes the real differentiator in the nearfuture will be in the battery management systems where big gains can be made in the charging and discharging cycle Thus ME isputting a lot of effort into this area and going forward has ambitions to be a supplier solely for battery management systems toother manufacturershttpwwwautocarindiacomauto-newsmahindra-electric-geared-up-to-be-a-component-supplier-404432aspx
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Tesla Model Y SUV due by 2019 Autocar India
Tesla Inc recently renamed from Tesla Motors Inc is on the verge of what it says will be a massive expansion of production with twonew models due to arrive in the next two years
Alongside the much-hyped Model 3 Tesla is also expected to launch an entry-level crossover based on the same platform andrumoured to be badged the Model Y
The starting price of the Model 3 is likely to be around $37000 (Rs 2435 lakh approx) with the Model Y expected to be slightlymore expensive However Tesla founder Elon Musk believes the transaction prices of the new compact Teslas will go higherbecause buyers will be keen to add paid options to their vehicles
While the compact Model Y could turn out to be Teslaamprsquos best seller ampndash some seven million crossovers of all types weresold in the US last year ampndash Musk recently tweeted that the Model 3 remained the biggest priority for the company
The Model Y is unlikely to be unveiled until sometime next year with production set to follow late in the year Little in the way ofspecification has been released though it is expected to borrow the top-hinged amplsquofalcon wingamprsquo rear doors from thebigger Model X SUV
The Model Y will also have the promised updated electrical architecture that will allow Tesla to offer full autonomous drivingcapability Future Tesla cars will be equipped with as many as eight cameras giving a 360-degree view of the surroundingroadscape as well as 12 ultrasonic sensors and a amplsquonewamprsquo forward-facing radar that works in the worst weatherconditions Existing radar systems can be fooled by heavy rain and fog
Musk also said the new electrical architecture has a brain that is as much as ampldquo40 timesamprdquo more powerful than onprevious Teslas calling it a ampldquosupercomputer inside the caramprdquo The autonomous driving technology though will be offered
as add-on option to customers on both entry-level Teslas
Another challenge for the Model 3 and Y will be balancing their lower price against the need for a battery big enough to give anacceptable range
The entry-level Model 3 may have a cheaper sub-60kWh battery but will still need to have a range of at least 370km The ModelYamprsquos more bluff shape and greater frontal area might mean a bigger battery for the same range and so a slight price premium
Tesla is in a race against time to achieve the kind of production levels needed to turn around what is still a cash-hungry operationThe firm has spent nearly $2 billion (Rs 1316350 crore approx) since 2010 with investments including building the battery-makingGigafactory and trying to expand car production to a massive 500000 units a year
Tesla delivered around 76000 vehicles last year but says it was able to build around 2000 cars a week by the second half of 2016With as many as 400000 deposits taken for the Model 3 the company is looking to produce well over 100000 of the BMW3-series rival before the end of this year
Muskamprsquos expansion plans will test the limits of the capabilities of Teslaamprsquos suppliers and those of its own plant inFreemont California But getting to annual sales of half a million vehicles should finally push the carmaker into profit and secure thecompanyamprsquos long-term futurehttpwwwautocarindiacomauto-newstesla-model-y-suv-due-by-2019-404434aspx
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VW promises higher focus on EVs after record sales year Autocar India
The Volkswagen Group ampldquowill be a role model in environmental protection safety and integrityamprdquo according to CEOMatthias Muller who was speaking as the firm confirmed a record-breaking sales year in 2016
Outlining plans for the firm to reinvent itself as a far-reaching mobility company in the wake of the emission scandal Muller revealedthat the VW Group sold 103 million cars in 2016 making it the worldamprsquos largest car manufacturer It made pound62 billion in profitafter allowances including pound56 billion of losses to cover emission scandal costs In 2015 expenses relating to emission scandalamounted to pound142 billion
Most notably its sales in China where the effects of the diesel crisis were negligible grew 122 percent and its 2016 salesrevenues of pound1904 billion also exceeded forecasts by pound35 billion
ampldquoThe last year was challenging yet remarkably successfulamprdquo said Muller ampldquoIn 2016 we set the course for thebiggest transformation in the history of the company while at the same time performing better in our operating business than manythought possibleamphellipVolkswagen is back on trackamprdquo
Muller vowed that the success would be a catalyst for further change adding ampldquoWe will still be one of the most successfulautomakers in 2025 But we will also be a leading international provider of sustainable mobility and set the standard for new mobilityservicesamprdquo
New initiatives include a stated goal of taking leadership in the field of battery technology by 2025 which is by when the VW Grouphas committed to have solid state batteries in production These are seen as the next technological step over the lithium-ionbatteries currently favoured by most manufacturers The VW Group has committed to have 30 battery-electric vehicles on sale by2025
He also signalled that Audi had been tasked with leading the Groupamprsquos autonomous driving projects while adding that the VWGroup now had 37 centres around the world working on autonomous and digital service ideas pivoting around the Groupamprsquosnew mobility company Moia which was set up last year
Muller also highlighted recent joint ventures ampndash in China with FAW and JAC the latter of which will lead to the co-developmentof a budget electric car line in India with Tata Motors and in America with Navistar which is in the commercial vehicle segmentampndash as examples of the firmamprsquos commitment to forging partnerships to boost sales success He also confirmed that thefirst economy vehicles to be developed by the brand will go on sale in emerging markets in 2018httpwwwautocarindiacomauto-newsvw-promises-higher-focus-on-evs-after-record-sales-year-404433aspx
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Mercedes to expand E-class range with E 220 diesel Autocar India
The tenth-generation Mercedes-Benz E-class launched for the first time in India with a long wheelbase has moved the goalposts toset new standards for comfort and space in its segment The E-class comes with two engine options ampndash the base E 200 petroland the top-of-the-line
E 350 diesel Priced at Rs 5670 lakh and Rs 7015 lakh (ex-showroom Delhi) respectively these two variants bookend the E-classrange and is essentially aimed at two sets of customers The E 200 buyer is likely to be almost always chauffeur-driven and henceis mainly interested in rear seat space and comfort while the E 350d customer wants all the bells and whistles as well as the
sublime driving experience only the silky smooth and torquey V6 diesel can offer
However that still leaves a massive Rs 1345 lakh gap in the range which no doubt future E-class variants will eventually plug butwhich one will find that sweet spot to form the bulk of E-class sales
Itamprsquos no surprise then that Mercedes-Benz India is readying a base diesel which like the previous-generation W212 E-class islikely to be the most popular variant offering a strong dose of practicality without too much of a compromise on refinement andluxury
But unlike the W212 which had the E 250d representing the base diesel in the range Mercedes-Benz India is offering the lower E220d as the starting point for the E-class diesel This suggests that the E 220d will be very attractively priced when it goes on salearound June 2017 and could be priced very close to the E 200
The E 220amprsquos all-new 20 litre four-cylinder diesel which pumps out 194hp and 400Nm of torque may not have the punch ofthe outgoing E 250damprsquos 204hp and 500Nm motor but again given the chauffeur-driven focus the new E-class has beenconceived for the newE 220damprsquos performance is unlikely to be an issue
What is a big issue however is downgrading the 20-litre motor which has been designed for stricter Euro-VI emissions to run onlocally available BS-IV diesel ampldquoItamprsquos such a waste of engineering resource and a step backwardsamprdquo said aMercedes-Benz engineer The 2143cc (OM651) diesel engine which powered the previous E-class was easier to adapt to BS-IVfuel unlike the spanking new high-tech 1995cc (OM654) diesel thatamprsquos built to meet the latest global emission standards Infact the OM654 made its debut in the latest E-class when it was launched globally in 2016 Its advanced tech includes a uniquealuminium engine block with steel pistons a special low-friction coating for the cylinder walls and a fourth-generation common-raildiesel injection system At 168kg it is 31kg lighter than the engine it replaces
Downgrading a Euro-VI engine to BS-IV standards takes a lot of time and resources but there is no way out until fuel pumps in Indiaget low-sulphur BS-VI fuel which is not expected until 2020 The BS-IV-spec OM654 wasnamprsquot ready in time for the newE-class launch and this is one reason why the E 220d is coming a couple of months later The other reason could be a strategicone Mercedes-Benz India wants to wait until BMW launches the all-new 5-series expected in June and in a counter move tweakthe E 220damprsquos mix of specifications features and price accordingly A starting price of Rs 57-58 lakh for the E 220disnamprsquot unlikely especially since this variant will be Mercedes-Benz Indiaamprsquos trump card in a luxury car segment it seemsdetermined to dominatehttpwwwautocarindiacomauto-newsmercedes-to-expand-e-class-range-with-e-220-diesel-404429aspx
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Nissan to launch Kicks SUV in Q3 2018 Autocar India
The Nissan Kicks SUV which made its global debut in 2016 in Brazil will be launched in India in the third quarter of 2018 accordingto company sources
However unlike the South American model which is spun off Nissanamprsquos V-platform the made-for-India Kicks (code PB1D)will be based on the upcoming Renault Kapturamprsquos (code HHA) platform This is essentially a modified version ofRenaultamprsquos proven M0 platform that underpins cars like the Duster and Lodgy which are known for their robust mechanicals
The M0 is also a critical part of the Renault-Nissan Allianceamprsquos platform strategy in India which is essentially centred aroundtwo platforms Whilst the CMF-A and CMF-A+ platforms underpin Renault and Nissanamprsquos (and later Mitsubishiamprsquos) smallto mid-size car range in India the M0 platform will cater to higher end products The low-cost M0 platform has proved to be a cashcow for Renault globally and is ideally suited for markets like India The allianceamprsquos European-spec CMF-B platform was alsoevaluated initially but was eventually rejected as it proved to be a lot more expensive than the M0 which has also been localisedover the years
Developed and conceived originally by Renault for its Dacia sub-brand over a decade ago the French carmaker has first rights toproducts spun off the M0 platform and hence like the Nissan Terrano which followed the Renault Duster the Nissan Kicks too willfollow the Renault Kaptur to India but almost a year later
While both the Kaptur and Kicks will use the same modified version of the platform the amplsquotop hatsamprsquo will be completelydifferent The Kicks design and styling will mirror the South American car and thatamprsquos no bad thing
Sharply styled with lots of distinctive design touches like a floating roof massive wheel arches and a wraparound visor look theKicks wonamprsquot have a problem standing out on Indian roads The good thing is that the edgy design hasnamprsquot compromisedpracticality and Nissan claims best-in-class space in the back seat
Cars based on the M0 platform get a choice of just two engines a 16 petrol and the venerable 15 K9K diesel and hence these arelikely to be carried forward into the Kicks as well The 15 diesel is expected to be the mainstay but its likely that in its latest iterationthere will be a small bump up in power and torque
Nissan has set an ambitious target of 30000 Kicks in its first full year of production with an additional 20000 units earmarked forexports Pricing will be crucial for the Kicksamprsquo success and Nissan may do well to undercut its rivals to buy some much neededmarket sharehttpwwwautocarindiacomauto-newsnissan-to-launch-kicks-suv-in-q3-2018-404426aspx
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International News
Volkswagen CEO gets 778 mn euros in pay and benefits for 2016 ReutersSee this story in The Economic Times
Wolfsburg Volkswagen Groups Chief Executive Matthias Mueller was awarded 778 million euros ($828 million) in pay andbenefits for 2016 up from 417 million euros in total remuneration awarded a year earlier the companys annual report showed onTuesday
Mueller was not awarded a full years CEO pay for 2015 since he only took over as chief executive in September following theresignation of his predecessor Martin Winterkorn who was forced out in the wake of a diesel emissions cheating scandal
Volkswagen overhauled its bonus and executive pay policy in February this year to cap total pay for its chief executive at 10 millioneuros ($106 million) and other top managers at 55 million euros
Volkswagen brand chief Herbert Diess saw his total remuneration for 2016 fall to 393 million euros down from 713 million in 2015the annual report showed
($1 = 09401 euros)httpautoeconomictimesindiatimescomnewsindustryvolkswagen-ceo-gets-7-78-mn-euros-in-pay-and-benefits-for-201657631837Volkswagen CEO Matthias Mueller says not ruling out merger talks with Fiat ChryslerThe Financial Expresshttpwwwfinancialexpresscomindustryvolkswagen-ceo-matthias-mueller-says-not-ruling-out-merger-talks-with-fiat-chrysler587861
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Volkswagen CEO US remains core market for company APSee this story in The Economic Times
Frankfurt The CEO of German automaker Volkswagen says the United States remains a core market for the company despite itsdiesel emissions scandal and has underlined that it hopes to expand there
Matthias Mueller made the comments Tuesday at the companys annual news and investor conference at its headquarters inWolfsburg Germany
Mueller said that we are standing by our investment decisions and intend over the long term to play a significantly greater role therethan today
The Volkswagen brand has only a small share in the US market although it is important for the companys luxury brands Porscheand Audi It makes cars in Chattanooga Tennessee
US authorities uncovered Volkswagens use of engine control software that enabled vehicles to cheat on emissions testshttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsvolkswagen-ceo-us-remains-core-market-for-company57633149
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Volkswagen targets strong 2017 even as core brand struggles ReutersSee this story in The Economic Times
Wolfsburg Germany Volkswagen said it was capable of shouldering the costs of its emissions crisis and was targeting an evenbetter year than in 2016 but warned that its core autos division continued to struggle
We see good chances of being able to ride the wave of the positive performance last year when Volkswagen turned in recordunderlying profit helped by sales of upmarket Audis and Porsches Chief Executive Matthias Mueller said on Tuesday at thecarmakers annual news conference
Volkswagen expects group revenue to exceed last years record 217 billion euros ($231 billion) by as much as 4 percent this yearand is forecasting an underlying operating margin of between 6 and 7 percent compared with 67 percent in 2016 it said affirminga forecast given on February 24
The company also aims to moderately exceed last years record 103 million deliveries
You can rest assured that we will do everything in our power to make 2017 an even better year than 2016 the CEO said
But Volkswagen appears to be making slow progress in tackling the biggest trouble spot within the 12-brand group thelong-planned turnaround of its core autos division
Operating profit of the namesake brand slipped further to 187 billion euros in 2016 from 210 billion a year earlier because of highermarketing costs related to dieselgate and plunging demand in Brazil and other key markets finance chief Frank Witter said
($1 = 09394 euros)httpautoeconomictimesindiatimescomnewsindustryvolkswagen-targets-strong-2017-even-as-core-brand-struggles57630343
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VW CEO says not ruling out merger talks with Fiat Chrysler boss ReutersSee this story in The Economic Times
Wolfsburg Volkswagen Chief Executive Matthias Mueller said he is not ruling out talks with Fiat Chrysler boss Sergio Marchionneabout a possible merger
I am not ruling out a conversation Mueller told reporters on Tuesday after the carmakers annual earnings press conference inWolfsburg
Marchionne has long advocated car industry mergers to share the costs of making cleaner and more technologically advancedvehicles and has repeatedly relayed his desire via the media
It would be very helpful if Marchionne were to communicate his considerations to me too and not just to you Mueller said
I am pretty confident about the future of Volkswagen with or without Marchionne
Only last week Mueller appeared to dismiss the prospect of talks with Fiat Chrysler
We are not ready for talks about anything he told Reuters on the fringes of the Geneva auto show I havent seen Marchionne formonths he said at the timehttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsvw-ceo-says-not-ruling-out-merger-talks-with-fiat-chrysler-boss57632909
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Volkswagen chief denies talks with Fiat AFPSee this story in The Economic Times
Berlin Volkswagen chief Matthias Mueller on Tuesday denied rumours that the German auto giant was in talks with rival FiatChrysler
At present there is no contact between me and Fiat Chrysler boss Sergio Marchionne Mueller told the companys annual pressconference in Wolfsburg north Germany
Marchionne had said at the Geneva car show last week that he was expecting Volkswagen to reach out as more firms are thinkingof cost-cutting tie-ups in the vein of Frances Peugeot and German carmaker Opel
In response Mueller said he had other problems since VWs 2015 admission that it installed software to cheat regulatoryemissions tests in 11 million vehicles worldwide
He nevertheless added that Ive never said a tie-up with any other partner is altogether ruled out
VW clawed its way back to profit in 2016 and pulled ahead of Toyota to become the worlds biggest carmaker by unit sales shipping103 million vehicles over the year
Mueller on Tuesday confirmed the groups forecast of moderate growth in sales in 2017
But the firm is far from turning the page as it continues to refit cars equipped with the cheating software and faces legal action fromcustomers and investors in numerous countries
The final bill for the scandal is impossible to predict Mueller acknowledged
All we know is that this question will keep us busy for a long time several years he saidhttpeconomictimesindiatimescomindustryautovolkswagen-chief-denies-talks-with-fiatarticleshow57633113cms
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Volkswagen has good chances to build on strong 2016 performance CEO ReutersSee this story in The Economic Times
Germany Volkswagen has good chances of building on its strong 2016 performance when it swung to a record underlying profitdespite its diesel emissions crisis Chief Executive Matthias Mueller said
The Volkswagen Group is in very robust shape Mueller said on Tuesday at the carmakers annual news conference in Wolfsburg
VW expects group revenue to exceed last years record 217 billion euros ($231 billion) by as much as 4 percent this year and isforecasting an underlying operating margin of between 6 and 7 percent compared with 67 percent in 2016 it said affirming aforecast given on Feb 24
Still operating profit of its core autos division slipped further to 187 billion euros in 2016 from 210 billion a year earlier as the brandis struggling to implement a wide-ranging turnaround planhttpeconomictimesindiatimescomnewsinternationalbusinessvolkswagen-has-good-chances-to-build-on-strong-2016-performance-ceoarticleshow57630339cms
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BMW i3 batteries to be used by Vattenfall The Economic Times
New Delhi Swedish power making company Vattenfall and German auto giant BMW Group have signed a contract for the deliveryof up to 1000 lithium-ion batteries this year The batteries with a capacity of 33 kilowatt hours (kWh) each are equipped with aBMW-owned battery management system and are also used by the car manufacturer in the BMW i3
Vattenfall will purchase the new batteries from the BMW plant in Dingolfing and use them in all storage projects
Energy storage and grid stability are the major topics of the new energy world says Gunnar Groebler Senior Vice President ofVattenfall and Head of Business Area Wind
We want to use the sites where we generate electricity from renewable energies in order to drive the transformation to a newenergy system and to facilitate the integration of renewable energies into the energy system with the storage facilities Thedecoupling of production and consumption and the coupling of different consumption sectors are in the focus of our work
The first energy storage from the BMW-i3 batteries is being built at the 122 MW onshore wind farm Princess Alexia nearAmsterdam With a capacity of 32 megawatts (MW) it is Vattenfalls first large storage project in the Netherlands
Pending on a final investment decision the largest battery storage will be built at the Vattenfall wind farm Pen y Cymoedd (230 MW)in South Wales - a 22-megawatt storage facility which will help to support the stability of the country-wide power grid in the UK aspart of the so-called EFR (Enhanced Frequency Response) service
As part of the project Norddeutsche Energiewende NEW 40 Vattenfall together with the Hamburg University of Applied Sciences(HAW) and the company Nordex will implement a large battery storage at the future wind farm in Hamburg-Bergedorf
This is a so-called storage control unit made of batteries It is meant to maintain the security of supply with a feed-in of 100 percentrenewable energy In addition the battery storage contributes to the improvement of the network quality and the more efficient useof the existing network structure Other possible applications would be electricity storage in private households Energy storagesolutions are an important part of Vattenfallamprsquos strive to power climate smarter living
We are pleased that we have found a supplier in BMW who meets our high safety requirements with the use of the batteries withreliably good quality from German series production says Daniel Hustadt project manager for large batteries at VattenfallInnovation GmbHhttpautoeconomictimesindiatimescomnewsindustrybmw-i3-batteries-to-be-used-by-vattenfall57630728
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Toyota to look at Saudi production as the countries seek closer ties ReutersSee this story in The Economic Times
New Delhi Toyota Motor Corp signed a memorandum of understanding (MOU) on Tuesday with a Saudi Arabian governmentagency to conduct a feasibility study into producing vehicles and parts in the Middle Eastern nation
The move if firmed up would be a big step for the Saudi economy as the government tries to diversify beyond oil exports andcreate jobs as part of the kingdoms 2030 Vision
So far Saudi Arabia and other Gulf oil exporters have failed to significantly develop industries such as automaking because theylack broad industrial bases and a skilled local workforce
The study would take into account the evaluation of development of a local supply base using materials produced by major Saudi
companies like Sabic Maaden Petro Rabigh and other major industrial companies in the kingdom the official Saudi state newsagency reported
The MOU is with Saudi Arabias National Industrial Clusters Development Program (NICDP)
Meanwhile state-run Saudi Aramco has signed MOUs with five Japanese entities during a business forum that both nations hostedon Tuesday coinciding with a visit by Saudi Arabias King Salman this week
Saudi Aramco and Japans biggest oil refiner JX Nippon Oil amp Energy (5020T) agreed to consider a refinery joint venture in a thirdcountry and cooperation in trading and technology of oil and petrochemical products
Aramco also agreed to consider a possible future cooperation in crude oil supply and downstream business with Idemitsu KosanCompany
In addition Aramco and state-run Japan Oil Gas and Metals National Corp (JOGMEC) formally agreed to expand crude storagecapacity in Japan by 300000 kilolitres (about 19 million barrels) from the current 63 million barrels from April 1
Japan treats crude oil stored by Aramco as quasi-government oil reserves counting half of the barrels stored by Aramco as nationalcrude reserves
Companies and government organizations in both nations signed a total of 20 MOUs on Tuesday including cooperation betweenthe Saudi Arabian General Investment Authority (SAGIA) and Japans three megabanks - Mitsubishi UFJ Financial Group (8306T)Sumitomo Mitsui Financial Group (8316T) and Mizuho Financial Group (8411T) - on increasing investments in the kingdom
The MOUs also included cooperation in seawater desalinationhttpautoeconomictimesindiatimescomnewsindustrytoyota-to-look-at-saudi-production-as-the-countries-seek-closer-ties57636587
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Geneva Motor Show 2017 Airbus unveils fully electric flying car PopUp The Economic Times
Geneva Airbus along with Italdesign has unveiled the first modular fully electric zero emission concept vehicle system - PopUpat the Geneva Motor Show 2017 informed the French company in an official statement
PopUp envisages a modular system for multi-modal transportation that makes full use of both ground and airspace and isdesigned to relieve traffic congestion in crowded megacities
PopUp System consists of a three layers concept1 an Artificial Intelligence platform that based on its user knowledge manages the travel complexity offering alternative usagescenarios and assuring a seamless travel experience
2 a vehicle shaped as a passenger capsule designed to be coupled with two different and independent electric propelled modules(the ground module and the air module) Other public means of transportation (eg trains or hyperloops) could also integrate thePopUp capsule
3 an interface module that dialogues with users in a fully virtual environment
Airbus claims The PopUp vehicle combines the flexibility of a small two seater ground vehicle with the freedom and speed of avertical take-off and landing (VTOL) air vehicle thus bridging the automotive and aerospace domains
PopUpamprsquos monocoque carbon-fibre cocoon measures 26 metres long 14 metres high and 15 metres wide The capsuletransforms itself into a city car by simply coupling to the ground module which features a carbon-fibre chassis and is batterypowered
For megacity journeys with high congested traffic the capsule disconnects from the ground module and is carried by a 5 by 44metre air module propelled by eight counter-rotating rotors
ampldquoAdding the third dimension to seamless multi-modal transportation networks will without a doubt improve the way we liveand how we get from A to Bamprdquo said Mathias Thomsen General Manager for Urban Air Mobility at Airbus on the occasion ofthe unveil
ampldquoSuccessfully designing and implementing solutions that will work both in the air and on the ground requires a joint reflectionon the part of both aerospace and automotive sectors alongside collaboration with local government bodies for infrastructure andregulatory frameworks Italdesign with its long track record of exceptional vehicle design was an exciting partner for Airbus for thisunique concept projectamprdquo
ampldquoToday automobiles are part of a much wider eco-system if you want to design the urban vehicle of the future the traditionalcar cannot alone be the solution for megacities you also have to think about sustainable and intelligent infrastructure appsintegration power systems urban planning social aspects and so on In the next years ground transportation will move to the nextlevel and from being shared connected and autonomous it will also go multimodal and moving into the third dimensionamprdquo saidItaldesign CEO Joumlrg Astaloschhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsgeneva-motor-show-2017-airbus-unveils-fully-electric-flying-car-pop-up57630936
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Nissan boosts management presence at Mitsubishi Motors ReutersSee this story in The Economic Times
Tokyo Mitsubishi Motors on Tuesday said an additional four Nissan executives would join its management team as Nissan tightensits control over the smaller struggling automaker in which it took a controlling stake last year
The announcement is part of Mitsubishi Motors efforts to rebuild its management system after it admitted last year that it hadoverstated the mileage on a number of its cars sold in Japan battering domestic sales and tarnishing its brand image
From April corporate vice president positions for roles including product development and marketing and sales would be occupiedby officials from Nissan Mitsubishi Motors said
This would hike the number of Nissan executives on Mitsubishi Motors management team to seven from two now
We need to strengthen our corporate governance to avoid a repeat of last years scandal along with scandals previous to thatMitsubishi Chief Executive Officer (CEO) Osamu Masuko told reporters during a teleconference
After taking a one-third stake in Mitsubishi Motors Nissan installed Carlos Ghosn - its CEO at the time - as chairman of MitsubishiMotors while also naming two Nissan officials to Mitsubishis board of directors
Nissan also dispatched other executives to the smaller automaker including Trevor Mann previously Nissans chief performanceofficer who became chief operating officer at Mitsubishi late last year
Last month Ghosn said he would step down from the top position at Nissan to focus on deepening the companys alliance withRenault SA and Mitsubishi Motors
Separately Nissan said Shiro Nakamura the companys chief creative officer and one of Japans best-known car designers willretire after nearly 20 years at the automaker
Nakamura 66 is recognised for referencing science fiction anime and embracing Japans culture of cute in models including theGT-R supercar the Cube compact MPV and the Juke SUV crossover setting the automaker apart from many of its rivals whichhave been accused of making lookalike cars
Nakamura joined Nissan in 1999 from Japanese truckmaker Isuzu Motors and was one of the first key hires by Ghosn shortly afterGhosn himself arrived from French automaker Renault to save the company from bankruptcy
Alfonso Albaisa who currently overseas design at Nissans premium Infiniti brand will succeed Nakamura while former BMWglobal chief designer Karim Habib will become the brands new chief designer effective July 1httpautoeconomictimesindiatimescomnewsindustrynissan-boosts-management-presence-at-mitsubishi-motors57631800
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Renault Zoe e-Sport breaks covers at 2017 Geneva Motor Show The Economic Times
New Delhi In the ongoing Geneva Motor Show Renault has showcased its new two-seat version of its electric car Renault Zoee-Sport The company claims to have taken the design cues from Formula E
The ZOE e-Sport Concept is the fully electric concept car that embodies Renaultamprsquos commitment to the idea that electric carscan be fun and fast says Renault The sporting credentials of the ZOE e-Sport Concept extend beyond the caramprsquos styling andthe same blue livery as the Renault edams teamamprsquos front-running Formula E single-seaters
The bodywork of the ZOE e-Sport Concept is made entirely from lightweight carbon fibre which helps to ensure outstandingacceleration from standstill to 100kph in just 32 seconds The car tips the scales at a mere 1400 kilograms including 450kilograms of batteries
The car is powered by two electric motors capable of generating 450 bhp and 650 Nm of torque One of the motor is powered to therear axle and the other to the front axle Renault Zoe e-Sport gets the same 40 kWh battery which powers the standard variant ofthe car
Jean-Christophe Kugler CEO Renault Europe said that the concept as a link car - a styling exercise intended to connect the Zoeroad car with what Renault is doing in Formula E racing and to send a message that EVs are fun to drive Its not a signal of thefuture for Zoe and we have no intention to develop a performance version
Renault also claims that the electric performance car uses the same air and water cooling systems as the Renaultamprsquos FormulaE car The car is based on a tubular steel chassis with use of extensive carbon fibre The car also gets four driving modes
At the moment Renault has no plans to make the Zoe e-Sport into productionhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsrenault-zoe-e-sport-breaks-covers-at-2017-geneva-motor-show57627528
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Sensata Technologies opens testing facility in Bulgaria ReutersSee this story in The Economic Times
Sofia Sensata Technologies has opened its largest global testing facility in Sofia to support its automotive sensing technologies thecompany said on Tuesday
Sensata which has manufacturing sites in 13 countries already employs 3000 people in Bulgaria where it produces pressure andhigh temperature sensors for the automotive market and operates a business centre
In recent years inexpensive labour low taxes and an educated workforce have encouraged dozens of car part producers and ITand business outsourcing companies to set up in the Balkan countryhttpautoeconomictimesindiatimescomnewsauto-componentssensata-technologies-opens-testing-facility-in-bulgaria57632975
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Driving driverless Quest for an autonomous car has reached a truck now Nandagopal RajanThe Financial Express
At San Franciscoamprsquos Pier 90 chock-a-block with cargo vehicles it is pretty tough for any truck to stand out But a white Volvotruck with Otto emblazoned on it is the centre of attention This is the next big thing in automated cars and has already shown itsmettle by delivering a consignment of Budweiser beer in Colorado without a driver controlling it on the freeway
Uber is one of the many companies thinking in terms of driverless car While CEO Travis Kalanick says automated vehicles areampldquoexistentialamprdquo for the ride-hailing companyamprsquos future he is not alone in the race to drive without drivers Just in theUS at least 23 companiesampmdashincluding Tesla Google and Volkswagenampmdashhave registered in autonomous vehicleprogrammes The idea that fuels this cutting-edge technology is pure economics at the end of the day Cars suffer from seriousissues of inefficiency as they sit idle 95 of the time Considering that the world has 1200000000 cars this is inefficiency at agargantuan scale Add to this the fact that cars amount for 22 of all emissions globally and muddy the urban infrastructureproblem by creating the need for parking spaces
Since 1984 when the first experimental self-driving cars appeared there has been much progress on the technology leading toMercedes-Benz showcasing its concept car the F 015 at the Consumer Electronics Show in Las Vegas in 2015 Everyone has adifferent take on the technology but in the end the idea is to make cars intelligent and independent enough to be aware ofsurroundings and take decisions based on that
Interestingly Uberamprsquos dream is to bring ampldquoreliable transportation to everyone everywhereamprdquo now extended toeverything too with the trucks from Otto a start-up it acquired last year Matt Sweeney who heads product at UberamprsquosAdvanced Technology Group says ampldquothe truck and passenger vehicles share software and hardware components and thishelps us work on different aspects of the self-driving problem at the same timeamprdquo But on scope passenger vehicles are forurban environments where Uber has its focus on ride-sharing while trucks will be for high-speed highways where the constraintsare different
Just last week Uber got a permit from California Department of Motor Vehicles to test two self-driving Volvo SUVs on public roadsthough it will need to have backup drivers behind the wheel in case the prototype cars malfunction Its self-driving cars have beenrunning test drives in other parts of the US too
The Otto truck comes with a rig of radars laser scanners and stereo cameras that give the computers inside a live 360-degreevision of its environment with high dynamic range high resolution and high colour information imagery so that the truck can besmart enough to decide what to do next But the computing task this presents is ampldquoalmost as big as a small datacentreamprdquo Sweeney says the computing has to be done inside as ampldquothere is no tech that can let us send all that data tothe cloud real time and hence a lot of the computing has to be done in the truck itselfamprdquo
ampldquoA lot of the tech is based on prior mapping but in subsequent runs we see differences that have come about in the area andpay attention on those objects that are differentamprdquo
Interestingly Otto is being sued by Googleamprsquos Waymo self-driving car unit which claims its former employee and start-upfounder Anthony Levandowski stole its proprietary design for its laser-based radar system There are other challenges tooampldquoUber tech is different because we are trying to make this on top of the ride-sharing network that we already haveamprdquo headded
Nissan in contrast keeps the driver and not the technology at the centre and its definition of an ampldquoautonomous caramprdquo ishence a vehicle with different levels of driving technologies that enable it to operate autonomously for certain periods of time ANissan spokesperson said on the technology side the challenges are in artificial intelligence software development data processingand digital mapping technologies while on the social environment side laws and regulations along with modifications of roadinfrastructure will become necessary
This contrast in technologies is why it is important to see how the entire ecosystem evolves maybe with different platforms talkingto each other But Uber is not depending on this ampldquoWe need to see and interact with vehicles but there is no guarantee wewill have that technology So we are approaching it with the assumption it wonamprsquot existamprdquo says Sweeney
Uberamprsquos goal is to take its technology everywhere but can these vehicles actually be practical for an environment like IndiaSweeney accepts the new elements this will throw in along with the sheer volume will present a slew of challenges ampldquoThoseare situations we think we will be able to tackle but those are not the first places we will goamprdquo he explains adding that theywill look for opportunities where they can deploy this technology safely Clearly this drive has just started(The author attended the Uber Media Summit in San Francisco at the invitation of Uber)httpwwwfinancialexpresscomopiniondriving-driverless-quest-for-an-autonomous-car-has-reached-a-truck-now588112
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Samsung completes acquisition of Harman The Economic Times
New Delhi The arrest of the Vice-Chairman of Samsung Board Lee Jae Yong on bribery and corruption charges has not affectedthe deal between Samsung and Harman International IndustriesIn a media statement the South Korean giant confirmed thecompletion of its largest such deal ever
Under the terms of the merger agreement Harman stockholders will receive $11200 per share in cash The completion follows thesatisfaction of all conditions to the closing of the transaction including approval of the transaction by HARMAN stockholders andreceipt of all necessary regulatory approvals in the United States and certain foreign jurisdictions
ampldquoToday is a historic moment for us The close of this transaction opens the door to create substantial growth opportunitiesand deliver greater benefits for customers worldwideamprdquo said Young Sohn President and Chief Strategy Officer of SamsungElectronics and Chairman of the Board HARMAN ampldquoWe see transformative opportunities in the car ampndash and a futurewhich seamlessly connects lifestyle across automotive home mobile and work Samsungamprsquos and HARMANamprsquosleadership in these spaces perfectly positions Samsung to be the preferred partner to our OEM customers In addition bringingtogether HARMANamprsquos iconic audio brands and capabilities paired with Samsungamprsquos leading display technologies willdeliver enhanced audio and video experiences to consumers and professional end markets And most importantly we areenthusiastic about our common vision the similarities in our culture of innovation and the added value we can create for customersWe look forward to working with all of HARMANamprsquos employees to execute on our visionamprdquo
Harman boasts around 30000 employees spreadout across different brands including JBL Infinity Lexicon and Mark LevinsonThe company will continue to conduct business as an independent subsidiary under the terms of the deal with Samsung
ampldquoWe are excited to have completed the transaction which provides compelling cash value to our stockholders benefits ourcustomers and provides new opportunities for our employeesamprdquo said Dinesh Paliwal Harman President and CEOampldquoSamsung shares our commitment to our customers and our culture of speed innovation and execution Samsung providesHarman with the scale platform and complementary technologies to accelerate growth and extend our global market leadership inautomotive smart audio and connected technologies Recognizing the importance of partnerships in an increasingly connectedworld particularly in automotive we are poised to leverage our combined teams and resources to produce even greater value forour customers Working closely with automakers and other technology companies Samsung and Harman will define ampndash anddrive ampndash the future of automotiveamprdquohttpautoeconomictimesindiatimescomnewsauto-technologysamsung-completes-acquisition-of-harman57624440
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Skoda delivers 81200 units in Feb 2017 globally The Economic Times
Mlada Boleslav Czech car manufacturer Skoda in a press release stated that the company delivered 81200 vehicles to customersworldwide in February 31 more than in the same period last year (February 2016 78800) brvbarkoda also claims that it has soldmore cars than any February in its history The Czech manufacturer achieved double-digit growth in Central and Eastern Europe (+129 and + 133) India (+ 128) and Israel (+ 198) among others
We are delighted with our strong start to 2017 We expect the market launch of the OCTAVIA product upgrade as well as the newKodiaq to create further momentum says Werner Eichhorn brvbarKODA Board Member for Sales and Marketing
In Western Europe deliveries to customers rose by 70 in February to 34800 vehicles (February 2016 32500) With 12600vehicles Germany remains the strongest single European market (February 2016 12100 vehicles +45) brvbarKODA recordeddouble-digit growth rates in the UK (3400 vehicles +236) Italy (2200 vehicles + 201) Belgium (2 000 vehicles +271) andAustria (1900 vehicles +647)
In Central Europe brvbarKODA achieved an increase of 129 with 17400 cars (February 2016 15400 vehicles) Deliveries on thehome market of the Czech Republic rose by 88 to 8200 vehicles in Poland (5700 vehicles + 163) Slovakia (1700 vehicles+154) Slovenia (600 vehicles +226) and Croatia (300 vehicles +469) also rose in double figures
In Eastern Europe excluding Russia Skoda achieved a year-on-year increase of 133 with 2800 vehicles delivered (February2016 2500 vehicles) In the same period 400 customers in Ukraine received their new brvbarKODA ampndash an increase of 939(February 2016 200 vehicles) The number of deliveries increased significantly in Bosnia (200 vehicles + 557) Bulgaria (200vehicles +175) and the Baltic States (600 vehicles + 229) In Russia brvbarKODA achieved an increase of 46 with 4300vehicles (February 2016 4100 vehicles)
In China ampndash the brandamprsquos largest market worldwide ampndash brvbarKODA handed over the keys to 15000 new vehicles(February 2016 18500 vehicles -188) Deliveries overseas increased by 98 to a total of 2500 vehicles
At the Geneva Motor Show brvbarKODA is presenting several new highlights These include the brvbarKODA KODIAQ SCOUT and brvbarKODAKODIAQ SPORTLINE alongside the extensively upgraded brvbarKODA OCTAVIA as well as the sporty spearhead brvbarKODA OCTAVIA RS245 and the brvbarKODA OCTAVIA SCOUT with a rugged off-road look In addition the upgraded brvbarKODA models RAPID and RAPIDSPACEBACK and Citigo are on show
brvbarKODA deliveries to customers in February 2017 (in units rounded off by model +- in percent compared to February2016)brvbarKODA OCTAVIA (28600 -86)brvbarKODA FABIA (16700 + 152)brvbarKODA RAPID (15000 + 121)brvbarKODA SUPERB (10900 + 171)brvbarKODA KODIAQ (1300 + 1000)brvbarKODA YETI (6300 -157)brvbarKODA CITIGO (only sold in Europe 2300 -164)httpautoeconomictimesindiatimescomnewspassenger-vehiclecarsskoda-delivers-81200-units-in-feb-201757626693
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Isuzu claims more durability on its diesel engines for trucks The Economic Times
Indianapolis Isuzu Commercial Truck of America has announced that the B10 durability rating of its 4HK1-TC diesel engine hasbeen increased to 375000 miles informed the company in an official statement
To elaborate further on what it means the Japanese commercial vehicle manufacturer went on to say that A B10-life rating is anindustry-standard gauge provided by engine makers to help consumers determine the long-term durability of an engine Thenumber following the B indicates the percentage of an engineamprsquos population that will require an overhaul before the indicatedmileage
That means that 90 of Isuzu 4HK1-TC engines are expected to last 375000 miles before they require a major repair or rebuildPreviously the 4HK1-TC engine carried an already-robust B10 durability rating of 310000 miles added the company
ampldquoWe are proud to say that Isuzu diesel engines are already known worldwide for their long-term dependabilityamprdquo saidShaun Skinner president of Isuzu Commercial Truck of America ampldquoOur new B-10 rating is strong evidence that our enginesare even more durable than everamprdquo
The turbocharged intercooled 4HK1-TC four-cylinder diesel engine displaces 52 liters and generates 215 horsepower Torqueratings vary depending on model The engine is fitted to Isuzu NPR-HD NPR-XD NQR and NRR models as well as the all-new2018 Isuzu FTR Class 6 truck
The company made the above announcement at the National Truck Equipment Associationamprsquos 2017 Work Truck Show inIndianapolis held on March 13httpautoeconomictimesindiatimescomnewsauto-componentsisuzu-diesel-engines-for-trucks-now-become-more-durable57626832
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MoS visits Rolls-Royces new logistics centre in England The Economic Times
New Delhi Nick Gibb Minister for School Standards and MP for Bognor Regis and Littlehampton has visited Rolls-Royce MotorCars Technology and Logistics Centre on Monday informed the British luxury car maker in a media release
During the visit Gibb toured the facility met the expert team onsite and was briefed on the companyamprsquos future plans to expandthe Centre He also took the opportunity to learn more about the Rolls-Royce Motor Cars apprenticeship graduate and internprogrammes
Nick Gibb said ampldquoThe original announcement that Rolls-Royce Motor Cars would be locating its Technology and LogisticsCentre in Bognor Regis was a great boost for our town and warmly welcomed I am delighted to see the huge new state of the artfacilities fully operational and providing high quality jobs for local people The support of such a prestigious company is good newsfor Bognor Regis and for the wider local economyamprdquo
He continued ampldquoIt is very welcome that Rolls-Royce operates an apprenticeship scheme ensuring the company has the skillsit needs for the future and providing opportunities and training for a cohort of young people every year This year Rolls-Royce istaking on record numbers of apprenticesamprdquo
The new Rolls-Royce Technology and Logistics Centre at Bognor Regis opened on schedule in January 2016 The purpose-built30000m2 facility is located close to the companyamprsquos head office and manufacturing plant at Goodwoodhttpautoeconomictimesindiatimescomnewsindustrymos-visits-rolls-royce-new-logistics-centre-in-england57626981
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All new Mazda CX-5 to be produced at Hofu Plant The Economic Times
Hiroshima Japan Japanese automaker Mazda Motor Corporation starting from November is going to produce the all-new MazdaCX-5 crossover SUV at its Hofu Plant in addition to the Hiroshima Plant where it is currently produced
The company informed that the move will help the automaker respond quickly and flexibly to growing demand for SUVs globally
Mazda aims to create a production system that can respond flexibly to changes in demand for crossover vehicles as it works tomeet its global sales goal of 165 million units
Launched domestically in February the all-new CX-5 has till date recorded sales of 16639 units about seven times the monthlytarget claims the company
As with the CX-3 starting production of the CX-5 at Hofu Plant as well is part of our plan to build a production framework that givesus more flexibility between plants and between models said Masatoshi Maruyama Managing Executive Officer in charge of GlobalProduction We will do everything we can to get customers the crossover vehicles they want as quickly as possiblehttpautoeconomictimesindiatimescomnewspassenger-vehicleuvall-new-mazda-cx-5-to-be-produced-at-hofu-plant57627447
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Rheinmetall receives over $25 mn order from American carmaker The Economic Times
New Delhi German automotive parts supplier Rheinmetall has booked its first order for a special application of coolant valves by amajor American carmaker and destined for the NAFTA market
The company in a statement said that the order has a lifetime value of over US$25 million (around Rs 165 crore) Series productionof the valves is scheduled to start in 2019 with the contract set to run for about five years
Talking about the product the company went on to say that the innovative valves play a lead role in intelligent thermal and energymanagement on modern vehicle engines These often have several cooling circuits which are controllable with the aid of switchingseat valves
As from model year 2020 this particular customer will be installing several versions of such valves on gasoline and diesel enginesfor pick-ups with over 6 liters displacement
They will take over functions in the cooling circuit of the transmission ensuring that it reaches operating temperature faster byswitching off the coolant flow when the engine is started This also helps to reduce emissions added the companyhttpautoeconomictimesindiatimescomnewsauto-componentsrheinmetall-receives-over-25-mn-order-from-american-carmaker57628058
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Nissans Infiniti names former BMW executive as new design chief ReutersSee this story in The Economic Times
Beijing Infiniti Nissan Motors premium brand named Karim Habib former global design chief for BMW as the brands new chiefdesigner effective July 1
Habib will replace Alfonso Albaisa who will be promoted to lead Nissans global design according to a press release seen byReuters Habib will report to Albaisa
Habib who has worked for several premium automotive brands including BMW and Daimler will be based in Nissans technicalcentre in Atsugi Japan and lead Infinitis design teams in Japan Beijing San Diego and Londonhttpautoeconomictimesindiatimescomnewsindustrynissans-infiniti-names-former-bmw-executive-as-new-design-chief57630437
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Elon Musks bold offer of Tesla batteries wont solve Australias power problems ReutersSee this story in The Economic Times
Launceston Australia Australia is becoming an interesting microcosm on how to or how not to transition an economy from beingpredominantly powered by coal to more climate-friendly alternatives
The dramatic intervention by Tesla Inc Chief Executive Elon Musk last week is just the latest twist in an ongoing saga that pits
business government farmers government and environmentalists against each other
Musk in an exchange of tweets with software billionaire Mike Cannon-Brookes chief executive of Atlassian Corp offered to fix theelectricity supply problems of South Australia state within 100 days of signing a contract
Musks plan is to install 100 megawatts (MW) of grid-connected battery storage which would be available to meet peak demandand would be charged with surplus electricity from other generating sources in periods of low demand
Its a bold offer and would most likely provide a quick fix to Australias fourth-largest state which suffered a blackout last Novemberand has been dealing with power shortages over the peak summer period
Businesses like BHP Billiton which operates the giant Olympic Dam copper mine in the state have been pushing for thegovernment and other stakeholders to ensure stable electricity supply saying the cost of blackouts runs into millions of dollars inlost output
Musk whose Tesla Corp is ramping up output of its battery storage packs at its Gigafactory in Nevada held talks with AustralianPrime Minister Malcolm Turnbull at the weekend as well as with South Australian Premier Jay Weatherill
The politicians will no doubt be tempted to Musks offer to install batteries especially since the electric car pioneer said if he didntmeet his 100 day deadline he wouldnt charge anything
But while Musks offer if taken up would provide a quick fix it would not do enough to mend the underlying problems at the heart ofAustralias electricity woes
Its worth looking at how Australia got itself to the point where virtually all players can agree that the nation is facing somethingapproaching an energy crisis
After all the country is not short of fossil fuels such as coal and natural gas and its climate and low population density outside themajor cities are ideal for renewables such as solar and wind power
The country is heavily reliant on an ageing fleet of coal-fired power stations which makes Australia one of the highest polluters percapita
These coal power stations are starting to close down with one shutting in South Australia last year and another planned to close inVictoria state at the end of this month
The problem is that the coal-fired power stations role as providers of base load electricity cannot be taken over by wind and solarand the role is falling to natural gas
But natural gas is also the most expensive method of generating electricity in Australia so utilities are reluctant to run their gas-firedplants until prices are high enough to justify the cost
South Australia has a gas-fired plant that was mothballed until last years power supply crisis but even with the higher prices forelectricity the operator is struggling to make the plant profitable
The state moved on Tuesday to try and address its energy security issues announcing it would build a 250 MW gas-fired plant andhelp the private sector build a 100 MW battery at a total cost of A$510 million ($385 million)
Gas Supply ConstraintsNatural gas supply is becoming a problem in Australia which may seem ironic given the country is on the verge of becoming theworlds largest exporter of liquefied natural gas (LNG) as the last of eight new plants come closer to completion
In fact the new LNG plants are copping some of the blame for the tightening natural gas market especially the three in easternQueensland state based on using coal-seam gas as the feedstock
These are being blamed for sucking domestic natural gas out of the market and into the export LNG industry
What hasnt helped is that some of Australias state and territory governments are also pursuing policies that will restrict futurenatural gas supplies
Victoria state has banned hydraulic fracturing or fracking as well as shale and coal-seam gas exploration while the NorthernTerritory New South Wales and Tasmania have various moratoriums on fracking
This leaves Western Australia Queensland and South Australia as the remaining states where onshore natural gas supplies can bedeveloped and they are now in the cross-hairs of the environmental lobby which is opposed to any and all new natural gas wells
Politicians across the traditional Labor-Liberal divide are increasingly giving in to demands to restrict natural gas exploration whilepretending that this wont have a negative impact on energy security and electricity prices
But the costs are starting to become apparent with spot electricity prices surging over the Australian summer and natural gassuppliers warning that they will be unable to meet the needs of industrial customers without action being taken
Its often the case politicians only take action when the point of crisis is reached and this appears to be the case in Australia
Whats needed is a holistic approach to energy supply as Australia transitions away from coal-fired power
This means ensuring enough natural gas is available to provide base load generation while scaling up renewables such as solar
wind pumped hydro and battery storage
Forging enough common ground with the various stakeholders will be the main obstacle but more than anything else Australia isshowing how difficult it is to end the age of coalhttpautoeconomictimesindiatimescomnewsindustryelon-musks-bold-offer-of-tesla-batteries-wont-solve-australias-power-problems57630514
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Innogy in talks with car consortium over charging stations CEO ReutersSee this story in The Economic Times
Essen Germany Innogy is in intense talks with a group of carmakers Chief Executive Peter Terium told journalists on Mondayhoping to be selected as a supplier of super-fast charging stations for electric vehicles across Europe
Its not a done deal yet Terium said pointing to strong competition from rival vendors
BMW Volkswagen Ford and Daimler plan to build about 400 next-generation charging stations in Europe that can reload anelectric car in minutes instead of hours
Sources told Reuters in January that Innogy was in talks with the consortiumhttpautoeconomictimesindiatimescomnewsindustryinnogy-in-talks-with-car-consortium-over-charging-stations-ceo57624184
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China may roll back electric vehicle quotas as industry pushes back ReutersSee this story in The Economic Times
Beijing China is considering easing proposed quotas aimed at producing more electric vehicles as Beijing gets pushback from theautomotive industry over the scale and pace of the plans
If adopted proposed changes under discussion could see a target of new energy vehicles (NEV) making up 8 percent of sales nextyear pushed to 2019 two auto executives said
The changes would lower targets from a draft policy released in September requiring 8 percent of automakers sales to be batteryelectric or plug-in hybrid vehicles by 2018 rising to 10 percent in 2019 and 12 percent in 2020
Any loosening of NEV targets would mark a pull back by Beijing which has faced opposition to the planned targets as it looks todrive its domestic carmakers to overtake global rivals in the green vehicle sector
Automakers and industry bodies have said the targets are too tough and could hurt manufacturers interests New energy vehicleslast year accounted for just 18 percent of sales in the worlds biggest autos market according to Reuters calculations based onofficial data
Its normal to make revisions as its a draft plan An Jin chairman of Anhui Jianghuai Automobile Group (JAC Motor) said on thesidelines of the National Peoples Congress in Beijing
He said he was aware of talks to revise the quota targets but said nothing was set in stone JAC hasnt been told what revisionsmight be made to the draft but I think it is possible the draft will be changed after the discussions he said
Whether the whole market can hit this quota by 2018 depends a lot on the strength of government policy If its strong then weshould be able to surpass the targets An said (But) if you consider Chinas infrastructure and the transformation of Chinas autosector then perhaps the pace will have to slow
Two Percent CutTwo executives familiar with the plans told Reuters the government was considering options for lowering the requirements
One idea was to reduce the quota requirement by 2 percent each year cutting the 2018 requirement to 6 percent said aChina-based government relations official at a major global automaker It would then be 8 percent in 2019 and 10 percent in 2020
Another option would be to push back each target by a year with the 8 percent quota starting from 2019 an executive at aJapanese car maker said
Both asked not to be named due to the sensitivity of the matter and because the draft was still under consideration
The overall policy includes quotas for plug-in cars targets for average fuel economy requirements and a credit trading system topromote green energy cars while penalizing petrol cars
The two people said the quota stand-off was tied to a disagreement between the Ministry of Industry and Information Technology(MIIT) and Chinas top state planner the National Development and Reform Commission (NDRC)
MIIT which regulates manufacturers supports a more flexible credit trading system favoured by automakers The NDRC is more
aggressive in promoting a transition to electric vehicles pushing the introduction of the stricter quotas
An NDRC spokesman said the body played a small role when the draft was open to public for discussion MIIT did not immediatelyrespond to Reuters requests for comment
China has strongly supported and subsidized electric vehicles but is gradually swapping out incentives for hard targets automakersmust meet The central government cut subsidies 20 percent this year a first reduction towards eliminating them by 2020httpautoeconomictimesindiatimescomnewspolicychina-may-roll-back-electric-vehicle-quotas-as-industry-pushes-back57623608
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Russias standards agency says Volkswagen recalls 43151 Skoda cars ReutersSee this story in The Economic Times
Moscow Russias standards agency said on Monday that Volkswagens Russian operation had informed it about the voluntaryrecall of 43151 Skoda cars due to a possible technical fault
The recall affects Skoda Octavia Superb Fabia Yeti and Rapid cars sold in Russia between 2012 and 2016 the watchdog saidhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsrussias-standards-agency-says-volkswagen-recalls-43151-skoda-cars57624140
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Economy
Rupee hits 1-12 yr high surges 78 paise on BJP sweep PTISee this story in The Economic Times
Mumbai The rupee surged by a massive 78 paise to end at a nearly one-and-a-half year high of 6582 against the US dollar onfrantic unwinding of the American currency following BJPs emphatic victory in Uttar Pradesh
Forex market sentiment soared on hopes that BJPs stellar show in state polls would pave the way for the Modi government to focuson key reform measures
The home currency resumed on a strong footing at 6620 from last Fridays closing value of 6660 at the Interbank ForeignExchange (forex) market on heavy dollar unwinding from speculative traders and exporters tracking weekend developments
Maintaining its bullish momentum against the dollar the rupee hit a fresh intra-day high of 6576 in late afternoon deals beforeending at 6582 showing a solid gain of 78 paise or 117 per cent
This is the highest closing of the rupee since November 6 2015 when it had ended at 6576
Meanwhile the RBI fixed the reference rate for the dollar at 661800 and for the euro at 704354
Financial markets too took comfort from BJPs landslide victory with the broader Nifty climbing 15245 points to a new closing peakof 9087 and the Sensex rallying 49640 points to end at 2944263
The much-anticipated turnaround on the economic front has opened up a barrage of foreign capital fund flows into India
Foreign investors pumped in over Rs 10000 crore in the Indian capital markets this month so far
It also got an added fillip from bullish macro data which showed that the countrys industrial production bounced back in Januaryexpanding by 27 per cent year-on-year
Factory output measured in terms of Index of Industrial Production (IIP) had contracted by 01 per cent in December
However inflation based on wholesale prices shot up to a 39-month high of 655 per cent in February against 525 per cent inJanuary according to official data
On the global front the dollar traded firmly higher against its major counterparts ahead of the two-day Fed meet when it could liftrates for the third time since the financial crisishttpautoeconomictimesindiatimescomnewsindustryrupee-hits-1-12-yr-high-surges-78-paise-on-bjp-sweep57635104
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Nifty hits all time high of 912275 Sensex surges 616 points after big BJP win The Economic Times
Mumbai The Nifty jumped to life highs on Tuesday after the BJPamprsquos thumping win in the crucial state of Uttar Pradeshrekindled hopes of a bigger-than-expected push for reforms by the Narendra Modi government
The Nifty up 11 so far this year crossed its previous life high of 9119 to hit 912275 before ending the day 171 or 15245points higher at 9087 This is the indexamprsquos biggest single-day gain in points since February 1 and caps a strong reboundsince the December 26 low of 7893 on demonetisation worries
The Sensex surged by 616 points or 212 intra-day before ending the day at 2944263 up 49640 points This is its biggest gainsince May 25 last year The index is the best performer among all developed and emerging market indices in local currency terms inthe past three months
The rupee surged 79 paise to a 16-month high of 6582 to the dollar as exporters sold more dollars and foreign investors boughtlocal shares BSE data showed that foreign investors bought local shares worth Rs 4089 crore their biggest single-day purchasesince February 17 when they purchased Rs 8059 crore
FPIs have bought shares worthRs 23132 crore since January this year against net sales of Rs 9800 crore in the same period lastyear The BSE Midcap and Smallcap indices gained 144 each
ampldquoOne must be ready for a correction after a rally but I am optimistic about the medium to longterm prospectsamprdquo saidMotilal Oswal chairman Motilal Oswal Financial Services Ltd ampldquoFundamentally valuations are comfortable at this point intime because of good corporate earnings growth In the short term markets may remain volatileamprdquo
BJP romped to victory in UP on Saturday winning 312 out of the 403 seats Its allies won 13 more taking the NDA tally to 325 Thisis the biggest win recorded by any party in the state since 1977 and has raised prospects of the BJP doing well in other electionsthis year and next Many political pundits also believe that the victory has improved Prime Minister Narendra Modiamprsquos chancesof retaining power in the 2019 general election
Barring the metals index all other sectoral indices on the NSE ended with gains on Tuesday About 55 stocks including TitanJubilant Life Sciences Kotak Mahindra Bank IndusInd Bank YES Bank and Indiabulls Housing Finance among others hit life highswhile 92 stocks were locked in upper circuit with no sellers
ampldquoWith the sharp rally the market which is currently susceptible to global risk is trading at above average multiples and westay cautious near termamprdquo said Sanjay Mookim India Equity Strategist BofA Merrill Lynch ampldquoIndiaamprsquos businesscycle should improve over the next several quarters while improving construction should drive capex which is good forequitiesamprdquo
Some market experts are divided over the near-term outlook as indices have begun to look expensive at current valuations Plusthere is no immediate trigger for upgrade
ampldquoValuations of the Indian market are quite high and would require the support of strong earnings growth Any disappointmenton earnings will make valuations look even more expensive which the market may not likeamprdquo said Sanjeev Prasad senior EDand co-head of Kotak Institutional Equities
ampldquoGlobal and domestic interest rate cycles are no longer supportive with likely increase in developed markets bondyieldsamprdquo
ampldquoWhile markets are expecting a rate hike this meeting what will be of more interest is the commentaryamprdquo said DipenShah senior V-P PCG research Kotak Securities ampldquoIf it is hawkish it may have an impact on fund flows to emerging marketsbut India may be relatively less impacted because of the continuing domestic flowsamprdquo
ampldquoNotwithstanding the election results we believe the risk-reward is not favourable currently and advise investors to sell intothis rally We expect Nifty EPS to rise 15-16 in FY18 and see no trigger for an earnings upgrade at this junctureamprdquo ReligareInstitutional Research said in a notehttpeconomictimesindiatimescommarketsstocksnewsnifty-hits-all-time-high-of-9122-75-sensex-surges-616-points-after-big-bjp-winarticleshow57639036cms
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WPI inflation up 655 for February 2017 The Economic Times
New Delhi The annual rate of inflation based on monthly Wholesale Price Index (WPI) stood at 655 percent (provisional) for themonth of February 2017 (over February 2016) as compared to 525 percent (provisional) for the previous month and -085 percentduring the corresponding month of the previous year
The official Wholesale Price Index for amplsquoAll Commoditiesamprsquo for the month of February 2017 rose by 05 percent to 1855(provisional) from 1846 (provisional) for the previous month
The index for primary articles rose by 09 percent to 2581 (provisional) from 2557 (provisional) for the previous month
The inflation rate for Fuel and power group rose by 13 percent to 2038 (provisional) from 2012 (provisional) for the previousmonth due to higher price of coking coal (15 percent) aviation turbine fuel (3 percent) bitumen (2 percent) and kerosene highspeed diesel LPG and lignite (1 percent each) However the price of furnace oil (1 percent) declined
The index for the major group of manufactured products remained unchanged at its previous monthamprsquos level of 1588
(provisional) In this group the index for amplsquoRubber amp Plastic Productsamprsquo group rose by 02 percent to 1489 (provisional)from 1486 (provisional) for the previous month due to higher price of rubber products (1 percent)
The index for amplsquoTransport Equipment amp Partsamprsquo group rose by 05 percent to 1405 (provisional) from 1398 (provisional)for the previous month due to higher price of auto rickshaw tempo matador (4 percent) and auto parts (1 percent)
For the month of December 2016 the final Wholesale Price Index for amplsquoAll Commoditiesamprsquo stood at 1833 as comparedto 1828 (provisional) and annual rate of inflation based on final index stood at 368 percent as compared to 339 percent(provisional) respectively as reported on January 1 2017httpautoeconomictimesindiatimescomnewsindustrywpi-inflation-up-6-55-for-february-201757627665
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February CPI at 365 vs 317 in January highest since October 2016 PTISee this story in The Economic Times
New Delhi Retail inflation rose to 4-month high of 365 per cent in February mainly due to surge in price of food items like fruitssugar and confectionery
Measured in terms of Consumer Price Index (CPI) the inflation had dipped to a multi-year low of 317 per cent in January this yearon account of cash crunch following demonetisation It was 526 per cent in February last year
According to the CPI data released today by the Central Statistics Office (CSO) the consumer food prices index (CFPI) rose by201 per cent in February from 061 per cent in January The CFPI was 53 per cent in February 2016
Inflation in fruits was higher at 833 per cent fuel and light at 39 per cent in February The rate of price rise in meat and fish was 35per cent in February
Prices of sugar and confectionery items rose by 1883 per cent in February while inflation in milk and milk product increased by 422per cent
The rate of inflation in household goods and services was 409 per cent while this rate was in health segment was 4 per cent Thetransport and communication became expensive by 539 per cent
The personal care and effects segment rose by 515 per cent while the education became more expensive by 537 per cent inFebruary this year
The inflation rate was 438 per cent in clothing and footware segment while it was 49 per cent in housing segment
However the prices of vegetables and pulses declined by 829 per cent and 902 per cent respectively
Rural retail inflation was at 367 per cent in February compared with 336 per cent in the preceding month The CPI was also up inthe urban sector at 355 per cent in February from 29 per cent in January this yearhttpautoeconomictimesindiatimescomnewsindustryfebruary-cpi-at-3-65-vs-3-17-in-january-highest-since-october-201657633211
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Closing
Last Financial Closing
Sensex 2944263 (+49640)NSE 9087 (+15245)US$ spot Rs6582US$ Y1148000US$ 6 months RsYen Rs57Euro spot Rs70
Gold (10gm) Rs28333Silver (1kg) Rs4008300
Crude Oil (WTI) Crude Oil (Brent) $5172 (+037)
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Apollo Tyres 1 18610Asahi Ind 1 21655Amara Raja B 1 83230Ashok Leyland 1 9080Bajaj Auto 10 286670Bharat Forge 2 103550Denso 1 Eicher Motor 10 2396325Escorts 10 51945Exide Ind 1 21645Force Motors 10 427760Gabriel India 1 11460Hero Motocor 2 335745Hind Motors 5 950Hi-Tech Gear 10 29885Jay Bh Maruti 5 38190
Jamna Auto 5 20550JK Tyres amp Inds 10 1241 Kinetic Motors 10 Kinetic Engg 10 KOEL 2 37685Kirloskar Br 2 24135LML Ltd 10 1250LampT 2 155810Lumax Ind 10 131690Lumax Tech 10 43230MampM 5 132600Maruti Suzuki 5 613240Motherson SS 1 36290Minda Inds 2 44350MRF 10 5298390Omax Auto 10 7555Rico Auto 1 5720Sona Koyo St 1 8170
SRF 10 157155Tata Motors 2 46975 TVS Motors 1 43690
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Bhushan Steel 2 5430Hindalco 1 19040Hind Zinc 2 29140JSW Ispat S 10 Jind Steel 1 12490JSW Steel 1 18190Jindal Saw 2 7995National Aluminium 5 7310SAIL 10 6005Tata Steel 10 47255Visa Steel 10 2185
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Ambuja Cement 2 23370Binani Industries 10 7200Birla Corp 10 70360India Cement 10 16070Prism Cement 10 9375JK Cement 10 88470Shree Cement 10 1639835
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PLEASE NOTE
NURC Industry Updates contain editedtruncated text of Industry-specific news as it appears in various select dailies and websites These are NOT full stories unless otherwisespecifically mentioned The stories contained herein are informational only and no representation is made or warranty given as to their content reliability truthfulness orusefulness User assumes all risk of use It be clearly understood that NURC updates do not claim to and neither mean to replace the Print or the Internet editions of variousnewspapers whose articles are featured therein For the best and complete news reading NURC urges its readers to read the full text of the stories from the Newspaperswhose credits are given after the headline and visit the related website whose URL is given below the text matter of each news item
NURC News Update - AUTOMOBILES
News on Indian Auto Industry Copyright 1999 NURC MediaNext Pvt Ltd
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Powered by Enablingbiz Esoluttions
Interviews amp Features
Not just a car Hindustan Motors Tushar BurmanThe Hindu (Web amp Print Edition)
As we finally say goodbye to the well-lovedAmby we look back at its storied production run and the characters that make up thetale
In February 2017 Hindustan Motors (HM) sold the Ambassador brand to Peugeot the French car manufacturer poised to re-enterthe Indian market with the HM principals They paid Rs 80 crore for the name that moved the armed forces government andinnumerable families across India for almost 60 years
Nostalgia tripThe car most remember as the Ambassador is based on the British-built Morris Oxford Series III and has been produced with minorchanges since 1957 Manufactured by the CK Birla group company Hindustan Motors it was liked for its spacious interiors solidbuild and status ampndash considering it was the passenger vehicle of choice for government functionaries It remained so until the80s when Maruti Suzuki came into the country and changed motoring forever with cheap reliable Japanese cars
Reliability was not a strong point for the Ambassador in the early days and owners always had to carry aggregates such as hosepipes fan belts and such The car also supported a cottage industry of specialist mechanics who strengthened the chassis withadditional welding to make them suitable for India Being one of very few locally-produced cars in the country however made theAmbassador fairly easy to work on You could find a mechanic to fix one in almost any part of our vast country Engines were simpleand made barely-adequate power
Starting off with a 15-litre side-valve petrol engine later models switched to a more robust 18-litre Isuzu petrol engine which hadsignificantly more power at 75hp The Ambassador holds the distinction of being the first diesel passenger car sold in India using a15-litre 37bhp diesel motor Later models also employed 20-litre diesel and turbo-diesel motors of similarly modest output
Vintage collectionDhananjay Badamikar of Pune has a few Ambassadors among his growing collection of vintage cars ampndash a amprsquo62 Mk I aamprsquo65 Mk II a amprsquo70 Mk II a 2012 Classic 1500 diesel The latest acquisition had done only 3000km and was used as atest vehicle at ARAI His Porter pickup truck model has a 1500cc diesel motor as well
All his vehicles are in running condition Maintaining them is a task and a hobby in itself Heamprsquos constantly on the lookout forspares grabbing any that become available and keeping them in his inventory He often shares parts with friends and members ofvintage car clubs
As faithful as Badamikar is to keeping his Ambassadors mint there are others that stick to the cars of their childhood while givingtheir own unique twists to their upkeep Anant Pithawalla runs N1 Racing Equipment in Mumbai and has kept his familyamprsquos1979 Ambassador Mk IV sprinting quite literally Heamprsquos swapped the old 15-litre engine for the more modern 18 installedpower steering disc brakes all round (still a rarity today in Indian cars) put in a high-flow KampN air filter performance spark plugscams and a carb rejet Still the voluminous Ambassador carries considerable heft so 18 seconds is his quickest quarter-mile withhis beefy Amby
As of 2017 the Ambassador has been through seven or so generations After the Landmaster there were Mk I through IV modelsthe Nova we often saw through the 90s followed by the Grand Classic and Encore ampmdash the final version compliant with BS4norms ampmdash as the vehicle became increasingly irrelevant Nevertheless whether due to nostalgia canny business sense orlove for its unique qualities enthusiasts over the years have kept their Ambassadors soldiering onhttpwwwthehinducomtodays-papertp-featurestp-metroplusnot-just-a-cararticle17464529ece
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Cars SUVs MUVs
Toyota to launch Vios in 2018 will compete with Honda City and Maruti Suzuki Ciaz The Financial Express (Web Edition)
Toyota will launch its sedan Vios next year in India and will showcase the car at the 2018 Auto Expo According to a report byNDTV the Vios launch will be followed in a couple of months from the showcase at the Auto Expo The company has alreadylaunched the Vios in Thailand and might bring the same model in India The Vios will be offered in petrol and diesel options will bepositioned between Toyota Corolla Altis amp Etios The car will be an important one for the company as itll give Toyota a presence inthe hugely popular sedan segment consisting of cars such as the Honda City Maruti Suzuki Ciaz Hyundai Verna and VolkswagenVento
The Thailand spec version of Vios is powered by a 15-litre petrol engine and it is expected that the company might bring the sedanin two engine options- a 15-litre petrol and 14-litre diesel engine The 15-litre petrol engine develops 107 hp of power and 141Nmof torque The engine will be mated to a 5 -speed manual gearbox and CVT transmission
On the exterior the Vios will get new projector headlamps with LED daytime running lights T-shaped grille new fog lamps and willride on 16 and 17-inch alloy wheels Dimensionally the sedan measures 4410mm in length 1700mm in width 1475mm in height
and 2550mm wheelbase Inside the cabin the Vios gets a touch screen infotainment system audio system with steering mountedcontrols leather upholstery automatic air conditioning and keyless entry It however remains to be seen as to what features doesToyota introduce in India
In terms of safety the Vios could get dual airbags ABS (anti-lock braking system) with EBD (electronic brake-force distribution) asstandard across all variants in wake of the upcoming safety legislations In addition it might get brake assist ISOFIX rear child seatanchors traction control and VSC (vehicle stability control)
Toyota Motor launched the Vios in Thailand around at a price of 609000 baht ( Rs 115 lakh) and it is expected that the Indianversion might be launched under Rs10 lakh in India If priced competitively and packaged smartly the Vios might give Toyota astrong foothold in a segment that is driven more by value-for-money in form of new features and technologies and not just acheaper price-tag something that Toyota got it wrong with the Etioshttpwwwfinancialexpresscomautocar-newstoyota-to-launch-vios-in-2018-will-compete-with-honda-city-and-maruti-suzuki-ciaz587255
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Maruti case Unions to meet in city today Chetna ChoudhryThe Times of India (Web amp Print Edition)
Gurgaon Over 500 representatives from 150 workers unions including six from Maruti Suzuki India Limited (MSIL) and Gurgaonchapters of the AITUC CITU and HMS will gather at 11am on Wednesday in Tau Devi Lal Park in Manesar to devise their futurecourse of action in the 2012 Maruti Suzuki labour unrest case The unions will decide how to re-appeal the verdict and extend helpto the families of the 31 convicted workers Sources revealed that since 18 of these who have been convicted of rioting havealready been in jail for four years there will be efforts to get them released
With over 30000 workers across Gurgaon and neighbouring Rewari choosing not to celebrate Holi workers colonies in ManesarDharuhera and Dundahera wore a deserted look on Monday This was the was workers chose to express their solidarity with theircomrades and their unhappiness at the decision by the sessions court which last Friday convicted 31 workers
Sources revealed the unions intend to work on multiple angles in the matter Firstly they plan to appeal for acquittal of the 18workers who have been convicted of rioting Lawyers representing the workers will request the court to consider that these accusedhave already been jailed for four years Secondly for the 13 workers convicted for murder if the quantum of punishment is veryhigh they will challenge it in the high court They are also considering challenging the lower court order which has convicted 13workers for Section 302 (murder) They believe the workers were not involved in the killing of the general manager (humanresources) Awanish Kumar Dev Besides this life insurances policies will be provided to the families of the 13 convicts andemployment avenues will be explored for their families Also around 6000 regular workers from MSIL have planned to contributemoney to provide financial help to the families of the convicted workers
Well discuss all aspects in detail and chalk out a plan Our priority is to get the ones who have been convicted of rioting out of jailand challenge the verdict if for the murder convicts the quantum of punishment is high Also we have to support the livelihood oftheir families and their childrens education said Kuldeep Janghu of Maruti Udyog Workers Unionhttptimesofindiaindiatimescomcitygurgaonmaruti-case-unions-to-meet-in-city-todayarticleshow57639394cms
Top
Preparing PV portfolio to meet new norms Tata Motors
PTISee this story in The Hindu (Web Edition)
Geneva Tata Motors is undertaking a ampldquoclean upamprdquo of its passenger vehicles product portfolio as part of transition tomeet new regulations and achieve profitable growth that could bring an end to the Nano
The company is focusing on hatchback Tiago and upcoming compact sedan Tigor to act as bridge during its ongoing transition fromthe past to the future to drive volumes and improve bottomline of its passenger vehicles (PV) unit till it launches new products undernew platforms by 2018
ampldquoThe old world is any way going to be changed not because of Tata Motors but because of changes in regulatoryenvironment It may be emission requirements in 2020 or even earlier changes as far as safety requirements (2017) areconcernedamprdquo Tata Motors Managing Director and CEO Guenter Butschek told PTI at the Geneva Motor Show
He was responding to a query on how Tata Motors saw the future of its entry level small car Nano the dream project of Tata Groupchairman emeritus Ratan Tata
From October this year India will adopt stringent norms for frontal and side crash tests that would require vehicles to be equippedwith safety airbags In 2020 the country will implement the BSampmdashVI emission norms
ampldquoSome products will actually get naturally to the end of their lifecycle So there is already a clean up going on in this regardWe have launched intensive activities in order to get the cost down on all the products that are currently in operationsamprdquoButschek added
When asked when will the company call time on the Nano he declined a specific answer but said ampldquoAt one point of time each
and every car gets naturally to the end of its lifecycle
ampldquoWe have already well laid out PV strategy We will make the calls on the execution of the bits and pieces of the strategy atthe right time Each and every decision has its timeamprdquo
The companyamprsquos focus during the transition is to have models Tiago and Tigor to drive volumes and profitable growth so that itis in a better position financially to invest on its future products
ampldquoThe key focus in on Tiago and Tigor because these are our volume productsamprdquo he said adding cost savingengineering changes and improvement of productivity on these models could successfully boost bottomline during the transition
ampldquoThere is a period inampmdashbetween which we have to overcome where even if turn individual products into a positive oneit is certainly not good enough in the first instance to acually get me my overall funding requirements into the futureamprdquoButschek said
Stressing on the need to bring new products on time within stipulated investments Butschek said ampldquoWe need to deliver ournew products on time on cost because the market doesnamprsquot wait for us The customer is not going to be for usamprdquo
The company is changing the way it has been working on that front he said
ampldquoWe are not going to continue with the legacy where all products effectively could launch later than initially plannedamprdquoButschek said
Elaborating on the future products strategy he said ampldquoWe have presented AMP platform with 6ampmdash8 topheads and theother platform to come the Q5 with at least two different topheads and possibly even more in the near future to leverage on theseplatforms and create economies of scaleamprdquo
He said the plan is to get ampldquodesirable products on one side and on the other get also products that will get us to the costposition products which are going to be profitableampldquohttpwwwthehinducombusinessIndustrypreparing-pv-portfolio-to-meet-new-norms-tata-motorsarticle17461284ecePreparing PV portfolio to meet new norms Tata MotorsThe Pioneer (Web amp Print Edition)httpwwwdailypioneercombusinesspreparing-pv-portfolio-to-meet-new-norms-tata-motorshtml
Top
Mahindra pitches its only car as a successor to the Ambassador Amrit Raj amp Jyotika Soodmint (Web amp Print Edition)
New Delhi Mahindra and Mahindra Ltd plans to redesign the only car in its stable Verito to cater to the needs of Indiaamprsquosfast-growing taxi segment as it looks to fill the void created by Hindustan Motorsamprsquo Ambassador a top executive at the firmsaid in an interview
The CK Birla Group-owned Hindustan Motors sold the brand Ambassador to French company PSA Group in February TheAmbassador has a cult following among some retro-minded enthusiasts in the country It was the vehicle of choice (or rather giventhe limited choice default) of thousands of owners since 1957 due to its sheer ruggedness and ability to manoeuvre Indiaamprsquospotholed roads It was hugely successful in Indiaamprsquos small car market and in particular with the government This was ofcourse before Maruti Udyog Ltdamprsquos Maruti 800 killed its appeal Today Marutiamprsquos SX4 has replaced the Ambassador ingovernment circles The Ambassador was also the preferred vehicle for taxis
Mahindra wants to occupy this space vacated by the Ambassador
ampldquoTherefore if we say that let us focus that vehicle (Mahindra Verito) on the taxi segment alone whether it is electric vehiclegasoline or diesel can we redesign that vehicle to become the next Ambassador in the taxi segment Thatamprsquos what we areworking on right nowamprdquo Pawan Goenka managing director of Mahindra and Mahindra said in an interview
ampldquoWe will be looking at all the aggregators Today aggregators buy Verito but not in large quantity because it is moreexpensive than some of the other products in that category If we can take care of that part of it then it is a very desirable taxivehicleamprdquo he added
To be sure Verito has never been a runaway success Born as Logan under a joint venture with Renault SA it became Verito whenMahindra got full control of it after the partnership ended Since then the company has made several attempts to resurrect thebrand but for various reasons customers have stayed away from the product Goenka now sees it as a perfect fit for the taxisegment
ampldquoWhat do you need in a taxi You need a spacious vehicle which is comfortable runs from point A to point B economicallyIf you forget for a minute about the looks which is where we lose out and if you look at the functionality of the vehicle it is verydifficult to find a vehicle in that size that will give you better functionality in terms of space comfort (than the Verito)amprdquo he said
Mahindraamprsquos new plan for the Verito is driven in part by the growing sales of cars as taxis amidst the advent of cabaggregators Ola and Uber Driven by demand for these app-based cab operators as much as 17 of total passenger vehicles soldin the country by 2020 are expected to be sold in the taxi segment estimates rating agency Icra
But Mahindra may not be looking at cab operators only Being the only maker of electric vehicles in Indiaampmdashit has two pureelectric cars such as Verito Electric and E2Oampmdashthe company is also looking to push sales through government channels TheIndian government itself wants to promote sale of electric and hybrid cars and is in the process of drafting a policy on the subjectMint reported on 7 February
A top officer in the ministry of road transport and highways told Mint that the Mumbai-based company is in talks with road transportminister Nitin Gadkari to initiate a pilot project of electric car taxis in Nagpur
ampldquoUnder the first phase around 200 electric cars would be plied on the roads as taxis to see the resultsamprdquo the officersaid requesting anonymity The details of the project still need to be worked out It remains to be decided if the government will buythese electric cars as taxis and run them under a public transport system or hire a company to ply them as private taxishttpwwwlivemintcomCompaniesCrdVqpFcTgRyyjIlGLpYdPMahindra-pitches-its-only-car-as-a-successor-to-the-Ambassadhtml
Top
Mahindra readies US debut with off-roader Ssangyong products The Times of India (Web amp Print Edition)
Chennai The nearly $18 billion Group Mahindra is finalising its ambitious automotive foray into the US market starting from 2019when an offroad product entirely developed by the companys Detroit RampD centre will be launched in that market Korean groupcompany Ssangyong too is planning to debut its products in the US in the next 18 months According to company sources MampM isreadying for full-fledged US push given that its earlier legal cases have now all been sorted out
Mahindras US foray is being spear-headed by Mahindra North American Technical Centre (MNATC) the companys RampD centre inDetroit which is currently working on two separate products one for the Indian market and another entirely for the US marketMNATC is developing an off-roader product for the US market which is expected to be launched sometime in 2019 said a seniorcompany source It has also developed another product which will come to the Indian market by the middle of financial year2017-18 he added
Industry sources say the Mahindra-badged vehicle intended for the American market may well be called Thar and has been entirelydeveloped by MNATC The Detroit tech centre assumes importance given that Group Mahindra is one of 6 companies shortlisted bythe United States Postal Service (USPS) for the Next Generation Delivery Vehicle (NGDV) prototype a nearly $5 billion order forthe company that finally bags it
Apart from its own foray into the US Mahindra group company Ssangyong too is preparing for an American outing Ssangyong islooking to enter the US in the short-to-medium term and it is currently developing products and strategy accordingly said the seniorcompany source Industry sources say this could happen as soon as 2018
Mahindras previous attempt to debut in the US with a rugged fuel-efficient pick-up in the late 2000 ran into legal problems withsome of its dealers suing it in 2010 With those cases cleared up the company is now revisiting its US strategy but this time theproduct is designed and developed in America for the American markethttptimesofindiaindiatimescombusinessindia-businessmahindra-readies-us-debut-with-off-roader-ssangyong-productsarticleshow57621866cms
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E20 Plus Indias first electric family car Sandesh M S and Umesh M AvvannavarDeccan Herald
Homegrown auto major Mahindra amp Mahindra (MampM) a pioneer in integrated and electric mobility solutions in India is leaving nostone unturned to make the environment greener and cleaner
The company launched e2O Plus recently which is primarily meant for city commuting The e20 Plus hatchback priced in the rangeof Rs 546 lakh to Rs 846 lakh (ex-showroom Delhi) and is also looking at expanding its electric vehicle portfolio further With thelaunch of the e20 Plus marked the companyamprsquos foray into the mass market electric city car segment
The e20 Plus is an amalgamation of advancements in automotive technology electronics and information technologyMampMamprsquos electric vehicle portfolio includes small car and light commercial models such as e20 eVerito and eSupro amongothers Since launching small car e20 in March 2013 it has so far sold over 3000 units of the car in the country
The company has marked the entry level of the e20 Plus P2 variant of the vehicle for fleet owners The other variants P4 P6 andP8 are priced at Rs 546 lakh Rs 595 lakh and Rs 846 lakh respectively
The vehicle comes with a range of 140 km on a single charge and achieves a top speed of 85 kmph The company which hasalready invested around Rs 800 crore on its electric vehicles business including development of technology
It comes with various features such as easy home charging hill assist reverse camera charging ports and smartphoneconnectivity among others Compared with other normal cars on the road what makes the Mahindra e2o Plus special is itsmechanism The electrically-operated machine will distance you from long lines in pumps One will definitely feel the importance ofthe car during the hike in fuel rate and strikes in the city All you need to have is an AEH plug-point in your parking area to chargethe battery One full charge will last for nearly two days with the planned schedule The driver has to limit the usage of otherfeatures like AC music system indicator and unnecessary honking as this will drain the battery
Accommodating over four passengers will also be an issue as the engine needs more power to pull the weight which is directlydependent on battery
The digital analogue in the car is a required feature in e-cars where we get to know how far a car can take you Thebatteryamprsquos life estimated kilometre to travel will caution you to charge the battery so that you will not be kept in the lurch onthe road
Besides battery the car being gearless is another plus-point that makes your city drive easy The easy switching of the modes fromneutral to forward reverse and power drive is as simple as playing with a toy car As the battery is the whole and soul of the car themakers have completely avoided using any heavy substance in building the body If a complete fibre-made body is a boon forbattery (as it wonamprsquot stress it) itamprsquos a complete drawback for passengers A small accident or even if it comes in touchwith other vehicles will cause huge damage for the vehicle where the owner has to cough up more to fix it The seat-belt is theminimum and the only safety aspect in the car
Four-door offeringThe modified four doors is not just an add on feature but it has also increased the leg room in the rear seat It can easilyaccommodate three people in the back seat and two in front and makes for a complete family car Though the charging plug willoccupy little space in the hatchback rest of the place is for utility The fast drain of the battery with the heavy weight is the onlydrawback in the vehicle
When compared to normal fuel cars the battery-operated cars will charge you less and is effective in cost-cutting But an individualwill definitely be concerned with the cost of the vehicle as the fuel rates in the country are fluctuating For the future MampM is lookingfor a bigger play in the electric vehicle segment with plans to launch electric versions of its existing conventional engine models
Efficient powerThe Mahindra e20 Plus is powered by a 48V and 72V lithium-ion battery pack latter for the top-end variant which produces amaximum power of 26 hp and 40 hp and churns out a peak torque of 70 Nm and 91 Nm respectively The car accelerates from 0to 60 kmph in 141 seconds in the P4 and P6 versions while the 72V battery-powered version takes 95 seconds and has a topspeed of 128 kmph It takes around six to nine hours to fully charge the vehicle and has a fast-charging time of 75 minutes and 90minutes in the P4 and P8 trims While the smaller 48V electric motor has a range of 110 km the 72V unit is good for 140 km
The Mahindra e20 Plus is equipped with a steel frame structure and has a wheelbase of 2258 mm and ground clearance of 170mm
The exterior of the new electric vehicle gets a new grille revised rear end and Mahindraamprsquos signature vertical design Thetop-end variant also gets alloy wheels and a Blaupunkt infotainment system that also has a reverse parking camera
Other highlights of the Mahindra e20 Plus include REVive technology which helps the car to gain an extra 5-10 km of range whenthe battery is low and hill assist which will prevent the car from a rollback on an incline
VerdictWith a simple mechanism and easy to drive the Mahindra e2o plus is tailor-made for city drive
Battery capacity 210 AhBattery weight 121 kgPower 30 kW 3500 rpmTechnology Lithium IonOn-board power 16 kWhrTorque 91Nm 2000 rpmPRICE Rs 950586 lakh (ex-showroom Bengaluru)httpwwwdeccanheraldcomcontent601375e20-plus-indias-first-electrichtml
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Ford retains Ethical honour Nandini Sen GuptaThe Times of India (Web Edition)
Chennai Ford Motor Company has been named one of the Worlds Most Ethical Companies for the eighth straight year byEthisphere Institute This is the longest winning streak by any auto company
The list of the Worlds Most Ethical Companies acknowledges and honours companies that recognise that they have a role insociety to influence or drive a positive change These companies consider their employees investors customers and other keystakeholders when taking action while their values and culture align with the decisions they make every day
Companies weve honoured as Worlds Most Ethical take a novel response to the shift in societal expectations constantredefinition of laws and regulations and the geo-political climate said Timothy Erblich Ethispheres chief executive officer
Weve seen how Ford responds to these challenges while still investing in communities where they reside and embracing ethicalstrategies across the globe as a sustainable business advantage
Ford won the top spot on the basis of programmes aimed at monitoring human rights and safe working conditions sourcingconflict-free minerals to programmes such as the Partnership for a Cleaner Environment which is aimed at encouragingsustainability through Fords supply chain
Efforts to foster long-term relationships with suppliers through active engagement which includes sharing best practices as well asproviding training and evaluations to ensure suppliers meet both legal requirements and Ford standards was also counted as a plusStrong ethics and corporate citizenship are the foundation of our business philosophy which demonstrates to our customers whatwe stand for as a company said Bill Ford Ford Motor Company Executive Chairman This honour is a reflection of Fords corevalues and it shows that our employees are continuing to make the right decisions every day for all of our stakeholdershttptimesofindiaindiatimescomautomiscellaneousford-retains-ethical-honourarticleshow57632785cms
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Ford Endeavour Big beast conquers all topographies Sandesh M S and Umesh M AvvannavarDeccan Herald (Web Edition)
It came down easily from the deep steep it didnamprsquot get stuck in the pool of mud and slush though all the four tyres of thevehicle were like they lay buried inside it was easily making its own way down the path where there was not even a speck of tar inthe surroundings
The easy movement across various obstacles and the first look of the Ford Endeavour will drive any passionate off-roady crazyThe huge 32-litre fully-loaded engine taken for off-road testing on the outskirts of Bengaluru where the real power of the vehiclewas demonstrated by a group of off-roading experts
The vehicle was on top of a rock and there was not even a proper path for its movement but big ditches and meandering ups anddowns It was experienced on a track simulating challenging off-road conditions including hill climbs and descents slush and waterwading among others
Though it was looking like a rally track the car would have toppled at any point if the driver accelerated it amateurly Thisoff-roading track (natural terrain) was surely tailor-made to test the capacity and the power of a proven SUVacirceuroˆbeast
The daring off-roading drive included sharp turns steep hill climbs and hill descent wading through slush uneven surfaces anddriving at a 30-degree tilt among others The powerful four-wheel-drive and terrain management system with NormalSnowMudGrass Sand and Rock modes were ensuring the driver to have complete control of the car even over harsh ground Theterrain management system (the first-of-its-kind in this particular segment of cars) has included the modes for all the possibleobstacles in the off-roading track and makes the owner feel amplsquoready to conqueramprsquo
Terrain Management SystemAs said earlier it is a first-of-its-kind feature in the Ford Endeavour The four different modes are designed in such a way of havingan off-road expert beside you The modes are classified as
NormalFor all regular driving in normal road conditions In this mode the machine passes the torque to the front wheels (when necessary)depending on the movement of throttle and steering-movement This also minimises wheel slip
Snow MudHelps the vehicleamprsquos movement over slippery or loose surfaces Allows the wheel to spin in ups and downs and make thedrive feel smooth
SandFor driving on the rutted condition tracks Helps the driver maintain the same power through sand with aggressive torque transfer
RockThis mode provides maximum traction for low-range four-wheel-drive and prefer low-speed control which will enable one to easilynavigate through extreme off-road terrains
Hill Descent ControlThis mode helps one set and maintain the constant speed which tackles the steep descents with ease This also helps in taking thefeet off from the pedals and concentrate on the steering movement
With all the special modes the car was tested using a specific modes for different obstacles
Halted on the slushEven when the vehicle was completely halted in the slush the water-wading capacity of 800 mm along with 225 mm of groundclearance helped it easily come out of the ditch even in the sharp turns Compared with any other road vehicle the Ford Endeavourcan be halted in between the slush instead of rushing the obstacle
Hill climbing with rock modeThis obstacle was cleared by switching into the Rock mode and turning on the 4X4 drive The only work of the driver is to handle thesteering wheel and keeping the feet on acceleration pedal This mode can make the car climb any steep rock without any difficulty
For the wrong stepTo reduce anxiety on the track or to correct the wrong move the Semi-Auto Parallel Park Assist helps the driver locate the rightplace to halt and proceed while off-roading
70-degree steep downIt was a deadly obstacle on the off-roading track where it should only be done by experts The vehicle was made to come down
from the hill which had a climb of 70 degrees and safely landed on the flat surface The breathtaking obstacle was fought by turninginto the Hill Descent Control mode with extra caution Though one may be a passionate off-roading driver perfection in this obstacleneeds extra practice
Other obstaclesAfter clearing the deadly obstacles rest of the other tests over the track were easily done by the big machine The vehicles easilycrossed the multiple speed breaker and multiple pits and also climbed other steep rocks effortlessly
As a passengerAfter the tough 2 km drive covering all the possible obstacles that one might face during an off-road drive we also tested thevehicle by sitting inside as fellow passengers With the off-roading driving expert on the wheel climbing and getting down the toughterrains crossing other obstacles will make passengers feel the drive is straight out of an amusement park Just make sure thatevery individual inside the car has his seat belt onhttpwwwdeccanheraldcomcontent601374ford-endeavour-big-beast-conquershtml
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Renault introduces Kwid Climber at Rs 43 lakh Deccan Herald (Web Edition)
Bengaluru French auto major Renault has unveiled a variant of its popular hatchback Kwid in the country with the price starting atRs 43 lakh (ex-showroom Delhi)
Christened as Kwid Climber the variant will be available in both manual and automated manual transmission (AMT) modes
The manual variant is priced at Rs 43 lakh while the AMT trim of the vehicle comes for Rs 46 lakh (ex-showroom Delhi) The10-litre SCe engine which powers the Kwid Climber is optimally designed for better performance
The company first showcased the Kwid Climber as a concept vehicle at the auto expo last year The company aims to achieve amarket share of 5 in the near termhttpwwwdeccanheraldcomcontent601369renault-introduces-kwid-climber-rshtml
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Smart Hybrid Vehicles surpass one lakh units Deccan Herald (Web Edition)
Bengaluru Maruti Suzuki India has announced that its Smart Hybrid vehicles Ciaz SHVS and Ertiga SHVS have crossed cumulativesales of 100000 units recently This marks the success of Maruti Suzukiamprsquos efforts in hybrid and electric mobility in India
Introduction of technologies like Smart Hybrid can only create a significant positive impact if they are made available to a largersection of customers With this as a premise MSI introduced Indiaamprsquos first Smart Hybrid Vehicle Ciaz SHVS on September 12015 It subsequently introduced the technology in Ertiga Diesel in October 2015
Smart Hybrid Vehicle by Suzuki (SHVS) is a technology which uses an Integrated Starter Generator (ISG) and an advanced highcapacity battery to supplement the engineamprsquos power SHVS technology makes it more efficient than the conventional set-upand saves energy while deceleratingbraking
Ciaz and Ertiga Smart Hybrid participate in the government of Indiaamprsquos FAME India scheme which aims to promote FasterAdoption and Manufacturing of Hybrid and Electric vehicles in India
Celebrating the success of SHVS sales R S Kalsi Executive Director Marketing amp Sales Maruti Suzuki said ampldquoAs we movetowards hybrid and electric cars we see this as a first important step in this space Both Ciaz SHVS and Ertiga SHVS are high onfuel efficiency come with reduced running costs and lower levels of CO2 emission thus making these popular among customersThe response we have received for SHVS equipped Ciaz and Ertiga encourages us to continue to invest in new technologies thatsupport the environment while benefitting the customeramprdquo
Ciaz SHVS with a certified fuel efficiency of 2809kml tops the mileage chart in India Ertiga SHVS with 2452 kml has set newbench marks in fuel efficiency in its category Both vehicles are market leaders in their respective segments and illustrate thegrowing preference of Indian customers for greener and cleaner technologies like Smart Hybrids SHVS equipped vehicles accountfor over 60 of volume of the two models
Idle Start StopThe engine stops automatically when the driver shifts the gear to neutral and releases clutch while the engine is idling Restartsengine as soon as the clutch is pressed and the stored energy is used for this process
Engine AssistThe stored power in the advanced high capacity battery assists the engine during vehicle acceleration which improves efficiencyand thus prevents wastage of fuel
Brake energy Regeneration During decelerationbraking ISG charges the advanced high capacity battery and provides energy to assist the
engineamprsquos idle-stop-start function and helps the engine during accelerationhttpwwwdeccanheraldcomcontent601368smart-hybrid-vehicles-surpass-onehtml
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Car Tech SmartPlay adds the Android touch Vishal Mathurmint (Web amp Print Edition)
Car entertainment systems have become smarter but car makers in India have been slow to adopt the new technology MarutiSuzuki became the first car maker on our shores to add the Apple CarPlay in-car platform to their SmartPlay infotainment systemavailable in the S-Cross crossover Baleno hatchback Ciaz sedan and Ertiga multi-purpose vehicle (MPV) Now SmartPlay hasbeen upgraded with support for Googleamprsquos Android Auto in addition to Apple CarPlay for the iPhone
At the very heart of the SmartPlay system is a proprietary software for radio Bluetooth connectivity and basic navigation
Android Auto and CarPlay recreate your phoneamprsquos interface on the display in the car What you need to do is plug in yourphone to the caramprsquos USB port At present Android Auto and Apple CarPlay do not work wirelessly
Android Auto gives you instant access to apps such as Google Play Music Google Allo Google Maps and the phone dialer Theinterface is easy to useampmdashthe apps are listed at the bottom of the screen just like the navigation bar at the bottom of yourAndroid phoneamprsquos screen Within each app the menu for relevant options is available on the top left side Android Auto alsointegrates messages and notifications from third-party apps including Facebook Messenger and you can reply or set selectnotifications on mute while you drive
Unlike Apple CarPlay where you donamprsquot need to pair your phoneamprsquos Bluetooth separately Android Auto requiresBluetooth pairing if you want to use the voice-calling feature The 7-inch display has good brightness levels and is adequatelysharp It is a fingerprint magnet though and a bit reflective something youamprsquoll notice during daytime driving The system canalso be accessed with the controls on the steering wheelampmdashthese include media playback voice command and call keys
The new SmartPlay system is rolling out first in the Ignis hatchback priced upwards of Rs459 lakh (ex-showroom Delhi) Thismakes it the first car in its category to have the Apple CarPlay and Android Auto combination available as a default option
There is no doubt then that Apple and Googleamprsquos smart car platforms are a genuine evolution over the infotainment set-upsmost car makers have offered as a default all this whilehttpwwwlivemintcomLeisureTSsAAxb7YqoYittRY2Bw7ICar-Tech-SmartPlay-adds-the-Android-touchhtml
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Luxury Cars
The best of both worlds Roland Folger MD amp CEO of Mercedes-Benz India Hormazd SorabjeeThe Hindu (Web amp Print Edition)
Roland Folger Managing Director amp CEO of Mercedes-Benz India on why the long-wheelbase E-Class is an ideal fit for India
What is the rationale behind introducing the long-wheelbase variant of the E-Class and is it a gamble because of the high price
Well there is always a certain element of risk with a long wheelbase However in the next five to 10 years the road conditions arenot going to be any better and the traffic is not going to be any lighter Our customers including successful businessmen andentrepreneurs spend a lot of time in their cars Once we saw the opportunity within our line-up and solutions we had to some ofthose issues for the Chinese market we were very eager to apply the same in India There is nothing better out there than to havecomfort in your day-to-day driving routine on the populous roads of India
Was there cost pressure arising out of India being the only right-hand-drive market for the new E-Class
Of course there were cost pressures and it was not an easy sell to Germany either looking at the incremental cost of such avehicle and trying to stay within a price level that people would accept
I think that was the biggest challenge we were facing at that time But we remained committed to the idea since we knew it wouldgive us a unique positioning on cost and in price levels in a segment that we really own in India
That also gave us the confidence that the volumes we would achieve in India were definitely going to be worth it
Is there a possibility of exports to other right-hand-drive markets such as Singapore South Africa and Sri Lanka
In markets other than India the situation is different either they sell a lot more S-Classes or are happy with the existing normalwheelbase W213 E-Class We still looked at the opportunity and found that the volume was too small or not profitable for us at all
What was the research that prompted the launch of the long-wheelbase E-Class
We now have a total of 34000 E-Classes running in India We did some research with existing customers that involved talking tothem directly observing cars coming into service and talking to drivers to understand who was driving the car more frequentlyInterestingly we found that most of our customers were chauffeur-driven when they go to work but on the weekend they wish todrive themselves So our aim was to offer a vehicle which offered the best of both worlds
Will the new long-wheelbase E-Class pull in S-Class customers
I donamprsquot see a risk of the new LWB E-Class pulling S-Class customers since the S-Class is not bought because of itslegroom but because of its overall package and positioning We hope to attract a lot of other people from the SUV segmentbecause of the space and comfort the E-Class offers So maybe we can change some of the rules of the game as well
What is the strategy behind bringing the 30-litre V6 diesel to the E-Class
We adopt a skimming policy sometimes where we believe that the first customers because of their long relationship with us aredefinitely going for the 350d
The top-end variants are the first cars to be snatched up eagerly and we need to take care of these customers first
Do you have plans to bring the straight-six diesel engine to India
Yes we might get a straight-six diesel by 2018 Naturally it also depends on our sales figures and our sales success
But it will certainly come to India thatamprsquos a promise We have been making sure that the relevant parties in the Governmentunderstand that from 2018 onwards we will be ready to also introduce Euro-VI or BS-VI-compliant engines in India and arediligently working on thathttpwwwthehinducomtodays-papertp-featurestp-metroplusthe-best-of-both-worldsarticle17464905ece
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Mercedes-Benz E350D A luxury car with limousine looks Shapur Kotwalmint (Web amp Print Edition)
The E-class is the model with which Mercedes first came to India many years ago Now itamprsquos ready with an all-new model in astretched-out long-wheelbase avatar
In fact India is the first right-hand-drive market to get the E-class long-wheelbase
The first thing that strikes you about the new E is that itamprsquos a really long car and itamprsquos this length that gives it the majesticlimousine look The highest specification variant of the 350d gets air suspension In its lowest setting ground clearance is just120mm though you can raise this by 15mm using the ampldquoliftamprdquo function However the underside scrapes over a fewspeed-breakers Whatamprsquos nice though is that the smart 17-inch alloy wheels are wrapped in tyres with tall sidewalls whichhelp the car absorb bad roads better
The focus of the car is its rear seats and this is where the new E-class impresses There is more legroom than you will ever needand the seats are sure to set a new benchmark in the class in terms of comfort They are nicely bolstered and offer excellentsupport all round The back rest even reclines electrically and that combined with the pillow-soft headrest cushions makes the rearseats the perfect spot for a power nap And if you need more legroom you can push the front passenger seat forward with the touchof a button The double panoramic roof adds to the sense of space inside
However the middle seat is narrow and it is best to flip down the centre armrest for comfort There are other shortcomings tooThereamprsquos just one USB slot for the rear passengers who will not be able to control the Comand infotainment system and theair-con system takes quite a while to cool the massive cabin
The Comand system features a 123-inch display and is paired with a Burmester surround-sound audio system It can be controlledvia a jog-dial and a touch pad as well as small steering-mounted touch pads It doesnamprsquot have touch controls and the carbeing sold in India doesnamprsquot get the all-digital instrument cluster that the E-class sold internationally hasampmdashinstead ituses a rather ordinary-looking analogue instrument cluster
However the E-class comes loaded with Mercedesamprsquo Pre-Safe system (it tightens seat belts and braces passengers in caseof an imminent impact) and a 360-degree camera handy when manoeuvring a car this big through tight spaces Thereamprsquoseven a Park Pilot which steers the car into a parking spot for you
Those who like to drive will definitely appreciate the 258hp 30-litre V6 diesel engine Itamprsquos supremely refined you can hardlyhear it in the cabin In addition itamprsquos got nine-speed transmission
The E-class can be quite quick when you want it to be it can accelerate from 0-100 kmph in a claimed 66 seconds Pick up thepace however and the lateral body movement is quite noticeable more so over bad roads Itamprsquos best to use the Sport orSport+ modesampmdash the car feels more tied down and is better to drive In Sport+ though it feels too eager to accelerate andspeed up which can be slightly disconcerting in bumper-to-bumper traffic
In case you donamprsquot plan on driving yourself around the 20-litre petrol-powered variants starting at Rs5615 lakh will serveyou better The car will also get a new 20-litre diesel engine sometime later this year Chauffeur-driven buyers should be impressed
with the caramprsquos ride which almost makes you feel like youamprsquore travelling on a cushion of air especially in the Comfortmode
You must consider the new E-class if you are thinking of buying a luxury car with a brilliant back seat Itamprsquos spacioussupremely comfortable and as with all Mercedes cars has a cabin thatamprsquos fastidiously put together In the right drive mode itcan tackle bad roads well and the big diesel engine is even fun to drive Prices range from Rs5615-6947 lakh (ex-showroomDelhi) which means the top-specification variant is almost Rs7 lakh costlier than the predecessorhttpwwwlivemintcomLeisureZT1ffyCrNaC0DdkXB6GmxIMercedesBenz-E350D-A-luxury-car-with-limousine-lookshtml
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Audi Launches 2017 Q3 at Rs 3420 Lakh Asian Age (Web Edition)
German luxury automaker Audi has recently launched the 2017 Q3 in India It is the third launch from Audi this year and asproposed the automaker will introduce seven more new products in 2017 The updated Q3 comes with subtle aesthetic changesan uprated diesel engine along with standardisation of features The 2017 Audi Q3 is now available in two variants ampndash the 20TDI FWD priced at Rs 3420 lakh and the 20 TDI Quattro priced at Rs 3720 lakh (all prices ex-showroom New Delhi)
In terms of design the changes on the outside are limited to the front bumper The air inlets now get a black surround whichcomplements the black lower cladding The new Q3 is now offered with all-LED headlamps as standard Also offered as standardare 17-inch 5-spoke alloy wheels shod with 23555 R17 tyres
Inside changes are limited to the inlays - the Q3 20 TDI FWD gets walnut brown ones while the Q3 20 TDI quattro gets aluminiumones Equipment such as electric adjustment for the front seats a panoramic sunroof and 2-zone automatic air conditioning isoffered as standard
The MMI system has not been modified in the new Q3 The 65-inch infotainment display remains the same while the multimediasystem is BluetoothSD card compatibility with 20GB of inbuilt storage Infotainment
The 20-litre turbocharged 4-cylinder motor remains the only power source for the Q3 - but it has been tweaked for more powerand torque The transmission option is now limited to the 7-speed S tronic dual clutch The 6-speed manual available on thepre-facelift S edition variant has been discontinued Drivers can use paddle-shifters placed behind the steering wheel to changegears
The 20-litre TDI develops 150PS of maximum power and 340Nm of peak torque in the FWD variant This is 10PS20Nm more thanthe 20 TDI that powered the pre-facelift Q3 S edition Available only with the 7-speed S tronic dual-clutch transmission the 20 TDIFWD can accelerate from 0-100kmph in 93 seconds and has an ARAI-certified fuel efficiency of 1851kmpl
The 20-litre TDI develops 184PS of maximum power and 380Nm of peak torque Compared to the pre-facelift Q3 the motor in thenew develops 7PS more power Paired to the 7-speed S tronic dual-clutch transmission the 20 TDI quattro accelerates from0-100kmph in 79 seconds and has an ARAI-certified mileage of 1517kmpl
Driver convenience features on offer include a colour multi-information display for the driver in the instrument console hill-startassist hill descent control and cruise control Standard safety systems on offer include rear parking sensors reverse parkingcamera ESC and 6-airbagshttpwwwasianagecombusinessautos140317audi-launches-2017-q3-at-rs-3420-lakhhtml
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Commercial Vehicles
Tepid growth of 2-3 expected in CV industry in FY 17 Tata Motors Shobha MathurThe Economic Times (Web Edition)
New Delhi The commercial vehicle industry is expected to grow at a tepid pace of 2-3 percent during financial year 2016-17 due tothe effect of demonetisation and the slow recovery thereafter according to RT Vasan VP sales and marketing at Indias largest CVmaker Tata Motors
In November-December 2016 the commercial vehicle industry had dropped steeply by about 20 percent and has been on arecovery mode since January after the restrictions on cash availability were gradually eased
Improvements have been witnessed across product segments whether LCVs or construction a segment which was doing well rightthrough the year
The cargo market has also started picking up pace since the last couple of months In the bus category privatization has given afillip to its declining fortunes so that the school city and staff transport sector are all on the incline
The construction sector is expected to grow by 25 percent during this fiscal on the back of heightened activity in the infrastructure
sector In FYamprsquo17 ease of financing and improvement of consumption demand was expected to boost LCV sales In the cargoMampHCV segment a double digit growth had been forecast by industry body SIAM with improvement in overall economy led byincrease in industrial and agri output
Vasan told ETAuto that the industry was optimistic about the next fiscal with the advent of the BS-IV emission regime from 1 April2017 However prices of vehicles are expected to rise especially of MampHCV trucks There would be a slow start to the year by theCV industry due to pre-buying in FYamprsquo17 before the new emission regime kicked in that would slowdown sales in the firstquarter of FYamprsquo18
But with the impetus given to this segment by infrastructure development and road construction by the government the industrywould see a growth from Q2 after the impact of pre-buying starts declining
While the industry is ready with the BS-IV product range Vasan says that the new technologies harnessed for compliance wouldboost vehicle prices by 8-10 percent for MampHCVs Buses would also witness a price realignment of 8-10 percent while LCVs wouldsee a price rise of 6-10 percent
In terms of new technologies most of the CV range is already equipped with the anti-lock braking system except for the smallerones
In terms of upcoming regulations some more safety legislation is on its way related to the body code such as cabins that will haveto be necessarily be air conditioned in the future
The bus body code that was earlier announced has only been partially implemented so far and the body code is also believed to becoming up for the truck and trailer segments LCVs are small units and have been already approved by ARAI
The overall CV segment registered a growth of 349 percent in April-February 2017 compared to the same period last year Mediumamp Heavy Commercial Vehicles (MampHCVs) declined marginally by 079 percent and Light Commercial Vehicles grew by 682 percentduring this periodhttpautoeconomictimesindiatimescomnewscommercial-vehiclemhcvtepid-growth-expected-of-the-cv-industry-at-2-3-percent-in-fy1757633279
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Tata Motors to showcase all new 1000 bhp race truck PTISee this story in The Economic Times (Web Edition)
New Delhi Tata Motors will showcase an all new T1 Prima race truck powered by 1000 bhp engine during the fourth season ofthe T1 Prima Truck Racing Championship
The engine of the all-new 1000 bhp T1 race truck is being developed in collaboration with US-based Cummins enabling thecompany to set new benchmarks in the Indian commercial vehicles space Tata Motors said in a statement
Built with specifications similar to that of trucks that race globally the vehicle was developed in a record time of 12 months ademonstration of teamwork speed and capability Tata Motors Executive Director Commercial Vehicles Ravindra Pisharody said
Tata Motors and Cummins have a joint venture company called Tata Cummins established in 1994 developing engines in the rangeof 75 to 400 HPThe fourth edition of T1 Prima Truck Racing championship will be held on March 19 at the Buddh International Circuit (BIC) GreaterNoidahttpautoeconomictimesindiatimescomnewscommercial-vehiclemhcvtata-motors-to-showcase-all-new-1000-bhp-race-truck57635142Tata Motors to showcase 1000 bhp Prima TruckFinancial Chroniclehttpwwwmydigitalfccomcompaniestata-motors-showcase-1000-bhp-prima-truck-900Tata Motors to showcase all new 1000 bhp race truckDaily News amp Analysis (Web Edition)httpwwwdnaindiacommoneyreport-tata-motors-to-showcase-all-new-1000-bhp-race-truck-2352506
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Construction amp Agri Machinery
SBI floats one-time settlement scheme for tractor loans Abhijit LeleBusiness Standard
Mumbai State Bank of India (SBI) has floated a one-time settlement scheme for borrowers defaulting on loans taken to buytractors
The countryamprsquos largest bank has also voiced reservations against the move to waive farm loans saying this will affect therepayment culture in the country
SBI executives said the tractor loan book was part of the bankamprsquos farm loan portfolio and the bank announced settlementschemes regularly to shed doubtful debt where the prospects of recovery were low after making adequate provisions for such dudassets
The settlement scheme for tractor loans began early last month and will continue till March 31 The scheme was for loans disbursedbefore September 30 2011 and had up to Rs 25 lakh outstanding by September 2016 SBI Managing Director Rajnish Kumar saidSBI will take a haircut of 40 per cent on these loans
graphIn a portfolio of over Rs 4000 crore of tractor loans about Rs 800 crore will be eligible for the scheme Crop failure and inability todeploy tractors were some of the reasons for the loans turning bad SBI executives said
SBI had in May 2015 advertised a ampldquoloan resolution weekamprdquo asking borrowers with non-performing assets to ampldquotryand work out a solutionamprdquo The scheme was available to all borrowers except willful defaulters Kumar said the bank was yet tohear anything specific from the government on a farm loan waiver
SBI had in 2014 opposed the waiver of farm loans in Andhra Pradesh and Telangana
ampldquoUttar Pradesh and Punjab constitute 10 per cent of (farm) loans and we wait to understand the contours of the waiver Theimpact will be higher on public banks than on private banksamprdquo Kotak Institutional Equities said in a research notehttpwwwbusiness-standardcomarticleeconomy-policysbi-floats-one-time-settlement-scheme-for-tractor-loans-117031400886_1htmlSBI to offer one-time settlement for Rs 6000-crore tractor loansThe Financial Expresshttpwwwfinancialexpresscomindustrybanking-financesbi-to-offer-one-time-settlement-for-rs-6000-crore-tractor-loans588102SBI to offer Rs6K-cr one-time settlement for tractor loansThe Indian Expresshttpindianexpresscomarticlebusinessbanking-and-financesbi-to-offer-6k-cr-one-time-settlement-for-tractor-loans-4569462
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23 Wheelers
Yamaha aims to export 22 lakh units from India in 2017 Hiroaki Fujita Chairman Deepanshu TaumarThe Economic Times
New Delhi Indian arm of Japanese two-wheeler manufacturer Yamaha Motor is aiming to export over 22 million units from Indiathis year compared to 161 lakh units exported last year thereby recording an estimated growth of 3664 percent Hiroaki FujitaChairman India Yamaha Motor informed in a press statement
In the domestic market the two-wheeler major is also targeting to sell 1 million scooters and motorcycles in 2017
In an annual supplier conference held at Greater Noida Hiroaki Fujita Chairman India Yamaha Motor said ampldquoOur target forthis year is to achieve 1 million unit sales in domestic market and 22 lakh unit sales for exports market In addition we also need toreinforce the Indian parts export business in order to contribute to Yamaha business globally While doing so we must continue withour focus on the amplsquoQualityamprsquo of our parts and productsamprdquo
The two-wheeler major produced a total 94 lakh units in the country in 2016 Yamaha Motor India has two manufacturing plants inIndia at Greater Noida and Chennai having a capacity of 61 lakh units and 56 lakh units respectively
The company aims to produce 15 million units by 2018
Yamaha Motor India has sold over 786 lakh units of two-wheelers in 2016 and over 50 of its total sales have come from scooters
The two-wheeler manufacturer saw a steep decline in sales from the month of November 2016 to January 2017 It was only duringFebruary 2017 when Yamaha registered a growth of 20 percent in domestic sales as compared to the corresponding period lastyear The company recorded domestic sales of 68095 units (including Nepal) in February 2017 compared to 56960 units (includingNepal) in February 2016
Industry analyst believes that the impact of demonetisation is wearing off now Only motorcycles are in red zone because of a largerural consumer base However scooters which are largely sold in urban areas is on the positive side It further believed that by nextmonth the demonetisation impact will completely go away
India Yamaha Motor recently marked its entry into 250 cc sports bikes segment which has very less competition Going forward thecompany wants to focus on urban area than the rural market
The objective of conducting the Annual Suppliers Conference was to share the last yearamprsquos result for Sales and Productionand the current yearamprsquos Sales and Production Plan During the conference India Yamaha Motor shared the direction for 2017its purchase policy the Purchasing Policy of Yamaha Motor Company (Japan) and activities organised amp initiatives were taken forsales and marketing in the previous year
India Yamaha Motor shared its expectations with the suppliers for improvement in Quality Delivery and Development performances
besides cost competitiveness to compete in the export market to increase profitability for both Yamaha and the Suppliers IndiaYamaha Motor also emphasised that all the Suppliers can draw up their investment plans based on the increasing volumes infuture
Sixteen Suppliers were also awarded for their exceptional services in the areas of Quality Delivery Development and Costincluding the Appreciation Award for some of them for the extraordinary Improvement support provided to India Yamaha Motor in2016httpautoeconomictimesindiatimescomnewstwo-wheelersscooters-mopedsyamaha-aims-to-export-2-2-lakh-units-from-india-in-2017-chairman57632349
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BSIV Compliant TVS Jupiter launched at Rs 49666 (Ex-Delhi) The Economic Times
New Delhi Hosur based TVS Motor Company in a BSE filing announced the launch of its BSIV compliant TVS Jupiter at Rs 49666(Ex-Delhi) and it is now available with two new colours - Jade Green and Mystic Gold
The refreshed scooter is now BSIV compliant with Auto Headlamp On (AHO) and equipped with Sync Braking System (SBS) SBSensures rider safety as it automatically activates the front brakes when the rear brakes are used claims TVS The feature previouslyavailable on ZX range will now be available on the Base variant as well
Commenting on this Aniruddha Haldar Vice President Marketing- Scooters TVS Motor Company said ampldquoTVS Jupiter hasreceived such enthusiasm from the consumers in response to its credo of Zyada ka Fayda Living true to this credo not only is theentire Jupiter range now BSIV compliant it now offers the unique Sync Braking System (SBS) across the entire range (earlier onlyavailable on the ZX range) Further for our customers we are adding two colours Jade Green and Mystic Gold giving them 10colour options to choose from We are happy to offer all this with absolutely no change in the Exshowroom price truly ZYADA KAFAYDAamprdquo
Since its launch in 2013 TVS Motor Companyamprsquos flagship scooter brand Jupiter has been strengthening theCompanyamprsquos foothold in the scooter market and contributing to overall scooter segment uptake penetration and growth inIndia
Company has sold over 15 million Jupiter scooters since its launch in 2013 The scooter is powered by a all-aluminum low-friction110cc engine
There is no revision in the prices for the BS IV models of Jupiter priced at Rs 49666 (Ex-Showroom Delhi) the scooter is availableacross all TVS dealershipshttpautoeconomictimesindiatimescomnewstwo-wheelersscooters-mopedsbsiv-compliant-tvs-jupiter-launched-at-rs-49666-ex-delhi57630201TVS Motor rolls out BS IV variants of JupiterThe Hindu Business Linehttpwwwthehindubusinesslinecomtodays-papertp-newstvs-motor-rolls-out-bs-iv-variants-of-jupiterarticle9583972eceTVS unveils BS-IV compliant JupiterThe Hinduhttpwwwthehinducomtodays-papertp-businesstvs-unveils-bs-iv-compliant-jupiterarticle17464118eceTVS launches BS-IV compliant JupiterBusiness Standardhttpwwwbusiness-standardcomarticlecompaniestvs-launches-bs-iv-compliant-jupiter-117031400552_1html
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Dominar 400 takes the battle to the Royal Enfield turf Murali GopalanThe Hindu Business Line
Mumbai Bajaj Autoamprsquos recently launched Dominar 400 is attracting former Royal Enfield bike users who now account for 20per cent of its customer base
According to Eric Vas President (Motorcycle Business) Bajaj Auto the larger chunk of 80 per cent is still taken up by those whoused Yamaha Honda and Bajajamprsquos own Pulsar motorcycles
The Dominar made its debut in mid-December as a serious contender to Royal Enfield While monthly numbers thus far have beena little over 3000 units the good news is that the bike has taken pride of place in the 350cc plus segment vis-a-vis RoyalEnfieldamprsquos offerings However when it comes to the core 350cc space the latter continues to be the market leader withmonthly sales of nearly 55000 units powered by the Classic and Bullet
The three-month-old Dominar 400 kicked off its presence in 22 towns which has since increased to 32 in February and slated to goup to 110 towns by the end of this month
This tally will double to 200 in April and Bajaj Auto hopes to have at least 300 towns covered for the Dominar 400 during the courseof 2017-18
If everything goes according to plan the company hopes to be clocking its targeted 10000 motorcycles every month by the end of
Q3 next fiscal
Attractive features
Vas says market feedback shows that buyers love the Dominar 400 for its performance speed and top-class brakes Interestingly alarge number of them have opted for the more expensive ABS version which retails at a little over Rs 15 lakh
The LED lamps are another big draw and their attractive lighting explains why many customers opt to have their test rides at night
According to Vas Dominar 400 buyers are largely in the age group of 25 years who have already owned a bike There are no firsttime users yet but this is expected to begin happening once the network grows and more customers start going in for the relativelyless expensive disc brake version which has a price tag of nearly Rs 14 lakh
The Dominar 400 was launched to take on Royal Enfield in a segment that is priced between Rs 1-2 lakh and accounts for five percent of motorcycles sold in India
In terms of numbers this translates into 65000 units each month
The next fiscal could see this grow to nearly 85000 units or over one million units annually
Changing dynamics
It is in this product category that Royal Enfield has a market share of 80 per cent and it is in the balance 20 per cent space thatBajaj has thrown down the gauntlet with the Dominar 400
The other rival models include KTM Yamaha YZF-R15 and Honda CBR 150R but none of them has posed a serious threat to RoyalEnfield yet
It now remains to be seen if the Dominar 400 can draw customers from the top-selling Classic
It is clear that with 10000 units targeted during 2017-18 Royal Enfield will still be comfortably ahead in terms of numbers
How dynamics change after this period will be interesting to watch
From Bajaj Autoamprsquos point of view the strategy boils down to acknowledging the reality of living in a world of opposites whereevery mature segment is essentially a two-horse race
The Dominar will stick to the core principle of being opposite from the market leaderamprsquos offerings and has been positioned as amodern machine and not a heritage brandhttpwwwthehindubusinesslinecomtodays-papertp-newsdominar-400-takes-the-battle-to-the-royal-enfield-turfarticle9583973ece
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Bajaj cheers at Feb sales Ajay ModiBusiness Standard
New Delhi Pune-headquartered Bajaj Auto claims to have surpassed volumes sold by market leader Royal Enfield in the 350-500ccmotorcycle segment in February
It attributes this to the Dominar a 373 cc premium sports motorcycle it launched in December at an ex-showroom price of Rs 136lakh Enfield says Bajaj is celebrating too early
Bajaj has sold about 3000 units of Dominar a month this calendar year and is drawing a comparison with the February volume ofRoyal Enfield in the 350-500 cc segment when the latter did wholesale volumes of 2602 units Eric Vas president for themotorcycle business at Bajaj said ampldquoWe have already overtaken Royal Enfield in the segment They used to sell an averageof 5000 units a month until a few months agoamprdquo
He claims that two of every 10 Dominars was sold to customers who owned an Enfield ampldquoSome have sold it to buy Dominarand some have bought it as their second bikeamprdquo He added there had been a decline in the waiting period of some of Enfieldsmotorcycles The 350-500 cc segment for Enfield includes the Bullet 500 Classic 500 Thunderbird 500 and Himalayan
Bajaj hopes to gradually raise Dominar volumes to an output of 10000 units monthly in about six months ampldquoThe bike hasbeen accepted very well We should reach a monthly volume of 6000 units by next monthamprdquo said Vas He did not disclosecumulative bookings for the Dominar He said most customers bought it after test rides
Vas said the volumes were aggregated from the 22 cities where itwas available until February We have expanded reach to 32cities and it will be available in a 100 cities and towns by end-March In April the company plans to add another 100 cities andtowns The constraint is more on the capacity front than on the network sideamprdquo he said
Bajaj said the incremental volume from Dominar would start reflecting in the profit figures once volume crossed 5000-6000 units amonth
Enfield has almost the entire 250-350 cc motorcycle market in the country estimated at close to 50000 units a month This is where
it gets the lionamprsquos share of its sales In the 350-500 cc market it controls 80 per cent (data for the first 11 months of FY17)This is a much smaller segment with monthly volume of 5300 units
Siddhartha Lal managing director of Eicher (which owns Enfield) told Business Standard last month that it would continue toengage with the target segment and expand reach to grow volumes ampldquoWhen one succeeds in a segment others try to enterand take a bite Of course there will be competition but we are not worriedamprdquo hed said It is understood that Enfieldamprsquosproduction volume in February was impacted due to fewer days (February having only 28) and the transition to BS-IV emissionnormshttpwwwbusiness-standardcomarticlecompaniesbajaj-cheers-at-feb-sales-117031400822_1html
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India Yamaha Motor sets ambitious sales target Nandini Sen GuptaThe Times of India
Chennai India Yamaha Motor Private Limited (IYM) is targeting an ambitious production and sales pitch of more than three millionunits this year with one million in the domestic market alone It was revealed by the top management at a recently organised AnnualSuppliers Conference at Greater Noida (Delhi-NCR) which was attended by 500 members representing more than 200 suppliersfrom across India
The theme of this years conference was Challenge the Innovation for Global Competitiveness and Its all about the customer
Our target for this year is to achieve one million unit sales in domestic market and 22 lakh unit sales for exports market Inaddition we also need to reinforce the Indian parts export business in order to contribute to Yamaha business globally While doingso we must continue with our focus on the Quality of our parts and products said Hiroaki Fujita Chairman YMI-G Cos
The objective for conducting the Annual Suppliers Conference was to share the last years result for sales and production and thecurrent years sales and production plan During the conference IYM shared the direction for 2017 its purchase policy thepurchasing policy of Yamaha Motor Company (Japan) and activities organised amp initiatives taken for sales and marketing in theprevious year
Among the senior management members who were present on the occasion on behalf of IYM included Hiroaki Fujita chairmanYamaha Motor India Group Cos (YMI-G Cos) Takashi Terabayashi MD -IYM Yasuo Ishihara MD- Yamaha Motor Research ampDevelopment India (YMRI) T Yamaguchi Deputy MD amp Purchase Head- IYM along with the YMC Purchase team - Olivier Prevostdeputy chief general manager and Hiroshi Hagio general manager
IYM shared its expectations with the suppliers for improvement in quality delivery and development performances besides costcompetitiveness to compete in the export market to increase profitability for both Yamaha and the Suppliers IYM also emphasisedthat all the suppliers can draw up their investment plans based on the increasing volumes in future
Sixteen suppliers were also awarded for their exceptional services in the areas of quality delivery development and costhttptimesofindiaindiatimescomautobikesindia-yamaha-motor-sets-ambitious-sales-targetarticleshow57633067cms
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Thunderous sound remain forever Sandesh M SDeccan Herald (Web Edition)
Bike-lovers had expected a lot from Royal Enfield when the homegrown tough motorcycle manufacturer revealed the 500ccThunderbird in October 2012
When DH decided to check out the four-year-old model with respect to the present dayamprsquos bikes with updated technology theThunderbird 500 remains outstanding in its segment
The bike was tested for two weeks with everyday regular usage and an enthusiastic rider The bike is a good choice for the dailyneeds of an Indian family
Be it an office-goer or a student the bike gives an extra feel where you enjoy every bit of it You need an extra muscle and morepower to handle the bike when the engine is turned off Sometimes it will be a great challenge to tow the bike till a filling station ifthe engine goes dry
PerformanceUndoubtedly this is the most powerful variant of Royal Enfield today The bike feels far impressive than any other machine in thissegment It constantly urges you to take it on highways as it feels best when you pushed harder Overtaking is also very easy withthis bike and it can easily cross a speed of 120 kmphr It still remains a very responsive bike especially at slow speeds
The heavy amount of torque helps it move easily in city traffic The gear ratios are well-matched with this bike and you need lessgear shifts than before The only issue we have with the bike is its heavy weight In city traffic and with a pillion rider sometimes youwill feel the actual weight of this bike Otherwise there are no major concerns related to its performance
Fuel efficiency
Mileage is still a concern and the major drawback with Royal Enfield bikes As the brand new bikes claims to offer 30 kmpl the oldbikeamprsquos mileage drops day-by-day
After few years this will be the main reason for the rider to get rid of his bike In a typical Indian customer mindset a middle-classfamily will think twice before going for a Bullet
Depending on the usage the cushion will loose its power day-by-day The rider will surely feel the pain on the long rides and trafficjams Regular servicing from an authorised mechanic will keep the vehicle in good condition
VerdictThe Royal Enfield Thunderbird 500 is a special bike but the cost compared with its 350 cc sibling the biker has to cough up anextra Rs 40000 which makes anybody to think twice before investing in one The bike has the capability to sustain any roughhandling Though it becomes rough and old its sturdiness remains the samehttpwwwdeccanheraldcomcontent601371thunderous-sound-remain-foreverhtml
Top
E-Bikes
Components
Amtek Autoacirceurotrades Arvind Dham may offload personal assets to reduce debt Deborshi Chaki amp Swaraj Singh Dhanjalmint
Mumbai With troubled auto parts maker Amtek Auto Ltdamprsquos planned divestment of domestic and overseas businesses yet tomaterialize company chairman and founder Arvind Dham has begun exploring options to monetise assets owned by him
According to two people familiar with the matter who asked not to be identified Dham is in talks with potential buyers to sellIndraprasta Engine Parts Pvt Ltd ( IEPPL) an auto component manufacturing company which he owns in his personal capacityDocuments filed with the registrar of companies show that Arvind Dham along with other senior executives of Amtek Auto holdshares in Indraprasta Engine Parts Pvt Ltd
Dham did not respond to emails text messages and phone calls seeking comment
According to the latest available filings Indraprasta Engine Parts reported a revenue of Rs9525 crore and a loss of Rs115 crore inthe financial year ended 31 March 2015 The company was incorporated in 2010 and currently has a manufacturing plant in HosurTamil Nadu
ampldquoDham has been in discussions to sell the unit following which talks with Kalyani Forge Ltd (KFL) and Sterling Tools Ltd (STL) have reached an advanced stageamprdquo said one of the two people ampldquoDham is keen to show to the lenders that he iswilling put his own money even though the plans to sell Amtek Autoamprsquos assets to repay its debt have not beensuccessfulamprdquo
Amtek Autoamprsquos standalone loss widened to Rs24156 crore for the quarter ended December 2016 from Rs17536 crore in thesame quarter last fiscal Dham plans to plough the proceeds of the sale into the company the first person added
Spokespersons for Kalyani Forge and Sterling Tools did not respond to emails seeking comment
Ever since Amtek Auto defaulted on bond repayments of close to Rs800 crore in September 2015 it has been trying to sell variousgroup businesses to reduce the debt on its books The company has appointed Morgan Stanley as an adviser to assist in its debtreduction plan Amtek Auto owed Rs8066 crore to various lenders as on 30 September 2016 Mint learns that its consolidated debtat the group level is higher
In July last year Bloomberg reported that Amtek Auto has hired global investment bank Rothschild and Co to advise on thepotential sale of all overseas operations including those in the UK the US Mexico China and Germany The report said Amtek wasseeking bidders for its German unit Amtek Tekfor Holding GmbH and expected to raise over $1 billion from the process
A manufacturer of forging parts Amtek Auto counts most of Indiaamprsquos top auto component makers as clients Its overseasclients include global auto brands such as Aston Martin and Daimler
In February the company said in a regulatory filing that it is planning to raise Rs1175 crore by selling shares to promoters on apreferential basis for which it will seek shareholdersamprsquo approval The company has called an extraordinary general meeting on25 March to seek approval from its shareholders for the proposal it added
In February lenders of Amtek Auto are understood to have asked it to either repay loans or convert the outstanding into equityshares or warrantshttpwwwlivemintcomIndustry1tt2QpJ8TtSm53I1bN4VgKAmtek-Autos-Arvind-Dham-may-offload-personal-assets-to-reduhtml
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Allied Industries
Tyre stocks race ahead as China cuts India trade Palak ShahThe Economic Times
Mumbai What is aiding Indiaamprsquos tyre stocks Chinaamprsquos policy to shun India market for the US The share price ofdomestic tyre manufactures including MRF Apollo Tyre Ceat and J K Tyre rose between 1-7 on Tuesday
A research report by Philip Capital said China had curtailed its tyre exports to India to focus on US markets as Trump administrationhad decided against anti-dumping duty on tyres The research pointed out there was more upside for these stocks
ampldquoChina has raised their TBR (truck bus and radial) tyre prices for Indian market by 10-15 rendering themunattractiveamprdquo said Nitesh Sharma and Dhawal Doshi in the research report ampldquoOur checks indicate that Chinesefactories have nearly stopped catering to tyre demand from India as US markets were more lucrativeamprdquo
Ceat rose by 607 on Tuesday Apollo Tyres was up 396 MRF gained 186 and Goodyear India jumped by 129 amongmajor tyre companies
The report titled amplsquoTables Turn Chinese players out rubber fallingamprsquo further said Chinese imports will not bounce backsoon
Demonitisation too has dent a blow to the tyre imports from China which were largely in cash China accounted for roughly 120000 tyre units each month between April to October 2016 but it has fallen sharply now said experts
ampldquoTyre stocks will do well as rubber prices are on a downward spiralamprdquo said Mehraboon Irani Principal amp Head PrivateClient Group Nirmal Bang Securities ampldquoFall in auto sales and jump in rubber prices are not expected which may keep thetraction for tyre stocksamprdquo
Natural rubber prices had jumped to three year high in January due to floods in Thailand the largest exporter of rubber The priceswhich rose to Rs 210kg are now down by over 20 Meanwhile domestic tyre manufactures hiked tyre prices by 3-5 recentlyPhilip Capital has a buy on Ceat and Apollo Tyres with a target of Rs 1550 and Rs 239 respectivelyhttpeconomictimesindiatimescommarketsstocksnewstyre-stocks-race-ahead-as-china-cuts-india-tradearticleshow57633191cms
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How to avoid being overcharged for car service at dealerships The Financial Express
Authorised workshops or dealerships are the main preference for servicing of a customers new car There are dealerships that aregenuine and would not fleece your money while after sales treatment however there are others who would try and take everypenny from you This would also involve you to be thorough with the detailed billing as well as being cautious about understanding ifa requisite task is at all required in your car Here are some tips on how to avoid being overcharged while getting your car serviced
One key area where sales executives of a said dealership can suggest unnecessary expense is anything related to the engineTasks like engine de-carbonisation or engine flushing are suggested right from the first service however it is not required in avehicles early years A cars decarbonisation should ideally take place when the response from the engine is sluggish or there arefrequent misfires despite regular services This usually starts to happen after 60000 kms or more In case it is recommended by asales executive and he or she insists simply avoid by saying no Another popular unnecessary expense is fuel line cleaning whichis suggested at every service Remember that petrol is itself used as a cleaning agent in many applications so fuel line cleaningshould be carried out only in case of a problem
Another aspect where customers are cheated is due to the lack of knowledge about their respective vehicle There have been caseswhere a dealership has conned a customer by putting spark plugs in a diesel car or heater plugs in a petrol engine powered vehicleA diesel car does not have spark plugs (but a petrol car does) and similarly a petrol car doesnt have heater plugs (which arepresent in diesel cars) Additives are advised by many service advisors but these arent needed unless specified by the carmakerKnowing the basic mechanical and electrical parts of your car can go a long way in saving you your money
Other mechanical parts where a person can be overcharged is the clutch adjustment Most modern manual transmission cars soldin India have a hydraulic clutch which is self adjusting till the time the pressure plates and the clutch plates are completely worn outA worn out clutch system will require more pressure to depress the pedal thereby indicating the clutch plates andor pressure plateswould need replacement Ideal time to replace is not at every service which clever dealerships would suggest but at least a gap ofthree service intervals is recommended (with the service interval at every 10000 kms)
All carmakers offer an owners booklet which has all the details of which part needs to be replaced when and the recommendedservice interval When getting your car serviced always refer to this manual and insist on only the aspects mentioned in the manualto be donehttpwwwfinancialexpresscomautocar-newshow-to-avoid-being-overcharged-for-car-service-at-dealerships587326
Top
Emissions Environment
Finance amp Insurance
Customer not bound by tie-up between vehicle dealer insurer Pune Court Vishwas KothariThe Economic Times
Pune The district consumer court here has ruled that a tie-up between a vehicle dealer and an insurance company is not bindingupon the consumer who buys a vehicle from such a dealer
The court has directed the Bajaj Allianz General Insurance Company in Yerawada here to refund a premium of Rs 21053 ampmdashalong with an annual interest of 9 since September 20 2014 ampmdash and a Rs 5000 fine to a Daund resident for failing to renewhis car insurance despite the latter having paid the renewal premium through the online NEFT transaction
The interest component payable so far works out to over Rs 4700
The company argued that the consumer did not route the payment through the vehicle dealer by way of a demand draft as wasrequired under an agreement between the company and the vehicle dealer
Shankar Raghunath Chavan a resident of Kusegaon in Daund had purchased an insurance policy from the company for his car onSeptember 21 2012 A year later the policy was renewed for the period between September 21 2013 and September 20 2014 Atthe end of this term he had received a reminder from the company for the renewal of his policy
Through the net banking facility Chavan made a payment of the renewal premium worth Rs 21053 for the term betweenSeptember 21 2014 and September 20 2015 He then made repeated requests to the company for the issuance of the policydocument
However in December 2014 when he approached the company he was shocked to learn that his policy had ampldquoexpired due tonon-renewalamprdquo The company did not renew his policy even after his repeated reminders This prompted him to move theconsumer court seeking refund of the premium amount and appropriate costs towards physical and mental agony
The bench observed in its order ampldquoIt is not denied by the insurance company that the complainant (Chavan) had paid thepremium It is the case of the insurance company that as per practice prevailing between the company and the dealer the paymentshould be made by demand draft through the dealer so that the policy can be renewed conveniently It is true that the dealer of thevehicle was not aware about the payment of premium made by the complainant However a tie-up between the dealer and theinsurance company is not binding upon the consumeramprdquo
ampldquoDocumentary evidence which is produced by the complainant is sufficiently eloquent and speaks about inaction on the partof the insurance company Even after sending documentary evidence as regards to payment of policy premium the insurancecompany has failed to renew the policy Definitely this act on the part of the company amounts to deficiency in serviceamprdquo thebench ruledhttpautoeconomictimesindiatimescomnewsindustrycustomer-not-bound-by-tie-up-between-vehicle-dealer-insurer-pune-court57623564
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Analysts in wait-and-watch mode on Bajaj Finance Hamsini KarthikBusiness Standard
A robust business model established over years of experience often tends to withstand the test of time quite remarkably That ofBajaj Finance Indiaamprsquos largest consumer durables financier is one such example
During the note ban period there were doubts on whether Bajaj Finance could replicate its historic performance in terms ofcustomer acquisition loan growth and more importantly asset quality in the December quarter (Q3) Much to the Streetamprsquossurprise Bajaj Finance comfortably met these parameters
Customer acquisition grew by 35 per cent year-on-year in Q3 while assets under management expanded by 33 per cent to Rs57600 crore year-on-year Even asset quality stood out with gross non-performing assets ratio at 147 per cent and that toowithout utilising RBIamprsquos 90-day dispensation on loans less than Rs 1 crore Overall financials remained robust with net interestincome and net profit growing by 27 and 36 per cent respectively These factors have helped Bajaj Financeamprsquos stock reboundfrom its demonetisation period low of Rs 766 to Rs 1125 on Tuesday
However after outperforming the broader markets by a reasonable margin for most of the last two years the stock has lagged inthe past six months Bloomberg data indicate that while the Bank Nifty has gained six per cent in the past six months Bajaj Financeis up only 21 per cent Analysts nonetheless feel that Bajaj Finance may not surpass its previous high of Rs 1180 in a rush
Pointing to some key indicators they prefer to see how March quarter pans out particularly on consumer loans before altering theirexpectations on the stock
Consumer loans which grew by 52 per cent year-on-year in September quarter (Q2) grew 47 per cent year-on-year in Q3 Butwithin this segment consumer durables grew slower at 27 per cent versus 48 per cent in Q2 As for the vehicle financing (two andthree wheelers) the dependence on Bajaj Auto was seen higher in Q3 ampndash 46 per cent dependence on Bajaj Auto fortwo-wheelers and 29 per cent for three-wheelers as against 38 per cent and 18 per cent respectively a year ago Average ticketsize which dipped post demonetisation is yet to see a strong recovery All these factors prompt analysts to be on a wait-and-watchmode
ampldquoWe arenamprsquot able to see a secular return in consumer buying yet While demand for consumer durables may havepicked up as summer sales is already playing out we canamprsquot say the same for vehicle salesamprdquo says an analyst with adomestic brokerage
Analysts at Jefferies feel the annual compounded loan growth for Bajaj Finance could be lower in FY16-19 compared to what was inFY13-16 The brokerage flags that at current valuations (52 x FY18 price-to-book) risk-reward appears negativehttpwwwbusiness-standardcomarticleopinionwhy-analysts-are-in-wait-and-watch-mode-on-bajaj-finance-117031400674_1html
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SBI announces Rs 6000-cr tractor loan settlement scheme PTISee this story in The Economic Times
State Bank of India (SBI) today announced a one-time farm loan settlement scheme worth Rs 6000 crore primarily for tractors
One Time Settlement (OTS) announced for Agriculture Loans Scheme valid until 31st March Contact your branch for details ampbenefits the nations largest lender said on the microblogging site Twitter today
Managing director Rajnish Kumar told CNBC-TV18 the scheme will result in the bank taking a 40 per cent haircut on outstandingtractor loans as of September 2016
SBIs total farm loan portfolio is Rs 125 trillion and Kumar said the tractor loan book is about Rs 6000 crore
He said doubtful or loss category accounts as of September 2016 which were disbursed before September 2011 will beconsidered under the scheme He said a circular in this regard was sent to branches on February 2
But he was quick to add the OTS has nothing to do with Prime Minister Narendra Modis promise of a loan waiver to UP farmersduring the just concluded elections saying there were no talks with the Centre or state in this regard so far SBIs Uttar Pradeshportfolio will be around Rs 13000 crore
SBI had announced OTS schemes for SMEs last December and education loans early in 2016
He said other agri loans like kisan credit cards and other term-loans for tractors and farm loans may also be covered under theschemehttpwwwdnaindiacommoneyreport-sbi-announces-rs-6000-cr-tractor-loan-settlement-scheme-2352737SBI to allow one-time settlement for tractor farm equipment loansminthttpwwwlivemintcomIndustryiXDTXX1onxjwfHcz731WzJSBI-announces-Rs6000-crore-tractor-loan-settlement-schemehtmlSBI announces rs 6000-crore tractor loan settlement schemeThe Pioneerhttpwwwdailypioneercombusinesssbi-announces-rs-6000-crore-tractor-loan-settlement-schemehtml
Top
Oil Lubricants amp Alternative Fuels
Oil hovers near three-month low as investors awaits data ReutersSee this story in The Hindu Business Line
Tokyo Crude oil prices hovered near three-month lows on Tuesday in early Asian trading as investors await key reports and datathat may shed light on a supply overhang in the global market
US West Texas Intermediate crude (WTI) edged down 3 cents to $4837 a barrel by 0026 GMT The contract ended down 9 centsin the previous session after touching $4790 the lowest since the end of November
Brent crude futures were down 1 cent at $5134 a barrel having settled down 2 cents on Monday after dipping to as low as $5085
Prices fell sharply last week as investors worried that swelling US crude supplies would hinder Organization of the Petroleum
Exporting Countries (OPEC)s efforts to restrict output and reduce a global glut
Prices had risen after the OPEC and other major oil producers including Russia agreed at the end of November to rein inproduction by almost 18 million barrels per day (bpd) in the first half of 2017
ampldquoIts shaping up to be another fun week in the crude complex with OPEC releasing its monthly oil market report on Tuesdayswiftly followed by the IEAs monthly oil market report the day afteramprdquo Matt Smith analyst at ClipperData said in a note
The International Energy Agency releases its closely watched monthly oil market report on Wednesday
Data from the industry group the American Petroleum Institute on US crude and product stockpiles is also due out later on Tuesday
Analysts said the slump may not have much further to go now that prices have fallen more than 8 percent since last Monday thebiggest week-on-week drop in four monthshttpwwwthehindubusinesslinecommarketscommoditiesoil-hovers-near-threemonth-low-as-investors-awaid-dataarticle9582601ece
Top
News Magazines
Mahindra Electric geared up to be a component supplier Autocar India
Speaking to Autocar India Mahindra Electric (ME) stated that the company is open to being a supplier to other vehiclemanufacturers and will sell complete electric drive systems to those interested At present the ME plant builds the e2o while it shipsout the drive systems for the eVerito sedan and eSupro van For this purpose the production line has been modified to produce notjust built-up vehicles but also fully ready electric drive systems that can be offered to other manufacturers interested in procuringthem With expertise in electrification virtually absent in India ME hopes to build on its first-mover advantage and cater to theindustry Itamprsquos unlikely that there would be any takers for passenger cars but commercial and three-wheeler manufacturerscould be potential customers
Mahindra also confirmed that they are open to supplying other bits like charge system controllers as well Mahindra outsources thebattery and electric motor for its EV powertrains and has no plans of producing these components in-house as apart from the hugeinvestments needed there is no real advantage Battery technology is quite specialised and there are many players in this fieldalready And with electric motor efficiency already at 80 percent ampndash compared to about 30 percent for internal combustionengines ampndash there is very little to differentiate one EV maker from another Mahindra believes the real differentiator in the nearfuture will be in the battery management systems where big gains can be made in the charging and discharging cycle Thus ME isputting a lot of effort into this area and going forward has ambitions to be a supplier solely for battery management systems toother manufacturershttpwwwautocarindiacomauto-newsmahindra-electric-geared-up-to-be-a-component-supplier-404432aspx
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Tesla Model Y SUV due by 2019 Autocar India
Tesla Inc recently renamed from Tesla Motors Inc is on the verge of what it says will be a massive expansion of production with twonew models due to arrive in the next two years
Alongside the much-hyped Model 3 Tesla is also expected to launch an entry-level crossover based on the same platform andrumoured to be badged the Model Y
The starting price of the Model 3 is likely to be around $37000 (Rs 2435 lakh approx) with the Model Y expected to be slightlymore expensive However Tesla founder Elon Musk believes the transaction prices of the new compact Teslas will go higherbecause buyers will be keen to add paid options to their vehicles
While the compact Model Y could turn out to be Teslaamprsquos best seller ampndash some seven million crossovers of all types weresold in the US last year ampndash Musk recently tweeted that the Model 3 remained the biggest priority for the company
The Model Y is unlikely to be unveiled until sometime next year with production set to follow late in the year Little in the way ofspecification has been released though it is expected to borrow the top-hinged amplsquofalcon wingamprsquo rear doors from thebigger Model X SUV
The Model Y will also have the promised updated electrical architecture that will allow Tesla to offer full autonomous drivingcapability Future Tesla cars will be equipped with as many as eight cameras giving a 360-degree view of the surroundingroadscape as well as 12 ultrasonic sensors and a amplsquonewamprsquo forward-facing radar that works in the worst weatherconditions Existing radar systems can be fooled by heavy rain and fog
Musk also said the new electrical architecture has a brain that is as much as ampldquo40 timesamprdquo more powerful than onprevious Teslas calling it a ampldquosupercomputer inside the caramprdquo The autonomous driving technology though will be offered
as add-on option to customers on both entry-level Teslas
Another challenge for the Model 3 and Y will be balancing their lower price against the need for a battery big enough to give anacceptable range
The entry-level Model 3 may have a cheaper sub-60kWh battery but will still need to have a range of at least 370km The ModelYamprsquos more bluff shape and greater frontal area might mean a bigger battery for the same range and so a slight price premium
Tesla is in a race against time to achieve the kind of production levels needed to turn around what is still a cash-hungry operationThe firm has spent nearly $2 billion (Rs 1316350 crore approx) since 2010 with investments including building the battery-makingGigafactory and trying to expand car production to a massive 500000 units a year
Tesla delivered around 76000 vehicles last year but says it was able to build around 2000 cars a week by the second half of 2016With as many as 400000 deposits taken for the Model 3 the company is looking to produce well over 100000 of the BMW3-series rival before the end of this year
Muskamprsquos expansion plans will test the limits of the capabilities of Teslaamprsquos suppliers and those of its own plant inFreemont California But getting to annual sales of half a million vehicles should finally push the carmaker into profit and secure thecompanyamprsquos long-term futurehttpwwwautocarindiacomauto-newstesla-model-y-suv-due-by-2019-404434aspx
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VW promises higher focus on EVs after record sales year Autocar India
The Volkswagen Group ampldquowill be a role model in environmental protection safety and integrityamprdquo according to CEOMatthias Muller who was speaking as the firm confirmed a record-breaking sales year in 2016
Outlining plans for the firm to reinvent itself as a far-reaching mobility company in the wake of the emission scandal Muller revealedthat the VW Group sold 103 million cars in 2016 making it the worldamprsquos largest car manufacturer It made pound62 billion in profitafter allowances including pound56 billion of losses to cover emission scandal costs In 2015 expenses relating to emission scandalamounted to pound142 billion
Most notably its sales in China where the effects of the diesel crisis were negligible grew 122 percent and its 2016 salesrevenues of pound1904 billion also exceeded forecasts by pound35 billion
ampldquoThe last year was challenging yet remarkably successfulamprdquo said Muller ampldquoIn 2016 we set the course for thebiggest transformation in the history of the company while at the same time performing better in our operating business than manythought possibleamphellipVolkswagen is back on trackamprdquo
Muller vowed that the success would be a catalyst for further change adding ampldquoWe will still be one of the most successfulautomakers in 2025 But we will also be a leading international provider of sustainable mobility and set the standard for new mobilityservicesamprdquo
New initiatives include a stated goal of taking leadership in the field of battery technology by 2025 which is by when the VW Grouphas committed to have solid state batteries in production These are seen as the next technological step over the lithium-ionbatteries currently favoured by most manufacturers The VW Group has committed to have 30 battery-electric vehicles on sale by2025
He also signalled that Audi had been tasked with leading the Groupamprsquos autonomous driving projects while adding that the VWGroup now had 37 centres around the world working on autonomous and digital service ideas pivoting around the Groupamprsquosnew mobility company Moia which was set up last year
Muller also highlighted recent joint ventures ampndash in China with FAW and JAC the latter of which will lead to the co-developmentof a budget electric car line in India with Tata Motors and in America with Navistar which is in the commercial vehicle segmentampndash as examples of the firmamprsquos commitment to forging partnerships to boost sales success He also confirmed that thefirst economy vehicles to be developed by the brand will go on sale in emerging markets in 2018httpwwwautocarindiacomauto-newsvw-promises-higher-focus-on-evs-after-record-sales-year-404433aspx
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Mercedes to expand E-class range with E 220 diesel Autocar India
The tenth-generation Mercedes-Benz E-class launched for the first time in India with a long wheelbase has moved the goalposts toset new standards for comfort and space in its segment The E-class comes with two engine options ampndash the base E 200 petroland the top-of-the-line
E 350 diesel Priced at Rs 5670 lakh and Rs 7015 lakh (ex-showroom Delhi) respectively these two variants bookend the E-classrange and is essentially aimed at two sets of customers The E 200 buyer is likely to be almost always chauffeur-driven and henceis mainly interested in rear seat space and comfort while the E 350d customer wants all the bells and whistles as well as the
sublime driving experience only the silky smooth and torquey V6 diesel can offer
However that still leaves a massive Rs 1345 lakh gap in the range which no doubt future E-class variants will eventually plug butwhich one will find that sweet spot to form the bulk of E-class sales
Itamprsquos no surprise then that Mercedes-Benz India is readying a base diesel which like the previous-generation W212 E-class islikely to be the most popular variant offering a strong dose of practicality without too much of a compromise on refinement andluxury
But unlike the W212 which had the E 250d representing the base diesel in the range Mercedes-Benz India is offering the lower E220d as the starting point for the E-class diesel This suggests that the E 220d will be very attractively priced when it goes on salearound June 2017 and could be priced very close to the E 200
The E 220amprsquos all-new 20 litre four-cylinder diesel which pumps out 194hp and 400Nm of torque may not have the punch ofthe outgoing E 250damprsquos 204hp and 500Nm motor but again given the chauffeur-driven focus the new E-class has beenconceived for the newE 220damprsquos performance is unlikely to be an issue
What is a big issue however is downgrading the 20-litre motor which has been designed for stricter Euro-VI emissions to run onlocally available BS-IV diesel ampldquoItamprsquos such a waste of engineering resource and a step backwardsamprdquo said aMercedes-Benz engineer The 2143cc (OM651) diesel engine which powered the previous E-class was easier to adapt to BS-IVfuel unlike the spanking new high-tech 1995cc (OM654) diesel thatamprsquos built to meet the latest global emission standards Infact the OM654 made its debut in the latest E-class when it was launched globally in 2016 Its advanced tech includes a uniquealuminium engine block with steel pistons a special low-friction coating for the cylinder walls and a fourth-generation common-raildiesel injection system At 168kg it is 31kg lighter than the engine it replaces
Downgrading a Euro-VI engine to BS-IV standards takes a lot of time and resources but there is no way out until fuel pumps in Indiaget low-sulphur BS-VI fuel which is not expected until 2020 The BS-IV-spec OM654 wasnamprsquot ready in time for the newE-class launch and this is one reason why the E 220d is coming a couple of months later The other reason could be a strategicone Mercedes-Benz India wants to wait until BMW launches the all-new 5-series expected in June and in a counter move tweakthe E 220damprsquos mix of specifications features and price accordingly A starting price of Rs 57-58 lakh for the E 220disnamprsquot unlikely especially since this variant will be Mercedes-Benz Indiaamprsquos trump card in a luxury car segment it seemsdetermined to dominatehttpwwwautocarindiacomauto-newsmercedes-to-expand-e-class-range-with-e-220-diesel-404429aspx
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Nissan to launch Kicks SUV in Q3 2018 Autocar India
The Nissan Kicks SUV which made its global debut in 2016 in Brazil will be launched in India in the third quarter of 2018 accordingto company sources
However unlike the South American model which is spun off Nissanamprsquos V-platform the made-for-India Kicks (code PB1D)will be based on the upcoming Renault Kapturamprsquos (code HHA) platform This is essentially a modified version ofRenaultamprsquos proven M0 platform that underpins cars like the Duster and Lodgy which are known for their robust mechanicals
The M0 is also a critical part of the Renault-Nissan Allianceamprsquos platform strategy in India which is essentially centred aroundtwo platforms Whilst the CMF-A and CMF-A+ platforms underpin Renault and Nissanamprsquos (and later Mitsubishiamprsquos) smallto mid-size car range in India the M0 platform will cater to higher end products The low-cost M0 platform has proved to be a cashcow for Renault globally and is ideally suited for markets like India The allianceamprsquos European-spec CMF-B platform was alsoevaluated initially but was eventually rejected as it proved to be a lot more expensive than the M0 which has also been localisedover the years
Developed and conceived originally by Renault for its Dacia sub-brand over a decade ago the French carmaker has first rights toproducts spun off the M0 platform and hence like the Nissan Terrano which followed the Renault Duster the Nissan Kicks too willfollow the Renault Kaptur to India but almost a year later
While both the Kaptur and Kicks will use the same modified version of the platform the amplsquotop hatsamprsquo will be completelydifferent The Kicks design and styling will mirror the South American car and thatamprsquos no bad thing
Sharply styled with lots of distinctive design touches like a floating roof massive wheel arches and a wraparound visor look theKicks wonamprsquot have a problem standing out on Indian roads The good thing is that the edgy design hasnamprsquot compromisedpracticality and Nissan claims best-in-class space in the back seat
Cars based on the M0 platform get a choice of just two engines a 16 petrol and the venerable 15 K9K diesel and hence these arelikely to be carried forward into the Kicks as well The 15 diesel is expected to be the mainstay but its likely that in its latest iterationthere will be a small bump up in power and torque
Nissan has set an ambitious target of 30000 Kicks in its first full year of production with an additional 20000 units earmarked forexports Pricing will be crucial for the Kicksamprsquo success and Nissan may do well to undercut its rivals to buy some much neededmarket sharehttpwwwautocarindiacomauto-newsnissan-to-launch-kicks-suv-in-q3-2018-404426aspx
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International News
Volkswagen CEO gets 778 mn euros in pay and benefits for 2016 ReutersSee this story in The Economic Times
Wolfsburg Volkswagen Groups Chief Executive Matthias Mueller was awarded 778 million euros ($828 million) in pay andbenefits for 2016 up from 417 million euros in total remuneration awarded a year earlier the companys annual report showed onTuesday
Mueller was not awarded a full years CEO pay for 2015 since he only took over as chief executive in September following theresignation of his predecessor Martin Winterkorn who was forced out in the wake of a diesel emissions cheating scandal
Volkswagen overhauled its bonus and executive pay policy in February this year to cap total pay for its chief executive at 10 millioneuros ($106 million) and other top managers at 55 million euros
Volkswagen brand chief Herbert Diess saw his total remuneration for 2016 fall to 393 million euros down from 713 million in 2015the annual report showed
($1 = 09401 euros)httpautoeconomictimesindiatimescomnewsindustryvolkswagen-ceo-gets-7-78-mn-euros-in-pay-and-benefits-for-201657631837Volkswagen CEO Matthias Mueller says not ruling out merger talks with Fiat ChryslerThe Financial Expresshttpwwwfinancialexpresscomindustryvolkswagen-ceo-matthias-mueller-says-not-ruling-out-merger-talks-with-fiat-chrysler587861
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Volkswagen CEO US remains core market for company APSee this story in The Economic Times
Frankfurt The CEO of German automaker Volkswagen says the United States remains a core market for the company despite itsdiesel emissions scandal and has underlined that it hopes to expand there
Matthias Mueller made the comments Tuesday at the companys annual news and investor conference at its headquarters inWolfsburg Germany
Mueller said that we are standing by our investment decisions and intend over the long term to play a significantly greater role therethan today
The Volkswagen brand has only a small share in the US market although it is important for the companys luxury brands Porscheand Audi It makes cars in Chattanooga Tennessee
US authorities uncovered Volkswagens use of engine control software that enabled vehicles to cheat on emissions testshttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsvolkswagen-ceo-us-remains-core-market-for-company57633149
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Volkswagen targets strong 2017 even as core brand struggles ReutersSee this story in The Economic Times
Wolfsburg Germany Volkswagen said it was capable of shouldering the costs of its emissions crisis and was targeting an evenbetter year than in 2016 but warned that its core autos division continued to struggle
We see good chances of being able to ride the wave of the positive performance last year when Volkswagen turned in recordunderlying profit helped by sales of upmarket Audis and Porsches Chief Executive Matthias Mueller said on Tuesday at thecarmakers annual news conference
Volkswagen expects group revenue to exceed last years record 217 billion euros ($231 billion) by as much as 4 percent this yearand is forecasting an underlying operating margin of between 6 and 7 percent compared with 67 percent in 2016 it said affirminga forecast given on February 24
The company also aims to moderately exceed last years record 103 million deliveries
You can rest assured that we will do everything in our power to make 2017 an even better year than 2016 the CEO said
But Volkswagen appears to be making slow progress in tackling the biggest trouble spot within the 12-brand group thelong-planned turnaround of its core autos division
Operating profit of the namesake brand slipped further to 187 billion euros in 2016 from 210 billion a year earlier because of highermarketing costs related to dieselgate and plunging demand in Brazil and other key markets finance chief Frank Witter said
($1 = 09394 euros)httpautoeconomictimesindiatimescomnewsindustryvolkswagen-targets-strong-2017-even-as-core-brand-struggles57630343
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VW CEO says not ruling out merger talks with Fiat Chrysler boss ReutersSee this story in The Economic Times
Wolfsburg Volkswagen Chief Executive Matthias Mueller said he is not ruling out talks with Fiat Chrysler boss Sergio Marchionneabout a possible merger
I am not ruling out a conversation Mueller told reporters on Tuesday after the carmakers annual earnings press conference inWolfsburg
Marchionne has long advocated car industry mergers to share the costs of making cleaner and more technologically advancedvehicles and has repeatedly relayed his desire via the media
It would be very helpful if Marchionne were to communicate his considerations to me too and not just to you Mueller said
I am pretty confident about the future of Volkswagen with or without Marchionne
Only last week Mueller appeared to dismiss the prospect of talks with Fiat Chrysler
We are not ready for talks about anything he told Reuters on the fringes of the Geneva auto show I havent seen Marchionne formonths he said at the timehttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsvw-ceo-says-not-ruling-out-merger-talks-with-fiat-chrysler-boss57632909
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Volkswagen chief denies talks with Fiat AFPSee this story in The Economic Times
Berlin Volkswagen chief Matthias Mueller on Tuesday denied rumours that the German auto giant was in talks with rival FiatChrysler
At present there is no contact between me and Fiat Chrysler boss Sergio Marchionne Mueller told the companys annual pressconference in Wolfsburg north Germany
Marchionne had said at the Geneva car show last week that he was expecting Volkswagen to reach out as more firms are thinkingof cost-cutting tie-ups in the vein of Frances Peugeot and German carmaker Opel
In response Mueller said he had other problems since VWs 2015 admission that it installed software to cheat regulatoryemissions tests in 11 million vehicles worldwide
He nevertheless added that Ive never said a tie-up with any other partner is altogether ruled out
VW clawed its way back to profit in 2016 and pulled ahead of Toyota to become the worlds biggest carmaker by unit sales shipping103 million vehicles over the year
Mueller on Tuesday confirmed the groups forecast of moderate growth in sales in 2017
But the firm is far from turning the page as it continues to refit cars equipped with the cheating software and faces legal action fromcustomers and investors in numerous countries
The final bill for the scandal is impossible to predict Mueller acknowledged
All we know is that this question will keep us busy for a long time several years he saidhttpeconomictimesindiatimescomindustryautovolkswagen-chief-denies-talks-with-fiatarticleshow57633113cms
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Volkswagen has good chances to build on strong 2016 performance CEO ReutersSee this story in The Economic Times
Germany Volkswagen has good chances of building on its strong 2016 performance when it swung to a record underlying profitdespite its diesel emissions crisis Chief Executive Matthias Mueller said
The Volkswagen Group is in very robust shape Mueller said on Tuesday at the carmakers annual news conference in Wolfsburg
VW expects group revenue to exceed last years record 217 billion euros ($231 billion) by as much as 4 percent this year and isforecasting an underlying operating margin of between 6 and 7 percent compared with 67 percent in 2016 it said affirming aforecast given on Feb 24
Still operating profit of its core autos division slipped further to 187 billion euros in 2016 from 210 billion a year earlier as the brandis struggling to implement a wide-ranging turnaround planhttpeconomictimesindiatimescomnewsinternationalbusinessvolkswagen-has-good-chances-to-build-on-strong-2016-performance-ceoarticleshow57630339cms
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BMW i3 batteries to be used by Vattenfall The Economic Times
New Delhi Swedish power making company Vattenfall and German auto giant BMW Group have signed a contract for the deliveryof up to 1000 lithium-ion batteries this year The batteries with a capacity of 33 kilowatt hours (kWh) each are equipped with aBMW-owned battery management system and are also used by the car manufacturer in the BMW i3
Vattenfall will purchase the new batteries from the BMW plant in Dingolfing and use them in all storage projects
Energy storage and grid stability are the major topics of the new energy world says Gunnar Groebler Senior Vice President ofVattenfall and Head of Business Area Wind
We want to use the sites where we generate electricity from renewable energies in order to drive the transformation to a newenergy system and to facilitate the integration of renewable energies into the energy system with the storage facilities Thedecoupling of production and consumption and the coupling of different consumption sectors are in the focus of our work
The first energy storage from the BMW-i3 batteries is being built at the 122 MW onshore wind farm Princess Alexia nearAmsterdam With a capacity of 32 megawatts (MW) it is Vattenfalls first large storage project in the Netherlands
Pending on a final investment decision the largest battery storage will be built at the Vattenfall wind farm Pen y Cymoedd (230 MW)in South Wales - a 22-megawatt storage facility which will help to support the stability of the country-wide power grid in the UK aspart of the so-called EFR (Enhanced Frequency Response) service
As part of the project Norddeutsche Energiewende NEW 40 Vattenfall together with the Hamburg University of Applied Sciences(HAW) and the company Nordex will implement a large battery storage at the future wind farm in Hamburg-Bergedorf
This is a so-called storage control unit made of batteries It is meant to maintain the security of supply with a feed-in of 100 percentrenewable energy In addition the battery storage contributes to the improvement of the network quality and the more efficient useof the existing network structure Other possible applications would be electricity storage in private households Energy storagesolutions are an important part of Vattenfallamprsquos strive to power climate smarter living
We are pleased that we have found a supplier in BMW who meets our high safety requirements with the use of the batteries withreliably good quality from German series production says Daniel Hustadt project manager for large batteries at VattenfallInnovation GmbHhttpautoeconomictimesindiatimescomnewsindustrybmw-i3-batteries-to-be-used-by-vattenfall57630728
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Toyota to look at Saudi production as the countries seek closer ties ReutersSee this story in The Economic Times
New Delhi Toyota Motor Corp signed a memorandum of understanding (MOU) on Tuesday with a Saudi Arabian governmentagency to conduct a feasibility study into producing vehicles and parts in the Middle Eastern nation
The move if firmed up would be a big step for the Saudi economy as the government tries to diversify beyond oil exports andcreate jobs as part of the kingdoms 2030 Vision
So far Saudi Arabia and other Gulf oil exporters have failed to significantly develop industries such as automaking because theylack broad industrial bases and a skilled local workforce
The study would take into account the evaluation of development of a local supply base using materials produced by major Saudi
companies like Sabic Maaden Petro Rabigh and other major industrial companies in the kingdom the official Saudi state newsagency reported
The MOU is with Saudi Arabias National Industrial Clusters Development Program (NICDP)
Meanwhile state-run Saudi Aramco has signed MOUs with five Japanese entities during a business forum that both nations hostedon Tuesday coinciding with a visit by Saudi Arabias King Salman this week
Saudi Aramco and Japans biggest oil refiner JX Nippon Oil amp Energy (5020T) agreed to consider a refinery joint venture in a thirdcountry and cooperation in trading and technology of oil and petrochemical products
Aramco also agreed to consider a possible future cooperation in crude oil supply and downstream business with Idemitsu KosanCompany
In addition Aramco and state-run Japan Oil Gas and Metals National Corp (JOGMEC) formally agreed to expand crude storagecapacity in Japan by 300000 kilolitres (about 19 million barrels) from the current 63 million barrels from April 1
Japan treats crude oil stored by Aramco as quasi-government oil reserves counting half of the barrels stored by Aramco as nationalcrude reserves
Companies and government organizations in both nations signed a total of 20 MOUs on Tuesday including cooperation betweenthe Saudi Arabian General Investment Authority (SAGIA) and Japans three megabanks - Mitsubishi UFJ Financial Group (8306T)Sumitomo Mitsui Financial Group (8316T) and Mizuho Financial Group (8411T) - on increasing investments in the kingdom
The MOUs also included cooperation in seawater desalinationhttpautoeconomictimesindiatimescomnewsindustrytoyota-to-look-at-saudi-production-as-the-countries-seek-closer-ties57636587
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Geneva Motor Show 2017 Airbus unveils fully electric flying car PopUp The Economic Times
Geneva Airbus along with Italdesign has unveiled the first modular fully electric zero emission concept vehicle system - PopUpat the Geneva Motor Show 2017 informed the French company in an official statement
PopUp envisages a modular system for multi-modal transportation that makes full use of both ground and airspace and isdesigned to relieve traffic congestion in crowded megacities
PopUp System consists of a three layers concept1 an Artificial Intelligence platform that based on its user knowledge manages the travel complexity offering alternative usagescenarios and assuring a seamless travel experience
2 a vehicle shaped as a passenger capsule designed to be coupled with two different and independent electric propelled modules(the ground module and the air module) Other public means of transportation (eg trains or hyperloops) could also integrate thePopUp capsule
3 an interface module that dialogues with users in a fully virtual environment
Airbus claims The PopUp vehicle combines the flexibility of a small two seater ground vehicle with the freedom and speed of avertical take-off and landing (VTOL) air vehicle thus bridging the automotive and aerospace domains
PopUpamprsquos monocoque carbon-fibre cocoon measures 26 metres long 14 metres high and 15 metres wide The capsuletransforms itself into a city car by simply coupling to the ground module which features a carbon-fibre chassis and is batterypowered
For megacity journeys with high congested traffic the capsule disconnects from the ground module and is carried by a 5 by 44metre air module propelled by eight counter-rotating rotors
ampldquoAdding the third dimension to seamless multi-modal transportation networks will without a doubt improve the way we liveand how we get from A to Bamprdquo said Mathias Thomsen General Manager for Urban Air Mobility at Airbus on the occasion ofthe unveil
ampldquoSuccessfully designing and implementing solutions that will work both in the air and on the ground requires a joint reflectionon the part of both aerospace and automotive sectors alongside collaboration with local government bodies for infrastructure andregulatory frameworks Italdesign with its long track record of exceptional vehicle design was an exciting partner for Airbus for thisunique concept projectamprdquo
ampldquoToday automobiles are part of a much wider eco-system if you want to design the urban vehicle of the future the traditionalcar cannot alone be the solution for megacities you also have to think about sustainable and intelligent infrastructure appsintegration power systems urban planning social aspects and so on In the next years ground transportation will move to the nextlevel and from being shared connected and autonomous it will also go multimodal and moving into the third dimensionamprdquo saidItaldesign CEO Joumlrg Astaloschhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsgeneva-motor-show-2017-airbus-unveils-fully-electric-flying-car-pop-up57630936
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Nissan boosts management presence at Mitsubishi Motors ReutersSee this story in The Economic Times
Tokyo Mitsubishi Motors on Tuesday said an additional four Nissan executives would join its management team as Nissan tightensits control over the smaller struggling automaker in which it took a controlling stake last year
The announcement is part of Mitsubishi Motors efforts to rebuild its management system after it admitted last year that it hadoverstated the mileage on a number of its cars sold in Japan battering domestic sales and tarnishing its brand image
From April corporate vice president positions for roles including product development and marketing and sales would be occupiedby officials from Nissan Mitsubishi Motors said
This would hike the number of Nissan executives on Mitsubishi Motors management team to seven from two now
We need to strengthen our corporate governance to avoid a repeat of last years scandal along with scandals previous to thatMitsubishi Chief Executive Officer (CEO) Osamu Masuko told reporters during a teleconference
After taking a one-third stake in Mitsubishi Motors Nissan installed Carlos Ghosn - its CEO at the time - as chairman of MitsubishiMotors while also naming two Nissan officials to Mitsubishis board of directors
Nissan also dispatched other executives to the smaller automaker including Trevor Mann previously Nissans chief performanceofficer who became chief operating officer at Mitsubishi late last year
Last month Ghosn said he would step down from the top position at Nissan to focus on deepening the companys alliance withRenault SA and Mitsubishi Motors
Separately Nissan said Shiro Nakamura the companys chief creative officer and one of Japans best-known car designers willretire after nearly 20 years at the automaker
Nakamura 66 is recognised for referencing science fiction anime and embracing Japans culture of cute in models including theGT-R supercar the Cube compact MPV and the Juke SUV crossover setting the automaker apart from many of its rivals whichhave been accused of making lookalike cars
Nakamura joined Nissan in 1999 from Japanese truckmaker Isuzu Motors and was one of the first key hires by Ghosn shortly afterGhosn himself arrived from French automaker Renault to save the company from bankruptcy
Alfonso Albaisa who currently overseas design at Nissans premium Infiniti brand will succeed Nakamura while former BMWglobal chief designer Karim Habib will become the brands new chief designer effective July 1httpautoeconomictimesindiatimescomnewsindustrynissan-boosts-management-presence-at-mitsubishi-motors57631800
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Renault Zoe e-Sport breaks covers at 2017 Geneva Motor Show The Economic Times
New Delhi In the ongoing Geneva Motor Show Renault has showcased its new two-seat version of its electric car Renault Zoee-Sport The company claims to have taken the design cues from Formula E
The ZOE e-Sport Concept is the fully electric concept car that embodies Renaultamprsquos commitment to the idea that electric carscan be fun and fast says Renault The sporting credentials of the ZOE e-Sport Concept extend beyond the caramprsquos styling andthe same blue livery as the Renault edams teamamprsquos front-running Formula E single-seaters
The bodywork of the ZOE e-Sport Concept is made entirely from lightweight carbon fibre which helps to ensure outstandingacceleration from standstill to 100kph in just 32 seconds The car tips the scales at a mere 1400 kilograms including 450kilograms of batteries
The car is powered by two electric motors capable of generating 450 bhp and 650 Nm of torque One of the motor is powered to therear axle and the other to the front axle Renault Zoe e-Sport gets the same 40 kWh battery which powers the standard variant ofthe car
Jean-Christophe Kugler CEO Renault Europe said that the concept as a link car - a styling exercise intended to connect the Zoeroad car with what Renault is doing in Formula E racing and to send a message that EVs are fun to drive Its not a signal of thefuture for Zoe and we have no intention to develop a performance version
Renault also claims that the electric performance car uses the same air and water cooling systems as the Renaultamprsquos FormulaE car The car is based on a tubular steel chassis with use of extensive carbon fibre The car also gets four driving modes
At the moment Renault has no plans to make the Zoe e-Sport into productionhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsrenault-zoe-e-sport-breaks-covers-at-2017-geneva-motor-show57627528
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Sensata Technologies opens testing facility in Bulgaria ReutersSee this story in The Economic Times
Sofia Sensata Technologies has opened its largest global testing facility in Sofia to support its automotive sensing technologies thecompany said on Tuesday
Sensata which has manufacturing sites in 13 countries already employs 3000 people in Bulgaria where it produces pressure andhigh temperature sensors for the automotive market and operates a business centre
In recent years inexpensive labour low taxes and an educated workforce have encouraged dozens of car part producers and ITand business outsourcing companies to set up in the Balkan countryhttpautoeconomictimesindiatimescomnewsauto-componentssensata-technologies-opens-testing-facility-in-bulgaria57632975
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Driving driverless Quest for an autonomous car has reached a truck now Nandagopal RajanThe Financial Express
At San Franciscoamprsquos Pier 90 chock-a-block with cargo vehicles it is pretty tough for any truck to stand out But a white Volvotruck with Otto emblazoned on it is the centre of attention This is the next big thing in automated cars and has already shown itsmettle by delivering a consignment of Budweiser beer in Colorado without a driver controlling it on the freeway
Uber is one of the many companies thinking in terms of driverless car While CEO Travis Kalanick says automated vehicles areampldquoexistentialamprdquo for the ride-hailing companyamprsquos future he is not alone in the race to drive without drivers Just in theUS at least 23 companiesampmdashincluding Tesla Google and Volkswagenampmdashhave registered in autonomous vehicleprogrammes The idea that fuels this cutting-edge technology is pure economics at the end of the day Cars suffer from seriousissues of inefficiency as they sit idle 95 of the time Considering that the world has 1200000000 cars this is inefficiency at agargantuan scale Add to this the fact that cars amount for 22 of all emissions globally and muddy the urban infrastructureproblem by creating the need for parking spaces
Since 1984 when the first experimental self-driving cars appeared there has been much progress on the technology leading toMercedes-Benz showcasing its concept car the F 015 at the Consumer Electronics Show in Las Vegas in 2015 Everyone has adifferent take on the technology but in the end the idea is to make cars intelligent and independent enough to be aware ofsurroundings and take decisions based on that
Interestingly Uberamprsquos dream is to bring ampldquoreliable transportation to everyone everywhereamprdquo now extended toeverything too with the trucks from Otto a start-up it acquired last year Matt Sweeney who heads product at UberamprsquosAdvanced Technology Group says ampldquothe truck and passenger vehicles share software and hardware components and thishelps us work on different aspects of the self-driving problem at the same timeamprdquo But on scope passenger vehicles are forurban environments where Uber has its focus on ride-sharing while trucks will be for high-speed highways where the constraintsare different
Just last week Uber got a permit from California Department of Motor Vehicles to test two self-driving Volvo SUVs on public roadsthough it will need to have backup drivers behind the wheel in case the prototype cars malfunction Its self-driving cars have beenrunning test drives in other parts of the US too
The Otto truck comes with a rig of radars laser scanners and stereo cameras that give the computers inside a live 360-degreevision of its environment with high dynamic range high resolution and high colour information imagery so that the truck can besmart enough to decide what to do next But the computing task this presents is ampldquoalmost as big as a small datacentreamprdquo Sweeney says the computing has to be done inside as ampldquothere is no tech that can let us send all that data tothe cloud real time and hence a lot of the computing has to be done in the truck itselfamprdquo
ampldquoA lot of the tech is based on prior mapping but in subsequent runs we see differences that have come about in the area andpay attention on those objects that are differentamprdquo
Interestingly Otto is being sued by Googleamprsquos Waymo self-driving car unit which claims its former employee and start-upfounder Anthony Levandowski stole its proprietary design for its laser-based radar system There are other challenges tooampldquoUber tech is different because we are trying to make this on top of the ride-sharing network that we already haveamprdquo headded
Nissan in contrast keeps the driver and not the technology at the centre and its definition of an ampldquoautonomous caramprdquo ishence a vehicle with different levels of driving technologies that enable it to operate autonomously for certain periods of time ANissan spokesperson said on the technology side the challenges are in artificial intelligence software development data processingand digital mapping technologies while on the social environment side laws and regulations along with modifications of roadinfrastructure will become necessary
This contrast in technologies is why it is important to see how the entire ecosystem evolves maybe with different platforms talkingto each other But Uber is not depending on this ampldquoWe need to see and interact with vehicles but there is no guarantee wewill have that technology So we are approaching it with the assumption it wonamprsquot existamprdquo says Sweeney
Uberamprsquos goal is to take its technology everywhere but can these vehicles actually be practical for an environment like IndiaSweeney accepts the new elements this will throw in along with the sheer volume will present a slew of challenges ampldquoThoseare situations we think we will be able to tackle but those are not the first places we will goamprdquo he explains adding that theywill look for opportunities where they can deploy this technology safely Clearly this drive has just started(The author attended the Uber Media Summit in San Francisco at the invitation of Uber)httpwwwfinancialexpresscomopiniondriving-driverless-quest-for-an-autonomous-car-has-reached-a-truck-now588112
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Samsung completes acquisition of Harman The Economic Times
New Delhi The arrest of the Vice-Chairman of Samsung Board Lee Jae Yong on bribery and corruption charges has not affectedthe deal between Samsung and Harman International IndustriesIn a media statement the South Korean giant confirmed thecompletion of its largest such deal ever
Under the terms of the merger agreement Harman stockholders will receive $11200 per share in cash The completion follows thesatisfaction of all conditions to the closing of the transaction including approval of the transaction by HARMAN stockholders andreceipt of all necessary regulatory approvals in the United States and certain foreign jurisdictions
ampldquoToday is a historic moment for us The close of this transaction opens the door to create substantial growth opportunitiesand deliver greater benefits for customers worldwideamprdquo said Young Sohn President and Chief Strategy Officer of SamsungElectronics and Chairman of the Board HARMAN ampldquoWe see transformative opportunities in the car ampndash and a futurewhich seamlessly connects lifestyle across automotive home mobile and work Samsungamprsquos and HARMANamprsquosleadership in these spaces perfectly positions Samsung to be the preferred partner to our OEM customers In addition bringingtogether HARMANamprsquos iconic audio brands and capabilities paired with Samsungamprsquos leading display technologies willdeliver enhanced audio and video experiences to consumers and professional end markets And most importantly we areenthusiastic about our common vision the similarities in our culture of innovation and the added value we can create for customersWe look forward to working with all of HARMANamprsquos employees to execute on our visionamprdquo
Harman boasts around 30000 employees spreadout across different brands including JBL Infinity Lexicon and Mark LevinsonThe company will continue to conduct business as an independent subsidiary under the terms of the deal with Samsung
ampldquoWe are excited to have completed the transaction which provides compelling cash value to our stockholders benefits ourcustomers and provides new opportunities for our employeesamprdquo said Dinesh Paliwal Harman President and CEOampldquoSamsung shares our commitment to our customers and our culture of speed innovation and execution Samsung providesHarman with the scale platform and complementary technologies to accelerate growth and extend our global market leadership inautomotive smart audio and connected technologies Recognizing the importance of partnerships in an increasingly connectedworld particularly in automotive we are poised to leverage our combined teams and resources to produce even greater value forour customers Working closely with automakers and other technology companies Samsung and Harman will define ampndash anddrive ampndash the future of automotiveamprdquohttpautoeconomictimesindiatimescomnewsauto-technologysamsung-completes-acquisition-of-harman57624440
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Skoda delivers 81200 units in Feb 2017 globally The Economic Times
Mlada Boleslav Czech car manufacturer Skoda in a press release stated that the company delivered 81200 vehicles to customersworldwide in February 31 more than in the same period last year (February 2016 78800) brvbarkoda also claims that it has soldmore cars than any February in its history The Czech manufacturer achieved double-digit growth in Central and Eastern Europe (+129 and + 133) India (+ 128) and Israel (+ 198) among others
We are delighted with our strong start to 2017 We expect the market launch of the OCTAVIA product upgrade as well as the newKodiaq to create further momentum says Werner Eichhorn brvbarKODA Board Member for Sales and Marketing
In Western Europe deliveries to customers rose by 70 in February to 34800 vehicles (February 2016 32500) With 12600vehicles Germany remains the strongest single European market (February 2016 12100 vehicles +45) brvbarKODA recordeddouble-digit growth rates in the UK (3400 vehicles +236) Italy (2200 vehicles + 201) Belgium (2 000 vehicles +271) andAustria (1900 vehicles +647)
In Central Europe brvbarKODA achieved an increase of 129 with 17400 cars (February 2016 15400 vehicles) Deliveries on thehome market of the Czech Republic rose by 88 to 8200 vehicles in Poland (5700 vehicles + 163) Slovakia (1700 vehicles+154) Slovenia (600 vehicles +226) and Croatia (300 vehicles +469) also rose in double figures
In Eastern Europe excluding Russia Skoda achieved a year-on-year increase of 133 with 2800 vehicles delivered (February2016 2500 vehicles) In the same period 400 customers in Ukraine received their new brvbarKODA ampndash an increase of 939(February 2016 200 vehicles) The number of deliveries increased significantly in Bosnia (200 vehicles + 557) Bulgaria (200vehicles +175) and the Baltic States (600 vehicles + 229) In Russia brvbarKODA achieved an increase of 46 with 4300vehicles (February 2016 4100 vehicles)
In China ampndash the brandamprsquos largest market worldwide ampndash brvbarKODA handed over the keys to 15000 new vehicles(February 2016 18500 vehicles -188) Deliveries overseas increased by 98 to a total of 2500 vehicles
At the Geneva Motor Show brvbarKODA is presenting several new highlights These include the brvbarKODA KODIAQ SCOUT and brvbarKODAKODIAQ SPORTLINE alongside the extensively upgraded brvbarKODA OCTAVIA as well as the sporty spearhead brvbarKODA OCTAVIA RS245 and the brvbarKODA OCTAVIA SCOUT with a rugged off-road look In addition the upgraded brvbarKODA models RAPID and RAPIDSPACEBACK and Citigo are on show
brvbarKODA deliveries to customers in February 2017 (in units rounded off by model +- in percent compared to February2016)brvbarKODA OCTAVIA (28600 -86)brvbarKODA FABIA (16700 + 152)brvbarKODA RAPID (15000 + 121)brvbarKODA SUPERB (10900 + 171)brvbarKODA KODIAQ (1300 + 1000)brvbarKODA YETI (6300 -157)brvbarKODA CITIGO (only sold in Europe 2300 -164)httpautoeconomictimesindiatimescomnewspassenger-vehiclecarsskoda-delivers-81200-units-in-feb-201757626693
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Isuzu claims more durability on its diesel engines for trucks The Economic Times
Indianapolis Isuzu Commercial Truck of America has announced that the B10 durability rating of its 4HK1-TC diesel engine hasbeen increased to 375000 miles informed the company in an official statement
To elaborate further on what it means the Japanese commercial vehicle manufacturer went on to say that A B10-life rating is anindustry-standard gauge provided by engine makers to help consumers determine the long-term durability of an engine Thenumber following the B indicates the percentage of an engineamprsquos population that will require an overhaul before the indicatedmileage
That means that 90 of Isuzu 4HK1-TC engines are expected to last 375000 miles before they require a major repair or rebuildPreviously the 4HK1-TC engine carried an already-robust B10 durability rating of 310000 miles added the company
ampldquoWe are proud to say that Isuzu diesel engines are already known worldwide for their long-term dependabilityamprdquo saidShaun Skinner president of Isuzu Commercial Truck of America ampldquoOur new B-10 rating is strong evidence that our enginesare even more durable than everamprdquo
The turbocharged intercooled 4HK1-TC four-cylinder diesel engine displaces 52 liters and generates 215 horsepower Torqueratings vary depending on model The engine is fitted to Isuzu NPR-HD NPR-XD NQR and NRR models as well as the all-new2018 Isuzu FTR Class 6 truck
The company made the above announcement at the National Truck Equipment Associationamprsquos 2017 Work Truck Show inIndianapolis held on March 13httpautoeconomictimesindiatimescomnewsauto-componentsisuzu-diesel-engines-for-trucks-now-become-more-durable57626832
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MoS visits Rolls-Royces new logistics centre in England The Economic Times
New Delhi Nick Gibb Minister for School Standards and MP for Bognor Regis and Littlehampton has visited Rolls-Royce MotorCars Technology and Logistics Centre on Monday informed the British luxury car maker in a media release
During the visit Gibb toured the facility met the expert team onsite and was briefed on the companyamprsquos future plans to expandthe Centre He also took the opportunity to learn more about the Rolls-Royce Motor Cars apprenticeship graduate and internprogrammes
Nick Gibb said ampldquoThe original announcement that Rolls-Royce Motor Cars would be locating its Technology and LogisticsCentre in Bognor Regis was a great boost for our town and warmly welcomed I am delighted to see the huge new state of the artfacilities fully operational and providing high quality jobs for local people The support of such a prestigious company is good newsfor Bognor Regis and for the wider local economyamprdquo
He continued ampldquoIt is very welcome that Rolls-Royce operates an apprenticeship scheme ensuring the company has the skillsit needs for the future and providing opportunities and training for a cohort of young people every year This year Rolls-Royce istaking on record numbers of apprenticesamprdquo
The new Rolls-Royce Technology and Logistics Centre at Bognor Regis opened on schedule in January 2016 The purpose-built30000m2 facility is located close to the companyamprsquos head office and manufacturing plant at Goodwoodhttpautoeconomictimesindiatimescomnewsindustrymos-visits-rolls-royce-new-logistics-centre-in-england57626981
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All new Mazda CX-5 to be produced at Hofu Plant The Economic Times
Hiroshima Japan Japanese automaker Mazda Motor Corporation starting from November is going to produce the all-new MazdaCX-5 crossover SUV at its Hofu Plant in addition to the Hiroshima Plant where it is currently produced
The company informed that the move will help the automaker respond quickly and flexibly to growing demand for SUVs globally
Mazda aims to create a production system that can respond flexibly to changes in demand for crossover vehicles as it works tomeet its global sales goal of 165 million units
Launched domestically in February the all-new CX-5 has till date recorded sales of 16639 units about seven times the monthlytarget claims the company
As with the CX-3 starting production of the CX-5 at Hofu Plant as well is part of our plan to build a production framework that givesus more flexibility between plants and between models said Masatoshi Maruyama Managing Executive Officer in charge of GlobalProduction We will do everything we can to get customers the crossover vehicles they want as quickly as possiblehttpautoeconomictimesindiatimescomnewspassenger-vehicleuvall-new-mazda-cx-5-to-be-produced-at-hofu-plant57627447
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Rheinmetall receives over $25 mn order from American carmaker The Economic Times
New Delhi German automotive parts supplier Rheinmetall has booked its first order for a special application of coolant valves by amajor American carmaker and destined for the NAFTA market
The company in a statement said that the order has a lifetime value of over US$25 million (around Rs 165 crore) Series productionof the valves is scheduled to start in 2019 with the contract set to run for about five years
Talking about the product the company went on to say that the innovative valves play a lead role in intelligent thermal and energymanagement on modern vehicle engines These often have several cooling circuits which are controllable with the aid of switchingseat valves
As from model year 2020 this particular customer will be installing several versions of such valves on gasoline and diesel enginesfor pick-ups with over 6 liters displacement
They will take over functions in the cooling circuit of the transmission ensuring that it reaches operating temperature faster byswitching off the coolant flow when the engine is started This also helps to reduce emissions added the companyhttpautoeconomictimesindiatimescomnewsauto-componentsrheinmetall-receives-over-25-mn-order-from-american-carmaker57628058
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Nissans Infiniti names former BMW executive as new design chief ReutersSee this story in The Economic Times
Beijing Infiniti Nissan Motors premium brand named Karim Habib former global design chief for BMW as the brands new chiefdesigner effective July 1
Habib will replace Alfonso Albaisa who will be promoted to lead Nissans global design according to a press release seen byReuters Habib will report to Albaisa
Habib who has worked for several premium automotive brands including BMW and Daimler will be based in Nissans technicalcentre in Atsugi Japan and lead Infinitis design teams in Japan Beijing San Diego and Londonhttpautoeconomictimesindiatimescomnewsindustrynissans-infiniti-names-former-bmw-executive-as-new-design-chief57630437
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Elon Musks bold offer of Tesla batteries wont solve Australias power problems ReutersSee this story in The Economic Times
Launceston Australia Australia is becoming an interesting microcosm on how to or how not to transition an economy from beingpredominantly powered by coal to more climate-friendly alternatives
The dramatic intervention by Tesla Inc Chief Executive Elon Musk last week is just the latest twist in an ongoing saga that pits
business government farmers government and environmentalists against each other
Musk in an exchange of tweets with software billionaire Mike Cannon-Brookes chief executive of Atlassian Corp offered to fix theelectricity supply problems of South Australia state within 100 days of signing a contract
Musks plan is to install 100 megawatts (MW) of grid-connected battery storage which would be available to meet peak demandand would be charged with surplus electricity from other generating sources in periods of low demand
Its a bold offer and would most likely provide a quick fix to Australias fourth-largest state which suffered a blackout last Novemberand has been dealing with power shortages over the peak summer period
Businesses like BHP Billiton which operates the giant Olympic Dam copper mine in the state have been pushing for thegovernment and other stakeholders to ensure stable electricity supply saying the cost of blackouts runs into millions of dollars inlost output
Musk whose Tesla Corp is ramping up output of its battery storage packs at its Gigafactory in Nevada held talks with AustralianPrime Minister Malcolm Turnbull at the weekend as well as with South Australian Premier Jay Weatherill
The politicians will no doubt be tempted to Musks offer to install batteries especially since the electric car pioneer said if he didntmeet his 100 day deadline he wouldnt charge anything
But while Musks offer if taken up would provide a quick fix it would not do enough to mend the underlying problems at the heart ofAustralias electricity woes
Its worth looking at how Australia got itself to the point where virtually all players can agree that the nation is facing somethingapproaching an energy crisis
After all the country is not short of fossil fuels such as coal and natural gas and its climate and low population density outside themajor cities are ideal for renewables such as solar and wind power
The country is heavily reliant on an ageing fleet of coal-fired power stations which makes Australia one of the highest polluters percapita
These coal power stations are starting to close down with one shutting in South Australia last year and another planned to close inVictoria state at the end of this month
The problem is that the coal-fired power stations role as providers of base load electricity cannot be taken over by wind and solarand the role is falling to natural gas
But natural gas is also the most expensive method of generating electricity in Australia so utilities are reluctant to run their gas-firedplants until prices are high enough to justify the cost
South Australia has a gas-fired plant that was mothballed until last years power supply crisis but even with the higher prices forelectricity the operator is struggling to make the plant profitable
The state moved on Tuesday to try and address its energy security issues announcing it would build a 250 MW gas-fired plant andhelp the private sector build a 100 MW battery at a total cost of A$510 million ($385 million)
Gas Supply ConstraintsNatural gas supply is becoming a problem in Australia which may seem ironic given the country is on the verge of becoming theworlds largest exporter of liquefied natural gas (LNG) as the last of eight new plants come closer to completion
In fact the new LNG plants are copping some of the blame for the tightening natural gas market especially the three in easternQueensland state based on using coal-seam gas as the feedstock
These are being blamed for sucking domestic natural gas out of the market and into the export LNG industry
What hasnt helped is that some of Australias state and territory governments are also pursuing policies that will restrict futurenatural gas supplies
Victoria state has banned hydraulic fracturing or fracking as well as shale and coal-seam gas exploration while the NorthernTerritory New South Wales and Tasmania have various moratoriums on fracking
This leaves Western Australia Queensland and South Australia as the remaining states where onshore natural gas supplies can bedeveloped and they are now in the cross-hairs of the environmental lobby which is opposed to any and all new natural gas wells
Politicians across the traditional Labor-Liberal divide are increasingly giving in to demands to restrict natural gas exploration whilepretending that this wont have a negative impact on energy security and electricity prices
But the costs are starting to become apparent with spot electricity prices surging over the Australian summer and natural gassuppliers warning that they will be unable to meet the needs of industrial customers without action being taken
Its often the case politicians only take action when the point of crisis is reached and this appears to be the case in Australia
Whats needed is a holistic approach to energy supply as Australia transitions away from coal-fired power
This means ensuring enough natural gas is available to provide base load generation while scaling up renewables such as solar
wind pumped hydro and battery storage
Forging enough common ground with the various stakeholders will be the main obstacle but more than anything else Australia isshowing how difficult it is to end the age of coalhttpautoeconomictimesindiatimescomnewsindustryelon-musks-bold-offer-of-tesla-batteries-wont-solve-australias-power-problems57630514
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Innogy in talks with car consortium over charging stations CEO ReutersSee this story in The Economic Times
Essen Germany Innogy is in intense talks with a group of carmakers Chief Executive Peter Terium told journalists on Mondayhoping to be selected as a supplier of super-fast charging stations for electric vehicles across Europe
Its not a done deal yet Terium said pointing to strong competition from rival vendors
BMW Volkswagen Ford and Daimler plan to build about 400 next-generation charging stations in Europe that can reload anelectric car in minutes instead of hours
Sources told Reuters in January that Innogy was in talks with the consortiumhttpautoeconomictimesindiatimescomnewsindustryinnogy-in-talks-with-car-consortium-over-charging-stations-ceo57624184
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China may roll back electric vehicle quotas as industry pushes back ReutersSee this story in The Economic Times
Beijing China is considering easing proposed quotas aimed at producing more electric vehicles as Beijing gets pushback from theautomotive industry over the scale and pace of the plans
If adopted proposed changes under discussion could see a target of new energy vehicles (NEV) making up 8 percent of sales nextyear pushed to 2019 two auto executives said
The changes would lower targets from a draft policy released in September requiring 8 percent of automakers sales to be batteryelectric or plug-in hybrid vehicles by 2018 rising to 10 percent in 2019 and 12 percent in 2020
Any loosening of NEV targets would mark a pull back by Beijing which has faced opposition to the planned targets as it looks todrive its domestic carmakers to overtake global rivals in the green vehicle sector
Automakers and industry bodies have said the targets are too tough and could hurt manufacturers interests New energy vehicleslast year accounted for just 18 percent of sales in the worlds biggest autos market according to Reuters calculations based onofficial data
Its normal to make revisions as its a draft plan An Jin chairman of Anhui Jianghuai Automobile Group (JAC Motor) said on thesidelines of the National Peoples Congress in Beijing
He said he was aware of talks to revise the quota targets but said nothing was set in stone JAC hasnt been told what revisionsmight be made to the draft but I think it is possible the draft will be changed after the discussions he said
Whether the whole market can hit this quota by 2018 depends a lot on the strength of government policy If its strong then weshould be able to surpass the targets An said (But) if you consider Chinas infrastructure and the transformation of Chinas autosector then perhaps the pace will have to slow
Two Percent CutTwo executives familiar with the plans told Reuters the government was considering options for lowering the requirements
One idea was to reduce the quota requirement by 2 percent each year cutting the 2018 requirement to 6 percent said aChina-based government relations official at a major global automaker It would then be 8 percent in 2019 and 10 percent in 2020
Another option would be to push back each target by a year with the 8 percent quota starting from 2019 an executive at aJapanese car maker said
Both asked not to be named due to the sensitivity of the matter and because the draft was still under consideration
The overall policy includes quotas for plug-in cars targets for average fuel economy requirements and a credit trading system topromote green energy cars while penalizing petrol cars
The two people said the quota stand-off was tied to a disagreement between the Ministry of Industry and Information Technology(MIIT) and Chinas top state planner the National Development and Reform Commission (NDRC)
MIIT which regulates manufacturers supports a more flexible credit trading system favoured by automakers The NDRC is more
aggressive in promoting a transition to electric vehicles pushing the introduction of the stricter quotas
An NDRC spokesman said the body played a small role when the draft was open to public for discussion MIIT did not immediatelyrespond to Reuters requests for comment
China has strongly supported and subsidized electric vehicles but is gradually swapping out incentives for hard targets automakersmust meet The central government cut subsidies 20 percent this year a first reduction towards eliminating them by 2020httpautoeconomictimesindiatimescomnewspolicychina-may-roll-back-electric-vehicle-quotas-as-industry-pushes-back57623608
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Russias standards agency says Volkswagen recalls 43151 Skoda cars ReutersSee this story in The Economic Times
Moscow Russias standards agency said on Monday that Volkswagens Russian operation had informed it about the voluntaryrecall of 43151 Skoda cars due to a possible technical fault
The recall affects Skoda Octavia Superb Fabia Yeti and Rapid cars sold in Russia between 2012 and 2016 the watchdog saidhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsrussias-standards-agency-says-volkswagen-recalls-43151-skoda-cars57624140
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Economy
Rupee hits 1-12 yr high surges 78 paise on BJP sweep PTISee this story in The Economic Times
Mumbai The rupee surged by a massive 78 paise to end at a nearly one-and-a-half year high of 6582 against the US dollar onfrantic unwinding of the American currency following BJPs emphatic victory in Uttar Pradesh
Forex market sentiment soared on hopes that BJPs stellar show in state polls would pave the way for the Modi government to focuson key reform measures
The home currency resumed on a strong footing at 6620 from last Fridays closing value of 6660 at the Interbank ForeignExchange (forex) market on heavy dollar unwinding from speculative traders and exporters tracking weekend developments
Maintaining its bullish momentum against the dollar the rupee hit a fresh intra-day high of 6576 in late afternoon deals beforeending at 6582 showing a solid gain of 78 paise or 117 per cent
This is the highest closing of the rupee since November 6 2015 when it had ended at 6576
Meanwhile the RBI fixed the reference rate for the dollar at 661800 and for the euro at 704354
Financial markets too took comfort from BJPs landslide victory with the broader Nifty climbing 15245 points to a new closing peakof 9087 and the Sensex rallying 49640 points to end at 2944263
The much-anticipated turnaround on the economic front has opened up a barrage of foreign capital fund flows into India
Foreign investors pumped in over Rs 10000 crore in the Indian capital markets this month so far
It also got an added fillip from bullish macro data which showed that the countrys industrial production bounced back in Januaryexpanding by 27 per cent year-on-year
Factory output measured in terms of Index of Industrial Production (IIP) had contracted by 01 per cent in December
However inflation based on wholesale prices shot up to a 39-month high of 655 per cent in February against 525 per cent inJanuary according to official data
On the global front the dollar traded firmly higher against its major counterparts ahead of the two-day Fed meet when it could liftrates for the third time since the financial crisishttpautoeconomictimesindiatimescomnewsindustryrupee-hits-1-12-yr-high-surges-78-paise-on-bjp-sweep57635104
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Nifty hits all time high of 912275 Sensex surges 616 points after big BJP win The Economic Times
Mumbai The Nifty jumped to life highs on Tuesday after the BJPamprsquos thumping win in the crucial state of Uttar Pradeshrekindled hopes of a bigger-than-expected push for reforms by the Narendra Modi government
The Nifty up 11 so far this year crossed its previous life high of 9119 to hit 912275 before ending the day 171 or 15245points higher at 9087 This is the indexamprsquos biggest single-day gain in points since February 1 and caps a strong reboundsince the December 26 low of 7893 on demonetisation worries
The Sensex surged by 616 points or 212 intra-day before ending the day at 2944263 up 49640 points This is its biggest gainsince May 25 last year The index is the best performer among all developed and emerging market indices in local currency terms inthe past three months
The rupee surged 79 paise to a 16-month high of 6582 to the dollar as exporters sold more dollars and foreign investors boughtlocal shares BSE data showed that foreign investors bought local shares worth Rs 4089 crore their biggest single-day purchasesince February 17 when they purchased Rs 8059 crore
FPIs have bought shares worthRs 23132 crore since January this year against net sales of Rs 9800 crore in the same period lastyear The BSE Midcap and Smallcap indices gained 144 each
ampldquoOne must be ready for a correction after a rally but I am optimistic about the medium to longterm prospectsamprdquo saidMotilal Oswal chairman Motilal Oswal Financial Services Ltd ampldquoFundamentally valuations are comfortable at this point intime because of good corporate earnings growth In the short term markets may remain volatileamprdquo
BJP romped to victory in UP on Saturday winning 312 out of the 403 seats Its allies won 13 more taking the NDA tally to 325 Thisis the biggest win recorded by any party in the state since 1977 and has raised prospects of the BJP doing well in other electionsthis year and next Many political pundits also believe that the victory has improved Prime Minister Narendra Modiamprsquos chancesof retaining power in the 2019 general election
Barring the metals index all other sectoral indices on the NSE ended with gains on Tuesday About 55 stocks including TitanJubilant Life Sciences Kotak Mahindra Bank IndusInd Bank YES Bank and Indiabulls Housing Finance among others hit life highswhile 92 stocks were locked in upper circuit with no sellers
ampldquoWith the sharp rally the market which is currently susceptible to global risk is trading at above average multiples and westay cautious near termamprdquo said Sanjay Mookim India Equity Strategist BofA Merrill Lynch ampldquoIndiaamprsquos businesscycle should improve over the next several quarters while improving construction should drive capex which is good forequitiesamprdquo
Some market experts are divided over the near-term outlook as indices have begun to look expensive at current valuations Plusthere is no immediate trigger for upgrade
ampldquoValuations of the Indian market are quite high and would require the support of strong earnings growth Any disappointmenton earnings will make valuations look even more expensive which the market may not likeamprdquo said Sanjeev Prasad senior EDand co-head of Kotak Institutional Equities
ampldquoGlobal and domestic interest rate cycles are no longer supportive with likely increase in developed markets bondyieldsamprdquo
ampldquoWhile markets are expecting a rate hike this meeting what will be of more interest is the commentaryamprdquo said DipenShah senior V-P PCG research Kotak Securities ampldquoIf it is hawkish it may have an impact on fund flows to emerging marketsbut India may be relatively less impacted because of the continuing domestic flowsamprdquo
ampldquoNotwithstanding the election results we believe the risk-reward is not favourable currently and advise investors to sell intothis rally We expect Nifty EPS to rise 15-16 in FY18 and see no trigger for an earnings upgrade at this junctureamprdquo ReligareInstitutional Research said in a notehttpeconomictimesindiatimescommarketsstocksnewsnifty-hits-all-time-high-of-9122-75-sensex-surges-616-points-after-big-bjp-winarticleshow57639036cms
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WPI inflation up 655 for February 2017 The Economic Times
New Delhi The annual rate of inflation based on monthly Wholesale Price Index (WPI) stood at 655 percent (provisional) for themonth of February 2017 (over February 2016) as compared to 525 percent (provisional) for the previous month and -085 percentduring the corresponding month of the previous year
The official Wholesale Price Index for amplsquoAll Commoditiesamprsquo for the month of February 2017 rose by 05 percent to 1855(provisional) from 1846 (provisional) for the previous month
The index for primary articles rose by 09 percent to 2581 (provisional) from 2557 (provisional) for the previous month
The inflation rate for Fuel and power group rose by 13 percent to 2038 (provisional) from 2012 (provisional) for the previousmonth due to higher price of coking coal (15 percent) aviation turbine fuel (3 percent) bitumen (2 percent) and kerosene highspeed diesel LPG and lignite (1 percent each) However the price of furnace oil (1 percent) declined
The index for the major group of manufactured products remained unchanged at its previous monthamprsquos level of 1588
(provisional) In this group the index for amplsquoRubber amp Plastic Productsamprsquo group rose by 02 percent to 1489 (provisional)from 1486 (provisional) for the previous month due to higher price of rubber products (1 percent)
The index for amplsquoTransport Equipment amp Partsamprsquo group rose by 05 percent to 1405 (provisional) from 1398 (provisional)for the previous month due to higher price of auto rickshaw tempo matador (4 percent) and auto parts (1 percent)
For the month of December 2016 the final Wholesale Price Index for amplsquoAll Commoditiesamprsquo stood at 1833 as comparedto 1828 (provisional) and annual rate of inflation based on final index stood at 368 percent as compared to 339 percent(provisional) respectively as reported on January 1 2017httpautoeconomictimesindiatimescomnewsindustrywpi-inflation-up-6-55-for-february-201757627665
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February CPI at 365 vs 317 in January highest since October 2016 PTISee this story in The Economic Times
New Delhi Retail inflation rose to 4-month high of 365 per cent in February mainly due to surge in price of food items like fruitssugar and confectionery
Measured in terms of Consumer Price Index (CPI) the inflation had dipped to a multi-year low of 317 per cent in January this yearon account of cash crunch following demonetisation It was 526 per cent in February last year
According to the CPI data released today by the Central Statistics Office (CSO) the consumer food prices index (CFPI) rose by201 per cent in February from 061 per cent in January The CFPI was 53 per cent in February 2016
Inflation in fruits was higher at 833 per cent fuel and light at 39 per cent in February The rate of price rise in meat and fish was 35per cent in February
Prices of sugar and confectionery items rose by 1883 per cent in February while inflation in milk and milk product increased by 422per cent
The rate of inflation in household goods and services was 409 per cent while this rate was in health segment was 4 per cent Thetransport and communication became expensive by 539 per cent
The personal care and effects segment rose by 515 per cent while the education became more expensive by 537 per cent inFebruary this year
The inflation rate was 438 per cent in clothing and footware segment while it was 49 per cent in housing segment
However the prices of vegetables and pulses declined by 829 per cent and 902 per cent respectively
Rural retail inflation was at 367 per cent in February compared with 336 per cent in the preceding month The CPI was also up inthe urban sector at 355 per cent in February from 29 per cent in January this yearhttpautoeconomictimesindiatimescomnewsindustryfebruary-cpi-at-3-65-vs-3-17-in-january-highest-since-october-201657633211
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Closing
Last Financial Closing
Sensex 2944263 (+49640)NSE 9087 (+15245)US$ spot Rs6582US$ Y1148000US$ 6 months RsYen Rs57Euro spot Rs70
Gold (10gm) Rs28333Silver (1kg) Rs4008300
Crude Oil (WTI) Crude Oil (Brent) $5172 (+037)
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Apollo Tyres 1 18610Asahi Ind 1 21655Amara Raja B 1 83230Ashok Leyland 1 9080Bajaj Auto 10 286670Bharat Forge 2 103550Denso 1 Eicher Motor 10 2396325Escorts 10 51945Exide Ind 1 21645Force Motors 10 427760Gabriel India 1 11460Hero Motocor 2 335745Hind Motors 5 950Hi-Tech Gear 10 29885Jay Bh Maruti 5 38190
Jamna Auto 5 20550JK Tyres amp Inds 10 1241 Kinetic Motors 10 Kinetic Engg 10 KOEL 2 37685Kirloskar Br 2 24135LML Ltd 10 1250LampT 2 155810Lumax Ind 10 131690Lumax Tech 10 43230MampM 5 132600Maruti Suzuki 5 613240Motherson SS 1 36290Minda Inds 2 44350MRF 10 5298390Omax Auto 10 7555Rico Auto 1 5720Sona Koyo St 1 8170
SRF 10 157155Tata Motors 2 46975 TVS Motors 1 43690
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Bhushan Steel 2 5430Hindalco 1 19040Hind Zinc 2 29140JSW Ispat S 10 Jind Steel 1 12490JSW Steel 1 18190Jindal Saw 2 7995National Aluminium 5 7310SAIL 10 6005Tata Steel 10 47255Visa Steel 10 2185
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Ambuja Cement 2 23370Binani Industries 10 7200Birla Corp 10 70360India Cement 10 16070Prism Cement 10 9375JK Cement 10 88470Shree Cement 10 1639835
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NURC News Update - AUTOMOBILES
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and 2550mm wheelbase Inside the cabin the Vios gets a touch screen infotainment system audio system with steering mountedcontrols leather upholstery automatic air conditioning and keyless entry It however remains to be seen as to what features doesToyota introduce in India
In terms of safety the Vios could get dual airbags ABS (anti-lock braking system) with EBD (electronic brake-force distribution) asstandard across all variants in wake of the upcoming safety legislations In addition it might get brake assist ISOFIX rear child seatanchors traction control and VSC (vehicle stability control)
Toyota Motor launched the Vios in Thailand around at a price of 609000 baht ( Rs 115 lakh) and it is expected that the Indianversion might be launched under Rs10 lakh in India If priced competitively and packaged smartly the Vios might give Toyota astrong foothold in a segment that is driven more by value-for-money in form of new features and technologies and not just acheaper price-tag something that Toyota got it wrong with the Etioshttpwwwfinancialexpresscomautocar-newstoyota-to-launch-vios-in-2018-will-compete-with-honda-city-and-maruti-suzuki-ciaz587255
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Maruti case Unions to meet in city today Chetna ChoudhryThe Times of India (Web amp Print Edition)
Gurgaon Over 500 representatives from 150 workers unions including six from Maruti Suzuki India Limited (MSIL) and Gurgaonchapters of the AITUC CITU and HMS will gather at 11am on Wednesday in Tau Devi Lal Park in Manesar to devise their futurecourse of action in the 2012 Maruti Suzuki labour unrest case The unions will decide how to re-appeal the verdict and extend helpto the families of the 31 convicted workers Sources revealed that since 18 of these who have been convicted of rioting havealready been in jail for four years there will be efforts to get them released
With over 30000 workers across Gurgaon and neighbouring Rewari choosing not to celebrate Holi workers colonies in ManesarDharuhera and Dundahera wore a deserted look on Monday This was the was workers chose to express their solidarity with theircomrades and their unhappiness at the decision by the sessions court which last Friday convicted 31 workers
Sources revealed the unions intend to work on multiple angles in the matter Firstly they plan to appeal for acquittal of the 18workers who have been convicted of rioting Lawyers representing the workers will request the court to consider that these accusedhave already been jailed for four years Secondly for the 13 workers convicted for murder if the quantum of punishment is veryhigh they will challenge it in the high court They are also considering challenging the lower court order which has convicted 13workers for Section 302 (murder) They believe the workers were not involved in the killing of the general manager (humanresources) Awanish Kumar Dev Besides this life insurances policies will be provided to the families of the 13 convicts andemployment avenues will be explored for their families Also around 6000 regular workers from MSIL have planned to contributemoney to provide financial help to the families of the convicted workers
Well discuss all aspects in detail and chalk out a plan Our priority is to get the ones who have been convicted of rioting out of jailand challenge the verdict if for the murder convicts the quantum of punishment is high Also we have to support the livelihood oftheir families and their childrens education said Kuldeep Janghu of Maruti Udyog Workers Unionhttptimesofindiaindiatimescomcitygurgaonmaruti-case-unions-to-meet-in-city-todayarticleshow57639394cms
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Preparing PV portfolio to meet new norms Tata Motors
PTISee this story in The Hindu (Web Edition)
Geneva Tata Motors is undertaking a ampldquoclean upamprdquo of its passenger vehicles product portfolio as part of transition tomeet new regulations and achieve profitable growth that could bring an end to the Nano
The company is focusing on hatchback Tiago and upcoming compact sedan Tigor to act as bridge during its ongoing transition fromthe past to the future to drive volumes and improve bottomline of its passenger vehicles (PV) unit till it launches new products undernew platforms by 2018
ampldquoThe old world is any way going to be changed not because of Tata Motors but because of changes in regulatoryenvironment It may be emission requirements in 2020 or even earlier changes as far as safety requirements (2017) areconcernedamprdquo Tata Motors Managing Director and CEO Guenter Butschek told PTI at the Geneva Motor Show
He was responding to a query on how Tata Motors saw the future of its entry level small car Nano the dream project of Tata Groupchairman emeritus Ratan Tata
From October this year India will adopt stringent norms for frontal and side crash tests that would require vehicles to be equippedwith safety airbags In 2020 the country will implement the BSampmdashVI emission norms
ampldquoSome products will actually get naturally to the end of their lifecycle So there is already a clean up going on in this regardWe have launched intensive activities in order to get the cost down on all the products that are currently in operationsamprdquoButschek added
When asked when will the company call time on the Nano he declined a specific answer but said ampldquoAt one point of time each
and every car gets naturally to the end of its lifecycle
ampldquoWe have already well laid out PV strategy We will make the calls on the execution of the bits and pieces of the strategy atthe right time Each and every decision has its timeamprdquo
The companyamprsquos focus during the transition is to have models Tiago and Tigor to drive volumes and profitable growth so that itis in a better position financially to invest on its future products
ampldquoThe key focus in on Tiago and Tigor because these are our volume productsamprdquo he said adding cost savingengineering changes and improvement of productivity on these models could successfully boost bottomline during the transition
ampldquoThere is a period inampmdashbetween which we have to overcome where even if turn individual products into a positive oneit is certainly not good enough in the first instance to acually get me my overall funding requirements into the futureamprdquoButschek said
Stressing on the need to bring new products on time within stipulated investments Butschek said ampldquoWe need to deliver ournew products on time on cost because the market doesnamprsquot wait for us The customer is not going to be for usamprdquo
The company is changing the way it has been working on that front he said
ampldquoWe are not going to continue with the legacy where all products effectively could launch later than initially plannedamprdquoButschek said
Elaborating on the future products strategy he said ampldquoWe have presented AMP platform with 6ampmdash8 topheads and theother platform to come the Q5 with at least two different topheads and possibly even more in the near future to leverage on theseplatforms and create economies of scaleamprdquo
He said the plan is to get ampldquodesirable products on one side and on the other get also products that will get us to the costposition products which are going to be profitableampldquohttpwwwthehinducombusinessIndustrypreparing-pv-portfolio-to-meet-new-norms-tata-motorsarticle17461284ecePreparing PV portfolio to meet new norms Tata MotorsThe Pioneer (Web amp Print Edition)httpwwwdailypioneercombusinesspreparing-pv-portfolio-to-meet-new-norms-tata-motorshtml
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Mahindra pitches its only car as a successor to the Ambassador Amrit Raj amp Jyotika Soodmint (Web amp Print Edition)
New Delhi Mahindra and Mahindra Ltd plans to redesign the only car in its stable Verito to cater to the needs of Indiaamprsquosfast-growing taxi segment as it looks to fill the void created by Hindustan Motorsamprsquo Ambassador a top executive at the firmsaid in an interview
The CK Birla Group-owned Hindustan Motors sold the brand Ambassador to French company PSA Group in February TheAmbassador has a cult following among some retro-minded enthusiasts in the country It was the vehicle of choice (or rather giventhe limited choice default) of thousands of owners since 1957 due to its sheer ruggedness and ability to manoeuvre Indiaamprsquospotholed roads It was hugely successful in Indiaamprsquos small car market and in particular with the government This was ofcourse before Maruti Udyog Ltdamprsquos Maruti 800 killed its appeal Today Marutiamprsquos SX4 has replaced the Ambassador ingovernment circles The Ambassador was also the preferred vehicle for taxis
Mahindra wants to occupy this space vacated by the Ambassador
ampldquoTherefore if we say that let us focus that vehicle (Mahindra Verito) on the taxi segment alone whether it is electric vehiclegasoline or diesel can we redesign that vehicle to become the next Ambassador in the taxi segment Thatamprsquos what we areworking on right nowamprdquo Pawan Goenka managing director of Mahindra and Mahindra said in an interview
ampldquoWe will be looking at all the aggregators Today aggregators buy Verito but not in large quantity because it is moreexpensive than some of the other products in that category If we can take care of that part of it then it is a very desirable taxivehicleamprdquo he added
To be sure Verito has never been a runaway success Born as Logan under a joint venture with Renault SA it became Verito whenMahindra got full control of it after the partnership ended Since then the company has made several attempts to resurrect thebrand but for various reasons customers have stayed away from the product Goenka now sees it as a perfect fit for the taxisegment
ampldquoWhat do you need in a taxi You need a spacious vehicle which is comfortable runs from point A to point B economicallyIf you forget for a minute about the looks which is where we lose out and if you look at the functionality of the vehicle it is verydifficult to find a vehicle in that size that will give you better functionality in terms of space comfort (than the Verito)amprdquo he said
Mahindraamprsquos new plan for the Verito is driven in part by the growing sales of cars as taxis amidst the advent of cabaggregators Ola and Uber Driven by demand for these app-based cab operators as much as 17 of total passenger vehicles soldin the country by 2020 are expected to be sold in the taxi segment estimates rating agency Icra
But Mahindra may not be looking at cab operators only Being the only maker of electric vehicles in Indiaampmdashit has two pureelectric cars such as Verito Electric and E2Oampmdashthe company is also looking to push sales through government channels TheIndian government itself wants to promote sale of electric and hybrid cars and is in the process of drafting a policy on the subjectMint reported on 7 February
A top officer in the ministry of road transport and highways told Mint that the Mumbai-based company is in talks with road transportminister Nitin Gadkari to initiate a pilot project of electric car taxis in Nagpur
ampldquoUnder the first phase around 200 electric cars would be plied on the roads as taxis to see the resultsamprdquo the officersaid requesting anonymity The details of the project still need to be worked out It remains to be decided if the government will buythese electric cars as taxis and run them under a public transport system or hire a company to ply them as private taxishttpwwwlivemintcomCompaniesCrdVqpFcTgRyyjIlGLpYdPMahindra-pitches-its-only-car-as-a-successor-to-the-Ambassadhtml
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Mahindra readies US debut with off-roader Ssangyong products The Times of India (Web amp Print Edition)
Chennai The nearly $18 billion Group Mahindra is finalising its ambitious automotive foray into the US market starting from 2019when an offroad product entirely developed by the companys Detroit RampD centre will be launched in that market Korean groupcompany Ssangyong too is planning to debut its products in the US in the next 18 months According to company sources MampM isreadying for full-fledged US push given that its earlier legal cases have now all been sorted out
Mahindras US foray is being spear-headed by Mahindra North American Technical Centre (MNATC) the companys RampD centre inDetroit which is currently working on two separate products one for the Indian market and another entirely for the US marketMNATC is developing an off-roader product for the US market which is expected to be launched sometime in 2019 said a seniorcompany source It has also developed another product which will come to the Indian market by the middle of financial year2017-18 he added
Industry sources say the Mahindra-badged vehicle intended for the American market may well be called Thar and has been entirelydeveloped by MNATC The Detroit tech centre assumes importance given that Group Mahindra is one of 6 companies shortlisted bythe United States Postal Service (USPS) for the Next Generation Delivery Vehicle (NGDV) prototype a nearly $5 billion order forthe company that finally bags it
Apart from its own foray into the US Mahindra group company Ssangyong too is preparing for an American outing Ssangyong islooking to enter the US in the short-to-medium term and it is currently developing products and strategy accordingly said the seniorcompany source Industry sources say this could happen as soon as 2018
Mahindras previous attempt to debut in the US with a rugged fuel-efficient pick-up in the late 2000 ran into legal problems withsome of its dealers suing it in 2010 With those cases cleared up the company is now revisiting its US strategy but this time theproduct is designed and developed in America for the American markethttptimesofindiaindiatimescombusinessindia-businessmahindra-readies-us-debut-with-off-roader-ssangyong-productsarticleshow57621866cms
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E20 Plus Indias first electric family car Sandesh M S and Umesh M AvvannavarDeccan Herald
Homegrown auto major Mahindra amp Mahindra (MampM) a pioneer in integrated and electric mobility solutions in India is leaving nostone unturned to make the environment greener and cleaner
The company launched e2O Plus recently which is primarily meant for city commuting The e20 Plus hatchback priced in the rangeof Rs 546 lakh to Rs 846 lakh (ex-showroom Delhi) and is also looking at expanding its electric vehicle portfolio further With thelaunch of the e20 Plus marked the companyamprsquos foray into the mass market electric city car segment
The e20 Plus is an amalgamation of advancements in automotive technology electronics and information technologyMampMamprsquos electric vehicle portfolio includes small car and light commercial models such as e20 eVerito and eSupro amongothers Since launching small car e20 in March 2013 it has so far sold over 3000 units of the car in the country
The company has marked the entry level of the e20 Plus P2 variant of the vehicle for fleet owners The other variants P4 P6 andP8 are priced at Rs 546 lakh Rs 595 lakh and Rs 846 lakh respectively
The vehicle comes with a range of 140 km on a single charge and achieves a top speed of 85 kmph The company which hasalready invested around Rs 800 crore on its electric vehicles business including development of technology
It comes with various features such as easy home charging hill assist reverse camera charging ports and smartphoneconnectivity among others Compared with other normal cars on the road what makes the Mahindra e2o Plus special is itsmechanism The electrically-operated machine will distance you from long lines in pumps One will definitely feel the importance ofthe car during the hike in fuel rate and strikes in the city All you need to have is an AEH plug-point in your parking area to chargethe battery One full charge will last for nearly two days with the planned schedule The driver has to limit the usage of otherfeatures like AC music system indicator and unnecessary honking as this will drain the battery
Accommodating over four passengers will also be an issue as the engine needs more power to pull the weight which is directlydependent on battery
The digital analogue in the car is a required feature in e-cars where we get to know how far a car can take you Thebatteryamprsquos life estimated kilometre to travel will caution you to charge the battery so that you will not be kept in the lurch onthe road
Besides battery the car being gearless is another plus-point that makes your city drive easy The easy switching of the modes fromneutral to forward reverse and power drive is as simple as playing with a toy car As the battery is the whole and soul of the car themakers have completely avoided using any heavy substance in building the body If a complete fibre-made body is a boon forbattery (as it wonamprsquot stress it) itamprsquos a complete drawback for passengers A small accident or even if it comes in touchwith other vehicles will cause huge damage for the vehicle where the owner has to cough up more to fix it The seat-belt is theminimum and the only safety aspect in the car
Four-door offeringThe modified four doors is not just an add on feature but it has also increased the leg room in the rear seat It can easilyaccommodate three people in the back seat and two in front and makes for a complete family car Though the charging plug willoccupy little space in the hatchback rest of the place is for utility The fast drain of the battery with the heavy weight is the onlydrawback in the vehicle
When compared to normal fuel cars the battery-operated cars will charge you less and is effective in cost-cutting But an individualwill definitely be concerned with the cost of the vehicle as the fuel rates in the country are fluctuating For the future MampM is lookingfor a bigger play in the electric vehicle segment with plans to launch electric versions of its existing conventional engine models
Efficient powerThe Mahindra e20 Plus is powered by a 48V and 72V lithium-ion battery pack latter for the top-end variant which produces amaximum power of 26 hp and 40 hp and churns out a peak torque of 70 Nm and 91 Nm respectively The car accelerates from 0to 60 kmph in 141 seconds in the P4 and P6 versions while the 72V battery-powered version takes 95 seconds and has a topspeed of 128 kmph It takes around six to nine hours to fully charge the vehicle and has a fast-charging time of 75 minutes and 90minutes in the P4 and P8 trims While the smaller 48V electric motor has a range of 110 km the 72V unit is good for 140 km
The Mahindra e20 Plus is equipped with a steel frame structure and has a wheelbase of 2258 mm and ground clearance of 170mm
The exterior of the new electric vehicle gets a new grille revised rear end and Mahindraamprsquos signature vertical design Thetop-end variant also gets alloy wheels and a Blaupunkt infotainment system that also has a reverse parking camera
Other highlights of the Mahindra e20 Plus include REVive technology which helps the car to gain an extra 5-10 km of range whenthe battery is low and hill assist which will prevent the car from a rollback on an incline
VerdictWith a simple mechanism and easy to drive the Mahindra e2o plus is tailor-made for city drive
Battery capacity 210 AhBattery weight 121 kgPower 30 kW 3500 rpmTechnology Lithium IonOn-board power 16 kWhrTorque 91Nm 2000 rpmPRICE Rs 950586 lakh (ex-showroom Bengaluru)httpwwwdeccanheraldcomcontent601375e20-plus-indias-first-electrichtml
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Ford retains Ethical honour Nandini Sen GuptaThe Times of India (Web Edition)
Chennai Ford Motor Company has been named one of the Worlds Most Ethical Companies for the eighth straight year byEthisphere Institute This is the longest winning streak by any auto company
The list of the Worlds Most Ethical Companies acknowledges and honours companies that recognise that they have a role insociety to influence or drive a positive change These companies consider their employees investors customers and other keystakeholders when taking action while their values and culture align with the decisions they make every day
Companies weve honoured as Worlds Most Ethical take a novel response to the shift in societal expectations constantredefinition of laws and regulations and the geo-political climate said Timothy Erblich Ethispheres chief executive officer
Weve seen how Ford responds to these challenges while still investing in communities where they reside and embracing ethicalstrategies across the globe as a sustainable business advantage
Ford won the top spot on the basis of programmes aimed at monitoring human rights and safe working conditions sourcingconflict-free minerals to programmes such as the Partnership for a Cleaner Environment which is aimed at encouragingsustainability through Fords supply chain
Efforts to foster long-term relationships with suppliers through active engagement which includes sharing best practices as well asproviding training and evaluations to ensure suppliers meet both legal requirements and Ford standards was also counted as a plusStrong ethics and corporate citizenship are the foundation of our business philosophy which demonstrates to our customers whatwe stand for as a company said Bill Ford Ford Motor Company Executive Chairman This honour is a reflection of Fords corevalues and it shows that our employees are continuing to make the right decisions every day for all of our stakeholdershttptimesofindiaindiatimescomautomiscellaneousford-retains-ethical-honourarticleshow57632785cms
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Ford Endeavour Big beast conquers all topographies Sandesh M S and Umesh M AvvannavarDeccan Herald (Web Edition)
It came down easily from the deep steep it didnamprsquot get stuck in the pool of mud and slush though all the four tyres of thevehicle were like they lay buried inside it was easily making its own way down the path where there was not even a speck of tar inthe surroundings
The easy movement across various obstacles and the first look of the Ford Endeavour will drive any passionate off-roady crazyThe huge 32-litre fully-loaded engine taken for off-road testing on the outskirts of Bengaluru where the real power of the vehiclewas demonstrated by a group of off-roading experts
The vehicle was on top of a rock and there was not even a proper path for its movement but big ditches and meandering ups anddowns It was experienced on a track simulating challenging off-road conditions including hill climbs and descents slush and waterwading among others
Though it was looking like a rally track the car would have toppled at any point if the driver accelerated it amateurly Thisoff-roading track (natural terrain) was surely tailor-made to test the capacity and the power of a proven SUVacirceuroˆbeast
The daring off-roading drive included sharp turns steep hill climbs and hill descent wading through slush uneven surfaces anddriving at a 30-degree tilt among others The powerful four-wheel-drive and terrain management system with NormalSnowMudGrass Sand and Rock modes were ensuring the driver to have complete control of the car even over harsh ground Theterrain management system (the first-of-its-kind in this particular segment of cars) has included the modes for all the possibleobstacles in the off-roading track and makes the owner feel amplsquoready to conqueramprsquo
Terrain Management SystemAs said earlier it is a first-of-its-kind feature in the Ford Endeavour The four different modes are designed in such a way of havingan off-road expert beside you The modes are classified as
NormalFor all regular driving in normal road conditions In this mode the machine passes the torque to the front wheels (when necessary)depending on the movement of throttle and steering-movement This also minimises wheel slip
Snow MudHelps the vehicleamprsquos movement over slippery or loose surfaces Allows the wheel to spin in ups and downs and make thedrive feel smooth
SandFor driving on the rutted condition tracks Helps the driver maintain the same power through sand with aggressive torque transfer
RockThis mode provides maximum traction for low-range four-wheel-drive and prefer low-speed control which will enable one to easilynavigate through extreme off-road terrains
Hill Descent ControlThis mode helps one set and maintain the constant speed which tackles the steep descents with ease This also helps in taking thefeet off from the pedals and concentrate on the steering movement
With all the special modes the car was tested using a specific modes for different obstacles
Halted on the slushEven when the vehicle was completely halted in the slush the water-wading capacity of 800 mm along with 225 mm of groundclearance helped it easily come out of the ditch even in the sharp turns Compared with any other road vehicle the Ford Endeavourcan be halted in between the slush instead of rushing the obstacle
Hill climbing with rock modeThis obstacle was cleared by switching into the Rock mode and turning on the 4X4 drive The only work of the driver is to handle thesteering wheel and keeping the feet on acceleration pedal This mode can make the car climb any steep rock without any difficulty
For the wrong stepTo reduce anxiety on the track or to correct the wrong move the Semi-Auto Parallel Park Assist helps the driver locate the rightplace to halt and proceed while off-roading
70-degree steep downIt was a deadly obstacle on the off-roading track where it should only be done by experts The vehicle was made to come down
from the hill which had a climb of 70 degrees and safely landed on the flat surface The breathtaking obstacle was fought by turninginto the Hill Descent Control mode with extra caution Though one may be a passionate off-roading driver perfection in this obstacleneeds extra practice
Other obstaclesAfter clearing the deadly obstacles rest of the other tests over the track were easily done by the big machine The vehicles easilycrossed the multiple speed breaker and multiple pits and also climbed other steep rocks effortlessly
As a passengerAfter the tough 2 km drive covering all the possible obstacles that one might face during an off-road drive we also tested thevehicle by sitting inside as fellow passengers With the off-roading driving expert on the wheel climbing and getting down the toughterrains crossing other obstacles will make passengers feel the drive is straight out of an amusement park Just make sure thatevery individual inside the car has his seat belt onhttpwwwdeccanheraldcomcontent601374ford-endeavour-big-beast-conquershtml
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Renault introduces Kwid Climber at Rs 43 lakh Deccan Herald (Web Edition)
Bengaluru French auto major Renault has unveiled a variant of its popular hatchback Kwid in the country with the price starting atRs 43 lakh (ex-showroom Delhi)
Christened as Kwid Climber the variant will be available in both manual and automated manual transmission (AMT) modes
The manual variant is priced at Rs 43 lakh while the AMT trim of the vehicle comes for Rs 46 lakh (ex-showroom Delhi) The10-litre SCe engine which powers the Kwid Climber is optimally designed for better performance
The company first showcased the Kwid Climber as a concept vehicle at the auto expo last year The company aims to achieve amarket share of 5 in the near termhttpwwwdeccanheraldcomcontent601369renault-introduces-kwid-climber-rshtml
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Smart Hybrid Vehicles surpass one lakh units Deccan Herald (Web Edition)
Bengaluru Maruti Suzuki India has announced that its Smart Hybrid vehicles Ciaz SHVS and Ertiga SHVS have crossed cumulativesales of 100000 units recently This marks the success of Maruti Suzukiamprsquos efforts in hybrid and electric mobility in India
Introduction of technologies like Smart Hybrid can only create a significant positive impact if they are made available to a largersection of customers With this as a premise MSI introduced Indiaamprsquos first Smart Hybrid Vehicle Ciaz SHVS on September 12015 It subsequently introduced the technology in Ertiga Diesel in October 2015
Smart Hybrid Vehicle by Suzuki (SHVS) is a technology which uses an Integrated Starter Generator (ISG) and an advanced highcapacity battery to supplement the engineamprsquos power SHVS technology makes it more efficient than the conventional set-upand saves energy while deceleratingbraking
Ciaz and Ertiga Smart Hybrid participate in the government of Indiaamprsquos FAME India scheme which aims to promote FasterAdoption and Manufacturing of Hybrid and Electric vehicles in India
Celebrating the success of SHVS sales R S Kalsi Executive Director Marketing amp Sales Maruti Suzuki said ampldquoAs we movetowards hybrid and electric cars we see this as a first important step in this space Both Ciaz SHVS and Ertiga SHVS are high onfuel efficiency come with reduced running costs and lower levels of CO2 emission thus making these popular among customersThe response we have received for SHVS equipped Ciaz and Ertiga encourages us to continue to invest in new technologies thatsupport the environment while benefitting the customeramprdquo
Ciaz SHVS with a certified fuel efficiency of 2809kml tops the mileage chart in India Ertiga SHVS with 2452 kml has set newbench marks in fuel efficiency in its category Both vehicles are market leaders in their respective segments and illustrate thegrowing preference of Indian customers for greener and cleaner technologies like Smart Hybrids SHVS equipped vehicles accountfor over 60 of volume of the two models
Idle Start StopThe engine stops automatically when the driver shifts the gear to neutral and releases clutch while the engine is idling Restartsengine as soon as the clutch is pressed and the stored energy is used for this process
Engine AssistThe stored power in the advanced high capacity battery assists the engine during vehicle acceleration which improves efficiencyand thus prevents wastage of fuel
Brake energy Regeneration During decelerationbraking ISG charges the advanced high capacity battery and provides energy to assist the
engineamprsquos idle-stop-start function and helps the engine during accelerationhttpwwwdeccanheraldcomcontent601368smart-hybrid-vehicles-surpass-onehtml
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Car Tech SmartPlay adds the Android touch Vishal Mathurmint (Web amp Print Edition)
Car entertainment systems have become smarter but car makers in India have been slow to adopt the new technology MarutiSuzuki became the first car maker on our shores to add the Apple CarPlay in-car platform to their SmartPlay infotainment systemavailable in the S-Cross crossover Baleno hatchback Ciaz sedan and Ertiga multi-purpose vehicle (MPV) Now SmartPlay hasbeen upgraded with support for Googleamprsquos Android Auto in addition to Apple CarPlay for the iPhone
At the very heart of the SmartPlay system is a proprietary software for radio Bluetooth connectivity and basic navigation
Android Auto and CarPlay recreate your phoneamprsquos interface on the display in the car What you need to do is plug in yourphone to the caramprsquos USB port At present Android Auto and Apple CarPlay do not work wirelessly
Android Auto gives you instant access to apps such as Google Play Music Google Allo Google Maps and the phone dialer Theinterface is easy to useampmdashthe apps are listed at the bottom of the screen just like the navigation bar at the bottom of yourAndroid phoneamprsquos screen Within each app the menu for relevant options is available on the top left side Android Auto alsointegrates messages and notifications from third-party apps including Facebook Messenger and you can reply or set selectnotifications on mute while you drive
Unlike Apple CarPlay where you donamprsquot need to pair your phoneamprsquos Bluetooth separately Android Auto requiresBluetooth pairing if you want to use the voice-calling feature The 7-inch display has good brightness levels and is adequatelysharp It is a fingerprint magnet though and a bit reflective something youamprsquoll notice during daytime driving The system canalso be accessed with the controls on the steering wheelampmdashthese include media playback voice command and call keys
The new SmartPlay system is rolling out first in the Ignis hatchback priced upwards of Rs459 lakh (ex-showroom Delhi) Thismakes it the first car in its category to have the Apple CarPlay and Android Auto combination available as a default option
There is no doubt then that Apple and Googleamprsquos smart car platforms are a genuine evolution over the infotainment set-upsmost car makers have offered as a default all this whilehttpwwwlivemintcomLeisureTSsAAxb7YqoYittRY2Bw7ICar-Tech-SmartPlay-adds-the-Android-touchhtml
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Luxury Cars
The best of both worlds Roland Folger MD amp CEO of Mercedes-Benz India Hormazd SorabjeeThe Hindu (Web amp Print Edition)
Roland Folger Managing Director amp CEO of Mercedes-Benz India on why the long-wheelbase E-Class is an ideal fit for India
What is the rationale behind introducing the long-wheelbase variant of the E-Class and is it a gamble because of the high price
Well there is always a certain element of risk with a long wheelbase However in the next five to 10 years the road conditions arenot going to be any better and the traffic is not going to be any lighter Our customers including successful businessmen andentrepreneurs spend a lot of time in their cars Once we saw the opportunity within our line-up and solutions we had to some ofthose issues for the Chinese market we were very eager to apply the same in India There is nothing better out there than to havecomfort in your day-to-day driving routine on the populous roads of India
Was there cost pressure arising out of India being the only right-hand-drive market for the new E-Class
Of course there were cost pressures and it was not an easy sell to Germany either looking at the incremental cost of such avehicle and trying to stay within a price level that people would accept
I think that was the biggest challenge we were facing at that time But we remained committed to the idea since we knew it wouldgive us a unique positioning on cost and in price levels in a segment that we really own in India
That also gave us the confidence that the volumes we would achieve in India were definitely going to be worth it
Is there a possibility of exports to other right-hand-drive markets such as Singapore South Africa and Sri Lanka
In markets other than India the situation is different either they sell a lot more S-Classes or are happy with the existing normalwheelbase W213 E-Class We still looked at the opportunity and found that the volume was too small or not profitable for us at all
What was the research that prompted the launch of the long-wheelbase E-Class
We now have a total of 34000 E-Classes running in India We did some research with existing customers that involved talking tothem directly observing cars coming into service and talking to drivers to understand who was driving the car more frequentlyInterestingly we found that most of our customers were chauffeur-driven when they go to work but on the weekend they wish todrive themselves So our aim was to offer a vehicle which offered the best of both worlds
Will the new long-wheelbase E-Class pull in S-Class customers
I donamprsquot see a risk of the new LWB E-Class pulling S-Class customers since the S-Class is not bought because of itslegroom but because of its overall package and positioning We hope to attract a lot of other people from the SUV segmentbecause of the space and comfort the E-Class offers So maybe we can change some of the rules of the game as well
What is the strategy behind bringing the 30-litre V6 diesel to the E-Class
We adopt a skimming policy sometimes where we believe that the first customers because of their long relationship with us aredefinitely going for the 350d
The top-end variants are the first cars to be snatched up eagerly and we need to take care of these customers first
Do you have plans to bring the straight-six diesel engine to India
Yes we might get a straight-six diesel by 2018 Naturally it also depends on our sales figures and our sales success
But it will certainly come to India thatamprsquos a promise We have been making sure that the relevant parties in the Governmentunderstand that from 2018 onwards we will be ready to also introduce Euro-VI or BS-VI-compliant engines in India and arediligently working on thathttpwwwthehinducomtodays-papertp-featurestp-metroplusthe-best-of-both-worldsarticle17464905ece
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Mercedes-Benz E350D A luxury car with limousine looks Shapur Kotwalmint (Web amp Print Edition)
The E-class is the model with which Mercedes first came to India many years ago Now itamprsquos ready with an all-new model in astretched-out long-wheelbase avatar
In fact India is the first right-hand-drive market to get the E-class long-wheelbase
The first thing that strikes you about the new E is that itamprsquos a really long car and itamprsquos this length that gives it the majesticlimousine look The highest specification variant of the 350d gets air suspension In its lowest setting ground clearance is just120mm though you can raise this by 15mm using the ampldquoliftamprdquo function However the underside scrapes over a fewspeed-breakers Whatamprsquos nice though is that the smart 17-inch alloy wheels are wrapped in tyres with tall sidewalls whichhelp the car absorb bad roads better
The focus of the car is its rear seats and this is where the new E-class impresses There is more legroom than you will ever needand the seats are sure to set a new benchmark in the class in terms of comfort They are nicely bolstered and offer excellentsupport all round The back rest even reclines electrically and that combined with the pillow-soft headrest cushions makes the rearseats the perfect spot for a power nap And if you need more legroom you can push the front passenger seat forward with the touchof a button The double panoramic roof adds to the sense of space inside
However the middle seat is narrow and it is best to flip down the centre armrest for comfort There are other shortcomings tooThereamprsquos just one USB slot for the rear passengers who will not be able to control the Comand infotainment system and theair-con system takes quite a while to cool the massive cabin
The Comand system features a 123-inch display and is paired with a Burmester surround-sound audio system It can be controlledvia a jog-dial and a touch pad as well as small steering-mounted touch pads It doesnamprsquot have touch controls and the carbeing sold in India doesnamprsquot get the all-digital instrument cluster that the E-class sold internationally hasampmdashinstead ituses a rather ordinary-looking analogue instrument cluster
However the E-class comes loaded with Mercedesamprsquo Pre-Safe system (it tightens seat belts and braces passengers in caseof an imminent impact) and a 360-degree camera handy when manoeuvring a car this big through tight spaces Thereamprsquoseven a Park Pilot which steers the car into a parking spot for you
Those who like to drive will definitely appreciate the 258hp 30-litre V6 diesel engine Itamprsquos supremely refined you can hardlyhear it in the cabin In addition itamprsquos got nine-speed transmission
The E-class can be quite quick when you want it to be it can accelerate from 0-100 kmph in a claimed 66 seconds Pick up thepace however and the lateral body movement is quite noticeable more so over bad roads Itamprsquos best to use the Sport orSport+ modesampmdash the car feels more tied down and is better to drive In Sport+ though it feels too eager to accelerate andspeed up which can be slightly disconcerting in bumper-to-bumper traffic
In case you donamprsquot plan on driving yourself around the 20-litre petrol-powered variants starting at Rs5615 lakh will serveyou better The car will also get a new 20-litre diesel engine sometime later this year Chauffeur-driven buyers should be impressed
with the caramprsquos ride which almost makes you feel like youamprsquore travelling on a cushion of air especially in the Comfortmode
You must consider the new E-class if you are thinking of buying a luxury car with a brilliant back seat Itamprsquos spacioussupremely comfortable and as with all Mercedes cars has a cabin thatamprsquos fastidiously put together In the right drive mode itcan tackle bad roads well and the big diesel engine is even fun to drive Prices range from Rs5615-6947 lakh (ex-showroomDelhi) which means the top-specification variant is almost Rs7 lakh costlier than the predecessorhttpwwwlivemintcomLeisureZT1ffyCrNaC0DdkXB6GmxIMercedesBenz-E350D-A-luxury-car-with-limousine-lookshtml
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Audi Launches 2017 Q3 at Rs 3420 Lakh Asian Age (Web Edition)
German luxury automaker Audi has recently launched the 2017 Q3 in India It is the third launch from Audi this year and asproposed the automaker will introduce seven more new products in 2017 The updated Q3 comes with subtle aesthetic changesan uprated diesel engine along with standardisation of features The 2017 Audi Q3 is now available in two variants ampndash the 20TDI FWD priced at Rs 3420 lakh and the 20 TDI Quattro priced at Rs 3720 lakh (all prices ex-showroom New Delhi)
In terms of design the changes on the outside are limited to the front bumper The air inlets now get a black surround whichcomplements the black lower cladding The new Q3 is now offered with all-LED headlamps as standard Also offered as standardare 17-inch 5-spoke alloy wheels shod with 23555 R17 tyres
Inside changes are limited to the inlays - the Q3 20 TDI FWD gets walnut brown ones while the Q3 20 TDI quattro gets aluminiumones Equipment such as electric adjustment for the front seats a panoramic sunroof and 2-zone automatic air conditioning isoffered as standard
The MMI system has not been modified in the new Q3 The 65-inch infotainment display remains the same while the multimediasystem is BluetoothSD card compatibility with 20GB of inbuilt storage Infotainment
The 20-litre turbocharged 4-cylinder motor remains the only power source for the Q3 - but it has been tweaked for more powerand torque The transmission option is now limited to the 7-speed S tronic dual clutch The 6-speed manual available on thepre-facelift S edition variant has been discontinued Drivers can use paddle-shifters placed behind the steering wheel to changegears
The 20-litre TDI develops 150PS of maximum power and 340Nm of peak torque in the FWD variant This is 10PS20Nm more thanthe 20 TDI that powered the pre-facelift Q3 S edition Available only with the 7-speed S tronic dual-clutch transmission the 20 TDIFWD can accelerate from 0-100kmph in 93 seconds and has an ARAI-certified fuel efficiency of 1851kmpl
The 20-litre TDI develops 184PS of maximum power and 380Nm of peak torque Compared to the pre-facelift Q3 the motor in thenew develops 7PS more power Paired to the 7-speed S tronic dual-clutch transmission the 20 TDI quattro accelerates from0-100kmph in 79 seconds and has an ARAI-certified mileage of 1517kmpl
Driver convenience features on offer include a colour multi-information display for the driver in the instrument console hill-startassist hill descent control and cruise control Standard safety systems on offer include rear parking sensors reverse parkingcamera ESC and 6-airbagshttpwwwasianagecombusinessautos140317audi-launches-2017-q3-at-rs-3420-lakhhtml
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Commercial Vehicles
Tepid growth of 2-3 expected in CV industry in FY 17 Tata Motors Shobha MathurThe Economic Times (Web Edition)
New Delhi The commercial vehicle industry is expected to grow at a tepid pace of 2-3 percent during financial year 2016-17 due tothe effect of demonetisation and the slow recovery thereafter according to RT Vasan VP sales and marketing at Indias largest CVmaker Tata Motors
In November-December 2016 the commercial vehicle industry had dropped steeply by about 20 percent and has been on arecovery mode since January after the restrictions on cash availability were gradually eased
Improvements have been witnessed across product segments whether LCVs or construction a segment which was doing well rightthrough the year
The cargo market has also started picking up pace since the last couple of months In the bus category privatization has given afillip to its declining fortunes so that the school city and staff transport sector are all on the incline
The construction sector is expected to grow by 25 percent during this fiscal on the back of heightened activity in the infrastructure
sector In FYamprsquo17 ease of financing and improvement of consumption demand was expected to boost LCV sales In the cargoMampHCV segment a double digit growth had been forecast by industry body SIAM with improvement in overall economy led byincrease in industrial and agri output
Vasan told ETAuto that the industry was optimistic about the next fiscal with the advent of the BS-IV emission regime from 1 April2017 However prices of vehicles are expected to rise especially of MampHCV trucks There would be a slow start to the year by theCV industry due to pre-buying in FYamprsquo17 before the new emission regime kicked in that would slowdown sales in the firstquarter of FYamprsquo18
But with the impetus given to this segment by infrastructure development and road construction by the government the industrywould see a growth from Q2 after the impact of pre-buying starts declining
While the industry is ready with the BS-IV product range Vasan says that the new technologies harnessed for compliance wouldboost vehicle prices by 8-10 percent for MampHCVs Buses would also witness a price realignment of 8-10 percent while LCVs wouldsee a price rise of 6-10 percent
In terms of new technologies most of the CV range is already equipped with the anti-lock braking system except for the smallerones
In terms of upcoming regulations some more safety legislation is on its way related to the body code such as cabins that will haveto be necessarily be air conditioned in the future
The bus body code that was earlier announced has only been partially implemented so far and the body code is also believed to becoming up for the truck and trailer segments LCVs are small units and have been already approved by ARAI
The overall CV segment registered a growth of 349 percent in April-February 2017 compared to the same period last year Mediumamp Heavy Commercial Vehicles (MampHCVs) declined marginally by 079 percent and Light Commercial Vehicles grew by 682 percentduring this periodhttpautoeconomictimesindiatimescomnewscommercial-vehiclemhcvtepid-growth-expected-of-the-cv-industry-at-2-3-percent-in-fy1757633279
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Tata Motors to showcase all new 1000 bhp race truck PTISee this story in The Economic Times (Web Edition)
New Delhi Tata Motors will showcase an all new T1 Prima race truck powered by 1000 bhp engine during the fourth season ofthe T1 Prima Truck Racing Championship
The engine of the all-new 1000 bhp T1 race truck is being developed in collaboration with US-based Cummins enabling thecompany to set new benchmarks in the Indian commercial vehicles space Tata Motors said in a statement
Built with specifications similar to that of trucks that race globally the vehicle was developed in a record time of 12 months ademonstration of teamwork speed and capability Tata Motors Executive Director Commercial Vehicles Ravindra Pisharody said
Tata Motors and Cummins have a joint venture company called Tata Cummins established in 1994 developing engines in the rangeof 75 to 400 HPThe fourth edition of T1 Prima Truck Racing championship will be held on March 19 at the Buddh International Circuit (BIC) GreaterNoidahttpautoeconomictimesindiatimescomnewscommercial-vehiclemhcvtata-motors-to-showcase-all-new-1000-bhp-race-truck57635142Tata Motors to showcase 1000 bhp Prima TruckFinancial Chroniclehttpwwwmydigitalfccomcompaniestata-motors-showcase-1000-bhp-prima-truck-900Tata Motors to showcase all new 1000 bhp race truckDaily News amp Analysis (Web Edition)httpwwwdnaindiacommoneyreport-tata-motors-to-showcase-all-new-1000-bhp-race-truck-2352506
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Construction amp Agri Machinery
SBI floats one-time settlement scheme for tractor loans Abhijit LeleBusiness Standard
Mumbai State Bank of India (SBI) has floated a one-time settlement scheme for borrowers defaulting on loans taken to buytractors
The countryamprsquos largest bank has also voiced reservations against the move to waive farm loans saying this will affect therepayment culture in the country
SBI executives said the tractor loan book was part of the bankamprsquos farm loan portfolio and the bank announced settlementschemes regularly to shed doubtful debt where the prospects of recovery were low after making adequate provisions for such dudassets
The settlement scheme for tractor loans began early last month and will continue till March 31 The scheme was for loans disbursedbefore September 30 2011 and had up to Rs 25 lakh outstanding by September 2016 SBI Managing Director Rajnish Kumar saidSBI will take a haircut of 40 per cent on these loans
graphIn a portfolio of over Rs 4000 crore of tractor loans about Rs 800 crore will be eligible for the scheme Crop failure and inability todeploy tractors were some of the reasons for the loans turning bad SBI executives said
SBI had in May 2015 advertised a ampldquoloan resolution weekamprdquo asking borrowers with non-performing assets to ampldquotryand work out a solutionamprdquo The scheme was available to all borrowers except willful defaulters Kumar said the bank was yet tohear anything specific from the government on a farm loan waiver
SBI had in 2014 opposed the waiver of farm loans in Andhra Pradesh and Telangana
ampldquoUttar Pradesh and Punjab constitute 10 per cent of (farm) loans and we wait to understand the contours of the waiver Theimpact will be higher on public banks than on private banksamprdquo Kotak Institutional Equities said in a research notehttpwwwbusiness-standardcomarticleeconomy-policysbi-floats-one-time-settlement-scheme-for-tractor-loans-117031400886_1htmlSBI to offer one-time settlement for Rs 6000-crore tractor loansThe Financial Expresshttpwwwfinancialexpresscomindustrybanking-financesbi-to-offer-one-time-settlement-for-rs-6000-crore-tractor-loans588102SBI to offer Rs6K-cr one-time settlement for tractor loansThe Indian Expresshttpindianexpresscomarticlebusinessbanking-and-financesbi-to-offer-6k-cr-one-time-settlement-for-tractor-loans-4569462
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23 Wheelers
Yamaha aims to export 22 lakh units from India in 2017 Hiroaki Fujita Chairman Deepanshu TaumarThe Economic Times
New Delhi Indian arm of Japanese two-wheeler manufacturer Yamaha Motor is aiming to export over 22 million units from Indiathis year compared to 161 lakh units exported last year thereby recording an estimated growth of 3664 percent Hiroaki FujitaChairman India Yamaha Motor informed in a press statement
In the domestic market the two-wheeler major is also targeting to sell 1 million scooters and motorcycles in 2017
In an annual supplier conference held at Greater Noida Hiroaki Fujita Chairman India Yamaha Motor said ampldquoOur target forthis year is to achieve 1 million unit sales in domestic market and 22 lakh unit sales for exports market In addition we also need toreinforce the Indian parts export business in order to contribute to Yamaha business globally While doing so we must continue withour focus on the amplsquoQualityamprsquo of our parts and productsamprdquo
The two-wheeler major produced a total 94 lakh units in the country in 2016 Yamaha Motor India has two manufacturing plants inIndia at Greater Noida and Chennai having a capacity of 61 lakh units and 56 lakh units respectively
The company aims to produce 15 million units by 2018
Yamaha Motor India has sold over 786 lakh units of two-wheelers in 2016 and over 50 of its total sales have come from scooters
The two-wheeler manufacturer saw a steep decline in sales from the month of November 2016 to January 2017 It was only duringFebruary 2017 when Yamaha registered a growth of 20 percent in domestic sales as compared to the corresponding period lastyear The company recorded domestic sales of 68095 units (including Nepal) in February 2017 compared to 56960 units (includingNepal) in February 2016
Industry analyst believes that the impact of demonetisation is wearing off now Only motorcycles are in red zone because of a largerural consumer base However scooters which are largely sold in urban areas is on the positive side It further believed that by nextmonth the demonetisation impact will completely go away
India Yamaha Motor recently marked its entry into 250 cc sports bikes segment which has very less competition Going forward thecompany wants to focus on urban area than the rural market
The objective of conducting the Annual Suppliers Conference was to share the last yearamprsquos result for Sales and Productionand the current yearamprsquos Sales and Production Plan During the conference India Yamaha Motor shared the direction for 2017its purchase policy the Purchasing Policy of Yamaha Motor Company (Japan) and activities organised amp initiatives were taken forsales and marketing in the previous year
India Yamaha Motor shared its expectations with the suppliers for improvement in Quality Delivery and Development performances
besides cost competitiveness to compete in the export market to increase profitability for both Yamaha and the Suppliers IndiaYamaha Motor also emphasised that all the Suppliers can draw up their investment plans based on the increasing volumes infuture
Sixteen Suppliers were also awarded for their exceptional services in the areas of Quality Delivery Development and Costincluding the Appreciation Award for some of them for the extraordinary Improvement support provided to India Yamaha Motor in2016httpautoeconomictimesindiatimescomnewstwo-wheelersscooters-mopedsyamaha-aims-to-export-2-2-lakh-units-from-india-in-2017-chairman57632349
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BSIV Compliant TVS Jupiter launched at Rs 49666 (Ex-Delhi) The Economic Times
New Delhi Hosur based TVS Motor Company in a BSE filing announced the launch of its BSIV compliant TVS Jupiter at Rs 49666(Ex-Delhi) and it is now available with two new colours - Jade Green and Mystic Gold
The refreshed scooter is now BSIV compliant with Auto Headlamp On (AHO) and equipped with Sync Braking System (SBS) SBSensures rider safety as it automatically activates the front brakes when the rear brakes are used claims TVS The feature previouslyavailable on ZX range will now be available on the Base variant as well
Commenting on this Aniruddha Haldar Vice President Marketing- Scooters TVS Motor Company said ampldquoTVS Jupiter hasreceived such enthusiasm from the consumers in response to its credo of Zyada ka Fayda Living true to this credo not only is theentire Jupiter range now BSIV compliant it now offers the unique Sync Braking System (SBS) across the entire range (earlier onlyavailable on the ZX range) Further for our customers we are adding two colours Jade Green and Mystic Gold giving them 10colour options to choose from We are happy to offer all this with absolutely no change in the Exshowroom price truly ZYADA KAFAYDAamprdquo
Since its launch in 2013 TVS Motor Companyamprsquos flagship scooter brand Jupiter has been strengthening theCompanyamprsquos foothold in the scooter market and contributing to overall scooter segment uptake penetration and growth inIndia
Company has sold over 15 million Jupiter scooters since its launch in 2013 The scooter is powered by a all-aluminum low-friction110cc engine
There is no revision in the prices for the BS IV models of Jupiter priced at Rs 49666 (Ex-Showroom Delhi) the scooter is availableacross all TVS dealershipshttpautoeconomictimesindiatimescomnewstwo-wheelersscooters-mopedsbsiv-compliant-tvs-jupiter-launched-at-rs-49666-ex-delhi57630201TVS Motor rolls out BS IV variants of JupiterThe Hindu Business Linehttpwwwthehindubusinesslinecomtodays-papertp-newstvs-motor-rolls-out-bs-iv-variants-of-jupiterarticle9583972eceTVS unveils BS-IV compliant JupiterThe Hinduhttpwwwthehinducomtodays-papertp-businesstvs-unveils-bs-iv-compliant-jupiterarticle17464118eceTVS launches BS-IV compliant JupiterBusiness Standardhttpwwwbusiness-standardcomarticlecompaniestvs-launches-bs-iv-compliant-jupiter-117031400552_1html
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Dominar 400 takes the battle to the Royal Enfield turf Murali GopalanThe Hindu Business Line
Mumbai Bajaj Autoamprsquos recently launched Dominar 400 is attracting former Royal Enfield bike users who now account for 20per cent of its customer base
According to Eric Vas President (Motorcycle Business) Bajaj Auto the larger chunk of 80 per cent is still taken up by those whoused Yamaha Honda and Bajajamprsquos own Pulsar motorcycles
The Dominar made its debut in mid-December as a serious contender to Royal Enfield While monthly numbers thus far have beena little over 3000 units the good news is that the bike has taken pride of place in the 350cc plus segment vis-a-vis RoyalEnfieldamprsquos offerings However when it comes to the core 350cc space the latter continues to be the market leader withmonthly sales of nearly 55000 units powered by the Classic and Bullet
The three-month-old Dominar 400 kicked off its presence in 22 towns which has since increased to 32 in February and slated to goup to 110 towns by the end of this month
This tally will double to 200 in April and Bajaj Auto hopes to have at least 300 towns covered for the Dominar 400 during the courseof 2017-18
If everything goes according to plan the company hopes to be clocking its targeted 10000 motorcycles every month by the end of
Q3 next fiscal
Attractive features
Vas says market feedback shows that buyers love the Dominar 400 for its performance speed and top-class brakes Interestingly alarge number of them have opted for the more expensive ABS version which retails at a little over Rs 15 lakh
The LED lamps are another big draw and their attractive lighting explains why many customers opt to have their test rides at night
According to Vas Dominar 400 buyers are largely in the age group of 25 years who have already owned a bike There are no firsttime users yet but this is expected to begin happening once the network grows and more customers start going in for the relativelyless expensive disc brake version which has a price tag of nearly Rs 14 lakh
The Dominar 400 was launched to take on Royal Enfield in a segment that is priced between Rs 1-2 lakh and accounts for five percent of motorcycles sold in India
In terms of numbers this translates into 65000 units each month
The next fiscal could see this grow to nearly 85000 units or over one million units annually
Changing dynamics
It is in this product category that Royal Enfield has a market share of 80 per cent and it is in the balance 20 per cent space thatBajaj has thrown down the gauntlet with the Dominar 400
The other rival models include KTM Yamaha YZF-R15 and Honda CBR 150R but none of them has posed a serious threat to RoyalEnfield yet
It now remains to be seen if the Dominar 400 can draw customers from the top-selling Classic
It is clear that with 10000 units targeted during 2017-18 Royal Enfield will still be comfortably ahead in terms of numbers
How dynamics change after this period will be interesting to watch
From Bajaj Autoamprsquos point of view the strategy boils down to acknowledging the reality of living in a world of opposites whereevery mature segment is essentially a two-horse race
The Dominar will stick to the core principle of being opposite from the market leaderamprsquos offerings and has been positioned as amodern machine and not a heritage brandhttpwwwthehindubusinesslinecomtodays-papertp-newsdominar-400-takes-the-battle-to-the-royal-enfield-turfarticle9583973ece
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Bajaj cheers at Feb sales Ajay ModiBusiness Standard
New Delhi Pune-headquartered Bajaj Auto claims to have surpassed volumes sold by market leader Royal Enfield in the 350-500ccmotorcycle segment in February
It attributes this to the Dominar a 373 cc premium sports motorcycle it launched in December at an ex-showroom price of Rs 136lakh Enfield says Bajaj is celebrating too early
Bajaj has sold about 3000 units of Dominar a month this calendar year and is drawing a comparison with the February volume ofRoyal Enfield in the 350-500 cc segment when the latter did wholesale volumes of 2602 units Eric Vas president for themotorcycle business at Bajaj said ampldquoWe have already overtaken Royal Enfield in the segment They used to sell an averageof 5000 units a month until a few months agoamprdquo
He claims that two of every 10 Dominars was sold to customers who owned an Enfield ampldquoSome have sold it to buy Dominarand some have bought it as their second bikeamprdquo He added there had been a decline in the waiting period of some of Enfieldsmotorcycles The 350-500 cc segment for Enfield includes the Bullet 500 Classic 500 Thunderbird 500 and Himalayan
Bajaj hopes to gradually raise Dominar volumes to an output of 10000 units monthly in about six months ampldquoThe bike hasbeen accepted very well We should reach a monthly volume of 6000 units by next monthamprdquo said Vas He did not disclosecumulative bookings for the Dominar He said most customers bought it after test rides
Vas said the volumes were aggregated from the 22 cities where itwas available until February We have expanded reach to 32cities and it will be available in a 100 cities and towns by end-March In April the company plans to add another 100 cities andtowns The constraint is more on the capacity front than on the network sideamprdquo he said
Bajaj said the incremental volume from Dominar would start reflecting in the profit figures once volume crossed 5000-6000 units amonth
Enfield has almost the entire 250-350 cc motorcycle market in the country estimated at close to 50000 units a month This is where
it gets the lionamprsquos share of its sales In the 350-500 cc market it controls 80 per cent (data for the first 11 months of FY17)This is a much smaller segment with monthly volume of 5300 units
Siddhartha Lal managing director of Eicher (which owns Enfield) told Business Standard last month that it would continue toengage with the target segment and expand reach to grow volumes ampldquoWhen one succeeds in a segment others try to enterand take a bite Of course there will be competition but we are not worriedamprdquo hed said It is understood that Enfieldamprsquosproduction volume in February was impacted due to fewer days (February having only 28) and the transition to BS-IV emissionnormshttpwwwbusiness-standardcomarticlecompaniesbajaj-cheers-at-feb-sales-117031400822_1html
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India Yamaha Motor sets ambitious sales target Nandini Sen GuptaThe Times of India
Chennai India Yamaha Motor Private Limited (IYM) is targeting an ambitious production and sales pitch of more than three millionunits this year with one million in the domestic market alone It was revealed by the top management at a recently organised AnnualSuppliers Conference at Greater Noida (Delhi-NCR) which was attended by 500 members representing more than 200 suppliersfrom across India
The theme of this years conference was Challenge the Innovation for Global Competitiveness and Its all about the customer
Our target for this year is to achieve one million unit sales in domestic market and 22 lakh unit sales for exports market Inaddition we also need to reinforce the Indian parts export business in order to contribute to Yamaha business globally While doingso we must continue with our focus on the Quality of our parts and products said Hiroaki Fujita Chairman YMI-G Cos
The objective for conducting the Annual Suppliers Conference was to share the last years result for sales and production and thecurrent years sales and production plan During the conference IYM shared the direction for 2017 its purchase policy thepurchasing policy of Yamaha Motor Company (Japan) and activities organised amp initiatives taken for sales and marketing in theprevious year
Among the senior management members who were present on the occasion on behalf of IYM included Hiroaki Fujita chairmanYamaha Motor India Group Cos (YMI-G Cos) Takashi Terabayashi MD -IYM Yasuo Ishihara MD- Yamaha Motor Research ampDevelopment India (YMRI) T Yamaguchi Deputy MD amp Purchase Head- IYM along with the YMC Purchase team - Olivier Prevostdeputy chief general manager and Hiroshi Hagio general manager
IYM shared its expectations with the suppliers for improvement in quality delivery and development performances besides costcompetitiveness to compete in the export market to increase profitability for both Yamaha and the Suppliers IYM also emphasisedthat all the suppliers can draw up their investment plans based on the increasing volumes in future
Sixteen suppliers were also awarded for their exceptional services in the areas of quality delivery development and costhttptimesofindiaindiatimescomautobikesindia-yamaha-motor-sets-ambitious-sales-targetarticleshow57633067cms
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Thunderous sound remain forever Sandesh M SDeccan Herald (Web Edition)
Bike-lovers had expected a lot from Royal Enfield when the homegrown tough motorcycle manufacturer revealed the 500ccThunderbird in October 2012
When DH decided to check out the four-year-old model with respect to the present dayamprsquos bikes with updated technology theThunderbird 500 remains outstanding in its segment
The bike was tested for two weeks with everyday regular usage and an enthusiastic rider The bike is a good choice for the dailyneeds of an Indian family
Be it an office-goer or a student the bike gives an extra feel where you enjoy every bit of it You need an extra muscle and morepower to handle the bike when the engine is turned off Sometimes it will be a great challenge to tow the bike till a filling station ifthe engine goes dry
PerformanceUndoubtedly this is the most powerful variant of Royal Enfield today The bike feels far impressive than any other machine in thissegment It constantly urges you to take it on highways as it feels best when you pushed harder Overtaking is also very easy withthis bike and it can easily cross a speed of 120 kmphr It still remains a very responsive bike especially at slow speeds
The heavy amount of torque helps it move easily in city traffic The gear ratios are well-matched with this bike and you need lessgear shifts than before The only issue we have with the bike is its heavy weight In city traffic and with a pillion rider sometimes youwill feel the actual weight of this bike Otherwise there are no major concerns related to its performance
Fuel efficiency
Mileage is still a concern and the major drawback with Royal Enfield bikes As the brand new bikes claims to offer 30 kmpl the oldbikeamprsquos mileage drops day-by-day
After few years this will be the main reason for the rider to get rid of his bike In a typical Indian customer mindset a middle-classfamily will think twice before going for a Bullet
Depending on the usage the cushion will loose its power day-by-day The rider will surely feel the pain on the long rides and trafficjams Regular servicing from an authorised mechanic will keep the vehicle in good condition
VerdictThe Royal Enfield Thunderbird 500 is a special bike but the cost compared with its 350 cc sibling the biker has to cough up anextra Rs 40000 which makes anybody to think twice before investing in one The bike has the capability to sustain any roughhandling Though it becomes rough and old its sturdiness remains the samehttpwwwdeccanheraldcomcontent601371thunderous-sound-remain-foreverhtml
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E-Bikes
Components
Amtek Autoacirceurotrades Arvind Dham may offload personal assets to reduce debt Deborshi Chaki amp Swaraj Singh Dhanjalmint
Mumbai With troubled auto parts maker Amtek Auto Ltdamprsquos planned divestment of domestic and overseas businesses yet tomaterialize company chairman and founder Arvind Dham has begun exploring options to monetise assets owned by him
According to two people familiar with the matter who asked not to be identified Dham is in talks with potential buyers to sellIndraprasta Engine Parts Pvt Ltd ( IEPPL) an auto component manufacturing company which he owns in his personal capacityDocuments filed with the registrar of companies show that Arvind Dham along with other senior executives of Amtek Auto holdshares in Indraprasta Engine Parts Pvt Ltd
Dham did not respond to emails text messages and phone calls seeking comment
According to the latest available filings Indraprasta Engine Parts reported a revenue of Rs9525 crore and a loss of Rs115 crore inthe financial year ended 31 March 2015 The company was incorporated in 2010 and currently has a manufacturing plant in HosurTamil Nadu
ampldquoDham has been in discussions to sell the unit following which talks with Kalyani Forge Ltd (KFL) and Sterling Tools Ltd (STL) have reached an advanced stageamprdquo said one of the two people ampldquoDham is keen to show to the lenders that he iswilling put his own money even though the plans to sell Amtek Autoamprsquos assets to repay its debt have not beensuccessfulamprdquo
Amtek Autoamprsquos standalone loss widened to Rs24156 crore for the quarter ended December 2016 from Rs17536 crore in thesame quarter last fiscal Dham plans to plough the proceeds of the sale into the company the first person added
Spokespersons for Kalyani Forge and Sterling Tools did not respond to emails seeking comment
Ever since Amtek Auto defaulted on bond repayments of close to Rs800 crore in September 2015 it has been trying to sell variousgroup businesses to reduce the debt on its books The company has appointed Morgan Stanley as an adviser to assist in its debtreduction plan Amtek Auto owed Rs8066 crore to various lenders as on 30 September 2016 Mint learns that its consolidated debtat the group level is higher
In July last year Bloomberg reported that Amtek Auto has hired global investment bank Rothschild and Co to advise on thepotential sale of all overseas operations including those in the UK the US Mexico China and Germany The report said Amtek wasseeking bidders for its German unit Amtek Tekfor Holding GmbH and expected to raise over $1 billion from the process
A manufacturer of forging parts Amtek Auto counts most of Indiaamprsquos top auto component makers as clients Its overseasclients include global auto brands such as Aston Martin and Daimler
In February the company said in a regulatory filing that it is planning to raise Rs1175 crore by selling shares to promoters on apreferential basis for which it will seek shareholdersamprsquo approval The company has called an extraordinary general meeting on25 March to seek approval from its shareholders for the proposal it added
In February lenders of Amtek Auto are understood to have asked it to either repay loans or convert the outstanding into equityshares or warrantshttpwwwlivemintcomIndustry1tt2QpJ8TtSm53I1bN4VgKAmtek-Autos-Arvind-Dham-may-offload-personal-assets-to-reduhtml
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Allied Industries
Tyre stocks race ahead as China cuts India trade Palak ShahThe Economic Times
Mumbai What is aiding Indiaamprsquos tyre stocks Chinaamprsquos policy to shun India market for the US The share price ofdomestic tyre manufactures including MRF Apollo Tyre Ceat and J K Tyre rose between 1-7 on Tuesday
A research report by Philip Capital said China had curtailed its tyre exports to India to focus on US markets as Trump administrationhad decided against anti-dumping duty on tyres The research pointed out there was more upside for these stocks
ampldquoChina has raised their TBR (truck bus and radial) tyre prices for Indian market by 10-15 rendering themunattractiveamprdquo said Nitesh Sharma and Dhawal Doshi in the research report ampldquoOur checks indicate that Chinesefactories have nearly stopped catering to tyre demand from India as US markets were more lucrativeamprdquo
Ceat rose by 607 on Tuesday Apollo Tyres was up 396 MRF gained 186 and Goodyear India jumped by 129 amongmajor tyre companies
The report titled amplsquoTables Turn Chinese players out rubber fallingamprsquo further said Chinese imports will not bounce backsoon
Demonitisation too has dent a blow to the tyre imports from China which were largely in cash China accounted for roughly 120000 tyre units each month between April to October 2016 but it has fallen sharply now said experts
ampldquoTyre stocks will do well as rubber prices are on a downward spiralamprdquo said Mehraboon Irani Principal amp Head PrivateClient Group Nirmal Bang Securities ampldquoFall in auto sales and jump in rubber prices are not expected which may keep thetraction for tyre stocksamprdquo
Natural rubber prices had jumped to three year high in January due to floods in Thailand the largest exporter of rubber The priceswhich rose to Rs 210kg are now down by over 20 Meanwhile domestic tyre manufactures hiked tyre prices by 3-5 recentlyPhilip Capital has a buy on Ceat and Apollo Tyres with a target of Rs 1550 and Rs 239 respectivelyhttpeconomictimesindiatimescommarketsstocksnewstyre-stocks-race-ahead-as-china-cuts-india-tradearticleshow57633191cms
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How to avoid being overcharged for car service at dealerships The Financial Express
Authorised workshops or dealerships are the main preference for servicing of a customers new car There are dealerships that aregenuine and would not fleece your money while after sales treatment however there are others who would try and take everypenny from you This would also involve you to be thorough with the detailed billing as well as being cautious about understanding ifa requisite task is at all required in your car Here are some tips on how to avoid being overcharged while getting your car serviced
One key area where sales executives of a said dealership can suggest unnecessary expense is anything related to the engineTasks like engine de-carbonisation or engine flushing are suggested right from the first service however it is not required in avehicles early years A cars decarbonisation should ideally take place when the response from the engine is sluggish or there arefrequent misfires despite regular services This usually starts to happen after 60000 kms or more In case it is recommended by asales executive and he or she insists simply avoid by saying no Another popular unnecessary expense is fuel line cleaning whichis suggested at every service Remember that petrol is itself used as a cleaning agent in many applications so fuel line cleaningshould be carried out only in case of a problem
Another aspect where customers are cheated is due to the lack of knowledge about their respective vehicle There have been caseswhere a dealership has conned a customer by putting spark plugs in a diesel car or heater plugs in a petrol engine powered vehicleA diesel car does not have spark plugs (but a petrol car does) and similarly a petrol car doesnt have heater plugs (which arepresent in diesel cars) Additives are advised by many service advisors but these arent needed unless specified by the carmakerKnowing the basic mechanical and electrical parts of your car can go a long way in saving you your money
Other mechanical parts where a person can be overcharged is the clutch adjustment Most modern manual transmission cars soldin India have a hydraulic clutch which is self adjusting till the time the pressure plates and the clutch plates are completely worn outA worn out clutch system will require more pressure to depress the pedal thereby indicating the clutch plates andor pressure plateswould need replacement Ideal time to replace is not at every service which clever dealerships would suggest but at least a gap ofthree service intervals is recommended (with the service interval at every 10000 kms)
All carmakers offer an owners booklet which has all the details of which part needs to be replaced when and the recommendedservice interval When getting your car serviced always refer to this manual and insist on only the aspects mentioned in the manualto be donehttpwwwfinancialexpresscomautocar-newshow-to-avoid-being-overcharged-for-car-service-at-dealerships587326
Top
Emissions Environment
Finance amp Insurance
Customer not bound by tie-up between vehicle dealer insurer Pune Court Vishwas KothariThe Economic Times
Pune The district consumer court here has ruled that a tie-up between a vehicle dealer and an insurance company is not bindingupon the consumer who buys a vehicle from such a dealer
The court has directed the Bajaj Allianz General Insurance Company in Yerawada here to refund a premium of Rs 21053 ampmdashalong with an annual interest of 9 since September 20 2014 ampmdash and a Rs 5000 fine to a Daund resident for failing to renewhis car insurance despite the latter having paid the renewal premium through the online NEFT transaction
The interest component payable so far works out to over Rs 4700
The company argued that the consumer did not route the payment through the vehicle dealer by way of a demand draft as wasrequired under an agreement between the company and the vehicle dealer
Shankar Raghunath Chavan a resident of Kusegaon in Daund had purchased an insurance policy from the company for his car onSeptember 21 2012 A year later the policy was renewed for the period between September 21 2013 and September 20 2014 Atthe end of this term he had received a reminder from the company for the renewal of his policy
Through the net banking facility Chavan made a payment of the renewal premium worth Rs 21053 for the term betweenSeptember 21 2014 and September 20 2015 He then made repeated requests to the company for the issuance of the policydocument
However in December 2014 when he approached the company he was shocked to learn that his policy had ampldquoexpired due tonon-renewalamprdquo The company did not renew his policy even after his repeated reminders This prompted him to move theconsumer court seeking refund of the premium amount and appropriate costs towards physical and mental agony
The bench observed in its order ampldquoIt is not denied by the insurance company that the complainant (Chavan) had paid thepremium It is the case of the insurance company that as per practice prevailing between the company and the dealer the paymentshould be made by demand draft through the dealer so that the policy can be renewed conveniently It is true that the dealer of thevehicle was not aware about the payment of premium made by the complainant However a tie-up between the dealer and theinsurance company is not binding upon the consumeramprdquo
ampldquoDocumentary evidence which is produced by the complainant is sufficiently eloquent and speaks about inaction on the partof the insurance company Even after sending documentary evidence as regards to payment of policy premium the insurancecompany has failed to renew the policy Definitely this act on the part of the company amounts to deficiency in serviceamprdquo thebench ruledhttpautoeconomictimesindiatimescomnewsindustrycustomer-not-bound-by-tie-up-between-vehicle-dealer-insurer-pune-court57623564
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Analysts in wait-and-watch mode on Bajaj Finance Hamsini KarthikBusiness Standard
A robust business model established over years of experience often tends to withstand the test of time quite remarkably That ofBajaj Finance Indiaamprsquos largest consumer durables financier is one such example
During the note ban period there were doubts on whether Bajaj Finance could replicate its historic performance in terms ofcustomer acquisition loan growth and more importantly asset quality in the December quarter (Q3) Much to the Streetamprsquossurprise Bajaj Finance comfortably met these parameters
Customer acquisition grew by 35 per cent year-on-year in Q3 while assets under management expanded by 33 per cent to Rs57600 crore year-on-year Even asset quality stood out with gross non-performing assets ratio at 147 per cent and that toowithout utilising RBIamprsquos 90-day dispensation on loans less than Rs 1 crore Overall financials remained robust with net interestincome and net profit growing by 27 and 36 per cent respectively These factors have helped Bajaj Financeamprsquos stock reboundfrom its demonetisation period low of Rs 766 to Rs 1125 on Tuesday
However after outperforming the broader markets by a reasonable margin for most of the last two years the stock has lagged inthe past six months Bloomberg data indicate that while the Bank Nifty has gained six per cent in the past six months Bajaj Financeis up only 21 per cent Analysts nonetheless feel that Bajaj Finance may not surpass its previous high of Rs 1180 in a rush
Pointing to some key indicators they prefer to see how March quarter pans out particularly on consumer loans before altering theirexpectations on the stock
Consumer loans which grew by 52 per cent year-on-year in September quarter (Q2) grew 47 per cent year-on-year in Q3 Butwithin this segment consumer durables grew slower at 27 per cent versus 48 per cent in Q2 As for the vehicle financing (two andthree wheelers) the dependence on Bajaj Auto was seen higher in Q3 ampndash 46 per cent dependence on Bajaj Auto fortwo-wheelers and 29 per cent for three-wheelers as against 38 per cent and 18 per cent respectively a year ago Average ticketsize which dipped post demonetisation is yet to see a strong recovery All these factors prompt analysts to be on a wait-and-watchmode
ampldquoWe arenamprsquot able to see a secular return in consumer buying yet While demand for consumer durables may havepicked up as summer sales is already playing out we canamprsquot say the same for vehicle salesamprdquo says an analyst with adomestic brokerage
Analysts at Jefferies feel the annual compounded loan growth for Bajaj Finance could be lower in FY16-19 compared to what was inFY13-16 The brokerage flags that at current valuations (52 x FY18 price-to-book) risk-reward appears negativehttpwwwbusiness-standardcomarticleopinionwhy-analysts-are-in-wait-and-watch-mode-on-bajaj-finance-117031400674_1html
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SBI announces Rs 6000-cr tractor loan settlement scheme PTISee this story in The Economic Times
State Bank of India (SBI) today announced a one-time farm loan settlement scheme worth Rs 6000 crore primarily for tractors
One Time Settlement (OTS) announced for Agriculture Loans Scheme valid until 31st March Contact your branch for details ampbenefits the nations largest lender said on the microblogging site Twitter today
Managing director Rajnish Kumar told CNBC-TV18 the scheme will result in the bank taking a 40 per cent haircut on outstandingtractor loans as of September 2016
SBIs total farm loan portfolio is Rs 125 trillion and Kumar said the tractor loan book is about Rs 6000 crore
He said doubtful or loss category accounts as of September 2016 which were disbursed before September 2011 will beconsidered under the scheme He said a circular in this regard was sent to branches on February 2
But he was quick to add the OTS has nothing to do with Prime Minister Narendra Modis promise of a loan waiver to UP farmersduring the just concluded elections saying there were no talks with the Centre or state in this regard so far SBIs Uttar Pradeshportfolio will be around Rs 13000 crore
SBI had announced OTS schemes for SMEs last December and education loans early in 2016
He said other agri loans like kisan credit cards and other term-loans for tractors and farm loans may also be covered under theschemehttpwwwdnaindiacommoneyreport-sbi-announces-rs-6000-cr-tractor-loan-settlement-scheme-2352737SBI to allow one-time settlement for tractor farm equipment loansminthttpwwwlivemintcomIndustryiXDTXX1onxjwfHcz731WzJSBI-announces-Rs6000-crore-tractor-loan-settlement-schemehtmlSBI announces rs 6000-crore tractor loan settlement schemeThe Pioneerhttpwwwdailypioneercombusinesssbi-announces-rs-6000-crore-tractor-loan-settlement-schemehtml
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Oil Lubricants amp Alternative Fuels
Oil hovers near three-month low as investors awaits data ReutersSee this story in The Hindu Business Line
Tokyo Crude oil prices hovered near three-month lows on Tuesday in early Asian trading as investors await key reports and datathat may shed light on a supply overhang in the global market
US West Texas Intermediate crude (WTI) edged down 3 cents to $4837 a barrel by 0026 GMT The contract ended down 9 centsin the previous session after touching $4790 the lowest since the end of November
Brent crude futures were down 1 cent at $5134 a barrel having settled down 2 cents on Monday after dipping to as low as $5085
Prices fell sharply last week as investors worried that swelling US crude supplies would hinder Organization of the Petroleum
Exporting Countries (OPEC)s efforts to restrict output and reduce a global glut
Prices had risen after the OPEC and other major oil producers including Russia agreed at the end of November to rein inproduction by almost 18 million barrels per day (bpd) in the first half of 2017
ampldquoIts shaping up to be another fun week in the crude complex with OPEC releasing its monthly oil market report on Tuesdayswiftly followed by the IEAs monthly oil market report the day afteramprdquo Matt Smith analyst at ClipperData said in a note
The International Energy Agency releases its closely watched monthly oil market report on Wednesday
Data from the industry group the American Petroleum Institute on US crude and product stockpiles is also due out later on Tuesday
Analysts said the slump may not have much further to go now that prices have fallen more than 8 percent since last Monday thebiggest week-on-week drop in four monthshttpwwwthehindubusinesslinecommarketscommoditiesoil-hovers-near-threemonth-low-as-investors-awaid-dataarticle9582601ece
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News Magazines
Mahindra Electric geared up to be a component supplier Autocar India
Speaking to Autocar India Mahindra Electric (ME) stated that the company is open to being a supplier to other vehiclemanufacturers and will sell complete electric drive systems to those interested At present the ME plant builds the e2o while it shipsout the drive systems for the eVerito sedan and eSupro van For this purpose the production line has been modified to produce notjust built-up vehicles but also fully ready electric drive systems that can be offered to other manufacturers interested in procuringthem With expertise in electrification virtually absent in India ME hopes to build on its first-mover advantage and cater to theindustry Itamprsquos unlikely that there would be any takers for passenger cars but commercial and three-wheeler manufacturerscould be potential customers
Mahindra also confirmed that they are open to supplying other bits like charge system controllers as well Mahindra outsources thebattery and electric motor for its EV powertrains and has no plans of producing these components in-house as apart from the hugeinvestments needed there is no real advantage Battery technology is quite specialised and there are many players in this fieldalready And with electric motor efficiency already at 80 percent ampndash compared to about 30 percent for internal combustionengines ampndash there is very little to differentiate one EV maker from another Mahindra believes the real differentiator in the nearfuture will be in the battery management systems where big gains can be made in the charging and discharging cycle Thus ME isputting a lot of effort into this area and going forward has ambitions to be a supplier solely for battery management systems toother manufacturershttpwwwautocarindiacomauto-newsmahindra-electric-geared-up-to-be-a-component-supplier-404432aspx
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Tesla Model Y SUV due by 2019 Autocar India
Tesla Inc recently renamed from Tesla Motors Inc is on the verge of what it says will be a massive expansion of production with twonew models due to arrive in the next two years
Alongside the much-hyped Model 3 Tesla is also expected to launch an entry-level crossover based on the same platform andrumoured to be badged the Model Y
The starting price of the Model 3 is likely to be around $37000 (Rs 2435 lakh approx) with the Model Y expected to be slightlymore expensive However Tesla founder Elon Musk believes the transaction prices of the new compact Teslas will go higherbecause buyers will be keen to add paid options to their vehicles
While the compact Model Y could turn out to be Teslaamprsquos best seller ampndash some seven million crossovers of all types weresold in the US last year ampndash Musk recently tweeted that the Model 3 remained the biggest priority for the company
The Model Y is unlikely to be unveiled until sometime next year with production set to follow late in the year Little in the way ofspecification has been released though it is expected to borrow the top-hinged amplsquofalcon wingamprsquo rear doors from thebigger Model X SUV
The Model Y will also have the promised updated electrical architecture that will allow Tesla to offer full autonomous drivingcapability Future Tesla cars will be equipped with as many as eight cameras giving a 360-degree view of the surroundingroadscape as well as 12 ultrasonic sensors and a amplsquonewamprsquo forward-facing radar that works in the worst weatherconditions Existing radar systems can be fooled by heavy rain and fog
Musk also said the new electrical architecture has a brain that is as much as ampldquo40 timesamprdquo more powerful than onprevious Teslas calling it a ampldquosupercomputer inside the caramprdquo The autonomous driving technology though will be offered
as add-on option to customers on both entry-level Teslas
Another challenge for the Model 3 and Y will be balancing their lower price against the need for a battery big enough to give anacceptable range
The entry-level Model 3 may have a cheaper sub-60kWh battery but will still need to have a range of at least 370km The ModelYamprsquos more bluff shape and greater frontal area might mean a bigger battery for the same range and so a slight price premium
Tesla is in a race against time to achieve the kind of production levels needed to turn around what is still a cash-hungry operationThe firm has spent nearly $2 billion (Rs 1316350 crore approx) since 2010 with investments including building the battery-makingGigafactory and trying to expand car production to a massive 500000 units a year
Tesla delivered around 76000 vehicles last year but says it was able to build around 2000 cars a week by the second half of 2016With as many as 400000 deposits taken for the Model 3 the company is looking to produce well over 100000 of the BMW3-series rival before the end of this year
Muskamprsquos expansion plans will test the limits of the capabilities of Teslaamprsquos suppliers and those of its own plant inFreemont California But getting to annual sales of half a million vehicles should finally push the carmaker into profit and secure thecompanyamprsquos long-term futurehttpwwwautocarindiacomauto-newstesla-model-y-suv-due-by-2019-404434aspx
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VW promises higher focus on EVs after record sales year Autocar India
The Volkswagen Group ampldquowill be a role model in environmental protection safety and integrityamprdquo according to CEOMatthias Muller who was speaking as the firm confirmed a record-breaking sales year in 2016
Outlining plans for the firm to reinvent itself as a far-reaching mobility company in the wake of the emission scandal Muller revealedthat the VW Group sold 103 million cars in 2016 making it the worldamprsquos largest car manufacturer It made pound62 billion in profitafter allowances including pound56 billion of losses to cover emission scandal costs In 2015 expenses relating to emission scandalamounted to pound142 billion
Most notably its sales in China where the effects of the diesel crisis were negligible grew 122 percent and its 2016 salesrevenues of pound1904 billion also exceeded forecasts by pound35 billion
ampldquoThe last year was challenging yet remarkably successfulamprdquo said Muller ampldquoIn 2016 we set the course for thebiggest transformation in the history of the company while at the same time performing better in our operating business than manythought possibleamphellipVolkswagen is back on trackamprdquo
Muller vowed that the success would be a catalyst for further change adding ampldquoWe will still be one of the most successfulautomakers in 2025 But we will also be a leading international provider of sustainable mobility and set the standard for new mobilityservicesamprdquo
New initiatives include a stated goal of taking leadership in the field of battery technology by 2025 which is by when the VW Grouphas committed to have solid state batteries in production These are seen as the next technological step over the lithium-ionbatteries currently favoured by most manufacturers The VW Group has committed to have 30 battery-electric vehicles on sale by2025
He also signalled that Audi had been tasked with leading the Groupamprsquos autonomous driving projects while adding that the VWGroup now had 37 centres around the world working on autonomous and digital service ideas pivoting around the Groupamprsquosnew mobility company Moia which was set up last year
Muller also highlighted recent joint ventures ampndash in China with FAW and JAC the latter of which will lead to the co-developmentof a budget electric car line in India with Tata Motors and in America with Navistar which is in the commercial vehicle segmentampndash as examples of the firmamprsquos commitment to forging partnerships to boost sales success He also confirmed that thefirst economy vehicles to be developed by the brand will go on sale in emerging markets in 2018httpwwwautocarindiacomauto-newsvw-promises-higher-focus-on-evs-after-record-sales-year-404433aspx
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Mercedes to expand E-class range with E 220 diesel Autocar India
The tenth-generation Mercedes-Benz E-class launched for the first time in India with a long wheelbase has moved the goalposts toset new standards for comfort and space in its segment The E-class comes with two engine options ampndash the base E 200 petroland the top-of-the-line
E 350 diesel Priced at Rs 5670 lakh and Rs 7015 lakh (ex-showroom Delhi) respectively these two variants bookend the E-classrange and is essentially aimed at two sets of customers The E 200 buyer is likely to be almost always chauffeur-driven and henceis mainly interested in rear seat space and comfort while the E 350d customer wants all the bells and whistles as well as the
sublime driving experience only the silky smooth and torquey V6 diesel can offer
However that still leaves a massive Rs 1345 lakh gap in the range which no doubt future E-class variants will eventually plug butwhich one will find that sweet spot to form the bulk of E-class sales
Itamprsquos no surprise then that Mercedes-Benz India is readying a base diesel which like the previous-generation W212 E-class islikely to be the most popular variant offering a strong dose of practicality without too much of a compromise on refinement andluxury
But unlike the W212 which had the E 250d representing the base diesel in the range Mercedes-Benz India is offering the lower E220d as the starting point for the E-class diesel This suggests that the E 220d will be very attractively priced when it goes on salearound June 2017 and could be priced very close to the E 200
The E 220amprsquos all-new 20 litre four-cylinder diesel which pumps out 194hp and 400Nm of torque may not have the punch ofthe outgoing E 250damprsquos 204hp and 500Nm motor but again given the chauffeur-driven focus the new E-class has beenconceived for the newE 220damprsquos performance is unlikely to be an issue
What is a big issue however is downgrading the 20-litre motor which has been designed for stricter Euro-VI emissions to run onlocally available BS-IV diesel ampldquoItamprsquos such a waste of engineering resource and a step backwardsamprdquo said aMercedes-Benz engineer The 2143cc (OM651) diesel engine which powered the previous E-class was easier to adapt to BS-IVfuel unlike the spanking new high-tech 1995cc (OM654) diesel thatamprsquos built to meet the latest global emission standards Infact the OM654 made its debut in the latest E-class when it was launched globally in 2016 Its advanced tech includes a uniquealuminium engine block with steel pistons a special low-friction coating for the cylinder walls and a fourth-generation common-raildiesel injection system At 168kg it is 31kg lighter than the engine it replaces
Downgrading a Euro-VI engine to BS-IV standards takes a lot of time and resources but there is no way out until fuel pumps in Indiaget low-sulphur BS-VI fuel which is not expected until 2020 The BS-IV-spec OM654 wasnamprsquot ready in time for the newE-class launch and this is one reason why the E 220d is coming a couple of months later The other reason could be a strategicone Mercedes-Benz India wants to wait until BMW launches the all-new 5-series expected in June and in a counter move tweakthe E 220damprsquos mix of specifications features and price accordingly A starting price of Rs 57-58 lakh for the E 220disnamprsquot unlikely especially since this variant will be Mercedes-Benz Indiaamprsquos trump card in a luxury car segment it seemsdetermined to dominatehttpwwwautocarindiacomauto-newsmercedes-to-expand-e-class-range-with-e-220-diesel-404429aspx
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Nissan to launch Kicks SUV in Q3 2018 Autocar India
The Nissan Kicks SUV which made its global debut in 2016 in Brazil will be launched in India in the third quarter of 2018 accordingto company sources
However unlike the South American model which is spun off Nissanamprsquos V-platform the made-for-India Kicks (code PB1D)will be based on the upcoming Renault Kapturamprsquos (code HHA) platform This is essentially a modified version ofRenaultamprsquos proven M0 platform that underpins cars like the Duster and Lodgy which are known for their robust mechanicals
The M0 is also a critical part of the Renault-Nissan Allianceamprsquos platform strategy in India which is essentially centred aroundtwo platforms Whilst the CMF-A and CMF-A+ platforms underpin Renault and Nissanamprsquos (and later Mitsubishiamprsquos) smallto mid-size car range in India the M0 platform will cater to higher end products The low-cost M0 platform has proved to be a cashcow for Renault globally and is ideally suited for markets like India The allianceamprsquos European-spec CMF-B platform was alsoevaluated initially but was eventually rejected as it proved to be a lot more expensive than the M0 which has also been localisedover the years
Developed and conceived originally by Renault for its Dacia sub-brand over a decade ago the French carmaker has first rights toproducts spun off the M0 platform and hence like the Nissan Terrano which followed the Renault Duster the Nissan Kicks too willfollow the Renault Kaptur to India but almost a year later
While both the Kaptur and Kicks will use the same modified version of the platform the amplsquotop hatsamprsquo will be completelydifferent The Kicks design and styling will mirror the South American car and thatamprsquos no bad thing
Sharply styled with lots of distinctive design touches like a floating roof massive wheel arches and a wraparound visor look theKicks wonamprsquot have a problem standing out on Indian roads The good thing is that the edgy design hasnamprsquot compromisedpracticality and Nissan claims best-in-class space in the back seat
Cars based on the M0 platform get a choice of just two engines a 16 petrol and the venerable 15 K9K diesel and hence these arelikely to be carried forward into the Kicks as well The 15 diesel is expected to be the mainstay but its likely that in its latest iterationthere will be a small bump up in power and torque
Nissan has set an ambitious target of 30000 Kicks in its first full year of production with an additional 20000 units earmarked forexports Pricing will be crucial for the Kicksamprsquo success and Nissan may do well to undercut its rivals to buy some much neededmarket sharehttpwwwautocarindiacomauto-newsnissan-to-launch-kicks-suv-in-q3-2018-404426aspx
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International News
Volkswagen CEO gets 778 mn euros in pay and benefits for 2016 ReutersSee this story in The Economic Times
Wolfsburg Volkswagen Groups Chief Executive Matthias Mueller was awarded 778 million euros ($828 million) in pay andbenefits for 2016 up from 417 million euros in total remuneration awarded a year earlier the companys annual report showed onTuesday
Mueller was not awarded a full years CEO pay for 2015 since he only took over as chief executive in September following theresignation of his predecessor Martin Winterkorn who was forced out in the wake of a diesel emissions cheating scandal
Volkswagen overhauled its bonus and executive pay policy in February this year to cap total pay for its chief executive at 10 millioneuros ($106 million) and other top managers at 55 million euros
Volkswagen brand chief Herbert Diess saw his total remuneration for 2016 fall to 393 million euros down from 713 million in 2015the annual report showed
($1 = 09401 euros)httpautoeconomictimesindiatimescomnewsindustryvolkswagen-ceo-gets-7-78-mn-euros-in-pay-and-benefits-for-201657631837Volkswagen CEO Matthias Mueller says not ruling out merger talks with Fiat ChryslerThe Financial Expresshttpwwwfinancialexpresscomindustryvolkswagen-ceo-matthias-mueller-says-not-ruling-out-merger-talks-with-fiat-chrysler587861
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Volkswagen CEO US remains core market for company APSee this story in The Economic Times
Frankfurt The CEO of German automaker Volkswagen says the United States remains a core market for the company despite itsdiesel emissions scandal and has underlined that it hopes to expand there
Matthias Mueller made the comments Tuesday at the companys annual news and investor conference at its headquarters inWolfsburg Germany
Mueller said that we are standing by our investment decisions and intend over the long term to play a significantly greater role therethan today
The Volkswagen brand has only a small share in the US market although it is important for the companys luxury brands Porscheand Audi It makes cars in Chattanooga Tennessee
US authorities uncovered Volkswagens use of engine control software that enabled vehicles to cheat on emissions testshttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsvolkswagen-ceo-us-remains-core-market-for-company57633149
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Volkswagen targets strong 2017 even as core brand struggles ReutersSee this story in The Economic Times
Wolfsburg Germany Volkswagen said it was capable of shouldering the costs of its emissions crisis and was targeting an evenbetter year than in 2016 but warned that its core autos division continued to struggle
We see good chances of being able to ride the wave of the positive performance last year when Volkswagen turned in recordunderlying profit helped by sales of upmarket Audis and Porsches Chief Executive Matthias Mueller said on Tuesday at thecarmakers annual news conference
Volkswagen expects group revenue to exceed last years record 217 billion euros ($231 billion) by as much as 4 percent this yearand is forecasting an underlying operating margin of between 6 and 7 percent compared with 67 percent in 2016 it said affirminga forecast given on February 24
The company also aims to moderately exceed last years record 103 million deliveries
You can rest assured that we will do everything in our power to make 2017 an even better year than 2016 the CEO said
But Volkswagen appears to be making slow progress in tackling the biggest trouble spot within the 12-brand group thelong-planned turnaround of its core autos division
Operating profit of the namesake brand slipped further to 187 billion euros in 2016 from 210 billion a year earlier because of highermarketing costs related to dieselgate and plunging demand in Brazil and other key markets finance chief Frank Witter said
($1 = 09394 euros)httpautoeconomictimesindiatimescomnewsindustryvolkswagen-targets-strong-2017-even-as-core-brand-struggles57630343
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VW CEO says not ruling out merger talks with Fiat Chrysler boss ReutersSee this story in The Economic Times
Wolfsburg Volkswagen Chief Executive Matthias Mueller said he is not ruling out talks with Fiat Chrysler boss Sergio Marchionneabout a possible merger
I am not ruling out a conversation Mueller told reporters on Tuesday after the carmakers annual earnings press conference inWolfsburg
Marchionne has long advocated car industry mergers to share the costs of making cleaner and more technologically advancedvehicles and has repeatedly relayed his desire via the media
It would be very helpful if Marchionne were to communicate his considerations to me too and not just to you Mueller said
I am pretty confident about the future of Volkswagen with or without Marchionne
Only last week Mueller appeared to dismiss the prospect of talks with Fiat Chrysler
We are not ready for talks about anything he told Reuters on the fringes of the Geneva auto show I havent seen Marchionne formonths he said at the timehttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsvw-ceo-says-not-ruling-out-merger-talks-with-fiat-chrysler-boss57632909
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Volkswagen chief denies talks with Fiat AFPSee this story in The Economic Times
Berlin Volkswagen chief Matthias Mueller on Tuesday denied rumours that the German auto giant was in talks with rival FiatChrysler
At present there is no contact between me and Fiat Chrysler boss Sergio Marchionne Mueller told the companys annual pressconference in Wolfsburg north Germany
Marchionne had said at the Geneva car show last week that he was expecting Volkswagen to reach out as more firms are thinkingof cost-cutting tie-ups in the vein of Frances Peugeot and German carmaker Opel
In response Mueller said he had other problems since VWs 2015 admission that it installed software to cheat regulatoryemissions tests in 11 million vehicles worldwide
He nevertheless added that Ive never said a tie-up with any other partner is altogether ruled out
VW clawed its way back to profit in 2016 and pulled ahead of Toyota to become the worlds biggest carmaker by unit sales shipping103 million vehicles over the year
Mueller on Tuesday confirmed the groups forecast of moderate growth in sales in 2017
But the firm is far from turning the page as it continues to refit cars equipped with the cheating software and faces legal action fromcustomers and investors in numerous countries
The final bill for the scandal is impossible to predict Mueller acknowledged
All we know is that this question will keep us busy for a long time several years he saidhttpeconomictimesindiatimescomindustryautovolkswagen-chief-denies-talks-with-fiatarticleshow57633113cms
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Volkswagen has good chances to build on strong 2016 performance CEO ReutersSee this story in The Economic Times
Germany Volkswagen has good chances of building on its strong 2016 performance when it swung to a record underlying profitdespite its diesel emissions crisis Chief Executive Matthias Mueller said
The Volkswagen Group is in very robust shape Mueller said on Tuesday at the carmakers annual news conference in Wolfsburg
VW expects group revenue to exceed last years record 217 billion euros ($231 billion) by as much as 4 percent this year and isforecasting an underlying operating margin of between 6 and 7 percent compared with 67 percent in 2016 it said affirming aforecast given on Feb 24
Still operating profit of its core autos division slipped further to 187 billion euros in 2016 from 210 billion a year earlier as the brandis struggling to implement a wide-ranging turnaround planhttpeconomictimesindiatimescomnewsinternationalbusinessvolkswagen-has-good-chances-to-build-on-strong-2016-performance-ceoarticleshow57630339cms
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BMW i3 batteries to be used by Vattenfall The Economic Times
New Delhi Swedish power making company Vattenfall and German auto giant BMW Group have signed a contract for the deliveryof up to 1000 lithium-ion batteries this year The batteries with a capacity of 33 kilowatt hours (kWh) each are equipped with aBMW-owned battery management system and are also used by the car manufacturer in the BMW i3
Vattenfall will purchase the new batteries from the BMW plant in Dingolfing and use them in all storage projects
Energy storage and grid stability are the major topics of the new energy world says Gunnar Groebler Senior Vice President ofVattenfall and Head of Business Area Wind
We want to use the sites where we generate electricity from renewable energies in order to drive the transformation to a newenergy system and to facilitate the integration of renewable energies into the energy system with the storage facilities Thedecoupling of production and consumption and the coupling of different consumption sectors are in the focus of our work
The first energy storage from the BMW-i3 batteries is being built at the 122 MW onshore wind farm Princess Alexia nearAmsterdam With a capacity of 32 megawatts (MW) it is Vattenfalls first large storage project in the Netherlands
Pending on a final investment decision the largest battery storage will be built at the Vattenfall wind farm Pen y Cymoedd (230 MW)in South Wales - a 22-megawatt storage facility which will help to support the stability of the country-wide power grid in the UK aspart of the so-called EFR (Enhanced Frequency Response) service
As part of the project Norddeutsche Energiewende NEW 40 Vattenfall together with the Hamburg University of Applied Sciences(HAW) and the company Nordex will implement a large battery storage at the future wind farm in Hamburg-Bergedorf
This is a so-called storage control unit made of batteries It is meant to maintain the security of supply with a feed-in of 100 percentrenewable energy In addition the battery storage contributes to the improvement of the network quality and the more efficient useof the existing network structure Other possible applications would be electricity storage in private households Energy storagesolutions are an important part of Vattenfallamprsquos strive to power climate smarter living
We are pleased that we have found a supplier in BMW who meets our high safety requirements with the use of the batteries withreliably good quality from German series production says Daniel Hustadt project manager for large batteries at VattenfallInnovation GmbHhttpautoeconomictimesindiatimescomnewsindustrybmw-i3-batteries-to-be-used-by-vattenfall57630728
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Toyota to look at Saudi production as the countries seek closer ties ReutersSee this story in The Economic Times
New Delhi Toyota Motor Corp signed a memorandum of understanding (MOU) on Tuesday with a Saudi Arabian governmentagency to conduct a feasibility study into producing vehicles and parts in the Middle Eastern nation
The move if firmed up would be a big step for the Saudi economy as the government tries to diversify beyond oil exports andcreate jobs as part of the kingdoms 2030 Vision
So far Saudi Arabia and other Gulf oil exporters have failed to significantly develop industries such as automaking because theylack broad industrial bases and a skilled local workforce
The study would take into account the evaluation of development of a local supply base using materials produced by major Saudi
companies like Sabic Maaden Petro Rabigh and other major industrial companies in the kingdom the official Saudi state newsagency reported
The MOU is with Saudi Arabias National Industrial Clusters Development Program (NICDP)
Meanwhile state-run Saudi Aramco has signed MOUs with five Japanese entities during a business forum that both nations hostedon Tuesday coinciding with a visit by Saudi Arabias King Salman this week
Saudi Aramco and Japans biggest oil refiner JX Nippon Oil amp Energy (5020T) agreed to consider a refinery joint venture in a thirdcountry and cooperation in trading and technology of oil and petrochemical products
Aramco also agreed to consider a possible future cooperation in crude oil supply and downstream business with Idemitsu KosanCompany
In addition Aramco and state-run Japan Oil Gas and Metals National Corp (JOGMEC) formally agreed to expand crude storagecapacity in Japan by 300000 kilolitres (about 19 million barrels) from the current 63 million barrels from April 1
Japan treats crude oil stored by Aramco as quasi-government oil reserves counting half of the barrels stored by Aramco as nationalcrude reserves
Companies and government organizations in both nations signed a total of 20 MOUs on Tuesday including cooperation betweenthe Saudi Arabian General Investment Authority (SAGIA) and Japans three megabanks - Mitsubishi UFJ Financial Group (8306T)Sumitomo Mitsui Financial Group (8316T) and Mizuho Financial Group (8411T) - on increasing investments in the kingdom
The MOUs also included cooperation in seawater desalinationhttpautoeconomictimesindiatimescomnewsindustrytoyota-to-look-at-saudi-production-as-the-countries-seek-closer-ties57636587
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Geneva Motor Show 2017 Airbus unveils fully electric flying car PopUp The Economic Times
Geneva Airbus along with Italdesign has unveiled the first modular fully electric zero emission concept vehicle system - PopUpat the Geneva Motor Show 2017 informed the French company in an official statement
PopUp envisages a modular system for multi-modal transportation that makes full use of both ground and airspace and isdesigned to relieve traffic congestion in crowded megacities
PopUp System consists of a three layers concept1 an Artificial Intelligence platform that based on its user knowledge manages the travel complexity offering alternative usagescenarios and assuring a seamless travel experience
2 a vehicle shaped as a passenger capsule designed to be coupled with two different and independent electric propelled modules(the ground module and the air module) Other public means of transportation (eg trains or hyperloops) could also integrate thePopUp capsule
3 an interface module that dialogues with users in a fully virtual environment
Airbus claims The PopUp vehicle combines the flexibility of a small two seater ground vehicle with the freedom and speed of avertical take-off and landing (VTOL) air vehicle thus bridging the automotive and aerospace domains
PopUpamprsquos monocoque carbon-fibre cocoon measures 26 metres long 14 metres high and 15 metres wide The capsuletransforms itself into a city car by simply coupling to the ground module which features a carbon-fibre chassis and is batterypowered
For megacity journeys with high congested traffic the capsule disconnects from the ground module and is carried by a 5 by 44metre air module propelled by eight counter-rotating rotors
ampldquoAdding the third dimension to seamless multi-modal transportation networks will without a doubt improve the way we liveand how we get from A to Bamprdquo said Mathias Thomsen General Manager for Urban Air Mobility at Airbus on the occasion ofthe unveil
ampldquoSuccessfully designing and implementing solutions that will work both in the air and on the ground requires a joint reflectionon the part of both aerospace and automotive sectors alongside collaboration with local government bodies for infrastructure andregulatory frameworks Italdesign with its long track record of exceptional vehicle design was an exciting partner for Airbus for thisunique concept projectamprdquo
ampldquoToday automobiles are part of a much wider eco-system if you want to design the urban vehicle of the future the traditionalcar cannot alone be the solution for megacities you also have to think about sustainable and intelligent infrastructure appsintegration power systems urban planning social aspects and so on In the next years ground transportation will move to the nextlevel and from being shared connected and autonomous it will also go multimodal and moving into the third dimensionamprdquo saidItaldesign CEO Joumlrg Astaloschhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsgeneva-motor-show-2017-airbus-unveils-fully-electric-flying-car-pop-up57630936
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Nissan boosts management presence at Mitsubishi Motors ReutersSee this story in The Economic Times
Tokyo Mitsubishi Motors on Tuesday said an additional four Nissan executives would join its management team as Nissan tightensits control over the smaller struggling automaker in which it took a controlling stake last year
The announcement is part of Mitsubishi Motors efforts to rebuild its management system after it admitted last year that it hadoverstated the mileage on a number of its cars sold in Japan battering domestic sales and tarnishing its brand image
From April corporate vice president positions for roles including product development and marketing and sales would be occupiedby officials from Nissan Mitsubishi Motors said
This would hike the number of Nissan executives on Mitsubishi Motors management team to seven from two now
We need to strengthen our corporate governance to avoid a repeat of last years scandal along with scandals previous to thatMitsubishi Chief Executive Officer (CEO) Osamu Masuko told reporters during a teleconference
After taking a one-third stake in Mitsubishi Motors Nissan installed Carlos Ghosn - its CEO at the time - as chairman of MitsubishiMotors while also naming two Nissan officials to Mitsubishis board of directors
Nissan also dispatched other executives to the smaller automaker including Trevor Mann previously Nissans chief performanceofficer who became chief operating officer at Mitsubishi late last year
Last month Ghosn said he would step down from the top position at Nissan to focus on deepening the companys alliance withRenault SA and Mitsubishi Motors
Separately Nissan said Shiro Nakamura the companys chief creative officer and one of Japans best-known car designers willretire after nearly 20 years at the automaker
Nakamura 66 is recognised for referencing science fiction anime and embracing Japans culture of cute in models including theGT-R supercar the Cube compact MPV and the Juke SUV crossover setting the automaker apart from many of its rivals whichhave been accused of making lookalike cars
Nakamura joined Nissan in 1999 from Japanese truckmaker Isuzu Motors and was one of the first key hires by Ghosn shortly afterGhosn himself arrived from French automaker Renault to save the company from bankruptcy
Alfonso Albaisa who currently overseas design at Nissans premium Infiniti brand will succeed Nakamura while former BMWglobal chief designer Karim Habib will become the brands new chief designer effective July 1httpautoeconomictimesindiatimescomnewsindustrynissan-boosts-management-presence-at-mitsubishi-motors57631800
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Renault Zoe e-Sport breaks covers at 2017 Geneva Motor Show The Economic Times
New Delhi In the ongoing Geneva Motor Show Renault has showcased its new two-seat version of its electric car Renault Zoee-Sport The company claims to have taken the design cues from Formula E
The ZOE e-Sport Concept is the fully electric concept car that embodies Renaultamprsquos commitment to the idea that electric carscan be fun and fast says Renault The sporting credentials of the ZOE e-Sport Concept extend beyond the caramprsquos styling andthe same blue livery as the Renault edams teamamprsquos front-running Formula E single-seaters
The bodywork of the ZOE e-Sport Concept is made entirely from lightweight carbon fibre which helps to ensure outstandingacceleration from standstill to 100kph in just 32 seconds The car tips the scales at a mere 1400 kilograms including 450kilograms of batteries
The car is powered by two electric motors capable of generating 450 bhp and 650 Nm of torque One of the motor is powered to therear axle and the other to the front axle Renault Zoe e-Sport gets the same 40 kWh battery which powers the standard variant ofthe car
Jean-Christophe Kugler CEO Renault Europe said that the concept as a link car - a styling exercise intended to connect the Zoeroad car with what Renault is doing in Formula E racing and to send a message that EVs are fun to drive Its not a signal of thefuture for Zoe and we have no intention to develop a performance version
Renault also claims that the electric performance car uses the same air and water cooling systems as the Renaultamprsquos FormulaE car The car is based on a tubular steel chassis with use of extensive carbon fibre The car also gets four driving modes
At the moment Renault has no plans to make the Zoe e-Sport into productionhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsrenault-zoe-e-sport-breaks-covers-at-2017-geneva-motor-show57627528
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Sensata Technologies opens testing facility in Bulgaria ReutersSee this story in The Economic Times
Sofia Sensata Technologies has opened its largest global testing facility in Sofia to support its automotive sensing technologies thecompany said on Tuesday
Sensata which has manufacturing sites in 13 countries already employs 3000 people in Bulgaria where it produces pressure andhigh temperature sensors for the automotive market and operates a business centre
In recent years inexpensive labour low taxes and an educated workforce have encouraged dozens of car part producers and ITand business outsourcing companies to set up in the Balkan countryhttpautoeconomictimesindiatimescomnewsauto-componentssensata-technologies-opens-testing-facility-in-bulgaria57632975
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Driving driverless Quest for an autonomous car has reached a truck now Nandagopal RajanThe Financial Express
At San Franciscoamprsquos Pier 90 chock-a-block with cargo vehicles it is pretty tough for any truck to stand out But a white Volvotruck with Otto emblazoned on it is the centre of attention This is the next big thing in automated cars and has already shown itsmettle by delivering a consignment of Budweiser beer in Colorado without a driver controlling it on the freeway
Uber is one of the many companies thinking in terms of driverless car While CEO Travis Kalanick says automated vehicles areampldquoexistentialamprdquo for the ride-hailing companyamprsquos future he is not alone in the race to drive without drivers Just in theUS at least 23 companiesampmdashincluding Tesla Google and Volkswagenampmdashhave registered in autonomous vehicleprogrammes The idea that fuels this cutting-edge technology is pure economics at the end of the day Cars suffer from seriousissues of inefficiency as they sit idle 95 of the time Considering that the world has 1200000000 cars this is inefficiency at agargantuan scale Add to this the fact that cars amount for 22 of all emissions globally and muddy the urban infrastructureproblem by creating the need for parking spaces
Since 1984 when the first experimental self-driving cars appeared there has been much progress on the technology leading toMercedes-Benz showcasing its concept car the F 015 at the Consumer Electronics Show in Las Vegas in 2015 Everyone has adifferent take on the technology but in the end the idea is to make cars intelligent and independent enough to be aware ofsurroundings and take decisions based on that
Interestingly Uberamprsquos dream is to bring ampldquoreliable transportation to everyone everywhereamprdquo now extended toeverything too with the trucks from Otto a start-up it acquired last year Matt Sweeney who heads product at UberamprsquosAdvanced Technology Group says ampldquothe truck and passenger vehicles share software and hardware components and thishelps us work on different aspects of the self-driving problem at the same timeamprdquo But on scope passenger vehicles are forurban environments where Uber has its focus on ride-sharing while trucks will be for high-speed highways where the constraintsare different
Just last week Uber got a permit from California Department of Motor Vehicles to test two self-driving Volvo SUVs on public roadsthough it will need to have backup drivers behind the wheel in case the prototype cars malfunction Its self-driving cars have beenrunning test drives in other parts of the US too
The Otto truck comes with a rig of radars laser scanners and stereo cameras that give the computers inside a live 360-degreevision of its environment with high dynamic range high resolution and high colour information imagery so that the truck can besmart enough to decide what to do next But the computing task this presents is ampldquoalmost as big as a small datacentreamprdquo Sweeney says the computing has to be done inside as ampldquothere is no tech that can let us send all that data tothe cloud real time and hence a lot of the computing has to be done in the truck itselfamprdquo
ampldquoA lot of the tech is based on prior mapping but in subsequent runs we see differences that have come about in the area andpay attention on those objects that are differentamprdquo
Interestingly Otto is being sued by Googleamprsquos Waymo self-driving car unit which claims its former employee and start-upfounder Anthony Levandowski stole its proprietary design for its laser-based radar system There are other challenges tooampldquoUber tech is different because we are trying to make this on top of the ride-sharing network that we already haveamprdquo headded
Nissan in contrast keeps the driver and not the technology at the centre and its definition of an ampldquoautonomous caramprdquo ishence a vehicle with different levels of driving technologies that enable it to operate autonomously for certain periods of time ANissan spokesperson said on the technology side the challenges are in artificial intelligence software development data processingand digital mapping technologies while on the social environment side laws and regulations along with modifications of roadinfrastructure will become necessary
This contrast in technologies is why it is important to see how the entire ecosystem evolves maybe with different platforms talkingto each other But Uber is not depending on this ampldquoWe need to see and interact with vehicles but there is no guarantee wewill have that technology So we are approaching it with the assumption it wonamprsquot existamprdquo says Sweeney
Uberamprsquos goal is to take its technology everywhere but can these vehicles actually be practical for an environment like IndiaSweeney accepts the new elements this will throw in along with the sheer volume will present a slew of challenges ampldquoThoseare situations we think we will be able to tackle but those are not the first places we will goamprdquo he explains adding that theywill look for opportunities where they can deploy this technology safely Clearly this drive has just started(The author attended the Uber Media Summit in San Francisco at the invitation of Uber)httpwwwfinancialexpresscomopiniondriving-driverless-quest-for-an-autonomous-car-has-reached-a-truck-now588112
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Samsung completes acquisition of Harman The Economic Times
New Delhi The arrest of the Vice-Chairman of Samsung Board Lee Jae Yong on bribery and corruption charges has not affectedthe deal between Samsung and Harman International IndustriesIn a media statement the South Korean giant confirmed thecompletion of its largest such deal ever
Under the terms of the merger agreement Harman stockholders will receive $11200 per share in cash The completion follows thesatisfaction of all conditions to the closing of the transaction including approval of the transaction by HARMAN stockholders andreceipt of all necessary regulatory approvals in the United States and certain foreign jurisdictions
ampldquoToday is a historic moment for us The close of this transaction opens the door to create substantial growth opportunitiesand deliver greater benefits for customers worldwideamprdquo said Young Sohn President and Chief Strategy Officer of SamsungElectronics and Chairman of the Board HARMAN ampldquoWe see transformative opportunities in the car ampndash and a futurewhich seamlessly connects lifestyle across automotive home mobile and work Samsungamprsquos and HARMANamprsquosleadership in these spaces perfectly positions Samsung to be the preferred partner to our OEM customers In addition bringingtogether HARMANamprsquos iconic audio brands and capabilities paired with Samsungamprsquos leading display technologies willdeliver enhanced audio and video experiences to consumers and professional end markets And most importantly we areenthusiastic about our common vision the similarities in our culture of innovation and the added value we can create for customersWe look forward to working with all of HARMANamprsquos employees to execute on our visionamprdquo
Harman boasts around 30000 employees spreadout across different brands including JBL Infinity Lexicon and Mark LevinsonThe company will continue to conduct business as an independent subsidiary under the terms of the deal with Samsung
ampldquoWe are excited to have completed the transaction which provides compelling cash value to our stockholders benefits ourcustomers and provides new opportunities for our employeesamprdquo said Dinesh Paliwal Harman President and CEOampldquoSamsung shares our commitment to our customers and our culture of speed innovation and execution Samsung providesHarman with the scale platform and complementary technologies to accelerate growth and extend our global market leadership inautomotive smart audio and connected technologies Recognizing the importance of partnerships in an increasingly connectedworld particularly in automotive we are poised to leverage our combined teams and resources to produce even greater value forour customers Working closely with automakers and other technology companies Samsung and Harman will define ampndash anddrive ampndash the future of automotiveamprdquohttpautoeconomictimesindiatimescomnewsauto-technologysamsung-completes-acquisition-of-harman57624440
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Skoda delivers 81200 units in Feb 2017 globally The Economic Times
Mlada Boleslav Czech car manufacturer Skoda in a press release stated that the company delivered 81200 vehicles to customersworldwide in February 31 more than in the same period last year (February 2016 78800) brvbarkoda also claims that it has soldmore cars than any February in its history The Czech manufacturer achieved double-digit growth in Central and Eastern Europe (+129 and + 133) India (+ 128) and Israel (+ 198) among others
We are delighted with our strong start to 2017 We expect the market launch of the OCTAVIA product upgrade as well as the newKodiaq to create further momentum says Werner Eichhorn brvbarKODA Board Member for Sales and Marketing
In Western Europe deliveries to customers rose by 70 in February to 34800 vehicles (February 2016 32500) With 12600vehicles Germany remains the strongest single European market (February 2016 12100 vehicles +45) brvbarKODA recordeddouble-digit growth rates in the UK (3400 vehicles +236) Italy (2200 vehicles + 201) Belgium (2 000 vehicles +271) andAustria (1900 vehicles +647)
In Central Europe brvbarKODA achieved an increase of 129 with 17400 cars (February 2016 15400 vehicles) Deliveries on thehome market of the Czech Republic rose by 88 to 8200 vehicles in Poland (5700 vehicles + 163) Slovakia (1700 vehicles+154) Slovenia (600 vehicles +226) and Croatia (300 vehicles +469) also rose in double figures
In Eastern Europe excluding Russia Skoda achieved a year-on-year increase of 133 with 2800 vehicles delivered (February2016 2500 vehicles) In the same period 400 customers in Ukraine received their new brvbarKODA ampndash an increase of 939(February 2016 200 vehicles) The number of deliveries increased significantly in Bosnia (200 vehicles + 557) Bulgaria (200vehicles +175) and the Baltic States (600 vehicles + 229) In Russia brvbarKODA achieved an increase of 46 with 4300vehicles (February 2016 4100 vehicles)
In China ampndash the brandamprsquos largest market worldwide ampndash brvbarKODA handed over the keys to 15000 new vehicles(February 2016 18500 vehicles -188) Deliveries overseas increased by 98 to a total of 2500 vehicles
At the Geneva Motor Show brvbarKODA is presenting several new highlights These include the brvbarKODA KODIAQ SCOUT and brvbarKODAKODIAQ SPORTLINE alongside the extensively upgraded brvbarKODA OCTAVIA as well as the sporty spearhead brvbarKODA OCTAVIA RS245 and the brvbarKODA OCTAVIA SCOUT with a rugged off-road look In addition the upgraded brvbarKODA models RAPID and RAPIDSPACEBACK and Citigo are on show
brvbarKODA deliveries to customers in February 2017 (in units rounded off by model +- in percent compared to February2016)brvbarKODA OCTAVIA (28600 -86)brvbarKODA FABIA (16700 + 152)brvbarKODA RAPID (15000 + 121)brvbarKODA SUPERB (10900 + 171)brvbarKODA KODIAQ (1300 + 1000)brvbarKODA YETI (6300 -157)brvbarKODA CITIGO (only sold in Europe 2300 -164)httpautoeconomictimesindiatimescomnewspassenger-vehiclecarsskoda-delivers-81200-units-in-feb-201757626693
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Isuzu claims more durability on its diesel engines for trucks The Economic Times
Indianapolis Isuzu Commercial Truck of America has announced that the B10 durability rating of its 4HK1-TC diesel engine hasbeen increased to 375000 miles informed the company in an official statement
To elaborate further on what it means the Japanese commercial vehicle manufacturer went on to say that A B10-life rating is anindustry-standard gauge provided by engine makers to help consumers determine the long-term durability of an engine Thenumber following the B indicates the percentage of an engineamprsquos population that will require an overhaul before the indicatedmileage
That means that 90 of Isuzu 4HK1-TC engines are expected to last 375000 miles before they require a major repair or rebuildPreviously the 4HK1-TC engine carried an already-robust B10 durability rating of 310000 miles added the company
ampldquoWe are proud to say that Isuzu diesel engines are already known worldwide for their long-term dependabilityamprdquo saidShaun Skinner president of Isuzu Commercial Truck of America ampldquoOur new B-10 rating is strong evidence that our enginesare even more durable than everamprdquo
The turbocharged intercooled 4HK1-TC four-cylinder diesel engine displaces 52 liters and generates 215 horsepower Torqueratings vary depending on model The engine is fitted to Isuzu NPR-HD NPR-XD NQR and NRR models as well as the all-new2018 Isuzu FTR Class 6 truck
The company made the above announcement at the National Truck Equipment Associationamprsquos 2017 Work Truck Show inIndianapolis held on March 13httpautoeconomictimesindiatimescomnewsauto-componentsisuzu-diesel-engines-for-trucks-now-become-more-durable57626832
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MoS visits Rolls-Royces new logistics centre in England The Economic Times
New Delhi Nick Gibb Minister for School Standards and MP for Bognor Regis and Littlehampton has visited Rolls-Royce MotorCars Technology and Logistics Centre on Monday informed the British luxury car maker in a media release
During the visit Gibb toured the facility met the expert team onsite and was briefed on the companyamprsquos future plans to expandthe Centre He also took the opportunity to learn more about the Rolls-Royce Motor Cars apprenticeship graduate and internprogrammes
Nick Gibb said ampldquoThe original announcement that Rolls-Royce Motor Cars would be locating its Technology and LogisticsCentre in Bognor Regis was a great boost for our town and warmly welcomed I am delighted to see the huge new state of the artfacilities fully operational and providing high quality jobs for local people The support of such a prestigious company is good newsfor Bognor Regis and for the wider local economyamprdquo
He continued ampldquoIt is very welcome that Rolls-Royce operates an apprenticeship scheme ensuring the company has the skillsit needs for the future and providing opportunities and training for a cohort of young people every year This year Rolls-Royce istaking on record numbers of apprenticesamprdquo
The new Rolls-Royce Technology and Logistics Centre at Bognor Regis opened on schedule in January 2016 The purpose-built30000m2 facility is located close to the companyamprsquos head office and manufacturing plant at Goodwoodhttpautoeconomictimesindiatimescomnewsindustrymos-visits-rolls-royce-new-logistics-centre-in-england57626981
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All new Mazda CX-5 to be produced at Hofu Plant The Economic Times
Hiroshima Japan Japanese automaker Mazda Motor Corporation starting from November is going to produce the all-new MazdaCX-5 crossover SUV at its Hofu Plant in addition to the Hiroshima Plant where it is currently produced
The company informed that the move will help the automaker respond quickly and flexibly to growing demand for SUVs globally
Mazda aims to create a production system that can respond flexibly to changes in demand for crossover vehicles as it works tomeet its global sales goal of 165 million units
Launched domestically in February the all-new CX-5 has till date recorded sales of 16639 units about seven times the monthlytarget claims the company
As with the CX-3 starting production of the CX-5 at Hofu Plant as well is part of our plan to build a production framework that givesus more flexibility between plants and between models said Masatoshi Maruyama Managing Executive Officer in charge of GlobalProduction We will do everything we can to get customers the crossover vehicles they want as quickly as possiblehttpautoeconomictimesindiatimescomnewspassenger-vehicleuvall-new-mazda-cx-5-to-be-produced-at-hofu-plant57627447
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Rheinmetall receives over $25 mn order from American carmaker The Economic Times
New Delhi German automotive parts supplier Rheinmetall has booked its first order for a special application of coolant valves by amajor American carmaker and destined for the NAFTA market
The company in a statement said that the order has a lifetime value of over US$25 million (around Rs 165 crore) Series productionof the valves is scheduled to start in 2019 with the contract set to run for about five years
Talking about the product the company went on to say that the innovative valves play a lead role in intelligent thermal and energymanagement on modern vehicle engines These often have several cooling circuits which are controllable with the aid of switchingseat valves
As from model year 2020 this particular customer will be installing several versions of such valves on gasoline and diesel enginesfor pick-ups with over 6 liters displacement
They will take over functions in the cooling circuit of the transmission ensuring that it reaches operating temperature faster byswitching off the coolant flow when the engine is started This also helps to reduce emissions added the companyhttpautoeconomictimesindiatimescomnewsauto-componentsrheinmetall-receives-over-25-mn-order-from-american-carmaker57628058
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Nissans Infiniti names former BMW executive as new design chief ReutersSee this story in The Economic Times
Beijing Infiniti Nissan Motors premium brand named Karim Habib former global design chief for BMW as the brands new chiefdesigner effective July 1
Habib will replace Alfonso Albaisa who will be promoted to lead Nissans global design according to a press release seen byReuters Habib will report to Albaisa
Habib who has worked for several premium automotive brands including BMW and Daimler will be based in Nissans technicalcentre in Atsugi Japan and lead Infinitis design teams in Japan Beijing San Diego and Londonhttpautoeconomictimesindiatimescomnewsindustrynissans-infiniti-names-former-bmw-executive-as-new-design-chief57630437
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Elon Musks bold offer of Tesla batteries wont solve Australias power problems ReutersSee this story in The Economic Times
Launceston Australia Australia is becoming an interesting microcosm on how to or how not to transition an economy from beingpredominantly powered by coal to more climate-friendly alternatives
The dramatic intervention by Tesla Inc Chief Executive Elon Musk last week is just the latest twist in an ongoing saga that pits
business government farmers government and environmentalists against each other
Musk in an exchange of tweets with software billionaire Mike Cannon-Brookes chief executive of Atlassian Corp offered to fix theelectricity supply problems of South Australia state within 100 days of signing a contract
Musks plan is to install 100 megawatts (MW) of grid-connected battery storage which would be available to meet peak demandand would be charged with surplus electricity from other generating sources in periods of low demand
Its a bold offer and would most likely provide a quick fix to Australias fourth-largest state which suffered a blackout last Novemberand has been dealing with power shortages over the peak summer period
Businesses like BHP Billiton which operates the giant Olympic Dam copper mine in the state have been pushing for thegovernment and other stakeholders to ensure stable electricity supply saying the cost of blackouts runs into millions of dollars inlost output
Musk whose Tesla Corp is ramping up output of its battery storage packs at its Gigafactory in Nevada held talks with AustralianPrime Minister Malcolm Turnbull at the weekend as well as with South Australian Premier Jay Weatherill
The politicians will no doubt be tempted to Musks offer to install batteries especially since the electric car pioneer said if he didntmeet his 100 day deadline he wouldnt charge anything
But while Musks offer if taken up would provide a quick fix it would not do enough to mend the underlying problems at the heart ofAustralias electricity woes
Its worth looking at how Australia got itself to the point where virtually all players can agree that the nation is facing somethingapproaching an energy crisis
After all the country is not short of fossil fuels such as coal and natural gas and its climate and low population density outside themajor cities are ideal for renewables such as solar and wind power
The country is heavily reliant on an ageing fleet of coal-fired power stations which makes Australia one of the highest polluters percapita
These coal power stations are starting to close down with one shutting in South Australia last year and another planned to close inVictoria state at the end of this month
The problem is that the coal-fired power stations role as providers of base load electricity cannot be taken over by wind and solarand the role is falling to natural gas
But natural gas is also the most expensive method of generating electricity in Australia so utilities are reluctant to run their gas-firedplants until prices are high enough to justify the cost
South Australia has a gas-fired plant that was mothballed until last years power supply crisis but even with the higher prices forelectricity the operator is struggling to make the plant profitable
The state moved on Tuesday to try and address its energy security issues announcing it would build a 250 MW gas-fired plant andhelp the private sector build a 100 MW battery at a total cost of A$510 million ($385 million)
Gas Supply ConstraintsNatural gas supply is becoming a problem in Australia which may seem ironic given the country is on the verge of becoming theworlds largest exporter of liquefied natural gas (LNG) as the last of eight new plants come closer to completion
In fact the new LNG plants are copping some of the blame for the tightening natural gas market especially the three in easternQueensland state based on using coal-seam gas as the feedstock
These are being blamed for sucking domestic natural gas out of the market and into the export LNG industry
What hasnt helped is that some of Australias state and territory governments are also pursuing policies that will restrict futurenatural gas supplies
Victoria state has banned hydraulic fracturing or fracking as well as shale and coal-seam gas exploration while the NorthernTerritory New South Wales and Tasmania have various moratoriums on fracking
This leaves Western Australia Queensland and South Australia as the remaining states where onshore natural gas supplies can bedeveloped and they are now in the cross-hairs of the environmental lobby which is opposed to any and all new natural gas wells
Politicians across the traditional Labor-Liberal divide are increasingly giving in to demands to restrict natural gas exploration whilepretending that this wont have a negative impact on energy security and electricity prices
But the costs are starting to become apparent with spot electricity prices surging over the Australian summer and natural gassuppliers warning that they will be unable to meet the needs of industrial customers without action being taken
Its often the case politicians only take action when the point of crisis is reached and this appears to be the case in Australia
Whats needed is a holistic approach to energy supply as Australia transitions away from coal-fired power
This means ensuring enough natural gas is available to provide base load generation while scaling up renewables such as solar
wind pumped hydro and battery storage
Forging enough common ground with the various stakeholders will be the main obstacle but more than anything else Australia isshowing how difficult it is to end the age of coalhttpautoeconomictimesindiatimescomnewsindustryelon-musks-bold-offer-of-tesla-batteries-wont-solve-australias-power-problems57630514
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Innogy in talks with car consortium over charging stations CEO ReutersSee this story in The Economic Times
Essen Germany Innogy is in intense talks with a group of carmakers Chief Executive Peter Terium told journalists on Mondayhoping to be selected as a supplier of super-fast charging stations for electric vehicles across Europe
Its not a done deal yet Terium said pointing to strong competition from rival vendors
BMW Volkswagen Ford and Daimler plan to build about 400 next-generation charging stations in Europe that can reload anelectric car in minutes instead of hours
Sources told Reuters in January that Innogy was in talks with the consortiumhttpautoeconomictimesindiatimescomnewsindustryinnogy-in-talks-with-car-consortium-over-charging-stations-ceo57624184
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China may roll back electric vehicle quotas as industry pushes back ReutersSee this story in The Economic Times
Beijing China is considering easing proposed quotas aimed at producing more electric vehicles as Beijing gets pushback from theautomotive industry over the scale and pace of the plans
If adopted proposed changes under discussion could see a target of new energy vehicles (NEV) making up 8 percent of sales nextyear pushed to 2019 two auto executives said
The changes would lower targets from a draft policy released in September requiring 8 percent of automakers sales to be batteryelectric or plug-in hybrid vehicles by 2018 rising to 10 percent in 2019 and 12 percent in 2020
Any loosening of NEV targets would mark a pull back by Beijing which has faced opposition to the planned targets as it looks todrive its domestic carmakers to overtake global rivals in the green vehicle sector
Automakers and industry bodies have said the targets are too tough and could hurt manufacturers interests New energy vehicleslast year accounted for just 18 percent of sales in the worlds biggest autos market according to Reuters calculations based onofficial data
Its normal to make revisions as its a draft plan An Jin chairman of Anhui Jianghuai Automobile Group (JAC Motor) said on thesidelines of the National Peoples Congress in Beijing
He said he was aware of talks to revise the quota targets but said nothing was set in stone JAC hasnt been told what revisionsmight be made to the draft but I think it is possible the draft will be changed after the discussions he said
Whether the whole market can hit this quota by 2018 depends a lot on the strength of government policy If its strong then weshould be able to surpass the targets An said (But) if you consider Chinas infrastructure and the transformation of Chinas autosector then perhaps the pace will have to slow
Two Percent CutTwo executives familiar with the plans told Reuters the government was considering options for lowering the requirements
One idea was to reduce the quota requirement by 2 percent each year cutting the 2018 requirement to 6 percent said aChina-based government relations official at a major global automaker It would then be 8 percent in 2019 and 10 percent in 2020
Another option would be to push back each target by a year with the 8 percent quota starting from 2019 an executive at aJapanese car maker said
Both asked not to be named due to the sensitivity of the matter and because the draft was still under consideration
The overall policy includes quotas for plug-in cars targets for average fuel economy requirements and a credit trading system topromote green energy cars while penalizing petrol cars
The two people said the quota stand-off was tied to a disagreement between the Ministry of Industry and Information Technology(MIIT) and Chinas top state planner the National Development and Reform Commission (NDRC)
MIIT which regulates manufacturers supports a more flexible credit trading system favoured by automakers The NDRC is more
aggressive in promoting a transition to electric vehicles pushing the introduction of the stricter quotas
An NDRC spokesman said the body played a small role when the draft was open to public for discussion MIIT did not immediatelyrespond to Reuters requests for comment
China has strongly supported and subsidized electric vehicles but is gradually swapping out incentives for hard targets automakersmust meet The central government cut subsidies 20 percent this year a first reduction towards eliminating them by 2020httpautoeconomictimesindiatimescomnewspolicychina-may-roll-back-electric-vehicle-quotas-as-industry-pushes-back57623608
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Russias standards agency says Volkswagen recalls 43151 Skoda cars ReutersSee this story in The Economic Times
Moscow Russias standards agency said on Monday that Volkswagens Russian operation had informed it about the voluntaryrecall of 43151 Skoda cars due to a possible technical fault
The recall affects Skoda Octavia Superb Fabia Yeti and Rapid cars sold in Russia between 2012 and 2016 the watchdog saidhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsrussias-standards-agency-says-volkswagen-recalls-43151-skoda-cars57624140
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Economy
Rupee hits 1-12 yr high surges 78 paise on BJP sweep PTISee this story in The Economic Times
Mumbai The rupee surged by a massive 78 paise to end at a nearly one-and-a-half year high of 6582 against the US dollar onfrantic unwinding of the American currency following BJPs emphatic victory in Uttar Pradesh
Forex market sentiment soared on hopes that BJPs stellar show in state polls would pave the way for the Modi government to focuson key reform measures
The home currency resumed on a strong footing at 6620 from last Fridays closing value of 6660 at the Interbank ForeignExchange (forex) market on heavy dollar unwinding from speculative traders and exporters tracking weekend developments
Maintaining its bullish momentum against the dollar the rupee hit a fresh intra-day high of 6576 in late afternoon deals beforeending at 6582 showing a solid gain of 78 paise or 117 per cent
This is the highest closing of the rupee since November 6 2015 when it had ended at 6576
Meanwhile the RBI fixed the reference rate for the dollar at 661800 and for the euro at 704354
Financial markets too took comfort from BJPs landslide victory with the broader Nifty climbing 15245 points to a new closing peakof 9087 and the Sensex rallying 49640 points to end at 2944263
The much-anticipated turnaround on the economic front has opened up a barrage of foreign capital fund flows into India
Foreign investors pumped in over Rs 10000 crore in the Indian capital markets this month so far
It also got an added fillip from bullish macro data which showed that the countrys industrial production bounced back in Januaryexpanding by 27 per cent year-on-year
Factory output measured in terms of Index of Industrial Production (IIP) had contracted by 01 per cent in December
However inflation based on wholesale prices shot up to a 39-month high of 655 per cent in February against 525 per cent inJanuary according to official data
On the global front the dollar traded firmly higher against its major counterparts ahead of the two-day Fed meet when it could liftrates for the third time since the financial crisishttpautoeconomictimesindiatimescomnewsindustryrupee-hits-1-12-yr-high-surges-78-paise-on-bjp-sweep57635104
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Nifty hits all time high of 912275 Sensex surges 616 points after big BJP win The Economic Times
Mumbai The Nifty jumped to life highs on Tuesday after the BJPamprsquos thumping win in the crucial state of Uttar Pradeshrekindled hopes of a bigger-than-expected push for reforms by the Narendra Modi government
The Nifty up 11 so far this year crossed its previous life high of 9119 to hit 912275 before ending the day 171 or 15245points higher at 9087 This is the indexamprsquos biggest single-day gain in points since February 1 and caps a strong reboundsince the December 26 low of 7893 on demonetisation worries
The Sensex surged by 616 points or 212 intra-day before ending the day at 2944263 up 49640 points This is its biggest gainsince May 25 last year The index is the best performer among all developed and emerging market indices in local currency terms inthe past three months
The rupee surged 79 paise to a 16-month high of 6582 to the dollar as exporters sold more dollars and foreign investors boughtlocal shares BSE data showed that foreign investors bought local shares worth Rs 4089 crore their biggest single-day purchasesince February 17 when they purchased Rs 8059 crore
FPIs have bought shares worthRs 23132 crore since January this year against net sales of Rs 9800 crore in the same period lastyear The BSE Midcap and Smallcap indices gained 144 each
ampldquoOne must be ready for a correction after a rally but I am optimistic about the medium to longterm prospectsamprdquo saidMotilal Oswal chairman Motilal Oswal Financial Services Ltd ampldquoFundamentally valuations are comfortable at this point intime because of good corporate earnings growth In the short term markets may remain volatileamprdquo
BJP romped to victory in UP on Saturday winning 312 out of the 403 seats Its allies won 13 more taking the NDA tally to 325 Thisis the biggest win recorded by any party in the state since 1977 and has raised prospects of the BJP doing well in other electionsthis year and next Many political pundits also believe that the victory has improved Prime Minister Narendra Modiamprsquos chancesof retaining power in the 2019 general election
Barring the metals index all other sectoral indices on the NSE ended with gains on Tuesday About 55 stocks including TitanJubilant Life Sciences Kotak Mahindra Bank IndusInd Bank YES Bank and Indiabulls Housing Finance among others hit life highswhile 92 stocks were locked in upper circuit with no sellers
ampldquoWith the sharp rally the market which is currently susceptible to global risk is trading at above average multiples and westay cautious near termamprdquo said Sanjay Mookim India Equity Strategist BofA Merrill Lynch ampldquoIndiaamprsquos businesscycle should improve over the next several quarters while improving construction should drive capex which is good forequitiesamprdquo
Some market experts are divided over the near-term outlook as indices have begun to look expensive at current valuations Plusthere is no immediate trigger for upgrade
ampldquoValuations of the Indian market are quite high and would require the support of strong earnings growth Any disappointmenton earnings will make valuations look even more expensive which the market may not likeamprdquo said Sanjeev Prasad senior EDand co-head of Kotak Institutional Equities
ampldquoGlobal and domestic interest rate cycles are no longer supportive with likely increase in developed markets bondyieldsamprdquo
ampldquoWhile markets are expecting a rate hike this meeting what will be of more interest is the commentaryamprdquo said DipenShah senior V-P PCG research Kotak Securities ampldquoIf it is hawkish it may have an impact on fund flows to emerging marketsbut India may be relatively less impacted because of the continuing domestic flowsamprdquo
ampldquoNotwithstanding the election results we believe the risk-reward is not favourable currently and advise investors to sell intothis rally We expect Nifty EPS to rise 15-16 in FY18 and see no trigger for an earnings upgrade at this junctureamprdquo ReligareInstitutional Research said in a notehttpeconomictimesindiatimescommarketsstocksnewsnifty-hits-all-time-high-of-9122-75-sensex-surges-616-points-after-big-bjp-winarticleshow57639036cms
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WPI inflation up 655 for February 2017 The Economic Times
New Delhi The annual rate of inflation based on monthly Wholesale Price Index (WPI) stood at 655 percent (provisional) for themonth of February 2017 (over February 2016) as compared to 525 percent (provisional) for the previous month and -085 percentduring the corresponding month of the previous year
The official Wholesale Price Index for amplsquoAll Commoditiesamprsquo for the month of February 2017 rose by 05 percent to 1855(provisional) from 1846 (provisional) for the previous month
The index for primary articles rose by 09 percent to 2581 (provisional) from 2557 (provisional) for the previous month
The inflation rate for Fuel and power group rose by 13 percent to 2038 (provisional) from 2012 (provisional) for the previousmonth due to higher price of coking coal (15 percent) aviation turbine fuel (3 percent) bitumen (2 percent) and kerosene highspeed diesel LPG and lignite (1 percent each) However the price of furnace oil (1 percent) declined
The index for the major group of manufactured products remained unchanged at its previous monthamprsquos level of 1588
(provisional) In this group the index for amplsquoRubber amp Plastic Productsamprsquo group rose by 02 percent to 1489 (provisional)from 1486 (provisional) for the previous month due to higher price of rubber products (1 percent)
The index for amplsquoTransport Equipment amp Partsamprsquo group rose by 05 percent to 1405 (provisional) from 1398 (provisional)for the previous month due to higher price of auto rickshaw tempo matador (4 percent) and auto parts (1 percent)
For the month of December 2016 the final Wholesale Price Index for amplsquoAll Commoditiesamprsquo stood at 1833 as comparedto 1828 (provisional) and annual rate of inflation based on final index stood at 368 percent as compared to 339 percent(provisional) respectively as reported on January 1 2017httpautoeconomictimesindiatimescomnewsindustrywpi-inflation-up-6-55-for-february-201757627665
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February CPI at 365 vs 317 in January highest since October 2016 PTISee this story in The Economic Times
New Delhi Retail inflation rose to 4-month high of 365 per cent in February mainly due to surge in price of food items like fruitssugar and confectionery
Measured in terms of Consumer Price Index (CPI) the inflation had dipped to a multi-year low of 317 per cent in January this yearon account of cash crunch following demonetisation It was 526 per cent in February last year
According to the CPI data released today by the Central Statistics Office (CSO) the consumer food prices index (CFPI) rose by201 per cent in February from 061 per cent in January The CFPI was 53 per cent in February 2016
Inflation in fruits was higher at 833 per cent fuel and light at 39 per cent in February The rate of price rise in meat and fish was 35per cent in February
Prices of sugar and confectionery items rose by 1883 per cent in February while inflation in milk and milk product increased by 422per cent
The rate of inflation in household goods and services was 409 per cent while this rate was in health segment was 4 per cent Thetransport and communication became expensive by 539 per cent
The personal care and effects segment rose by 515 per cent while the education became more expensive by 537 per cent inFebruary this year
The inflation rate was 438 per cent in clothing and footware segment while it was 49 per cent in housing segment
However the prices of vegetables and pulses declined by 829 per cent and 902 per cent respectively
Rural retail inflation was at 367 per cent in February compared with 336 per cent in the preceding month The CPI was also up inthe urban sector at 355 per cent in February from 29 per cent in January this yearhttpautoeconomictimesindiatimescomnewsindustryfebruary-cpi-at-3-65-vs-3-17-in-january-highest-since-october-201657633211
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Closing
Last Financial Closing
Sensex 2944263 (+49640)NSE 9087 (+15245)US$ spot Rs6582US$ Y1148000US$ 6 months RsYen Rs57Euro spot Rs70
Gold (10gm) Rs28333Silver (1kg) Rs4008300
Crude Oil (WTI) Crude Oil (Brent) $5172 (+037)
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Apollo Tyres 1 18610Asahi Ind 1 21655Amara Raja B 1 83230Ashok Leyland 1 9080Bajaj Auto 10 286670Bharat Forge 2 103550Denso 1 Eicher Motor 10 2396325Escorts 10 51945Exide Ind 1 21645Force Motors 10 427760Gabriel India 1 11460Hero Motocor 2 335745Hind Motors 5 950Hi-Tech Gear 10 29885Jay Bh Maruti 5 38190
Jamna Auto 5 20550JK Tyres amp Inds 10 1241 Kinetic Motors 10 Kinetic Engg 10 KOEL 2 37685Kirloskar Br 2 24135LML Ltd 10 1250LampT 2 155810Lumax Ind 10 131690Lumax Tech 10 43230MampM 5 132600Maruti Suzuki 5 613240Motherson SS 1 36290Minda Inds 2 44350MRF 10 5298390Omax Auto 10 7555Rico Auto 1 5720Sona Koyo St 1 8170
SRF 10 157155Tata Motors 2 46975 TVS Motors 1 43690
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Bhushan Steel 2 5430Hindalco 1 19040Hind Zinc 2 29140JSW Ispat S 10 Jind Steel 1 12490JSW Steel 1 18190Jindal Saw 2 7995National Aluminium 5 7310SAIL 10 6005Tata Steel 10 47255Visa Steel 10 2185
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Ambuja Cement 2 23370Binani Industries 10 7200Birla Corp 10 70360India Cement 10 16070Prism Cement 10 9375JK Cement 10 88470Shree Cement 10 1639835
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NURC Industry Updates contain editedtruncated text of Industry-specific news as it appears in various select dailies and websites These are NOT full stories unless otherwisespecifically mentioned The stories contained herein are informational only and no representation is made or warranty given as to their content reliability truthfulness orusefulness User assumes all risk of use It be clearly understood that NURC updates do not claim to and neither mean to replace the Print or the Internet editions of variousnewspapers whose articles are featured therein For the best and complete news reading NURC urges its readers to read the full text of the stories from the Newspaperswhose credits are given after the headline and visit the related website whose URL is given below the text matter of each news item
NURC News Update - AUTOMOBILES
News on Indian Auto Industry Copyright 1999 NURC MediaNext Pvt Ltd
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Powered by Enablingbiz Esoluttions
and every car gets naturally to the end of its lifecycle
ampldquoWe have already well laid out PV strategy We will make the calls on the execution of the bits and pieces of the strategy atthe right time Each and every decision has its timeamprdquo
The companyamprsquos focus during the transition is to have models Tiago and Tigor to drive volumes and profitable growth so that itis in a better position financially to invest on its future products
ampldquoThe key focus in on Tiago and Tigor because these are our volume productsamprdquo he said adding cost savingengineering changes and improvement of productivity on these models could successfully boost bottomline during the transition
ampldquoThere is a period inampmdashbetween which we have to overcome where even if turn individual products into a positive oneit is certainly not good enough in the first instance to acually get me my overall funding requirements into the futureamprdquoButschek said
Stressing on the need to bring new products on time within stipulated investments Butschek said ampldquoWe need to deliver ournew products on time on cost because the market doesnamprsquot wait for us The customer is not going to be for usamprdquo
The company is changing the way it has been working on that front he said
ampldquoWe are not going to continue with the legacy where all products effectively could launch later than initially plannedamprdquoButschek said
Elaborating on the future products strategy he said ampldquoWe have presented AMP platform with 6ampmdash8 topheads and theother platform to come the Q5 with at least two different topheads and possibly even more in the near future to leverage on theseplatforms and create economies of scaleamprdquo
He said the plan is to get ampldquodesirable products on one side and on the other get also products that will get us to the costposition products which are going to be profitableampldquohttpwwwthehinducombusinessIndustrypreparing-pv-portfolio-to-meet-new-norms-tata-motorsarticle17461284ecePreparing PV portfolio to meet new norms Tata MotorsThe Pioneer (Web amp Print Edition)httpwwwdailypioneercombusinesspreparing-pv-portfolio-to-meet-new-norms-tata-motorshtml
Top
Mahindra pitches its only car as a successor to the Ambassador Amrit Raj amp Jyotika Soodmint (Web amp Print Edition)
New Delhi Mahindra and Mahindra Ltd plans to redesign the only car in its stable Verito to cater to the needs of Indiaamprsquosfast-growing taxi segment as it looks to fill the void created by Hindustan Motorsamprsquo Ambassador a top executive at the firmsaid in an interview
The CK Birla Group-owned Hindustan Motors sold the brand Ambassador to French company PSA Group in February TheAmbassador has a cult following among some retro-minded enthusiasts in the country It was the vehicle of choice (or rather giventhe limited choice default) of thousands of owners since 1957 due to its sheer ruggedness and ability to manoeuvre Indiaamprsquospotholed roads It was hugely successful in Indiaamprsquos small car market and in particular with the government This was ofcourse before Maruti Udyog Ltdamprsquos Maruti 800 killed its appeal Today Marutiamprsquos SX4 has replaced the Ambassador ingovernment circles The Ambassador was also the preferred vehicle for taxis
Mahindra wants to occupy this space vacated by the Ambassador
ampldquoTherefore if we say that let us focus that vehicle (Mahindra Verito) on the taxi segment alone whether it is electric vehiclegasoline or diesel can we redesign that vehicle to become the next Ambassador in the taxi segment Thatamprsquos what we areworking on right nowamprdquo Pawan Goenka managing director of Mahindra and Mahindra said in an interview
ampldquoWe will be looking at all the aggregators Today aggregators buy Verito but not in large quantity because it is moreexpensive than some of the other products in that category If we can take care of that part of it then it is a very desirable taxivehicleamprdquo he added
To be sure Verito has never been a runaway success Born as Logan under a joint venture with Renault SA it became Verito whenMahindra got full control of it after the partnership ended Since then the company has made several attempts to resurrect thebrand but for various reasons customers have stayed away from the product Goenka now sees it as a perfect fit for the taxisegment
ampldquoWhat do you need in a taxi You need a spacious vehicle which is comfortable runs from point A to point B economicallyIf you forget for a minute about the looks which is where we lose out and if you look at the functionality of the vehicle it is verydifficult to find a vehicle in that size that will give you better functionality in terms of space comfort (than the Verito)amprdquo he said
Mahindraamprsquos new plan for the Verito is driven in part by the growing sales of cars as taxis amidst the advent of cabaggregators Ola and Uber Driven by demand for these app-based cab operators as much as 17 of total passenger vehicles soldin the country by 2020 are expected to be sold in the taxi segment estimates rating agency Icra
But Mahindra may not be looking at cab operators only Being the only maker of electric vehicles in Indiaampmdashit has two pureelectric cars such as Verito Electric and E2Oampmdashthe company is also looking to push sales through government channels TheIndian government itself wants to promote sale of electric and hybrid cars and is in the process of drafting a policy on the subjectMint reported on 7 February
A top officer in the ministry of road transport and highways told Mint that the Mumbai-based company is in talks with road transportminister Nitin Gadkari to initiate a pilot project of electric car taxis in Nagpur
ampldquoUnder the first phase around 200 electric cars would be plied on the roads as taxis to see the resultsamprdquo the officersaid requesting anonymity The details of the project still need to be worked out It remains to be decided if the government will buythese electric cars as taxis and run them under a public transport system or hire a company to ply them as private taxishttpwwwlivemintcomCompaniesCrdVqpFcTgRyyjIlGLpYdPMahindra-pitches-its-only-car-as-a-successor-to-the-Ambassadhtml
Top
Mahindra readies US debut with off-roader Ssangyong products The Times of India (Web amp Print Edition)
Chennai The nearly $18 billion Group Mahindra is finalising its ambitious automotive foray into the US market starting from 2019when an offroad product entirely developed by the companys Detroit RampD centre will be launched in that market Korean groupcompany Ssangyong too is planning to debut its products in the US in the next 18 months According to company sources MampM isreadying for full-fledged US push given that its earlier legal cases have now all been sorted out
Mahindras US foray is being spear-headed by Mahindra North American Technical Centre (MNATC) the companys RampD centre inDetroit which is currently working on two separate products one for the Indian market and another entirely for the US marketMNATC is developing an off-roader product for the US market which is expected to be launched sometime in 2019 said a seniorcompany source It has also developed another product which will come to the Indian market by the middle of financial year2017-18 he added
Industry sources say the Mahindra-badged vehicle intended for the American market may well be called Thar and has been entirelydeveloped by MNATC The Detroit tech centre assumes importance given that Group Mahindra is one of 6 companies shortlisted bythe United States Postal Service (USPS) for the Next Generation Delivery Vehicle (NGDV) prototype a nearly $5 billion order forthe company that finally bags it
Apart from its own foray into the US Mahindra group company Ssangyong too is preparing for an American outing Ssangyong islooking to enter the US in the short-to-medium term and it is currently developing products and strategy accordingly said the seniorcompany source Industry sources say this could happen as soon as 2018
Mahindras previous attempt to debut in the US with a rugged fuel-efficient pick-up in the late 2000 ran into legal problems withsome of its dealers suing it in 2010 With those cases cleared up the company is now revisiting its US strategy but this time theproduct is designed and developed in America for the American markethttptimesofindiaindiatimescombusinessindia-businessmahindra-readies-us-debut-with-off-roader-ssangyong-productsarticleshow57621866cms
Top
E20 Plus Indias first electric family car Sandesh M S and Umesh M AvvannavarDeccan Herald
Homegrown auto major Mahindra amp Mahindra (MampM) a pioneer in integrated and electric mobility solutions in India is leaving nostone unturned to make the environment greener and cleaner
The company launched e2O Plus recently which is primarily meant for city commuting The e20 Plus hatchback priced in the rangeof Rs 546 lakh to Rs 846 lakh (ex-showroom Delhi) and is also looking at expanding its electric vehicle portfolio further With thelaunch of the e20 Plus marked the companyamprsquos foray into the mass market electric city car segment
The e20 Plus is an amalgamation of advancements in automotive technology electronics and information technologyMampMamprsquos electric vehicle portfolio includes small car and light commercial models such as e20 eVerito and eSupro amongothers Since launching small car e20 in March 2013 it has so far sold over 3000 units of the car in the country
The company has marked the entry level of the e20 Plus P2 variant of the vehicle for fleet owners The other variants P4 P6 andP8 are priced at Rs 546 lakh Rs 595 lakh and Rs 846 lakh respectively
The vehicle comes with a range of 140 km on a single charge and achieves a top speed of 85 kmph The company which hasalready invested around Rs 800 crore on its electric vehicles business including development of technology
It comes with various features such as easy home charging hill assist reverse camera charging ports and smartphoneconnectivity among others Compared with other normal cars on the road what makes the Mahindra e2o Plus special is itsmechanism The electrically-operated machine will distance you from long lines in pumps One will definitely feel the importance ofthe car during the hike in fuel rate and strikes in the city All you need to have is an AEH plug-point in your parking area to chargethe battery One full charge will last for nearly two days with the planned schedule The driver has to limit the usage of otherfeatures like AC music system indicator and unnecessary honking as this will drain the battery
Accommodating over four passengers will also be an issue as the engine needs more power to pull the weight which is directlydependent on battery
The digital analogue in the car is a required feature in e-cars where we get to know how far a car can take you Thebatteryamprsquos life estimated kilometre to travel will caution you to charge the battery so that you will not be kept in the lurch onthe road
Besides battery the car being gearless is another plus-point that makes your city drive easy The easy switching of the modes fromneutral to forward reverse and power drive is as simple as playing with a toy car As the battery is the whole and soul of the car themakers have completely avoided using any heavy substance in building the body If a complete fibre-made body is a boon forbattery (as it wonamprsquot stress it) itamprsquos a complete drawback for passengers A small accident or even if it comes in touchwith other vehicles will cause huge damage for the vehicle where the owner has to cough up more to fix it The seat-belt is theminimum and the only safety aspect in the car
Four-door offeringThe modified four doors is not just an add on feature but it has also increased the leg room in the rear seat It can easilyaccommodate three people in the back seat and two in front and makes for a complete family car Though the charging plug willoccupy little space in the hatchback rest of the place is for utility The fast drain of the battery with the heavy weight is the onlydrawback in the vehicle
When compared to normal fuel cars the battery-operated cars will charge you less and is effective in cost-cutting But an individualwill definitely be concerned with the cost of the vehicle as the fuel rates in the country are fluctuating For the future MampM is lookingfor a bigger play in the electric vehicle segment with plans to launch electric versions of its existing conventional engine models
Efficient powerThe Mahindra e20 Plus is powered by a 48V and 72V lithium-ion battery pack latter for the top-end variant which produces amaximum power of 26 hp and 40 hp and churns out a peak torque of 70 Nm and 91 Nm respectively The car accelerates from 0to 60 kmph in 141 seconds in the P4 and P6 versions while the 72V battery-powered version takes 95 seconds and has a topspeed of 128 kmph It takes around six to nine hours to fully charge the vehicle and has a fast-charging time of 75 minutes and 90minutes in the P4 and P8 trims While the smaller 48V electric motor has a range of 110 km the 72V unit is good for 140 km
The Mahindra e20 Plus is equipped with a steel frame structure and has a wheelbase of 2258 mm and ground clearance of 170mm
The exterior of the new electric vehicle gets a new grille revised rear end and Mahindraamprsquos signature vertical design Thetop-end variant also gets alloy wheels and a Blaupunkt infotainment system that also has a reverse parking camera
Other highlights of the Mahindra e20 Plus include REVive technology which helps the car to gain an extra 5-10 km of range whenthe battery is low and hill assist which will prevent the car from a rollback on an incline
VerdictWith a simple mechanism and easy to drive the Mahindra e2o plus is tailor-made for city drive
Battery capacity 210 AhBattery weight 121 kgPower 30 kW 3500 rpmTechnology Lithium IonOn-board power 16 kWhrTorque 91Nm 2000 rpmPRICE Rs 950586 lakh (ex-showroom Bengaluru)httpwwwdeccanheraldcomcontent601375e20-plus-indias-first-electrichtml
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Ford retains Ethical honour Nandini Sen GuptaThe Times of India (Web Edition)
Chennai Ford Motor Company has been named one of the Worlds Most Ethical Companies for the eighth straight year byEthisphere Institute This is the longest winning streak by any auto company
The list of the Worlds Most Ethical Companies acknowledges and honours companies that recognise that they have a role insociety to influence or drive a positive change These companies consider their employees investors customers and other keystakeholders when taking action while their values and culture align with the decisions they make every day
Companies weve honoured as Worlds Most Ethical take a novel response to the shift in societal expectations constantredefinition of laws and regulations and the geo-political climate said Timothy Erblich Ethispheres chief executive officer
Weve seen how Ford responds to these challenges while still investing in communities where they reside and embracing ethicalstrategies across the globe as a sustainable business advantage
Ford won the top spot on the basis of programmes aimed at monitoring human rights and safe working conditions sourcingconflict-free minerals to programmes such as the Partnership for a Cleaner Environment which is aimed at encouragingsustainability through Fords supply chain
Efforts to foster long-term relationships with suppliers through active engagement which includes sharing best practices as well asproviding training and evaluations to ensure suppliers meet both legal requirements and Ford standards was also counted as a plusStrong ethics and corporate citizenship are the foundation of our business philosophy which demonstrates to our customers whatwe stand for as a company said Bill Ford Ford Motor Company Executive Chairman This honour is a reflection of Fords corevalues and it shows that our employees are continuing to make the right decisions every day for all of our stakeholdershttptimesofindiaindiatimescomautomiscellaneousford-retains-ethical-honourarticleshow57632785cms
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Ford Endeavour Big beast conquers all topographies Sandesh M S and Umesh M AvvannavarDeccan Herald (Web Edition)
It came down easily from the deep steep it didnamprsquot get stuck in the pool of mud and slush though all the four tyres of thevehicle were like they lay buried inside it was easily making its own way down the path where there was not even a speck of tar inthe surroundings
The easy movement across various obstacles and the first look of the Ford Endeavour will drive any passionate off-roady crazyThe huge 32-litre fully-loaded engine taken for off-road testing on the outskirts of Bengaluru where the real power of the vehiclewas demonstrated by a group of off-roading experts
The vehicle was on top of a rock and there was not even a proper path for its movement but big ditches and meandering ups anddowns It was experienced on a track simulating challenging off-road conditions including hill climbs and descents slush and waterwading among others
Though it was looking like a rally track the car would have toppled at any point if the driver accelerated it amateurly Thisoff-roading track (natural terrain) was surely tailor-made to test the capacity and the power of a proven SUVacirceuroˆbeast
The daring off-roading drive included sharp turns steep hill climbs and hill descent wading through slush uneven surfaces anddriving at a 30-degree tilt among others The powerful four-wheel-drive and terrain management system with NormalSnowMudGrass Sand and Rock modes were ensuring the driver to have complete control of the car even over harsh ground Theterrain management system (the first-of-its-kind in this particular segment of cars) has included the modes for all the possibleobstacles in the off-roading track and makes the owner feel amplsquoready to conqueramprsquo
Terrain Management SystemAs said earlier it is a first-of-its-kind feature in the Ford Endeavour The four different modes are designed in such a way of havingan off-road expert beside you The modes are classified as
NormalFor all regular driving in normal road conditions In this mode the machine passes the torque to the front wheels (when necessary)depending on the movement of throttle and steering-movement This also minimises wheel slip
Snow MudHelps the vehicleamprsquos movement over slippery or loose surfaces Allows the wheel to spin in ups and downs and make thedrive feel smooth
SandFor driving on the rutted condition tracks Helps the driver maintain the same power through sand with aggressive torque transfer
RockThis mode provides maximum traction for low-range four-wheel-drive and prefer low-speed control which will enable one to easilynavigate through extreme off-road terrains
Hill Descent ControlThis mode helps one set and maintain the constant speed which tackles the steep descents with ease This also helps in taking thefeet off from the pedals and concentrate on the steering movement
With all the special modes the car was tested using a specific modes for different obstacles
Halted on the slushEven when the vehicle was completely halted in the slush the water-wading capacity of 800 mm along with 225 mm of groundclearance helped it easily come out of the ditch even in the sharp turns Compared with any other road vehicle the Ford Endeavourcan be halted in between the slush instead of rushing the obstacle
Hill climbing with rock modeThis obstacle was cleared by switching into the Rock mode and turning on the 4X4 drive The only work of the driver is to handle thesteering wheel and keeping the feet on acceleration pedal This mode can make the car climb any steep rock without any difficulty
For the wrong stepTo reduce anxiety on the track or to correct the wrong move the Semi-Auto Parallel Park Assist helps the driver locate the rightplace to halt and proceed while off-roading
70-degree steep downIt was a deadly obstacle on the off-roading track where it should only be done by experts The vehicle was made to come down
from the hill which had a climb of 70 degrees and safely landed on the flat surface The breathtaking obstacle was fought by turninginto the Hill Descent Control mode with extra caution Though one may be a passionate off-roading driver perfection in this obstacleneeds extra practice
Other obstaclesAfter clearing the deadly obstacles rest of the other tests over the track were easily done by the big machine The vehicles easilycrossed the multiple speed breaker and multiple pits and also climbed other steep rocks effortlessly
As a passengerAfter the tough 2 km drive covering all the possible obstacles that one might face during an off-road drive we also tested thevehicle by sitting inside as fellow passengers With the off-roading driving expert on the wheel climbing and getting down the toughterrains crossing other obstacles will make passengers feel the drive is straight out of an amusement park Just make sure thatevery individual inside the car has his seat belt onhttpwwwdeccanheraldcomcontent601374ford-endeavour-big-beast-conquershtml
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Renault introduces Kwid Climber at Rs 43 lakh Deccan Herald (Web Edition)
Bengaluru French auto major Renault has unveiled a variant of its popular hatchback Kwid in the country with the price starting atRs 43 lakh (ex-showroom Delhi)
Christened as Kwid Climber the variant will be available in both manual and automated manual transmission (AMT) modes
The manual variant is priced at Rs 43 lakh while the AMT trim of the vehicle comes for Rs 46 lakh (ex-showroom Delhi) The10-litre SCe engine which powers the Kwid Climber is optimally designed for better performance
The company first showcased the Kwid Climber as a concept vehicle at the auto expo last year The company aims to achieve amarket share of 5 in the near termhttpwwwdeccanheraldcomcontent601369renault-introduces-kwid-climber-rshtml
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Smart Hybrid Vehicles surpass one lakh units Deccan Herald (Web Edition)
Bengaluru Maruti Suzuki India has announced that its Smart Hybrid vehicles Ciaz SHVS and Ertiga SHVS have crossed cumulativesales of 100000 units recently This marks the success of Maruti Suzukiamprsquos efforts in hybrid and electric mobility in India
Introduction of technologies like Smart Hybrid can only create a significant positive impact if they are made available to a largersection of customers With this as a premise MSI introduced Indiaamprsquos first Smart Hybrid Vehicle Ciaz SHVS on September 12015 It subsequently introduced the technology in Ertiga Diesel in October 2015
Smart Hybrid Vehicle by Suzuki (SHVS) is a technology which uses an Integrated Starter Generator (ISG) and an advanced highcapacity battery to supplement the engineamprsquos power SHVS technology makes it more efficient than the conventional set-upand saves energy while deceleratingbraking
Ciaz and Ertiga Smart Hybrid participate in the government of Indiaamprsquos FAME India scheme which aims to promote FasterAdoption and Manufacturing of Hybrid and Electric vehicles in India
Celebrating the success of SHVS sales R S Kalsi Executive Director Marketing amp Sales Maruti Suzuki said ampldquoAs we movetowards hybrid and electric cars we see this as a first important step in this space Both Ciaz SHVS and Ertiga SHVS are high onfuel efficiency come with reduced running costs and lower levels of CO2 emission thus making these popular among customersThe response we have received for SHVS equipped Ciaz and Ertiga encourages us to continue to invest in new technologies thatsupport the environment while benefitting the customeramprdquo
Ciaz SHVS with a certified fuel efficiency of 2809kml tops the mileage chart in India Ertiga SHVS with 2452 kml has set newbench marks in fuel efficiency in its category Both vehicles are market leaders in their respective segments and illustrate thegrowing preference of Indian customers for greener and cleaner technologies like Smart Hybrids SHVS equipped vehicles accountfor over 60 of volume of the two models
Idle Start StopThe engine stops automatically when the driver shifts the gear to neutral and releases clutch while the engine is idling Restartsengine as soon as the clutch is pressed and the stored energy is used for this process
Engine AssistThe stored power in the advanced high capacity battery assists the engine during vehicle acceleration which improves efficiencyand thus prevents wastage of fuel
Brake energy Regeneration During decelerationbraking ISG charges the advanced high capacity battery and provides energy to assist the
engineamprsquos idle-stop-start function and helps the engine during accelerationhttpwwwdeccanheraldcomcontent601368smart-hybrid-vehicles-surpass-onehtml
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Car Tech SmartPlay adds the Android touch Vishal Mathurmint (Web amp Print Edition)
Car entertainment systems have become smarter but car makers in India have been slow to adopt the new technology MarutiSuzuki became the first car maker on our shores to add the Apple CarPlay in-car platform to their SmartPlay infotainment systemavailable in the S-Cross crossover Baleno hatchback Ciaz sedan and Ertiga multi-purpose vehicle (MPV) Now SmartPlay hasbeen upgraded with support for Googleamprsquos Android Auto in addition to Apple CarPlay for the iPhone
At the very heart of the SmartPlay system is a proprietary software for radio Bluetooth connectivity and basic navigation
Android Auto and CarPlay recreate your phoneamprsquos interface on the display in the car What you need to do is plug in yourphone to the caramprsquos USB port At present Android Auto and Apple CarPlay do not work wirelessly
Android Auto gives you instant access to apps such as Google Play Music Google Allo Google Maps and the phone dialer Theinterface is easy to useampmdashthe apps are listed at the bottom of the screen just like the navigation bar at the bottom of yourAndroid phoneamprsquos screen Within each app the menu for relevant options is available on the top left side Android Auto alsointegrates messages and notifications from third-party apps including Facebook Messenger and you can reply or set selectnotifications on mute while you drive
Unlike Apple CarPlay where you donamprsquot need to pair your phoneamprsquos Bluetooth separately Android Auto requiresBluetooth pairing if you want to use the voice-calling feature The 7-inch display has good brightness levels and is adequatelysharp It is a fingerprint magnet though and a bit reflective something youamprsquoll notice during daytime driving The system canalso be accessed with the controls on the steering wheelampmdashthese include media playback voice command and call keys
The new SmartPlay system is rolling out first in the Ignis hatchback priced upwards of Rs459 lakh (ex-showroom Delhi) Thismakes it the first car in its category to have the Apple CarPlay and Android Auto combination available as a default option
There is no doubt then that Apple and Googleamprsquos smart car platforms are a genuine evolution over the infotainment set-upsmost car makers have offered as a default all this whilehttpwwwlivemintcomLeisureTSsAAxb7YqoYittRY2Bw7ICar-Tech-SmartPlay-adds-the-Android-touchhtml
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Luxury Cars
The best of both worlds Roland Folger MD amp CEO of Mercedes-Benz India Hormazd SorabjeeThe Hindu (Web amp Print Edition)
Roland Folger Managing Director amp CEO of Mercedes-Benz India on why the long-wheelbase E-Class is an ideal fit for India
What is the rationale behind introducing the long-wheelbase variant of the E-Class and is it a gamble because of the high price
Well there is always a certain element of risk with a long wheelbase However in the next five to 10 years the road conditions arenot going to be any better and the traffic is not going to be any lighter Our customers including successful businessmen andentrepreneurs spend a lot of time in their cars Once we saw the opportunity within our line-up and solutions we had to some ofthose issues for the Chinese market we were very eager to apply the same in India There is nothing better out there than to havecomfort in your day-to-day driving routine on the populous roads of India
Was there cost pressure arising out of India being the only right-hand-drive market for the new E-Class
Of course there were cost pressures and it was not an easy sell to Germany either looking at the incremental cost of such avehicle and trying to stay within a price level that people would accept
I think that was the biggest challenge we were facing at that time But we remained committed to the idea since we knew it wouldgive us a unique positioning on cost and in price levels in a segment that we really own in India
That also gave us the confidence that the volumes we would achieve in India were definitely going to be worth it
Is there a possibility of exports to other right-hand-drive markets such as Singapore South Africa and Sri Lanka
In markets other than India the situation is different either they sell a lot more S-Classes or are happy with the existing normalwheelbase W213 E-Class We still looked at the opportunity and found that the volume was too small or not profitable for us at all
What was the research that prompted the launch of the long-wheelbase E-Class
We now have a total of 34000 E-Classes running in India We did some research with existing customers that involved talking tothem directly observing cars coming into service and talking to drivers to understand who was driving the car more frequentlyInterestingly we found that most of our customers were chauffeur-driven when they go to work but on the weekend they wish todrive themselves So our aim was to offer a vehicle which offered the best of both worlds
Will the new long-wheelbase E-Class pull in S-Class customers
I donamprsquot see a risk of the new LWB E-Class pulling S-Class customers since the S-Class is not bought because of itslegroom but because of its overall package and positioning We hope to attract a lot of other people from the SUV segmentbecause of the space and comfort the E-Class offers So maybe we can change some of the rules of the game as well
What is the strategy behind bringing the 30-litre V6 diesel to the E-Class
We adopt a skimming policy sometimes where we believe that the first customers because of their long relationship with us aredefinitely going for the 350d
The top-end variants are the first cars to be snatched up eagerly and we need to take care of these customers first
Do you have plans to bring the straight-six diesel engine to India
Yes we might get a straight-six diesel by 2018 Naturally it also depends on our sales figures and our sales success
But it will certainly come to India thatamprsquos a promise We have been making sure that the relevant parties in the Governmentunderstand that from 2018 onwards we will be ready to also introduce Euro-VI or BS-VI-compliant engines in India and arediligently working on thathttpwwwthehinducomtodays-papertp-featurestp-metroplusthe-best-of-both-worldsarticle17464905ece
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Mercedes-Benz E350D A luxury car with limousine looks Shapur Kotwalmint (Web amp Print Edition)
The E-class is the model with which Mercedes first came to India many years ago Now itamprsquos ready with an all-new model in astretched-out long-wheelbase avatar
In fact India is the first right-hand-drive market to get the E-class long-wheelbase
The first thing that strikes you about the new E is that itamprsquos a really long car and itamprsquos this length that gives it the majesticlimousine look The highest specification variant of the 350d gets air suspension In its lowest setting ground clearance is just120mm though you can raise this by 15mm using the ampldquoliftamprdquo function However the underside scrapes over a fewspeed-breakers Whatamprsquos nice though is that the smart 17-inch alloy wheels are wrapped in tyres with tall sidewalls whichhelp the car absorb bad roads better
The focus of the car is its rear seats and this is where the new E-class impresses There is more legroom than you will ever needand the seats are sure to set a new benchmark in the class in terms of comfort They are nicely bolstered and offer excellentsupport all round The back rest even reclines electrically and that combined with the pillow-soft headrest cushions makes the rearseats the perfect spot for a power nap And if you need more legroom you can push the front passenger seat forward with the touchof a button The double panoramic roof adds to the sense of space inside
However the middle seat is narrow and it is best to flip down the centre armrest for comfort There are other shortcomings tooThereamprsquos just one USB slot for the rear passengers who will not be able to control the Comand infotainment system and theair-con system takes quite a while to cool the massive cabin
The Comand system features a 123-inch display and is paired with a Burmester surround-sound audio system It can be controlledvia a jog-dial and a touch pad as well as small steering-mounted touch pads It doesnamprsquot have touch controls and the carbeing sold in India doesnamprsquot get the all-digital instrument cluster that the E-class sold internationally hasampmdashinstead ituses a rather ordinary-looking analogue instrument cluster
However the E-class comes loaded with Mercedesamprsquo Pre-Safe system (it tightens seat belts and braces passengers in caseof an imminent impact) and a 360-degree camera handy when manoeuvring a car this big through tight spaces Thereamprsquoseven a Park Pilot which steers the car into a parking spot for you
Those who like to drive will definitely appreciate the 258hp 30-litre V6 diesel engine Itamprsquos supremely refined you can hardlyhear it in the cabin In addition itamprsquos got nine-speed transmission
The E-class can be quite quick when you want it to be it can accelerate from 0-100 kmph in a claimed 66 seconds Pick up thepace however and the lateral body movement is quite noticeable more so over bad roads Itamprsquos best to use the Sport orSport+ modesampmdash the car feels more tied down and is better to drive In Sport+ though it feels too eager to accelerate andspeed up which can be slightly disconcerting in bumper-to-bumper traffic
In case you donamprsquot plan on driving yourself around the 20-litre petrol-powered variants starting at Rs5615 lakh will serveyou better The car will also get a new 20-litre diesel engine sometime later this year Chauffeur-driven buyers should be impressed
with the caramprsquos ride which almost makes you feel like youamprsquore travelling on a cushion of air especially in the Comfortmode
You must consider the new E-class if you are thinking of buying a luxury car with a brilliant back seat Itamprsquos spacioussupremely comfortable and as with all Mercedes cars has a cabin thatamprsquos fastidiously put together In the right drive mode itcan tackle bad roads well and the big diesel engine is even fun to drive Prices range from Rs5615-6947 lakh (ex-showroomDelhi) which means the top-specification variant is almost Rs7 lakh costlier than the predecessorhttpwwwlivemintcomLeisureZT1ffyCrNaC0DdkXB6GmxIMercedesBenz-E350D-A-luxury-car-with-limousine-lookshtml
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Audi Launches 2017 Q3 at Rs 3420 Lakh Asian Age (Web Edition)
German luxury automaker Audi has recently launched the 2017 Q3 in India It is the third launch from Audi this year and asproposed the automaker will introduce seven more new products in 2017 The updated Q3 comes with subtle aesthetic changesan uprated diesel engine along with standardisation of features The 2017 Audi Q3 is now available in two variants ampndash the 20TDI FWD priced at Rs 3420 lakh and the 20 TDI Quattro priced at Rs 3720 lakh (all prices ex-showroom New Delhi)
In terms of design the changes on the outside are limited to the front bumper The air inlets now get a black surround whichcomplements the black lower cladding The new Q3 is now offered with all-LED headlamps as standard Also offered as standardare 17-inch 5-spoke alloy wheels shod with 23555 R17 tyres
Inside changes are limited to the inlays - the Q3 20 TDI FWD gets walnut brown ones while the Q3 20 TDI quattro gets aluminiumones Equipment such as electric adjustment for the front seats a panoramic sunroof and 2-zone automatic air conditioning isoffered as standard
The MMI system has not been modified in the new Q3 The 65-inch infotainment display remains the same while the multimediasystem is BluetoothSD card compatibility with 20GB of inbuilt storage Infotainment
The 20-litre turbocharged 4-cylinder motor remains the only power source for the Q3 - but it has been tweaked for more powerand torque The transmission option is now limited to the 7-speed S tronic dual clutch The 6-speed manual available on thepre-facelift S edition variant has been discontinued Drivers can use paddle-shifters placed behind the steering wheel to changegears
The 20-litre TDI develops 150PS of maximum power and 340Nm of peak torque in the FWD variant This is 10PS20Nm more thanthe 20 TDI that powered the pre-facelift Q3 S edition Available only with the 7-speed S tronic dual-clutch transmission the 20 TDIFWD can accelerate from 0-100kmph in 93 seconds and has an ARAI-certified fuel efficiency of 1851kmpl
The 20-litre TDI develops 184PS of maximum power and 380Nm of peak torque Compared to the pre-facelift Q3 the motor in thenew develops 7PS more power Paired to the 7-speed S tronic dual-clutch transmission the 20 TDI quattro accelerates from0-100kmph in 79 seconds and has an ARAI-certified mileage of 1517kmpl
Driver convenience features on offer include a colour multi-information display for the driver in the instrument console hill-startassist hill descent control and cruise control Standard safety systems on offer include rear parking sensors reverse parkingcamera ESC and 6-airbagshttpwwwasianagecombusinessautos140317audi-launches-2017-q3-at-rs-3420-lakhhtml
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Commercial Vehicles
Tepid growth of 2-3 expected in CV industry in FY 17 Tata Motors Shobha MathurThe Economic Times (Web Edition)
New Delhi The commercial vehicle industry is expected to grow at a tepid pace of 2-3 percent during financial year 2016-17 due tothe effect of demonetisation and the slow recovery thereafter according to RT Vasan VP sales and marketing at Indias largest CVmaker Tata Motors
In November-December 2016 the commercial vehicle industry had dropped steeply by about 20 percent and has been on arecovery mode since January after the restrictions on cash availability were gradually eased
Improvements have been witnessed across product segments whether LCVs or construction a segment which was doing well rightthrough the year
The cargo market has also started picking up pace since the last couple of months In the bus category privatization has given afillip to its declining fortunes so that the school city and staff transport sector are all on the incline
The construction sector is expected to grow by 25 percent during this fiscal on the back of heightened activity in the infrastructure
sector In FYamprsquo17 ease of financing and improvement of consumption demand was expected to boost LCV sales In the cargoMampHCV segment a double digit growth had been forecast by industry body SIAM with improvement in overall economy led byincrease in industrial and agri output
Vasan told ETAuto that the industry was optimistic about the next fiscal with the advent of the BS-IV emission regime from 1 April2017 However prices of vehicles are expected to rise especially of MampHCV trucks There would be a slow start to the year by theCV industry due to pre-buying in FYamprsquo17 before the new emission regime kicked in that would slowdown sales in the firstquarter of FYamprsquo18
But with the impetus given to this segment by infrastructure development and road construction by the government the industrywould see a growth from Q2 after the impact of pre-buying starts declining
While the industry is ready with the BS-IV product range Vasan says that the new technologies harnessed for compliance wouldboost vehicle prices by 8-10 percent for MampHCVs Buses would also witness a price realignment of 8-10 percent while LCVs wouldsee a price rise of 6-10 percent
In terms of new technologies most of the CV range is already equipped with the anti-lock braking system except for the smallerones
In terms of upcoming regulations some more safety legislation is on its way related to the body code such as cabins that will haveto be necessarily be air conditioned in the future
The bus body code that was earlier announced has only been partially implemented so far and the body code is also believed to becoming up for the truck and trailer segments LCVs are small units and have been already approved by ARAI
The overall CV segment registered a growth of 349 percent in April-February 2017 compared to the same period last year Mediumamp Heavy Commercial Vehicles (MampHCVs) declined marginally by 079 percent and Light Commercial Vehicles grew by 682 percentduring this periodhttpautoeconomictimesindiatimescomnewscommercial-vehiclemhcvtepid-growth-expected-of-the-cv-industry-at-2-3-percent-in-fy1757633279
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Tata Motors to showcase all new 1000 bhp race truck PTISee this story in The Economic Times (Web Edition)
New Delhi Tata Motors will showcase an all new T1 Prima race truck powered by 1000 bhp engine during the fourth season ofthe T1 Prima Truck Racing Championship
The engine of the all-new 1000 bhp T1 race truck is being developed in collaboration with US-based Cummins enabling thecompany to set new benchmarks in the Indian commercial vehicles space Tata Motors said in a statement
Built with specifications similar to that of trucks that race globally the vehicle was developed in a record time of 12 months ademonstration of teamwork speed and capability Tata Motors Executive Director Commercial Vehicles Ravindra Pisharody said
Tata Motors and Cummins have a joint venture company called Tata Cummins established in 1994 developing engines in the rangeof 75 to 400 HPThe fourth edition of T1 Prima Truck Racing championship will be held on March 19 at the Buddh International Circuit (BIC) GreaterNoidahttpautoeconomictimesindiatimescomnewscommercial-vehiclemhcvtata-motors-to-showcase-all-new-1000-bhp-race-truck57635142Tata Motors to showcase 1000 bhp Prima TruckFinancial Chroniclehttpwwwmydigitalfccomcompaniestata-motors-showcase-1000-bhp-prima-truck-900Tata Motors to showcase all new 1000 bhp race truckDaily News amp Analysis (Web Edition)httpwwwdnaindiacommoneyreport-tata-motors-to-showcase-all-new-1000-bhp-race-truck-2352506
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Construction amp Agri Machinery
SBI floats one-time settlement scheme for tractor loans Abhijit LeleBusiness Standard
Mumbai State Bank of India (SBI) has floated a one-time settlement scheme for borrowers defaulting on loans taken to buytractors
The countryamprsquos largest bank has also voiced reservations against the move to waive farm loans saying this will affect therepayment culture in the country
SBI executives said the tractor loan book was part of the bankamprsquos farm loan portfolio and the bank announced settlementschemes regularly to shed doubtful debt where the prospects of recovery were low after making adequate provisions for such dudassets
The settlement scheme for tractor loans began early last month and will continue till March 31 The scheme was for loans disbursedbefore September 30 2011 and had up to Rs 25 lakh outstanding by September 2016 SBI Managing Director Rajnish Kumar saidSBI will take a haircut of 40 per cent on these loans
graphIn a portfolio of over Rs 4000 crore of tractor loans about Rs 800 crore will be eligible for the scheme Crop failure and inability todeploy tractors were some of the reasons for the loans turning bad SBI executives said
SBI had in May 2015 advertised a ampldquoloan resolution weekamprdquo asking borrowers with non-performing assets to ampldquotryand work out a solutionamprdquo The scheme was available to all borrowers except willful defaulters Kumar said the bank was yet tohear anything specific from the government on a farm loan waiver
SBI had in 2014 opposed the waiver of farm loans in Andhra Pradesh and Telangana
ampldquoUttar Pradesh and Punjab constitute 10 per cent of (farm) loans and we wait to understand the contours of the waiver Theimpact will be higher on public banks than on private banksamprdquo Kotak Institutional Equities said in a research notehttpwwwbusiness-standardcomarticleeconomy-policysbi-floats-one-time-settlement-scheme-for-tractor-loans-117031400886_1htmlSBI to offer one-time settlement for Rs 6000-crore tractor loansThe Financial Expresshttpwwwfinancialexpresscomindustrybanking-financesbi-to-offer-one-time-settlement-for-rs-6000-crore-tractor-loans588102SBI to offer Rs6K-cr one-time settlement for tractor loansThe Indian Expresshttpindianexpresscomarticlebusinessbanking-and-financesbi-to-offer-6k-cr-one-time-settlement-for-tractor-loans-4569462
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23 Wheelers
Yamaha aims to export 22 lakh units from India in 2017 Hiroaki Fujita Chairman Deepanshu TaumarThe Economic Times
New Delhi Indian arm of Japanese two-wheeler manufacturer Yamaha Motor is aiming to export over 22 million units from Indiathis year compared to 161 lakh units exported last year thereby recording an estimated growth of 3664 percent Hiroaki FujitaChairman India Yamaha Motor informed in a press statement
In the domestic market the two-wheeler major is also targeting to sell 1 million scooters and motorcycles in 2017
In an annual supplier conference held at Greater Noida Hiroaki Fujita Chairman India Yamaha Motor said ampldquoOur target forthis year is to achieve 1 million unit sales in domestic market and 22 lakh unit sales for exports market In addition we also need toreinforce the Indian parts export business in order to contribute to Yamaha business globally While doing so we must continue withour focus on the amplsquoQualityamprsquo of our parts and productsamprdquo
The two-wheeler major produced a total 94 lakh units in the country in 2016 Yamaha Motor India has two manufacturing plants inIndia at Greater Noida and Chennai having a capacity of 61 lakh units and 56 lakh units respectively
The company aims to produce 15 million units by 2018
Yamaha Motor India has sold over 786 lakh units of two-wheelers in 2016 and over 50 of its total sales have come from scooters
The two-wheeler manufacturer saw a steep decline in sales from the month of November 2016 to January 2017 It was only duringFebruary 2017 when Yamaha registered a growth of 20 percent in domestic sales as compared to the corresponding period lastyear The company recorded domestic sales of 68095 units (including Nepal) in February 2017 compared to 56960 units (includingNepal) in February 2016
Industry analyst believes that the impact of demonetisation is wearing off now Only motorcycles are in red zone because of a largerural consumer base However scooters which are largely sold in urban areas is on the positive side It further believed that by nextmonth the demonetisation impact will completely go away
India Yamaha Motor recently marked its entry into 250 cc sports bikes segment which has very less competition Going forward thecompany wants to focus on urban area than the rural market
The objective of conducting the Annual Suppliers Conference was to share the last yearamprsquos result for Sales and Productionand the current yearamprsquos Sales and Production Plan During the conference India Yamaha Motor shared the direction for 2017its purchase policy the Purchasing Policy of Yamaha Motor Company (Japan) and activities organised amp initiatives were taken forsales and marketing in the previous year
India Yamaha Motor shared its expectations with the suppliers for improvement in Quality Delivery and Development performances
besides cost competitiveness to compete in the export market to increase profitability for both Yamaha and the Suppliers IndiaYamaha Motor also emphasised that all the Suppliers can draw up their investment plans based on the increasing volumes infuture
Sixteen Suppliers were also awarded for their exceptional services in the areas of Quality Delivery Development and Costincluding the Appreciation Award for some of them for the extraordinary Improvement support provided to India Yamaha Motor in2016httpautoeconomictimesindiatimescomnewstwo-wheelersscooters-mopedsyamaha-aims-to-export-2-2-lakh-units-from-india-in-2017-chairman57632349
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BSIV Compliant TVS Jupiter launched at Rs 49666 (Ex-Delhi) The Economic Times
New Delhi Hosur based TVS Motor Company in a BSE filing announced the launch of its BSIV compliant TVS Jupiter at Rs 49666(Ex-Delhi) and it is now available with two new colours - Jade Green and Mystic Gold
The refreshed scooter is now BSIV compliant with Auto Headlamp On (AHO) and equipped with Sync Braking System (SBS) SBSensures rider safety as it automatically activates the front brakes when the rear brakes are used claims TVS The feature previouslyavailable on ZX range will now be available on the Base variant as well
Commenting on this Aniruddha Haldar Vice President Marketing- Scooters TVS Motor Company said ampldquoTVS Jupiter hasreceived such enthusiasm from the consumers in response to its credo of Zyada ka Fayda Living true to this credo not only is theentire Jupiter range now BSIV compliant it now offers the unique Sync Braking System (SBS) across the entire range (earlier onlyavailable on the ZX range) Further for our customers we are adding two colours Jade Green and Mystic Gold giving them 10colour options to choose from We are happy to offer all this with absolutely no change in the Exshowroom price truly ZYADA KAFAYDAamprdquo
Since its launch in 2013 TVS Motor Companyamprsquos flagship scooter brand Jupiter has been strengthening theCompanyamprsquos foothold in the scooter market and contributing to overall scooter segment uptake penetration and growth inIndia
Company has sold over 15 million Jupiter scooters since its launch in 2013 The scooter is powered by a all-aluminum low-friction110cc engine
There is no revision in the prices for the BS IV models of Jupiter priced at Rs 49666 (Ex-Showroom Delhi) the scooter is availableacross all TVS dealershipshttpautoeconomictimesindiatimescomnewstwo-wheelersscooters-mopedsbsiv-compliant-tvs-jupiter-launched-at-rs-49666-ex-delhi57630201TVS Motor rolls out BS IV variants of JupiterThe Hindu Business Linehttpwwwthehindubusinesslinecomtodays-papertp-newstvs-motor-rolls-out-bs-iv-variants-of-jupiterarticle9583972eceTVS unveils BS-IV compliant JupiterThe Hinduhttpwwwthehinducomtodays-papertp-businesstvs-unveils-bs-iv-compliant-jupiterarticle17464118eceTVS launches BS-IV compliant JupiterBusiness Standardhttpwwwbusiness-standardcomarticlecompaniestvs-launches-bs-iv-compliant-jupiter-117031400552_1html
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Dominar 400 takes the battle to the Royal Enfield turf Murali GopalanThe Hindu Business Line
Mumbai Bajaj Autoamprsquos recently launched Dominar 400 is attracting former Royal Enfield bike users who now account for 20per cent of its customer base
According to Eric Vas President (Motorcycle Business) Bajaj Auto the larger chunk of 80 per cent is still taken up by those whoused Yamaha Honda and Bajajamprsquos own Pulsar motorcycles
The Dominar made its debut in mid-December as a serious contender to Royal Enfield While monthly numbers thus far have beena little over 3000 units the good news is that the bike has taken pride of place in the 350cc plus segment vis-a-vis RoyalEnfieldamprsquos offerings However when it comes to the core 350cc space the latter continues to be the market leader withmonthly sales of nearly 55000 units powered by the Classic and Bullet
The three-month-old Dominar 400 kicked off its presence in 22 towns which has since increased to 32 in February and slated to goup to 110 towns by the end of this month
This tally will double to 200 in April and Bajaj Auto hopes to have at least 300 towns covered for the Dominar 400 during the courseof 2017-18
If everything goes according to plan the company hopes to be clocking its targeted 10000 motorcycles every month by the end of
Q3 next fiscal
Attractive features
Vas says market feedback shows that buyers love the Dominar 400 for its performance speed and top-class brakes Interestingly alarge number of them have opted for the more expensive ABS version which retails at a little over Rs 15 lakh
The LED lamps are another big draw and their attractive lighting explains why many customers opt to have their test rides at night
According to Vas Dominar 400 buyers are largely in the age group of 25 years who have already owned a bike There are no firsttime users yet but this is expected to begin happening once the network grows and more customers start going in for the relativelyless expensive disc brake version which has a price tag of nearly Rs 14 lakh
The Dominar 400 was launched to take on Royal Enfield in a segment that is priced between Rs 1-2 lakh and accounts for five percent of motorcycles sold in India
In terms of numbers this translates into 65000 units each month
The next fiscal could see this grow to nearly 85000 units or over one million units annually
Changing dynamics
It is in this product category that Royal Enfield has a market share of 80 per cent and it is in the balance 20 per cent space thatBajaj has thrown down the gauntlet with the Dominar 400
The other rival models include KTM Yamaha YZF-R15 and Honda CBR 150R but none of them has posed a serious threat to RoyalEnfield yet
It now remains to be seen if the Dominar 400 can draw customers from the top-selling Classic
It is clear that with 10000 units targeted during 2017-18 Royal Enfield will still be comfortably ahead in terms of numbers
How dynamics change after this period will be interesting to watch
From Bajaj Autoamprsquos point of view the strategy boils down to acknowledging the reality of living in a world of opposites whereevery mature segment is essentially a two-horse race
The Dominar will stick to the core principle of being opposite from the market leaderamprsquos offerings and has been positioned as amodern machine and not a heritage brandhttpwwwthehindubusinesslinecomtodays-papertp-newsdominar-400-takes-the-battle-to-the-royal-enfield-turfarticle9583973ece
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Bajaj cheers at Feb sales Ajay ModiBusiness Standard
New Delhi Pune-headquartered Bajaj Auto claims to have surpassed volumes sold by market leader Royal Enfield in the 350-500ccmotorcycle segment in February
It attributes this to the Dominar a 373 cc premium sports motorcycle it launched in December at an ex-showroom price of Rs 136lakh Enfield says Bajaj is celebrating too early
Bajaj has sold about 3000 units of Dominar a month this calendar year and is drawing a comparison with the February volume ofRoyal Enfield in the 350-500 cc segment when the latter did wholesale volumes of 2602 units Eric Vas president for themotorcycle business at Bajaj said ampldquoWe have already overtaken Royal Enfield in the segment They used to sell an averageof 5000 units a month until a few months agoamprdquo
He claims that two of every 10 Dominars was sold to customers who owned an Enfield ampldquoSome have sold it to buy Dominarand some have bought it as their second bikeamprdquo He added there had been a decline in the waiting period of some of Enfieldsmotorcycles The 350-500 cc segment for Enfield includes the Bullet 500 Classic 500 Thunderbird 500 and Himalayan
Bajaj hopes to gradually raise Dominar volumes to an output of 10000 units monthly in about six months ampldquoThe bike hasbeen accepted very well We should reach a monthly volume of 6000 units by next monthamprdquo said Vas He did not disclosecumulative bookings for the Dominar He said most customers bought it after test rides
Vas said the volumes were aggregated from the 22 cities where itwas available until February We have expanded reach to 32cities and it will be available in a 100 cities and towns by end-March In April the company plans to add another 100 cities andtowns The constraint is more on the capacity front than on the network sideamprdquo he said
Bajaj said the incremental volume from Dominar would start reflecting in the profit figures once volume crossed 5000-6000 units amonth
Enfield has almost the entire 250-350 cc motorcycle market in the country estimated at close to 50000 units a month This is where
it gets the lionamprsquos share of its sales In the 350-500 cc market it controls 80 per cent (data for the first 11 months of FY17)This is a much smaller segment with monthly volume of 5300 units
Siddhartha Lal managing director of Eicher (which owns Enfield) told Business Standard last month that it would continue toengage with the target segment and expand reach to grow volumes ampldquoWhen one succeeds in a segment others try to enterand take a bite Of course there will be competition but we are not worriedamprdquo hed said It is understood that Enfieldamprsquosproduction volume in February was impacted due to fewer days (February having only 28) and the transition to BS-IV emissionnormshttpwwwbusiness-standardcomarticlecompaniesbajaj-cheers-at-feb-sales-117031400822_1html
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India Yamaha Motor sets ambitious sales target Nandini Sen GuptaThe Times of India
Chennai India Yamaha Motor Private Limited (IYM) is targeting an ambitious production and sales pitch of more than three millionunits this year with one million in the domestic market alone It was revealed by the top management at a recently organised AnnualSuppliers Conference at Greater Noida (Delhi-NCR) which was attended by 500 members representing more than 200 suppliersfrom across India
The theme of this years conference was Challenge the Innovation for Global Competitiveness and Its all about the customer
Our target for this year is to achieve one million unit sales in domestic market and 22 lakh unit sales for exports market Inaddition we also need to reinforce the Indian parts export business in order to contribute to Yamaha business globally While doingso we must continue with our focus on the Quality of our parts and products said Hiroaki Fujita Chairman YMI-G Cos
The objective for conducting the Annual Suppliers Conference was to share the last years result for sales and production and thecurrent years sales and production plan During the conference IYM shared the direction for 2017 its purchase policy thepurchasing policy of Yamaha Motor Company (Japan) and activities organised amp initiatives taken for sales and marketing in theprevious year
Among the senior management members who were present on the occasion on behalf of IYM included Hiroaki Fujita chairmanYamaha Motor India Group Cos (YMI-G Cos) Takashi Terabayashi MD -IYM Yasuo Ishihara MD- Yamaha Motor Research ampDevelopment India (YMRI) T Yamaguchi Deputy MD amp Purchase Head- IYM along with the YMC Purchase team - Olivier Prevostdeputy chief general manager and Hiroshi Hagio general manager
IYM shared its expectations with the suppliers for improvement in quality delivery and development performances besides costcompetitiveness to compete in the export market to increase profitability for both Yamaha and the Suppliers IYM also emphasisedthat all the suppliers can draw up their investment plans based on the increasing volumes in future
Sixteen suppliers were also awarded for their exceptional services in the areas of quality delivery development and costhttptimesofindiaindiatimescomautobikesindia-yamaha-motor-sets-ambitious-sales-targetarticleshow57633067cms
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Thunderous sound remain forever Sandesh M SDeccan Herald (Web Edition)
Bike-lovers had expected a lot from Royal Enfield when the homegrown tough motorcycle manufacturer revealed the 500ccThunderbird in October 2012
When DH decided to check out the four-year-old model with respect to the present dayamprsquos bikes with updated technology theThunderbird 500 remains outstanding in its segment
The bike was tested for two weeks with everyday regular usage and an enthusiastic rider The bike is a good choice for the dailyneeds of an Indian family
Be it an office-goer or a student the bike gives an extra feel where you enjoy every bit of it You need an extra muscle and morepower to handle the bike when the engine is turned off Sometimes it will be a great challenge to tow the bike till a filling station ifthe engine goes dry
PerformanceUndoubtedly this is the most powerful variant of Royal Enfield today The bike feels far impressive than any other machine in thissegment It constantly urges you to take it on highways as it feels best when you pushed harder Overtaking is also very easy withthis bike and it can easily cross a speed of 120 kmphr It still remains a very responsive bike especially at slow speeds
The heavy amount of torque helps it move easily in city traffic The gear ratios are well-matched with this bike and you need lessgear shifts than before The only issue we have with the bike is its heavy weight In city traffic and with a pillion rider sometimes youwill feel the actual weight of this bike Otherwise there are no major concerns related to its performance
Fuel efficiency
Mileage is still a concern and the major drawback with Royal Enfield bikes As the brand new bikes claims to offer 30 kmpl the oldbikeamprsquos mileage drops day-by-day
After few years this will be the main reason for the rider to get rid of his bike In a typical Indian customer mindset a middle-classfamily will think twice before going for a Bullet
Depending on the usage the cushion will loose its power day-by-day The rider will surely feel the pain on the long rides and trafficjams Regular servicing from an authorised mechanic will keep the vehicle in good condition
VerdictThe Royal Enfield Thunderbird 500 is a special bike but the cost compared with its 350 cc sibling the biker has to cough up anextra Rs 40000 which makes anybody to think twice before investing in one The bike has the capability to sustain any roughhandling Though it becomes rough and old its sturdiness remains the samehttpwwwdeccanheraldcomcontent601371thunderous-sound-remain-foreverhtml
Top
E-Bikes
Components
Amtek Autoacirceurotrades Arvind Dham may offload personal assets to reduce debt Deborshi Chaki amp Swaraj Singh Dhanjalmint
Mumbai With troubled auto parts maker Amtek Auto Ltdamprsquos planned divestment of domestic and overseas businesses yet tomaterialize company chairman and founder Arvind Dham has begun exploring options to monetise assets owned by him
According to two people familiar with the matter who asked not to be identified Dham is in talks with potential buyers to sellIndraprasta Engine Parts Pvt Ltd ( IEPPL) an auto component manufacturing company which he owns in his personal capacityDocuments filed with the registrar of companies show that Arvind Dham along with other senior executives of Amtek Auto holdshares in Indraprasta Engine Parts Pvt Ltd
Dham did not respond to emails text messages and phone calls seeking comment
According to the latest available filings Indraprasta Engine Parts reported a revenue of Rs9525 crore and a loss of Rs115 crore inthe financial year ended 31 March 2015 The company was incorporated in 2010 and currently has a manufacturing plant in HosurTamil Nadu
ampldquoDham has been in discussions to sell the unit following which talks with Kalyani Forge Ltd (KFL) and Sterling Tools Ltd (STL) have reached an advanced stageamprdquo said one of the two people ampldquoDham is keen to show to the lenders that he iswilling put his own money even though the plans to sell Amtek Autoamprsquos assets to repay its debt have not beensuccessfulamprdquo
Amtek Autoamprsquos standalone loss widened to Rs24156 crore for the quarter ended December 2016 from Rs17536 crore in thesame quarter last fiscal Dham plans to plough the proceeds of the sale into the company the first person added
Spokespersons for Kalyani Forge and Sterling Tools did not respond to emails seeking comment
Ever since Amtek Auto defaulted on bond repayments of close to Rs800 crore in September 2015 it has been trying to sell variousgroup businesses to reduce the debt on its books The company has appointed Morgan Stanley as an adviser to assist in its debtreduction plan Amtek Auto owed Rs8066 crore to various lenders as on 30 September 2016 Mint learns that its consolidated debtat the group level is higher
In July last year Bloomberg reported that Amtek Auto has hired global investment bank Rothschild and Co to advise on thepotential sale of all overseas operations including those in the UK the US Mexico China and Germany The report said Amtek wasseeking bidders for its German unit Amtek Tekfor Holding GmbH and expected to raise over $1 billion from the process
A manufacturer of forging parts Amtek Auto counts most of Indiaamprsquos top auto component makers as clients Its overseasclients include global auto brands such as Aston Martin and Daimler
In February the company said in a regulatory filing that it is planning to raise Rs1175 crore by selling shares to promoters on apreferential basis for which it will seek shareholdersamprsquo approval The company has called an extraordinary general meeting on25 March to seek approval from its shareholders for the proposal it added
In February lenders of Amtek Auto are understood to have asked it to either repay loans or convert the outstanding into equityshares or warrantshttpwwwlivemintcomIndustry1tt2QpJ8TtSm53I1bN4VgKAmtek-Autos-Arvind-Dham-may-offload-personal-assets-to-reduhtml
Top
Allied Industries
Tyre stocks race ahead as China cuts India trade Palak ShahThe Economic Times
Mumbai What is aiding Indiaamprsquos tyre stocks Chinaamprsquos policy to shun India market for the US The share price ofdomestic tyre manufactures including MRF Apollo Tyre Ceat and J K Tyre rose between 1-7 on Tuesday
A research report by Philip Capital said China had curtailed its tyre exports to India to focus on US markets as Trump administrationhad decided against anti-dumping duty on tyres The research pointed out there was more upside for these stocks
ampldquoChina has raised their TBR (truck bus and radial) tyre prices for Indian market by 10-15 rendering themunattractiveamprdquo said Nitesh Sharma and Dhawal Doshi in the research report ampldquoOur checks indicate that Chinesefactories have nearly stopped catering to tyre demand from India as US markets were more lucrativeamprdquo
Ceat rose by 607 on Tuesday Apollo Tyres was up 396 MRF gained 186 and Goodyear India jumped by 129 amongmajor tyre companies
The report titled amplsquoTables Turn Chinese players out rubber fallingamprsquo further said Chinese imports will not bounce backsoon
Demonitisation too has dent a blow to the tyre imports from China which were largely in cash China accounted for roughly 120000 tyre units each month between April to October 2016 but it has fallen sharply now said experts
ampldquoTyre stocks will do well as rubber prices are on a downward spiralamprdquo said Mehraboon Irani Principal amp Head PrivateClient Group Nirmal Bang Securities ampldquoFall in auto sales and jump in rubber prices are not expected which may keep thetraction for tyre stocksamprdquo
Natural rubber prices had jumped to three year high in January due to floods in Thailand the largest exporter of rubber The priceswhich rose to Rs 210kg are now down by over 20 Meanwhile domestic tyre manufactures hiked tyre prices by 3-5 recentlyPhilip Capital has a buy on Ceat and Apollo Tyres with a target of Rs 1550 and Rs 239 respectivelyhttpeconomictimesindiatimescommarketsstocksnewstyre-stocks-race-ahead-as-china-cuts-india-tradearticleshow57633191cms
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How to avoid being overcharged for car service at dealerships The Financial Express
Authorised workshops or dealerships are the main preference for servicing of a customers new car There are dealerships that aregenuine and would not fleece your money while after sales treatment however there are others who would try and take everypenny from you This would also involve you to be thorough with the detailed billing as well as being cautious about understanding ifa requisite task is at all required in your car Here are some tips on how to avoid being overcharged while getting your car serviced
One key area where sales executives of a said dealership can suggest unnecessary expense is anything related to the engineTasks like engine de-carbonisation or engine flushing are suggested right from the first service however it is not required in avehicles early years A cars decarbonisation should ideally take place when the response from the engine is sluggish or there arefrequent misfires despite regular services This usually starts to happen after 60000 kms or more In case it is recommended by asales executive and he or she insists simply avoid by saying no Another popular unnecessary expense is fuel line cleaning whichis suggested at every service Remember that petrol is itself used as a cleaning agent in many applications so fuel line cleaningshould be carried out only in case of a problem
Another aspect where customers are cheated is due to the lack of knowledge about their respective vehicle There have been caseswhere a dealership has conned a customer by putting spark plugs in a diesel car or heater plugs in a petrol engine powered vehicleA diesel car does not have spark plugs (but a petrol car does) and similarly a petrol car doesnt have heater plugs (which arepresent in diesel cars) Additives are advised by many service advisors but these arent needed unless specified by the carmakerKnowing the basic mechanical and electrical parts of your car can go a long way in saving you your money
Other mechanical parts where a person can be overcharged is the clutch adjustment Most modern manual transmission cars soldin India have a hydraulic clutch which is self adjusting till the time the pressure plates and the clutch plates are completely worn outA worn out clutch system will require more pressure to depress the pedal thereby indicating the clutch plates andor pressure plateswould need replacement Ideal time to replace is not at every service which clever dealerships would suggest but at least a gap ofthree service intervals is recommended (with the service interval at every 10000 kms)
All carmakers offer an owners booklet which has all the details of which part needs to be replaced when and the recommendedservice interval When getting your car serviced always refer to this manual and insist on only the aspects mentioned in the manualto be donehttpwwwfinancialexpresscomautocar-newshow-to-avoid-being-overcharged-for-car-service-at-dealerships587326
Top
Emissions Environment
Finance amp Insurance
Customer not bound by tie-up between vehicle dealer insurer Pune Court Vishwas KothariThe Economic Times
Pune The district consumer court here has ruled that a tie-up between a vehicle dealer and an insurance company is not bindingupon the consumer who buys a vehicle from such a dealer
The court has directed the Bajaj Allianz General Insurance Company in Yerawada here to refund a premium of Rs 21053 ampmdashalong with an annual interest of 9 since September 20 2014 ampmdash and a Rs 5000 fine to a Daund resident for failing to renewhis car insurance despite the latter having paid the renewal premium through the online NEFT transaction
The interest component payable so far works out to over Rs 4700
The company argued that the consumer did not route the payment through the vehicle dealer by way of a demand draft as wasrequired under an agreement between the company and the vehicle dealer
Shankar Raghunath Chavan a resident of Kusegaon in Daund had purchased an insurance policy from the company for his car onSeptember 21 2012 A year later the policy was renewed for the period between September 21 2013 and September 20 2014 Atthe end of this term he had received a reminder from the company for the renewal of his policy
Through the net banking facility Chavan made a payment of the renewal premium worth Rs 21053 for the term betweenSeptember 21 2014 and September 20 2015 He then made repeated requests to the company for the issuance of the policydocument
However in December 2014 when he approached the company he was shocked to learn that his policy had ampldquoexpired due tonon-renewalamprdquo The company did not renew his policy even after his repeated reminders This prompted him to move theconsumer court seeking refund of the premium amount and appropriate costs towards physical and mental agony
The bench observed in its order ampldquoIt is not denied by the insurance company that the complainant (Chavan) had paid thepremium It is the case of the insurance company that as per practice prevailing between the company and the dealer the paymentshould be made by demand draft through the dealer so that the policy can be renewed conveniently It is true that the dealer of thevehicle was not aware about the payment of premium made by the complainant However a tie-up between the dealer and theinsurance company is not binding upon the consumeramprdquo
ampldquoDocumentary evidence which is produced by the complainant is sufficiently eloquent and speaks about inaction on the partof the insurance company Even after sending documentary evidence as regards to payment of policy premium the insurancecompany has failed to renew the policy Definitely this act on the part of the company amounts to deficiency in serviceamprdquo thebench ruledhttpautoeconomictimesindiatimescomnewsindustrycustomer-not-bound-by-tie-up-between-vehicle-dealer-insurer-pune-court57623564
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Analysts in wait-and-watch mode on Bajaj Finance Hamsini KarthikBusiness Standard
A robust business model established over years of experience often tends to withstand the test of time quite remarkably That ofBajaj Finance Indiaamprsquos largest consumer durables financier is one such example
During the note ban period there were doubts on whether Bajaj Finance could replicate its historic performance in terms ofcustomer acquisition loan growth and more importantly asset quality in the December quarter (Q3) Much to the Streetamprsquossurprise Bajaj Finance comfortably met these parameters
Customer acquisition grew by 35 per cent year-on-year in Q3 while assets under management expanded by 33 per cent to Rs57600 crore year-on-year Even asset quality stood out with gross non-performing assets ratio at 147 per cent and that toowithout utilising RBIamprsquos 90-day dispensation on loans less than Rs 1 crore Overall financials remained robust with net interestincome and net profit growing by 27 and 36 per cent respectively These factors have helped Bajaj Financeamprsquos stock reboundfrom its demonetisation period low of Rs 766 to Rs 1125 on Tuesday
However after outperforming the broader markets by a reasonable margin for most of the last two years the stock has lagged inthe past six months Bloomberg data indicate that while the Bank Nifty has gained six per cent in the past six months Bajaj Financeis up only 21 per cent Analysts nonetheless feel that Bajaj Finance may not surpass its previous high of Rs 1180 in a rush
Pointing to some key indicators they prefer to see how March quarter pans out particularly on consumer loans before altering theirexpectations on the stock
Consumer loans which grew by 52 per cent year-on-year in September quarter (Q2) grew 47 per cent year-on-year in Q3 Butwithin this segment consumer durables grew slower at 27 per cent versus 48 per cent in Q2 As for the vehicle financing (two andthree wheelers) the dependence on Bajaj Auto was seen higher in Q3 ampndash 46 per cent dependence on Bajaj Auto fortwo-wheelers and 29 per cent for three-wheelers as against 38 per cent and 18 per cent respectively a year ago Average ticketsize which dipped post demonetisation is yet to see a strong recovery All these factors prompt analysts to be on a wait-and-watchmode
ampldquoWe arenamprsquot able to see a secular return in consumer buying yet While demand for consumer durables may havepicked up as summer sales is already playing out we canamprsquot say the same for vehicle salesamprdquo says an analyst with adomestic brokerage
Analysts at Jefferies feel the annual compounded loan growth for Bajaj Finance could be lower in FY16-19 compared to what was inFY13-16 The brokerage flags that at current valuations (52 x FY18 price-to-book) risk-reward appears negativehttpwwwbusiness-standardcomarticleopinionwhy-analysts-are-in-wait-and-watch-mode-on-bajaj-finance-117031400674_1html
Top
SBI announces Rs 6000-cr tractor loan settlement scheme PTISee this story in The Economic Times
State Bank of India (SBI) today announced a one-time farm loan settlement scheme worth Rs 6000 crore primarily for tractors
One Time Settlement (OTS) announced for Agriculture Loans Scheme valid until 31st March Contact your branch for details ampbenefits the nations largest lender said on the microblogging site Twitter today
Managing director Rajnish Kumar told CNBC-TV18 the scheme will result in the bank taking a 40 per cent haircut on outstandingtractor loans as of September 2016
SBIs total farm loan portfolio is Rs 125 trillion and Kumar said the tractor loan book is about Rs 6000 crore
He said doubtful or loss category accounts as of September 2016 which were disbursed before September 2011 will beconsidered under the scheme He said a circular in this regard was sent to branches on February 2
But he was quick to add the OTS has nothing to do with Prime Minister Narendra Modis promise of a loan waiver to UP farmersduring the just concluded elections saying there were no talks with the Centre or state in this regard so far SBIs Uttar Pradeshportfolio will be around Rs 13000 crore
SBI had announced OTS schemes for SMEs last December and education loans early in 2016
He said other agri loans like kisan credit cards and other term-loans for tractors and farm loans may also be covered under theschemehttpwwwdnaindiacommoneyreport-sbi-announces-rs-6000-cr-tractor-loan-settlement-scheme-2352737SBI to allow one-time settlement for tractor farm equipment loansminthttpwwwlivemintcomIndustryiXDTXX1onxjwfHcz731WzJSBI-announces-Rs6000-crore-tractor-loan-settlement-schemehtmlSBI announces rs 6000-crore tractor loan settlement schemeThe Pioneerhttpwwwdailypioneercombusinesssbi-announces-rs-6000-crore-tractor-loan-settlement-schemehtml
Top
Oil Lubricants amp Alternative Fuels
Oil hovers near three-month low as investors awaits data ReutersSee this story in The Hindu Business Line
Tokyo Crude oil prices hovered near three-month lows on Tuesday in early Asian trading as investors await key reports and datathat may shed light on a supply overhang in the global market
US West Texas Intermediate crude (WTI) edged down 3 cents to $4837 a barrel by 0026 GMT The contract ended down 9 centsin the previous session after touching $4790 the lowest since the end of November
Brent crude futures were down 1 cent at $5134 a barrel having settled down 2 cents on Monday after dipping to as low as $5085
Prices fell sharply last week as investors worried that swelling US crude supplies would hinder Organization of the Petroleum
Exporting Countries (OPEC)s efforts to restrict output and reduce a global glut
Prices had risen after the OPEC and other major oil producers including Russia agreed at the end of November to rein inproduction by almost 18 million barrels per day (bpd) in the first half of 2017
ampldquoIts shaping up to be another fun week in the crude complex with OPEC releasing its monthly oil market report on Tuesdayswiftly followed by the IEAs monthly oil market report the day afteramprdquo Matt Smith analyst at ClipperData said in a note
The International Energy Agency releases its closely watched monthly oil market report on Wednesday
Data from the industry group the American Petroleum Institute on US crude and product stockpiles is also due out later on Tuesday
Analysts said the slump may not have much further to go now that prices have fallen more than 8 percent since last Monday thebiggest week-on-week drop in four monthshttpwwwthehindubusinesslinecommarketscommoditiesoil-hovers-near-threemonth-low-as-investors-awaid-dataarticle9582601ece
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News Magazines
Mahindra Electric geared up to be a component supplier Autocar India
Speaking to Autocar India Mahindra Electric (ME) stated that the company is open to being a supplier to other vehiclemanufacturers and will sell complete electric drive systems to those interested At present the ME plant builds the e2o while it shipsout the drive systems for the eVerito sedan and eSupro van For this purpose the production line has been modified to produce notjust built-up vehicles but also fully ready electric drive systems that can be offered to other manufacturers interested in procuringthem With expertise in electrification virtually absent in India ME hopes to build on its first-mover advantage and cater to theindustry Itamprsquos unlikely that there would be any takers for passenger cars but commercial and three-wheeler manufacturerscould be potential customers
Mahindra also confirmed that they are open to supplying other bits like charge system controllers as well Mahindra outsources thebattery and electric motor for its EV powertrains and has no plans of producing these components in-house as apart from the hugeinvestments needed there is no real advantage Battery technology is quite specialised and there are many players in this fieldalready And with electric motor efficiency already at 80 percent ampndash compared to about 30 percent for internal combustionengines ampndash there is very little to differentiate one EV maker from another Mahindra believes the real differentiator in the nearfuture will be in the battery management systems where big gains can be made in the charging and discharging cycle Thus ME isputting a lot of effort into this area and going forward has ambitions to be a supplier solely for battery management systems toother manufacturershttpwwwautocarindiacomauto-newsmahindra-electric-geared-up-to-be-a-component-supplier-404432aspx
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Tesla Model Y SUV due by 2019 Autocar India
Tesla Inc recently renamed from Tesla Motors Inc is on the verge of what it says will be a massive expansion of production with twonew models due to arrive in the next two years
Alongside the much-hyped Model 3 Tesla is also expected to launch an entry-level crossover based on the same platform andrumoured to be badged the Model Y
The starting price of the Model 3 is likely to be around $37000 (Rs 2435 lakh approx) with the Model Y expected to be slightlymore expensive However Tesla founder Elon Musk believes the transaction prices of the new compact Teslas will go higherbecause buyers will be keen to add paid options to their vehicles
While the compact Model Y could turn out to be Teslaamprsquos best seller ampndash some seven million crossovers of all types weresold in the US last year ampndash Musk recently tweeted that the Model 3 remained the biggest priority for the company
The Model Y is unlikely to be unveiled until sometime next year with production set to follow late in the year Little in the way ofspecification has been released though it is expected to borrow the top-hinged amplsquofalcon wingamprsquo rear doors from thebigger Model X SUV
The Model Y will also have the promised updated electrical architecture that will allow Tesla to offer full autonomous drivingcapability Future Tesla cars will be equipped with as many as eight cameras giving a 360-degree view of the surroundingroadscape as well as 12 ultrasonic sensors and a amplsquonewamprsquo forward-facing radar that works in the worst weatherconditions Existing radar systems can be fooled by heavy rain and fog
Musk also said the new electrical architecture has a brain that is as much as ampldquo40 timesamprdquo more powerful than onprevious Teslas calling it a ampldquosupercomputer inside the caramprdquo The autonomous driving technology though will be offered
as add-on option to customers on both entry-level Teslas
Another challenge for the Model 3 and Y will be balancing their lower price against the need for a battery big enough to give anacceptable range
The entry-level Model 3 may have a cheaper sub-60kWh battery but will still need to have a range of at least 370km The ModelYamprsquos more bluff shape and greater frontal area might mean a bigger battery for the same range and so a slight price premium
Tesla is in a race against time to achieve the kind of production levels needed to turn around what is still a cash-hungry operationThe firm has spent nearly $2 billion (Rs 1316350 crore approx) since 2010 with investments including building the battery-makingGigafactory and trying to expand car production to a massive 500000 units a year
Tesla delivered around 76000 vehicles last year but says it was able to build around 2000 cars a week by the second half of 2016With as many as 400000 deposits taken for the Model 3 the company is looking to produce well over 100000 of the BMW3-series rival before the end of this year
Muskamprsquos expansion plans will test the limits of the capabilities of Teslaamprsquos suppliers and those of its own plant inFreemont California But getting to annual sales of half a million vehicles should finally push the carmaker into profit and secure thecompanyamprsquos long-term futurehttpwwwautocarindiacomauto-newstesla-model-y-suv-due-by-2019-404434aspx
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VW promises higher focus on EVs after record sales year Autocar India
The Volkswagen Group ampldquowill be a role model in environmental protection safety and integrityamprdquo according to CEOMatthias Muller who was speaking as the firm confirmed a record-breaking sales year in 2016
Outlining plans for the firm to reinvent itself as a far-reaching mobility company in the wake of the emission scandal Muller revealedthat the VW Group sold 103 million cars in 2016 making it the worldamprsquos largest car manufacturer It made pound62 billion in profitafter allowances including pound56 billion of losses to cover emission scandal costs In 2015 expenses relating to emission scandalamounted to pound142 billion
Most notably its sales in China where the effects of the diesel crisis were negligible grew 122 percent and its 2016 salesrevenues of pound1904 billion also exceeded forecasts by pound35 billion
ampldquoThe last year was challenging yet remarkably successfulamprdquo said Muller ampldquoIn 2016 we set the course for thebiggest transformation in the history of the company while at the same time performing better in our operating business than manythought possibleamphellipVolkswagen is back on trackamprdquo
Muller vowed that the success would be a catalyst for further change adding ampldquoWe will still be one of the most successfulautomakers in 2025 But we will also be a leading international provider of sustainable mobility and set the standard for new mobilityservicesamprdquo
New initiatives include a stated goal of taking leadership in the field of battery technology by 2025 which is by when the VW Grouphas committed to have solid state batteries in production These are seen as the next technological step over the lithium-ionbatteries currently favoured by most manufacturers The VW Group has committed to have 30 battery-electric vehicles on sale by2025
He also signalled that Audi had been tasked with leading the Groupamprsquos autonomous driving projects while adding that the VWGroup now had 37 centres around the world working on autonomous and digital service ideas pivoting around the Groupamprsquosnew mobility company Moia which was set up last year
Muller also highlighted recent joint ventures ampndash in China with FAW and JAC the latter of which will lead to the co-developmentof a budget electric car line in India with Tata Motors and in America with Navistar which is in the commercial vehicle segmentampndash as examples of the firmamprsquos commitment to forging partnerships to boost sales success He also confirmed that thefirst economy vehicles to be developed by the brand will go on sale in emerging markets in 2018httpwwwautocarindiacomauto-newsvw-promises-higher-focus-on-evs-after-record-sales-year-404433aspx
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Mercedes to expand E-class range with E 220 diesel Autocar India
The tenth-generation Mercedes-Benz E-class launched for the first time in India with a long wheelbase has moved the goalposts toset new standards for comfort and space in its segment The E-class comes with two engine options ampndash the base E 200 petroland the top-of-the-line
E 350 diesel Priced at Rs 5670 lakh and Rs 7015 lakh (ex-showroom Delhi) respectively these two variants bookend the E-classrange and is essentially aimed at two sets of customers The E 200 buyer is likely to be almost always chauffeur-driven and henceis mainly interested in rear seat space and comfort while the E 350d customer wants all the bells and whistles as well as the
sublime driving experience only the silky smooth and torquey V6 diesel can offer
However that still leaves a massive Rs 1345 lakh gap in the range which no doubt future E-class variants will eventually plug butwhich one will find that sweet spot to form the bulk of E-class sales
Itamprsquos no surprise then that Mercedes-Benz India is readying a base diesel which like the previous-generation W212 E-class islikely to be the most popular variant offering a strong dose of practicality without too much of a compromise on refinement andluxury
But unlike the W212 which had the E 250d representing the base diesel in the range Mercedes-Benz India is offering the lower E220d as the starting point for the E-class diesel This suggests that the E 220d will be very attractively priced when it goes on salearound June 2017 and could be priced very close to the E 200
The E 220amprsquos all-new 20 litre four-cylinder diesel which pumps out 194hp and 400Nm of torque may not have the punch ofthe outgoing E 250damprsquos 204hp and 500Nm motor but again given the chauffeur-driven focus the new E-class has beenconceived for the newE 220damprsquos performance is unlikely to be an issue
What is a big issue however is downgrading the 20-litre motor which has been designed for stricter Euro-VI emissions to run onlocally available BS-IV diesel ampldquoItamprsquos such a waste of engineering resource and a step backwardsamprdquo said aMercedes-Benz engineer The 2143cc (OM651) diesel engine which powered the previous E-class was easier to adapt to BS-IVfuel unlike the spanking new high-tech 1995cc (OM654) diesel thatamprsquos built to meet the latest global emission standards Infact the OM654 made its debut in the latest E-class when it was launched globally in 2016 Its advanced tech includes a uniquealuminium engine block with steel pistons a special low-friction coating for the cylinder walls and a fourth-generation common-raildiesel injection system At 168kg it is 31kg lighter than the engine it replaces
Downgrading a Euro-VI engine to BS-IV standards takes a lot of time and resources but there is no way out until fuel pumps in Indiaget low-sulphur BS-VI fuel which is not expected until 2020 The BS-IV-spec OM654 wasnamprsquot ready in time for the newE-class launch and this is one reason why the E 220d is coming a couple of months later The other reason could be a strategicone Mercedes-Benz India wants to wait until BMW launches the all-new 5-series expected in June and in a counter move tweakthe E 220damprsquos mix of specifications features and price accordingly A starting price of Rs 57-58 lakh for the E 220disnamprsquot unlikely especially since this variant will be Mercedes-Benz Indiaamprsquos trump card in a luxury car segment it seemsdetermined to dominatehttpwwwautocarindiacomauto-newsmercedes-to-expand-e-class-range-with-e-220-diesel-404429aspx
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Nissan to launch Kicks SUV in Q3 2018 Autocar India
The Nissan Kicks SUV which made its global debut in 2016 in Brazil will be launched in India in the third quarter of 2018 accordingto company sources
However unlike the South American model which is spun off Nissanamprsquos V-platform the made-for-India Kicks (code PB1D)will be based on the upcoming Renault Kapturamprsquos (code HHA) platform This is essentially a modified version ofRenaultamprsquos proven M0 platform that underpins cars like the Duster and Lodgy which are known for their robust mechanicals
The M0 is also a critical part of the Renault-Nissan Allianceamprsquos platform strategy in India which is essentially centred aroundtwo platforms Whilst the CMF-A and CMF-A+ platforms underpin Renault and Nissanamprsquos (and later Mitsubishiamprsquos) smallto mid-size car range in India the M0 platform will cater to higher end products The low-cost M0 platform has proved to be a cashcow for Renault globally and is ideally suited for markets like India The allianceamprsquos European-spec CMF-B platform was alsoevaluated initially but was eventually rejected as it proved to be a lot more expensive than the M0 which has also been localisedover the years
Developed and conceived originally by Renault for its Dacia sub-brand over a decade ago the French carmaker has first rights toproducts spun off the M0 platform and hence like the Nissan Terrano which followed the Renault Duster the Nissan Kicks too willfollow the Renault Kaptur to India but almost a year later
While both the Kaptur and Kicks will use the same modified version of the platform the amplsquotop hatsamprsquo will be completelydifferent The Kicks design and styling will mirror the South American car and thatamprsquos no bad thing
Sharply styled with lots of distinctive design touches like a floating roof massive wheel arches and a wraparound visor look theKicks wonamprsquot have a problem standing out on Indian roads The good thing is that the edgy design hasnamprsquot compromisedpracticality and Nissan claims best-in-class space in the back seat
Cars based on the M0 platform get a choice of just two engines a 16 petrol and the venerable 15 K9K diesel and hence these arelikely to be carried forward into the Kicks as well The 15 diesel is expected to be the mainstay but its likely that in its latest iterationthere will be a small bump up in power and torque
Nissan has set an ambitious target of 30000 Kicks in its first full year of production with an additional 20000 units earmarked forexports Pricing will be crucial for the Kicksamprsquo success and Nissan may do well to undercut its rivals to buy some much neededmarket sharehttpwwwautocarindiacomauto-newsnissan-to-launch-kicks-suv-in-q3-2018-404426aspx
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International News
Volkswagen CEO gets 778 mn euros in pay and benefits for 2016 ReutersSee this story in The Economic Times
Wolfsburg Volkswagen Groups Chief Executive Matthias Mueller was awarded 778 million euros ($828 million) in pay andbenefits for 2016 up from 417 million euros in total remuneration awarded a year earlier the companys annual report showed onTuesday
Mueller was not awarded a full years CEO pay for 2015 since he only took over as chief executive in September following theresignation of his predecessor Martin Winterkorn who was forced out in the wake of a diesel emissions cheating scandal
Volkswagen overhauled its bonus and executive pay policy in February this year to cap total pay for its chief executive at 10 millioneuros ($106 million) and other top managers at 55 million euros
Volkswagen brand chief Herbert Diess saw his total remuneration for 2016 fall to 393 million euros down from 713 million in 2015the annual report showed
($1 = 09401 euros)httpautoeconomictimesindiatimescomnewsindustryvolkswagen-ceo-gets-7-78-mn-euros-in-pay-and-benefits-for-201657631837Volkswagen CEO Matthias Mueller says not ruling out merger talks with Fiat ChryslerThe Financial Expresshttpwwwfinancialexpresscomindustryvolkswagen-ceo-matthias-mueller-says-not-ruling-out-merger-talks-with-fiat-chrysler587861
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Volkswagen CEO US remains core market for company APSee this story in The Economic Times
Frankfurt The CEO of German automaker Volkswagen says the United States remains a core market for the company despite itsdiesel emissions scandal and has underlined that it hopes to expand there
Matthias Mueller made the comments Tuesday at the companys annual news and investor conference at its headquarters inWolfsburg Germany
Mueller said that we are standing by our investment decisions and intend over the long term to play a significantly greater role therethan today
The Volkswagen brand has only a small share in the US market although it is important for the companys luxury brands Porscheand Audi It makes cars in Chattanooga Tennessee
US authorities uncovered Volkswagens use of engine control software that enabled vehicles to cheat on emissions testshttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsvolkswagen-ceo-us-remains-core-market-for-company57633149
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Volkswagen targets strong 2017 even as core brand struggles ReutersSee this story in The Economic Times
Wolfsburg Germany Volkswagen said it was capable of shouldering the costs of its emissions crisis and was targeting an evenbetter year than in 2016 but warned that its core autos division continued to struggle
We see good chances of being able to ride the wave of the positive performance last year when Volkswagen turned in recordunderlying profit helped by sales of upmarket Audis and Porsches Chief Executive Matthias Mueller said on Tuesday at thecarmakers annual news conference
Volkswagen expects group revenue to exceed last years record 217 billion euros ($231 billion) by as much as 4 percent this yearand is forecasting an underlying operating margin of between 6 and 7 percent compared with 67 percent in 2016 it said affirminga forecast given on February 24
The company also aims to moderately exceed last years record 103 million deliveries
You can rest assured that we will do everything in our power to make 2017 an even better year than 2016 the CEO said
But Volkswagen appears to be making slow progress in tackling the biggest trouble spot within the 12-brand group thelong-planned turnaround of its core autos division
Operating profit of the namesake brand slipped further to 187 billion euros in 2016 from 210 billion a year earlier because of highermarketing costs related to dieselgate and plunging demand in Brazil and other key markets finance chief Frank Witter said
($1 = 09394 euros)httpautoeconomictimesindiatimescomnewsindustryvolkswagen-targets-strong-2017-even-as-core-brand-struggles57630343
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VW CEO says not ruling out merger talks with Fiat Chrysler boss ReutersSee this story in The Economic Times
Wolfsburg Volkswagen Chief Executive Matthias Mueller said he is not ruling out talks with Fiat Chrysler boss Sergio Marchionneabout a possible merger
I am not ruling out a conversation Mueller told reporters on Tuesday after the carmakers annual earnings press conference inWolfsburg
Marchionne has long advocated car industry mergers to share the costs of making cleaner and more technologically advancedvehicles and has repeatedly relayed his desire via the media
It would be very helpful if Marchionne were to communicate his considerations to me too and not just to you Mueller said
I am pretty confident about the future of Volkswagen with or without Marchionne
Only last week Mueller appeared to dismiss the prospect of talks with Fiat Chrysler
We are not ready for talks about anything he told Reuters on the fringes of the Geneva auto show I havent seen Marchionne formonths he said at the timehttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsvw-ceo-says-not-ruling-out-merger-talks-with-fiat-chrysler-boss57632909
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Volkswagen chief denies talks with Fiat AFPSee this story in The Economic Times
Berlin Volkswagen chief Matthias Mueller on Tuesday denied rumours that the German auto giant was in talks with rival FiatChrysler
At present there is no contact between me and Fiat Chrysler boss Sergio Marchionne Mueller told the companys annual pressconference in Wolfsburg north Germany
Marchionne had said at the Geneva car show last week that he was expecting Volkswagen to reach out as more firms are thinkingof cost-cutting tie-ups in the vein of Frances Peugeot and German carmaker Opel
In response Mueller said he had other problems since VWs 2015 admission that it installed software to cheat regulatoryemissions tests in 11 million vehicles worldwide
He nevertheless added that Ive never said a tie-up with any other partner is altogether ruled out
VW clawed its way back to profit in 2016 and pulled ahead of Toyota to become the worlds biggest carmaker by unit sales shipping103 million vehicles over the year
Mueller on Tuesday confirmed the groups forecast of moderate growth in sales in 2017
But the firm is far from turning the page as it continues to refit cars equipped with the cheating software and faces legal action fromcustomers and investors in numerous countries
The final bill for the scandal is impossible to predict Mueller acknowledged
All we know is that this question will keep us busy for a long time several years he saidhttpeconomictimesindiatimescomindustryautovolkswagen-chief-denies-talks-with-fiatarticleshow57633113cms
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Volkswagen has good chances to build on strong 2016 performance CEO ReutersSee this story in The Economic Times
Germany Volkswagen has good chances of building on its strong 2016 performance when it swung to a record underlying profitdespite its diesel emissions crisis Chief Executive Matthias Mueller said
The Volkswagen Group is in very robust shape Mueller said on Tuesday at the carmakers annual news conference in Wolfsburg
VW expects group revenue to exceed last years record 217 billion euros ($231 billion) by as much as 4 percent this year and isforecasting an underlying operating margin of between 6 and 7 percent compared with 67 percent in 2016 it said affirming aforecast given on Feb 24
Still operating profit of its core autos division slipped further to 187 billion euros in 2016 from 210 billion a year earlier as the brandis struggling to implement a wide-ranging turnaround planhttpeconomictimesindiatimescomnewsinternationalbusinessvolkswagen-has-good-chances-to-build-on-strong-2016-performance-ceoarticleshow57630339cms
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BMW i3 batteries to be used by Vattenfall The Economic Times
New Delhi Swedish power making company Vattenfall and German auto giant BMW Group have signed a contract for the deliveryof up to 1000 lithium-ion batteries this year The batteries with a capacity of 33 kilowatt hours (kWh) each are equipped with aBMW-owned battery management system and are also used by the car manufacturer in the BMW i3
Vattenfall will purchase the new batteries from the BMW plant in Dingolfing and use them in all storage projects
Energy storage and grid stability are the major topics of the new energy world says Gunnar Groebler Senior Vice President ofVattenfall and Head of Business Area Wind
We want to use the sites where we generate electricity from renewable energies in order to drive the transformation to a newenergy system and to facilitate the integration of renewable energies into the energy system with the storage facilities Thedecoupling of production and consumption and the coupling of different consumption sectors are in the focus of our work
The first energy storage from the BMW-i3 batteries is being built at the 122 MW onshore wind farm Princess Alexia nearAmsterdam With a capacity of 32 megawatts (MW) it is Vattenfalls first large storage project in the Netherlands
Pending on a final investment decision the largest battery storage will be built at the Vattenfall wind farm Pen y Cymoedd (230 MW)in South Wales - a 22-megawatt storage facility which will help to support the stability of the country-wide power grid in the UK aspart of the so-called EFR (Enhanced Frequency Response) service
As part of the project Norddeutsche Energiewende NEW 40 Vattenfall together with the Hamburg University of Applied Sciences(HAW) and the company Nordex will implement a large battery storage at the future wind farm in Hamburg-Bergedorf
This is a so-called storage control unit made of batteries It is meant to maintain the security of supply with a feed-in of 100 percentrenewable energy In addition the battery storage contributes to the improvement of the network quality and the more efficient useof the existing network structure Other possible applications would be electricity storage in private households Energy storagesolutions are an important part of Vattenfallamprsquos strive to power climate smarter living
We are pleased that we have found a supplier in BMW who meets our high safety requirements with the use of the batteries withreliably good quality from German series production says Daniel Hustadt project manager for large batteries at VattenfallInnovation GmbHhttpautoeconomictimesindiatimescomnewsindustrybmw-i3-batteries-to-be-used-by-vattenfall57630728
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Toyota to look at Saudi production as the countries seek closer ties ReutersSee this story in The Economic Times
New Delhi Toyota Motor Corp signed a memorandum of understanding (MOU) on Tuesday with a Saudi Arabian governmentagency to conduct a feasibility study into producing vehicles and parts in the Middle Eastern nation
The move if firmed up would be a big step for the Saudi economy as the government tries to diversify beyond oil exports andcreate jobs as part of the kingdoms 2030 Vision
So far Saudi Arabia and other Gulf oil exporters have failed to significantly develop industries such as automaking because theylack broad industrial bases and a skilled local workforce
The study would take into account the evaluation of development of a local supply base using materials produced by major Saudi
companies like Sabic Maaden Petro Rabigh and other major industrial companies in the kingdom the official Saudi state newsagency reported
The MOU is with Saudi Arabias National Industrial Clusters Development Program (NICDP)
Meanwhile state-run Saudi Aramco has signed MOUs with five Japanese entities during a business forum that both nations hostedon Tuesday coinciding with a visit by Saudi Arabias King Salman this week
Saudi Aramco and Japans biggest oil refiner JX Nippon Oil amp Energy (5020T) agreed to consider a refinery joint venture in a thirdcountry and cooperation in trading and technology of oil and petrochemical products
Aramco also agreed to consider a possible future cooperation in crude oil supply and downstream business with Idemitsu KosanCompany
In addition Aramco and state-run Japan Oil Gas and Metals National Corp (JOGMEC) formally agreed to expand crude storagecapacity in Japan by 300000 kilolitres (about 19 million barrels) from the current 63 million barrels from April 1
Japan treats crude oil stored by Aramco as quasi-government oil reserves counting half of the barrels stored by Aramco as nationalcrude reserves
Companies and government organizations in both nations signed a total of 20 MOUs on Tuesday including cooperation betweenthe Saudi Arabian General Investment Authority (SAGIA) and Japans three megabanks - Mitsubishi UFJ Financial Group (8306T)Sumitomo Mitsui Financial Group (8316T) and Mizuho Financial Group (8411T) - on increasing investments in the kingdom
The MOUs also included cooperation in seawater desalinationhttpautoeconomictimesindiatimescomnewsindustrytoyota-to-look-at-saudi-production-as-the-countries-seek-closer-ties57636587
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Geneva Motor Show 2017 Airbus unveils fully electric flying car PopUp The Economic Times
Geneva Airbus along with Italdesign has unveiled the first modular fully electric zero emission concept vehicle system - PopUpat the Geneva Motor Show 2017 informed the French company in an official statement
PopUp envisages a modular system for multi-modal transportation that makes full use of both ground and airspace and isdesigned to relieve traffic congestion in crowded megacities
PopUp System consists of a three layers concept1 an Artificial Intelligence platform that based on its user knowledge manages the travel complexity offering alternative usagescenarios and assuring a seamless travel experience
2 a vehicle shaped as a passenger capsule designed to be coupled with two different and independent electric propelled modules(the ground module and the air module) Other public means of transportation (eg trains or hyperloops) could also integrate thePopUp capsule
3 an interface module that dialogues with users in a fully virtual environment
Airbus claims The PopUp vehicle combines the flexibility of a small two seater ground vehicle with the freedom and speed of avertical take-off and landing (VTOL) air vehicle thus bridging the automotive and aerospace domains
PopUpamprsquos monocoque carbon-fibre cocoon measures 26 metres long 14 metres high and 15 metres wide The capsuletransforms itself into a city car by simply coupling to the ground module which features a carbon-fibre chassis and is batterypowered
For megacity journeys with high congested traffic the capsule disconnects from the ground module and is carried by a 5 by 44metre air module propelled by eight counter-rotating rotors
ampldquoAdding the third dimension to seamless multi-modal transportation networks will without a doubt improve the way we liveand how we get from A to Bamprdquo said Mathias Thomsen General Manager for Urban Air Mobility at Airbus on the occasion ofthe unveil
ampldquoSuccessfully designing and implementing solutions that will work both in the air and on the ground requires a joint reflectionon the part of both aerospace and automotive sectors alongside collaboration with local government bodies for infrastructure andregulatory frameworks Italdesign with its long track record of exceptional vehicle design was an exciting partner for Airbus for thisunique concept projectamprdquo
ampldquoToday automobiles are part of a much wider eco-system if you want to design the urban vehicle of the future the traditionalcar cannot alone be the solution for megacities you also have to think about sustainable and intelligent infrastructure appsintegration power systems urban planning social aspects and so on In the next years ground transportation will move to the nextlevel and from being shared connected and autonomous it will also go multimodal and moving into the third dimensionamprdquo saidItaldesign CEO Joumlrg Astaloschhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsgeneva-motor-show-2017-airbus-unveils-fully-electric-flying-car-pop-up57630936
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Nissan boosts management presence at Mitsubishi Motors ReutersSee this story in The Economic Times
Tokyo Mitsubishi Motors on Tuesday said an additional four Nissan executives would join its management team as Nissan tightensits control over the smaller struggling automaker in which it took a controlling stake last year
The announcement is part of Mitsubishi Motors efforts to rebuild its management system after it admitted last year that it hadoverstated the mileage on a number of its cars sold in Japan battering domestic sales and tarnishing its brand image
From April corporate vice president positions for roles including product development and marketing and sales would be occupiedby officials from Nissan Mitsubishi Motors said
This would hike the number of Nissan executives on Mitsubishi Motors management team to seven from two now
We need to strengthen our corporate governance to avoid a repeat of last years scandal along with scandals previous to thatMitsubishi Chief Executive Officer (CEO) Osamu Masuko told reporters during a teleconference
After taking a one-third stake in Mitsubishi Motors Nissan installed Carlos Ghosn - its CEO at the time - as chairman of MitsubishiMotors while also naming two Nissan officials to Mitsubishis board of directors
Nissan also dispatched other executives to the smaller automaker including Trevor Mann previously Nissans chief performanceofficer who became chief operating officer at Mitsubishi late last year
Last month Ghosn said he would step down from the top position at Nissan to focus on deepening the companys alliance withRenault SA and Mitsubishi Motors
Separately Nissan said Shiro Nakamura the companys chief creative officer and one of Japans best-known car designers willretire after nearly 20 years at the automaker
Nakamura 66 is recognised for referencing science fiction anime and embracing Japans culture of cute in models including theGT-R supercar the Cube compact MPV and the Juke SUV crossover setting the automaker apart from many of its rivals whichhave been accused of making lookalike cars
Nakamura joined Nissan in 1999 from Japanese truckmaker Isuzu Motors and was one of the first key hires by Ghosn shortly afterGhosn himself arrived from French automaker Renault to save the company from bankruptcy
Alfonso Albaisa who currently overseas design at Nissans premium Infiniti brand will succeed Nakamura while former BMWglobal chief designer Karim Habib will become the brands new chief designer effective July 1httpautoeconomictimesindiatimescomnewsindustrynissan-boosts-management-presence-at-mitsubishi-motors57631800
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Renault Zoe e-Sport breaks covers at 2017 Geneva Motor Show The Economic Times
New Delhi In the ongoing Geneva Motor Show Renault has showcased its new two-seat version of its electric car Renault Zoee-Sport The company claims to have taken the design cues from Formula E
The ZOE e-Sport Concept is the fully electric concept car that embodies Renaultamprsquos commitment to the idea that electric carscan be fun and fast says Renault The sporting credentials of the ZOE e-Sport Concept extend beyond the caramprsquos styling andthe same blue livery as the Renault edams teamamprsquos front-running Formula E single-seaters
The bodywork of the ZOE e-Sport Concept is made entirely from lightweight carbon fibre which helps to ensure outstandingacceleration from standstill to 100kph in just 32 seconds The car tips the scales at a mere 1400 kilograms including 450kilograms of batteries
The car is powered by two electric motors capable of generating 450 bhp and 650 Nm of torque One of the motor is powered to therear axle and the other to the front axle Renault Zoe e-Sport gets the same 40 kWh battery which powers the standard variant ofthe car
Jean-Christophe Kugler CEO Renault Europe said that the concept as a link car - a styling exercise intended to connect the Zoeroad car with what Renault is doing in Formula E racing and to send a message that EVs are fun to drive Its not a signal of thefuture for Zoe and we have no intention to develop a performance version
Renault also claims that the electric performance car uses the same air and water cooling systems as the Renaultamprsquos FormulaE car The car is based on a tubular steel chassis with use of extensive carbon fibre The car also gets four driving modes
At the moment Renault has no plans to make the Zoe e-Sport into productionhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsrenault-zoe-e-sport-breaks-covers-at-2017-geneva-motor-show57627528
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Sensata Technologies opens testing facility in Bulgaria ReutersSee this story in The Economic Times
Sofia Sensata Technologies has opened its largest global testing facility in Sofia to support its automotive sensing technologies thecompany said on Tuesday
Sensata which has manufacturing sites in 13 countries already employs 3000 people in Bulgaria where it produces pressure andhigh temperature sensors for the automotive market and operates a business centre
In recent years inexpensive labour low taxes and an educated workforce have encouraged dozens of car part producers and ITand business outsourcing companies to set up in the Balkan countryhttpautoeconomictimesindiatimescomnewsauto-componentssensata-technologies-opens-testing-facility-in-bulgaria57632975
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Driving driverless Quest for an autonomous car has reached a truck now Nandagopal RajanThe Financial Express
At San Franciscoamprsquos Pier 90 chock-a-block with cargo vehicles it is pretty tough for any truck to stand out But a white Volvotruck with Otto emblazoned on it is the centre of attention This is the next big thing in automated cars and has already shown itsmettle by delivering a consignment of Budweiser beer in Colorado without a driver controlling it on the freeway
Uber is one of the many companies thinking in terms of driverless car While CEO Travis Kalanick says automated vehicles areampldquoexistentialamprdquo for the ride-hailing companyamprsquos future he is not alone in the race to drive without drivers Just in theUS at least 23 companiesampmdashincluding Tesla Google and Volkswagenampmdashhave registered in autonomous vehicleprogrammes The idea that fuels this cutting-edge technology is pure economics at the end of the day Cars suffer from seriousissues of inefficiency as they sit idle 95 of the time Considering that the world has 1200000000 cars this is inefficiency at agargantuan scale Add to this the fact that cars amount for 22 of all emissions globally and muddy the urban infrastructureproblem by creating the need for parking spaces
Since 1984 when the first experimental self-driving cars appeared there has been much progress on the technology leading toMercedes-Benz showcasing its concept car the F 015 at the Consumer Electronics Show in Las Vegas in 2015 Everyone has adifferent take on the technology but in the end the idea is to make cars intelligent and independent enough to be aware ofsurroundings and take decisions based on that
Interestingly Uberamprsquos dream is to bring ampldquoreliable transportation to everyone everywhereamprdquo now extended toeverything too with the trucks from Otto a start-up it acquired last year Matt Sweeney who heads product at UberamprsquosAdvanced Technology Group says ampldquothe truck and passenger vehicles share software and hardware components and thishelps us work on different aspects of the self-driving problem at the same timeamprdquo But on scope passenger vehicles are forurban environments where Uber has its focus on ride-sharing while trucks will be for high-speed highways where the constraintsare different
Just last week Uber got a permit from California Department of Motor Vehicles to test two self-driving Volvo SUVs on public roadsthough it will need to have backup drivers behind the wheel in case the prototype cars malfunction Its self-driving cars have beenrunning test drives in other parts of the US too
The Otto truck comes with a rig of radars laser scanners and stereo cameras that give the computers inside a live 360-degreevision of its environment with high dynamic range high resolution and high colour information imagery so that the truck can besmart enough to decide what to do next But the computing task this presents is ampldquoalmost as big as a small datacentreamprdquo Sweeney says the computing has to be done inside as ampldquothere is no tech that can let us send all that data tothe cloud real time and hence a lot of the computing has to be done in the truck itselfamprdquo
ampldquoA lot of the tech is based on prior mapping but in subsequent runs we see differences that have come about in the area andpay attention on those objects that are differentamprdquo
Interestingly Otto is being sued by Googleamprsquos Waymo self-driving car unit which claims its former employee and start-upfounder Anthony Levandowski stole its proprietary design for its laser-based radar system There are other challenges tooampldquoUber tech is different because we are trying to make this on top of the ride-sharing network that we already haveamprdquo headded
Nissan in contrast keeps the driver and not the technology at the centre and its definition of an ampldquoautonomous caramprdquo ishence a vehicle with different levels of driving technologies that enable it to operate autonomously for certain periods of time ANissan spokesperson said on the technology side the challenges are in artificial intelligence software development data processingand digital mapping technologies while on the social environment side laws and regulations along with modifications of roadinfrastructure will become necessary
This contrast in technologies is why it is important to see how the entire ecosystem evolves maybe with different platforms talkingto each other But Uber is not depending on this ampldquoWe need to see and interact with vehicles but there is no guarantee wewill have that technology So we are approaching it with the assumption it wonamprsquot existamprdquo says Sweeney
Uberamprsquos goal is to take its technology everywhere but can these vehicles actually be practical for an environment like IndiaSweeney accepts the new elements this will throw in along with the sheer volume will present a slew of challenges ampldquoThoseare situations we think we will be able to tackle but those are not the first places we will goamprdquo he explains adding that theywill look for opportunities where they can deploy this technology safely Clearly this drive has just started(The author attended the Uber Media Summit in San Francisco at the invitation of Uber)httpwwwfinancialexpresscomopiniondriving-driverless-quest-for-an-autonomous-car-has-reached-a-truck-now588112
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Samsung completes acquisition of Harman The Economic Times
New Delhi The arrest of the Vice-Chairman of Samsung Board Lee Jae Yong on bribery and corruption charges has not affectedthe deal between Samsung and Harman International IndustriesIn a media statement the South Korean giant confirmed thecompletion of its largest such deal ever
Under the terms of the merger agreement Harman stockholders will receive $11200 per share in cash The completion follows thesatisfaction of all conditions to the closing of the transaction including approval of the transaction by HARMAN stockholders andreceipt of all necessary regulatory approvals in the United States and certain foreign jurisdictions
ampldquoToday is a historic moment for us The close of this transaction opens the door to create substantial growth opportunitiesand deliver greater benefits for customers worldwideamprdquo said Young Sohn President and Chief Strategy Officer of SamsungElectronics and Chairman of the Board HARMAN ampldquoWe see transformative opportunities in the car ampndash and a futurewhich seamlessly connects lifestyle across automotive home mobile and work Samsungamprsquos and HARMANamprsquosleadership in these spaces perfectly positions Samsung to be the preferred partner to our OEM customers In addition bringingtogether HARMANamprsquos iconic audio brands and capabilities paired with Samsungamprsquos leading display technologies willdeliver enhanced audio and video experiences to consumers and professional end markets And most importantly we areenthusiastic about our common vision the similarities in our culture of innovation and the added value we can create for customersWe look forward to working with all of HARMANamprsquos employees to execute on our visionamprdquo
Harman boasts around 30000 employees spreadout across different brands including JBL Infinity Lexicon and Mark LevinsonThe company will continue to conduct business as an independent subsidiary under the terms of the deal with Samsung
ampldquoWe are excited to have completed the transaction which provides compelling cash value to our stockholders benefits ourcustomers and provides new opportunities for our employeesamprdquo said Dinesh Paliwal Harman President and CEOampldquoSamsung shares our commitment to our customers and our culture of speed innovation and execution Samsung providesHarman with the scale platform and complementary technologies to accelerate growth and extend our global market leadership inautomotive smart audio and connected technologies Recognizing the importance of partnerships in an increasingly connectedworld particularly in automotive we are poised to leverage our combined teams and resources to produce even greater value forour customers Working closely with automakers and other technology companies Samsung and Harman will define ampndash anddrive ampndash the future of automotiveamprdquohttpautoeconomictimesindiatimescomnewsauto-technologysamsung-completes-acquisition-of-harman57624440
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Skoda delivers 81200 units in Feb 2017 globally The Economic Times
Mlada Boleslav Czech car manufacturer Skoda in a press release stated that the company delivered 81200 vehicles to customersworldwide in February 31 more than in the same period last year (February 2016 78800) brvbarkoda also claims that it has soldmore cars than any February in its history The Czech manufacturer achieved double-digit growth in Central and Eastern Europe (+129 and + 133) India (+ 128) and Israel (+ 198) among others
We are delighted with our strong start to 2017 We expect the market launch of the OCTAVIA product upgrade as well as the newKodiaq to create further momentum says Werner Eichhorn brvbarKODA Board Member for Sales and Marketing
In Western Europe deliveries to customers rose by 70 in February to 34800 vehicles (February 2016 32500) With 12600vehicles Germany remains the strongest single European market (February 2016 12100 vehicles +45) brvbarKODA recordeddouble-digit growth rates in the UK (3400 vehicles +236) Italy (2200 vehicles + 201) Belgium (2 000 vehicles +271) andAustria (1900 vehicles +647)
In Central Europe brvbarKODA achieved an increase of 129 with 17400 cars (February 2016 15400 vehicles) Deliveries on thehome market of the Czech Republic rose by 88 to 8200 vehicles in Poland (5700 vehicles + 163) Slovakia (1700 vehicles+154) Slovenia (600 vehicles +226) and Croatia (300 vehicles +469) also rose in double figures
In Eastern Europe excluding Russia Skoda achieved a year-on-year increase of 133 with 2800 vehicles delivered (February2016 2500 vehicles) In the same period 400 customers in Ukraine received their new brvbarKODA ampndash an increase of 939(February 2016 200 vehicles) The number of deliveries increased significantly in Bosnia (200 vehicles + 557) Bulgaria (200vehicles +175) and the Baltic States (600 vehicles + 229) In Russia brvbarKODA achieved an increase of 46 with 4300vehicles (February 2016 4100 vehicles)
In China ampndash the brandamprsquos largest market worldwide ampndash brvbarKODA handed over the keys to 15000 new vehicles(February 2016 18500 vehicles -188) Deliveries overseas increased by 98 to a total of 2500 vehicles
At the Geneva Motor Show brvbarKODA is presenting several new highlights These include the brvbarKODA KODIAQ SCOUT and brvbarKODAKODIAQ SPORTLINE alongside the extensively upgraded brvbarKODA OCTAVIA as well as the sporty spearhead brvbarKODA OCTAVIA RS245 and the brvbarKODA OCTAVIA SCOUT with a rugged off-road look In addition the upgraded brvbarKODA models RAPID and RAPIDSPACEBACK and Citigo are on show
brvbarKODA deliveries to customers in February 2017 (in units rounded off by model +- in percent compared to February2016)brvbarKODA OCTAVIA (28600 -86)brvbarKODA FABIA (16700 + 152)brvbarKODA RAPID (15000 + 121)brvbarKODA SUPERB (10900 + 171)brvbarKODA KODIAQ (1300 + 1000)brvbarKODA YETI (6300 -157)brvbarKODA CITIGO (only sold in Europe 2300 -164)httpautoeconomictimesindiatimescomnewspassenger-vehiclecarsskoda-delivers-81200-units-in-feb-201757626693
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Isuzu claims more durability on its diesel engines for trucks The Economic Times
Indianapolis Isuzu Commercial Truck of America has announced that the B10 durability rating of its 4HK1-TC diesel engine hasbeen increased to 375000 miles informed the company in an official statement
To elaborate further on what it means the Japanese commercial vehicle manufacturer went on to say that A B10-life rating is anindustry-standard gauge provided by engine makers to help consumers determine the long-term durability of an engine Thenumber following the B indicates the percentage of an engineamprsquos population that will require an overhaul before the indicatedmileage
That means that 90 of Isuzu 4HK1-TC engines are expected to last 375000 miles before they require a major repair or rebuildPreviously the 4HK1-TC engine carried an already-robust B10 durability rating of 310000 miles added the company
ampldquoWe are proud to say that Isuzu diesel engines are already known worldwide for their long-term dependabilityamprdquo saidShaun Skinner president of Isuzu Commercial Truck of America ampldquoOur new B-10 rating is strong evidence that our enginesare even more durable than everamprdquo
The turbocharged intercooled 4HK1-TC four-cylinder diesel engine displaces 52 liters and generates 215 horsepower Torqueratings vary depending on model The engine is fitted to Isuzu NPR-HD NPR-XD NQR and NRR models as well as the all-new2018 Isuzu FTR Class 6 truck
The company made the above announcement at the National Truck Equipment Associationamprsquos 2017 Work Truck Show inIndianapolis held on March 13httpautoeconomictimesindiatimescomnewsauto-componentsisuzu-diesel-engines-for-trucks-now-become-more-durable57626832
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MoS visits Rolls-Royces new logistics centre in England The Economic Times
New Delhi Nick Gibb Minister for School Standards and MP for Bognor Regis and Littlehampton has visited Rolls-Royce MotorCars Technology and Logistics Centre on Monday informed the British luxury car maker in a media release
During the visit Gibb toured the facility met the expert team onsite and was briefed on the companyamprsquos future plans to expandthe Centre He also took the opportunity to learn more about the Rolls-Royce Motor Cars apprenticeship graduate and internprogrammes
Nick Gibb said ampldquoThe original announcement that Rolls-Royce Motor Cars would be locating its Technology and LogisticsCentre in Bognor Regis was a great boost for our town and warmly welcomed I am delighted to see the huge new state of the artfacilities fully operational and providing high quality jobs for local people The support of such a prestigious company is good newsfor Bognor Regis and for the wider local economyamprdquo
He continued ampldquoIt is very welcome that Rolls-Royce operates an apprenticeship scheme ensuring the company has the skillsit needs for the future and providing opportunities and training for a cohort of young people every year This year Rolls-Royce istaking on record numbers of apprenticesamprdquo
The new Rolls-Royce Technology and Logistics Centre at Bognor Regis opened on schedule in January 2016 The purpose-built30000m2 facility is located close to the companyamprsquos head office and manufacturing plant at Goodwoodhttpautoeconomictimesindiatimescomnewsindustrymos-visits-rolls-royce-new-logistics-centre-in-england57626981
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All new Mazda CX-5 to be produced at Hofu Plant The Economic Times
Hiroshima Japan Japanese automaker Mazda Motor Corporation starting from November is going to produce the all-new MazdaCX-5 crossover SUV at its Hofu Plant in addition to the Hiroshima Plant where it is currently produced
The company informed that the move will help the automaker respond quickly and flexibly to growing demand for SUVs globally
Mazda aims to create a production system that can respond flexibly to changes in demand for crossover vehicles as it works tomeet its global sales goal of 165 million units
Launched domestically in February the all-new CX-5 has till date recorded sales of 16639 units about seven times the monthlytarget claims the company
As with the CX-3 starting production of the CX-5 at Hofu Plant as well is part of our plan to build a production framework that givesus more flexibility between plants and between models said Masatoshi Maruyama Managing Executive Officer in charge of GlobalProduction We will do everything we can to get customers the crossover vehicles they want as quickly as possiblehttpautoeconomictimesindiatimescomnewspassenger-vehicleuvall-new-mazda-cx-5-to-be-produced-at-hofu-plant57627447
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Rheinmetall receives over $25 mn order from American carmaker The Economic Times
New Delhi German automotive parts supplier Rheinmetall has booked its first order for a special application of coolant valves by amajor American carmaker and destined for the NAFTA market
The company in a statement said that the order has a lifetime value of over US$25 million (around Rs 165 crore) Series productionof the valves is scheduled to start in 2019 with the contract set to run for about five years
Talking about the product the company went on to say that the innovative valves play a lead role in intelligent thermal and energymanagement on modern vehicle engines These often have several cooling circuits which are controllable with the aid of switchingseat valves
As from model year 2020 this particular customer will be installing several versions of such valves on gasoline and diesel enginesfor pick-ups with over 6 liters displacement
They will take over functions in the cooling circuit of the transmission ensuring that it reaches operating temperature faster byswitching off the coolant flow when the engine is started This also helps to reduce emissions added the companyhttpautoeconomictimesindiatimescomnewsauto-componentsrheinmetall-receives-over-25-mn-order-from-american-carmaker57628058
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Nissans Infiniti names former BMW executive as new design chief ReutersSee this story in The Economic Times
Beijing Infiniti Nissan Motors premium brand named Karim Habib former global design chief for BMW as the brands new chiefdesigner effective July 1
Habib will replace Alfonso Albaisa who will be promoted to lead Nissans global design according to a press release seen byReuters Habib will report to Albaisa
Habib who has worked for several premium automotive brands including BMW and Daimler will be based in Nissans technicalcentre in Atsugi Japan and lead Infinitis design teams in Japan Beijing San Diego and Londonhttpautoeconomictimesindiatimescomnewsindustrynissans-infiniti-names-former-bmw-executive-as-new-design-chief57630437
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Elon Musks bold offer of Tesla batteries wont solve Australias power problems ReutersSee this story in The Economic Times
Launceston Australia Australia is becoming an interesting microcosm on how to or how not to transition an economy from beingpredominantly powered by coal to more climate-friendly alternatives
The dramatic intervention by Tesla Inc Chief Executive Elon Musk last week is just the latest twist in an ongoing saga that pits
business government farmers government and environmentalists against each other
Musk in an exchange of tweets with software billionaire Mike Cannon-Brookes chief executive of Atlassian Corp offered to fix theelectricity supply problems of South Australia state within 100 days of signing a contract
Musks plan is to install 100 megawatts (MW) of grid-connected battery storage which would be available to meet peak demandand would be charged with surplus electricity from other generating sources in periods of low demand
Its a bold offer and would most likely provide a quick fix to Australias fourth-largest state which suffered a blackout last Novemberand has been dealing with power shortages over the peak summer period
Businesses like BHP Billiton which operates the giant Olympic Dam copper mine in the state have been pushing for thegovernment and other stakeholders to ensure stable electricity supply saying the cost of blackouts runs into millions of dollars inlost output
Musk whose Tesla Corp is ramping up output of its battery storage packs at its Gigafactory in Nevada held talks with AustralianPrime Minister Malcolm Turnbull at the weekend as well as with South Australian Premier Jay Weatherill
The politicians will no doubt be tempted to Musks offer to install batteries especially since the electric car pioneer said if he didntmeet his 100 day deadline he wouldnt charge anything
But while Musks offer if taken up would provide a quick fix it would not do enough to mend the underlying problems at the heart ofAustralias electricity woes
Its worth looking at how Australia got itself to the point where virtually all players can agree that the nation is facing somethingapproaching an energy crisis
After all the country is not short of fossil fuels such as coal and natural gas and its climate and low population density outside themajor cities are ideal for renewables such as solar and wind power
The country is heavily reliant on an ageing fleet of coal-fired power stations which makes Australia one of the highest polluters percapita
These coal power stations are starting to close down with one shutting in South Australia last year and another planned to close inVictoria state at the end of this month
The problem is that the coal-fired power stations role as providers of base load electricity cannot be taken over by wind and solarand the role is falling to natural gas
But natural gas is also the most expensive method of generating electricity in Australia so utilities are reluctant to run their gas-firedplants until prices are high enough to justify the cost
South Australia has a gas-fired plant that was mothballed until last years power supply crisis but even with the higher prices forelectricity the operator is struggling to make the plant profitable
The state moved on Tuesday to try and address its energy security issues announcing it would build a 250 MW gas-fired plant andhelp the private sector build a 100 MW battery at a total cost of A$510 million ($385 million)
Gas Supply ConstraintsNatural gas supply is becoming a problem in Australia which may seem ironic given the country is on the verge of becoming theworlds largest exporter of liquefied natural gas (LNG) as the last of eight new plants come closer to completion
In fact the new LNG plants are copping some of the blame for the tightening natural gas market especially the three in easternQueensland state based on using coal-seam gas as the feedstock
These are being blamed for sucking domestic natural gas out of the market and into the export LNG industry
What hasnt helped is that some of Australias state and territory governments are also pursuing policies that will restrict futurenatural gas supplies
Victoria state has banned hydraulic fracturing or fracking as well as shale and coal-seam gas exploration while the NorthernTerritory New South Wales and Tasmania have various moratoriums on fracking
This leaves Western Australia Queensland and South Australia as the remaining states where onshore natural gas supplies can bedeveloped and they are now in the cross-hairs of the environmental lobby which is opposed to any and all new natural gas wells
Politicians across the traditional Labor-Liberal divide are increasingly giving in to demands to restrict natural gas exploration whilepretending that this wont have a negative impact on energy security and electricity prices
But the costs are starting to become apparent with spot electricity prices surging over the Australian summer and natural gassuppliers warning that they will be unable to meet the needs of industrial customers without action being taken
Its often the case politicians only take action when the point of crisis is reached and this appears to be the case in Australia
Whats needed is a holistic approach to energy supply as Australia transitions away from coal-fired power
This means ensuring enough natural gas is available to provide base load generation while scaling up renewables such as solar
wind pumped hydro and battery storage
Forging enough common ground with the various stakeholders will be the main obstacle but more than anything else Australia isshowing how difficult it is to end the age of coalhttpautoeconomictimesindiatimescomnewsindustryelon-musks-bold-offer-of-tesla-batteries-wont-solve-australias-power-problems57630514
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Innogy in talks with car consortium over charging stations CEO ReutersSee this story in The Economic Times
Essen Germany Innogy is in intense talks with a group of carmakers Chief Executive Peter Terium told journalists on Mondayhoping to be selected as a supplier of super-fast charging stations for electric vehicles across Europe
Its not a done deal yet Terium said pointing to strong competition from rival vendors
BMW Volkswagen Ford and Daimler plan to build about 400 next-generation charging stations in Europe that can reload anelectric car in minutes instead of hours
Sources told Reuters in January that Innogy was in talks with the consortiumhttpautoeconomictimesindiatimescomnewsindustryinnogy-in-talks-with-car-consortium-over-charging-stations-ceo57624184
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China may roll back electric vehicle quotas as industry pushes back ReutersSee this story in The Economic Times
Beijing China is considering easing proposed quotas aimed at producing more electric vehicles as Beijing gets pushback from theautomotive industry over the scale and pace of the plans
If adopted proposed changes under discussion could see a target of new energy vehicles (NEV) making up 8 percent of sales nextyear pushed to 2019 two auto executives said
The changes would lower targets from a draft policy released in September requiring 8 percent of automakers sales to be batteryelectric or plug-in hybrid vehicles by 2018 rising to 10 percent in 2019 and 12 percent in 2020
Any loosening of NEV targets would mark a pull back by Beijing which has faced opposition to the planned targets as it looks todrive its domestic carmakers to overtake global rivals in the green vehicle sector
Automakers and industry bodies have said the targets are too tough and could hurt manufacturers interests New energy vehicleslast year accounted for just 18 percent of sales in the worlds biggest autos market according to Reuters calculations based onofficial data
Its normal to make revisions as its a draft plan An Jin chairman of Anhui Jianghuai Automobile Group (JAC Motor) said on thesidelines of the National Peoples Congress in Beijing
He said he was aware of talks to revise the quota targets but said nothing was set in stone JAC hasnt been told what revisionsmight be made to the draft but I think it is possible the draft will be changed after the discussions he said
Whether the whole market can hit this quota by 2018 depends a lot on the strength of government policy If its strong then weshould be able to surpass the targets An said (But) if you consider Chinas infrastructure and the transformation of Chinas autosector then perhaps the pace will have to slow
Two Percent CutTwo executives familiar with the plans told Reuters the government was considering options for lowering the requirements
One idea was to reduce the quota requirement by 2 percent each year cutting the 2018 requirement to 6 percent said aChina-based government relations official at a major global automaker It would then be 8 percent in 2019 and 10 percent in 2020
Another option would be to push back each target by a year with the 8 percent quota starting from 2019 an executive at aJapanese car maker said
Both asked not to be named due to the sensitivity of the matter and because the draft was still under consideration
The overall policy includes quotas for plug-in cars targets for average fuel economy requirements and a credit trading system topromote green energy cars while penalizing petrol cars
The two people said the quota stand-off was tied to a disagreement between the Ministry of Industry and Information Technology(MIIT) and Chinas top state planner the National Development and Reform Commission (NDRC)
MIIT which regulates manufacturers supports a more flexible credit trading system favoured by automakers The NDRC is more
aggressive in promoting a transition to electric vehicles pushing the introduction of the stricter quotas
An NDRC spokesman said the body played a small role when the draft was open to public for discussion MIIT did not immediatelyrespond to Reuters requests for comment
China has strongly supported and subsidized electric vehicles but is gradually swapping out incentives for hard targets automakersmust meet The central government cut subsidies 20 percent this year a first reduction towards eliminating them by 2020httpautoeconomictimesindiatimescomnewspolicychina-may-roll-back-electric-vehicle-quotas-as-industry-pushes-back57623608
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Russias standards agency says Volkswagen recalls 43151 Skoda cars ReutersSee this story in The Economic Times
Moscow Russias standards agency said on Monday that Volkswagens Russian operation had informed it about the voluntaryrecall of 43151 Skoda cars due to a possible technical fault
The recall affects Skoda Octavia Superb Fabia Yeti and Rapid cars sold in Russia between 2012 and 2016 the watchdog saidhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsrussias-standards-agency-says-volkswagen-recalls-43151-skoda-cars57624140
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Economy
Rupee hits 1-12 yr high surges 78 paise on BJP sweep PTISee this story in The Economic Times
Mumbai The rupee surged by a massive 78 paise to end at a nearly one-and-a-half year high of 6582 against the US dollar onfrantic unwinding of the American currency following BJPs emphatic victory in Uttar Pradesh
Forex market sentiment soared on hopes that BJPs stellar show in state polls would pave the way for the Modi government to focuson key reform measures
The home currency resumed on a strong footing at 6620 from last Fridays closing value of 6660 at the Interbank ForeignExchange (forex) market on heavy dollar unwinding from speculative traders and exporters tracking weekend developments
Maintaining its bullish momentum against the dollar the rupee hit a fresh intra-day high of 6576 in late afternoon deals beforeending at 6582 showing a solid gain of 78 paise or 117 per cent
This is the highest closing of the rupee since November 6 2015 when it had ended at 6576
Meanwhile the RBI fixed the reference rate for the dollar at 661800 and for the euro at 704354
Financial markets too took comfort from BJPs landslide victory with the broader Nifty climbing 15245 points to a new closing peakof 9087 and the Sensex rallying 49640 points to end at 2944263
The much-anticipated turnaround on the economic front has opened up a barrage of foreign capital fund flows into India
Foreign investors pumped in over Rs 10000 crore in the Indian capital markets this month so far
It also got an added fillip from bullish macro data which showed that the countrys industrial production bounced back in Januaryexpanding by 27 per cent year-on-year
Factory output measured in terms of Index of Industrial Production (IIP) had contracted by 01 per cent in December
However inflation based on wholesale prices shot up to a 39-month high of 655 per cent in February against 525 per cent inJanuary according to official data
On the global front the dollar traded firmly higher against its major counterparts ahead of the two-day Fed meet when it could liftrates for the third time since the financial crisishttpautoeconomictimesindiatimescomnewsindustryrupee-hits-1-12-yr-high-surges-78-paise-on-bjp-sweep57635104
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Nifty hits all time high of 912275 Sensex surges 616 points after big BJP win The Economic Times
Mumbai The Nifty jumped to life highs on Tuesday after the BJPamprsquos thumping win in the crucial state of Uttar Pradeshrekindled hopes of a bigger-than-expected push for reforms by the Narendra Modi government
The Nifty up 11 so far this year crossed its previous life high of 9119 to hit 912275 before ending the day 171 or 15245points higher at 9087 This is the indexamprsquos biggest single-day gain in points since February 1 and caps a strong reboundsince the December 26 low of 7893 on demonetisation worries
The Sensex surged by 616 points or 212 intra-day before ending the day at 2944263 up 49640 points This is its biggest gainsince May 25 last year The index is the best performer among all developed and emerging market indices in local currency terms inthe past three months
The rupee surged 79 paise to a 16-month high of 6582 to the dollar as exporters sold more dollars and foreign investors boughtlocal shares BSE data showed that foreign investors bought local shares worth Rs 4089 crore their biggest single-day purchasesince February 17 when they purchased Rs 8059 crore
FPIs have bought shares worthRs 23132 crore since January this year against net sales of Rs 9800 crore in the same period lastyear The BSE Midcap and Smallcap indices gained 144 each
ampldquoOne must be ready for a correction after a rally but I am optimistic about the medium to longterm prospectsamprdquo saidMotilal Oswal chairman Motilal Oswal Financial Services Ltd ampldquoFundamentally valuations are comfortable at this point intime because of good corporate earnings growth In the short term markets may remain volatileamprdquo
BJP romped to victory in UP on Saturday winning 312 out of the 403 seats Its allies won 13 more taking the NDA tally to 325 Thisis the biggest win recorded by any party in the state since 1977 and has raised prospects of the BJP doing well in other electionsthis year and next Many political pundits also believe that the victory has improved Prime Minister Narendra Modiamprsquos chancesof retaining power in the 2019 general election
Barring the metals index all other sectoral indices on the NSE ended with gains on Tuesday About 55 stocks including TitanJubilant Life Sciences Kotak Mahindra Bank IndusInd Bank YES Bank and Indiabulls Housing Finance among others hit life highswhile 92 stocks were locked in upper circuit with no sellers
ampldquoWith the sharp rally the market which is currently susceptible to global risk is trading at above average multiples and westay cautious near termamprdquo said Sanjay Mookim India Equity Strategist BofA Merrill Lynch ampldquoIndiaamprsquos businesscycle should improve over the next several quarters while improving construction should drive capex which is good forequitiesamprdquo
Some market experts are divided over the near-term outlook as indices have begun to look expensive at current valuations Plusthere is no immediate trigger for upgrade
ampldquoValuations of the Indian market are quite high and would require the support of strong earnings growth Any disappointmenton earnings will make valuations look even more expensive which the market may not likeamprdquo said Sanjeev Prasad senior EDand co-head of Kotak Institutional Equities
ampldquoGlobal and domestic interest rate cycles are no longer supportive with likely increase in developed markets bondyieldsamprdquo
ampldquoWhile markets are expecting a rate hike this meeting what will be of more interest is the commentaryamprdquo said DipenShah senior V-P PCG research Kotak Securities ampldquoIf it is hawkish it may have an impact on fund flows to emerging marketsbut India may be relatively less impacted because of the continuing domestic flowsamprdquo
ampldquoNotwithstanding the election results we believe the risk-reward is not favourable currently and advise investors to sell intothis rally We expect Nifty EPS to rise 15-16 in FY18 and see no trigger for an earnings upgrade at this junctureamprdquo ReligareInstitutional Research said in a notehttpeconomictimesindiatimescommarketsstocksnewsnifty-hits-all-time-high-of-9122-75-sensex-surges-616-points-after-big-bjp-winarticleshow57639036cms
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WPI inflation up 655 for February 2017 The Economic Times
New Delhi The annual rate of inflation based on monthly Wholesale Price Index (WPI) stood at 655 percent (provisional) for themonth of February 2017 (over February 2016) as compared to 525 percent (provisional) for the previous month and -085 percentduring the corresponding month of the previous year
The official Wholesale Price Index for amplsquoAll Commoditiesamprsquo for the month of February 2017 rose by 05 percent to 1855(provisional) from 1846 (provisional) for the previous month
The index for primary articles rose by 09 percent to 2581 (provisional) from 2557 (provisional) for the previous month
The inflation rate for Fuel and power group rose by 13 percent to 2038 (provisional) from 2012 (provisional) for the previousmonth due to higher price of coking coal (15 percent) aviation turbine fuel (3 percent) bitumen (2 percent) and kerosene highspeed diesel LPG and lignite (1 percent each) However the price of furnace oil (1 percent) declined
The index for the major group of manufactured products remained unchanged at its previous monthamprsquos level of 1588
(provisional) In this group the index for amplsquoRubber amp Plastic Productsamprsquo group rose by 02 percent to 1489 (provisional)from 1486 (provisional) for the previous month due to higher price of rubber products (1 percent)
The index for amplsquoTransport Equipment amp Partsamprsquo group rose by 05 percent to 1405 (provisional) from 1398 (provisional)for the previous month due to higher price of auto rickshaw tempo matador (4 percent) and auto parts (1 percent)
For the month of December 2016 the final Wholesale Price Index for amplsquoAll Commoditiesamprsquo stood at 1833 as comparedto 1828 (provisional) and annual rate of inflation based on final index stood at 368 percent as compared to 339 percent(provisional) respectively as reported on January 1 2017httpautoeconomictimesindiatimescomnewsindustrywpi-inflation-up-6-55-for-february-201757627665
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February CPI at 365 vs 317 in January highest since October 2016 PTISee this story in The Economic Times
New Delhi Retail inflation rose to 4-month high of 365 per cent in February mainly due to surge in price of food items like fruitssugar and confectionery
Measured in terms of Consumer Price Index (CPI) the inflation had dipped to a multi-year low of 317 per cent in January this yearon account of cash crunch following demonetisation It was 526 per cent in February last year
According to the CPI data released today by the Central Statistics Office (CSO) the consumer food prices index (CFPI) rose by201 per cent in February from 061 per cent in January The CFPI was 53 per cent in February 2016
Inflation in fruits was higher at 833 per cent fuel and light at 39 per cent in February The rate of price rise in meat and fish was 35per cent in February
Prices of sugar and confectionery items rose by 1883 per cent in February while inflation in milk and milk product increased by 422per cent
The rate of inflation in household goods and services was 409 per cent while this rate was in health segment was 4 per cent Thetransport and communication became expensive by 539 per cent
The personal care and effects segment rose by 515 per cent while the education became more expensive by 537 per cent inFebruary this year
The inflation rate was 438 per cent in clothing and footware segment while it was 49 per cent in housing segment
However the prices of vegetables and pulses declined by 829 per cent and 902 per cent respectively
Rural retail inflation was at 367 per cent in February compared with 336 per cent in the preceding month The CPI was also up inthe urban sector at 355 per cent in February from 29 per cent in January this yearhttpautoeconomictimesindiatimescomnewsindustryfebruary-cpi-at-3-65-vs-3-17-in-january-highest-since-october-201657633211
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Closing
Last Financial Closing
Sensex 2944263 (+49640)NSE 9087 (+15245)US$ spot Rs6582US$ Y1148000US$ 6 months RsYen Rs57Euro spot Rs70
Gold (10gm) Rs28333Silver (1kg) Rs4008300
Crude Oil (WTI) Crude Oil (Brent) $5172 (+037)
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Apollo Tyres 1 18610Asahi Ind 1 21655Amara Raja B 1 83230Ashok Leyland 1 9080Bajaj Auto 10 286670Bharat Forge 2 103550Denso 1 Eicher Motor 10 2396325Escorts 10 51945Exide Ind 1 21645Force Motors 10 427760Gabriel India 1 11460Hero Motocor 2 335745Hind Motors 5 950Hi-Tech Gear 10 29885Jay Bh Maruti 5 38190
Jamna Auto 5 20550JK Tyres amp Inds 10 1241 Kinetic Motors 10 Kinetic Engg 10 KOEL 2 37685Kirloskar Br 2 24135LML Ltd 10 1250LampT 2 155810Lumax Ind 10 131690Lumax Tech 10 43230MampM 5 132600Maruti Suzuki 5 613240Motherson SS 1 36290Minda Inds 2 44350MRF 10 5298390Omax Auto 10 7555Rico Auto 1 5720Sona Koyo St 1 8170
SRF 10 157155Tata Motors 2 46975 TVS Motors 1 43690
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Bhushan Steel 2 5430Hindalco 1 19040Hind Zinc 2 29140JSW Ispat S 10 Jind Steel 1 12490JSW Steel 1 18190Jindal Saw 2 7995National Aluminium 5 7310SAIL 10 6005Tata Steel 10 47255Visa Steel 10 2185
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Ambuja Cement 2 23370Binani Industries 10 7200Birla Corp 10 70360India Cement 10 16070Prism Cement 10 9375JK Cement 10 88470Shree Cement 10 1639835
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NURC Industry Updates contain editedtruncated text of Industry-specific news as it appears in various select dailies and websites These are NOT full stories unless otherwisespecifically mentioned The stories contained herein are informational only and no representation is made or warranty given as to their content reliability truthfulness orusefulness User assumes all risk of use It be clearly understood that NURC updates do not claim to and neither mean to replace the Print or the Internet editions of variousnewspapers whose articles are featured therein For the best and complete news reading NURC urges its readers to read the full text of the stories from the Newspaperswhose credits are given after the headline and visit the related website whose URL is given below the text matter of each news item
NURC News Update - AUTOMOBILES
News on Indian Auto Industry Copyright 1999 NURC MediaNext Pvt Ltd
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Powered by Enablingbiz Esoluttions
But Mahindra may not be looking at cab operators only Being the only maker of electric vehicles in Indiaampmdashit has two pureelectric cars such as Verito Electric and E2Oampmdashthe company is also looking to push sales through government channels TheIndian government itself wants to promote sale of electric and hybrid cars and is in the process of drafting a policy on the subjectMint reported on 7 February
A top officer in the ministry of road transport and highways told Mint that the Mumbai-based company is in talks with road transportminister Nitin Gadkari to initiate a pilot project of electric car taxis in Nagpur
ampldquoUnder the first phase around 200 electric cars would be plied on the roads as taxis to see the resultsamprdquo the officersaid requesting anonymity The details of the project still need to be worked out It remains to be decided if the government will buythese electric cars as taxis and run them under a public transport system or hire a company to ply them as private taxishttpwwwlivemintcomCompaniesCrdVqpFcTgRyyjIlGLpYdPMahindra-pitches-its-only-car-as-a-successor-to-the-Ambassadhtml
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Mahindra readies US debut with off-roader Ssangyong products The Times of India (Web amp Print Edition)
Chennai The nearly $18 billion Group Mahindra is finalising its ambitious automotive foray into the US market starting from 2019when an offroad product entirely developed by the companys Detroit RampD centre will be launched in that market Korean groupcompany Ssangyong too is planning to debut its products in the US in the next 18 months According to company sources MampM isreadying for full-fledged US push given that its earlier legal cases have now all been sorted out
Mahindras US foray is being spear-headed by Mahindra North American Technical Centre (MNATC) the companys RampD centre inDetroit which is currently working on two separate products one for the Indian market and another entirely for the US marketMNATC is developing an off-roader product for the US market which is expected to be launched sometime in 2019 said a seniorcompany source It has also developed another product which will come to the Indian market by the middle of financial year2017-18 he added
Industry sources say the Mahindra-badged vehicle intended for the American market may well be called Thar and has been entirelydeveloped by MNATC The Detroit tech centre assumes importance given that Group Mahindra is one of 6 companies shortlisted bythe United States Postal Service (USPS) for the Next Generation Delivery Vehicle (NGDV) prototype a nearly $5 billion order forthe company that finally bags it
Apart from its own foray into the US Mahindra group company Ssangyong too is preparing for an American outing Ssangyong islooking to enter the US in the short-to-medium term and it is currently developing products and strategy accordingly said the seniorcompany source Industry sources say this could happen as soon as 2018
Mahindras previous attempt to debut in the US with a rugged fuel-efficient pick-up in the late 2000 ran into legal problems withsome of its dealers suing it in 2010 With those cases cleared up the company is now revisiting its US strategy but this time theproduct is designed and developed in America for the American markethttptimesofindiaindiatimescombusinessindia-businessmahindra-readies-us-debut-with-off-roader-ssangyong-productsarticleshow57621866cms
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E20 Plus Indias first electric family car Sandesh M S and Umesh M AvvannavarDeccan Herald
Homegrown auto major Mahindra amp Mahindra (MampM) a pioneer in integrated and electric mobility solutions in India is leaving nostone unturned to make the environment greener and cleaner
The company launched e2O Plus recently which is primarily meant for city commuting The e20 Plus hatchback priced in the rangeof Rs 546 lakh to Rs 846 lakh (ex-showroom Delhi) and is also looking at expanding its electric vehicle portfolio further With thelaunch of the e20 Plus marked the companyamprsquos foray into the mass market electric city car segment
The e20 Plus is an amalgamation of advancements in automotive technology electronics and information technologyMampMamprsquos electric vehicle portfolio includes small car and light commercial models such as e20 eVerito and eSupro amongothers Since launching small car e20 in March 2013 it has so far sold over 3000 units of the car in the country
The company has marked the entry level of the e20 Plus P2 variant of the vehicle for fleet owners The other variants P4 P6 andP8 are priced at Rs 546 lakh Rs 595 lakh and Rs 846 lakh respectively
The vehicle comes with a range of 140 km on a single charge and achieves a top speed of 85 kmph The company which hasalready invested around Rs 800 crore on its electric vehicles business including development of technology
It comes with various features such as easy home charging hill assist reverse camera charging ports and smartphoneconnectivity among others Compared with other normal cars on the road what makes the Mahindra e2o Plus special is itsmechanism The electrically-operated machine will distance you from long lines in pumps One will definitely feel the importance ofthe car during the hike in fuel rate and strikes in the city All you need to have is an AEH plug-point in your parking area to chargethe battery One full charge will last for nearly two days with the planned schedule The driver has to limit the usage of otherfeatures like AC music system indicator and unnecessary honking as this will drain the battery
Accommodating over four passengers will also be an issue as the engine needs more power to pull the weight which is directlydependent on battery
The digital analogue in the car is a required feature in e-cars where we get to know how far a car can take you Thebatteryamprsquos life estimated kilometre to travel will caution you to charge the battery so that you will not be kept in the lurch onthe road
Besides battery the car being gearless is another plus-point that makes your city drive easy The easy switching of the modes fromneutral to forward reverse and power drive is as simple as playing with a toy car As the battery is the whole and soul of the car themakers have completely avoided using any heavy substance in building the body If a complete fibre-made body is a boon forbattery (as it wonamprsquot stress it) itamprsquos a complete drawback for passengers A small accident or even if it comes in touchwith other vehicles will cause huge damage for the vehicle where the owner has to cough up more to fix it The seat-belt is theminimum and the only safety aspect in the car
Four-door offeringThe modified four doors is not just an add on feature but it has also increased the leg room in the rear seat It can easilyaccommodate three people in the back seat and two in front and makes for a complete family car Though the charging plug willoccupy little space in the hatchback rest of the place is for utility The fast drain of the battery with the heavy weight is the onlydrawback in the vehicle
When compared to normal fuel cars the battery-operated cars will charge you less and is effective in cost-cutting But an individualwill definitely be concerned with the cost of the vehicle as the fuel rates in the country are fluctuating For the future MampM is lookingfor a bigger play in the electric vehicle segment with plans to launch electric versions of its existing conventional engine models
Efficient powerThe Mahindra e20 Plus is powered by a 48V and 72V lithium-ion battery pack latter for the top-end variant which produces amaximum power of 26 hp and 40 hp and churns out a peak torque of 70 Nm and 91 Nm respectively The car accelerates from 0to 60 kmph in 141 seconds in the P4 and P6 versions while the 72V battery-powered version takes 95 seconds and has a topspeed of 128 kmph It takes around six to nine hours to fully charge the vehicle and has a fast-charging time of 75 minutes and 90minutes in the P4 and P8 trims While the smaller 48V electric motor has a range of 110 km the 72V unit is good for 140 km
The Mahindra e20 Plus is equipped with a steel frame structure and has a wheelbase of 2258 mm and ground clearance of 170mm
The exterior of the new electric vehicle gets a new grille revised rear end and Mahindraamprsquos signature vertical design Thetop-end variant also gets alloy wheels and a Blaupunkt infotainment system that also has a reverse parking camera
Other highlights of the Mahindra e20 Plus include REVive technology which helps the car to gain an extra 5-10 km of range whenthe battery is low and hill assist which will prevent the car from a rollback on an incline
VerdictWith a simple mechanism and easy to drive the Mahindra e2o plus is tailor-made for city drive
Battery capacity 210 AhBattery weight 121 kgPower 30 kW 3500 rpmTechnology Lithium IonOn-board power 16 kWhrTorque 91Nm 2000 rpmPRICE Rs 950586 lakh (ex-showroom Bengaluru)httpwwwdeccanheraldcomcontent601375e20-plus-indias-first-electrichtml
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Ford retains Ethical honour Nandini Sen GuptaThe Times of India (Web Edition)
Chennai Ford Motor Company has been named one of the Worlds Most Ethical Companies for the eighth straight year byEthisphere Institute This is the longest winning streak by any auto company
The list of the Worlds Most Ethical Companies acknowledges and honours companies that recognise that they have a role insociety to influence or drive a positive change These companies consider their employees investors customers and other keystakeholders when taking action while their values and culture align with the decisions they make every day
Companies weve honoured as Worlds Most Ethical take a novel response to the shift in societal expectations constantredefinition of laws and regulations and the geo-political climate said Timothy Erblich Ethispheres chief executive officer
Weve seen how Ford responds to these challenges while still investing in communities where they reside and embracing ethicalstrategies across the globe as a sustainable business advantage
Ford won the top spot on the basis of programmes aimed at monitoring human rights and safe working conditions sourcingconflict-free minerals to programmes such as the Partnership for a Cleaner Environment which is aimed at encouragingsustainability through Fords supply chain
Efforts to foster long-term relationships with suppliers through active engagement which includes sharing best practices as well asproviding training and evaluations to ensure suppliers meet both legal requirements and Ford standards was also counted as a plusStrong ethics and corporate citizenship are the foundation of our business philosophy which demonstrates to our customers whatwe stand for as a company said Bill Ford Ford Motor Company Executive Chairman This honour is a reflection of Fords corevalues and it shows that our employees are continuing to make the right decisions every day for all of our stakeholdershttptimesofindiaindiatimescomautomiscellaneousford-retains-ethical-honourarticleshow57632785cms
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Ford Endeavour Big beast conquers all topographies Sandesh M S and Umesh M AvvannavarDeccan Herald (Web Edition)
It came down easily from the deep steep it didnamprsquot get stuck in the pool of mud and slush though all the four tyres of thevehicle were like they lay buried inside it was easily making its own way down the path where there was not even a speck of tar inthe surroundings
The easy movement across various obstacles and the first look of the Ford Endeavour will drive any passionate off-roady crazyThe huge 32-litre fully-loaded engine taken for off-road testing on the outskirts of Bengaluru where the real power of the vehiclewas demonstrated by a group of off-roading experts
The vehicle was on top of a rock and there was not even a proper path for its movement but big ditches and meandering ups anddowns It was experienced on a track simulating challenging off-road conditions including hill climbs and descents slush and waterwading among others
Though it was looking like a rally track the car would have toppled at any point if the driver accelerated it amateurly Thisoff-roading track (natural terrain) was surely tailor-made to test the capacity and the power of a proven SUVacirceuroˆbeast
The daring off-roading drive included sharp turns steep hill climbs and hill descent wading through slush uneven surfaces anddriving at a 30-degree tilt among others The powerful four-wheel-drive and terrain management system with NormalSnowMudGrass Sand and Rock modes were ensuring the driver to have complete control of the car even over harsh ground Theterrain management system (the first-of-its-kind in this particular segment of cars) has included the modes for all the possibleobstacles in the off-roading track and makes the owner feel amplsquoready to conqueramprsquo
Terrain Management SystemAs said earlier it is a first-of-its-kind feature in the Ford Endeavour The four different modes are designed in such a way of havingan off-road expert beside you The modes are classified as
NormalFor all regular driving in normal road conditions In this mode the machine passes the torque to the front wheels (when necessary)depending on the movement of throttle and steering-movement This also minimises wheel slip
Snow MudHelps the vehicleamprsquos movement over slippery or loose surfaces Allows the wheel to spin in ups and downs and make thedrive feel smooth
SandFor driving on the rutted condition tracks Helps the driver maintain the same power through sand with aggressive torque transfer
RockThis mode provides maximum traction for low-range four-wheel-drive and prefer low-speed control which will enable one to easilynavigate through extreme off-road terrains
Hill Descent ControlThis mode helps one set and maintain the constant speed which tackles the steep descents with ease This also helps in taking thefeet off from the pedals and concentrate on the steering movement
With all the special modes the car was tested using a specific modes for different obstacles
Halted on the slushEven when the vehicle was completely halted in the slush the water-wading capacity of 800 mm along with 225 mm of groundclearance helped it easily come out of the ditch even in the sharp turns Compared with any other road vehicle the Ford Endeavourcan be halted in between the slush instead of rushing the obstacle
Hill climbing with rock modeThis obstacle was cleared by switching into the Rock mode and turning on the 4X4 drive The only work of the driver is to handle thesteering wheel and keeping the feet on acceleration pedal This mode can make the car climb any steep rock without any difficulty
For the wrong stepTo reduce anxiety on the track or to correct the wrong move the Semi-Auto Parallel Park Assist helps the driver locate the rightplace to halt and proceed while off-roading
70-degree steep downIt was a deadly obstacle on the off-roading track where it should only be done by experts The vehicle was made to come down
from the hill which had a climb of 70 degrees and safely landed on the flat surface The breathtaking obstacle was fought by turninginto the Hill Descent Control mode with extra caution Though one may be a passionate off-roading driver perfection in this obstacleneeds extra practice
Other obstaclesAfter clearing the deadly obstacles rest of the other tests over the track were easily done by the big machine The vehicles easilycrossed the multiple speed breaker and multiple pits and also climbed other steep rocks effortlessly
As a passengerAfter the tough 2 km drive covering all the possible obstacles that one might face during an off-road drive we also tested thevehicle by sitting inside as fellow passengers With the off-roading driving expert on the wheel climbing and getting down the toughterrains crossing other obstacles will make passengers feel the drive is straight out of an amusement park Just make sure thatevery individual inside the car has his seat belt onhttpwwwdeccanheraldcomcontent601374ford-endeavour-big-beast-conquershtml
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Renault introduces Kwid Climber at Rs 43 lakh Deccan Herald (Web Edition)
Bengaluru French auto major Renault has unveiled a variant of its popular hatchback Kwid in the country with the price starting atRs 43 lakh (ex-showroom Delhi)
Christened as Kwid Climber the variant will be available in both manual and automated manual transmission (AMT) modes
The manual variant is priced at Rs 43 lakh while the AMT trim of the vehicle comes for Rs 46 lakh (ex-showroom Delhi) The10-litre SCe engine which powers the Kwid Climber is optimally designed for better performance
The company first showcased the Kwid Climber as a concept vehicle at the auto expo last year The company aims to achieve amarket share of 5 in the near termhttpwwwdeccanheraldcomcontent601369renault-introduces-kwid-climber-rshtml
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Smart Hybrid Vehicles surpass one lakh units Deccan Herald (Web Edition)
Bengaluru Maruti Suzuki India has announced that its Smart Hybrid vehicles Ciaz SHVS and Ertiga SHVS have crossed cumulativesales of 100000 units recently This marks the success of Maruti Suzukiamprsquos efforts in hybrid and electric mobility in India
Introduction of technologies like Smart Hybrid can only create a significant positive impact if they are made available to a largersection of customers With this as a premise MSI introduced Indiaamprsquos first Smart Hybrid Vehicle Ciaz SHVS on September 12015 It subsequently introduced the technology in Ertiga Diesel in October 2015
Smart Hybrid Vehicle by Suzuki (SHVS) is a technology which uses an Integrated Starter Generator (ISG) and an advanced highcapacity battery to supplement the engineamprsquos power SHVS technology makes it more efficient than the conventional set-upand saves energy while deceleratingbraking
Ciaz and Ertiga Smart Hybrid participate in the government of Indiaamprsquos FAME India scheme which aims to promote FasterAdoption and Manufacturing of Hybrid and Electric vehicles in India
Celebrating the success of SHVS sales R S Kalsi Executive Director Marketing amp Sales Maruti Suzuki said ampldquoAs we movetowards hybrid and electric cars we see this as a first important step in this space Both Ciaz SHVS and Ertiga SHVS are high onfuel efficiency come with reduced running costs and lower levels of CO2 emission thus making these popular among customersThe response we have received for SHVS equipped Ciaz and Ertiga encourages us to continue to invest in new technologies thatsupport the environment while benefitting the customeramprdquo
Ciaz SHVS with a certified fuel efficiency of 2809kml tops the mileage chart in India Ertiga SHVS with 2452 kml has set newbench marks in fuel efficiency in its category Both vehicles are market leaders in their respective segments and illustrate thegrowing preference of Indian customers for greener and cleaner technologies like Smart Hybrids SHVS equipped vehicles accountfor over 60 of volume of the two models
Idle Start StopThe engine stops automatically when the driver shifts the gear to neutral and releases clutch while the engine is idling Restartsengine as soon as the clutch is pressed and the stored energy is used for this process
Engine AssistThe stored power in the advanced high capacity battery assists the engine during vehicle acceleration which improves efficiencyand thus prevents wastage of fuel
Brake energy Regeneration During decelerationbraking ISG charges the advanced high capacity battery and provides energy to assist the
engineamprsquos idle-stop-start function and helps the engine during accelerationhttpwwwdeccanheraldcomcontent601368smart-hybrid-vehicles-surpass-onehtml
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Car Tech SmartPlay adds the Android touch Vishal Mathurmint (Web amp Print Edition)
Car entertainment systems have become smarter but car makers in India have been slow to adopt the new technology MarutiSuzuki became the first car maker on our shores to add the Apple CarPlay in-car platform to their SmartPlay infotainment systemavailable in the S-Cross crossover Baleno hatchback Ciaz sedan and Ertiga multi-purpose vehicle (MPV) Now SmartPlay hasbeen upgraded with support for Googleamprsquos Android Auto in addition to Apple CarPlay for the iPhone
At the very heart of the SmartPlay system is a proprietary software for radio Bluetooth connectivity and basic navigation
Android Auto and CarPlay recreate your phoneamprsquos interface on the display in the car What you need to do is plug in yourphone to the caramprsquos USB port At present Android Auto and Apple CarPlay do not work wirelessly
Android Auto gives you instant access to apps such as Google Play Music Google Allo Google Maps and the phone dialer Theinterface is easy to useampmdashthe apps are listed at the bottom of the screen just like the navigation bar at the bottom of yourAndroid phoneamprsquos screen Within each app the menu for relevant options is available on the top left side Android Auto alsointegrates messages and notifications from third-party apps including Facebook Messenger and you can reply or set selectnotifications on mute while you drive
Unlike Apple CarPlay where you donamprsquot need to pair your phoneamprsquos Bluetooth separately Android Auto requiresBluetooth pairing if you want to use the voice-calling feature The 7-inch display has good brightness levels and is adequatelysharp It is a fingerprint magnet though and a bit reflective something youamprsquoll notice during daytime driving The system canalso be accessed with the controls on the steering wheelampmdashthese include media playback voice command and call keys
The new SmartPlay system is rolling out first in the Ignis hatchback priced upwards of Rs459 lakh (ex-showroom Delhi) Thismakes it the first car in its category to have the Apple CarPlay and Android Auto combination available as a default option
There is no doubt then that Apple and Googleamprsquos smart car platforms are a genuine evolution over the infotainment set-upsmost car makers have offered as a default all this whilehttpwwwlivemintcomLeisureTSsAAxb7YqoYittRY2Bw7ICar-Tech-SmartPlay-adds-the-Android-touchhtml
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Luxury Cars
The best of both worlds Roland Folger MD amp CEO of Mercedes-Benz India Hormazd SorabjeeThe Hindu (Web amp Print Edition)
Roland Folger Managing Director amp CEO of Mercedes-Benz India on why the long-wheelbase E-Class is an ideal fit for India
What is the rationale behind introducing the long-wheelbase variant of the E-Class and is it a gamble because of the high price
Well there is always a certain element of risk with a long wheelbase However in the next five to 10 years the road conditions arenot going to be any better and the traffic is not going to be any lighter Our customers including successful businessmen andentrepreneurs spend a lot of time in their cars Once we saw the opportunity within our line-up and solutions we had to some ofthose issues for the Chinese market we were very eager to apply the same in India There is nothing better out there than to havecomfort in your day-to-day driving routine on the populous roads of India
Was there cost pressure arising out of India being the only right-hand-drive market for the new E-Class
Of course there were cost pressures and it was not an easy sell to Germany either looking at the incremental cost of such avehicle and trying to stay within a price level that people would accept
I think that was the biggest challenge we were facing at that time But we remained committed to the idea since we knew it wouldgive us a unique positioning on cost and in price levels in a segment that we really own in India
That also gave us the confidence that the volumes we would achieve in India were definitely going to be worth it
Is there a possibility of exports to other right-hand-drive markets such as Singapore South Africa and Sri Lanka
In markets other than India the situation is different either they sell a lot more S-Classes or are happy with the existing normalwheelbase W213 E-Class We still looked at the opportunity and found that the volume was too small or not profitable for us at all
What was the research that prompted the launch of the long-wheelbase E-Class
We now have a total of 34000 E-Classes running in India We did some research with existing customers that involved talking tothem directly observing cars coming into service and talking to drivers to understand who was driving the car more frequentlyInterestingly we found that most of our customers were chauffeur-driven when they go to work but on the weekend they wish todrive themselves So our aim was to offer a vehicle which offered the best of both worlds
Will the new long-wheelbase E-Class pull in S-Class customers
I donamprsquot see a risk of the new LWB E-Class pulling S-Class customers since the S-Class is not bought because of itslegroom but because of its overall package and positioning We hope to attract a lot of other people from the SUV segmentbecause of the space and comfort the E-Class offers So maybe we can change some of the rules of the game as well
What is the strategy behind bringing the 30-litre V6 diesel to the E-Class
We adopt a skimming policy sometimes where we believe that the first customers because of their long relationship with us aredefinitely going for the 350d
The top-end variants are the first cars to be snatched up eagerly and we need to take care of these customers first
Do you have plans to bring the straight-six diesel engine to India
Yes we might get a straight-six diesel by 2018 Naturally it also depends on our sales figures and our sales success
But it will certainly come to India thatamprsquos a promise We have been making sure that the relevant parties in the Governmentunderstand that from 2018 onwards we will be ready to also introduce Euro-VI or BS-VI-compliant engines in India and arediligently working on thathttpwwwthehinducomtodays-papertp-featurestp-metroplusthe-best-of-both-worldsarticle17464905ece
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Mercedes-Benz E350D A luxury car with limousine looks Shapur Kotwalmint (Web amp Print Edition)
The E-class is the model with which Mercedes first came to India many years ago Now itamprsquos ready with an all-new model in astretched-out long-wheelbase avatar
In fact India is the first right-hand-drive market to get the E-class long-wheelbase
The first thing that strikes you about the new E is that itamprsquos a really long car and itamprsquos this length that gives it the majesticlimousine look The highest specification variant of the 350d gets air suspension In its lowest setting ground clearance is just120mm though you can raise this by 15mm using the ampldquoliftamprdquo function However the underside scrapes over a fewspeed-breakers Whatamprsquos nice though is that the smart 17-inch alloy wheels are wrapped in tyres with tall sidewalls whichhelp the car absorb bad roads better
The focus of the car is its rear seats and this is where the new E-class impresses There is more legroom than you will ever needand the seats are sure to set a new benchmark in the class in terms of comfort They are nicely bolstered and offer excellentsupport all round The back rest even reclines electrically and that combined with the pillow-soft headrest cushions makes the rearseats the perfect spot for a power nap And if you need more legroom you can push the front passenger seat forward with the touchof a button The double panoramic roof adds to the sense of space inside
However the middle seat is narrow and it is best to flip down the centre armrest for comfort There are other shortcomings tooThereamprsquos just one USB slot for the rear passengers who will not be able to control the Comand infotainment system and theair-con system takes quite a while to cool the massive cabin
The Comand system features a 123-inch display and is paired with a Burmester surround-sound audio system It can be controlledvia a jog-dial and a touch pad as well as small steering-mounted touch pads It doesnamprsquot have touch controls and the carbeing sold in India doesnamprsquot get the all-digital instrument cluster that the E-class sold internationally hasampmdashinstead ituses a rather ordinary-looking analogue instrument cluster
However the E-class comes loaded with Mercedesamprsquo Pre-Safe system (it tightens seat belts and braces passengers in caseof an imminent impact) and a 360-degree camera handy when manoeuvring a car this big through tight spaces Thereamprsquoseven a Park Pilot which steers the car into a parking spot for you
Those who like to drive will definitely appreciate the 258hp 30-litre V6 diesel engine Itamprsquos supremely refined you can hardlyhear it in the cabin In addition itamprsquos got nine-speed transmission
The E-class can be quite quick when you want it to be it can accelerate from 0-100 kmph in a claimed 66 seconds Pick up thepace however and the lateral body movement is quite noticeable more so over bad roads Itamprsquos best to use the Sport orSport+ modesampmdash the car feels more tied down and is better to drive In Sport+ though it feels too eager to accelerate andspeed up which can be slightly disconcerting in bumper-to-bumper traffic
In case you donamprsquot plan on driving yourself around the 20-litre petrol-powered variants starting at Rs5615 lakh will serveyou better The car will also get a new 20-litre diesel engine sometime later this year Chauffeur-driven buyers should be impressed
with the caramprsquos ride which almost makes you feel like youamprsquore travelling on a cushion of air especially in the Comfortmode
You must consider the new E-class if you are thinking of buying a luxury car with a brilliant back seat Itamprsquos spacioussupremely comfortable and as with all Mercedes cars has a cabin thatamprsquos fastidiously put together In the right drive mode itcan tackle bad roads well and the big diesel engine is even fun to drive Prices range from Rs5615-6947 lakh (ex-showroomDelhi) which means the top-specification variant is almost Rs7 lakh costlier than the predecessorhttpwwwlivemintcomLeisureZT1ffyCrNaC0DdkXB6GmxIMercedesBenz-E350D-A-luxury-car-with-limousine-lookshtml
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Audi Launches 2017 Q3 at Rs 3420 Lakh Asian Age (Web Edition)
German luxury automaker Audi has recently launched the 2017 Q3 in India It is the third launch from Audi this year and asproposed the automaker will introduce seven more new products in 2017 The updated Q3 comes with subtle aesthetic changesan uprated diesel engine along with standardisation of features The 2017 Audi Q3 is now available in two variants ampndash the 20TDI FWD priced at Rs 3420 lakh and the 20 TDI Quattro priced at Rs 3720 lakh (all prices ex-showroom New Delhi)
In terms of design the changes on the outside are limited to the front bumper The air inlets now get a black surround whichcomplements the black lower cladding The new Q3 is now offered with all-LED headlamps as standard Also offered as standardare 17-inch 5-spoke alloy wheels shod with 23555 R17 tyres
Inside changes are limited to the inlays - the Q3 20 TDI FWD gets walnut brown ones while the Q3 20 TDI quattro gets aluminiumones Equipment such as electric adjustment for the front seats a panoramic sunroof and 2-zone automatic air conditioning isoffered as standard
The MMI system has not been modified in the new Q3 The 65-inch infotainment display remains the same while the multimediasystem is BluetoothSD card compatibility with 20GB of inbuilt storage Infotainment
The 20-litre turbocharged 4-cylinder motor remains the only power source for the Q3 - but it has been tweaked for more powerand torque The transmission option is now limited to the 7-speed S tronic dual clutch The 6-speed manual available on thepre-facelift S edition variant has been discontinued Drivers can use paddle-shifters placed behind the steering wheel to changegears
The 20-litre TDI develops 150PS of maximum power and 340Nm of peak torque in the FWD variant This is 10PS20Nm more thanthe 20 TDI that powered the pre-facelift Q3 S edition Available only with the 7-speed S tronic dual-clutch transmission the 20 TDIFWD can accelerate from 0-100kmph in 93 seconds and has an ARAI-certified fuel efficiency of 1851kmpl
The 20-litre TDI develops 184PS of maximum power and 380Nm of peak torque Compared to the pre-facelift Q3 the motor in thenew develops 7PS more power Paired to the 7-speed S tronic dual-clutch transmission the 20 TDI quattro accelerates from0-100kmph in 79 seconds and has an ARAI-certified mileage of 1517kmpl
Driver convenience features on offer include a colour multi-information display for the driver in the instrument console hill-startassist hill descent control and cruise control Standard safety systems on offer include rear parking sensors reverse parkingcamera ESC and 6-airbagshttpwwwasianagecombusinessautos140317audi-launches-2017-q3-at-rs-3420-lakhhtml
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Commercial Vehicles
Tepid growth of 2-3 expected in CV industry in FY 17 Tata Motors Shobha MathurThe Economic Times (Web Edition)
New Delhi The commercial vehicle industry is expected to grow at a tepid pace of 2-3 percent during financial year 2016-17 due tothe effect of demonetisation and the slow recovery thereafter according to RT Vasan VP sales and marketing at Indias largest CVmaker Tata Motors
In November-December 2016 the commercial vehicle industry had dropped steeply by about 20 percent and has been on arecovery mode since January after the restrictions on cash availability were gradually eased
Improvements have been witnessed across product segments whether LCVs or construction a segment which was doing well rightthrough the year
The cargo market has also started picking up pace since the last couple of months In the bus category privatization has given afillip to its declining fortunes so that the school city and staff transport sector are all on the incline
The construction sector is expected to grow by 25 percent during this fiscal on the back of heightened activity in the infrastructure
sector In FYamprsquo17 ease of financing and improvement of consumption demand was expected to boost LCV sales In the cargoMampHCV segment a double digit growth had been forecast by industry body SIAM with improvement in overall economy led byincrease in industrial and agri output
Vasan told ETAuto that the industry was optimistic about the next fiscal with the advent of the BS-IV emission regime from 1 April2017 However prices of vehicles are expected to rise especially of MampHCV trucks There would be a slow start to the year by theCV industry due to pre-buying in FYamprsquo17 before the new emission regime kicked in that would slowdown sales in the firstquarter of FYamprsquo18
But with the impetus given to this segment by infrastructure development and road construction by the government the industrywould see a growth from Q2 after the impact of pre-buying starts declining
While the industry is ready with the BS-IV product range Vasan says that the new technologies harnessed for compliance wouldboost vehicle prices by 8-10 percent for MampHCVs Buses would also witness a price realignment of 8-10 percent while LCVs wouldsee a price rise of 6-10 percent
In terms of new technologies most of the CV range is already equipped with the anti-lock braking system except for the smallerones
In terms of upcoming regulations some more safety legislation is on its way related to the body code such as cabins that will haveto be necessarily be air conditioned in the future
The bus body code that was earlier announced has only been partially implemented so far and the body code is also believed to becoming up for the truck and trailer segments LCVs are small units and have been already approved by ARAI
The overall CV segment registered a growth of 349 percent in April-February 2017 compared to the same period last year Mediumamp Heavy Commercial Vehicles (MampHCVs) declined marginally by 079 percent and Light Commercial Vehicles grew by 682 percentduring this periodhttpautoeconomictimesindiatimescomnewscommercial-vehiclemhcvtepid-growth-expected-of-the-cv-industry-at-2-3-percent-in-fy1757633279
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Tata Motors to showcase all new 1000 bhp race truck PTISee this story in The Economic Times (Web Edition)
New Delhi Tata Motors will showcase an all new T1 Prima race truck powered by 1000 bhp engine during the fourth season ofthe T1 Prima Truck Racing Championship
The engine of the all-new 1000 bhp T1 race truck is being developed in collaboration with US-based Cummins enabling thecompany to set new benchmarks in the Indian commercial vehicles space Tata Motors said in a statement
Built with specifications similar to that of trucks that race globally the vehicle was developed in a record time of 12 months ademonstration of teamwork speed and capability Tata Motors Executive Director Commercial Vehicles Ravindra Pisharody said
Tata Motors and Cummins have a joint venture company called Tata Cummins established in 1994 developing engines in the rangeof 75 to 400 HPThe fourth edition of T1 Prima Truck Racing championship will be held on March 19 at the Buddh International Circuit (BIC) GreaterNoidahttpautoeconomictimesindiatimescomnewscommercial-vehiclemhcvtata-motors-to-showcase-all-new-1000-bhp-race-truck57635142Tata Motors to showcase 1000 bhp Prima TruckFinancial Chroniclehttpwwwmydigitalfccomcompaniestata-motors-showcase-1000-bhp-prima-truck-900Tata Motors to showcase all new 1000 bhp race truckDaily News amp Analysis (Web Edition)httpwwwdnaindiacommoneyreport-tata-motors-to-showcase-all-new-1000-bhp-race-truck-2352506
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Construction amp Agri Machinery
SBI floats one-time settlement scheme for tractor loans Abhijit LeleBusiness Standard
Mumbai State Bank of India (SBI) has floated a one-time settlement scheme for borrowers defaulting on loans taken to buytractors
The countryamprsquos largest bank has also voiced reservations against the move to waive farm loans saying this will affect therepayment culture in the country
SBI executives said the tractor loan book was part of the bankamprsquos farm loan portfolio and the bank announced settlementschemes regularly to shed doubtful debt where the prospects of recovery were low after making adequate provisions for such dudassets
The settlement scheme for tractor loans began early last month and will continue till March 31 The scheme was for loans disbursedbefore September 30 2011 and had up to Rs 25 lakh outstanding by September 2016 SBI Managing Director Rajnish Kumar saidSBI will take a haircut of 40 per cent on these loans
graphIn a portfolio of over Rs 4000 crore of tractor loans about Rs 800 crore will be eligible for the scheme Crop failure and inability todeploy tractors were some of the reasons for the loans turning bad SBI executives said
SBI had in May 2015 advertised a ampldquoloan resolution weekamprdquo asking borrowers with non-performing assets to ampldquotryand work out a solutionamprdquo The scheme was available to all borrowers except willful defaulters Kumar said the bank was yet tohear anything specific from the government on a farm loan waiver
SBI had in 2014 opposed the waiver of farm loans in Andhra Pradesh and Telangana
ampldquoUttar Pradesh and Punjab constitute 10 per cent of (farm) loans and we wait to understand the contours of the waiver Theimpact will be higher on public banks than on private banksamprdquo Kotak Institutional Equities said in a research notehttpwwwbusiness-standardcomarticleeconomy-policysbi-floats-one-time-settlement-scheme-for-tractor-loans-117031400886_1htmlSBI to offer one-time settlement for Rs 6000-crore tractor loansThe Financial Expresshttpwwwfinancialexpresscomindustrybanking-financesbi-to-offer-one-time-settlement-for-rs-6000-crore-tractor-loans588102SBI to offer Rs6K-cr one-time settlement for tractor loansThe Indian Expresshttpindianexpresscomarticlebusinessbanking-and-financesbi-to-offer-6k-cr-one-time-settlement-for-tractor-loans-4569462
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23 Wheelers
Yamaha aims to export 22 lakh units from India in 2017 Hiroaki Fujita Chairman Deepanshu TaumarThe Economic Times
New Delhi Indian arm of Japanese two-wheeler manufacturer Yamaha Motor is aiming to export over 22 million units from Indiathis year compared to 161 lakh units exported last year thereby recording an estimated growth of 3664 percent Hiroaki FujitaChairman India Yamaha Motor informed in a press statement
In the domestic market the two-wheeler major is also targeting to sell 1 million scooters and motorcycles in 2017
In an annual supplier conference held at Greater Noida Hiroaki Fujita Chairman India Yamaha Motor said ampldquoOur target forthis year is to achieve 1 million unit sales in domestic market and 22 lakh unit sales for exports market In addition we also need toreinforce the Indian parts export business in order to contribute to Yamaha business globally While doing so we must continue withour focus on the amplsquoQualityamprsquo of our parts and productsamprdquo
The two-wheeler major produced a total 94 lakh units in the country in 2016 Yamaha Motor India has two manufacturing plants inIndia at Greater Noida and Chennai having a capacity of 61 lakh units and 56 lakh units respectively
The company aims to produce 15 million units by 2018
Yamaha Motor India has sold over 786 lakh units of two-wheelers in 2016 and over 50 of its total sales have come from scooters
The two-wheeler manufacturer saw a steep decline in sales from the month of November 2016 to January 2017 It was only duringFebruary 2017 when Yamaha registered a growth of 20 percent in domestic sales as compared to the corresponding period lastyear The company recorded domestic sales of 68095 units (including Nepal) in February 2017 compared to 56960 units (includingNepal) in February 2016
Industry analyst believes that the impact of demonetisation is wearing off now Only motorcycles are in red zone because of a largerural consumer base However scooters which are largely sold in urban areas is on the positive side It further believed that by nextmonth the demonetisation impact will completely go away
India Yamaha Motor recently marked its entry into 250 cc sports bikes segment which has very less competition Going forward thecompany wants to focus on urban area than the rural market
The objective of conducting the Annual Suppliers Conference was to share the last yearamprsquos result for Sales and Productionand the current yearamprsquos Sales and Production Plan During the conference India Yamaha Motor shared the direction for 2017its purchase policy the Purchasing Policy of Yamaha Motor Company (Japan) and activities organised amp initiatives were taken forsales and marketing in the previous year
India Yamaha Motor shared its expectations with the suppliers for improvement in Quality Delivery and Development performances
besides cost competitiveness to compete in the export market to increase profitability for both Yamaha and the Suppliers IndiaYamaha Motor also emphasised that all the Suppliers can draw up their investment plans based on the increasing volumes infuture
Sixteen Suppliers were also awarded for their exceptional services in the areas of Quality Delivery Development and Costincluding the Appreciation Award for some of them for the extraordinary Improvement support provided to India Yamaha Motor in2016httpautoeconomictimesindiatimescomnewstwo-wheelersscooters-mopedsyamaha-aims-to-export-2-2-lakh-units-from-india-in-2017-chairman57632349
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BSIV Compliant TVS Jupiter launched at Rs 49666 (Ex-Delhi) The Economic Times
New Delhi Hosur based TVS Motor Company in a BSE filing announced the launch of its BSIV compliant TVS Jupiter at Rs 49666(Ex-Delhi) and it is now available with two new colours - Jade Green and Mystic Gold
The refreshed scooter is now BSIV compliant with Auto Headlamp On (AHO) and equipped with Sync Braking System (SBS) SBSensures rider safety as it automatically activates the front brakes when the rear brakes are used claims TVS The feature previouslyavailable on ZX range will now be available on the Base variant as well
Commenting on this Aniruddha Haldar Vice President Marketing- Scooters TVS Motor Company said ampldquoTVS Jupiter hasreceived such enthusiasm from the consumers in response to its credo of Zyada ka Fayda Living true to this credo not only is theentire Jupiter range now BSIV compliant it now offers the unique Sync Braking System (SBS) across the entire range (earlier onlyavailable on the ZX range) Further for our customers we are adding two colours Jade Green and Mystic Gold giving them 10colour options to choose from We are happy to offer all this with absolutely no change in the Exshowroom price truly ZYADA KAFAYDAamprdquo
Since its launch in 2013 TVS Motor Companyamprsquos flagship scooter brand Jupiter has been strengthening theCompanyamprsquos foothold in the scooter market and contributing to overall scooter segment uptake penetration and growth inIndia
Company has sold over 15 million Jupiter scooters since its launch in 2013 The scooter is powered by a all-aluminum low-friction110cc engine
There is no revision in the prices for the BS IV models of Jupiter priced at Rs 49666 (Ex-Showroom Delhi) the scooter is availableacross all TVS dealershipshttpautoeconomictimesindiatimescomnewstwo-wheelersscooters-mopedsbsiv-compliant-tvs-jupiter-launched-at-rs-49666-ex-delhi57630201TVS Motor rolls out BS IV variants of JupiterThe Hindu Business Linehttpwwwthehindubusinesslinecomtodays-papertp-newstvs-motor-rolls-out-bs-iv-variants-of-jupiterarticle9583972eceTVS unveils BS-IV compliant JupiterThe Hinduhttpwwwthehinducomtodays-papertp-businesstvs-unveils-bs-iv-compliant-jupiterarticle17464118eceTVS launches BS-IV compliant JupiterBusiness Standardhttpwwwbusiness-standardcomarticlecompaniestvs-launches-bs-iv-compliant-jupiter-117031400552_1html
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Dominar 400 takes the battle to the Royal Enfield turf Murali GopalanThe Hindu Business Line
Mumbai Bajaj Autoamprsquos recently launched Dominar 400 is attracting former Royal Enfield bike users who now account for 20per cent of its customer base
According to Eric Vas President (Motorcycle Business) Bajaj Auto the larger chunk of 80 per cent is still taken up by those whoused Yamaha Honda and Bajajamprsquos own Pulsar motorcycles
The Dominar made its debut in mid-December as a serious contender to Royal Enfield While monthly numbers thus far have beena little over 3000 units the good news is that the bike has taken pride of place in the 350cc plus segment vis-a-vis RoyalEnfieldamprsquos offerings However when it comes to the core 350cc space the latter continues to be the market leader withmonthly sales of nearly 55000 units powered by the Classic and Bullet
The three-month-old Dominar 400 kicked off its presence in 22 towns which has since increased to 32 in February and slated to goup to 110 towns by the end of this month
This tally will double to 200 in April and Bajaj Auto hopes to have at least 300 towns covered for the Dominar 400 during the courseof 2017-18
If everything goes according to plan the company hopes to be clocking its targeted 10000 motorcycles every month by the end of
Q3 next fiscal
Attractive features
Vas says market feedback shows that buyers love the Dominar 400 for its performance speed and top-class brakes Interestingly alarge number of them have opted for the more expensive ABS version which retails at a little over Rs 15 lakh
The LED lamps are another big draw and their attractive lighting explains why many customers opt to have their test rides at night
According to Vas Dominar 400 buyers are largely in the age group of 25 years who have already owned a bike There are no firsttime users yet but this is expected to begin happening once the network grows and more customers start going in for the relativelyless expensive disc brake version which has a price tag of nearly Rs 14 lakh
The Dominar 400 was launched to take on Royal Enfield in a segment that is priced between Rs 1-2 lakh and accounts for five percent of motorcycles sold in India
In terms of numbers this translates into 65000 units each month
The next fiscal could see this grow to nearly 85000 units or over one million units annually
Changing dynamics
It is in this product category that Royal Enfield has a market share of 80 per cent and it is in the balance 20 per cent space thatBajaj has thrown down the gauntlet with the Dominar 400
The other rival models include KTM Yamaha YZF-R15 and Honda CBR 150R but none of them has posed a serious threat to RoyalEnfield yet
It now remains to be seen if the Dominar 400 can draw customers from the top-selling Classic
It is clear that with 10000 units targeted during 2017-18 Royal Enfield will still be comfortably ahead in terms of numbers
How dynamics change after this period will be interesting to watch
From Bajaj Autoamprsquos point of view the strategy boils down to acknowledging the reality of living in a world of opposites whereevery mature segment is essentially a two-horse race
The Dominar will stick to the core principle of being opposite from the market leaderamprsquos offerings and has been positioned as amodern machine and not a heritage brandhttpwwwthehindubusinesslinecomtodays-papertp-newsdominar-400-takes-the-battle-to-the-royal-enfield-turfarticle9583973ece
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Bajaj cheers at Feb sales Ajay ModiBusiness Standard
New Delhi Pune-headquartered Bajaj Auto claims to have surpassed volumes sold by market leader Royal Enfield in the 350-500ccmotorcycle segment in February
It attributes this to the Dominar a 373 cc premium sports motorcycle it launched in December at an ex-showroom price of Rs 136lakh Enfield says Bajaj is celebrating too early
Bajaj has sold about 3000 units of Dominar a month this calendar year and is drawing a comparison with the February volume ofRoyal Enfield in the 350-500 cc segment when the latter did wholesale volumes of 2602 units Eric Vas president for themotorcycle business at Bajaj said ampldquoWe have already overtaken Royal Enfield in the segment They used to sell an averageof 5000 units a month until a few months agoamprdquo
He claims that two of every 10 Dominars was sold to customers who owned an Enfield ampldquoSome have sold it to buy Dominarand some have bought it as their second bikeamprdquo He added there had been a decline in the waiting period of some of Enfieldsmotorcycles The 350-500 cc segment for Enfield includes the Bullet 500 Classic 500 Thunderbird 500 and Himalayan
Bajaj hopes to gradually raise Dominar volumes to an output of 10000 units monthly in about six months ampldquoThe bike hasbeen accepted very well We should reach a monthly volume of 6000 units by next monthamprdquo said Vas He did not disclosecumulative bookings for the Dominar He said most customers bought it after test rides
Vas said the volumes were aggregated from the 22 cities where itwas available until February We have expanded reach to 32cities and it will be available in a 100 cities and towns by end-March In April the company plans to add another 100 cities andtowns The constraint is more on the capacity front than on the network sideamprdquo he said
Bajaj said the incremental volume from Dominar would start reflecting in the profit figures once volume crossed 5000-6000 units amonth
Enfield has almost the entire 250-350 cc motorcycle market in the country estimated at close to 50000 units a month This is where
it gets the lionamprsquos share of its sales In the 350-500 cc market it controls 80 per cent (data for the first 11 months of FY17)This is a much smaller segment with monthly volume of 5300 units
Siddhartha Lal managing director of Eicher (which owns Enfield) told Business Standard last month that it would continue toengage with the target segment and expand reach to grow volumes ampldquoWhen one succeeds in a segment others try to enterand take a bite Of course there will be competition but we are not worriedamprdquo hed said It is understood that Enfieldamprsquosproduction volume in February was impacted due to fewer days (February having only 28) and the transition to BS-IV emissionnormshttpwwwbusiness-standardcomarticlecompaniesbajaj-cheers-at-feb-sales-117031400822_1html
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India Yamaha Motor sets ambitious sales target Nandini Sen GuptaThe Times of India
Chennai India Yamaha Motor Private Limited (IYM) is targeting an ambitious production and sales pitch of more than three millionunits this year with one million in the domestic market alone It was revealed by the top management at a recently organised AnnualSuppliers Conference at Greater Noida (Delhi-NCR) which was attended by 500 members representing more than 200 suppliersfrom across India
The theme of this years conference was Challenge the Innovation for Global Competitiveness and Its all about the customer
Our target for this year is to achieve one million unit sales in domestic market and 22 lakh unit sales for exports market Inaddition we also need to reinforce the Indian parts export business in order to contribute to Yamaha business globally While doingso we must continue with our focus on the Quality of our parts and products said Hiroaki Fujita Chairman YMI-G Cos
The objective for conducting the Annual Suppliers Conference was to share the last years result for sales and production and thecurrent years sales and production plan During the conference IYM shared the direction for 2017 its purchase policy thepurchasing policy of Yamaha Motor Company (Japan) and activities organised amp initiatives taken for sales and marketing in theprevious year
Among the senior management members who were present on the occasion on behalf of IYM included Hiroaki Fujita chairmanYamaha Motor India Group Cos (YMI-G Cos) Takashi Terabayashi MD -IYM Yasuo Ishihara MD- Yamaha Motor Research ampDevelopment India (YMRI) T Yamaguchi Deputy MD amp Purchase Head- IYM along with the YMC Purchase team - Olivier Prevostdeputy chief general manager and Hiroshi Hagio general manager
IYM shared its expectations with the suppliers for improvement in quality delivery and development performances besides costcompetitiveness to compete in the export market to increase profitability for both Yamaha and the Suppliers IYM also emphasisedthat all the suppliers can draw up their investment plans based on the increasing volumes in future
Sixteen suppliers were also awarded for their exceptional services in the areas of quality delivery development and costhttptimesofindiaindiatimescomautobikesindia-yamaha-motor-sets-ambitious-sales-targetarticleshow57633067cms
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Thunderous sound remain forever Sandesh M SDeccan Herald (Web Edition)
Bike-lovers had expected a lot from Royal Enfield when the homegrown tough motorcycle manufacturer revealed the 500ccThunderbird in October 2012
When DH decided to check out the four-year-old model with respect to the present dayamprsquos bikes with updated technology theThunderbird 500 remains outstanding in its segment
The bike was tested for two weeks with everyday regular usage and an enthusiastic rider The bike is a good choice for the dailyneeds of an Indian family
Be it an office-goer or a student the bike gives an extra feel where you enjoy every bit of it You need an extra muscle and morepower to handle the bike when the engine is turned off Sometimes it will be a great challenge to tow the bike till a filling station ifthe engine goes dry
PerformanceUndoubtedly this is the most powerful variant of Royal Enfield today The bike feels far impressive than any other machine in thissegment It constantly urges you to take it on highways as it feels best when you pushed harder Overtaking is also very easy withthis bike and it can easily cross a speed of 120 kmphr It still remains a very responsive bike especially at slow speeds
The heavy amount of torque helps it move easily in city traffic The gear ratios are well-matched with this bike and you need lessgear shifts than before The only issue we have with the bike is its heavy weight In city traffic and with a pillion rider sometimes youwill feel the actual weight of this bike Otherwise there are no major concerns related to its performance
Fuel efficiency
Mileage is still a concern and the major drawback with Royal Enfield bikes As the brand new bikes claims to offer 30 kmpl the oldbikeamprsquos mileage drops day-by-day
After few years this will be the main reason for the rider to get rid of his bike In a typical Indian customer mindset a middle-classfamily will think twice before going for a Bullet
Depending on the usage the cushion will loose its power day-by-day The rider will surely feel the pain on the long rides and trafficjams Regular servicing from an authorised mechanic will keep the vehicle in good condition
VerdictThe Royal Enfield Thunderbird 500 is a special bike but the cost compared with its 350 cc sibling the biker has to cough up anextra Rs 40000 which makes anybody to think twice before investing in one The bike has the capability to sustain any roughhandling Though it becomes rough and old its sturdiness remains the samehttpwwwdeccanheraldcomcontent601371thunderous-sound-remain-foreverhtml
Top
E-Bikes
Components
Amtek Autoacirceurotrades Arvind Dham may offload personal assets to reduce debt Deborshi Chaki amp Swaraj Singh Dhanjalmint
Mumbai With troubled auto parts maker Amtek Auto Ltdamprsquos planned divestment of domestic and overseas businesses yet tomaterialize company chairman and founder Arvind Dham has begun exploring options to monetise assets owned by him
According to two people familiar with the matter who asked not to be identified Dham is in talks with potential buyers to sellIndraprasta Engine Parts Pvt Ltd ( IEPPL) an auto component manufacturing company which he owns in his personal capacityDocuments filed with the registrar of companies show that Arvind Dham along with other senior executives of Amtek Auto holdshares in Indraprasta Engine Parts Pvt Ltd
Dham did not respond to emails text messages and phone calls seeking comment
According to the latest available filings Indraprasta Engine Parts reported a revenue of Rs9525 crore and a loss of Rs115 crore inthe financial year ended 31 March 2015 The company was incorporated in 2010 and currently has a manufacturing plant in HosurTamil Nadu
ampldquoDham has been in discussions to sell the unit following which talks with Kalyani Forge Ltd (KFL) and Sterling Tools Ltd (STL) have reached an advanced stageamprdquo said one of the two people ampldquoDham is keen to show to the lenders that he iswilling put his own money even though the plans to sell Amtek Autoamprsquos assets to repay its debt have not beensuccessfulamprdquo
Amtek Autoamprsquos standalone loss widened to Rs24156 crore for the quarter ended December 2016 from Rs17536 crore in thesame quarter last fiscal Dham plans to plough the proceeds of the sale into the company the first person added
Spokespersons for Kalyani Forge and Sterling Tools did not respond to emails seeking comment
Ever since Amtek Auto defaulted on bond repayments of close to Rs800 crore in September 2015 it has been trying to sell variousgroup businesses to reduce the debt on its books The company has appointed Morgan Stanley as an adviser to assist in its debtreduction plan Amtek Auto owed Rs8066 crore to various lenders as on 30 September 2016 Mint learns that its consolidated debtat the group level is higher
In July last year Bloomberg reported that Amtek Auto has hired global investment bank Rothschild and Co to advise on thepotential sale of all overseas operations including those in the UK the US Mexico China and Germany The report said Amtek wasseeking bidders for its German unit Amtek Tekfor Holding GmbH and expected to raise over $1 billion from the process
A manufacturer of forging parts Amtek Auto counts most of Indiaamprsquos top auto component makers as clients Its overseasclients include global auto brands such as Aston Martin and Daimler
In February the company said in a regulatory filing that it is planning to raise Rs1175 crore by selling shares to promoters on apreferential basis for which it will seek shareholdersamprsquo approval The company has called an extraordinary general meeting on25 March to seek approval from its shareholders for the proposal it added
In February lenders of Amtek Auto are understood to have asked it to either repay loans or convert the outstanding into equityshares or warrantshttpwwwlivemintcomIndustry1tt2QpJ8TtSm53I1bN4VgKAmtek-Autos-Arvind-Dham-may-offload-personal-assets-to-reduhtml
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Allied Industries
Tyre stocks race ahead as China cuts India trade Palak ShahThe Economic Times
Mumbai What is aiding Indiaamprsquos tyre stocks Chinaamprsquos policy to shun India market for the US The share price ofdomestic tyre manufactures including MRF Apollo Tyre Ceat and J K Tyre rose between 1-7 on Tuesday
A research report by Philip Capital said China had curtailed its tyre exports to India to focus on US markets as Trump administrationhad decided against anti-dumping duty on tyres The research pointed out there was more upside for these stocks
ampldquoChina has raised their TBR (truck bus and radial) tyre prices for Indian market by 10-15 rendering themunattractiveamprdquo said Nitesh Sharma and Dhawal Doshi in the research report ampldquoOur checks indicate that Chinesefactories have nearly stopped catering to tyre demand from India as US markets were more lucrativeamprdquo
Ceat rose by 607 on Tuesday Apollo Tyres was up 396 MRF gained 186 and Goodyear India jumped by 129 amongmajor tyre companies
The report titled amplsquoTables Turn Chinese players out rubber fallingamprsquo further said Chinese imports will not bounce backsoon
Demonitisation too has dent a blow to the tyre imports from China which were largely in cash China accounted for roughly 120000 tyre units each month between April to October 2016 but it has fallen sharply now said experts
ampldquoTyre stocks will do well as rubber prices are on a downward spiralamprdquo said Mehraboon Irani Principal amp Head PrivateClient Group Nirmal Bang Securities ampldquoFall in auto sales and jump in rubber prices are not expected which may keep thetraction for tyre stocksamprdquo
Natural rubber prices had jumped to three year high in January due to floods in Thailand the largest exporter of rubber The priceswhich rose to Rs 210kg are now down by over 20 Meanwhile domestic tyre manufactures hiked tyre prices by 3-5 recentlyPhilip Capital has a buy on Ceat and Apollo Tyres with a target of Rs 1550 and Rs 239 respectivelyhttpeconomictimesindiatimescommarketsstocksnewstyre-stocks-race-ahead-as-china-cuts-india-tradearticleshow57633191cms
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How to avoid being overcharged for car service at dealerships The Financial Express
Authorised workshops or dealerships are the main preference for servicing of a customers new car There are dealerships that aregenuine and would not fleece your money while after sales treatment however there are others who would try and take everypenny from you This would also involve you to be thorough with the detailed billing as well as being cautious about understanding ifa requisite task is at all required in your car Here are some tips on how to avoid being overcharged while getting your car serviced
One key area where sales executives of a said dealership can suggest unnecessary expense is anything related to the engineTasks like engine de-carbonisation or engine flushing are suggested right from the first service however it is not required in avehicles early years A cars decarbonisation should ideally take place when the response from the engine is sluggish or there arefrequent misfires despite regular services This usually starts to happen after 60000 kms or more In case it is recommended by asales executive and he or she insists simply avoid by saying no Another popular unnecessary expense is fuel line cleaning whichis suggested at every service Remember that petrol is itself used as a cleaning agent in many applications so fuel line cleaningshould be carried out only in case of a problem
Another aspect where customers are cheated is due to the lack of knowledge about their respective vehicle There have been caseswhere a dealership has conned a customer by putting spark plugs in a diesel car or heater plugs in a petrol engine powered vehicleA diesel car does not have spark plugs (but a petrol car does) and similarly a petrol car doesnt have heater plugs (which arepresent in diesel cars) Additives are advised by many service advisors but these arent needed unless specified by the carmakerKnowing the basic mechanical and electrical parts of your car can go a long way in saving you your money
Other mechanical parts where a person can be overcharged is the clutch adjustment Most modern manual transmission cars soldin India have a hydraulic clutch which is self adjusting till the time the pressure plates and the clutch plates are completely worn outA worn out clutch system will require more pressure to depress the pedal thereby indicating the clutch plates andor pressure plateswould need replacement Ideal time to replace is not at every service which clever dealerships would suggest but at least a gap ofthree service intervals is recommended (with the service interval at every 10000 kms)
All carmakers offer an owners booklet which has all the details of which part needs to be replaced when and the recommendedservice interval When getting your car serviced always refer to this manual and insist on only the aspects mentioned in the manualto be donehttpwwwfinancialexpresscomautocar-newshow-to-avoid-being-overcharged-for-car-service-at-dealerships587326
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Emissions Environment
Finance amp Insurance
Customer not bound by tie-up between vehicle dealer insurer Pune Court Vishwas KothariThe Economic Times
Pune The district consumer court here has ruled that a tie-up between a vehicle dealer and an insurance company is not bindingupon the consumer who buys a vehicle from such a dealer
The court has directed the Bajaj Allianz General Insurance Company in Yerawada here to refund a premium of Rs 21053 ampmdashalong with an annual interest of 9 since September 20 2014 ampmdash and a Rs 5000 fine to a Daund resident for failing to renewhis car insurance despite the latter having paid the renewal premium through the online NEFT transaction
The interest component payable so far works out to over Rs 4700
The company argued that the consumer did not route the payment through the vehicle dealer by way of a demand draft as wasrequired under an agreement between the company and the vehicle dealer
Shankar Raghunath Chavan a resident of Kusegaon in Daund had purchased an insurance policy from the company for his car onSeptember 21 2012 A year later the policy was renewed for the period between September 21 2013 and September 20 2014 Atthe end of this term he had received a reminder from the company for the renewal of his policy
Through the net banking facility Chavan made a payment of the renewal premium worth Rs 21053 for the term betweenSeptember 21 2014 and September 20 2015 He then made repeated requests to the company for the issuance of the policydocument
However in December 2014 when he approached the company he was shocked to learn that his policy had ampldquoexpired due tonon-renewalamprdquo The company did not renew his policy even after his repeated reminders This prompted him to move theconsumer court seeking refund of the premium amount and appropriate costs towards physical and mental agony
The bench observed in its order ampldquoIt is not denied by the insurance company that the complainant (Chavan) had paid thepremium It is the case of the insurance company that as per practice prevailing between the company and the dealer the paymentshould be made by demand draft through the dealer so that the policy can be renewed conveniently It is true that the dealer of thevehicle was not aware about the payment of premium made by the complainant However a tie-up between the dealer and theinsurance company is not binding upon the consumeramprdquo
ampldquoDocumentary evidence which is produced by the complainant is sufficiently eloquent and speaks about inaction on the partof the insurance company Even after sending documentary evidence as regards to payment of policy premium the insurancecompany has failed to renew the policy Definitely this act on the part of the company amounts to deficiency in serviceamprdquo thebench ruledhttpautoeconomictimesindiatimescomnewsindustrycustomer-not-bound-by-tie-up-between-vehicle-dealer-insurer-pune-court57623564
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Analysts in wait-and-watch mode on Bajaj Finance Hamsini KarthikBusiness Standard
A robust business model established over years of experience often tends to withstand the test of time quite remarkably That ofBajaj Finance Indiaamprsquos largest consumer durables financier is one such example
During the note ban period there were doubts on whether Bajaj Finance could replicate its historic performance in terms ofcustomer acquisition loan growth and more importantly asset quality in the December quarter (Q3) Much to the Streetamprsquossurprise Bajaj Finance comfortably met these parameters
Customer acquisition grew by 35 per cent year-on-year in Q3 while assets under management expanded by 33 per cent to Rs57600 crore year-on-year Even asset quality stood out with gross non-performing assets ratio at 147 per cent and that toowithout utilising RBIamprsquos 90-day dispensation on loans less than Rs 1 crore Overall financials remained robust with net interestincome and net profit growing by 27 and 36 per cent respectively These factors have helped Bajaj Financeamprsquos stock reboundfrom its demonetisation period low of Rs 766 to Rs 1125 on Tuesday
However after outperforming the broader markets by a reasonable margin for most of the last two years the stock has lagged inthe past six months Bloomberg data indicate that while the Bank Nifty has gained six per cent in the past six months Bajaj Financeis up only 21 per cent Analysts nonetheless feel that Bajaj Finance may not surpass its previous high of Rs 1180 in a rush
Pointing to some key indicators they prefer to see how March quarter pans out particularly on consumer loans before altering theirexpectations on the stock
Consumer loans which grew by 52 per cent year-on-year in September quarter (Q2) grew 47 per cent year-on-year in Q3 Butwithin this segment consumer durables grew slower at 27 per cent versus 48 per cent in Q2 As for the vehicle financing (two andthree wheelers) the dependence on Bajaj Auto was seen higher in Q3 ampndash 46 per cent dependence on Bajaj Auto fortwo-wheelers and 29 per cent for three-wheelers as against 38 per cent and 18 per cent respectively a year ago Average ticketsize which dipped post demonetisation is yet to see a strong recovery All these factors prompt analysts to be on a wait-and-watchmode
ampldquoWe arenamprsquot able to see a secular return in consumer buying yet While demand for consumer durables may havepicked up as summer sales is already playing out we canamprsquot say the same for vehicle salesamprdquo says an analyst with adomestic brokerage
Analysts at Jefferies feel the annual compounded loan growth for Bajaj Finance could be lower in FY16-19 compared to what was inFY13-16 The brokerage flags that at current valuations (52 x FY18 price-to-book) risk-reward appears negativehttpwwwbusiness-standardcomarticleopinionwhy-analysts-are-in-wait-and-watch-mode-on-bajaj-finance-117031400674_1html
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SBI announces Rs 6000-cr tractor loan settlement scheme PTISee this story in The Economic Times
State Bank of India (SBI) today announced a one-time farm loan settlement scheme worth Rs 6000 crore primarily for tractors
One Time Settlement (OTS) announced for Agriculture Loans Scheme valid until 31st March Contact your branch for details ampbenefits the nations largest lender said on the microblogging site Twitter today
Managing director Rajnish Kumar told CNBC-TV18 the scheme will result in the bank taking a 40 per cent haircut on outstandingtractor loans as of September 2016
SBIs total farm loan portfolio is Rs 125 trillion and Kumar said the tractor loan book is about Rs 6000 crore
He said doubtful or loss category accounts as of September 2016 which were disbursed before September 2011 will beconsidered under the scheme He said a circular in this regard was sent to branches on February 2
But he was quick to add the OTS has nothing to do with Prime Minister Narendra Modis promise of a loan waiver to UP farmersduring the just concluded elections saying there were no talks with the Centre or state in this regard so far SBIs Uttar Pradeshportfolio will be around Rs 13000 crore
SBI had announced OTS schemes for SMEs last December and education loans early in 2016
He said other agri loans like kisan credit cards and other term-loans for tractors and farm loans may also be covered under theschemehttpwwwdnaindiacommoneyreport-sbi-announces-rs-6000-cr-tractor-loan-settlement-scheme-2352737SBI to allow one-time settlement for tractor farm equipment loansminthttpwwwlivemintcomIndustryiXDTXX1onxjwfHcz731WzJSBI-announces-Rs6000-crore-tractor-loan-settlement-schemehtmlSBI announces rs 6000-crore tractor loan settlement schemeThe Pioneerhttpwwwdailypioneercombusinesssbi-announces-rs-6000-crore-tractor-loan-settlement-schemehtml
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Oil Lubricants amp Alternative Fuels
Oil hovers near three-month low as investors awaits data ReutersSee this story in The Hindu Business Line
Tokyo Crude oil prices hovered near three-month lows on Tuesday in early Asian trading as investors await key reports and datathat may shed light on a supply overhang in the global market
US West Texas Intermediate crude (WTI) edged down 3 cents to $4837 a barrel by 0026 GMT The contract ended down 9 centsin the previous session after touching $4790 the lowest since the end of November
Brent crude futures were down 1 cent at $5134 a barrel having settled down 2 cents on Monday after dipping to as low as $5085
Prices fell sharply last week as investors worried that swelling US crude supplies would hinder Organization of the Petroleum
Exporting Countries (OPEC)s efforts to restrict output and reduce a global glut
Prices had risen after the OPEC and other major oil producers including Russia agreed at the end of November to rein inproduction by almost 18 million barrels per day (bpd) in the first half of 2017
ampldquoIts shaping up to be another fun week in the crude complex with OPEC releasing its monthly oil market report on Tuesdayswiftly followed by the IEAs monthly oil market report the day afteramprdquo Matt Smith analyst at ClipperData said in a note
The International Energy Agency releases its closely watched monthly oil market report on Wednesday
Data from the industry group the American Petroleum Institute on US crude and product stockpiles is also due out later on Tuesday
Analysts said the slump may not have much further to go now that prices have fallen more than 8 percent since last Monday thebiggest week-on-week drop in four monthshttpwwwthehindubusinesslinecommarketscommoditiesoil-hovers-near-threemonth-low-as-investors-awaid-dataarticle9582601ece
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News Magazines
Mahindra Electric geared up to be a component supplier Autocar India
Speaking to Autocar India Mahindra Electric (ME) stated that the company is open to being a supplier to other vehiclemanufacturers and will sell complete electric drive systems to those interested At present the ME plant builds the e2o while it shipsout the drive systems for the eVerito sedan and eSupro van For this purpose the production line has been modified to produce notjust built-up vehicles but also fully ready electric drive systems that can be offered to other manufacturers interested in procuringthem With expertise in electrification virtually absent in India ME hopes to build on its first-mover advantage and cater to theindustry Itamprsquos unlikely that there would be any takers for passenger cars but commercial and three-wheeler manufacturerscould be potential customers
Mahindra also confirmed that they are open to supplying other bits like charge system controllers as well Mahindra outsources thebattery and electric motor for its EV powertrains and has no plans of producing these components in-house as apart from the hugeinvestments needed there is no real advantage Battery technology is quite specialised and there are many players in this fieldalready And with electric motor efficiency already at 80 percent ampndash compared to about 30 percent for internal combustionengines ampndash there is very little to differentiate one EV maker from another Mahindra believes the real differentiator in the nearfuture will be in the battery management systems where big gains can be made in the charging and discharging cycle Thus ME isputting a lot of effort into this area and going forward has ambitions to be a supplier solely for battery management systems toother manufacturershttpwwwautocarindiacomauto-newsmahindra-electric-geared-up-to-be-a-component-supplier-404432aspx
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Tesla Model Y SUV due by 2019 Autocar India
Tesla Inc recently renamed from Tesla Motors Inc is on the verge of what it says will be a massive expansion of production with twonew models due to arrive in the next two years
Alongside the much-hyped Model 3 Tesla is also expected to launch an entry-level crossover based on the same platform andrumoured to be badged the Model Y
The starting price of the Model 3 is likely to be around $37000 (Rs 2435 lakh approx) with the Model Y expected to be slightlymore expensive However Tesla founder Elon Musk believes the transaction prices of the new compact Teslas will go higherbecause buyers will be keen to add paid options to their vehicles
While the compact Model Y could turn out to be Teslaamprsquos best seller ampndash some seven million crossovers of all types weresold in the US last year ampndash Musk recently tweeted that the Model 3 remained the biggest priority for the company
The Model Y is unlikely to be unveiled until sometime next year with production set to follow late in the year Little in the way ofspecification has been released though it is expected to borrow the top-hinged amplsquofalcon wingamprsquo rear doors from thebigger Model X SUV
The Model Y will also have the promised updated electrical architecture that will allow Tesla to offer full autonomous drivingcapability Future Tesla cars will be equipped with as many as eight cameras giving a 360-degree view of the surroundingroadscape as well as 12 ultrasonic sensors and a amplsquonewamprsquo forward-facing radar that works in the worst weatherconditions Existing radar systems can be fooled by heavy rain and fog
Musk also said the new electrical architecture has a brain that is as much as ampldquo40 timesamprdquo more powerful than onprevious Teslas calling it a ampldquosupercomputer inside the caramprdquo The autonomous driving technology though will be offered
as add-on option to customers on both entry-level Teslas
Another challenge for the Model 3 and Y will be balancing their lower price against the need for a battery big enough to give anacceptable range
The entry-level Model 3 may have a cheaper sub-60kWh battery but will still need to have a range of at least 370km The ModelYamprsquos more bluff shape and greater frontal area might mean a bigger battery for the same range and so a slight price premium
Tesla is in a race against time to achieve the kind of production levels needed to turn around what is still a cash-hungry operationThe firm has spent nearly $2 billion (Rs 1316350 crore approx) since 2010 with investments including building the battery-makingGigafactory and trying to expand car production to a massive 500000 units a year
Tesla delivered around 76000 vehicles last year but says it was able to build around 2000 cars a week by the second half of 2016With as many as 400000 deposits taken for the Model 3 the company is looking to produce well over 100000 of the BMW3-series rival before the end of this year
Muskamprsquos expansion plans will test the limits of the capabilities of Teslaamprsquos suppliers and those of its own plant inFreemont California But getting to annual sales of half a million vehicles should finally push the carmaker into profit and secure thecompanyamprsquos long-term futurehttpwwwautocarindiacomauto-newstesla-model-y-suv-due-by-2019-404434aspx
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VW promises higher focus on EVs after record sales year Autocar India
The Volkswagen Group ampldquowill be a role model in environmental protection safety and integrityamprdquo according to CEOMatthias Muller who was speaking as the firm confirmed a record-breaking sales year in 2016
Outlining plans for the firm to reinvent itself as a far-reaching mobility company in the wake of the emission scandal Muller revealedthat the VW Group sold 103 million cars in 2016 making it the worldamprsquos largest car manufacturer It made pound62 billion in profitafter allowances including pound56 billion of losses to cover emission scandal costs In 2015 expenses relating to emission scandalamounted to pound142 billion
Most notably its sales in China where the effects of the diesel crisis were negligible grew 122 percent and its 2016 salesrevenues of pound1904 billion also exceeded forecasts by pound35 billion
ampldquoThe last year was challenging yet remarkably successfulamprdquo said Muller ampldquoIn 2016 we set the course for thebiggest transformation in the history of the company while at the same time performing better in our operating business than manythought possibleamphellipVolkswagen is back on trackamprdquo
Muller vowed that the success would be a catalyst for further change adding ampldquoWe will still be one of the most successfulautomakers in 2025 But we will also be a leading international provider of sustainable mobility and set the standard for new mobilityservicesamprdquo
New initiatives include a stated goal of taking leadership in the field of battery technology by 2025 which is by when the VW Grouphas committed to have solid state batteries in production These are seen as the next technological step over the lithium-ionbatteries currently favoured by most manufacturers The VW Group has committed to have 30 battery-electric vehicles on sale by2025
He also signalled that Audi had been tasked with leading the Groupamprsquos autonomous driving projects while adding that the VWGroup now had 37 centres around the world working on autonomous and digital service ideas pivoting around the Groupamprsquosnew mobility company Moia which was set up last year
Muller also highlighted recent joint ventures ampndash in China with FAW and JAC the latter of which will lead to the co-developmentof a budget electric car line in India with Tata Motors and in America with Navistar which is in the commercial vehicle segmentampndash as examples of the firmamprsquos commitment to forging partnerships to boost sales success He also confirmed that thefirst economy vehicles to be developed by the brand will go on sale in emerging markets in 2018httpwwwautocarindiacomauto-newsvw-promises-higher-focus-on-evs-after-record-sales-year-404433aspx
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Mercedes to expand E-class range with E 220 diesel Autocar India
The tenth-generation Mercedes-Benz E-class launched for the first time in India with a long wheelbase has moved the goalposts toset new standards for comfort and space in its segment The E-class comes with two engine options ampndash the base E 200 petroland the top-of-the-line
E 350 diesel Priced at Rs 5670 lakh and Rs 7015 lakh (ex-showroom Delhi) respectively these two variants bookend the E-classrange and is essentially aimed at two sets of customers The E 200 buyer is likely to be almost always chauffeur-driven and henceis mainly interested in rear seat space and comfort while the E 350d customer wants all the bells and whistles as well as the
sublime driving experience only the silky smooth and torquey V6 diesel can offer
However that still leaves a massive Rs 1345 lakh gap in the range which no doubt future E-class variants will eventually plug butwhich one will find that sweet spot to form the bulk of E-class sales
Itamprsquos no surprise then that Mercedes-Benz India is readying a base diesel which like the previous-generation W212 E-class islikely to be the most popular variant offering a strong dose of practicality without too much of a compromise on refinement andluxury
But unlike the W212 which had the E 250d representing the base diesel in the range Mercedes-Benz India is offering the lower E220d as the starting point for the E-class diesel This suggests that the E 220d will be very attractively priced when it goes on salearound June 2017 and could be priced very close to the E 200
The E 220amprsquos all-new 20 litre four-cylinder diesel which pumps out 194hp and 400Nm of torque may not have the punch ofthe outgoing E 250damprsquos 204hp and 500Nm motor but again given the chauffeur-driven focus the new E-class has beenconceived for the newE 220damprsquos performance is unlikely to be an issue
What is a big issue however is downgrading the 20-litre motor which has been designed for stricter Euro-VI emissions to run onlocally available BS-IV diesel ampldquoItamprsquos such a waste of engineering resource and a step backwardsamprdquo said aMercedes-Benz engineer The 2143cc (OM651) diesel engine which powered the previous E-class was easier to adapt to BS-IVfuel unlike the spanking new high-tech 1995cc (OM654) diesel thatamprsquos built to meet the latest global emission standards Infact the OM654 made its debut in the latest E-class when it was launched globally in 2016 Its advanced tech includes a uniquealuminium engine block with steel pistons a special low-friction coating for the cylinder walls and a fourth-generation common-raildiesel injection system At 168kg it is 31kg lighter than the engine it replaces
Downgrading a Euro-VI engine to BS-IV standards takes a lot of time and resources but there is no way out until fuel pumps in Indiaget low-sulphur BS-VI fuel which is not expected until 2020 The BS-IV-spec OM654 wasnamprsquot ready in time for the newE-class launch and this is one reason why the E 220d is coming a couple of months later The other reason could be a strategicone Mercedes-Benz India wants to wait until BMW launches the all-new 5-series expected in June and in a counter move tweakthe E 220damprsquos mix of specifications features and price accordingly A starting price of Rs 57-58 lakh for the E 220disnamprsquot unlikely especially since this variant will be Mercedes-Benz Indiaamprsquos trump card in a luxury car segment it seemsdetermined to dominatehttpwwwautocarindiacomauto-newsmercedes-to-expand-e-class-range-with-e-220-diesel-404429aspx
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Nissan to launch Kicks SUV in Q3 2018 Autocar India
The Nissan Kicks SUV which made its global debut in 2016 in Brazil will be launched in India in the third quarter of 2018 accordingto company sources
However unlike the South American model which is spun off Nissanamprsquos V-platform the made-for-India Kicks (code PB1D)will be based on the upcoming Renault Kapturamprsquos (code HHA) platform This is essentially a modified version ofRenaultamprsquos proven M0 platform that underpins cars like the Duster and Lodgy which are known for their robust mechanicals
The M0 is also a critical part of the Renault-Nissan Allianceamprsquos platform strategy in India which is essentially centred aroundtwo platforms Whilst the CMF-A and CMF-A+ platforms underpin Renault and Nissanamprsquos (and later Mitsubishiamprsquos) smallto mid-size car range in India the M0 platform will cater to higher end products The low-cost M0 platform has proved to be a cashcow for Renault globally and is ideally suited for markets like India The allianceamprsquos European-spec CMF-B platform was alsoevaluated initially but was eventually rejected as it proved to be a lot more expensive than the M0 which has also been localisedover the years
Developed and conceived originally by Renault for its Dacia sub-brand over a decade ago the French carmaker has first rights toproducts spun off the M0 platform and hence like the Nissan Terrano which followed the Renault Duster the Nissan Kicks too willfollow the Renault Kaptur to India but almost a year later
While both the Kaptur and Kicks will use the same modified version of the platform the amplsquotop hatsamprsquo will be completelydifferent The Kicks design and styling will mirror the South American car and thatamprsquos no bad thing
Sharply styled with lots of distinctive design touches like a floating roof massive wheel arches and a wraparound visor look theKicks wonamprsquot have a problem standing out on Indian roads The good thing is that the edgy design hasnamprsquot compromisedpracticality and Nissan claims best-in-class space in the back seat
Cars based on the M0 platform get a choice of just two engines a 16 petrol and the venerable 15 K9K diesel and hence these arelikely to be carried forward into the Kicks as well The 15 diesel is expected to be the mainstay but its likely that in its latest iterationthere will be a small bump up in power and torque
Nissan has set an ambitious target of 30000 Kicks in its first full year of production with an additional 20000 units earmarked forexports Pricing will be crucial for the Kicksamprsquo success and Nissan may do well to undercut its rivals to buy some much neededmarket sharehttpwwwautocarindiacomauto-newsnissan-to-launch-kicks-suv-in-q3-2018-404426aspx
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International News
Volkswagen CEO gets 778 mn euros in pay and benefits for 2016 ReutersSee this story in The Economic Times
Wolfsburg Volkswagen Groups Chief Executive Matthias Mueller was awarded 778 million euros ($828 million) in pay andbenefits for 2016 up from 417 million euros in total remuneration awarded a year earlier the companys annual report showed onTuesday
Mueller was not awarded a full years CEO pay for 2015 since he only took over as chief executive in September following theresignation of his predecessor Martin Winterkorn who was forced out in the wake of a diesel emissions cheating scandal
Volkswagen overhauled its bonus and executive pay policy in February this year to cap total pay for its chief executive at 10 millioneuros ($106 million) and other top managers at 55 million euros
Volkswagen brand chief Herbert Diess saw his total remuneration for 2016 fall to 393 million euros down from 713 million in 2015the annual report showed
($1 = 09401 euros)httpautoeconomictimesindiatimescomnewsindustryvolkswagen-ceo-gets-7-78-mn-euros-in-pay-and-benefits-for-201657631837Volkswagen CEO Matthias Mueller says not ruling out merger talks with Fiat ChryslerThe Financial Expresshttpwwwfinancialexpresscomindustryvolkswagen-ceo-matthias-mueller-says-not-ruling-out-merger-talks-with-fiat-chrysler587861
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Volkswagen CEO US remains core market for company APSee this story in The Economic Times
Frankfurt The CEO of German automaker Volkswagen says the United States remains a core market for the company despite itsdiesel emissions scandal and has underlined that it hopes to expand there
Matthias Mueller made the comments Tuesday at the companys annual news and investor conference at its headquarters inWolfsburg Germany
Mueller said that we are standing by our investment decisions and intend over the long term to play a significantly greater role therethan today
The Volkswagen brand has only a small share in the US market although it is important for the companys luxury brands Porscheand Audi It makes cars in Chattanooga Tennessee
US authorities uncovered Volkswagens use of engine control software that enabled vehicles to cheat on emissions testshttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsvolkswagen-ceo-us-remains-core-market-for-company57633149
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Volkswagen targets strong 2017 even as core brand struggles ReutersSee this story in The Economic Times
Wolfsburg Germany Volkswagen said it was capable of shouldering the costs of its emissions crisis and was targeting an evenbetter year than in 2016 but warned that its core autos division continued to struggle
We see good chances of being able to ride the wave of the positive performance last year when Volkswagen turned in recordunderlying profit helped by sales of upmarket Audis and Porsches Chief Executive Matthias Mueller said on Tuesday at thecarmakers annual news conference
Volkswagen expects group revenue to exceed last years record 217 billion euros ($231 billion) by as much as 4 percent this yearand is forecasting an underlying operating margin of between 6 and 7 percent compared with 67 percent in 2016 it said affirminga forecast given on February 24
The company also aims to moderately exceed last years record 103 million deliveries
You can rest assured that we will do everything in our power to make 2017 an even better year than 2016 the CEO said
But Volkswagen appears to be making slow progress in tackling the biggest trouble spot within the 12-brand group thelong-planned turnaround of its core autos division
Operating profit of the namesake brand slipped further to 187 billion euros in 2016 from 210 billion a year earlier because of highermarketing costs related to dieselgate and plunging demand in Brazil and other key markets finance chief Frank Witter said
($1 = 09394 euros)httpautoeconomictimesindiatimescomnewsindustryvolkswagen-targets-strong-2017-even-as-core-brand-struggles57630343
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VW CEO says not ruling out merger talks with Fiat Chrysler boss ReutersSee this story in The Economic Times
Wolfsburg Volkswagen Chief Executive Matthias Mueller said he is not ruling out talks with Fiat Chrysler boss Sergio Marchionneabout a possible merger
I am not ruling out a conversation Mueller told reporters on Tuesday after the carmakers annual earnings press conference inWolfsburg
Marchionne has long advocated car industry mergers to share the costs of making cleaner and more technologically advancedvehicles and has repeatedly relayed his desire via the media
It would be very helpful if Marchionne were to communicate his considerations to me too and not just to you Mueller said
I am pretty confident about the future of Volkswagen with or without Marchionne
Only last week Mueller appeared to dismiss the prospect of talks with Fiat Chrysler
We are not ready for talks about anything he told Reuters on the fringes of the Geneva auto show I havent seen Marchionne formonths he said at the timehttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsvw-ceo-says-not-ruling-out-merger-talks-with-fiat-chrysler-boss57632909
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Volkswagen chief denies talks with Fiat AFPSee this story in The Economic Times
Berlin Volkswagen chief Matthias Mueller on Tuesday denied rumours that the German auto giant was in talks with rival FiatChrysler
At present there is no contact between me and Fiat Chrysler boss Sergio Marchionne Mueller told the companys annual pressconference in Wolfsburg north Germany
Marchionne had said at the Geneva car show last week that he was expecting Volkswagen to reach out as more firms are thinkingof cost-cutting tie-ups in the vein of Frances Peugeot and German carmaker Opel
In response Mueller said he had other problems since VWs 2015 admission that it installed software to cheat regulatoryemissions tests in 11 million vehicles worldwide
He nevertheless added that Ive never said a tie-up with any other partner is altogether ruled out
VW clawed its way back to profit in 2016 and pulled ahead of Toyota to become the worlds biggest carmaker by unit sales shipping103 million vehicles over the year
Mueller on Tuesday confirmed the groups forecast of moderate growth in sales in 2017
But the firm is far from turning the page as it continues to refit cars equipped with the cheating software and faces legal action fromcustomers and investors in numerous countries
The final bill for the scandal is impossible to predict Mueller acknowledged
All we know is that this question will keep us busy for a long time several years he saidhttpeconomictimesindiatimescomindustryautovolkswagen-chief-denies-talks-with-fiatarticleshow57633113cms
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Volkswagen has good chances to build on strong 2016 performance CEO ReutersSee this story in The Economic Times
Germany Volkswagen has good chances of building on its strong 2016 performance when it swung to a record underlying profitdespite its diesel emissions crisis Chief Executive Matthias Mueller said
The Volkswagen Group is in very robust shape Mueller said on Tuesday at the carmakers annual news conference in Wolfsburg
VW expects group revenue to exceed last years record 217 billion euros ($231 billion) by as much as 4 percent this year and isforecasting an underlying operating margin of between 6 and 7 percent compared with 67 percent in 2016 it said affirming aforecast given on Feb 24
Still operating profit of its core autos division slipped further to 187 billion euros in 2016 from 210 billion a year earlier as the brandis struggling to implement a wide-ranging turnaround planhttpeconomictimesindiatimescomnewsinternationalbusinessvolkswagen-has-good-chances-to-build-on-strong-2016-performance-ceoarticleshow57630339cms
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BMW i3 batteries to be used by Vattenfall The Economic Times
New Delhi Swedish power making company Vattenfall and German auto giant BMW Group have signed a contract for the deliveryof up to 1000 lithium-ion batteries this year The batteries with a capacity of 33 kilowatt hours (kWh) each are equipped with aBMW-owned battery management system and are also used by the car manufacturer in the BMW i3
Vattenfall will purchase the new batteries from the BMW plant in Dingolfing and use them in all storage projects
Energy storage and grid stability are the major topics of the new energy world says Gunnar Groebler Senior Vice President ofVattenfall and Head of Business Area Wind
We want to use the sites where we generate electricity from renewable energies in order to drive the transformation to a newenergy system and to facilitate the integration of renewable energies into the energy system with the storage facilities Thedecoupling of production and consumption and the coupling of different consumption sectors are in the focus of our work
The first energy storage from the BMW-i3 batteries is being built at the 122 MW onshore wind farm Princess Alexia nearAmsterdam With a capacity of 32 megawatts (MW) it is Vattenfalls first large storage project in the Netherlands
Pending on a final investment decision the largest battery storage will be built at the Vattenfall wind farm Pen y Cymoedd (230 MW)in South Wales - a 22-megawatt storage facility which will help to support the stability of the country-wide power grid in the UK aspart of the so-called EFR (Enhanced Frequency Response) service
As part of the project Norddeutsche Energiewende NEW 40 Vattenfall together with the Hamburg University of Applied Sciences(HAW) and the company Nordex will implement a large battery storage at the future wind farm in Hamburg-Bergedorf
This is a so-called storage control unit made of batteries It is meant to maintain the security of supply with a feed-in of 100 percentrenewable energy In addition the battery storage contributes to the improvement of the network quality and the more efficient useof the existing network structure Other possible applications would be electricity storage in private households Energy storagesolutions are an important part of Vattenfallamprsquos strive to power climate smarter living
We are pleased that we have found a supplier in BMW who meets our high safety requirements with the use of the batteries withreliably good quality from German series production says Daniel Hustadt project manager for large batteries at VattenfallInnovation GmbHhttpautoeconomictimesindiatimescomnewsindustrybmw-i3-batteries-to-be-used-by-vattenfall57630728
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Toyota to look at Saudi production as the countries seek closer ties ReutersSee this story in The Economic Times
New Delhi Toyota Motor Corp signed a memorandum of understanding (MOU) on Tuesday with a Saudi Arabian governmentagency to conduct a feasibility study into producing vehicles and parts in the Middle Eastern nation
The move if firmed up would be a big step for the Saudi economy as the government tries to diversify beyond oil exports andcreate jobs as part of the kingdoms 2030 Vision
So far Saudi Arabia and other Gulf oil exporters have failed to significantly develop industries such as automaking because theylack broad industrial bases and a skilled local workforce
The study would take into account the evaluation of development of a local supply base using materials produced by major Saudi
companies like Sabic Maaden Petro Rabigh and other major industrial companies in the kingdom the official Saudi state newsagency reported
The MOU is with Saudi Arabias National Industrial Clusters Development Program (NICDP)
Meanwhile state-run Saudi Aramco has signed MOUs with five Japanese entities during a business forum that both nations hostedon Tuesday coinciding with a visit by Saudi Arabias King Salman this week
Saudi Aramco and Japans biggest oil refiner JX Nippon Oil amp Energy (5020T) agreed to consider a refinery joint venture in a thirdcountry and cooperation in trading and technology of oil and petrochemical products
Aramco also agreed to consider a possible future cooperation in crude oil supply and downstream business with Idemitsu KosanCompany
In addition Aramco and state-run Japan Oil Gas and Metals National Corp (JOGMEC) formally agreed to expand crude storagecapacity in Japan by 300000 kilolitres (about 19 million barrels) from the current 63 million barrels from April 1
Japan treats crude oil stored by Aramco as quasi-government oil reserves counting half of the barrels stored by Aramco as nationalcrude reserves
Companies and government organizations in both nations signed a total of 20 MOUs on Tuesday including cooperation betweenthe Saudi Arabian General Investment Authority (SAGIA) and Japans three megabanks - Mitsubishi UFJ Financial Group (8306T)Sumitomo Mitsui Financial Group (8316T) and Mizuho Financial Group (8411T) - on increasing investments in the kingdom
The MOUs also included cooperation in seawater desalinationhttpautoeconomictimesindiatimescomnewsindustrytoyota-to-look-at-saudi-production-as-the-countries-seek-closer-ties57636587
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Geneva Motor Show 2017 Airbus unveils fully electric flying car PopUp The Economic Times
Geneva Airbus along with Italdesign has unveiled the first modular fully electric zero emission concept vehicle system - PopUpat the Geneva Motor Show 2017 informed the French company in an official statement
PopUp envisages a modular system for multi-modal transportation that makes full use of both ground and airspace and isdesigned to relieve traffic congestion in crowded megacities
PopUp System consists of a three layers concept1 an Artificial Intelligence platform that based on its user knowledge manages the travel complexity offering alternative usagescenarios and assuring a seamless travel experience
2 a vehicle shaped as a passenger capsule designed to be coupled with two different and independent electric propelled modules(the ground module and the air module) Other public means of transportation (eg trains or hyperloops) could also integrate thePopUp capsule
3 an interface module that dialogues with users in a fully virtual environment
Airbus claims The PopUp vehicle combines the flexibility of a small two seater ground vehicle with the freedom and speed of avertical take-off and landing (VTOL) air vehicle thus bridging the automotive and aerospace domains
PopUpamprsquos monocoque carbon-fibre cocoon measures 26 metres long 14 metres high and 15 metres wide The capsuletransforms itself into a city car by simply coupling to the ground module which features a carbon-fibre chassis and is batterypowered
For megacity journeys with high congested traffic the capsule disconnects from the ground module and is carried by a 5 by 44metre air module propelled by eight counter-rotating rotors
ampldquoAdding the third dimension to seamless multi-modal transportation networks will without a doubt improve the way we liveand how we get from A to Bamprdquo said Mathias Thomsen General Manager for Urban Air Mobility at Airbus on the occasion ofthe unveil
ampldquoSuccessfully designing and implementing solutions that will work both in the air and on the ground requires a joint reflectionon the part of both aerospace and automotive sectors alongside collaboration with local government bodies for infrastructure andregulatory frameworks Italdesign with its long track record of exceptional vehicle design was an exciting partner for Airbus for thisunique concept projectamprdquo
ampldquoToday automobiles are part of a much wider eco-system if you want to design the urban vehicle of the future the traditionalcar cannot alone be the solution for megacities you also have to think about sustainable and intelligent infrastructure appsintegration power systems urban planning social aspects and so on In the next years ground transportation will move to the nextlevel and from being shared connected and autonomous it will also go multimodal and moving into the third dimensionamprdquo saidItaldesign CEO Joumlrg Astaloschhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsgeneva-motor-show-2017-airbus-unveils-fully-electric-flying-car-pop-up57630936
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Nissan boosts management presence at Mitsubishi Motors ReutersSee this story in The Economic Times
Tokyo Mitsubishi Motors on Tuesday said an additional four Nissan executives would join its management team as Nissan tightensits control over the smaller struggling automaker in which it took a controlling stake last year
The announcement is part of Mitsubishi Motors efforts to rebuild its management system after it admitted last year that it hadoverstated the mileage on a number of its cars sold in Japan battering domestic sales and tarnishing its brand image
From April corporate vice president positions for roles including product development and marketing and sales would be occupiedby officials from Nissan Mitsubishi Motors said
This would hike the number of Nissan executives on Mitsubishi Motors management team to seven from two now
We need to strengthen our corporate governance to avoid a repeat of last years scandal along with scandals previous to thatMitsubishi Chief Executive Officer (CEO) Osamu Masuko told reporters during a teleconference
After taking a one-third stake in Mitsubishi Motors Nissan installed Carlos Ghosn - its CEO at the time - as chairman of MitsubishiMotors while also naming two Nissan officials to Mitsubishis board of directors
Nissan also dispatched other executives to the smaller automaker including Trevor Mann previously Nissans chief performanceofficer who became chief operating officer at Mitsubishi late last year
Last month Ghosn said he would step down from the top position at Nissan to focus on deepening the companys alliance withRenault SA and Mitsubishi Motors
Separately Nissan said Shiro Nakamura the companys chief creative officer and one of Japans best-known car designers willretire after nearly 20 years at the automaker
Nakamura 66 is recognised for referencing science fiction anime and embracing Japans culture of cute in models including theGT-R supercar the Cube compact MPV and the Juke SUV crossover setting the automaker apart from many of its rivals whichhave been accused of making lookalike cars
Nakamura joined Nissan in 1999 from Japanese truckmaker Isuzu Motors and was one of the first key hires by Ghosn shortly afterGhosn himself arrived from French automaker Renault to save the company from bankruptcy
Alfonso Albaisa who currently overseas design at Nissans premium Infiniti brand will succeed Nakamura while former BMWglobal chief designer Karim Habib will become the brands new chief designer effective July 1httpautoeconomictimesindiatimescomnewsindustrynissan-boosts-management-presence-at-mitsubishi-motors57631800
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Renault Zoe e-Sport breaks covers at 2017 Geneva Motor Show The Economic Times
New Delhi In the ongoing Geneva Motor Show Renault has showcased its new two-seat version of its electric car Renault Zoee-Sport The company claims to have taken the design cues from Formula E
The ZOE e-Sport Concept is the fully electric concept car that embodies Renaultamprsquos commitment to the idea that electric carscan be fun and fast says Renault The sporting credentials of the ZOE e-Sport Concept extend beyond the caramprsquos styling andthe same blue livery as the Renault edams teamamprsquos front-running Formula E single-seaters
The bodywork of the ZOE e-Sport Concept is made entirely from lightweight carbon fibre which helps to ensure outstandingacceleration from standstill to 100kph in just 32 seconds The car tips the scales at a mere 1400 kilograms including 450kilograms of batteries
The car is powered by two electric motors capable of generating 450 bhp and 650 Nm of torque One of the motor is powered to therear axle and the other to the front axle Renault Zoe e-Sport gets the same 40 kWh battery which powers the standard variant ofthe car
Jean-Christophe Kugler CEO Renault Europe said that the concept as a link car - a styling exercise intended to connect the Zoeroad car with what Renault is doing in Formula E racing and to send a message that EVs are fun to drive Its not a signal of thefuture for Zoe and we have no intention to develop a performance version
Renault also claims that the electric performance car uses the same air and water cooling systems as the Renaultamprsquos FormulaE car The car is based on a tubular steel chassis with use of extensive carbon fibre The car also gets four driving modes
At the moment Renault has no plans to make the Zoe e-Sport into productionhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsrenault-zoe-e-sport-breaks-covers-at-2017-geneva-motor-show57627528
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Sensata Technologies opens testing facility in Bulgaria ReutersSee this story in The Economic Times
Sofia Sensata Technologies has opened its largest global testing facility in Sofia to support its automotive sensing technologies thecompany said on Tuesday
Sensata which has manufacturing sites in 13 countries already employs 3000 people in Bulgaria where it produces pressure andhigh temperature sensors for the automotive market and operates a business centre
In recent years inexpensive labour low taxes and an educated workforce have encouraged dozens of car part producers and ITand business outsourcing companies to set up in the Balkan countryhttpautoeconomictimesindiatimescomnewsauto-componentssensata-technologies-opens-testing-facility-in-bulgaria57632975
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Driving driverless Quest for an autonomous car has reached a truck now Nandagopal RajanThe Financial Express
At San Franciscoamprsquos Pier 90 chock-a-block with cargo vehicles it is pretty tough for any truck to stand out But a white Volvotruck with Otto emblazoned on it is the centre of attention This is the next big thing in automated cars and has already shown itsmettle by delivering a consignment of Budweiser beer in Colorado without a driver controlling it on the freeway
Uber is one of the many companies thinking in terms of driverless car While CEO Travis Kalanick says automated vehicles areampldquoexistentialamprdquo for the ride-hailing companyamprsquos future he is not alone in the race to drive without drivers Just in theUS at least 23 companiesampmdashincluding Tesla Google and Volkswagenampmdashhave registered in autonomous vehicleprogrammes The idea that fuels this cutting-edge technology is pure economics at the end of the day Cars suffer from seriousissues of inefficiency as they sit idle 95 of the time Considering that the world has 1200000000 cars this is inefficiency at agargantuan scale Add to this the fact that cars amount for 22 of all emissions globally and muddy the urban infrastructureproblem by creating the need for parking spaces
Since 1984 when the first experimental self-driving cars appeared there has been much progress on the technology leading toMercedes-Benz showcasing its concept car the F 015 at the Consumer Electronics Show in Las Vegas in 2015 Everyone has adifferent take on the technology but in the end the idea is to make cars intelligent and independent enough to be aware ofsurroundings and take decisions based on that
Interestingly Uberamprsquos dream is to bring ampldquoreliable transportation to everyone everywhereamprdquo now extended toeverything too with the trucks from Otto a start-up it acquired last year Matt Sweeney who heads product at UberamprsquosAdvanced Technology Group says ampldquothe truck and passenger vehicles share software and hardware components and thishelps us work on different aspects of the self-driving problem at the same timeamprdquo But on scope passenger vehicles are forurban environments where Uber has its focus on ride-sharing while trucks will be for high-speed highways where the constraintsare different
Just last week Uber got a permit from California Department of Motor Vehicles to test two self-driving Volvo SUVs on public roadsthough it will need to have backup drivers behind the wheel in case the prototype cars malfunction Its self-driving cars have beenrunning test drives in other parts of the US too
The Otto truck comes with a rig of radars laser scanners and stereo cameras that give the computers inside a live 360-degreevision of its environment with high dynamic range high resolution and high colour information imagery so that the truck can besmart enough to decide what to do next But the computing task this presents is ampldquoalmost as big as a small datacentreamprdquo Sweeney says the computing has to be done inside as ampldquothere is no tech that can let us send all that data tothe cloud real time and hence a lot of the computing has to be done in the truck itselfamprdquo
ampldquoA lot of the tech is based on prior mapping but in subsequent runs we see differences that have come about in the area andpay attention on those objects that are differentamprdquo
Interestingly Otto is being sued by Googleamprsquos Waymo self-driving car unit which claims its former employee and start-upfounder Anthony Levandowski stole its proprietary design for its laser-based radar system There are other challenges tooampldquoUber tech is different because we are trying to make this on top of the ride-sharing network that we already haveamprdquo headded
Nissan in contrast keeps the driver and not the technology at the centre and its definition of an ampldquoautonomous caramprdquo ishence a vehicle with different levels of driving technologies that enable it to operate autonomously for certain periods of time ANissan spokesperson said on the technology side the challenges are in artificial intelligence software development data processingand digital mapping technologies while on the social environment side laws and regulations along with modifications of roadinfrastructure will become necessary
This contrast in technologies is why it is important to see how the entire ecosystem evolves maybe with different platforms talkingto each other But Uber is not depending on this ampldquoWe need to see and interact with vehicles but there is no guarantee wewill have that technology So we are approaching it with the assumption it wonamprsquot existamprdquo says Sweeney
Uberamprsquos goal is to take its technology everywhere but can these vehicles actually be practical for an environment like IndiaSweeney accepts the new elements this will throw in along with the sheer volume will present a slew of challenges ampldquoThoseare situations we think we will be able to tackle but those are not the first places we will goamprdquo he explains adding that theywill look for opportunities where they can deploy this technology safely Clearly this drive has just started(The author attended the Uber Media Summit in San Francisco at the invitation of Uber)httpwwwfinancialexpresscomopiniondriving-driverless-quest-for-an-autonomous-car-has-reached-a-truck-now588112
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Samsung completes acquisition of Harman The Economic Times
New Delhi The arrest of the Vice-Chairman of Samsung Board Lee Jae Yong on bribery and corruption charges has not affectedthe deal between Samsung and Harman International IndustriesIn a media statement the South Korean giant confirmed thecompletion of its largest such deal ever
Under the terms of the merger agreement Harman stockholders will receive $11200 per share in cash The completion follows thesatisfaction of all conditions to the closing of the transaction including approval of the transaction by HARMAN stockholders andreceipt of all necessary regulatory approvals in the United States and certain foreign jurisdictions
ampldquoToday is a historic moment for us The close of this transaction opens the door to create substantial growth opportunitiesand deliver greater benefits for customers worldwideamprdquo said Young Sohn President and Chief Strategy Officer of SamsungElectronics and Chairman of the Board HARMAN ampldquoWe see transformative opportunities in the car ampndash and a futurewhich seamlessly connects lifestyle across automotive home mobile and work Samsungamprsquos and HARMANamprsquosleadership in these spaces perfectly positions Samsung to be the preferred partner to our OEM customers In addition bringingtogether HARMANamprsquos iconic audio brands and capabilities paired with Samsungamprsquos leading display technologies willdeliver enhanced audio and video experiences to consumers and professional end markets And most importantly we areenthusiastic about our common vision the similarities in our culture of innovation and the added value we can create for customersWe look forward to working with all of HARMANamprsquos employees to execute on our visionamprdquo
Harman boasts around 30000 employees spreadout across different brands including JBL Infinity Lexicon and Mark LevinsonThe company will continue to conduct business as an independent subsidiary under the terms of the deal with Samsung
ampldquoWe are excited to have completed the transaction which provides compelling cash value to our stockholders benefits ourcustomers and provides new opportunities for our employeesamprdquo said Dinesh Paliwal Harman President and CEOampldquoSamsung shares our commitment to our customers and our culture of speed innovation and execution Samsung providesHarman with the scale platform and complementary technologies to accelerate growth and extend our global market leadership inautomotive smart audio and connected technologies Recognizing the importance of partnerships in an increasingly connectedworld particularly in automotive we are poised to leverage our combined teams and resources to produce even greater value forour customers Working closely with automakers and other technology companies Samsung and Harman will define ampndash anddrive ampndash the future of automotiveamprdquohttpautoeconomictimesindiatimescomnewsauto-technologysamsung-completes-acquisition-of-harman57624440
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Skoda delivers 81200 units in Feb 2017 globally The Economic Times
Mlada Boleslav Czech car manufacturer Skoda in a press release stated that the company delivered 81200 vehicles to customersworldwide in February 31 more than in the same period last year (February 2016 78800) brvbarkoda also claims that it has soldmore cars than any February in its history The Czech manufacturer achieved double-digit growth in Central and Eastern Europe (+129 and + 133) India (+ 128) and Israel (+ 198) among others
We are delighted with our strong start to 2017 We expect the market launch of the OCTAVIA product upgrade as well as the newKodiaq to create further momentum says Werner Eichhorn brvbarKODA Board Member for Sales and Marketing
In Western Europe deliveries to customers rose by 70 in February to 34800 vehicles (February 2016 32500) With 12600vehicles Germany remains the strongest single European market (February 2016 12100 vehicles +45) brvbarKODA recordeddouble-digit growth rates in the UK (3400 vehicles +236) Italy (2200 vehicles + 201) Belgium (2 000 vehicles +271) andAustria (1900 vehicles +647)
In Central Europe brvbarKODA achieved an increase of 129 with 17400 cars (February 2016 15400 vehicles) Deliveries on thehome market of the Czech Republic rose by 88 to 8200 vehicles in Poland (5700 vehicles + 163) Slovakia (1700 vehicles+154) Slovenia (600 vehicles +226) and Croatia (300 vehicles +469) also rose in double figures
In Eastern Europe excluding Russia Skoda achieved a year-on-year increase of 133 with 2800 vehicles delivered (February2016 2500 vehicles) In the same period 400 customers in Ukraine received their new brvbarKODA ampndash an increase of 939(February 2016 200 vehicles) The number of deliveries increased significantly in Bosnia (200 vehicles + 557) Bulgaria (200vehicles +175) and the Baltic States (600 vehicles + 229) In Russia brvbarKODA achieved an increase of 46 with 4300vehicles (February 2016 4100 vehicles)
In China ampndash the brandamprsquos largest market worldwide ampndash brvbarKODA handed over the keys to 15000 new vehicles(February 2016 18500 vehicles -188) Deliveries overseas increased by 98 to a total of 2500 vehicles
At the Geneva Motor Show brvbarKODA is presenting several new highlights These include the brvbarKODA KODIAQ SCOUT and brvbarKODAKODIAQ SPORTLINE alongside the extensively upgraded brvbarKODA OCTAVIA as well as the sporty spearhead brvbarKODA OCTAVIA RS245 and the brvbarKODA OCTAVIA SCOUT with a rugged off-road look In addition the upgraded brvbarKODA models RAPID and RAPIDSPACEBACK and Citigo are on show
brvbarKODA deliveries to customers in February 2017 (in units rounded off by model +- in percent compared to February2016)brvbarKODA OCTAVIA (28600 -86)brvbarKODA FABIA (16700 + 152)brvbarKODA RAPID (15000 + 121)brvbarKODA SUPERB (10900 + 171)brvbarKODA KODIAQ (1300 + 1000)brvbarKODA YETI (6300 -157)brvbarKODA CITIGO (only sold in Europe 2300 -164)httpautoeconomictimesindiatimescomnewspassenger-vehiclecarsskoda-delivers-81200-units-in-feb-201757626693
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Isuzu claims more durability on its diesel engines for trucks The Economic Times
Indianapolis Isuzu Commercial Truck of America has announced that the B10 durability rating of its 4HK1-TC diesel engine hasbeen increased to 375000 miles informed the company in an official statement
To elaborate further on what it means the Japanese commercial vehicle manufacturer went on to say that A B10-life rating is anindustry-standard gauge provided by engine makers to help consumers determine the long-term durability of an engine Thenumber following the B indicates the percentage of an engineamprsquos population that will require an overhaul before the indicatedmileage
That means that 90 of Isuzu 4HK1-TC engines are expected to last 375000 miles before they require a major repair or rebuildPreviously the 4HK1-TC engine carried an already-robust B10 durability rating of 310000 miles added the company
ampldquoWe are proud to say that Isuzu diesel engines are already known worldwide for their long-term dependabilityamprdquo saidShaun Skinner president of Isuzu Commercial Truck of America ampldquoOur new B-10 rating is strong evidence that our enginesare even more durable than everamprdquo
The turbocharged intercooled 4HK1-TC four-cylinder diesel engine displaces 52 liters and generates 215 horsepower Torqueratings vary depending on model The engine is fitted to Isuzu NPR-HD NPR-XD NQR and NRR models as well as the all-new2018 Isuzu FTR Class 6 truck
The company made the above announcement at the National Truck Equipment Associationamprsquos 2017 Work Truck Show inIndianapolis held on March 13httpautoeconomictimesindiatimescomnewsauto-componentsisuzu-diesel-engines-for-trucks-now-become-more-durable57626832
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MoS visits Rolls-Royces new logistics centre in England The Economic Times
New Delhi Nick Gibb Minister for School Standards and MP for Bognor Regis and Littlehampton has visited Rolls-Royce MotorCars Technology and Logistics Centre on Monday informed the British luxury car maker in a media release
During the visit Gibb toured the facility met the expert team onsite and was briefed on the companyamprsquos future plans to expandthe Centre He also took the opportunity to learn more about the Rolls-Royce Motor Cars apprenticeship graduate and internprogrammes
Nick Gibb said ampldquoThe original announcement that Rolls-Royce Motor Cars would be locating its Technology and LogisticsCentre in Bognor Regis was a great boost for our town and warmly welcomed I am delighted to see the huge new state of the artfacilities fully operational and providing high quality jobs for local people The support of such a prestigious company is good newsfor Bognor Regis and for the wider local economyamprdquo
He continued ampldquoIt is very welcome that Rolls-Royce operates an apprenticeship scheme ensuring the company has the skillsit needs for the future and providing opportunities and training for a cohort of young people every year This year Rolls-Royce istaking on record numbers of apprenticesamprdquo
The new Rolls-Royce Technology and Logistics Centre at Bognor Regis opened on schedule in January 2016 The purpose-built30000m2 facility is located close to the companyamprsquos head office and manufacturing plant at Goodwoodhttpautoeconomictimesindiatimescomnewsindustrymos-visits-rolls-royce-new-logistics-centre-in-england57626981
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All new Mazda CX-5 to be produced at Hofu Plant The Economic Times
Hiroshima Japan Japanese automaker Mazda Motor Corporation starting from November is going to produce the all-new MazdaCX-5 crossover SUV at its Hofu Plant in addition to the Hiroshima Plant where it is currently produced
The company informed that the move will help the automaker respond quickly and flexibly to growing demand for SUVs globally
Mazda aims to create a production system that can respond flexibly to changes in demand for crossover vehicles as it works tomeet its global sales goal of 165 million units
Launched domestically in February the all-new CX-5 has till date recorded sales of 16639 units about seven times the monthlytarget claims the company
As with the CX-3 starting production of the CX-5 at Hofu Plant as well is part of our plan to build a production framework that givesus more flexibility between plants and between models said Masatoshi Maruyama Managing Executive Officer in charge of GlobalProduction We will do everything we can to get customers the crossover vehicles they want as quickly as possiblehttpautoeconomictimesindiatimescomnewspassenger-vehicleuvall-new-mazda-cx-5-to-be-produced-at-hofu-plant57627447
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Rheinmetall receives over $25 mn order from American carmaker The Economic Times
New Delhi German automotive parts supplier Rheinmetall has booked its first order for a special application of coolant valves by amajor American carmaker and destined for the NAFTA market
The company in a statement said that the order has a lifetime value of over US$25 million (around Rs 165 crore) Series productionof the valves is scheduled to start in 2019 with the contract set to run for about five years
Talking about the product the company went on to say that the innovative valves play a lead role in intelligent thermal and energymanagement on modern vehicle engines These often have several cooling circuits which are controllable with the aid of switchingseat valves
As from model year 2020 this particular customer will be installing several versions of such valves on gasoline and diesel enginesfor pick-ups with over 6 liters displacement
They will take over functions in the cooling circuit of the transmission ensuring that it reaches operating temperature faster byswitching off the coolant flow when the engine is started This also helps to reduce emissions added the companyhttpautoeconomictimesindiatimescomnewsauto-componentsrheinmetall-receives-over-25-mn-order-from-american-carmaker57628058
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Nissans Infiniti names former BMW executive as new design chief ReutersSee this story in The Economic Times
Beijing Infiniti Nissan Motors premium brand named Karim Habib former global design chief for BMW as the brands new chiefdesigner effective July 1
Habib will replace Alfonso Albaisa who will be promoted to lead Nissans global design according to a press release seen byReuters Habib will report to Albaisa
Habib who has worked for several premium automotive brands including BMW and Daimler will be based in Nissans technicalcentre in Atsugi Japan and lead Infinitis design teams in Japan Beijing San Diego and Londonhttpautoeconomictimesindiatimescomnewsindustrynissans-infiniti-names-former-bmw-executive-as-new-design-chief57630437
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Elon Musks bold offer of Tesla batteries wont solve Australias power problems ReutersSee this story in The Economic Times
Launceston Australia Australia is becoming an interesting microcosm on how to or how not to transition an economy from beingpredominantly powered by coal to more climate-friendly alternatives
The dramatic intervention by Tesla Inc Chief Executive Elon Musk last week is just the latest twist in an ongoing saga that pits
business government farmers government and environmentalists against each other
Musk in an exchange of tweets with software billionaire Mike Cannon-Brookes chief executive of Atlassian Corp offered to fix theelectricity supply problems of South Australia state within 100 days of signing a contract
Musks plan is to install 100 megawatts (MW) of grid-connected battery storage which would be available to meet peak demandand would be charged with surplus electricity from other generating sources in periods of low demand
Its a bold offer and would most likely provide a quick fix to Australias fourth-largest state which suffered a blackout last Novemberand has been dealing with power shortages over the peak summer period
Businesses like BHP Billiton which operates the giant Olympic Dam copper mine in the state have been pushing for thegovernment and other stakeholders to ensure stable electricity supply saying the cost of blackouts runs into millions of dollars inlost output
Musk whose Tesla Corp is ramping up output of its battery storage packs at its Gigafactory in Nevada held talks with AustralianPrime Minister Malcolm Turnbull at the weekend as well as with South Australian Premier Jay Weatherill
The politicians will no doubt be tempted to Musks offer to install batteries especially since the electric car pioneer said if he didntmeet his 100 day deadline he wouldnt charge anything
But while Musks offer if taken up would provide a quick fix it would not do enough to mend the underlying problems at the heart ofAustralias electricity woes
Its worth looking at how Australia got itself to the point where virtually all players can agree that the nation is facing somethingapproaching an energy crisis
After all the country is not short of fossil fuels such as coal and natural gas and its climate and low population density outside themajor cities are ideal for renewables such as solar and wind power
The country is heavily reliant on an ageing fleet of coal-fired power stations which makes Australia one of the highest polluters percapita
These coal power stations are starting to close down with one shutting in South Australia last year and another planned to close inVictoria state at the end of this month
The problem is that the coal-fired power stations role as providers of base load electricity cannot be taken over by wind and solarand the role is falling to natural gas
But natural gas is also the most expensive method of generating electricity in Australia so utilities are reluctant to run their gas-firedplants until prices are high enough to justify the cost
South Australia has a gas-fired plant that was mothballed until last years power supply crisis but even with the higher prices forelectricity the operator is struggling to make the plant profitable
The state moved on Tuesday to try and address its energy security issues announcing it would build a 250 MW gas-fired plant andhelp the private sector build a 100 MW battery at a total cost of A$510 million ($385 million)
Gas Supply ConstraintsNatural gas supply is becoming a problem in Australia which may seem ironic given the country is on the verge of becoming theworlds largest exporter of liquefied natural gas (LNG) as the last of eight new plants come closer to completion
In fact the new LNG plants are copping some of the blame for the tightening natural gas market especially the three in easternQueensland state based on using coal-seam gas as the feedstock
These are being blamed for sucking domestic natural gas out of the market and into the export LNG industry
What hasnt helped is that some of Australias state and territory governments are also pursuing policies that will restrict futurenatural gas supplies
Victoria state has banned hydraulic fracturing or fracking as well as shale and coal-seam gas exploration while the NorthernTerritory New South Wales and Tasmania have various moratoriums on fracking
This leaves Western Australia Queensland and South Australia as the remaining states where onshore natural gas supplies can bedeveloped and they are now in the cross-hairs of the environmental lobby which is opposed to any and all new natural gas wells
Politicians across the traditional Labor-Liberal divide are increasingly giving in to demands to restrict natural gas exploration whilepretending that this wont have a negative impact on energy security and electricity prices
But the costs are starting to become apparent with spot electricity prices surging over the Australian summer and natural gassuppliers warning that they will be unable to meet the needs of industrial customers without action being taken
Its often the case politicians only take action when the point of crisis is reached and this appears to be the case in Australia
Whats needed is a holistic approach to energy supply as Australia transitions away from coal-fired power
This means ensuring enough natural gas is available to provide base load generation while scaling up renewables such as solar
wind pumped hydro and battery storage
Forging enough common ground with the various stakeholders will be the main obstacle but more than anything else Australia isshowing how difficult it is to end the age of coalhttpautoeconomictimesindiatimescomnewsindustryelon-musks-bold-offer-of-tesla-batteries-wont-solve-australias-power-problems57630514
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Innogy in talks with car consortium over charging stations CEO ReutersSee this story in The Economic Times
Essen Germany Innogy is in intense talks with a group of carmakers Chief Executive Peter Terium told journalists on Mondayhoping to be selected as a supplier of super-fast charging stations for electric vehicles across Europe
Its not a done deal yet Terium said pointing to strong competition from rival vendors
BMW Volkswagen Ford and Daimler plan to build about 400 next-generation charging stations in Europe that can reload anelectric car in minutes instead of hours
Sources told Reuters in January that Innogy was in talks with the consortiumhttpautoeconomictimesindiatimescomnewsindustryinnogy-in-talks-with-car-consortium-over-charging-stations-ceo57624184
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China may roll back electric vehicle quotas as industry pushes back ReutersSee this story in The Economic Times
Beijing China is considering easing proposed quotas aimed at producing more electric vehicles as Beijing gets pushback from theautomotive industry over the scale and pace of the plans
If adopted proposed changes under discussion could see a target of new energy vehicles (NEV) making up 8 percent of sales nextyear pushed to 2019 two auto executives said
The changes would lower targets from a draft policy released in September requiring 8 percent of automakers sales to be batteryelectric or plug-in hybrid vehicles by 2018 rising to 10 percent in 2019 and 12 percent in 2020
Any loosening of NEV targets would mark a pull back by Beijing which has faced opposition to the planned targets as it looks todrive its domestic carmakers to overtake global rivals in the green vehicle sector
Automakers and industry bodies have said the targets are too tough and could hurt manufacturers interests New energy vehicleslast year accounted for just 18 percent of sales in the worlds biggest autos market according to Reuters calculations based onofficial data
Its normal to make revisions as its a draft plan An Jin chairman of Anhui Jianghuai Automobile Group (JAC Motor) said on thesidelines of the National Peoples Congress in Beijing
He said he was aware of talks to revise the quota targets but said nothing was set in stone JAC hasnt been told what revisionsmight be made to the draft but I think it is possible the draft will be changed after the discussions he said
Whether the whole market can hit this quota by 2018 depends a lot on the strength of government policy If its strong then weshould be able to surpass the targets An said (But) if you consider Chinas infrastructure and the transformation of Chinas autosector then perhaps the pace will have to slow
Two Percent CutTwo executives familiar with the plans told Reuters the government was considering options for lowering the requirements
One idea was to reduce the quota requirement by 2 percent each year cutting the 2018 requirement to 6 percent said aChina-based government relations official at a major global automaker It would then be 8 percent in 2019 and 10 percent in 2020
Another option would be to push back each target by a year with the 8 percent quota starting from 2019 an executive at aJapanese car maker said
Both asked not to be named due to the sensitivity of the matter and because the draft was still under consideration
The overall policy includes quotas for plug-in cars targets for average fuel economy requirements and a credit trading system topromote green energy cars while penalizing petrol cars
The two people said the quota stand-off was tied to a disagreement between the Ministry of Industry and Information Technology(MIIT) and Chinas top state planner the National Development and Reform Commission (NDRC)
MIIT which regulates manufacturers supports a more flexible credit trading system favoured by automakers The NDRC is more
aggressive in promoting a transition to electric vehicles pushing the introduction of the stricter quotas
An NDRC spokesman said the body played a small role when the draft was open to public for discussion MIIT did not immediatelyrespond to Reuters requests for comment
China has strongly supported and subsidized electric vehicles but is gradually swapping out incentives for hard targets automakersmust meet The central government cut subsidies 20 percent this year a first reduction towards eliminating them by 2020httpautoeconomictimesindiatimescomnewspolicychina-may-roll-back-electric-vehicle-quotas-as-industry-pushes-back57623608
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Russias standards agency says Volkswagen recalls 43151 Skoda cars ReutersSee this story in The Economic Times
Moscow Russias standards agency said on Monday that Volkswagens Russian operation had informed it about the voluntaryrecall of 43151 Skoda cars due to a possible technical fault
The recall affects Skoda Octavia Superb Fabia Yeti and Rapid cars sold in Russia between 2012 and 2016 the watchdog saidhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsrussias-standards-agency-says-volkswagen-recalls-43151-skoda-cars57624140
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Economy
Rupee hits 1-12 yr high surges 78 paise on BJP sweep PTISee this story in The Economic Times
Mumbai The rupee surged by a massive 78 paise to end at a nearly one-and-a-half year high of 6582 against the US dollar onfrantic unwinding of the American currency following BJPs emphatic victory in Uttar Pradesh
Forex market sentiment soared on hopes that BJPs stellar show in state polls would pave the way for the Modi government to focuson key reform measures
The home currency resumed on a strong footing at 6620 from last Fridays closing value of 6660 at the Interbank ForeignExchange (forex) market on heavy dollar unwinding from speculative traders and exporters tracking weekend developments
Maintaining its bullish momentum against the dollar the rupee hit a fresh intra-day high of 6576 in late afternoon deals beforeending at 6582 showing a solid gain of 78 paise or 117 per cent
This is the highest closing of the rupee since November 6 2015 when it had ended at 6576
Meanwhile the RBI fixed the reference rate for the dollar at 661800 and for the euro at 704354
Financial markets too took comfort from BJPs landslide victory with the broader Nifty climbing 15245 points to a new closing peakof 9087 and the Sensex rallying 49640 points to end at 2944263
The much-anticipated turnaround on the economic front has opened up a barrage of foreign capital fund flows into India
Foreign investors pumped in over Rs 10000 crore in the Indian capital markets this month so far
It also got an added fillip from bullish macro data which showed that the countrys industrial production bounced back in Januaryexpanding by 27 per cent year-on-year
Factory output measured in terms of Index of Industrial Production (IIP) had contracted by 01 per cent in December
However inflation based on wholesale prices shot up to a 39-month high of 655 per cent in February against 525 per cent inJanuary according to official data
On the global front the dollar traded firmly higher against its major counterparts ahead of the two-day Fed meet when it could liftrates for the third time since the financial crisishttpautoeconomictimesindiatimescomnewsindustryrupee-hits-1-12-yr-high-surges-78-paise-on-bjp-sweep57635104
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Nifty hits all time high of 912275 Sensex surges 616 points after big BJP win The Economic Times
Mumbai The Nifty jumped to life highs on Tuesday after the BJPamprsquos thumping win in the crucial state of Uttar Pradeshrekindled hopes of a bigger-than-expected push for reforms by the Narendra Modi government
The Nifty up 11 so far this year crossed its previous life high of 9119 to hit 912275 before ending the day 171 or 15245points higher at 9087 This is the indexamprsquos biggest single-day gain in points since February 1 and caps a strong reboundsince the December 26 low of 7893 on demonetisation worries
The Sensex surged by 616 points or 212 intra-day before ending the day at 2944263 up 49640 points This is its biggest gainsince May 25 last year The index is the best performer among all developed and emerging market indices in local currency terms inthe past three months
The rupee surged 79 paise to a 16-month high of 6582 to the dollar as exporters sold more dollars and foreign investors boughtlocal shares BSE data showed that foreign investors bought local shares worth Rs 4089 crore their biggest single-day purchasesince February 17 when they purchased Rs 8059 crore
FPIs have bought shares worthRs 23132 crore since January this year against net sales of Rs 9800 crore in the same period lastyear The BSE Midcap and Smallcap indices gained 144 each
ampldquoOne must be ready for a correction after a rally but I am optimistic about the medium to longterm prospectsamprdquo saidMotilal Oswal chairman Motilal Oswal Financial Services Ltd ampldquoFundamentally valuations are comfortable at this point intime because of good corporate earnings growth In the short term markets may remain volatileamprdquo
BJP romped to victory in UP on Saturday winning 312 out of the 403 seats Its allies won 13 more taking the NDA tally to 325 Thisis the biggest win recorded by any party in the state since 1977 and has raised prospects of the BJP doing well in other electionsthis year and next Many political pundits also believe that the victory has improved Prime Minister Narendra Modiamprsquos chancesof retaining power in the 2019 general election
Barring the metals index all other sectoral indices on the NSE ended with gains on Tuesday About 55 stocks including TitanJubilant Life Sciences Kotak Mahindra Bank IndusInd Bank YES Bank and Indiabulls Housing Finance among others hit life highswhile 92 stocks were locked in upper circuit with no sellers
ampldquoWith the sharp rally the market which is currently susceptible to global risk is trading at above average multiples and westay cautious near termamprdquo said Sanjay Mookim India Equity Strategist BofA Merrill Lynch ampldquoIndiaamprsquos businesscycle should improve over the next several quarters while improving construction should drive capex which is good forequitiesamprdquo
Some market experts are divided over the near-term outlook as indices have begun to look expensive at current valuations Plusthere is no immediate trigger for upgrade
ampldquoValuations of the Indian market are quite high and would require the support of strong earnings growth Any disappointmenton earnings will make valuations look even more expensive which the market may not likeamprdquo said Sanjeev Prasad senior EDand co-head of Kotak Institutional Equities
ampldquoGlobal and domestic interest rate cycles are no longer supportive with likely increase in developed markets bondyieldsamprdquo
ampldquoWhile markets are expecting a rate hike this meeting what will be of more interest is the commentaryamprdquo said DipenShah senior V-P PCG research Kotak Securities ampldquoIf it is hawkish it may have an impact on fund flows to emerging marketsbut India may be relatively less impacted because of the continuing domestic flowsamprdquo
ampldquoNotwithstanding the election results we believe the risk-reward is not favourable currently and advise investors to sell intothis rally We expect Nifty EPS to rise 15-16 in FY18 and see no trigger for an earnings upgrade at this junctureamprdquo ReligareInstitutional Research said in a notehttpeconomictimesindiatimescommarketsstocksnewsnifty-hits-all-time-high-of-9122-75-sensex-surges-616-points-after-big-bjp-winarticleshow57639036cms
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WPI inflation up 655 for February 2017 The Economic Times
New Delhi The annual rate of inflation based on monthly Wholesale Price Index (WPI) stood at 655 percent (provisional) for themonth of February 2017 (over February 2016) as compared to 525 percent (provisional) for the previous month and -085 percentduring the corresponding month of the previous year
The official Wholesale Price Index for amplsquoAll Commoditiesamprsquo for the month of February 2017 rose by 05 percent to 1855(provisional) from 1846 (provisional) for the previous month
The index for primary articles rose by 09 percent to 2581 (provisional) from 2557 (provisional) for the previous month
The inflation rate for Fuel and power group rose by 13 percent to 2038 (provisional) from 2012 (provisional) for the previousmonth due to higher price of coking coal (15 percent) aviation turbine fuel (3 percent) bitumen (2 percent) and kerosene highspeed diesel LPG and lignite (1 percent each) However the price of furnace oil (1 percent) declined
The index for the major group of manufactured products remained unchanged at its previous monthamprsquos level of 1588
(provisional) In this group the index for amplsquoRubber amp Plastic Productsamprsquo group rose by 02 percent to 1489 (provisional)from 1486 (provisional) for the previous month due to higher price of rubber products (1 percent)
The index for amplsquoTransport Equipment amp Partsamprsquo group rose by 05 percent to 1405 (provisional) from 1398 (provisional)for the previous month due to higher price of auto rickshaw tempo matador (4 percent) and auto parts (1 percent)
For the month of December 2016 the final Wholesale Price Index for amplsquoAll Commoditiesamprsquo stood at 1833 as comparedto 1828 (provisional) and annual rate of inflation based on final index stood at 368 percent as compared to 339 percent(provisional) respectively as reported on January 1 2017httpautoeconomictimesindiatimescomnewsindustrywpi-inflation-up-6-55-for-february-201757627665
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February CPI at 365 vs 317 in January highest since October 2016 PTISee this story in The Economic Times
New Delhi Retail inflation rose to 4-month high of 365 per cent in February mainly due to surge in price of food items like fruitssugar and confectionery
Measured in terms of Consumer Price Index (CPI) the inflation had dipped to a multi-year low of 317 per cent in January this yearon account of cash crunch following demonetisation It was 526 per cent in February last year
According to the CPI data released today by the Central Statistics Office (CSO) the consumer food prices index (CFPI) rose by201 per cent in February from 061 per cent in January The CFPI was 53 per cent in February 2016
Inflation in fruits was higher at 833 per cent fuel and light at 39 per cent in February The rate of price rise in meat and fish was 35per cent in February
Prices of sugar and confectionery items rose by 1883 per cent in February while inflation in milk and milk product increased by 422per cent
The rate of inflation in household goods and services was 409 per cent while this rate was in health segment was 4 per cent Thetransport and communication became expensive by 539 per cent
The personal care and effects segment rose by 515 per cent while the education became more expensive by 537 per cent inFebruary this year
The inflation rate was 438 per cent in clothing and footware segment while it was 49 per cent in housing segment
However the prices of vegetables and pulses declined by 829 per cent and 902 per cent respectively
Rural retail inflation was at 367 per cent in February compared with 336 per cent in the preceding month The CPI was also up inthe urban sector at 355 per cent in February from 29 per cent in January this yearhttpautoeconomictimesindiatimescomnewsindustryfebruary-cpi-at-3-65-vs-3-17-in-january-highest-since-october-201657633211
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Closing
Last Financial Closing
Sensex 2944263 (+49640)NSE 9087 (+15245)US$ spot Rs6582US$ Y1148000US$ 6 months RsYen Rs57Euro spot Rs70
Gold (10gm) Rs28333Silver (1kg) Rs4008300
Crude Oil (WTI) Crude Oil (Brent) $5172 (+037)
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Apollo Tyres 1 18610Asahi Ind 1 21655Amara Raja B 1 83230Ashok Leyland 1 9080Bajaj Auto 10 286670Bharat Forge 2 103550Denso 1 Eicher Motor 10 2396325Escorts 10 51945Exide Ind 1 21645Force Motors 10 427760Gabriel India 1 11460Hero Motocor 2 335745Hind Motors 5 950Hi-Tech Gear 10 29885Jay Bh Maruti 5 38190
Jamna Auto 5 20550JK Tyres amp Inds 10 1241 Kinetic Motors 10 Kinetic Engg 10 KOEL 2 37685Kirloskar Br 2 24135LML Ltd 10 1250LampT 2 155810Lumax Ind 10 131690Lumax Tech 10 43230MampM 5 132600Maruti Suzuki 5 613240Motherson SS 1 36290Minda Inds 2 44350MRF 10 5298390Omax Auto 10 7555Rico Auto 1 5720Sona Koyo St 1 8170
SRF 10 157155Tata Motors 2 46975 TVS Motors 1 43690
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Bhushan Steel 2 5430Hindalco 1 19040Hind Zinc 2 29140JSW Ispat S 10 Jind Steel 1 12490JSW Steel 1 18190Jindal Saw 2 7995National Aluminium 5 7310SAIL 10 6005Tata Steel 10 47255Visa Steel 10 2185
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Ambuja Cement 2 23370Binani Industries 10 7200Birla Corp 10 70360India Cement 10 16070Prism Cement 10 9375JK Cement 10 88470Shree Cement 10 1639835
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PLEASE NOTE
NURC Industry Updates contain editedtruncated text of Industry-specific news as it appears in various select dailies and websites These are NOT full stories unless otherwisespecifically mentioned The stories contained herein are informational only and no representation is made or warranty given as to their content reliability truthfulness orusefulness User assumes all risk of use It be clearly understood that NURC updates do not claim to and neither mean to replace the Print or the Internet editions of variousnewspapers whose articles are featured therein For the best and complete news reading NURC urges its readers to read the full text of the stories from the Newspaperswhose credits are given after the headline and visit the related website whose URL is given below the text matter of each news item
NURC News Update - AUTOMOBILES
News on Indian Auto Industry Copyright 1999 NURC MediaNext Pvt Ltd
This update purports to be a compilation of the top stories for the day in the leading Indian and International dailies websites and other information sources and NURCMediaNext Pvt Ltd cannot and does not vouch for their authenticity NURC MediaNext Pvt Ltd cannot be held responsible for any loss(es) arising out of or incidental to theuse of this News Update Reproduction or redistribution without express permission of NURC MediaNext Pvt Ltd is strictly prohibited and is a violation of the subscriptionagreement Such instances will result in immediate cancellation of subscription to the Service without any refund for the remaining period at the sole discretion of NURCMediaNext Pvt Ltd
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Powered by Enablingbiz Esoluttions
Accommodating over four passengers will also be an issue as the engine needs more power to pull the weight which is directlydependent on battery
The digital analogue in the car is a required feature in e-cars where we get to know how far a car can take you Thebatteryamprsquos life estimated kilometre to travel will caution you to charge the battery so that you will not be kept in the lurch onthe road
Besides battery the car being gearless is another plus-point that makes your city drive easy The easy switching of the modes fromneutral to forward reverse and power drive is as simple as playing with a toy car As the battery is the whole and soul of the car themakers have completely avoided using any heavy substance in building the body If a complete fibre-made body is a boon forbattery (as it wonamprsquot stress it) itamprsquos a complete drawback for passengers A small accident or even if it comes in touchwith other vehicles will cause huge damage for the vehicle where the owner has to cough up more to fix it The seat-belt is theminimum and the only safety aspect in the car
Four-door offeringThe modified four doors is not just an add on feature but it has also increased the leg room in the rear seat It can easilyaccommodate three people in the back seat and two in front and makes for a complete family car Though the charging plug willoccupy little space in the hatchback rest of the place is for utility The fast drain of the battery with the heavy weight is the onlydrawback in the vehicle
When compared to normal fuel cars the battery-operated cars will charge you less and is effective in cost-cutting But an individualwill definitely be concerned with the cost of the vehicle as the fuel rates in the country are fluctuating For the future MampM is lookingfor a bigger play in the electric vehicle segment with plans to launch electric versions of its existing conventional engine models
Efficient powerThe Mahindra e20 Plus is powered by a 48V and 72V lithium-ion battery pack latter for the top-end variant which produces amaximum power of 26 hp and 40 hp and churns out a peak torque of 70 Nm and 91 Nm respectively The car accelerates from 0to 60 kmph in 141 seconds in the P4 and P6 versions while the 72V battery-powered version takes 95 seconds and has a topspeed of 128 kmph It takes around six to nine hours to fully charge the vehicle and has a fast-charging time of 75 minutes and 90minutes in the P4 and P8 trims While the smaller 48V electric motor has a range of 110 km the 72V unit is good for 140 km
The Mahindra e20 Plus is equipped with a steel frame structure and has a wheelbase of 2258 mm and ground clearance of 170mm
The exterior of the new electric vehicle gets a new grille revised rear end and Mahindraamprsquos signature vertical design Thetop-end variant also gets alloy wheels and a Blaupunkt infotainment system that also has a reverse parking camera
Other highlights of the Mahindra e20 Plus include REVive technology which helps the car to gain an extra 5-10 km of range whenthe battery is low and hill assist which will prevent the car from a rollback on an incline
VerdictWith a simple mechanism and easy to drive the Mahindra e2o plus is tailor-made for city drive
Battery capacity 210 AhBattery weight 121 kgPower 30 kW 3500 rpmTechnology Lithium IonOn-board power 16 kWhrTorque 91Nm 2000 rpmPRICE Rs 950586 lakh (ex-showroom Bengaluru)httpwwwdeccanheraldcomcontent601375e20-plus-indias-first-electrichtml
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Ford retains Ethical honour Nandini Sen GuptaThe Times of India (Web Edition)
Chennai Ford Motor Company has been named one of the Worlds Most Ethical Companies for the eighth straight year byEthisphere Institute This is the longest winning streak by any auto company
The list of the Worlds Most Ethical Companies acknowledges and honours companies that recognise that they have a role insociety to influence or drive a positive change These companies consider their employees investors customers and other keystakeholders when taking action while their values and culture align with the decisions they make every day
Companies weve honoured as Worlds Most Ethical take a novel response to the shift in societal expectations constantredefinition of laws and regulations and the geo-political climate said Timothy Erblich Ethispheres chief executive officer
Weve seen how Ford responds to these challenges while still investing in communities where they reside and embracing ethicalstrategies across the globe as a sustainable business advantage
Ford won the top spot on the basis of programmes aimed at monitoring human rights and safe working conditions sourcingconflict-free minerals to programmes such as the Partnership for a Cleaner Environment which is aimed at encouragingsustainability through Fords supply chain
Efforts to foster long-term relationships with suppliers through active engagement which includes sharing best practices as well asproviding training and evaluations to ensure suppliers meet both legal requirements and Ford standards was also counted as a plusStrong ethics and corporate citizenship are the foundation of our business philosophy which demonstrates to our customers whatwe stand for as a company said Bill Ford Ford Motor Company Executive Chairman This honour is a reflection of Fords corevalues and it shows that our employees are continuing to make the right decisions every day for all of our stakeholdershttptimesofindiaindiatimescomautomiscellaneousford-retains-ethical-honourarticleshow57632785cms
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Ford Endeavour Big beast conquers all topographies Sandesh M S and Umesh M AvvannavarDeccan Herald (Web Edition)
It came down easily from the deep steep it didnamprsquot get stuck in the pool of mud and slush though all the four tyres of thevehicle were like they lay buried inside it was easily making its own way down the path where there was not even a speck of tar inthe surroundings
The easy movement across various obstacles and the first look of the Ford Endeavour will drive any passionate off-roady crazyThe huge 32-litre fully-loaded engine taken for off-road testing on the outskirts of Bengaluru where the real power of the vehiclewas demonstrated by a group of off-roading experts
The vehicle was on top of a rock and there was not even a proper path for its movement but big ditches and meandering ups anddowns It was experienced on a track simulating challenging off-road conditions including hill climbs and descents slush and waterwading among others
Though it was looking like a rally track the car would have toppled at any point if the driver accelerated it amateurly Thisoff-roading track (natural terrain) was surely tailor-made to test the capacity and the power of a proven SUVacirceuroˆbeast
The daring off-roading drive included sharp turns steep hill climbs and hill descent wading through slush uneven surfaces anddriving at a 30-degree tilt among others The powerful four-wheel-drive and terrain management system with NormalSnowMudGrass Sand and Rock modes were ensuring the driver to have complete control of the car even over harsh ground Theterrain management system (the first-of-its-kind in this particular segment of cars) has included the modes for all the possibleobstacles in the off-roading track and makes the owner feel amplsquoready to conqueramprsquo
Terrain Management SystemAs said earlier it is a first-of-its-kind feature in the Ford Endeavour The four different modes are designed in such a way of havingan off-road expert beside you The modes are classified as
NormalFor all regular driving in normal road conditions In this mode the machine passes the torque to the front wheels (when necessary)depending on the movement of throttle and steering-movement This also minimises wheel slip
Snow MudHelps the vehicleamprsquos movement over slippery or loose surfaces Allows the wheel to spin in ups and downs and make thedrive feel smooth
SandFor driving on the rutted condition tracks Helps the driver maintain the same power through sand with aggressive torque transfer
RockThis mode provides maximum traction for low-range four-wheel-drive and prefer low-speed control which will enable one to easilynavigate through extreme off-road terrains
Hill Descent ControlThis mode helps one set and maintain the constant speed which tackles the steep descents with ease This also helps in taking thefeet off from the pedals and concentrate on the steering movement
With all the special modes the car was tested using a specific modes for different obstacles
Halted on the slushEven when the vehicle was completely halted in the slush the water-wading capacity of 800 mm along with 225 mm of groundclearance helped it easily come out of the ditch even in the sharp turns Compared with any other road vehicle the Ford Endeavourcan be halted in between the slush instead of rushing the obstacle
Hill climbing with rock modeThis obstacle was cleared by switching into the Rock mode and turning on the 4X4 drive The only work of the driver is to handle thesteering wheel and keeping the feet on acceleration pedal This mode can make the car climb any steep rock without any difficulty
For the wrong stepTo reduce anxiety on the track or to correct the wrong move the Semi-Auto Parallel Park Assist helps the driver locate the rightplace to halt and proceed while off-roading
70-degree steep downIt was a deadly obstacle on the off-roading track where it should only be done by experts The vehicle was made to come down
from the hill which had a climb of 70 degrees and safely landed on the flat surface The breathtaking obstacle was fought by turninginto the Hill Descent Control mode with extra caution Though one may be a passionate off-roading driver perfection in this obstacleneeds extra practice
Other obstaclesAfter clearing the deadly obstacles rest of the other tests over the track were easily done by the big machine The vehicles easilycrossed the multiple speed breaker and multiple pits and also climbed other steep rocks effortlessly
As a passengerAfter the tough 2 km drive covering all the possible obstacles that one might face during an off-road drive we also tested thevehicle by sitting inside as fellow passengers With the off-roading driving expert on the wheel climbing and getting down the toughterrains crossing other obstacles will make passengers feel the drive is straight out of an amusement park Just make sure thatevery individual inside the car has his seat belt onhttpwwwdeccanheraldcomcontent601374ford-endeavour-big-beast-conquershtml
Top
Renault introduces Kwid Climber at Rs 43 lakh Deccan Herald (Web Edition)
Bengaluru French auto major Renault has unveiled a variant of its popular hatchback Kwid in the country with the price starting atRs 43 lakh (ex-showroom Delhi)
Christened as Kwid Climber the variant will be available in both manual and automated manual transmission (AMT) modes
The manual variant is priced at Rs 43 lakh while the AMT trim of the vehicle comes for Rs 46 lakh (ex-showroom Delhi) The10-litre SCe engine which powers the Kwid Climber is optimally designed for better performance
The company first showcased the Kwid Climber as a concept vehicle at the auto expo last year The company aims to achieve amarket share of 5 in the near termhttpwwwdeccanheraldcomcontent601369renault-introduces-kwid-climber-rshtml
Top
Smart Hybrid Vehicles surpass one lakh units Deccan Herald (Web Edition)
Bengaluru Maruti Suzuki India has announced that its Smart Hybrid vehicles Ciaz SHVS and Ertiga SHVS have crossed cumulativesales of 100000 units recently This marks the success of Maruti Suzukiamprsquos efforts in hybrid and electric mobility in India
Introduction of technologies like Smart Hybrid can only create a significant positive impact if they are made available to a largersection of customers With this as a premise MSI introduced Indiaamprsquos first Smart Hybrid Vehicle Ciaz SHVS on September 12015 It subsequently introduced the technology in Ertiga Diesel in October 2015
Smart Hybrid Vehicle by Suzuki (SHVS) is a technology which uses an Integrated Starter Generator (ISG) and an advanced highcapacity battery to supplement the engineamprsquos power SHVS technology makes it more efficient than the conventional set-upand saves energy while deceleratingbraking
Ciaz and Ertiga Smart Hybrid participate in the government of Indiaamprsquos FAME India scheme which aims to promote FasterAdoption and Manufacturing of Hybrid and Electric vehicles in India
Celebrating the success of SHVS sales R S Kalsi Executive Director Marketing amp Sales Maruti Suzuki said ampldquoAs we movetowards hybrid and electric cars we see this as a first important step in this space Both Ciaz SHVS and Ertiga SHVS are high onfuel efficiency come with reduced running costs and lower levels of CO2 emission thus making these popular among customersThe response we have received for SHVS equipped Ciaz and Ertiga encourages us to continue to invest in new technologies thatsupport the environment while benefitting the customeramprdquo
Ciaz SHVS with a certified fuel efficiency of 2809kml tops the mileage chart in India Ertiga SHVS with 2452 kml has set newbench marks in fuel efficiency in its category Both vehicles are market leaders in their respective segments and illustrate thegrowing preference of Indian customers for greener and cleaner technologies like Smart Hybrids SHVS equipped vehicles accountfor over 60 of volume of the two models
Idle Start StopThe engine stops automatically when the driver shifts the gear to neutral and releases clutch while the engine is idling Restartsengine as soon as the clutch is pressed and the stored energy is used for this process
Engine AssistThe stored power in the advanced high capacity battery assists the engine during vehicle acceleration which improves efficiencyand thus prevents wastage of fuel
Brake energy Regeneration During decelerationbraking ISG charges the advanced high capacity battery and provides energy to assist the
engineamprsquos idle-stop-start function and helps the engine during accelerationhttpwwwdeccanheraldcomcontent601368smart-hybrid-vehicles-surpass-onehtml
Top
Car Tech SmartPlay adds the Android touch Vishal Mathurmint (Web amp Print Edition)
Car entertainment systems have become smarter but car makers in India have been slow to adopt the new technology MarutiSuzuki became the first car maker on our shores to add the Apple CarPlay in-car platform to their SmartPlay infotainment systemavailable in the S-Cross crossover Baleno hatchback Ciaz sedan and Ertiga multi-purpose vehicle (MPV) Now SmartPlay hasbeen upgraded with support for Googleamprsquos Android Auto in addition to Apple CarPlay for the iPhone
At the very heart of the SmartPlay system is a proprietary software for radio Bluetooth connectivity and basic navigation
Android Auto and CarPlay recreate your phoneamprsquos interface on the display in the car What you need to do is plug in yourphone to the caramprsquos USB port At present Android Auto and Apple CarPlay do not work wirelessly
Android Auto gives you instant access to apps such as Google Play Music Google Allo Google Maps and the phone dialer Theinterface is easy to useampmdashthe apps are listed at the bottom of the screen just like the navigation bar at the bottom of yourAndroid phoneamprsquos screen Within each app the menu for relevant options is available on the top left side Android Auto alsointegrates messages and notifications from third-party apps including Facebook Messenger and you can reply or set selectnotifications on mute while you drive
Unlike Apple CarPlay where you donamprsquot need to pair your phoneamprsquos Bluetooth separately Android Auto requiresBluetooth pairing if you want to use the voice-calling feature The 7-inch display has good brightness levels and is adequatelysharp It is a fingerprint magnet though and a bit reflective something youamprsquoll notice during daytime driving The system canalso be accessed with the controls on the steering wheelampmdashthese include media playback voice command and call keys
The new SmartPlay system is rolling out first in the Ignis hatchback priced upwards of Rs459 lakh (ex-showroom Delhi) Thismakes it the first car in its category to have the Apple CarPlay and Android Auto combination available as a default option
There is no doubt then that Apple and Googleamprsquos smart car platforms are a genuine evolution over the infotainment set-upsmost car makers have offered as a default all this whilehttpwwwlivemintcomLeisureTSsAAxb7YqoYittRY2Bw7ICar-Tech-SmartPlay-adds-the-Android-touchhtml
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Luxury Cars
The best of both worlds Roland Folger MD amp CEO of Mercedes-Benz India Hormazd SorabjeeThe Hindu (Web amp Print Edition)
Roland Folger Managing Director amp CEO of Mercedes-Benz India on why the long-wheelbase E-Class is an ideal fit for India
What is the rationale behind introducing the long-wheelbase variant of the E-Class and is it a gamble because of the high price
Well there is always a certain element of risk with a long wheelbase However in the next five to 10 years the road conditions arenot going to be any better and the traffic is not going to be any lighter Our customers including successful businessmen andentrepreneurs spend a lot of time in their cars Once we saw the opportunity within our line-up and solutions we had to some ofthose issues for the Chinese market we were very eager to apply the same in India There is nothing better out there than to havecomfort in your day-to-day driving routine on the populous roads of India
Was there cost pressure arising out of India being the only right-hand-drive market for the new E-Class
Of course there were cost pressures and it was not an easy sell to Germany either looking at the incremental cost of such avehicle and trying to stay within a price level that people would accept
I think that was the biggest challenge we were facing at that time But we remained committed to the idea since we knew it wouldgive us a unique positioning on cost and in price levels in a segment that we really own in India
That also gave us the confidence that the volumes we would achieve in India were definitely going to be worth it
Is there a possibility of exports to other right-hand-drive markets such as Singapore South Africa and Sri Lanka
In markets other than India the situation is different either they sell a lot more S-Classes or are happy with the existing normalwheelbase W213 E-Class We still looked at the opportunity and found that the volume was too small or not profitable for us at all
What was the research that prompted the launch of the long-wheelbase E-Class
We now have a total of 34000 E-Classes running in India We did some research with existing customers that involved talking tothem directly observing cars coming into service and talking to drivers to understand who was driving the car more frequentlyInterestingly we found that most of our customers were chauffeur-driven when they go to work but on the weekend they wish todrive themselves So our aim was to offer a vehicle which offered the best of both worlds
Will the new long-wheelbase E-Class pull in S-Class customers
I donamprsquot see a risk of the new LWB E-Class pulling S-Class customers since the S-Class is not bought because of itslegroom but because of its overall package and positioning We hope to attract a lot of other people from the SUV segmentbecause of the space and comfort the E-Class offers So maybe we can change some of the rules of the game as well
What is the strategy behind bringing the 30-litre V6 diesel to the E-Class
We adopt a skimming policy sometimes where we believe that the first customers because of their long relationship with us aredefinitely going for the 350d
The top-end variants are the first cars to be snatched up eagerly and we need to take care of these customers first
Do you have plans to bring the straight-six diesel engine to India
Yes we might get a straight-six diesel by 2018 Naturally it also depends on our sales figures and our sales success
But it will certainly come to India thatamprsquos a promise We have been making sure that the relevant parties in the Governmentunderstand that from 2018 onwards we will be ready to also introduce Euro-VI or BS-VI-compliant engines in India and arediligently working on thathttpwwwthehinducomtodays-papertp-featurestp-metroplusthe-best-of-both-worldsarticle17464905ece
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Mercedes-Benz E350D A luxury car with limousine looks Shapur Kotwalmint (Web amp Print Edition)
The E-class is the model with which Mercedes first came to India many years ago Now itamprsquos ready with an all-new model in astretched-out long-wheelbase avatar
In fact India is the first right-hand-drive market to get the E-class long-wheelbase
The first thing that strikes you about the new E is that itamprsquos a really long car and itamprsquos this length that gives it the majesticlimousine look The highest specification variant of the 350d gets air suspension In its lowest setting ground clearance is just120mm though you can raise this by 15mm using the ampldquoliftamprdquo function However the underside scrapes over a fewspeed-breakers Whatamprsquos nice though is that the smart 17-inch alloy wheels are wrapped in tyres with tall sidewalls whichhelp the car absorb bad roads better
The focus of the car is its rear seats and this is where the new E-class impresses There is more legroom than you will ever needand the seats are sure to set a new benchmark in the class in terms of comfort They are nicely bolstered and offer excellentsupport all round The back rest even reclines electrically and that combined with the pillow-soft headrest cushions makes the rearseats the perfect spot for a power nap And if you need more legroom you can push the front passenger seat forward with the touchof a button The double panoramic roof adds to the sense of space inside
However the middle seat is narrow and it is best to flip down the centre armrest for comfort There are other shortcomings tooThereamprsquos just one USB slot for the rear passengers who will not be able to control the Comand infotainment system and theair-con system takes quite a while to cool the massive cabin
The Comand system features a 123-inch display and is paired with a Burmester surround-sound audio system It can be controlledvia a jog-dial and a touch pad as well as small steering-mounted touch pads It doesnamprsquot have touch controls and the carbeing sold in India doesnamprsquot get the all-digital instrument cluster that the E-class sold internationally hasampmdashinstead ituses a rather ordinary-looking analogue instrument cluster
However the E-class comes loaded with Mercedesamprsquo Pre-Safe system (it tightens seat belts and braces passengers in caseof an imminent impact) and a 360-degree camera handy when manoeuvring a car this big through tight spaces Thereamprsquoseven a Park Pilot which steers the car into a parking spot for you
Those who like to drive will definitely appreciate the 258hp 30-litre V6 diesel engine Itamprsquos supremely refined you can hardlyhear it in the cabin In addition itamprsquos got nine-speed transmission
The E-class can be quite quick when you want it to be it can accelerate from 0-100 kmph in a claimed 66 seconds Pick up thepace however and the lateral body movement is quite noticeable more so over bad roads Itamprsquos best to use the Sport orSport+ modesampmdash the car feels more tied down and is better to drive In Sport+ though it feels too eager to accelerate andspeed up which can be slightly disconcerting in bumper-to-bumper traffic
In case you donamprsquot plan on driving yourself around the 20-litre petrol-powered variants starting at Rs5615 lakh will serveyou better The car will also get a new 20-litre diesel engine sometime later this year Chauffeur-driven buyers should be impressed
with the caramprsquos ride which almost makes you feel like youamprsquore travelling on a cushion of air especially in the Comfortmode
You must consider the new E-class if you are thinking of buying a luxury car with a brilliant back seat Itamprsquos spacioussupremely comfortable and as with all Mercedes cars has a cabin thatamprsquos fastidiously put together In the right drive mode itcan tackle bad roads well and the big diesel engine is even fun to drive Prices range from Rs5615-6947 lakh (ex-showroomDelhi) which means the top-specification variant is almost Rs7 lakh costlier than the predecessorhttpwwwlivemintcomLeisureZT1ffyCrNaC0DdkXB6GmxIMercedesBenz-E350D-A-luxury-car-with-limousine-lookshtml
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Audi Launches 2017 Q3 at Rs 3420 Lakh Asian Age (Web Edition)
German luxury automaker Audi has recently launched the 2017 Q3 in India It is the third launch from Audi this year and asproposed the automaker will introduce seven more new products in 2017 The updated Q3 comes with subtle aesthetic changesan uprated diesel engine along with standardisation of features The 2017 Audi Q3 is now available in two variants ampndash the 20TDI FWD priced at Rs 3420 lakh and the 20 TDI Quattro priced at Rs 3720 lakh (all prices ex-showroom New Delhi)
In terms of design the changes on the outside are limited to the front bumper The air inlets now get a black surround whichcomplements the black lower cladding The new Q3 is now offered with all-LED headlamps as standard Also offered as standardare 17-inch 5-spoke alloy wheels shod with 23555 R17 tyres
Inside changes are limited to the inlays - the Q3 20 TDI FWD gets walnut brown ones while the Q3 20 TDI quattro gets aluminiumones Equipment such as electric adjustment for the front seats a panoramic sunroof and 2-zone automatic air conditioning isoffered as standard
The MMI system has not been modified in the new Q3 The 65-inch infotainment display remains the same while the multimediasystem is BluetoothSD card compatibility with 20GB of inbuilt storage Infotainment
The 20-litre turbocharged 4-cylinder motor remains the only power source for the Q3 - but it has been tweaked for more powerand torque The transmission option is now limited to the 7-speed S tronic dual clutch The 6-speed manual available on thepre-facelift S edition variant has been discontinued Drivers can use paddle-shifters placed behind the steering wheel to changegears
The 20-litre TDI develops 150PS of maximum power and 340Nm of peak torque in the FWD variant This is 10PS20Nm more thanthe 20 TDI that powered the pre-facelift Q3 S edition Available only with the 7-speed S tronic dual-clutch transmission the 20 TDIFWD can accelerate from 0-100kmph in 93 seconds and has an ARAI-certified fuel efficiency of 1851kmpl
The 20-litre TDI develops 184PS of maximum power and 380Nm of peak torque Compared to the pre-facelift Q3 the motor in thenew develops 7PS more power Paired to the 7-speed S tronic dual-clutch transmission the 20 TDI quattro accelerates from0-100kmph in 79 seconds and has an ARAI-certified mileage of 1517kmpl
Driver convenience features on offer include a colour multi-information display for the driver in the instrument console hill-startassist hill descent control and cruise control Standard safety systems on offer include rear parking sensors reverse parkingcamera ESC and 6-airbagshttpwwwasianagecombusinessautos140317audi-launches-2017-q3-at-rs-3420-lakhhtml
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Commercial Vehicles
Tepid growth of 2-3 expected in CV industry in FY 17 Tata Motors Shobha MathurThe Economic Times (Web Edition)
New Delhi The commercial vehicle industry is expected to grow at a tepid pace of 2-3 percent during financial year 2016-17 due tothe effect of demonetisation and the slow recovery thereafter according to RT Vasan VP sales and marketing at Indias largest CVmaker Tata Motors
In November-December 2016 the commercial vehicle industry had dropped steeply by about 20 percent and has been on arecovery mode since January after the restrictions on cash availability were gradually eased
Improvements have been witnessed across product segments whether LCVs or construction a segment which was doing well rightthrough the year
The cargo market has also started picking up pace since the last couple of months In the bus category privatization has given afillip to its declining fortunes so that the school city and staff transport sector are all on the incline
The construction sector is expected to grow by 25 percent during this fiscal on the back of heightened activity in the infrastructure
sector In FYamprsquo17 ease of financing and improvement of consumption demand was expected to boost LCV sales In the cargoMampHCV segment a double digit growth had been forecast by industry body SIAM with improvement in overall economy led byincrease in industrial and agri output
Vasan told ETAuto that the industry was optimistic about the next fiscal with the advent of the BS-IV emission regime from 1 April2017 However prices of vehicles are expected to rise especially of MampHCV trucks There would be a slow start to the year by theCV industry due to pre-buying in FYamprsquo17 before the new emission regime kicked in that would slowdown sales in the firstquarter of FYamprsquo18
But with the impetus given to this segment by infrastructure development and road construction by the government the industrywould see a growth from Q2 after the impact of pre-buying starts declining
While the industry is ready with the BS-IV product range Vasan says that the new technologies harnessed for compliance wouldboost vehicle prices by 8-10 percent for MampHCVs Buses would also witness a price realignment of 8-10 percent while LCVs wouldsee a price rise of 6-10 percent
In terms of new technologies most of the CV range is already equipped with the anti-lock braking system except for the smallerones
In terms of upcoming regulations some more safety legislation is on its way related to the body code such as cabins that will haveto be necessarily be air conditioned in the future
The bus body code that was earlier announced has only been partially implemented so far and the body code is also believed to becoming up for the truck and trailer segments LCVs are small units and have been already approved by ARAI
The overall CV segment registered a growth of 349 percent in April-February 2017 compared to the same period last year Mediumamp Heavy Commercial Vehicles (MampHCVs) declined marginally by 079 percent and Light Commercial Vehicles grew by 682 percentduring this periodhttpautoeconomictimesindiatimescomnewscommercial-vehiclemhcvtepid-growth-expected-of-the-cv-industry-at-2-3-percent-in-fy1757633279
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Tata Motors to showcase all new 1000 bhp race truck PTISee this story in The Economic Times (Web Edition)
New Delhi Tata Motors will showcase an all new T1 Prima race truck powered by 1000 bhp engine during the fourth season ofthe T1 Prima Truck Racing Championship
The engine of the all-new 1000 bhp T1 race truck is being developed in collaboration with US-based Cummins enabling thecompany to set new benchmarks in the Indian commercial vehicles space Tata Motors said in a statement
Built with specifications similar to that of trucks that race globally the vehicle was developed in a record time of 12 months ademonstration of teamwork speed and capability Tata Motors Executive Director Commercial Vehicles Ravindra Pisharody said
Tata Motors and Cummins have a joint venture company called Tata Cummins established in 1994 developing engines in the rangeof 75 to 400 HPThe fourth edition of T1 Prima Truck Racing championship will be held on March 19 at the Buddh International Circuit (BIC) GreaterNoidahttpautoeconomictimesindiatimescomnewscommercial-vehiclemhcvtata-motors-to-showcase-all-new-1000-bhp-race-truck57635142Tata Motors to showcase 1000 bhp Prima TruckFinancial Chroniclehttpwwwmydigitalfccomcompaniestata-motors-showcase-1000-bhp-prima-truck-900Tata Motors to showcase all new 1000 bhp race truckDaily News amp Analysis (Web Edition)httpwwwdnaindiacommoneyreport-tata-motors-to-showcase-all-new-1000-bhp-race-truck-2352506
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Construction amp Agri Machinery
SBI floats one-time settlement scheme for tractor loans Abhijit LeleBusiness Standard
Mumbai State Bank of India (SBI) has floated a one-time settlement scheme for borrowers defaulting on loans taken to buytractors
The countryamprsquos largest bank has also voiced reservations against the move to waive farm loans saying this will affect therepayment culture in the country
SBI executives said the tractor loan book was part of the bankamprsquos farm loan portfolio and the bank announced settlementschemes regularly to shed doubtful debt where the prospects of recovery were low after making adequate provisions for such dudassets
The settlement scheme for tractor loans began early last month and will continue till March 31 The scheme was for loans disbursedbefore September 30 2011 and had up to Rs 25 lakh outstanding by September 2016 SBI Managing Director Rajnish Kumar saidSBI will take a haircut of 40 per cent on these loans
graphIn a portfolio of over Rs 4000 crore of tractor loans about Rs 800 crore will be eligible for the scheme Crop failure and inability todeploy tractors were some of the reasons for the loans turning bad SBI executives said
SBI had in May 2015 advertised a ampldquoloan resolution weekamprdquo asking borrowers with non-performing assets to ampldquotryand work out a solutionamprdquo The scheme was available to all borrowers except willful defaulters Kumar said the bank was yet tohear anything specific from the government on a farm loan waiver
SBI had in 2014 opposed the waiver of farm loans in Andhra Pradesh and Telangana
ampldquoUttar Pradesh and Punjab constitute 10 per cent of (farm) loans and we wait to understand the contours of the waiver Theimpact will be higher on public banks than on private banksamprdquo Kotak Institutional Equities said in a research notehttpwwwbusiness-standardcomarticleeconomy-policysbi-floats-one-time-settlement-scheme-for-tractor-loans-117031400886_1htmlSBI to offer one-time settlement for Rs 6000-crore tractor loansThe Financial Expresshttpwwwfinancialexpresscomindustrybanking-financesbi-to-offer-one-time-settlement-for-rs-6000-crore-tractor-loans588102SBI to offer Rs6K-cr one-time settlement for tractor loansThe Indian Expresshttpindianexpresscomarticlebusinessbanking-and-financesbi-to-offer-6k-cr-one-time-settlement-for-tractor-loans-4569462
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23 Wheelers
Yamaha aims to export 22 lakh units from India in 2017 Hiroaki Fujita Chairman Deepanshu TaumarThe Economic Times
New Delhi Indian arm of Japanese two-wheeler manufacturer Yamaha Motor is aiming to export over 22 million units from Indiathis year compared to 161 lakh units exported last year thereby recording an estimated growth of 3664 percent Hiroaki FujitaChairman India Yamaha Motor informed in a press statement
In the domestic market the two-wheeler major is also targeting to sell 1 million scooters and motorcycles in 2017
In an annual supplier conference held at Greater Noida Hiroaki Fujita Chairman India Yamaha Motor said ampldquoOur target forthis year is to achieve 1 million unit sales in domestic market and 22 lakh unit sales for exports market In addition we also need toreinforce the Indian parts export business in order to contribute to Yamaha business globally While doing so we must continue withour focus on the amplsquoQualityamprsquo of our parts and productsamprdquo
The two-wheeler major produced a total 94 lakh units in the country in 2016 Yamaha Motor India has two manufacturing plants inIndia at Greater Noida and Chennai having a capacity of 61 lakh units and 56 lakh units respectively
The company aims to produce 15 million units by 2018
Yamaha Motor India has sold over 786 lakh units of two-wheelers in 2016 and over 50 of its total sales have come from scooters
The two-wheeler manufacturer saw a steep decline in sales from the month of November 2016 to January 2017 It was only duringFebruary 2017 when Yamaha registered a growth of 20 percent in domestic sales as compared to the corresponding period lastyear The company recorded domestic sales of 68095 units (including Nepal) in February 2017 compared to 56960 units (includingNepal) in February 2016
Industry analyst believes that the impact of demonetisation is wearing off now Only motorcycles are in red zone because of a largerural consumer base However scooters which are largely sold in urban areas is on the positive side It further believed that by nextmonth the demonetisation impact will completely go away
India Yamaha Motor recently marked its entry into 250 cc sports bikes segment which has very less competition Going forward thecompany wants to focus on urban area than the rural market
The objective of conducting the Annual Suppliers Conference was to share the last yearamprsquos result for Sales and Productionand the current yearamprsquos Sales and Production Plan During the conference India Yamaha Motor shared the direction for 2017its purchase policy the Purchasing Policy of Yamaha Motor Company (Japan) and activities organised amp initiatives were taken forsales and marketing in the previous year
India Yamaha Motor shared its expectations with the suppliers for improvement in Quality Delivery and Development performances
besides cost competitiveness to compete in the export market to increase profitability for both Yamaha and the Suppliers IndiaYamaha Motor also emphasised that all the Suppliers can draw up their investment plans based on the increasing volumes infuture
Sixteen Suppliers were also awarded for their exceptional services in the areas of Quality Delivery Development and Costincluding the Appreciation Award for some of them for the extraordinary Improvement support provided to India Yamaha Motor in2016httpautoeconomictimesindiatimescomnewstwo-wheelersscooters-mopedsyamaha-aims-to-export-2-2-lakh-units-from-india-in-2017-chairman57632349
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BSIV Compliant TVS Jupiter launched at Rs 49666 (Ex-Delhi) The Economic Times
New Delhi Hosur based TVS Motor Company in a BSE filing announced the launch of its BSIV compliant TVS Jupiter at Rs 49666(Ex-Delhi) and it is now available with two new colours - Jade Green and Mystic Gold
The refreshed scooter is now BSIV compliant with Auto Headlamp On (AHO) and equipped with Sync Braking System (SBS) SBSensures rider safety as it automatically activates the front brakes when the rear brakes are used claims TVS The feature previouslyavailable on ZX range will now be available on the Base variant as well
Commenting on this Aniruddha Haldar Vice President Marketing- Scooters TVS Motor Company said ampldquoTVS Jupiter hasreceived such enthusiasm from the consumers in response to its credo of Zyada ka Fayda Living true to this credo not only is theentire Jupiter range now BSIV compliant it now offers the unique Sync Braking System (SBS) across the entire range (earlier onlyavailable on the ZX range) Further for our customers we are adding two colours Jade Green and Mystic Gold giving them 10colour options to choose from We are happy to offer all this with absolutely no change in the Exshowroom price truly ZYADA KAFAYDAamprdquo
Since its launch in 2013 TVS Motor Companyamprsquos flagship scooter brand Jupiter has been strengthening theCompanyamprsquos foothold in the scooter market and contributing to overall scooter segment uptake penetration and growth inIndia
Company has sold over 15 million Jupiter scooters since its launch in 2013 The scooter is powered by a all-aluminum low-friction110cc engine
There is no revision in the prices for the BS IV models of Jupiter priced at Rs 49666 (Ex-Showroom Delhi) the scooter is availableacross all TVS dealershipshttpautoeconomictimesindiatimescomnewstwo-wheelersscooters-mopedsbsiv-compliant-tvs-jupiter-launched-at-rs-49666-ex-delhi57630201TVS Motor rolls out BS IV variants of JupiterThe Hindu Business Linehttpwwwthehindubusinesslinecomtodays-papertp-newstvs-motor-rolls-out-bs-iv-variants-of-jupiterarticle9583972eceTVS unveils BS-IV compliant JupiterThe Hinduhttpwwwthehinducomtodays-papertp-businesstvs-unveils-bs-iv-compliant-jupiterarticle17464118eceTVS launches BS-IV compliant JupiterBusiness Standardhttpwwwbusiness-standardcomarticlecompaniestvs-launches-bs-iv-compliant-jupiter-117031400552_1html
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Dominar 400 takes the battle to the Royal Enfield turf Murali GopalanThe Hindu Business Line
Mumbai Bajaj Autoamprsquos recently launched Dominar 400 is attracting former Royal Enfield bike users who now account for 20per cent of its customer base
According to Eric Vas President (Motorcycle Business) Bajaj Auto the larger chunk of 80 per cent is still taken up by those whoused Yamaha Honda and Bajajamprsquos own Pulsar motorcycles
The Dominar made its debut in mid-December as a serious contender to Royal Enfield While monthly numbers thus far have beena little over 3000 units the good news is that the bike has taken pride of place in the 350cc plus segment vis-a-vis RoyalEnfieldamprsquos offerings However when it comes to the core 350cc space the latter continues to be the market leader withmonthly sales of nearly 55000 units powered by the Classic and Bullet
The three-month-old Dominar 400 kicked off its presence in 22 towns which has since increased to 32 in February and slated to goup to 110 towns by the end of this month
This tally will double to 200 in April and Bajaj Auto hopes to have at least 300 towns covered for the Dominar 400 during the courseof 2017-18
If everything goes according to plan the company hopes to be clocking its targeted 10000 motorcycles every month by the end of
Q3 next fiscal
Attractive features
Vas says market feedback shows that buyers love the Dominar 400 for its performance speed and top-class brakes Interestingly alarge number of them have opted for the more expensive ABS version which retails at a little over Rs 15 lakh
The LED lamps are another big draw and their attractive lighting explains why many customers opt to have their test rides at night
According to Vas Dominar 400 buyers are largely in the age group of 25 years who have already owned a bike There are no firsttime users yet but this is expected to begin happening once the network grows and more customers start going in for the relativelyless expensive disc brake version which has a price tag of nearly Rs 14 lakh
The Dominar 400 was launched to take on Royal Enfield in a segment that is priced between Rs 1-2 lakh and accounts for five percent of motorcycles sold in India
In terms of numbers this translates into 65000 units each month
The next fiscal could see this grow to nearly 85000 units or over one million units annually
Changing dynamics
It is in this product category that Royal Enfield has a market share of 80 per cent and it is in the balance 20 per cent space thatBajaj has thrown down the gauntlet with the Dominar 400
The other rival models include KTM Yamaha YZF-R15 and Honda CBR 150R but none of them has posed a serious threat to RoyalEnfield yet
It now remains to be seen if the Dominar 400 can draw customers from the top-selling Classic
It is clear that with 10000 units targeted during 2017-18 Royal Enfield will still be comfortably ahead in terms of numbers
How dynamics change after this period will be interesting to watch
From Bajaj Autoamprsquos point of view the strategy boils down to acknowledging the reality of living in a world of opposites whereevery mature segment is essentially a two-horse race
The Dominar will stick to the core principle of being opposite from the market leaderamprsquos offerings and has been positioned as amodern machine and not a heritage brandhttpwwwthehindubusinesslinecomtodays-papertp-newsdominar-400-takes-the-battle-to-the-royal-enfield-turfarticle9583973ece
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Bajaj cheers at Feb sales Ajay ModiBusiness Standard
New Delhi Pune-headquartered Bajaj Auto claims to have surpassed volumes sold by market leader Royal Enfield in the 350-500ccmotorcycle segment in February
It attributes this to the Dominar a 373 cc premium sports motorcycle it launched in December at an ex-showroom price of Rs 136lakh Enfield says Bajaj is celebrating too early
Bajaj has sold about 3000 units of Dominar a month this calendar year and is drawing a comparison with the February volume ofRoyal Enfield in the 350-500 cc segment when the latter did wholesale volumes of 2602 units Eric Vas president for themotorcycle business at Bajaj said ampldquoWe have already overtaken Royal Enfield in the segment They used to sell an averageof 5000 units a month until a few months agoamprdquo
He claims that two of every 10 Dominars was sold to customers who owned an Enfield ampldquoSome have sold it to buy Dominarand some have bought it as their second bikeamprdquo He added there had been a decline in the waiting period of some of Enfieldsmotorcycles The 350-500 cc segment for Enfield includes the Bullet 500 Classic 500 Thunderbird 500 and Himalayan
Bajaj hopes to gradually raise Dominar volumes to an output of 10000 units monthly in about six months ampldquoThe bike hasbeen accepted very well We should reach a monthly volume of 6000 units by next monthamprdquo said Vas He did not disclosecumulative bookings for the Dominar He said most customers bought it after test rides
Vas said the volumes were aggregated from the 22 cities where itwas available until February We have expanded reach to 32cities and it will be available in a 100 cities and towns by end-March In April the company plans to add another 100 cities andtowns The constraint is more on the capacity front than on the network sideamprdquo he said
Bajaj said the incremental volume from Dominar would start reflecting in the profit figures once volume crossed 5000-6000 units amonth
Enfield has almost the entire 250-350 cc motorcycle market in the country estimated at close to 50000 units a month This is where
it gets the lionamprsquos share of its sales In the 350-500 cc market it controls 80 per cent (data for the first 11 months of FY17)This is a much smaller segment with monthly volume of 5300 units
Siddhartha Lal managing director of Eicher (which owns Enfield) told Business Standard last month that it would continue toengage with the target segment and expand reach to grow volumes ampldquoWhen one succeeds in a segment others try to enterand take a bite Of course there will be competition but we are not worriedamprdquo hed said It is understood that Enfieldamprsquosproduction volume in February was impacted due to fewer days (February having only 28) and the transition to BS-IV emissionnormshttpwwwbusiness-standardcomarticlecompaniesbajaj-cheers-at-feb-sales-117031400822_1html
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India Yamaha Motor sets ambitious sales target Nandini Sen GuptaThe Times of India
Chennai India Yamaha Motor Private Limited (IYM) is targeting an ambitious production and sales pitch of more than three millionunits this year with one million in the domestic market alone It was revealed by the top management at a recently organised AnnualSuppliers Conference at Greater Noida (Delhi-NCR) which was attended by 500 members representing more than 200 suppliersfrom across India
The theme of this years conference was Challenge the Innovation for Global Competitiveness and Its all about the customer
Our target for this year is to achieve one million unit sales in domestic market and 22 lakh unit sales for exports market Inaddition we also need to reinforce the Indian parts export business in order to contribute to Yamaha business globally While doingso we must continue with our focus on the Quality of our parts and products said Hiroaki Fujita Chairman YMI-G Cos
The objective for conducting the Annual Suppliers Conference was to share the last years result for sales and production and thecurrent years sales and production plan During the conference IYM shared the direction for 2017 its purchase policy thepurchasing policy of Yamaha Motor Company (Japan) and activities organised amp initiatives taken for sales and marketing in theprevious year
Among the senior management members who were present on the occasion on behalf of IYM included Hiroaki Fujita chairmanYamaha Motor India Group Cos (YMI-G Cos) Takashi Terabayashi MD -IYM Yasuo Ishihara MD- Yamaha Motor Research ampDevelopment India (YMRI) T Yamaguchi Deputy MD amp Purchase Head- IYM along with the YMC Purchase team - Olivier Prevostdeputy chief general manager and Hiroshi Hagio general manager
IYM shared its expectations with the suppliers for improvement in quality delivery and development performances besides costcompetitiveness to compete in the export market to increase profitability for both Yamaha and the Suppliers IYM also emphasisedthat all the suppliers can draw up their investment plans based on the increasing volumes in future
Sixteen suppliers were also awarded for their exceptional services in the areas of quality delivery development and costhttptimesofindiaindiatimescomautobikesindia-yamaha-motor-sets-ambitious-sales-targetarticleshow57633067cms
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Thunderous sound remain forever Sandesh M SDeccan Herald (Web Edition)
Bike-lovers had expected a lot from Royal Enfield when the homegrown tough motorcycle manufacturer revealed the 500ccThunderbird in October 2012
When DH decided to check out the four-year-old model with respect to the present dayamprsquos bikes with updated technology theThunderbird 500 remains outstanding in its segment
The bike was tested for two weeks with everyday regular usage and an enthusiastic rider The bike is a good choice for the dailyneeds of an Indian family
Be it an office-goer or a student the bike gives an extra feel where you enjoy every bit of it You need an extra muscle and morepower to handle the bike when the engine is turned off Sometimes it will be a great challenge to tow the bike till a filling station ifthe engine goes dry
PerformanceUndoubtedly this is the most powerful variant of Royal Enfield today The bike feels far impressive than any other machine in thissegment It constantly urges you to take it on highways as it feels best when you pushed harder Overtaking is also very easy withthis bike and it can easily cross a speed of 120 kmphr It still remains a very responsive bike especially at slow speeds
The heavy amount of torque helps it move easily in city traffic The gear ratios are well-matched with this bike and you need lessgear shifts than before The only issue we have with the bike is its heavy weight In city traffic and with a pillion rider sometimes youwill feel the actual weight of this bike Otherwise there are no major concerns related to its performance
Fuel efficiency
Mileage is still a concern and the major drawback with Royal Enfield bikes As the brand new bikes claims to offer 30 kmpl the oldbikeamprsquos mileage drops day-by-day
After few years this will be the main reason for the rider to get rid of his bike In a typical Indian customer mindset a middle-classfamily will think twice before going for a Bullet
Depending on the usage the cushion will loose its power day-by-day The rider will surely feel the pain on the long rides and trafficjams Regular servicing from an authorised mechanic will keep the vehicle in good condition
VerdictThe Royal Enfield Thunderbird 500 is a special bike but the cost compared with its 350 cc sibling the biker has to cough up anextra Rs 40000 which makes anybody to think twice before investing in one The bike has the capability to sustain any roughhandling Though it becomes rough and old its sturdiness remains the samehttpwwwdeccanheraldcomcontent601371thunderous-sound-remain-foreverhtml
Top
E-Bikes
Components
Amtek Autoacirceurotrades Arvind Dham may offload personal assets to reduce debt Deborshi Chaki amp Swaraj Singh Dhanjalmint
Mumbai With troubled auto parts maker Amtek Auto Ltdamprsquos planned divestment of domestic and overseas businesses yet tomaterialize company chairman and founder Arvind Dham has begun exploring options to monetise assets owned by him
According to two people familiar with the matter who asked not to be identified Dham is in talks with potential buyers to sellIndraprasta Engine Parts Pvt Ltd ( IEPPL) an auto component manufacturing company which he owns in his personal capacityDocuments filed with the registrar of companies show that Arvind Dham along with other senior executives of Amtek Auto holdshares in Indraprasta Engine Parts Pvt Ltd
Dham did not respond to emails text messages and phone calls seeking comment
According to the latest available filings Indraprasta Engine Parts reported a revenue of Rs9525 crore and a loss of Rs115 crore inthe financial year ended 31 March 2015 The company was incorporated in 2010 and currently has a manufacturing plant in HosurTamil Nadu
ampldquoDham has been in discussions to sell the unit following which talks with Kalyani Forge Ltd (KFL) and Sterling Tools Ltd (STL) have reached an advanced stageamprdquo said one of the two people ampldquoDham is keen to show to the lenders that he iswilling put his own money even though the plans to sell Amtek Autoamprsquos assets to repay its debt have not beensuccessfulamprdquo
Amtek Autoamprsquos standalone loss widened to Rs24156 crore for the quarter ended December 2016 from Rs17536 crore in thesame quarter last fiscal Dham plans to plough the proceeds of the sale into the company the first person added
Spokespersons for Kalyani Forge and Sterling Tools did not respond to emails seeking comment
Ever since Amtek Auto defaulted on bond repayments of close to Rs800 crore in September 2015 it has been trying to sell variousgroup businesses to reduce the debt on its books The company has appointed Morgan Stanley as an adviser to assist in its debtreduction plan Amtek Auto owed Rs8066 crore to various lenders as on 30 September 2016 Mint learns that its consolidated debtat the group level is higher
In July last year Bloomberg reported that Amtek Auto has hired global investment bank Rothschild and Co to advise on thepotential sale of all overseas operations including those in the UK the US Mexico China and Germany The report said Amtek wasseeking bidders for its German unit Amtek Tekfor Holding GmbH and expected to raise over $1 billion from the process
A manufacturer of forging parts Amtek Auto counts most of Indiaamprsquos top auto component makers as clients Its overseasclients include global auto brands such as Aston Martin and Daimler
In February the company said in a regulatory filing that it is planning to raise Rs1175 crore by selling shares to promoters on apreferential basis for which it will seek shareholdersamprsquo approval The company has called an extraordinary general meeting on25 March to seek approval from its shareholders for the proposal it added
In February lenders of Amtek Auto are understood to have asked it to either repay loans or convert the outstanding into equityshares or warrantshttpwwwlivemintcomIndustry1tt2QpJ8TtSm53I1bN4VgKAmtek-Autos-Arvind-Dham-may-offload-personal-assets-to-reduhtml
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Allied Industries
Tyre stocks race ahead as China cuts India trade Palak ShahThe Economic Times
Mumbai What is aiding Indiaamprsquos tyre stocks Chinaamprsquos policy to shun India market for the US The share price ofdomestic tyre manufactures including MRF Apollo Tyre Ceat and J K Tyre rose between 1-7 on Tuesday
A research report by Philip Capital said China had curtailed its tyre exports to India to focus on US markets as Trump administrationhad decided against anti-dumping duty on tyres The research pointed out there was more upside for these stocks
ampldquoChina has raised their TBR (truck bus and radial) tyre prices for Indian market by 10-15 rendering themunattractiveamprdquo said Nitesh Sharma and Dhawal Doshi in the research report ampldquoOur checks indicate that Chinesefactories have nearly stopped catering to tyre demand from India as US markets were more lucrativeamprdquo
Ceat rose by 607 on Tuesday Apollo Tyres was up 396 MRF gained 186 and Goodyear India jumped by 129 amongmajor tyre companies
The report titled amplsquoTables Turn Chinese players out rubber fallingamprsquo further said Chinese imports will not bounce backsoon
Demonitisation too has dent a blow to the tyre imports from China which were largely in cash China accounted for roughly 120000 tyre units each month between April to October 2016 but it has fallen sharply now said experts
ampldquoTyre stocks will do well as rubber prices are on a downward spiralamprdquo said Mehraboon Irani Principal amp Head PrivateClient Group Nirmal Bang Securities ampldquoFall in auto sales and jump in rubber prices are not expected which may keep thetraction for tyre stocksamprdquo
Natural rubber prices had jumped to three year high in January due to floods in Thailand the largest exporter of rubber The priceswhich rose to Rs 210kg are now down by over 20 Meanwhile domestic tyre manufactures hiked tyre prices by 3-5 recentlyPhilip Capital has a buy on Ceat and Apollo Tyres with a target of Rs 1550 and Rs 239 respectivelyhttpeconomictimesindiatimescommarketsstocksnewstyre-stocks-race-ahead-as-china-cuts-india-tradearticleshow57633191cms
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How to avoid being overcharged for car service at dealerships The Financial Express
Authorised workshops or dealerships are the main preference for servicing of a customers new car There are dealerships that aregenuine and would not fleece your money while after sales treatment however there are others who would try and take everypenny from you This would also involve you to be thorough with the detailed billing as well as being cautious about understanding ifa requisite task is at all required in your car Here are some tips on how to avoid being overcharged while getting your car serviced
One key area where sales executives of a said dealership can suggest unnecessary expense is anything related to the engineTasks like engine de-carbonisation or engine flushing are suggested right from the first service however it is not required in avehicles early years A cars decarbonisation should ideally take place when the response from the engine is sluggish or there arefrequent misfires despite regular services This usually starts to happen after 60000 kms or more In case it is recommended by asales executive and he or she insists simply avoid by saying no Another popular unnecessary expense is fuel line cleaning whichis suggested at every service Remember that petrol is itself used as a cleaning agent in many applications so fuel line cleaningshould be carried out only in case of a problem
Another aspect where customers are cheated is due to the lack of knowledge about their respective vehicle There have been caseswhere a dealership has conned a customer by putting spark plugs in a diesel car or heater plugs in a petrol engine powered vehicleA diesel car does not have spark plugs (but a petrol car does) and similarly a petrol car doesnt have heater plugs (which arepresent in diesel cars) Additives are advised by many service advisors but these arent needed unless specified by the carmakerKnowing the basic mechanical and electrical parts of your car can go a long way in saving you your money
Other mechanical parts where a person can be overcharged is the clutch adjustment Most modern manual transmission cars soldin India have a hydraulic clutch which is self adjusting till the time the pressure plates and the clutch plates are completely worn outA worn out clutch system will require more pressure to depress the pedal thereby indicating the clutch plates andor pressure plateswould need replacement Ideal time to replace is not at every service which clever dealerships would suggest but at least a gap ofthree service intervals is recommended (with the service interval at every 10000 kms)
All carmakers offer an owners booklet which has all the details of which part needs to be replaced when and the recommendedservice interval When getting your car serviced always refer to this manual and insist on only the aspects mentioned in the manualto be donehttpwwwfinancialexpresscomautocar-newshow-to-avoid-being-overcharged-for-car-service-at-dealerships587326
Top
Emissions Environment
Finance amp Insurance
Customer not bound by tie-up between vehicle dealer insurer Pune Court Vishwas KothariThe Economic Times
Pune The district consumer court here has ruled that a tie-up between a vehicle dealer and an insurance company is not bindingupon the consumer who buys a vehicle from such a dealer
The court has directed the Bajaj Allianz General Insurance Company in Yerawada here to refund a premium of Rs 21053 ampmdashalong with an annual interest of 9 since September 20 2014 ampmdash and a Rs 5000 fine to a Daund resident for failing to renewhis car insurance despite the latter having paid the renewal premium through the online NEFT transaction
The interest component payable so far works out to over Rs 4700
The company argued that the consumer did not route the payment through the vehicle dealer by way of a demand draft as wasrequired under an agreement between the company and the vehicle dealer
Shankar Raghunath Chavan a resident of Kusegaon in Daund had purchased an insurance policy from the company for his car onSeptember 21 2012 A year later the policy was renewed for the period between September 21 2013 and September 20 2014 Atthe end of this term he had received a reminder from the company for the renewal of his policy
Through the net banking facility Chavan made a payment of the renewal premium worth Rs 21053 for the term betweenSeptember 21 2014 and September 20 2015 He then made repeated requests to the company for the issuance of the policydocument
However in December 2014 when he approached the company he was shocked to learn that his policy had ampldquoexpired due tonon-renewalamprdquo The company did not renew his policy even after his repeated reminders This prompted him to move theconsumer court seeking refund of the premium amount and appropriate costs towards physical and mental agony
The bench observed in its order ampldquoIt is not denied by the insurance company that the complainant (Chavan) had paid thepremium It is the case of the insurance company that as per practice prevailing between the company and the dealer the paymentshould be made by demand draft through the dealer so that the policy can be renewed conveniently It is true that the dealer of thevehicle was not aware about the payment of premium made by the complainant However a tie-up between the dealer and theinsurance company is not binding upon the consumeramprdquo
ampldquoDocumentary evidence which is produced by the complainant is sufficiently eloquent and speaks about inaction on the partof the insurance company Even after sending documentary evidence as regards to payment of policy premium the insurancecompany has failed to renew the policy Definitely this act on the part of the company amounts to deficiency in serviceamprdquo thebench ruledhttpautoeconomictimesindiatimescomnewsindustrycustomer-not-bound-by-tie-up-between-vehicle-dealer-insurer-pune-court57623564
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Analysts in wait-and-watch mode on Bajaj Finance Hamsini KarthikBusiness Standard
A robust business model established over years of experience often tends to withstand the test of time quite remarkably That ofBajaj Finance Indiaamprsquos largest consumer durables financier is one such example
During the note ban period there were doubts on whether Bajaj Finance could replicate its historic performance in terms ofcustomer acquisition loan growth and more importantly asset quality in the December quarter (Q3) Much to the Streetamprsquossurprise Bajaj Finance comfortably met these parameters
Customer acquisition grew by 35 per cent year-on-year in Q3 while assets under management expanded by 33 per cent to Rs57600 crore year-on-year Even asset quality stood out with gross non-performing assets ratio at 147 per cent and that toowithout utilising RBIamprsquos 90-day dispensation on loans less than Rs 1 crore Overall financials remained robust with net interestincome and net profit growing by 27 and 36 per cent respectively These factors have helped Bajaj Financeamprsquos stock reboundfrom its demonetisation period low of Rs 766 to Rs 1125 on Tuesday
However after outperforming the broader markets by a reasonable margin for most of the last two years the stock has lagged inthe past six months Bloomberg data indicate that while the Bank Nifty has gained six per cent in the past six months Bajaj Financeis up only 21 per cent Analysts nonetheless feel that Bajaj Finance may not surpass its previous high of Rs 1180 in a rush
Pointing to some key indicators they prefer to see how March quarter pans out particularly on consumer loans before altering theirexpectations on the stock
Consumer loans which grew by 52 per cent year-on-year in September quarter (Q2) grew 47 per cent year-on-year in Q3 Butwithin this segment consumer durables grew slower at 27 per cent versus 48 per cent in Q2 As for the vehicle financing (two andthree wheelers) the dependence on Bajaj Auto was seen higher in Q3 ampndash 46 per cent dependence on Bajaj Auto fortwo-wheelers and 29 per cent for three-wheelers as against 38 per cent and 18 per cent respectively a year ago Average ticketsize which dipped post demonetisation is yet to see a strong recovery All these factors prompt analysts to be on a wait-and-watchmode
ampldquoWe arenamprsquot able to see a secular return in consumer buying yet While demand for consumer durables may havepicked up as summer sales is already playing out we canamprsquot say the same for vehicle salesamprdquo says an analyst with adomestic brokerage
Analysts at Jefferies feel the annual compounded loan growth for Bajaj Finance could be lower in FY16-19 compared to what was inFY13-16 The brokerage flags that at current valuations (52 x FY18 price-to-book) risk-reward appears negativehttpwwwbusiness-standardcomarticleopinionwhy-analysts-are-in-wait-and-watch-mode-on-bajaj-finance-117031400674_1html
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SBI announces Rs 6000-cr tractor loan settlement scheme PTISee this story in The Economic Times
State Bank of India (SBI) today announced a one-time farm loan settlement scheme worth Rs 6000 crore primarily for tractors
One Time Settlement (OTS) announced for Agriculture Loans Scheme valid until 31st March Contact your branch for details ampbenefits the nations largest lender said on the microblogging site Twitter today
Managing director Rajnish Kumar told CNBC-TV18 the scheme will result in the bank taking a 40 per cent haircut on outstandingtractor loans as of September 2016
SBIs total farm loan portfolio is Rs 125 trillion and Kumar said the tractor loan book is about Rs 6000 crore
He said doubtful or loss category accounts as of September 2016 which were disbursed before September 2011 will beconsidered under the scheme He said a circular in this regard was sent to branches on February 2
But he was quick to add the OTS has nothing to do with Prime Minister Narendra Modis promise of a loan waiver to UP farmersduring the just concluded elections saying there were no talks with the Centre or state in this regard so far SBIs Uttar Pradeshportfolio will be around Rs 13000 crore
SBI had announced OTS schemes for SMEs last December and education loans early in 2016
He said other agri loans like kisan credit cards and other term-loans for tractors and farm loans may also be covered under theschemehttpwwwdnaindiacommoneyreport-sbi-announces-rs-6000-cr-tractor-loan-settlement-scheme-2352737SBI to allow one-time settlement for tractor farm equipment loansminthttpwwwlivemintcomIndustryiXDTXX1onxjwfHcz731WzJSBI-announces-Rs6000-crore-tractor-loan-settlement-schemehtmlSBI announces rs 6000-crore tractor loan settlement schemeThe Pioneerhttpwwwdailypioneercombusinesssbi-announces-rs-6000-crore-tractor-loan-settlement-schemehtml
Top
Oil Lubricants amp Alternative Fuels
Oil hovers near three-month low as investors awaits data ReutersSee this story in The Hindu Business Line
Tokyo Crude oil prices hovered near three-month lows on Tuesday in early Asian trading as investors await key reports and datathat may shed light on a supply overhang in the global market
US West Texas Intermediate crude (WTI) edged down 3 cents to $4837 a barrel by 0026 GMT The contract ended down 9 centsin the previous session after touching $4790 the lowest since the end of November
Brent crude futures were down 1 cent at $5134 a barrel having settled down 2 cents on Monday after dipping to as low as $5085
Prices fell sharply last week as investors worried that swelling US crude supplies would hinder Organization of the Petroleum
Exporting Countries (OPEC)s efforts to restrict output and reduce a global glut
Prices had risen after the OPEC and other major oil producers including Russia agreed at the end of November to rein inproduction by almost 18 million barrels per day (bpd) in the first half of 2017
ampldquoIts shaping up to be another fun week in the crude complex with OPEC releasing its monthly oil market report on Tuesdayswiftly followed by the IEAs monthly oil market report the day afteramprdquo Matt Smith analyst at ClipperData said in a note
The International Energy Agency releases its closely watched monthly oil market report on Wednesday
Data from the industry group the American Petroleum Institute on US crude and product stockpiles is also due out later on Tuesday
Analysts said the slump may not have much further to go now that prices have fallen more than 8 percent since last Monday thebiggest week-on-week drop in four monthshttpwwwthehindubusinesslinecommarketscommoditiesoil-hovers-near-threemonth-low-as-investors-awaid-dataarticle9582601ece
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News Magazines
Mahindra Electric geared up to be a component supplier Autocar India
Speaking to Autocar India Mahindra Electric (ME) stated that the company is open to being a supplier to other vehiclemanufacturers and will sell complete electric drive systems to those interested At present the ME plant builds the e2o while it shipsout the drive systems for the eVerito sedan and eSupro van For this purpose the production line has been modified to produce notjust built-up vehicles but also fully ready electric drive systems that can be offered to other manufacturers interested in procuringthem With expertise in electrification virtually absent in India ME hopes to build on its first-mover advantage and cater to theindustry Itamprsquos unlikely that there would be any takers for passenger cars but commercial and three-wheeler manufacturerscould be potential customers
Mahindra also confirmed that they are open to supplying other bits like charge system controllers as well Mahindra outsources thebattery and electric motor for its EV powertrains and has no plans of producing these components in-house as apart from the hugeinvestments needed there is no real advantage Battery technology is quite specialised and there are many players in this fieldalready And with electric motor efficiency already at 80 percent ampndash compared to about 30 percent for internal combustionengines ampndash there is very little to differentiate one EV maker from another Mahindra believes the real differentiator in the nearfuture will be in the battery management systems where big gains can be made in the charging and discharging cycle Thus ME isputting a lot of effort into this area and going forward has ambitions to be a supplier solely for battery management systems toother manufacturershttpwwwautocarindiacomauto-newsmahindra-electric-geared-up-to-be-a-component-supplier-404432aspx
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Tesla Model Y SUV due by 2019 Autocar India
Tesla Inc recently renamed from Tesla Motors Inc is on the verge of what it says will be a massive expansion of production with twonew models due to arrive in the next two years
Alongside the much-hyped Model 3 Tesla is also expected to launch an entry-level crossover based on the same platform andrumoured to be badged the Model Y
The starting price of the Model 3 is likely to be around $37000 (Rs 2435 lakh approx) with the Model Y expected to be slightlymore expensive However Tesla founder Elon Musk believes the transaction prices of the new compact Teslas will go higherbecause buyers will be keen to add paid options to their vehicles
While the compact Model Y could turn out to be Teslaamprsquos best seller ampndash some seven million crossovers of all types weresold in the US last year ampndash Musk recently tweeted that the Model 3 remained the biggest priority for the company
The Model Y is unlikely to be unveiled until sometime next year with production set to follow late in the year Little in the way ofspecification has been released though it is expected to borrow the top-hinged amplsquofalcon wingamprsquo rear doors from thebigger Model X SUV
The Model Y will also have the promised updated electrical architecture that will allow Tesla to offer full autonomous drivingcapability Future Tesla cars will be equipped with as many as eight cameras giving a 360-degree view of the surroundingroadscape as well as 12 ultrasonic sensors and a amplsquonewamprsquo forward-facing radar that works in the worst weatherconditions Existing radar systems can be fooled by heavy rain and fog
Musk also said the new electrical architecture has a brain that is as much as ampldquo40 timesamprdquo more powerful than onprevious Teslas calling it a ampldquosupercomputer inside the caramprdquo The autonomous driving technology though will be offered
as add-on option to customers on both entry-level Teslas
Another challenge for the Model 3 and Y will be balancing their lower price against the need for a battery big enough to give anacceptable range
The entry-level Model 3 may have a cheaper sub-60kWh battery but will still need to have a range of at least 370km The ModelYamprsquos more bluff shape and greater frontal area might mean a bigger battery for the same range and so a slight price premium
Tesla is in a race against time to achieve the kind of production levels needed to turn around what is still a cash-hungry operationThe firm has spent nearly $2 billion (Rs 1316350 crore approx) since 2010 with investments including building the battery-makingGigafactory and trying to expand car production to a massive 500000 units a year
Tesla delivered around 76000 vehicles last year but says it was able to build around 2000 cars a week by the second half of 2016With as many as 400000 deposits taken for the Model 3 the company is looking to produce well over 100000 of the BMW3-series rival before the end of this year
Muskamprsquos expansion plans will test the limits of the capabilities of Teslaamprsquos suppliers and those of its own plant inFreemont California But getting to annual sales of half a million vehicles should finally push the carmaker into profit and secure thecompanyamprsquos long-term futurehttpwwwautocarindiacomauto-newstesla-model-y-suv-due-by-2019-404434aspx
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VW promises higher focus on EVs after record sales year Autocar India
The Volkswagen Group ampldquowill be a role model in environmental protection safety and integrityamprdquo according to CEOMatthias Muller who was speaking as the firm confirmed a record-breaking sales year in 2016
Outlining plans for the firm to reinvent itself as a far-reaching mobility company in the wake of the emission scandal Muller revealedthat the VW Group sold 103 million cars in 2016 making it the worldamprsquos largest car manufacturer It made pound62 billion in profitafter allowances including pound56 billion of losses to cover emission scandal costs In 2015 expenses relating to emission scandalamounted to pound142 billion
Most notably its sales in China where the effects of the diesel crisis were negligible grew 122 percent and its 2016 salesrevenues of pound1904 billion also exceeded forecasts by pound35 billion
ampldquoThe last year was challenging yet remarkably successfulamprdquo said Muller ampldquoIn 2016 we set the course for thebiggest transformation in the history of the company while at the same time performing better in our operating business than manythought possibleamphellipVolkswagen is back on trackamprdquo
Muller vowed that the success would be a catalyst for further change adding ampldquoWe will still be one of the most successfulautomakers in 2025 But we will also be a leading international provider of sustainable mobility and set the standard for new mobilityservicesamprdquo
New initiatives include a stated goal of taking leadership in the field of battery technology by 2025 which is by when the VW Grouphas committed to have solid state batteries in production These are seen as the next technological step over the lithium-ionbatteries currently favoured by most manufacturers The VW Group has committed to have 30 battery-electric vehicles on sale by2025
He also signalled that Audi had been tasked with leading the Groupamprsquos autonomous driving projects while adding that the VWGroup now had 37 centres around the world working on autonomous and digital service ideas pivoting around the Groupamprsquosnew mobility company Moia which was set up last year
Muller also highlighted recent joint ventures ampndash in China with FAW and JAC the latter of which will lead to the co-developmentof a budget electric car line in India with Tata Motors and in America with Navistar which is in the commercial vehicle segmentampndash as examples of the firmamprsquos commitment to forging partnerships to boost sales success He also confirmed that thefirst economy vehicles to be developed by the brand will go on sale in emerging markets in 2018httpwwwautocarindiacomauto-newsvw-promises-higher-focus-on-evs-after-record-sales-year-404433aspx
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Mercedes to expand E-class range with E 220 diesel Autocar India
The tenth-generation Mercedes-Benz E-class launched for the first time in India with a long wheelbase has moved the goalposts toset new standards for comfort and space in its segment The E-class comes with two engine options ampndash the base E 200 petroland the top-of-the-line
E 350 diesel Priced at Rs 5670 lakh and Rs 7015 lakh (ex-showroom Delhi) respectively these two variants bookend the E-classrange and is essentially aimed at two sets of customers The E 200 buyer is likely to be almost always chauffeur-driven and henceis mainly interested in rear seat space and comfort while the E 350d customer wants all the bells and whistles as well as the
sublime driving experience only the silky smooth and torquey V6 diesel can offer
However that still leaves a massive Rs 1345 lakh gap in the range which no doubt future E-class variants will eventually plug butwhich one will find that sweet spot to form the bulk of E-class sales
Itamprsquos no surprise then that Mercedes-Benz India is readying a base diesel which like the previous-generation W212 E-class islikely to be the most popular variant offering a strong dose of practicality without too much of a compromise on refinement andluxury
But unlike the W212 which had the E 250d representing the base diesel in the range Mercedes-Benz India is offering the lower E220d as the starting point for the E-class diesel This suggests that the E 220d will be very attractively priced when it goes on salearound June 2017 and could be priced very close to the E 200
The E 220amprsquos all-new 20 litre four-cylinder diesel which pumps out 194hp and 400Nm of torque may not have the punch ofthe outgoing E 250damprsquos 204hp and 500Nm motor but again given the chauffeur-driven focus the new E-class has beenconceived for the newE 220damprsquos performance is unlikely to be an issue
What is a big issue however is downgrading the 20-litre motor which has been designed for stricter Euro-VI emissions to run onlocally available BS-IV diesel ampldquoItamprsquos such a waste of engineering resource and a step backwardsamprdquo said aMercedes-Benz engineer The 2143cc (OM651) diesel engine which powered the previous E-class was easier to adapt to BS-IVfuel unlike the spanking new high-tech 1995cc (OM654) diesel thatamprsquos built to meet the latest global emission standards Infact the OM654 made its debut in the latest E-class when it was launched globally in 2016 Its advanced tech includes a uniquealuminium engine block with steel pistons a special low-friction coating for the cylinder walls and a fourth-generation common-raildiesel injection system At 168kg it is 31kg lighter than the engine it replaces
Downgrading a Euro-VI engine to BS-IV standards takes a lot of time and resources but there is no way out until fuel pumps in Indiaget low-sulphur BS-VI fuel which is not expected until 2020 The BS-IV-spec OM654 wasnamprsquot ready in time for the newE-class launch and this is one reason why the E 220d is coming a couple of months later The other reason could be a strategicone Mercedes-Benz India wants to wait until BMW launches the all-new 5-series expected in June and in a counter move tweakthe E 220damprsquos mix of specifications features and price accordingly A starting price of Rs 57-58 lakh for the E 220disnamprsquot unlikely especially since this variant will be Mercedes-Benz Indiaamprsquos trump card in a luxury car segment it seemsdetermined to dominatehttpwwwautocarindiacomauto-newsmercedes-to-expand-e-class-range-with-e-220-diesel-404429aspx
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Nissan to launch Kicks SUV in Q3 2018 Autocar India
The Nissan Kicks SUV which made its global debut in 2016 in Brazil will be launched in India in the third quarter of 2018 accordingto company sources
However unlike the South American model which is spun off Nissanamprsquos V-platform the made-for-India Kicks (code PB1D)will be based on the upcoming Renault Kapturamprsquos (code HHA) platform This is essentially a modified version ofRenaultamprsquos proven M0 platform that underpins cars like the Duster and Lodgy which are known for their robust mechanicals
The M0 is also a critical part of the Renault-Nissan Allianceamprsquos platform strategy in India which is essentially centred aroundtwo platforms Whilst the CMF-A and CMF-A+ platforms underpin Renault and Nissanamprsquos (and later Mitsubishiamprsquos) smallto mid-size car range in India the M0 platform will cater to higher end products The low-cost M0 platform has proved to be a cashcow for Renault globally and is ideally suited for markets like India The allianceamprsquos European-spec CMF-B platform was alsoevaluated initially but was eventually rejected as it proved to be a lot more expensive than the M0 which has also been localisedover the years
Developed and conceived originally by Renault for its Dacia sub-brand over a decade ago the French carmaker has first rights toproducts spun off the M0 platform and hence like the Nissan Terrano which followed the Renault Duster the Nissan Kicks too willfollow the Renault Kaptur to India but almost a year later
While both the Kaptur and Kicks will use the same modified version of the platform the amplsquotop hatsamprsquo will be completelydifferent The Kicks design and styling will mirror the South American car and thatamprsquos no bad thing
Sharply styled with lots of distinctive design touches like a floating roof massive wheel arches and a wraparound visor look theKicks wonamprsquot have a problem standing out on Indian roads The good thing is that the edgy design hasnamprsquot compromisedpracticality and Nissan claims best-in-class space in the back seat
Cars based on the M0 platform get a choice of just two engines a 16 petrol and the venerable 15 K9K diesel and hence these arelikely to be carried forward into the Kicks as well The 15 diesel is expected to be the mainstay but its likely that in its latest iterationthere will be a small bump up in power and torque
Nissan has set an ambitious target of 30000 Kicks in its first full year of production with an additional 20000 units earmarked forexports Pricing will be crucial for the Kicksamprsquo success and Nissan may do well to undercut its rivals to buy some much neededmarket sharehttpwwwautocarindiacomauto-newsnissan-to-launch-kicks-suv-in-q3-2018-404426aspx
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International News
Volkswagen CEO gets 778 mn euros in pay and benefits for 2016 ReutersSee this story in The Economic Times
Wolfsburg Volkswagen Groups Chief Executive Matthias Mueller was awarded 778 million euros ($828 million) in pay andbenefits for 2016 up from 417 million euros in total remuneration awarded a year earlier the companys annual report showed onTuesday
Mueller was not awarded a full years CEO pay for 2015 since he only took over as chief executive in September following theresignation of his predecessor Martin Winterkorn who was forced out in the wake of a diesel emissions cheating scandal
Volkswagen overhauled its bonus and executive pay policy in February this year to cap total pay for its chief executive at 10 millioneuros ($106 million) and other top managers at 55 million euros
Volkswagen brand chief Herbert Diess saw his total remuneration for 2016 fall to 393 million euros down from 713 million in 2015the annual report showed
($1 = 09401 euros)httpautoeconomictimesindiatimescomnewsindustryvolkswagen-ceo-gets-7-78-mn-euros-in-pay-and-benefits-for-201657631837Volkswagen CEO Matthias Mueller says not ruling out merger talks with Fiat ChryslerThe Financial Expresshttpwwwfinancialexpresscomindustryvolkswagen-ceo-matthias-mueller-says-not-ruling-out-merger-talks-with-fiat-chrysler587861
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Volkswagen CEO US remains core market for company APSee this story in The Economic Times
Frankfurt The CEO of German automaker Volkswagen says the United States remains a core market for the company despite itsdiesel emissions scandal and has underlined that it hopes to expand there
Matthias Mueller made the comments Tuesday at the companys annual news and investor conference at its headquarters inWolfsburg Germany
Mueller said that we are standing by our investment decisions and intend over the long term to play a significantly greater role therethan today
The Volkswagen brand has only a small share in the US market although it is important for the companys luxury brands Porscheand Audi It makes cars in Chattanooga Tennessee
US authorities uncovered Volkswagens use of engine control software that enabled vehicles to cheat on emissions testshttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsvolkswagen-ceo-us-remains-core-market-for-company57633149
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Volkswagen targets strong 2017 even as core brand struggles ReutersSee this story in The Economic Times
Wolfsburg Germany Volkswagen said it was capable of shouldering the costs of its emissions crisis and was targeting an evenbetter year than in 2016 but warned that its core autos division continued to struggle
We see good chances of being able to ride the wave of the positive performance last year when Volkswagen turned in recordunderlying profit helped by sales of upmarket Audis and Porsches Chief Executive Matthias Mueller said on Tuesday at thecarmakers annual news conference
Volkswagen expects group revenue to exceed last years record 217 billion euros ($231 billion) by as much as 4 percent this yearand is forecasting an underlying operating margin of between 6 and 7 percent compared with 67 percent in 2016 it said affirminga forecast given on February 24
The company also aims to moderately exceed last years record 103 million deliveries
You can rest assured that we will do everything in our power to make 2017 an even better year than 2016 the CEO said
But Volkswagen appears to be making slow progress in tackling the biggest trouble spot within the 12-brand group thelong-planned turnaround of its core autos division
Operating profit of the namesake brand slipped further to 187 billion euros in 2016 from 210 billion a year earlier because of highermarketing costs related to dieselgate and plunging demand in Brazil and other key markets finance chief Frank Witter said
($1 = 09394 euros)httpautoeconomictimesindiatimescomnewsindustryvolkswagen-targets-strong-2017-even-as-core-brand-struggles57630343
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VW CEO says not ruling out merger talks with Fiat Chrysler boss ReutersSee this story in The Economic Times
Wolfsburg Volkswagen Chief Executive Matthias Mueller said he is not ruling out talks with Fiat Chrysler boss Sergio Marchionneabout a possible merger
I am not ruling out a conversation Mueller told reporters on Tuesday after the carmakers annual earnings press conference inWolfsburg
Marchionne has long advocated car industry mergers to share the costs of making cleaner and more technologically advancedvehicles and has repeatedly relayed his desire via the media
It would be very helpful if Marchionne were to communicate his considerations to me too and not just to you Mueller said
I am pretty confident about the future of Volkswagen with or without Marchionne
Only last week Mueller appeared to dismiss the prospect of talks with Fiat Chrysler
We are not ready for talks about anything he told Reuters on the fringes of the Geneva auto show I havent seen Marchionne formonths he said at the timehttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsvw-ceo-says-not-ruling-out-merger-talks-with-fiat-chrysler-boss57632909
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Volkswagen chief denies talks with Fiat AFPSee this story in The Economic Times
Berlin Volkswagen chief Matthias Mueller on Tuesday denied rumours that the German auto giant was in talks with rival FiatChrysler
At present there is no contact between me and Fiat Chrysler boss Sergio Marchionne Mueller told the companys annual pressconference in Wolfsburg north Germany
Marchionne had said at the Geneva car show last week that he was expecting Volkswagen to reach out as more firms are thinkingof cost-cutting tie-ups in the vein of Frances Peugeot and German carmaker Opel
In response Mueller said he had other problems since VWs 2015 admission that it installed software to cheat regulatoryemissions tests in 11 million vehicles worldwide
He nevertheless added that Ive never said a tie-up with any other partner is altogether ruled out
VW clawed its way back to profit in 2016 and pulled ahead of Toyota to become the worlds biggest carmaker by unit sales shipping103 million vehicles over the year
Mueller on Tuesday confirmed the groups forecast of moderate growth in sales in 2017
But the firm is far from turning the page as it continues to refit cars equipped with the cheating software and faces legal action fromcustomers and investors in numerous countries
The final bill for the scandal is impossible to predict Mueller acknowledged
All we know is that this question will keep us busy for a long time several years he saidhttpeconomictimesindiatimescomindustryautovolkswagen-chief-denies-talks-with-fiatarticleshow57633113cms
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Volkswagen has good chances to build on strong 2016 performance CEO ReutersSee this story in The Economic Times
Germany Volkswagen has good chances of building on its strong 2016 performance when it swung to a record underlying profitdespite its diesel emissions crisis Chief Executive Matthias Mueller said
The Volkswagen Group is in very robust shape Mueller said on Tuesday at the carmakers annual news conference in Wolfsburg
VW expects group revenue to exceed last years record 217 billion euros ($231 billion) by as much as 4 percent this year and isforecasting an underlying operating margin of between 6 and 7 percent compared with 67 percent in 2016 it said affirming aforecast given on Feb 24
Still operating profit of its core autos division slipped further to 187 billion euros in 2016 from 210 billion a year earlier as the brandis struggling to implement a wide-ranging turnaround planhttpeconomictimesindiatimescomnewsinternationalbusinessvolkswagen-has-good-chances-to-build-on-strong-2016-performance-ceoarticleshow57630339cms
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BMW i3 batteries to be used by Vattenfall The Economic Times
New Delhi Swedish power making company Vattenfall and German auto giant BMW Group have signed a contract for the deliveryof up to 1000 lithium-ion batteries this year The batteries with a capacity of 33 kilowatt hours (kWh) each are equipped with aBMW-owned battery management system and are also used by the car manufacturer in the BMW i3
Vattenfall will purchase the new batteries from the BMW plant in Dingolfing and use them in all storage projects
Energy storage and grid stability are the major topics of the new energy world says Gunnar Groebler Senior Vice President ofVattenfall and Head of Business Area Wind
We want to use the sites where we generate electricity from renewable energies in order to drive the transformation to a newenergy system and to facilitate the integration of renewable energies into the energy system with the storage facilities Thedecoupling of production and consumption and the coupling of different consumption sectors are in the focus of our work
The first energy storage from the BMW-i3 batteries is being built at the 122 MW onshore wind farm Princess Alexia nearAmsterdam With a capacity of 32 megawatts (MW) it is Vattenfalls first large storage project in the Netherlands
Pending on a final investment decision the largest battery storage will be built at the Vattenfall wind farm Pen y Cymoedd (230 MW)in South Wales - a 22-megawatt storage facility which will help to support the stability of the country-wide power grid in the UK aspart of the so-called EFR (Enhanced Frequency Response) service
As part of the project Norddeutsche Energiewende NEW 40 Vattenfall together with the Hamburg University of Applied Sciences(HAW) and the company Nordex will implement a large battery storage at the future wind farm in Hamburg-Bergedorf
This is a so-called storage control unit made of batteries It is meant to maintain the security of supply with a feed-in of 100 percentrenewable energy In addition the battery storage contributes to the improvement of the network quality and the more efficient useof the existing network structure Other possible applications would be electricity storage in private households Energy storagesolutions are an important part of Vattenfallamprsquos strive to power climate smarter living
We are pleased that we have found a supplier in BMW who meets our high safety requirements with the use of the batteries withreliably good quality from German series production says Daniel Hustadt project manager for large batteries at VattenfallInnovation GmbHhttpautoeconomictimesindiatimescomnewsindustrybmw-i3-batteries-to-be-used-by-vattenfall57630728
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Toyota to look at Saudi production as the countries seek closer ties ReutersSee this story in The Economic Times
New Delhi Toyota Motor Corp signed a memorandum of understanding (MOU) on Tuesday with a Saudi Arabian governmentagency to conduct a feasibility study into producing vehicles and parts in the Middle Eastern nation
The move if firmed up would be a big step for the Saudi economy as the government tries to diversify beyond oil exports andcreate jobs as part of the kingdoms 2030 Vision
So far Saudi Arabia and other Gulf oil exporters have failed to significantly develop industries such as automaking because theylack broad industrial bases and a skilled local workforce
The study would take into account the evaluation of development of a local supply base using materials produced by major Saudi
companies like Sabic Maaden Petro Rabigh and other major industrial companies in the kingdom the official Saudi state newsagency reported
The MOU is with Saudi Arabias National Industrial Clusters Development Program (NICDP)
Meanwhile state-run Saudi Aramco has signed MOUs with five Japanese entities during a business forum that both nations hostedon Tuesday coinciding with a visit by Saudi Arabias King Salman this week
Saudi Aramco and Japans biggest oil refiner JX Nippon Oil amp Energy (5020T) agreed to consider a refinery joint venture in a thirdcountry and cooperation in trading and technology of oil and petrochemical products
Aramco also agreed to consider a possible future cooperation in crude oil supply and downstream business with Idemitsu KosanCompany
In addition Aramco and state-run Japan Oil Gas and Metals National Corp (JOGMEC) formally agreed to expand crude storagecapacity in Japan by 300000 kilolitres (about 19 million barrels) from the current 63 million barrels from April 1
Japan treats crude oil stored by Aramco as quasi-government oil reserves counting half of the barrels stored by Aramco as nationalcrude reserves
Companies and government organizations in both nations signed a total of 20 MOUs on Tuesday including cooperation betweenthe Saudi Arabian General Investment Authority (SAGIA) and Japans three megabanks - Mitsubishi UFJ Financial Group (8306T)Sumitomo Mitsui Financial Group (8316T) and Mizuho Financial Group (8411T) - on increasing investments in the kingdom
The MOUs also included cooperation in seawater desalinationhttpautoeconomictimesindiatimescomnewsindustrytoyota-to-look-at-saudi-production-as-the-countries-seek-closer-ties57636587
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Geneva Motor Show 2017 Airbus unveils fully electric flying car PopUp The Economic Times
Geneva Airbus along with Italdesign has unveiled the first modular fully electric zero emission concept vehicle system - PopUpat the Geneva Motor Show 2017 informed the French company in an official statement
PopUp envisages a modular system for multi-modal transportation that makes full use of both ground and airspace and isdesigned to relieve traffic congestion in crowded megacities
PopUp System consists of a three layers concept1 an Artificial Intelligence platform that based on its user knowledge manages the travel complexity offering alternative usagescenarios and assuring a seamless travel experience
2 a vehicle shaped as a passenger capsule designed to be coupled with two different and independent electric propelled modules(the ground module and the air module) Other public means of transportation (eg trains or hyperloops) could also integrate thePopUp capsule
3 an interface module that dialogues with users in a fully virtual environment
Airbus claims The PopUp vehicle combines the flexibility of a small two seater ground vehicle with the freedom and speed of avertical take-off and landing (VTOL) air vehicle thus bridging the automotive and aerospace domains
PopUpamprsquos monocoque carbon-fibre cocoon measures 26 metres long 14 metres high and 15 metres wide The capsuletransforms itself into a city car by simply coupling to the ground module which features a carbon-fibre chassis and is batterypowered
For megacity journeys with high congested traffic the capsule disconnects from the ground module and is carried by a 5 by 44metre air module propelled by eight counter-rotating rotors
ampldquoAdding the third dimension to seamless multi-modal transportation networks will without a doubt improve the way we liveand how we get from A to Bamprdquo said Mathias Thomsen General Manager for Urban Air Mobility at Airbus on the occasion ofthe unveil
ampldquoSuccessfully designing and implementing solutions that will work both in the air and on the ground requires a joint reflectionon the part of both aerospace and automotive sectors alongside collaboration with local government bodies for infrastructure andregulatory frameworks Italdesign with its long track record of exceptional vehicle design was an exciting partner for Airbus for thisunique concept projectamprdquo
ampldquoToday automobiles are part of a much wider eco-system if you want to design the urban vehicle of the future the traditionalcar cannot alone be the solution for megacities you also have to think about sustainable and intelligent infrastructure appsintegration power systems urban planning social aspects and so on In the next years ground transportation will move to the nextlevel and from being shared connected and autonomous it will also go multimodal and moving into the third dimensionamprdquo saidItaldesign CEO Joumlrg Astaloschhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsgeneva-motor-show-2017-airbus-unveils-fully-electric-flying-car-pop-up57630936
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Nissan boosts management presence at Mitsubishi Motors ReutersSee this story in The Economic Times
Tokyo Mitsubishi Motors on Tuesday said an additional four Nissan executives would join its management team as Nissan tightensits control over the smaller struggling automaker in which it took a controlling stake last year
The announcement is part of Mitsubishi Motors efforts to rebuild its management system after it admitted last year that it hadoverstated the mileage on a number of its cars sold in Japan battering domestic sales and tarnishing its brand image
From April corporate vice president positions for roles including product development and marketing and sales would be occupiedby officials from Nissan Mitsubishi Motors said
This would hike the number of Nissan executives on Mitsubishi Motors management team to seven from two now
We need to strengthen our corporate governance to avoid a repeat of last years scandal along with scandals previous to thatMitsubishi Chief Executive Officer (CEO) Osamu Masuko told reporters during a teleconference
After taking a one-third stake in Mitsubishi Motors Nissan installed Carlos Ghosn - its CEO at the time - as chairman of MitsubishiMotors while also naming two Nissan officials to Mitsubishis board of directors
Nissan also dispatched other executives to the smaller automaker including Trevor Mann previously Nissans chief performanceofficer who became chief operating officer at Mitsubishi late last year
Last month Ghosn said he would step down from the top position at Nissan to focus on deepening the companys alliance withRenault SA and Mitsubishi Motors
Separately Nissan said Shiro Nakamura the companys chief creative officer and one of Japans best-known car designers willretire after nearly 20 years at the automaker
Nakamura 66 is recognised for referencing science fiction anime and embracing Japans culture of cute in models including theGT-R supercar the Cube compact MPV and the Juke SUV crossover setting the automaker apart from many of its rivals whichhave been accused of making lookalike cars
Nakamura joined Nissan in 1999 from Japanese truckmaker Isuzu Motors and was one of the first key hires by Ghosn shortly afterGhosn himself arrived from French automaker Renault to save the company from bankruptcy
Alfonso Albaisa who currently overseas design at Nissans premium Infiniti brand will succeed Nakamura while former BMWglobal chief designer Karim Habib will become the brands new chief designer effective July 1httpautoeconomictimesindiatimescomnewsindustrynissan-boosts-management-presence-at-mitsubishi-motors57631800
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Renault Zoe e-Sport breaks covers at 2017 Geneva Motor Show The Economic Times
New Delhi In the ongoing Geneva Motor Show Renault has showcased its new two-seat version of its electric car Renault Zoee-Sport The company claims to have taken the design cues from Formula E
The ZOE e-Sport Concept is the fully electric concept car that embodies Renaultamprsquos commitment to the idea that electric carscan be fun and fast says Renault The sporting credentials of the ZOE e-Sport Concept extend beyond the caramprsquos styling andthe same blue livery as the Renault edams teamamprsquos front-running Formula E single-seaters
The bodywork of the ZOE e-Sport Concept is made entirely from lightweight carbon fibre which helps to ensure outstandingacceleration from standstill to 100kph in just 32 seconds The car tips the scales at a mere 1400 kilograms including 450kilograms of batteries
The car is powered by two electric motors capable of generating 450 bhp and 650 Nm of torque One of the motor is powered to therear axle and the other to the front axle Renault Zoe e-Sport gets the same 40 kWh battery which powers the standard variant ofthe car
Jean-Christophe Kugler CEO Renault Europe said that the concept as a link car - a styling exercise intended to connect the Zoeroad car with what Renault is doing in Formula E racing and to send a message that EVs are fun to drive Its not a signal of thefuture for Zoe and we have no intention to develop a performance version
Renault also claims that the electric performance car uses the same air and water cooling systems as the Renaultamprsquos FormulaE car The car is based on a tubular steel chassis with use of extensive carbon fibre The car also gets four driving modes
At the moment Renault has no plans to make the Zoe e-Sport into productionhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsrenault-zoe-e-sport-breaks-covers-at-2017-geneva-motor-show57627528
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Sensata Technologies opens testing facility in Bulgaria ReutersSee this story in The Economic Times
Sofia Sensata Technologies has opened its largest global testing facility in Sofia to support its automotive sensing technologies thecompany said on Tuesday
Sensata which has manufacturing sites in 13 countries already employs 3000 people in Bulgaria where it produces pressure andhigh temperature sensors for the automotive market and operates a business centre
In recent years inexpensive labour low taxes and an educated workforce have encouraged dozens of car part producers and ITand business outsourcing companies to set up in the Balkan countryhttpautoeconomictimesindiatimescomnewsauto-componentssensata-technologies-opens-testing-facility-in-bulgaria57632975
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Driving driverless Quest for an autonomous car has reached a truck now Nandagopal RajanThe Financial Express
At San Franciscoamprsquos Pier 90 chock-a-block with cargo vehicles it is pretty tough for any truck to stand out But a white Volvotruck with Otto emblazoned on it is the centre of attention This is the next big thing in automated cars and has already shown itsmettle by delivering a consignment of Budweiser beer in Colorado without a driver controlling it on the freeway
Uber is one of the many companies thinking in terms of driverless car While CEO Travis Kalanick says automated vehicles areampldquoexistentialamprdquo for the ride-hailing companyamprsquos future he is not alone in the race to drive without drivers Just in theUS at least 23 companiesampmdashincluding Tesla Google and Volkswagenampmdashhave registered in autonomous vehicleprogrammes The idea that fuels this cutting-edge technology is pure economics at the end of the day Cars suffer from seriousissues of inefficiency as they sit idle 95 of the time Considering that the world has 1200000000 cars this is inefficiency at agargantuan scale Add to this the fact that cars amount for 22 of all emissions globally and muddy the urban infrastructureproblem by creating the need for parking spaces
Since 1984 when the first experimental self-driving cars appeared there has been much progress on the technology leading toMercedes-Benz showcasing its concept car the F 015 at the Consumer Electronics Show in Las Vegas in 2015 Everyone has adifferent take on the technology but in the end the idea is to make cars intelligent and independent enough to be aware ofsurroundings and take decisions based on that
Interestingly Uberamprsquos dream is to bring ampldquoreliable transportation to everyone everywhereamprdquo now extended toeverything too with the trucks from Otto a start-up it acquired last year Matt Sweeney who heads product at UberamprsquosAdvanced Technology Group says ampldquothe truck and passenger vehicles share software and hardware components and thishelps us work on different aspects of the self-driving problem at the same timeamprdquo But on scope passenger vehicles are forurban environments where Uber has its focus on ride-sharing while trucks will be for high-speed highways where the constraintsare different
Just last week Uber got a permit from California Department of Motor Vehicles to test two self-driving Volvo SUVs on public roadsthough it will need to have backup drivers behind the wheel in case the prototype cars malfunction Its self-driving cars have beenrunning test drives in other parts of the US too
The Otto truck comes with a rig of radars laser scanners and stereo cameras that give the computers inside a live 360-degreevision of its environment with high dynamic range high resolution and high colour information imagery so that the truck can besmart enough to decide what to do next But the computing task this presents is ampldquoalmost as big as a small datacentreamprdquo Sweeney says the computing has to be done inside as ampldquothere is no tech that can let us send all that data tothe cloud real time and hence a lot of the computing has to be done in the truck itselfamprdquo
ampldquoA lot of the tech is based on prior mapping but in subsequent runs we see differences that have come about in the area andpay attention on those objects that are differentamprdquo
Interestingly Otto is being sued by Googleamprsquos Waymo self-driving car unit which claims its former employee and start-upfounder Anthony Levandowski stole its proprietary design for its laser-based radar system There are other challenges tooampldquoUber tech is different because we are trying to make this on top of the ride-sharing network that we already haveamprdquo headded
Nissan in contrast keeps the driver and not the technology at the centre and its definition of an ampldquoautonomous caramprdquo ishence a vehicle with different levels of driving technologies that enable it to operate autonomously for certain periods of time ANissan spokesperson said on the technology side the challenges are in artificial intelligence software development data processingand digital mapping technologies while on the social environment side laws and regulations along with modifications of roadinfrastructure will become necessary
This contrast in technologies is why it is important to see how the entire ecosystem evolves maybe with different platforms talkingto each other But Uber is not depending on this ampldquoWe need to see and interact with vehicles but there is no guarantee wewill have that technology So we are approaching it with the assumption it wonamprsquot existamprdquo says Sweeney
Uberamprsquos goal is to take its technology everywhere but can these vehicles actually be practical for an environment like IndiaSweeney accepts the new elements this will throw in along with the sheer volume will present a slew of challenges ampldquoThoseare situations we think we will be able to tackle but those are not the first places we will goamprdquo he explains adding that theywill look for opportunities where they can deploy this technology safely Clearly this drive has just started(The author attended the Uber Media Summit in San Francisco at the invitation of Uber)httpwwwfinancialexpresscomopiniondriving-driverless-quest-for-an-autonomous-car-has-reached-a-truck-now588112
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Samsung completes acquisition of Harman The Economic Times
New Delhi The arrest of the Vice-Chairman of Samsung Board Lee Jae Yong on bribery and corruption charges has not affectedthe deal between Samsung and Harman International IndustriesIn a media statement the South Korean giant confirmed thecompletion of its largest such deal ever
Under the terms of the merger agreement Harman stockholders will receive $11200 per share in cash The completion follows thesatisfaction of all conditions to the closing of the transaction including approval of the transaction by HARMAN stockholders andreceipt of all necessary regulatory approvals in the United States and certain foreign jurisdictions
ampldquoToday is a historic moment for us The close of this transaction opens the door to create substantial growth opportunitiesand deliver greater benefits for customers worldwideamprdquo said Young Sohn President and Chief Strategy Officer of SamsungElectronics and Chairman of the Board HARMAN ampldquoWe see transformative opportunities in the car ampndash and a futurewhich seamlessly connects lifestyle across automotive home mobile and work Samsungamprsquos and HARMANamprsquosleadership in these spaces perfectly positions Samsung to be the preferred partner to our OEM customers In addition bringingtogether HARMANamprsquos iconic audio brands and capabilities paired with Samsungamprsquos leading display technologies willdeliver enhanced audio and video experiences to consumers and professional end markets And most importantly we areenthusiastic about our common vision the similarities in our culture of innovation and the added value we can create for customersWe look forward to working with all of HARMANamprsquos employees to execute on our visionamprdquo
Harman boasts around 30000 employees spreadout across different brands including JBL Infinity Lexicon and Mark LevinsonThe company will continue to conduct business as an independent subsidiary under the terms of the deal with Samsung
ampldquoWe are excited to have completed the transaction which provides compelling cash value to our stockholders benefits ourcustomers and provides new opportunities for our employeesamprdquo said Dinesh Paliwal Harman President and CEOampldquoSamsung shares our commitment to our customers and our culture of speed innovation and execution Samsung providesHarman with the scale platform and complementary technologies to accelerate growth and extend our global market leadership inautomotive smart audio and connected technologies Recognizing the importance of partnerships in an increasingly connectedworld particularly in automotive we are poised to leverage our combined teams and resources to produce even greater value forour customers Working closely with automakers and other technology companies Samsung and Harman will define ampndash anddrive ampndash the future of automotiveamprdquohttpautoeconomictimesindiatimescomnewsauto-technologysamsung-completes-acquisition-of-harman57624440
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Skoda delivers 81200 units in Feb 2017 globally The Economic Times
Mlada Boleslav Czech car manufacturer Skoda in a press release stated that the company delivered 81200 vehicles to customersworldwide in February 31 more than in the same period last year (February 2016 78800) brvbarkoda also claims that it has soldmore cars than any February in its history The Czech manufacturer achieved double-digit growth in Central and Eastern Europe (+129 and + 133) India (+ 128) and Israel (+ 198) among others
We are delighted with our strong start to 2017 We expect the market launch of the OCTAVIA product upgrade as well as the newKodiaq to create further momentum says Werner Eichhorn brvbarKODA Board Member for Sales and Marketing
In Western Europe deliveries to customers rose by 70 in February to 34800 vehicles (February 2016 32500) With 12600vehicles Germany remains the strongest single European market (February 2016 12100 vehicles +45) brvbarKODA recordeddouble-digit growth rates in the UK (3400 vehicles +236) Italy (2200 vehicles + 201) Belgium (2 000 vehicles +271) andAustria (1900 vehicles +647)
In Central Europe brvbarKODA achieved an increase of 129 with 17400 cars (February 2016 15400 vehicles) Deliveries on thehome market of the Czech Republic rose by 88 to 8200 vehicles in Poland (5700 vehicles + 163) Slovakia (1700 vehicles+154) Slovenia (600 vehicles +226) and Croatia (300 vehicles +469) also rose in double figures
In Eastern Europe excluding Russia Skoda achieved a year-on-year increase of 133 with 2800 vehicles delivered (February2016 2500 vehicles) In the same period 400 customers in Ukraine received their new brvbarKODA ampndash an increase of 939(February 2016 200 vehicles) The number of deliveries increased significantly in Bosnia (200 vehicles + 557) Bulgaria (200vehicles +175) and the Baltic States (600 vehicles + 229) In Russia brvbarKODA achieved an increase of 46 with 4300vehicles (February 2016 4100 vehicles)
In China ampndash the brandamprsquos largest market worldwide ampndash brvbarKODA handed over the keys to 15000 new vehicles(February 2016 18500 vehicles -188) Deliveries overseas increased by 98 to a total of 2500 vehicles
At the Geneva Motor Show brvbarKODA is presenting several new highlights These include the brvbarKODA KODIAQ SCOUT and brvbarKODAKODIAQ SPORTLINE alongside the extensively upgraded brvbarKODA OCTAVIA as well as the sporty spearhead brvbarKODA OCTAVIA RS245 and the brvbarKODA OCTAVIA SCOUT with a rugged off-road look In addition the upgraded brvbarKODA models RAPID and RAPIDSPACEBACK and Citigo are on show
brvbarKODA deliveries to customers in February 2017 (in units rounded off by model +- in percent compared to February2016)brvbarKODA OCTAVIA (28600 -86)brvbarKODA FABIA (16700 + 152)brvbarKODA RAPID (15000 + 121)brvbarKODA SUPERB (10900 + 171)brvbarKODA KODIAQ (1300 + 1000)brvbarKODA YETI (6300 -157)brvbarKODA CITIGO (only sold in Europe 2300 -164)httpautoeconomictimesindiatimescomnewspassenger-vehiclecarsskoda-delivers-81200-units-in-feb-201757626693
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Isuzu claims more durability on its diesel engines for trucks The Economic Times
Indianapolis Isuzu Commercial Truck of America has announced that the B10 durability rating of its 4HK1-TC diesel engine hasbeen increased to 375000 miles informed the company in an official statement
To elaborate further on what it means the Japanese commercial vehicle manufacturer went on to say that A B10-life rating is anindustry-standard gauge provided by engine makers to help consumers determine the long-term durability of an engine Thenumber following the B indicates the percentage of an engineamprsquos population that will require an overhaul before the indicatedmileage
That means that 90 of Isuzu 4HK1-TC engines are expected to last 375000 miles before they require a major repair or rebuildPreviously the 4HK1-TC engine carried an already-robust B10 durability rating of 310000 miles added the company
ampldquoWe are proud to say that Isuzu diesel engines are already known worldwide for their long-term dependabilityamprdquo saidShaun Skinner president of Isuzu Commercial Truck of America ampldquoOur new B-10 rating is strong evidence that our enginesare even more durable than everamprdquo
The turbocharged intercooled 4HK1-TC four-cylinder diesel engine displaces 52 liters and generates 215 horsepower Torqueratings vary depending on model The engine is fitted to Isuzu NPR-HD NPR-XD NQR and NRR models as well as the all-new2018 Isuzu FTR Class 6 truck
The company made the above announcement at the National Truck Equipment Associationamprsquos 2017 Work Truck Show inIndianapolis held on March 13httpautoeconomictimesindiatimescomnewsauto-componentsisuzu-diesel-engines-for-trucks-now-become-more-durable57626832
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MoS visits Rolls-Royces new logistics centre in England The Economic Times
New Delhi Nick Gibb Minister for School Standards and MP for Bognor Regis and Littlehampton has visited Rolls-Royce MotorCars Technology and Logistics Centre on Monday informed the British luxury car maker in a media release
During the visit Gibb toured the facility met the expert team onsite and was briefed on the companyamprsquos future plans to expandthe Centre He also took the opportunity to learn more about the Rolls-Royce Motor Cars apprenticeship graduate and internprogrammes
Nick Gibb said ampldquoThe original announcement that Rolls-Royce Motor Cars would be locating its Technology and LogisticsCentre in Bognor Regis was a great boost for our town and warmly welcomed I am delighted to see the huge new state of the artfacilities fully operational and providing high quality jobs for local people The support of such a prestigious company is good newsfor Bognor Regis and for the wider local economyamprdquo
He continued ampldquoIt is very welcome that Rolls-Royce operates an apprenticeship scheme ensuring the company has the skillsit needs for the future and providing opportunities and training for a cohort of young people every year This year Rolls-Royce istaking on record numbers of apprenticesamprdquo
The new Rolls-Royce Technology and Logistics Centre at Bognor Regis opened on schedule in January 2016 The purpose-built30000m2 facility is located close to the companyamprsquos head office and manufacturing plant at Goodwoodhttpautoeconomictimesindiatimescomnewsindustrymos-visits-rolls-royce-new-logistics-centre-in-england57626981
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All new Mazda CX-5 to be produced at Hofu Plant The Economic Times
Hiroshima Japan Japanese automaker Mazda Motor Corporation starting from November is going to produce the all-new MazdaCX-5 crossover SUV at its Hofu Plant in addition to the Hiroshima Plant where it is currently produced
The company informed that the move will help the automaker respond quickly and flexibly to growing demand for SUVs globally
Mazda aims to create a production system that can respond flexibly to changes in demand for crossover vehicles as it works tomeet its global sales goal of 165 million units
Launched domestically in February the all-new CX-5 has till date recorded sales of 16639 units about seven times the monthlytarget claims the company
As with the CX-3 starting production of the CX-5 at Hofu Plant as well is part of our plan to build a production framework that givesus more flexibility between plants and between models said Masatoshi Maruyama Managing Executive Officer in charge of GlobalProduction We will do everything we can to get customers the crossover vehicles they want as quickly as possiblehttpautoeconomictimesindiatimescomnewspassenger-vehicleuvall-new-mazda-cx-5-to-be-produced-at-hofu-plant57627447
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Rheinmetall receives over $25 mn order from American carmaker The Economic Times
New Delhi German automotive parts supplier Rheinmetall has booked its first order for a special application of coolant valves by amajor American carmaker and destined for the NAFTA market
The company in a statement said that the order has a lifetime value of over US$25 million (around Rs 165 crore) Series productionof the valves is scheduled to start in 2019 with the contract set to run for about five years
Talking about the product the company went on to say that the innovative valves play a lead role in intelligent thermal and energymanagement on modern vehicle engines These often have several cooling circuits which are controllable with the aid of switchingseat valves
As from model year 2020 this particular customer will be installing several versions of such valves on gasoline and diesel enginesfor pick-ups with over 6 liters displacement
They will take over functions in the cooling circuit of the transmission ensuring that it reaches operating temperature faster byswitching off the coolant flow when the engine is started This also helps to reduce emissions added the companyhttpautoeconomictimesindiatimescomnewsauto-componentsrheinmetall-receives-over-25-mn-order-from-american-carmaker57628058
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Nissans Infiniti names former BMW executive as new design chief ReutersSee this story in The Economic Times
Beijing Infiniti Nissan Motors premium brand named Karim Habib former global design chief for BMW as the brands new chiefdesigner effective July 1
Habib will replace Alfonso Albaisa who will be promoted to lead Nissans global design according to a press release seen byReuters Habib will report to Albaisa
Habib who has worked for several premium automotive brands including BMW and Daimler will be based in Nissans technicalcentre in Atsugi Japan and lead Infinitis design teams in Japan Beijing San Diego and Londonhttpautoeconomictimesindiatimescomnewsindustrynissans-infiniti-names-former-bmw-executive-as-new-design-chief57630437
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Elon Musks bold offer of Tesla batteries wont solve Australias power problems ReutersSee this story in The Economic Times
Launceston Australia Australia is becoming an interesting microcosm on how to or how not to transition an economy from beingpredominantly powered by coal to more climate-friendly alternatives
The dramatic intervention by Tesla Inc Chief Executive Elon Musk last week is just the latest twist in an ongoing saga that pits
business government farmers government and environmentalists against each other
Musk in an exchange of tweets with software billionaire Mike Cannon-Brookes chief executive of Atlassian Corp offered to fix theelectricity supply problems of South Australia state within 100 days of signing a contract
Musks plan is to install 100 megawatts (MW) of grid-connected battery storage which would be available to meet peak demandand would be charged with surplus electricity from other generating sources in periods of low demand
Its a bold offer and would most likely provide a quick fix to Australias fourth-largest state which suffered a blackout last Novemberand has been dealing with power shortages over the peak summer period
Businesses like BHP Billiton which operates the giant Olympic Dam copper mine in the state have been pushing for thegovernment and other stakeholders to ensure stable electricity supply saying the cost of blackouts runs into millions of dollars inlost output
Musk whose Tesla Corp is ramping up output of its battery storage packs at its Gigafactory in Nevada held talks with AustralianPrime Minister Malcolm Turnbull at the weekend as well as with South Australian Premier Jay Weatherill
The politicians will no doubt be tempted to Musks offer to install batteries especially since the electric car pioneer said if he didntmeet his 100 day deadline he wouldnt charge anything
But while Musks offer if taken up would provide a quick fix it would not do enough to mend the underlying problems at the heart ofAustralias electricity woes
Its worth looking at how Australia got itself to the point where virtually all players can agree that the nation is facing somethingapproaching an energy crisis
After all the country is not short of fossil fuels such as coal and natural gas and its climate and low population density outside themajor cities are ideal for renewables such as solar and wind power
The country is heavily reliant on an ageing fleet of coal-fired power stations which makes Australia one of the highest polluters percapita
These coal power stations are starting to close down with one shutting in South Australia last year and another planned to close inVictoria state at the end of this month
The problem is that the coal-fired power stations role as providers of base load electricity cannot be taken over by wind and solarand the role is falling to natural gas
But natural gas is also the most expensive method of generating electricity in Australia so utilities are reluctant to run their gas-firedplants until prices are high enough to justify the cost
South Australia has a gas-fired plant that was mothballed until last years power supply crisis but even with the higher prices forelectricity the operator is struggling to make the plant profitable
The state moved on Tuesday to try and address its energy security issues announcing it would build a 250 MW gas-fired plant andhelp the private sector build a 100 MW battery at a total cost of A$510 million ($385 million)
Gas Supply ConstraintsNatural gas supply is becoming a problem in Australia which may seem ironic given the country is on the verge of becoming theworlds largest exporter of liquefied natural gas (LNG) as the last of eight new plants come closer to completion
In fact the new LNG plants are copping some of the blame for the tightening natural gas market especially the three in easternQueensland state based on using coal-seam gas as the feedstock
These are being blamed for sucking domestic natural gas out of the market and into the export LNG industry
What hasnt helped is that some of Australias state and territory governments are also pursuing policies that will restrict futurenatural gas supplies
Victoria state has banned hydraulic fracturing or fracking as well as shale and coal-seam gas exploration while the NorthernTerritory New South Wales and Tasmania have various moratoriums on fracking
This leaves Western Australia Queensland and South Australia as the remaining states where onshore natural gas supplies can bedeveloped and they are now in the cross-hairs of the environmental lobby which is opposed to any and all new natural gas wells
Politicians across the traditional Labor-Liberal divide are increasingly giving in to demands to restrict natural gas exploration whilepretending that this wont have a negative impact on energy security and electricity prices
But the costs are starting to become apparent with spot electricity prices surging over the Australian summer and natural gassuppliers warning that they will be unable to meet the needs of industrial customers without action being taken
Its often the case politicians only take action when the point of crisis is reached and this appears to be the case in Australia
Whats needed is a holistic approach to energy supply as Australia transitions away from coal-fired power
This means ensuring enough natural gas is available to provide base load generation while scaling up renewables such as solar
wind pumped hydro and battery storage
Forging enough common ground with the various stakeholders will be the main obstacle but more than anything else Australia isshowing how difficult it is to end the age of coalhttpautoeconomictimesindiatimescomnewsindustryelon-musks-bold-offer-of-tesla-batteries-wont-solve-australias-power-problems57630514
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Innogy in talks with car consortium over charging stations CEO ReutersSee this story in The Economic Times
Essen Germany Innogy is in intense talks with a group of carmakers Chief Executive Peter Terium told journalists on Mondayhoping to be selected as a supplier of super-fast charging stations for electric vehicles across Europe
Its not a done deal yet Terium said pointing to strong competition from rival vendors
BMW Volkswagen Ford and Daimler plan to build about 400 next-generation charging stations in Europe that can reload anelectric car in minutes instead of hours
Sources told Reuters in January that Innogy was in talks with the consortiumhttpautoeconomictimesindiatimescomnewsindustryinnogy-in-talks-with-car-consortium-over-charging-stations-ceo57624184
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China may roll back electric vehicle quotas as industry pushes back ReutersSee this story in The Economic Times
Beijing China is considering easing proposed quotas aimed at producing more electric vehicles as Beijing gets pushback from theautomotive industry over the scale and pace of the plans
If adopted proposed changes under discussion could see a target of new energy vehicles (NEV) making up 8 percent of sales nextyear pushed to 2019 two auto executives said
The changes would lower targets from a draft policy released in September requiring 8 percent of automakers sales to be batteryelectric or plug-in hybrid vehicles by 2018 rising to 10 percent in 2019 and 12 percent in 2020
Any loosening of NEV targets would mark a pull back by Beijing which has faced opposition to the planned targets as it looks todrive its domestic carmakers to overtake global rivals in the green vehicle sector
Automakers and industry bodies have said the targets are too tough and could hurt manufacturers interests New energy vehicleslast year accounted for just 18 percent of sales in the worlds biggest autos market according to Reuters calculations based onofficial data
Its normal to make revisions as its a draft plan An Jin chairman of Anhui Jianghuai Automobile Group (JAC Motor) said on thesidelines of the National Peoples Congress in Beijing
He said he was aware of talks to revise the quota targets but said nothing was set in stone JAC hasnt been told what revisionsmight be made to the draft but I think it is possible the draft will be changed after the discussions he said
Whether the whole market can hit this quota by 2018 depends a lot on the strength of government policy If its strong then weshould be able to surpass the targets An said (But) if you consider Chinas infrastructure and the transformation of Chinas autosector then perhaps the pace will have to slow
Two Percent CutTwo executives familiar with the plans told Reuters the government was considering options for lowering the requirements
One idea was to reduce the quota requirement by 2 percent each year cutting the 2018 requirement to 6 percent said aChina-based government relations official at a major global automaker It would then be 8 percent in 2019 and 10 percent in 2020
Another option would be to push back each target by a year with the 8 percent quota starting from 2019 an executive at aJapanese car maker said
Both asked not to be named due to the sensitivity of the matter and because the draft was still under consideration
The overall policy includes quotas for plug-in cars targets for average fuel economy requirements and a credit trading system topromote green energy cars while penalizing petrol cars
The two people said the quota stand-off was tied to a disagreement between the Ministry of Industry and Information Technology(MIIT) and Chinas top state planner the National Development and Reform Commission (NDRC)
MIIT which regulates manufacturers supports a more flexible credit trading system favoured by automakers The NDRC is more
aggressive in promoting a transition to electric vehicles pushing the introduction of the stricter quotas
An NDRC spokesman said the body played a small role when the draft was open to public for discussion MIIT did not immediatelyrespond to Reuters requests for comment
China has strongly supported and subsidized electric vehicles but is gradually swapping out incentives for hard targets automakersmust meet The central government cut subsidies 20 percent this year a first reduction towards eliminating them by 2020httpautoeconomictimesindiatimescomnewspolicychina-may-roll-back-electric-vehicle-quotas-as-industry-pushes-back57623608
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Russias standards agency says Volkswagen recalls 43151 Skoda cars ReutersSee this story in The Economic Times
Moscow Russias standards agency said on Monday that Volkswagens Russian operation had informed it about the voluntaryrecall of 43151 Skoda cars due to a possible technical fault
The recall affects Skoda Octavia Superb Fabia Yeti and Rapid cars sold in Russia between 2012 and 2016 the watchdog saidhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsrussias-standards-agency-says-volkswagen-recalls-43151-skoda-cars57624140
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Economy
Rupee hits 1-12 yr high surges 78 paise on BJP sweep PTISee this story in The Economic Times
Mumbai The rupee surged by a massive 78 paise to end at a nearly one-and-a-half year high of 6582 against the US dollar onfrantic unwinding of the American currency following BJPs emphatic victory in Uttar Pradesh
Forex market sentiment soared on hopes that BJPs stellar show in state polls would pave the way for the Modi government to focuson key reform measures
The home currency resumed on a strong footing at 6620 from last Fridays closing value of 6660 at the Interbank ForeignExchange (forex) market on heavy dollar unwinding from speculative traders and exporters tracking weekend developments
Maintaining its bullish momentum against the dollar the rupee hit a fresh intra-day high of 6576 in late afternoon deals beforeending at 6582 showing a solid gain of 78 paise or 117 per cent
This is the highest closing of the rupee since November 6 2015 when it had ended at 6576
Meanwhile the RBI fixed the reference rate for the dollar at 661800 and for the euro at 704354
Financial markets too took comfort from BJPs landslide victory with the broader Nifty climbing 15245 points to a new closing peakof 9087 and the Sensex rallying 49640 points to end at 2944263
The much-anticipated turnaround on the economic front has opened up a barrage of foreign capital fund flows into India
Foreign investors pumped in over Rs 10000 crore in the Indian capital markets this month so far
It also got an added fillip from bullish macro data which showed that the countrys industrial production bounced back in Januaryexpanding by 27 per cent year-on-year
Factory output measured in terms of Index of Industrial Production (IIP) had contracted by 01 per cent in December
However inflation based on wholesale prices shot up to a 39-month high of 655 per cent in February against 525 per cent inJanuary according to official data
On the global front the dollar traded firmly higher against its major counterparts ahead of the two-day Fed meet when it could liftrates for the third time since the financial crisishttpautoeconomictimesindiatimescomnewsindustryrupee-hits-1-12-yr-high-surges-78-paise-on-bjp-sweep57635104
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Nifty hits all time high of 912275 Sensex surges 616 points after big BJP win The Economic Times
Mumbai The Nifty jumped to life highs on Tuesday after the BJPamprsquos thumping win in the crucial state of Uttar Pradeshrekindled hopes of a bigger-than-expected push for reforms by the Narendra Modi government
The Nifty up 11 so far this year crossed its previous life high of 9119 to hit 912275 before ending the day 171 or 15245points higher at 9087 This is the indexamprsquos biggest single-day gain in points since February 1 and caps a strong reboundsince the December 26 low of 7893 on demonetisation worries
The Sensex surged by 616 points or 212 intra-day before ending the day at 2944263 up 49640 points This is its biggest gainsince May 25 last year The index is the best performer among all developed and emerging market indices in local currency terms inthe past three months
The rupee surged 79 paise to a 16-month high of 6582 to the dollar as exporters sold more dollars and foreign investors boughtlocal shares BSE data showed that foreign investors bought local shares worth Rs 4089 crore their biggest single-day purchasesince February 17 when they purchased Rs 8059 crore
FPIs have bought shares worthRs 23132 crore since January this year against net sales of Rs 9800 crore in the same period lastyear The BSE Midcap and Smallcap indices gained 144 each
ampldquoOne must be ready for a correction after a rally but I am optimistic about the medium to longterm prospectsamprdquo saidMotilal Oswal chairman Motilal Oswal Financial Services Ltd ampldquoFundamentally valuations are comfortable at this point intime because of good corporate earnings growth In the short term markets may remain volatileamprdquo
BJP romped to victory in UP on Saturday winning 312 out of the 403 seats Its allies won 13 more taking the NDA tally to 325 Thisis the biggest win recorded by any party in the state since 1977 and has raised prospects of the BJP doing well in other electionsthis year and next Many political pundits also believe that the victory has improved Prime Minister Narendra Modiamprsquos chancesof retaining power in the 2019 general election
Barring the metals index all other sectoral indices on the NSE ended with gains on Tuesday About 55 stocks including TitanJubilant Life Sciences Kotak Mahindra Bank IndusInd Bank YES Bank and Indiabulls Housing Finance among others hit life highswhile 92 stocks were locked in upper circuit with no sellers
ampldquoWith the sharp rally the market which is currently susceptible to global risk is trading at above average multiples and westay cautious near termamprdquo said Sanjay Mookim India Equity Strategist BofA Merrill Lynch ampldquoIndiaamprsquos businesscycle should improve over the next several quarters while improving construction should drive capex which is good forequitiesamprdquo
Some market experts are divided over the near-term outlook as indices have begun to look expensive at current valuations Plusthere is no immediate trigger for upgrade
ampldquoValuations of the Indian market are quite high and would require the support of strong earnings growth Any disappointmenton earnings will make valuations look even more expensive which the market may not likeamprdquo said Sanjeev Prasad senior EDand co-head of Kotak Institutional Equities
ampldquoGlobal and domestic interest rate cycles are no longer supportive with likely increase in developed markets bondyieldsamprdquo
ampldquoWhile markets are expecting a rate hike this meeting what will be of more interest is the commentaryamprdquo said DipenShah senior V-P PCG research Kotak Securities ampldquoIf it is hawkish it may have an impact on fund flows to emerging marketsbut India may be relatively less impacted because of the continuing domestic flowsamprdquo
ampldquoNotwithstanding the election results we believe the risk-reward is not favourable currently and advise investors to sell intothis rally We expect Nifty EPS to rise 15-16 in FY18 and see no trigger for an earnings upgrade at this junctureamprdquo ReligareInstitutional Research said in a notehttpeconomictimesindiatimescommarketsstocksnewsnifty-hits-all-time-high-of-9122-75-sensex-surges-616-points-after-big-bjp-winarticleshow57639036cms
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WPI inflation up 655 for February 2017 The Economic Times
New Delhi The annual rate of inflation based on monthly Wholesale Price Index (WPI) stood at 655 percent (provisional) for themonth of February 2017 (over February 2016) as compared to 525 percent (provisional) for the previous month and -085 percentduring the corresponding month of the previous year
The official Wholesale Price Index for amplsquoAll Commoditiesamprsquo for the month of February 2017 rose by 05 percent to 1855(provisional) from 1846 (provisional) for the previous month
The index for primary articles rose by 09 percent to 2581 (provisional) from 2557 (provisional) for the previous month
The inflation rate for Fuel and power group rose by 13 percent to 2038 (provisional) from 2012 (provisional) for the previousmonth due to higher price of coking coal (15 percent) aviation turbine fuel (3 percent) bitumen (2 percent) and kerosene highspeed diesel LPG and lignite (1 percent each) However the price of furnace oil (1 percent) declined
The index for the major group of manufactured products remained unchanged at its previous monthamprsquos level of 1588
(provisional) In this group the index for amplsquoRubber amp Plastic Productsamprsquo group rose by 02 percent to 1489 (provisional)from 1486 (provisional) for the previous month due to higher price of rubber products (1 percent)
The index for amplsquoTransport Equipment amp Partsamprsquo group rose by 05 percent to 1405 (provisional) from 1398 (provisional)for the previous month due to higher price of auto rickshaw tempo matador (4 percent) and auto parts (1 percent)
For the month of December 2016 the final Wholesale Price Index for amplsquoAll Commoditiesamprsquo stood at 1833 as comparedto 1828 (provisional) and annual rate of inflation based on final index stood at 368 percent as compared to 339 percent(provisional) respectively as reported on January 1 2017httpautoeconomictimesindiatimescomnewsindustrywpi-inflation-up-6-55-for-february-201757627665
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February CPI at 365 vs 317 in January highest since October 2016 PTISee this story in The Economic Times
New Delhi Retail inflation rose to 4-month high of 365 per cent in February mainly due to surge in price of food items like fruitssugar and confectionery
Measured in terms of Consumer Price Index (CPI) the inflation had dipped to a multi-year low of 317 per cent in January this yearon account of cash crunch following demonetisation It was 526 per cent in February last year
According to the CPI data released today by the Central Statistics Office (CSO) the consumer food prices index (CFPI) rose by201 per cent in February from 061 per cent in January The CFPI was 53 per cent in February 2016
Inflation in fruits was higher at 833 per cent fuel and light at 39 per cent in February The rate of price rise in meat and fish was 35per cent in February
Prices of sugar and confectionery items rose by 1883 per cent in February while inflation in milk and milk product increased by 422per cent
The rate of inflation in household goods and services was 409 per cent while this rate was in health segment was 4 per cent Thetransport and communication became expensive by 539 per cent
The personal care and effects segment rose by 515 per cent while the education became more expensive by 537 per cent inFebruary this year
The inflation rate was 438 per cent in clothing and footware segment while it was 49 per cent in housing segment
However the prices of vegetables and pulses declined by 829 per cent and 902 per cent respectively
Rural retail inflation was at 367 per cent in February compared with 336 per cent in the preceding month The CPI was also up inthe urban sector at 355 per cent in February from 29 per cent in January this yearhttpautoeconomictimesindiatimescomnewsindustryfebruary-cpi-at-3-65-vs-3-17-in-january-highest-since-october-201657633211
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Closing
Last Financial Closing
Sensex 2944263 (+49640)NSE 9087 (+15245)US$ spot Rs6582US$ Y1148000US$ 6 months RsYen Rs57Euro spot Rs70
Gold (10gm) Rs28333Silver (1kg) Rs4008300
Crude Oil (WTI) Crude Oil (Brent) $5172 (+037)
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Apollo Tyres 1 18610Asahi Ind 1 21655Amara Raja B 1 83230Ashok Leyland 1 9080Bajaj Auto 10 286670Bharat Forge 2 103550Denso 1 Eicher Motor 10 2396325Escorts 10 51945Exide Ind 1 21645Force Motors 10 427760Gabriel India 1 11460Hero Motocor 2 335745Hind Motors 5 950Hi-Tech Gear 10 29885Jay Bh Maruti 5 38190
Jamna Auto 5 20550JK Tyres amp Inds 10 1241 Kinetic Motors 10 Kinetic Engg 10 KOEL 2 37685Kirloskar Br 2 24135LML Ltd 10 1250LampT 2 155810Lumax Ind 10 131690Lumax Tech 10 43230MampM 5 132600Maruti Suzuki 5 613240Motherson SS 1 36290Minda Inds 2 44350MRF 10 5298390Omax Auto 10 7555Rico Auto 1 5720Sona Koyo St 1 8170
SRF 10 157155Tata Motors 2 46975 TVS Motors 1 43690
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Bhushan Steel 2 5430Hindalco 1 19040Hind Zinc 2 29140JSW Ispat S 10 Jind Steel 1 12490JSW Steel 1 18190Jindal Saw 2 7995National Aluminium 5 7310SAIL 10 6005Tata Steel 10 47255Visa Steel 10 2185
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Ambuja Cement 2 23370Binani Industries 10 7200Birla Corp 10 70360India Cement 10 16070Prism Cement 10 9375JK Cement 10 88470Shree Cement 10 1639835
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NURC Industry Updates contain editedtruncated text of Industry-specific news as it appears in various select dailies and websites These are NOT full stories unless otherwisespecifically mentioned The stories contained herein are informational only and no representation is made or warranty given as to their content reliability truthfulness orusefulness User assumes all risk of use It be clearly understood that NURC updates do not claim to and neither mean to replace the Print or the Internet editions of variousnewspapers whose articles are featured therein For the best and complete news reading NURC urges its readers to read the full text of the stories from the Newspaperswhose credits are given after the headline and visit the related website whose URL is given below the text matter of each news item
NURC News Update - AUTOMOBILES
News on Indian Auto Industry Copyright 1999 NURC MediaNext Pvt Ltd
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Powered by Enablingbiz Esoluttions
Efforts to foster long-term relationships with suppliers through active engagement which includes sharing best practices as well asproviding training and evaluations to ensure suppliers meet both legal requirements and Ford standards was also counted as a plusStrong ethics and corporate citizenship are the foundation of our business philosophy which demonstrates to our customers whatwe stand for as a company said Bill Ford Ford Motor Company Executive Chairman This honour is a reflection of Fords corevalues and it shows that our employees are continuing to make the right decisions every day for all of our stakeholdershttptimesofindiaindiatimescomautomiscellaneousford-retains-ethical-honourarticleshow57632785cms
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Ford Endeavour Big beast conquers all topographies Sandesh M S and Umesh M AvvannavarDeccan Herald (Web Edition)
It came down easily from the deep steep it didnamprsquot get stuck in the pool of mud and slush though all the four tyres of thevehicle were like they lay buried inside it was easily making its own way down the path where there was not even a speck of tar inthe surroundings
The easy movement across various obstacles and the first look of the Ford Endeavour will drive any passionate off-roady crazyThe huge 32-litre fully-loaded engine taken for off-road testing on the outskirts of Bengaluru where the real power of the vehiclewas demonstrated by a group of off-roading experts
The vehicle was on top of a rock and there was not even a proper path for its movement but big ditches and meandering ups anddowns It was experienced on a track simulating challenging off-road conditions including hill climbs and descents slush and waterwading among others
Though it was looking like a rally track the car would have toppled at any point if the driver accelerated it amateurly Thisoff-roading track (natural terrain) was surely tailor-made to test the capacity and the power of a proven SUVacirceuroˆbeast
The daring off-roading drive included sharp turns steep hill climbs and hill descent wading through slush uneven surfaces anddriving at a 30-degree tilt among others The powerful four-wheel-drive and terrain management system with NormalSnowMudGrass Sand and Rock modes were ensuring the driver to have complete control of the car even over harsh ground Theterrain management system (the first-of-its-kind in this particular segment of cars) has included the modes for all the possibleobstacles in the off-roading track and makes the owner feel amplsquoready to conqueramprsquo
Terrain Management SystemAs said earlier it is a first-of-its-kind feature in the Ford Endeavour The four different modes are designed in such a way of havingan off-road expert beside you The modes are classified as
NormalFor all regular driving in normal road conditions In this mode the machine passes the torque to the front wheels (when necessary)depending on the movement of throttle and steering-movement This also minimises wheel slip
Snow MudHelps the vehicleamprsquos movement over slippery or loose surfaces Allows the wheel to spin in ups and downs and make thedrive feel smooth
SandFor driving on the rutted condition tracks Helps the driver maintain the same power through sand with aggressive torque transfer
RockThis mode provides maximum traction for low-range four-wheel-drive and prefer low-speed control which will enable one to easilynavigate through extreme off-road terrains
Hill Descent ControlThis mode helps one set and maintain the constant speed which tackles the steep descents with ease This also helps in taking thefeet off from the pedals and concentrate on the steering movement
With all the special modes the car was tested using a specific modes for different obstacles
Halted on the slushEven when the vehicle was completely halted in the slush the water-wading capacity of 800 mm along with 225 mm of groundclearance helped it easily come out of the ditch even in the sharp turns Compared with any other road vehicle the Ford Endeavourcan be halted in between the slush instead of rushing the obstacle
Hill climbing with rock modeThis obstacle was cleared by switching into the Rock mode and turning on the 4X4 drive The only work of the driver is to handle thesteering wheel and keeping the feet on acceleration pedal This mode can make the car climb any steep rock without any difficulty
For the wrong stepTo reduce anxiety on the track or to correct the wrong move the Semi-Auto Parallel Park Assist helps the driver locate the rightplace to halt and proceed while off-roading
70-degree steep downIt was a deadly obstacle on the off-roading track where it should only be done by experts The vehicle was made to come down
from the hill which had a climb of 70 degrees and safely landed on the flat surface The breathtaking obstacle was fought by turninginto the Hill Descent Control mode with extra caution Though one may be a passionate off-roading driver perfection in this obstacleneeds extra practice
Other obstaclesAfter clearing the deadly obstacles rest of the other tests over the track were easily done by the big machine The vehicles easilycrossed the multiple speed breaker and multiple pits and also climbed other steep rocks effortlessly
As a passengerAfter the tough 2 km drive covering all the possible obstacles that one might face during an off-road drive we also tested thevehicle by sitting inside as fellow passengers With the off-roading driving expert on the wheel climbing and getting down the toughterrains crossing other obstacles will make passengers feel the drive is straight out of an amusement park Just make sure thatevery individual inside the car has his seat belt onhttpwwwdeccanheraldcomcontent601374ford-endeavour-big-beast-conquershtml
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Renault introduces Kwid Climber at Rs 43 lakh Deccan Herald (Web Edition)
Bengaluru French auto major Renault has unveiled a variant of its popular hatchback Kwid in the country with the price starting atRs 43 lakh (ex-showroom Delhi)
Christened as Kwid Climber the variant will be available in both manual and automated manual transmission (AMT) modes
The manual variant is priced at Rs 43 lakh while the AMT trim of the vehicle comes for Rs 46 lakh (ex-showroom Delhi) The10-litre SCe engine which powers the Kwid Climber is optimally designed for better performance
The company first showcased the Kwid Climber as a concept vehicle at the auto expo last year The company aims to achieve amarket share of 5 in the near termhttpwwwdeccanheraldcomcontent601369renault-introduces-kwid-climber-rshtml
Top
Smart Hybrid Vehicles surpass one lakh units Deccan Herald (Web Edition)
Bengaluru Maruti Suzuki India has announced that its Smart Hybrid vehicles Ciaz SHVS and Ertiga SHVS have crossed cumulativesales of 100000 units recently This marks the success of Maruti Suzukiamprsquos efforts in hybrid and electric mobility in India
Introduction of technologies like Smart Hybrid can only create a significant positive impact if they are made available to a largersection of customers With this as a premise MSI introduced Indiaamprsquos first Smart Hybrid Vehicle Ciaz SHVS on September 12015 It subsequently introduced the technology in Ertiga Diesel in October 2015
Smart Hybrid Vehicle by Suzuki (SHVS) is a technology which uses an Integrated Starter Generator (ISG) and an advanced highcapacity battery to supplement the engineamprsquos power SHVS technology makes it more efficient than the conventional set-upand saves energy while deceleratingbraking
Ciaz and Ertiga Smart Hybrid participate in the government of Indiaamprsquos FAME India scheme which aims to promote FasterAdoption and Manufacturing of Hybrid and Electric vehicles in India
Celebrating the success of SHVS sales R S Kalsi Executive Director Marketing amp Sales Maruti Suzuki said ampldquoAs we movetowards hybrid and electric cars we see this as a first important step in this space Both Ciaz SHVS and Ertiga SHVS are high onfuel efficiency come with reduced running costs and lower levels of CO2 emission thus making these popular among customersThe response we have received for SHVS equipped Ciaz and Ertiga encourages us to continue to invest in new technologies thatsupport the environment while benefitting the customeramprdquo
Ciaz SHVS with a certified fuel efficiency of 2809kml tops the mileage chart in India Ertiga SHVS with 2452 kml has set newbench marks in fuel efficiency in its category Both vehicles are market leaders in their respective segments and illustrate thegrowing preference of Indian customers for greener and cleaner technologies like Smart Hybrids SHVS equipped vehicles accountfor over 60 of volume of the two models
Idle Start StopThe engine stops automatically when the driver shifts the gear to neutral and releases clutch while the engine is idling Restartsengine as soon as the clutch is pressed and the stored energy is used for this process
Engine AssistThe stored power in the advanced high capacity battery assists the engine during vehicle acceleration which improves efficiencyand thus prevents wastage of fuel
Brake energy Regeneration During decelerationbraking ISG charges the advanced high capacity battery and provides energy to assist the
engineamprsquos idle-stop-start function and helps the engine during accelerationhttpwwwdeccanheraldcomcontent601368smart-hybrid-vehicles-surpass-onehtml
Top
Car Tech SmartPlay adds the Android touch Vishal Mathurmint (Web amp Print Edition)
Car entertainment systems have become smarter but car makers in India have been slow to adopt the new technology MarutiSuzuki became the first car maker on our shores to add the Apple CarPlay in-car platform to their SmartPlay infotainment systemavailable in the S-Cross crossover Baleno hatchback Ciaz sedan and Ertiga multi-purpose vehicle (MPV) Now SmartPlay hasbeen upgraded with support for Googleamprsquos Android Auto in addition to Apple CarPlay for the iPhone
At the very heart of the SmartPlay system is a proprietary software for radio Bluetooth connectivity and basic navigation
Android Auto and CarPlay recreate your phoneamprsquos interface on the display in the car What you need to do is plug in yourphone to the caramprsquos USB port At present Android Auto and Apple CarPlay do not work wirelessly
Android Auto gives you instant access to apps such as Google Play Music Google Allo Google Maps and the phone dialer Theinterface is easy to useampmdashthe apps are listed at the bottom of the screen just like the navigation bar at the bottom of yourAndroid phoneamprsquos screen Within each app the menu for relevant options is available on the top left side Android Auto alsointegrates messages and notifications from third-party apps including Facebook Messenger and you can reply or set selectnotifications on mute while you drive
Unlike Apple CarPlay where you donamprsquot need to pair your phoneamprsquos Bluetooth separately Android Auto requiresBluetooth pairing if you want to use the voice-calling feature The 7-inch display has good brightness levels and is adequatelysharp It is a fingerprint magnet though and a bit reflective something youamprsquoll notice during daytime driving The system canalso be accessed with the controls on the steering wheelampmdashthese include media playback voice command and call keys
The new SmartPlay system is rolling out first in the Ignis hatchback priced upwards of Rs459 lakh (ex-showroom Delhi) Thismakes it the first car in its category to have the Apple CarPlay and Android Auto combination available as a default option
There is no doubt then that Apple and Googleamprsquos smart car platforms are a genuine evolution over the infotainment set-upsmost car makers have offered as a default all this whilehttpwwwlivemintcomLeisureTSsAAxb7YqoYittRY2Bw7ICar-Tech-SmartPlay-adds-the-Android-touchhtml
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Luxury Cars
The best of both worlds Roland Folger MD amp CEO of Mercedes-Benz India Hormazd SorabjeeThe Hindu (Web amp Print Edition)
Roland Folger Managing Director amp CEO of Mercedes-Benz India on why the long-wheelbase E-Class is an ideal fit for India
What is the rationale behind introducing the long-wheelbase variant of the E-Class and is it a gamble because of the high price
Well there is always a certain element of risk with a long wheelbase However in the next five to 10 years the road conditions arenot going to be any better and the traffic is not going to be any lighter Our customers including successful businessmen andentrepreneurs spend a lot of time in their cars Once we saw the opportunity within our line-up and solutions we had to some ofthose issues for the Chinese market we were very eager to apply the same in India There is nothing better out there than to havecomfort in your day-to-day driving routine on the populous roads of India
Was there cost pressure arising out of India being the only right-hand-drive market for the new E-Class
Of course there were cost pressures and it was not an easy sell to Germany either looking at the incremental cost of such avehicle and trying to stay within a price level that people would accept
I think that was the biggest challenge we were facing at that time But we remained committed to the idea since we knew it wouldgive us a unique positioning on cost and in price levels in a segment that we really own in India
That also gave us the confidence that the volumes we would achieve in India were definitely going to be worth it
Is there a possibility of exports to other right-hand-drive markets such as Singapore South Africa and Sri Lanka
In markets other than India the situation is different either they sell a lot more S-Classes or are happy with the existing normalwheelbase W213 E-Class We still looked at the opportunity and found that the volume was too small or not profitable for us at all
What was the research that prompted the launch of the long-wheelbase E-Class
We now have a total of 34000 E-Classes running in India We did some research with existing customers that involved talking tothem directly observing cars coming into service and talking to drivers to understand who was driving the car more frequentlyInterestingly we found that most of our customers were chauffeur-driven when they go to work but on the weekend they wish todrive themselves So our aim was to offer a vehicle which offered the best of both worlds
Will the new long-wheelbase E-Class pull in S-Class customers
I donamprsquot see a risk of the new LWB E-Class pulling S-Class customers since the S-Class is not bought because of itslegroom but because of its overall package and positioning We hope to attract a lot of other people from the SUV segmentbecause of the space and comfort the E-Class offers So maybe we can change some of the rules of the game as well
What is the strategy behind bringing the 30-litre V6 diesel to the E-Class
We adopt a skimming policy sometimes where we believe that the first customers because of their long relationship with us aredefinitely going for the 350d
The top-end variants are the first cars to be snatched up eagerly and we need to take care of these customers first
Do you have plans to bring the straight-six diesel engine to India
Yes we might get a straight-six diesel by 2018 Naturally it also depends on our sales figures and our sales success
But it will certainly come to India thatamprsquos a promise We have been making sure that the relevant parties in the Governmentunderstand that from 2018 onwards we will be ready to also introduce Euro-VI or BS-VI-compliant engines in India and arediligently working on thathttpwwwthehinducomtodays-papertp-featurestp-metroplusthe-best-of-both-worldsarticle17464905ece
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Mercedes-Benz E350D A luxury car with limousine looks Shapur Kotwalmint (Web amp Print Edition)
The E-class is the model with which Mercedes first came to India many years ago Now itamprsquos ready with an all-new model in astretched-out long-wheelbase avatar
In fact India is the first right-hand-drive market to get the E-class long-wheelbase
The first thing that strikes you about the new E is that itamprsquos a really long car and itamprsquos this length that gives it the majesticlimousine look The highest specification variant of the 350d gets air suspension In its lowest setting ground clearance is just120mm though you can raise this by 15mm using the ampldquoliftamprdquo function However the underside scrapes over a fewspeed-breakers Whatamprsquos nice though is that the smart 17-inch alloy wheels are wrapped in tyres with tall sidewalls whichhelp the car absorb bad roads better
The focus of the car is its rear seats and this is where the new E-class impresses There is more legroom than you will ever needand the seats are sure to set a new benchmark in the class in terms of comfort They are nicely bolstered and offer excellentsupport all round The back rest even reclines electrically and that combined with the pillow-soft headrest cushions makes the rearseats the perfect spot for a power nap And if you need more legroom you can push the front passenger seat forward with the touchof a button The double panoramic roof adds to the sense of space inside
However the middle seat is narrow and it is best to flip down the centre armrest for comfort There are other shortcomings tooThereamprsquos just one USB slot for the rear passengers who will not be able to control the Comand infotainment system and theair-con system takes quite a while to cool the massive cabin
The Comand system features a 123-inch display and is paired with a Burmester surround-sound audio system It can be controlledvia a jog-dial and a touch pad as well as small steering-mounted touch pads It doesnamprsquot have touch controls and the carbeing sold in India doesnamprsquot get the all-digital instrument cluster that the E-class sold internationally hasampmdashinstead ituses a rather ordinary-looking analogue instrument cluster
However the E-class comes loaded with Mercedesamprsquo Pre-Safe system (it tightens seat belts and braces passengers in caseof an imminent impact) and a 360-degree camera handy when manoeuvring a car this big through tight spaces Thereamprsquoseven a Park Pilot which steers the car into a parking spot for you
Those who like to drive will definitely appreciate the 258hp 30-litre V6 diesel engine Itamprsquos supremely refined you can hardlyhear it in the cabin In addition itamprsquos got nine-speed transmission
The E-class can be quite quick when you want it to be it can accelerate from 0-100 kmph in a claimed 66 seconds Pick up thepace however and the lateral body movement is quite noticeable more so over bad roads Itamprsquos best to use the Sport orSport+ modesampmdash the car feels more tied down and is better to drive In Sport+ though it feels too eager to accelerate andspeed up which can be slightly disconcerting in bumper-to-bumper traffic
In case you donamprsquot plan on driving yourself around the 20-litre petrol-powered variants starting at Rs5615 lakh will serveyou better The car will also get a new 20-litre diesel engine sometime later this year Chauffeur-driven buyers should be impressed
with the caramprsquos ride which almost makes you feel like youamprsquore travelling on a cushion of air especially in the Comfortmode
You must consider the new E-class if you are thinking of buying a luxury car with a brilliant back seat Itamprsquos spacioussupremely comfortable and as with all Mercedes cars has a cabin thatamprsquos fastidiously put together In the right drive mode itcan tackle bad roads well and the big diesel engine is even fun to drive Prices range from Rs5615-6947 lakh (ex-showroomDelhi) which means the top-specification variant is almost Rs7 lakh costlier than the predecessorhttpwwwlivemintcomLeisureZT1ffyCrNaC0DdkXB6GmxIMercedesBenz-E350D-A-luxury-car-with-limousine-lookshtml
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Audi Launches 2017 Q3 at Rs 3420 Lakh Asian Age (Web Edition)
German luxury automaker Audi has recently launched the 2017 Q3 in India It is the third launch from Audi this year and asproposed the automaker will introduce seven more new products in 2017 The updated Q3 comes with subtle aesthetic changesan uprated diesel engine along with standardisation of features The 2017 Audi Q3 is now available in two variants ampndash the 20TDI FWD priced at Rs 3420 lakh and the 20 TDI Quattro priced at Rs 3720 lakh (all prices ex-showroom New Delhi)
In terms of design the changes on the outside are limited to the front bumper The air inlets now get a black surround whichcomplements the black lower cladding The new Q3 is now offered with all-LED headlamps as standard Also offered as standardare 17-inch 5-spoke alloy wheels shod with 23555 R17 tyres
Inside changes are limited to the inlays - the Q3 20 TDI FWD gets walnut brown ones while the Q3 20 TDI quattro gets aluminiumones Equipment such as electric adjustment for the front seats a panoramic sunroof and 2-zone automatic air conditioning isoffered as standard
The MMI system has not been modified in the new Q3 The 65-inch infotainment display remains the same while the multimediasystem is BluetoothSD card compatibility with 20GB of inbuilt storage Infotainment
The 20-litre turbocharged 4-cylinder motor remains the only power source for the Q3 - but it has been tweaked for more powerand torque The transmission option is now limited to the 7-speed S tronic dual clutch The 6-speed manual available on thepre-facelift S edition variant has been discontinued Drivers can use paddle-shifters placed behind the steering wheel to changegears
The 20-litre TDI develops 150PS of maximum power and 340Nm of peak torque in the FWD variant This is 10PS20Nm more thanthe 20 TDI that powered the pre-facelift Q3 S edition Available only with the 7-speed S tronic dual-clutch transmission the 20 TDIFWD can accelerate from 0-100kmph in 93 seconds and has an ARAI-certified fuel efficiency of 1851kmpl
The 20-litre TDI develops 184PS of maximum power and 380Nm of peak torque Compared to the pre-facelift Q3 the motor in thenew develops 7PS more power Paired to the 7-speed S tronic dual-clutch transmission the 20 TDI quattro accelerates from0-100kmph in 79 seconds and has an ARAI-certified mileage of 1517kmpl
Driver convenience features on offer include a colour multi-information display for the driver in the instrument console hill-startassist hill descent control and cruise control Standard safety systems on offer include rear parking sensors reverse parkingcamera ESC and 6-airbagshttpwwwasianagecombusinessautos140317audi-launches-2017-q3-at-rs-3420-lakhhtml
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Commercial Vehicles
Tepid growth of 2-3 expected in CV industry in FY 17 Tata Motors Shobha MathurThe Economic Times (Web Edition)
New Delhi The commercial vehicle industry is expected to grow at a tepid pace of 2-3 percent during financial year 2016-17 due tothe effect of demonetisation and the slow recovery thereafter according to RT Vasan VP sales and marketing at Indias largest CVmaker Tata Motors
In November-December 2016 the commercial vehicle industry had dropped steeply by about 20 percent and has been on arecovery mode since January after the restrictions on cash availability were gradually eased
Improvements have been witnessed across product segments whether LCVs or construction a segment which was doing well rightthrough the year
The cargo market has also started picking up pace since the last couple of months In the bus category privatization has given afillip to its declining fortunes so that the school city and staff transport sector are all on the incline
The construction sector is expected to grow by 25 percent during this fiscal on the back of heightened activity in the infrastructure
sector In FYamprsquo17 ease of financing and improvement of consumption demand was expected to boost LCV sales In the cargoMampHCV segment a double digit growth had been forecast by industry body SIAM with improvement in overall economy led byincrease in industrial and agri output
Vasan told ETAuto that the industry was optimistic about the next fiscal with the advent of the BS-IV emission regime from 1 April2017 However prices of vehicles are expected to rise especially of MampHCV trucks There would be a slow start to the year by theCV industry due to pre-buying in FYamprsquo17 before the new emission regime kicked in that would slowdown sales in the firstquarter of FYamprsquo18
But with the impetus given to this segment by infrastructure development and road construction by the government the industrywould see a growth from Q2 after the impact of pre-buying starts declining
While the industry is ready with the BS-IV product range Vasan says that the new technologies harnessed for compliance wouldboost vehicle prices by 8-10 percent for MampHCVs Buses would also witness a price realignment of 8-10 percent while LCVs wouldsee a price rise of 6-10 percent
In terms of new technologies most of the CV range is already equipped with the anti-lock braking system except for the smallerones
In terms of upcoming regulations some more safety legislation is on its way related to the body code such as cabins that will haveto be necessarily be air conditioned in the future
The bus body code that was earlier announced has only been partially implemented so far and the body code is also believed to becoming up for the truck and trailer segments LCVs are small units and have been already approved by ARAI
The overall CV segment registered a growth of 349 percent in April-February 2017 compared to the same period last year Mediumamp Heavy Commercial Vehicles (MampHCVs) declined marginally by 079 percent and Light Commercial Vehicles grew by 682 percentduring this periodhttpautoeconomictimesindiatimescomnewscommercial-vehiclemhcvtepid-growth-expected-of-the-cv-industry-at-2-3-percent-in-fy1757633279
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Tata Motors to showcase all new 1000 bhp race truck PTISee this story in The Economic Times (Web Edition)
New Delhi Tata Motors will showcase an all new T1 Prima race truck powered by 1000 bhp engine during the fourth season ofthe T1 Prima Truck Racing Championship
The engine of the all-new 1000 bhp T1 race truck is being developed in collaboration with US-based Cummins enabling thecompany to set new benchmarks in the Indian commercial vehicles space Tata Motors said in a statement
Built with specifications similar to that of trucks that race globally the vehicle was developed in a record time of 12 months ademonstration of teamwork speed and capability Tata Motors Executive Director Commercial Vehicles Ravindra Pisharody said
Tata Motors and Cummins have a joint venture company called Tata Cummins established in 1994 developing engines in the rangeof 75 to 400 HPThe fourth edition of T1 Prima Truck Racing championship will be held on March 19 at the Buddh International Circuit (BIC) GreaterNoidahttpautoeconomictimesindiatimescomnewscommercial-vehiclemhcvtata-motors-to-showcase-all-new-1000-bhp-race-truck57635142Tata Motors to showcase 1000 bhp Prima TruckFinancial Chroniclehttpwwwmydigitalfccomcompaniestata-motors-showcase-1000-bhp-prima-truck-900Tata Motors to showcase all new 1000 bhp race truckDaily News amp Analysis (Web Edition)httpwwwdnaindiacommoneyreport-tata-motors-to-showcase-all-new-1000-bhp-race-truck-2352506
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Construction amp Agri Machinery
SBI floats one-time settlement scheme for tractor loans Abhijit LeleBusiness Standard
Mumbai State Bank of India (SBI) has floated a one-time settlement scheme for borrowers defaulting on loans taken to buytractors
The countryamprsquos largest bank has also voiced reservations against the move to waive farm loans saying this will affect therepayment culture in the country
SBI executives said the tractor loan book was part of the bankamprsquos farm loan portfolio and the bank announced settlementschemes regularly to shed doubtful debt where the prospects of recovery were low after making adequate provisions for such dudassets
The settlement scheme for tractor loans began early last month and will continue till March 31 The scheme was for loans disbursedbefore September 30 2011 and had up to Rs 25 lakh outstanding by September 2016 SBI Managing Director Rajnish Kumar saidSBI will take a haircut of 40 per cent on these loans
graphIn a portfolio of over Rs 4000 crore of tractor loans about Rs 800 crore will be eligible for the scheme Crop failure and inability todeploy tractors were some of the reasons for the loans turning bad SBI executives said
SBI had in May 2015 advertised a ampldquoloan resolution weekamprdquo asking borrowers with non-performing assets to ampldquotryand work out a solutionamprdquo The scheme was available to all borrowers except willful defaulters Kumar said the bank was yet tohear anything specific from the government on a farm loan waiver
SBI had in 2014 opposed the waiver of farm loans in Andhra Pradesh and Telangana
ampldquoUttar Pradesh and Punjab constitute 10 per cent of (farm) loans and we wait to understand the contours of the waiver Theimpact will be higher on public banks than on private banksamprdquo Kotak Institutional Equities said in a research notehttpwwwbusiness-standardcomarticleeconomy-policysbi-floats-one-time-settlement-scheme-for-tractor-loans-117031400886_1htmlSBI to offer one-time settlement for Rs 6000-crore tractor loansThe Financial Expresshttpwwwfinancialexpresscomindustrybanking-financesbi-to-offer-one-time-settlement-for-rs-6000-crore-tractor-loans588102SBI to offer Rs6K-cr one-time settlement for tractor loansThe Indian Expresshttpindianexpresscomarticlebusinessbanking-and-financesbi-to-offer-6k-cr-one-time-settlement-for-tractor-loans-4569462
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23 Wheelers
Yamaha aims to export 22 lakh units from India in 2017 Hiroaki Fujita Chairman Deepanshu TaumarThe Economic Times
New Delhi Indian arm of Japanese two-wheeler manufacturer Yamaha Motor is aiming to export over 22 million units from Indiathis year compared to 161 lakh units exported last year thereby recording an estimated growth of 3664 percent Hiroaki FujitaChairman India Yamaha Motor informed in a press statement
In the domestic market the two-wheeler major is also targeting to sell 1 million scooters and motorcycles in 2017
In an annual supplier conference held at Greater Noida Hiroaki Fujita Chairman India Yamaha Motor said ampldquoOur target forthis year is to achieve 1 million unit sales in domestic market and 22 lakh unit sales for exports market In addition we also need toreinforce the Indian parts export business in order to contribute to Yamaha business globally While doing so we must continue withour focus on the amplsquoQualityamprsquo of our parts and productsamprdquo
The two-wheeler major produced a total 94 lakh units in the country in 2016 Yamaha Motor India has two manufacturing plants inIndia at Greater Noida and Chennai having a capacity of 61 lakh units and 56 lakh units respectively
The company aims to produce 15 million units by 2018
Yamaha Motor India has sold over 786 lakh units of two-wheelers in 2016 and over 50 of its total sales have come from scooters
The two-wheeler manufacturer saw a steep decline in sales from the month of November 2016 to January 2017 It was only duringFebruary 2017 when Yamaha registered a growth of 20 percent in domestic sales as compared to the corresponding period lastyear The company recorded domestic sales of 68095 units (including Nepal) in February 2017 compared to 56960 units (includingNepal) in February 2016
Industry analyst believes that the impact of demonetisation is wearing off now Only motorcycles are in red zone because of a largerural consumer base However scooters which are largely sold in urban areas is on the positive side It further believed that by nextmonth the demonetisation impact will completely go away
India Yamaha Motor recently marked its entry into 250 cc sports bikes segment which has very less competition Going forward thecompany wants to focus on urban area than the rural market
The objective of conducting the Annual Suppliers Conference was to share the last yearamprsquos result for Sales and Productionand the current yearamprsquos Sales and Production Plan During the conference India Yamaha Motor shared the direction for 2017its purchase policy the Purchasing Policy of Yamaha Motor Company (Japan) and activities organised amp initiatives were taken forsales and marketing in the previous year
India Yamaha Motor shared its expectations with the suppliers for improvement in Quality Delivery and Development performances
besides cost competitiveness to compete in the export market to increase profitability for both Yamaha and the Suppliers IndiaYamaha Motor also emphasised that all the Suppliers can draw up their investment plans based on the increasing volumes infuture
Sixteen Suppliers were also awarded for their exceptional services in the areas of Quality Delivery Development and Costincluding the Appreciation Award for some of them for the extraordinary Improvement support provided to India Yamaha Motor in2016httpautoeconomictimesindiatimescomnewstwo-wheelersscooters-mopedsyamaha-aims-to-export-2-2-lakh-units-from-india-in-2017-chairman57632349
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BSIV Compliant TVS Jupiter launched at Rs 49666 (Ex-Delhi) The Economic Times
New Delhi Hosur based TVS Motor Company in a BSE filing announced the launch of its BSIV compliant TVS Jupiter at Rs 49666(Ex-Delhi) and it is now available with two new colours - Jade Green and Mystic Gold
The refreshed scooter is now BSIV compliant with Auto Headlamp On (AHO) and equipped with Sync Braking System (SBS) SBSensures rider safety as it automatically activates the front brakes when the rear brakes are used claims TVS The feature previouslyavailable on ZX range will now be available on the Base variant as well
Commenting on this Aniruddha Haldar Vice President Marketing- Scooters TVS Motor Company said ampldquoTVS Jupiter hasreceived such enthusiasm from the consumers in response to its credo of Zyada ka Fayda Living true to this credo not only is theentire Jupiter range now BSIV compliant it now offers the unique Sync Braking System (SBS) across the entire range (earlier onlyavailable on the ZX range) Further for our customers we are adding two colours Jade Green and Mystic Gold giving them 10colour options to choose from We are happy to offer all this with absolutely no change in the Exshowroom price truly ZYADA KAFAYDAamprdquo
Since its launch in 2013 TVS Motor Companyamprsquos flagship scooter brand Jupiter has been strengthening theCompanyamprsquos foothold in the scooter market and contributing to overall scooter segment uptake penetration and growth inIndia
Company has sold over 15 million Jupiter scooters since its launch in 2013 The scooter is powered by a all-aluminum low-friction110cc engine
There is no revision in the prices for the BS IV models of Jupiter priced at Rs 49666 (Ex-Showroom Delhi) the scooter is availableacross all TVS dealershipshttpautoeconomictimesindiatimescomnewstwo-wheelersscooters-mopedsbsiv-compliant-tvs-jupiter-launched-at-rs-49666-ex-delhi57630201TVS Motor rolls out BS IV variants of JupiterThe Hindu Business Linehttpwwwthehindubusinesslinecomtodays-papertp-newstvs-motor-rolls-out-bs-iv-variants-of-jupiterarticle9583972eceTVS unveils BS-IV compliant JupiterThe Hinduhttpwwwthehinducomtodays-papertp-businesstvs-unveils-bs-iv-compliant-jupiterarticle17464118eceTVS launches BS-IV compliant JupiterBusiness Standardhttpwwwbusiness-standardcomarticlecompaniestvs-launches-bs-iv-compliant-jupiter-117031400552_1html
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Dominar 400 takes the battle to the Royal Enfield turf Murali GopalanThe Hindu Business Line
Mumbai Bajaj Autoamprsquos recently launched Dominar 400 is attracting former Royal Enfield bike users who now account for 20per cent of its customer base
According to Eric Vas President (Motorcycle Business) Bajaj Auto the larger chunk of 80 per cent is still taken up by those whoused Yamaha Honda and Bajajamprsquos own Pulsar motorcycles
The Dominar made its debut in mid-December as a serious contender to Royal Enfield While monthly numbers thus far have beena little over 3000 units the good news is that the bike has taken pride of place in the 350cc plus segment vis-a-vis RoyalEnfieldamprsquos offerings However when it comes to the core 350cc space the latter continues to be the market leader withmonthly sales of nearly 55000 units powered by the Classic and Bullet
The three-month-old Dominar 400 kicked off its presence in 22 towns which has since increased to 32 in February and slated to goup to 110 towns by the end of this month
This tally will double to 200 in April and Bajaj Auto hopes to have at least 300 towns covered for the Dominar 400 during the courseof 2017-18
If everything goes according to plan the company hopes to be clocking its targeted 10000 motorcycles every month by the end of
Q3 next fiscal
Attractive features
Vas says market feedback shows that buyers love the Dominar 400 for its performance speed and top-class brakes Interestingly alarge number of them have opted for the more expensive ABS version which retails at a little over Rs 15 lakh
The LED lamps are another big draw and their attractive lighting explains why many customers opt to have their test rides at night
According to Vas Dominar 400 buyers are largely in the age group of 25 years who have already owned a bike There are no firsttime users yet but this is expected to begin happening once the network grows and more customers start going in for the relativelyless expensive disc brake version which has a price tag of nearly Rs 14 lakh
The Dominar 400 was launched to take on Royal Enfield in a segment that is priced between Rs 1-2 lakh and accounts for five percent of motorcycles sold in India
In terms of numbers this translates into 65000 units each month
The next fiscal could see this grow to nearly 85000 units or over one million units annually
Changing dynamics
It is in this product category that Royal Enfield has a market share of 80 per cent and it is in the balance 20 per cent space thatBajaj has thrown down the gauntlet with the Dominar 400
The other rival models include KTM Yamaha YZF-R15 and Honda CBR 150R but none of them has posed a serious threat to RoyalEnfield yet
It now remains to be seen if the Dominar 400 can draw customers from the top-selling Classic
It is clear that with 10000 units targeted during 2017-18 Royal Enfield will still be comfortably ahead in terms of numbers
How dynamics change after this period will be interesting to watch
From Bajaj Autoamprsquos point of view the strategy boils down to acknowledging the reality of living in a world of opposites whereevery mature segment is essentially a two-horse race
The Dominar will stick to the core principle of being opposite from the market leaderamprsquos offerings and has been positioned as amodern machine and not a heritage brandhttpwwwthehindubusinesslinecomtodays-papertp-newsdominar-400-takes-the-battle-to-the-royal-enfield-turfarticle9583973ece
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Bajaj cheers at Feb sales Ajay ModiBusiness Standard
New Delhi Pune-headquartered Bajaj Auto claims to have surpassed volumes sold by market leader Royal Enfield in the 350-500ccmotorcycle segment in February
It attributes this to the Dominar a 373 cc premium sports motorcycle it launched in December at an ex-showroom price of Rs 136lakh Enfield says Bajaj is celebrating too early
Bajaj has sold about 3000 units of Dominar a month this calendar year and is drawing a comparison with the February volume ofRoyal Enfield in the 350-500 cc segment when the latter did wholesale volumes of 2602 units Eric Vas president for themotorcycle business at Bajaj said ampldquoWe have already overtaken Royal Enfield in the segment They used to sell an averageof 5000 units a month until a few months agoamprdquo
He claims that two of every 10 Dominars was sold to customers who owned an Enfield ampldquoSome have sold it to buy Dominarand some have bought it as their second bikeamprdquo He added there had been a decline in the waiting period of some of Enfieldsmotorcycles The 350-500 cc segment for Enfield includes the Bullet 500 Classic 500 Thunderbird 500 and Himalayan
Bajaj hopes to gradually raise Dominar volumes to an output of 10000 units monthly in about six months ampldquoThe bike hasbeen accepted very well We should reach a monthly volume of 6000 units by next monthamprdquo said Vas He did not disclosecumulative bookings for the Dominar He said most customers bought it after test rides
Vas said the volumes were aggregated from the 22 cities where itwas available until February We have expanded reach to 32cities and it will be available in a 100 cities and towns by end-March In April the company plans to add another 100 cities andtowns The constraint is more on the capacity front than on the network sideamprdquo he said
Bajaj said the incremental volume from Dominar would start reflecting in the profit figures once volume crossed 5000-6000 units amonth
Enfield has almost the entire 250-350 cc motorcycle market in the country estimated at close to 50000 units a month This is where
it gets the lionamprsquos share of its sales In the 350-500 cc market it controls 80 per cent (data for the first 11 months of FY17)This is a much smaller segment with monthly volume of 5300 units
Siddhartha Lal managing director of Eicher (which owns Enfield) told Business Standard last month that it would continue toengage with the target segment and expand reach to grow volumes ampldquoWhen one succeeds in a segment others try to enterand take a bite Of course there will be competition but we are not worriedamprdquo hed said It is understood that Enfieldamprsquosproduction volume in February was impacted due to fewer days (February having only 28) and the transition to BS-IV emissionnormshttpwwwbusiness-standardcomarticlecompaniesbajaj-cheers-at-feb-sales-117031400822_1html
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India Yamaha Motor sets ambitious sales target Nandini Sen GuptaThe Times of India
Chennai India Yamaha Motor Private Limited (IYM) is targeting an ambitious production and sales pitch of more than three millionunits this year with one million in the domestic market alone It was revealed by the top management at a recently organised AnnualSuppliers Conference at Greater Noida (Delhi-NCR) which was attended by 500 members representing more than 200 suppliersfrom across India
The theme of this years conference was Challenge the Innovation for Global Competitiveness and Its all about the customer
Our target for this year is to achieve one million unit sales in domestic market and 22 lakh unit sales for exports market Inaddition we also need to reinforce the Indian parts export business in order to contribute to Yamaha business globally While doingso we must continue with our focus on the Quality of our parts and products said Hiroaki Fujita Chairman YMI-G Cos
The objective for conducting the Annual Suppliers Conference was to share the last years result for sales and production and thecurrent years sales and production plan During the conference IYM shared the direction for 2017 its purchase policy thepurchasing policy of Yamaha Motor Company (Japan) and activities organised amp initiatives taken for sales and marketing in theprevious year
Among the senior management members who were present on the occasion on behalf of IYM included Hiroaki Fujita chairmanYamaha Motor India Group Cos (YMI-G Cos) Takashi Terabayashi MD -IYM Yasuo Ishihara MD- Yamaha Motor Research ampDevelopment India (YMRI) T Yamaguchi Deputy MD amp Purchase Head- IYM along with the YMC Purchase team - Olivier Prevostdeputy chief general manager and Hiroshi Hagio general manager
IYM shared its expectations with the suppliers for improvement in quality delivery and development performances besides costcompetitiveness to compete in the export market to increase profitability for both Yamaha and the Suppliers IYM also emphasisedthat all the suppliers can draw up their investment plans based on the increasing volumes in future
Sixteen suppliers were also awarded for their exceptional services in the areas of quality delivery development and costhttptimesofindiaindiatimescomautobikesindia-yamaha-motor-sets-ambitious-sales-targetarticleshow57633067cms
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Thunderous sound remain forever Sandesh M SDeccan Herald (Web Edition)
Bike-lovers had expected a lot from Royal Enfield when the homegrown tough motorcycle manufacturer revealed the 500ccThunderbird in October 2012
When DH decided to check out the four-year-old model with respect to the present dayamprsquos bikes with updated technology theThunderbird 500 remains outstanding in its segment
The bike was tested for two weeks with everyday regular usage and an enthusiastic rider The bike is a good choice for the dailyneeds of an Indian family
Be it an office-goer or a student the bike gives an extra feel where you enjoy every bit of it You need an extra muscle and morepower to handle the bike when the engine is turned off Sometimes it will be a great challenge to tow the bike till a filling station ifthe engine goes dry
PerformanceUndoubtedly this is the most powerful variant of Royal Enfield today The bike feels far impressive than any other machine in thissegment It constantly urges you to take it on highways as it feels best when you pushed harder Overtaking is also very easy withthis bike and it can easily cross a speed of 120 kmphr It still remains a very responsive bike especially at slow speeds
The heavy amount of torque helps it move easily in city traffic The gear ratios are well-matched with this bike and you need lessgear shifts than before The only issue we have with the bike is its heavy weight In city traffic and with a pillion rider sometimes youwill feel the actual weight of this bike Otherwise there are no major concerns related to its performance
Fuel efficiency
Mileage is still a concern and the major drawback with Royal Enfield bikes As the brand new bikes claims to offer 30 kmpl the oldbikeamprsquos mileage drops day-by-day
After few years this will be the main reason for the rider to get rid of his bike In a typical Indian customer mindset a middle-classfamily will think twice before going for a Bullet
Depending on the usage the cushion will loose its power day-by-day The rider will surely feel the pain on the long rides and trafficjams Regular servicing from an authorised mechanic will keep the vehicle in good condition
VerdictThe Royal Enfield Thunderbird 500 is a special bike but the cost compared with its 350 cc sibling the biker has to cough up anextra Rs 40000 which makes anybody to think twice before investing in one The bike has the capability to sustain any roughhandling Though it becomes rough and old its sturdiness remains the samehttpwwwdeccanheraldcomcontent601371thunderous-sound-remain-foreverhtml
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E-Bikes
Components
Amtek Autoacirceurotrades Arvind Dham may offload personal assets to reduce debt Deborshi Chaki amp Swaraj Singh Dhanjalmint
Mumbai With troubled auto parts maker Amtek Auto Ltdamprsquos planned divestment of domestic and overseas businesses yet tomaterialize company chairman and founder Arvind Dham has begun exploring options to monetise assets owned by him
According to two people familiar with the matter who asked not to be identified Dham is in talks with potential buyers to sellIndraprasta Engine Parts Pvt Ltd ( IEPPL) an auto component manufacturing company which he owns in his personal capacityDocuments filed with the registrar of companies show that Arvind Dham along with other senior executives of Amtek Auto holdshares in Indraprasta Engine Parts Pvt Ltd
Dham did not respond to emails text messages and phone calls seeking comment
According to the latest available filings Indraprasta Engine Parts reported a revenue of Rs9525 crore and a loss of Rs115 crore inthe financial year ended 31 March 2015 The company was incorporated in 2010 and currently has a manufacturing plant in HosurTamil Nadu
ampldquoDham has been in discussions to sell the unit following which talks with Kalyani Forge Ltd (KFL) and Sterling Tools Ltd (STL) have reached an advanced stageamprdquo said one of the two people ampldquoDham is keen to show to the lenders that he iswilling put his own money even though the plans to sell Amtek Autoamprsquos assets to repay its debt have not beensuccessfulamprdquo
Amtek Autoamprsquos standalone loss widened to Rs24156 crore for the quarter ended December 2016 from Rs17536 crore in thesame quarter last fiscal Dham plans to plough the proceeds of the sale into the company the first person added
Spokespersons for Kalyani Forge and Sterling Tools did not respond to emails seeking comment
Ever since Amtek Auto defaulted on bond repayments of close to Rs800 crore in September 2015 it has been trying to sell variousgroup businesses to reduce the debt on its books The company has appointed Morgan Stanley as an adviser to assist in its debtreduction plan Amtek Auto owed Rs8066 crore to various lenders as on 30 September 2016 Mint learns that its consolidated debtat the group level is higher
In July last year Bloomberg reported that Amtek Auto has hired global investment bank Rothschild and Co to advise on thepotential sale of all overseas operations including those in the UK the US Mexico China and Germany The report said Amtek wasseeking bidders for its German unit Amtek Tekfor Holding GmbH and expected to raise over $1 billion from the process
A manufacturer of forging parts Amtek Auto counts most of Indiaamprsquos top auto component makers as clients Its overseasclients include global auto brands such as Aston Martin and Daimler
In February the company said in a regulatory filing that it is planning to raise Rs1175 crore by selling shares to promoters on apreferential basis for which it will seek shareholdersamprsquo approval The company has called an extraordinary general meeting on25 March to seek approval from its shareholders for the proposal it added
In February lenders of Amtek Auto are understood to have asked it to either repay loans or convert the outstanding into equityshares or warrantshttpwwwlivemintcomIndustry1tt2QpJ8TtSm53I1bN4VgKAmtek-Autos-Arvind-Dham-may-offload-personal-assets-to-reduhtml
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Allied Industries
Tyre stocks race ahead as China cuts India trade Palak ShahThe Economic Times
Mumbai What is aiding Indiaamprsquos tyre stocks Chinaamprsquos policy to shun India market for the US The share price ofdomestic tyre manufactures including MRF Apollo Tyre Ceat and J K Tyre rose between 1-7 on Tuesday
A research report by Philip Capital said China had curtailed its tyre exports to India to focus on US markets as Trump administrationhad decided against anti-dumping duty on tyres The research pointed out there was more upside for these stocks
ampldquoChina has raised their TBR (truck bus and radial) tyre prices for Indian market by 10-15 rendering themunattractiveamprdquo said Nitesh Sharma and Dhawal Doshi in the research report ampldquoOur checks indicate that Chinesefactories have nearly stopped catering to tyre demand from India as US markets were more lucrativeamprdquo
Ceat rose by 607 on Tuesday Apollo Tyres was up 396 MRF gained 186 and Goodyear India jumped by 129 amongmajor tyre companies
The report titled amplsquoTables Turn Chinese players out rubber fallingamprsquo further said Chinese imports will not bounce backsoon
Demonitisation too has dent a blow to the tyre imports from China which were largely in cash China accounted for roughly 120000 tyre units each month between April to October 2016 but it has fallen sharply now said experts
ampldquoTyre stocks will do well as rubber prices are on a downward spiralamprdquo said Mehraboon Irani Principal amp Head PrivateClient Group Nirmal Bang Securities ampldquoFall in auto sales and jump in rubber prices are not expected which may keep thetraction for tyre stocksamprdquo
Natural rubber prices had jumped to three year high in January due to floods in Thailand the largest exporter of rubber The priceswhich rose to Rs 210kg are now down by over 20 Meanwhile domestic tyre manufactures hiked tyre prices by 3-5 recentlyPhilip Capital has a buy on Ceat and Apollo Tyres with a target of Rs 1550 and Rs 239 respectivelyhttpeconomictimesindiatimescommarketsstocksnewstyre-stocks-race-ahead-as-china-cuts-india-tradearticleshow57633191cms
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How to avoid being overcharged for car service at dealerships The Financial Express
Authorised workshops or dealerships are the main preference for servicing of a customers new car There are dealerships that aregenuine and would not fleece your money while after sales treatment however there are others who would try and take everypenny from you This would also involve you to be thorough with the detailed billing as well as being cautious about understanding ifa requisite task is at all required in your car Here are some tips on how to avoid being overcharged while getting your car serviced
One key area where sales executives of a said dealership can suggest unnecessary expense is anything related to the engineTasks like engine de-carbonisation or engine flushing are suggested right from the first service however it is not required in avehicles early years A cars decarbonisation should ideally take place when the response from the engine is sluggish or there arefrequent misfires despite regular services This usually starts to happen after 60000 kms or more In case it is recommended by asales executive and he or she insists simply avoid by saying no Another popular unnecessary expense is fuel line cleaning whichis suggested at every service Remember that petrol is itself used as a cleaning agent in many applications so fuel line cleaningshould be carried out only in case of a problem
Another aspect where customers are cheated is due to the lack of knowledge about their respective vehicle There have been caseswhere a dealership has conned a customer by putting spark plugs in a diesel car or heater plugs in a petrol engine powered vehicleA diesel car does not have spark plugs (but a petrol car does) and similarly a petrol car doesnt have heater plugs (which arepresent in diesel cars) Additives are advised by many service advisors but these arent needed unless specified by the carmakerKnowing the basic mechanical and electrical parts of your car can go a long way in saving you your money
Other mechanical parts where a person can be overcharged is the clutch adjustment Most modern manual transmission cars soldin India have a hydraulic clutch which is self adjusting till the time the pressure plates and the clutch plates are completely worn outA worn out clutch system will require more pressure to depress the pedal thereby indicating the clutch plates andor pressure plateswould need replacement Ideal time to replace is not at every service which clever dealerships would suggest but at least a gap ofthree service intervals is recommended (with the service interval at every 10000 kms)
All carmakers offer an owners booklet which has all the details of which part needs to be replaced when and the recommendedservice interval When getting your car serviced always refer to this manual and insist on only the aspects mentioned in the manualto be donehttpwwwfinancialexpresscomautocar-newshow-to-avoid-being-overcharged-for-car-service-at-dealerships587326
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Emissions Environment
Finance amp Insurance
Customer not bound by tie-up between vehicle dealer insurer Pune Court Vishwas KothariThe Economic Times
Pune The district consumer court here has ruled that a tie-up between a vehicle dealer and an insurance company is not bindingupon the consumer who buys a vehicle from such a dealer
The court has directed the Bajaj Allianz General Insurance Company in Yerawada here to refund a premium of Rs 21053 ampmdashalong with an annual interest of 9 since September 20 2014 ampmdash and a Rs 5000 fine to a Daund resident for failing to renewhis car insurance despite the latter having paid the renewal premium through the online NEFT transaction
The interest component payable so far works out to over Rs 4700
The company argued that the consumer did not route the payment through the vehicle dealer by way of a demand draft as wasrequired under an agreement between the company and the vehicle dealer
Shankar Raghunath Chavan a resident of Kusegaon in Daund had purchased an insurance policy from the company for his car onSeptember 21 2012 A year later the policy was renewed for the period between September 21 2013 and September 20 2014 Atthe end of this term he had received a reminder from the company for the renewal of his policy
Through the net banking facility Chavan made a payment of the renewal premium worth Rs 21053 for the term betweenSeptember 21 2014 and September 20 2015 He then made repeated requests to the company for the issuance of the policydocument
However in December 2014 when he approached the company he was shocked to learn that his policy had ampldquoexpired due tonon-renewalamprdquo The company did not renew his policy even after his repeated reminders This prompted him to move theconsumer court seeking refund of the premium amount and appropriate costs towards physical and mental agony
The bench observed in its order ampldquoIt is not denied by the insurance company that the complainant (Chavan) had paid thepremium It is the case of the insurance company that as per practice prevailing between the company and the dealer the paymentshould be made by demand draft through the dealer so that the policy can be renewed conveniently It is true that the dealer of thevehicle was not aware about the payment of premium made by the complainant However a tie-up between the dealer and theinsurance company is not binding upon the consumeramprdquo
ampldquoDocumentary evidence which is produced by the complainant is sufficiently eloquent and speaks about inaction on the partof the insurance company Even after sending documentary evidence as regards to payment of policy premium the insurancecompany has failed to renew the policy Definitely this act on the part of the company amounts to deficiency in serviceamprdquo thebench ruledhttpautoeconomictimesindiatimescomnewsindustrycustomer-not-bound-by-tie-up-between-vehicle-dealer-insurer-pune-court57623564
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Analysts in wait-and-watch mode on Bajaj Finance Hamsini KarthikBusiness Standard
A robust business model established over years of experience often tends to withstand the test of time quite remarkably That ofBajaj Finance Indiaamprsquos largest consumer durables financier is one such example
During the note ban period there were doubts on whether Bajaj Finance could replicate its historic performance in terms ofcustomer acquisition loan growth and more importantly asset quality in the December quarter (Q3) Much to the Streetamprsquossurprise Bajaj Finance comfortably met these parameters
Customer acquisition grew by 35 per cent year-on-year in Q3 while assets under management expanded by 33 per cent to Rs57600 crore year-on-year Even asset quality stood out with gross non-performing assets ratio at 147 per cent and that toowithout utilising RBIamprsquos 90-day dispensation on loans less than Rs 1 crore Overall financials remained robust with net interestincome and net profit growing by 27 and 36 per cent respectively These factors have helped Bajaj Financeamprsquos stock reboundfrom its demonetisation period low of Rs 766 to Rs 1125 on Tuesday
However after outperforming the broader markets by a reasonable margin for most of the last two years the stock has lagged inthe past six months Bloomberg data indicate that while the Bank Nifty has gained six per cent in the past six months Bajaj Financeis up only 21 per cent Analysts nonetheless feel that Bajaj Finance may not surpass its previous high of Rs 1180 in a rush
Pointing to some key indicators they prefer to see how March quarter pans out particularly on consumer loans before altering theirexpectations on the stock
Consumer loans which grew by 52 per cent year-on-year in September quarter (Q2) grew 47 per cent year-on-year in Q3 Butwithin this segment consumer durables grew slower at 27 per cent versus 48 per cent in Q2 As for the vehicle financing (two andthree wheelers) the dependence on Bajaj Auto was seen higher in Q3 ampndash 46 per cent dependence on Bajaj Auto fortwo-wheelers and 29 per cent for three-wheelers as against 38 per cent and 18 per cent respectively a year ago Average ticketsize which dipped post demonetisation is yet to see a strong recovery All these factors prompt analysts to be on a wait-and-watchmode
ampldquoWe arenamprsquot able to see a secular return in consumer buying yet While demand for consumer durables may havepicked up as summer sales is already playing out we canamprsquot say the same for vehicle salesamprdquo says an analyst with adomestic brokerage
Analysts at Jefferies feel the annual compounded loan growth for Bajaj Finance could be lower in FY16-19 compared to what was inFY13-16 The brokerage flags that at current valuations (52 x FY18 price-to-book) risk-reward appears negativehttpwwwbusiness-standardcomarticleopinionwhy-analysts-are-in-wait-and-watch-mode-on-bajaj-finance-117031400674_1html
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SBI announces Rs 6000-cr tractor loan settlement scheme PTISee this story in The Economic Times
State Bank of India (SBI) today announced a one-time farm loan settlement scheme worth Rs 6000 crore primarily for tractors
One Time Settlement (OTS) announced for Agriculture Loans Scheme valid until 31st March Contact your branch for details ampbenefits the nations largest lender said on the microblogging site Twitter today
Managing director Rajnish Kumar told CNBC-TV18 the scheme will result in the bank taking a 40 per cent haircut on outstandingtractor loans as of September 2016
SBIs total farm loan portfolio is Rs 125 trillion and Kumar said the tractor loan book is about Rs 6000 crore
He said doubtful or loss category accounts as of September 2016 which were disbursed before September 2011 will beconsidered under the scheme He said a circular in this regard was sent to branches on February 2
But he was quick to add the OTS has nothing to do with Prime Minister Narendra Modis promise of a loan waiver to UP farmersduring the just concluded elections saying there were no talks with the Centre or state in this regard so far SBIs Uttar Pradeshportfolio will be around Rs 13000 crore
SBI had announced OTS schemes for SMEs last December and education loans early in 2016
He said other agri loans like kisan credit cards and other term-loans for tractors and farm loans may also be covered under theschemehttpwwwdnaindiacommoneyreport-sbi-announces-rs-6000-cr-tractor-loan-settlement-scheme-2352737SBI to allow one-time settlement for tractor farm equipment loansminthttpwwwlivemintcomIndustryiXDTXX1onxjwfHcz731WzJSBI-announces-Rs6000-crore-tractor-loan-settlement-schemehtmlSBI announces rs 6000-crore tractor loan settlement schemeThe Pioneerhttpwwwdailypioneercombusinesssbi-announces-rs-6000-crore-tractor-loan-settlement-schemehtml
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Oil Lubricants amp Alternative Fuels
Oil hovers near three-month low as investors awaits data ReutersSee this story in The Hindu Business Line
Tokyo Crude oil prices hovered near three-month lows on Tuesday in early Asian trading as investors await key reports and datathat may shed light on a supply overhang in the global market
US West Texas Intermediate crude (WTI) edged down 3 cents to $4837 a barrel by 0026 GMT The contract ended down 9 centsin the previous session after touching $4790 the lowest since the end of November
Brent crude futures were down 1 cent at $5134 a barrel having settled down 2 cents on Monday after dipping to as low as $5085
Prices fell sharply last week as investors worried that swelling US crude supplies would hinder Organization of the Petroleum
Exporting Countries (OPEC)s efforts to restrict output and reduce a global glut
Prices had risen after the OPEC and other major oil producers including Russia agreed at the end of November to rein inproduction by almost 18 million barrels per day (bpd) in the first half of 2017
ampldquoIts shaping up to be another fun week in the crude complex with OPEC releasing its monthly oil market report on Tuesdayswiftly followed by the IEAs monthly oil market report the day afteramprdquo Matt Smith analyst at ClipperData said in a note
The International Energy Agency releases its closely watched monthly oil market report on Wednesday
Data from the industry group the American Petroleum Institute on US crude and product stockpiles is also due out later on Tuesday
Analysts said the slump may not have much further to go now that prices have fallen more than 8 percent since last Monday thebiggest week-on-week drop in four monthshttpwwwthehindubusinesslinecommarketscommoditiesoil-hovers-near-threemonth-low-as-investors-awaid-dataarticle9582601ece
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News Magazines
Mahindra Electric geared up to be a component supplier Autocar India
Speaking to Autocar India Mahindra Electric (ME) stated that the company is open to being a supplier to other vehiclemanufacturers and will sell complete electric drive systems to those interested At present the ME plant builds the e2o while it shipsout the drive systems for the eVerito sedan and eSupro van For this purpose the production line has been modified to produce notjust built-up vehicles but also fully ready electric drive systems that can be offered to other manufacturers interested in procuringthem With expertise in electrification virtually absent in India ME hopes to build on its first-mover advantage and cater to theindustry Itamprsquos unlikely that there would be any takers for passenger cars but commercial and three-wheeler manufacturerscould be potential customers
Mahindra also confirmed that they are open to supplying other bits like charge system controllers as well Mahindra outsources thebattery and electric motor for its EV powertrains and has no plans of producing these components in-house as apart from the hugeinvestments needed there is no real advantage Battery technology is quite specialised and there are many players in this fieldalready And with electric motor efficiency already at 80 percent ampndash compared to about 30 percent for internal combustionengines ampndash there is very little to differentiate one EV maker from another Mahindra believes the real differentiator in the nearfuture will be in the battery management systems where big gains can be made in the charging and discharging cycle Thus ME isputting a lot of effort into this area and going forward has ambitions to be a supplier solely for battery management systems toother manufacturershttpwwwautocarindiacomauto-newsmahindra-electric-geared-up-to-be-a-component-supplier-404432aspx
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Tesla Model Y SUV due by 2019 Autocar India
Tesla Inc recently renamed from Tesla Motors Inc is on the verge of what it says will be a massive expansion of production with twonew models due to arrive in the next two years
Alongside the much-hyped Model 3 Tesla is also expected to launch an entry-level crossover based on the same platform andrumoured to be badged the Model Y
The starting price of the Model 3 is likely to be around $37000 (Rs 2435 lakh approx) with the Model Y expected to be slightlymore expensive However Tesla founder Elon Musk believes the transaction prices of the new compact Teslas will go higherbecause buyers will be keen to add paid options to their vehicles
While the compact Model Y could turn out to be Teslaamprsquos best seller ampndash some seven million crossovers of all types weresold in the US last year ampndash Musk recently tweeted that the Model 3 remained the biggest priority for the company
The Model Y is unlikely to be unveiled until sometime next year with production set to follow late in the year Little in the way ofspecification has been released though it is expected to borrow the top-hinged amplsquofalcon wingamprsquo rear doors from thebigger Model X SUV
The Model Y will also have the promised updated electrical architecture that will allow Tesla to offer full autonomous drivingcapability Future Tesla cars will be equipped with as many as eight cameras giving a 360-degree view of the surroundingroadscape as well as 12 ultrasonic sensors and a amplsquonewamprsquo forward-facing radar that works in the worst weatherconditions Existing radar systems can be fooled by heavy rain and fog
Musk also said the new electrical architecture has a brain that is as much as ampldquo40 timesamprdquo more powerful than onprevious Teslas calling it a ampldquosupercomputer inside the caramprdquo The autonomous driving technology though will be offered
as add-on option to customers on both entry-level Teslas
Another challenge for the Model 3 and Y will be balancing their lower price against the need for a battery big enough to give anacceptable range
The entry-level Model 3 may have a cheaper sub-60kWh battery but will still need to have a range of at least 370km The ModelYamprsquos more bluff shape and greater frontal area might mean a bigger battery for the same range and so a slight price premium
Tesla is in a race against time to achieve the kind of production levels needed to turn around what is still a cash-hungry operationThe firm has spent nearly $2 billion (Rs 1316350 crore approx) since 2010 with investments including building the battery-makingGigafactory and trying to expand car production to a massive 500000 units a year
Tesla delivered around 76000 vehicles last year but says it was able to build around 2000 cars a week by the second half of 2016With as many as 400000 deposits taken for the Model 3 the company is looking to produce well over 100000 of the BMW3-series rival before the end of this year
Muskamprsquos expansion plans will test the limits of the capabilities of Teslaamprsquos suppliers and those of its own plant inFreemont California But getting to annual sales of half a million vehicles should finally push the carmaker into profit and secure thecompanyamprsquos long-term futurehttpwwwautocarindiacomauto-newstesla-model-y-suv-due-by-2019-404434aspx
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VW promises higher focus on EVs after record sales year Autocar India
The Volkswagen Group ampldquowill be a role model in environmental protection safety and integrityamprdquo according to CEOMatthias Muller who was speaking as the firm confirmed a record-breaking sales year in 2016
Outlining plans for the firm to reinvent itself as a far-reaching mobility company in the wake of the emission scandal Muller revealedthat the VW Group sold 103 million cars in 2016 making it the worldamprsquos largest car manufacturer It made pound62 billion in profitafter allowances including pound56 billion of losses to cover emission scandal costs In 2015 expenses relating to emission scandalamounted to pound142 billion
Most notably its sales in China where the effects of the diesel crisis were negligible grew 122 percent and its 2016 salesrevenues of pound1904 billion also exceeded forecasts by pound35 billion
ampldquoThe last year was challenging yet remarkably successfulamprdquo said Muller ampldquoIn 2016 we set the course for thebiggest transformation in the history of the company while at the same time performing better in our operating business than manythought possibleamphellipVolkswagen is back on trackamprdquo
Muller vowed that the success would be a catalyst for further change adding ampldquoWe will still be one of the most successfulautomakers in 2025 But we will also be a leading international provider of sustainable mobility and set the standard for new mobilityservicesamprdquo
New initiatives include a stated goal of taking leadership in the field of battery technology by 2025 which is by when the VW Grouphas committed to have solid state batteries in production These are seen as the next technological step over the lithium-ionbatteries currently favoured by most manufacturers The VW Group has committed to have 30 battery-electric vehicles on sale by2025
He also signalled that Audi had been tasked with leading the Groupamprsquos autonomous driving projects while adding that the VWGroup now had 37 centres around the world working on autonomous and digital service ideas pivoting around the Groupamprsquosnew mobility company Moia which was set up last year
Muller also highlighted recent joint ventures ampndash in China with FAW and JAC the latter of which will lead to the co-developmentof a budget electric car line in India with Tata Motors and in America with Navistar which is in the commercial vehicle segmentampndash as examples of the firmamprsquos commitment to forging partnerships to boost sales success He also confirmed that thefirst economy vehicles to be developed by the brand will go on sale in emerging markets in 2018httpwwwautocarindiacomauto-newsvw-promises-higher-focus-on-evs-after-record-sales-year-404433aspx
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Mercedes to expand E-class range with E 220 diesel Autocar India
The tenth-generation Mercedes-Benz E-class launched for the first time in India with a long wheelbase has moved the goalposts toset new standards for comfort and space in its segment The E-class comes with two engine options ampndash the base E 200 petroland the top-of-the-line
E 350 diesel Priced at Rs 5670 lakh and Rs 7015 lakh (ex-showroom Delhi) respectively these two variants bookend the E-classrange and is essentially aimed at two sets of customers The E 200 buyer is likely to be almost always chauffeur-driven and henceis mainly interested in rear seat space and comfort while the E 350d customer wants all the bells and whistles as well as the
sublime driving experience only the silky smooth and torquey V6 diesel can offer
However that still leaves a massive Rs 1345 lakh gap in the range which no doubt future E-class variants will eventually plug butwhich one will find that sweet spot to form the bulk of E-class sales
Itamprsquos no surprise then that Mercedes-Benz India is readying a base diesel which like the previous-generation W212 E-class islikely to be the most popular variant offering a strong dose of practicality without too much of a compromise on refinement andluxury
But unlike the W212 which had the E 250d representing the base diesel in the range Mercedes-Benz India is offering the lower E220d as the starting point for the E-class diesel This suggests that the E 220d will be very attractively priced when it goes on salearound June 2017 and could be priced very close to the E 200
The E 220amprsquos all-new 20 litre four-cylinder diesel which pumps out 194hp and 400Nm of torque may not have the punch ofthe outgoing E 250damprsquos 204hp and 500Nm motor but again given the chauffeur-driven focus the new E-class has beenconceived for the newE 220damprsquos performance is unlikely to be an issue
What is a big issue however is downgrading the 20-litre motor which has been designed for stricter Euro-VI emissions to run onlocally available BS-IV diesel ampldquoItamprsquos such a waste of engineering resource and a step backwardsamprdquo said aMercedes-Benz engineer The 2143cc (OM651) diesel engine which powered the previous E-class was easier to adapt to BS-IVfuel unlike the spanking new high-tech 1995cc (OM654) diesel thatamprsquos built to meet the latest global emission standards Infact the OM654 made its debut in the latest E-class when it was launched globally in 2016 Its advanced tech includes a uniquealuminium engine block with steel pistons a special low-friction coating for the cylinder walls and a fourth-generation common-raildiesel injection system At 168kg it is 31kg lighter than the engine it replaces
Downgrading a Euro-VI engine to BS-IV standards takes a lot of time and resources but there is no way out until fuel pumps in Indiaget low-sulphur BS-VI fuel which is not expected until 2020 The BS-IV-spec OM654 wasnamprsquot ready in time for the newE-class launch and this is one reason why the E 220d is coming a couple of months later The other reason could be a strategicone Mercedes-Benz India wants to wait until BMW launches the all-new 5-series expected in June and in a counter move tweakthe E 220damprsquos mix of specifications features and price accordingly A starting price of Rs 57-58 lakh for the E 220disnamprsquot unlikely especially since this variant will be Mercedes-Benz Indiaamprsquos trump card in a luxury car segment it seemsdetermined to dominatehttpwwwautocarindiacomauto-newsmercedes-to-expand-e-class-range-with-e-220-diesel-404429aspx
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Nissan to launch Kicks SUV in Q3 2018 Autocar India
The Nissan Kicks SUV which made its global debut in 2016 in Brazil will be launched in India in the third quarter of 2018 accordingto company sources
However unlike the South American model which is spun off Nissanamprsquos V-platform the made-for-India Kicks (code PB1D)will be based on the upcoming Renault Kapturamprsquos (code HHA) platform This is essentially a modified version ofRenaultamprsquos proven M0 platform that underpins cars like the Duster and Lodgy which are known for their robust mechanicals
The M0 is also a critical part of the Renault-Nissan Allianceamprsquos platform strategy in India which is essentially centred aroundtwo platforms Whilst the CMF-A and CMF-A+ platforms underpin Renault and Nissanamprsquos (and later Mitsubishiamprsquos) smallto mid-size car range in India the M0 platform will cater to higher end products The low-cost M0 platform has proved to be a cashcow for Renault globally and is ideally suited for markets like India The allianceamprsquos European-spec CMF-B platform was alsoevaluated initially but was eventually rejected as it proved to be a lot more expensive than the M0 which has also been localisedover the years
Developed and conceived originally by Renault for its Dacia sub-brand over a decade ago the French carmaker has first rights toproducts spun off the M0 platform and hence like the Nissan Terrano which followed the Renault Duster the Nissan Kicks too willfollow the Renault Kaptur to India but almost a year later
While both the Kaptur and Kicks will use the same modified version of the platform the amplsquotop hatsamprsquo will be completelydifferent The Kicks design and styling will mirror the South American car and thatamprsquos no bad thing
Sharply styled with lots of distinctive design touches like a floating roof massive wheel arches and a wraparound visor look theKicks wonamprsquot have a problem standing out on Indian roads The good thing is that the edgy design hasnamprsquot compromisedpracticality and Nissan claims best-in-class space in the back seat
Cars based on the M0 platform get a choice of just two engines a 16 petrol and the venerable 15 K9K diesel and hence these arelikely to be carried forward into the Kicks as well The 15 diesel is expected to be the mainstay but its likely that in its latest iterationthere will be a small bump up in power and torque
Nissan has set an ambitious target of 30000 Kicks in its first full year of production with an additional 20000 units earmarked forexports Pricing will be crucial for the Kicksamprsquo success and Nissan may do well to undercut its rivals to buy some much neededmarket sharehttpwwwautocarindiacomauto-newsnissan-to-launch-kicks-suv-in-q3-2018-404426aspx
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International News
Volkswagen CEO gets 778 mn euros in pay and benefits for 2016 ReutersSee this story in The Economic Times
Wolfsburg Volkswagen Groups Chief Executive Matthias Mueller was awarded 778 million euros ($828 million) in pay andbenefits for 2016 up from 417 million euros in total remuneration awarded a year earlier the companys annual report showed onTuesday
Mueller was not awarded a full years CEO pay for 2015 since he only took over as chief executive in September following theresignation of his predecessor Martin Winterkorn who was forced out in the wake of a diesel emissions cheating scandal
Volkswagen overhauled its bonus and executive pay policy in February this year to cap total pay for its chief executive at 10 millioneuros ($106 million) and other top managers at 55 million euros
Volkswagen brand chief Herbert Diess saw his total remuneration for 2016 fall to 393 million euros down from 713 million in 2015the annual report showed
($1 = 09401 euros)httpautoeconomictimesindiatimescomnewsindustryvolkswagen-ceo-gets-7-78-mn-euros-in-pay-and-benefits-for-201657631837Volkswagen CEO Matthias Mueller says not ruling out merger talks with Fiat ChryslerThe Financial Expresshttpwwwfinancialexpresscomindustryvolkswagen-ceo-matthias-mueller-says-not-ruling-out-merger-talks-with-fiat-chrysler587861
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Volkswagen CEO US remains core market for company APSee this story in The Economic Times
Frankfurt The CEO of German automaker Volkswagen says the United States remains a core market for the company despite itsdiesel emissions scandal and has underlined that it hopes to expand there
Matthias Mueller made the comments Tuesday at the companys annual news and investor conference at its headquarters inWolfsburg Germany
Mueller said that we are standing by our investment decisions and intend over the long term to play a significantly greater role therethan today
The Volkswagen brand has only a small share in the US market although it is important for the companys luxury brands Porscheand Audi It makes cars in Chattanooga Tennessee
US authorities uncovered Volkswagens use of engine control software that enabled vehicles to cheat on emissions testshttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsvolkswagen-ceo-us-remains-core-market-for-company57633149
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Volkswagen targets strong 2017 even as core brand struggles ReutersSee this story in The Economic Times
Wolfsburg Germany Volkswagen said it was capable of shouldering the costs of its emissions crisis and was targeting an evenbetter year than in 2016 but warned that its core autos division continued to struggle
We see good chances of being able to ride the wave of the positive performance last year when Volkswagen turned in recordunderlying profit helped by sales of upmarket Audis and Porsches Chief Executive Matthias Mueller said on Tuesday at thecarmakers annual news conference
Volkswagen expects group revenue to exceed last years record 217 billion euros ($231 billion) by as much as 4 percent this yearand is forecasting an underlying operating margin of between 6 and 7 percent compared with 67 percent in 2016 it said affirminga forecast given on February 24
The company also aims to moderately exceed last years record 103 million deliveries
You can rest assured that we will do everything in our power to make 2017 an even better year than 2016 the CEO said
But Volkswagen appears to be making slow progress in tackling the biggest trouble spot within the 12-brand group thelong-planned turnaround of its core autos division
Operating profit of the namesake brand slipped further to 187 billion euros in 2016 from 210 billion a year earlier because of highermarketing costs related to dieselgate and plunging demand in Brazil and other key markets finance chief Frank Witter said
($1 = 09394 euros)httpautoeconomictimesindiatimescomnewsindustryvolkswagen-targets-strong-2017-even-as-core-brand-struggles57630343
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VW CEO says not ruling out merger talks with Fiat Chrysler boss ReutersSee this story in The Economic Times
Wolfsburg Volkswagen Chief Executive Matthias Mueller said he is not ruling out talks with Fiat Chrysler boss Sergio Marchionneabout a possible merger
I am not ruling out a conversation Mueller told reporters on Tuesday after the carmakers annual earnings press conference inWolfsburg
Marchionne has long advocated car industry mergers to share the costs of making cleaner and more technologically advancedvehicles and has repeatedly relayed his desire via the media
It would be very helpful if Marchionne were to communicate his considerations to me too and not just to you Mueller said
I am pretty confident about the future of Volkswagen with or without Marchionne
Only last week Mueller appeared to dismiss the prospect of talks with Fiat Chrysler
We are not ready for talks about anything he told Reuters on the fringes of the Geneva auto show I havent seen Marchionne formonths he said at the timehttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsvw-ceo-says-not-ruling-out-merger-talks-with-fiat-chrysler-boss57632909
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Volkswagen chief denies talks with Fiat AFPSee this story in The Economic Times
Berlin Volkswagen chief Matthias Mueller on Tuesday denied rumours that the German auto giant was in talks with rival FiatChrysler
At present there is no contact between me and Fiat Chrysler boss Sergio Marchionne Mueller told the companys annual pressconference in Wolfsburg north Germany
Marchionne had said at the Geneva car show last week that he was expecting Volkswagen to reach out as more firms are thinkingof cost-cutting tie-ups in the vein of Frances Peugeot and German carmaker Opel
In response Mueller said he had other problems since VWs 2015 admission that it installed software to cheat regulatoryemissions tests in 11 million vehicles worldwide
He nevertheless added that Ive never said a tie-up with any other partner is altogether ruled out
VW clawed its way back to profit in 2016 and pulled ahead of Toyota to become the worlds biggest carmaker by unit sales shipping103 million vehicles over the year
Mueller on Tuesday confirmed the groups forecast of moderate growth in sales in 2017
But the firm is far from turning the page as it continues to refit cars equipped with the cheating software and faces legal action fromcustomers and investors in numerous countries
The final bill for the scandal is impossible to predict Mueller acknowledged
All we know is that this question will keep us busy for a long time several years he saidhttpeconomictimesindiatimescomindustryautovolkswagen-chief-denies-talks-with-fiatarticleshow57633113cms
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Volkswagen has good chances to build on strong 2016 performance CEO ReutersSee this story in The Economic Times
Germany Volkswagen has good chances of building on its strong 2016 performance when it swung to a record underlying profitdespite its diesel emissions crisis Chief Executive Matthias Mueller said
The Volkswagen Group is in very robust shape Mueller said on Tuesday at the carmakers annual news conference in Wolfsburg
VW expects group revenue to exceed last years record 217 billion euros ($231 billion) by as much as 4 percent this year and isforecasting an underlying operating margin of between 6 and 7 percent compared with 67 percent in 2016 it said affirming aforecast given on Feb 24
Still operating profit of its core autos division slipped further to 187 billion euros in 2016 from 210 billion a year earlier as the brandis struggling to implement a wide-ranging turnaround planhttpeconomictimesindiatimescomnewsinternationalbusinessvolkswagen-has-good-chances-to-build-on-strong-2016-performance-ceoarticleshow57630339cms
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BMW i3 batteries to be used by Vattenfall The Economic Times
New Delhi Swedish power making company Vattenfall and German auto giant BMW Group have signed a contract for the deliveryof up to 1000 lithium-ion batteries this year The batteries with a capacity of 33 kilowatt hours (kWh) each are equipped with aBMW-owned battery management system and are also used by the car manufacturer in the BMW i3
Vattenfall will purchase the new batteries from the BMW plant in Dingolfing and use them in all storage projects
Energy storage and grid stability are the major topics of the new energy world says Gunnar Groebler Senior Vice President ofVattenfall and Head of Business Area Wind
We want to use the sites where we generate electricity from renewable energies in order to drive the transformation to a newenergy system and to facilitate the integration of renewable energies into the energy system with the storage facilities Thedecoupling of production and consumption and the coupling of different consumption sectors are in the focus of our work
The first energy storage from the BMW-i3 batteries is being built at the 122 MW onshore wind farm Princess Alexia nearAmsterdam With a capacity of 32 megawatts (MW) it is Vattenfalls first large storage project in the Netherlands
Pending on a final investment decision the largest battery storage will be built at the Vattenfall wind farm Pen y Cymoedd (230 MW)in South Wales - a 22-megawatt storage facility which will help to support the stability of the country-wide power grid in the UK aspart of the so-called EFR (Enhanced Frequency Response) service
As part of the project Norddeutsche Energiewende NEW 40 Vattenfall together with the Hamburg University of Applied Sciences(HAW) and the company Nordex will implement a large battery storage at the future wind farm in Hamburg-Bergedorf
This is a so-called storage control unit made of batteries It is meant to maintain the security of supply with a feed-in of 100 percentrenewable energy In addition the battery storage contributes to the improvement of the network quality and the more efficient useof the existing network structure Other possible applications would be electricity storage in private households Energy storagesolutions are an important part of Vattenfallamprsquos strive to power climate smarter living
We are pleased that we have found a supplier in BMW who meets our high safety requirements with the use of the batteries withreliably good quality from German series production says Daniel Hustadt project manager for large batteries at VattenfallInnovation GmbHhttpautoeconomictimesindiatimescomnewsindustrybmw-i3-batteries-to-be-used-by-vattenfall57630728
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Toyota to look at Saudi production as the countries seek closer ties ReutersSee this story in The Economic Times
New Delhi Toyota Motor Corp signed a memorandum of understanding (MOU) on Tuesday with a Saudi Arabian governmentagency to conduct a feasibility study into producing vehicles and parts in the Middle Eastern nation
The move if firmed up would be a big step for the Saudi economy as the government tries to diversify beyond oil exports andcreate jobs as part of the kingdoms 2030 Vision
So far Saudi Arabia and other Gulf oil exporters have failed to significantly develop industries such as automaking because theylack broad industrial bases and a skilled local workforce
The study would take into account the evaluation of development of a local supply base using materials produced by major Saudi
companies like Sabic Maaden Petro Rabigh and other major industrial companies in the kingdom the official Saudi state newsagency reported
The MOU is with Saudi Arabias National Industrial Clusters Development Program (NICDP)
Meanwhile state-run Saudi Aramco has signed MOUs with five Japanese entities during a business forum that both nations hostedon Tuesday coinciding with a visit by Saudi Arabias King Salman this week
Saudi Aramco and Japans biggest oil refiner JX Nippon Oil amp Energy (5020T) agreed to consider a refinery joint venture in a thirdcountry and cooperation in trading and technology of oil and petrochemical products
Aramco also agreed to consider a possible future cooperation in crude oil supply and downstream business with Idemitsu KosanCompany
In addition Aramco and state-run Japan Oil Gas and Metals National Corp (JOGMEC) formally agreed to expand crude storagecapacity in Japan by 300000 kilolitres (about 19 million barrels) from the current 63 million barrels from April 1
Japan treats crude oil stored by Aramco as quasi-government oil reserves counting half of the barrels stored by Aramco as nationalcrude reserves
Companies and government organizations in both nations signed a total of 20 MOUs on Tuesday including cooperation betweenthe Saudi Arabian General Investment Authority (SAGIA) and Japans three megabanks - Mitsubishi UFJ Financial Group (8306T)Sumitomo Mitsui Financial Group (8316T) and Mizuho Financial Group (8411T) - on increasing investments in the kingdom
The MOUs also included cooperation in seawater desalinationhttpautoeconomictimesindiatimescomnewsindustrytoyota-to-look-at-saudi-production-as-the-countries-seek-closer-ties57636587
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Geneva Motor Show 2017 Airbus unveils fully electric flying car PopUp The Economic Times
Geneva Airbus along with Italdesign has unveiled the first modular fully electric zero emission concept vehicle system - PopUpat the Geneva Motor Show 2017 informed the French company in an official statement
PopUp envisages a modular system for multi-modal transportation that makes full use of both ground and airspace and isdesigned to relieve traffic congestion in crowded megacities
PopUp System consists of a three layers concept1 an Artificial Intelligence platform that based on its user knowledge manages the travel complexity offering alternative usagescenarios and assuring a seamless travel experience
2 a vehicle shaped as a passenger capsule designed to be coupled with two different and independent electric propelled modules(the ground module and the air module) Other public means of transportation (eg trains or hyperloops) could also integrate thePopUp capsule
3 an interface module that dialogues with users in a fully virtual environment
Airbus claims The PopUp vehicle combines the flexibility of a small two seater ground vehicle with the freedom and speed of avertical take-off and landing (VTOL) air vehicle thus bridging the automotive and aerospace domains
PopUpamprsquos monocoque carbon-fibre cocoon measures 26 metres long 14 metres high and 15 metres wide The capsuletransforms itself into a city car by simply coupling to the ground module which features a carbon-fibre chassis and is batterypowered
For megacity journeys with high congested traffic the capsule disconnects from the ground module and is carried by a 5 by 44metre air module propelled by eight counter-rotating rotors
ampldquoAdding the third dimension to seamless multi-modal transportation networks will without a doubt improve the way we liveand how we get from A to Bamprdquo said Mathias Thomsen General Manager for Urban Air Mobility at Airbus on the occasion ofthe unveil
ampldquoSuccessfully designing and implementing solutions that will work both in the air and on the ground requires a joint reflectionon the part of both aerospace and automotive sectors alongside collaboration with local government bodies for infrastructure andregulatory frameworks Italdesign with its long track record of exceptional vehicle design was an exciting partner for Airbus for thisunique concept projectamprdquo
ampldquoToday automobiles are part of a much wider eco-system if you want to design the urban vehicle of the future the traditionalcar cannot alone be the solution for megacities you also have to think about sustainable and intelligent infrastructure appsintegration power systems urban planning social aspects and so on In the next years ground transportation will move to the nextlevel and from being shared connected and autonomous it will also go multimodal and moving into the third dimensionamprdquo saidItaldesign CEO Joumlrg Astaloschhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsgeneva-motor-show-2017-airbus-unveils-fully-electric-flying-car-pop-up57630936
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Nissan boosts management presence at Mitsubishi Motors ReutersSee this story in The Economic Times
Tokyo Mitsubishi Motors on Tuesday said an additional four Nissan executives would join its management team as Nissan tightensits control over the smaller struggling automaker in which it took a controlling stake last year
The announcement is part of Mitsubishi Motors efforts to rebuild its management system after it admitted last year that it hadoverstated the mileage on a number of its cars sold in Japan battering domestic sales and tarnishing its brand image
From April corporate vice president positions for roles including product development and marketing and sales would be occupiedby officials from Nissan Mitsubishi Motors said
This would hike the number of Nissan executives on Mitsubishi Motors management team to seven from two now
We need to strengthen our corporate governance to avoid a repeat of last years scandal along with scandals previous to thatMitsubishi Chief Executive Officer (CEO) Osamu Masuko told reporters during a teleconference
After taking a one-third stake in Mitsubishi Motors Nissan installed Carlos Ghosn - its CEO at the time - as chairman of MitsubishiMotors while also naming two Nissan officials to Mitsubishis board of directors
Nissan also dispatched other executives to the smaller automaker including Trevor Mann previously Nissans chief performanceofficer who became chief operating officer at Mitsubishi late last year
Last month Ghosn said he would step down from the top position at Nissan to focus on deepening the companys alliance withRenault SA and Mitsubishi Motors
Separately Nissan said Shiro Nakamura the companys chief creative officer and one of Japans best-known car designers willretire after nearly 20 years at the automaker
Nakamura 66 is recognised for referencing science fiction anime and embracing Japans culture of cute in models including theGT-R supercar the Cube compact MPV and the Juke SUV crossover setting the automaker apart from many of its rivals whichhave been accused of making lookalike cars
Nakamura joined Nissan in 1999 from Japanese truckmaker Isuzu Motors and was one of the first key hires by Ghosn shortly afterGhosn himself arrived from French automaker Renault to save the company from bankruptcy
Alfonso Albaisa who currently overseas design at Nissans premium Infiniti brand will succeed Nakamura while former BMWglobal chief designer Karim Habib will become the brands new chief designer effective July 1httpautoeconomictimesindiatimescomnewsindustrynissan-boosts-management-presence-at-mitsubishi-motors57631800
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Renault Zoe e-Sport breaks covers at 2017 Geneva Motor Show The Economic Times
New Delhi In the ongoing Geneva Motor Show Renault has showcased its new two-seat version of its electric car Renault Zoee-Sport The company claims to have taken the design cues from Formula E
The ZOE e-Sport Concept is the fully electric concept car that embodies Renaultamprsquos commitment to the idea that electric carscan be fun and fast says Renault The sporting credentials of the ZOE e-Sport Concept extend beyond the caramprsquos styling andthe same blue livery as the Renault edams teamamprsquos front-running Formula E single-seaters
The bodywork of the ZOE e-Sport Concept is made entirely from lightweight carbon fibre which helps to ensure outstandingacceleration from standstill to 100kph in just 32 seconds The car tips the scales at a mere 1400 kilograms including 450kilograms of batteries
The car is powered by two electric motors capable of generating 450 bhp and 650 Nm of torque One of the motor is powered to therear axle and the other to the front axle Renault Zoe e-Sport gets the same 40 kWh battery which powers the standard variant ofthe car
Jean-Christophe Kugler CEO Renault Europe said that the concept as a link car - a styling exercise intended to connect the Zoeroad car with what Renault is doing in Formula E racing and to send a message that EVs are fun to drive Its not a signal of thefuture for Zoe and we have no intention to develop a performance version
Renault also claims that the electric performance car uses the same air and water cooling systems as the Renaultamprsquos FormulaE car The car is based on a tubular steel chassis with use of extensive carbon fibre The car also gets four driving modes
At the moment Renault has no plans to make the Zoe e-Sport into productionhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsrenault-zoe-e-sport-breaks-covers-at-2017-geneva-motor-show57627528
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Sensata Technologies opens testing facility in Bulgaria ReutersSee this story in The Economic Times
Sofia Sensata Technologies has opened its largest global testing facility in Sofia to support its automotive sensing technologies thecompany said on Tuesday
Sensata which has manufacturing sites in 13 countries already employs 3000 people in Bulgaria where it produces pressure andhigh temperature sensors for the automotive market and operates a business centre
In recent years inexpensive labour low taxes and an educated workforce have encouraged dozens of car part producers and ITand business outsourcing companies to set up in the Balkan countryhttpautoeconomictimesindiatimescomnewsauto-componentssensata-technologies-opens-testing-facility-in-bulgaria57632975
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Driving driverless Quest for an autonomous car has reached a truck now Nandagopal RajanThe Financial Express
At San Franciscoamprsquos Pier 90 chock-a-block with cargo vehicles it is pretty tough for any truck to stand out But a white Volvotruck with Otto emblazoned on it is the centre of attention This is the next big thing in automated cars and has already shown itsmettle by delivering a consignment of Budweiser beer in Colorado without a driver controlling it on the freeway
Uber is one of the many companies thinking in terms of driverless car While CEO Travis Kalanick says automated vehicles areampldquoexistentialamprdquo for the ride-hailing companyamprsquos future he is not alone in the race to drive without drivers Just in theUS at least 23 companiesampmdashincluding Tesla Google and Volkswagenampmdashhave registered in autonomous vehicleprogrammes The idea that fuels this cutting-edge technology is pure economics at the end of the day Cars suffer from seriousissues of inefficiency as they sit idle 95 of the time Considering that the world has 1200000000 cars this is inefficiency at agargantuan scale Add to this the fact that cars amount for 22 of all emissions globally and muddy the urban infrastructureproblem by creating the need for parking spaces
Since 1984 when the first experimental self-driving cars appeared there has been much progress on the technology leading toMercedes-Benz showcasing its concept car the F 015 at the Consumer Electronics Show in Las Vegas in 2015 Everyone has adifferent take on the technology but in the end the idea is to make cars intelligent and independent enough to be aware ofsurroundings and take decisions based on that
Interestingly Uberamprsquos dream is to bring ampldquoreliable transportation to everyone everywhereamprdquo now extended toeverything too with the trucks from Otto a start-up it acquired last year Matt Sweeney who heads product at UberamprsquosAdvanced Technology Group says ampldquothe truck and passenger vehicles share software and hardware components and thishelps us work on different aspects of the self-driving problem at the same timeamprdquo But on scope passenger vehicles are forurban environments where Uber has its focus on ride-sharing while trucks will be for high-speed highways where the constraintsare different
Just last week Uber got a permit from California Department of Motor Vehicles to test two self-driving Volvo SUVs on public roadsthough it will need to have backup drivers behind the wheel in case the prototype cars malfunction Its self-driving cars have beenrunning test drives in other parts of the US too
The Otto truck comes with a rig of radars laser scanners and stereo cameras that give the computers inside a live 360-degreevision of its environment with high dynamic range high resolution and high colour information imagery so that the truck can besmart enough to decide what to do next But the computing task this presents is ampldquoalmost as big as a small datacentreamprdquo Sweeney says the computing has to be done inside as ampldquothere is no tech that can let us send all that data tothe cloud real time and hence a lot of the computing has to be done in the truck itselfamprdquo
ampldquoA lot of the tech is based on prior mapping but in subsequent runs we see differences that have come about in the area andpay attention on those objects that are differentamprdquo
Interestingly Otto is being sued by Googleamprsquos Waymo self-driving car unit which claims its former employee and start-upfounder Anthony Levandowski stole its proprietary design for its laser-based radar system There are other challenges tooampldquoUber tech is different because we are trying to make this on top of the ride-sharing network that we already haveamprdquo headded
Nissan in contrast keeps the driver and not the technology at the centre and its definition of an ampldquoautonomous caramprdquo ishence a vehicle with different levels of driving technologies that enable it to operate autonomously for certain periods of time ANissan spokesperson said on the technology side the challenges are in artificial intelligence software development data processingand digital mapping technologies while on the social environment side laws and regulations along with modifications of roadinfrastructure will become necessary
This contrast in technologies is why it is important to see how the entire ecosystem evolves maybe with different platforms talkingto each other But Uber is not depending on this ampldquoWe need to see and interact with vehicles but there is no guarantee wewill have that technology So we are approaching it with the assumption it wonamprsquot existamprdquo says Sweeney
Uberamprsquos goal is to take its technology everywhere but can these vehicles actually be practical for an environment like IndiaSweeney accepts the new elements this will throw in along with the sheer volume will present a slew of challenges ampldquoThoseare situations we think we will be able to tackle but those are not the first places we will goamprdquo he explains adding that theywill look for opportunities where they can deploy this technology safely Clearly this drive has just started(The author attended the Uber Media Summit in San Francisco at the invitation of Uber)httpwwwfinancialexpresscomopiniondriving-driverless-quest-for-an-autonomous-car-has-reached-a-truck-now588112
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Samsung completes acquisition of Harman The Economic Times
New Delhi The arrest of the Vice-Chairman of Samsung Board Lee Jae Yong on bribery and corruption charges has not affectedthe deal between Samsung and Harman International IndustriesIn a media statement the South Korean giant confirmed thecompletion of its largest such deal ever
Under the terms of the merger agreement Harman stockholders will receive $11200 per share in cash The completion follows thesatisfaction of all conditions to the closing of the transaction including approval of the transaction by HARMAN stockholders andreceipt of all necessary regulatory approvals in the United States and certain foreign jurisdictions
ampldquoToday is a historic moment for us The close of this transaction opens the door to create substantial growth opportunitiesand deliver greater benefits for customers worldwideamprdquo said Young Sohn President and Chief Strategy Officer of SamsungElectronics and Chairman of the Board HARMAN ampldquoWe see transformative opportunities in the car ampndash and a futurewhich seamlessly connects lifestyle across automotive home mobile and work Samsungamprsquos and HARMANamprsquosleadership in these spaces perfectly positions Samsung to be the preferred partner to our OEM customers In addition bringingtogether HARMANamprsquos iconic audio brands and capabilities paired with Samsungamprsquos leading display technologies willdeliver enhanced audio and video experiences to consumers and professional end markets And most importantly we areenthusiastic about our common vision the similarities in our culture of innovation and the added value we can create for customersWe look forward to working with all of HARMANamprsquos employees to execute on our visionamprdquo
Harman boasts around 30000 employees spreadout across different brands including JBL Infinity Lexicon and Mark LevinsonThe company will continue to conduct business as an independent subsidiary under the terms of the deal with Samsung
ampldquoWe are excited to have completed the transaction which provides compelling cash value to our stockholders benefits ourcustomers and provides new opportunities for our employeesamprdquo said Dinesh Paliwal Harman President and CEOampldquoSamsung shares our commitment to our customers and our culture of speed innovation and execution Samsung providesHarman with the scale platform and complementary technologies to accelerate growth and extend our global market leadership inautomotive smart audio and connected technologies Recognizing the importance of partnerships in an increasingly connectedworld particularly in automotive we are poised to leverage our combined teams and resources to produce even greater value forour customers Working closely with automakers and other technology companies Samsung and Harman will define ampndash anddrive ampndash the future of automotiveamprdquohttpautoeconomictimesindiatimescomnewsauto-technologysamsung-completes-acquisition-of-harman57624440
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Skoda delivers 81200 units in Feb 2017 globally The Economic Times
Mlada Boleslav Czech car manufacturer Skoda in a press release stated that the company delivered 81200 vehicles to customersworldwide in February 31 more than in the same period last year (February 2016 78800) brvbarkoda also claims that it has soldmore cars than any February in its history The Czech manufacturer achieved double-digit growth in Central and Eastern Europe (+129 and + 133) India (+ 128) and Israel (+ 198) among others
We are delighted with our strong start to 2017 We expect the market launch of the OCTAVIA product upgrade as well as the newKodiaq to create further momentum says Werner Eichhorn brvbarKODA Board Member for Sales and Marketing
In Western Europe deliveries to customers rose by 70 in February to 34800 vehicles (February 2016 32500) With 12600vehicles Germany remains the strongest single European market (February 2016 12100 vehicles +45) brvbarKODA recordeddouble-digit growth rates in the UK (3400 vehicles +236) Italy (2200 vehicles + 201) Belgium (2 000 vehicles +271) andAustria (1900 vehicles +647)
In Central Europe brvbarKODA achieved an increase of 129 with 17400 cars (February 2016 15400 vehicles) Deliveries on thehome market of the Czech Republic rose by 88 to 8200 vehicles in Poland (5700 vehicles + 163) Slovakia (1700 vehicles+154) Slovenia (600 vehicles +226) and Croatia (300 vehicles +469) also rose in double figures
In Eastern Europe excluding Russia Skoda achieved a year-on-year increase of 133 with 2800 vehicles delivered (February2016 2500 vehicles) In the same period 400 customers in Ukraine received their new brvbarKODA ampndash an increase of 939(February 2016 200 vehicles) The number of deliveries increased significantly in Bosnia (200 vehicles + 557) Bulgaria (200vehicles +175) and the Baltic States (600 vehicles + 229) In Russia brvbarKODA achieved an increase of 46 with 4300vehicles (February 2016 4100 vehicles)
In China ampndash the brandamprsquos largest market worldwide ampndash brvbarKODA handed over the keys to 15000 new vehicles(February 2016 18500 vehicles -188) Deliveries overseas increased by 98 to a total of 2500 vehicles
At the Geneva Motor Show brvbarKODA is presenting several new highlights These include the brvbarKODA KODIAQ SCOUT and brvbarKODAKODIAQ SPORTLINE alongside the extensively upgraded brvbarKODA OCTAVIA as well as the sporty spearhead brvbarKODA OCTAVIA RS245 and the brvbarKODA OCTAVIA SCOUT with a rugged off-road look In addition the upgraded brvbarKODA models RAPID and RAPIDSPACEBACK and Citigo are on show
brvbarKODA deliveries to customers in February 2017 (in units rounded off by model +- in percent compared to February2016)brvbarKODA OCTAVIA (28600 -86)brvbarKODA FABIA (16700 + 152)brvbarKODA RAPID (15000 + 121)brvbarKODA SUPERB (10900 + 171)brvbarKODA KODIAQ (1300 + 1000)brvbarKODA YETI (6300 -157)brvbarKODA CITIGO (only sold in Europe 2300 -164)httpautoeconomictimesindiatimescomnewspassenger-vehiclecarsskoda-delivers-81200-units-in-feb-201757626693
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Isuzu claims more durability on its diesel engines for trucks The Economic Times
Indianapolis Isuzu Commercial Truck of America has announced that the B10 durability rating of its 4HK1-TC diesel engine hasbeen increased to 375000 miles informed the company in an official statement
To elaborate further on what it means the Japanese commercial vehicle manufacturer went on to say that A B10-life rating is anindustry-standard gauge provided by engine makers to help consumers determine the long-term durability of an engine Thenumber following the B indicates the percentage of an engineamprsquos population that will require an overhaul before the indicatedmileage
That means that 90 of Isuzu 4HK1-TC engines are expected to last 375000 miles before they require a major repair or rebuildPreviously the 4HK1-TC engine carried an already-robust B10 durability rating of 310000 miles added the company
ampldquoWe are proud to say that Isuzu diesel engines are already known worldwide for their long-term dependabilityamprdquo saidShaun Skinner president of Isuzu Commercial Truck of America ampldquoOur new B-10 rating is strong evidence that our enginesare even more durable than everamprdquo
The turbocharged intercooled 4HK1-TC four-cylinder diesel engine displaces 52 liters and generates 215 horsepower Torqueratings vary depending on model The engine is fitted to Isuzu NPR-HD NPR-XD NQR and NRR models as well as the all-new2018 Isuzu FTR Class 6 truck
The company made the above announcement at the National Truck Equipment Associationamprsquos 2017 Work Truck Show inIndianapolis held on March 13httpautoeconomictimesindiatimescomnewsauto-componentsisuzu-diesel-engines-for-trucks-now-become-more-durable57626832
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MoS visits Rolls-Royces new logistics centre in England The Economic Times
New Delhi Nick Gibb Minister for School Standards and MP for Bognor Regis and Littlehampton has visited Rolls-Royce MotorCars Technology and Logistics Centre on Monday informed the British luxury car maker in a media release
During the visit Gibb toured the facility met the expert team onsite and was briefed on the companyamprsquos future plans to expandthe Centre He also took the opportunity to learn more about the Rolls-Royce Motor Cars apprenticeship graduate and internprogrammes
Nick Gibb said ampldquoThe original announcement that Rolls-Royce Motor Cars would be locating its Technology and LogisticsCentre in Bognor Regis was a great boost for our town and warmly welcomed I am delighted to see the huge new state of the artfacilities fully operational and providing high quality jobs for local people The support of such a prestigious company is good newsfor Bognor Regis and for the wider local economyamprdquo
He continued ampldquoIt is very welcome that Rolls-Royce operates an apprenticeship scheme ensuring the company has the skillsit needs for the future and providing opportunities and training for a cohort of young people every year This year Rolls-Royce istaking on record numbers of apprenticesamprdquo
The new Rolls-Royce Technology and Logistics Centre at Bognor Regis opened on schedule in January 2016 The purpose-built30000m2 facility is located close to the companyamprsquos head office and manufacturing plant at Goodwoodhttpautoeconomictimesindiatimescomnewsindustrymos-visits-rolls-royce-new-logistics-centre-in-england57626981
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All new Mazda CX-5 to be produced at Hofu Plant The Economic Times
Hiroshima Japan Japanese automaker Mazda Motor Corporation starting from November is going to produce the all-new MazdaCX-5 crossover SUV at its Hofu Plant in addition to the Hiroshima Plant where it is currently produced
The company informed that the move will help the automaker respond quickly and flexibly to growing demand for SUVs globally
Mazda aims to create a production system that can respond flexibly to changes in demand for crossover vehicles as it works tomeet its global sales goal of 165 million units
Launched domestically in February the all-new CX-5 has till date recorded sales of 16639 units about seven times the monthlytarget claims the company
As with the CX-3 starting production of the CX-5 at Hofu Plant as well is part of our plan to build a production framework that givesus more flexibility between plants and between models said Masatoshi Maruyama Managing Executive Officer in charge of GlobalProduction We will do everything we can to get customers the crossover vehicles they want as quickly as possiblehttpautoeconomictimesindiatimescomnewspassenger-vehicleuvall-new-mazda-cx-5-to-be-produced-at-hofu-plant57627447
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Rheinmetall receives over $25 mn order from American carmaker The Economic Times
New Delhi German automotive parts supplier Rheinmetall has booked its first order for a special application of coolant valves by amajor American carmaker and destined for the NAFTA market
The company in a statement said that the order has a lifetime value of over US$25 million (around Rs 165 crore) Series productionof the valves is scheduled to start in 2019 with the contract set to run for about five years
Talking about the product the company went on to say that the innovative valves play a lead role in intelligent thermal and energymanagement on modern vehicle engines These often have several cooling circuits which are controllable with the aid of switchingseat valves
As from model year 2020 this particular customer will be installing several versions of such valves on gasoline and diesel enginesfor pick-ups with over 6 liters displacement
They will take over functions in the cooling circuit of the transmission ensuring that it reaches operating temperature faster byswitching off the coolant flow when the engine is started This also helps to reduce emissions added the companyhttpautoeconomictimesindiatimescomnewsauto-componentsrheinmetall-receives-over-25-mn-order-from-american-carmaker57628058
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Nissans Infiniti names former BMW executive as new design chief ReutersSee this story in The Economic Times
Beijing Infiniti Nissan Motors premium brand named Karim Habib former global design chief for BMW as the brands new chiefdesigner effective July 1
Habib will replace Alfonso Albaisa who will be promoted to lead Nissans global design according to a press release seen byReuters Habib will report to Albaisa
Habib who has worked for several premium automotive brands including BMW and Daimler will be based in Nissans technicalcentre in Atsugi Japan and lead Infinitis design teams in Japan Beijing San Diego and Londonhttpautoeconomictimesindiatimescomnewsindustrynissans-infiniti-names-former-bmw-executive-as-new-design-chief57630437
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Elon Musks bold offer of Tesla batteries wont solve Australias power problems ReutersSee this story in The Economic Times
Launceston Australia Australia is becoming an interesting microcosm on how to or how not to transition an economy from beingpredominantly powered by coal to more climate-friendly alternatives
The dramatic intervention by Tesla Inc Chief Executive Elon Musk last week is just the latest twist in an ongoing saga that pits
business government farmers government and environmentalists against each other
Musk in an exchange of tweets with software billionaire Mike Cannon-Brookes chief executive of Atlassian Corp offered to fix theelectricity supply problems of South Australia state within 100 days of signing a contract
Musks plan is to install 100 megawatts (MW) of grid-connected battery storage which would be available to meet peak demandand would be charged with surplus electricity from other generating sources in periods of low demand
Its a bold offer and would most likely provide a quick fix to Australias fourth-largest state which suffered a blackout last Novemberand has been dealing with power shortages over the peak summer period
Businesses like BHP Billiton which operates the giant Olympic Dam copper mine in the state have been pushing for thegovernment and other stakeholders to ensure stable electricity supply saying the cost of blackouts runs into millions of dollars inlost output
Musk whose Tesla Corp is ramping up output of its battery storage packs at its Gigafactory in Nevada held talks with AustralianPrime Minister Malcolm Turnbull at the weekend as well as with South Australian Premier Jay Weatherill
The politicians will no doubt be tempted to Musks offer to install batteries especially since the electric car pioneer said if he didntmeet his 100 day deadline he wouldnt charge anything
But while Musks offer if taken up would provide a quick fix it would not do enough to mend the underlying problems at the heart ofAustralias electricity woes
Its worth looking at how Australia got itself to the point where virtually all players can agree that the nation is facing somethingapproaching an energy crisis
After all the country is not short of fossil fuels such as coal and natural gas and its climate and low population density outside themajor cities are ideal for renewables such as solar and wind power
The country is heavily reliant on an ageing fleet of coal-fired power stations which makes Australia one of the highest polluters percapita
These coal power stations are starting to close down with one shutting in South Australia last year and another planned to close inVictoria state at the end of this month
The problem is that the coal-fired power stations role as providers of base load electricity cannot be taken over by wind and solarand the role is falling to natural gas
But natural gas is also the most expensive method of generating electricity in Australia so utilities are reluctant to run their gas-firedplants until prices are high enough to justify the cost
South Australia has a gas-fired plant that was mothballed until last years power supply crisis but even with the higher prices forelectricity the operator is struggling to make the plant profitable
The state moved on Tuesday to try and address its energy security issues announcing it would build a 250 MW gas-fired plant andhelp the private sector build a 100 MW battery at a total cost of A$510 million ($385 million)
Gas Supply ConstraintsNatural gas supply is becoming a problem in Australia which may seem ironic given the country is on the verge of becoming theworlds largest exporter of liquefied natural gas (LNG) as the last of eight new plants come closer to completion
In fact the new LNG plants are copping some of the blame for the tightening natural gas market especially the three in easternQueensland state based on using coal-seam gas as the feedstock
These are being blamed for sucking domestic natural gas out of the market and into the export LNG industry
What hasnt helped is that some of Australias state and territory governments are also pursuing policies that will restrict futurenatural gas supplies
Victoria state has banned hydraulic fracturing or fracking as well as shale and coal-seam gas exploration while the NorthernTerritory New South Wales and Tasmania have various moratoriums on fracking
This leaves Western Australia Queensland and South Australia as the remaining states where onshore natural gas supplies can bedeveloped and they are now in the cross-hairs of the environmental lobby which is opposed to any and all new natural gas wells
Politicians across the traditional Labor-Liberal divide are increasingly giving in to demands to restrict natural gas exploration whilepretending that this wont have a negative impact on energy security and electricity prices
But the costs are starting to become apparent with spot electricity prices surging over the Australian summer and natural gassuppliers warning that they will be unable to meet the needs of industrial customers without action being taken
Its often the case politicians only take action when the point of crisis is reached and this appears to be the case in Australia
Whats needed is a holistic approach to energy supply as Australia transitions away from coal-fired power
This means ensuring enough natural gas is available to provide base load generation while scaling up renewables such as solar
wind pumped hydro and battery storage
Forging enough common ground with the various stakeholders will be the main obstacle but more than anything else Australia isshowing how difficult it is to end the age of coalhttpautoeconomictimesindiatimescomnewsindustryelon-musks-bold-offer-of-tesla-batteries-wont-solve-australias-power-problems57630514
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Innogy in talks with car consortium over charging stations CEO ReutersSee this story in The Economic Times
Essen Germany Innogy is in intense talks with a group of carmakers Chief Executive Peter Terium told journalists on Mondayhoping to be selected as a supplier of super-fast charging stations for electric vehicles across Europe
Its not a done deal yet Terium said pointing to strong competition from rival vendors
BMW Volkswagen Ford and Daimler plan to build about 400 next-generation charging stations in Europe that can reload anelectric car in minutes instead of hours
Sources told Reuters in January that Innogy was in talks with the consortiumhttpautoeconomictimesindiatimescomnewsindustryinnogy-in-talks-with-car-consortium-over-charging-stations-ceo57624184
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China may roll back electric vehicle quotas as industry pushes back ReutersSee this story in The Economic Times
Beijing China is considering easing proposed quotas aimed at producing more electric vehicles as Beijing gets pushback from theautomotive industry over the scale and pace of the plans
If adopted proposed changes under discussion could see a target of new energy vehicles (NEV) making up 8 percent of sales nextyear pushed to 2019 two auto executives said
The changes would lower targets from a draft policy released in September requiring 8 percent of automakers sales to be batteryelectric or plug-in hybrid vehicles by 2018 rising to 10 percent in 2019 and 12 percent in 2020
Any loosening of NEV targets would mark a pull back by Beijing which has faced opposition to the planned targets as it looks todrive its domestic carmakers to overtake global rivals in the green vehicle sector
Automakers and industry bodies have said the targets are too tough and could hurt manufacturers interests New energy vehicleslast year accounted for just 18 percent of sales in the worlds biggest autos market according to Reuters calculations based onofficial data
Its normal to make revisions as its a draft plan An Jin chairman of Anhui Jianghuai Automobile Group (JAC Motor) said on thesidelines of the National Peoples Congress in Beijing
He said he was aware of talks to revise the quota targets but said nothing was set in stone JAC hasnt been told what revisionsmight be made to the draft but I think it is possible the draft will be changed after the discussions he said
Whether the whole market can hit this quota by 2018 depends a lot on the strength of government policy If its strong then weshould be able to surpass the targets An said (But) if you consider Chinas infrastructure and the transformation of Chinas autosector then perhaps the pace will have to slow
Two Percent CutTwo executives familiar with the plans told Reuters the government was considering options for lowering the requirements
One idea was to reduce the quota requirement by 2 percent each year cutting the 2018 requirement to 6 percent said aChina-based government relations official at a major global automaker It would then be 8 percent in 2019 and 10 percent in 2020
Another option would be to push back each target by a year with the 8 percent quota starting from 2019 an executive at aJapanese car maker said
Both asked not to be named due to the sensitivity of the matter and because the draft was still under consideration
The overall policy includes quotas for plug-in cars targets for average fuel economy requirements and a credit trading system topromote green energy cars while penalizing petrol cars
The two people said the quota stand-off was tied to a disagreement between the Ministry of Industry and Information Technology(MIIT) and Chinas top state planner the National Development and Reform Commission (NDRC)
MIIT which regulates manufacturers supports a more flexible credit trading system favoured by automakers The NDRC is more
aggressive in promoting a transition to electric vehicles pushing the introduction of the stricter quotas
An NDRC spokesman said the body played a small role when the draft was open to public for discussion MIIT did not immediatelyrespond to Reuters requests for comment
China has strongly supported and subsidized electric vehicles but is gradually swapping out incentives for hard targets automakersmust meet The central government cut subsidies 20 percent this year a first reduction towards eliminating them by 2020httpautoeconomictimesindiatimescomnewspolicychina-may-roll-back-electric-vehicle-quotas-as-industry-pushes-back57623608
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Russias standards agency says Volkswagen recalls 43151 Skoda cars ReutersSee this story in The Economic Times
Moscow Russias standards agency said on Monday that Volkswagens Russian operation had informed it about the voluntaryrecall of 43151 Skoda cars due to a possible technical fault
The recall affects Skoda Octavia Superb Fabia Yeti and Rapid cars sold in Russia between 2012 and 2016 the watchdog saidhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsrussias-standards-agency-says-volkswagen-recalls-43151-skoda-cars57624140
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Economy
Rupee hits 1-12 yr high surges 78 paise on BJP sweep PTISee this story in The Economic Times
Mumbai The rupee surged by a massive 78 paise to end at a nearly one-and-a-half year high of 6582 against the US dollar onfrantic unwinding of the American currency following BJPs emphatic victory in Uttar Pradesh
Forex market sentiment soared on hopes that BJPs stellar show in state polls would pave the way for the Modi government to focuson key reform measures
The home currency resumed on a strong footing at 6620 from last Fridays closing value of 6660 at the Interbank ForeignExchange (forex) market on heavy dollar unwinding from speculative traders and exporters tracking weekend developments
Maintaining its bullish momentum against the dollar the rupee hit a fresh intra-day high of 6576 in late afternoon deals beforeending at 6582 showing a solid gain of 78 paise or 117 per cent
This is the highest closing of the rupee since November 6 2015 when it had ended at 6576
Meanwhile the RBI fixed the reference rate for the dollar at 661800 and for the euro at 704354
Financial markets too took comfort from BJPs landslide victory with the broader Nifty climbing 15245 points to a new closing peakof 9087 and the Sensex rallying 49640 points to end at 2944263
The much-anticipated turnaround on the economic front has opened up a barrage of foreign capital fund flows into India
Foreign investors pumped in over Rs 10000 crore in the Indian capital markets this month so far
It also got an added fillip from bullish macro data which showed that the countrys industrial production bounced back in Januaryexpanding by 27 per cent year-on-year
Factory output measured in terms of Index of Industrial Production (IIP) had contracted by 01 per cent in December
However inflation based on wholesale prices shot up to a 39-month high of 655 per cent in February against 525 per cent inJanuary according to official data
On the global front the dollar traded firmly higher against its major counterparts ahead of the two-day Fed meet when it could liftrates for the third time since the financial crisishttpautoeconomictimesindiatimescomnewsindustryrupee-hits-1-12-yr-high-surges-78-paise-on-bjp-sweep57635104
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Nifty hits all time high of 912275 Sensex surges 616 points after big BJP win The Economic Times
Mumbai The Nifty jumped to life highs on Tuesday after the BJPamprsquos thumping win in the crucial state of Uttar Pradeshrekindled hopes of a bigger-than-expected push for reforms by the Narendra Modi government
The Nifty up 11 so far this year crossed its previous life high of 9119 to hit 912275 before ending the day 171 or 15245points higher at 9087 This is the indexamprsquos biggest single-day gain in points since February 1 and caps a strong reboundsince the December 26 low of 7893 on demonetisation worries
The Sensex surged by 616 points or 212 intra-day before ending the day at 2944263 up 49640 points This is its biggest gainsince May 25 last year The index is the best performer among all developed and emerging market indices in local currency terms inthe past three months
The rupee surged 79 paise to a 16-month high of 6582 to the dollar as exporters sold more dollars and foreign investors boughtlocal shares BSE data showed that foreign investors bought local shares worth Rs 4089 crore their biggest single-day purchasesince February 17 when they purchased Rs 8059 crore
FPIs have bought shares worthRs 23132 crore since January this year against net sales of Rs 9800 crore in the same period lastyear The BSE Midcap and Smallcap indices gained 144 each
ampldquoOne must be ready for a correction after a rally but I am optimistic about the medium to longterm prospectsamprdquo saidMotilal Oswal chairman Motilal Oswal Financial Services Ltd ampldquoFundamentally valuations are comfortable at this point intime because of good corporate earnings growth In the short term markets may remain volatileamprdquo
BJP romped to victory in UP on Saturday winning 312 out of the 403 seats Its allies won 13 more taking the NDA tally to 325 Thisis the biggest win recorded by any party in the state since 1977 and has raised prospects of the BJP doing well in other electionsthis year and next Many political pundits also believe that the victory has improved Prime Minister Narendra Modiamprsquos chancesof retaining power in the 2019 general election
Barring the metals index all other sectoral indices on the NSE ended with gains on Tuesday About 55 stocks including TitanJubilant Life Sciences Kotak Mahindra Bank IndusInd Bank YES Bank and Indiabulls Housing Finance among others hit life highswhile 92 stocks were locked in upper circuit with no sellers
ampldquoWith the sharp rally the market which is currently susceptible to global risk is trading at above average multiples and westay cautious near termamprdquo said Sanjay Mookim India Equity Strategist BofA Merrill Lynch ampldquoIndiaamprsquos businesscycle should improve over the next several quarters while improving construction should drive capex which is good forequitiesamprdquo
Some market experts are divided over the near-term outlook as indices have begun to look expensive at current valuations Plusthere is no immediate trigger for upgrade
ampldquoValuations of the Indian market are quite high and would require the support of strong earnings growth Any disappointmenton earnings will make valuations look even more expensive which the market may not likeamprdquo said Sanjeev Prasad senior EDand co-head of Kotak Institutional Equities
ampldquoGlobal and domestic interest rate cycles are no longer supportive with likely increase in developed markets bondyieldsamprdquo
ampldquoWhile markets are expecting a rate hike this meeting what will be of more interest is the commentaryamprdquo said DipenShah senior V-P PCG research Kotak Securities ampldquoIf it is hawkish it may have an impact on fund flows to emerging marketsbut India may be relatively less impacted because of the continuing domestic flowsamprdquo
ampldquoNotwithstanding the election results we believe the risk-reward is not favourable currently and advise investors to sell intothis rally We expect Nifty EPS to rise 15-16 in FY18 and see no trigger for an earnings upgrade at this junctureamprdquo ReligareInstitutional Research said in a notehttpeconomictimesindiatimescommarketsstocksnewsnifty-hits-all-time-high-of-9122-75-sensex-surges-616-points-after-big-bjp-winarticleshow57639036cms
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WPI inflation up 655 for February 2017 The Economic Times
New Delhi The annual rate of inflation based on monthly Wholesale Price Index (WPI) stood at 655 percent (provisional) for themonth of February 2017 (over February 2016) as compared to 525 percent (provisional) for the previous month and -085 percentduring the corresponding month of the previous year
The official Wholesale Price Index for amplsquoAll Commoditiesamprsquo for the month of February 2017 rose by 05 percent to 1855(provisional) from 1846 (provisional) for the previous month
The index for primary articles rose by 09 percent to 2581 (provisional) from 2557 (provisional) for the previous month
The inflation rate for Fuel and power group rose by 13 percent to 2038 (provisional) from 2012 (provisional) for the previousmonth due to higher price of coking coal (15 percent) aviation turbine fuel (3 percent) bitumen (2 percent) and kerosene highspeed diesel LPG and lignite (1 percent each) However the price of furnace oil (1 percent) declined
The index for the major group of manufactured products remained unchanged at its previous monthamprsquos level of 1588
(provisional) In this group the index for amplsquoRubber amp Plastic Productsamprsquo group rose by 02 percent to 1489 (provisional)from 1486 (provisional) for the previous month due to higher price of rubber products (1 percent)
The index for amplsquoTransport Equipment amp Partsamprsquo group rose by 05 percent to 1405 (provisional) from 1398 (provisional)for the previous month due to higher price of auto rickshaw tempo matador (4 percent) and auto parts (1 percent)
For the month of December 2016 the final Wholesale Price Index for amplsquoAll Commoditiesamprsquo stood at 1833 as comparedto 1828 (provisional) and annual rate of inflation based on final index stood at 368 percent as compared to 339 percent(provisional) respectively as reported on January 1 2017httpautoeconomictimesindiatimescomnewsindustrywpi-inflation-up-6-55-for-february-201757627665
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February CPI at 365 vs 317 in January highest since October 2016 PTISee this story in The Economic Times
New Delhi Retail inflation rose to 4-month high of 365 per cent in February mainly due to surge in price of food items like fruitssugar and confectionery
Measured in terms of Consumer Price Index (CPI) the inflation had dipped to a multi-year low of 317 per cent in January this yearon account of cash crunch following demonetisation It was 526 per cent in February last year
According to the CPI data released today by the Central Statistics Office (CSO) the consumer food prices index (CFPI) rose by201 per cent in February from 061 per cent in January The CFPI was 53 per cent in February 2016
Inflation in fruits was higher at 833 per cent fuel and light at 39 per cent in February The rate of price rise in meat and fish was 35per cent in February
Prices of sugar and confectionery items rose by 1883 per cent in February while inflation in milk and milk product increased by 422per cent
The rate of inflation in household goods and services was 409 per cent while this rate was in health segment was 4 per cent Thetransport and communication became expensive by 539 per cent
The personal care and effects segment rose by 515 per cent while the education became more expensive by 537 per cent inFebruary this year
The inflation rate was 438 per cent in clothing and footware segment while it was 49 per cent in housing segment
However the prices of vegetables and pulses declined by 829 per cent and 902 per cent respectively
Rural retail inflation was at 367 per cent in February compared with 336 per cent in the preceding month The CPI was also up inthe urban sector at 355 per cent in February from 29 per cent in January this yearhttpautoeconomictimesindiatimescomnewsindustryfebruary-cpi-at-3-65-vs-3-17-in-january-highest-since-october-201657633211
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Closing
Last Financial Closing
Sensex 2944263 (+49640)NSE 9087 (+15245)US$ spot Rs6582US$ Y1148000US$ 6 months RsYen Rs57Euro spot Rs70
Gold (10gm) Rs28333Silver (1kg) Rs4008300
Crude Oil (WTI) Crude Oil (Brent) $5172 (+037)
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Apollo Tyres 1 18610Asahi Ind 1 21655Amara Raja B 1 83230Ashok Leyland 1 9080Bajaj Auto 10 286670Bharat Forge 2 103550Denso 1 Eicher Motor 10 2396325Escorts 10 51945Exide Ind 1 21645Force Motors 10 427760Gabriel India 1 11460Hero Motocor 2 335745Hind Motors 5 950Hi-Tech Gear 10 29885Jay Bh Maruti 5 38190
Jamna Auto 5 20550JK Tyres amp Inds 10 1241 Kinetic Motors 10 Kinetic Engg 10 KOEL 2 37685Kirloskar Br 2 24135LML Ltd 10 1250LampT 2 155810Lumax Ind 10 131690Lumax Tech 10 43230MampM 5 132600Maruti Suzuki 5 613240Motherson SS 1 36290Minda Inds 2 44350MRF 10 5298390Omax Auto 10 7555Rico Auto 1 5720Sona Koyo St 1 8170
SRF 10 157155Tata Motors 2 46975 TVS Motors 1 43690
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Bhushan Steel 2 5430Hindalco 1 19040Hind Zinc 2 29140JSW Ispat S 10 Jind Steel 1 12490JSW Steel 1 18190Jindal Saw 2 7995National Aluminium 5 7310SAIL 10 6005Tata Steel 10 47255Visa Steel 10 2185
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Ambuja Cement 2 23370Binani Industries 10 7200Birla Corp 10 70360India Cement 10 16070Prism Cement 10 9375JK Cement 10 88470Shree Cement 10 1639835
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NURC Industry Updates contain editedtruncated text of Industry-specific news as it appears in various select dailies and websites These are NOT full stories unless otherwisespecifically mentioned The stories contained herein are informational only and no representation is made or warranty given as to their content reliability truthfulness orusefulness User assumes all risk of use It be clearly understood that NURC updates do not claim to and neither mean to replace the Print or the Internet editions of variousnewspapers whose articles are featured therein For the best and complete news reading NURC urges its readers to read the full text of the stories from the Newspaperswhose credits are given after the headline and visit the related website whose URL is given below the text matter of each news item
NURC News Update - AUTOMOBILES
News on Indian Auto Industry Copyright 1999 NURC MediaNext Pvt Ltd
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Powered by Enablingbiz Esoluttions
from the hill which had a climb of 70 degrees and safely landed on the flat surface The breathtaking obstacle was fought by turninginto the Hill Descent Control mode with extra caution Though one may be a passionate off-roading driver perfection in this obstacleneeds extra practice
Other obstaclesAfter clearing the deadly obstacles rest of the other tests over the track were easily done by the big machine The vehicles easilycrossed the multiple speed breaker and multiple pits and also climbed other steep rocks effortlessly
As a passengerAfter the tough 2 km drive covering all the possible obstacles that one might face during an off-road drive we also tested thevehicle by sitting inside as fellow passengers With the off-roading driving expert on the wheel climbing and getting down the toughterrains crossing other obstacles will make passengers feel the drive is straight out of an amusement park Just make sure thatevery individual inside the car has his seat belt onhttpwwwdeccanheraldcomcontent601374ford-endeavour-big-beast-conquershtml
Top
Renault introduces Kwid Climber at Rs 43 lakh Deccan Herald (Web Edition)
Bengaluru French auto major Renault has unveiled a variant of its popular hatchback Kwid in the country with the price starting atRs 43 lakh (ex-showroom Delhi)
Christened as Kwid Climber the variant will be available in both manual and automated manual transmission (AMT) modes
The manual variant is priced at Rs 43 lakh while the AMT trim of the vehicle comes for Rs 46 lakh (ex-showroom Delhi) The10-litre SCe engine which powers the Kwid Climber is optimally designed for better performance
The company first showcased the Kwid Climber as a concept vehicle at the auto expo last year The company aims to achieve amarket share of 5 in the near termhttpwwwdeccanheraldcomcontent601369renault-introduces-kwid-climber-rshtml
Top
Smart Hybrid Vehicles surpass one lakh units Deccan Herald (Web Edition)
Bengaluru Maruti Suzuki India has announced that its Smart Hybrid vehicles Ciaz SHVS and Ertiga SHVS have crossed cumulativesales of 100000 units recently This marks the success of Maruti Suzukiamprsquos efforts in hybrid and electric mobility in India
Introduction of technologies like Smart Hybrid can only create a significant positive impact if they are made available to a largersection of customers With this as a premise MSI introduced Indiaamprsquos first Smart Hybrid Vehicle Ciaz SHVS on September 12015 It subsequently introduced the technology in Ertiga Diesel in October 2015
Smart Hybrid Vehicle by Suzuki (SHVS) is a technology which uses an Integrated Starter Generator (ISG) and an advanced highcapacity battery to supplement the engineamprsquos power SHVS technology makes it more efficient than the conventional set-upand saves energy while deceleratingbraking
Ciaz and Ertiga Smart Hybrid participate in the government of Indiaamprsquos FAME India scheme which aims to promote FasterAdoption and Manufacturing of Hybrid and Electric vehicles in India
Celebrating the success of SHVS sales R S Kalsi Executive Director Marketing amp Sales Maruti Suzuki said ampldquoAs we movetowards hybrid and electric cars we see this as a first important step in this space Both Ciaz SHVS and Ertiga SHVS are high onfuel efficiency come with reduced running costs and lower levels of CO2 emission thus making these popular among customersThe response we have received for SHVS equipped Ciaz and Ertiga encourages us to continue to invest in new technologies thatsupport the environment while benefitting the customeramprdquo
Ciaz SHVS with a certified fuel efficiency of 2809kml tops the mileage chart in India Ertiga SHVS with 2452 kml has set newbench marks in fuel efficiency in its category Both vehicles are market leaders in their respective segments and illustrate thegrowing preference of Indian customers for greener and cleaner technologies like Smart Hybrids SHVS equipped vehicles accountfor over 60 of volume of the two models
Idle Start StopThe engine stops automatically when the driver shifts the gear to neutral and releases clutch while the engine is idling Restartsengine as soon as the clutch is pressed and the stored energy is used for this process
Engine AssistThe stored power in the advanced high capacity battery assists the engine during vehicle acceleration which improves efficiencyand thus prevents wastage of fuel
Brake energy Regeneration During decelerationbraking ISG charges the advanced high capacity battery and provides energy to assist the
engineamprsquos idle-stop-start function and helps the engine during accelerationhttpwwwdeccanheraldcomcontent601368smart-hybrid-vehicles-surpass-onehtml
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Car Tech SmartPlay adds the Android touch Vishal Mathurmint (Web amp Print Edition)
Car entertainment systems have become smarter but car makers in India have been slow to adopt the new technology MarutiSuzuki became the first car maker on our shores to add the Apple CarPlay in-car platform to their SmartPlay infotainment systemavailable in the S-Cross crossover Baleno hatchback Ciaz sedan and Ertiga multi-purpose vehicle (MPV) Now SmartPlay hasbeen upgraded with support for Googleamprsquos Android Auto in addition to Apple CarPlay for the iPhone
At the very heart of the SmartPlay system is a proprietary software for radio Bluetooth connectivity and basic navigation
Android Auto and CarPlay recreate your phoneamprsquos interface on the display in the car What you need to do is plug in yourphone to the caramprsquos USB port At present Android Auto and Apple CarPlay do not work wirelessly
Android Auto gives you instant access to apps such as Google Play Music Google Allo Google Maps and the phone dialer Theinterface is easy to useampmdashthe apps are listed at the bottom of the screen just like the navigation bar at the bottom of yourAndroid phoneamprsquos screen Within each app the menu for relevant options is available on the top left side Android Auto alsointegrates messages and notifications from third-party apps including Facebook Messenger and you can reply or set selectnotifications on mute while you drive
Unlike Apple CarPlay where you donamprsquot need to pair your phoneamprsquos Bluetooth separately Android Auto requiresBluetooth pairing if you want to use the voice-calling feature The 7-inch display has good brightness levels and is adequatelysharp It is a fingerprint magnet though and a bit reflective something youamprsquoll notice during daytime driving The system canalso be accessed with the controls on the steering wheelampmdashthese include media playback voice command and call keys
The new SmartPlay system is rolling out first in the Ignis hatchback priced upwards of Rs459 lakh (ex-showroom Delhi) Thismakes it the first car in its category to have the Apple CarPlay and Android Auto combination available as a default option
There is no doubt then that Apple and Googleamprsquos smart car platforms are a genuine evolution over the infotainment set-upsmost car makers have offered as a default all this whilehttpwwwlivemintcomLeisureTSsAAxb7YqoYittRY2Bw7ICar-Tech-SmartPlay-adds-the-Android-touchhtml
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Luxury Cars
The best of both worlds Roland Folger MD amp CEO of Mercedes-Benz India Hormazd SorabjeeThe Hindu (Web amp Print Edition)
Roland Folger Managing Director amp CEO of Mercedes-Benz India on why the long-wheelbase E-Class is an ideal fit for India
What is the rationale behind introducing the long-wheelbase variant of the E-Class and is it a gamble because of the high price
Well there is always a certain element of risk with a long wheelbase However in the next five to 10 years the road conditions arenot going to be any better and the traffic is not going to be any lighter Our customers including successful businessmen andentrepreneurs spend a lot of time in their cars Once we saw the opportunity within our line-up and solutions we had to some ofthose issues for the Chinese market we were very eager to apply the same in India There is nothing better out there than to havecomfort in your day-to-day driving routine on the populous roads of India
Was there cost pressure arising out of India being the only right-hand-drive market for the new E-Class
Of course there were cost pressures and it was not an easy sell to Germany either looking at the incremental cost of such avehicle and trying to stay within a price level that people would accept
I think that was the biggest challenge we were facing at that time But we remained committed to the idea since we knew it wouldgive us a unique positioning on cost and in price levels in a segment that we really own in India
That also gave us the confidence that the volumes we would achieve in India were definitely going to be worth it
Is there a possibility of exports to other right-hand-drive markets such as Singapore South Africa and Sri Lanka
In markets other than India the situation is different either they sell a lot more S-Classes or are happy with the existing normalwheelbase W213 E-Class We still looked at the opportunity and found that the volume was too small or not profitable for us at all
What was the research that prompted the launch of the long-wheelbase E-Class
We now have a total of 34000 E-Classes running in India We did some research with existing customers that involved talking tothem directly observing cars coming into service and talking to drivers to understand who was driving the car more frequentlyInterestingly we found that most of our customers were chauffeur-driven when they go to work but on the weekend they wish todrive themselves So our aim was to offer a vehicle which offered the best of both worlds
Will the new long-wheelbase E-Class pull in S-Class customers
I donamprsquot see a risk of the new LWB E-Class pulling S-Class customers since the S-Class is not bought because of itslegroom but because of its overall package and positioning We hope to attract a lot of other people from the SUV segmentbecause of the space and comfort the E-Class offers So maybe we can change some of the rules of the game as well
What is the strategy behind bringing the 30-litre V6 diesel to the E-Class
We adopt a skimming policy sometimes where we believe that the first customers because of their long relationship with us aredefinitely going for the 350d
The top-end variants are the first cars to be snatched up eagerly and we need to take care of these customers first
Do you have plans to bring the straight-six diesel engine to India
Yes we might get a straight-six diesel by 2018 Naturally it also depends on our sales figures and our sales success
But it will certainly come to India thatamprsquos a promise We have been making sure that the relevant parties in the Governmentunderstand that from 2018 onwards we will be ready to also introduce Euro-VI or BS-VI-compliant engines in India and arediligently working on thathttpwwwthehinducomtodays-papertp-featurestp-metroplusthe-best-of-both-worldsarticle17464905ece
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Mercedes-Benz E350D A luxury car with limousine looks Shapur Kotwalmint (Web amp Print Edition)
The E-class is the model with which Mercedes first came to India many years ago Now itamprsquos ready with an all-new model in astretched-out long-wheelbase avatar
In fact India is the first right-hand-drive market to get the E-class long-wheelbase
The first thing that strikes you about the new E is that itamprsquos a really long car and itamprsquos this length that gives it the majesticlimousine look The highest specification variant of the 350d gets air suspension In its lowest setting ground clearance is just120mm though you can raise this by 15mm using the ampldquoliftamprdquo function However the underside scrapes over a fewspeed-breakers Whatamprsquos nice though is that the smart 17-inch alloy wheels are wrapped in tyres with tall sidewalls whichhelp the car absorb bad roads better
The focus of the car is its rear seats and this is where the new E-class impresses There is more legroom than you will ever needand the seats are sure to set a new benchmark in the class in terms of comfort They are nicely bolstered and offer excellentsupport all round The back rest even reclines electrically and that combined with the pillow-soft headrest cushions makes the rearseats the perfect spot for a power nap And if you need more legroom you can push the front passenger seat forward with the touchof a button The double panoramic roof adds to the sense of space inside
However the middle seat is narrow and it is best to flip down the centre armrest for comfort There are other shortcomings tooThereamprsquos just one USB slot for the rear passengers who will not be able to control the Comand infotainment system and theair-con system takes quite a while to cool the massive cabin
The Comand system features a 123-inch display and is paired with a Burmester surround-sound audio system It can be controlledvia a jog-dial and a touch pad as well as small steering-mounted touch pads It doesnamprsquot have touch controls and the carbeing sold in India doesnamprsquot get the all-digital instrument cluster that the E-class sold internationally hasampmdashinstead ituses a rather ordinary-looking analogue instrument cluster
However the E-class comes loaded with Mercedesamprsquo Pre-Safe system (it tightens seat belts and braces passengers in caseof an imminent impact) and a 360-degree camera handy when manoeuvring a car this big through tight spaces Thereamprsquoseven a Park Pilot which steers the car into a parking spot for you
Those who like to drive will definitely appreciate the 258hp 30-litre V6 diesel engine Itamprsquos supremely refined you can hardlyhear it in the cabin In addition itamprsquos got nine-speed transmission
The E-class can be quite quick when you want it to be it can accelerate from 0-100 kmph in a claimed 66 seconds Pick up thepace however and the lateral body movement is quite noticeable more so over bad roads Itamprsquos best to use the Sport orSport+ modesampmdash the car feels more tied down and is better to drive In Sport+ though it feels too eager to accelerate andspeed up which can be slightly disconcerting in bumper-to-bumper traffic
In case you donamprsquot plan on driving yourself around the 20-litre petrol-powered variants starting at Rs5615 lakh will serveyou better The car will also get a new 20-litre diesel engine sometime later this year Chauffeur-driven buyers should be impressed
with the caramprsquos ride which almost makes you feel like youamprsquore travelling on a cushion of air especially in the Comfortmode
You must consider the new E-class if you are thinking of buying a luxury car with a brilliant back seat Itamprsquos spacioussupremely comfortable and as with all Mercedes cars has a cabin thatamprsquos fastidiously put together In the right drive mode itcan tackle bad roads well and the big diesel engine is even fun to drive Prices range from Rs5615-6947 lakh (ex-showroomDelhi) which means the top-specification variant is almost Rs7 lakh costlier than the predecessorhttpwwwlivemintcomLeisureZT1ffyCrNaC0DdkXB6GmxIMercedesBenz-E350D-A-luxury-car-with-limousine-lookshtml
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Audi Launches 2017 Q3 at Rs 3420 Lakh Asian Age (Web Edition)
German luxury automaker Audi has recently launched the 2017 Q3 in India It is the third launch from Audi this year and asproposed the automaker will introduce seven more new products in 2017 The updated Q3 comes with subtle aesthetic changesan uprated diesel engine along with standardisation of features The 2017 Audi Q3 is now available in two variants ampndash the 20TDI FWD priced at Rs 3420 lakh and the 20 TDI Quattro priced at Rs 3720 lakh (all prices ex-showroom New Delhi)
In terms of design the changes on the outside are limited to the front bumper The air inlets now get a black surround whichcomplements the black lower cladding The new Q3 is now offered with all-LED headlamps as standard Also offered as standardare 17-inch 5-spoke alloy wheels shod with 23555 R17 tyres
Inside changes are limited to the inlays - the Q3 20 TDI FWD gets walnut brown ones while the Q3 20 TDI quattro gets aluminiumones Equipment such as electric adjustment for the front seats a panoramic sunroof and 2-zone automatic air conditioning isoffered as standard
The MMI system has not been modified in the new Q3 The 65-inch infotainment display remains the same while the multimediasystem is BluetoothSD card compatibility with 20GB of inbuilt storage Infotainment
The 20-litre turbocharged 4-cylinder motor remains the only power source for the Q3 - but it has been tweaked for more powerand torque The transmission option is now limited to the 7-speed S tronic dual clutch The 6-speed manual available on thepre-facelift S edition variant has been discontinued Drivers can use paddle-shifters placed behind the steering wheel to changegears
The 20-litre TDI develops 150PS of maximum power and 340Nm of peak torque in the FWD variant This is 10PS20Nm more thanthe 20 TDI that powered the pre-facelift Q3 S edition Available only with the 7-speed S tronic dual-clutch transmission the 20 TDIFWD can accelerate from 0-100kmph in 93 seconds and has an ARAI-certified fuel efficiency of 1851kmpl
The 20-litre TDI develops 184PS of maximum power and 380Nm of peak torque Compared to the pre-facelift Q3 the motor in thenew develops 7PS more power Paired to the 7-speed S tronic dual-clutch transmission the 20 TDI quattro accelerates from0-100kmph in 79 seconds and has an ARAI-certified mileage of 1517kmpl
Driver convenience features on offer include a colour multi-information display for the driver in the instrument console hill-startassist hill descent control and cruise control Standard safety systems on offer include rear parking sensors reverse parkingcamera ESC and 6-airbagshttpwwwasianagecombusinessautos140317audi-launches-2017-q3-at-rs-3420-lakhhtml
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Commercial Vehicles
Tepid growth of 2-3 expected in CV industry in FY 17 Tata Motors Shobha MathurThe Economic Times (Web Edition)
New Delhi The commercial vehicle industry is expected to grow at a tepid pace of 2-3 percent during financial year 2016-17 due tothe effect of demonetisation and the slow recovery thereafter according to RT Vasan VP sales and marketing at Indias largest CVmaker Tata Motors
In November-December 2016 the commercial vehicle industry had dropped steeply by about 20 percent and has been on arecovery mode since January after the restrictions on cash availability were gradually eased
Improvements have been witnessed across product segments whether LCVs or construction a segment which was doing well rightthrough the year
The cargo market has also started picking up pace since the last couple of months In the bus category privatization has given afillip to its declining fortunes so that the school city and staff transport sector are all on the incline
The construction sector is expected to grow by 25 percent during this fiscal on the back of heightened activity in the infrastructure
sector In FYamprsquo17 ease of financing and improvement of consumption demand was expected to boost LCV sales In the cargoMampHCV segment a double digit growth had been forecast by industry body SIAM with improvement in overall economy led byincrease in industrial and agri output
Vasan told ETAuto that the industry was optimistic about the next fiscal with the advent of the BS-IV emission regime from 1 April2017 However prices of vehicles are expected to rise especially of MampHCV trucks There would be a slow start to the year by theCV industry due to pre-buying in FYamprsquo17 before the new emission regime kicked in that would slowdown sales in the firstquarter of FYamprsquo18
But with the impetus given to this segment by infrastructure development and road construction by the government the industrywould see a growth from Q2 after the impact of pre-buying starts declining
While the industry is ready with the BS-IV product range Vasan says that the new technologies harnessed for compliance wouldboost vehicle prices by 8-10 percent for MampHCVs Buses would also witness a price realignment of 8-10 percent while LCVs wouldsee a price rise of 6-10 percent
In terms of new technologies most of the CV range is already equipped with the anti-lock braking system except for the smallerones
In terms of upcoming regulations some more safety legislation is on its way related to the body code such as cabins that will haveto be necessarily be air conditioned in the future
The bus body code that was earlier announced has only been partially implemented so far and the body code is also believed to becoming up for the truck and trailer segments LCVs are small units and have been already approved by ARAI
The overall CV segment registered a growth of 349 percent in April-February 2017 compared to the same period last year Mediumamp Heavy Commercial Vehicles (MampHCVs) declined marginally by 079 percent and Light Commercial Vehicles grew by 682 percentduring this periodhttpautoeconomictimesindiatimescomnewscommercial-vehiclemhcvtepid-growth-expected-of-the-cv-industry-at-2-3-percent-in-fy1757633279
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Tata Motors to showcase all new 1000 bhp race truck PTISee this story in The Economic Times (Web Edition)
New Delhi Tata Motors will showcase an all new T1 Prima race truck powered by 1000 bhp engine during the fourth season ofthe T1 Prima Truck Racing Championship
The engine of the all-new 1000 bhp T1 race truck is being developed in collaboration with US-based Cummins enabling thecompany to set new benchmarks in the Indian commercial vehicles space Tata Motors said in a statement
Built with specifications similar to that of trucks that race globally the vehicle was developed in a record time of 12 months ademonstration of teamwork speed and capability Tata Motors Executive Director Commercial Vehicles Ravindra Pisharody said
Tata Motors and Cummins have a joint venture company called Tata Cummins established in 1994 developing engines in the rangeof 75 to 400 HPThe fourth edition of T1 Prima Truck Racing championship will be held on March 19 at the Buddh International Circuit (BIC) GreaterNoidahttpautoeconomictimesindiatimescomnewscommercial-vehiclemhcvtata-motors-to-showcase-all-new-1000-bhp-race-truck57635142Tata Motors to showcase 1000 bhp Prima TruckFinancial Chroniclehttpwwwmydigitalfccomcompaniestata-motors-showcase-1000-bhp-prima-truck-900Tata Motors to showcase all new 1000 bhp race truckDaily News amp Analysis (Web Edition)httpwwwdnaindiacommoneyreport-tata-motors-to-showcase-all-new-1000-bhp-race-truck-2352506
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Construction amp Agri Machinery
SBI floats one-time settlement scheme for tractor loans Abhijit LeleBusiness Standard
Mumbai State Bank of India (SBI) has floated a one-time settlement scheme for borrowers defaulting on loans taken to buytractors
The countryamprsquos largest bank has also voiced reservations against the move to waive farm loans saying this will affect therepayment culture in the country
SBI executives said the tractor loan book was part of the bankamprsquos farm loan portfolio and the bank announced settlementschemes regularly to shed doubtful debt where the prospects of recovery were low after making adequate provisions for such dudassets
The settlement scheme for tractor loans began early last month and will continue till March 31 The scheme was for loans disbursedbefore September 30 2011 and had up to Rs 25 lakh outstanding by September 2016 SBI Managing Director Rajnish Kumar saidSBI will take a haircut of 40 per cent on these loans
graphIn a portfolio of over Rs 4000 crore of tractor loans about Rs 800 crore will be eligible for the scheme Crop failure and inability todeploy tractors were some of the reasons for the loans turning bad SBI executives said
SBI had in May 2015 advertised a ampldquoloan resolution weekamprdquo asking borrowers with non-performing assets to ampldquotryand work out a solutionamprdquo The scheme was available to all borrowers except willful defaulters Kumar said the bank was yet tohear anything specific from the government on a farm loan waiver
SBI had in 2014 opposed the waiver of farm loans in Andhra Pradesh and Telangana
ampldquoUttar Pradesh and Punjab constitute 10 per cent of (farm) loans and we wait to understand the contours of the waiver Theimpact will be higher on public banks than on private banksamprdquo Kotak Institutional Equities said in a research notehttpwwwbusiness-standardcomarticleeconomy-policysbi-floats-one-time-settlement-scheme-for-tractor-loans-117031400886_1htmlSBI to offer one-time settlement for Rs 6000-crore tractor loansThe Financial Expresshttpwwwfinancialexpresscomindustrybanking-financesbi-to-offer-one-time-settlement-for-rs-6000-crore-tractor-loans588102SBI to offer Rs6K-cr one-time settlement for tractor loansThe Indian Expresshttpindianexpresscomarticlebusinessbanking-and-financesbi-to-offer-6k-cr-one-time-settlement-for-tractor-loans-4569462
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23 Wheelers
Yamaha aims to export 22 lakh units from India in 2017 Hiroaki Fujita Chairman Deepanshu TaumarThe Economic Times
New Delhi Indian arm of Japanese two-wheeler manufacturer Yamaha Motor is aiming to export over 22 million units from Indiathis year compared to 161 lakh units exported last year thereby recording an estimated growth of 3664 percent Hiroaki FujitaChairman India Yamaha Motor informed in a press statement
In the domestic market the two-wheeler major is also targeting to sell 1 million scooters and motorcycles in 2017
In an annual supplier conference held at Greater Noida Hiroaki Fujita Chairman India Yamaha Motor said ampldquoOur target forthis year is to achieve 1 million unit sales in domestic market and 22 lakh unit sales for exports market In addition we also need toreinforce the Indian parts export business in order to contribute to Yamaha business globally While doing so we must continue withour focus on the amplsquoQualityamprsquo of our parts and productsamprdquo
The two-wheeler major produced a total 94 lakh units in the country in 2016 Yamaha Motor India has two manufacturing plants inIndia at Greater Noida and Chennai having a capacity of 61 lakh units and 56 lakh units respectively
The company aims to produce 15 million units by 2018
Yamaha Motor India has sold over 786 lakh units of two-wheelers in 2016 and over 50 of its total sales have come from scooters
The two-wheeler manufacturer saw a steep decline in sales from the month of November 2016 to January 2017 It was only duringFebruary 2017 when Yamaha registered a growth of 20 percent in domestic sales as compared to the corresponding period lastyear The company recorded domestic sales of 68095 units (including Nepal) in February 2017 compared to 56960 units (includingNepal) in February 2016
Industry analyst believes that the impact of demonetisation is wearing off now Only motorcycles are in red zone because of a largerural consumer base However scooters which are largely sold in urban areas is on the positive side It further believed that by nextmonth the demonetisation impact will completely go away
India Yamaha Motor recently marked its entry into 250 cc sports bikes segment which has very less competition Going forward thecompany wants to focus on urban area than the rural market
The objective of conducting the Annual Suppliers Conference was to share the last yearamprsquos result for Sales and Productionand the current yearamprsquos Sales and Production Plan During the conference India Yamaha Motor shared the direction for 2017its purchase policy the Purchasing Policy of Yamaha Motor Company (Japan) and activities organised amp initiatives were taken forsales and marketing in the previous year
India Yamaha Motor shared its expectations with the suppliers for improvement in Quality Delivery and Development performances
besides cost competitiveness to compete in the export market to increase profitability for both Yamaha and the Suppliers IndiaYamaha Motor also emphasised that all the Suppliers can draw up their investment plans based on the increasing volumes infuture
Sixteen Suppliers were also awarded for their exceptional services in the areas of Quality Delivery Development and Costincluding the Appreciation Award for some of them for the extraordinary Improvement support provided to India Yamaha Motor in2016httpautoeconomictimesindiatimescomnewstwo-wheelersscooters-mopedsyamaha-aims-to-export-2-2-lakh-units-from-india-in-2017-chairman57632349
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BSIV Compliant TVS Jupiter launched at Rs 49666 (Ex-Delhi) The Economic Times
New Delhi Hosur based TVS Motor Company in a BSE filing announced the launch of its BSIV compliant TVS Jupiter at Rs 49666(Ex-Delhi) and it is now available with two new colours - Jade Green and Mystic Gold
The refreshed scooter is now BSIV compliant with Auto Headlamp On (AHO) and equipped with Sync Braking System (SBS) SBSensures rider safety as it automatically activates the front brakes when the rear brakes are used claims TVS The feature previouslyavailable on ZX range will now be available on the Base variant as well
Commenting on this Aniruddha Haldar Vice President Marketing- Scooters TVS Motor Company said ampldquoTVS Jupiter hasreceived such enthusiasm from the consumers in response to its credo of Zyada ka Fayda Living true to this credo not only is theentire Jupiter range now BSIV compliant it now offers the unique Sync Braking System (SBS) across the entire range (earlier onlyavailable on the ZX range) Further for our customers we are adding two colours Jade Green and Mystic Gold giving them 10colour options to choose from We are happy to offer all this with absolutely no change in the Exshowroom price truly ZYADA KAFAYDAamprdquo
Since its launch in 2013 TVS Motor Companyamprsquos flagship scooter brand Jupiter has been strengthening theCompanyamprsquos foothold in the scooter market and contributing to overall scooter segment uptake penetration and growth inIndia
Company has sold over 15 million Jupiter scooters since its launch in 2013 The scooter is powered by a all-aluminum low-friction110cc engine
There is no revision in the prices for the BS IV models of Jupiter priced at Rs 49666 (Ex-Showroom Delhi) the scooter is availableacross all TVS dealershipshttpautoeconomictimesindiatimescomnewstwo-wheelersscooters-mopedsbsiv-compliant-tvs-jupiter-launched-at-rs-49666-ex-delhi57630201TVS Motor rolls out BS IV variants of JupiterThe Hindu Business Linehttpwwwthehindubusinesslinecomtodays-papertp-newstvs-motor-rolls-out-bs-iv-variants-of-jupiterarticle9583972eceTVS unveils BS-IV compliant JupiterThe Hinduhttpwwwthehinducomtodays-papertp-businesstvs-unveils-bs-iv-compliant-jupiterarticle17464118eceTVS launches BS-IV compliant JupiterBusiness Standardhttpwwwbusiness-standardcomarticlecompaniestvs-launches-bs-iv-compliant-jupiter-117031400552_1html
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Dominar 400 takes the battle to the Royal Enfield turf Murali GopalanThe Hindu Business Line
Mumbai Bajaj Autoamprsquos recently launched Dominar 400 is attracting former Royal Enfield bike users who now account for 20per cent of its customer base
According to Eric Vas President (Motorcycle Business) Bajaj Auto the larger chunk of 80 per cent is still taken up by those whoused Yamaha Honda and Bajajamprsquos own Pulsar motorcycles
The Dominar made its debut in mid-December as a serious contender to Royal Enfield While monthly numbers thus far have beena little over 3000 units the good news is that the bike has taken pride of place in the 350cc plus segment vis-a-vis RoyalEnfieldamprsquos offerings However when it comes to the core 350cc space the latter continues to be the market leader withmonthly sales of nearly 55000 units powered by the Classic and Bullet
The three-month-old Dominar 400 kicked off its presence in 22 towns which has since increased to 32 in February and slated to goup to 110 towns by the end of this month
This tally will double to 200 in April and Bajaj Auto hopes to have at least 300 towns covered for the Dominar 400 during the courseof 2017-18
If everything goes according to plan the company hopes to be clocking its targeted 10000 motorcycles every month by the end of
Q3 next fiscal
Attractive features
Vas says market feedback shows that buyers love the Dominar 400 for its performance speed and top-class brakes Interestingly alarge number of them have opted for the more expensive ABS version which retails at a little over Rs 15 lakh
The LED lamps are another big draw and their attractive lighting explains why many customers opt to have their test rides at night
According to Vas Dominar 400 buyers are largely in the age group of 25 years who have already owned a bike There are no firsttime users yet but this is expected to begin happening once the network grows and more customers start going in for the relativelyless expensive disc brake version which has a price tag of nearly Rs 14 lakh
The Dominar 400 was launched to take on Royal Enfield in a segment that is priced between Rs 1-2 lakh and accounts for five percent of motorcycles sold in India
In terms of numbers this translates into 65000 units each month
The next fiscal could see this grow to nearly 85000 units or over one million units annually
Changing dynamics
It is in this product category that Royal Enfield has a market share of 80 per cent and it is in the balance 20 per cent space thatBajaj has thrown down the gauntlet with the Dominar 400
The other rival models include KTM Yamaha YZF-R15 and Honda CBR 150R but none of them has posed a serious threat to RoyalEnfield yet
It now remains to be seen if the Dominar 400 can draw customers from the top-selling Classic
It is clear that with 10000 units targeted during 2017-18 Royal Enfield will still be comfortably ahead in terms of numbers
How dynamics change after this period will be interesting to watch
From Bajaj Autoamprsquos point of view the strategy boils down to acknowledging the reality of living in a world of opposites whereevery mature segment is essentially a two-horse race
The Dominar will stick to the core principle of being opposite from the market leaderamprsquos offerings and has been positioned as amodern machine and not a heritage brandhttpwwwthehindubusinesslinecomtodays-papertp-newsdominar-400-takes-the-battle-to-the-royal-enfield-turfarticle9583973ece
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Bajaj cheers at Feb sales Ajay ModiBusiness Standard
New Delhi Pune-headquartered Bajaj Auto claims to have surpassed volumes sold by market leader Royal Enfield in the 350-500ccmotorcycle segment in February
It attributes this to the Dominar a 373 cc premium sports motorcycle it launched in December at an ex-showroom price of Rs 136lakh Enfield says Bajaj is celebrating too early
Bajaj has sold about 3000 units of Dominar a month this calendar year and is drawing a comparison with the February volume ofRoyal Enfield in the 350-500 cc segment when the latter did wholesale volumes of 2602 units Eric Vas president for themotorcycle business at Bajaj said ampldquoWe have already overtaken Royal Enfield in the segment They used to sell an averageof 5000 units a month until a few months agoamprdquo
He claims that two of every 10 Dominars was sold to customers who owned an Enfield ampldquoSome have sold it to buy Dominarand some have bought it as their second bikeamprdquo He added there had been a decline in the waiting period of some of Enfieldsmotorcycles The 350-500 cc segment for Enfield includes the Bullet 500 Classic 500 Thunderbird 500 and Himalayan
Bajaj hopes to gradually raise Dominar volumes to an output of 10000 units monthly in about six months ampldquoThe bike hasbeen accepted very well We should reach a monthly volume of 6000 units by next monthamprdquo said Vas He did not disclosecumulative bookings for the Dominar He said most customers bought it after test rides
Vas said the volumes were aggregated from the 22 cities where itwas available until February We have expanded reach to 32cities and it will be available in a 100 cities and towns by end-March In April the company plans to add another 100 cities andtowns The constraint is more on the capacity front than on the network sideamprdquo he said
Bajaj said the incremental volume from Dominar would start reflecting in the profit figures once volume crossed 5000-6000 units amonth
Enfield has almost the entire 250-350 cc motorcycle market in the country estimated at close to 50000 units a month This is where
it gets the lionamprsquos share of its sales In the 350-500 cc market it controls 80 per cent (data for the first 11 months of FY17)This is a much smaller segment with monthly volume of 5300 units
Siddhartha Lal managing director of Eicher (which owns Enfield) told Business Standard last month that it would continue toengage with the target segment and expand reach to grow volumes ampldquoWhen one succeeds in a segment others try to enterand take a bite Of course there will be competition but we are not worriedamprdquo hed said It is understood that Enfieldamprsquosproduction volume in February was impacted due to fewer days (February having only 28) and the transition to BS-IV emissionnormshttpwwwbusiness-standardcomarticlecompaniesbajaj-cheers-at-feb-sales-117031400822_1html
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India Yamaha Motor sets ambitious sales target Nandini Sen GuptaThe Times of India
Chennai India Yamaha Motor Private Limited (IYM) is targeting an ambitious production and sales pitch of more than three millionunits this year with one million in the domestic market alone It was revealed by the top management at a recently organised AnnualSuppliers Conference at Greater Noida (Delhi-NCR) which was attended by 500 members representing more than 200 suppliersfrom across India
The theme of this years conference was Challenge the Innovation for Global Competitiveness and Its all about the customer
Our target for this year is to achieve one million unit sales in domestic market and 22 lakh unit sales for exports market Inaddition we also need to reinforce the Indian parts export business in order to contribute to Yamaha business globally While doingso we must continue with our focus on the Quality of our parts and products said Hiroaki Fujita Chairman YMI-G Cos
The objective for conducting the Annual Suppliers Conference was to share the last years result for sales and production and thecurrent years sales and production plan During the conference IYM shared the direction for 2017 its purchase policy thepurchasing policy of Yamaha Motor Company (Japan) and activities organised amp initiatives taken for sales and marketing in theprevious year
Among the senior management members who were present on the occasion on behalf of IYM included Hiroaki Fujita chairmanYamaha Motor India Group Cos (YMI-G Cos) Takashi Terabayashi MD -IYM Yasuo Ishihara MD- Yamaha Motor Research ampDevelopment India (YMRI) T Yamaguchi Deputy MD amp Purchase Head- IYM along with the YMC Purchase team - Olivier Prevostdeputy chief general manager and Hiroshi Hagio general manager
IYM shared its expectations with the suppliers for improvement in quality delivery and development performances besides costcompetitiveness to compete in the export market to increase profitability for both Yamaha and the Suppliers IYM also emphasisedthat all the suppliers can draw up their investment plans based on the increasing volumes in future
Sixteen suppliers were also awarded for their exceptional services in the areas of quality delivery development and costhttptimesofindiaindiatimescomautobikesindia-yamaha-motor-sets-ambitious-sales-targetarticleshow57633067cms
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Thunderous sound remain forever Sandesh M SDeccan Herald (Web Edition)
Bike-lovers had expected a lot from Royal Enfield when the homegrown tough motorcycle manufacturer revealed the 500ccThunderbird in October 2012
When DH decided to check out the four-year-old model with respect to the present dayamprsquos bikes with updated technology theThunderbird 500 remains outstanding in its segment
The bike was tested for two weeks with everyday regular usage and an enthusiastic rider The bike is a good choice for the dailyneeds of an Indian family
Be it an office-goer or a student the bike gives an extra feel where you enjoy every bit of it You need an extra muscle and morepower to handle the bike when the engine is turned off Sometimes it will be a great challenge to tow the bike till a filling station ifthe engine goes dry
PerformanceUndoubtedly this is the most powerful variant of Royal Enfield today The bike feels far impressive than any other machine in thissegment It constantly urges you to take it on highways as it feels best when you pushed harder Overtaking is also very easy withthis bike and it can easily cross a speed of 120 kmphr It still remains a very responsive bike especially at slow speeds
The heavy amount of torque helps it move easily in city traffic The gear ratios are well-matched with this bike and you need lessgear shifts than before The only issue we have with the bike is its heavy weight In city traffic and with a pillion rider sometimes youwill feel the actual weight of this bike Otherwise there are no major concerns related to its performance
Fuel efficiency
Mileage is still a concern and the major drawback with Royal Enfield bikes As the brand new bikes claims to offer 30 kmpl the oldbikeamprsquos mileage drops day-by-day
After few years this will be the main reason for the rider to get rid of his bike In a typical Indian customer mindset a middle-classfamily will think twice before going for a Bullet
Depending on the usage the cushion will loose its power day-by-day The rider will surely feel the pain on the long rides and trafficjams Regular servicing from an authorised mechanic will keep the vehicle in good condition
VerdictThe Royal Enfield Thunderbird 500 is a special bike but the cost compared with its 350 cc sibling the biker has to cough up anextra Rs 40000 which makes anybody to think twice before investing in one The bike has the capability to sustain any roughhandling Though it becomes rough and old its sturdiness remains the samehttpwwwdeccanheraldcomcontent601371thunderous-sound-remain-foreverhtml
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E-Bikes
Components
Amtek Autoacirceurotrades Arvind Dham may offload personal assets to reduce debt Deborshi Chaki amp Swaraj Singh Dhanjalmint
Mumbai With troubled auto parts maker Amtek Auto Ltdamprsquos planned divestment of domestic and overseas businesses yet tomaterialize company chairman and founder Arvind Dham has begun exploring options to monetise assets owned by him
According to two people familiar with the matter who asked not to be identified Dham is in talks with potential buyers to sellIndraprasta Engine Parts Pvt Ltd ( IEPPL) an auto component manufacturing company which he owns in his personal capacityDocuments filed with the registrar of companies show that Arvind Dham along with other senior executives of Amtek Auto holdshares in Indraprasta Engine Parts Pvt Ltd
Dham did not respond to emails text messages and phone calls seeking comment
According to the latest available filings Indraprasta Engine Parts reported a revenue of Rs9525 crore and a loss of Rs115 crore inthe financial year ended 31 March 2015 The company was incorporated in 2010 and currently has a manufacturing plant in HosurTamil Nadu
ampldquoDham has been in discussions to sell the unit following which talks with Kalyani Forge Ltd (KFL) and Sterling Tools Ltd (STL) have reached an advanced stageamprdquo said one of the two people ampldquoDham is keen to show to the lenders that he iswilling put his own money even though the plans to sell Amtek Autoamprsquos assets to repay its debt have not beensuccessfulamprdquo
Amtek Autoamprsquos standalone loss widened to Rs24156 crore for the quarter ended December 2016 from Rs17536 crore in thesame quarter last fiscal Dham plans to plough the proceeds of the sale into the company the first person added
Spokespersons for Kalyani Forge and Sterling Tools did not respond to emails seeking comment
Ever since Amtek Auto defaulted on bond repayments of close to Rs800 crore in September 2015 it has been trying to sell variousgroup businesses to reduce the debt on its books The company has appointed Morgan Stanley as an adviser to assist in its debtreduction plan Amtek Auto owed Rs8066 crore to various lenders as on 30 September 2016 Mint learns that its consolidated debtat the group level is higher
In July last year Bloomberg reported that Amtek Auto has hired global investment bank Rothschild and Co to advise on thepotential sale of all overseas operations including those in the UK the US Mexico China and Germany The report said Amtek wasseeking bidders for its German unit Amtek Tekfor Holding GmbH and expected to raise over $1 billion from the process
A manufacturer of forging parts Amtek Auto counts most of Indiaamprsquos top auto component makers as clients Its overseasclients include global auto brands such as Aston Martin and Daimler
In February the company said in a regulatory filing that it is planning to raise Rs1175 crore by selling shares to promoters on apreferential basis for which it will seek shareholdersamprsquo approval The company has called an extraordinary general meeting on25 March to seek approval from its shareholders for the proposal it added
In February lenders of Amtek Auto are understood to have asked it to either repay loans or convert the outstanding into equityshares or warrantshttpwwwlivemintcomIndustry1tt2QpJ8TtSm53I1bN4VgKAmtek-Autos-Arvind-Dham-may-offload-personal-assets-to-reduhtml
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Allied Industries
Tyre stocks race ahead as China cuts India trade Palak ShahThe Economic Times
Mumbai What is aiding Indiaamprsquos tyre stocks Chinaamprsquos policy to shun India market for the US The share price ofdomestic tyre manufactures including MRF Apollo Tyre Ceat and J K Tyre rose between 1-7 on Tuesday
A research report by Philip Capital said China had curtailed its tyre exports to India to focus on US markets as Trump administrationhad decided against anti-dumping duty on tyres The research pointed out there was more upside for these stocks
ampldquoChina has raised their TBR (truck bus and radial) tyre prices for Indian market by 10-15 rendering themunattractiveamprdquo said Nitesh Sharma and Dhawal Doshi in the research report ampldquoOur checks indicate that Chinesefactories have nearly stopped catering to tyre demand from India as US markets were more lucrativeamprdquo
Ceat rose by 607 on Tuesday Apollo Tyres was up 396 MRF gained 186 and Goodyear India jumped by 129 amongmajor tyre companies
The report titled amplsquoTables Turn Chinese players out rubber fallingamprsquo further said Chinese imports will not bounce backsoon
Demonitisation too has dent a blow to the tyre imports from China which were largely in cash China accounted for roughly 120000 tyre units each month between April to October 2016 but it has fallen sharply now said experts
ampldquoTyre stocks will do well as rubber prices are on a downward spiralamprdquo said Mehraboon Irani Principal amp Head PrivateClient Group Nirmal Bang Securities ampldquoFall in auto sales and jump in rubber prices are not expected which may keep thetraction for tyre stocksamprdquo
Natural rubber prices had jumped to three year high in January due to floods in Thailand the largest exporter of rubber The priceswhich rose to Rs 210kg are now down by over 20 Meanwhile domestic tyre manufactures hiked tyre prices by 3-5 recentlyPhilip Capital has a buy on Ceat and Apollo Tyres with a target of Rs 1550 and Rs 239 respectivelyhttpeconomictimesindiatimescommarketsstocksnewstyre-stocks-race-ahead-as-china-cuts-india-tradearticleshow57633191cms
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How to avoid being overcharged for car service at dealerships The Financial Express
Authorised workshops or dealerships are the main preference for servicing of a customers new car There are dealerships that aregenuine and would not fleece your money while after sales treatment however there are others who would try and take everypenny from you This would also involve you to be thorough with the detailed billing as well as being cautious about understanding ifa requisite task is at all required in your car Here are some tips on how to avoid being overcharged while getting your car serviced
One key area where sales executives of a said dealership can suggest unnecessary expense is anything related to the engineTasks like engine de-carbonisation or engine flushing are suggested right from the first service however it is not required in avehicles early years A cars decarbonisation should ideally take place when the response from the engine is sluggish or there arefrequent misfires despite regular services This usually starts to happen after 60000 kms or more In case it is recommended by asales executive and he or she insists simply avoid by saying no Another popular unnecessary expense is fuel line cleaning whichis suggested at every service Remember that petrol is itself used as a cleaning agent in many applications so fuel line cleaningshould be carried out only in case of a problem
Another aspect where customers are cheated is due to the lack of knowledge about their respective vehicle There have been caseswhere a dealership has conned a customer by putting spark plugs in a diesel car or heater plugs in a petrol engine powered vehicleA diesel car does not have spark plugs (but a petrol car does) and similarly a petrol car doesnt have heater plugs (which arepresent in diesel cars) Additives are advised by many service advisors but these arent needed unless specified by the carmakerKnowing the basic mechanical and electrical parts of your car can go a long way in saving you your money
Other mechanical parts where a person can be overcharged is the clutch adjustment Most modern manual transmission cars soldin India have a hydraulic clutch which is self adjusting till the time the pressure plates and the clutch plates are completely worn outA worn out clutch system will require more pressure to depress the pedal thereby indicating the clutch plates andor pressure plateswould need replacement Ideal time to replace is not at every service which clever dealerships would suggest but at least a gap ofthree service intervals is recommended (with the service interval at every 10000 kms)
All carmakers offer an owners booklet which has all the details of which part needs to be replaced when and the recommendedservice interval When getting your car serviced always refer to this manual and insist on only the aspects mentioned in the manualto be donehttpwwwfinancialexpresscomautocar-newshow-to-avoid-being-overcharged-for-car-service-at-dealerships587326
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Emissions Environment
Finance amp Insurance
Customer not bound by tie-up between vehicle dealer insurer Pune Court Vishwas KothariThe Economic Times
Pune The district consumer court here has ruled that a tie-up between a vehicle dealer and an insurance company is not bindingupon the consumer who buys a vehicle from such a dealer
The court has directed the Bajaj Allianz General Insurance Company in Yerawada here to refund a premium of Rs 21053 ampmdashalong with an annual interest of 9 since September 20 2014 ampmdash and a Rs 5000 fine to a Daund resident for failing to renewhis car insurance despite the latter having paid the renewal premium through the online NEFT transaction
The interest component payable so far works out to over Rs 4700
The company argued that the consumer did not route the payment through the vehicle dealer by way of a demand draft as wasrequired under an agreement between the company and the vehicle dealer
Shankar Raghunath Chavan a resident of Kusegaon in Daund had purchased an insurance policy from the company for his car onSeptember 21 2012 A year later the policy was renewed for the period between September 21 2013 and September 20 2014 Atthe end of this term he had received a reminder from the company for the renewal of his policy
Through the net banking facility Chavan made a payment of the renewal premium worth Rs 21053 for the term betweenSeptember 21 2014 and September 20 2015 He then made repeated requests to the company for the issuance of the policydocument
However in December 2014 when he approached the company he was shocked to learn that his policy had ampldquoexpired due tonon-renewalamprdquo The company did not renew his policy even after his repeated reminders This prompted him to move theconsumer court seeking refund of the premium amount and appropriate costs towards physical and mental agony
The bench observed in its order ampldquoIt is not denied by the insurance company that the complainant (Chavan) had paid thepremium It is the case of the insurance company that as per practice prevailing between the company and the dealer the paymentshould be made by demand draft through the dealer so that the policy can be renewed conveniently It is true that the dealer of thevehicle was not aware about the payment of premium made by the complainant However a tie-up between the dealer and theinsurance company is not binding upon the consumeramprdquo
ampldquoDocumentary evidence which is produced by the complainant is sufficiently eloquent and speaks about inaction on the partof the insurance company Even after sending documentary evidence as regards to payment of policy premium the insurancecompany has failed to renew the policy Definitely this act on the part of the company amounts to deficiency in serviceamprdquo thebench ruledhttpautoeconomictimesindiatimescomnewsindustrycustomer-not-bound-by-tie-up-between-vehicle-dealer-insurer-pune-court57623564
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Analysts in wait-and-watch mode on Bajaj Finance Hamsini KarthikBusiness Standard
A robust business model established over years of experience often tends to withstand the test of time quite remarkably That ofBajaj Finance Indiaamprsquos largest consumer durables financier is one such example
During the note ban period there were doubts on whether Bajaj Finance could replicate its historic performance in terms ofcustomer acquisition loan growth and more importantly asset quality in the December quarter (Q3) Much to the Streetamprsquossurprise Bajaj Finance comfortably met these parameters
Customer acquisition grew by 35 per cent year-on-year in Q3 while assets under management expanded by 33 per cent to Rs57600 crore year-on-year Even asset quality stood out with gross non-performing assets ratio at 147 per cent and that toowithout utilising RBIamprsquos 90-day dispensation on loans less than Rs 1 crore Overall financials remained robust with net interestincome and net profit growing by 27 and 36 per cent respectively These factors have helped Bajaj Financeamprsquos stock reboundfrom its demonetisation period low of Rs 766 to Rs 1125 on Tuesday
However after outperforming the broader markets by a reasonable margin for most of the last two years the stock has lagged inthe past six months Bloomberg data indicate that while the Bank Nifty has gained six per cent in the past six months Bajaj Financeis up only 21 per cent Analysts nonetheless feel that Bajaj Finance may not surpass its previous high of Rs 1180 in a rush
Pointing to some key indicators they prefer to see how March quarter pans out particularly on consumer loans before altering theirexpectations on the stock
Consumer loans which grew by 52 per cent year-on-year in September quarter (Q2) grew 47 per cent year-on-year in Q3 Butwithin this segment consumer durables grew slower at 27 per cent versus 48 per cent in Q2 As for the vehicle financing (two andthree wheelers) the dependence on Bajaj Auto was seen higher in Q3 ampndash 46 per cent dependence on Bajaj Auto fortwo-wheelers and 29 per cent for three-wheelers as against 38 per cent and 18 per cent respectively a year ago Average ticketsize which dipped post demonetisation is yet to see a strong recovery All these factors prompt analysts to be on a wait-and-watchmode
ampldquoWe arenamprsquot able to see a secular return in consumer buying yet While demand for consumer durables may havepicked up as summer sales is already playing out we canamprsquot say the same for vehicle salesamprdquo says an analyst with adomestic brokerage
Analysts at Jefferies feel the annual compounded loan growth for Bajaj Finance could be lower in FY16-19 compared to what was inFY13-16 The brokerage flags that at current valuations (52 x FY18 price-to-book) risk-reward appears negativehttpwwwbusiness-standardcomarticleopinionwhy-analysts-are-in-wait-and-watch-mode-on-bajaj-finance-117031400674_1html
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SBI announces Rs 6000-cr tractor loan settlement scheme PTISee this story in The Economic Times
State Bank of India (SBI) today announced a one-time farm loan settlement scheme worth Rs 6000 crore primarily for tractors
One Time Settlement (OTS) announced for Agriculture Loans Scheme valid until 31st March Contact your branch for details ampbenefits the nations largest lender said on the microblogging site Twitter today
Managing director Rajnish Kumar told CNBC-TV18 the scheme will result in the bank taking a 40 per cent haircut on outstandingtractor loans as of September 2016
SBIs total farm loan portfolio is Rs 125 trillion and Kumar said the tractor loan book is about Rs 6000 crore
He said doubtful or loss category accounts as of September 2016 which were disbursed before September 2011 will beconsidered under the scheme He said a circular in this regard was sent to branches on February 2
But he was quick to add the OTS has nothing to do with Prime Minister Narendra Modis promise of a loan waiver to UP farmersduring the just concluded elections saying there were no talks with the Centre or state in this regard so far SBIs Uttar Pradeshportfolio will be around Rs 13000 crore
SBI had announced OTS schemes for SMEs last December and education loans early in 2016
He said other agri loans like kisan credit cards and other term-loans for tractors and farm loans may also be covered under theschemehttpwwwdnaindiacommoneyreport-sbi-announces-rs-6000-cr-tractor-loan-settlement-scheme-2352737SBI to allow one-time settlement for tractor farm equipment loansminthttpwwwlivemintcomIndustryiXDTXX1onxjwfHcz731WzJSBI-announces-Rs6000-crore-tractor-loan-settlement-schemehtmlSBI announces rs 6000-crore tractor loan settlement schemeThe Pioneerhttpwwwdailypioneercombusinesssbi-announces-rs-6000-crore-tractor-loan-settlement-schemehtml
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Oil Lubricants amp Alternative Fuels
Oil hovers near three-month low as investors awaits data ReutersSee this story in The Hindu Business Line
Tokyo Crude oil prices hovered near three-month lows on Tuesday in early Asian trading as investors await key reports and datathat may shed light on a supply overhang in the global market
US West Texas Intermediate crude (WTI) edged down 3 cents to $4837 a barrel by 0026 GMT The contract ended down 9 centsin the previous session after touching $4790 the lowest since the end of November
Brent crude futures were down 1 cent at $5134 a barrel having settled down 2 cents on Monday after dipping to as low as $5085
Prices fell sharply last week as investors worried that swelling US crude supplies would hinder Organization of the Petroleum
Exporting Countries (OPEC)s efforts to restrict output and reduce a global glut
Prices had risen after the OPEC and other major oil producers including Russia agreed at the end of November to rein inproduction by almost 18 million barrels per day (bpd) in the first half of 2017
ampldquoIts shaping up to be another fun week in the crude complex with OPEC releasing its monthly oil market report on Tuesdayswiftly followed by the IEAs monthly oil market report the day afteramprdquo Matt Smith analyst at ClipperData said in a note
The International Energy Agency releases its closely watched monthly oil market report on Wednesday
Data from the industry group the American Petroleum Institute on US crude and product stockpiles is also due out later on Tuesday
Analysts said the slump may not have much further to go now that prices have fallen more than 8 percent since last Monday thebiggest week-on-week drop in four monthshttpwwwthehindubusinesslinecommarketscommoditiesoil-hovers-near-threemonth-low-as-investors-awaid-dataarticle9582601ece
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News Magazines
Mahindra Electric geared up to be a component supplier Autocar India
Speaking to Autocar India Mahindra Electric (ME) stated that the company is open to being a supplier to other vehiclemanufacturers and will sell complete electric drive systems to those interested At present the ME plant builds the e2o while it shipsout the drive systems for the eVerito sedan and eSupro van For this purpose the production line has been modified to produce notjust built-up vehicles but also fully ready electric drive systems that can be offered to other manufacturers interested in procuringthem With expertise in electrification virtually absent in India ME hopes to build on its first-mover advantage and cater to theindustry Itamprsquos unlikely that there would be any takers for passenger cars but commercial and three-wheeler manufacturerscould be potential customers
Mahindra also confirmed that they are open to supplying other bits like charge system controllers as well Mahindra outsources thebattery and electric motor for its EV powertrains and has no plans of producing these components in-house as apart from the hugeinvestments needed there is no real advantage Battery technology is quite specialised and there are many players in this fieldalready And with electric motor efficiency already at 80 percent ampndash compared to about 30 percent for internal combustionengines ampndash there is very little to differentiate one EV maker from another Mahindra believes the real differentiator in the nearfuture will be in the battery management systems where big gains can be made in the charging and discharging cycle Thus ME isputting a lot of effort into this area and going forward has ambitions to be a supplier solely for battery management systems toother manufacturershttpwwwautocarindiacomauto-newsmahindra-electric-geared-up-to-be-a-component-supplier-404432aspx
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Tesla Model Y SUV due by 2019 Autocar India
Tesla Inc recently renamed from Tesla Motors Inc is on the verge of what it says will be a massive expansion of production with twonew models due to arrive in the next two years
Alongside the much-hyped Model 3 Tesla is also expected to launch an entry-level crossover based on the same platform andrumoured to be badged the Model Y
The starting price of the Model 3 is likely to be around $37000 (Rs 2435 lakh approx) with the Model Y expected to be slightlymore expensive However Tesla founder Elon Musk believes the transaction prices of the new compact Teslas will go higherbecause buyers will be keen to add paid options to their vehicles
While the compact Model Y could turn out to be Teslaamprsquos best seller ampndash some seven million crossovers of all types weresold in the US last year ampndash Musk recently tweeted that the Model 3 remained the biggest priority for the company
The Model Y is unlikely to be unveiled until sometime next year with production set to follow late in the year Little in the way ofspecification has been released though it is expected to borrow the top-hinged amplsquofalcon wingamprsquo rear doors from thebigger Model X SUV
The Model Y will also have the promised updated electrical architecture that will allow Tesla to offer full autonomous drivingcapability Future Tesla cars will be equipped with as many as eight cameras giving a 360-degree view of the surroundingroadscape as well as 12 ultrasonic sensors and a amplsquonewamprsquo forward-facing radar that works in the worst weatherconditions Existing radar systems can be fooled by heavy rain and fog
Musk also said the new electrical architecture has a brain that is as much as ampldquo40 timesamprdquo more powerful than onprevious Teslas calling it a ampldquosupercomputer inside the caramprdquo The autonomous driving technology though will be offered
as add-on option to customers on both entry-level Teslas
Another challenge for the Model 3 and Y will be balancing their lower price against the need for a battery big enough to give anacceptable range
The entry-level Model 3 may have a cheaper sub-60kWh battery but will still need to have a range of at least 370km The ModelYamprsquos more bluff shape and greater frontal area might mean a bigger battery for the same range and so a slight price premium
Tesla is in a race against time to achieve the kind of production levels needed to turn around what is still a cash-hungry operationThe firm has spent nearly $2 billion (Rs 1316350 crore approx) since 2010 with investments including building the battery-makingGigafactory and trying to expand car production to a massive 500000 units a year
Tesla delivered around 76000 vehicles last year but says it was able to build around 2000 cars a week by the second half of 2016With as many as 400000 deposits taken for the Model 3 the company is looking to produce well over 100000 of the BMW3-series rival before the end of this year
Muskamprsquos expansion plans will test the limits of the capabilities of Teslaamprsquos suppliers and those of its own plant inFreemont California But getting to annual sales of half a million vehicles should finally push the carmaker into profit and secure thecompanyamprsquos long-term futurehttpwwwautocarindiacomauto-newstesla-model-y-suv-due-by-2019-404434aspx
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VW promises higher focus on EVs after record sales year Autocar India
The Volkswagen Group ampldquowill be a role model in environmental protection safety and integrityamprdquo according to CEOMatthias Muller who was speaking as the firm confirmed a record-breaking sales year in 2016
Outlining plans for the firm to reinvent itself as a far-reaching mobility company in the wake of the emission scandal Muller revealedthat the VW Group sold 103 million cars in 2016 making it the worldamprsquos largest car manufacturer It made pound62 billion in profitafter allowances including pound56 billion of losses to cover emission scandal costs In 2015 expenses relating to emission scandalamounted to pound142 billion
Most notably its sales in China where the effects of the diesel crisis were negligible grew 122 percent and its 2016 salesrevenues of pound1904 billion also exceeded forecasts by pound35 billion
ampldquoThe last year was challenging yet remarkably successfulamprdquo said Muller ampldquoIn 2016 we set the course for thebiggest transformation in the history of the company while at the same time performing better in our operating business than manythought possibleamphellipVolkswagen is back on trackamprdquo
Muller vowed that the success would be a catalyst for further change adding ampldquoWe will still be one of the most successfulautomakers in 2025 But we will also be a leading international provider of sustainable mobility and set the standard for new mobilityservicesamprdquo
New initiatives include a stated goal of taking leadership in the field of battery technology by 2025 which is by when the VW Grouphas committed to have solid state batteries in production These are seen as the next technological step over the lithium-ionbatteries currently favoured by most manufacturers The VW Group has committed to have 30 battery-electric vehicles on sale by2025
He also signalled that Audi had been tasked with leading the Groupamprsquos autonomous driving projects while adding that the VWGroup now had 37 centres around the world working on autonomous and digital service ideas pivoting around the Groupamprsquosnew mobility company Moia which was set up last year
Muller also highlighted recent joint ventures ampndash in China with FAW and JAC the latter of which will lead to the co-developmentof a budget electric car line in India with Tata Motors and in America with Navistar which is in the commercial vehicle segmentampndash as examples of the firmamprsquos commitment to forging partnerships to boost sales success He also confirmed that thefirst economy vehicles to be developed by the brand will go on sale in emerging markets in 2018httpwwwautocarindiacomauto-newsvw-promises-higher-focus-on-evs-after-record-sales-year-404433aspx
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Mercedes to expand E-class range with E 220 diesel Autocar India
The tenth-generation Mercedes-Benz E-class launched for the first time in India with a long wheelbase has moved the goalposts toset new standards for comfort and space in its segment The E-class comes with two engine options ampndash the base E 200 petroland the top-of-the-line
E 350 diesel Priced at Rs 5670 lakh and Rs 7015 lakh (ex-showroom Delhi) respectively these two variants bookend the E-classrange and is essentially aimed at two sets of customers The E 200 buyer is likely to be almost always chauffeur-driven and henceis mainly interested in rear seat space and comfort while the E 350d customer wants all the bells and whistles as well as the
sublime driving experience only the silky smooth and torquey V6 diesel can offer
However that still leaves a massive Rs 1345 lakh gap in the range which no doubt future E-class variants will eventually plug butwhich one will find that sweet spot to form the bulk of E-class sales
Itamprsquos no surprise then that Mercedes-Benz India is readying a base diesel which like the previous-generation W212 E-class islikely to be the most popular variant offering a strong dose of practicality without too much of a compromise on refinement andluxury
But unlike the W212 which had the E 250d representing the base diesel in the range Mercedes-Benz India is offering the lower E220d as the starting point for the E-class diesel This suggests that the E 220d will be very attractively priced when it goes on salearound June 2017 and could be priced very close to the E 200
The E 220amprsquos all-new 20 litre four-cylinder diesel which pumps out 194hp and 400Nm of torque may not have the punch ofthe outgoing E 250damprsquos 204hp and 500Nm motor but again given the chauffeur-driven focus the new E-class has beenconceived for the newE 220damprsquos performance is unlikely to be an issue
What is a big issue however is downgrading the 20-litre motor which has been designed for stricter Euro-VI emissions to run onlocally available BS-IV diesel ampldquoItamprsquos such a waste of engineering resource and a step backwardsamprdquo said aMercedes-Benz engineer The 2143cc (OM651) diesel engine which powered the previous E-class was easier to adapt to BS-IVfuel unlike the spanking new high-tech 1995cc (OM654) diesel thatamprsquos built to meet the latest global emission standards Infact the OM654 made its debut in the latest E-class when it was launched globally in 2016 Its advanced tech includes a uniquealuminium engine block with steel pistons a special low-friction coating for the cylinder walls and a fourth-generation common-raildiesel injection system At 168kg it is 31kg lighter than the engine it replaces
Downgrading a Euro-VI engine to BS-IV standards takes a lot of time and resources but there is no way out until fuel pumps in Indiaget low-sulphur BS-VI fuel which is not expected until 2020 The BS-IV-spec OM654 wasnamprsquot ready in time for the newE-class launch and this is one reason why the E 220d is coming a couple of months later The other reason could be a strategicone Mercedes-Benz India wants to wait until BMW launches the all-new 5-series expected in June and in a counter move tweakthe E 220damprsquos mix of specifications features and price accordingly A starting price of Rs 57-58 lakh for the E 220disnamprsquot unlikely especially since this variant will be Mercedes-Benz Indiaamprsquos trump card in a luxury car segment it seemsdetermined to dominatehttpwwwautocarindiacomauto-newsmercedes-to-expand-e-class-range-with-e-220-diesel-404429aspx
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Nissan to launch Kicks SUV in Q3 2018 Autocar India
The Nissan Kicks SUV which made its global debut in 2016 in Brazil will be launched in India in the third quarter of 2018 accordingto company sources
However unlike the South American model which is spun off Nissanamprsquos V-platform the made-for-India Kicks (code PB1D)will be based on the upcoming Renault Kapturamprsquos (code HHA) platform This is essentially a modified version ofRenaultamprsquos proven M0 platform that underpins cars like the Duster and Lodgy which are known for their robust mechanicals
The M0 is also a critical part of the Renault-Nissan Allianceamprsquos platform strategy in India which is essentially centred aroundtwo platforms Whilst the CMF-A and CMF-A+ platforms underpin Renault and Nissanamprsquos (and later Mitsubishiamprsquos) smallto mid-size car range in India the M0 platform will cater to higher end products The low-cost M0 platform has proved to be a cashcow for Renault globally and is ideally suited for markets like India The allianceamprsquos European-spec CMF-B platform was alsoevaluated initially but was eventually rejected as it proved to be a lot more expensive than the M0 which has also been localisedover the years
Developed and conceived originally by Renault for its Dacia sub-brand over a decade ago the French carmaker has first rights toproducts spun off the M0 platform and hence like the Nissan Terrano which followed the Renault Duster the Nissan Kicks too willfollow the Renault Kaptur to India but almost a year later
While both the Kaptur and Kicks will use the same modified version of the platform the amplsquotop hatsamprsquo will be completelydifferent The Kicks design and styling will mirror the South American car and thatamprsquos no bad thing
Sharply styled with lots of distinctive design touches like a floating roof massive wheel arches and a wraparound visor look theKicks wonamprsquot have a problem standing out on Indian roads The good thing is that the edgy design hasnamprsquot compromisedpracticality and Nissan claims best-in-class space in the back seat
Cars based on the M0 platform get a choice of just two engines a 16 petrol and the venerable 15 K9K diesel and hence these arelikely to be carried forward into the Kicks as well The 15 diesel is expected to be the mainstay but its likely that in its latest iterationthere will be a small bump up in power and torque
Nissan has set an ambitious target of 30000 Kicks in its first full year of production with an additional 20000 units earmarked forexports Pricing will be crucial for the Kicksamprsquo success and Nissan may do well to undercut its rivals to buy some much neededmarket sharehttpwwwautocarindiacomauto-newsnissan-to-launch-kicks-suv-in-q3-2018-404426aspx
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International News
Volkswagen CEO gets 778 mn euros in pay and benefits for 2016 ReutersSee this story in The Economic Times
Wolfsburg Volkswagen Groups Chief Executive Matthias Mueller was awarded 778 million euros ($828 million) in pay andbenefits for 2016 up from 417 million euros in total remuneration awarded a year earlier the companys annual report showed onTuesday
Mueller was not awarded a full years CEO pay for 2015 since he only took over as chief executive in September following theresignation of his predecessor Martin Winterkorn who was forced out in the wake of a diesel emissions cheating scandal
Volkswagen overhauled its bonus and executive pay policy in February this year to cap total pay for its chief executive at 10 millioneuros ($106 million) and other top managers at 55 million euros
Volkswagen brand chief Herbert Diess saw his total remuneration for 2016 fall to 393 million euros down from 713 million in 2015the annual report showed
($1 = 09401 euros)httpautoeconomictimesindiatimescomnewsindustryvolkswagen-ceo-gets-7-78-mn-euros-in-pay-and-benefits-for-201657631837Volkswagen CEO Matthias Mueller says not ruling out merger talks with Fiat ChryslerThe Financial Expresshttpwwwfinancialexpresscomindustryvolkswagen-ceo-matthias-mueller-says-not-ruling-out-merger-talks-with-fiat-chrysler587861
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Volkswagen CEO US remains core market for company APSee this story in The Economic Times
Frankfurt The CEO of German automaker Volkswagen says the United States remains a core market for the company despite itsdiesel emissions scandal and has underlined that it hopes to expand there
Matthias Mueller made the comments Tuesday at the companys annual news and investor conference at its headquarters inWolfsburg Germany
Mueller said that we are standing by our investment decisions and intend over the long term to play a significantly greater role therethan today
The Volkswagen brand has only a small share in the US market although it is important for the companys luxury brands Porscheand Audi It makes cars in Chattanooga Tennessee
US authorities uncovered Volkswagens use of engine control software that enabled vehicles to cheat on emissions testshttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsvolkswagen-ceo-us-remains-core-market-for-company57633149
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Volkswagen targets strong 2017 even as core brand struggles ReutersSee this story in The Economic Times
Wolfsburg Germany Volkswagen said it was capable of shouldering the costs of its emissions crisis and was targeting an evenbetter year than in 2016 but warned that its core autos division continued to struggle
We see good chances of being able to ride the wave of the positive performance last year when Volkswagen turned in recordunderlying profit helped by sales of upmarket Audis and Porsches Chief Executive Matthias Mueller said on Tuesday at thecarmakers annual news conference
Volkswagen expects group revenue to exceed last years record 217 billion euros ($231 billion) by as much as 4 percent this yearand is forecasting an underlying operating margin of between 6 and 7 percent compared with 67 percent in 2016 it said affirminga forecast given on February 24
The company also aims to moderately exceed last years record 103 million deliveries
You can rest assured that we will do everything in our power to make 2017 an even better year than 2016 the CEO said
But Volkswagen appears to be making slow progress in tackling the biggest trouble spot within the 12-brand group thelong-planned turnaround of its core autos division
Operating profit of the namesake brand slipped further to 187 billion euros in 2016 from 210 billion a year earlier because of highermarketing costs related to dieselgate and plunging demand in Brazil and other key markets finance chief Frank Witter said
($1 = 09394 euros)httpautoeconomictimesindiatimescomnewsindustryvolkswagen-targets-strong-2017-even-as-core-brand-struggles57630343
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VW CEO says not ruling out merger talks with Fiat Chrysler boss ReutersSee this story in The Economic Times
Wolfsburg Volkswagen Chief Executive Matthias Mueller said he is not ruling out talks with Fiat Chrysler boss Sergio Marchionneabout a possible merger
I am not ruling out a conversation Mueller told reporters on Tuesday after the carmakers annual earnings press conference inWolfsburg
Marchionne has long advocated car industry mergers to share the costs of making cleaner and more technologically advancedvehicles and has repeatedly relayed his desire via the media
It would be very helpful if Marchionne were to communicate his considerations to me too and not just to you Mueller said
I am pretty confident about the future of Volkswagen with or without Marchionne
Only last week Mueller appeared to dismiss the prospect of talks with Fiat Chrysler
We are not ready for talks about anything he told Reuters on the fringes of the Geneva auto show I havent seen Marchionne formonths he said at the timehttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsvw-ceo-says-not-ruling-out-merger-talks-with-fiat-chrysler-boss57632909
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Volkswagen chief denies talks with Fiat AFPSee this story in The Economic Times
Berlin Volkswagen chief Matthias Mueller on Tuesday denied rumours that the German auto giant was in talks with rival FiatChrysler
At present there is no contact between me and Fiat Chrysler boss Sergio Marchionne Mueller told the companys annual pressconference in Wolfsburg north Germany
Marchionne had said at the Geneva car show last week that he was expecting Volkswagen to reach out as more firms are thinkingof cost-cutting tie-ups in the vein of Frances Peugeot and German carmaker Opel
In response Mueller said he had other problems since VWs 2015 admission that it installed software to cheat regulatoryemissions tests in 11 million vehicles worldwide
He nevertheless added that Ive never said a tie-up with any other partner is altogether ruled out
VW clawed its way back to profit in 2016 and pulled ahead of Toyota to become the worlds biggest carmaker by unit sales shipping103 million vehicles over the year
Mueller on Tuesday confirmed the groups forecast of moderate growth in sales in 2017
But the firm is far from turning the page as it continues to refit cars equipped with the cheating software and faces legal action fromcustomers and investors in numerous countries
The final bill for the scandal is impossible to predict Mueller acknowledged
All we know is that this question will keep us busy for a long time several years he saidhttpeconomictimesindiatimescomindustryautovolkswagen-chief-denies-talks-with-fiatarticleshow57633113cms
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Volkswagen has good chances to build on strong 2016 performance CEO ReutersSee this story in The Economic Times
Germany Volkswagen has good chances of building on its strong 2016 performance when it swung to a record underlying profitdespite its diesel emissions crisis Chief Executive Matthias Mueller said
The Volkswagen Group is in very robust shape Mueller said on Tuesday at the carmakers annual news conference in Wolfsburg
VW expects group revenue to exceed last years record 217 billion euros ($231 billion) by as much as 4 percent this year and isforecasting an underlying operating margin of between 6 and 7 percent compared with 67 percent in 2016 it said affirming aforecast given on Feb 24
Still operating profit of its core autos division slipped further to 187 billion euros in 2016 from 210 billion a year earlier as the brandis struggling to implement a wide-ranging turnaround planhttpeconomictimesindiatimescomnewsinternationalbusinessvolkswagen-has-good-chances-to-build-on-strong-2016-performance-ceoarticleshow57630339cms
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BMW i3 batteries to be used by Vattenfall The Economic Times
New Delhi Swedish power making company Vattenfall and German auto giant BMW Group have signed a contract for the deliveryof up to 1000 lithium-ion batteries this year The batteries with a capacity of 33 kilowatt hours (kWh) each are equipped with aBMW-owned battery management system and are also used by the car manufacturer in the BMW i3
Vattenfall will purchase the new batteries from the BMW plant in Dingolfing and use them in all storage projects
Energy storage and grid stability are the major topics of the new energy world says Gunnar Groebler Senior Vice President ofVattenfall and Head of Business Area Wind
We want to use the sites where we generate electricity from renewable energies in order to drive the transformation to a newenergy system and to facilitate the integration of renewable energies into the energy system with the storage facilities Thedecoupling of production and consumption and the coupling of different consumption sectors are in the focus of our work
The first energy storage from the BMW-i3 batteries is being built at the 122 MW onshore wind farm Princess Alexia nearAmsterdam With a capacity of 32 megawatts (MW) it is Vattenfalls first large storage project in the Netherlands
Pending on a final investment decision the largest battery storage will be built at the Vattenfall wind farm Pen y Cymoedd (230 MW)in South Wales - a 22-megawatt storage facility which will help to support the stability of the country-wide power grid in the UK aspart of the so-called EFR (Enhanced Frequency Response) service
As part of the project Norddeutsche Energiewende NEW 40 Vattenfall together with the Hamburg University of Applied Sciences(HAW) and the company Nordex will implement a large battery storage at the future wind farm in Hamburg-Bergedorf
This is a so-called storage control unit made of batteries It is meant to maintain the security of supply with a feed-in of 100 percentrenewable energy In addition the battery storage contributes to the improvement of the network quality and the more efficient useof the existing network structure Other possible applications would be electricity storage in private households Energy storagesolutions are an important part of Vattenfallamprsquos strive to power climate smarter living
We are pleased that we have found a supplier in BMW who meets our high safety requirements with the use of the batteries withreliably good quality from German series production says Daniel Hustadt project manager for large batteries at VattenfallInnovation GmbHhttpautoeconomictimesindiatimescomnewsindustrybmw-i3-batteries-to-be-used-by-vattenfall57630728
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Toyota to look at Saudi production as the countries seek closer ties ReutersSee this story in The Economic Times
New Delhi Toyota Motor Corp signed a memorandum of understanding (MOU) on Tuesday with a Saudi Arabian governmentagency to conduct a feasibility study into producing vehicles and parts in the Middle Eastern nation
The move if firmed up would be a big step for the Saudi economy as the government tries to diversify beyond oil exports andcreate jobs as part of the kingdoms 2030 Vision
So far Saudi Arabia and other Gulf oil exporters have failed to significantly develop industries such as automaking because theylack broad industrial bases and a skilled local workforce
The study would take into account the evaluation of development of a local supply base using materials produced by major Saudi
companies like Sabic Maaden Petro Rabigh and other major industrial companies in the kingdom the official Saudi state newsagency reported
The MOU is with Saudi Arabias National Industrial Clusters Development Program (NICDP)
Meanwhile state-run Saudi Aramco has signed MOUs with five Japanese entities during a business forum that both nations hostedon Tuesday coinciding with a visit by Saudi Arabias King Salman this week
Saudi Aramco and Japans biggest oil refiner JX Nippon Oil amp Energy (5020T) agreed to consider a refinery joint venture in a thirdcountry and cooperation in trading and technology of oil and petrochemical products
Aramco also agreed to consider a possible future cooperation in crude oil supply and downstream business with Idemitsu KosanCompany
In addition Aramco and state-run Japan Oil Gas and Metals National Corp (JOGMEC) formally agreed to expand crude storagecapacity in Japan by 300000 kilolitres (about 19 million barrels) from the current 63 million barrels from April 1
Japan treats crude oil stored by Aramco as quasi-government oil reserves counting half of the barrels stored by Aramco as nationalcrude reserves
Companies and government organizations in both nations signed a total of 20 MOUs on Tuesday including cooperation betweenthe Saudi Arabian General Investment Authority (SAGIA) and Japans three megabanks - Mitsubishi UFJ Financial Group (8306T)Sumitomo Mitsui Financial Group (8316T) and Mizuho Financial Group (8411T) - on increasing investments in the kingdom
The MOUs also included cooperation in seawater desalinationhttpautoeconomictimesindiatimescomnewsindustrytoyota-to-look-at-saudi-production-as-the-countries-seek-closer-ties57636587
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Geneva Motor Show 2017 Airbus unveils fully electric flying car PopUp The Economic Times
Geneva Airbus along with Italdesign has unveiled the first modular fully electric zero emission concept vehicle system - PopUpat the Geneva Motor Show 2017 informed the French company in an official statement
PopUp envisages a modular system for multi-modal transportation that makes full use of both ground and airspace and isdesigned to relieve traffic congestion in crowded megacities
PopUp System consists of a three layers concept1 an Artificial Intelligence platform that based on its user knowledge manages the travel complexity offering alternative usagescenarios and assuring a seamless travel experience
2 a vehicle shaped as a passenger capsule designed to be coupled with two different and independent electric propelled modules(the ground module and the air module) Other public means of transportation (eg trains or hyperloops) could also integrate thePopUp capsule
3 an interface module that dialogues with users in a fully virtual environment
Airbus claims The PopUp vehicle combines the flexibility of a small two seater ground vehicle with the freedom and speed of avertical take-off and landing (VTOL) air vehicle thus bridging the automotive and aerospace domains
PopUpamprsquos monocoque carbon-fibre cocoon measures 26 metres long 14 metres high and 15 metres wide The capsuletransforms itself into a city car by simply coupling to the ground module which features a carbon-fibre chassis and is batterypowered
For megacity journeys with high congested traffic the capsule disconnects from the ground module and is carried by a 5 by 44metre air module propelled by eight counter-rotating rotors
ampldquoAdding the third dimension to seamless multi-modal transportation networks will without a doubt improve the way we liveand how we get from A to Bamprdquo said Mathias Thomsen General Manager for Urban Air Mobility at Airbus on the occasion ofthe unveil
ampldquoSuccessfully designing and implementing solutions that will work both in the air and on the ground requires a joint reflectionon the part of both aerospace and automotive sectors alongside collaboration with local government bodies for infrastructure andregulatory frameworks Italdesign with its long track record of exceptional vehicle design was an exciting partner for Airbus for thisunique concept projectamprdquo
ampldquoToday automobiles are part of a much wider eco-system if you want to design the urban vehicle of the future the traditionalcar cannot alone be the solution for megacities you also have to think about sustainable and intelligent infrastructure appsintegration power systems urban planning social aspects and so on In the next years ground transportation will move to the nextlevel and from being shared connected and autonomous it will also go multimodal and moving into the third dimensionamprdquo saidItaldesign CEO Joumlrg Astaloschhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsgeneva-motor-show-2017-airbus-unveils-fully-electric-flying-car-pop-up57630936
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Nissan boosts management presence at Mitsubishi Motors ReutersSee this story in The Economic Times
Tokyo Mitsubishi Motors on Tuesday said an additional four Nissan executives would join its management team as Nissan tightensits control over the smaller struggling automaker in which it took a controlling stake last year
The announcement is part of Mitsubishi Motors efforts to rebuild its management system after it admitted last year that it hadoverstated the mileage on a number of its cars sold in Japan battering domestic sales and tarnishing its brand image
From April corporate vice president positions for roles including product development and marketing and sales would be occupiedby officials from Nissan Mitsubishi Motors said
This would hike the number of Nissan executives on Mitsubishi Motors management team to seven from two now
We need to strengthen our corporate governance to avoid a repeat of last years scandal along with scandals previous to thatMitsubishi Chief Executive Officer (CEO) Osamu Masuko told reporters during a teleconference
After taking a one-third stake in Mitsubishi Motors Nissan installed Carlos Ghosn - its CEO at the time - as chairman of MitsubishiMotors while also naming two Nissan officials to Mitsubishis board of directors
Nissan also dispatched other executives to the smaller automaker including Trevor Mann previously Nissans chief performanceofficer who became chief operating officer at Mitsubishi late last year
Last month Ghosn said he would step down from the top position at Nissan to focus on deepening the companys alliance withRenault SA and Mitsubishi Motors
Separately Nissan said Shiro Nakamura the companys chief creative officer and one of Japans best-known car designers willretire after nearly 20 years at the automaker
Nakamura 66 is recognised for referencing science fiction anime and embracing Japans culture of cute in models including theGT-R supercar the Cube compact MPV and the Juke SUV crossover setting the automaker apart from many of its rivals whichhave been accused of making lookalike cars
Nakamura joined Nissan in 1999 from Japanese truckmaker Isuzu Motors and was one of the first key hires by Ghosn shortly afterGhosn himself arrived from French automaker Renault to save the company from bankruptcy
Alfonso Albaisa who currently overseas design at Nissans premium Infiniti brand will succeed Nakamura while former BMWglobal chief designer Karim Habib will become the brands new chief designer effective July 1httpautoeconomictimesindiatimescomnewsindustrynissan-boosts-management-presence-at-mitsubishi-motors57631800
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Renault Zoe e-Sport breaks covers at 2017 Geneva Motor Show The Economic Times
New Delhi In the ongoing Geneva Motor Show Renault has showcased its new two-seat version of its electric car Renault Zoee-Sport The company claims to have taken the design cues from Formula E
The ZOE e-Sport Concept is the fully electric concept car that embodies Renaultamprsquos commitment to the idea that electric carscan be fun and fast says Renault The sporting credentials of the ZOE e-Sport Concept extend beyond the caramprsquos styling andthe same blue livery as the Renault edams teamamprsquos front-running Formula E single-seaters
The bodywork of the ZOE e-Sport Concept is made entirely from lightweight carbon fibre which helps to ensure outstandingacceleration from standstill to 100kph in just 32 seconds The car tips the scales at a mere 1400 kilograms including 450kilograms of batteries
The car is powered by two electric motors capable of generating 450 bhp and 650 Nm of torque One of the motor is powered to therear axle and the other to the front axle Renault Zoe e-Sport gets the same 40 kWh battery which powers the standard variant ofthe car
Jean-Christophe Kugler CEO Renault Europe said that the concept as a link car - a styling exercise intended to connect the Zoeroad car with what Renault is doing in Formula E racing and to send a message that EVs are fun to drive Its not a signal of thefuture for Zoe and we have no intention to develop a performance version
Renault also claims that the electric performance car uses the same air and water cooling systems as the Renaultamprsquos FormulaE car The car is based on a tubular steel chassis with use of extensive carbon fibre The car also gets four driving modes
At the moment Renault has no plans to make the Zoe e-Sport into productionhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsrenault-zoe-e-sport-breaks-covers-at-2017-geneva-motor-show57627528
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Sensata Technologies opens testing facility in Bulgaria ReutersSee this story in The Economic Times
Sofia Sensata Technologies has opened its largest global testing facility in Sofia to support its automotive sensing technologies thecompany said on Tuesday
Sensata which has manufacturing sites in 13 countries already employs 3000 people in Bulgaria where it produces pressure andhigh temperature sensors for the automotive market and operates a business centre
In recent years inexpensive labour low taxes and an educated workforce have encouraged dozens of car part producers and ITand business outsourcing companies to set up in the Balkan countryhttpautoeconomictimesindiatimescomnewsauto-componentssensata-technologies-opens-testing-facility-in-bulgaria57632975
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Driving driverless Quest for an autonomous car has reached a truck now Nandagopal RajanThe Financial Express
At San Franciscoamprsquos Pier 90 chock-a-block with cargo vehicles it is pretty tough for any truck to stand out But a white Volvotruck with Otto emblazoned on it is the centre of attention This is the next big thing in automated cars and has already shown itsmettle by delivering a consignment of Budweiser beer in Colorado without a driver controlling it on the freeway
Uber is one of the many companies thinking in terms of driverless car While CEO Travis Kalanick says automated vehicles areampldquoexistentialamprdquo for the ride-hailing companyamprsquos future he is not alone in the race to drive without drivers Just in theUS at least 23 companiesampmdashincluding Tesla Google and Volkswagenampmdashhave registered in autonomous vehicleprogrammes The idea that fuels this cutting-edge technology is pure economics at the end of the day Cars suffer from seriousissues of inefficiency as they sit idle 95 of the time Considering that the world has 1200000000 cars this is inefficiency at agargantuan scale Add to this the fact that cars amount for 22 of all emissions globally and muddy the urban infrastructureproblem by creating the need for parking spaces
Since 1984 when the first experimental self-driving cars appeared there has been much progress on the technology leading toMercedes-Benz showcasing its concept car the F 015 at the Consumer Electronics Show in Las Vegas in 2015 Everyone has adifferent take on the technology but in the end the idea is to make cars intelligent and independent enough to be aware ofsurroundings and take decisions based on that
Interestingly Uberamprsquos dream is to bring ampldquoreliable transportation to everyone everywhereamprdquo now extended toeverything too with the trucks from Otto a start-up it acquired last year Matt Sweeney who heads product at UberamprsquosAdvanced Technology Group says ampldquothe truck and passenger vehicles share software and hardware components and thishelps us work on different aspects of the self-driving problem at the same timeamprdquo But on scope passenger vehicles are forurban environments where Uber has its focus on ride-sharing while trucks will be for high-speed highways where the constraintsare different
Just last week Uber got a permit from California Department of Motor Vehicles to test two self-driving Volvo SUVs on public roadsthough it will need to have backup drivers behind the wheel in case the prototype cars malfunction Its self-driving cars have beenrunning test drives in other parts of the US too
The Otto truck comes with a rig of radars laser scanners and stereo cameras that give the computers inside a live 360-degreevision of its environment with high dynamic range high resolution and high colour information imagery so that the truck can besmart enough to decide what to do next But the computing task this presents is ampldquoalmost as big as a small datacentreamprdquo Sweeney says the computing has to be done inside as ampldquothere is no tech that can let us send all that data tothe cloud real time and hence a lot of the computing has to be done in the truck itselfamprdquo
ampldquoA lot of the tech is based on prior mapping but in subsequent runs we see differences that have come about in the area andpay attention on those objects that are differentamprdquo
Interestingly Otto is being sued by Googleamprsquos Waymo self-driving car unit which claims its former employee and start-upfounder Anthony Levandowski stole its proprietary design for its laser-based radar system There are other challenges tooampldquoUber tech is different because we are trying to make this on top of the ride-sharing network that we already haveamprdquo headded
Nissan in contrast keeps the driver and not the technology at the centre and its definition of an ampldquoautonomous caramprdquo ishence a vehicle with different levels of driving technologies that enable it to operate autonomously for certain periods of time ANissan spokesperson said on the technology side the challenges are in artificial intelligence software development data processingand digital mapping technologies while on the social environment side laws and regulations along with modifications of roadinfrastructure will become necessary
This contrast in technologies is why it is important to see how the entire ecosystem evolves maybe with different platforms talkingto each other But Uber is not depending on this ampldquoWe need to see and interact with vehicles but there is no guarantee wewill have that technology So we are approaching it with the assumption it wonamprsquot existamprdquo says Sweeney
Uberamprsquos goal is to take its technology everywhere but can these vehicles actually be practical for an environment like IndiaSweeney accepts the new elements this will throw in along with the sheer volume will present a slew of challenges ampldquoThoseare situations we think we will be able to tackle but those are not the first places we will goamprdquo he explains adding that theywill look for opportunities where they can deploy this technology safely Clearly this drive has just started(The author attended the Uber Media Summit in San Francisco at the invitation of Uber)httpwwwfinancialexpresscomopiniondriving-driverless-quest-for-an-autonomous-car-has-reached-a-truck-now588112
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Samsung completes acquisition of Harman The Economic Times
New Delhi The arrest of the Vice-Chairman of Samsung Board Lee Jae Yong on bribery and corruption charges has not affectedthe deal between Samsung and Harman International IndustriesIn a media statement the South Korean giant confirmed thecompletion of its largest such deal ever
Under the terms of the merger agreement Harman stockholders will receive $11200 per share in cash The completion follows thesatisfaction of all conditions to the closing of the transaction including approval of the transaction by HARMAN stockholders andreceipt of all necessary regulatory approvals in the United States and certain foreign jurisdictions
ampldquoToday is a historic moment for us The close of this transaction opens the door to create substantial growth opportunitiesand deliver greater benefits for customers worldwideamprdquo said Young Sohn President and Chief Strategy Officer of SamsungElectronics and Chairman of the Board HARMAN ampldquoWe see transformative opportunities in the car ampndash and a futurewhich seamlessly connects lifestyle across automotive home mobile and work Samsungamprsquos and HARMANamprsquosleadership in these spaces perfectly positions Samsung to be the preferred partner to our OEM customers In addition bringingtogether HARMANamprsquos iconic audio brands and capabilities paired with Samsungamprsquos leading display technologies willdeliver enhanced audio and video experiences to consumers and professional end markets And most importantly we areenthusiastic about our common vision the similarities in our culture of innovation and the added value we can create for customersWe look forward to working with all of HARMANamprsquos employees to execute on our visionamprdquo
Harman boasts around 30000 employees spreadout across different brands including JBL Infinity Lexicon and Mark LevinsonThe company will continue to conduct business as an independent subsidiary under the terms of the deal with Samsung
ampldquoWe are excited to have completed the transaction which provides compelling cash value to our stockholders benefits ourcustomers and provides new opportunities for our employeesamprdquo said Dinesh Paliwal Harman President and CEOampldquoSamsung shares our commitment to our customers and our culture of speed innovation and execution Samsung providesHarman with the scale platform and complementary technologies to accelerate growth and extend our global market leadership inautomotive smart audio and connected technologies Recognizing the importance of partnerships in an increasingly connectedworld particularly in automotive we are poised to leverage our combined teams and resources to produce even greater value forour customers Working closely with automakers and other technology companies Samsung and Harman will define ampndash anddrive ampndash the future of automotiveamprdquohttpautoeconomictimesindiatimescomnewsauto-technologysamsung-completes-acquisition-of-harman57624440
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Skoda delivers 81200 units in Feb 2017 globally The Economic Times
Mlada Boleslav Czech car manufacturer Skoda in a press release stated that the company delivered 81200 vehicles to customersworldwide in February 31 more than in the same period last year (February 2016 78800) brvbarkoda also claims that it has soldmore cars than any February in its history The Czech manufacturer achieved double-digit growth in Central and Eastern Europe (+129 and + 133) India (+ 128) and Israel (+ 198) among others
We are delighted with our strong start to 2017 We expect the market launch of the OCTAVIA product upgrade as well as the newKodiaq to create further momentum says Werner Eichhorn brvbarKODA Board Member for Sales and Marketing
In Western Europe deliveries to customers rose by 70 in February to 34800 vehicles (February 2016 32500) With 12600vehicles Germany remains the strongest single European market (February 2016 12100 vehicles +45) brvbarKODA recordeddouble-digit growth rates in the UK (3400 vehicles +236) Italy (2200 vehicles + 201) Belgium (2 000 vehicles +271) andAustria (1900 vehicles +647)
In Central Europe brvbarKODA achieved an increase of 129 with 17400 cars (February 2016 15400 vehicles) Deliveries on thehome market of the Czech Republic rose by 88 to 8200 vehicles in Poland (5700 vehicles + 163) Slovakia (1700 vehicles+154) Slovenia (600 vehicles +226) and Croatia (300 vehicles +469) also rose in double figures
In Eastern Europe excluding Russia Skoda achieved a year-on-year increase of 133 with 2800 vehicles delivered (February2016 2500 vehicles) In the same period 400 customers in Ukraine received their new brvbarKODA ampndash an increase of 939(February 2016 200 vehicles) The number of deliveries increased significantly in Bosnia (200 vehicles + 557) Bulgaria (200vehicles +175) and the Baltic States (600 vehicles + 229) In Russia brvbarKODA achieved an increase of 46 with 4300vehicles (February 2016 4100 vehicles)
In China ampndash the brandamprsquos largest market worldwide ampndash brvbarKODA handed over the keys to 15000 new vehicles(February 2016 18500 vehicles -188) Deliveries overseas increased by 98 to a total of 2500 vehicles
At the Geneva Motor Show brvbarKODA is presenting several new highlights These include the brvbarKODA KODIAQ SCOUT and brvbarKODAKODIAQ SPORTLINE alongside the extensively upgraded brvbarKODA OCTAVIA as well as the sporty spearhead brvbarKODA OCTAVIA RS245 and the brvbarKODA OCTAVIA SCOUT with a rugged off-road look In addition the upgraded brvbarKODA models RAPID and RAPIDSPACEBACK and Citigo are on show
brvbarKODA deliveries to customers in February 2017 (in units rounded off by model +- in percent compared to February2016)brvbarKODA OCTAVIA (28600 -86)brvbarKODA FABIA (16700 + 152)brvbarKODA RAPID (15000 + 121)brvbarKODA SUPERB (10900 + 171)brvbarKODA KODIAQ (1300 + 1000)brvbarKODA YETI (6300 -157)brvbarKODA CITIGO (only sold in Europe 2300 -164)httpautoeconomictimesindiatimescomnewspassenger-vehiclecarsskoda-delivers-81200-units-in-feb-201757626693
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Isuzu claims more durability on its diesel engines for trucks The Economic Times
Indianapolis Isuzu Commercial Truck of America has announced that the B10 durability rating of its 4HK1-TC diesel engine hasbeen increased to 375000 miles informed the company in an official statement
To elaborate further on what it means the Japanese commercial vehicle manufacturer went on to say that A B10-life rating is anindustry-standard gauge provided by engine makers to help consumers determine the long-term durability of an engine Thenumber following the B indicates the percentage of an engineamprsquos population that will require an overhaul before the indicatedmileage
That means that 90 of Isuzu 4HK1-TC engines are expected to last 375000 miles before they require a major repair or rebuildPreviously the 4HK1-TC engine carried an already-robust B10 durability rating of 310000 miles added the company
ampldquoWe are proud to say that Isuzu diesel engines are already known worldwide for their long-term dependabilityamprdquo saidShaun Skinner president of Isuzu Commercial Truck of America ampldquoOur new B-10 rating is strong evidence that our enginesare even more durable than everamprdquo
The turbocharged intercooled 4HK1-TC four-cylinder diesel engine displaces 52 liters and generates 215 horsepower Torqueratings vary depending on model The engine is fitted to Isuzu NPR-HD NPR-XD NQR and NRR models as well as the all-new2018 Isuzu FTR Class 6 truck
The company made the above announcement at the National Truck Equipment Associationamprsquos 2017 Work Truck Show inIndianapolis held on March 13httpautoeconomictimesindiatimescomnewsauto-componentsisuzu-diesel-engines-for-trucks-now-become-more-durable57626832
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MoS visits Rolls-Royces new logistics centre in England The Economic Times
New Delhi Nick Gibb Minister for School Standards and MP for Bognor Regis and Littlehampton has visited Rolls-Royce MotorCars Technology and Logistics Centre on Monday informed the British luxury car maker in a media release
During the visit Gibb toured the facility met the expert team onsite and was briefed on the companyamprsquos future plans to expandthe Centre He also took the opportunity to learn more about the Rolls-Royce Motor Cars apprenticeship graduate and internprogrammes
Nick Gibb said ampldquoThe original announcement that Rolls-Royce Motor Cars would be locating its Technology and LogisticsCentre in Bognor Regis was a great boost for our town and warmly welcomed I am delighted to see the huge new state of the artfacilities fully operational and providing high quality jobs for local people The support of such a prestigious company is good newsfor Bognor Regis and for the wider local economyamprdquo
He continued ampldquoIt is very welcome that Rolls-Royce operates an apprenticeship scheme ensuring the company has the skillsit needs for the future and providing opportunities and training for a cohort of young people every year This year Rolls-Royce istaking on record numbers of apprenticesamprdquo
The new Rolls-Royce Technology and Logistics Centre at Bognor Regis opened on schedule in January 2016 The purpose-built30000m2 facility is located close to the companyamprsquos head office and manufacturing plant at Goodwoodhttpautoeconomictimesindiatimescomnewsindustrymos-visits-rolls-royce-new-logistics-centre-in-england57626981
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All new Mazda CX-5 to be produced at Hofu Plant The Economic Times
Hiroshima Japan Japanese automaker Mazda Motor Corporation starting from November is going to produce the all-new MazdaCX-5 crossover SUV at its Hofu Plant in addition to the Hiroshima Plant where it is currently produced
The company informed that the move will help the automaker respond quickly and flexibly to growing demand for SUVs globally
Mazda aims to create a production system that can respond flexibly to changes in demand for crossover vehicles as it works tomeet its global sales goal of 165 million units
Launched domestically in February the all-new CX-5 has till date recorded sales of 16639 units about seven times the monthlytarget claims the company
As with the CX-3 starting production of the CX-5 at Hofu Plant as well is part of our plan to build a production framework that givesus more flexibility between plants and between models said Masatoshi Maruyama Managing Executive Officer in charge of GlobalProduction We will do everything we can to get customers the crossover vehicles they want as quickly as possiblehttpautoeconomictimesindiatimescomnewspassenger-vehicleuvall-new-mazda-cx-5-to-be-produced-at-hofu-plant57627447
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Rheinmetall receives over $25 mn order from American carmaker The Economic Times
New Delhi German automotive parts supplier Rheinmetall has booked its first order for a special application of coolant valves by amajor American carmaker and destined for the NAFTA market
The company in a statement said that the order has a lifetime value of over US$25 million (around Rs 165 crore) Series productionof the valves is scheduled to start in 2019 with the contract set to run for about five years
Talking about the product the company went on to say that the innovative valves play a lead role in intelligent thermal and energymanagement on modern vehicle engines These often have several cooling circuits which are controllable with the aid of switchingseat valves
As from model year 2020 this particular customer will be installing several versions of such valves on gasoline and diesel enginesfor pick-ups with over 6 liters displacement
They will take over functions in the cooling circuit of the transmission ensuring that it reaches operating temperature faster byswitching off the coolant flow when the engine is started This also helps to reduce emissions added the companyhttpautoeconomictimesindiatimescomnewsauto-componentsrheinmetall-receives-over-25-mn-order-from-american-carmaker57628058
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Nissans Infiniti names former BMW executive as new design chief ReutersSee this story in The Economic Times
Beijing Infiniti Nissan Motors premium brand named Karim Habib former global design chief for BMW as the brands new chiefdesigner effective July 1
Habib will replace Alfonso Albaisa who will be promoted to lead Nissans global design according to a press release seen byReuters Habib will report to Albaisa
Habib who has worked for several premium automotive brands including BMW and Daimler will be based in Nissans technicalcentre in Atsugi Japan and lead Infinitis design teams in Japan Beijing San Diego and Londonhttpautoeconomictimesindiatimescomnewsindustrynissans-infiniti-names-former-bmw-executive-as-new-design-chief57630437
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Elon Musks bold offer of Tesla batteries wont solve Australias power problems ReutersSee this story in The Economic Times
Launceston Australia Australia is becoming an interesting microcosm on how to or how not to transition an economy from beingpredominantly powered by coal to more climate-friendly alternatives
The dramatic intervention by Tesla Inc Chief Executive Elon Musk last week is just the latest twist in an ongoing saga that pits
business government farmers government and environmentalists against each other
Musk in an exchange of tweets with software billionaire Mike Cannon-Brookes chief executive of Atlassian Corp offered to fix theelectricity supply problems of South Australia state within 100 days of signing a contract
Musks plan is to install 100 megawatts (MW) of grid-connected battery storage which would be available to meet peak demandand would be charged with surplus electricity from other generating sources in periods of low demand
Its a bold offer and would most likely provide a quick fix to Australias fourth-largest state which suffered a blackout last Novemberand has been dealing with power shortages over the peak summer period
Businesses like BHP Billiton which operates the giant Olympic Dam copper mine in the state have been pushing for thegovernment and other stakeholders to ensure stable electricity supply saying the cost of blackouts runs into millions of dollars inlost output
Musk whose Tesla Corp is ramping up output of its battery storage packs at its Gigafactory in Nevada held talks with AustralianPrime Minister Malcolm Turnbull at the weekend as well as with South Australian Premier Jay Weatherill
The politicians will no doubt be tempted to Musks offer to install batteries especially since the electric car pioneer said if he didntmeet his 100 day deadline he wouldnt charge anything
But while Musks offer if taken up would provide a quick fix it would not do enough to mend the underlying problems at the heart ofAustralias electricity woes
Its worth looking at how Australia got itself to the point where virtually all players can agree that the nation is facing somethingapproaching an energy crisis
After all the country is not short of fossil fuels such as coal and natural gas and its climate and low population density outside themajor cities are ideal for renewables such as solar and wind power
The country is heavily reliant on an ageing fleet of coal-fired power stations which makes Australia one of the highest polluters percapita
These coal power stations are starting to close down with one shutting in South Australia last year and another planned to close inVictoria state at the end of this month
The problem is that the coal-fired power stations role as providers of base load electricity cannot be taken over by wind and solarand the role is falling to natural gas
But natural gas is also the most expensive method of generating electricity in Australia so utilities are reluctant to run their gas-firedplants until prices are high enough to justify the cost
South Australia has a gas-fired plant that was mothballed until last years power supply crisis but even with the higher prices forelectricity the operator is struggling to make the plant profitable
The state moved on Tuesday to try and address its energy security issues announcing it would build a 250 MW gas-fired plant andhelp the private sector build a 100 MW battery at a total cost of A$510 million ($385 million)
Gas Supply ConstraintsNatural gas supply is becoming a problem in Australia which may seem ironic given the country is on the verge of becoming theworlds largest exporter of liquefied natural gas (LNG) as the last of eight new plants come closer to completion
In fact the new LNG plants are copping some of the blame for the tightening natural gas market especially the three in easternQueensland state based on using coal-seam gas as the feedstock
These are being blamed for sucking domestic natural gas out of the market and into the export LNG industry
What hasnt helped is that some of Australias state and territory governments are also pursuing policies that will restrict futurenatural gas supplies
Victoria state has banned hydraulic fracturing or fracking as well as shale and coal-seam gas exploration while the NorthernTerritory New South Wales and Tasmania have various moratoriums on fracking
This leaves Western Australia Queensland and South Australia as the remaining states where onshore natural gas supplies can bedeveloped and they are now in the cross-hairs of the environmental lobby which is opposed to any and all new natural gas wells
Politicians across the traditional Labor-Liberal divide are increasingly giving in to demands to restrict natural gas exploration whilepretending that this wont have a negative impact on energy security and electricity prices
But the costs are starting to become apparent with spot electricity prices surging over the Australian summer and natural gassuppliers warning that they will be unable to meet the needs of industrial customers without action being taken
Its often the case politicians only take action when the point of crisis is reached and this appears to be the case in Australia
Whats needed is a holistic approach to energy supply as Australia transitions away from coal-fired power
This means ensuring enough natural gas is available to provide base load generation while scaling up renewables such as solar
wind pumped hydro and battery storage
Forging enough common ground with the various stakeholders will be the main obstacle but more than anything else Australia isshowing how difficult it is to end the age of coalhttpautoeconomictimesindiatimescomnewsindustryelon-musks-bold-offer-of-tesla-batteries-wont-solve-australias-power-problems57630514
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Innogy in talks with car consortium over charging stations CEO ReutersSee this story in The Economic Times
Essen Germany Innogy is in intense talks with a group of carmakers Chief Executive Peter Terium told journalists on Mondayhoping to be selected as a supplier of super-fast charging stations for electric vehicles across Europe
Its not a done deal yet Terium said pointing to strong competition from rival vendors
BMW Volkswagen Ford and Daimler plan to build about 400 next-generation charging stations in Europe that can reload anelectric car in minutes instead of hours
Sources told Reuters in January that Innogy was in talks with the consortiumhttpautoeconomictimesindiatimescomnewsindustryinnogy-in-talks-with-car-consortium-over-charging-stations-ceo57624184
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China may roll back electric vehicle quotas as industry pushes back ReutersSee this story in The Economic Times
Beijing China is considering easing proposed quotas aimed at producing more electric vehicles as Beijing gets pushback from theautomotive industry over the scale and pace of the plans
If adopted proposed changes under discussion could see a target of new energy vehicles (NEV) making up 8 percent of sales nextyear pushed to 2019 two auto executives said
The changes would lower targets from a draft policy released in September requiring 8 percent of automakers sales to be batteryelectric or plug-in hybrid vehicles by 2018 rising to 10 percent in 2019 and 12 percent in 2020
Any loosening of NEV targets would mark a pull back by Beijing which has faced opposition to the planned targets as it looks todrive its domestic carmakers to overtake global rivals in the green vehicle sector
Automakers and industry bodies have said the targets are too tough and could hurt manufacturers interests New energy vehicleslast year accounted for just 18 percent of sales in the worlds biggest autos market according to Reuters calculations based onofficial data
Its normal to make revisions as its a draft plan An Jin chairman of Anhui Jianghuai Automobile Group (JAC Motor) said on thesidelines of the National Peoples Congress in Beijing
He said he was aware of talks to revise the quota targets but said nothing was set in stone JAC hasnt been told what revisionsmight be made to the draft but I think it is possible the draft will be changed after the discussions he said
Whether the whole market can hit this quota by 2018 depends a lot on the strength of government policy If its strong then weshould be able to surpass the targets An said (But) if you consider Chinas infrastructure and the transformation of Chinas autosector then perhaps the pace will have to slow
Two Percent CutTwo executives familiar with the plans told Reuters the government was considering options for lowering the requirements
One idea was to reduce the quota requirement by 2 percent each year cutting the 2018 requirement to 6 percent said aChina-based government relations official at a major global automaker It would then be 8 percent in 2019 and 10 percent in 2020
Another option would be to push back each target by a year with the 8 percent quota starting from 2019 an executive at aJapanese car maker said
Both asked not to be named due to the sensitivity of the matter and because the draft was still under consideration
The overall policy includes quotas for plug-in cars targets for average fuel economy requirements and a credit trading system topromote green energy cars while penalizing petrol cars
The two people said the quota stand-off was tied to a disagreement between the Ministry of Industry and Information Technology(MIIT) and Chinas top state planner the National Development and Reform Commission (NDRC)
MIIT which regulates manufacturers supports a more flexible credit trading system favoured by automakers The NDRC is more
aggressive in promoting a transition to electric vehicles pushing the introduction of the stricter quotas
An NDRC spokesman said the body played a small role when the draft was open to public for discussion MIIT did not immediatelyrespond to Reuters requests for comment
China has strongly supported and subsidized electric vehicles but is gradually swapping out incentives for hard targets automakersmust meet The central government cut subsidies 20 percent this year a first reduction towards eliminating them by 2020httpautoeconomictimesindiatimescomnewspolicychina-may-roll-back-electric-vehicle-quotas-as-industry-pushes-back57623608
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Russias standards agency says Volkswagen recalls 43151 Skoda cars ReutersSee this story in The Economic Times
Moscow Russias standards agency said on Monday that Volkswagens Russian operation had informed it about the voluntaryrecall of 43151 Skoda cars due to a possible technical fault
The recall affects Skoda Octavia Superb Fabia Yeti and Rapid cars sold in Russia between 2012 and 2016 the watchdog saidhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsrussias-standards-agency-says-volkswagen-recalls-43151-skoda-cars57624140
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Economy
Rupee hits 1-12 yr high surges 78 paise on BJP sweep PTISee this story in The Economic Times
Mumbai The rupee surged by a massive 78 paise to end at a nearly one-and-a-half year high of 6582 against the US dollar onfrantic unwinding of the American currency following BJPs emphatic victory in Uttar Pradesh
Forex market sentiment soared on hopes that BJPs stellar show in state polls would pave the way for the Modi government to focuson key reform measures
The home currency resumed on a strong footing at 6620 from last Fridays closing value of 6660 at the Interbank ForeignExchange (forex) market on heavy dollar unwinding from speculative traders and exporters tracking weekend developments
Maintaining its bullish momentum against the dollar the rupee hit a fresh intra-day high of 6576 in late afternoon deals beforeending at 6582 showing a solid gain of 78 paise or 117 per cent
This is the highest closing of the rupee since November 6 2015 when it had ended at 6576
Meanwhile the RBI fixed the reference rate for the dollar at 661800 and for the euro at 704354
Financial markets too took comfort from BJPs landslide victory with the broader Nifty climbing 15245 points to a new closing peakof 9087 and the Sensex rallying 49640 points to end at 2944263
The much-anticipated turnaround on the economic front has opened up a barrage of foreign capital fund flows into India
Foreign investors pumped in over Rs 10000 crore in the Indian capital markets this month so far
It also got an added fillip from bullish macro data which showed that the countrys industrial production bounced back in Januaryexpanding by 27 per cent year-on-year
Factory output measured in terms of Index of Industrial Production (IIP) had contracted by 01 per cent in December
However inflation based on wholesale prices shot up to a 39-month high of 655 per cent in February against 525 per cent inJanuary according to official data
On the global front the dollar traded firmly higher against its major counterparts ahead of the two-day Fed meet when it could liftrates for the third time since the financial crisishttpautoeconomictimesindiatimescomnewsindustryrupee-hits-1-12-yr-high-surges-78-paise-on-bjp-sweep57635104
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Nifty hits all time high of 912275 Sensex surges 616 points after big BJP win The Economic Times
Mumbai The Nifty jumped to life highs on Tuesday after the BJPamprsquos thumping win in the crucial state of Uttar Pradeshrekindled hopes of a bigger-than-expected push for reforms by the Narendra Modi government
The Nifty up 11 so far this year crossed its previous life high of 9119 to hit 912275 before ending the day 171 or 15245points higher at 9087 This is the indexamprsquos biggest single-day gain in points since February 1 and caps a strong reboundsince the December 26 low of 7893 on demonetisation worries
The Sensex surged by 616 points or 212 intra-day before ending the day at 2944263 up 49640 points This is its biggest gainsince May 25 last year The index is the best performer among all developed and emerging market indices in local currency terms inthe past three months
The rupee surged 79 paise to a 16-month high of 6582 to the dollar as exporters sold more dollars and foreign investors boughtlocal shares BSE data showed that foreign investors bought local shares worth Rs 4089 crore their biggest single-day purchasesince February 17 when they purchased Rs 8059 crore
FPIs have bought shares worthRs 23132 crore since January this year against net sales of Rs 9800 crore in the same period lastyear The BSE Midcap and Smallcap indices gained 144 each
ampldquoOne must be ready for a correction after a rally but I am optimistic about the medium to longterm prospectsamprdquo saidMotilal Oswal chairman Motilal Oswal Financial Services Ltd ampldquoFundamentally valuations are comfortable at this point intime because of good corporate earnings growth In the short term markets may remain volatileamprdquo
BJP romped to victory in UP on Saturday winning 312 out of the 403 seats Its allies won 13 more taking the NDA tally to 325 Thisis the biggest win recorded by any party in the state since 1977 and has raised prospects of the BJP doing well in other electionsthis year and next Many political pundits also believe that the victory has improved Prime Minister Narendra Modiamprsquos chancesof retaining power in the 2019 general election
Barring the metals index all other sectoral indices on the NSE ended with gains on Tuesday About 55 stocks including TitanJubilant Life Sciences Kotak Mahindra Bank IndusInd Bank YES Bank and Indiabulls Housing Finance among others hit life highswhile 92 stocks were locked in upper circuit with no sellers
ampldquoWith the sharp rally the market which is currently susceptible to global risk is trading at above average multiples and westay cautious near termamprdquo said Sanjay Mookim India Equity Strategist BofA Merrill Lynch ampldquoIndiaamprsquos businesscycle should improve over the next several quarters while improving construction should drive capex which is good forequitiesamprdquo
Some market experts are divided over the near-term outlook as indices have begun to look expensive at current valuations Plusthere is no immediate trigger for upgrade
ampldquoValuations of the Indian market are quite high and would require the support of strong earnings growth Any disappointmenton earnings will make valuations look even more expensive which the market may not likeamprdquo said Sanjeev Prasad senior EDand co-head of Kotak Institutional Equities
ampldquoGlobal and domestic interest rate cycles are no longer supportive with likely increase in developed markets bondyieldsamprdquo
ampldquoWhile markets are expecting a rate hike this meeting what will be of more interest is the commentaryamprdquo said DipenShah senior V-P PCG research Kotak Securities ampldquoIf it is hawkish it may have an impact on fund flows to emerging marketsbut India may be relatively less impacted because of the continuing domestic flowsamprdquo
ampldquoNotwithstanding the election results we believe the risk-reward is not favourable currently and advise investors to sell intothis rally We expect Nifty EPS to rise 15-16 in FY18 and see no trigger for an earnings upgrade at this junctureamprdquo ReligareInstitutional Research said in a notehttpeconomictimesindiatimescommarketsstocksnewsnifty-hits-all-time-high-of-9122-75-sensex-surges-616-points-after-big-bjp-winarticleshow57639036cms
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WPI inflation up 655 for February 2017 The Economic Times
New Delhi The annual rate of inflation based on monthly Wholesale Price Index (WPI) stood at 655 percent (provisional) for themonth of February 2017 (over February 2016) as compared to 525 percent (provisional) for the previous month and -085 percentduring the corresponding month of the previous year
The official Wholesale Price Index for amplsquoAll Commoditiesamprsquo for the month of February 2017 rose by 05 percent to 1855(provisional) from 1846 (provisional) for the previous month
The index for primary articles rose by 09 percent to 2581 (provisional) from 2557 (provisional) for the previous month
The inflation rate for Fuel and power group rose by 13 percent to 2038 (provisional) from 2012 (provisional) for the previousmonth due to higher price of coking coal (15 percent) aviation turbine fuel (3 percent) bitumen (2 percent) and kerosene highspeed diesel LPG and lignite (1 percent each) However the price of furnace oil (1 percent) declined
The index for the major group of manufactured products remained unchanged at its previous monthamprsquos level of 1588
(provisional) In this group the index for amplsquoRubber amp Plastic Productsamprsquo group rose by 02 percent to 1489 (provisional)from 1486 (provisional) for the previous month due to higher price of rubber products (1 percent)
The index for amplsquoTransport Equipment amp Partsamprsquo group rose by 05 percent to 1405 (provisional) from 1398 (provisional)for the previous month due to higher price of auto rickshaw tempo matador (4 percent) and auto parts (1 percent)
For the month of December 2016 the final Wholesale Price Index for amplsquoAll Commoditiesamprsquo stood at 1833 as comparedto 1828 (provisional) and annual rate of inflation based on final index stood at 368 percent as compared to 339 percent(provisional) respectively as reported on January 1 2017httpautoeconomictimesindiatimescomnewsindustrywpi-inflation-up-6-55-for-february-201757627665
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February CPI at 365 vs 317 in January highest since October 2016 PTISee this story in The Economic Times
New Delhi Retail inflation rose to 4-month high of 365 per cent in February mainly due to surge in price of food items like fruitssugar and confectionery
Measured in terms of Consumer Price Index (CPI) the inflation had dipped to a multi-year low of 317 per cent in January this yearon account of cash crunch following demonetisation It was 526 per cent in February last year
According to the CPI data released today by the Central Statistics Office (CSO) the consumer food prices index (CFPI) rose by201 per cent in February from 061 per cent in January The CFPI was 53 per cent in February 2016
Inflation in fruits was higher at 833 per cent fuel and light at 39 per cent in February The rate of price rise in meat and fish was 35per cent in February
Prices of sugar and confectionery items rose by 1883 per cent in February while inflation in milk and milk product increased by 422per cent
The rate of inflation in household goods and services was 409 per cent while this rate was in health segment was 4 per cent Thetransport and communication became expensive by 539 per cent
The personal care and effects segment rose by 515 per cent while the education became more expensive by 537 per cent inFebruary this year
The inflation rate was 438 per cent in clothing and footware segment while it was 49 per cent in housing segment
However the prices of vegetables and pulses declined by 829 per cent and 902 per cent respectively
Rural retail inflation was at 367 per cent in February compared with 336 per cent in the preceding month The CPI was also up inthe urban sector at 355 per cent in February from 29 per cent in January this yearhttpautoeconomictimesindiatimescomnewsindustryfebruary-cpi-at-3-65-vs-3-17-in-january-highest-since-october-201657633211
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Closing
Last Financial Closing
Sensex 2944263 (+49640)NSE 9087 (+15245)US$ spot Rs6582US$ Y1148000US$ 6 months RsYen Rs57Euro spot Rs70
Gold (10gm) Rs28333Silver (1kg) Rs4008300
Crude Oil (WTI) Crude Oil (Brent) $5172 (+037)
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Apollo Tyres 1 18610Asahi Ind 1 21655Amara Raja B 1 83230Ashok Leyland 1 9080Bajaj Auto 10 286670Bharat Forge 2 103550Denso 1 Eicher Motor 10 2396325Escorts 10 51945Exide Ind 1 21645Force Motors 10 427760Gabriel India 1 11460Hero Motocor 2 335745Hind Motors 5 950Hi-Tech Gear 10 29885Jay Bh Maruti 5 38190
Jamna Auto 5 20550JK Tyres amp Inds 10 1241 Kinetic Motors 10 Kinetic Engg 10 KOEL 2 37685Kirloskar Br 2 24135LML Ltd 10 1250LampT 2 155810Lumax Ind 10 131690Lumax Tech 10 43230MampM 5 132600Maruti Suzuki 5 613240Motherson SS 1 36290Minda Inds 2 44350MRF 10 5298390Omax Auto 10 7555Rico Auto 1 5720Sona Koyo St 1 8170
SRF 10 157155Tata Motors 2 46975 TVS Motors 1 43690
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Bhushan Steel 2 5430Hindalco 1 19040Hind Zinc 2 29140JSW Ispat S 10 Jind Steel 1 12490JSW Steel 1 18190Jindal Saw 2 7995National Aluminium 5 7310SAIL 10 6005Tata Steel 10 47255Visa Steel 10 2185
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Ambuja Cement 2 23370Binani Industries 10 7200Birla Corp 10 70360India Cement 10 16070Prism Cement 10 9375JK Cement 10 88470Shree Cement 10 1639835
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NURC Industry Updates contain editedtruncated text of Industry-specific news as it appears in various select dailies and websites These are NOT full stories unless otherwisespecifically mentioned The stories contained herein are informational only and no representation is made or warranty given as to their content reliability truthfulness orusefulness User assumes all risk of use It be clearly understood that NURC updates do not claim to and neither mean to replace the Print or the Internet editions of variousnewspapers whose articles are featured therein For the best and complete news reading NURC urges its readers to read the full text of the stories from the Newspaperswhose credits are given after the headline and visit the related website whose URL is given below the text matter of each news item
NURC News Update - AUTOMOBILES
News on Indian Auto Industry Copyright 1999 NURC MediaNext Pvt Ltd
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Powered by Enablingbiz Esoluttions
engineamprsquos idle-stop-start function and helps the engine during accelerationhttpwwwdeccanheraldcomcontent601368smart-hybrid-vehicles-surpass-onehtml
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Car Tech SmartPlay adds the Android touch Vishal Mathurmint (Web amp Print Edition)
Car entertainment systems have become smarter but car makers in India have been slow to adopt the new technology MarutiSuzuki became the first car maker on our shores to add the Apple CarPlay in-car platform to their SmartPlay infotainment systemavailable in the S-Cross crossover Baleno hatchback Ciaz sedan and Ertiga multi-purpose vehicle (MPV) Now SmartPlay hasbeen upgraded with support for Googleamprsquos Android Auto in addition to Apple CarPlay for the iPhone
At the very heart of the SmartPlay system is a proprietary software for radio Bluetooth connectivity and basic navigation
Android Auto and CarPlay recreate your phoneamprsquos interface on the display in the car What you need to do is plug in yourphone to the caramprsquos USB port At present Android Auto and Apple CarPlay do not work wirelessly
Android Auto gives you instant access to apps such as Google Play Music Google Allo Google Maps and the phone dialer Theinterface is easy to useampmdashthe apps are listed at the bottom of the screen just like the navigation bar at the bottom of yourAndroid phoneamprsquos screen Within each app the menu for relevant options is available on the top left side Android Auto alsointegrates messages and notifications from third-party apps including Facebook Messenger and you can reply or set selectnotifications on mute while you drive
Unlike Apple CarPlay where you donamprsquot need to pair your phoneamprsquos Bluetooth separately Android Auto requiresBluetooth pairing if you want to use the voice-calling feature The 7-inch display has good brightness levels and is adequatelysharp It is a fingerprint magnet though and a bit reflective something youamprsquoll notice during daytime driving The system canalso be accessed with the controls on the steering wheelampmdashthese include media playback voice command and call keys
The new SmartPlay system is rolling out first in the Ignis hatchback priced upwards of Rs459 lakh (ex-showroom Delhi) Thismakes it the first car in its category to have the Apple CarPlay and Android Auto combination available as a default option
There is no doubt then that Apple and Googleamprsquos smart car platforms are a genuine evolution over the infotainment set-upsmost car makers have offered as a default all this whilehttpwwwlivemintcomLeisureTSsAAxb7YqoYittRY2Bw7ICar-Tech-SmartPlay-adds-the-Android-touchhtml
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Luxury Cars
The best of both worlds Roland Folger MD amp CEO of Mercedes-Benz India Hormazd SorabjeeThe Hindu (Web amp Print Edition)
Roland Folger Managing Director amp CEO of Mercedes-Benz India on why the long-wheelbase E-Class is an ideal fit for India
What is the rationale behind introducing the long-wheelbase variant of the E-Class and is it a gamble because of the high price
Well there is always a certain element of risk with a long wheelbase However in the next five to 10 years the road conditions arenot going to be any better and the traffic is not going to be any lighter Our customers including successful businessmen andentrepreneurs spend a lot of time in their cars Once we saw the opportunity within our line-up and solutions we had to some ofthose issues for the Chinese market we were very eager to apply the same in India There is nothing better out there than to havecomfort in your day-to-day driving routine on the populous roads of India
Was there cost pressure arising out of India being the only right-hand-drive market for the new E-Class
Of course there were cost pressures and it was not an easy sell to Germany either looking at the incremental cost of such avehicle and trying to stay within a price level that people would accept
I think that was the biggest challenge we were facing at that time But we remained committed to the idea since we knew it wouldgive us a unique positioning on cost and in price levels in a segment that we really own in India
That also gave us the confidence that the volumes we would achieve in India were definitely going to be worth it
Is there a possibility of exports to other right-hand-drive markets such as Singapore South Africa and Sri Lanka
In markets other than India the situation is different either they sell a lot more S-Classes or are happy with the existing normalwheelbase W213 E-Class We still looked at the opportunity and found that the volume was too small or not profitable for us at all
What was the research that prompted the launch of the long-wheelbase E-Class
We now have a total of 34000 E-Classes running in India We did some research with existing customers that involved talking tothem directly observing cars coming into service and talking to drivers to understand who was driving the car more frequentlyInterestingly we found that most of our customers were chauffeur-driven when they go to work but on the weekend they wish todrive themselves So our aim was to offer a vehicle which offered the best of both worlds
Will the new long-wheelbase E-Class pull in S-Class customers
I donamprsquot see a risk of the new LWB E-Class pulling S-Class customers since the S-Class is not bought because of itslegroom but because of its overall package and positioning We hope to attract a lot of other people from the SUV segmentbecause of the space and comfort the E-Class offers So maybe we can change some of the rules of the game as well
What is the strategy behind bringing the 30-litre V6 diesel to the E-Class
We adopt a skimming policy sometimes where we believe that the first customers because of their long relationship with us aredefinitely going for the 350d
The top-end variants are the first cars to be snatched up eagerly and we need to take care of these customers first
Do you have plans to bring the straight-six diesel engine to India
Yes we might get a straight-six diesel by 2018 Naturally it also depends on our sales figures and our sales success
But it will certainly come to India thatamprsquos a promise We have been making sure that the relevant parties in the Governmentunderstand that from 2018 onwards we will be ready to also introduce Euro-VI or BS-VI-compliant engines in India and arediligently working on thathttpwwwthehinducomtodays-papertp-featurestp-metroplusthe-best-of-both-worldsarticle17464905ece
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Mercedes-Benz E350D A luxury car with limousine looks Shapur Kotwalmint (Web amp Print Edition)
The E-class is the model with which Mercedes first came to India many years ago Now itamprsquos ready with an all-new model in astretched-out long-wheelbase avatar
In fact India is the first right-hand-drive market to get the E-class long-wheelbase
The first thing that strikes you about the new E is that itamprsquos a really long car and itamprsquos this length that gives it the majesticlimousine look The highest specification variant of the 350d gets air suspension In its lowest setting ground clearance is just120mm though you can raise this by 15mm using the ampldquoliftamprdquo function However the underside scrapes over a fewspeed-breakers Whatamprsquos nice though is that the smart 17-inch alloy wheels are wrapped in tyres with tall sidewalls whichhelp the car absorb bad roads better
The focus of the car is its rear seats and this is where the new E-class impresses There is more legroom than you will ever needand the seats are sure to set a new benchmark in the class in terms of comfort They are nicely bolstered and offer excellentsupport all round The back rest even reclines electrically and that combined with the pillow-soft headrest cushions makes the rearseats the perfect spot for a power nap And if you need more legroom you can push the front passenger seat forward with the touchof a button The double panoramic roof adds to the sense of space inside
However the middle seat is narrow and it is best to flip down the centre armrest for comfort There are other shortcomings tooThereamprsquos just one USB slot for the rear passengers who will not be able to control the Comand infotainment system and theair-con system takes quite a while to cool the massive cabin
The Comand system features a 123-inch display and is paired with a Burmester surround-sound audio system It can be controlledvia a jog-dial and a touch pad as well as small steering-mounted touch pads It doesnamprsquot have touch controls and the carbeing sold in India doesnamprsquot get the all-digital instrument cluster that the E-class sold internationally hasampmdashinstead ituses a rather ordinary-looking analogue instrument cluster
However the E-class comes loaded with Mercedesamprsquo Pre-Safe system (it tightens seat belts and braces passengers in caseof an imminent impact) and a 360-degree camera handy when manoeuvring a car this big through tight spaces Thereamprsquoseven a Park Pilot which steers the car into a parking spot for you
Those who like to drive will definitely appreciate the 258hp 30-litre V6 diesel engine Itamprsquos supremely refined you can hardlyhear it in the cabin In addition itamprsquos got nine-speed transmission
The E-class can be quite quick when you want it to be it can accelerate from 0-100 kmph in a claimed 66 seconds Pick up thepace however and the lateral body movement is quite noticeable more so over bad roads Itamprsquos best to use the Sport orSport+ modesampmdash the car feels more tied down and is better to drive In Sport+ though it feels too eager to accelerate andspeed up which can be slightly disconcerting in bumper-to-bumper traffic
In case you donamprsquot plan on driving yourself around the 20-litre petrol-powered variants starting at Rs5615 lakh will serveyou better The car will also get a new 20-litre diesel engine sometime later this year Chauffeur-driven buyers should be impressed
with the caramprsquos ride which almost makes you feel like youamprsquore travelling on a cushion of air especially in the Comfortmode
You must consider the new E-class if you are thinking of buying a luxury car with a brilliant back seat Itamprsquos spacioussupremely comfortable and as with all Mercedes cars has a cabin thatamprsquos fastidiously put together In the right drive mode itcan tackle bad roads well and the big diesel engine is even fun to drive Prices range from Rs5615-6947 lakh (ex-showroomDelhi) which means the top-specification variant is almost Rs7 lakh costlier than the predecessorhttpwwwlivemintcomLeisureZT1ffyCrNaC0DdkXB6GmxIMercedesBenz-E350D-A-luxury-car-with-limousine-lookshtml
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Audi Launches 2017 Q3 at Rs 3420 Lakh Asian Age (Web Edition)
German luxury automaker Audi has recently launched the 2017 Q3 in India It is the third launch from Audi this year and asproposed the automaker will introduce seven more new products in 2017 The updated Q3 comes with subtle aesthetic changesan uprated diesel engine along with standardisation of features The 2017 Audi Q3 is now available in two variants ampndash the 20TDI FWD priced at Rs 3420 lakh and the 20 TDI Quattro priced at Rs 3720 lakh (all prices ex-showroom New Delhi)
In terms of design the changes on the outside are limited to the front bumper The air inlets now get a black surround whichcomplements the black lower cladding The new Q3 is now offered with all-LED headlamps as standard Also offered as standardare 17-inch 5-spoke alloy wheels shod with 23555 R17 tyres
Inside changes are limited to the inlays - the Q3 20 TDI FWD gets walnut brown ones while the Q3 20 TDI quattro gets aluminiumones Equipment such as electric adjustment for the front seats a panoramic sunroof and 2-zone automatic air conditioning isoffered as standard
The MMI system has not been modified in the new Q3 The 65-inch infotainment display remains the same while the multimediasystem is BluetoothSD card compatibility with 20GB of inbuilt storage Infotainment
The 20-litre turbocharged 4-cylinder motor remains the only power source for the Q3 - but it has been tweaked for more powerand torque The transmission option is now limited to the 7-speed S tronic dual clutch The 6-speed manual available on thepre-facelift S edition variant has been discontinued Drivers can use paddle-shifters placed behind the steering wheel to changegears
The 20-litre TDI develops 150PS of maximum power and 340Nm of peak torque in the FWD variant This is 10PS20Nm more thanthe 20 TDI that powered the pre-facelift Q3 S edition Available only with the 7-speed S tronic dual-clutch transmission the 20 TDIFWD can accelerate from 0-100kmph in 93 seconds and has an ARAI-certified fuel efficiency of 1851kmpl
The 20-litre TDI develops 184PS of maximum power and 380Nm of peak torque Compared to the pre-facelift Q3 the motor in thenew develops 7PS more power Paired to the 7-speed S tronic dual-clutch transmission the 20 TDI quattro accelerates from0-100kmph in 79 seconds and has an ARAI-certified mileage of 1517kmpl
Driver convenience features on offer include a colour multi-information display for the driver in the instrument console hill-startassist hill descent control and cruise control Standard safety systems on offer include rear parking sensors reverse parkingcamera ESC and 6-airbagshttpwwwasianagecombusinessautos140317audi-launches-2017-q3-at-rs-3420-lakhhtml
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Commercial Vehicles
Tepid growth of 2-3 expected in CV industry in FY 17 Tata Motors Shobha MathurThe Economic Times (Web Edition)
New Delhi The commercial vehicle industry is expected to grow at a tepid pace of 2-3 percent during financial year 2016-17 due tothe effect of demonetisation and the slow recovery thereafter according to RT Vasan VP sales and marketing at Indias largest CVmaker Tata Motors
In November-December 2016 the commercial vehicle industry had dropped steeply by about 20 percent and has been on arecovery mode since January after the restrictions on cash availability were gradually eased
Improvements have been witnessed across product segments whether LCVs or construction a segment which was doing well rightthrough the year
The cargo market has also started picking up pace since the last couple of months In the bus category privatization has given afillip to its declining fortunes so that the school city and staff transport sector are all on the incline
The construction sector is expected to grow by 25 percent during this fiscal on the back of heightened activity in the infrastructure
sector In FYamprsquo17 ease of financing and improvement of consumption demand was expected to boost LCV sales In the cargoMampHCV segment a double digit growth had been forecast by industry body SIAM with improvement in overall economy led byincrease in industrial and agri output
Vasan told ETAuto that the industry was optimistic about the next fiscal with the advent of the BS-IV emission regime from 1 April2017 However prices of vehicles are expected to rise especially of MampHCV trucks There would be a slow start to the year by theCV industry due to pre-buying in FYamprsquo17 before the new emission regime kicked in that would slowdown sales in the firstquarter of FYamprsquo18
But with the impetus given to this segment by infrastructure development and road construction by the government the industrywould see a growth from Q2 after the impact of pre-buying starts declining
While the industry is ready with the BS-IV product range Vasan says that the new technologies harnessed for compliance wouldboost vehicle prices by 8-10 percent for MampHCVs Buses would also witness a price realignment of 8-10 percent while LCVs wouldsee a price rise of 6-10 percent
In terms of new technologies most of the CV range is already equipped with the anti-lock braking system except for the smallerones
In terms of upcoming regulations some more safety legislation is on its way related to the body code such as cabins that will haveto be necessarily be air conditioned in the future
The bus body code that was earlier announced has only been partially implemented so far and the body code is also believed to becoming up for the truck and trailer segments LCVs are small units and have been already approved by ARAI
The overall CV segment registered a growth of 349 percent in April-February 2017 compared to the same period last year Mediumamp Heavy Commercial Vehicles (MampHCVs) declined marginally by 079 percent and Light Commercial Vehicles grew by 682 percentduring this periodhttpautoeconomictimesindiatimescomnewscommercial-vehiclemhcvtepid-growth-expected-of-the-cv-industry-at-2-3-percent-in-fy1757633279
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Tata Motors to showcase all new 1000 bhp race truck PTISee this story in The Economic Times (Web Edition)
New Delhi Tata Motors will showcase an all new T1 Prima race truck powered by 1000 bhp engine during the fourth season ofthe T1 Prima Truck Racing Championship
The engine of the all-new 1000 bhp T1 race truck is being developed in collaboration with US-based Cummins enabling thecompany to set new benchmarks in the Indian commercial vehicles space Tata Motors said in a statement
Built with specifications similar to that of trucks that race globally the vehicle was developed in a record time of 12 months ademonstration of teamwork speed and capability Tata Motors Executive Director Commercial Vehicles Ravindra Pisharody said
Tata Motors and Cummins have a joint venture company called Tata Cummins established in 1994 developing engines in the rangeof 75 to 400 HPThe fourth edition of T1 Prima Truck Racing championship will be held on March 19 at the Buddh International Circuit (BIC) GreaterNoidahttpautoeconomictimesindiatimescomnewscommercial-vehiclemhcvtata-motors-to-showcase-all-new-1000-bhp-race-truck57635142Tata Motors to showcase 1000 bhp Prima TruckFinancial Chroniclehttpwwwmydigitalfccomcompaniestata-motors-showcase-1000-bhp-prima-truck-900Tata Motors to showcase all new 1000 bhp race truckDaily News amp Analysis (Web Edition)httpwwwdnaindiacommoneyreport-tata-motors-to-showcase-all-new-1000-bhp-race-truck-2352506
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Construction amp Agri Machinery
SBI floats one-time settlement scheme for tractor loans Abhijit LeleBusiness Standard
Mumbai State Bank of India (SBI) has floated a one-time settlement scheme for borrowers defaulting on loans taken to buytractors
The countryamprsquos largest bank has also voiced reservations against the move to waive farm loans saying this will affect therepayment culture in the country
SBI executives said the tractor loan book was part of the bankamprsquos farm loan portfolio and the bank announced settlementschemes regularly to shed doubtful debt where the prospects of recovery were low after making adequate provisions for such dudassets
The settlement scheme for tractor loans began early last month and will continue till March 31 The scheme was for loans disbursedbefore September 30 2011 and had up to Rs 25 lakh outstanding by September 2016 SBI Managing Director Rajnish Kumar saidSBI will take a haircut of 40 per cent on these loans
graphIn a portfolio of over Rs 4000 crore of tractor loans about Rs 800 crore will be eligible for the scheme Crop failure and inability todeploy tractors were some of the reasons for the loans turning bad SBI executives said
SBI had in May 2015 advertised a ampldquoloan resolution weekamprdquo asking borrowers with non-performing assets to ampldquotryand work out a solutionamprdquo The scheme was available to all borrowers except willful defaulters Kumar said the bank was yet tohear anything specific from the government on a farm loan waiver
SBI had in 2014 opposed the waiver of farm loans in Andhra Pradesh and Telangana
ampldquoUttar Pradesh and Punjab constitute 10 per cent of (farm) loans and we wait to understand the contours of the waiver Theimpact will be higher on public banks than on private banksamprdquo Kotak Institutional Equities said in a research notehttpwwwbusiness-standardcomarticleeconomy-policysbi-floats-one-time-settlement-scheme-for-tractor-loans-117031400886_1htmlSBI to offer one-time settlement for Rs 6000-crore tractor loansThe Financial Expresshttpwwwfinancialexpresscomindustrybanking-financesbi-to-offer-one-time-settlement-for-rs-6000-crore-tractor-loans588102SBI to offer Rs6K-cr one-time settlement for tractor loansThe Indian Expresshttpindianexpresscomarticlebusinessbanking-and-financesbi-to-offer-6k-cr-one-time-settlement-for-tractor-loans-4569462
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23 Wheelers
Yamaha aims to export 22 lakh units from India in 2017 Hiroaki Fujita Chairman Deepanshu TaumarThe Economic Times
New Delhi Indian arm of Japanese two-wheeler manufacturer Yamaha Motor is aiming to export over 22 million units from Indiathis year compared to 161 lakh units exported last year thereby recording an estimated growth of 3664 percent Hiroaki FujitaChairman India Yamaha Motor informed in a press statement
In the domestic market the two-wheeler major is also targeting to sell 1 million scooters and motorcycles in 2017
In an annual supplier conference held at Greater Noida Hiroaki Fujita Chairman India Yamaha Motor said ampldquoOur target forthis year is to achieve 1 million unit sales in domestic market and 22 lakh unit sales for exports market In addition we also need toreinforce the Indian parts export business in order to contribute to Yamaha business globally While doing so we must continue withour focus on the amplsquoQualityamprsquo of our parts and productsamprdquo
The two-wheeler major produced a total 94 lakh units in the country in 2016 Yamaha Motor India has two manufacturing plants inIndia at Greater Noida and Chennai having a capacity of 61 lakh units and 56 lakh units respectively
The company aims to produce 15 million units by 2018
Yamaha Motor India has sold over 786 lakh units of two-wheelers in 2016 and over 50 of its total sales have come from scooters
The two-wheeler manufacturer saw a steep decline in sales from the month of November 2016 to January 2017 It was only duringFebruary 2017 when Yamaha registered a growth of 20 percent in domestic sales as compared to the corresponding period lastyear The company recorded domestic sales of 68095 units (including Nepal) in February 2017 compared to 56960 units (includingNepal) in February 2016
Industry analyst believes that the impact of demonetisation is wearing off now Only motorcycles are in red zone because of a largerural consumer base However scooters which are largely sold in urban areas is on the positive side It further believed that by nextmonth the demonetisation impact will completely go away
India Yamaha Motor recently marked its entry into 250 cc sports bikes segment which has very less competition Going forward thecompany wants to focus on urban area than the rural market
The objective of conducting the Annual Suppliers Conference was to share the last yearamprsquos result for Sales and Productionand the current yearamprsquos Sales and Production Plan During the conference India Yamaha Motor shared the direction for 2017its purchase policy the Purchasing Policy of Yamaha Motor Company (Japan) and activities organised amp initiatives were taken forsales and marketing in the previous year
India Yamaha Motor shared its expectations with the suppliers for improvement in Quality Delivery and Development performances
besides cost competitiveness to compete in the export market to increase profitability for both Yamaha and the Suppliers IndiaYamaha Motor also emphasised that all the Suppliers can draw up their investment plans based on the increasing volumes infuture
Sixteen Suppliers were also awarded for their exceptional services in the areas of Quality Delivery Development and Costincluding the Appreciation Award for some of them for the extraordinary Improvement support provided to India Yamaha Motor in2016httpautoeconomictimesindiatimescomnewstwo-wheelersscooters-mopedsyamaha-aims-to-export-2-2-lakh-units-from-india-in-2017-chairman57632349
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BSIV Compliant TVS Jupiter launched at Rs 49666 (Ex-Delhi) The Economic Times
New Delhi Hosur based TVS Motor Company in a BSE filing announced the launch of its BSIV compliant TVS Jupiter at Rs 49666(Ex-Delhi) and it is now available with two new colours - Jade Green and Mystic Gold
The refreshed scooter is now BSIV compliant with Auto Headlamp On (AHO) and equipped with Sync Braking System (SBS) SBSensures rider safety as it automatically activates the front brakes when the rear brakes are used claims TVS The feature previouslyavailable on ZX range will now be available on the Base variant as well
Commenting on this Aniruddha Haldar Vice President Marketing- Scooters TVS Motor Company said ampldquoTVS Jupiter hasreceived such enthusiasm from the consumers in response to its credo of Zyada ka Fayda Living true to this credo not only is theentire Jupiter range now BSIV compliant it now offers the unique Sync Braking System (SBS) across the entire range (earlier onlyavailable on the ZX range) Further for our customers we are adding two colours Jade Green and Mystic Gold giving them 10colour options to choose from We are happy to offer all this with absolutely no change in the Exshowroom price truly ZYADA KAFAYDAamprdquo
Since its launch in 2013 TVS Motor Companyamprsquos flagship scooter brand Jupiter has been strengthening theCompanyamprsquos foothold in the scooter market and contributing to overall scooter segment uptake penetration and growth inIndia
Company has sold over 15 million Jupiter scooters since its launch in 2013 The scooter is powered by a all-aluminum low-friction110cc engine
There is no revision in the prices for the BS IV models of Jupiter priced at Rs 49666 (Ex-Showroom Delhi) the scooter is availableacross all TVS dealershipshttpautoeconomictimesindiatimescomnewstwo-wheelersscooters-mopedsbsiv-compliant-tvs-jupiter-launched-at-rs-49666-ex-delhi57630201TVS Motor rolls out BS IV variants of JupiterThe Hindu Business Linehttpwwwthehindubusinesslinecomtodays-papertp-newstvs-motor-rolls-out-bs-iv-variants-of-jupiterarticle9583972eceTVS unveils BS-IV compliant JupiterThe Hinduhttpwwwthehinducomtodays-papertp-businesstvs-unveils-bs-iv-compliant-jupiterarticle17464118eceTVS launches BS-IV compliant JupiterBusiness Standardhttpwwwbusiness-standardcomarticlecompaniestvs-launches-bs-iv-compliant-jupiter-117031400552_1html
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Dominar 400 takes the battle to the Royal Enfield turf Murali GopalanThe Hindu Business Line
Mumbai Bajaj Autoamprsquos recently launched Dominar 400 is attracting former Royal Enfield bike users who now account for 20per cent of its customer base
According to Eric Vas President (Motorcycle Business) Bajaj Auto the larger chunk of 80 per cent is still taken up by those whoused Yamaha Honda and Bajajamprsquos own Pulsar motorcycles
The Dominar made its debut in mid-December as a serious contender to Royal Enfield While monthly numbers thus far have beena little over 3000 units the good news is that the bike has taken pride of place in the 350cc plus segment vis-a-vis RoyalEnfieldamprsquos offerings However when it comes to the core 350cc space the latter continues to be the market leader withmonthly sales of nearly 55000 units powered by the Classic and Bullet
The three-month-old Dominar 400 kicked off its presence in 22 towns which has since increased to 32 in February and slated to goup to 110 towns by the end of this month
This tally will double to 200 in April and Bajaj Auto hopes to have at least 300 towns covered for the Dominar 400 during the courseof 2017-18
If everything goes according to plan the company hopes to be clocking its targeted 10000 motorcycles every month by the end of
Q3 next fiscal
Attractive features
Vas says market feedback shows that buyers love the Dominar 400 for its performance speed and top-class brakes Interestingly alarge number of them have opted for the more expensive ABS version which retails at a little over Rs 15 lakh
The LED lamps are another big draw and their attractive lighting explains why many customers opt to have their test rides at night
According to Vas Dominar 400 buyers are largely in the age group of 25 years who have already owned a bike There are no firsttime users yet but this is expected to begin happening once the network grows and more customers start going in for the relativelyless expensive disc brake version which has a price tag of nearly Rs 14 lakh
The Dominar 400 was launched to take on Royal Enfield in a segment that is priced between Rs 1-2 lakh and accounts for five percent of motorcycles sold in India
In terms of numbers this translates into 65000 units each month
The next fiscal could see this grow to nearly 85000 units or over one million units annually
Changing dynamics
It is in this product category that Royal Enfield has a market share of 80 per cent and it is in the balance 20 per cent space thatBajaj has thrown down the gauntlet with the Dominar 400
The other rival models include KTM Yamaha YZF-R15 and Honda CBR 150R but none of them has posed a serious threat to RoyalEnfield yet
It now remains to be seen if the Dominar 400 can draw customers from the top-selling Classic
It is clear that with 10000 units targeted during 2017-18 Royal Enfield will still be comfortably ahead in terms of numbers
How dynamics change after this period will be interesting to watch
From Bajaj Autoamprsquos point of view the strategy boils down to acknowledging the reality of living in a world of opposites whereevery mature segment is essentially a two-horse race
The Dominar will stick to the core principle of being opposite from the market leaderamprsquos offerings and has been positioned as amodern machine and not a heritage brandhttpwwwthehindubusinesslinecomtodays-papertp-newsdominar-400-takes-the-battle-to-the-royal-enfield-turfarticle9583973ece
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Bajaj cheers at Feb sales Ajay ModiBusiness Standard
New Delhi Pune-headquartered Bajaj Auto claims to have surpassed volumes sold by market leader Royal Enfield in the 350-500ccmotorcycle segment in February
It attributes this to the Dominar a 373 cc premium sports motorcycle it launched in December at an ex-showroom price of Rs 136lakh Enfield says Bajaj is celebrating too early
Bajaj has sold about 3000 units of Dominar a month this calendar year and is drawing a comparison with the February volume ofRoyal Enfield in the 350-500 cc segment when the latter did wholesale volumes of 2602 units Eric Vas president for themotorcycle business at Bajaj said ampldquoWe have already overtaken Royal Enfield in the segment They used to sell an averageof 5000 units a month until a few months agoamprdquo
He claims that two of every 10 Dominars was sold to customers who owned an Enfield ampldquoSome have sold it to buy Dominarand some have bought it as their second bikeamprdquo He added there had been a decline in the waiting period of some of Enfieldsmotorcycles The 350-500 cc segment for Enfield includes the Bullet 500 Classic 500 Thunderbird 500 and Himalayan
Bajaj hopes to gradually raise Dominar volumes to an output of 10000 units monthly in about six months ampldquoThe bike hasbeen accepted very well We should reach a monthly volume of 6000 units by next monthamprdquo said Vas He did not disclosecumulative bookings for the Dominar He said most customers bought it after test rides
Vas said the volumes were aggregated from the 22 cities where itwas available until February We have expanded reach to 32cities and it will be available in a 100 cities and towns by end-March In April the company plans to add another 100 cities andtowns The constraint is more on the capacity front than on the network sideamprdquo he said
Bajaj said the incremental volume from Dominar would start reflecting in the profit figures once volume crossed 5000-6000 units amonth
Enfield has almost the entire 250-350 cc motorcycle market in the country estimated at close to 50000 units a month This is where
it gets the lionamprsquos share of its sales In the 350-500 cc market it controls 80 per cent (data for the first 11 months of FY17)This is a much smaller segment with monthly volume of 5300 units
Siddhartha Lal managing director of Eicher (which owns Enfield) told Business Standard last month that it would continue toengage with the target segment and expand reach to grow volumes ampldquoWhen one succeeds in a segment others try to enterand take a bite Of course there will be competition but we are not worriedamprdquo hed said It is understood that Enfieldamprsquosproduction volume in February was impacted due to fewer days (February having only 28) and the transition to BS-IV emissionnormshttpwwwbusiness-standardcomarticlecompaniesbajaj-cheers-at-feb-sales-117031400822_1html
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India Yamaha Motor sets ambitious sales target Nandini Sen GuptaThe Times of India
Chennai India Yamaha Motor Private Limited (IYM) is targeting an ambitious production and sales pitch of more than three millionunits this year with one million in the domestic market alone It was revealed by the top management at a recently organised AnnualSuppliers Conference at Greater Noida (Delhi-NCR) which was attended by 500 members representing more than 200 suppliersfrom across India
The theme of this years conference was Challenge the Innovation for Global Competitiveness and Its all about the customer
Our target for this year is to achieve one million unit sales in domestic market and 22 lakh unit sales for exports market Inaddition we also need to reinforce the Indian parts export business in order to contribute to Yamaha business globally While doingso we must continue with our focus on the Quality of our parts and products said Hiroaki Fujita Chairman YMI-G Cos
The objective for conducting the Annual Suppliers Conference was to share the last years result for sales and production and thecurrent years sales and production plan During the conference IYM shared the direction for 2017 its purchase policy thepurchasing policy of Yamaha Motor Company (Japan) and activities organised amp initiatives taken for sales and marketing in theprevious year
Among the senior management members who were present on the occasion on behalf of IYM included Hiroaki Fujita chairmanYamaha Motor India Group Cos (YMI-G Cos) Takashi Terabayashi MD -IYM Yasuo Ishihara MD- Yamaha Motor Research ampDevelopment India (YMRI) T Yamaguchi Deputy MD amp Purchase Head- IYM along with the YMC Purchase team - Olivier Prevostdeputy chief general manager and Hiroshi Hagio general manager
IYM shared its expectations with the suppliers for improvement in quality delivery and development performances besides costcompetitiveness to compete in the export market to increase profitability for both Yamaha and the Suppliers IYM also emphasisedthat all the suppliers can draw up their investment plans based on the increasing volumes in future
Sixteen suppliers were also awarded for their exceptional services in the areas of quality delivery development and costhttptimesofindiaindiatimescomautobikesindia-yamaha-motor-sets-ambitious-sales-targetarticleshow57633067cms
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Thunderous sound remain forever Sandesh M SDeccan Herald (Web Edition)
Bike-lovers had expected a lot from Royal Enfield when the homegrown tough motorcycle manufacturer revealed the 500ccThunderbird in October 2012
When DH decided to check out the four-year-old model with respect to the present dayamprsquos bikes with updated technology theThunderbird 500 remains outstanding in its segment
The bike was tested for two weeks with everyday regular usage and an enthusiastic rider The bike is a good choice for the dailyneeds of an Indian family
Be it an office-goer or a student the bike gives an extra feel where you enjoy every bit of it You need an extra muscle and morepower to handle the bike when the engine is turned off Sometimes it will be a great challenge to tow the bike till a filling station ifthe engine goes dry
PerformanceUndoubtedly this is the most powerful variant of Royal Enfield today The bike feels far impressive than any other machine in thissegment It constantly urges you to take it on highways as it feels best when you pushed harder Overtaking is also very easy withthis bike and it can easily cross a speed of 120 kmphr It still remains a very responsive bike especially at slow speeds
The heavy amount of torque helps it move easily in city traffic The gear ratios are well-matched with this bike and you need lessgear shifts than before The only issue we have with the bike is its heavy weight In city traffic and with a pillion rider sometimes youwill feel the actual weight of this bike Otherwise there are no major concerns related to its performance
Fuel efficiency
Mileage is still a concern and the major drawback with Royal Enfield bikes As the brand new bikes claims to offer 30 kmpl the oldbikeamprsquos mileage drops day-by-day
After few years this will be the main reason for the rider to get rid of his bike In a typical Indian customer mindset a middle-classfamily will think twice before going for a Bullet
Depending on the usage the cushion will loose its power day-by-day The rider will surely feel the pain on the long rides and trafficjams Regular servicing from an authorised mechanic will keep the vehicle in good condition
VerdictThe Royal Enfield Thunderbird 500 is a special bike but the cost compared with its 350 cc sibling the biker has to cough up anextra Rs 40000 which makes anybody to think twice before investing in one The bike has the capability to sustain any roughhandling Though it becomes rough and old its sturdiness remains the samehttpwwwdeccanheraldcomcontent601371thunderous-sound-remain-foreverhtml
Top
E-Bikes
Components
Amtek Autoacirceurotrades Arvind Dham may offload personal assets to reduce debt Deborshi Chaki amp Swaraj Singh Dhanjalmint
Mumbai With troubled auto parts maker Amtek Auto Ltdamprsquos planned divestment of domestic and overseas businesses yet tomaterialize company chairman and founder Arvind Dham has begun exploring options to monetise assets owned by him
According to two people familiar with the matter who asked not to be identified Dham is in talks with potential buyers to sellIndraprasta Engine Parts Pvt Ltd ( IEPPL) an auto component manufacturing company which he owns in his personal capacityDocuments filed with the registrar of companies show that Arvind Dham along with other senior executives of Amtek Auto holdshares in Indraprasta Engine Parts Pvt Ltd
Dham did not respond to emails text messages and phone calls seeking comment
According to the latest available filings Indraprasta Engine Parts reported a revenue of Rs9525 crore and a loss of Rs115 crore inthe financial year ended 31 March 2015 The company was incorporated in 2010 and currently has a manufacturing plant in HosurTamil Nadu
ampldquoDham has been in discussions to sell the unit following which talks with Kalyani Forge Ltd (KFL) and Sterling Tools Ltd (STL) have reached an advanced stageamprdquo said one of the two people ampldquoDham is keen to show to the lenders that he iswilling put his own money even though the plans to sell Amtek Autoamprsquos assets to repay its debt have not beensuccessfulamprdquo
Amtek Autoamprsquos standalone loss widened to Rs24156 crore for the quarter ended December 2016 from Rs17536 crore in thesame quarter last fiscal Dham plans to plough the proceeds of the sale into the company the first person added
Spokespersons for Kalyani Forge and Sterling Tools did not respond to emails seeking comment
Ever since Amtek Auto defaulted on bond repayments of close to Rs800 crore in September 2015 it has been trying to sell variousgroup businesses to reduce the debt on its books The company has appointed Morgan Stanley as an adviser to assist in its debtreduction plan Amtek Auto owed Rs8066 crore to various lenders as on 30 September 2016 Mint learns that its consolidated debtat the group level is higher
In July last year Bloomberg reported that Amtek Auto has hired global investment bank Rothschild and Co to advise on thepotential sale of all overseas operations including those in the UK the US Mexico China and Germany The report said Amtek wasseeking bidders for its German unit Amtek Tekfor Holding GmbH and expected to raise over $1 billion from the process
A manufacturer of forging parts Amtek Auto counts most of Indiaamprsquos top auto component makers as clients Its overseasclients include global auto brands such as Aston Martin and Daimler
In February the company said in a regulatory filing that it is planning to raise Rs1175 crore by selling shares to promoters on apreferential basis for which it will seek shareholdersamprsquo approval The company has called an extraordinary general meeting on25 March to seek approval from its shareholders for the proposal it added
In February lenders of Amtek Auto are understood to have asked it to either repay loans or convert the outstanding into equityshares or warrantshttpwwwlivemintcomIndustry1tt2QpJ8TtSm53I1bN4VgKAmtek-Autos-Arvind-Dham-may-offload-personal-assets-to-reduhtml
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Allied Industries
Tyre stocks race ahead as China cuts India trade Palak ShahThe Economic Times
Mumbai What is aiding Indiaamprsquos tyre stocks Chinaamprsquos policy to shun India market for the US The share price ofdomestic tyre manufactures including MRF Apollo Tyre Ceat and J K Tyre rose between 1-7 on Tuesday
A research report by Philip Capital said China had curtailed its tyre exports to India to focus on US markets as Trump administrationhad decided against anti-dumping duty on tyres The research pointed out there was more upside for these stocks
ampldquoChina has raised their TBR (truck bus and radial) tyre prices for Indian market by 10-15 rendering themunattractiveamprdquo said Nitesh Sharma and Dhawal Doshi in the research report ampldquoOur checks indicate that Chinesefactories have nearly stopped catering to tyre demand from India as US markets were more lucrativeamprdquo
Ceat rose by 607 on Tuesday Apollo Tyres was up 396 MRF gained 186 and Goodyear India jumped by 129 amongmajor tyre companies
The report titled amplsquoTables Turn Chinese players out rubber fallingamprsquo further said Chinese imports will not bounce backsoon
Demonitisation too has dent a blow to the tyre imports from China which were largely in cash China accounted for roughly 120000 tyre units each month between April to October 2016 but it has fallen sharply now said experts
ampldquoTyre stocks will do well as rubber prices are on a downward spiralamprdquo said Mehraboon Irani Principal amp Head PrivateClient Group Nirmal Bang Securities ampldquoFall in auto sales and jump in rubber prices are not expected which may keep thetraction for tyre stocksamprdquo
Natural rubber prices had jumped to three year high in January due to floods in Thailand the largest exporter of rubber The priceswhich rose to Rs 210kg are now down by over 20 Meanwhile domestic tyre manufactures hiked tyre prices by 3-5 recentlyPhilip Capital has a buy on Ceat and Apollo Tyres with a target of Rs 1550 and Rs 239 respectivelyhttpeconomictimesindiatimescommarketsstocksnewstyre-stocks-race-ahead-as-china-cuts-india-tradearticleshow57633191cms
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How to avoid being overcharged for car service at dealerships The Financial Express
Authorised workshops or dealerships are the main preference for servicing of a customers new car There are dealerships that aregenuine and would not fleece your money while after sales treatment however there are others who would try and take everypenny from you This would also involve you to be thorough with the detailed billing as well as being cautious about understanding ifa requisite task is at all required in your car Here are some tips on how to avoid being overcharged while getting your car serviced
One key area where sales executives of a said dealership can suggest unnecessary expense is anything related to the engineTasks like engine de-carbonisation or engine flushing are suggested right from the first service however it is not required in avehicles early years A cars decarbonisation should ideally take place when the response from the engine is sluggish or there arefrequent misfires despite regular services This usually starts to happen after 60000 kms or more In case it is recommended by asales executive and he or she insists simply avoid by saying no Another popular unnecessary expense is fuel line cleaning whichis suggested at every service Remember that petrol is itself used as a cleaning agent in many applications so fuel line cleaningshould be carried out only in case of a problem
Another aspect where customers are cheated is due to the lack of knowledge about their respective vehicle There have been caseswhere a dealership has conned a customer by putting spark plugs in a diesel car or heater plugs in a petrol engine powered vehicleA diesel car does not have spark plugs (but a petrol car does) and similarly a petrol car doesnt have heater plugs (which arepresent in diesel cars) Additives are advised by many service advisors but these arent needed unless specified by the carmakerKnowing the basic mechanical and electrical parts of your car can go a long way in saving you your money
Other mechanical parts where a person can be overcharged is the clutch adjustment Most modern manual transmission cars soldin India have a hydraulic clutch which is self adjusting till the time the pressure plates and the clutch plates are completely worn outA worn out clutch system will require more pressure to depress the pedal thereby indicating the clutch plates andor pressure plateswould need replacement Ideal time to replace is not at every service which clever dealerships would suggest but at least a gap ofthree service intervals is recommended (with the service interval at every 10000 kms)
All carmakers offer an owners booklet which has all the details of which part needs to be replaced when and the recommendedservice interval When getting your car serviced always refer to this manual and insist on only the aspects mentioned in the manualto be donehttpwwwfinancialexpresscomautocar-newshow-to-avoid-being-overcharged-for-car-service-at-dealerships587326
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Emissions Environment
Finance amp Insurance
Customer not bound by tie-up between vehicle dealer insurer Pune Court Vishwas KothariThe Economic Times
Pune The district consumer court here has ruled that a tie-up between a vehicle dealer and an insurance company is not bindingupon the consumer who buys a vehicle from such a dealer
The court has directed the Bajaj Allianz General Insurance Company in Yerawada here to refund a premium of Rs 21053 ampmdashalong with an annual interest of 9 since September 20 2014 ampmdash and a Rs 5000 fine to a Daund resident for failing to renewhis car insurance despite the latter having paid the renewal premium through the online NEFT transaction
The interest component payable so far works out to over Rs 4700
The company argued that the consumer did not route the payment through the vehicle dealer by way of a demand draft as wasrequired under an agreement between the company and the vehicle dealer
Shankar Raghunath Chavan a resident of Kusegaon in Daund had purchased an insurance policy from the company for his car onSeptember 21 2012 A year later the policy was renewed for the period between September 21 2013 and September 20 2014 Atthe end of this term he had received a reminder from the company for the renewal of his policy
Through the net banking facility Chavan made a payment of the renewal premium worth Rs 21053 for the term betweenSeptember 21 2014 and September 20 2015 He then made repeated requests to the company for the issuance of the policydocument
However in December 2014 when he approached the company he was shocked to learn that his policy had ampldquoexpired due tonon-renewalamprdquo The company did not renew his policy even after his repeated reminders This prompted him to move theconsumer court seeking refund of the premium amount and appropriate costs towards physical and mental agony
The bench observed in its order ampldquoIt is not denied by the insurance company that the complainant (Chavan) had paid thepremium It is the case of the insurance company that as per practice prevailing between the company and the dealer the paymentshould be made by demand draft through the dealer so that the policy can be renewed conveniently It is true that the dealer of thevehicle was not aware about the payment of premium made by the complainant However a tie-up between the dealer and theinsurance company is not binding upon the consumeramprdquo
ampldquoDocumentary evidence which is produced by the complainant is sufficiently eloquent and speaks about inaction on the partof the insurance company Even after sending documentary evidence as regards to payment of policy premium the insurancecompany has failed to renew the policy Definitely this act on the part of the company amounts to deficiency in serviceamprdquo thebench ruledhttpautoeconomictimesindiatimescomnewsindustrycustomer-not-bound-by-tie-up-between-vehicle-dealer-insurer-pune-court57623564
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Analysts in wait-and-watch mode on Bajaj Finance Hamsini KarthikBusiness Standard
A robust business model established over years of experience often tends to withstand the test of time quite remarkably That ofBajaj Finance Indiaamprsquos largest consumer durables financier is one such example
During the note ban period there were doubts on whether Bajaj Finance could replicate its historic performance in terms ofcustomer acquisition loan growth and more importantly asset quality in the December quarter (Q3) Much to the Streetamprsquossurprise Bajaj Finance comfortably met these parameters
Customer acquisition grew by 35 per cent year-on-year in Q3 while assets under management expanded by 33 per cent to Rs57600 crore year-on-year Even asset quality stood out with gross non-performing assets ratio at 147 per cent and that toowithout utilising RBIamprsquos 90-day dispensation on loans less than Rs 1 crore Overall financials remained robust with net interestincome and net profit growing by 27 and 36 per cent respectively These factors have helped Bajaj Financeamprsquos stock reboundfrom its demonetisation period low of Rs 766 to Rs 1125 on Tuesday
However after outperforming the broader markets by a reasonable margin for most of the last two years the stock has lagged inthe past six months Bloomberg data indicate that while the Bank Nifty has gained six per cent in the past six months Bajaj Financeis up only 21 per cent Analysts nonetheless feel that Bajaj Finance may not surpass its previous high of Rs 1180 in a rush
Pointing to some key indicators they prefer to see how March quarter pans out particularly on consumer loans before altering theirexpectations on the stock
Consumer loans which grew by 52 per cent year-on-year in September quarter (Q2) grew 47 per cent year-on-year in Q3 Butwithin this segment consumer durables grew slower at 27 per cent versus 48 per cent in Q2 As for the vehicle financing (two andthree wheelers) the dependence on Bajaj Auto was seen higher in Q3 ampndash 46 per cent dependence on Bajaj Auto fortwo-wheelers and 29 per cent for three-wheelers as against 38 per cent and 18 per cent respectively a year ago Average ticketsize which dipped post demonetisation is yet to see a strong recovery All these factors prompt analysts to be on a wait-and-watchmode
ampldquoWe arenamprsquot able to see a secular return in consumer buying yet While demand for consumer durables may havepicked up as summer sales is already playing out we canamprsquot say the same for vehicle salesamprdquo says an analyst with adomestic brokerage
Analysts at Jefferies feel the annual compounded loan growth for Bajaj Finance could be lower in FY16-19 compared to what was inFY13-16 The brokerage flags that at current valuations (52 x FY18 price-to-book) risk-reward appears negativehttpwwwbusiness-standardcomarticleopinionwhy-analysts-are-in-wait-and-watch-mode-on-bajaj-finance-117031400674_1html
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SBI announces Rs 6000-cr tractor loan settlement scheme PTISee this story in The Economic Times
State Bank of India (SBI) today announced a one-time farm loan settlement scheme worth Rs 6000 crore primarily for tractors
One Time Settlement (OTS) announced for Agriculture Loans Scheme valid until 31st March Contact your branch for details ampbenefits the nations largest lender said on the microblogging site Twitter today
Managing director Rajnish Kumar told CNBC-TV18 the scheme will result in the bank taking a 40 per cent haircut on outstandingtractor loans as of September 2016
SBIs total farm loan portfolio is Rs 125 trillion and Kumar said the tractor loan book is about Rs 6000 crore
He said doubtful or loss category accounts as of September 2016 which were disbursed before September 2011 will beconsidered under the scheme He said a circular in this regard was sent to branches on February 2
But he was quick to add the OTS has nothing to do with Prime Minister Narendra Modis promise of a loan waiver to UP farmersduring the just concluded elections saying there were no talks with the Centre or state in this regard so far SBIs Uttar Pradeshportfolio will be around Rs 13000 crore
SBI had announced OTS schemes for SMEs last December and education loans early in 2016
He said other agri loans like kisan credit cards and other term-loans for tractors and farm loans may also be covered under theschemehttpwwwdnaindiacommoneyreport-sbi-announces-rs-6000-cr-tractor-loan-settlement-scheme-2352737SBI to allow one-time settlement for tractor farm equipment loansminthttpwwwlivemintcomIndustryiXDTXX1onxjwfHcz731WzJSBI-announces-Rs6000-crore-tractor-loan-settlement-schemehtmlSBI announces rs 6000-crore tractor loan settlement schemeThe Pioneerhttpwwwdailypioneercombusinesssbi-announces-rs-6000-crore-tractor-loan-settlement-schemehtml
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Oil Lubricants amp Alternative Fuels
Oil hovers near three-month low as investors awaits data ReutersSee this story in The Hindu Business Line
Tokyo Crude oil prices hovered near three-month lows on Tuesday in early Asian trading as investors await key reports and datathat may shed light on a supply overhang in the global market
US West Texas Intermediate crude (WTI) edged down 3 cents to $4837 a barrel by 0026 GMT The contract ended down 9 centsin the previous session after touching $4790 the lowest since the end of November
Brent crude futures were down 1 cent at $5134 a barrel having settled down 2 cents on Monday after dipping to as low as $5085
Prices fell sharply last week as investors worried that swelling US crude supplies would hinder Organization of the Petroleum
Exporting Countries (OPEC)s efforts to restrict output and reduce a global glut
Prices had risen after the OPEC and other major oil producers including Russia agreed at the end of November to rein inproduction by almost 18 million barrels per day (bpd) in the first half of 2017
ampldquoIts shaping up to be another fun week in the crude complex with OPEC releasing its monthly oil market report on Tuesdayswiftly followed by the IEAs monthly oil market report the day afteramprdquo Matt Smith analyst at ClipperData said in a note
The International Energy Agency releases its closely watched monthly oil market report on Wednesday
Data from the industry group the American Petroleum Institute on US crude and product stockpiles is also due out later on Tuesday
Analysts said the slump may not have much further to go now that prices have fallen more than 8 percent since last Monday thebiggest week-on-week drop in four monthshttpwwwthehindubusinesslinecommarketscommoditiesoil-hovers-near-threemonth-low-as-investors-awaid-dataarticle9582601ece
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News Magazines
Mahindra Electric geared up to be a component supplier Autocar India
Speaking to Autocar India Mahindra Electric (ME) stated that the company is open to being a supplier to other vehiclemanufacturers and will sell complete electric drive systems to those interested At present the ME plant builds the e2o while it shipsout the drive systems for the eVerito sedan and eSupro van For this purpose the production line has been modified to produce notjust built-up vehicles but also fully ready electric drive systems that can be offered to other manufacturers interested in procuringthem With expertise in electrification virtually absent in India ME hopes to build on its first-mover advantage and cater to theindustry Itamprsquos unlikely that there would be any takers for passenger cars but commercial and three-wheeler manufacturerscould be potential customers
Mahindra also confirmed that they are open to supplying other bits like charge system controllers as well Mahindra outsources thebattery and electric motor for its EV powertrains and has no plans of producing these components in-house as apart from the hugeinvestments needed there is no real advantage Battery technology is quite specialised and there are many players in this fieldalready And with electric motor efficiency already at 80 percent ampndash compared to about 30 percent for internal combustionengines ampndash there is very little to differentiate one EV maker from another Mahindra believes the real differentiator in the nearfuture will be in the battery management systems where big gains can be made in the charging and discharging cycle Thus ME isputting a lot of effort into this area and going forward has ambitions to be a supplier solely for battery management systems toother manufacturershttpwwwautocarindiacomauto-newsmahindra-electric-geared-up-to-be-a-component-supplier-404432aspx
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Tesla Model Y SUV due by 2019 Autocar India
Tesla Inc recently renamed from Tesla Motors Inc is on the verge of what it says will be a massive expansion of production with twonew models due to arrive in the next two years
Alongside the much-hyped Model 3 Tesla is also expected to launch an entry-level crossover based on the same platform andrumoured to be badged the Model Y
The starting price of the Model 3 is likely to be around $37000 (Rs 2435 lakh approx) with the Model Y expected to be slightlymore expensive However Tesla founder Elon Musk believes the transaction prices of the new compact Teslas will go higherbecause buyers will be keen to add paid options to their vehicles
While the compact Model Y could turn out to be Teslaamprsquos best seller ampndash some seven million crossovers of all types weresold in the US last year ampndash Musk recently tweeted that the Model 3 remained the biggest priority for the company
The Model Y is unlikely to be unveiled until sometime next year with production set to follow late in the year Little in the way ofspecification has been released though it is expected to borrow the top-hinged amplsquofalcon wingamprsquo rear doors from thebigger Model X SUV
The Model Y will also have the promised updated electrical architecture that will allow Tesla to offer full autonomous drivingcapability Future Tesla cars will be equipped with as many as eight cameras giving a 360-degree view of the surroundingroadscape as well as 12 ultrasonic sensors and a amplsquonewamprsquo forward-facing radar that works in the worst weatherconditions Existing radar systems can be fooled by heavy rain and fog
Musk also said the new electrical architecture has a brain that is as much as ampldquo40 timesamprdquo more powerful than onprevious Teslas calling it a ampldquosupercomputer inside the caramprdquo The autonomous driving technology though will be offered
as add-on option to customers on both entry-level Teslas
Another challenge for the Model 3 and Y will be balancing their lower price against the need for a battery big enough to give anacceptable range
The entry-level Model 3 may have a cheaper sub-60kWh battery but will still need to have a range of at least 370km The ModelYamprsquos more bluff shape and greater frontal area might mean a bigger battery for the same range and so a slight price premium
Tesla is in a race against time to achieve the kind of production levels needed to turn around what is still a cash-hungry operationThe firm has spent nearly $2 billion (Rs 1316350 crore approx) since 2010 with investments including building the battery-makingGigafactory and trying to expand car production to a massive 500000 units a year
Tesla delivered around 76000 vehicles last year but says it was able to build around 2000 cars a week by the second half of 2016With as many as 400000 deposits taken for the Model 3 the company is looking to produce well over 100000 of the BMW3-series rival before the end of this year
Muskamprsquos expansion plans will test the limits of the capabilities of Teslaamprsquos suppliers and those of its own plant inFreemont California But getting to annual sales of half a million vehicles should finally push the carmaker into profit and secure thecompanyamprsquos long-term futurehttpwwwautocarindiacomauto-newstesla-model-y-suv-due-by-2019-404434aspx
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VW promises higher focus on EVs after record sales year Autocar India
The Volkswagen Group ampldquowill be a role model in environmental protection safety and integrityamprdquo according to CEOMatthias Muller who was speaking as the firm confirmed a record-breaking sales year in 2016
Outlining plans for the firm to reinvent itself as a far-reaching mobility company in the wake of the emission scandal Muller revealedthat the VW Group sold 103 million cars in 2016 making it the worldamprsquos largest car manufacturer It made pound62 billion in profitafter allowances including pound56 billion of losses to cover emission scandal costs In 2015 expenses relating to emission scandalamounted to pound142 billion
Most notably its sales in China where the effects of the diesel crisis were negligible grew 122 percent and its 2016 salesrevenues of pound1904 billion also exceeded forecasts by pound35 billion
ampldquoThe last year was challenging yet remarkably successfulamprdquo said Muller ampldquoIn 2016 we set the course for thebiggest transformation in the history of the company while at the same time performing better in our operating business than manythought possibleamphellipVolkswagen is back on trackamprdquo
Muller vowed that the success would be a catalyst for further change adding ampldquoWe will still be one of the most successfulautomakers in 2025 But we will also be a leading international provider of sustainable mobility and set the standard for new mobilityservicesamprdquo
New initiatives include a stated goal of taking leadership in the field of battery technology by 2025 which is by when the VW Grouphas committed to have solid state batteries in production These are seen as the next technological step over the lithium-ionbatteries currently favoured by most manufacturers The VW Group has committed to have 30 battery-electric vehicles on sale by2025
He also signalled that Audi had been tasked with leading the Groupamprsquos autonomous driving projects while adding that the VWGroup now had 37 centres around the world working on autonomous and digital service ideas pivoting around the Groupamprsquosnew mobility company Moia which was set up last year
Muller also highlighted recent joint ventures ampndash in China with FAW and JAC the latter of which will lead to the co-developmentof a budget electric car line in India with Tata Motors and in America with Navistar which is in the commercial vehicle segmentampndash as examples of the firmamprsquos commitment to forging partnerships to boost sales success He also confirmed that thefirst economy vehicles to be developed by the brand will go on sale in emerging markets in 2018httpwwwautocarindiacomauto-newsvw-promises-higher-focus-on-evs-after-record-sales-year-404433aspx
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Mercedes to expand E-class range with E 220 diesel Autocar India
The tenth-generation Mercedes-Benz E-class launched for the first time in India with a long wheelbase has moved the goalposts toset new standards for comfort and space in its segment The E-class comes with two engine options ampndash the base E 200 petroland the top-of-the-line
E 350 diesel Priced at Rs 5670 lakh and Rs 7015 lakh (ex-showroom Delhi) respectively these two variants bookend the E-classrange and is essentially aimed at two sets of customers The E 200 buyer is likely to be almost always chauffeur-driven and henceis mainly interested in rear seat space and comfort while the E 350d customer wants all the bells and whistles as well as the
sublime driving experience only the silky smooth and torquey V6 diesel can offer
However that still leaves a massive Rs 1345 lakh gap in the range which no doubt future E-class variants will eventually plug butwhich one will find that sweet spot to form the bulk of E-class sales
Itamprsquos no surprise then that Mercedes-Benz India is readying a base diesel which like the previous-generation W212 E-class islikely to be the most popular variant offering a strong dose of practicality without too much of a compromise on refinement andluxury
But unlike the W212 which had the E 250d representing the base diesel in the range Mercedes-Benz India is offering the lower E220d as the starting point for the E-class diesel This suggests that the E 220d will be very attractively priced when it goes on salearound June 2017 and could be priced very close to the E 200
The E 220amprsquos all-new 20 litre four-cylinder diesel which pumps out 194hp and 400Nm of torque may not have the punch ofthe outgoing E 250damprsquos 204hp and 500Nm motor but again given the chauffeur-driven focus the new E-class has beenconceived for the newE 220damprsquos performance is unlikely to be an issue
What is a big issue however is downgrading the 20-litre motor which has been designed for stricter Euro-VI emissions to run onlocally available BS-IV diesel ampldquoItamprsquos such a waste of engineering resource and a step backwardsamprdquo said aMercedes-Benz engineer The 2143cc (OM651) diesel engine which powered the previous E-class was easier to adapt to BS-IVfuel unlike the spanking new high-tech 1995cc (OM654) diesel thatamprsquos built to meet the latest global emission standards Infact the OM654 made its debut in the latest E-class when it was launched globally in 2016 Its advanced tech includes a uniquealuminium engine block with steel pistons a special low-friction coating for the cylinder walls and a fourth-generation common-raildiesel injection system At 168kg it is 31kg lighter than the engine it replaces
Downgrading a Euro-VI engine to BS-IV standards takes a lot of time and resources but there is no way out until fuel pumps in Indiaget low-sulphur BS-VI fuel which is not expected until 2020 The BS-IV-spec OM654 wasnamprsquot ready in time for the newE-class launch and this is one reason why the E 220d is coming a couple of months later The other reason could be a strategicone Mercedes-Benz India wants to wait until BMW launches the all-new 5-series expected in June and in a counter move tweakthe E 220damprsquos mix of specifications features and price accordingly A starting price of Rs 57-58 lakh for the E 220disnamprsquot unlikely especially since this variant will be Mercedes-Benz Indiaamprsquos trump card in a luxury car segment it seemsdetermined to dominatehttpwwwautocarindiacomauto-newsmercedes-to-expand-e-class-range-with-e-220-diesel-404429aspx
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Nissan to launch Kicks SUV in Q3 2018 Autocar India
The Nissan Kicks SUV which made its global debut in 2016 in Brazil will be launched in India in the third quarter of 2018 accordingto company sources
However unlike the South American model which is spun off Nissanamprsquos V-platform the made-for-India Kicks (code PB1D)will be based on the upcoming Renault Kapturamprsquos (code HHA) platform This is essentially a modified version ofRenaultamprsquos proven M0 platform that underpins cars like the Duster and Lodgy which are known for their robust mechanicals
The M0 is also a critical part of the Renault-Nissan Allianceamprsquos platform strategy in India which is essentially centred aroundtwo platforms Whilst the CMF-A and CMF-A+ platforms underpin Renault and Nissanamprsquos (and later Mitsubishiamprsquos) smallto mid-size car range in India the M0 platform will cater to higher end products The low-cost M0 platform has proved to be a cashcow for Renault globally and is ideally suited for markets like India The allianceamprsquos European-spec CMF-B platform was alsoevaluated initially but was eventually rejected as it proved to be a lot more expensive than the M0 which has also been localisedover the years
Developed and conceived originally by Renault for its Dacia sub-brand over a decade ago the French carmaker has first rights toproducts spun off the M0 platform and hence like the Nissan Terrano which followed the Renault Duster the Nissan Kicks too willfollow the Renault Kaptur to India but almost a year later
While both the Kaptur and Kicks will use the same modified version of the platform the amplsquotop hatsamprsquo will be completelydifferent The Kicks design and styling will mirror the South American car and thatamprsquos no bad thing
Sharply styled with lots of distinctive design touches like a floating roof massive wheel arches and a wraparound visor look theKicks wonamprsquot have a problem standing out on Indian roads The good thing is that the edgy design hasnamprsquot compromisedpracticality and Nissan claims best-in-class space in the back seat
Cars based on the M0 platform get a choice of just two engines a 16 petrol and the venerable 15 K9K diesel and hence these arelikely to be carried forward into the Kicks as well The 15 diesel is expected to be the mainstay but its likely that in its latest iterationthere will be a small bump up in power and torque
Nissan has set an ambitious target of 30000 Kicks in its first full year of production with an additional 20000 units earmarked forexports Pricing will be crucial for the Kicksamprsquo success and Nissan may do well to undercut its rivals to buy some much neededmarket sharehttpwwwautocarindiacomauto-newsnissan-to-launch-kicks-suv-in-q3-2018-404426aspx
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International News
Volkswagen CEO gets 778 mn euros in pay and benefits for 2016 ReutersSee this story in The Economic Times
Wolfsburg Volkswagen Groups Chief Executive Matthias Mueller was awarded 778 million euros ($828 million) in pay andbenefits for 2016 up from 417 million euros in total remuneration awarded a year earlier the companys annual report showed onTuesday
Mueller was not awarded a full years CEO pay for 2015 since he only took over as chief executive in September following theresignation of his predecessor Martin Winterkorn who was forced out in the wake of a diesel emissions cheating scandal
Volkswagen overhauled its bonus and executive pay policy in February this year to cap total pay for its chief executive at 10 millioneuros ($106 million) and other top managers at 55 million euros
Volkswagen brand chief Herbert Diess saw his total remuneration for 2016 fall to 393 million euros down from 713 million in 2015the annual report showed
($1 = 09401 euros)httpautoeconomictimesindiatimescomnewsindustryvolkswagen-ceo-gets-7-78-mn-euros-in-pay-and-benefits-for-201657631837Volkswagen CEO Matthias Mueller says not ruling out merger talks with Fiat ChryslerThe Financial Expresshttpwwwfinancialexpresscomindustryvolkswagen-ceo-matthias-mueller-says-not-ruling-out-merger-talks-with-fiat-chrysler587861
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Volkswagen CEO US remains core market for company APSee this story in The Economic Times
Frankfurt The CEO of German automaker Volkswagen says the United States remains a core market for the company despite itsdiesel emissions scandal and has underlined that it hopes to expand there
Matthias Mueller made the comments Tuesday at the companys annual news and investor conference at its headquarters inWolfsburg Germany
Mueller said that we are standing by our investment decisions and intend over the long term to play a significantly greater role therethan today
The Volkswagen brand has only a small share in the US market although it is important for the companys luxury brands Porscheand Audi It makes cars in Chattanooga Tennessee
US authorities uncovered Volkswagens use of engine control software that enabled vehicles to cheat on emissions testshttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsvolkswagen-ceo-us-remains-core-market-for-company57633149
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Volkswagen targets strong 2017 even as core brand struggles ReutersSee this story in The Economic Times
Wolfsburg Germany Volkswagen said it was capable of shouldering the costs of its emissions crisis and was targeting an evenbetter year than in 2016 but warned that its core autos division continued to struggle
We see good chances of being able to ride the wave of the positive performance last year when Volkswagen turned in recordunderlying profit helped by sales of upmarket Audis and Porsches Chief Executive Matthias Mueller said on Tuesday at thecarmakers annual news conference
Volkswagen expects group revenue to exceed last years record 217 billion euros ($231 billion) by as much as 4 percent this yearand is forecasting an underlying operating margin of between 6 and 7 percent compared with 67 percent in 2016 it said affirminga forecast given on February 24
The company also aims to moderately exceed last years record 103 million deliveries
You can rest assured that we will do everything in our power to make 2017 an even better year than 2016 the CEO said
But Volkswagen appears to be making slow progress in tackling the biggest trouble spot within the 12-brand group thelong-planned turnaround of its core autos division
Operating profit of the namesake brand slipped further to 187 billion euros in 2016 from 210 billion a year earlier because of highermarketing costs related to dieselgate and plunging demand in Brazil and other key markets finance chief Frank Witter said
($1 = 09394 euros)httpautoeconomictimesindiatimescomnewsindustryvolkswagen-targets-strong-2017-even-as-core-brand-struggles57630343
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VW CEO says not ruling out merger talks with Fiat Chrysler boss ReutersSee this story in The Economic Times
Wolfsburg Volkswagen Chief Executive Matthias Mueller said he is not ruling out talks with Fiat Chrysler boss Sergio Marchionneabout a possible merger
I am not ruling out a conversation Mueller told reporters on Tuesday after the carmakers annual earnings press conference inWolfsburg
Marchionne has long advocated car industry mergers to share the costs of making cleaner and more technologically advancedvehicles and has repeatedly relayed his desire via the media
It would be very helpful if Marchionne were to communicate his considerations to me too and not just to you Mueller said
I am pretty confident about the future of Volkswagen with or without Marchionne
Only last week Mueller appeared to dismiss the prospect of talks with Fiat Chrysler
We are not ready for talks about anything he told Reuters on the fringes of the Geneva auto show I havent seen Marchionne formonths he said at the timehttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsvw-ceo-says-not-ruling-out-merger-talks-with-fiat-chrysler-boss57632909
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Volkswagen chief denies talks with Fiat AFPSee this story in The Economic Times
Berlin Volkswagen chief Matthias Mueller on Tuesday denied rumours that the German auto giant was in talks with rival FiatChrysler
At present there is no contact between me and Fiat Chrysler boss Sergio Marchionne Mueller told the companys annual pressconference in Wolfsburg north Germany
Marchionne had said at the Geneva car show last week that he was expecting Volkswagen to reach out as more firms are thinkingof cost-cutting tie-ups in the vein of Frances Peugeot and German carmaker Opel
In response Mueller said he had other problems since VWs 2015 admission that it installed software to cheat regulatoryemissions tests in 11 million vehicles worldwide
He nevertheless added that Ive never said a tie-up with any other partner is altogether ruled out
VW clawed its way back to profit in 2016 and pulled ahead of Toyota to become the worlds biggest carmaker by unit sales shipping103 million vehicles over the year
Mueller on Tuesday confirmed the groups forecast of moderate growth in sales in 2017
But the firm is far from turning the page as it continues to refit cars equipped with the cheating software and faces legal action fromcustomers and investors in numerous countries
The final bill for the scandal is impossible to predict Mueller acknowledged
All we know is that this question will keep us busy for a long time several years he saidhttpeconomictimesindiatimescomindustryautovolkswagen-chief-denies-talks-with-fiatarticleshow57633113cms
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Volkswagen has good chances to build on strong 2016 performance CEO ReutersSee this story in The Economic Times
Germany Volkswagen has good chances of building on its strong 2016 performance when it swung to a record underlying profitdespite its diesel emissions crisis Chief Executive Matthias Mueller said
The Volkswagen Group is in very robust shape Mueller said on Tuesday at the carmakers annual news conference in Wolfsburg
VW expects group revenue to exceed last years record 217 billion euros ($231 billion) by as much as 4 percent this year and isforecasting an underlying operating margin of between 6 and 7 percent compared with 67 percent in 2016 it said affirming aforecast given on Feb 24
Still operating profit of its core autos division slipped further to 187 billion euros in 2016 from 210 billion a year earlier as the brandis struggling to implement a wide-ranging turnaround planhttpeconomictimesindiatimescomnewsinternationalbusinessvolkswagen-has-good-chances-to-build-on-strong-2016-performance-ceoarticleshow57630339cms
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BMW i3 batteries to be used by Vattenfall The Economic Times
New Delhi Swedish power making company Vattenfall and German auto giant BMW Group have signed a contract for the deliveryof up to 1000 lithium-ion batteries this year The batteries with a capacity of 33 kilowatt hours (kWh) each are equipped with aBMW-owned battery management system and are also used by the car manufacturer in the BMW i3
Vattenfall will purchase the new batteries from the BMW plant in Dingolfing and use them in all storage projects
Energy storage and grid stability are the major topics of the new energy world says Gunnar Groebler Senior Vice President ofVattenfall and Head of Business Area Wind
We want to use the sites where we generate electricity from renewable energies in order to drive the transformation to a newenergy system and to facilitate the integration of renewable energies into the energy system with the storage facilities Thedecoupling of production and consumption and the coupling of different consumption sectors are in the focus of our work
The first energy storage from the BMW-i3 batteries is being built at the 122 MW onshore wind farm Princess Alexia nearAmsterdam With a capacity of 32 megawatts (MW) it is Vattenfalls first large storage project in the Netherlands
Pending on a final investment decision the largest battery storage will be built at the Vattenfall wind farm Pen y Cymoedd (230 MW)in South Wales - a 22-megawatt storage facility which will help to support the stability of the country-wide power grid in the UK aspart of the so-called EFR (Enhanced Frequency Response) service
As part of the project Norddeutsche Energiewende NEW 40 Vattenfall together with the Hamburg University of Applied Sciences(HAW) and the company Nordex will implement a large battery storage at the future wind farm in Hamburg-Bergedorf
This is a so-called storage control unit made of batteries It is meant to maintain the security of supply with a feed-in of 100 percentrenewable energy In addition the battery storage contributes to the improvement of the network quality and the more efficient useof the existing network structure Other possible applications would be electricity storage in private households Energy storagesolutions are an important part of Vattenfallamprsquos strive to power climate smarter living
We are pleased that we have found a supplier in BMW who meets our high safety requirements with the use of the batteries withreliably good quality from German series production says Daniel Hustadt project manager for large batteries at VattenfallInnovation GmbHhttpautoeconomictimesindiatimescomnewsindustrybmw-i3-batteries-to-be-used-by-vattenfall57630728
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Toyota to look at Saudi production as the countries seek closer ties ReutersSee this story in The Economic Times
New Delhi Toyota Motor Corp signed a memorandum of understanding (MOU) on Tuesday with a Saudi Arabian governmentagency to conduct a feasibility study into producing vehicles and parts in the Middle Eastern nation
The move if firmed up would be a big step for the Saudi economy as the government tries to diversify beyond oil exports andcreate jobs as part of the kingdoms 2030 Vision
So far Saudi Arabia and other Gulf oil exporters have failed to significantly develop industries such as automaking because theylack broad industrial bases and a skilled local workforce
The study would take into account the evaluation of development of a local supply base using materials produced by major Saudi
companies like Sabic Maaden Petro Rabigh and other major industrial companies in the kingdom the official Saudi state newsagency reported
The MOU is with Saudi Arabias National Industrial Clusters Development Program (NICDP)
Meanwhile state-run Saudi Aramco has signed MOUs with five Japanese entities during a business forum that both nations hostedon Tuesday coinciding with a visit by Saudi Arabias King Salman this week
Saudi Aramco and Japans biggest oil refiner JX Nippon Oil amp Energy (5020T) agreed to consider a refinery joint venture in a thirdcountry and cooperation in trading and technology of oil and petrochemical products
Aramco also agreed to consider a possible future cooperation in crude oil supply and downstream business with Idemitsu KosanCompany
In addition Aramco and state-run Japan Oil Gas and Metals National Corp (JOGMEC) formally agreed to expand crude storagecapacity in Japan by 300000 kilolitres (about 19 million barrels) from the current 63 million barrels from April 1
Japan treats crude oil stored by Aramco as quasi-government oil reserves counting half of the barrels stored by Aramco as nationalcrude reserves
Companies and government organizations in both nations signed a total of 20 MOUs on Tuesday including cooperation betweenthe Saudi Arabian General Investment Authority (SAGIA) and Japans three megabanks - Mitsubishi UFJ Financial Group (8306T)Sumitomo Mitsui Financial Group (8316T) and Mizuho Financial Group (8411T) - on increasing investments in the kingdom
The MOUs also included cooperation in seawater desalinationhttpautoeconomictimesindiatimescomnewsindustrytoyota-to-look-at-saudi-production-as-the-countries-seek-closer-ties57636587
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Geneva Motor Show 2017 Airbus unveils fully electric flying car PopUp The Economic Times
Geneva Airbus along with Italdesign has unveiled the first modular fully electric zero emission concept vehicle system - PopUpat the Geneva Motor Show 2017 informed the French company in an official statement
PopUp envisages a modular system for multi-modal transportation that makes full use of both ground and airspace and isdesigned to relieve traffic congestion in crowded megacities
PopUp System consists of a three layers concept1 an Artificial Intelligence platform that based on its user knowledge manages the travel complexity offering alternative usagescenarios and assuring a seamless travel experience
2 a vehicle shaped as a passenger capsule designed to be coupled with two different and independent electric propelled modules(the ground module and the air module) Other public means of transportation (eg trains or hyperloops) could also integrate thePopUp capsule
3 an interface module that dialogues with users in a fully virtual environment
Airbus claims The PopUp vehicle combines the flexibility of a small two seater ground vehicle with the freedom and speed of avertical take-off and landing (VTOL) air vehicle thus bridging the automotive and aerospace domains
PopUpamprsquos monocoque carbon-fibre cocoon measures 26 metres long 14 metres high and 15 metres wide The capsuletransforms itself into a city car by simply coupling to the ground module which features a carbon-fibre chassis and is batterypowered
For megacity journeys with high congested traffic the capsule disconnects from the ground module and is carried by a 5 by 44metre air module propelled by eight counter-rotating rotors
ampldquoAdding the third dimension to seamless multi-modal transportation networks will without a doubt improve the way we liveand how we get from A to Bamprdquo said Mathias Thomsen General Manager for Urban Air Mobility at Airbus on the occasion ofthe unveil
ampldquoSuccessfully designing and implementing solutions that will work both in the air and on the ground requires a joint reflectionon the part of both aerospace and automotive sectors alongside collaboration with local government bodies for infrastructure andregulatory frameworks Italdesign with its long track record of exceptional vehicle design was an exciting partner for Airbus for thisunique concept projectamprdquo
ampldquoToday automobiles are part of a much wider eco-system if you want to design the urban vehicle of the future the traditionalcar cannot alone be the solution for megacities you also have to think about sustainable and intelligent infrastructure appsintegration power systems urban planning social aspects and so on In the next years ground transportation will move to the nextlevel and from being shared connected and autonomous it will also go multimodal and moving into the third dimensionamprdquo saidItaldesign CEO Joumlrg Astaloschhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsgeneva-motor-show-2017-airbus-unveils-fully-electric-flying-car-pop-up57630936
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Nissan boosts management presence at Mitsubishi Motors ReutersSee this story in The Economic Times
Tokyo Mitsubishi Motors on Tuesday said an additional four Nissan executives would join its management team as Nissan tightensits control over the smaller struggling automaker in which it took a controlling stake last year
The announcement is part of Mitsubishi Motors efforts to rebuild its management system after it admitted last year that it hadoverstated the mileage on a number of its cars sold in Japan battering domestic sales and tarnishing its brand image
From April corporate vice president positions for roles including product development and marketing and sales would be occupiedby officials from Nissan Mitsubishi Motors said
This would hike the number of Nissan executives on Mitsubishi Motors management team to seven from two now
We need to strengthen our corporate governance to avoid a repeat of last years scandal along with scandals previous to thatMitsubishi Chief Executive Officer (CEO) Osamu Masuko told reporters during a teleconference
After taking a one-third stake in Mitsubishi Motors Nissan installed Carlos Ghosn - its CEO at the time - as chairman of MitsubishiMotors while also naming two Nissan officials to Mitsubishis board of directors
Nissan also dispatched other executives to the smaller automaker including Trevor Mann previously Nissans chief performanceofficer who became chief operating officer at Mitsubishi late last year
Last month Ghosn said he would step down from the top position at Nissan to focus on deepening the companys alliance withRenault SA and Mitsubishi Motors
Separately Nissan said Shiro Nakamura the companys chief creative officer and one of Japans best-known car designers willretire after nearly 20 years at the automaker
Nakamura 66 is recognised for referencing science fiction anime and embracing Japans culture of cute in models including theGT-R supercar the Cube compact MPV and the Juke SUV crossover setting the automaker apart from many of its rivals whichhave been accused of making lookalike cars
Nakamura joined Nissan in 1999 from Japanese truckmaker Isuzu Motors and was one of the first key hires by Ghosn shortly afterGhosn himself arrived from French automaker Renault to save the company from bankruptcy
Alfonso Albaisa who currently overseas design at Nissans premium Infiniti brand will succeed Nakamura while former BMWglobal chief designer Karim Habib will become the brands new chief designer effective July 1httpautoeconomictimesindiatimescomnewsindustrynissan-boosts-management-presence-at-mitsubishi-motors57631800
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Renault Zoe e-Sport breaks covers at 2017 Geneva Motor Show The Economic Times
New Delhi In the ongoing Geneva Motor Show Renault has showcased its new two-seat version of its electric car Renault Zoee-Sport The company claims to have taken the design cues from Formula E
The ZOE e-Sport Concept is the fully electric concept car that embodies Renaultamprsquos commitment to the idea that electric carscan be fun and fast says Renault The sporting credentials of the ZOE e-Sport Concept extend beyond the caramprsquos styling andthe same blue livery as the Renault edams teamamprsquos front-running Formula E single-seaters
The bodywork of the ZOE e-Sport Concept is made entirely from lightweight carbon fibre which helps to ensure outstandingacceleration from standstill to 100kph in just 32 seconds The car tips the scales at a mere 1400 kilograms including 450kilograms of batteries
The car is powered by two electric motors capable of generating 450 bhp and 650 Nm of torque One of the motor is powered to therear axle and the other to the front axle Renault Zoe e-Sport gets the same 40 kWh battery which powers the standard variant ofthe car
Jean-Christophe Kugler CEO Renault Europe said that the concept as a link car - a styling exercise intended to connect the Zoeroad car with what Renault is doing in Formula E racing and to send a message that EVs are fun to drive Its not a signal of thefuture for Zoe and we have no intention to develop a performance version
Renault also claims that the electric performance car uses the same air and water cooling systems as the Renaultamprsquos FormulaE car The car is based on a tubular steel chassis with use of extensive carbon fibre The car also gets four driving modes
At the moment Renault has no plans to make the Zoe e-Sport into productionhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsrenault-zoe-e-sport-breaks-covers-at-2017-geneva-motor-show57627528
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Sensata Technologies opens testing facility in Bulgaria ReutersSee this story in The Economic Times
Sofia Sensata Technologies has opened its largest global testing facility in Sofia to support its automotive sensing technologies thecompany said on Tuesday
Sensata which has manufacturing sites in 13 countries already employs 3000 people in Bulgaria where it produces pressure andhigh temperature sensors for the automotive market and operates a business centre
In recent years inexpensive labour low taxes and an educated workforce have encouraged dozens of car part producers and ITand business outsourcing companies to set up in the Balkan countryhttpautoeconomictimesindiatimescomnewsauto-componentssensata-technologies-opens-testing-facility-in-bulgaria57632975
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Driving driverless Quest for an autonomous car has reached a truck now Nandagopal RajanThe Financial Express
At San Franciscoamprsquos Pier 90 chock-a-block with cargo vehicles it is pretty tough for any truck to stand out But a white Volvotruck with Otto emblazoned on it is the centre of attention This is the next big thing in automated cars and has already shown itsmettle by delivering a consignment of Budweiser beer in Colorado without a driver controlling it on the freeway
Uber is one of the many companies thinking in terms of driverless car While CEO Travis Kalanick says automated vehicles areampldquoexistentialamprdquo for the ride-hailing companyamprsquos future he is not alone in the race to drive without drivers Just in theUS at least 23 companiesampmdashincluding Tesla Google and Volkswagenampmdashhave registered in autonomous vehicleprogrammes The idea that fuels this cutting-edge technology is pure economics at the end of the day Cars suffer from seriousissues of inefficiency as they sit idle 95 of the time Considering that the world has 1200000000 cars this is inefficiency at agargantuan scale Add to this the fact that cars amount for 22 of all emissions globally and muddy the urban infrastructureproblem by creating the need for parking spaces
Since 1984 when the first experimental self-driving cars appeared there has been much progress on the technology leading toMercedes-Benz showcasing its concept car the F 015 at the Consumer Electronics Show in Las Vegas in 2015 Everyone has adifferent take on the technology but in the end the idea is to make cars intelligent and independent enough to be aware ofsurroundings and take decisions based on that
Interestingly Uberamprsquos dream is to bring ampldquoreliable transportation to everyone everywhereamprdquo now extended toeverything too with the trucks from Otto a start-up it acquired last year Matt Sweeney who heads product at UberamprsquosAdvanced Technology Group says ampldquothe truck and passenger vehicles share software and hardware components and thishelps us work on different aspects of the self-driving problem at the same timeamprdquo But on scope passenger vehicles are forurban environments where Uber has its focus on ride-sharing while trucks will be for high-speed highways where the constraintsare different
Just last week Uber got a permit from California Department of Motor Vehicles to test two self-driving Volvo SUVs on public roadsthough it will need to have backup drivers behind the wheel in case the prototype cars malfunction Its self-driving cars have beenrunning test drives in other parts of the US too
The Otto truck comes with a rig of radars laser scanners and stereo cameras that give the computers inside a live 360-degreevision of its environment with high dynamic range high resolution and high colour information imagery so that the truck can besmart enough to decide what to do next But the computing task this presents is ampldquoalmost as big as a small datacentreamprdquo Sweeney says the computing has to be done inside as ampldquothere is no tech that can let us send all that data tothe cloud real time and hence a lot of the computing has to be done in the truck itselfamprdquo
ampldquoA lot of the tech is based on prior mapping but in subsequent runs we see differences that have come about in the area andpay attention on those objects that are differentamprdquo
Interestingly Otto is being sued by Googleamprsquos Waymo self-driving car unit which claims its former employee and start-upfounder Anthony Levandowski stole its proprietary design for its laser-based radar system There are other challenges tooampldquoUber tech is different because we are trying to make this on top of the ride-sharing network that we already haveamprdquo headded
Nissan in contrast keeps the driver and not the technology at the centre and its definition of an ampldquoautonomous caramprdquo ishence a vehicle with different levels of driving technologies that enable it to operate autonomously for certain periods of time ANissan spokesperson said on the technology side the challenges are in artificial intelligence software development data processingand digital mapping technologies while on the social environment side laws and regulations along with modifications of roadinfrastructure will become necessary
This contrast in technologies is why it is important to see how the entire ecosystem evolves maybe with different platforms talkingto each other But Uber is not depending on this ampldquoWe need to see and interact with vehicles but there is no guarantee wewill have that technology So we are approaching it with the assumption it wonamprsquot existamprdquo says Sweeney
Uberamprsquos goal is to take its technology everywhere but can these vehicles actually be practical for an environment like IndiaSweeney accepts the new elements this will throw in along with the sheer volume will present a slew of challenges ampldquoThoseare situations we think we will be able to tackle but those are not the first places we will goamprdquo he explains adding that theywill look for opportunities where they can deploy this technology safely Clearly this drive has just started(The author attended the Uber Media Summit in San Francisco at the invitation of Uber)httpwwwfinancialexpresscomopiniondriving-driverless-quest-for-an-autonomous-car-has-reached-a-truck-now588112
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Samsung completes acquisition of Harman The Economic Times
New Delhi The arrest of the Vice-Chairman of Samsung Board Lee Jae Yong on bribery and corruption charges has not affectedthe deal between Samsung and Harman International IndustriesIn a media statement the South Korean giant confirmed thecompletion of its largest such deal ever
Under the terms of the merger agreement Harman stockholders will receive $11200 per share in cash The completion follows thesatisfaction of all conditions to the closing of the transaction including approval of the transaction by HARMAN stockholders andreceipt of all necessary regulatory approvals in the United States and certain foreign jurisdictions
ampldquoToday is a historic moment for us The close of this transaction opens the door to create substantial growth opportunitiesand deliver greater benefits for customers worldwideamprdquo said Young Sohn President and Chief Strategy Officer of SamsungElectronics and Chairman of the Board HARMAN ampldquoWe see transformative opportunities in the car ampndash and a futurewhich seamlessly connects lifestyle across automotive home mobile and work Samsungamprsquos and HARMANamprsquosleadership in these spaces perfectly positions Samsung to be the preferred partner to our OEM customers In addition bringingtogether HARMANamprsquos iconic audio brands and capabilities paired with Samsungamprsquos leading display technologies willdeliver enhanced audio and video experiences to consumers and professional end markets And most importantly we areenthusiastic about our common vision the similarities in our culture of innovation and the added value we can create for customersWe look forward to working with all of HARMANamprsquos employees to execute on our visionamprdquo
Harman boasts around 30000 employees spreadout across different brands including JBL Infinity Lexicon and Mark LevinsonThe company will continue to conduct business as an independent subsidiary under the terms of the deal with Samsung
ampldquoWe are excited to have completed the transaction which provides compelling cash value to our stockholders benefits ourcustomers and provides new opportunities for our employeesamprdquo said Dinesh Paliwal Harman President and CEOampldquoSamsung shares our commitment to our customers and our culture of speed innovation and execution Samsung providesHarman with the scale platform and complementary technologies to accelerate growth and extend our global market leadership inautomotive smart audio and connected technologies Recognizing the importance of partnerships in an increasingly connectedworld particularly in automotive we are poised to leverage our combined teams and resources to produce even greater value forour customers Working closely with automakers and other technology companies Samsung and Harman will define ampndash anddrive ampndash the future of automotiveamprdquohttpautoeconomictimesindiatimescomnewsauto-technologysamsung-completes-acquisition-of-harman57624440
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Skoda delivers 81200 units in Feb 2017 globally The Economic Times
Mlada Boleslav Czech car manufacturer Skoda in a press release stated that the company delivered 81200 vehicles to customersworldwide in February 31 more than in the same period last year (February 2016 78800) brvbarkoda also claims that it has soldmore cars than any February in its history The Czech manufacturer achieved double-digit growth in Central and Eastern Europe (+129 and + 133) India (+ 128) and Israel (+ 198) among others
We are delighted with our strong start to 2017 We expect the market launch of the OCTAVIA product upgrade as well as the newKodiaq to create further momentum says Werner Eichhorn brvbarKODA Board Member for Sales and Marketing
In Western Europe deliveries to customers rose by 70 in February to 34800 vehicles (February 2016 32500) With 12600vehicles Germany remains the strongest single European market (February 2016 12100 vehicles +45) brvbarKODA recordeddouble-digit growth rates in the UK (3400 vehicles +236) Italy (2200 vehicles + 201) Belgium (2 000 vehicles +271) andAustria (1900 vehicles +647)
In Central Europe brvbarKODA achieved an increase of 129 with 17400 cars (February 2016 15400 vehicles) Deliveries on thehome market of the Czech Republic rose by 88 to 8200 vehicles in Poland (5700 vehicles + 163) Slovakia (1700 vehicles+154) Slovenia (600 vehicles +226) and Croatia (300 vehicles +469) also rose in double figures
In Eastern Europe excluding Russia Skoda achieved a year-on-year increase of 133 with 2800 vehicles delivered (February2016 2500 vehicles) In the same period 400 customers in Ukraine received their new brvbarKODA ampndash an increase of 939(February 2016 200 vehicles) The number of deliveries increased significantly in Bosnia (200 vehicles + 557) Bulgaria (200vehicles +175) and the Baltic States (600 vehicles + 229) In Russia brvbarKODA achieved an increase of 46 with 4300vehicles (February 2016 4100 vehicles)
In China ampndash the brandamprsquos largest market worldwide ampndash brvbarKODA handed over the keys to 15000 new vehicles(February 2016 18500 vehicles -188) Deliveries overseas increased by 98 to a total of 2500 vehicles
At the Geneva Motor Show brvbarKODA is presenting several new highlights These include the brvbarKODA KODIAQ SCOUT and brvbarKODAKODIAQ SPORTLINE alongside the extensively upgraded brvbarKODA OCTAVIA as well as the sporty spearhead brvbarKODA OCTAVIA RS245 and the brvbarKODA OCTAVIA SCOUT with a rugged off-road look In addition the upgraded brvbarKODA models RAPID and RAPIDSPACEBACK and Citigo are on show
brvbarKODA deliveries to customers in February 2017 (in units rounded off by model +- in percent compared to February2016)brvbarKODA OCTAVIA (28600 -86)brvbarKODA FABIA (16700 + 152)brvbarKODA RAPID (15000 + 121)brvbarKODA SUPERB (10900 + 171)brvbarKODA KODIAQ (1300 + 1000)brvbarKODA YETI (6300 -157)brvbarKODA CITIGO (only sold in Europe 2300 -164)httpautoeconomictimesindiatimescomnewspassenger-vehiclecarsskoda-delivers-81200-units-in-feb-201757626693
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Isuzu claims more durability on its diesel engines for trucks The Economic Times
Indianapolis Isuzu Commercial Truck of America has announced that the B10 durability rating of its 4HK1-TC diesel engine hasbeen increased to 375000 miles informed the company in an official statement
To elaborate further on what it means the Japanese commercial vehicle manufacturer went on to say that A B10-life rating is anindustry-standard gauge provided by engine makers to help consumers determine the long-term durability of an engine Thenumber following the B indicates the percentage of an engineamprsquos population that will require an overhaul before the indicatedmileage
That means that 90 of Isuzu 4HK1-TC engines are expected to last 375000 miles before they require a major repair or rebuildPreviously the 4HK1-TC engine carried an already-robust B10 durability rating of 310000 miles added the company
ampldquoWe are proud to say that Isuzu diesel engines are already known worldwide for their long-term dependabilityamprdquo saidShaun Skinner president of Isuzu Commercial Truck of America ampldquoOur new B-10 rating is strong evidence that our enginesare even more durable than everamprdquo
The turbocharged intercooled 4HK1-TC four-cylinder diesel engine displaces 52 liters and generates 215 horsepower Torqueratings vary depending on model The engine is fitted to Isuzu NPR-HD NPR-XD NQR and NRR models as well as the all-new2018 Isuzu FTR Class 6 truck
The company made the above announcement at the National Truck Equipment Associationamprsquos 2017 Work Truck Show inIndianapolis held on March 13httpautoeconomictimesindiatimescomnewsauto-componentsisuzu-diesel-engines-for-trucks-now-become-more-durable57626832
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MoS visits Rolls-Royces new logistics centre in England The Economic Times
New Delhi Nick Gibb Minister for School Standards and MP for Bognor Regis and Littlehampton has visited Rolls-Royce MotorCars Technology and Logistics Centre on Monday informed the British luxury car maker in a media release
During the visit Gibb toured the facility met the expert team onsite and was briefed on the companyamprsquos future plans to expandthe Centre He also took the opportunity to learn more about the Rolls-Royce Motor Cars apprenticeship graduate and internprogrammes
Nick Gibb said ampldquoThe original announcement that Rolls-Royce Motor Cars would be locating its Technology and LogisticsCentre in Bognor Regis was a great boost for our town and warmly welcomed I am delighted to see the huge new state of the artfacilities fully operational and providing high quality jobs for local people The support of such a prestigious company is good newsfor Bognor Regis and for the wider local economyamprdquo
He continued ampldquoIt is very welcome that Rolls-Royce operates an apprenticeship scheme ensuring the company has the skillsit needs for the future and providing opportunities and training for a cohort of young people every year This year Rolls-Royce istaking on record numbers of apprenticesamprdquo
The new Rolls-Royce Technology and Logistics Centre at Bognor Regis opened on schedule in January 2016 The purpose-built30000m2 facility is located close to the companyamprsquos head office and manufacturing plant at Goodwoodhttpautoeconomictimesindiatimescomnewsindustrymos-visits-rolls-royce-new-logistics-centre-in-england57626981
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All new Mazda CX-5 to be produced at Hofu Plant The Economic Times
Hiroshima Japan Japanese automaker Mazda Motor Corporation starting from November is going to produce the all-new MazdaCX-5 crossover SUV at its Hofu Plant in addition to the Hiroshima Plant where it is currently produced
The company informed that the move will help the automaker respond quickly and flexibly to growing demand for SUVs globally
Mazda aims to create a production system that can respond flexibly to changes in demand for crossover vehicles as it works tomeet its global sales goal of 165 million units
Launched domestically in February the all-new CX-5 has till date recorded sales of 16639 units about seven times the monthlytarget claims the company
As with the CX-3 starting production of the CX-5 at Hofu Plant as well is part of our plan to build a production framework that givesus more flexibility between plants and between models said Masatoshi Maruyama Managing Executive Officer in charge of GlobalProduction We will do everything we can to get customers the crossover vehicles they want as quickly as possiblehttpautoeconomictimesindiatimescomnewspassenger-vehicleuvall-new-mazda-cx-5-to-be-produced-at-hofu-plant57627447
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Rheinmetall receives over $25 mn order from American carmaker The Economic Times
New Delhi German automotive parts supplier Rheinmetall has booked its first order for a special application of coolant valves by amajor American carmaker and destined for the NAFTA market
The company in a statement said that the order has a lifetime value of over US$25 million (around Rs 165 crore) Series productionof the valves is scheduled to start in 2019 with the contract set to run for about five years
Talking about the product the company went on to say that the innovative valves play a lead role in intelligent thermal and energymanagement on modern vehicle engines These often have several cooling circuits which are controllable with the aid of switchingseat valves
As from model year 2020 this particular customer will be installing several versions of such valves on gasoline and diesel enginesfor pick-ups with over 6 liters displacement
They will take over functions in the cooling circuit of the transmission ensuring that it reaches operating temperature faster byswitching off the coolant flow when the engine is started This also helps to reduce emissions added the companyhttpautoeconomictimesindiatimescomnewsauto-componentsrheinmetall-receives-over-25-mn-order-from-american-carmaker57628058
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Nissans Infiniti names former BMW executive as new design chief ReutersSee this story in The Economic Times
Beijing Infiniti Nissan Motors premium brand named Karim Habib former global design chief for BMW as the brands new chiefdesigner effective July 1
Habib will replace Alfonso Albaisa who will be promoted to lead Nissans global design according to a press release seen byReuters Habib will report to Albaisa
Habib who has worked for several premium automotive brands including BMW and Daimler will be based in Nissans technicalcentre in Atsugi Japan and lead Infinitis design teams in Japan Beijing San Diego and Londonhttpautoeconomictimesindiatimescomnewsindustrynissans-infiniti-names-former-bmw-executive-as-new-design-chief57630437
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Elon Musks bold offer of Tesla batteries wont solve Australias power problems ReutersSee this story in The Economic Times
Launceston Australia Australia is becoming an interesting microcosm on how to or how not to transition an economy from beingpredominantly powered by coal to more climate-friendly alternatives
The dramatic intervention by Tesla Inc Chief Executive Elon Musk last week is just the latest twist in an ongoing saga that pits
business government farmers government and environmentalists against each other
Musk in an exchange of tweets with software billionaire Mike Cannon-Brookes chief executive of Atlassian Corp offered to fix theelectricity supply problems of South Australia state within 100 days of signing a contract
Musks plan is to install 100 megawatts (MW) of grid-connected battery storage which would be available to meet peak demandand would be charged with surplus electricity from other generating sources in periods of low demand
Its a bold offer and would most likely provide a quick fix to Australias fourth-largest state which suffered a blackout last Novemberand has been dealing with power shortages over the peak summer period
Businesses like BHP Billiton which operates the giant Olympic Dam copper mine in the state have been pushing for thegovernment and other stakeholders to ensure stable electricity supply saying the cost of blackouts runs into millions of dollars inlost output
Musk whose Tesla Corp is ramping up output of its battery storage packs at its Gigafactory in Nevada held talks with AustralianPrime Minister Malcolm Turnbull at the weekend as well as with South Australian Premier Jay Weatherill
The politicians will no doubt be tempted to Musks offer to install batteries especially since the electric car pioneer said if he didntmeet his 100 day deadline he wouldnt charge anything
But while Musks offer if taken up would provide a quick fix it would not do enough to mend the underlying problems at the heart ofAustralias electricity woes
Its worth looking at how Australia got itself to the point where virtually all players can agree that the nation is facing somethingapproaching an energy crisis
After all the country is not short of fossil fuels such as coal and natural gas and its climate and low population density outside themajor cities are ideal for renewables such as solar and wind power
The country is heavily reliant on an ageing fleet of coal-fired power stations which makes Australia one of the highest polluters percapita
These coal power stations are starting to close down with one shutting in South Australia last year and another planned to close inVictoria state at the end of this month
The problem is that the coal-fired power stations role as providers of base load electricity cannot be taken over by wind and solarand the role is falling to natural gas
But natural gas is also the most expensive method of generating electricity in Australia so utilities are reluctant to run their gas-firedplants until prices are high enough to justify the cost
South Australia has a gas-fired plant that was mothballed until last years power supply crisis but even with the higher prices forelectricity the operator is struggling to make the plant profitable
The state moved on Tuesday to try and address its energy security issues announcing it would build a 250 MW gas-fired plant andhelp the private sector build a 100 MW battery at a total cost of A$510 million ($385 million)
Gas Supply ConstraintsNatural gas supply is becoming a problem in Australia which may seem ironic given the country is on the verge of becoming theworlds largest exporter of liquefied natural gas (LNG) as the last of eight new plants come closer to completion
In fact the new LNG plants are copping some of the blame for the tightening natural gas market especially the three in easternQueensland state based on using coal-seam gas as the feedstock
These are being blamed for sucking domestic natural gas out of the market and into the export LNG industry
What hasnt helped is that some of Australias state and territory governments are also pursuing policies that will restrict futurenatural gas supplies
Victoria state has banned hydraulic fracturing or fracking as well as shale and coal-seam gas exploration while the NorthernTerritory New South Wales and Tasmania have various moratoriums on fracking
This leaves Western Australia Queensland and South Australia as the remaining states where onshore natural gas supplies can bedeveloped and they are now in the cross-hairs of the environmental lobby which is opposed to any and all new natural gas wells
Politicians across the traditional Labor-Liberal divide are increasingly giving in to demands to restrict natural gas exploration whilepretending that this wont have a negative impact on energy security and electricity prices
But the costs are starting to become apparent with spot electricity prices surging over the Australian summer and natural gassuppliers warning that they will be unable to meet the needs of industrial customers without action being taken
Its often the case politicians only take action when the point of crisis is reached and this appears to be the case in Australia
Whats needed is a holistic approach to energy supply as Australia transitions away from coal-fired power
This means ensuring enough natural gas is available to provide base load generation while scaling up renewables such as solar
wind pumped hydro and battery storage
Forging enough common ground with the various stakeholders will be the main obstacle but more than anything else Australia isshowing how difficult it is to end the age of coalhttpautoeconomictimesindiatimescomnewsindustryelon-musks-bold-offer-of-tesla-batteries-wont-solve-australias-power-problems57630514
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Innogy in talks with car consortium over charging stations CEO ReutersSee this story in The Economic Times
Essen Germany Innogy is in intense talks with a group of carmakers Chief Executive Peter Terium told journalists on Mondayhoping to be selected as a supplier of super-fast charging stations for electric vehicles across Europe
Its not a done deal yet Terium said pointing to strong competition from rival vendors
BMW Volkswagen Ford and Daimler plan to build about 400 next-generation charging stations in Europe that can reload anelectric car in minutes instead of hours
Sources told Reuters in January that Innogy was in talks with the consortiumhttpautoeconomictimesindiatimescomnewsindustryinnogy-in-talks-with-car-consortium-over-charging-stations-ceo57624184
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China may roll back electric vehicle quotas as industry pushes back ReutersSee this story in The Economic Times
Beijing China is considering easing proposed quotas aimed at producing more electric vehicles as Beijing gets pushback from theautomotive industry over the scale and pace of the plans
If adopted proposed changes under discussion could see a target of new energy vehicles (NEV) making up 8 percent of sales nextyear pushed to 2019 two auto executives said
The changes would lower targets from a draft policy released in September requiring 8 percent of automakers sales to be batteryelectric or plug-in hybrid vehicles by 2018 rising to 10 percent in 2019 and 12 percent in 2020
Any loosening of NEV targets would mark a pull back by Beijing which has faced opposition to the planned targets as it looks todrive its domestic carmakers to overtake global rivals in the green vehicle sector
Automakers and industry bodies have said the targets are too tough and could hurt manufacturers interests New energy vehicleslast year accounted for just 18 percent of sales in the worlds biggest autos market according to Reuters calculations based onofficial data
Its normal to make revisions as its a draft plan An Jin chairman of Anhui Jianghuai Automobile Group (JAC Motor) said on thesidelines of the National Peoples Congress in Beijing
He said he was aware of talks to revise the quota targets but said nothing was set in stone JAC hasnt been told what revisionsmight be made to the draft but I think it is possible the draft will be changed after the discussions he said
Whether the whole market can hit this quota by 2018 depends a lot on the strength of government policy If its strong then weshould be able to surpass the targets An said (But) if you consider Chinas infrastructure and the transformation of Chinas autosector then perhaps the pace will have to slow
Two Percent CutTwo executives familiar with the plans told Reuters the government was considering options for lowering the requirements
One idea was to reduce the quota requirement by 2 percent each year cutting the 2018 requirement to 6 percent said aChina-based government relations official at a major global automaker It would then be 8 percent in 2019 and 10 percent in 2020
Another option would be to push back each target by a year with the 8 percent quota starting from 2019 an executive at aJapanese car maker said
Both asked not to be named due to the sensitivity of the matter and because the draft was still under consideration
The overall policy includes quotas for plug-in cars targets for average fuel economy requirements and a credit trading system topromote green energy cars while penalizing petrol cars
The two people said the quota stand-off was tied to a disagreement between the Ministry of Industry and Information Technology(MIIT) and Chinas top state planner the National Development and Reform Commission (NDRC)
MIIT which regulates manufacturers supports a more flexible credit trading system favoured by automakers The NDRC is more
aggressive in promoting a transition to electric vehicles pushing the introduction of the stricter quotas
An NDRC spokesman said the body played a small role when the draft was open to public for discussion MIIT did not immediatelyrespond to Reuters requests for comment
China has strongly supported and subsidized electric vehicles but is gradually swapping out incentives for hard targets automakersmust meet The central government cut subsidies 20 percent this year a first reduction towards eliminating them by 2020httpautoeconomictimesindiatimescomnewspolicychina-may-roll-back-electric-vehicle-quotas-as-industry-pushes-back57623608
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Russias standards agency says Volkswagen recalls 43151 Skoda cars ReutersSee this story in The Economic Times
Moscow Russias standards agency said on Monday that Volkswagens Russian operation had informed it about the voluntaryrecall of 43151 Skoda cars due to a possible technical fault
The recall affects Skoda Octavia Superb Fabia Yeti and Rapid cars sold in Russia between 2012 and 2016 the watchdog saidhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsrussias-standards-agency-says-volkswagen-recalls-43151-skoda-cars57624140
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Economy
Rupee hits 1-12 yr high surges 78 paise on BJP sweep PTISee this story in The Economic Times
Mumbai The rupee surged by a massive 78 paise to end at a nearly one-and-a-half year high of 6582 against the US dollar onfrantic unwinding of the American currency following BJPs emphatic victory in Uttar Pradesh
Forex market sentiment soared on hopes that BJPs stellar show in state polls would pave the way for the Modi government to focuson key reform measures
The home currency resumed on a strong footing at 6620 from last Fridays closing value of 6660 at the Interbank ForeignExchange (forex) market on heavy dollar unwinding from speculative traders and exporters tracking weekend developments
Maintaining its bullish momentum against the dollar the rupee hit a fresh intra-day high of 6576 in late afternoon deals beforeending at 6582 showing a solid gain of 78 paise or 117 per cent
This is the highest closing of the rupee since November 6 2015 when it had ended at 6576
Meanwhile the RBI fixed the reference rate for the dollar at 661800 and for the euro at 704354
Financial markets too took comfort from BJPs landslide victory with the broader Nifty climbing 15245 points to a new closing peakof 9087 and the Sensex rallying 49640 points to end at 2944263
The much-anticipated turnaround on the economic front has opened up a barrage of foreign capital fund flows into India
Foreign investors pumped in over Rs 10000 crore in the Indian capital markets this month so far
It also got an added fillip from bullish macro data which showed that the countrys industrial production bounced back in Januaryexpanding by 27 per cent year-on-year
Factory output measured in terms of Index of Industrial Production (IIP) had contracted by 01 per cent in December
However inflation based on wholesale prices shot up to a 39-month high of 655 per cent in February against 525 per cent inJanuary according to official data
On the global front the dollar traded firmly higher against its major counterparts ahead of the two-day Fed meet when it could liftrates for the third time since the financial crisishttpautoeconomictimesindiatimescomnewsindustryrupee-hits-1-12-yr-high-surges-78-paise-on-bjp-sweep57635104
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Nifty hits all time high of 912275 Sensex surges 616 points after big BJP win The Economic Times
Mumbai The Nifty jumped to life highs on Tuesday after the BJPamprsquos thumping win in the crucial state of Uttar Pradeshrekindled hopes of a bigger-than-expected push for reforms by the Narendra Modi government
The Nifty up 11 so far this year crossed its previous life high of 9119 to hit 912275 before ending the day 171 or 15245points higher at 9087 This is the indexamprsquos biggest single-day gain in points since February 1 and caps a strong reboundsince the December 26 low of 7893 on demonetisation worries
The Sensex surged by 616 points or 212 intra-day before ending the day at 2944263 up 49640 points This is its biggest gainsince May 25 last year The index is the best performer among all developed and emerging market indices in local currency terms inthe past three months
The rupee surged 79 paise to a 16-month high of 6582 to the dollar as exporters sold more dollars and foreign investors boughtlocal shares BSE data showed that foreign investors bought local shares worth Rs 4089 crore their biggest single-day purchasesince February 17 when they purchased Rs 8059 crore
FPIs have bought shares worthRs 23132 crore since January this year against net sales of Rs 9800 crore in the same period lastyear The BSE Midcap and Smallcap indices gained 144 each
ampldquoOne must be ready for a correction after a rally but I am optimistic about the medium to longterm prospectsamprdquo saidMotilal Oswal chairman Motilal Oswal Financial Services Ltd ampldquoFundamentally valuations are comfortable at this point intime because of good corporate earnings growth In the short term markets may remain volatileamprdquo
BJP romped to victory in UP on Saturday winning 312 out of the 403 seats Its allies won 13 more taking the NDA tally to 325 Thisis the biggest win recorded by any party in the state since 1977 and has raised prospects of the BJP doing well in other electionsthis year and next Many political pundits also believe that the victory has improved Prime Minister Narendra Modiamprsquos chancesof retaining power in the 2019 general election
Barring the metals index all other sectoral indices on the NSE ended with gains on Tuesday About 55 stocks including TitanJubilant Life Sciences Kotak Mahindra Bank IndusInd Bank YES Bank and Indiabulls Housing Finance among others hit life highswhile 92 stocks were locked in upper circuit with no sellers
ampldquoWith the sharp rally the market which is currently susceptible to global risk is trading at above average multiples and westay cautious near termamprdquo said Sanjay Mookim India Equity Strategist BofA Merrill Lynch ampldquoIndiaamprsquos businesscycle should improve over the next several quarters while improving construction should drive capex which is good forequitiesamprdquo
Some market experts are divided over the near-term outlook as indices have begun to look expensive at current valuations Plusthere is no immediate trigger for upgrade
ampldquoValuations of the Indian market are quite high and would require the support of strong earnings growth Any disappointmenton earnings will make valuations look even more expensive which the market may not likeamprdquo said Sanjeev Prasad senior EDand co-head of Kotak Institutional Equities
ampldquoGlobal and domestic interest rate cycles are no longer supportive with likely increase in developed markets bondyieldsamprdquo
ampldquoWhile markets are expecting a rate hike this meeting what will be of more interest is the commentaryamprdquo said DipenShah senior V-P PCG research Kotak Securities ampldquoIf it is hawkish it may have an impact on fund flows to emerging marketsbut India may be relatively less impacted because of the continuing domestic flowsamprdquo
ampldquoNotwithstanding the election results we believe the risk-reward is not favourable currently and advise investors to sell intothis rally We expect Nifty EPS to rise 15-16 in FY18 and see no trigger for an earnings upgrade at this junctureamprdquo ReligareInstitutional Research said in a notehttpeconomictimesindiatimescommarketsstocksnewsnifty-hits-all-time-high-of-9122-75-sensex-surges-616-points-after-big-bjp-winarticleshow57639036cms
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WPI inflation up 655 for February 2017 The Economic Times
New Delhi The annual rate of inflation based on monthly Wholesale Price Index (WPI) stood at 655 percent (provisional) for themonth of February 2017 (over February 2016) as compared to 525 percent (provisional) for the previous month and -085 percentduring the corresponding month of the previous year
The official Wholesale Price Index for amplsquoAll Commoditiesamprsquo for the month of February 2017 rose by 05 percent to 1855(provisional) from 1846 (provisional) for the previous month
The index for primary articles rose by 09 percent to 2581 (provisional) from 2557 (provisional) for the previous month
The inflation rate for Fuel and power group rose by 13 percent to 2038 (provisional) from 2012 (provisional) for the previousmonth due to higher price of coking coal (15 percent) aviation turbine fuel (3 percent) bitumen (2 percent) and kerosene highspeed diesel LPG and lignite (1 percent each) However the price of furnace oil (1 percent) declined
The index for the major group of manufactured products remained unchanged at its previous monthamprsquos level of 1588
(provisional) In this group the index for amplsquoRubber amp Plastic Productsamprsquo group rose by 02 percent to 1489 (provisional)from 1486 (provisional) for the previous month due to higher price of rubber products (1 percent)
The index for amplsquoTransport Equipment amp Partsamprsquo group rose by 05 percent to 1405 (provisional) from 1398 (provisional)for the previous month due to higher price of auto rickshaw tempo matador (4 percent) and auto parts (1 percent)
For the month of December 2016 the final Wholesale Price Index for amplsquoAll Commoditiesamprsquo stood at 1833 as comparedto 1828 (provisional) and annual rate of inflation based on final index stood at 368 percent as compared to 339 percent(provisional) respectively as reported on January 1 2017httpautoeconomictimesindiatimescomnewsindustrywpi-inflation-up-6-55-for-february-201757627665
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February CPI at 365 vs 317 in January highest since October 2016 PTISee this story in The Economic Times
New Delhi Retail inflation rose to 4-month high of 365 per cent in February mainly due to surge in price of food items like fruitssugar and confectionery
Measured in terms of Consumer Price Index (CPI) the inflation had dipped to a multi-year low of 317 per cent in January this yearon account of cash crunch following demonetisation It was 526 per cent in February last year
According to the CPI data released today by the Central Statistics Office (CSO) the consumer food prices index (CFPI) rose by201 per cent in February from 061 per cent in January The CFPI was 53 per cent in February 2016
Inflation in fruits was higher at 833 per cent fuel and light at 39 per cent in February The rate of price rise in meat and fish was 35per cent in February
Prices of sugar and confectionery items rose by 1883 per cent in February while inflation in milk and milk product increased by 422per cent
The rate of inflation in household goods and services was 409 per cent while this rate was in health segment was 4 per cent Thetransport and communication became expensive by 539 per cent
The personal care and effects segment rose by 515 per cent while the education became more expensive by 537 per cent inFebruary this year
The inflation rate was 438 per cent in clothing and footware segment while it was 49 per cent in housing segment
However the prices of vegetables and pulses declined by 829 per cent and 902 per cent respectively
Rural retail inflation was at 367 per cent in February compared with 336 per cent in the preceding month The CPI was also up inthe urban sector at 355 per cent in February from 29 per cent in January this yearhttpautoeconomictimesindiatimescomnewsindustryfebruary-cpi-at-3-65-vs-3-17-in-january-highest-since-october-201657633211
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Closing
Last Financial Closing
Sensex 2944263 (+49640)NSE 9087 (+15245)US$ spot Rs6582US$ Y1148000US$ 6 months RsYen Rs57Euro spot Rs70
Gold (10gm) Rs28333Silver (1kg) Rs4008300
Crude Oil (WTI) Crude Oil (Brent) $5172 (+037)
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Apollo Tyres 1 18610Asahi Ind 1 21655Amara Raja B 1 83230Ashok Leyland 1 9080Bajaj Auto 10 286670Bharat Forge 2 103550Denso 1 Eicher Motor 10 2396325Escorts 10 51945Exide Ind 1 21645Force Motors 10 427760Gabriel India 1 11460Hero Motocor 2 335745Hind Motors 5 950Hi-Tech Gear 10 29885Jay Bh Maruti 5 38190
Jamna Auto 5 20550JK Tyres amp Inds 10 1241 Kinetic Motors 10 Kinetic Engg 10 KOEL 2 37685Kirloskar Br 2 24135LML Ltd 10 1250LampT 2 155810Lumax Ind 10 131690Lumax Tech 10 43230MampM 5 132600Maruti Suzuki 5 613240Motherson SS 1 36290Minda Inds 2 44350MRF 10 5298390Omax Auto 10 7555Rico Auto 1 5720Sona Koyo St 1 8170
SRF 10 157155Tata Motors 2 46975 TVS Motors 1 43690
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Bhushan Steel 2 5430Hindalco 1 19040Hind Zinc 2 29140JSW Ispat S 10 Jind Steel 1 12490JSW Steel 1 18190Jindal Saw 2 7995National Aluminium 5 7310SAIL 10 6005Tata Steel 10 47255Visa Steel 10 2185
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Ambuja Cement 2 23370Binani Industries 10 7200Birla Corp 10 70360India Cement 10 16070Prism Cement 10 9375JK Cement 10 88470Shree Cement 10 1639835
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PLEASE NOTE
NURC Industry Updates contain editedtruncated text of Industry-specific news as it appears in various select dailies and websites These are NOT full stories unless otherwisespecifically mentioned The stories contained herein are informational only and no representation is made or warranty given as to their content reliability truthfulness orusefulness User assumes all risk of use It be clearly understood that NURC updates do not claim to and neither mean to replace the Print or the Internet editions of variousnewspapers whose articles are featured therein For the best and complete news reading NURC urges its readers to read the full text of the stories from the Newspaperswhose credits are given after the headline and visit the related website whose URL is given below the text matter of each news item
NURC News Update - AUTOMOBILES
News on Indian Auto Industry Copyright 1999 NURC MediaNext Pvt Ltd
This update purports to be a compilation of the top stories for the day in the leading Indian and International dailies websites and other information sources and NURCMediaNext Pvt Ltd cannot and does not vouch for their authenticity NURC MediaNext Pvt Ltd cannot be held responsible for any loss(es) arising out of or incidental to theuse of this News Update Reproduction or redistribution without express permission of NURC MediaNext Pvt Ltd is strictly prohibited and is a violation of the subscriptionagreement Such instances will result in immediate cancellation of subscription to the Service without any refund for the remaining period at the sole discretion of NURCMediaNext Pvt Ltd
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Powered by Enablingbiz Esoluttions
We now have a total of 34000 E-Classes running in India We did some research with existing customers that involved talking tothem directly observing cars coming into service and talking to drivers to understand who was driving the car more frequentlyInterestingly we found that most of our customers were chauffeur-driven when they go to work but on the weekend they wish todrive themselves So our aim was to offer a vehicle which offered the best of both worlds
Will the new long-wheelbase E-Class pull in S-Class customers
I donamprsquot see a risk of the new LWB E-Class pulling S-Class customers since the S-Class is not bought because of itslegroom but because of its overall package and positioning We hope to attract a lot of other people from the SUV segmentbecause of the space and comfort the E-Class offers So maybe we can change some of the rules of the game as well
What is the strategy behind bringing the 30-litre V6 diesel to the E-Class
We adopt a skimming policy sometimes where we believe that the first customers because of their long relationship with us aredefinitely going for the 350d
The top-end variants are the first cars to be snatched up eagerly and we need to take care of these customers first
Do you have plans to bring the straight-six diesel engine to India
Yes we might get a straight-six diesel by 2018 Naturally it also depends on our sales figures and our sales success
But it will certainly come to India thatamprsquos a promise We have been making sure that the relevant parties in the Governmentunderstand that from 2018 onwards we will be ready to also introduce Euro-VI or BS-VI-compliant engines in India and arediligently working on thathttpwwwthehinducomtodays-papertp-featurestp-metroplusthe-best-of-both-worldsarticle17464905ece
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Mercedes-Benz E350D A luxury car with limousine looks Shapur Kotwalmint (Web amp Print Edition)
The E-class is the model with which Mercedes first came to India many years ago Now itamprsquos ready with an all-new model in astretched-out long-wheelbase avatar
In fact India is the first right-hand-drive market to get the E-class long-wheelbase
The first thing that strikes you about the new E is that itamprsquos a really long car and itamprsquos this length that gives it the majesticlimousine look The highest specification variant of the 350d gets air suspension In its lowest setting ground clearance is just120mm though you can raise this by 15mm using the ampldquoliftamprdquo function However the underside scrapes over a fewspeed-breakers Whatamprsquos nice though is that the smart 17-inch alloy wheels are wrapped in tyres with tall sidewalls whichhelp the car absorb bad roads better
The focus of the car is its rear seats and this is where the new E-class impresses There is more legroom than you will ever needand the seats are sure to set a new benchmark in the class in terms of comfort They are nicely bolstered and offer excellentsupport all round The back rest even reclines electrically and that combined with the pillow-soft headrest cushions makes the rearseats the perfect spot for a power nap And if you need more legroom you can push the front passenger seat forward with the touchof a button The double panoramic roof adds to the sense of space inside
However the middle seat is narrow and it is best to flip down the centre armrest for comfort There are other shortcomings tooThereamprsquos just one USB slot for the rear passengers who will not be able to control the Comand infotainment system and theair-con system takes quite a while to cool the massive cabin
The Comand system features a 123-inch display and is paired with a Burmester surround-sound audio system It can be controlledvia a jog-dial and a touch pad as well as small steering-mounted touch pads It doesnamprsquot have touch controls and the carbeing sold in India doesnamprsquot get the all-digital instrument cluster that the E-class sold internationally hasampmdashinstead ituses a rather ordinary-looking analogue instrument cluster
However the E-class comes loaded with Mercedesamprsquo Pre-Safe system (it tightens seat belts and braces passengers in caseof an imminent impact) and a 360-degree camera handy when manoeuvring a car this big through tight spaces Thereamprsquoseven a Park Pilot which steers the car into a parking spot for you
Those who like to drive will definitely appreciate the 258hp 30-litre V6 diesel engine Itamprsquos supremely refined you can hardlyhear it in the cabin In addition itamprsquos got nine-speed transmission
The E-class can be quite quick when you want it to be it can accelerate from 0-100 kmph in a claimed 66 seconds Pick up thepace however and the lateral body movement is quite noticeable more so over bad roads Itamprsquos best to use the Sport orSport+ modesampmdash the car feels more tied down and is better to drive In Sport+ though it feels too eager to accelerate andspeed up which can be slightly disconcerting in bumper-to-bumper traffic
In case you donamprsquot plan on driving yourself around the 20-litre petrol-powered variants starting at Rs5615 lakh will serveyou better The car will also get a new 20-litre diesel engine sometime later this year Chauffeur-driven buyers should be impressed
with the caramprsquos ride which almost makes you feel like youamprsquore travelling on a cushion of air especially in the Comfortmode
You must consider the new E-class if you are thinking of buying a luxury car with a brilliant back seat Itamprsquos spacioussupremely comfortable and as with all Mercedes cars has a cabin thatamprsquos fastidiously put together In the right drive mode itcan tackle bad roads well and the big diesel engine is even fun to drive Prices range from Rs5615-6947 lakh (ex-showroomDelhi) which means the top-specification variant is almost Rs7 lakh costlier than the predecessorhttpwwwlivemintcomLeisureZT1ffyCrNaC0DdkXB6GmxIMercedesBenz-E350D-A-luxury-car-with-limousine-lookshtml
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Audi Launches 2017 Q3 at Rs 3420 Lakh Asian Age (Web Edition)
German luxury automaker Audi has recently launched the 2017 Q3 in India It is the third launch from Audi this year and asproposed the automaker will introduce seven more new products in 2017 The updated Q3 comes with subtle aesthetic changesan uprated diesel engine along with standardisation of features The 2017 Audi Q3 is now available in two variants ampndash the 20TDI FWD priced at Rs 3420 lakh and the 20 TDI Quattro priced at Rs 3720 lakh (all prices ex-showroom New Delhi)
In terms of design the changes on the outside are limited to the front bumper The air inlets now get a black surround whichcomplements the black lower cladding The new Q3 is now offered with all-LED headlamps as standard Also offered as standardare 17-inch 5-spoke alloy wheels shod with 23555 R17 tyres
Inside changes are limited to the inlays - the Q3 20 TDI FWD gets walnut brown ones while the Q3 20 TDI quattro gets aluminiumones Equipment such as electric adjustment for the front seats a panoramic sunroof and 2-zone automatic air conditioning isoffered as standard
The MMI system has not been modified in the new Q3 The 65-inch infotainment display remains the same while the multimediasystem is BluetoothSD card compatibility with 20GB of inbuilt storage Infotainment
The 20-litre turbocharged 4-cylinder motor remains the only power source for the Q3 - but it has been tweaked for more powerand torque The transmission option is now limited to the 7-speed S tronic dual clutch The 6-speed manual available on thepre-facelift S edition variant has been discontinued Drivers can use paddle-shifters placed behind the steering wheel to changegears
The 20-litre TDI develops 150PS of maximum power and 340Nm of peak torque in the FWD variant This is 10PS20Nm more thanthe 20 TDI that powered the pre-facelift Q3 S edition Available only with the 7-speed S tronic dual-clutch transmission the 20 TDIFWD can accelerate from 0-100kmph in 93 seconds and has an ARAI-certified fuel efficiency of 1851kmpl
The 20-litre TDI develops 184PS of maximum power and 380Nm of peak torque Compared to the pre-facelift Q3 the motor in thenew develops 7PS more power Paired to the 7-speed S tronic dual-clutch transmission the 20 TDI quattro accelerates from0-100kmph in 79 seconds and has an ARAI-certified mileage of 1517kmpl
Driver convenience features on offer include a colour multi-information display for the driver in the instrument console hill-startassist hill descent control and cruise control Standard safety systems on offer include rear parking sensors reverse parkingcamera ESC and 6-airbagshttpwwwasianagecombusinessautos140317audi-launches-2017-q3-at-rs-3420-lakhhtml
Top
Commercial Vehicles
Tepid growth of 2-3 expected in CV industry in FY 17 Tata Motors Shobha MathurThe Economic Times (Web Edition)
New Delhi The commercial vehicle industry is expected to grow at a tepid pace of 2-3 percent during financial year 2016-17 due tothe effect of demonetisation and the slow recovery thereafter according to RT Vasan VP sales and marketing at Indias largest CVmaker Tata Motors
In November-December 2016 the commercial vehicle industry had dropped steeply by about 20 percent and has been on arecovery mode since January after the restrictions on cash availability were gradually eased
Improvements have been witnessed across product segments whether LCVs or construction a segment which was doing well rightthrough the year
The cargo market has also started picking up pace since the last couple of months In the bus category privatization has given afillip to its declining fortunes so that the school city and staff transport sector are all on the incline
The construction sector is expected to grow by 25 percent during this fiscal on the back of heightened activity in the infrastructure
sector In FYamprsquo17 ease of financing and improvement of consumption demand was expected to boost LCV sales In the cargoMampHCV segment a double digit growth had been forecast by industry body SIAM with improvement in overall economy led byincrease in industrial and agri output
Vasan told ETAuto that the industry was optimistic about the next fiscal with the advent of the BS-IV emission regime from 1 April2017 However prices of vehicles are expected to rise especially of MampHCV trucks There would be a slow start to the year by theCV industry due to pre-buying in FYamprsquo17 before the new emission regime kicked in that would slowdown sales in the firstquarter of FYamprsquo18
But with the impetus given to this segment by infrastructure development and road construction by the government the industrywould see a growth from Q2 after the impact of pre-buying starts declining
While the industry is ready with the BS-IV product range Vasan says that the new technologies harnessed for compliance wouldboost vehicle prices by 8-10 percent for MampHCVs Buses would also witness a price realignment of 8-10 percent while LCVs wouldsee a price rise of 6-10 percent
In terms of new technologies most of the CV range is already equipped with the anti-lock braking system except for the smallerones
In terms of upcoming regulations some more safety legislation is on its way related to the body code such as cabins that will haveto be necessarily be air conditioned in the future
The bus body code that was earlier announced has only been partially implemented so far and the body code is also believed to becoming up for the truck and trailer segments LCVs are small units and have been already approved by ARAI
The overall CV segment registered a growth of 349 percent in April-February 2017 compared to the same period last year Mediumamp Heavy Commercial Vehicles (MampHCVs) declined marginally by 079 percent and Light Commercial Vehicles grew by 682 percentduring this periodhttpautoeconomictimesindiatimescomnewscommercial-vehiclemhcvtepid-growth-expected-of-the-cv-industry-at-2-3-percent-in-fy1757633279
Top
Tata Motors to showcase all new 1000 bhp race truck PTISee this story in The Economic Times (Web Edition)
New Delhi Tata Motors will showcase an all new T1 Prima race truck powered by 1000 bhp engine during the fourth season ofthe T1 Prima Truck Racing Championship
The engine of the all-new 1000 bhp T1 race truck is being developed in collaboration with US-based Cummins enabling thecompany to set new benchmarks in the Indian commercial vehicles space Tata Motors said in a statement
Built with specifications similar to that of trucks that race globally the vehicle was developed in a record time of 12 months ademonstration of teamwork speed and capability Tata Motors Executive Director Commercial Vehicles Ravindra Pisharody said
Tata Motors and Cummins have a joint venture company called Tata Cummins established in 1994 developing engines in the rangeof 75 to 400 HPThe fourth edition of T1 Prima Truck Racing championship will be held on March 19 at the Buddh International Circuit (BIC) GreaterNoidahttpautoeconomictimesindiatimescomnewscommercial-vehiclemhcvtata-motors-to-showcase-all-new-1000-bhp-race-truck57635142Tata Motors to showcase 1000 bhp Prima TruckFinancial Chroniclehttpwwwmydigitalfccomcompaniestata-motors-showcase-1000-bhp-prima-truck-900Tata Motors to showcase all new 1000 bhp race truckDaily News amp Analysis (Web Edition)httpwwwdnaindiacommoneyreport-tata-motors-to-showcase-all-new-1000-bhp-race-truck-2352506
Top
Construction amp Agri Machinery
SBI floats one-time settlement scheme for tractor loans Abhijit LeleBusiness Standard
Mumbai State Bank of India (SBI) has floated a one-time settlement scheme for borrowers defaulting on loans taken to buytractors
The countryamprsquos largest bank has also voiced reservations against the move to waive farm loans saying this will affect therepayment culture in the country
SBI executives said the tractor loan book was part of the bankamprsquos farm loan portfolio and the bank announced settlementschemes regularly to shed doubtful debt where the prospects of recovery were low after making adequate provisions for such dudassets
The settlement scheme for tractor loans began early last month and will continue till March 31 The scheme was for loans disbursedbefore September 30 2011 and had up to Rs 25 lakh outstanding by September 2016 SBI Managing Director Rajnish Kumar saidSBI will take a haircut of 40 per cent on these loans
graphIn a portfolio of over Rs 4000 crore of tractor loans about Rs 800 crore will be eligible for the scheme Crop failure and inability todeploy tractors were some of the reasons for the loans turning bad SBI executives said
SBI had in May 2015 advertised a ampldquoloan resolution weekamprdquo asking borrowers with non-performing assets to ampldquotryand work out a solutionamprdquo The scheme was available to all borrowers except willful defaulters Kumar said the bank was yet tohear anything specific from the government on a farm loan waiver
SBI had in 2014 opposed the waiver of farm loans in Andhra Pradesh and Telangana
ampldquoUttar Pradesh and Punjab constitute 10 per cent of (farm) loans and we wait to understand the contours of the waiver Theimpact will be higher on public banks than on private banksamprdquo Kotak Institutional Equities said in a research notehttpwwwbusiness-standardcomarticleeconomy-policysbi-floats-one-time-settlement-scheme-for-tractor-loans-117031400886_1htmlSBI to offer one-time settlement for Rs 6000-crore tractor loansThe Financial Expresshttpwwwfinancialexpresscomindustrybanking-financesbi-to-offer-one-time-settlement-for-rs-6000-crore-tractor-loans588102SBI to offer Rs6K-cr one-time settlement for tractor loansThe Indian Expresshttpindianexpresscomarticlebusinessbanking-and-financesbi-to-offer-6k-cr-one-time-settlement-for-tractor-loans-4569462
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23 Wheelers
Yamaha aims to export 22 lakh units from India in 2017 Hiroaki Fujita Chairman Deepanshu TaumarThe Economic Times
New Delhi Indian arm of Japanese two-wheeler manufacturer Yamaha Motor is aiming to export over 22 million units from Indiathis year compared to 161 lakh units exported last year thereby recording an estimated growth of 3664 percent Hiroaki FujitaChairman India Yamaha Motor informed in a press statement
In the domestic market the two-wheeler major is also targeting to sell 1 million scooters and motorcycles in 2017
In an annual supplier conference held at Greater Noida Hiroaki Fujita Chairman India Yamaha Motor said ampldquoOur target forthis year is to achieve 1 million unit sales in domestic market and 22 lakh unit sales for exports market In addition we also need toreinforce the Indian parts export business in order to contribute to Yamaha business globally While doing so we must continue withour focus on the amplsquoQualityamprsquo of our parts and productsamprdquo
The two-wheeler major produced a total 94 lakh units in the country in 2016 Yamaha Motor India has two manufacturing plants inIndia at Greater Noida and Chennai having a capacity of 61 lakh units and 56 lakh units respectively
The company aims to produce 15 million units by 2018
Yamaha Motor India has sold over 786 lakh units of two-wheelers in 2016 and over 50 of its total sales have come from scooters
The two-wheeler manufacturer saw a steep decline in sales from the month of November 2016 to January 2017 It was only duringFebruary 2017 when Yamaha registered a growth of 20 percent in domestic sales as compared to the corresponding period lastyear The company recorded domestic sales of 68095 units (including Nepal) in February 2017 compared to 56960 units (includingNepal) in February 2016
Industry analyst believes that the impact of demonetisation is wearing off now Only motorcycles are in red zone because of a largerural consumer base However scooters which are largely sold in urban areas is on the positive side It further believed that by nextmonth the demonetisation impact will completely go away
India Yamaha Motor recently marked its entry into 250 cc sports bikes segment which has very less competition Going forward thecompany wants to focus on urban area than the rural market
The objective of conducting the Annual Suppliers Conference was to share the last yearamprsquos result for Sales and Productionand the current yearamprsquos Sales and Production Plan During the conference India Yamaha Motor shared the direction for 2017its purchase policy the Purchasing Policy of Yamaha Motor Company (Japan) and activities organised amp initiatives were taken forsales and marketing in the previous year
India Yamaha Motor shared its expectations with the suppliers for improvement in Quality Delivery and Development performances
besides cost competitiveness to compete in the export market to increase profitability for both Yamaha and the Suppliers IndiaYamaha Motor also emphasised that all the Suppliers can draw up their investment plans based on the increasing volumes infuture
Sixteen Suppliers were also awarded for their exceptional services in the areas of Quality Delivery Development and Costincluding the Appreciation Award for some of them for the extraordinary Improvement support provided to India Yamaha Motor in2016httpautoeconomictimesindiatimescomnewstwo-wheelersscooters-mopedsyamaha-aims-to-export-2-2-lakh-units-from-india-in-2017-chairman57632349
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BSIV Compliant TVS Jupiter launched at Rs 49666 (Ex-Delhi) The Economic Times
New Delhi Hosur based TVS Motor Company in a BSE filing announced the launch of its BSIV compliant TVS Jupiter at Rs 49666(Ex-Delhi) and it is now available with two new colours - Jade Green and Mystic Gold
The refreshed scooter is now BSIV compliant with Auto Headlamp On (AHO) and equipped with Sync Braking System (SBS) SBSensures rider safety as it automatically activates the front brakes when the rear brakes are used claims TVS The feature previouslyavailable on ZX range will now be available on the Base variant as well
Commenting on this Aniruddha Haldar Vice President Marketing- Scooters TVS Motor Company said ampldquoTVS Jupiter hasreceived such enthusiasm from the consumers in response to its credo of Zyada ka Fayda Living true to this credo not only is theentire Jupiter range now BSIV compliant it now offers the unique Sync Braking System (SBS) across the entire range (earlier onlyavailable on the ZX range) Further for our customers we are adding two colours Jade Green and Mystic Gold giving them 10colour options to choose from We are happy to offer all this with absolutely no change in the Exshowroom price truly ZYADA KAFAYDAamprdquo
Since its launch in 2013 TVS Motor Companyamprsquos flagship scooter brand Jupiter has been strengthening theCompanyamprsquos foothold in the scooter market and contributing to overall scooter segment uptake penetration and growth inIndia
Company has sold over 15 million Jupiter scooters since its launch in 2013 The scooter is powered by a all-aluminum low-friction110cc engine
There is no revision in the prices for the BS IV models of Jupiter priced at Rs 49666 (Ex-Showroom Delhi) the scooter is availableacross all TVS dealershipshttpautoeconomictimesindiatimescomnewstwo-wheelersscooters-mopedsbsiv-compliant-tvs-jupiter-launched-at-rs-49666-ex-delhi57630201TVS Motor rolls out BS IV variants of JupiterThe Hindu Business Linehttpwwwthehindubusinesslinecomtodays-papertp-newstvs-motor-rolls-out-bs-iv-variants-of-jupiterarticle9583972eceTVS unveils BS-IV compliant JupiterThe Hinduhttpwwwthehinducomtodays-papertp-businesstvs-unveils-bs-iv-compliant-jupiterarticle17464118eceTVS launches BS-IV compliant JupiterBusiness Standardhttpwwwbusiness-standardcomarticlecompaniestvs-launches-bs-iv-compliant-jupiter-117031400552_1html
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Dominar 400 takes the battle to the Royal Enfield turf Murali GopalanThe Hindu Business Line
Mumbai Bajaj Autoamprsquos recently launched Dominar 400 is attracting former Royal Enfield bike users who now account for 20per cent of its customer base
According to Eric Vas President (Motorcycle Business) Bajaj Auto the larger chunk of 80 per cent is still taken up by those whoused Yamaha Honda and Bajajamprsquos own Pulsar motorcycles
The Dominar made its debut in mid-December as a serious contender to Royal Enfield While monthly numbers thus far have beena little over 3000 units the good news is that the bike has taken pride of place in the 350cc plus segment vis-a-vis RoyalEnfieldamprsquos offerings However when it comes to the core 350cc space the latter continues to be the market leader withmonthly sales of nearly 55000 units powered by the Classic and Bullet
The three-month-old Dominar 400 kicked off its presence in 22 towns which has since increased to 32 in February and slated to goup to 110 towns by the end of this month
This tally will double to 200 in April and Bajaj Auto hopes to have at least 300 towns covered for the Dominar 400 during the courseof 2017-18
If everything goes according to plan the company hopes to be clocking its targeted 10000 motorcycles every month by the end of
Q3 next fiscal
Attractive features
Vas says market feedback shows that buyers love the Dominar 400 for its performance speed and top-class brakes Interestingly alarge number of them have opted for the more expensive ABS version which retails at a little over Rs 15 lakh
The LED lamps are another big draw and their attractive lighting explains why many customers opt to have their test rides at night
According to Vas Dominar 400 buyers are largely in the age group of 25 years who have already owned a bike There are no firsttime users yet but this is expected to begin happening once the network grows and more customers start going in for the relativelyless expensive disc brake version which has a price tag of nearly Rs 14 lakh
The Dominar 400 was launched to take on Royal Enfield in a segment that is priced between Rs 1-2 lakh and accounts for five percent of motorcycles sold in India
In terms of numbers this translates into 65000 units each month
The next fiscal could see this grow to nearly 85000 units or over one million units annually
Changing dynamics
It is in this product category that Royal Enfield has a market share of 80 per cent and it is in the balance 20 per cent space thatBajaj has thrown down the gauntlet with the Dominar 400
The other rival models include KTM Yamaha YZF-R15 and Honda CBR 150R but none of them has posed a serious threat to RoyalEnfield yet
It now remains to be seen if the Dominar 400 can draw customers from the top-selling Classic
It is clear that with 10000 units targeted during 2017-18 Royal Enfield will still be comfortably ahead in terms of numbers
How dynamics change after this period will be interesting to watch
From Bajaj Autoamprsquos point of view the strategy boils down to acknowledging the reality of living in a world of opposites whereevery mature segment is essentially a two-horse race
The Dominar will stick to the core principle of being opposite from the market leaderamprsquos offerings and has been positioned as amodern machine and not a heritage brandhttpwwwthehindubusinesslinecomtodays-papertp-newsdominar-400-takes-the-battle-to-the-royal-enfield-turfarticle9583973ece
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Bajaj cheers at Feb sales Ajay ModiBusiness Standard
New Delhi Pune-headquartered Bajaj Auto claims to have surpassed volumes sold by market leader Royal Enfield in the 350-500ccmotorcycle segment in February
It attributes this to the Dominar a 373 cc premium sports motorcycle it launched in December at an ex-showroom price of Rs 136lakh Enfield says Bajaj is celebrating too early
Bajaj has sold about 3000 units of Dominar a month this calendar year and is drawing a comparison with the February volume ofRoyal Enfield in the 350-500 cc segment when the latter did wholesale volumes of 2602 units Eric Vas president for themotorcycle business at Bajaj said ampldquoWe have already overtaken Royal Enfield in the segment They used to sell an averageof 5000 units a month until a few months agoamprdquo
He claims that two of every 10 Dominars was sold to customers who owned an Enfield ampldquoSome have sold it to buy Dominarand some have bought it as their second bikeamprdquo He added there had been a decline in the waiting period of some of Enfieldsmotorcycles The 350-500 cc segment for Enfield includes the Bullet 500 Classic 500 Thunderbird 500 and Himalayan
Bajaj hopes to gradually raise Dominar volumes to an output of 10000 units monthly in about six months ampldquoThe bike hasbeen accepted very well We should reach a monthly volume of 6000 units by next monthamprdquo said Vas He did not disclosecumulative bookings for the Dominar He said most customers bought it after test rides
Vas said the volumes were aggregated from the 22 cities where itwas available until February We have expanded reach to 32cities and it will be available in a 100 cities and towns by end-March In April the company plans to add another 100 cities andtowns The constraint is more on the capacity front than on the network sideamprdquo he said
Bajaj said the incremental volume from Dominar would start reflecting in the profit figures once volume crossed 5000-6000 units amonth
Enfield has almost the entire 250-350 cc motorcycle market in the country estimated at close to 50000 units a month This is where
it gets the lionamprsquos share of its sales In the 350-500 cc market it controls 80 per cent (data for the first 11 months of FY17)This is a much smaller segment with monthly volume of 5300 units
Siddhartha Lal managing director of Eicher (which owns Enfield) told Business Standard last month that it would continue toengage with the target segment and expand reach to grow volumes ampldquoWhen one succeeds in a segment others try to enterand take a bite Of course there will be competition but we are not worriedamprdquo hed said It is understood that Enfieldamprsquosproduction volume in February was impacted due to fewer days (February having only 28) and the transition to BS-IV emissionnormshttpwwwbusiness-standardcomarticlecompaniesbajaj-cheers-at-feb-sales-117031400822_1html
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India Yamaha Motor sets ambitious sales target Nandini Sen GuptaThe Times of India
Chennai India Yamaha Motor Private Limited (IYM) is targeting an ambitious production and sales pitch of more than three millionunits this year with one million in the domestic market alone It was revealed by the top management at a recently organised AnnualSuppliers Conference at Greater Noida (Delhi-NCR) which was attended by 500 members representing more than 200 suppliersfrom across India
The theme of this years conference was Challenge the Innovation for Global Competitiveness and Its all about the customer
Our target for this year is to achieve one million unit sales in domestic market and 22 lakh unit sales for exports market Inaddition we also need to reinforce the Indian parts export business in order to contribute to Yamaha business globally While doingso we must continue with our focus on the Quality of our parts and products said Hiroaki Fujita Chairman YMI-G Cos
The objective for conducting the Annual Suppliers Conference was to share the last years result for sales and production and thecurrent years sales and production plan During the conference IYM shared the direction for 2017 its purchase policy thepurchasing policy of Yamaha Motor Company (Japan) and activities organised amp initiatives taken for sales and marketing in theprevious year
Among the senior management members who were present on the occasion on behalf of IYM included Hiroaki Fujita chairmanYamaha Motor India Group Cos (YMI-G Cos) Takashi Terabayashi MD -IYM Yasuo Ishihara MD- Yamaha Motor Research ampDevelopment India (YMRI) T Yamaguchi Deputy MD amp Purchase Head- IYM along with the YMC Purchase team - Olivier Prevostdeputy chief general manager and Hiroshi Hagio general manager
IYM shared its expectations with the suppliers for improvement in quality delivery and development performances besides costcompetitiveness to compete in the export market to increase profitability for both Yamaha and the Suppliers IYM also emphasisedthat all the suppliers can draw up their investment plans based on the increasing volumes in future
Sixteen suppliers were also awarded for their exceptional services in the areas of quality delivery development and costhttptimesofindiaindiatimescomautobikesindia-yamaha-motor-sets-ambitious-sales-targetarticleshow57633067cms
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Thunderous sound remain forever Sandesh M SDeccan Herald (Web Edition)
Bike-lovers had expected a lot from Royal Enfield when the homegrown tough motorcycle manufacturer revealed the 500ccThunderbird in October 2012
When DH decided to check out the four-year-old model with respect to the present dayamprsquos bikes with updated technology theThunderbird 500 remains outstanding in its segment
The bike was tested for two weeks with everyday regular usage and an enthusiastic rider The bike is a good choice for the dailyneeds of an Indian family
Be it an office-goer or a student the bike gives an extra feel where you enjoy every bit of it You need an extra muscle and morepower to handle the bike when the engine is turned off Sometimes it will be a great challenge to tow the bike till a filling station ifthe engine goes dry
PerformanceUndoubtedly this is the most powerful variant of Royal Enfield today The bike feels far impressive than any other machine in thissegment It constantly urges you to take it on highways as it feels best when you pushed harder Overtaking is also very easy withthis bike and it can easily cross a speed of 120 kmphr It still remains a very responsive bike especially at slow speeds
The heavy amount of torque helps it move easily in city traffic The gear ratios are well-matched with this bike and you need lessgear shifts than before The only issue we have with the bike is its heavy weight In city traffic and with a pillion rider sometimes youwill feel the actual weight of this bike Otherwise there are no major concerns related to its performance
Fuel efficiency
Mileage is still a concern and the major drawback with Royal Enfield bikes As the brand new bikes claims to offer 30 kmpl the oldbikeamprsquos mileage drops day-by-day
After few years this will be the main reason for the rider to get rid of his bike In a typical Indian customer mindset a middle-classfamily will think twice before going for a Bullet
Depending on the usage the cushion will loose its power day-by-day The rider will surely feel the pain on the long rides and trafficjams Regular servicing from an authorised mechanic will keep the vehicle in good condition
VerdictThe Royal Enfield Thunderbird 500 is a special bike but the cost compared with its 350 cc sibling the biker has to cough up anextra Rs 40000 which makes anybody to think twice before investing in one The bike has the capability to sustain any roughhandling Though it becomes rough and old its sturdiness remains the samehttpwwwdeccanheraldcomcontent601371thunderous-sound-remain-foreverhtml
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E-Bikes
Components
Amtek Autoacirceurotrades Arvind Dham may offload personal assets to reduce debt Deborshi Chaki amp Swaraj Singh Dhanjalmint
Mumbai With troubled auto parts maker Amtek Auto Ltdamprsquos planned divestment of domestic and overseas businesses yet tomaterialize company chairman and founder Arvind Dham has begun exploring options to monetise assets owned by him
According to two people familiar with the matter who asked not to be identified Dham is in talks with potential buyers to sellIndraprasta Engine Parts Pvt Ltd ( IEPPL) an auto component manufacturing company which he owns in his personal capacityDocuments filed with the registrar of companies show that Arvind Dham along with other senior executives of Amtek Auto holdshares in Indraprasta Engine Parts Pvt Ltd
Dham did not respond to emails text messages and phone calls seeking comment
According to the latest available filings Indraprasta Engine Parts reported a revenue of Rs9525 crore and a loss of Rs115 crore inthe financial year ended 31 March 2015 The company was incorporated in 2010 and currently has a manufacturing plant in HosurTamil Nadu
ampldquoDham has been in discussions to sell the unit following which talks with Kalyani Forge Ltd (KFL) and Sterling Tools Ltd (STL) have reached an advanced stageamprdquo said one of the two people ampldquoDham is keen to show to the lenders that he iswilling put his own money even though the plans to sell Amtek Autoamprsquos assets to repay its debt have not beensuccessfulamprdquo
Amtek Autoamprsquos standalone loss widened to Rs24156 crore for the quarter ended December 2016 from Rs17536 crore in thesame quarter last fiscal Dham plans to plough the proceeds of the sale into the company the first person added
Spokespersons for Kalyani Forge and Sterling Tools did not respond to emails seeking comment
Ever since Amtek Auto defaulted on bond repayments of close to Rs800 crore in September 2015 it has been trying to sell variousgroup businesses to reduce the debt on its books The company has appointed Morgan Stanley as an adviser to assist in its debtreduction plan Amtek Auto owed Rs8066 crore to various lenders as on 30 September 2016 Mint learns that its consolidated debtat the group level is higher
In July last year Bloomberg reported that Amtek Auto has hired global investment bank Rothschild and Co to advise on thepotential sale of all overseas operations including those in the UK the US Mexico China and Germany The report said Amtek wasseeking bidders for its German unit Amtek Tekfor Holding GmbH and expected to raise over $1 billion from the process
A manufacturer of forging parts Amtek Auto counts most of Indiaamprsquos top auto component makers as clients Its overseasclients include global auto brands such as Aston Martin and Daimler
In February the company said in a regulatory filing that it is planning to raise Rs1175 crore by selling shares to promoters on apreferential basis for which it will seek shareholdersamprsquo approval The company has called an extraordinary general meeting on25 March to seek approval from its shareholders for the proposal it added
In February lenders of Amtek Auto are understood to have asked it to either repay loans or convert the outstanding into equityshares or warrantshttpwwwlivemintcomIndustry1tt2QpJ8TtSm53I1bN4VgKAmtek-Autos-Arvind-Dham-may-offload-personal-assets-to-reduhtml
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Allied Industries
Tyre stocks race ahead as China cuts India trade Palak ShahThe Economic Times
Mumbai What is aiding Indiaamprsquos tyre stocks Chinaamprsquos policy to shun India market for the US The share price ofdomestic tyre manufactures including MRF Apollo Tyre Ceat and J K Tyre rose between 1-7 on Tuesday
A research report by Philip Capital said China had curtailed its tyre exports to India to focus on US markets as Trump administrationhad decided against anti-dumping duty on tyres The research pointed out there was more upside for these stocks
ampldquoChina has raised their TBR (truck bus and radial) tyre prices for Indian market by 10-15 rendering themunattractiveamprdquo said Nitesh Sharma and Dhawal Doshi in the research report ampldquoOur checks indicate that Chinesefactories have nearly stopped catering to tyre demand from India as US markets were more lucrativeamprdquo
Ceat rose by 607 on Tuesday Apollo Tyres was up 396 MRF gained 186 and Goodyear India jumped by 129 amongmajor tyre companies
The report titled amplsquoTables Turn Chinese players out rubber fallingamprsquo further said Chinese imports will not bounce backsoon
Demonitisation too has dent a blow to the tyre imports from China which were largely in cash China accounted for roughly 120000 tyre units each month between April to October 2016 but it has fallen sharply now said experts
ampldquoTyre stocks will do well as rubber prices are on a downward spiralamprdquo said Mehraboon Irani Principal amp Head PrivateClient Group Nirmal Bang Securities ampldquoFall in auto sales and jump in rubber prices are not expected which may keep thetraction for tyre stocksamprdquo
Natural rubber prices had jumped to three year high in January due to floods in Thailand the largest exporter of rubber The priceswhich rose to Rs 210kg are now down by over 20 Meanwhile domestic tyre manufactures hiked tyre prices by 3-5 recentlyPhilip Capital has a buy on Ceat and Apollo Tyres with a target of Rs 1550 and Rs 239 respectivelyhttpeconomictimesindiatimescommarketsstocksnewstyre-stocks-race-ahead-as-china-cuts-india-tradearticleshow57633191cms
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How to avoid being overcharged for car service at dealerships The Financial Express
Authorised workshops or dealerships are the main preference for servicing of a customers new car There are dealerships that aregenuine and would not fleece your money while after sales treatment however there are others who would try and take everypenny from you This would also involve you to be thorough with the detailed billing as well as being cautious about understanding ifa requisite task is at all required in your car Here are some tips on how to avoid being overcharged while getting your car serviced
One key area where sales executives of a said dealership can suggest unnecessary expense is anything related to the engineTasks like engine de-carbonisation or engine flushing are suggested right from the first service however it is not required in avehicles early years A cars decarbonisation should ideally take place when the response from the engine is sluggish or there arefrequent misfires despite regular services This usually starts to happen after 60000 kms or more In case it is recommended by asales executive and he or she insists simply avoid by saying no Another popular unnecessary expense is fuel line cleaning whichis suggested at every service Remember that petrol is itself used as a cleaning agent in many applications so fuel line cleaningshould be carried out only in case of a problem
Another aspect where customers are cheated is due to the lack of knowledge about their respective vehicle There have been caseswhere a dealership has conned a customer by putting spark plugs in a diesel car or heater plugs in a petrol engine powered vehicleA diesel car does not have spark plugs (but a petrol car does) and similarly a petrol car doesnt have heater plugs (which arepresent in diesel cars) Additives are advised by many service advisors but these arent needed unless specified by the carmakerKnowing the basic mechanical and electrical parts of your car can go a long way in saving you your money
Other mechanical parts where a person can be overcharged is the clutch adjustment Most modern manual transmission cars soldin India have a hydraulic clutch which is self adjusting till the time the pressure plates and the clutch plates are completely worn outA worn out clutch system will require more pressure to depress the pedal thereby indicating the clutch plates andor pressure plateswould need replacement Ideal time to replace is not at every service which clever dealerships would suggest but at least a gap ofthree service intervals is recommended (with the service interval at every 10000 kms)
All carmakers offer an owners booklet which has all the details of which part needs to be replaced when and the recommendedservice interval When getting your car serviced always refer to this manual and insist on only the aspects mentioned in the manualto be donehttpwwwfinancialexpresscomautocar-newshow-to-avoid-being-overcharged-for-car-service-at-dealerships587326
Top
Emissions Environment
Finance amp Insurance
Customer not bound by tie-up between vehicle dealer insurer Pune Court Vishwas KothariThe Economic Times
Pune The district consumer court here has ruled that a tie-up between a vehicle dealer and an insurance company is not bindingupon the consumer who buys a vehicle from such a dealer
The court has directed the Bajaj Allianz General Insurance Company in Yerawada here to refund a premium of Rs 21053 ampmdashalong with an annual interest of 9 since September 20 2014 ampmdash and a Rs 5000 fine to a Daund resident for failing to renewhis car insurance despite the latter having paid the renewal premium through the online NEFT transaction
The interest component payable so far works out to over Rs 4700
The company argued that the consumer did not route the payment through the vehicle dealer by way of a demand draft as wasrequired under an agreement between the company and the vehicle dealer
Shankar Raghunath Chavan a resident of Kusegaon in Daund had purchased an insurance policy from the company for his car onSeptember 21 2012 A year later the policy was renewed for the period between September 21 2013 and September 20 2014 Atthe end of this term he had received a reminder from the company for the renewal of his policy
Through the net banking facility Chavan made a payment of the renewal premium worth Rs 21053 for the term betweenSeptember 21 2014 and September 20 2015 He then made repeated requests to the company for the issuance of the policydocument
However in December 2014 when he approached the company he was shocked to learn that his policy had ampldquoexpired due tonon-renewalamprdquo The company did not renew his policy even after his repeated reminders This prompted him to move theconsumer court seeking refund of the premium amount and appropriate costs towards physical and mental agony
The bench observed in its order ampldquoIt is not denied by the insurance company that the complainant (Chavan) had paid thepremium It is the case of the insurance company that as per practice prevailing between the company and the dealer the paymentshould be made by demand draft through the dealer so that the policy can be renewed conveniently It is true that the dealer of thevehicle was not aware about the payment of premium made by the complainant However a tie-up between the dealer and theinsurance company is not binding upon the consumeramprdquo
ampldquoDocumentary evidence which is produced by the complainant is sufficiently eloquent and speaks about inaction on the partof the insurance company Even after sending documentary evidence as regards to payment of policy premium the insurancecompany has failed to renew the policy Definitely this act on the part of the company amounts to deficiency in serviceamprdquo thebench ruledhttpautoeconomictimesindiatimescomnewsindustrycustomer-not-bound-by-tie-up-between-vehicle-dealer-insurer-pune-court57623564
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Analysts in wait-and-watch mode on Bajaj Finance Hamsini KarthikBusiness Standard
A robust business model established over years of experience often tends to withstand the test of time quite remarkably That ofBajaj Finance Indiaamprsquos largest consumer durables financier is one such example
During the note ban period there were doubts on whether Bajaj Finance could replicate its historic performance in terms ofcustomer acquisition loan growth and more importantly asset quality in the December quarter (Q3) Much to the Streetamprsquossurprise Bajaj Finance comfortably met these parameters
Customer acquisition grew by 35 per cent year-on-year in Q3 while assets under management expanded by 33 per cent to Rs57600 crore year-on-year Even asset quality stood out with gross non-performing assets ratio at 147 per cent and that toowithout utilising RBIamprsquos 90-day dispensation on loans less than Rs 1 crore Overall financials remained robust with net interestincome and net profit growing by 27 and 36 per cent respectively These factors have helped Bajaj Financeamprsquos stock reboundfrom its demonetisation period low of Rs 766 to Rs 1125 on Tuesday
However after outperforming the broader markets by a reasonable margin for most of the last two years the stock has lagged inthe past six months Bloomberg data indicate that while the Bank Nifty has gained six per cent in the past six months Bajaj Financeis up only 21 per cent Analysts nonetheless feel that Bajaj Finance may not surpass its previous high of Rs 1180 in a rush
Pointing to some key indicators they prefer to see how March quarter pans out particularly on consumer loans before altering theirexpectations on the stock
Consumer loans which grew by 52 per cent year-on-year in September quarter (Q2) grew 47 per cent year-on-year in Q3 Butwithin this segment consumer durables grew slower at 27 per cent versus 48 per cent in Q2 As for the vehicle financing (two andthree wheelers) the dependence on Bajaj Auto was seen higher in Q3 ampndash 46 per cent dependence on Bajaj Auto fortwo-wheelers and 29 per cent for three-wheelers as against 38 per cent and 18 per cent respectively a year ago Average ticketsize which dipped post demonetisation is yet to see a strong recovery All these factors prompt analysts to be on a wait-and-watchmode
ampldquoWe arenamprsquot able to see a secular return in consumer buying yet While demand for consumer durables may havepicked up as summer sales is already playing out we canamprsquot say the same for vehicle salesamprdquo says an analyst with adomestic brokerage
Analysts at Jefferies feel the annual compounded loan growth for Bajaj Finance could be lower in FY16-19 compared to what was inFY13-16 The brokerage flags that at current valuations (52 x FY18 price-to-book) risk-reward appears negativehttpwwwbusiness-standardcomarticleopinionwhy-analysts-are-in-wait-and-watch-mode-on-bajaj-finance-117031400674_1html
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SBI announces Rs 6000-cr tractor loan settlement scheme PTISee this story in The Economic Times
State Bank of India (SBI) today announced a one-time farm loan settlement scheme worth Rs 6000 crore primarily for tractors
One Time Settlement (OTS) announced for Agriculture Loans Scheme valid until 31st March Contact your branch for details ampbenefits the nations largest lender said on the microblogging site Twitter today
Managing director Rajnish Kumar told CNBC-TV18 the scheme will result in the bank taking a 40 per cent haircut on outstandingtractor loans as of September 2016
SBIs total farm loan portfolio is Rs 125 trillion and Kumar said the tractor loan book is about Rs 6000 crore
He said doubtful or loss category accounts as of September 2016 which were disbursed before September 2011 will beconsidered under the scheme He said a circular in this regard was sent to branches on February 2
But he was quick to add the OTS has nothing to do with Prime Minister Narendra Modis promise of a loan waiver to UP farmersduring the just concluded elections saying there were no talks with the Centre or state in this regard so far SBIs Uttar Pradeshportfolio will be around Rs 13000 crore
SBI had announced OTS schemes for SMEs last December and education loans early in 2016
He said other agri loans like kisan credit cards and other term-loans for tractors and farm loans may also be covered under theschemehttpwwwdnaindiacommoneyreport-sbi-announces-rs-6000-cr-tractor-loan-settlement-scheme-2352737SBI to allow one-time settlement for tractor farm equipment loansminthttpwwwlivemintcomIndustryiXDTXX1onxjwfHcz731WzJSBI-announces-Rs6000-crore-tractor-loan-settlement-schemehtmlSBI announces rs 6000-crore tractor loan settlement schemeThe Pioneerhttpwwwdailypioneercombusinesssbi-announces-rs-6000-crore-tractor-loan-settlement-schemehtml
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Oil Lubricants amp Alternative Fuels
Oil hovers near three-month low as investors awaits data ReutersSee this story in The Hindu Business Line
Tokyo Crude oil prices hovered near three-month lows on Tuesday in early Asian trading as investors await key reports and datathat may shed light on a supply overhang in the global market
US West Texas Intermediate crude (WTI) edged down 3 cents to $4837 a barrel by 0026 GMT The contract ended down 9 centsin the previous session after touching $4790 the lowest since the end of November
Brent crude futures were down 1 cent at $5134 a barrel having settled down 2 cents on Monday after dipping to as low as $5085
Prices fell sharply last week as investors worried that swelling US crude supplies would hinder Organization of the Petroleum
Exporting Countries (OPEC)s efforts to restrict output and reduce a global glut
Prices had risen after the OPEC and other major oil producers including Russia agreed at the end of November to rein inproduction by almost 18 million barrels per day (bpd) in the first half of 2017
ampldquoIts shaping up to be another fun week in the crude complex with OPEC releasing its monthly oil market report on Tuesdayswiftly followed by the IEAs monthly oil market report the day afteramprdquo Matt Smith analyst at ClipperData said in a note
The International Energy Agency releases its closely watched monthly oil market report on Wednesday
Data from the industry group the American Petroleum Institute on US crude and product stockpiles is also due out later on Tuesday
Analysts said the slump may not have much further to go now that prices have fallen more than 8 percent since last Monday thebiggest week-on-week drop in four monthshttpwwwthehindubusinesslinecommarketscommoditiesoil-hovers-near-threemonth-low-as-investors-awaid-dataarticle9582601ece
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News Magazines
Mahindra Electric geared up to be a component supplier Autocar India
Speaking to Autocar India Mahindra Electric (ME) stated that the company is open to being a supplier to other vehiclemanufacturers and will sell complete electric drive systems to those interested At present the ME plant builds the e2o while it shipsout the drive systems for the eVerito sedan and eSupro van For this purpose the production line has been modified to produce notjust built-up vehicles but also fully ready electric drive systems that can be offered to other manufacturers interested in procuringthem With expertise in electrification virtually absent in India ME hopes to build on its first-mover advantage and cater to theindustry Itamprsquos unlikely that there would be any takers for passenger cars but commercial and three-wheeler manufacturerscould be potential customers
Mahindra also confirmed that they are open to supplying other bits like charge system controllers as well Mahindra outsources thebattery and electric motor for its EV powertrains and has no plans of producing these components in-house as apart from the hugeinvestments needed there is no real advantage Battery technology is quite specialised and there are many players in this fieldalready And with electric motor efficiency already at 80 percent ampndash compared to about 30 percent for internal combustionengines ampndash there is very little to differentiate one EV maker from another Mahindra believes the real differentiator in the nearfuture will be in the battery management systems where big gains can be made in the charging and discharging cycle Thus ME isputting a lot of effort into this area and going forward has ambitions to be a supplier solely for battery management systems toother manufacturershttpwwwautocarindiacomauto-newsmahindra-electric-geared-up-to-be-a-component-supplier-404432aspx
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Tesla Model Y SUV due by 2019 Autocar India
Tesla Inc recently renamed from Tesla Motors Inc is on the verge of what it says will be a massive expansion of production with twonew models due to arrive in the next two years
Alongside the much-hyped Model 3 Tesla is also expected to launch an entry-level crossover based on the same platform andrumoured to be badged the Model Y
The starting price of the Model 3 is likely to be around $37000 (Rs 2435 lakh approx) with the Model Y expected to be slightlymore expensive However Tesla founder Elon Musk believes the transaction prices of the new compact Teslas will go higherbecause buyers will be keen to add paid options to their vehicles
While the compact Model Y could turn out to be Teslaamprsquos best seller ampndash some seven million crossovers of all types weresold in the US last year ampndash Musk recently tweeted that the Model 3 remained the biggest priority for the company
The Model Y is unlikely to be unveiled until sometime next year with production set to follow late in the year Little in the way ofspecification has been released though it is expected to borrow the top-hinged amplsquofalcon wingamprsquo rear doors from thebigger Model X SUV
The Model Y will also have the promised updated electrical architecture that will allow Tesla to offer full autonomous drivingcapability Future Tesla cars will be equipped with as many as eight cameras giving a 360-degree view of the surroundingroadscape as well as 12 ultrasonic sensors and a amplsquonewamprsquo forward-facing radar that works in the worst weatherconditions Existing radar systems can be fooled by heavy rain and fog
Musk also said the new electrical architecture has a brain that is as much as ampldquo40 timesamprdquo more powerful than onprevious Teslas calling it a ampldquosupercomputer inside the caramprdquo The autonomous driving technology though will be offered
as add-on option to customers on both entry-level Teslas
Another challenge for the Model 3 and Y will be balancing their lower price against the need for a battery big enough to give anacceptable range
The entry-level Model 3 may have a cheaper sub-60kWh battery but will still need to have a range of at least 370km The ModelYamprsquos more bluff shape and greater frontal area might mean a bigger battery for the same range and so a slight price premium
Tesla is in a race against time to achieve the kind of production levels needed to turn around what is still a cash-hungry operationThe firm has spent nearly $2 billion (Rs 1316350 crore approx) since 2010 with investments including building the battery-makingGigafactory and trying to expand car production to a massive 500000 units a year
Tesla delivered around 76000 vehicles last year but says it was able to build around 2000 cars a week by the second half of 2016With as many as 400000 deposits taken for the Model 3 the company is looking to produce well over 100000 of the BMW3-series rival before the end of this year
Muskamprsquos expansion plans will test the limits of the capabilities of Teslaamprsquos suppliers and those of its own plant inFreemont California But getting to annual sales of half a million vehicles should finally push the carmaker into profit and secure thecompanyamprsquos long-term futurehttpwwwautocarindiacomauto-newstesla-model-y-suv-due-by-2019-404434aspx
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VW promises higher focus on EVs after record sales year Autocar India
The Volkswagen Group ampldquowill be a role model in environmental protection safety and integrityamprdquo according to CEOMatthias Muller who was speaking as the firm confirmed a record-breaking sales year in 2016
Outlining plans for the firm to reinvent itself as a far-reaching mobility company in the wake of the emission scandal Muller revealedthat the VW Group sold 103 million cars in 2016 making it the worldamprsquos largest car manufacturer It made pound62 billion in profitafter allowances including pound56 billion of losses to cover emission scandal costs In 2015 expenses relating to emission scandalamounted to pound142 billion
Most notably its sales in China where the effects of the diesel crisis were negligible grew 122 percent and its 2016 salesrevenues of pound1904 billion also exceeded forecasts by pound35 billion
ampldquoThe last year was challenging yet remarkably successfulamprdquo said Muller ampldquoIn 2016 we set the course for thebiggest transformation in the history of the company while at the same time performing better in our operating business than manythought possibleamphellipVolkswagen is back on trackamprdquo
Muller vowed that the success would be a catalyst for further change adding ampldquoWe will still be one of the most successfulautomakers in 2025 But we will also be a leading international provider of sustainable mobility and set the standard for new mobilityservicesamprdquo
New initiatives include a stated goal of taking leadership in the field of battery technology by 2025 which is by when the VW Grouphas committed to have solid state batteries in production These are seen as the next technological step over the lithium-ionbatteries currently favoured by most manufacturers The VW Group has committed to have 30 battery-electric vehicles on sale by2025
He also signalled that Audi had been tasked with leading the Groupamprsquos autonomous driving projects while adding that the VWGroup now had 37 centres around the world working on autonomous and digital service ideas pivoting around the Groupamprsquosnew mobility company Moia which was set up last year
Muller also highlighted recent joint ventures ampndash in China with FAW and JAC the latter of which will lead to the co-developmentof a budget electric car line in India with Tata Motors and in America with Navistar which is in the commercial vehicle segmentampndash as examples of the firmamprsquos commitment to forging partnerships to boost sales success He also confirmed that thefirst economy vehicles to be developed by the brand will go on sale in emerging markets in 2018httpwwwautocarindiacomauto-newsvw-promises-higher-focus-on-evs-after-record-sales-year-404433aspx
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Mercedes to expand E-class range with E 220 diesel Autocar India
The tenth-generation Mercedes-Benz E-class launched for the first time in India with a long wheelbase has moved the goalposts toset new standards for comfort and space in its segment The E-class comes with two engine options ampndash the base E 200 petroland the top-of-the-line
E 350 diesel Priced at Rs 5670 lakh and Rs 7015 lakh (ex-showroom Delhi) respectively these two variants bookend the E-classrange and is essentially aimed at two sets of customers The E 200 buyer is likely to be almost always chauffeur-driven and henceis mainly interested in rear seat space and comfort while the E 350d customer wants all the bells and whistles as well as the
sublime driving experience only the silky smooth and torquey V6 diesel can offer
However that still leaves a massive Rs 1345 lakh gap in the range which no doubt future E-class variants will eventually plug butwhich one will find that sweet spot to form the bulk of E-class sales
Itamprsquos no surprise then that Mercedes-Benz India is readying a base diesel which like the previous-generation W212 E-class islikely to be the most popular variant offering a strong dose of practicality without too much of a compromise on refinement andluxury
But unlike the W212 which had the E 250d representing the base diesel in the range Mercedes-Benz India is offering the lower E220d as the starting point for the E-class diesel This suggests that the E 220d will be very attractively priced when it goes on salearound June 2017 and could be priced very close to the E 200
The E 220amprsquos all-new 20 litre four-cylinder diesel which pumps out 194hp and 400Nm of torque may not have the punch ofthe outgoing E 250damprsquos 204hp and 500Nm motor but again given the chauffeur-driven focus the new E-class has beenconceived for the newE 220damprsquos performance is unlikely to be an issue
What is a big issue however is downgrading the 20-litre motor which has been designed for stricter Euro-VI emissions to run onlocally available BS-IV diesel ampldquoItamprsquos such a waste of engineering resource and a step backwardsamprdquo said aMercedes-Benz engineer The 2143cc (OM651) diesel engine which powered the previous E-class was easier to adapt to BS-IVfuel unlike the spanking new high-tech 1995cc (OM654) diesel thatamprsquos built to meet the latest global emission standards Infact the OM654 made its debut in the latest E-class when it was launched globally in 2016 Its advanced tech includes a uniquealuminium engine block with steel pistons a special low-friction coating for the cylinder walls and a fourth-generation common-raildiesel injection system At 168kg it is 31kg lighter than the engine it replaces
Downgrading a Euro-VI engine to BS-IV standards takes a lot of time and resources but there is no way out until fuel pumps in Indiaget low-sulphur BS-VI fuel which is not expected until 2020 The BS-IV-spec OM654 wasnamprsquot ready in time for the newE-class launch and this is one reason why the E 220d is coming a couple of months later The other reason could be a strategicone Mercedes-Benz India wants to wait until BMW launches the all-new 5-series expected in June and in a counter move tweakthe E 220damprsquos mix of specifications features and price accordingly A starting price of Rs 57-58 lakh for the E 220disnamprsquot unlikely especially since this variant will be Mercedes-Benz Indiaamprsquos trump card in a luxury car segment it seemsdetermined to dominatehttpwwwautocarindiacomauto-newsmercedes-to-expand-e-class-range-with-e-220-diesel-404429aspx
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Nissan to launch Kicks SUV in Q3 2018 Autocar India
The Nissan Kicks SUV which made its global debut in 2016 in Brazil will be launched in India in the third quarter of 2018 accordingto company sources
However unlike the South American model which is spun off Nissanamprsquos V-platform the made-for-India Kicks (code PB1D)will be based on the upcoming Renault Kapturamprsquos (code HHA) platform This is essentially a modified version ofRenaultamprsquos proven M0 platform that underpins cars like the Duster and Lodgy which are known for their robust mechanicals
The M0 is also a critical part of the Renault-Nissan Allianceamprsquos platform strategy in India which is essentially centred aroundtwo platforms Whilst the CMF-A and CMF-A+ platforms underpin Renault and Nissanamprsquos (and later Mitsubishiamprsquos) smallto mid-size car range in India the M0 platform will cater to higher end products The low-cost M0 platform has proved to be a cashcow for Renault globally and is ideally suited for markets like India The allianceamprsquos European-spec CMF-B platform was alsoevaluated initially but was eventually rejected as it proved to be a lot more expensive than the M0 which has also been localisedover the years
Developed and conceived originally by Renault for its Dacia sub-brand over a decade ago the French carmaker has first rights toproducts spun off the M0 platform and hence like the Nissan Terrano which followed the Renault Duster the Nissan Kicks too willfollow the Renault Kaptur to India but almost a year later
While both the Kaptur and Kicks will use the same modified version of the platform the amplsquotop hatsamprsquo will be completelydifferent The Kicks design and styling will mirror the South American car and thatamprsquos no bad thing
Sharply styled with lots of distinctive design touches like a floating roof massive wheel arches and a wraparound visor look theKicks wonamprsquot have a problem standing out on Indian roads The good thing is that the edgy design hasnamprsquot compromisedpracticality and Nissan claims best-in-class space in the back seat
Cars based on the M0 platform get a choice of just two engines a 16 petrol and the venerable 15 K9K diesel and hence these arelikely to be carried forward into the Kicks as well The 15 diesel is expected to be the mainstay but its likely that in its latest iterationthere will be a small bump up in power and torque
Nissan has set an ambitious target of 30000 Kicks in its first full year of production with an additional 20000 units earmarked forexports Pricing will be crucial for the Kicksamprsquo success and Nissan may do well to undercut its rivals to buy some much neededmarket sharehttpwwwautocarindiacomauto-newsnissan-to-launch-kicks-suv-in-q3-2018-404426aspx
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International News
Volkswagen CEO gets 778 mn euros in pay and benefits for 2016 ReutersSee this story in The Economic Times
Wolfsburg Volkswagen Groups Chief Executive Matthias Mueller was awarded 778 million euros ($828 million) in pay andbenefits for 2016 up from 417 million euros in total remuneration awarded a year earlier the companys annual report showed onTuesday
Mueller was not awarded a full years CEO pay for 2015 since he only took over as chief executive in September following theresignation of his predecessor Martin Winterkorn who was forced out in the wake of a diesel emissions cheating scandal
Volkswagen overhauled its bonus and executive pay policy in February this year to cap total pay for its chief executive at 10 millioneuros ($106 million) and other top managers at 55 million euros
Volkswagen brand chief Herbert Diess saw his total remuneration for 2016 fall to 393 million euros down from 713 million in 2015the annual report showed
($1 = 09401 euros)httpautoeconomictimesindiatimescomnewsindustryvolkswagen-ceo-gets-7-78-mn-euros-in-pay-and-benefits-for-201657631837Volkswagen CEO Matthias Mueller says not ruling out merger talks with Fiat ChryslerThe Financial Expresshttpwwwfinancialexpresscomindustryvolkswagen-ceo-matthias-mueller-says-not-ruling-out-merger-talks-with-fiat-chrysler587861
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Volkswagen CEO US remains core market for company APSee this story in The Economic Times
Frankfurt The CEO of German automaker Volkswagen says the United States remains a core market for the company despite itsdiesel emissions scandal and has underlined that it hopes to expand there
Matthias Mueller made the comments Tuesday at the companys annual news and investor conference at its headquarters inWolfsburg Germany
Mueller said that we are standing by our investment decisions and intend over the long term to play a significantly greater role therethan today
The Volkswagen brand has only a small share in the US market although it is important for the companys luxury brands Porscheand Audi It makes cars in Chattanooga Tennessee
US authorities uncovered Volkswagens use of engine control software that enabled vehicles to cheat on emissions testshttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsvolkswagen-ceo-us-remains-core-market-for-company57633149
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Volkswagen targets strong 2017 even as core brand struggles ReutersSee this story in The Economic Times
Wolfsburg Germany Volkswagen said it was capable of shouldering the costs of its emissions crisis and was targeting an evenbetter year than in 2016 but warned that its core autos division continued to struggle
We see good chances of being able to ride the wave of the positive performance last year when Volkswagen turned in recordunderlying profit helped by sales of upmarket Audis and Porsches Chief Executive Matthias Mueller said on Tuesday at thecarmakers annual news conference
Volkswagen expects group revenue to exceed last years record 217 billion euros ($231 billion) by as much as 4 percent this yearand is forecasting an underlying operating margin of between 6 and 7 percent compared with 67 percent in 2016 it said affirminga forecast given on February 24
The company also aims to moderately exceed last years record 103 million deliveries
You can rest assured that we will do everything in our power to make 2017 an even better year than 2016 the CEO said
But Volkswagen appears to be making slow progress in tackling the biggest trouble spot within the 12-brand group thelong-planned turnaround of its core autos division
Operating profit of the namesake brand slipped further to 187 billion euros in 2016 from 210 billion a year earlier because of highermarketing costs related to dieselgate and plunging demand in Brazil and other key markets finance chief Frank Witter said
($1 = 09394 euros)httpautoeconomictimesindiatimescomnewsindustryvolkswagen-targets-strong-2017-even-as-core-brand-struggles57630343
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VW CEO says not ruling out merger talks with Fiat Chrysler boss ReutersSee this story in The Economic Times
Wolfsburg Volkswagen Chief Executive Matthias Mueller said he is not ruling out talks with Fiat Chrysler boss Sergio Marchionneabout a possible merger
I am not ruling out a conversation Mueller told reporters on Tuesday after the carmakers annual earnings press conference inWolfsburg
Marchionne has long advocated car industry mergers to share the costs of making cleaner and more technologically advancedvehicles and has repeatedly relayed his desire via the media
It would be very helpful if Marchionne were to communicate his considerations to me too and not just to you Mueller said
I am pretty confident about the future of Volkswagen with or without Marchionne
Only last week Mueller appeared to dismiss the prospect of talks with Fiat Chrysler
We are not ready for talks about anything he told Reuters on the fringes of the Geneva auto show I havent seen Marchionne formonths he said at the timehttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsvw-ceo-says-not-ruling-out-merger-talks-with-fiat-chrysler-boss57632909
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Volkswagen chief denies talks with Fiat AFPSee this story in The Economic Times
Berlin Volkswagen chief Matthias Mueller on Tuesday denied rumours that the German auto giant was in talks with rival FiatChrysler
At present there is no contact between me and Fiat Chrysler boss Sergio Marchionne Mueller told the companys annual pressconference in Wolfsburg north Germany
Marchionne had said at the Geneva car show last week that he was expecting Volkswagen to reach out as more firms are thinkingof cost-cutting tie-ups in the vein of Frances Peugeot and German carmaker Opel
In response Mueller said he had other problems since VWs 2015 admission that it installed software to cheat regulatoryemissions tests in 11 million vehicles worldwide
He nevertheless added that Ive never said a tie-up with any other partner is altogether ruled out
VW clawed its way back to profit in 2016 and pulled ahead of Toyota to become the worlds biggest carmaker by unit sales shipping103 million vehicles over the year
Mueller on Tuesday confirmed the groups forecast of moderate growth in sales in 2017
But the firm is far from turning the page as it continues to refit cars equipped with the cheating software and faces legal action fromcustomers and investors in numerous countries
The final bill for the scandal is impossible to predict Mueller acknowledged
All we know is that this question will keep us busy for a long time several years he saidhttpeconomictimesindiatimescomindustryautovolkswagen-chief-denies-talks-with-fiatarticleshow57633113cms
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Volkswagen has good chances to build on strong 2016 performance CEO ReutersSee this story in The Economic Times
Germany Volkswagen has good chances of building on its strong 2016 performance when it swung to a record underlying profitdespite its diesel emissions crisis Chief Executive Matthias Mueller said
The Volkswagen Group is in very robust shape Mueller said on Tuesday at the carmakers annual news conference in Wolfsburg
VW expects group revenue to exceed last years record 217 billion euros ($231 billion) by as much as 4 percent this year and isforecasting an underlying operating margin of between 6 and 7 percent compared with 67 percent in 2016 it said affirming aforecast given on Feb 24
Still operating profit of its core autos division slipped further to 187 billion euros in 2016 from 210 billion a year earlier as the brandis struggling to implement a wide-ranging turnaround planhttpeconomictimesindiatimescomnewsinternationalbusinessvolkswagen-has-good-chances-to-build-on-strong-2016-performance-ceoarticleshow57630339cms
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BMW i3 batteries to be used by Vattenfall The Economic Times
New Delhi Swedish power making company Vattenfall and German auto giant BMW Group have signed a contract for the deliveryof up to 1000 lithium-ion batteries this year The batteries with a capacity of 33 kilowatt hours (kWh) each are equipped with aBMW-owned battery management system and are also used by the car manufacturer in the BMW i3
Vattenfall will purchase the new batteries from the BMW plant in Dingolfing and use them in all storage projects
Energy storage and grid stability are the major topics of the new energy world says Gunnar Groebler Senior Vice President ofVattenfall and Head of Business Area Wind
We want to use the sites where we generate electricity from renewable energies in order to drive the transformation to a newenergy system and to facilitate the integration of renewable energies into the energy system with the storage facilities Thedecoupling of production and consumption and the coupling of different consumption sectors are in the focus of our work
The first energy storage from the BMW-i3 batteries is being built at the 122 MW onshore wind farm Princess Alexia nearAmsterdam With a capacity of 32 megawatts (MW) it is Vattenfalls first large storage project in the Netherlands
Pending on a final investment decision the largest battery storage will be built at the Vattenfall wind farm Pen y Cymoedd (230 MW)in South Wales - a 22-megawatt storage facility which will help to support the stability of the country-wide power grid in the UK aspart of the so-called EFR (Enhanced Frequency Response) service
As part of the project Norddeutsche Energiewende NEW 40 Vattenfall together with the Hamburg University of Applied Sciences(HAW) and the company Nordex will implement a large battery storage at the future wind farm in Hamburg-Bergedorf
This is a so-called storage control unit made of batteries It is meant to maintain the security of supply with a feed-in of 100 percentrenewable energy In addition the battery storage contributes to the improvement of the network quality and the more efficient useof the existing network structure Other possible applications would be electricity storage in private households Energy storagesolutions are an important part of Vattenfallamprsquos strive to power climate smarter living
We are pleased that we have found a supplier in BMW who meets our high safety requirements with the use of the batteries withreliably good quality from German series production says Daniel Hustadt project manager for large batteries at VattenfallInnovation GmbHhttpautoeconomictimesindiatimescomnewsindustrybmw-i3-batteries-to-be-used-by-vattenfall57630728
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Toyota to look at Saudi production as the countries seek closer ties ReutersSee this story in The Economic Times
New Delhi Toyota Motor Corp signed a memorandum of understanding (MOU) on Tuesday with a Saudi Arabian governmentagency to conduct a feasibility study into producing vehicles and parts in the Middle Eastern nation
The move if firmed up would be a big step for the Saudi economy as the government tries to diversify beyond oil exports andcreate jobs as part of the kingdoms 2030 Vision
So far Saudi Arabia and other Gulf oil exporters have failed to significantly develop industries such as automaking because theylack broad industrial bases and a skilled local workforce
The study would take into account the evaluation of development of a local supply base using materials produced by major Saudi
companies like Sabic Maaden Petro Rabigh and other major industrial companies in the kingdom the official Saudi state newsagency reported
The MOU is with Saudi Arabias National Industrial Clusters Development Program (NICDP)
Meanwhile state-run Saudi Aramco has signed MOUs with five Japanese entities during a business forum that both nations hostedon Tuesday coinciding with a visit by Saudi Arabias King Salman this week
Saudi Aramco and Japans biggest oil refiner JX Nippon Oil amp Energy (5020T) agreed to consider a refinery joint venture in a thirdcountry and cooperation in trading and technology of oil and petrochemical products
Aramco also agreed to consider a possible future cooperation in crude oil supply and downstream business with Idemitsu KosanCompany
In addition Aramco and state-run Japan Oil Gas and Metals National Corp (JOGMEC) formally agreed to expand crude storagecapacity in Japan by 300000 kilolitres (about 19 million barrels) from the current 63 million barrels from April 1
Japan treats crude oil stored by Aramco as quasi-government oil reserves counting half of the barrels stored by Aramco as nationalcrude reserves
Companies and government organizations in both nations signed a total of 20 MOUs on Tuesday including cooperation betweenthe Saudi Arabian General Investment Authority (SAGIA) and Japans three megabanks - Mitsubishi UFJ Financial Group (8306T)Sumitomo Mitsui Financial Group (8316T) and Mizuho Financial Group (8411T) - on increasing investments in the kingdom
The MOUs also included cooperation in seawater desalinationhttpautoeconomictimesindiatimescomnewsindustrytoyota-to-look-at-saudi-production-as-the-countries-seek-closer-ties57636587
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Geneva Motor Show 2017 Airbus unveils fully electric flying car PopUp The Economic Times
Geneva Airbus along with Italdesign has unveiled the first modular fully electric zero emission concept vehicle system - PopUpat the Geneva Motor Show 2017 informed the French company in an official statement
PopUp envisages a modular system for multi-modal transportation that makes full use of both ground and airspace and isdesigned to relieve traffic congestion in crowded megacities
PopUp System consists of a three layers concept1 an Artificial Intelligence platform that based on its user knowledge manages the travel complexity offering alternative usagescenarios and assuring a seamless travel experience
2 a vehicle shaped as a passenger capsule designed to be coupled with two different and independent electric propelled modules(the ground module and the air module) Other public means of transportation (eg trains or hyperloops) could also integrate thePopUp capsule
3 an interface module that dialogues with users in a fully virtual environment
Airbus claims The PopUp vehicle combines the flexibility of a small two seater ground vehicle with the freedom and speed of avertical take-off and landing (VTOL) air vehicle thus bridging the automotive and aerospace domains
PopUpamprsquos monocoque carbon-fibre cocoon measures 26 metres long 14 metres high and 15 metres wide The capsuletransforms itself into a city car by simply coupling to the ground module which features a carbon-fibre chassis and is batterypowered
For megacity journeys with high congested traffic the capsule disconnects from the ground module and is carried by a 5 by 44metre air module propelled by eight counter-rotating rotors
ampldquoAdding the third dimension to seamless multi-modal transportation networks will without a doubt improve the way we liveand how we get from A to Bamprdquo said Mathias Thomsen General Manager for Urban Air Mobility at Airbus on the occasion ofthe unveil
ampldquoSuccessfully designing and implementing solutions that will work both in the air and on the ground requires a joint reflectionon the part of both aerospace and automotive sectors alongside collaboration with local government bodies for infrastructure andregulatory frameworks Italdesign with its long track record of exceptional vehicle design was an exciting partner for Airbus for thisunique concept projectamprdquo
ampldquoToday automobiles are part of a much wider eco-system if you want to design the urban vehicle of the future the traditionalcar cannot alone be the solution for megacities you also have to think about sustainable and intelligent infrastructure appsintegration power systems urban planning social aspects and so on In the next years ground transportation will move to the nextlevel and from being shared connected and autonomous it will also go multimodal and moving into the third dimensionamprdquo saidItaldesign CEO Joumlrg Astaloschhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsgeneva-motor-show-2017-airbus-unveils-fully-electric-flying-car-pop-up57630936
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Nissan boosts management presence at Mitsubishi Motors ReutersSee this story in The Economic Times
Tokyo Mitsubishi Motors on Tuesday said an additional four Nissan executives would join its management team as Nissan tightensits control over the smaller struggling automaker in which it took a controlling stake last year
The announcement is part of Mitsubishi Motors efforts to rebuild its management system after it admitted last year that it hadoverstated the mileage on a number of its cars sold in Japan battering domestic sales and tarnishing its brand image
From April corporate vice president positions for roles including product development and marketing and sales would be occupiedby officials from Nissan Mitsubishi Motors said
This would hike the number of Nissan executives on Mitsubishi Motors management team to seven from two now
We need to strengthen our corporate governance to avoid a repeat of last years scandal along with scandals previous to thatMitsubishi Chief Executive Officer (CEO) Osamu Masuko told reporters during a teleconference
After taking a one-third stake in Mitsubishi Motors Nissan installed Carlos Ghosn - its CEO at the time - as chairman of MitsubishiMotors while also naming two Nissan officials to Mitsubishis board of directors
Nissan also dispatched other executives to the smaller automaker including Trevor Mann previously Nissans chief performanceofficer who became chief operating officer at Mitsubishi late last year
Last month Ghosn said he would step down from the top position at Nissan to focus on deepening the companys alliance withRenault SA and Mitsubishi Motors
Separately Nissan said Shiro Nakamura the companys chief creative officer and one of Japans best-known car designers willretire after nearly 20 years at the automaker
Nakamura 66 is recognised for referencing science fiction anime and embracing Japans culture of cute in models including theGT-R supercar the Cube compact MPV and the Juke SUV crossover setting the automaker apart from many of its rivals whichhave been accused of making lookalike cars
Nakamura joined Nissan in 1999 from Japanese truckmaker Isuzu Motors and was one of the first key hires by Ghosn shortly afterGhosn himself arrived from French automaker Renault to save the company from bankruptcy
Alfonso Albaisa who currently overseas design at Nissans premium Infiniti brand will succeed Nakamura while former BMWglobal chief designer Karim Habib will become the brands new chief designer effective July 1httpautoeconomictimesindiatimescomnewsindustrynissan-boosts-management-presence-at-mitsubishi-motors57631800
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Renault Zoe e-Sport breaks covers at 2017 Geneva Motor Show The Economic Times
New Delhi In the ongoing Geneva Motor Show Renault has showcased its new two-seat version of its electric car Renault Zoee-Sport The company claims to have taken the design cues from Formula E
The ZOE e-Sport Concept is the fully electric concept car that embodies Renaultamprsquos commitment to the idea that electric carscan be fun and fast says Renault The sporting credentials of the ZOE e-Sport Concept extend beyond the caramprsquos styling andthe same blue livery as the Renault edams teamamprsquos front-running Formula E single-seaters
The bodywork of the ZOE e-Sport Concept is made entirely from lightweight carbon fibre which helps to ensure outstandingacceleration from standstill to 100kph in just 32 seconds The car tips the scales at a mere 1400 kilograms including 450kilograms of batteries
The car is powered by two electric motors capable of generating 450 bhp and 650 Nm of torque One of the motor is powered to therear axle and the other to the front axle Renault Zoe e-Sport gets the same 40 kWh battery which powers the standard variant ofthe car
Jean-Christophe Kugler CEO Renault Europe said that the concept as a link car - a styling exercise intended to connect the Zoeroad car with what Renault is doing in Formula E racing and to send a message that EVs are fun to drive Its not a signal of thefuture for Zoe and we have no intention to develop a performance version
Renault also claims that the electric performance car uses the same air and water cooling systems as the Renaultamprsquos FormulaE car The car is based on a tubular steel chassis with use of extensive carbon fibre The car also gets four driving modes
At the moment Renault has no plans to make the Zoe e-Sport into productionhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsrenault-zoe-e-sport-breaks-covers-at-2017-geneva-motor-show57627528
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Sensata Technologies opens testing facility in Bulgaria ReutersSee this story in The Economic Times
Sofia Sensata Technologies has opened its largest global testing facility in Sofia to support its automotive sensing technologies thecompany said on Tuesday
Sensata which has manufacturing sites in 13 countries already employs 3000 people in Bulgaria where it produces pressure andhigh temperature sensors for the automotive market and operates a business centre
In recent years inexpensive labour low taxes and an educated workforce have encouraged dozens of car part producers and ITand business outsourcing companies to set up in the Balkan countryhttpautoeconomictimesindiatimescomnewsauto-componentssensata-technologies-opens-testing-facility-in-bulgaria57632975
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Driving driverless Quest for an autonomous car has reached a truck now Nandagopal RajanThe Financial Express
At San Franciscoamprsquos Pier 90 chock-a-block with cargo vehicles it is pretty tough for any truck to stand out But a white Volvotruck with Otto emblazoned on it is the centre of attention This is the next big thing in automated cars and has already shown itsmettle by delivering a consignment of Budweiser beer in Colorado without a driver controlling it on the freeway
Uber is one of the many companies thinking in terms of driverless car While CEO Travis Kalanick says automated vehicles areampldquoexistentialamprdquo for the ride-hailing companyamprsquos future he is not alone in the race to drive without drivers Just in theUS at least 23 companiesampmdashincluding Tesla Google and Volkswagenampmdashhave registered in autonomous vehicleprogrammes The idea that fuels this cutting-edge technology is pure economics at the end of the day Cars suffer from seriousissues of inefficiency as they sit idle 95 of the time Considering that the world has 1200000000 cars this is inefficiency at agargantuan scale Add to this the fact that cars amount for 22 of all emissions globally and muddy the urban infrastructureproblem by creating the need for parking spaces
Since 1984 when the first experimental self-driving cars appeared there has been much progress on the technology leading toMercedes-Benz showcasing its concept car the F 015 at the Consumer Electronics Show in Las Vegas in 2015 Everyone has adifferent take on the technology but in the end the idea is to make cars intelligent and independent enough to be aware ofsurroundings and take decisions based on that
Interestingly Uberamprsquos dream is to bring ampldquoreliable transportation to everyone everywhereamprdquo now extended toeverything too with the trucks from Otto a start-up it acquired last year Matt Sweeney who heads product at UberamprsquosAdvanced Technology Group says ampldquothe truck and passenger vehicles share software and hardware components and thishelps us work on different aspects of the self-driving problem at the same timeamprdquo But on scope passenger vehicles are forurban environments where Uber has its focus on ride-sharing while trucks will be for high-speed highways where the constraintsare different
Just last week Uber got a permit from California Department of Motor Vehicles to test two self-driving Volvo SUVs on public roadsthough it will need to have backup drivers behind the wheel in case the prototype cars malfunction Its self-driving cars have beenrunning test drives in other parts of the US too
The Otto truck comes with a rig of radars laser scanners and stereo cameras that give the computers inside a live 360-degreevision of its environment with high dynamic range high resolution and high colour information imagery so that the truck can besmart enough to decide what to do next But the computing task this presents is ampldquoalmost as big as a small datacentreamprdquo Sweeney says the computing has to be done inside as ampldquothere is no tech that can let us send all that data tothe cloud real time and hence a lot of the computing has to be done in the truck itselfamprdquo
ampldquoA lot of the tech is based on prior mapping but in subsequent runs we see differences that have come about in the area andpay attention on those objects that are differentamprdquo
Interestingly Otto is being sued by Googleamprsquos Waymo self-driving car unit which claims its former employee and start-upfounder Anthony Levandowski stole its proprietary design for its laser-based radar system There are other challenges tooampldquoUber tech is different because we are trying to make this on top of the ride-sharing network that we already haveamprdquo headded
Nissan in contrast keeps the driver and not the technology at the centre and its definition of an ampldquoautonomous caramprdquo ishence a vehicle with different levels of driving technologies that enable it to operate autonomously for certain periods of time ANissan spokesperson said on the technology side the challenges are in artificial intelligence software development data processingand digital mapping technologies while on the social environment side laws and regulations along with modifications of roadinfrastructure will become necessary
This contrast in technologies is why it is important to see how the entire ecosystem evolves maybe with different platforms talkingto each other But Uber is not depending on this ampldquoWe need to see and interact with vehicles but there is no guarantee wewill have that technology So we are approaching it with the assumption it wonamprsquot existamprdquo says Sweeney
Uberamprsquos goal is to take its technology everywhere but can these vehicles actually be practical for an environment like IndiaSweeney accepts the new elements this will throw in along with the sheer volume will present a slew of challenges ampldquoThoseare situations we think we will be able to tackle but those are not the first places we will goamprdquo he explains adding that theywill look for opportunities where they can deploy this technology safely Clearly this drive has just started(The author attended the Uber Media Summit in San Francisco at the invitation of Uber)httpwwwfinancialexpresscomopiniondriving-driverless-quest-for-an-autonomous-car-has-reached-a-truck-now588112
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Samsung completes acquisition of Harman The Economic Times
New Delhi The arrest of the Vice-Chairman of Samsung Board Lee Jae Yong on bribery and corruption charges has not affectedthe deal between Samsung and Harman International IndustriesIn a media statement the South Korean giant confirmed thecompletion of its largest such deal ever
Under the terms of the merger agreement Harman stockholders will receive $11200 per share in cash The completion follows thesatisfaction of all conditions to the closing of the transaction including approval of the transaction by HARMAN stockholders andreceipt of all necessary regulatory approvals in the United States and certain foreign jurisdictions
ampldquoToday is a historic moment for us The close of this transaction opens the door to create substantial growth opportunitiesand deliver greater benefits for customers worldwideamprdquo said Young Sohn President and Chief Strategy Officer of SamsungElectronics and Chairman of the Board HARMAN ampldquoWe see transformative opportunities in the car ampndash and a futurewhich seamlessly connects lifestyle across automotive home mobile and work Samsungamprsquos and HARMANamprsquosleadership in these spaces perfectly positions Samsung to be the preferred partner to our OEM customers In addition bringingtogether HARMANamprsquos iconic audio brands and capabilities paired with Samsungamprsquos leading display technologies willdeliver enhanced audio and video experiences to consumers and professional end markets And most importantly we areenthusiastic about our common vision the similarities in our culture of innovation and the added value we can create for customersWe look forward to working with all of HARMANamprsquos employees to execute on our visionamprdquo
Harman boasts around 30000 employees spreadout across different brands including JBL Infinity Lexicon and Mark LevinsonThe company will continue to conduct business as an independent subsidiary under the terms of the deal with Samsung
ampldquoWe are excited to have completed the transaction which provides compelling cash value to our stockholders benefits ourcustomers and provides new opportunities for our employeesamprdquo said Dinesh Paliwal Harman President and CEOampldquoSamsung shares our commitment to our customers and our culture of speed innovation and execution Samsung providesHarman with the scale platform and complementary technologies to accelerate growth and extend our global market leadership inautomotive smart audio and connected technologies Recognizing the importance of partnerships in an increasingly connectedworld particularly in automotive we are poised to leverage our combined teams and resources to produce even greater value forour customers Working closely with automakers and other technology companies Samsung and Harman will define ampndash anddrive ampndash the future of automotiveamprdquohttpautoeconomictimesindiatimescomnewsauto-technologysamsung-completes-acquisition-of-harman57624440
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Skoda delivers 81200 units in Feb 2017 globally The Economic Times
Mlada Boleslav Czech car manufacturer Skoda in a press release stated that the company delivered 81200 vehicles to customersworldwide in February 31 more than in the same period last year (February 2016 78800) brvbarkoda also claims that it has soldmore cars than any February in its history The Czech manufacturer achieved double-digit growth in Central and Eastern Europe (+129 and + 133) India (+ 128) and Israel (+ 198) among others
We are delighted with our strong start to 2017 We expect the market launch of the OCTAVIA product upgrade as well as the newKodiaq to create further momentum says Werner Eichhorn brvbarKODA Board Member for Sales and Marketing
In Western Europe deliveries to customers rose by 70 in February to 34800 vehicles (February 2016 32500) With 12600vehicles Germany remains the strongest single European market (February 2016 12100 vehicles +45) brvbarKODA recordeddouble-digit growth rates in the UK (3400 vehicles +236) Italy (2200 vehicles + 201) Belgium (2 000 vehicles +271) andAustria (1900 vehicles +647)
In Central Europe brvbarKODA achieved an increase of 129 with 17400 cars (February 2016 15400 vehicles) Deliveries on thehome market of the Czech Republic rose by 88 to 8200 vehicles in Poland (5700 vehicles + 163) Slovakia (1700 vehicles+154) Slovenia (600 vehicles +226) and Croatia (300 vehicles +469) also rose in double figures
In Eastern Europe excluding Russia Skoda achieved a year-on-year increase of 133 with 2800 vehicles delivered (February2016 2500 vehicles) In the same period 400 customers in Ukraine received their new brvbarKODA ampndash an increase of 939(February 2016 200 vehicles) The number of deliveries increased significantly in Bosnia (200 vehicles + 557) Bulgaria (200vehicles +175) and the Baltic States (600 vehicles + 229) In Russia brvbarKODA achieved an increase of 46 with 4300vehicles (February 2016 4100 vehicles)
In China ampndash the brandamprsquos largest market worldwide ampndash brvbarKODA handed over the keys to 15000 new vehicles(February 2016 18500 vehicles -188) Deliveries overseas increased by 98 to a total of 2500 vehicles
At the Geneva Motor Show brvbarKODA is presenting several new highlights These include the brvbarKODA KODIAQ SCOUT and brvbarKODAKODIAQ SPORTLINE alongside the extensively upgraded brvbarKODA OCTAVIA as well as the sporty spearhead brvbarKODA OCTAVIA RS245 and the brvbarKODA OCTAVIA SCOUT with a rugged off-road look In addition the upgraded brvbarKODA models RAPID and RAPIDSPACEBACK and Citigo are on show
brvbarKODA deliveries to customers in February 2017 (in units rounded off by model +- in percent compared to February2016)brvbarKODA OCTAVIA (28600 -86)brvbarKODA FABIA (16700 + 152)brvbarKODA RAPID (15000 + 121)brvbarKODA SUPERB (10900 + 171)brvbarKODA KODIAQ (1300 + 1000)brvbarKODA YETI (6300 -157)brvbarKODA CITIGO (only sold in Europe 2300 -164)httpautoeconomictimesindiatimescomnewspassenger-vehiclecarsskoda-delivers-81200-units-in-feb-201757626693
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Isuzu claims more durability on its diesel engines for trucks The Economic Times
Indianapolis Isuzu Commercial Truck of America has announced that the B10 durability rating of its 4HK1-TC diesel engine hasbeen increased to 375000 miles informed the company in an official statement
To elaborate further on what it means the Japanese commercial vehicle manufacturer went on to say that A B10-life rating is anindustry-standard gauge provided by engine makers to help consumers determine the long-term durability of an engine Thenumber following the B indicates the percentage of an engineamprsquos population that will require an overhaul before the indicatedmileage
That means that 90 of Isuzu 4HK1-TC engines are expected to last 375000 miles before they require a major repair or rebuildPreviously the 4HK1-TC engine carried an already-robust B10 durability rating of 310000 miles added the company
ampldquoWe are proud to say that Isuzu diesel engines are already known worldwide for their long-term dependabilityamprdquo saidShaun Skinner president of Isuzu Commercial Truck of America ampldquoOur new B-10 rating is strong evidence that our enginesare even more durable than everamprdquo
The turbocharged intercooled 4HK1-TC four-cylinder diesel engine displaces 52 liters and generates 215 horsepower Torqueratings vary depending on model The engine is fitted to Isuzu NPR-HD NPR-XD NQR and NRR models as well as the all-new2018 Isuzu FTR Class 6 truck
The company made the above announcement at the National Truck Equipment Associationamprsquos 2017 Work Truck Show inIndianapolis held on March 13httpautoeconomictimesindiatimescomnewsauto-componentsisuzu-diesel-engines-for-trucks-now-become-more-durable57626832
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MoS visits Rolls-Royces new logistics centre in England The Economic Times
New Delhi Nick Gibb Minister for School Standards and MP for Bognor Regis and Littlehampton has visited Rolls-Royce MotorCars Technology and Logistics Centre on Monday informed the British luxury car maker in a media release
During the visit Gibb toured the facility met the expert team onsite and was briefed on the companyamprsquos future plans to expandthe Centre He also took the opportunity to learn more about the Rolls-Royce Motor Cars apprenticeship graduate and internprogrammes
Nick Gibb said ampldquoThe original announcement that Rolls-Royce Motor Cars would be locating its Technology and LogisticsCentre in Bognor Regis was a great boost for our town and warmly welcomed I am delighted to see the huge new state of the artfacilities fully operational and providing high quality jobs for local people The support of such a prestigious company is good newsfor Bognor Regis and for the wider local economyamprdquo
He continued ampldquoIt is very welcome that Rolls-Royce operates an apprenticeship scheme ensuring the company has the skillsit needs for the future and providing opportunities and training for a cohort of young people every year This year Rolls-Royce istaking on record numbers of apprenticesamprdquo
The new Rolls-Royce Technology and Logistics Centre at Bognor Regis opened on schedule in January 2016 The purpose-built30000m2 facility is located close to the companyamprsquos head office and manufacturing plant at Goodwoodhttpautoeconomictimesindiatimescomnewsindustrymos-visits-rolls-royce-new-logistics-centre-in-england57626981
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All new Mazda CX-5 to be produced at Hofu Plant The Economic Times
Hiroshima Japan Japanese automaker Mazda Motor Corporation starting from November is going to produce the all-new MazdaCX-5 crossover SUV at its Hofu Plant in addition to the Hiroshima Plant where it is currently produced
The company informed that the move will help the automaker respond quickly and flexibly to growing demand for SUVs globally
Mazda aims to create a production system that can respond flexibly to changes in demand for crossover vehicles as it works tomeet its global sales goal of 165 million units
Launched domestically in February the all-new CX-5 has till date recorded sales of 16639 units about seven times the monthlytarget claims the company
As with the CX-3 starting production of the CX-5 at Hofu Plant as well is part of our plan to build a production framework that givesus more flexibility between plants and between models said Masatoshi Maruyama Managing Executive Officer in charge of GlobalProduction We will do everything we can to get customers the crossover vehicles they want as quickly as possiblehttpautoeconomictimesindiatimescomnewspassenger-vehicleuvall-new-mazda-cx-5-to-be-produced-at-hofu-plant57627447
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Rheinmetall receives over $25 mn order from American carmaker The Economic Times
New Delhi German automotive parts supplier Rheinmetall has booked its first order for a special application of coolant valves by amajor American carmaker and destined for the NAFTA market
The company in a statement said that the order has a lifetime value of over US$25 million (around Rs 165 crore) Series productionof the valves is scheduled to start in 2019 with the contract set to run for about five years
Talking about the product the company went on to say that the innovative valves play a lead role in intelligent thermal and energymanagement on modern vehicle engines These often have several cooling circuits which are controllable with the aid of switchingseat valves
As from model year 2020 this particular customer will be installing several versions of such valves on gasoline and diesel enginesfor pick-ups with over 6 liters displacement
They will take over functions in the cooling circuit of the transmission ensuring that it reaches operating temperature faster byswitching off the coolant flow when the engine is started This also helps to reduce emissions added the companyhttpautoeconomictimesindiatimescomnewsauto-componentsrheinmetall-receives-over-25-mn-order-from-american-carmaker57628058
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Nissans Infiniti names former BMW executive as new design chief ReutersSee this story in The Economic Times
Beijing Infiniti Nissan Motors premium brand named Karim Habib former global design chief for BMW as the brands new chiefdesigner effective July 1
Habib will replace Alfonso Albaisa who will be promoted to lead Nissans global design according to a press release seen byReuters Habib will report to Albaisa
Habib who has worked for several premium automotive brands including BMW and Daimler will be based in Nissans technicalcentre in Atsugi Japan and lead Infinitis design teams in Japan Beijing San Diego and Londonhttpautoeconomictimesindiatimescomnewsindustrynissans-infiniti-names-former-bmw-executive-as-new-design-chief57630437
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Elon Musks bold offer of Tesla batteries wont solve Australias power problems ReutersSee this story in The Economic Times
Launceston Australia Australia is becoming an interesting microcosm on how to or how not to transition an economy from beingpredominantly powered by coal to more climate-friendly alternatives
The dramatic intervention by Tesla Inc Chief Executive Elon Musk last week is just the latest twist in an ongoing saga that pits
business government farmers government and environmentalists against each other
Musk in an exchange of tweets with software billionaire Mike Cannon-Brookes chief executive of Atlassian Corp offered to fix theelectricity supply problems of South Australia state within 100 days of signing a contract
Musks plan is to install 100 megawatts (MW) of grid-connected battery storage which would be available to meet peak demandand would be charged with surplus electricity from other generating sources in periods of low demand
Its a bold offer and would most likely provide a quick fix to Australias fourth-largest state which suffered a blackout last Novemberand has been dealing with power shortages over the peak summer period
Businesses like BHP Billiton which operates the giant Olympic Dam copper mine in the state have been pushing for thegovernment and other stakeholders to ensure stable electricity supply saying the cost of blackouts runs into millions of dollars inlost output
Musk whose Tesla Corp is ramping up output of its battery storage packs at its Gigafactory in Nevada held talks with AustralianPrime Minister Malcolm Turnbull at the weekend as well as with South Australian Premier Jay Weatherill
The politicians will no doubt be tempted to Musks offer to install batteries especially since the electric car pioneer said if he didntmeet his 100 day deadline he wouldnt charge anything
But while Musks offer if taken up would provide a quick fix it would not do enough to mend the underlying problems at the heart ofAustralias electricity woes
Its worth looking at how Australia got itself to the point where virtually all players can agree that the nation is facing somethingapproaching an energy crisis
After all the country is not short of fossil fuels such as coal and natural gas and its climate and low population density outside themajor cities are ideal for renewables such as solar and wind power
The country is heavily reliant on an ageing fleet of coal-fired power stations which makes Australia one of the highest polluters percapita
These coal power stations are starting to close down with one shutting in South Australia last year and another planned to close inVictoria state at the end of this month
The problem is that the coal-fired power stations role as providers of base load electricity cannot be taken over by wind and solarand the role is falling to natural gas
But natural gas is also the most expensive method of generating electricity in Australia so utilities are reluctant to run their gas-firedplants until prices are high enough to justify the cost
South Australia has a gas-fired plant that was mothballed until last years power supply crisis but even with the higher prices forelectricity the operator is struggling to make the plant profitable
The state moved on Tuesday to try and address its energy security issues announcing it would build a 250 MW gas-fired plant andhelp the private sector build a 100 MW battery at a total cost of A$510 million ($385 million)
Gas Supply ConstraintsNatural gas supply is becoming a problem in Australia which may seem ironic given the country is on the verge of becoming theworlds largest exporter of liquefied natural gas (LNG) as the last of eight new plants come closer to completion
In fact the new LNG plants are copping some of the blame for the tightening natural gas market especially the three in easternQueensland state based on using coal-seam gas as the feedstock
These are being blamed for sucking domestic natural gas out of the market and into the export LNG industry
What hasnt helped is that some of Australias state and territory governments are also pursuing policies that will restrict futurenatural gas supplies
Victoria state has banned hydraulic fracturing or fracking as well as shale and coal-seam gas exploration while the NorthernTerritory New South Wales and Tasmania have various moratoriums on fracking
This leaves Western Australia Queensland and South Australia as the remaining states where onshore natural gas supplies can bedeveloped and they are now in the cross-hairs of the environmental lobby which is opposed to any and all new natural gas wells
Politicians across the traditional Labor-Liberal divide are increasingly giving in to demands to restrict natural gas exploration whilepretending that this wont have a negative impact on energy security and electricity prices
But the costs are starting to become apparent with spot electricity prices surging over the Australian summer and natural gassuppliers warning that they will be unable to meet the needs of industrial customers without action being taken
Its often the case politicians only take action when the point of crisis is reached and this appears to be the case in Australia
Whats needed is a holistic approach to energy supply as Australia transitions away from coal-fired power
This means ensuring enough natural gas is available to provide base load generation while scaling up renewables such as solar
wind pumped hydro and battery storage
Forging enough common ground with the various stakeholders will be the main obstacle but more than anything else Australia isshowing how difficult it is to end the age of coalhttpautoeconomictimesindiatimescomnewsindustryelon-musks-bold-offer-of-tesla-batteries-wont-solve-australias-power-problems57630514
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Innogy in talks with car consortium over charging stations CEO ReutersSee this story in The Economic Times
Essen Germany Innogy is in intense talks with a group of carmakers Chief Executive Peter Terium told journalists on Mondayhoping to be selected as a supplier of super-fast charging stations for electric vehicles across Europe
Its not a done deal yet Terium said pointing to strong competition from rival vendors
BMW Volkswagen Ford and Daimler plan to build about 400 next-generation charging stations in Europe that can reload anelectric car in minutes instead of hours
Sources told Reuters in January that Innogy was in talks with the consortiumhttpautoeconomictimesindiatimescomnewsindustryinnogy-in-talks-with-car-consortium-over-charging-stations-ceo57624184
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China may roll back electric vehicle quotas as industry pushes back ReutersSee this story in The Economic Times
Beijing China is considering easing proposed quotas aimed at producing more electric vehicles as Beijing gets pushback from theautomotive industry over the scale and pace of the plans
If adopted proposed changes under discussion could see a target of new energy vehicles (NEV) making up 8 percent of sales nextyear pushed to 2019 two auto executives said
The changes would lower targets from a draft policy released in September requiring 8 percent of automakers sales to be batteryelectric or plug-in hybrid vehicles by 2018 rising to 10 percent in 2019 and 12 percent in 2020
Any loosening of NEV targets would mark a pull back by Beijing which has faced opposition to the planned targets as it looks todrive its domestic carmakers to overtake global rivals in the green vehicle sector
Automakers and industry bodies have said the targets are too tough and could hurt manufacturers interests New energy vehicleslast year accounted for just 18 percent of sales in the worlds biggest autos market according to Reuters calculations based onofficial data
Its normal to make revisions as its a draft plan An Jin chairman of Anhui Jianghuai Automobile Group (JAC Motor) said on thesidelines of the National Peoples Congress in Beijing
He said he was aware of talks to revise the quota targets but said nothing was set in stone JAC hasnt been told what revisionsmight be made to the draft but I think it is possible the draft will be changed after the discussions he said
Whether the whole market can hit this quota by 2018 depends a lot on the strength of government policy If its strong then weshould be able to surpass the targets An said (But) if you consider Chinas infrastructure and the transformation of Chinas autosector then perhaps the pace will have to slow
Two Percent CutTwo executives familiar with the plans told Reuters the government was considering options for lowering the requirements
One idea was to reduce the quota requirement by 2 percent each year cutting the 2018 requirement to 6 percent said aChina-based government relations official at a major global automaker It would then be 8 percent in 2019 and 10 percent in 2020
Another option would be to push back each target by a year with the 8 percent quota starting from 2019 an executive at aJapanese car maker said
Both asked not to be named due to the sensitivity of the matter and because the draft was still under consideration
The overall policy includes quotas for plug-in cars targets for average fuel economy requirements and a credit trading system topromote green energy cars while penalizing petrol cars
The two people said the quota stand-off was tied to a disagreement between the Ministry of Industry and Information Technology(MIIT) and Chinas top state planner the National Development and Reform Commission (NDRC)
MIIT which regulates manufacturers supports a more flexible credit trading system favoured by automakers The NDRC is more
aggressive in promoting a transition to electric vehicles pushing the introduction of the stricter quotas
An NDRC spokesman said the body played a small role when the draft was open to public for discussion MIIT did not immediatelyrespond to Reuters requests for comment
China has strongly supported and subsidized electric vehicles but is gradually swapping out incentives for hard targets automakersmust meet The central government cut subsidies 20 percent this year a first reduction towards eliminating them by 2020httpautoeconomictimesindiatimescomnewspolicychina-may-roll-back-electric-vehicle-quotas-as-industry-pushes-back57623608
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Russias standards agency says Volkswagen recalls 43151 Skoda cars ReutersSee this story in The Economic Times
Moscow Russias standards agency said on Monday that Volkswagens Russian operation had informed it about the voluntaryrecall of 43151 Skoda cars due to a possible technical fault
The recall affects Skoda Octavia Superb Fabia Yeti and Rapid cars sold in Russia between 2012 and 2016 the watchdog saidhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsrussias-standards-agency-says-volkswagen-recalls-43151-skoda-cars57624140
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Economy
Rupee hits 1-12 yr high surges 78 paise on BJP sweep PTISee this story in The Economic Times
Mumbai The rupee surged by a massive 78 paise to end at a nearly one-and-a-half year high of 6582 against the US dollar onfrantic unwinding of the American currency following BJPs emphatic victory in Uttar Pradesh
Forex market sentiment soared on hopes that BJPs stellar show in state polls would pave the way for the Modi government to focuson key reform measures
The home currency resumed on a strong footing at 6620 from last Fridays closing value of 6660 at the Interbank ForeignExchange (forex) market on heavy dollar unwinding from speculative traders and exporters tracking weekend developments
Maintaining its bullish momentum against the dollar the rupee hit a fresh intra-day high of 6576 in late afternoon deals beforeending at 6582 showing a solid gain of 78 paise or 117 per cent
This is the highest closing of the rupee since November 6 2015 when it had ended at 6576
Meanwhile the RBI fixed the reference rate for the dollar at 661800 and for the euro at 704354
Financial markets too took comfort from BJPs landslide victory with the broader Nifty climbing 15245 points to a new closing peakof 9087 and the Sensex rallying 49640 points to end at 2944263
The much-anticipated turnaround on the economic front has opened up a barrage of foreign capital fund flows into India
Foreign investors pumped in over Rs 10000 crore in the Indian capital markets this month so far
It also got an added fillip from bullish macro data which showed that the countrys industrial production bounced back in Januaryexpanding by 27 per cent year-on-year
Factory output measured in terms of Index of Industrial Production (IIP) had contracted by 01 per cent in December
However inflation based on wholesale prices shot up to a 39-month high of 655 per cent in February against 525 per cent inJanuary according to official data
On the global front the dollar traded firmly higher against its major counterparts ahead of the two-day Fed meet when it could liftrates for the third time since the financial crisishttpautoeconomictimesindiatimescomnewsindustryrupee-hits-1-12-yr-high-surges-78-paise-on-bjp-sweep57635104
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Nifty hits all time high of 912275 Sensex surges 616 points after big BJP win The Economic Times
Mumbai The Nifty jumped to life highs on Tuesday after the BJPamprsquos thumping win in the crucial state of Uttar Pradeshrekindled hopes of a bigger-than-expected push for reforms by the Narendra Modi government
The Nifty up 11 so far this year crossed its previous life high of 9119 to hit 912275 before ending the day 171 or 15245points higher at 9087 This is the indexamprsquos biggest single-day gain in points since February 1 and caps a strong reboundsince the December 26 low of 7893 on demonetisation worries
The Sensex surged by 616 points or 212 intra-day before ending the day at 2944263 up 49640 points This is its biggest gainsince May 25 last year The index is the best performer among all developed and emerging market indices in local currency terms inthe past three months
The rupee surged 79 paise to a 16-month high of 6582 to the dollar as exporters sold more dollars and foreign investors boughtlocal shares BSE data showed that foreign investors bought local shares worth Rs 4089 crore their biggest single-day purchasesince February 17 when they purchased Rs 8059 crore
FPIs have bought shares worthRs 23132 crore since January this year against net sales of Rs 9800 crore in the same period lastyear The BSE Midcap and Smallcap indices gained 144 each
ampldquoOne must be ready for a correction after a rally but I am optimistic about the medium to longterm prospectsamprdquo saidMotilal Oswal chairman Motilal Oswal Financial Services Ltd ampldquoFundamentally valuations are comfortable at this point intime because of good corporate earnings growth In the short term markets may remain volatileamprdquo
BJP romped to victory in UP on Saturday winning 312 out of the 403 seats Its allies won 13 more taking the NDA tally to 325 Thisis the biggest win recorded by any party in the state since 1977 and has raised prospects of the BJP doing well in other electionsthis year and next Many political pundits also believe that the victory has improved Prime Minister Narendra Modiamprsquos chancesof retaining power in the 2019 general election
Barring the metals index all other sectoral indices on the NSE ended with gains on Tuesday About 55 stocks including TitanJubilant Life Sciences Kotak Mahindra Bank IndusInd Bank YES Bank and Indiabulls Housing Finance among others hit life highswhile 92 stocks were locked in upper circuit with no sellers
ampldquoWith the sharp rally the market which is currently susceptible to global risk is trading at above average multiples and westay cautious near termamprdquo said Sanjay Mookim India Equity Strategist BofA Merrill Lynch ampldquoIndiaamprsquos businesscycle should improve over the next several quarters while improving construction should drive capex which is good forequitiesamprdquo
Some market experts are divided over the near-term outlook as indices have begun to look expensive at current valuations Plusthere is no immediate trigger for upgrade
ampldquoValuations of the Indian market are quite high and would require the support of strong earnings growth Any disappointmenton earnings will make valuations look even more expensive which the market may not likeamprdquo said Sanjeev Prasad senior EDand co-head of Kotak Institutional Equities
ampldquoGlobal and domestic interest rate cycles are no longer supportive with likely increase in developed markets bondyieldsamprdquo
ampldquoWhile markets are expecting a rate hike this meeting what will be of more interest is the commentaryamprdquo said DipenShah senior V-P PCG research Kotak Securities ampldquoIf it is hawkish it may have an impact on fund flows to emerging marketsbut India may be relatively less impacted because of the continuing domestic flowsamprdquo
ampldquoNotwithstanding the election results we believe the risk-reward is not favourable currently and advise investors to sell intothis rally We expect Nifty EPS to rise 15-16 in FY18 and see no trigger for an earnings upgrade at this junctureamprdquo ReligareInstitutional Research said in a notehttpeconomictimesindiatimescommarketsstocksnewsnifty-hits-all-time-high-of-9122-75-sensex-surges-616-points-after-big-bjp-winarticleshow57639036cms
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WPI inflation up 655 for February 2017 The Economic Times
New Delhi The annual rate of inflation based on monthly Wholesale Price Index (WPI) stood at 655 percent (provisional) for themonth of February 2017 (over February 2016) as compared to 525 percent (provisional) for the previous month and -085 percentduring the corresponding month of the previous year
The official Wholesale Price Index for amplsquoAll Commoditiesamprsquo for the month of February 2017 rose by 05 percent to 1855(provisional) from 1846 (provisional) for the previous month
The index for primary articles rose by 09 percent to 2581 (provisional) from 2557 (provisional) for the previous month
The inflation rate for Fuel and power group rose by 13 percent to 2038 (provisional) from 2012 (provisional) for the previousmonth due to higher price of coking coal (15 percent) aviation turbine fuel (3 percent) bitumen (2 percent) and kerosene highspeed diesel LPG and lignite (1 percent each) However the price of furnace oil (1 percent) declined
The index for the major group of manufactured products remained unchanged at its previous monthamprsquos level of 1588
(provisional) In this group the index for amplsquoRubber amp Plastic Productsamprsquo group rose by 02 percent to 1489 (provisional)from 1486 (provisional) for the previous month due to higher price of rubber products (1 percent)
The index for amplsquoTransport Equipment amp Partsamprsquo group rose by 05 percent to 1405 (provisional) from 1398 (provisional)for the previous month due to higher price of auto rickshaw tempo matador (4 percent) and auto parts (1 percent)
For the month of December 2016 the final Wholesale Price Index for amplsquoAll Commoditiesamprsquo stood at 1833 as comparedto 1828 (provisional) and annual rate of inflation based on final index stood at 368 percent as compared to 339 percent(provisional) respectively as reported on January 1 2017httpautoeconomictimesindiatimescomnewsindustrywpi-inflation-up-6-55-for-february-201757627665
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February CPI at 365 vs 317 in January highest since October 2016 PTISee this story in The Economic Times
New Delhi Retail inflation rose to 4-month high of 365 per cent in February mainly due to surge in price of food items like fruitssugar and confectionery
Measured in terms of Consumer Price Index (CPI) the inflation had dipped to a multi-year low of 317 per cent in January this yearon account of cash crunch following demonetisation It was 526 per cent in February last year
According to the CPI data released today by the Central Statistics Office (CSO) the consumer food prices index (CFPI) rose by201 per cent in February from 061 per cent in January The CFPI was 53 per cent in February 2016
Inflation in fruits was higher at 833 per cent fuel and light at 39 per cent in February The rate of price rise in meat and fish was 35per cent in February
Prices of sugar and confectionery items rose by 1883 per cent in February while inflation in milk and milk product increased by 422per cent
The rate of inflation in household goods and services was 409 per cent while this rate was in health segment was 4 per cent Thetransport and communication became expensive by 539 per cent
The personal care and effects segment rose by 515 per cent while the education became more expensive by 537 per cent inFebruary this year
The inflation rate was 438 per cent in clothing and footware segment while it was 49 per cent in housing segment
However the prices of vegetables and pulses declined by 829 per cent and 902 per cent respectively
Rural retail inflation was at 367 per cent in February compared with 336 per cent in the preceding month The CPI was also up inthe urban sector at 355 per cent in February from 29 per cent in January this yearhttpautoeconomictimesindiatimescomnewsindustryfebruary-cpi-at-3-65-vs-3-17-in-january-highest-since-october-201657633211
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Closing
Last Financial Closing
Sensex 2944263 (+49640)NSE 9087 (+15245)US$ spot Rs6582US$ Y1148000US$ 6 months RsYen Rs57Euro spot Rs70
Gold (10gm) Rs28333Silver (1kg) Rs4008300
Crude Oil (WTI) Crude Oil (Brent) $5172 (+037)
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Apollo Tyres 1 18610Asahi Ind 1 21655Amara Raja B 1 83230Ashok Leyland 1 9080Bajaj Auto 10 286670Bharat Forge 2 103550Denso 1 Eicher Motor 10 2396325Escorts 10 51945Exide Ind 1 21645Force Motors 10 427760Gabriel India 1 11460Hero Motocor 2 335745Hind Motors 5 950Hi-Tech Gear 10 29885Jay Bh Maruti 5 38190
Jamna Auto 5 20550JK Tyres amp Inds 10 1241 Kinetic Motors 10 Kinetic Engg 10 KOEL 2 37685Kirloskar Br 2 24135LML Ltd 10 1250LampT 2 155810Lumax Ind 10 131690Lumax Tech 10 43230MampM 5 132600Maruti Suzuki 5 613240Motherson SS 1 36290Minda Inds 2 44350MRF 10 5298390Omax Auto 10 7555Rico Auto 1 5720Sona Koyo St 1 8170
SRF 10 157155Tata Motors 2 46975 TVS Motors 1 43690
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Bhushan Steel 2 5430Hindalco 1 19040Hind Zinc 2 29140JSW Ispat S 10 Jind Steel 1 12490JSW Steel 1 18190Jindal Saw 2 7995National Aluminium 5 7310SAIL 10 6005Tata Steel 10 47255Visa Steel 10 2185
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Ambuja Cement 2 23370Binani Industries 10 7200Birla Corp 10 70360India Cement 10 16070Prism Cement 10 9375JK Cement 10 88470Shree Cement 10 1639835
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PLEASE NOTE
NURC Industry Updates contain editedtruncated text of Industry-specific news as it appears in various select dailies and websites These are NOT full stories unless otherwisespecifically mentioned The stories contained herein are informational only and no representation is made or warranty given as to their content reliability truthfulness orusefulness User assumes all risk of use It be clearly understood that NURC updates do not claim to and neither mean to replace the Print or the Internet editions of variousnewspapers whose articles are featured therein For the best and complete news reading NURC urges its readers to read the full text of the stories from the Newspaperswhose credits are given after the headline and visit the related website whose URL is given below the text matter of each news item
NURC News Update - AUTOMOBILES
News on Indian Auto Industry Copyright 1999 NURC MediaNext Pvt Ltd
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Powered by Enablingbiz Esoluttions
with the caramprsquos ride which almost makes you feel like youamprsquore travelling on a cushion of air especially in the Comfortmode
You must consider the new E-class if you are thinking of buying a luxury car with a brilliant back seat Itamprsquos spacioussupremely comfortable and as with all Mercedes cars has a cabin thatamprsquos fastidiously put together In the right drive mode itcan tackle bad roads well and the big diesel engine is even fun to drive Prices range from Rs5615-6947 lakh (ex-showroomDelhi) which means the top-specification variant is almost Rs7 lakh costlier than the predecessorhttpwwwlivemintcomLeisureZT1ffyCrNaC0DdkXB6GmxIMercedesBenz-E350D-A-luxury-car-with-limousine-lookshtml
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Audi Launches 2017 Q3 at Rs 3420 Lakh Asian Age (Web Edition)
German luxury automaker Audi has recently launched the 2017 Q3 in India It is the third launch from Audi this year and asproposed the automaker will introduce seven more new products in 2017 The updated Q3 comes with subtle aesthetic changesan uprated diesel engine along with standardisation of features The 2017 Audi Q3 is now available in two variants ampndash the 20TDI FWD priced at Rs 3420 lakh and the 20 TDI Quattro priced at Rs 3720 lakh (all prices ex-showroom New Delhi)
In terms of design the changes on the outside are limited to the front bumper The air inlets now get a black surround whichcomplements the black lower cladding The new Q3 is now offered with all-LED headlamps as standard Also offered as standardare 17-inch 5-spoke alloy wheels shod with 23555 R17 tyres
Inside changes are limited to the inlays - the Q3 20 TDI FWD gets walnut brown ones while the Q3 20 TDI quattro gets aluminiumones Equipment such as electric adjustment for the front seats a panoramic sunroof and 2-zone automatic air conditioning isoffered as standard
The MMI system has not been modified in the new Q3 The 65-inch infotainment display remains the same while the multimediasystem is BluetoothSD card compatibility with 20GB of inbuilt storage Infotainment
The 20-litre turbocharged 4-cylinder motor remains the only power source for the Q3 - but it has been tweaked for more powerand torque The transmission option is now limited to the 7-speed S tronic dual clutch The 6-speed manual available on thepre-facelift S edition variant has been discontinued Drivers can use paddle-shifters placed behind the steering wheel to changegears
The 20-litre TDI develops 150PS of maximum power and 340Nm of peak torque in the FWD variant This is 10PS20Nm more thanthe 20 TDI that powered the pre-facelift Q3 S edition Available only with the 7-speed S tronic dual-clutch transmission the 20 TDIFWD can accelerate from 0-100kmph in 93 seconds and has an ARAI-certified fuel efficiency of 1851kmpl
The 20-litre TDI develops 184PS of maximum power and 380Nm of peak torque Compared to the pre-facelift Q3 the motor in thenew develops 7PS more power Paired to the 7-speed S tronic dual-clutch transmission the 20 TDI quattro accelerates from0-100kmph in 79 seconds and has an ARAI-certified mileage of 1517kmpl
Driver convenience features on offer include a colour multi-information display for the driver in the instrument console hill-startassist hill descent control and cruise control Standard safety systems on offer include rear parking sensors reverse parkingcamera ESC and 6-airbagshttpwwwasianagecombusinessautos140317audi-launches-2017-q3-at-rs-3420-lakhhtml
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Commercial Vehicles
Tepid growth of 2-3 expected in CV industry in FY 17 Tata Motors Shobha MathurThe Economic Times (Web Edition)
New Delhi The commercial vehicle industry is expected to grow at a tepid pace of 2-3 percent during financial year 2016-17 due tothe effect of demonetisation and the slow recovery thereafter according to RT Vasan VP sales and marketing at Indias largest CVmaker Tata Motors
In November-December 2016 the commercial vehicle industry had dropped steeply by about 20 percent and has been on arecovery mode since January after the restrictions on cash availability were gradually eased
Improvements have been witnessed across product segments whether LCVs or construction a segment which was doing well rightthrough the year
The cargo market has also started picking up pace since the last couple of months In the bus category privatization has given afillip to its declining fortunes so that the school city and staff transport sector are all on the incline
The construction sector is expected to grow by 25 percent during this fiscal on the back of heightened activity in the infrastructure
sector In FYamprsquo17 ease of financing and improvement of consumption demand was expected to boost LCV sales In the cargoMampHCV segment a double digit growth had been forecast by industry body SIAM with improvement in overall economy led byincrease in industrial and agri output
Vasan told ETAuto that the industry was optimistic about the next fiscal with the advent of the BS-IV emission regime from 1 April2017 However prices of vehicles are expected to rise especially of MampHCV trucks There would be a slow start to the year by theCV industry due to pre-buying in FYamprsquo17 before the new emission regime kicked in that would slowdown sales in the firstquarter of FYamprsquo18
But with the impetus given to this segment by infrastructure development and road construction by the government the industrywould see a growth from Q2 after the impact of pre-buying starts declining
While the industry is ready with the BS-IV product range Vasan says that the new technologies harnessed for compliance wouldboost vehicle prices by 8-10 percent for MampHCVs Buses would also witness a price realignment of 8-10 percent while LCVs wouldsee a price rise of 6-10 percent
In terms of new technologies most of the CV range is already equipped with the anti-lock braking system except for the smallerones
In terms of upcoming regulations some more safety legislation is on its way related to the body code such as cabins that will haveto be necessarily be air conditioned in the future
The bus body code that was earlier announced has only been partially implemented so far and the body code is also believed to becoming up for the truck and trailer segments LCVs are small units and have been already approved by ARAI
The overall CV segment registered a growth of 349 percent in April-February 2017 compared to the same period last year Mediumamp Heavy Commercial Vehicles (MampHCVs) declined marginally by 079 percent and Light Commercial Vehicles grew by 682 percentduring this periodhttpautoeconomictimesindiatimescomnewscommercial-vehiclemhcvtepid-growth-expected-of-the-cv-industry-at-2-3-percent-in-fy1757633279
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Tata Motors to showcase all new 1000 bhp race truck PTISee this story in The Economic Times (Web Edition)
New Delhi Tata Motors will showcase an all new T1 Prima race truck powered by 1000 bhp engine during the fourth season ofthe T1 Prima Truck Racing Championship
The engine of the all-new 1000 bhp T1 race truck is being developed in collaboration with US-based Cummins enabling thecompany to set new benchmarks in the Indian commercial vehicles space Tata Motors said in a statement
Built with specifications similar to that of trucks that race globally the vehicle was developed in a record time of 12 months ademonstration of teamwork speed and capability Tata Motors Executive Director Commercial Vehicles Ravindra Pisharody said
Tata Motors and Cummins have a joint venture company called Tata Cummins established in 1994 developing engines in the rangeof 75 to 400 HPThe fourth edition of T1 Prima Truck Racing championship will be held on March 19 at the Buddh International Circuit (BIC) GreaterNoidahttpautoeconomictimesindiatimescomnewscommercial-vehiclemhcvtata-motors-to-showcase-all-new-1000-bhp-race-truck57635142Tata Motors to showcase 1000 bhp Prima TruckFinancial Chroniclehttpwwwmydigitalfccomcompaniestata-motors-showcase-1000-bhp-prima-truck-900Tata Motors to showcase all new 1000 bhp race truckDaily News amp Analysis (Web Edition)httpwwwdnaindiacommoneyreport-tata-motors-to-showcase-all-new-1000-bhp-race-truck-2352506
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Construction amp Agri Machinery
SBI floats one-time settlement scheme for tractor loans Abhijit LeleBusiness Standard
Mumbai State Bank of India (SBI) has floated a one-time settlement scheme for borrowers defaulting on loans taken to buytractors
The countryamprsquos largest bank has also voiced reservations against the move to waive farm loans saying this will affect therepayment culture in the country
SBI executives said the tractor loan book was part of the bankamprsquos farm loan portfolio and the bank announced settlementschemes regularly to shed doubtful debt where the prospects of recovery were low after making adequate provisions for such dudassets
The settlement scheme for tractor loans began early last month and will continue till March 31 The scheme was for loans disbursedbefore September 30 2011 and had up to Rs 25 lakh outstanding by September 2016 SBI Managing Director Rajnish Kumar saidSBI will take a haircut of 40 per cent on these loans
graphIn a portfolio of over Rs 4000 crore of tractor loans about Rs 800 crore will be eligible for the scheme Crop failure and inability todeploy tractors were some of the reasons for the loans turning bad SBI executives said
SBI had in May 2015 advertised a ampldquoloan resolution weekamprdquo asking borrowers with non-performing assets to ampldquotryand work out a solutionamprdquo The scheme was available to all borrowers except willful defaulters Kumar said the bank was yet tohear anything specific from the government on a farm loan waiver
SBI had in 2014 opposed the waiver of farm loans in Andhra Pradesh and Telangana
ampldquoUttar Pradesh and Punjab constitute 10 per cent of (farm) loans and we wait to understand the contours of the waiver Theimpact will be higher on public banks than on private banksamprdquo Kotak Institutional Equities said in a research notehttpwwwbusiness-standardcomarticleeconomy-policysbi-floats-one-time-settlement-scheme-for-tractor-loans-117031400886_1htmlSBI to offer one-time settlement for Rs 6000-crore tractor loansThe Financial Expresshttpwwwfinancialexpresscomindustrybanking-financesbi-to-offer-one-time-settlement-for-rs-6000-crore-tractor-loans588102SBI to offer Rs6K-cr one-time settlement for tractor loansThe Indian Expresshttpindianexpresscomarticlebusinessbanking-and-financesbi-to-offer-6k-cr-one-time-settlement-for-tractor-loans-4569462
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23 Wheelers
Yamaha aims to export 22 lakh units from India in 2017 Hiroaki Fujita Chairman Deepanshu TaumarThe Economic Times
New Delhi Indian arm of Japanese two-wheeler manufacturer Yamaha Motor is aiming to export over 22 million units from Indiathis year compared to 161 lakh units exported last year thereby recording an estimated growth of 3664 percent Hiroaki FujitaChairman India Yamaha Motor informed in a press statement
In the domestic market the two-wheeler major is also targeting to sell 1 million scooters and motorcycles in 2017
In an annual supplier conference held at Greater Noida Hiroaki Fujita Chairman India Yamaha Motor said ampldquoOur target forthis year is to achieve 1 million unit sales in domestic market and 22 lakh unit sales for exports market In addition we also need toreinforce the Indian parts export business in order to contribute to Yamaha business globally While doing so we must continue withour focus on the amplsquoQualityamprsquo of our parts and productsamprdquo
The two-wheeler major produced a total 94 lakh units in the country in 2016 Yamaha Motor India has two manufacturing plants inIndia at Greater Noida and Chennai having a capacity of 61 lakh units and 56 lakh units respectively
The company aims to produce 15 million units by 2018
Yamaha Motor India has sold over 786 lakh units of two-wheelers in 2016 and over 50 of its total sales have come from scooters
The two-wheeler manufacturer saw a steep decline in sales from the month of November 2016 to January 2017 It was only duringFebruary 2017 when Yamaha registered a growth of 20 percent in domestic sales as compared to the corresponding period lastyear The company recorded domestic sales of 68095 units (including Nepal) in February 2017 compared to 56960 units (includingNepal) in February 2016
Industry analyst believes that the impact of demonetisation is wearing off now Only motorcycles are in red zone because of a largerural consumer base However scooters which are largely sold in urban areas is on the positive side It further believed that by nextmonth the demonetisation impact will completely go away
India Yamaha Motor recently marked its entry into 250 cc sports bikes segment which has very less competition Going forward thecompany wants to focus on urban area than the rural market
The objective of conducting the Annual Suppliers Conference was to share the last yearamprsquos result for Sales and Productionand the current yearamprsquos Sales and Production Plan During the conference India Yamaha Motor shared the direction for 2017its purchase policy the Purchasing Policy of Yamaha Motor Company (Japan) and activities organised amp initiatives were taken forsales and marketing in the previous year
India Yamaha Motor shared its expectations with the suppliers for improvement in Quality Delivery and Development performances
besides cost competitiveness to compete in the export market to increase profitability for both Yamaha and the Suppliers IndiaYamaha Motor also emphasised that all the Suppliers can draw up their investment plans based on the increasing volumes infuture
Sixteen Suppliers were also awarded for their exceptional services in the areas of Quality Delivery Development and Costincluding the Appreciation Award for some of them for the extraordinary Improvement support provided to India Yamaha Motor in2016httpautoeconomictimesindiatimescomnewstwo-wheelersscooters-mopedsyamaha-aims-to-export-2-2-lakh-units-from-india-in-2017-chairman57632349
Top
BSIV Compliant TVS Jupiter launched at Rs 49666 (Ex-Delhi) The Economic Times
New Delhi Hosur based TVS Motor Company in a BSE filing announced the launch of its BSIV compliant TVS Jupiter at Rs 49666(Ex-Delhi) and it is now available with two new colours - Jade Green and Mystic Gold
The refreshed scooter is now BSIV compliant with Auto Headlamp On (AHO) and equipped with Sync Braking System (SBS) SBSensures rider safety as it automatically activates the front brakes when the rear brakes are used claims TVS The feature previouslyavailable on ZX range will now be available on the Base variant as well
Commenting on this Aniruddha Haldar Vice President Marketing- Scooters TVS Motor Company said ampldquoTVS Jupiter hasreceived such enthusiasm from the consumers in response to its credo of Zyada ka Fayda Living true to this credo not only is theentire Jupiter range now BSIV compliant it now offers the unique Sync Braking System (SBS) across the entire range (earlier onlyavailable on the ZX range) Further for our customers we are adding two colours Jade Green and Mystic Gold giving them 10colour options to choose from We are happy to offer all this with absolutely no change in the Exshowroom price truly ZYADA KAFAYDAamprdquo
Since its launch in 2013 TVS Motor Companyamprsquos flagship scooter brand Jupiter has been strengthening theCompanyamprsquos foothold in the scooter market and contributing to overall scooter segment uptake penetration and growth inIndia
Company has sold over 15 million Jupiter scooters since its launch in 2013 The scooter is powered by a all-aluminum low-friction110cc engine
There is no revision in the prices for the BS IV models of Jupiter priced at Rs 49666 (Ex-Showroom Delhi) the scooter is availableacross all TVS dealershipshttpautoeconomictimesindiatimescomnewstwo-wheelersscooters-mopedsbsiv-compliant-tvs-jupiter-launched-at-rs-49666-ex-delhi57630201TVS Motor rolls out BS IV variants of JupiterThe Hindu Business Linehttpwwwthehindubusinesslinecomtodays-papertp-newstvs-motor-rolls-out-bs-iv-variants-of-jupiterarticle9583972eceTVS unveils BS-IV compliant JupiterThe Hinduhttpwwwthehinducomtodays-papertp-businesstvs-unveils-bs-iv-compliant-jupiterarticle17464118eceTVS launches BS-IV compliant JupiterBusiness Standardhttpwwwbusiness-standardcomarticlecompaniestvs-launches-bs-iv-compliant-jupiter-117031400552_1html
Top
Dominar 400 takes the battle to the Royal Enfield turf Murali GopalanThe Hindu Business Line
Mumbai Bajaj Autoamprsquos recently launched Dominar 400 is attracting former Royal Enfield bike users who now account for 20per cent of its customer base
According to Eric Vas President (Motorcycle Business) Bajaj Auto the larger chunk of 80 per cent is still taken up by those whoused Yamaha Honda and Bajajamprsquos own Pulsar motorcycles
The Dominar made its debut in mid-December as a serious contender to Royal Enfield While monthly numbers thus far have beena little over 3000 units the good news is that the bike has taken pride of place in the 350cc plus segment vis-a-vis RoyalEnfieldamprsquos offerings However when it comes to the core 350cc space the latter continues to be the market leader withmonthly sales of nearly 55000 units powered by the Classic and Bullet
The three-month-old Dominar 400 kicked off its presence in 22 towns which has since increased to 32 in February and slated to goup to 110 towns by the end of this month
This tally will double to 200 in April and Bajaj Auto hopes to have at least 300 towns covered for the Dominar 400 during the courseof 2017-18
If everything goes according to plan the company hopes to be clocking its targeted 10000 motorcycles every month by the end of
Q3 next fiscal
Attractive features
Vas says market feedback shows that buyers love the Dominar 400 for its performance speed and top-class brakes Interestingly alarge number of them have opted for the more expensive ABS version which retails at a little over Rs 15 lakh
The LED lamps are another big draw and their attractive lighting explains why many customers opt to have their test rides at night
According to Vas Dominar 400 buyers are largely in the age group of 25 years who have already owned a bike There are no firsttime users yet but this is expected to begin happening once the network grows and more customers start going in for the relativelyless expensive disc brake version which has a price tag of nearly Rs 14 lakh
The Dominar 400 was launched to take on Royal Enfield in a segment that is priced between Rs 1-2 lakh and accounts for five percent of motorcycles sold in India
In terms of numbers this translates into 65000 units each month
The next fiscal could see this grow to nearly 85000 units or over one million units annually
Changing dynamics
It is in this product category that Royal Enfield has a market share of 80 per cent and it is in the balance 20 per cent space thatBajaj has thrown down the gauntlet with the Dominar 400
The other rival models include KTM Yamaha YZF-R15 and Honda CBR 150R but none of them has posed a serious threat to RoyalEnfield yet
It now remains to be seen if the Dominar 400 can draw customers from the top-selling Classic
It is clear that with 10000 units targeted during 2017-18 Royal Enfield will still be comfortably ahead in terms of numbers
How dynamics change after this period will be interesting to watch
From Bajaj Autoamprsquos point of view the strategy boils down to acknowledging the reality of living in a world of opposites whereevery mature segment is essentially a two-horse race
The Dominar will stick to the core principle of being opposite from the market leaderamprsquos offerings and has been positioned as amodern machine and not a heritage brandhttpwwwthehindubusinesslinecomtodays-papertp-newsdominar-400-takes-the-battle-to-the-royal-enfield-turfarticle9583973ece
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Bajaj cheers at Feb sales Ajay ModiBusiness Standard
New Delhi Pune-headquartered Bajaj Auto claims to have surpassed volumes sold by market leader Royal Enfield in the 350-500ccmotorcycle segment in February
It attributes this to the Dominar a 373 cc premium sports motorcycle it launched in December at an ex-showroom price of Rs 136lakh Enfield says Bajaj is celebrating too early
Bajaj has sold about 3000 units of Dominar a month this calendar year and is drawing a comparison with the February volume ofRoyal Enfield in the 350-500 cc segment when the latter did wholesale volumes of 2602 units Eric Vas president for themotorcycle business at Bajaj said ampldquoWe have already overtaken Royal Enfield in the segment They used to sell an averageof 5000 units a month until a few months agoamprdquo
He claims that two of every 10 Dominars was sold to customers who owned an Enfield ampldquoSome have sold it to buy Dominarand some have bought it as their second bikeamprdquo He added there had been a decline in the waiting period of some of Enfieldsmotorcycles The 350-500 cc segment for Enfield includes the Bullet 500 Classic 500 Thunderbird 500 and Himalayan
Bajaj hopes to gradually raise Dominar volumes to an output of 10000 units monthly in about six months ampldquoThe bike hasbeen accepted very well We should reach a monthly volume of 6000 units by next monthamprdquo said Vas He did not disclosecumulative bookings for the Dominar He said most customers bought it after test rides
Vas said the volumes were aggregated from the 22 cities where itwas available until February We have expanded reach to 32cities and it will be available in a 100 cities and towns by end-March In April the company plans to add another 100 cities andtowns The constraint is more on the capacity front than on the network sideamprdquo he said
Bajaj said the incremental volume from Dominar would start reflecting in the profit figures once volume crossed 5000-6000 units amonth
Enfield has almost the entire 250-350 cc motorcycle market in the country estimated at close to 50000 units a month This is where
it gets the lionamprsquos share of its sales In the 350-500 cc market it controls 80 per cent (data for the first 11 months of FY17)This is a much smaller segment with monthly volume of 5300 units
Siddhartha Lal managing director of Eicher (which owns Enfield) told Business Standard last month that it would continue toengage with the target segment and expand reach to grow volumes ampldquoWhen one succeeds in a segment others try to enterand take a bite Of course there will be competition but we are not worriedamprdquo hed said It is understood that Enfieldamprsquosproduction volume in February was impacted due to fewer days (February having only 28) and the transition to BS-IV emissionnormshttpwwwbusiness-standardcomarticlecompaniesbajaj-cheers-at-feb-sales-117031400822_1html
Top
India Yamaha Motor sets ambitious sales target Nandini Sen GuptaThe Times of India
Chennai India Yamaha Motor Private Limited (IYM) is targeting an ambitious production and sales pitch of more than three millionunits this year with one million in the domestic market alone It was revealed by the top management at a recently organised AnnualSuppliers Conference at Greater Noida (Delhi-NCR) which was attended by 500 members representing more than 200 suppliersfrom across India
The theme of this years conference was Challenge the Innovation for Global Competitiveness and Its all about the customer
Our target for this year is to achieve one million unit sales in domestic market and 22 lakh unit sales for exports market Inaddition we also need to reinforce the Indian parts export business in order to contribute to Yamaha business globally While doingso we must continue with our focus on the Quality of our parts and products said Hiroaki Fujita Chairman YMI-G Cos
The objective for conducting the Annual Suppliers Conference was to share the last years result for sales and production and thecurrent years sales and production plan During the conference IYM shared the direction for 2017 its purchase policy thepurchasing policy of Yamaha Motor Company (Japan) and activities organised amp initiatives taken for sales and marketing in theprevious year
Among the senior management members who were present on the occasion on behalf of IYM included Hiroaki Fujita chairmanYamaha Motor India Group Cos (YMI-G Cos) Takashi Terabayashi MD -IYM Yasuo Ishihara MD- Yamaha Motor Research ampDevelopment India (YMRI) T Yamaguchi Deputy MD amp Purchase Head- IYM along with the YMC Purchase team - Olivier Prevostdeputy chief general manager and Hiroshi Hagio general manager
IYM shared its expectations with the suppliers for improvement in quality delivery and development performances besides costcompetitiveness to compete in the export market to increase profitability for both Yamaha and the Suppliers IYM also emphasisedthat all the suppliers can draw up their investment plans based on the increasing volumes in future
Sixteen suppliers were also awarded for their exceptional services in the areas of quality delivery development and costhttptimesofindiaindiatimescomautobikesindia-yamaha-motor-sets-ambitious-sales-targetarticleshow57633067cms
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Thunderous sound remain forever Sandesh M SDeccan Herald (Web Edition)
Bike-lovers had expected a lot from Royal Enfield when the homegrown tough motorcycle manufacturer revealed the 500ccThunderbird in October 2012
When DH decided to check out the four-year-old model with respect to the present dayamprsquos bikes with updated technology theThunderbird 500 remains outstanding in its segment
The bike was tested for two weeks with everyday regular usage and an enthusiastic rider The bike is a good choice for the dailyneeds of an Indian family
Be it an office-goer or a student the bike gives an extra feel where you enjoy every bit of it You need an extra muscle and morepower to handle the bike when the engine is turned off Sometimes it will be a great challenge to tow the bike till a filling station ifthe engine goes dry
PerformanceUndoubtedly this is the most powerful variant of Royal Enfield today The bike feels far impressive than any other machine in thissegment It constantly urges you to take it on highways as it feels best when you pushed harder Overtaking is also very easy withthis bike and it can easily cross a speed of 120 kmphr It still remains a very responsive bike especially at slow speeds
The heavy amount of torque helps it move easily in city traffic The gear ratios are well-matched with this bike and you need lessgear shifts than before The only issue we have with the bike is its heavy weight In city traffic and with a pillion rider sometimes youwill feel the actual weight of this bike Otherwise there are no major concerns related to its performance
Fuel efficiency
Mileage is still a concern and the major drawback with Royal Enfield bikes As the brand new bikes claims to offer 30 kmpl the oldbikeamprsquos mileage drops day-by-day
After few years this will be the main reason for the rider to get rid of his bike In a typical Indian customer mindset a middle-classfamily will think twice before going for a Bullet
Depending on the usage the cushion will loose its power day-by-day The rider will surely feel the pain on the long rides and trafficjams Regular servicing from an authorised mechanic will keep the vehicle in good condition
VerdictThe Royal Enfield Thunderbird 500 is a special bike but the cost compared with its 350 cc sibling the biker has to cough up anextra Rs 40000 which makes anybody to think twice before investing in one The bike has the capability to sustain any roughhandling Though it becomes rough and old its sturdiness remains the samehttpwwwdeccanheraldcomcontent601371thunderous-sound-remain-foreverhtml
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E-Bikes
Components
Amtek Autoacirceurotrades Arvind Dham may offload personal assets to reduce debt Deborshi Chaki amp Swaraj Singh Dhanjalmint
Mumbai With troubled auto parts maker Amtek Auto Ltdamprsquos planned divestment of domestic and overseas businesses yet tomaterialize company chairman and founder Arvind Dham has begun exploring options to monetise assets owned by him
According to two people familiar with the matter who asked not to be identified Dham is in talks with potential buyers to sellIndraprasta Engine Parts Pvt Ltd ( IEPPL) an auto component manufacturing company which he owns in his personal capacityDocuments filed with the registrar of companies show that Arvind Dham along with other senior executives of Amtek Auto holdshares in Indraprasta Engine Parts Pvt Ltd
Dham did not respond to emails text messages and phone calls seeking comment
According to the latest available filings Indraprasta Engine Parts reported a revenue of Rs9525 crore and a loss of Rs115 crore inthe financial year ended 31 March 2015 The company was incorporated in 2010 and currently has a manufacturing plant in HosurTamil Nadu
ampldquoDham has been in discussions to sell the unit following which talks with Kalyani Forge Ltd (KFL) and Sterling Tools Ltd (STL) have reached an advanced stageamprdquo said one of the two people ampldquoDham is keen to show to the lenders that he iswilling put his own money even though the plans to sell Amtek Autoamprsquos assets to repay its debt have not beensuccessfulamprdquo
Amtek Autoamprsquos standalone loss widened to Rs24156 crore for the quarter ended December 2016 from Rs17536 crore in thesame quarter last fiscal Dham plans to plough the proceeds of the sale into the company the first person added
Spokespersons for Kalyani Forge and Sterling Tools did not respond to emails seeking comment
Ever since Amtek Auto defaulted on bond repayments of close to Rs800 crore in September 2015 it has been trying to sell variousgroup businesses to reduce the debt on its books The company has appointed Morgan Stanley as an adviser to assist in its debtreduction plan Amtek Auto owed Rs8066 crore to various lenders as on 30 September 2016 Mint learns that its consolidated debtat the group level is higher
In July last year Bloomberg reported that Amtek Auto has hired global investment bank Rothschild and Co to advise on thepotential sale of all overseas operations including those in the UK the US Mexico China and Germany The report said Amtek wasseeking bidders for its German unit Amtek Tekfor Holding GmbH and expected to raise over $1 billion from the process
A manufacturer of forging parts Amtek Auto counts most of Indiaamprsquos top auto component makers as clients Its overseasclients include global auto brands such as Aston Martin and Daimler
In February the company said in a regulatory filing that it is planning to raise Rs1175 crore by selling shares to promoters on apreferential basis for which it will seek shareholdersamprsquo approval The company has called an extraordinary general meeting on25 March to seek approval from its shareholders for the proposal it added
In February lenders of Amtek Auto are understood to have asked it to either repay loans or convert the outstanding into equityshares or warrantshttpwwwlivemintcomIndustry1tt2QpJ8TtSm53I1bN4VgKAmtek-Autos-Arvind-Dham-may-offload-personal-assets-to-reduhtml
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Allied Industries
Tyre stocks race ahead as China cuts India trade Palak ShahThe Economic Times
Mumbai What is aiding Indiaamprsquos tyre stocks Chinaamprsquos policy to shun India market for the US The share price ofdomestic tyre manufactures including MRF Apollo Tyre Ceat and J K Tyre rose between 1-7 on Tuesday
A research report by Philip Capital said China had curtailed its tyre exports to India to focus on US markets as Trump administrationhad decided against anti-dumping duty on tyres The research pointed out there was more upside for these stocks
ampldquoChina has raised their TBR (truck bus and radial) tyre prices for Indian market by 10-15 rendering themunattractiveamprdquo said Nitesh Sharma and Dhawal Doshi in the research report ampldquoOur checks indicate that Chinesefactories have nearly stopped catering to tyre demand from India as US markets were more lucrativeamprdquo
Ceat rose by 607 on Tuesday Apollo Tyres was up 396 MRF gained 186 and Goodyear India jumped by 129 amongmajor tyre companies
The report titled amplsquoTables Turn Chinese players out rubber fallingamprsquo further said Chinese imports will not bounce backsoon
Demonitisation too has dent a blow to the tyre imports from China which were largely in cash China accounted for roughly 120000 tyre units each month between April to October 2016 but it has fallen sharply now said experts
ampldquoTyre stocks will do well as rubber prices are on a downward spiralamprdquo said Mehraboon Irani Principal amp Head PrivateClient Group Nirmal Bang Securities ampldquoFall in auto sales and jump in rubber prices are not expected which may keep thetraction for tyre stocksamprdquo
Natural rubber prices had jumped to three year high in January due to floods in Thailand the largest exporter of rubber The priceswhich rose to Rs 210kg are now down by over 20 Meanwhile domestic tyre manufactures hiked tyre prices by 3-5 recentlyPhilip Capital has a buy on Ceat and Apollo Tyres with a target of Rs 1550 and Rs 239 respectivelyhttpeconomictimesindiatimescommarketsstocksnewstyre-stocks-race-ahead-as-china-cuts-india-tradearticleshow57633191cms
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How to avoid being overcharged for car service at dealerships The Financial Express
Authorised workshops or dealerships are the main preference for servicing of a customers new car There are dealerships that aregenuine and would not fleece your money while after sales treatment however there are others who would try and take everypenny from you This would also involve you to be thorough with the detailed billing as well as being cautious about understanding ifa requisite task is at all required in your car Here are some tips on how to avoid being overcharged while getting your car serviced
One key area where sales executives of a said dealership can suggest unnecessary expense is anything related to the engineTasks like engine de-carbonisation or engine flushing are suggested right from the first service however it is not required in avehicles early years A cars decarbonisation should ideally take place when the response from the engine is sluggish or there arefrequent misfires despite regular services This usually starts to happen after 60000 kms or more In case it is recommended by asales executive and he or she insists simply avoid by saying no Another popular unnecessary expense is fuel line cleaning whichis suggested at every service Remember that petrol is itself used as a cleaning agent in many applications so fuel line cleaningshould be carried out only in case of a problem
Another aspect where customers are cheated is due to the lack of knowledge about their respective vehicle There have been caseswhere a dealership has conned a customer by putting spark plugs in a diesel car or heater plugs in a petrol engine powered vehicleA diesel car does not have spark plugs (but a petrol car does) and similarly a petrol car doesnt have heater plugs (which arepresent in diesel cars) Additives are advised by many service advisors but these arent needed unless specified by the carmakerKnowing the basic mechanical and electrical parts of your car can go a long way in saving you your money
Other mechanical parts where a person can be overcharged is the clutch adjustment Most modern manual transmission cars soldin India have a hydraulic clutch which is self adjusting till the time the pressure plates and the clutch plates are completely worn outA worn out clutch system will require more pressure to depress the pedal thereby indicating the clutch plates andor pressure plateswould need replacement Ideal time to replace is not at every service which clever dealerships would suggest but at least a gap ofthree service intervals is recommended (with the service interval at every 10000 kms)
All carmakers offer an owners booklet which has all the details of which part needs to be replaced when and the recommendedservice interval When getting your car serviced always refer to this manual and insist on only the aspects mentioned in the manualto be donehttpwwwfinancialexpresscomautocar-newshow-to-avoid-being-overcharged-for-car-service-at-dealerships587326
Top
Emissions Environment
Finance amp Insurance
Customer not bound by tie-up between vehicle dealer insurer Pune Court Vishwas KothariThe Economic Times
Pune The district consumer court here has ruled that a tie-up between a vehicle dealer and an insurance company is not bindingupon the consumer who buys a vehicle from such a dealer
The court has directed the Bajaj Allianz General Insurance Company in Yerawada here to refund a premium of Rs 21053 ampmdashalong with an annual interest of 9 since September 20 2014 ampmdash and a Rs 5000 fine to a Daund resident for failing to renewhis car insurance despite the latter having paid the renewal premium through the online NEFT transaction
The interest component payable so far works out to over Rs 4700
The company argued that the consumer did not route the payment through the vehicle dealer by way of a demand draft as wasrequired under an agreement between the company and the vehicle dealer
Shankar Raghunath Chavan a resident of Kusegaon in Daund had purchased an insurance policy from the company for his car onSeptember 21 2012 A year later the policy was renewed for the period between September 21 2013 and September 20 2014 Atthe end of this term he had received a reminder from the company for the renewal of his policy
Through the net banking facility Chavan made a payment of the renewal premium worth Rs 21053 for the term betweenSeptember 21 2014 and September 20 2015 He then made repeated requests to the company for the issuance of the policydocument
However in December 2014 when he approached the company he was shocked to learn that his policy had ampldquoexpired due tonon-renewalamprdquo The company did not renew his policy even after his repeated reminders This prompted him to move theconsumer court seeking refund of the premium amount and appropriate costs towards physical and mental agony
The bench observed in its order ampldquoIt is not denied by the insurance company that the complainant (Chavan) had paid thepremium It is the case of the insurance company that as per practice prevailing between the company and the dealer the paymentshould be made by demand draft through the dealer so that the policy can be renewed conveniently It is true that the dealer of thevehicle was not aware about the payment of premium made by the complainant However a tie-up between the dealer and theinsurance company is not binding upon the consumeramprdquo
ampldquoDocumentary evidence which is produced by the complainant is sufficiently eloquent and speaks about inaction on the partof the insurance company Even after sending documentary evidence as regards to payment of policy premium the insurancecompany has failed to renew the policy Definitely this act on the part of the company amounts to deficiency in serviceamprdquo thebench ruledhttpautoeconomictimesindiatimescomnewsindustrycustomer-not-bound-by-tie-up-between-vehicle-dealer-insurer-pune-court57623564
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Analysts in wait-and-watch mode on Bajaj Finance Hamsini KarthikBusiness Standard
A robust business model established over years of experience often tends to withstand the test of time quite remarkably That ofBajaj Finance Indiaamprsquos largest consumer durables financier is one such example
During the note ban period there were doubts on whether Bajaj Finance could replicate its historic performance in terms ofcustomer acquisition loan growth and more importantly asset quality in the December quarter (Q3) Much to the Streetamprsquossurprise Bajaj Finance comfortably met these parameters
Customer acquisition grew by 35 per cent year-on-year in Q3 while assets under management expanded by 33 per cent to Rs57600 crore year-on-year Even asset quality stood out with gross non-performing assets ratio at 147 per cent and that toowithout utilising RBIamprsquos 90-day dispensation on loans less than Rs 1 crore Overall financials remained robust with net interestincome and net profit growing by 27 and 36 per cent respectively These factors have helped Bajaj Financeamprsquos stock reboundfrom its demonetisation period low of Rs 766 to Rs 1125 on Tuesday
However after outperforming the broader markets by a reasonable margin for most of the last two years the stock has lagged inthe past six months Bloomberg data indicate that while the Bank Nifty has gained six per cent in the past six months Bajaj Financeis up only 21 per cent Analysts nonetheless feel that Bajaj Finance may not surpass its previous high of Rs 1180 in a rush
Pointing to some key indicators they prefer to see how March quarter pans out particularly on consumer loans before altering theirexpectations on the stock
Consumer loans which grew by 52 per cent year-on-year in September quarter (Q2) grew 47 per cent year-on-year in Q3 Butwithin this segment consumer durables grew slower at 27 per cent versus 48 per cent in Q2 As for the vehicle financing (two andthree wheelers) the dependence on Bajaj Auto was seen higher in Q3 ampndash 46 per cent dependence on Bajaj Auto fortwo-wheelers and 29 per cent for three-wheelers as against 38 per cent and 18 per cent respectively a year ago Average ticketsize which dipped post demonetisation is yet to see a strong recovery All these factors prompt analysts to be on a wait-and-watchmode
ampldquoWe arenamprsquot able to see a secular return in consumer buying yet While demand for consumer durables may havepicked up as summer sales is already playing out we canamprsquot say the same for vehicle salesamprdquo says an analyst with adomestic brokerage
Analysts at Jefferies feel the annual compounded loan growth for Bajaj Finance could be lower in FY16-19 compared to what was inFY13-16 The brokerage flags that at current valuations (52 x FY18 price-to-book) risk-reward appears negativehttpwwwbusiness-standardcomarticleopinionwhy-analysts-are-in-wait-and-watch-mode-on-bajaj-finance-117031400674_1html
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SBI announces Rs 6000-cr tractor loan settlement scheme PTISee this story in The Economic Times
State Bank of India (SBI) today announced a one-time farm loan settlement scheme worth Rs 6000 crore primarily for tractors
One Time Settlement (OTS) announced for Agriculture Loans Scheme valid until 31st March Contact your branch for details ampbenefits the nations largest lender said on the microblogging site Twitter today
Managing director Rajnish Kumar told CNBC-TV18 the scheme will result in the bank taking a 40 per cent haircut on outstandingtractor loans as of September 2016
SBIs total farm loan portfolio is Rs 125 trillion and Kumar said the tractor loan book is about Rs 6000 crore
He said doubtful or loss category accounts as of September 2016 which were disbursed before September 2011 will beconsidered under the scheme He said a circular in this regard was sent to branches on February 2
But he was quick to add the OTS has nothing to do with Prime Minister Narendra Modis promise of a loan waiver to UP farmersduring the just concluded elections saying there were no talks with the Centre or state in this regard so far SBIs Uttar Pradeshportfolio will be around Rs 13000 crore
SBI had announced OTS schemes for SMEs last December and education loans early in 2016
He said other agri loans like kisan credit cards and other term-loans for tractors and farm loans may also be covered under theschemehttpwwwdnaindiacommoneyreport-sbi-announces-rs-6000-cr-tractor-loan-settlement-scheme-2352737SBI to allow one-time settlement for tractor farm equipment loansminthttpwwwlivemintcomIndustryiXDTXX1onxjwfHcz731WzJSBI-announces-Rs6000-crore-tractor-loan-settlement-schemehtmlSBI announces rs 6000-crore tractor loan settlement schemeThe Pioneerhttpwwwdailypioneercombusinesssbi-announces-rs-6000-crore-tractor-loan-settlement-schemehtml
Top
Oil Lubricants amp Alternative Fuels
Oil hovers near three-month low as investors awaits data ReutersSee this story in The Hindu Business Line
Tokyo Crude oil prices hovered near three-month lows on Tuesday in early Asian trading as investors await key reports and datathat may shed light on a supply overhang in the global market
US West Texas Intermediate crude (WTI) edged down 3 cents to $4837 a barrel by 0026 GMT The contract ended down 9 centsin the previous session after touching $4790 the lowest since the end of November
Brent crude futures were down 1 cent at $5134 a barrel having settled down 2 cents on Monday after dipping to as low as $5085
Prices fell sharply last week as investors worried that swelling US crude supplies would hinder Organization of the Petroleum
Exporting Countries (OPEC)s efforts to restrict output and reduce a global glut
Prices had risen after the OPEC and other major oil producers including Russia agreed at the end of November to rein inproduction by almost 18 million barrels per day (bpd) in the first half of 2017
ampldquoIts shaping up to be another fun week in the crude complex with OPEC releasing its monthly oil market report on Tuesdayswiftly followed by the IEAs monthly oil market report the day afteramprdquo Matt Smith analyst at ClipperData said in a note
The International Energy Agency releases its closely watched monthly oil market report on Wednesday
Data from the industry group the American Petroleum Institute on US crude and product stockpiles is also due out later on Tuesday
Analysts said the slump may not have much further to go now that prices have fallen more than 8 percent since last Monday thebiggest week-on-week drop in four monthshttpwwwthehindubusinesslinecommarketscommoditiesoil-hovers-near-threemonth-low-as-investors-awaid-dataarticle9582601ece
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News Magazines
Mahindra Electric geared up to be a component supplier Autocar India
Speaking to Autocar India Mahindra Electric (ME) stated that the company is open to being a supplier to other vehiclemanufacturers and will sell complete electric drive systems to those interested At present the ME plant builds the e2o while it shipsout the drive systems for the eVerito sedan and eSupro van For this purpose the production line has been modified to produce notjust built-up vehicles but also fully ready electric drive systems that can be offered to other manufacturers interested in procuringthem With expertise in electrification virtually absent in India ME hopes to build on its first-mover advantage and cater to theindustry Itamprsquos unlikely that there would be any takers for passenger cars but commercial and three-wheeler manufacturerscould be potential customers
Mahindra also confirmed that they are open to supplying other bits like charge system controllers as well Mahindra outsources thebattery and electric motor for its EV powertrains and has no plans of producing these components in-house as apart from the hugeinvestments needed there is no real advantage Battery technology is quite specialised and there are many players in this fieldalready And with electric motor efficiency already at 80 percent ampndash compared to about 30 percent for internal combustionengines ampndash there is very little to differentiate one EV maker from another Mahindra believes the real differentiator in the nearfuture will be in the battery management systems where big gains can be made in the charging and discharging cycle Thus ME isputting a lot of effort into this area and going forward has ambitions to be a supplier solely for battery management systems toother manufacturershttpwwwautocarindiacomauto-newsmahindra-electric-geared-up-to-be-a-component-supplier-404432aspx
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Tesla Model Y SUV due by 2019 Autocar India
Tesla Inc recently renamed from Tesla Motors Inc is on the verge of what it says will be a massive expansion of production with twonew models due to arrive in the next two years
Alongside the much-hyped Model 3 Tesla is also expected to launch an entry-level crossover based on the same platform andrumoured to be badged the Model Y
The starting price of the Model 3 is likely to be around $37000 (Rs 2435 lakh approx) with the Model Y expected to be slightlymore expensive However Tesla founder Elon Musk believes the transaction prices of the new compact Teslas will go higherbecause buyers will be keen to add paid options to their vehicles
While the compact Model Y could turn out to be Teslaamprsquos best seller ampndash some seven million crossovers of all types weresold in the US last year ampndash Musk recently tweeted that the Model 3 remained the biggest priority for the company
The Model Y is unlikely to be unveiled until sometime next year with production set to follow late in the year Little in the way ofspecification has been released though it is expected to borrow the top-hinged amplsquofalcon wingamprsquo rear doors from thebigger Model X SUV
The Model Y will also have the promised updated electrical architecture that will allow Tesla to offer full autonomous drivingcapability Future Tesla cars will be equipped with as many as eight cameras giving a 360-degree view of the surroundingroadscape as well as 12 ultrasonic sensors and a amplsquonewamprsquo forward-facing radar that works in the worst weatherconditions Existing radar systems can be fooled by heavy rain and fog
Musk also said the new electrical architecture has a brain that is as much as ampldquo40 timesamprdquo more powerful than onprevious Teslas calling it a ampldquosupercomputer inside the caramprdquo The autonomous driving technology though will be offered
as add-on option to customers on both entry-level Teslas
Another challenge for the Model 3 and Y will be balancing their lower price against the need for a battery big enough to give anacceptable range
The entry-level Model 3 may have a cheaper sub-60kWh battery but will still need to have a range of at least 370km The ModelYamprsquos more bluff shape and greater frontal area might mean a bigger battery for the same range and so a slight price premium
Tesla is in a race against time to achieve the kind of production levels needed to turn around what is still a cash-hungry operationThe firm has spent nearly $2 billion (Rs 1316350 crore approx) since 2010 with investments including building the battery-makingGigafactory and trying to expand car production to a massive 500000 units a year
Tesla delivered around 76000 vehicles last year but says it was able to build around 2000 cars a week by the second half of 2016With as many as 400000 deposits taken for the Model 3 the company is looking to produce well over 100000 of the BMW3-series rival before the end of this year
Muskamprsquos expansion plans will test the limits of the capabilities of Teslaamprsquos suppliers and those of its own plant inFreemont California But getting to annual sales of half a million vehicles should finally push the carmaker into profit and secure thecompanyamprsquos long-term futurehttpwwwautocarindiacomauto-newstesla-model-y-suv-due-by-2019-404434aspx
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VW promises higher focus on EVs after record sales year Autocar India
The Volkswagen Group ampldquowill be a role model in environmental protection safety and integrityamprdquo according to CEOMatthias Muller who was speaking as the firm confirmed a record-breaking sales year in 2016
Outlining plans for the firm to reinvent itself as a far-reaching mobility company in the wake of the emission scandal Muller revealedthat the VW Group sold 103 million cars in 2016 making it the worldamprsquos largest car manufacturer It made pound62 billion in profitafter allowances including pound56 billion of losses to cover emission scandal costs In 2015 expenses relating to emission scandalamounted to pound142 billion
Most notably its sales in China where the effects of the diesel crisis were negligible grew 122 percent and its 2016 salesrevenues of pound1904 billion also exceeded forecasts by pound35 billion
ampldquoThe last year was challenging yet remarkably successfulamprdquo said Muller ampldquoIn 2016 we set the course for thebiggest transformation in the history of the company while at the same time performing better in our operating business than manythought possibleamphellipVolkswagen is back on trackamprdquo
Muller vowed that the success would be a catalyst for further change adding ampldquoWe will still be one of the most successfulautomakers in 2025 But we will also be a leading international provider of sustainable mobility and set the standard for new mobilityservicesamprdquo
New initiatives include a stated goal of taking leadership in the field of battery technology by 2025 which is by when the VW Grouphas committed to have solid state batteries in production These are seen as the next technological step over the lithium-ionbatteries currently favoured by most manufacturers The VW Group has committed to have 30 battery-electric vehicles on sale by2025
He also signalled that Audi had been tasked with leading the Groupamprsquos autonomous driving projects while adding that the VWGroup now had 37 centres around the world working on autonomous and digital service ideas pivoting around the Groupamprsquosnew mobility company Moia which was set up last year
Muller also highlighted recent joint ventures ampndash in China with FAW and JAC the latter of which will lead to the co-developmentof a budget electric car line in India with Tata Motors and in America with Navistar which is in the commercial vehicle segmentampndash as examples of the firmamprsquos commitment to forging partnerships to boost sales success He also confirmed that thefirst economy vehicles to be developed by the brand will go on sale in emerging markets in 2018httpwwwautocarindiacomauto-newsvw-promises-higher-focus-on-evs-after-record-sales-year-404433aspx
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Mercedes to expand E-class range with E 220 diesel Autocar India
The tenth-generation Mercedes-Benz E-class launched for the first time in India with a long wheelbase has moved the goalposts toset new standards for comfort and space in its segment The E-class comes with two engine options ampndash the base E 200 petroland the top-of-the-line
E 350 diesel Priced at Rs 5670 lakh and Rs 7015 lakh (ex-showroom Delhi) respectively these two variants bookend the E-classrange and is essentially aimed at two sets of customers The E 200 buyer is likely to be almost always chauffeur-driven and henceis mainly interested in rear seat space and comfort while the E 350d customer wants all the bells and whistles as well as the
sublime driving experience only the silky smooth and torquey V6 diesel can offer
However that still leaves a massive Rs 1345 lakh gap in the range which no doubt future E-class variants will eventually plug butwhich one will find that sweet spot to form the bulk of E-class sales
Itamprsquos no surprise then that Mercedes-Benz India is readying a base diesel which like the previous-generation W212 E-class islikely to be the most popular variant offering a strong dose of practicality without too much of a compromise on refinement andluxury
But unlike the W212 which had the E 250d representing the base diesel in the range Mercedes-Benz India is offering the lower E220d as the starting point for the E-class diesel This suggests that the E 220d will be very attractively priced when it goes on salearound June 2017 and could be priced very close to the E 200
The E 220amprsquos all-new 20 litre four-cylinder diesel which pumps out 194hp and 400Nm of torque may not have the punch ofthe outgoing E 250damprsquos 204hp and 500Nm motor but again given the chauffeur-driven focus the new E-class has beenconceived for the newE 220damprsquos performance is unlikely to be an issue
What is a big issue however is downgrading the 20-litre motor which has been designed for stricter Euro-VI emissions to run onlocally available BS-IV diesel ampldquoItamprsquos such a waste of engineering resource and a step backwardsamprdquo said aMercedes-Benz engineer The 2143cc (OM651) diesel engine which powered the previous E-class was easier to adapt to BS-IVfuel unlike the spanking new high-tech 1995cc (OM654) diesel thatamprsquos built to meet the latest global emission standards Infact the OM654 made its debut in the latest E-class when it was launched globally in 2016 Its advanced tech includes a uniquealuminium engine block with steel pistons a special low-friction coating for the cylinder walls and a fourth-generation common-raildiesel injection system At 168kg it is 31kg lighter than the engine it replaces
Downgrading a Euro-VI engine to BS-IV standards takes a lot of time and resources but there is no way out until fuel pumps in Indiaget low-sulphur BS-VI fuel which is not expected until 2020 The BS-IV-spec OM654 wasnamprsquot ready in time for the newE-class launch and this is one reason why the E 220d is coming a couple of months later The other reason could be a strategicone Mercedes-Benz India wants to wait until BMW launches the all-new 5-series expected in June and in a counter move tweakthe E 220damprsquos mix of specifications features and price accordingly A starting price of Rs 57-58 lakh for the E 220disnamprsquot unlikely especially since this variant will be Mercedes-Benz Indiaamprsquos trump card in a luxury car segment it seemsdetermined to dominatehttpwwwautocarindiacomauto-newsmercedes-to-expand-e-class-range-with-e-220-diesel-404429aspx
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Nissan to launch Kicks SUV in Q3 2018 Autocar India
The Nissan Kicks SUV which made its global debut in 2016 in Brazil will be launched in India in the third quarter of 2018 accordingto company sources
However unlike the South American model which is spun off Nissanamprsquos V-platform the made-for-India Kicks (code PB1D)will be based on the upcoming Renault Kapturamprsquos (code HHA) platform This is essentially a modified version ofRenaultamprsquos proven M0 platform that underpins cars like the Duster and Lodgy which are known for their robust mechanicals
The M0 is also a critical part of the Renault-Nissan Allianceamprsquos platform strategy in India which is essentially centred aroundtwo platforms Whilst the CMF-A and CMF-A+ platforms underpin Renault and Nissanamprsquos (and later Mitsubishiamprsquos) smallto mid-size car range in India the M0 platform will cater to higher end products The low-cost M0 platform has proved to be a cashcow for Renault globally and is ideally suited for markets like India The allianceamprsquos European-spec CMF-B platform was alsoevaluated initially but was eventually rejected as it proved to be a lot more expensive than the M0 which has also been localisedover the years
Developed and conceived originally by Renault for its Dacia sub-brand over a decade ago the French carmaker has first rights toproducts spun off the M0 platform and hence like the Nissan Terrano which followed the Renault Duster the Nissan Kicks too willfollow the Renault Kaptur to India but almost a year later
While both the Kaptur and Kicks will use the same modified version of the platform the amplsquotop hatsamprsquo will be completelydifferent The Kicks design and styling will mirror the South American car and thatamprsquos no bad thing
Sharply styled with lots of distinctive design touches like a floating roof massive wheel arches and a wraparound visor look theKicks wonamprsquot have a problem standing out on Indian roads The good thing is that the edgy design hasnamprsquot compromisedpracticality and Nissan claims best-in-class space in the back seat
Cars based on the M0 platform get a choice of just two engines a 16 petrol and the venerable 15 K9K diesel and hence these arelikely to be carried forward into the Kicks as well The 15 diesel is expected to be the mainstay but its likely that in its latest iterationthere will be a small bump up in power and torque
Nissan has set an ambitious target of 30000 Kicks in its first full year of production with an additional 20000 units earmarked forexports Pricing will be crucial for the Kicksamprsquo success and Nissan may do well to undercut its rivals to buy some much neededmarket sharehttpwwwautocarindiacomauto-newsnissan-to-launch-kicks-suv-in-q3-2018-404426aspx
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International News
Volkswagen CEO gets 778 mn euros in pay and benefits for 2016 ReutersSee this story in The Economic Times
Wolfsburg Volkswagen Groups Chief Executive Matthias Mueller was awarded 778 million euros ($828 million) in pay andbenefits for 2016 up from 417 million euros in total remuneration awarded a year earlier the companys annual report showed onTuesday
Mueller was not awarded a full years CEO pay for 2015 since he only took over as chief executive in September following theresignation of his predecessor Martin Winterkorn who was forced out in the wake of a diesel emissions cheating scandal
Volkswagen overhauled its bonus and executive pay policy in February this year to cap total pay for its chief executive at 10 millioneuros ($106 million) and other top managers at 55 million euros
Volkswagen brand chief Herbert Diess saw his total remuneration for 2016 fall to 393 million euros down from 713 million in 2015the annual report showed
($1 = 09401 euros)httpautoeconomictimesindiatimescomnewsindustryvolkswagen-ceo-gets-7-78-mn-euros-in-pay-and-benefits-for-201657631837Volkswagen CEO Matthias Mueller says not ruling out merger talks with Fiat ChryslerThe Financial Expresshttpwwwfinancialexpresscomindustryvolkswagen-ceo-matthias-mueller-says-not-ruling-out-merger-talks-with-fiat-chrysler587861
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Volkswagen CEO US remains core market for company APSee this story in The Economic Times
Frankfurt The CEO of German automaker Volkswagen says the United States remains a core market for the company despite itsdiesel emissions scandal and has underlined that it hopes to expand there
Matthias Mueller made the comments Tuesday at the companys annual news and investor conference at its headquarters inWolfsburg Germany
Mueller said that we are standing by our investment decisions and intend over the long term to play a significantly greater role therethan today
The Volkswagen brand has only a small share in the US market although it is important for the companys luxury brands Porscheand Audi It makes cars in Chattanooga Tennessee
US authorities uncovered Volkswagens use of engine control software that enabled vehicles to cheat on emissions testshttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsvolkswagen-ceo-us-remains-core-market-for-company57633149
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Volkswagen targets strong 2017 even as core brand struggles ReutersSee this story in The Economic Times
Wolfsburg Germany Volkswagen said it was capable of shouldering the costs of its emissions crisis and was targeting an evenbetter year than in 2016 but warned that its core autos division continued to struggle
We see good chances of being able to ride the wave of the positive performance last year when Volkswagen turned in recordunderlying profit helped by sales of upmarket Audis and Porsches Chief Executive Matthias Mueller said on Tuesday at thecarmakers annual news conference
Volkswagen expects group revenue to exceed last years record 217 billion euros ($231 billion) by as much as 4 percent this yearand is forecasting an underlying operating margin of between 6 and 7 percent compared with 67 percent in 2016 it said affirminga forecast given on February 24
The company also aims to moderately exceed last years record 103 million deliveries
You can rest assured that we will do everything in our power to make 2017 an even better year than 2016 the CEO said
But Volkswagen appears to be making slow progress in tackling the biggest trouble spot within the 12-brand group thelong-planned turnaround of its core autos division
Operating profit of the namesake brand slipped further to 187 billion euros in 2016 from 210 billion a year earlier because of highermarketing costs related to dieselgate and plunging demand in Brazil and other key markets finance chief Frank Witter said
($1 = 09394 euros)httpautoeconomictimesindiatimescomnewsindustryvolkswagen-targets-strong-2017-even-as-core-brand-struggles57630343
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VW CEO says not ruling out merger talks with Fiat Chrysler boss ReutersSee this story in The Economic Times
Wolfsburg Volkswagen Chief Executive Matthias Mueller said he is not ruling out talks with Fiat Chrysler boss Sergio Marchionneabout a possible merger
I am not ruling out a conversation Mueller told reporters on Tuesday after the carmakers annual earnings press conference inWolfsburg
Marchionne has long advocated car industry mergers to share the costs of making cleaner and more technologically advancedvehicles and has repeatedly relayed his desire via the media
It would be very helpful if Marchionne were to communicate his considerations to me too and not just to you Mueller said
I am pretty confident about the future of Volkswagen with or without Marchionne
Only last week Mueller appeared to dismiss the prospect of talks with Fiat Chrysler
We are not ready for talks about anything he told Reuters on the fringes of the Geneva auto show I havent seen Marchionne formonths he said at the timehttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsvw-ceo-says-not-ruling-out-merger-talks-with-fiat-chrysler-boss57632909
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Volkswagen chief denies talks with Fiat AFPSee this story in The Economic Times
Berlin Volkswagen chief Matthias Mueller on Tuesday denied rumours that the German auto giant was in talks with rival FiatChrysler
At present there is no contact between me and Fiat Chrysler boss Sergio Marchionne Mueller told the companys annual pressconference in Wolfsburg north Germany
Marchionne had said at the Geneva car show last week that he was expecting Volkswagen to reach out as more firms are thinkingof cost-cutting tie-ups in the vein of Frances Peugeot and German carmaker Opel
In response Mueller said he had other problems since VWs 2015 admission that it installed software to cheat regulatoryemissions tests in 11 million vehicles worldwide
He nevertheless added that Ive never said a tie-up with any other partner is altogether ruled out
VW clawed its way back to profit in 2016 and pulled ahead of Toyota to become the worlds biggest carmaker by unit sales shipping103 million vehicles over the year
Mueller on Tuesday confirmed the groups forecast of moderate growth in sales in 2017
But the firm is far from turning the page as it continues to refit cars equipped with the cheating software and faces legal action fromcustomers and investors in numerous countries
The final bill for the scandal is impossible to predict Mueller acknowledged
All we know is that this question will keep us busy for a long time several years he saidhttpeconomictimesindiatimescomindustryautovolkswagen-chief-denies-talks-with-fiatarticleshow57633113cms
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Volkswagen has good chances to build on strong 2016 performance CEO ReutersSee this story in The Economic Times
Germany Volkswagen has good chances of building on its strong 2016 performance when it swung to a record underlying profitdespite its diesel emissions crisis Chief Executive Matthias Mueller said
The Volkswagen Group is in very robust shape Mueller said on Tuesday at the carmakers annual news conference in Wolfsburg
VW expects group revenue to exceed last years record 217 billion euros ($231 billion) by as much as 4 percent this year and isforecasting an underlying operating margin of between 6 and 7 percent compared with 67 percent in 2016 it said affirming aforecast given on Feb 24
Still operating profit of its core autos division slipped further to 187 billion euros in 2016 from 210 billion a year earlier as the brandis struggling to implement a wide-ranging turnaround planhttpeconomictimesindiatimescomnewsinternationalbusinessvolkswagen-has-good-chances-to-build-on-strong-2016-performance-ceoarticleshow57630339cms
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BMW i3 batteries to be used by Vattenfall The Economic Times
New Delhi Swedish power making company Vattenfall and German auto giant BMW Group have signed a contract for the deliveryof up to 1000 lithium-ion batteries this year The batteries with a capacity of 33 kilowatt hours (kWh) each are equipped with aBMW-owned battery management system and are also used by the car manufacturer in the BMW i3
Vattenfall will purchase the new batteries from the BMW plant in Dingolfing and use them in all storage projects
Energy storage and grid stability are the major topics of the new energy world says Gunnar Groebler Senior Vice President ofVattenfall and Head of Business Area Wind
We want to use the sites where we generate electricity from renewable energies in order to drive the transformation to a newenergy system and to facilitate the integration of renewable energies into the energy system with the storage facilities Thedecoupling of production and consumption and the coupling of different consumption sectors are in the focus of our work
The first energy storage from the BMW-i3 batteries is being built at the 122 MW onshore wind farm Princess Alexia nearAmsterdam With a capacity of 32 megawatts (MW) it is Vattenfalls first large storage project in the Netherlands
Pending on a final investment decision the largest battery storage will be built at the Vattenfall wind farm Pen y Cymoedd (230 MW)in South Wales - a 22-megawatt storage facility which will help to support the stability of the country-wide power grid in the UK aspart of the so-called EFR (Enhanced Frequency Response) service
As part of the project Norddeutsche Energiewende NEW 40 Vattenfall together with the Hamburg University of Applied Sciences(HAW) and the company Nordex will implement a large battery storage at the future wind farm in Hamburg-Bergedorf
This is a so-called storage control unit made of batteries It is meant to maintain the security of supply with a feed-in of 100 percentrenewable energy In addition the battery storage contributes to the improvement of the network quality and the more efficient useof the existing network structure Other possible applications would be electricity storage in private households Energy storagesolutions are an important part of Vattenfallamprsquos strive to power climate smarter living
We are pleased that we have found a supplier in BMW who meets our high safety requirements with the use of the batteries withreliably good quality from German series production says Daniel Hustadt project manager for large batteries at VattenfallInnovation GmbHhttpautoeconomictimesindiatimescomnewsindustrybmw-i3-batteries-to-be-used-by-vattenfall57630728
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Toyota to look at Saudi production as the countries seek closer ties ReutersSee this story in The Economic Times
New Delhi Toyota Motor Corp signed a memorandum of understanding (MOU) on Tuesday with a Saudi Arabian governmentagency to conduct a feasibility study into producing vehicles and parts in the Middle Eastern nation
The move if firmed up would be a big step for the Saudi economy as the government tries to diversify beyond oil exports andcreate jobs as part of the kingdoms 2030 Vision
So far Saudi Arabia and other Gulf oil exporters have failed to significantly develop industries such as automaking because theylack broad industrial bases and a skilled local workforce
The study would take into account the evaluation of development of a local supply base using materials produced by major Saudi
companies like Sabic Maaden Petro Rabigh and other major industrial companies in the kingdom the official Saudi state newsagency reported
The MOU is with Saudi Arabias National Industrial Clusters Development Program (NICDP)
Meanwhile state-run Saudi Aramco has signed MOUs with five Japanese entities during a business forum that both nations hostedon Tuesday coinciding with a visit by Saudi Arabias King Salman this week
Saudi Aramco and Japans biggest oil refiner JX Nippon Oil amp Energy (5020T) agreed to consider a refinery joint venture in a thirdcountry and cooperation in trading and technology of oil and petrochemical products
Aramco also agreed to consider a possible future cooperation in crude oil supply and downstream business with Idemitsu KosanCompany
In addition Aramco and state-run Japan Oil Gas and Metals National Corp (JOGMEC) formally agreed to expand crude storagecapacity in Japan by 300000 kilolitres (about 19 million barrels) from the current 63 million barrels from April 1
Japan treats crude oil stored by Aramco as quasi-government oil reserves counting half of the barrels stored by Aramco as nationalcrude reserves
Companies and government organizations in both nations signed a total of 20 MOUs on Tuesday including cooperation betweenthe Saudi Arabian General Investment Authority (SAGIA) and Japans three megabanks - Mitsubishi UFJ Financial Group (8306T)Sumitomo Mitsui Financial Group (8316T) and Mizuho Financial Group (8411T) - on increasing investments in the kingdom
The MOUs also included cooperation in seawater desalinationhttpautoeconomictimesindiatimescomnewsindustrytoyota-to-look-at-saudi-production-as-the-countries-seek-closer-ties57636587
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Geneva Motor Show 2017 Airbus unveils fully electric flying car PopUp The Economic Times
Geneva Airbus along with Italdesign has unveiled the first modular fully electric zero emission concept vehicle system - PopUpat the Geneva Motor Show 2017 informed the French company in an official statement
PopUp envisages a modular system for multi-modal transportation that makes full use of both ground and airspace and isdesigned to relieve traffic congestion in crowded megacities
PopUp System consists of a three layers concept1 an Artificial Intelligence platform that based on its user knowledge manages the travel complexity offering alternative usagescenarios and assuring a seamless travel experience
2 a vehicle shaped as a passenger capsule designed to be coupled with two different and independent electric propelled modules(the ground module and the air module) Other public means of transportation (eg trains or hyperloops) could also integrate thePopUp capsule
3 an interface module that dialogues with users in a fully virtual environment
Airbus claims The PopUp vehicle combines the flexibility of a small two seater ground vehicle with the freedom and speed of avertical take-off and landing (VTOL) air vehicle thus bridging the automotive and aerospace domains
PopUpamprsquos monocoque carbon-fibre cocoon measures 26 metres long 14 metres high and 15 metres wide The capsuletransforms itself into a city car by simply coupling to the ground module which features a carbon-fibre chassis and is batterypowered
For megacity journeys with high congested traffic the capsule disconnects from the ground module and is carried by a 5 by 44metre air module propelled by eight counter-rotating rotors
ampldquoAdding the third dimension to seamless multi-modal transportation networks will without a doubt improve the way we liveand how we get from A to Bamprdquo said Mathias Thomsen General Manager for Urban Air Mobility at Airbus on the occasion ofthe unveil
ampldquoSuccessfully designing and implementing solutions that will work both in the air and on the ground requires a joint reflectionon the part of both aerospace and automotive sectors alongside collaboration with local government bodies for infrastructure andregulatory frameworks Italdesign with its long track record of exceptional vehicle design was an exciting partner for Airbus for thisunique concept projectamprdquo
ampldquoToday automobiles are part of a much wider eco-system if you want to design the urban vehicle of the future the traditionalcar cannot alone be the solution for megacities you also have to think about sustainable and intelligent infrastructure appsintegration power systems urban planning social aspects and so on In the next years ground transportation will move to the nextlevel and from being shared connected and autonomous it will also go multimodal and moving into the third dimensionamprdquo saidItaldesign CEO Joumlrg Astaloschhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsgeneva-motor-show-2017-airbus-unveils-fully-electric-flying-car-pop-up57630936
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Nissan boosts management presence at Mitsubishi Motors ReutersSee this story in The Economic Times
Tokyo Mitsubishi Motors on Tuesday said an additional four Nissan executives would join its management team as Nissan tightensits control over the smaller struggling automaker in which it took a controlling stake last year
The announcement is part of Mitsubishi Motors efforts to rebuild its management system after it admitted last year that it hadoverstated the mileage on a number of its cars sold in Japan battering domestic sales and tarnishing its brand image
From April corporate vice president positions for roles including product development and marketing and sales would be occupiedby officials from Nissan Mitsubishi Motors said
This would hike the number of Nissan executives on Mitsubishi Motors management team to seven from two now
We need to strengthen our corporate governance to avoid a repeat of last years scandal along with scandals previous to thatMitsubishi Chief Executive Officer (CEO) Osamu Masuko told reporters during a teleconference
After taking a one-third stake in Mitsubishi Motors Nissan installed Carlos Ghosn - its CEO at the time - as chairman of MitsubishiMotors while also naming two Nissan officials to Mitsubishis board of directors
Nissan also dispatched other executives to the smaller automaker including Trevor Mann previously Nissans chief performanceofficer who became chief operating officer at Mitsubishi late last year
Last month Ghosn said he would step down from the top position at Nissan to focus on deepening the companys alliance withRenault SA and Mitsubishi Motors
Separately Nissan said Shiro Nakamura the companys chief creative officer and one of Japans best-known car designers willretire after nearly 20 years at the automaker
Nakamura 66 is recognised for referencing science fiction anime and embracing Japans culture of cute in models including theGT-R supercar the Cube compact MPV and the Juke SUV crossover setting the automaker apart from many of its rivals whichhave been accused of making lookalike cars
Nakamura joined Nissan in 1999 from Japanese truckmaker Isuzu Motors and was one of the first key hires by Ghosn shortly afterGhosn himself arrived from French automaker Renault to save the company from bankruptcy
Alfonso Albaisa who currently overseas design at Nissans premium Infiniti brand will succeed Nakamura while former BMWglobal chief designer Karim Habib will become the brands new chief designer effective July 1httpautoeconomictimesindiatimescomnewsindustrynissan-boosts-management-presence-at-mitsubishi-motors57631800
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Renault Zoe e-Sport breaks covers at 2017 Geneva Motor Show The Economic Times
New Delhi In the ongoing Geneva Motor Show Renault has showcased its new two-seat version of its electric car Renault Zoee-Sport The company claims to have taken the design cues from Formula E
The ZOE e-Sport Concept is the fully electric concept car that embodies Renaultamprsquos commitment to the idea that electric carscan be fun and fast says Renault The sporting credentials of the ZOE e-Sport Concept extend beyond the caramprsquos styling andthe same blue livery as the Renault edams teamamprsquos front-running Formula E single-seaters
The bodywork of the ZOE e-Sport Concept is made entirely from lightweight carbon fibre which helps to ensure outstandingacceleration from standstill to 100kph in just 32 seconds The car tips the scales at a mere 1400 kilograms including 450kilograms of batteries
The car is powered by two electric motors capable of generating 450 bhp and 650 Nm of torque One of the motor is powered to therear axle and the other to the front axle Renault Zoe e-Sport gets the same 40 kWh battery which powers the standard variant ofthe car
Jean-Christophe Kugler CEO Renault Europe said that the concept as a link car - a styling exercise intended to connect the Zoeroad car with what Renault is doing in Formula E racing and to send a message that EVs are fun to drive Its not a signal of thefuture for Zoe and we have no intention to develop a performance version
Renault also claims that the electric performance car uses the same air and water cooling systems as the Renaultamprsquos FormulaE car The car is based on a tubular steel chassis with use of extensive carbon fibre The car also gets four driving modes
At the moment Renault has no plans to make the Zoe e-Sport into productionhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsrenault-zoe-e-sport-breaks-covers-at-2017-geneva-motor-show57627528
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Sensata Technologies opens testing facility in Bulgaria ReutersSee this story in The Economic Times
Sofia Sensata Technologies has opened its largest global testing facility in Sofia to support its automotive sensing technologies thecompany said on Tuesday
Sensata which has manufacturing sites in 13 countries already employs 3000 people in Bulgaria where it produces pressure andhigh temperature sensors for the automotive market and operates a business centre
In recent years inexpensive labour low taxes and an educated workforce have encouraged dozens of car part producers and ITand business outsourcing companies to set up in the Balkan countryhttpautoeconomictimesindiatimescomnewsauto-componentssensata-technologies-opens-testing-facility-in-bulgaria57632975
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Driving driverless Quest for an autonomous car has reached a truck now Nandagopal RajanThe Financial Express
At San Franciscoamprsquos Pier 90 chock-a-block with cargo vehicles it is pretty tough for any truck to stand out But a white Volvotruck with Otto emblazoned on it is the centre of attention This is the next big thing in automated cars and has already shown itsmettle by delivering a consignment of Budweiser beer in Colorado without a driver controlling it on the freeway
Uber is one of the many companies thinking in terms of driverless car While CEO Travis Kalanick says automated vehicles areampldquoexistentialamprdquo for the ride-hailing companyamprsquos future he is not alone in the race to drive without drivers Just in theUS at least 23 companiesampmdashincluding Tesla Google and Volkswagenampmdashhave registered in autonomous vehicleprogrammes The idea that fuels this cutting-edge technology is pure economics at the end of the day Cars suffer from seriousissues of inefficiency as they sit idle 95 of the time Considering that the world has 1200000000 cars this is inefficiency at agargantuan scale Add to this the fact that cars amount for 22 of all emissions globally and muddy the urban infrastructureproblem by creating the need for parking spaces
Since 1984 when the first experimental self-driving cars appeared there has been much progress on the technology leading toMercedes-Benz showcasing its concept car the F 015 at the Consumer Electronics Show in Las Vegas in 2015 Everyone has adifferent take on the technology but in the end the idea is to make cars intelligent and independent enough to be aware ofsurroundings and take decisions based on that
Interestingly Uberamprsquos dream is to bring ampldquoreliable transportation to everyone everywhereamprdquo now extended toeverything too with the trucks from Otto a start-up it acquired last year Matt Sweeney who heads product at UberamprsquosAdvanced Technology Group says ampldquothe truck and passenger vehicles share software and hardware components and thishelps us work on different aspects of the self-driving problem at the same timeamprdquo But on scope passenger vehicles are forurban environments where Uber has its focus on ride-sharing while trucks will be for high-speed highways where the constraintsare different
Just last week Uber got a permit from California Department of Motor Vehicles to test two self-driving Volvo SUVs on public roadsthough it will need to have backup drivers behind the wheel in case the prototype cars malfunction Its self-driving cars have beenrunning test drives in other parts of the US too
The Otto truck comes with a rig of radars laser scanners and stereo cameras that give the computers inside a live 360-degreevision of its environment with high dynamic range high resolution and high colour information imagery so that the truck can besmart enough to decide what to do next But the computing task this presents is ampldquoalmost as big as a small datacentreamprdquo Sweeney says the computing has to be done inside as ampldquothere is no tech that can let us send all that data tothe cloud real time and hence a lot of the computing has to be done in the truck itselfamprdquo
ampldquoA lot of the tech is based on prior mapping but in subsequent runs we see differences that have come about in the area andpay attention on those objects that are differentamprdquo
Interestingly Otto is being sued by Googleamprsquos Waymo self-driving car unit which claims its former employee and start-upfounder Anthony Levandowski stole its proprietary design for its laser-based radar system There are other challenges tooampldquoUber tech is different because we are trying to make this on top of the ride-sharing network that we already haveamprdquo headded
Nissan in contrast keeps the driver and not the technology at the centre and its definition of an ampldquoautonomous caramprdquo ishence a vehicle with different levels of driving technologies that enable it to operate autonomously for certain periods of time ANissan spokesperson said on the technology side the challenges are in artificial intelligence software development data processingand digital mapping technologies while on the social environment side laws and regulations along with modifications of roadinfrastructure will become necessary
This contrast in technologies is why it is important to see how the entire ecosystem evolves maybe with different platforms talkingto each other But Uber is not depending on this ampldquoWe need to see and interact with vehicles but there is no guarantee wewill have that technology So we are approaching it with the assumption it wonamprsquot existamprdquo says Sweeney
Uberamprsquos goal is to take its technology everywhere but can these vehicles actually be practical for an environment like IndiaSweeney accepts the new elements this will throw in along with the sheer volume will present a slew of challenges ampldquoThoseare situations we think we will be able to tackle but those are not the first places we will goamprdquo he explains adding that theywill look for opportunities where they can deploy this technology safely Clearly this drive has just started(The author attended the Uber Media Summit in San Francisco at the invitation of Uber)httpwwwfinancialexpresscomopiniondriving-driverless-quest-for-an-autonomous-car-has-reached-a-truck-now588112
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Samsung completes acquisition of Harman The Economic Times
New Delhi The arrest of the Vice-Chairman of Samsung Board Lee Jae Yong on bribery and corruption charges has not affectedthe deal between Samsung and Harman International IndustriesIn a media statement the South Korean giant confirmed thecompletion of its largest such deal ever
Under the terms of the merger agreement Harman stockholders will receive $11200 per share in cash The completion follows thesatisfaction of all conditions to the closing of the transaction including approval of the transaction by HARMAN stockholders andreceipt of all necessary regulatory approvals in the United States and certain foreign jurisdictions
ampldquoToday is a historic moment for us The close of this transaction opens the door to create substantial growth opportunitiesand deliver greater benefits for customers worldwideamprdquo said Young Sohn President and Chief Strategy Officer of SamsungElectronics and Chairman of the Board HARMAN ampldquoWe see transformative opportunities in the car ampndash and a futurewhich seamlessly connects lifestyle across automotive home mobile and work Samsungamprsquos and HARMANamprsquosleadership in these spaces perfectly positions Samsung to be the preferred partner to our OEM customers In addition bringingtogether HARMANamprsquos iconic audio brands and capabilities paired with Samsungamprsquos leading display technologies willdeliver enhanced audio and video experiences to consumers and professional end markets And most importantly we areenthusiastic about our common vision the similarities in our culture of innovation and the added value we can create for customersWe look forward to working with all of HARMANamprsquos employees to execute on our visionamprdquo
Harman boasts around 30000 employees spreadout across different brands including JBL Infinity Lexicon and Mark LevinsonThe company will continue to conduct business as an independent subsidiary under the terms of the deal with Samsung
ampldquoWe are excited to have completed the transaction which provides compelling cash value to our stockholders benefits ourcustomers and provides new opportunities for our employeesamprdquo said Dinesh Paliwal Harman President and CEOampldquoSamsung shares our commitment to our customers and our culture of speed innovation and execution Samsung providesHarman with the scale platform and complementary technologies to accelerate growth and extend our global market leadership inautomotive smart audio and connected technologies Recognizing the importance of partnerships in an increasingly connectedworld particularly in automotive we are poised to leverage our combined teams and resources to produce even greater value forour customers Working closely with automakers and other technology companies Samsung and Harman will define ampndash anddrive ampndash the future of automotiveamprdquohttpautoeconomictimesindiatimescomnewsauto-technologysamsung-completes-acquisition-of-harman57624440
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Skoda delivers 81200 units in Feb 2017 globally The Economic Times
Mlada Boleslav Czech car manufacturer Skoda in a press release stated that the company delivered 81200 vehicles to customersworldwide in February 31 more than in the same period last year (February 2016 78800) brvbarkoda also claims that it has soldmore cars than any February in its history The Czech manufacturer achieved double-digit growth in Central and Eastern Europe (+129 and + 133) India (+ 128) and Israel (+ 198) among others
We are delighted with our strong start to 2017 We expect the market launch of the OCTAVIA product upgrade as well as the newKodiaq to create further momentum says Werner Eichhorn brvbarKODA Board Member for Sales and Marketing
In Western Europe deliveries to customers rose by 70 in February to 34800 vehicles (February 2016 32500) With 12600vehicles Germany remains the strongest single European market (February 2016 12100 vehicles +45) brvbarKODA recordeddouble-digit growth rates in the UK (3400 vehicles +236) Italy (2200 vehicles + 201) Belgium (2 000 vehicles +271) andAustria (1900 vehicles +647)
In Central Europe brvbarKODA achieved an increase of 129 with 17400 cars (February 2016 15400 vehicles) Deliveries on thehome market of the Czech Republic rose by 88 to 8200 vehicles in Poland (5700 vehicles + 163) Slovakia (1700 vehicles+154) Slovenia (600 vehicles +226) and Croatia (300 vehicles +469) also rose in double figures
In Eastern Europe excluding Russia Skoda achieved a year-on-year increase of 133 with 2800 vehicles delivered (February2016 2500 vehicles) In the same period 400 customers in Ukraine received their new brvbarKODA ampndash an increase of 939(February 2016 200 vehicles) The number of deliveries increased significantly in Bosnia (200 vehicles + 557) Bulgaria (200vehicles +175) and the Baltic States (600 vehicles + 229) In Russia brvbarKODA achieved an increase of 46 with 4300vehicles (February 2016 4100 vehicles)
In China ampndash the brandamprsquos largest market worldwide ampndash brvbarKODA handed over the keys to 15000 new vehicles(February 2016 18500 vehicles -188) Deliveries overseas increased by 98 to a total of 2500 vehicles
At the Geneva Motor Show brvbarKODA is presenting several new highlights These include the brvbarKODA KODIAQ SCOUT and brvbarKODAKODIAQ SPORTLINE alongside the extensively upgraded brvbarKODA OCTAVIA as well as the sporty spearhead brvbarKODA OCTAVIA RS245 and the brvbarKODA OCTAVIA SCOUT with a rugged off-road look In addition the upgraded brvbarKODA models RAPID and RAPIDSPACEBACK and Citigo are on show
brvbarKODA deliveries to customers in February 2017 (in units rounded off by model +- in percent compared to February2016)brvbarKODA OCTAVIA (28600 -86)brvbarKODA FABIA (16700 + 152)brvbarKODA RAPID (15000 + 121)brvbarKODA SUPERB (10900 + 171)brvbarKODA KODIAQ (1300 + 1000)brvbarKODA YETI (6300 -157)brvbarKODA CITIGO (only sold in Europe 2300 -164)httpautoeconomictimesindiatimescomnewspassenger-vehiclecarsskoda-delivers-81200-units-in-feb-201757626693
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Isuzu claims more durability on its diesel engines for trucks The Economic Times
Indianapolis Isuzu Commercial Truck of America has announced that the B10 durability rating of its 4HK1-TC diesel engine hasbeen increased to 375000 miles informed the company in an official statement
To elaborate further on what it means the Japanese commercial vehicle manufacturer went on to say that A B10-life rating is anindustry-standard gauge provided by engine makers to help consumers determine the long-term durability of an engine Thenumber following the B indicates the percentage of an engineamprsquos population that will require an overhaul before the indicatedmileage
That means that 90 of Isuzu 4HK1-TC engines are expected to last 375000 miles before they require a major repair or rebuildPreviously the 4HK1-TC engine carried an already-robust B10 durability rating of 310000 miles added the company
ampldquoWe are proud to say that Isuzu diesel engines are already known worldwide for their long-term dependabilityamprdquo saidShaun Skinner president of Isuzu Commercial Truck of America ampldquoOur new B-10 rating is strong evidence that our enginesare even more durable than everamprdquo
The turbocharged intercooled 4HK1-TC four-cylinder diesel engine displaces 52 liters and generates 215 horsepower Torqueratings vary depending on model The engine is fitted to Isuzu NPR-HD NPR-XD NQR and NRR models as well as the all-new2018 Isuzu FTR Class 6 truck
The company made the above announcement at the National Truck Equipment Associationamprsquos 2017 Work Truck Show inIndianapolis held on March 13httpautoeconomictimesindiatimescomnewsauto-componentsisuzu-diesel-engines-for-trucks-now-become-more-durable57626832
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MoS visits Rolls-Royces new logistics centre in England The Economic Times
New Delhi Nick Gibb Minister for School Standards and MP for Bognor Regis and Littlehampton has visited Rolls-Royce MotorCars Technology and Logistics Centre on Monday informed the British luxury car maker in a media release
During the visit Gibb toured the facility met the expert team onsite and was briefed on the companyamprsquos future plans to expandthe Centre He also took the opportunity to learn more about the Rolls-Royce Motor Cars apprenticeship graduate and internprogrammes
Nick Gibb said ampldquoThe original announcement that Rolls-Royce Motor Cars would be locating its Technology and LogisticsCentre in Bognor Regis was a great boost for our town and warmly welcomed I am delighted to see the huge new state of the artfacilities fully operational and providing high quality jobs for local people The support of such a prestigious company is good newsfor Bognor Regis and for the wider local economyamprdquo
He continued ampldquoIt is very welcome that Rolls-Royce operates an apprenticeship scheme ensuring the company has the skillsit needs for the future and providing opportunities and training for a cohort of young people every year This year Rolls-Royce istaking on record numbers of apprenticesamprdquo
The new Rolls-Royce Technology and Logistics Centre at Bognor Regis opened on schedule in January 2016 The purpose-built30000m2 facility is located close to the companyamprsquos head office and manufacturing plant at Goodwoodhttpautoeconomictimesindiatimescomnewsindustrymos-visits-rolls-royce-new-logistics-centre-in-england57626981
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All new Mazda CX-5 to be produced at Hofu Plant The Economic Times
Hiroshima Japan Japanese automaker Mazda Motor Corporation starting from November is going to produce the all-new MazdaCX-5 crossover SUV at its Hofu Plant in addition to the Hiroshima Plant where it is currently produced
The company informed that the move will help the automaker respond quickly and flexibly to growing demand for SUVs globally
Mazda aims to create a production system that can respond flexibly to changes in demand for crossover vehicles as it works tomeet its global sales goal of 165 million units
Launched domestically in February the all-new CX-5 has till date recorded sales of 16639 units about seven times the monthlytarget claims the company
As with the CX-3 starting production of the CX-5 at Hofu Plant as well is part of our plan to build a production framework that givesus more flexibility between plants and between models said Masatoshi Maruyama Managing Executive Officer in charge of GlobalProduction We will do everything we can to get customers the crossover vehicles they want as quickly as possiblehttpautoeconomictimesindiatimescomnewspassenger-vehicleuvall-new-mazda-cx-5-to-be-produced-at-hofu-plant57627447
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Rheinmetall receives over $25 mn order from American carmaker The Economic Times
New Delhi German automotive parts supplier Rheinmetall has booked its first order for a special application of coolant valves by amajor American carmaker and destined for the NAFTA market
The company in a statement said that the order has a lifetime value of over US$25 million (around Rs 165 crore) Series productionof the valves is scheduled to start in 2019 with the contract set to run for about five years
Talking about the product the company went on to say that the innovative valves play a lead role in intelligent thermal and energymanagement on modern vehicle engines These often have several cooling circuits which are controllable with the aid of switchingseat valves
As from model year 2020 this particular customer will be installing several versions of such valves on gasoline and diesel enginesfor pick-ups with over 6 liters displacement
They will take over functions in the cooling circuit of the transmission ensuring that it reaches operating temperature faster byswitching off the coolant flow when the engine is started This also helps to reduce emissions added the companyhttpautoeconomictimesindiatimescomnewsauto-componentsrheinmetall-receives-over-25-mn-order-from-american-carmaker57628058
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Nissans Infiniti names former BMW executive as new design chief ReutersSee this story in The Economic Times
Beijing Infiniti Nissan Motors premium brand named Karim Habib former global design chief for BMW as the brands new chiefdesigner effective July 1
Habib will replace Alfonso Albaisa who will be promoted to lead Nissans global design according to a press release seen byReuters Habib will report to Albaisa
Habib who has worked for several premium automotive brands including BMW and Daimler will be based in Nissans technicalcentre in Atsugi Japan and lead Infinitis design teams in Japan Beijing San Diego and Londonhttpautoeconomictimesindiatimescomnewsindustrynissans-infiniti-names-former-bmw-executive-as-new-design-chief57630437
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Elon Musks bold offer of Tesla batteries wont solve Australias power problems ReutersSee this story in The Economic Times
Launceston Australia Australia is becoming an interesting microcosm on how to or how not to transition an economy from beingpredominantly powered by coal to more climate-friendly alternatives
The dramatic intervention by Tesla Inc Chief Executive Elon Musk last week is just the latest twist in an ongoing saga that pits
business government farmers government and environmentalists against each other
Musk in an exchange of tweets with software billionaire Mike Cannon-Brookes chief executive of Atlassian Corp offered to fix theelectricity supply problems of South Australia state within 100 days of signing a contract
Musks plan is to install 100 megawatts (MW) of grid-connected battery storage which would be available to meet peak demandand would be charged with surplus electricity from other generating sources in periods of low demand
Its a bold offer and would most likely provide a quick fix to Australias fourth-largest state which suffered a blackout last Novemberand has been dealing with power shortages over the peak summer period
Businesses like BHP Billiton which operates the giant Olympic Dam copper mine in the state have been pushing for thegovernment and other stakeholders to ensure stable electricity supply saying the cost of blackouts runs into millions of dollars inlost output
Musk whose Tesla Corp is ramping up output of its battery storage packs at its Gigafactory in Nevada held talks with AustralianPrime Minister Malcolm Turnbull at the weekend as well as with South Australian Premier Jay Weatherill
The politicians will no doubt be tempted to Musks offer to install batteries especially since the electric car pioneer said if he didntmeet his 100 day deadline he wouldnt charge anything
But while Musks offer if taken up would provide a quick fix it would not do enough to mend the underlying problems at the heart ofAustralias electricity woes
Its worth looking at how Australia got itself to the point where virtually all players can agree that the nation is facing somethingapproaching an energy crisis
After all the country is not short of fossil fuels such as coal and natural gas and its climate and low population density outside themajor cities are ideal for renewables such as solar and wind power
The country is heavily reliant on an ageing fleet of coal-fired power stations which makes Australia one of the highest polluters percapita
These coal power stations are starting to close down with one shutting in South Australia last year and another planned to close inVictoria state at the end of this month
The problem is that the coal-fired power stations role as providers of base load electricity cannot be taken over by wind and solarand the role is falling to natural gas
But natural gas is also the most expensive method of generating electricity in Australia so utilities are reluctant to run their gas-firedplants until prices are high enough to justify the cost
South Australia has a gas-fired plant that was mothballed until last years power supply crisis but even with the higher prices forelectricity the operator is struggling to make the plant profitable
The state moved on Tuesday to try and address its energy security issues announcing it would build a 250 MW gas-fired plant andhelp the private sector build a 100 MW battery at a total cost of A$510 million ($385 million)
Gas Supply ConstraintsNatural gas supply is becoming a problem in Australia which may seem ironic given the country is on the verge of becoming theworlds largest exporter of liquefied natural gas (LNG) as the last of eight new plants come closer to completion
In fact the new LNG plants are copping some of the blame for the tightening natural gas market especially the three in easternQueensland state based on using coal-seam gas as the feedstock
These are being blamed for sucking domestic natural gas out of the market and into the export LNG industry
What hasnt helped is that some of Australias state and territory governments are also pursuing policies that will restrict futurenatural gas supplies
Victoria state has banned hydraulic fracturing or fracking as well as shale and coal-seam gas exploration while the NorthernTerritory New South Wales and Tasmania have various moratoriums on fracking
This leaves Western Australia Queensland and South Australia as the remaining states where onshore natural gas supplies can bedeveloped and they are now in the cross-hairs of the environmental lobby which is opposed to any and all new natural gas wells
Politicians across the traditional Labor-Liberal divide are increasingly giving in to demands to restrict natural gas exploration whilepretending that this wont have a negative impact on energy security and electricity prices
But the costs are starting to become apparent with spot electricity prices surging over the Australian summer and natural gassuppliers warning that they will be unable to meet the needs of industrial customers without action being taken
Its often the case politicians only take action when the point of crisis is reached and this appears to be the case in Australia
Whats needed is a holistic approach to energy supply as Australia transitions away from coal-fired power
This means ensuring enough natural gas is available to provide base load generation while scaling up renewables such as solar
wind pumped hydro and battery storage
Forging enough common ground with the various stakeholders will be the main obstacle but more than anything else Australia isshowing how difficult it is to end the age of coalhttpautoeconomictimesindiatimescomnewsindustryelon-musks-bold-offer-of-tesla-batteries-wont-solve-australias-power-problems57630514
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Innogy in talks with car consortium over charging stations CEO ReutersSee this story in The Economic Times
Essen Germany Innogy is in intense talks with a group of carmakers Chief Executive Peter Terium told journalists on Mondayhoping to be selected as a supplier of super-fast charging stations for electric vehicles across Europe
Its not a done deal yet Terium said pointing to strong competition from rival vendors
BMW Volkswagen Ford and Daimler plan to build about 400 next-generation charging stations in Europe that can reload anelectric car in minutes instead of hours
Sources told Reuters in January that Innogy was in talks with the consortiumhttpautoeconomictimesindiatimescomnewsindustryinnogy-in-talks-with-car-consortium-over-charging-stations-ceo57624184
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China may roll back electric vehicle quotas as industry pushes back ReutersSee this story in The Economic Times
Beijing China is considering easing proposed quotas aimed at producing more electric vehicles as Beijing gets pushback from theautomotive industry over the scale and pace of the plans
If adopted proposed changes under discussion could see a target of new energy vehicles (NEV) making up 8 percent of sales nextyear pushed to 2019 two auto executives said
The changes would lower targets from a draft policy released in September requiring 8 percent of automakers sales to be batteryelectric or plug-in hybrid vehicles by 2018 rising to 10 percent in 2019 and 12 percent in 2020
Any loosening of NEV targets would mark a pull back by Beijing which has faced opposition to the planned targets as it looks todrive its domestic carmakers to overtake global rivals in the green vehicle sector
Automakers and industry bodies have said the targets are too tough and could hurt manufacturers interests New energy vehicleslast year accounted for just 18 percent of sales in the worlds biggest autos market according to Reuters calculations based onofficial data
Its normal to make revisions as its a draft plan An Jin chairman of Anhui Jianghuai Automobile Group (JAC Motor) said on thesidelines of the National Peoples Congress in Beijing
He said he was aware of talks to revise the quota targets but said nothing was set in stone JAC hasnt been told what revisionsmight be made to the draft but I think it is possible the draft will be changed after the discussions he said
Whether the whole market can hit this quota by 2018 depends a lot on the strength of government policy If its strong then weshould be able to surpass the targets An said (But) if you consider Chinas infrastructure and the transformation of Chinas autosector then perhaps the pace will have to slow
Two Percent CutTwo executives familiar with the plans told Reuters the government was considering options for lowering the requirements
One idea was to reduce the quota requirement by 2 percent each year cutting the 2018 requirement to 6 percent said aChina-based government relations official at a major global automaker It would then be 8 percent in 2019 and 10 percent in 2020
Another option would be to push back each target by a year with the 8 percent quota starting from 2019 an executive at aJapanese car maker said
Both asked not to be named due to the sensitivity of the matter and because the draft was still under consideration
The overall policy includes quotas for plug-in cars targets for average fuel economy requirements and a credit trading system topromote green energy cars while penalizing petrol cars
The two people said the quota stand-off was tied to a disagreement between the Ministry of Industry and Information Technology(MIIT) and Chinas top state planner the National Development and Reform Commission (NDRC)
MIIT which regulates manufacturers supports a more flexible credit trading system favoured by automakers The NDRC is more
aggressive in promoting a transition to electric vehicles pushing the introduction of the stricter quotas
An NDRC spokesman said the body played a small role when the draft was open to public for discussion MIIT did not immediatelyrespond to Reuters requests for comment
China has strongly supported and subsidized electric vehicles but is gradually swapping out incentives for hard targets automakersmust meet The central government cut subsidies 20 percent this year a first reduction towards eliminating them by 2020httpautoeconomictimesindiatimescomnewspolicychina-may-roll-back-electric-vehicle-quotas-as-industry-pushes-back57623608
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Russias standards agency says Volkswagen recalls 43151 Skoda cars ReutersSee this story in The Economic Times
Moscow Russias standards agency said on Monday that Volkswagens Russian operation had informed it about the voluntaryrecall of 43151 Skoda cars due to a possible technical fault
The recall affects Skoda Octavia Superb Fabia Yeti and Rapid cars sold in Russia between 2012 and 2016 the watchdog saidhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsrussias-standards-agency-says-volkswagen-recalls-43151-skoda-cars57624140
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Economy
Rupee hits 1-12 yr high surges 78 paise on BJP sweep PTISee this story in The Economic Times
Mumbai The rupee surged by a massive 78 paise to end at a nearly one-and-a-half year high of 6582 against the US dollar onfrantic unwinding of the American currency following BJPs emphatic victory in Uttar Pradesh
Forex market sentiment soared on hopes that BJPs stellar show in state polls would pave the way for the Modi government to focuson key reform measures
The home currency resumed on a strong footing at 6620 from last Fridays closing value of 6660 at the Interbank ForeignExchange (forex) market on heavy dollar unwinding from speculative traders and exporters tracking weekend developments
Maintaining its bullish momentum against the dollar the rupee hit a fresh intra-day high of 6576 in late afternoon deals beforeending at 6582 showing a solid gain of 78 paise or 117 per cent
This is the highest closing of the rupee since November 6 2015 when it had ended at 6576
Meanwhile the RBI fixed the reference rate for the dollar at 661800 and for the euro at 704354
Financial markets too took comfort from BJPs landslide victory with the broader Nifty climbing 15245 points to a new closing peakof 9087 and the Sensex rallying 49640 points to end at 2944263
The much-anticipated turnaround on the economic front has opened up a barrage of foreign capital fund flows into India
Foreign investors pumped in over Rs 10000 crore in the Indian capital markets this month so far
It also got an added fillip from bullish macro data which showed that the countrys industrial production bounced back in Januaryexpanding by 27 per cent year-on-year
Factory output measured in terms of Index of Industrial Production (IIP) had contracted by 01 per cent in December
However inflation based on wholesale prices shot up to a 39-month high of 655 per cent in February against 525 per cent inJanuary according to official data
On the global front the dollar traded firmly higher against its major counterparts ahead of the two-day Fed meet when it could liftrates for the third time since the financial crisishttpautoeconomictimesindiatimescomnewsindustryrupee-hits-1-12-yr-high-surges-78-paise-on-bjp-sweep57635104
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Nifty hits all time high of 912275 Sensex surges 616 points after big BJP win The Economic Times
Mumbai The Nifty jumped to life highs on Tuesday after the BJPamprsquos thumping win in the crucial state of Uttar Pradeshrekindled hopes of a bigger-than-expected push for reforms by the Narendra Modi government
The Nifty up 11 so far this year crossed its previous life high of 9119 to hit 912275 before ending the day 171 or 15245points higher at 9087 This is the indexamprsquos biggest single-day gain in points since February 1 and caps a strong reboundsince the December 26 low of 7893 on demonetisation worries
The Sensex surged by 616 points or 212 intra-day before ending the day at 2944263 up 49640 points This is its biggest gainsince May 25 last year The index is the best performer among all developed and emerging market indices in local currency terms inthe past three months
The rupee surged 79 paise to a 16-month high of 6582 to the dollar as exporters sold more dollars and foreign investors boughtlocal shares BSE data showed that foreign investors bought local shares worth Rs 4089 crore their biggest single-day purchasesince February 17 when they purchased Rs 8059 crore
FPIs have bought shares worthRs 23132 crore since January this year against net sales of Rs 9800 crore in the same period lastyear The BSE Midcap and Smallcap indices gained 144 each
ampldquoOne must be ready for a correction after a rally but I am optimistic about the medium to longterm prospectsamprdquo saidMotilal Oswal chairman Motilal Oswal Financial Services Ltd ampldquoFundamentally valuations are comfortable at this point intime because of good corporate earnings growth In the short term markets may remain volatileamprdquo
BJP romped to victory in UP on Saturday winning 312 out of the 403 seats Its allies won 13 more taking the NDA tally to 325 Thisis the biggest win recorded by any party in the state since 1977 and has raised prospects of the BJP doing well in other electionsthis year and next Many political pundits also believe that the victory has improved Prime Minister Narendra Modiamprsquos chancesof retaining power in the 2019 general election
Barring the metals index all other sectoral indices on the NSE ended with gains on Tuesday About 55 stocks including TitanJubilant Life Sciences Kotak Mahindra Bank IndusInd Bank YES Bank and Indiabulls Housing Finance among others hit life highswhile 92 stocks were locked in upper circuit with no sellers
ampldquoWith the sharp rally the market which is currently susceptible to global risk is trading at above average multiples and westay cautious near termamprdquo said Sanjay Mookim India Equity Strategist BofA Merrill Lynch ampldquoIndiaamprsquos businesscycle should improve over the next several quarters while improving construction should drive capex which is good forequitiesamprdquo
Some market experts are divided over the near-term outlook as indices have begun to look expensive at current valuations Plusthere is no immediate trigger for upgrade
ampldquoValuations of the Indian market are quite high and would require the support of strong earnings growth Any disappointmenton earnings will make valuations look even more expensive which the market may not likeamprdquo said Sanjeev Prasad senior EDand co-head of Kotak Institutional Equities
ampldquoGlobal and domestic interest rate cycles are no longer supportive with likely increase in developed markets bondyieldsamprdquo
ampldquoWhile markets are expecting a rate hike this meeting what will be of more interest is the commentaryamprdquo said DipenShah senior V-P PCG research Kotak Securities ampldquoIf it is hawkish it may have an impact on fund flows to emerging marketsbut India may be relatively less impacted because of the continuing domestic flowsamprdquo
ampldquoNotwithstanding the election results we believe the risk-reward is not favourable currently and advise investors to sell intothis rally We expect Nifty EPS to rise 15-16 in FY18 and see no trigger for an earnings upgrade at this junctureamprdquo ReligareInstitutional Research said in a notehttpeconomictimesindiatimescommarketsstocksnewsnifty-hits-all-time-high-of-9122-75-sensex-surges-616-points-after-big-bjp-winarticleshow57639036cms
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WPI inflation up 655 for February 2017 The Economic Times
New Delhi The annual rate of inflation based on monthly Wholesale Price Index (WPI) stood at 655 percent (provisional) for themonth of February 2017 (over February 2016) as compared to 525 percent (provisional) for the previous month and -085 percentduring the corresponding month of the previous year
The official Wholesale Price Index for amplsquoAll Commoditiesamprsquo for the month of February 2017 rose by 05 percent to 1855(provisional) from 1846 (provisional) for the previous month
The index for primary articles rose by 09 percent to 2581 (provisional) from 2557 (provisional) for the previous month
The inflation rate for Fuel and power group rose by 13 percent to 2038 (provisional) from 2012 (provisional) for the previousmonth due to higher price of coking coal (15 percent) aviation turbine fuel (3 percent) bitumen (2 percent) and kerosene highspeed diesel LPG and lignite (1 percent each) However the price of furnace oil (1 percent) declined
The index for the major group of manufactured products remained unchanged at its previous monthamprsquos level of 1588
(provisional) In this group the index for amplsquoRubber amp Plastic Productsamprsquo group rose by 02 percent to 1489 (provisional)from 1486 (provisional) for the previous month due to higher price of rubber products (1 percent)
The index for amplsquoTransport Equipment amp Partsamprsquo group rose by 05 percent to 1405 (provisional) from 1398 (provisional)for the previous month due to higher price of auto rickshaw tempo matador (4 percent) and auto parts (1 percent)
For the month of December 2016 the final Wholesale Price Index for amplsquoAll Commoditiesamprsquo stood at 1833 as comparedto 1828 (provisional) and annual rate of inflation based on final index stood at 368 percent as compared to 339 percent(provisional) respectively as reported on January 1 2017httpautoeconomictimesindiatimescomnewsindustrywpi-inflation-up-6-55-for-february-201757627665
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February CPI at 365 vs 317 in January highest since October 2016 PTISee this story in The Economic Times
New Delhi Retail inflation rose to 4-month high of 365 per cent in February mainly due to surge in price of food items like fruitssugar and confectionery
Measured in terms of Consumer Price Index (CPI) the inflation had dipped to a multi-year low of 317 per cent in January this yearon account of cash crunch following demonetisation It was 526 per cent in February last year
According to the CPI data released today by the Central Statistics Office (CSO) the consumer food prices index (CFPI) rose by201 per cent in February from 061 per cent in January The CFPI was 53 per cent in February 2016
Inflation in fruits was higher at 833 per cent fuel and light at 39 per cent in February The rate of price rise in meat and fish was 35per cent in February
Prices of sugar and confectionery items rose by 1883 per cent in February while inflation in milk and milk product increased by 422per cent
The rate of inflation in household goods and services was 409 per cent while this rate was in health segment was 4 per cent Thetransport and communication became expensive by 539 per cent
The personal care and effects segment rose by 515 per cent while the education became more expensive by 537 per cent inFebruary this year
The inflation rate was 438 per cent in clothing and footware segment while it was 49 per cent in housing segment
However the prices of vegetables and pulses declined by 829 per cent and 902 per cent respectively
Rural retail inflation was at 367 per cent in February compared with 336 per cent in the preceding month The CPI was also up inthe urban sector at 355 per cent in February from 29 per cent in January this yearhttpautoeconomictimesindiatimescomnewsindustryfebruary-cpi-at-3-65-vs-3-17-in-january-highest-since-october-201657633211
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Closing
Last Financial Closing
Sensex 2944263 (+49640)NSE 9087 (+15245)US$ spot Rs6582US$ Y1148000US$ 6 months RsYen Rs57Euro spot Rs70
Gold (10gm) Rs28333Silver (1kg) Rs4008300
Crude Oil (WTI) Crude Oil (Brent) $5172 (+037)
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Apollo Tyres 1 18610Asahi Ind 1 21655Amara Raja B 1 83230Ashok Leyland 1 9080Bajaj Auto 10 286670Bharat Forge 2 103550Denso 1 Eicher Motor 10 2396325Escorts 10 51945Exide Ind 1 21645Force Motors 10 427760Gabriel India 1 11460Hero Motocor 2 335745Hind Motors 5 950Hi-Tech Gear 10 29885Jay Bh Maruti 5 38190
Jamna Auto 5 20550JK Tyres amp Inds 10 1241 Kinetic Motors 10 Kinetic Engg 10 KOEL 2 37685Kirloskar Br 2 24135LML Ltd 10 1250LampT 2 155810Lumax Ind 10 131690Lumax Tech 10 43230MampM 5 132600Maruti Suzuki 5 613240Motherson SS 1 36290Minda Inds 2 44350MRF 10 5298390Omax Auto 10 7555Rico Auto 1 5720Sona Koyo St 1 8170
SRF 10 157155Tata Motors 2 46975 TVS Motors 1 43690
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Bhushan Steel 2 5430Hindalco 1 19040Hind Zinc 2 29140JSW Ispat S 10 Jind Steel 1 12490JSW Steel 1 18190Jindal Saw 2 7995National Aluminium 5 7310SAIL 10 6005Tata Steel 10 47255Visa Steel 10 2185
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Ambuja Cement 2 23370Binani Industries 10 7200Birla Corp 10 70360India Cement 10 16070Prism Cement 10 9375JK Cement 10 88470Shree Cement 10 1639835
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NURC Industry Updates contain editedtruncated text of Industry-specific news as it appears in various select dailies and websites These are NOT full stories unless otherwisespecifically mentioned The stories contained herein are informational only and no representation is made or warranty given as to their content reliability truthfulness orusefulness User assumes all risk of use It be clearly understood that NURC updates do not claim to and neither mean to replace the Print or the Internet editions of variousnewspapers whose articles are featured therein For the best and complete news reading NURC urges its readers to read the full text of the stories from the Newspaperswhose credits are given after the headline and visit the related website whose URL is given below the text matter of each news item
NURC News Update - AUTOMOBILES
News on Indian Auto Industry Copyright 1999 NURC MediaNext Pvt Ltd
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Powered by Enablingbiz Esoluttions
sector In FYamprsquo17 ease of financing and improvement of consumption demand was expected to boost LCV sales In the cargoMampHCV segment a double digit growth had been forecast by industry body SIAM with improvement in overall economy led byincrease in industrial and agri output
Vasan told ETAuto that the industry was optimistic about the next fiscal with the advent of the BS-IV emission regime from 1 April2017 However prices of vehicles are expected to rise especially of MampHCV trucks There would be a slow start to the year by theCV industry due to pre-buying in FYamprsquo17 before the new emission regime kicked in that would slowdown sales in the firstquarter of FYamprsquo18
But with the impetus given to this segment by infrastructure development and road construction by the government the industrywould see a growth from Q2 after the impact of pre-buying starts declining
While the industry is ready with the BS-IV product range Vasan says that the new technologies harnessed for compliance wouldboost vehicle prices by 8-10 percent for MampHCVs Buses would also witness a price realignment of 8-10 percent while LCVs wouldsee a price rise of 6-10 percent
In terms of new technologies most of the CV range is already equipped with the anti-lock braking system except for the smallerones
In terms of upcoming regulations some more safety legislation is on its way related to the body code such as cabins that will haveto be necessarily be air conditioned in the future
The bus body code that was earlier announced has only been partially implemented so far and the body code is also believed to becoming up for the truck and trailer segments LCVs are small units and have been already approved by ARAI
The overall CV segment registered a growth of 349 percent in April-February 2017 compared to the same period last year Mediumamp Heavy Commercial Vehicles (MampHCVs) declined marginally by 079 percent and Light Commercial Vehicles grew by 682 percentduring this periodhttpautoeconomictimesindiatimescomnewscommercial-vehiclemhcvtepid-growth-expected-of-the-cv-industry-at-2-3-percent-in-fy1757633279
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Tata Motors to showcase all new 1000 bhp race truck PTISee this story in The Economic Times (Web Edition)
New Delhi Tata Motors will showcase an all new T1 Prima race truck powered by 1000 bhp engine during the fourth season ofthe T1 Prima Truck Racing Championship
The engine of the all-new 1000 bhp T1 race truck is being developed in collaboration with US-based Cummins enabling thecompany to set new benchmarks in the Indian commercial vehicles space Tata Motors said in a statement
Built with specifications similar to that of trucks that race globally the vehicle was developed in a record time of 12 months ademonstration of teamwork speed and capability Tata Motors Executive Director Commercial Vehicles Ravindra Pisharody said
Tata Motors and Cummins have a joint venture company called Tata Cummins established in 1994 developing engines in the rangeof 75 to 400 HPThe fourth edition of T1 Prima Truck Racing championship will be held on March 19 at the Buddh International Circuit (BIC) GreaterNoidahttpautoeconomictimesindiatimescomnewscommercial-vehiclemhcvtata-motors-to-showcase-all-new-1000-bhp-race-truck57635142Tata Motors to showcase 1000 bhp Prima TruckFinancial Chroniclehttpwwwmydigitalfccomcompaniestata-motors-showcase-1000-bhp-prima-truck-900Tata Motors to showcase all new 1000 bhp race truckDaily News amp Analysis (Web Edition)httpwwwdnaindiacommoneyreport-tata-motors-to-showcase-all-new-1000-bhp-race-truck-2352506
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Construction amp Agri Machinery
SBI floats one-time settlement scheme for tractor loans Abhijit LeleBusiness Standard
Mumbai State Bank of India (SBI) has floated a one-time settlement scheme for borrowers defaulting on loans taken to buytractors
The countryamprsquos largest bank has also voiced reservations against the move to waive farm loans saying this will affect therepayment culture in the country
SBI executives said the tractor loan book was part of the bankamprsquos farm loan portfolio and the bank announced settlementschemes regularly to shed doubtful debt where the prospects of recovery were low after making adequate provisions for such dudassets
The settlement scheme for tractor loans began early last month and will continue till March 31 The scheme was for loans disbursedbefore September 30 2011 and had up to Rs 25 lakh outstanding by September 2016 SBI Managing Director Rajnish Kumar saidSBI will take a haircut of 40 per cent on these loans
graphIn a portfolio of over Rs 4000 crore of tractor loans about Rs 800 crore will be eligible for the scheme Crop failure and inability todeploy tractors were some of the reasons for the loans turning bad SBI executives said
SBI had in May 2015 advertised a ampldquoloan resolution weekamprdquo asking borrowers with non-performing assets to ampldquotryand work out a solutionamprdquo The scheme was available to all borrowers except willful defaulters Kumar said the bank was yet tohear anything specific from the government on a farm loan waiver
SBI had in 2014 opposed the waiver of farm loans in Andhra Pradesh and Telangana
ampldquoUttar Pradesh and Punjab constitute 10 per cent of (farm) loans and we wait to understand the contours of the waiver Theimpact will be higher on public banks than on private banksamprdquo Kotak Institutional Equities said in a research notehttpwwwbusiness-standardcomarticleeconomy-policysbi-floats-one-time-settlement-scheme-for-tractor-loans-117031400886_1htmlSBI to offer one-time settlement for Rs 6000-crore tractor loansThe Financial Expresshttpwwwfinancialexpresscomindustrybanking-financesbi-to-offer-one-time-settlement-for-rs-6000-crore-tractor-loans588102SBI to offer Rs6K-cr one-time settlement for tractor loansThe Indian Expresshttpindianexpresscomarticlebusinessbanking-and-financesbi-to-offer-6k-cr-one-time-settlement-for-tractor-loans-4569462
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23 Wheelers
Yamaha aims to export 22 lakh units from India in 2017 Hiroaki Fujita Chairman Deepanshu TaumarThe Economic Times
New Delhi Indian arm of Japanese two-wheeler manufacturer Yamaha Motor is aiming to export over 22 million units from Indiathis year compared to 161 lakh units exported last year thereby recording an estimated growth of 3664 percent Hiroaki FujitaChairman India Yamaha Motor informed in a press statement
In the domestic market the two-wheeler major is also targeting to sell 1 million scooters and motorcycles in 2017
In an annual supplier conference held at Greater Noida Hiroaki Fujita Chairman India Yamaha Motor said ampldquoOur target forthis year is to achieve 1 million unit sales in domestic market and 22 lakh unit sales for exports market In addition we also need toreinforce the Indian parts export business in order to contribute to Yamaha business globally While doing so we must continue withour focus on the amplsquoQualityamprsquo of our parts and productsamprdquo
The two-wheeler major produced a total 94 lakh units in the country in 2016 Yamaha Motor India has two manufacturing plants inIndia at Greater Noida and Chennai having a capacity of 61 lakh units and 56 lakh units respectively
The company aims to produce 15 million units by 2018
Yamaha Motor India has sold over 786 lakh units of two-wheelers in 2016 and over 50 of its total sales have come from scooters
The two-wheeler manufacturer saw a steep decline in sales from the month of November 2016 to January 2017 It was only duringFebruary 2017 when Yamaha registered a growth of 20 percent in domestic sales as compared to the corresponding period lastyear The company recorded domestic sales of 68095 units (including Nepal) in February 2017 compared to 56960 units (includingNepal) in February 2016
Industry analyst believes that the impact of demonetisation is wearing off now Only motorcycles are in red zone because of a largerural consumer base However scooters which are largely sold in urban areas is on the positive side It further believed that by nextmonth the demonetisation impact will completely go away
India Yamaha Motor recently marked its entry into 250 cc sports bikes segment which has very less competition Going forward thecompany wants to focus on urban area than the rural market
The objective of conducting the Annual Suppliers Conference was to share the last yearamprsquos result for Sales and Productionand the current yearamprsquos Sales and Production Plan During the conference India Yamaha Motor shared the direction for 2017its purchase policy the Purchasing Policy of Yamaha Motor Company (Japan) and activities organised amp initiatives were taken forsales and marketing in the previous year
India Yamaha Motor shared its expectations with the suppliers for improvement in Quality Delivery and Development performances
besides cost competitiveness to compete in the export market to increase profitability for both Yamaha and the Suppliers IndiaYamaha Motor also emphasised that all the Suppliers can draw up their investment plans based on the increasing volumes infuture
Sixteen Suppliers were also awarded for their exceptional services in the areas of Quality Delivery Development and Costincluding the Appreciation Award for some of them for the extraordinary Improvement support provided to India Yamaha Motor in2016httpautoeconomictimesindiatimescomnewstwo-wheelersscooters-mopedsyamaha-aims-to-export-2-2-lakh-units-from-india-in-2017-chairman57632349
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BSIV Compliant TVS Jupiter launched at Rs 49666 (Ex-Delhi) The Economic Times
New Delhi Hosur based TVS Motor Company in a BSE filing announced the launch of its BSIV compliant TVS Jupiter at Rs 49666(Ex-Delhi) and it is now available with two new colours - Jade Green and Mystic Gold
The refreshed scooter is now BSIV compliant with Auto Headlamp On (AHO) and equipped with Sync Braking System (SBS) SBSensures rider safety as it automatically activates the front brakes when the rear brakes are used claims TVS The feature previouslyavailable on ZX range will now be available on the Base variant as well
Commenting on this Aniruddha Haldar Vice President Marketing- Scooters TVS Motor Company said ampldquoTVS Jupiter hasreceived such enthusiasm from the consumers in response to its credo of Zyada ka Fayda Living true to this credo not only is theentire Jupiter range now BSIV compliant it now offers the unique Sync Braking System (SBS) across the entire range (earlier onlyavailable on the ZX range) Further for our customers we are adding two colours Jade Green and Mystic Gold giving them 10colour options to choose from We are happy to offer all this with absolutely no change in the Exshowroom price truly ZYADA KAFAYDAamprdquo
Since its launch in 2013 TVS Motor Companyamprsquos flagship scooter brand Jupiter has been strengthening theCompanyamprsquos foothold in the scooter market and contributing to overall scooter segment uptake penetration and growth inIndia
Company has sold over 15 million Jupiter scooters since its launch in 2013 The scooter is powered by a all-aluminum low-friction110cc engine
There is no revision in the prices for the BS IV models of Jupiter priced at Rs 49666 (Ex-Showroom Delhi) the scooter is availableacross all TVS dealershipshttpautoeconomictimesindiatimescomnewstwo-wheelersscooters-mopedsbsiv-compliant-tvs-jupiter-launched-at-rs-49666-ex-delhi57630201TVS Motor rolls out BS IV variants of JupiterThe Hindu Business Linehttpwwwthehindubusinesslinecomtodays-papertp-newstvs-motor-rolls-out-bs-iv-variants-of-jupiterarticle9583972eceTVS unveils BS-IV compliant JupiterThe Hinduhttpwwwthehinducomtodays-papertp-businesstvs-unveils-bs-iv-compliant-jupiterarticle17464118eceTVS launches BS-IV compliant JupiterBusiness Standardhttpwwwbusiness-standardcomarticlecompaniestvs-launches-bs-iv-compliant-jupiter-117031400552_1html
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Dominar 400 takes the battle to the Royal Enfield turf Murali GopalanThe Hindu Business Line
Mumbai Bajaj Autoamprsquos recently launched Dominar 400 is attracting former Royal Enfield bike users who now account for 20per cent of its customer base
According to Eric Vas President (Motorcycle Business) Bajaj Auto the larger chunk of 80 per cent is still taken up by those whoused Yamaha Honda and Bajajamprsquos own Pulsar motorcycles
The Dominar made its debut in mid-December as a serious contender to Royal Enfield While monthly numbers thus far have beena little over 3000 units the good news is that the bike has taken pride of place in the 350cc plus segment vis-a-vis RoyalEnfieldamprsquos offerings However when it comes to the core 350cc space the latter continues to be the market leader withmonthly sales of nearly 55000 units powered by the Classic and Bullet
The three-month-old Dominar 400 kicked off its presence in 22 towns which has since increased to 32 in February and slated to goup to 110 towns by the end of this month
This tally will double to 200 in April and Bajaj Auto hopes to have at least 300 towns covered for the Dominar 400 during the courseof 2017-18
If everything goes according to plan the company hopes to be clocking its targeted 10000 motorcycles every month by the end of
Q3 next fiscal
Attractive features
Vas says market feedback shows that buyers love the Dominar 400 for its performance speed and top-class brakes Interestingly alarge number of them have opted for the more expensive ABS version which retails at a little over Rs 15 lakh
The LED lamps are another big draw and their attractive lighting explains why many customers opt to have their test rides at night
According to Vas Dominar 400 buyers are largely in the age group of 25 years who have already owned a bike There are no firsttime users yet but this is expected to begin happening once the network grows and more customers start going in for the relativelyless expensive disc brake version which has a price tag of nearly Rs 14 lakh
The Dominar 400 was launched to take on Royal Enfield in a segment that is priced between Rs 1-2 lakh and accounts for five percent of motorcycles sold in India
In terms of numbers this translates into 65000 units each month
The next fiscal could see this grow to nearly 85000 units or over one million units annually
Changing dynamics
It is in this product category that Royal Enfield has a market share of 80 per cent and it is in the balance 20 per cent space thatBajaj has thrown down the gauntlet with the Dominar 400
The other rival models include KTM Yamaha YZF-R15 and Honda CBR 150R but none of them has posed a serious threat to RoyalEnfield yet
It now remains to be seen if the Dominar 400 can draw customers from the top-selling Classic
It is clear that with 10000 units targeted during 2017-18 Royal Enfield will still be comfortably ahead in terms of numbers
How dynamics change after this period will be interesting to watch
From Bajaj Autoamprsquos point of view the strategy boils down to acknowledging the reality of living in a world of opposites whereevery mature segment is essentially a two-horse race
The Dominar will stick to the core principle of being opposite from the market leaderamprsquos offerings and has been positioned as amodern machine and not a heritage brandhttpwwwthehindubusinesslinecomtodays-papertp-newsdominar-400-takes-the-battle-to-the-royal-enfield-turfarticle9583973ece
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Bajaj cheers at Feb sales Ajay ModiBusiness Standard
New Delhi Pune-headquartered Bajaj Auto claims to have surpassed volumes sold by market leader Royal Enfield in the 350-500ccmotorcycle segment in February
It attributes this to the Dominar a 373 cc premium sports motorcycle it launched in December at an ex-showroom price of Rs 136lakh Enfield says Bajaj is celebrating too early
Bajaj has sold about 3000 units of Dominar a month this calendar year and is drawing a comparison with the February volume ofRoyal Enfield in the 350-500 cc segment when the latter did wholesale volumes of 2602 units Eric Vas president for themotorcycle business at Bajaj said ampldquoWe have already overtaken Royal Enfield in the segment They used to sell an averageof 5000 units a month until a few months agoamprdquo
He claims that two of every 10 Dominars was sold to customers who owned an Enfield ampldquoSome have sold it to buy Dominarand some have bought it as their second bikeamprdquo He added there had been a decline in the waiting period of some of Enfieldsmotorcycles The 350-500 cc segment for Enfield includes the Bullet 500 Classic 500 Thunderbird 500 and Himalayan
Bajaj hopes to gradually raise Dominar volumes to an output of 10000 units monthly in about six months ampldquoThe bike hasbeen accepted very well We should reach a monthly volume of 6000 units by next monthamprdquo said Vas He did not disclosecumulative bookings for the Dominar He said most customers bought it after test rides
Vas said the volumes were aggregated from the 22 cities where itwas available until February We have expanded reach to 32cities and it will be available in a 100 cities and towns by end-March In April the company plans to add another 100 cities andtowns The constraint is more on the capacity front than on the network sideamprdquo he said
Bajaj said the incremental volume from Dominar would start reflecting in the profit figures once volume crossed 5000-6000 units amonth
Enfield has almost the entire 250-350 cc motorcycle market in the country estimated at close to 50000 units a month This is where
it gets the lionamprsquos share of its sales In the 350-500 cc market it controls 80 per cent (data for the first 11 months of FY17)This is a much smaller segment with monthly volume of 5300 units
Siddhartha Lal managing director of Eicher (which owns Enfield) told Business Standard last month that it would continue toengage with the target segment and expand reach to grow volumes ampldquoWhen one succeeds in a segment others try to enterand take a bite Of course there will be competition but we are not worriedamprdquo hed said It is understood that Enfieldamprsquosproduction volume in February was impacted due to fewer days (February having only 28) and the transition to BS-IV emissionnormshttpwwwbusiness-standardcomarticlecompaniesbajaj-cheers-at-feb-sales-117031400822_1html
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India Yamaha Motor sets ambitious sales target Nandini Sen GuptaThe Times of India
Chennai India Yamaha Motor Private Limited (IYM) is targeting an ambitious production and sales pitch of more than three millionunits this year with one million in the domestic market alone It was revealed by the top management at a recently organised AnnualSuppliers Conference at Greater Noida (Delhi-NCR) which was attended by 500 members representing more than 200 suppliersfrom across India
The theme of this years conference was Challenge the Innovation for Global Competitiveness and Its all about the customer
Our target for this year is to achieve one million unit sales in domestic market and 22 lakh unit sales for exports market Inaddition we also need to reinforce the Indian parts export business in order to contribute to Yamaha business globally While doingso we must continue with our focus on the Quality of our parts and products said Hiroaki Fujita Chairman YMI-G Cos
The objective for conducting the Annual Suppliers Conference was to share the last years result for sales and production and thecurrent years sales and production plan During the conference IYM shared the direction for 2017 its purchase policy thepurchasing policy of Yamaha Motor Company (Japan) and activities organised amp initiatives taken for sales and marketing in theprevious year
Among the senior management members who were present on the occasion on behalf of IYM included Hiroaki Fujita chairmanYamaha Motor India Group Cos (YMI-G Cos) Takashi Terabayashi MD -IYM Yasuo Ishihara MD- Yamaha Motor Research ampDevelopment India (YMRI) T Yamaguchi Deputy MD amp Purchase Head- IYM along with the YMC Purchase team - Olivier Prevostdeputy chief general manager and Hiroshi Hagio general manager
IYM shared its expectations with the suppliers for improvement in quality delivery and development performances besides costcompetitiveness to compete in the export market to increase profitability for both Yamaha and the Suppliers IYM also emphasisedthat all the suppliers can draw up their investment plans based on the increasing volumes in future
Sixteen suppliers were also awarded for their exceptional services in the areas of quality delivery development and costhttptimesofindiaindiatimescomautobikesindia-yamaha-motor-sets-ambitious-sales-targetarticleshow57633067cms
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Thunderous sound remain forever Sandesh M SDeccan Herald (Web Edition)
Bike-lovers had expected a lot from Royal Enfield when the homegrown tough motorcycle manufacturer revealed the 500ccThunderbird in October 2012
When DH decided to check out the four-year-old model with respect to the present dayamprsquos bikes with updated technology theThunderbird 500 remains outstanding in its segment
The bike was tested for two weeks with everyday regular usage and an enthusiastic rider The bike is a good choice for the dailyneeds of an Indian family
Be it an office-goer or a student the bike gives an extra feel where you enjoy every bit of it You need an extra muscle and morepower to handle the bike when the engine is turned off Sometimes it will be a great challenge to tow the bike till a filling station ifthe engine goes dry
PerformanceUndoubtedly this is the most powerful variant of Royal Enfield today The bike feels far impressive than any other machine in thissegment It constantly urges you to take it on highways as it feels best when you pushed harder Overtaking is also very easy withthis bike and it can easily cross a speed of 120 kmphr It still remains a very responsive bike especially at slow speeds
The heavy amount of torque helps it move easily in city traffic The gear ratios are well-matched with this bike and you need lessgear shifts than before The only issue we have with the bike is its heavy weight In city traffic and with a pillion rider sometimes youwill feel the actual weight of this bike Otherwise there are no major concerns related to its performance
Fuel efficiency
Mileage is still a concern and the major drawback with Royal Enfield bikes As the brand new bikes claims to offer 30 kmpl the oldbikeamprsquos mileage drops day-by-day
After few years this will be the main reason for the rider to get rid of his bike In a typical Indian customer mindset a middle-classfamily will think twice before going for a Bullet
Depending on the usage the cushion will loose its power day-by-day The rider will surely feel the pain on the long rides and trafficjams Regular servicing from an authorised mechanic will keep the vehicle in good condition
VerdictThe Royal Enfield Thunderbird 500 is a special bike but the cost compared with its 350 cc sibling the biker has to cough up anextra Rs 40000 which makes anybody to think twice before investing in one The bike has the capability to sustain any roughhandling Though it becomes rough and old its sturdiness remains the samehttpwwwdeccanheraldcomcontent601371thunderous-sound-remain-foreverhtml
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E-Bikes
Components
Amtek Autoacirceurotrades Arvind Dham may offload personal assets to reduce debt Deborshi Chaki amp Swaraj Singh Dhanjalmint
Mumbai With troubled auto parts maker Amtek Auto Ltdamprsquos planned divestment of domestic and overseas businesses yet tomaterialize company chairman and founder Arvind Dham has begun exploring options to monetise assets owned by him
According to two people familiar with the matter who asked not to be identified Dham is in talks with potential buyers to sellIndraprasta Engine Parts Pvt Ltd ( IEPPL) an auto component manufacturing company which he owns in his personal capacityDocuments filed with the registrar of companies show that Arvind Dham along with other senior executives of Amtek Auto holdshares in Indraprasta Engine Parts Pvt Ltd
Dham did not respond to emails text messages and phone calls seeking comment
According to the latest available filings Indraprasta Engine Parts reported a revenue of Rs9525 crore and a loss of Rs115 crore inthe financial year ended 31 March 2015 The company was incorporated in 2010 and currently has a manufacturing plant in HosurTamil Nadu
ampldquoDham has been in discussions to sell the unit following which talks with Kalyani Forge Ltd (KFL) and Sterling Tools Ltd (STL) have reached an advanced stageamprdquo said one of the two people ampldquoDham is keen to show to the lenders that he iswilling put his own money even though the plans to sell Amtek Autoamprsquos assets to repay its debt have not beensuccessfulamprdquo
Amtek Autoamprsquos standalone loss widened to Rs24156 crore for the quarter ended December 2016 from Rs17536 crore in thesame quarter last fiscal Dham plans to plough the proceeds of the sale into the company the first person added
Spokespersons for Kalyani Forge and Sterling Tools did not respond to emails seeking comment
Ever since Amtek Auto defaulted on bond repayments of close to Rs800 crore in September 2015 it has been trying to sell variousgroup businesses to reduce the debt on its books The company has appointed Morgan Stanley as an adviser to assist in its debtreduction plan Amtek Auto owed Rs8066 crore to various lenders as on 30 September 2016 Mint learns that its consolidated debtat the group level is higher
In July last year Bloomberg reported that Amtek Auto has hired global investment bank Rothschild and Co to advise on thepotential sale of all overseas operations including those in the UK the US Mexico China and Germany The report said Amtek wasseeking bidders for its German unit Amtek Tekfor Holding GmbH and expected to raise over $1 billion from the process
A manufacturer of forging parts Amtek Auto counts most of Indiaamprsquos top auto component makers as clients Its overseasclients include global auto brands such as Aston Martin and Daimler
In February the company said in a regulatory filing that it is planning to raise Rs1175 crore by selling shares to promoters on apreferential basis for which it will seek shareholdersamprsquo approval The company has called an extraordinary general meeting on25 March to seek approval from its shareholders for the proposal it added
In February lenders of Amtek Auto are understood to have asked it to either repay loans or convert the outstanding into equityshares or warrantshttpwwwlivemintcomIndustry1tt2QpJ8TtSm53I1bN4VgKAmtek-Autos-Arvind-Dham-may-offload-personal-assets-to-reduhtml
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Allied Industries
Tyre stocks race ahead as China cuts India trade Palak ShahThe Economic Times
Mumbai What is aiding Indiaamprsquos tyre stocks Chinaamprsquos policy to shun India market for the US The share price ofdomestic tyre manufactures including MRF Apollo Tyre Ceat and J K Tyre rose between 1-7 on Tuesday
A research report by Philip Capital said China had curtailed its tyre exports to India to focus on US markets as Trump administrationhad decided against anti-dumping duty on tyres The research pointed out there was more upside for these stocks
ampldquoChina has raised their TBR (truck bus and radial) tyre prices for Indian market by 10-15 rendering themunattractiveamprdquo said Nitesh Sharma and Dhawal Doshi in the research report ampldquoOur checks indicate that Chinesefactories have nearly stopped catering to tyre demand from India as US markets were more lucrativeamprdquo
Ceat rose by 607 on Tuesday Apollo Tyres was up 396 MRF gained 186 and Goodyear India jumped by 129 amongmajor tyre companies
The report titled amplsquoTables Turn Chinese players out rubber fallingamprsquo further said Chinese imports will not bounce backsoon
Demonitisation too has dent a blow to the tyre imports from China which were largely in cash China accounted for roughly 120000 tyre units each month between April to October 2016 but it has fallen sharply now said experts
ampldquoTyre stocks will do well as rubber prices are on a downward spiralamprdquo said Mehraboon Irani Principal amp Head PrivateClient Group Nirmal Bang Securities ampldquoFall in auto sales and jump in rubber prices are not expected which may keep thetraction for tyre stocksamprdquo
Natural rubber prices had jumped to three year high in January due to floods in Thailand the largest exporter of rubber The priceswhich rose to Rs 210kg are now down by over 20 Meanwhile domestic tyre manufactures hiked tyre prices by 3-5 recentlyPhilip Capital has a buy on Ceat and Apollo Tyres with a target of Rs 1550 and Rs 239 respectivelyhttpeconomictimesindiatimescommarketsstocksnewstyre-stocks-race-ahead-as-china-cuts-india-tradearticleshow57633191cms
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How to avoid being overcharged for car service at dealerships The Financial Express
Authorised workshops or dealerships are the main preference for servicing of a customers new car There are dealerships that aregenuine and would not fleece your money while after sales treatment however there are others who would try and take everypenny from you This would also involve you to be thorough with the detailed billing as well as being cautious about understanding ifa requisite task is at all required in your car Here are some tips on how to avoid being overcharged while getting your car serviced
One key area where sales executives of a said dealership can suggest unnecessary expense is anything related to the engineTasks like engine de-carbonisation or engine flushing are suggested right from the first service however it is not required in avehicles early years A cars decarbonisation should ideally take place when the response from the engine is sluggish or there arefrequent misfires despite regular services This usually starts to happen after 60000 kms or more In case it is recommended by asales executive and he or she insists simply avoid by saying no Another popular unnecessary expense is fuel line cleaning whichis suggested at every service Remember that petrol is itself used as a cleaning agent in many applications so fuel line cleaningshould be carried out only in case of a problem
Another aspect where customers are cheated is due to the lack of knowledge about their respective vehicle There have been caseswhere a dealership has conned a customer by putting spark plugs in a diesel car or heater plugs in a petrol engine powered vehicleA diesel car does not have spark plugs (but a petrol car does) and similarly a petrol car doesnt have heater plugs (which arepresent in diesel cars) Additives are advised by many service advisors but these arent needed unless specified by the carmakerKnowing the basic mechanical and electrical parts of your car can go a long way in saving you your money
Other mechanical parts where a person can be overcharged is the clutch adjustment Most modern manual transmission cars soldin India have a hydraulic clutch which is self adjusting till the time the pressure plates and the clutch plates are completely worn outA worn out clutch system will require more pressure to depress the pedal thereby indicating the clutch plates andor pressure plateswould need replacement Ideal time to replace is not at every service which clever dealerships would suggest but at least a gap ofthree service intervals is recommended (with the service interval at every 10000 kms)
All carmakers offer an owners booklet which has all the details of which part needs to be replaced when and the recommendedservice interval When getting your car serviced always refer to this manual and insist on only the aspects mentioned in the manualto be donehttpwwwfinancialexpresscomautocar-newshow-to-avoid-being-overcharged-for-car-service-at-dealerships587326
Top
Emissions Environment
Finance amp Insurance
Customer not bound by tie-up between vehicle dealer insurer Pune Court Vishwas KothariThe Economic Times
Pune The district consumer court here has ruled that a tie-up between a vehicle dealer and an insurance company is not bindingupon the consumer who buys a vehicle from such a dealer
The court has directed the Bajaj Allianz General Insurance Company in Yerawada here to refund a premium of Rs 21053 ampmdashalong with an annual interest of 9 since September 20 2014 ampmdash and a Rs 5000 fine to a Daund resident for failing to renewhis car insurance despite the latter having paid the renewal premium through the online NEFT transaction
The interest component payable so far works out to over Rs 4700
The company argued that the consumer did not route the payment through the vehicle dealer by way of a demand draft as wasrequired under an agreement between the company and the vehicle dealer
Shankar Raghunath Chavan a resident of Kusegaon in Daund had purchased an insurance policy from the company for his car onSeptember 21 2012 A year later the policy was renewed for the period between September 21 2013 and September 20 2014 Atthe end of this term he had received a reminder from the company for the renewal of his policy
Through the net banking facility Chavan made a payment of the renewal premium worth Rs 21053 for the term betweenSeptember 21 2014 and September 20 2015 He then made repeated requests to the company for the issuance of the policydocument
However in December 2014 when he approached the company he was shocked to learn that his policy had ampldquoexpired due tonon-renewalamprdquo The company did not renew his policy even after his repeated reminders This prompted him to move theconsumer court seeking refund of the premium amount and appropriate costs towards physical and mental agony
The bench observed in its order ampldquoIt is not denied by the insurance company that the complainant (Chavan) had paid thepremium It is the case of the insurance company that as per practice prevailing between the company and the dealer the paymentshould be made by demand draft through the dealer so that the policy can be renewed conveniently It is true that the dealer of thevehicle was not aware about the payment of premium made by the complainant However a tie-up between the dealer and theinsurance company is not binding upon the consumeramprdquo
ampldquoDocumentary evidence which is produced by the complainant is sufficiently eloquent and speaks about inaction on the partof the insurance company Even after sending documentary evidence as regards to payment of policy premium the insurancecompany has failed to renew the policy Definitely this act on the part of the company amounts to deficiency in serviceamprdquo thebench ruledhttpautoeconomictimesindiatimescomnewsindustrycustomer-not-bound-by-tie-up-between-vehicle-dealer-insurer-pune-court57623564
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Analysts in wait-and-watch mode on Bajaj Finance Hamsini KarthikBusiness Standard
A robust business model established over years of experience often tends to withstand the test of time quite remarkably That ofBajaj Finance Indiaamprsquos largest consumer durables financier is one such example
During the note ban period there were doubts on whether Bajaj Finance could replicate its historic performance in terms ofcustomer acquisition loan growth and more importantly asset quality in the December quarter (Q3) Much to the Streetamprsquossurprise Bajaj Finance comfortably met these parameters
Customer acquisition grew by 35 per cent year-on-year in Q3 while assets under management expanded by 33 per cent to Rs57600 crore year-on-year Even asset quality stood out with gross non-performing assets ratio at 147 per cent and that toowithout utilising RBIamprsquos 90-day dispensation on loans less than Rs 1 crore Overall financials remained robust with net interestincome and net profit growing by 27 and 36 per cent respectively These factors have helped Bajaj Financeamprsquos stock reboundfrom its demonetisation period low of Rs 766 to Rs 1125 on Tuesday
However after outperforming the broader markets by a reasonable margin for most of the last two years the stock has lagged inthe past six months Bloomberg data indicate that while the Bank Nifty has gained six per cent in the past six months Bajaj Financeis up only 21 per cent Analysts nonetheless feel that Bajaj Finance may not surpass its previous high of Rs 1180 in a rush
Pointing to some key indicators they prefer to see how March quarter pans out particularly on consumer loans before altering theirexpectations on the stock
Consumer loans which grew by 52 per cent year-on-year in September quarter (Q2) grew 47 per cent year-on-year in Q3 Butwithin this segment consumer durables grew slower at 27 per cent versus 48 per cent in Q2 As for the vehicle financing (two andthree wheelers) the dependence on Bajaj Auto was seen higher in Q3 ampndash 46 per cent dependence on Bajaj Auto fortwo-wheelers and 29 per cent for three-wheelers as against 38 per cent and 18 per cent respectively a year ago Average ticketsize which dipped post demonetisation is yet to see a strong recovery All these factors prompt analysts to be on a wait-and-watchmode
ampldquoWe arenamprsquot able to see a secular return in consumer buying yet While demand for consumer durables may havepicked up as summer sales is already playing out we canamprsquot say the same for vehicle salesamprdquo says an analyst with adomestic brokerage
Analysts at Jefferies feel the annual compounded loan growth for Bajaj Finance could be lower in FY16-19 compared to what was inFY13-16 The brokerage flags that at current valuations (52 x FY18 price-to-book) risk-reward appears negativehttpwwwbusiness-standardcomarticleopinionwhy-analysts-are-in-wait-and-watch-mode-on-bajaj-finance-117031400674_1html
Top
SBI announces Rs 6000-cr tractor loan settlement scheme PTISee this story in The Economic Times
State Bank of India (SBI) today announced a one-time farm loan settlement scheme worth Rs 6000 crore primarily for tractors
One Time Settlement (OTS) announced for Agriculture Loans Scheme valid until 31st March Contact your branch for details ampbenefits the nations largest lender said on the microblogging site Twitter today
Managing director Rajnish Kumar told CNBC-TV18 the scheme will result in the bank taking a 40 per cent haircut on outstandingtractor loans as of September 2016
SBIs total farm loan portfolio is Rs 125 trillion and Kumar said the tractor loan book is about Rs 6000 crore
He said doubtful or loss category accounts as of September 2016 which were disbursed before September 2011 will beconsidered under the scheme He said a circular in this regard was sent to branches on February 2
But he was quick to add the OTS has nothing to do with Prime Minister Narendra Modis promise of a loan waiver to UP farmersduring the just concluded elections saying there were no talks with the Centre or state in this regard so far SBIs Uttar Pradeshportfolio will be around Rs 13000 crore
SBI had announced OTS schemes for SMEs last December and education loans early in 2016
He said other agri loans like kisan credit cards and other term-loans for tractors and farm loans may also be covered under theschemehttpwwwdnaindiacommoneyreport-sbi-announces-rs-6000-cr-tractor-loan-settlement-scheme-2352737SBI to allow one-time settlement for tractor farm equipment loansminthttpwwwlivemintcomIndustryiXDTXX1onxjwfHcz731WzJSBI-announces-Rs6000-crore-tractor-loan-settlement-schemehtmlSBI announces rs 6000-crore tractor loan settlement schemeThe Pioneerhttpwwwdailypioneercombusinesssbi-announces-rs-6000-crore-tractor-loan-settlement-schemehtml
Top
Oil Lubricants amp Alternative Fuels
Oil hovers near three-month low as investors awaits data ReutersSee this story in The Hindu Business Line
Tokyo Crude oil prices hovered near three-month lows on Tuesday in early Asian trading as investors await key reports and datathat may shed light on a supply overhang in the global market
US West Texas Intermediate crude (WTI) edged down 3 cents to $4837 a barrel by 0026 GMT The contract ended down 9 centsin the previous session after touching $4790 the lowest since the end of November
Brent crude futures were down 1 cent at $5134 a barrel having settled down 2 cents on Monday after dipping to as low as $5085
Prices fell sharply last week as investors worried that swelling US crude supplies would hinder Organization of the Petroleum
Exporting Countries (OPEC)s efforts to restrict output and reduce a global glut
Prices had risen after the OPEC and other major oil producers including Russia agreed at the end of November to rein inproduction by almost 18 million barrels per day (bpd) in the first half of 2017
ampldquoIts shaping up to be another fun week in the crude complex with OPEC releasing its monthly oil market report on Tuesdayswiftly followed by the IEAs monthly oil market report the day afteramprdquo Matt Smith analyst at ClipperData said in a note
The International Energy Agency releases its closely watched monthly oil market report on Wednesday
Data from the industry group the American Petroleum Institute on US crude and product stockpiles is also due out later on Tuesday
Analysts said the slump may not have much further to go now that prices have fallen more than 8 percent since last Monday thebiggest week-on-week drop in four monthshttpwwwthehindubusinesslinecommarketscommoditiesoil-hovers-near-threemonth-low-as-investors-awaid-dataarticle9582601ece
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News Magazines
Mahindra Electric geared up to be a component supplier Autocar India
Speaking to Autocar India Mahindra Electric (ME) stated that the company is open to being a supplier to other vehiclemanufacturers and will sell complete electric drive systems to those interested At present the ME plant builds the e2o while it shipsout the drive systems for the eVerito sedan and eSupro van For this purpose the production line has been modified to produce notjust built-up vehicles but also fully ready electric drive systems that can be offered to other manufacturers interested in procuringthem With expertise in electrification virtually absent in India ME hopes to build on its first-mover advantage and cater to theindustry Itamprsquos unlikely that there would be any takers for passenger cars but commercial and three-wheeler manufacturerscould be potential customers
Mahindra also confirmed that they are open to supplying other bits like charge system controllers as well Mahindra outsources thebattery and electric motor for its EV powertrains and has no plans of producing these components in-house as apart from the hugeinvestments needed there is no real advantage Battery technology is quite specialised and there are many players in this fieldalready And with electric motor efficiency already at 80 percent ampndash compared to about 30 percent for internal combustionengines ampndash there is very little to differentiate one EV maker from another Mahindra believes the real differentiator in the nearfuture will be in the battery management systems where big gains can be made in the charging and discharging cycle Thus ME isputting a lot of effort into this area and going forward has ambitions to be a supplier solely for battery management systems toother manufacturershttpwwwautocarindiacomauto-newsmahindra-electric-geared-up-to-be-a-component-supplier-404432aspx
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Tesla Model Y SUV due by 2019 Autocar India
Tesla Inc recently renamed from Tesla Motors Inc is on the verge of what it says will be a massive expansion of production with twonew models due to arrive in the next two years
Alongside the much-hyped Model 3 Tesla is also expected to launch an entry-level crossover based on the same platform andrumoured to be badged the Model Y
The starting price of the Model 3 is likely to be around $37000 (Rs 2435 lakh approx) with the Model Y expected to be slightlymore expensive However Tesla founder Elon Musk believes the transaction prices of the new compact Teslas will go higherbecause buyers will be keen to add paid options to their vehicles
While the compact Model Y could turn out to be Teslaamprsquos best seller ampndash some seven million crossovers of all types weresold in the US last year ampndash Musk recently tweeted that the Model 3 remained the biggest priority for the company
The Model Y is unlikely to be unveiled until sometime next year with production set to follow late in the year Little in the way ofspecification has been released though it is expected to borrow the top-hinged amplsquofalcon wingamprsquo rear doors from thebigger Model X SUV
The Model Y will also have the promised updated electrical architecture that will allow Tesla to offer full autonomous drivingcapability Future Tesla cars will be equipped with as many as eight cameras giving a 360-degree view of the surroundingroadscape as well as 12 ultrasonic sensors and a amplsquonewamprsquo forward-facing radar that works in the worst weatherconditions Existing radar systems can be fooled by heavy rain and fog
Musk also said the new electrical architecture has a brain that is as much as ampldquo40 timesamprdquo more powerful than onprevious Teslas calling it a ampldquosupercomputer inside the caramprdquo The autonomous driving technology though will be offered
as add-on option to customers on both entry-level Teslas
Another challenge for the Model 3 and Y will be balancing their lower price against the need for a battery big enough to give anacceptable range
The entry-level Model 3 may have a cheaper sub-60kWh battery but will still need to have a range of at least 370km The ModelYamprsquos more bluff shape and greater frontal area might mean a bigger battery for the same range and so a slight price premium
Tesla is in a race against time to achieve the kind of production levels needed to turn around what is still a cash-hungry operationThe firm has spent nearly $2 billion (Rs 1316350 crore approx) since 2010 with investments including building the battery-makingGigafactory and trying to expand car production to a massive 500000 units a year
Tesla delivered around 76000 vehicles last year but says it was able to build around 2000 cars a week by the second half of 2016With as many as 400000 deposits taken for the Model 3 the company is looking to produce well over 100000 of the BMW3-series rival before the end of this year
Muskamprsquos expansion plans will test the limits of the capabilities of Teslaamprsquos suppliers and those of its own plant inFreemont California But getting to annual sales of half a million vehicles should finally push the carmaker into profit and secure thecompanyamprsquos long-term futurehttpwwwautocarindiacomauto-newstesla-model-y-suv-due-by-2019-404434aspx
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VW promises higher focus on EVs after record sales year Autocar India
The Volkswagen Group ampldquowill be a role model in environmental protection safety and integrityamprdquo according to CEOMatthias Muller who was speaking as the firm confirmed a record-breaking sales year in 2016
Outlining plans for the firm to reinvent itself as a far-reaching mobility company in the wake of the emission scandal Muller revealedthat the VW Group sold 103 million cars in 2016 making it the worldamprsquos largest car manufacturer It made pound62 billion in profitafter allowances including pound56 billion of losses to cover emission scandal costs In 2015 expenses relating to emission scandalamounted to pound142 billion
Most notably its sales in China where the effects of the diesel crisis were negligible grew 122 percent and its 2016 salesrevenues of pound1904 billion also exceeded forecasts by pound35 billion
ampldquoThe last year was challenging yet remarkably successfulamprdquo said Muller ampldquoIn 2016 we set the course for thebiggest transformation in the history of the company while at the same time performing better in our operating business than manythought possibleamphellipVolkswagen is back on trackamprdquo
Muller vowed that the success would be a catalyst for further change adding ampldquoWe will still be one of the most successfulautomakers in 2025 But we will also be a leading international provider of sustainable mobility and set the standard for new mobilityservicesamprdquo
New initiatives include a stated goal of taking leadership in the field of battery technology by 2025 which is by when the VW Grouphas committed to have solid state batteries in production These are seen as the next technological step over the lithium-ionbatteries currently favoured by most manufacturers The VW Group has committed to have 30 battery-electric vehicles on sale by2025
He also signalled that Audi had been tasked with leading the Groupamprsquos autonomous driving projects while adding that the VWGroup now had 37 centres around the world working on autonomous and digital service ideas pivoting around the Groupamprsquosnew mobility company Moia which was set up last year
Muller also highlighted recent joint ventures ampndash in China with FAW and JAC the latter of which will lead to the co-developmentof a budget electric car line in India with Tata Motors and in America with Navistar which is in the commercial vehicle segmentampndash as examples of the firmamprsquos commitment to forging partnerships to boost sales success He also confirmed that thefirst economy vehicles to be developed by the brand will go on sale in emerging markets in 2018httpwwwautocarindiacomauto-newsvw-promises-higher-focus-on-evs-after-record-sales-year-404433aspx
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Mercedes to expand E-class range with E 220 diesel Autocar India
The tenth-generation Mercedes-Benz E-class launched for the first time in India with a long wheelbase has moved the goalposts toset new standards for comfort and space in its segment The E-class comes with two engine options ampndash the base E 200 petroland the top-of-the-line
E 350 diesel Priced at Rs 5670 lakh and Rs 7015 lakh (ex-showroom Delhi) respectively these two variants bookend the E-classrange and is essentially aimed at two sets of customers The E 200 buyer is likely to be almost always chauffeur-driven and henceis mainly interested in rear seat space and comfort while the E 350d customer wants all the bells and whistles as well as the
sublime driving experience only the silky smooth and torquey V6 diesel can offer
However that still leaves a massive Rs 1345 lakh gap in the range which no doubt future E-class variants will eventually plug butwhich one will find that sweet spot to form the bulk of E-class sales
Itamprsquos no surprise then that Mercedes-Benz India is readying a base diesel which like the previous-generation W212 E-class islikely to be the most popular variant offering a strong dose of practicality without too much of a compromise on refinement andluxury
But unlike the W212 which had the E 250d representing the base diesel in the range Mercedes-Benz India is offering the lower E220d as the starting point for the E-class diesel This suggests that the E 220d will be very attractively priced when it goes on salearound June 2017 and could be priced very close to the E 200
The E 220amprsquos all-new 20 litre four-cylinder diesel which pumps out 194hp and 400Nm of torque may not have the punch ofthe outgoing E 250damprsquos 204hp and 500Nm motor but again given the chauffeur-driven focus the new E-class has beenconceived for the newE 220damprsquos performance is unlikely to be an issue
What is a big issue however is downgrading the 20-litre motor which has been designed for stricter Euro-VI emissions to run onlocally available BS-IV diesel ampldquoItamprsquos such a waste of engineering resource and a step backwardsamprdquo said aMercedes-Benz engineer The 2143cc (OM651) diesel engine which powered the previous E-class was easier to adapt to BS-IVfuel unlike the spanking new high-tech 1995cc (OM654) diesel thatamprsquos built to meet the latest global emission standards Infact the OM654 made its debut in the latest E-class when it was launched globally in 2016 Its advanced tech includes a uniquealuminium engine block with steel pistons a special low-friction coating for the cylinder walls and a fourth-generation common-raildiesel injection system At 168kg it is 31kg lighter than the engine it replaces
Downgrading a Euro-VI engine to BS-IV standards takes a lot of time and resources but there is no way out until fuel pumps in Indiaget low-sulphur BS-VI fuel which is not expected until 2020 The BS-IV-spec OM654 wasnamprsquot ready in time for the newE-class launch and this is one reason why the E 220d is coming a couple of months later The other reason could be a strategicone Mercedes-Benz India wants to wait until BMW launches the all-new 5-series expected in June and in a counter move tweakthe E 220damprsquos mix of specifications features and price accordingly A starting price of Rs 57-58 lakh for the E 220disnamprsquot unlikely especially since this variant will be Mercedes-Benz Indiaamprsquos trump card in a luxury car segment it seemsdetermined to dominatehttpwwwautocarindiacomauto-newsmercedes-to-expand-e-class-range-with-e-220-diesel-404429aspx
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Nissan to launch Kicks SUV in Q3 2018 Autocar India
The Nissan Kicks SUV which made its global debut in 2016 in Brazil will be launched in India in the third quarter of 2018 accordingto company sources
However unlike the South American model which is spun off Nissanamprsquos V-platform the made-for-India Kicks (code PB1D)will be based on the upcoming Renault Kapturamprsquos (code HHA) platform This is essentially a modified version ofRenaultamprsquos proven M0 platform that underpins cars like the Duster and Lodgy which are known for their robust mechanicals
The M0 is also a critical part of the Renault-Nissan Allianceamprsquos platform strategy in India which is essentially centred aroundtwo platforms Whilst the CMF-A and CMF-A+ platforms underpin Renault and Nissanamprsquos (and later Mitsubishiamprsquos) smallto mid-size car range in India the M0 platform will cater to higher end products The low-cost M0 platform has proved to be a cashcow for Renault globally and is ideally suited for markets like India The allianceamprsquos European-spec CMF-B platform was alsoevaluated initially but was eventually rejected as it proved to be a lot more expensive than the M0 which has also been localisedover the years
Developed and conceived originally by Renault for its Dacia sub-brand over a decade ago the French carmaker has first rights toproducts spun off the M0 platform and hence like the Nissan Terrano which followed the Renault Duster the Nissan Kicks too willfollow the Renault Kaptur to India but almost a year later
While both the Kaptur and Kicks will use the same modified version of the platform the amplsquotop hatsamprsquo will be completelydifferent The Kicks design and styling will mirror the South American car and thatamprsquos no bad thing
Sharply styled with lots of distinctive design touches like a floating roof massive wheel arches and a wraparound visor look theKicks wonamprsquot have a problem standing out on Indian roads The good thing is that the edgy design hasnamprsquot compromisedpracticality and Nissan claims best-in-class space in the back seat
Cars based on the M0 platform get a choice of just two engines a 16 petrol and the venerable 15 K9K diesel and hence these arelikely to be carried forward into the Kicks as well The 15 diesel is expected to be the mainstay but its likely that in its latest iterationthere will be a small bump up in power and torque
Nissan has set an ambitious target of 30000 Kicks in its first full year of production with an additional 20000 units earmarked forexports Pricing will be crucial for the Kicksamprsquo success and Nissan may do well to undercut its rivals to buy some much neededmarket sharehttpwwwautocarindiacomauto-newsnissan-to-launch-kicks-suv-in-q3-2018-404426aspx
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International News
Volkswagen CEO gets 778 mn euros in pay and benefits for 2016 ReutersSee this story in The Economic Times
Wolfsburg Volkswagen Groups Chief Executive Matthias Mueller was awarded 778 million euros ($828 million) in pay andbenefits for 2016 up from 417 million euros in total remuneration awarded a year earlier the companys annual report showed onTuesday
Mueller was not awarded a full years CEO pay for 2015 since he only took over as chief executive in September following theresignation of his predecessor Martin Winterkorn who was forced out in the wake of a diesel emissions cheating scandal
Volkswagen overhauled its bonus and executive pay policy in February this year to cap total pay for its chief executive at 10 millioneuros ($106 million) and other top managers at 55 million euros
Volkswagen brand chief Herbert Diess saw his total remuneration for 2016 fall to 393 million euros down from 713 million in 2015the annual report showed
($1 = 09401 euros)httpautoeconomictimesindiatimescomnewsindustryvolkswagen-ceo-gets-7-78-mn-euros-in-pay-and-benefits-for-201657631837Volkswagen CEO Matthias Mueller says not ruling out merger talks with Fiat ChryslerThe Financial Expresshttpwwwfinancialexpresscomindustryvolkswagen-ceo-matthias-mueller-says-not-ruling-out-merger-talks-with-fiat-chrysler587861
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Volkswagen CEO US remains core market for company APSee this story in The Economic Times
Frankfurt The CEO of German automaker Volkswagen says the United States remains a core market for the company despite itsdiesel emissions scandal and has underlined that it hopes to expand there
Matthias Mueller made the comments Tuesday at the companys annual news and investor conference at its headquarters inWolfsburg Germany
Mueller said that we are standing by our investment decisions and intend over the long term to play a significantly greater role therethan today
The Volkswagen brand has only a small share in the US market although it is important for the companys luxury brands Porscheand Audi It makes cars in Chattanooga Tennessee
US authorities uncovered Volkswagens use of engine control software that enabled vehicles to cheat on emissions testshttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsvolkswagen-ceo-us-remains-core-market-for-company57633149
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Volkswagen targets strong 2017 even as core brand struggles ReutersSee this story in The Economic Times
Wolfsburg Germany Volkswagen said it was capable of shouldering the costs of its emissions crisis and was targeting an evenbetter year than in 2016 but warned that its core autos division continued to struggle
We see good chances of being able to ride the wave of the positive performance last year when Volkswagen turned in recordunderlying profit helped by sales of upmarket Audis and Porsches Chief Executive Matthias Mueller said on Tuesday at thecarmakers annual news conference
Volkswagen expects group revenue to exceed last years record 217 billion euros ($231 billion) by as much as 4 percent this yearand is forecasting an underlying operating margin of between 6 and 7 percent compared with 67 percent in 2016 it said affirminga forecast given on February 24
The company also aims to moderately exceed last years record 103 million deliveries
You can rest assured that we will do everything in our power to make 2017 an even better year than 2016 the CEO said
But Volkswagen appears to be making slow progress in tackling the biggest trouble spot within the 12-brand group thelong-planned turnaround of its core autos division
Operating profit of the namesake brand slipped further to 187 billion euros in 2016 from 210 billion a year earlier because of highermarketing costs related to dieselgate and plunging demand in Brazil and other key markets finance chief Frank Witter said
($1 = 09394 euros)httpautoeconomictimesindiatimescomnewsindustryvolkswagen-targets-strong-2017-even-as-core-brand-struggles57630343
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VW CEO says not ruling out merger talks with Fiat Chrysler boss ReutersSee this story in The Economic Times
Wolfsburg Volkswagen Chief Executive Matthias Mueller said he is not ruling out talks with Fiat Chrysler boss Sergio Marchionneabout a possible merger
I am not ruling out a conversation Mueller told reporters on Tuesday after the carmakers annual earnings press conference inWolfsburg
Marchionne has long advocated car industry mergers to share the costs of making cleaner and more technologically advancedvehicles and has repeatedly relayed his desire via the media
It would be very helpful if Marchionne were to communicate his considerations to me too and not just to you Mueller said
I am pretty confident about the future of Volkswagen with or without Marchionne
Only last week Mueller appeared to dismiss the prospect of talks with Fiat Chrysler
We are not ready for talks about anything he told Reuters on the fringes of the Geneva auto show I havent seen Marchionne formonths he said at the timehttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsvw-ceo-says-not-ruling-out-merger-talks-with-fiat-chrysler-boss57632909
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Volkswagen chief denies talks with Fiat AFPSee this story in The Economic Times
Berlin Volkswagen chief Matthias Mueller on Tuesday denied rumours that the German auto giant was in talks with rival FiatChrysler
At present there is no contact between me and Fiat Chrysler boss Sergio Marchionne Mueller told the companys annual pressconference in Wolfsburg north Germany
Marchionne had said at the Geneva car show last week that he was expecting Volkswagen to reach out as more firms are thinkingof cost-cutting tie-ups in the vein of Frances Peugeot and German carmaker Opel
In response Mueller said he had other problems since VWs 2015 admission that it installed software to cheat regulatoryemissions tests in 11 million vehicles worldwide
He nevertheless added that Ive never said a tie-up with any other partner is altogether ruled out
VW clawed its way back to profit in 2016 and pulled ahead of Toyota to become the worlds biggest carmaker by unit sales shipping103 million vehicles over the year
Mueller on Tuesday confirmed the groups forecast of moderate growth in sales in 2017
But the firm is far from turning the page as it continues to refit cars equipped with the cheating software and faces legal action fromcustomers and investors in numerous countries
The final bill for the scandal is impossible to predict Mueller acknowledged
All we know is that this question will keep us busy for a long time several years he saidhttpeconomictimesindiatimescomindustryautovolkswagen-chief-denies-talks-with-fiatarticleshow57633113cms
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Volkswagen has good chances to build on strong 2016 performance CEO ReutersSee this story in The Economic Times
Germany Volkswagen has good chances of building on its strong 2016 performance when it swung to a record underlying profitdespite its diesel emissions crisis Chief Executive Matthias Mueller said
The Volkswagen Group is in very robust shape Mueller said on Tuesday at the carmakers annual news conference in Wolfsburg
VW expects group revenue to exceed last years record 217 billion euros ($231 billion) by as much as 4 percent this year and isforecasting an underlying operating margin of between 6 and 7 percent compared with 67 percent in 2016 it said affirming aforecast given on Feb 24
Still operating profit of its core autos division slipped further to 187 billion euros in 2016 from 210 billion a year earlier as the brandis struggling to implement a wide-ranging turnaround planhttpeconomictimesindiatimescomnewsinternationalbusinessvolkswagen-has-good-chances-to-build-on-strong-2016-performance-ceoarticleshow57630339cms
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BMW i3 batteries to be used by Vattenfall The Economic Times
New Delhi Swedish power making company Vattenfall and German auto giant BMW Group have signed a contract for the deliveryof up to 1000 lithium-ion batteries this year The batteries with a capacity of 33 kilowatt hours (kWh) each are equipped with aBMW-owned battery management system and are also used by the car manufacturer in the BMW i3
Vattenfall will purchase the new batteries from the BMW plant in Dingolfing and use them in all storage projects
Energy storage and grid stability are the major topics of the new energy world says Gunnar Groebler Senior Vice President ofVattenfall and Head of Business Area Wind
We want to use the sites where we generate electricity from renewable energies in order to drive the transformation to a newenergy system and to facilitate the integration of renewable energies into the energy system with the storage facilities Thedecoupling of production and consumption and the coupling of different consumption sectors are in the focus of our work
The first energy storage from the BMW-i3 batteries is being built at the 122 MW onshore wind farm Princess Alexia nearAmsterdam With a capacity of 32 megawatts (MW) it is Vattenfalls first large storage project in the Netherlands
Pending on a final investment decision the largest battery storage will be built at the Vattenfall wind farm Pen y Cymoedd (230 MW)in South Wales - a 22-megawatt storage facility which will help to support the stability of the country-wide power grid in the UK aspart of the so-called EFR (Enhanced Frequency Response) service
As part of the project Norddeutsche Energiewende NEW 40 Vattenfall together with the Hamburg University of Applied Sciences(HAW) and the company Nordex will implement a large battery storage at the future wind farm in Hamburg-Bergedorf
This is a so-called storage control unit made of batteries It is meant to maintain the security of supply with a feed-in of 100 percentrenewable energy In addition the battery storage contributes to the improvement of the network quality and the more efficient useof the existing network structure Other possible applications would be electricity storage in private households Energy storagesolutions are an important part of Vattenfallamprsquos strive to power climate smarter living
We are pleased that we have found a supplier in BMW who meets our high safety requirements with the use of the batteries withreliably good quality from German series production says Daniel Hustadt project manager for large batteries at VattenfallInnovation GmbHhttpautoeconomictimesindiatimescomnewsindustrybmw-i3-batteries-to-be-used-by-vattenfall57630728
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Toyota to look at Saudi production as the countries seek closer ties ReutersSee this story in The Economic Times
New Delhi Toyota Motor Corp signed a memorandum of understanding (MOU) on Tuesday with a Saudi Arabian governmentagency to conduct a feasibility study into producing vehicles and parts in the Middle Eastern nation
The move if firmed up would be a big step for the Saudi economy as the government tries to diversify beyond oil exports andcreate jobs as part of the kingdoms 2030 Vision
So far Saudi Arabia and other Gulf oil exporters have failed to significantly develop industries such as automaking because theylack broad industrial bases and a skilled local workforce
The study would take into account the evaluation of development of a local supply base using materials produced by major Saudi
companies like Sabic Maaden Petro Rabigh and other major industrial companies in the kingdom the official Saudi state newsagency reported
The MOU is with Saudi Arabias National Industrial Clusters Development Program (NICDP)
Meanwhile state-run Saudi Aramco has signed MOUs with five Japanese entities during a business forum that both nations hostedon Tuesday coinciding with a visit by Saudi Arabias King Salman this week
Saudi Aramco and Japans biggest oil refiner JX Nippon Oil amp Energy (5020T) agreed to consider a refinery joint venture in a thirdcountry and cooperation in trading and technology of oil and petrochemical products
Aramco also agreed to consider a possible future cooperation in crude oil supply and downstream business with Idemitsu KosanCompany
In addition Aramco and state-run Japan Oil Gas and Metals National Corp (JOGMEC) formally agreed to expand crude storagecapacity in Japan by 300000 kilolitres (about 19 million barrels) from the current 63 million barrels from April 1
Japan treats crude oil stored by Aramco as quasi-government oil reserves counting half of the barrels stored by Aramco as nationalcrude reserves
Companies and government organizations in both nations signed a total of 20 MOUs on Tuesday including cooperation betweenthe Saudi Arabian General Investment Authority (SAGIA) and Japans three megabanks - Mitsubishi UFJ Financial Group (8306T)Sumitomo Mitsui Financial Group (8316T) and Mizuho Financial Group (8411T) - on increasing investments in the kingdom
The MOUs also included cooperation in seawater desalinationhttpautoeconomictimesindiatimescomnewsindustrytoyota-to-look-at-saudi-production-as-the-countries-seek-closer-ties57636587
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Geneva Motor Show 2017 Airbus unveils fully electric flying car PopUp The Economic Times
Geneva Airbus along with Italdesign has unveiled the first modular fully electric zero emission concept vehicle system - PopUpat the Geneva Motor Show 2017 informed the French company in an official statement
PopUp envisages a modular system for multi-modal transportation that makes full use of both ground and airspace and isdesigned to relieve traffic congestion in crowded megacities
PopUp System consists of a three layers concept1 an Artificial Intelligence platform that based on its user knowledge manages the travel complexity offering alternative usagescenarios and assuring a seamless travel experience
2 a vehicle shaped as a passenger capsule designed to be coupled with two different and independent electric propelled modules(the ground module and the air module) Other public means of transportation (eg trains or hyperloops) could also integrate thePopUp capsule
3 an interface module that dialogues with users in a fully virtual environment
Airbus claims The PopUp vehicle combines the flexibility of a small two seater ground vehicle with the freedom and speed of avertical take-off and landing (VTOL) air vehicle thus bridging the automotive and aerospace domains
PopUpamprsquos monocoque carbon-fibre cocoon measures 26 metres long 14 metres high and 15 metres wide The capsuletransforms itself into a city car by simply coupling to the ground module which features a carbon-fibre chassis and is batterypowered
For megacity journeys with high congested traffic the capsule disconnects from the ground module and is carried by a 5 by 44metre air module propelled by eight counter-rotating rotors
ampldquoAdding the third dimension to seamless multi-modal transportation networks will without a doubt improve the way we liveand how we get from A to Bamprdquo said Mathias Thomsen General Manager for Urban Air Mobility at Airbus on the occasion ofthe unveil
ampldquoSuccessfully designing and implementing solutions that will work both in the air and on the ground requires a joint reflectionon the part of both aerospace and automotive sectors alongside collaboration with local government bodies for infrastructure andregulatory frameworks Italdesign with its long track record of exceptional vehicle design was an exciting partner for Airbus for thisunique concept projectamprdquo
ampldquoToday automobiles are part of a much wider eco-system if you want to design the urban vehicle of the future the traditionalcar cannot alone be the solution for megacities you also have to think about sustainable and intelligent infrastructure appsintegration power systems urban planning social aspects and so on In the next years ground transportation will move to the nextlevel and from being shared connected and autonomous it will also go multimodal and moving into the third dimensionamprdquo saidItaldesign CEO Joumlrg Astaloschhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsgeneva-motor-show-2017-airbus-unveils-fully-electric-flying-car-pop-up57630936
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Nissan boosts management presence at Mitsubishi Motors ReutersSee this story in The Economic Times
Tokyo Mitsubishi Motors on Tuesday said an additional four Nissan executives would join its management team as Nissan tightensits control over the smaller struggling automaker in which it took a controlling stake last year
The announcement is part of Mitsubishi Motors efforts to rebuild its management system after it admitted last year that it hadoverstated the mileage on a number of its cars sold in Japan battering domestic sales and tarnishing its brand image
From April corporate vice president positions for roles including product development and marketing and sales would be occupiedby officials from Nissan Mitsubishi Motors said
This would hike the number of Nissan executives on Mitsubishi Motors management team to seven from two now
We need to strengthen our corporate governance to avoid a repeat of last years scandal along with scandals previous to thatMitsubishi Chief Executive Officer (CEO) Osamu Masuko told reporters during a teleconference
After taking a one-third stake in Mitsubishi Motors Nissan installed Carlos Ghosn - its CEO at the time - as chairman of MitsubishiMotors while also naming two Nissan officials to Mitsubishis board of directors
Nissan also dispatched other executives to the smaller automaker including Trevor Mann previously Nissans chief performanceofficer who became chief operating officer at Mitsubishi late last year
Last month Ghosn said he would step down from the top position at Nissan to focus on deepening the companys alliance withRenault SA and Mitsubishi Motors
Separately Nissan said Shiro Nakamura the companys chief creative officer and one of Japans best-known car designers willretire after nearly 20 years at the automaker
Nakamura 66 is recognised for referencing science fiction anime and embracing Japans culture of cute in models including theGT-R supercar the Cube compact MPV and the Juke SUV crossover setting the automaker apart from many of its rivals whichhave been accused of making lookalike cars
Nakamura joined Nissan in 1999 from Japanese truckmaker Isuzu Motors and was one of the first key hires by Ghosn shortly afterGhosn himself arrived from French automaker Renault to save the company from bankruptcy
Alfonso Albaisa who currently overseas design at Nissans premium Infiniti brand will succeed Nakamura while former BMWglobal chief designer Karim Habib will become the brands new chief designer effective July 1httpautoeconomictimesindiatimescomnewsindustrynissan-boosts-management-presence-at-mitsubishi-motors57631800
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Renault Zoe e-Sport breaks covers at 2017 Geneva Motor Show The Economic Times
New Delhi In the ongoing Geneva Motor Show Renault has showcased its new two-seat version of its electric car Renault Zoee-Sport The company claims to have taken the design cues from Formula E
The ZOE e-Sport Concept is the fully electric concept car that embodies Renaultamprsquos commitment to the idea that electric carscan be fun and fast says Renault The sporting credentials of the ZOE e-Sport Concept extend beyond the caramprsquos styling andthe same blue livery as the Renault edams teamamprsquos front-running Formula E single-seaters
The bodywork of the ZOE e-Sport Concept is made entirely from lightweight carbon fibre which helps to ensure outstandingacceleration from standstill to 100kph in just 32 seconds The car tips the scales at a mere 1400 kilograms including 450kilograms of batteries
The car is powered by two electric motors capable of generating 450 bhp and 650 Nm of torque One of the motor is powered to therear axle and the other to the front axle Renault Zoe e-Sport gets the same 40 kWh battery which powers the standard variant ofthe car
Jean-Christophe Kugler CEO Renault Europe said that the concept as a link car - a styling exercise intended to connect the Zoeroad car with what Renault is doing in Formula E racing and to send a message that EVs are fun to drive Its not a signal of thefuture for Zoe and we have no intention to develop a performance version
Renault also claims that the electric performance car uses the same air and water cooling systems as the Renaultamprsquos FormulaE car The car is based on a tubular steel chassis with use of extensive carbon fibre The car also gets four driving modes
At the moment Renault has no plans to make the Zoe e-Sport into productionhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsrenault-zoe-e-sport-breaks-covers-at-2017-geneva-motor-show57627528
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Sensata Technologies opens testing facility in Bulgaria ReutersSee this story in The Economic Times
Sofia Sensata Technologies has opened its largest global testing facility in Sofia to support its automotive sensing technologies thecompany said on Tuesday
Sensata which has manufacturing sites in 13 countries already employs 3000 people in Bulgaria where it produces pressure andhigh temperature sensors for the automotive market and operates a business centre
In recent years inexpensive labour low taxes and an educated workforce have encouraged dozens of car part producers and ITand business outsourcing companies to set up in the Balkan countryhttpautoeconomictimesindiatimescomnewsauto-componentssensata-technologies-opens-testing-facility-in-bulgaria57632975
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Driving driverless Quest for an autonomous car has reached a truck now Nandagopal RajanThe Financial Express
At San Franciscoamprsquos Pier 90 chock-a-block with cargo vehicles it is pretty tough for any truck to stand out But a white Volvotruck with Otto emblazoned on it is the centre of attention This is the next big thing in automated cars and has already shown itsmettle by delivering a consignment of Budweiser beer in Colorado without a driver controlling it on the freeway
Uber is one of the many companies thinking in terms of driverless car While CEO Travis Kalanick says automated vehicles areampldquoexistentialamprdquo for the ride-hailing companyamprsquos future he is not alone in the race to drive without drivers Just in theUS at least 23 companiesampmdashincluding Tesla Google and Volkswagenampmdashhave registered in autonomous vehicleprogrammes The idea that fuels this cutting-edge technology is pure economics at the end of the day Cars suffer from seriousissues of inefficiency as they sit idle 95 of the time Considering that the world has 1200000000 cars this is inefficiency at agargantuan scale Add to this the fact that cars amount for 22 of all emissions globally and muddy the urban infrastructureproblem by creating the need for parking spaces
Since 1984 when the first experimental self-driving cars appeared there has been much progress on the technology leading toMercedes-Benz showcasing its concept car the F 015 at the Consumer Electronics Show in Las Vegas in 2015 Everyone has adifferent take on the technology but in the end the idea is to make cars intelligent and independent enough to be aware ofsurroundings and take decisions based on that
Interestingly Uberamprsquos dream is to bring ampldquoreliable transportation to everyone everywhereamprdquo now extended toeverything too with the trucks from Otto a start-up it acquired last year Matt Sweeney who heads product at UberamprsquosAdvanced Technology Group says ampldquothe truck and passenger vehicles share software and hardware components and thishelps us work on different aspects of the self-driving problem at the same timeamprdquo But on scope passenger vehicles are forurban environments where Uber has its focus on ride-sharing while trucks will be for high-speed highways where the constraintsare different
Just last week Uber got a permit from California Department of Motor Vehicles to test two self-driving Volvo SUVs on public roadsthough it will need to have backup drivers behind the wheel in case the prototype cars malfunction Its self-driving cars have beenrunning test drives in other parts of the US too
The Otto truck comes with a rig of radars laser scanners and stereo cameras that give the computers inside a live 360-degreevision of its environment with high dynamic range high resolution and high colour information imagery so that the truck can besmart enough to decide what to do next But the computing task this presents is ampldquoalmost as big as a small datacentreamprdquo Sweeney says the computing has to be done inside as ampldquothere is no tech that can let us send all that data tothe cloud real time and hence a lot of the computing has to be done in the truck itselfamprdquo
ampldquoA lot of the tech is based on prior mapping but in subsequent runs we see differences that have come about in the area andpay attention on those objects that are differentamprdquo
Interestingly Otto is being sued by Googleamprsquos Waymo self-driving car unit which claims its former employee and start-upfounder Anthony Levandowski stole its proprietary design for its laser-based radar system There are other challenges tooampldquoUber tech is different because we are trying to make this on top of the ride-sharing network that we already haveamprdquo headded
Nissan in contrast keeps the driver and not the technology at the centre and its definition of an ampldquoautonomous caramprdquo ishence a vehicle with different levels of driving technologies that enable it to operate autonomously for certain periods of time ANissan spokesperson said on the technology side the challenges are in artificial intelligence software development data processingand digital mapping technologies while on the social environment side laws and regulations along with modifications of roadinfrastructure will become necessary
This contrast in technologies is why it is important to see how the entire ecosystem evolves maybe with different platforms talkingto each other But Uber is not depending on this ampldquoWe need to see and interact with vehicles but there is no guarantee wewill have that technology So we are approaching it with the assumption it wonamprsquot existamprdquo says Sweeney
Uberamprsquos goal is to take its technology everywhere but can these vehicles actually be practical for an environment like IndiaSweeney accepts the new elements this will throw in along with the sheer volume will present a slew of challenges ampldquoThoseare situations we think we will be able to tackle but those are not the first places we will goamprdquo he explains adding that theywill look for opportunities where they can deploy this technology safely Clearly this drive has just started(The author attended the Uber Media Summit in San Francisco at the invitation of Uber)httpwwwfinancialexpresscomopiniondriving-driverless-quest-for-an-autonomous-car-has-reached-a-truck-now588112
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Samsung completes acquisition of Harman The Economic Times
New Delhi The arrest of the Vice-Chairman of Samsung Board Lee Jae Yong on bribery and corruption charges has not affectedthe deal between Samsung and Harman International IndustriesIn a media statement the South Korean giant confirmed thecompletion of its largest such deal ever
Under the terms of the merger agreement Harman stockholders will receive $11200 per share in cash The completion follows thesatisfaction of all conditions to the closing of the transaction including approval of the transaction by HARMAN stockholders andreceipt of all necessary regulatory approvals in the United States and certain foreign jurisdictions
ampldquoToday is a historic moment for us The close of this transaction opens the door to create substantial growth opportunitiesand deliver greater benefits for customers worldwideamprdquo said Young Sohn President and Chief Strategy Officer of SamsungElectronics and Chairman of the Board HARMAN ampldquoWe see transformative opportunities in the car ampndash and a futurewhich seamlessly connects lifestyle across automotive home mobile and work Samsungamprsquos and HARMANamprsquosleadership in these spaces perfectly positions Samsung to be the preferred partner to our OEM customers In addition bringingtogether HARMANamprsquos iconic audio brands and capabilities paired with Samsungamprsquos leading display technologies willdeliver enhanced audio and video experiences to consumers and professional end markets And most importantly we areenthusiastic about our common vision the similarities in our culture of innovation and the added value we can create for customersWe look forward to working with all of HARMANamprsquos employees to execute on our visionamprdquo
Harman boasts around 30000 employees spreadout across different brands including JBL Infinity Lexicon and Mark LevinsonThe company will continue to conduct business as an independent subsidiary under the terms of the deal with Samsung
ampldquoWe are excited to have completed the transaction which provides compelling cash value to our stockholders benefits ourcustomers and provides new opportunities for our employeesamprdquo said Dinesh Paliwal Harman President and CEOampldquoSamsung shares our commitment to our customers and our culture of speed innovation and execution Samsung providesHarman with the scale platform and complementary technologies to accelerate growth and extend our global market leadership inautomotive smart audio and connected technologies Recognizing the importance of partnerships in an increasingly connectedworld particularly in automotive we are poised to leverage our combined teams and resources to produce even greater value forour customers Working closely with automakers and other technology companies Samsung and Harman will define ampndash anddrive ampndash the future of automotiveamprdquohttpautoeconomictimesindiatimescomnewsauto-technologysamsung-completes-acquisition-of-harman57624440
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Skoda delivers 81200 units in Feb 2017 globally The Economic Times
Mlada Boleslav Czech car manufacturer Skoda in a press release stated that the company delivered 81200 vehicles to customersworldwide in February 31 more than in the same period last year (February 2016 78800) brvbarkoda also claims that it has soldmore cars than any February in its history The Czech manufacturer achieved double-digit growth in Central and Eastern Europe (+129 and + 133) India (+ 128) and Israel (+ 198) among others
We are delighted with our strong start to 2017 We expect the market launch of the OCTAVIA product upgrade as well as the newKodiaq to create further momentum says Werner Eichhorn brvbarKODA Board Member for Sales and Marketing
In Western Europe deliveries to customers rose by 70 in February to 34800 vehicles (February 2016 32500) With 12600vehicles Germany remains the strongest single European market (February 2016 12100 vehicles +45) brvbarKODA recordeddouble-digit growth rates in the UK (3400 vehicles +236) Italy (2200 vehicles + 201) Belgium (2 000 vehicles +271) andAustria (1900 vehicles +647)
In Central Europe brvbarKODA achieved an increase of 129 with 17400 cars (February 2016 15400 vehicles) Deliveries on thehome market of the Czech Republic rose by 88 to 8200 vehicles in Poland (5700 vehicles + 163) Slovakia (1700 vehicles+154) Slovenia (600 vehicles +226) and Croatia (300 vehicles +469) also rose in double figures
In Eastern Europe excluding Russia Skoda achieved a year-on-year increase of 133 with 2800 vehicles delivered (February2016 2500 vehicles) In the same period 400 customers in Ukraine received their new brvbarKODA ampndash an increase of 939(February 2016 200 vehicles) The number of deliveries increased significantly in Bosnia (200 vehicles + 557) Bulgaria (200vehicles +175) and the Baltic States (600 vehicles + 229) In Russia brvbarKODA achieved an increase of 46 with 4300vehicles (February 2016 4100 vehicles)
In China ampndash the brandamprsquos largest market worldwide ampndash brvbarKODA handed over the keys to 15000 new vehicles(February 2016 18500 vehicles -188) Deliveries overseas increased by 98 to a total of 2500 vehicles
At the Geneva Motor Show brvbarKODA is presenting several new highlights These include the brvbarKODA KODIAQ SCOUT and brvbarKODAKODIAQ SPORTLINE alongside the extensively upgraded brvbarKODA OCTAVIA as well as the sporty spearhead brvbarKODA OCTAVIA RS245 and the brvbarKODA OCTAVIA SCOUT with a rugged off-road look In addition the upgraded brvbarKODA models RAPID and RAPIDSPACEBACK and Citigo are on show
brvbarKODA deliveries to customers in February 2017 (in units rounded off by model +- in percent compared to February2016)brvbarKODA OCTAVIA (28600 -86)brvbarKODA FABIA (16700 + 152)brvbarKODA RAPID (15000 + 121)brvbarKODA SUPERB (10900 + 171)brvbarKODA KODIAQ (1300 + 1000)brvbarKODA YETI (6300 -157)brvbarKODA CITIGO (only sold in Europe 2300 -164)httpautoeconomictimesindiatimescomnewspassenger-vehiclecarsskoda-delivers-81200-units-in-feb-201757626693
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Isuzu claims more durability on its diesel engines for trucks The Economic Times
Indianapolis Isuzu Commercial Truck of America has announced that the B10 durability rating of its 4HK1-TC diesel engine hasbeen increased to 375000 miles informed the company in an official statement
To elaborate further on what it means the Japanese commercial vehicle manufacturer went on to say that A B10-life rating is anindustry-standard gauge provided by engine makers to help consumers determine the long-term durability of an engine Thenumber following the B indicates the percentage of an engineamprsquos population that will require an overhaul before the indicatedmileage
That means that 90 of Isuzu 4HK1-TC engines are expected to last 375000 miles before they require a major repair or rebuildPreviously the 4HK1-TC engine carried an already-robust B10 durability rating of 310000 miles added the company
ampldquoWe are proud to say that Isuzu diesel engines are already known worldwide for their long-term dependabilityamprdquo saidShaun Skinner president of Isuzu Commercial Truck of America ampldquoOur new B-10 rating is strong evidence that our enginesare even more durable than everamprdquo
The turbocharged intercooled 4HK1-TC four-cylinder diesel engine displaces 52 liters and generates 215 horsepower Torqueratings vary depending on model The engine is fitted to Isuzu NPR-HD NPR-XD NQR and NRR models as well as the all-new2018 Isuzu FTR Class 6 truck
The company made the above announcement at the National Truck Equipment Associationamprsquos 2017 Work Truck Show inIndianapolis held on March 13httpautoeconomictimesindiatimescomnewsauto-componentsisuzu-diesel-engines-for-trucks-now-become-more-durable57626832
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MoS visits Rolls-Royces new logistics centre in England The Economic Times
New Delhi Nick Gibb Minister for School Standards and MP for Bognor Regis and Littlehampton has visited Rolls-Royce MotorCars Technology and Logistics Centre on Monday informed the British luxury car maker in a media release
During the visit Gibb toured the facility met the expert team onsite and was briefed on the companyamprsquos future plans to expandthe Centre He also took the opportunity to learn more about the Rolls-Royce Motor Cars apprenticeship graduate and internprogrammes
Nick Gibb said ampldquoThe original announcement that Rolls-Royce Motor Cars would be locating its Technology and LogisticsCentre in Bognor Regis was a great boost for our town and warmly welcomed I am delighted to see the huge new state of the artfacilities fully operational and providing high quality jobs for local people The support of such a prestigious company is good newsfor Bognor Regis and for the wider local economyamprdquo
He continued ampldquoIt is very welcome that Rolls-Royce operates an apprenticeship scheme ensuring the company has the skillsit needs for the future and providing opportunities and training for a cohort of young people every year This year Rolls-Royce istaking on record numbers of apprenticesamprdquo
The new Rolls-Royce Technology and Logistics Centre at Bognor Regis opened on schedule in January 2016 The purpose-built30000m2 facility is located close to the companyamprsquos head office and manufacturing plant at Goodwoodhttpautoeconomictimesindiatimescomnewsindustrymos-visits-rolls-royce-new-logistics-centre-in-england57626981
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All new Mazda CX-5 to be produced at Hofu Plant The Economic Times
Hiroshima Japan Japanese automaker Mazda Motor Corporation starting from November is going to produce the all-new MazdaCX-5 crossover SUV at its Hofu Plant in addition to the Hiroshima Plant where it is currently produced
The company informed that the move will help the automaker respond quickly and flexibly to growing demand for SUVs globally
Mazda aims to create a production system that can respond flexibly to changes in demand for crossover vehicles as it works tomeet its global sales goal of 165 million units
Launched domestically in February the all-new CX-5 has till date recorded sales of 16639 units about seven times the monthlytarget claims the company
As with the CX-3 starting production of the CX-5 at Hofu Plant as well is part of our plan to build a production framework that givesus more flexibility between plants and between models said Masatoshi Maruyama Managing Executive Officer in charge of GlobalProduction We will do everything we can to get customers the crossover vehicles they want as quickly as possiblehttpautoeconomictimesindiatimescomnewspassenger-vehicleuvall-new-mazda-cx-5-to-be-produced-at-hofu-plant57627447
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Rheinmetall receives over $25 mn order from American carmaker The Economic Times
New Delhi German automotive parts supplier Rheinmetall has booked its first order for a special application of coolant valves by amajor American carmaker and destined for the NAFTA market
The company in a statement said that the order has a lifetime value of over US$25 million (around Rs 165 crore) Series productionof the valves is scheduled to start in 2019 with the contract set to run for about five years
Talking about the product the company went on to say that the innovative valves play a lead role in intelligent thermal and energymanagement on modern vehicle engines These often have several cooling circuits which are controllable with the aid of switchingseat valves
As from model year 2020 this particular customer will be installing several versions of such valves on gasoline and diesel enginesfor pick-ups with over 6 liters displacement
They will take over functions in the cooling circuit of the transmission ensuring that it reaches operating temperature faster byswitching off the coolant flow when the engine is started This also helps to reduce emissions added the companyhttpautoeconomictimesindiatimescomnewsauto-componentsrheinmetall-receives-over-25-mn-order-from-american-carmaker57628058
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Nissans Infiniti names former BMW executive as new design chief ReutersSee this story in The Economic Times
Beijing Infiniti Nissan Motors premium brand named Karim Habib former global design chief for BMW as the brands new chiefdesigner effective July 1
Habib will replace Alfonso Albaisa who will be promoted to lead Nissans global design according to a press release seen byReuters Habib will report to Albaisa
Habib who has worked for several premium automotive brands including BMW and Daimler will be based in Nissans technicalcentre in Atsugi Japan and lead Infinitis design teams in Japan Beijing San Diego and Londonhttpautoeconomictimesindiatimescomnewsindustrynissans-infiniti-names-former-bmw-executive-as-new-design-chief57630437
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Elon Musks bold offer of Tesla batteries wont solve Australias power problems ReutersSee this story in The Economic Times
Launceston Australia Australia is becoming an interesting microcosm on how to or how not to transition an economy from beingpredominantly powered by coal to more climate-friendly alternatives
The dramatic intervention by Tesla Inc Chief Executive Elon Musk last week is just the latest twist in an ongoing saga that pits
business government farmers government and environmentalists against each other
Musk in an exchange of tweets with software billionaire Mike Cannon-Brookes chief executive of Atlassian Corp offered to fix theelectricity supply problems of South Australia state within 100 days of signing a contract
Musks plan is to install 100 megawatts (MW) of grid-connected battery storage which would be available to meet peak demandand would be charged with surplus electricity from other generating sources in periods of low demand
Its a bold offer and would most likely provide a quick fix to Australias fourth-largest state which suffered a blackout last Novemberand has been dealing with power shortages over the peak summer period
Businesses like BHP Billiton which operates the giant Olympic Dam copper mine in the state have been pushing for thegovernment and other stakeholders to ensure stable electricity supply saying the cost of blackouts runs into millions of dollars inlost output
Musk whose Tesla Corp is ramping up output of its battery storage packs at its Gigafactory in Nevada held talks with AustralianPrime Minister Malcolm Turnbull at the weekend as well as with South Australian Premier Jay Weatherill
The politicians will no doubt be tempted to Musks offer to install batteries especially since the electric car pioneer said if he didntmeet his 100 day deadline he wouldnt charge anything
But while Musks offer if taken up would provide a quick fix it would not do enough to mend the underlying problems at the heart ofAustralias electricity woes
Its worth looking at how Australia got itself to the point where virtually all players can agree that the nation is facing somethingapproaching an energy crisis
After all the country is not short of fossil fuels such as coal and natural gas and its climate and low population density outside themajor cities are ideal for renewables such as solar and wind power
The country is heavily reliant on an ageing fleet of coal-fired power stations which makes Australia one of the highest polluters percapita
These coal power stations are starting to close down with one shutting in South Australia last year and another planned to close inVictoria state at the end of this month
The problem is that the coal-fired power stations role as providers of base load electricity cannot be taken over by wind and solarand the role is falling to natural gas
But natural gas is also the most expensive method of generating electricity in Australia so utilities are reluctant to run their gas-firedplants until prices are high enough to justify the cost
South Australia has a gas-fired plant that was mothballed until last years power supply crisis but even with the higher prices forelectricity the operator is struggling to make the plant profitable
The state moved on Tuesday to try and address its energy security issues announcing it would build a 250 MW gas-fired plant andhelp the private sector build a 100 MW battery at a total cost of A$510 million ($385 million)
Gas Supply ConstraintsNatural gas supply is becoming a problem in Australia which may seem ironic given the country is on the verge of becoming theworlds largest exporter of liquefied natural gas (LNG) as the last of eight new plants come closer to completion
In fact the new LNG plants are copping some of the blame for the tightening natural gas market especially the three in easternQueensland state based on using coal-seam gas as the feedstock
These are being blamed for sucking domestic natural gas out of the market and into the export LNG industry
What hasnt helped is that some of Australias state and territory governments are also pursuing policies that will restrict futurenatural gas supplies
Victoria state has banned hydraulic fracturing or fracking as well as shale and coal-seam gas exploration while the NorthernTerritory New South Wales and Tasmania have various moratoriums on fracking
This leaves Western Australia Queensland and South Australia as the remaining states where onshore natural gas supplies can bedeveloped and they are now in the cross-hairs of the environmental lobby which is opposed to any and all new natural gas wells
Politicians across the traditional Labor-Liberal divide are increasingly giving in to demands to restrict natural gas exploration whilepretending that this wont have a negative impact on energy security and electricity prices
But the costs are starting to become apparent with spot electricity prices surging over the Australian summer and natural gassuppliers warning that they will be unable to meet the needs of industrial customers without action being taken
Its often the case politicians only take action when the point of crisis is reached and this appears to be the case in Australia
Whats needed is a holistic approach to energy supply as Australia transitions away from coal-fired power
This means ensuring enough natural gas is available to provide base load generation while scaling up renewables such as solar
wind pumped hydro and battery storage
Forging enough common ground with the various stakeholders will be the main obstacle but more than anything else Australia isshowing how difficult it is to end the age of coalhttpautoeconomictimesindiatimescomnewsindustryelon-musks-bold-offer-of-tesla-batteries-wont-solve-australias-power-problems57630514
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Innogy in talks with car consortium over charging stations CEO ReutersSee this story in The Economic Times
Essen Germany Innogy is in intense talks with a group of carmakers Chief Executive Peter Terium told journalists on Mondayhoping to be selected as a supplier of super-fast charging stations for electric vehicles across Europe
Its not a done deal yet Terium said pointing to strong competition from rival vendors
BMW Volkswagen Ford and Daimler plan to build about 400 next-generation charging stations in Europe that can reload anelectric car in minutes instead of hours
Sources told Reuters in January that Innogy was in talks with the consortiumhttpautoeconomictimesindiatimescomnewsindustryinnogy-in-talks-with-car-consortium-over-charging-stations-ceo57624184
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China may roll back electric vehicle quotas as industry pushes back ReutersSee this story in The Economic Times
Beijing China is considering easing proposed quotas aimed at producing more electric vehicles as Beijing gets pushback from theautomotive industry over the scale and pace of the plans
If adopted proposed changes under discussion could see a target of new energy vehicles (NEV) making up 8 percent of sales nextyear pushed to 2019 two auto executives said
The changes would lower targets from a draft policy released in September requiring 8 percent of automakers sales to be batteryelectric or plug-in hybrid vehicles by 2018 rising to 10 percent in 2019 and 12 percent in 2020
Any loosening of NEV targets would mark a pull back by Beijing which has faced opposition to the planned targets as it looks todrive its domestic carmakers to overtake global rivals in the green vehicle sector
Automakers and industry bodies have said the targets are too tough and could hurt manufacturers interests New energy vehicleslast year accounted for just 18 percent of sales in the worlds biggest autos market according to Reuters calculations based onofficial data
Its normal to make revisions as its a draft plan An Jin chairman of Anhui Jianghuai Automobile Group (JAC Motor) said on thesidelines of the National Peoples Congress in Beijing
He said he was aware of talks to revise the quota targets but said nothing was set in stone JAC hasnt been told what revisionsmight be made to the draft but I think it is possible the draft will be changed after the discussions he said
Whether the whole market can hit this quota by 2018 depends a lot on the strength of government policy If its strong then weshould be able to surpass the targets An said (But) if you consider Chinas infrastructure and the transformation of Chinas autosector then perhaps the pace will have to slow
Two Percent CutTwo executives familiar with the plans told Reuters the government was considering options for lowering the requirements
One idea was to reduce the quota requirement by 2 percent each year cutting the 2018 requirement to 6 percent said aChina-based government relations official at a major global automaker It would then be 8 percent in 2019 and 10 percent in 2020
Another option would be to push back each target by a year with the 8 percent quota starting from 2019 an executive at aJapanese car maker said
Both asked not to be named due to the sensitivity of the matter and because the draft was still under consideration
The overall policy includes quotas for plug-in cars targets for average fuel economy requirements and a credit trading system topromote green energy cars while penalizing petrol cars
The two people said the quota stand-off was tied to a disagreement between the Ministry of Industry and Information Technology(MIIT) and Chinas top state planner the National Development and Reform Commission (NDRC)
MIIT which regulates manufacturers supports a more flexible credit trading system favoured by automakers The NDRC is more
aggressive in promoting a transition to electric vehicles pushing the introduction of the stricter quotas
An NDRC spokesman said the body played a small role when the draft was open to public for discussion MIIT did not immediatelyrespond to Reuters requests for comment
China has strongly supported and subsidized electric vehicles but is gradually swapping out incentives for hard targets automakersmust meet The central government cut subsidies 20 percent this year a first reduction towards eliminating them by 2020httpautoeconomictimesindiatimescomnewspolicychina-may-roll-back-electric-vehicle-quotas-as-industry-pushes-back57623608
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Russias standards agency says Volkswagen recalls 43151 Skoda cars ReutersSee this story in The Economic Times
Moscow Russias standards agency said on Monday that Volkswagens Russian operation had informed it about the voluntaryrecall of 43151 Skoda cars due to a possible technical fault
The recall affects Skoda Octavia Superb Fabia Yeti and Rapid cars sold in Russia between 2012 and 2016 the watchdog saidhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsrussias-standards-agency-says-volkswagen-recalls-43151-skoda-cars57624140
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Economy
Rupee hits 1-12 yr high surges 78 paise on BJP sweep PTISee this story in The Economic Times
Mumbai The rupee surged by a massive 78 paise to end at a nearly one-and-a-half year high of 6582 against the US dollar onfrantic unwinding of the American currency following BJPs emphatic victory in Uttar Pradesh
Forex market sentiment soared on hopes that BJPs stellar show in state polls would pave the way for the Modi government to focuson key reform measures
The home currency resumed on a strong footing at 6620 from last Fridays closing value of 6660 at the Interbank ForeignExchange (forex) market on heavy dollar unwinding from speculative traders and exporters tracking weekend developments
Maintaining its bullish momentum against the dollar the rupee hit a fresh intra-day high of 6576 in late afternoon deals beforeending at 6582 showing a solid gain of 78 paise or 117 per cent
This is the highest closing of the rupee since November 6 2015 when it had ended at 6576
Meanwhile the RBI fixed the reference rate for the dollar at 661800 and for the euro at 704354
Financial markets too took comfort from BJPs landslide victory with the broader Nifty climbing 15245 points to a new closing peakof 9087 and the Sensex rallying 49640 points to end at 2944263
The much-anticipated turnaround on the economic front has opened up a barrage of foreign capital fund flows into India
Foreign investors pumped in over Rs 10000 crore in the Indian capital markets this month so far
It also got an added fillip from bullish macro data which showed that the countrys industrial production bounced back in Januaryexpanding by 27 per cent year-on-year
Factory output measured in terms of Index of Industrial Production (IIP) had contracted by 01 per cent in December
However inflation based on wholesale prices shot up to a 39-month high of 655 per cent in February against 525 per cent inJanuary according to official data
On the global front the dollar traded firmly higher against its major counterparts ahead of the two-day Fed meet when it could liftrates for the third time since the financial crisishttpautoeconomictimesindiatimescomnewsindustryrupee-hits-1-12-yr-high-surges-78-paise-on-bjp-sweep57635104
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Nifty hits all time high of 912275 Sensex surges 616 points after big BJP win The Economic Times
Mumbai The Nifty jumped to life highs on Tuesday after the BJPamprsquos thumping win in the crucial state of Uttar Pradeshrekindled hopes of a bigger-than-expected push for reforms by the Narendra Modi government
The Nifty up 11 so far this year crossed its previous life high of 9119 to hit 912275 before ending the day 171 or 15245points higher at 9087 This is the indexamprsquos biggest single-day gain in points since February 1 and caps a strong reboundsince the December 26 low of 7893 on demonetisation worries
The Sensex surged by 616 points or 212 intra-day before ending the day at 2944263 up 49640 points This is its biggest gainsince May 25 last year The index is the best performer among all developed and emerging market indices in local currency terms inthe past three months
The rupee surged 79 paise to a 16-month high of 6582 to the dollar as exporters sold more dollars and foreign investors boughtlocal shares BSE data showed that foreign investors bought local shares worth Rs 4089 crore their biggest single-day purchasesince February 17 when they purchased Rs 8059 crore
FPIs have bought shares worthRs 23132 crore since January this year against net sales of Rs 9800 crore in the same period lastyear The BSE Midcap and Smallcap indices gained 144 each
ampldquoOne must be ready for a correction after a rally but I am optimistic about the medium to longterm prospectsamprdquo saidMotilal Oswal chairman Motilal Oswal Financial Services Ltd ampldquoFundamentally valuations are comfortable at this point intime because of good corporate earnings growth In the short term markets may remain volatileamprdquo
BJP romped to victory in UP on Saturday winning 312 out of the 403 seats Its allies won 13 more taking the NDA tally to 325 Thisis the biggest win recorded by any party in the state since 1977 and has raised prospects of the BJP doing well in other electionsthis year and next Many political pundits also believe that the victory has improved Prime Minister Narendra Modiamprsquos chancesof retaining power in the 2019 general election
Barring the metals index all other sectoral indices on the NSE ended with gains on Tuesday About 55 stocks including TitanJubilant Life Sciences Kotak Mahindra Bank IndusInd Bank YES Bank and Indiabulls Housing Finance among others hit life highswhile 92 stocks were locked in upper circuit with no sellers
ampldquoWith the sharp rally the market which is currently susceptible to global risk is trading at above average multiples and westay cautious near termamprdquo said Sanjay Mookim India Equity Strategist BofA Merrill Lynch ampldquoIndiaamprsquos businesscycle should improve over the next several quarters while improving construction should drive capex which is good forequitiesamprdquo
Some market experts are divided over the near-term outlook as indices have begun to look expensive at current valuations Plusthere is no immediate trigger for upgrade
ampldquoValuations of the Indian market are quite high and would require the support of strong earnings growth Any disappointmenton earnings will make valuations look even more expensive which the market may not likeamprdquo said Sanjeev Prasad senior EDand co-head of Kotak Institutional Equities
ampldquoGlobal and domestic interest rate cycles are no longer supportive with likely increase in developed markets bondyieldsamprdquo
ampldquoWhile markets are expecting a rate hike this meeting what will be of more interest is the commentaryamprdquo said DipenShah senior V-P PCG research Kotak Securities ampldquoIf it is hawkish it may have an impact on fund flows to emerging marketsbut India may be relatively less impacted because of the continuing domestic flowsamprdquo
ampldquoNotwithstanding the election results we believe the risk-reward is not favourable currently and advise investors to sell intothis rally We expect Nifty EPS to rise 15-16 in FY18 and see no trigger for an earnings upgrade at this junctureamprdquo ReligareInstitutional Research said in a notehttpeconomictimesindiatimescommarketsstocksnewsnifty-hits-all-time-high-of-9122-75-sensex-surges-616-points-after-big-bjp-winarticleshow57639036cms
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WPI inflation up 655 for February 2017 The Economic Times
New Delhi The annual rate of inflation based on monthly Wholesale Price Index (WPI) stood at 655 percent (provisional) for themonth of February 2017 (over February 2016) as compared to 525 percent (provisional) for the previous month and -085 percentduring the corresponding month of the previous year
The official Wholesale Price Index for amplsquoAll Commoditiesamprsquo for the month of February 2017 rose by 05 percent to 1855(provisional) from 1846 (provisional) for the previous month
The index for primary articles rose by 09 percent to 2581 (provisional) from 2557 (provisional) for the previous month
The inflation rate for Fuel and power group rose by 13 percent to 2038 (provisional) from 2012 (provisional) for the previousmonth due to higher price of coking coal (15 percent) aviation turbine fuel (3 percent) bitumen (2 percent) and kerosene highspeed diesel LPG and lignite (1 percent each) However the price of furnace oil (1 percent) declined
The index for the major group of manufactured products remained unchanged at its previous monthamprsquos level of 1588
(provisional) In this group the index for amplsquoRubber amp Plastic Productsamprsquo group rose by 02 percent to 1489 (provisional)from 1486 (provisional) for the previous month due to higher price of rubber products (1 percent)
The index for amplsquoTransport Equipment amp Partsamprsquo group rose by 05 percent to 1405 (provisional) from 1398 (provisional)for the previous month due to higher price of auto rickshaw tempo matador (4 percent) and auto parts (1 percent)
For the month of December 2016 the final Wholesale Price Index for amplsquoAll Commoditiesamprsquo stood at 1833 as comparedto 1828 (provisional) and annual rate of inflation based on final index stood at 368 percent as compared to 339 percent(provisional) respectively as reported on January 1 2017httpautoeconomictimesindiatimescomnewsindustrywpi-inflation-up-6-55-for-february-201757627665
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February CPI at 365 vs 317 in January highest since October 2016 PTISee this story in The Economic Times
New Delhi Retail inflation rose to 4-month high of 365 per cent in February mainly due to surge in price of food items like fruitssugar and confectionery
Measured in terms of Consumer Price Index (CPI) the inflation had dipped to a multi-year low of 317 per cent in January this yearon account of cash crunch following demonetisation It was 526 per cent in February last year
According to the CPI data released today by the Central Statistics Office (CSO) the consumer food prices index (CFPI) rose by201 per cent in February from 061 per cent in January The CFPI was 53 per cent in February 2016
Inflation in fruits was higher at 833 per cent fuel and light at 39 per cent in February The rate of price rise in meat and fish was 35per cent in February
Prices of sugar and confectionery items rose by 1883 per cent in February while inflation in milk and milk product increased by 422per cent
The rate of inflation in household goods and services was 409 per cent while this rate was in health segment was 4 per cent Thetransport and communication became expensive by 539 per cent
The personal care and effects segment rose by 515 per cent while the education became more expensive by 537 per cent inFebruary this year
The inflation rate was 438 per cent in clothing and footware segment while it was 49 per cent in housing segment
However the prices of vegetables and pulses declined by 829 per cent and 902 per cent respectively
Rural retail inflation was at 367 per cent in February compared with 336 per cent in the preceding month The CPI was also up inthe urban sector at 355 per cent in February from 29 per cent in January this yearhttpautoeconomictimesindiatimescomnewsindustryfebruary-cpi-at-3-65-vs-3-17-in-january-highest-since-october-201657633211
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Closing
Last Financial Closing
Sensex 2944263 (+49640)NSE 9087 (+15245)US$ spot Rs6582US$ Y1148000US$ 6 months RsYen Rs57Euro spot Rs70
Gold (10gm) Rs28333Silver (1kg) Rs4008300
Crude Oil (WTI) Crude Oil (Brent) $5172 (+037)
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Apollo Tyres 1 18610Asahi Ind 1 21655Amara Raja B 1 83230Ashok Leyland 1 9080Bajaj Auto 10 286670Bharat Forge 2 103550Denso 1 Eicher Motor 10 2396325Escorts 10 51945Exide Ind 1 21645Force Motors 10 427760Gabriel India 1 11460Hero Motocor 2 335745Hind Motors 5 950Hi-Tech Gear 10 29885Jay Bh Maruti 5 38190
Jamna Auto 5 20550JK Tyres amp Inds 10 1241 Kinetic Motors 10 Kinetic Engg 10 KOEL 2 37685Kirloskar Br 2 24135LML Ltd 10 1250LampT 2 155810Lumax Ind 10 131690Lumax Tech 10 43230MampM 5 132600Maruti Suzuki 5 613240Motherson SS 1 36290Minda Inds 2 44350MRF 10 5298390Omax Auto 10 7555Rico Auto 1 5720Sona Koyo St 1 8170
SRF 10 157155Tata Motors 2 46975 TVS Motors 1 43690
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Bhushan Steel 2 5430Hindalco 1 19040Hind Zinc 2 29140JSW Ispat S 10 Jind Steel 1 12490JSW Steel 1 18190Jindal Saw 2 7995National Aluminium 5 7310SAIL 10 6005Tata Steel 10 47255Visa Steel 10 2185
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Ambuja Cement 2 23370Binani Industries 10 7200Birla Corp 10 70360India Cement 10 16070Prism Cement 10 9375JK Cement 10 88470Shree Cement 10 1639835
Top
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NURC Industry Updates contain editedtruncated text of Industry-specific news as it appears in various select dailies and websites These are NOT full stories unless otherwisespecifically mentioned The stories contained herein are informational only and no representation is made or warranty given as to their content reliability truthfulness orusefulness User assumes all risk of use It be clearly understood that NURC updates do not claim to and neither mean to replace the Print or the Internet editions of variousnewspapers whose articles are featured therein For the best and complete news reading NURC urges its readers to read the full text of the stories from the Newspaperswhose credits are given after the headline and visit the related website whose URL is given below the text matter of each news item
NURC News Update - AUTOMOBILES
News on Indian Auto Industry Copyright 1999 NURC MediaNext Pvt Ltd
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Powered by Enablingbiz Esoluttions
SBI executives said the tractor loan book was part of the bankamprsquos farm loan portfolio and the bank announced settlementschemes regularly to shed doubtful debt where the prospects of recovery were low after making adequate provisions for such dudassets
The settlement scheme for tractor loans began early last month and will continue till March 31 The scheme was for loans disbursedbefore September 30 2011 and had up to Rs 25 lakh outstanding by September 2016 SBI Managing Director Rajnish Kumar saidSBI will take a haircut of 40 per cent on these loans
graphIn a portfolio of over Rs 4000 crore of tractor loans about Rs 800 crore will be eligible for the scheme Crop failure and inability todeploy tractors were some of the reasons for the loans turning bad SBI executives said
SBI had in May 2015 advertised a ampldquoloan resolution weekamprdquo asking borrowers with non-performing assets to ampldquotryand work out a solutionamprdquo The scheme was available to all borrowers except willful defaulters Kumar said the bank was yet tohear anything specific from the government on a farm loan waiver
SBI had in 2014 opposed the waiver of farm loans in Andhra Pradesh and Telangana
ampldquoUttar Pradesh and Punjab constitute 10 per cent of (farm) loans and we wait to understand the contours of the waiver Theimpact will be higher on public banks than on private banksamprdquo Kotak Institutional Equities said in a research notehttpwwwbusiness-standardcomarticleeconomy-policysbi-floats-one-time-settlement-scheme-for-tractor-loans-117031400886_1htmlSBI to offer one-time settlement for Rs 6000-crore tractor loansThe Financial Expresshttpwwwfinancialexpresscomindustrybanking-financesbi-to-offer-one-time-settlement-for-rs-6000-crore-tractor-loans588102SBI to offer Rs6K-cr one-time settlement for tractor loansThe Indian Expresshttpindianexpresscomarticlebusinessbanking-and-financesbi-to-offer-6k-cr-one-time-settlement-for-tractor-loans-4569462
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23 Wheelers
Yamaha aims to export 22 lakh units from India in 2017 Hiroaki Fujita Chairman Deepanshu TaumarThe Economic Times
New Delhi Indian arm of Japanese two-wheeler manufacturer Yamaha Motor is aiming to export over 22 million units from Indiathis year compared to 161 lakh units exported last year thereby recording an estimated growth of 3664 percent Hiroaki FujitaChairman India Yamaha Motor informed in a press statement
In the domestic market the two-wheeler major is also targeting to sell 1 million scooters and motorcycles in 2017
In an annual supplier conference held at Greater Noida Hiroaki Fujita Chairman India Yamaha Motor said ampldquoOur target forthis year is to achieve 1 million unit sales in domestic market and 22 lakh unit sales for exports market In addition we also need toreinforce the Indian parts export business in order to contribute to Yamaha business globally While doing so we must continue withour focus on the amplsquoQualityamprsquo of our parts and productsamprdquo
The two-wheeler major produced a total 94 lakh units in the country in 2016 Yamaha Motor India has two manufacturing plants inIndia at Greater Noida and Chennai having a capacity of 61 lakh units and 56 lakh units respectively
The company aims to produce 15 million units by 2018
Yamaha Motor India has sold over 786 lakh units of two-wheelers in 2016 and over 50 of its total sales have come from scooters
The two-wheeler manufacturer saw a steep decline in sales from the month of November 2016 to January 2017 It was only duringFebruary 2017 when Yamaha registered a growth of 20 percent in domestic sales as compared to the corresponding period lastyear The company recorded domestic sales of 68095 units (including Nepal) in February 2017 compared to 56960 units (includingNepal) in February 2016
Industry analyst believes that the impact of demonetisation is wearing off now Only motorcycles are in red zone because of a largerural consumer base However scooters which are largely sold in urban areas is on the positive side It further believed that by nextmonth the demonetisation impact will completely go away
India Yamaha Motor recently marked its entry into 250 cc sports bikes segment which has very less competition Going forward thecompany wants to focus on urban area than the rural market
The objective of conducting the Annual Suppliers Conference was to share the last yearamprsquos result for Sales and Productionand the current yearamprsquos Sales and Production Plan During the conference India Yamaha Motor shared the direction for 2017its purchase policy the Purchasing Policy of Yamaha Motor Company (Japan) and activities organised amp initiatives were taken forsales and marketing in the previous year
India Yamaha Motor shared its expectations with the suppliers for improvement in Quality Delivery and Development performances
besides cost competitiveness to compete in the export market to increase profitability for both Yamaha and the Suppliers IndiaYamaha Motor also emphasised that all the Suppliers can draw up their investment plans based on the increasing volumes infuture
Sixteen Suppliers were also awarded for their exceptional services in the areas of Quality Delivery Development and Costincluding the Appreciation Award for some of them for the extraordinary Improvement support provided to India Yamaha Motor in2016httpautoeconomictimesindiatimescomnewstwo-wheelersscooters-mopedsyamaha-aims-to-export-2-2-lakh-units-from-india-in-2017-chairman57632349
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BSIV Compliant TVS Jupiter launched at Rs 49666 (Ex-Delhi) The Economic Times
New Delhi Hosur based TVS Motor Company in a BSE filing announced the launch of its BSIV compliant TVS Jupiter at Rs 49666(Ex-Delhi) and it is now available with two new colours - Jade Green and Mystic Gold
The refreshed scooter is now BSIV compliant with Auto Headlamp On (AHO) and equipped with Sync Braking System (SBS) SBSensures rider safety as it automatically activates the front brakes when the rear brakes are used claims TVS The feature previouslyavailable on ZX range will now be available on the Base variant as well
Commenting on this Aniruddha Haldar Vice President Marketing- Scooters TVS Motor Company said ampldquoTVS Jupiter hasreceived such enthusiasm from the consumers in response to its credo of Zyada ka Fayda Living true to this credo not only is theentire Jupiter range now BSIV compliant it now offers the unique Sync Braking System (SBS) across the entire range (earlier onlyavailable on the ZX range) Further for our customers we are adding two colours Jade Green and Mystic Gold giving them 10colour options to choose from We are happy to offer all this with absolutely no change in the Exshowroom price truly ZYADA KAFAYDAamprdquo
Since its launch in 2013 TVS Motor Companyamprsquos flagship scooter brand Jupiter has been strengthening theCompanyamprsquos foothold in the scooter market and contributing to overall scooter segment uptake penetration and growth inIndia
Company has sold over 15 million Jupiter scooters since its launch in 2013 The scooter is powered by a all-aluminum low-friction110cc engine
There is no revision in the prices for the BS IV models of Jupiter priced at Rs 49666 (Ex-Showroom Delhi) the scooter is availableacross all TVS dealershipshttpautoeconomictimesindiatimescomnewstwo-wheelersscooters-mopedsbsiv-compliant-tvs-jupiter-launched-at-rs-49666-ex-delhi57630201TVS Motor rolls out BS IV variants of JupiterThe Hindu Business Linehttpwwwthehindubusinesslinecomtodays-papertp-newstvs-motor-rolls-out-bs-iv-variants-of-jupiterarticle9583972eceTVS unveils BS-IV compliant JupiterThe Hinduhttpwwwthehinducomtodays-papertp-businesstvs-unveils-bs-iv-compliant-jupiterarticle17464118eceTVS launches BS-IV compliant JupiterBusiness Standardhttpwwwbusiness-standardcomarticlecompaniestvs-launches-bs-iv-compliant-jupiter-117031400552_1html
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Dominar 400 takes the battle to the Royal Enfield turf Murali GopalanThe Hindu Business Line
Mumbai Bajaj Autoamprsquos recently launched Dominar 400 is attracting former Royal Enfield bike users who now account for 20per cent of its customer base
According to Eric Vas President (Motorcycle Business) Bajaj Auto the larger chunk of 80 per cent is still taken up by those whoused Yamaha Honda and Bajajamprsquos own Pulsar motorcycles
The Dominar made its debut in mid-December as a serious contender to Royal Enfield While monthly numbers thus far have beena little over 3000 units the good news is that the bike has taken pride of place in the 350cc plus segment vis-a-vis RoyalEnfieldamprsquos offerings However when it comes to the core 350cc space the latter continues to be the market leader withmonthly sales of nearly 55000 units powered by the Classic and Bullet
The three-month-old Dominar 400 kicked off its presence in 22 towns which has since increased to 32 in February and slated to goup to 110 towns by the end of this month
This tally will double to 200 in April and Bajaj Auto hopes to have at least 300 towns covered for the Dominar 400 during the courseof 2017-18
If everything goes according to plan the company hopes to be clocking its targeted 10000 motorcycles every month by the end of
Q3 next fiscal
Attractive features
Vas says market feedback shows that buyers love the Dominar 400 for its performance speed and top-class brakes Interestingly alarge number of them have opted for the more expensive ABS version which retails at a little over Rs 15 lakh
The LED lamps are another big draw and their attractive lighting explains why many customers opt to have their test rides at night
According to Vas Dominar 400 buyers are largely in the age group of 25 years who have already owned a bike There are no firsttime users yet but this is expected to begin happening once the network grows and more customers start going in for the relativelyless expensive disc brake version which has a price tag of nearly Rs 14 lakh
The Dominar 400 was launched to take on Royal Enfield in a segment that is priced between Rs 1-2 lakh and accounts for five percent of motorcycles sold in India
In terms of numbers this translates into 65000 units each month
The next fiscal could see this grow to nearly 85000 units or over one million units annually
Changing dynamics
It is in this product category that Royal Enfield has a market share of 80 per cent and it is in the balance 20 per cent space thatBajaj has thrown down the gauntlet with the Dominar 400
The other rival models include KTM Yamaha YZF-R15 and Honda CBR 150R but none of them has posed a serious threat to RoyalEnfield yet
It now remains to be seen if the Dominar 400 can draw customers from the top-selling Classic
It is clear that with 10000 units targeted during 2017-18 Royal Enfield will still be comfortably ahead in terms of numbers
How dynamics change after this period will be interesting to watch
From Bajaj Autoamprsquos point of view the strategy boils down to acknowledging the reality of living in a world of opposites whereevery mature segment is essentially a two-horse race
The Dominar will stick to the core principle of being opposite from the market leaderamprsquos offerings and has been positioned as amodern machine and not a heritage brandhttpwwwthehindubusinesslinecomtodays-papertp-newsdominar-400-takes-the-battle-to-the-royal-enfield-turfarticle9583973ece
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Bajaj cheers at Feb sales Ajay ModiBusiness Standard
New Delhi Pune-headquartered Bajaj Auto claims to have surpassed volumes sold by market leader Royal Enfield in the 350-500ccmotorcycle segment in February
It attributes this to the Dominar a 373 cc premium sports motorcycle it launched in December at an ex-showroom price of Rs 136lakh Enfield says Bajaj is celebrating too early
Bajaj has sold about 3000 units of Dominar a month this calendar year and is drawing a comparison with the February volume ofRoyal Enfield in the 350-500 cc segment when the latter did wholesale volumes of 2602 units Eric Vas president for themotorcycle business at Bajaj said ampldquoWe have already overtaken Royal Enfield in the segment They used to sell an averageof 5000 units a month until a few months agoamprdquo
He claims that two of every 10 Dominars was sold to customers who owned an Enfield ampldquoSome have sold it to buy Dominarand some have bought it as their second bikeamprdquo He added there had been a decline in the waiting period of some of Enfieldsmotorcycles The 350-500 cc segment for Enfield includes the Bullet 500 Classic 500 Thunderbird 500 and Himalayan
Bajaj hopes to gradually raise Dominar volumes to an output of 10000 units monthly in about six months ampldquoThe bike hasbeen accepted very well We should reach a monthly volume of 6000 units by next monthamprdquo said Vas He did not disclosecumulative bookings for the Dominar He said most customers bought it after test rides
Vas said the volumes were aggregated from the 22 cities where itwas available until February We have expanded reach to 32cities and it will be available in a 100 cities and towns by end-March In April the company plans to add another 100 cities andtowns The constraint is more on the capacity front than on the network sideamprdquo he said
Bajaj said the incremental volume from Dominar would start reflecting in the profit figures once volume crossed 5000-6000 units amonth
Enfield has almost the entire 250-350 cc motorcycle market in the country estimated at close to 50000 units a month This is where
it gets the lionamprsquos share of its sales In the 350-500 cc market it controls 80 per cent (data for the first 11 months of FY17)This is a much smaller segment with monthly volume of 5300 units
Siddhartha Lal managing director of Eicher (which owns Enfield) told Business Standard last month that it would continue toengage with the target segment and expand reach to grow volumes ampldquoWhen one succeeds in a segment others try to enterand take a bite Of course there will be competition but we are not worriedamprdquo hed said It is understood that Enfieldamprsquosproduction volume in February was impacted due to fewer days (February having only 28) and the transition to BS-IV emissionnormshttpwwwbusiness-standardcomarticlecompaniesbajaj-cheers-at-feb-sales-117031400822_1html
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India Yamaha Motor sets ambitious sales target Nandini Sen GuptaThe Times of India
Chennai India Yamaha Motor Private Limited (IYM) is targeting an ambitious production and sales pitch of more than three millionunits this year with one million in the domestic market alone It was revealed by the top management at a recently organised AnnualSuppliers Conference at Greater Noida (Delhi-NCR) which was attended by 500 members representing more than 200 suppliersfrom across India
The theme of this years conference was Challenge the Innovation for Global Competitiveness and Its all about the customer
Our target for this year is to achieve one million unit sales in domestic market and 22 lakh unit sales for exports market Inaddition we also need to reinforce the Indian parts export business in order to contribute to Yamaha business globally While doingso we must continue with our focus on the Quality of our parts and products said Hiroaki Fujita Chairman YMI-G Cos
The objective for conducting the Annual Suppliers Conference was to share the last years result for sales and production and thecurrent years sales and production plan During the conference IYM shared the direction for 2017 its purchase policy thepurchasing policy of Yamaha Motor Company (Japan) and activities organised amp initiatives taken for sales and marketing in theprevious year
Among the senior management members who were present on the occasion on behalf of IYM included Hiroaki Fujita chairmanYamaha Motor India Group Cos (YMI-G Cos) Takashi Terabayashi MD -IYM Yasuo Ishihara MD- Yamaha Motor Research ampDevelopment India (YMRI) T Yamaguchi Deputy MD amp Purchase Head- IYM along with the YMC Purchase team - Olivier Prevostdeputy chief general manager and Hiroshi Hagio general manager
IYM shared its expectations with the suppliers for improvement in quality delivery and development performances besides costcompetitiveness to compete in the export market to increase profitability for both Yamaha and the Suppliers IYM also emphasisedthat all the suppliers can draw up their investment plans based on the increasing volumes in future
Sixteen suppliers were also awarded for their exceptional services in the areas of quality delivery development and costhttptimesofindiaindiatimescomautobikesindia-yamaha-motor-sets-ambitious-sales-targetarticleshow57633067cms
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Thunderous sound remain forever Sandesh M SDeccan Herald (Web Edition)
Bike-lovers had expected a lot from Royal Enfield when the homegrown tough motorcycle manufacturer revealed the 500ccThunderbird in October 2012
When DH decided to check out the four-year-old model with respect to the present dayamprsquos bikes with updated technology theThunderbird 500 remains outstanding in its segment
The bike was tested for two weeks with everyday regular usage and an enthusiastic rider The bike is a good choice for the dailyneeds of an Indian family
Be it an office-goer or a student the bike gives an extra feel where you enjoy every bit of it You need an extra muscle and morepower to handle the bike when the engine is turned off Sometimes it will be a great challenge to tow the bike till a filling station ifthe engine goes dry
PerformanceUndoubtedly this is the most powerful variant of Royal Enfield today The bike feels far impressive than any other machine in thissegment It constantly urges you to take it on highways as it feels best when you pushed harder Overtaking is also very easy withthis bike and it can easily cross a speed of 120 kmphr It still remains a very responsive bike especially at slow speeds
The heavy amount of torque helps it move easily in city traffic The gear ratios are well-matched with this bike and you need lessgear shifts than before The only issue we have with the bike is its heavy weight In city traffic and with a pillion rider sometimes youwill feel the actual weight of this bike Otherwise there are no major concerns related to its performance
Fuel efficiency
Mileage is still a concern and the major drawback with Royal Enfield bikes As the brand new bikes claims to offer 30 kmpl the oldbikeamprsquos mileage drops day-by-day
After few years this will be the main reason for the rider to get rid of his bike In a typical Indian customer mindset a middle-classfamily will think twice before going for a Bullet
Depending on the usage the cushion will loose its power day-by-day The rider will surely feel the pain on the long rides and trafficjams Regular servicing from an authorised mechanic will keep the vehicle in good condition
VerdictThe Royal Enfield Thunderbird 500 is a special bike but the cost compared with its 350 cc sibling the biker has to cough up anextra Rs 40000 which makes anybody to think twice before investing in one The bike has the capability to sustain any roughhandling Though it becomes rough and old its sturdiness remains the samehttpwwwdeccanheraldcomcontent601371thunderous-sound-remain-foreverhtml
Top
E-Bikes
Components
Amtek Autoacirceurotrades Arvind Dham may offload personal assets to reduce debt Deborshi Chaki amp Swaraj Singh Dhanjalmint
Mumbai With troubled auto parts maker Amtek Auto Ltdamprsquos planned divestment of domestic and overseas businesses yet tomaterialize company chairman and founder Arvind Dham has begun exploring options to monetise assets owned by him
According to two people familiar with the matter who asked not to be identified Dham is in talks with potential buyers to sellIndraprasta Engine Parts Pvt Ltd ( IEPPL) an auto component manufacturing company which he owns in his personal capacityDocuments filed with the registrar of companies show that Arvind Dham along with other senior executives of Amtek Auto holdshares in Indraprasta Engine Parts Pvt Ltd
Dham did not respond to emails text messages and phone calls seeking comment
According to the latest available filings Indraprasta Engine Parts reported a revenue of Rs9525 crore and a loss of Rs115 crore inthe financial year ended 31 March 2015 The company was incorporated in 2010 and currently has a manufacturing plant in HosurTamil Nadu
ampldquoDham has been in discussions to sell the unit following which talks with Kalyani Forge Ltd (KFL) and Sterling Tools Ltd (STL) have reached an advanced stageamprdquo said one of the two people ampldquoDham is keen to show to the lenders that he iswilling put his own money even though the plans to sell Amtek Autoamprsquos assets to repay its debt have not beensuccessfulamprdquo
Amtek Autoamprsquos standalone loss widened to Rs24156 crore for the quarter ended December 2016 from Rs17536 crore in thesame quarter last fiscal Dham plans to plough the proceeds of the sale into the company the first person added
Spokespersons for Kalyani Forge and Sterling Tools did not respond to emails seeking comment
Ever since Amtek Auto defaulted on bond repayments of close to Rs800 crore in September 2015 it has been trying to sell variousgroup businesses to reduce the debt on its books The company has appointed Morgan Stanley as an adviser to assist in its debtreduction plan Amtek Auto owed Rs8066 crore to various lenders as on 30 September 2016 Mint learns that its consolidated debtat the group level is higher
In July last year Bloomberg reported that Amtek Auto has hired global investment bank Rothschild and Co to advise on thepotential sale of all overseas operations including those in the UK the US Mexico China and Germany The report said Amtek wasseeking bidders for its German unit Amtek Tekfor Holding GmbH and expected to raise over $1 billion from the process
A manufacturer of forging parts Amtek Auto counts most of Indiaamprsquos top auto component makers as clients Its overseasclients include global auto brands such as Aston Martin and Daimler
In February the company said in a regulatory filing that it is planning to raise Rs1175 crore by selling shares to promoters on apreferential basis for which it will seek shareholdersamprsquo approval The company has called an extraordinary general meeting on25 March to seek approval from its shareholders for the proposal it added
In February lenders of Amtek Auto are understood to have asked it to either repay loans or convert the outstanding into equityshares or warrantshttpwwwlivemintcomIndustry1tt2QpJ8TtSm53I1bN4VgKAmtek-Autos-Arvind-Dham-may-offload-personal-assets-to-reduhtml
Top
Allied Industries
Tyre stocks race ahead as China cuts India trade Palak ShahThe Economic Times
Mumbai What is aiding Indiaamprsquos tyre stocks Chinaamprsquos policy to shun India market for the US The share price ofdomestic tyre manufactures including MRF Apollo Tyre Ceat and J K Tyre rose between 1-7 on Tuesday
A research report by Philip Capital said China had curtailed its tyre exports to India to focus on US markets as Trump administrationhad decided against anti-dumping duty on tyres The research pointed out there was more upside for these stocks
ampldquoChina has raised their TBR (truck bus and radial) tyre prices for Indian market by 10-15 rendering themunattractiveamprdquo said Nitesh Sharma and Dhawal Doshi in the research report ampldquoOur checks indicate that Chinesefactories have nearly stopped catering to tyre demand from India as US markets were more lucrativeamprdquo
Ceat rose by 607 on Tuesday Apollo Tyres was up 396 MRF gained 186 and Goodyear India jumped by 129 amongmajor tyre companies
The report titled amplsquoTables Turn Chinese players out rubber fallingamprsquo further said Chinese imports will not bounce backsoon
Demonitisation too has dent a blow to the tyre imports from China which were largely in cash China accounted for roughly 120000 tyre units each month between April to October 2016 but it has fallen sharply now said experts
ampldquoTyre stocks will do well as rubber prices are on a downward spiralamprdquo said Mehraboon Irani Principal amp Head PrivateClient Group Nirmal Bang Securities ampldquoFall in auto sales and jump in rubber prices are not expected which may keep thetraction for tyre stocksamprdquo
Natural rubber prices had jumped to three year high in January due to floods in Thailand the largest exporter of rubber The priceswhich rose to Rs 210kg are now down by over 20 Meanwhile domestic tyre manufactures hiked tyre prices by 3-5 recentlyPhilip Capital has a buy on Ceat and Apollo Tyres with a target of Rs 1550 and Rs 239 respectivelyhttpeconomictimesindiatimescommarketsstocksnewstyre-stocks-race-ahead-as-china-cuts-india-tradearticleshow57633191cms
Top
How to avoid being overcharged for car service at dealerships The Financial Express
Authorised workshops or dealerships are the main preference for servicing of a customers new car There are dealerships that aregenuine and would not fleece your money while after sales treatment however there are others who would try and take everypenny from you This would also involve you to be thorough with the detailed billing as well as being cautious about understanding ifa requisite task is at all required in your car Here are some tips on how to avoid being overcharged while getting your car serviced
One key area where sales executives of a said dealership can suggest unnecessary expense is anything related to the engineTasks like engine de-carbonisation or engine flushing are suggested right from the first service however it is not required in avehicles early years A cars decarbonisation should ideally take place when the response from the engine is sluggish or there arefrequent misfires despite regular services This usually starts to happen after 60000 kms or more In case it is recommended by asales executive and he or she insists simply avoid by saying no Another popular unnecessary expense is fuel line cleaning whichis suggested at every service Remember that petrol is itself used as a cleaning agent in many applications so fuel line cleaningshould be carried out only in case of a problem
Another aspect where customers are cheated is due to the lack of knowledge about their respective vehicle There have been caseswhere a dealership has conned a customer by putting spark plugs in a diesel car or heater plugs in a petrol engine powered vehicleA diesel car does not have spark plugs (but a petrol car does) and similarly a petrol car doesnt have heater plugs (which arepresent in diesel cars) Additives are advised by many service advisors but these arent needed unless specified by the carmakerKnowing the basic mechanical and electrical parts of your car can go a long way in saving you your money
Other mechanical parts where a person can be overcharged is the clutch adjustment Most modern manual transmission cars soldin India have a hydraulic clutch which is self adjusting till the time the pressure plates and the clutch plates are completely worn outA worn out clutch system will require more pressure to depress the pedal thereby indicating the clutch plates andor pressure plateswould need replacement Ideal time to replace is not at every service which clever dealerships would suggest but at least a gap ofthree service intervals is recommended (with the service interval at every 10000 kms)
All carmakers offer an owners booklet which has all the details of which part needs to be replaced when and the recommendedservice interval When getting your car serviced always refer to this manual and insist on only the aspects mentioned in the manualto be donehttpwwwfinancialexpresscomautocar-newshow-to-avoid-being-overcharged-for-car-service-at-dealerships587326
Top
Emissions Environment
Finance amp Insurance
Customer not bound by tie-up between vehicle dealer insurer Pune Court Vishwas KothariThe Economic Times
Pune The district consumer court here has ruled that a tie-up between a vehicle dealer and an insurance company is not bindingupon the consumer who buys a vehicle from such a dealer
The court has directed the Bajaj Allianz General Insurance Company in Yerawada here to refund a premium of Rs 21053 ampmdashalong with an annual interest of 9 since September 20 2014 ampmdash and a Rs 5000 fine to a Daund resident for failing to renewhis car insurance despite the latter having paid the renewal premium through the online NEFT transaction
The interest component payable so far works out to over Rs 4700
The company argued that the consumer did not route the payment through the vehicle dealer by way of a demand draft as wasrequired under an agreement between the company and the vehicle dealer
Shankar Raghunath Chavan a resident of Kusegaon in Daund had purchased an insurance policy from the company for his car onSeptember 21 2012 A year later the policy was renewed for the period between September 21 2013 and September 20 2014 Atthe end of this term he had received a reminder from the company for the renewal of his policy
Through the net banking facility Chavan made a payment of the renewal premium worth Rs 21053 for the term betweenSeptember 21 2014 and September 20 2015 He then made repeated requests to the company for the issuance of the policydocument
However in December 2014 when he approached the company he was shocked to learn that his policy had ampldquoexpired due tonon-renewalamprdquo The company did not renew his policy even after his repeated reminders This prompted him to move theconsumer court seeking refund of the premium amount and appropriate costs towards physical and mental agony
The bench observed in its order ampldquoIt is not denied by the insurance company that the complainant (Chavan) had paid thepremium It is the case of the insurance company that as per practice prevailing between the company and the dealer the paymentshould be made by demand draft through the dealer so that the policy can be renewed conveniently It is true that the dealer of thevehicle was not aware about the payment of premium made by the complainant However a tie-up between the dealer and theinsurance company is not binding upon the consumeramprdquo
ampldquoDocumentary evidence which is produced by the complainant is sufficiently eloquent and speaks about inaction on the partof the insurance company Even after sending documentary evidence as regards to payment of policy premium the insurancecompany has failed to renew the policy Definitely this act on the part of the company amounts to deficiency in serviceamprdquo thebench ruledhttpautoeconomictimesindiatimescomnewsindustrycustomer-not-bound-by-tie-up-between-vehicle-dealer-insurer-pune-court57623564
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Analysts in wait-and-watch mode on Bajaj Finance Hamsini KarthikBusiness Standard
A robust business model established over years of experience often tends to withstand the test of time quite remarkably That ofBajaj Finance Indiaamprsquos largest consumer durables financier is one such example
During the note ban period there were doubts on whether Bajaj Finance could replicate its historic performance in terms ofcustomer acquisition loan growth and more importantly asset quality in the December quarter (Q3) Much to the Streetamprsquossurprise Bajaj Finance comfortably met these parameters
Customer acquisition grew by 35 per cent year-on-year in Q3 while assets under management expanded by 33 per cent to Rs57600 crore year-on-year Even asset quality stood out with gross non-performing assets ratio at 147 per cent and that toowithout utilising RBIamprsquos 90-day dispensation on loans less than Rs 1 crore Overall financials remained robust with net interestincome and net profit growing by 27 and 36 per cent respectively These factors have helped Bajaj Financeamprsquos stock reboundfrom its demonetisation period low of Rs 766 to Rs 1125 on Tuesday
However after outperforming the broader markets by a reasonable margin for most of the last two years the stock has lagged inthe past six months Bloomberg data indicate that while the Bank Nifty has gained six per cent in the past six months Bajaj Financeis up only 21 per cent Analysts nonetheless feel that Bajaj Finance may not surpass its previous high of Rs 1180 in a rush
Pointing to some key indicators they prefer to see how March quarter pans out particularly on consumer loans before altering theirexpectations on the stock
Consumer loans which grew by 52 per cent year-on-year in September quarter (Q2) grew 47 per cent year-on-year in Q3 Butwithin this segment consumer durables grew slower at 27 per cent versus 48 per cent in Q2 As for the vehicle financing (two andthree wheelers) the dependence on Bajaj Auto was seen higher in Q3 ampndash 46 per cent dependence on Bajaj Auto fortwo-wheelers and 29 per cent for three-wheelers as against 38 per cent and 18 per cent respectively a year ago Average ticketsize which dipped post demonetisation is yet to see a strong recovery All these factors prompt analysts to be on a wait-and-watchmode
ampldquoWe arenamprsquot able to see a secular return in consumer buying yet While demand for consumer durables may havepicked up as summer sales is already playing out we canamprsquot say the same for vehicle salesamprdquo says an analyst with adomestic brokerage
Analysts at Jefferies feel the annual compounded loan growth for Bajaj Finance could be lower in FY16-19 compared to what was inFY13-16 The brokerage flags that at current valuations (52 x FY18 price-to-book) risk-reward appears negativehttpwwwbusiness-standardcomarticleopinionwhy-analysts-are-in-wait-and-watch-mode-on-bajaj-finance-117031400674_1html
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SBI announces Rs 6000-cr tractor loan settlement scheme PTISee this story in The Economic Times
State Bank of India (SBI) today announced a one-time farm loan settlement scheme worth Rs 6000 crore primarily for tractors
One Time Settlement (OTS) announced for Agriculture Loans Scheme valid until 31st March Contact your branch for details ampbenefits the nations largest lender said on the microblogging site Twitter today
Managing director Rajnish Kumar told CNBC-TV18 the scheme will result in the bank taking a 40 per cent haircut on outstandingtractor loans as of September 2016
SBIs total farm loan portfolio is Rs 125 trillion and Kumar said the tractor loan book is about Rs 6000 crore
He said doubtful or loss category accounts as of September 2016 which were disbursed before September 2011 will beconsidered under the scheme He said a circular in this regard was sent to branches on February 2
But he was quick to add the OTS has nothing to do with Prime Minister Narendra Modis promise of a loan waiver to UP farmersduring the just concluded elections saying there were no talks with the Centre or state in this regard so far SBIs Uttar Pradeshportfolio will be around Rs 13000 crore
SBI had announced OTS schemes for SMEs last December and education loans early in 2016
He said other agri loans like kisan credit cards and other term-loans for tractors and farm loans may also be covered under theschemehttpwwwdnaindiacommoneyreport-sbi-announces-rs-6000-cr-tractor-loan-settlement-scheme-2352737SBI to allow one-time settlement for tractor farm equipment loansminthttpwwwlivemintcomIndustryiXDTXX1onxjwfHcz731WzJSBI-announces-Rs6000-crore-tractor-loan-settlement-schemehtmlSBI announces rs 6000-crore tractor loan settlement schemeThe Pioneerhttpwwwdailypioneercombusinesssbi-announces-rs-6000-crore-tractor-loan-settlement-schemehtml
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Oil Lubricants amp Alternative Fuels
Oil hovers near three-month low as investors awaits data ReutersSee this story in The Hindu Business Line
Tokyo Crude oil prices hovered near three-month lows on Tuesday in early Asian trading as investors await key reports and datathat may shed light on a supply overhang in the global market
US West Texas Intermediate crude (WTI) edged down 3 cents to $4837 a barrel by 0026 GMT The contract ended down 9 centsin the previous session after touching $4790 the lowest since the end of November
Brent crude futures were down 1 cent at $5134 a barrel having settled down 2 cents on Monday after dipping to as low as $5085
Prices fell sharply last week as investors worried that swelling US crude supplies would hinder Organization of the Petroleum
Exporting Countries (OPEC)s efforts to restrict output and reduce a global glut
Prices had risen after the OPEC and other major oil producers including Russia agreed at the end of November to rein inproduction by almost 18 million barrels per day (bpd) in the first half of 2017
ampldquoIts shaping up to be another fun week in the crude complex with OPEC releasing its monthly oil market report on Tuesdayswiftly followed by the IEAs monthly oil market report the day afteramprdquo Matt Smith analyst at ClipperData said in a note
The International Energy Agency releases its closely watched monthly oil market report on Wednesday
Data from the industry group the American Petroleum Institute on US crude and product stockpiles is also due out later on Tuesday
Analysts said the slump may not have much further to go now that prices have fallen more than 8 percent since last Monday thebiggest week-on-week drop in four monthshttpwwwthehindubusinesslinecommarketscommoditiesoil-hovers-near-threemonth-low-as-investors-awaid-dataarticle9582601ece
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News Magazines
Mahindra Electric geared up to be a component supplier Autocar India
Speaking to Autocar India Mahindra Electric (ME) stated that the company is open to being a supplier to other vehiclemanufacturers and will sell complete electric drive systems to those interested At present the ME plant builds the e2o while it shipsout the drive systems for the eVerito sedan and eSupro van For this purpose the production line has been modified to produce notjust built-up vehicles but also fully ready electric drive systems that can be offered to other manufacturers interested in procuringthem With expertise in electrification virtually absent in India ME hopes to build on its first-mover advantage and cater to theindustry Itamprsquos unlikely that there would be any takers for passenger cars but commercial and three-wheeler manufacturerscould be potential customers
Mahindra also confirmed that they are open to supplying other bits like charge system controllers as well Mahindra outsources thebattery and electric motor for its EV powertrains and has no plans of producing these components in-house as apart from the hugeinvestments needed there is no real advantage Battery technology is quite specialised and there are many players in this fieldalready And with electric motor efficiency already at 80 percent ampndash compared to about 30 percent for internal combustionengines ampndash there is very little to differentiate one EV maker from another Mahindra believes the real differentiator in the nearfuture will be in the battery management systems where big gains can be made in the charging and discharging cycle Thus ME isputting a lot of effort into this area and going forward has ambitions to be a supplier solely for battery management systems toother manufacturershttpwwwautocarindiacomauto-newsmahindra-electric-geared-up-to-be-a-component-supplier-404432aspx
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Tesla Model Y SUV due by 2019 Autocar India
Tesla Inc recently renamed from Tesla Motors Inc is on the verge of what it says will be a massive expansion of production with twonew models due to arrive in the next two years
Alongside the much-hyped Model 3 Tesla is also expected to launch an entry-level crossover based on the same platform andrumoured to be badged the Model Y
The starting price of the Model 3 is likely to be around $37000 (Rs 2435 lakh approx) with the Model Y expected to be slightlymore expensive However Tesla founder Elon Musk believes the transaction prices of the new compact Teslas will go higherbecause buyers will be keen to add paid options to their vehicles
While the compact Model Y could turn out to be Teslaamprsquos best seller ampndash some seven million crossovers of all types weresold in the US last year ampndash Musk recently tweeted that the Model 3 remained the biggest priority for the company
The Model Y is unlikely to be unveiled until sometime next year with production set to follow late in the year Little in the way ofspecification has been released though it is expected to borrow the top-hinged amplsquofalcon wingamprsquo rear doors from thebigger Model X SUV
The Model Y will also have the promised updated electrical architecture that will allow Tesla to offer full autonomous drivingcapability Future Tesla cars will be equipped with as many as eight cameras giving a 360-degree view of the surroundingroadscape as well as 12 ultrasonic sensors and a amplsquonewamprsquo forward-facing radar that works in the worst weatherconditions Existing radar systems can be fooled by heavy rain and fog
Musk also said the new electrical architecture has a brain that is as much as ampldquo40 timesamprdquo more powerful than onprevious Teslas calling it a ampldquosupercomputer inside the caramprdquo The autonomous driving technology though will be offered
as add-on option to customers on both entry-level Teslas
Another challenge for the Model 3 and Y will be balancing their lower price against the need for a battery big enough to give anacceptable range
The entry-level Model 3 may have a cheaper sub-60kWh battery but will still need to have a range of at least 370km The ModelYamprsquos more bluff shape and greater frontal area might mean a bigger battery for the same range and so a slight price premium
Tesla is in a race against time to achieve the kind of production levels needed to turn around what is still a cash-hungry operationThe firm has spent nearly $2 billion (Rs 1316350 crore approx) since 2010 with investments including building the battery-makingGigafactory and trying to expand car production to a massive 500000 units a year
Tesla delivered around 76000 vehicles last year but says it was able to build around 2000 cars a week by the second half of 2016With as many as 400000 deposits taken for the Model 3 the company is looking to produce well over 100000 of the BMW3-series rival before the end of this year
Muskamprsquos expansion plans will test the limits of the capabilities of Teslaamprsquos suppliers and those of its own plant inFreemont California But getting to annual sales of half a million vehicles should finally push the carmaker into profit and secure thecompanyamprsquos long-term futurehttpwwwautocarindiacomauto-newstesla-model-y-suv-due-by-2019-404434aspx
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VW promises higher focus on EVs after record sales year Autocar India
The Volkswagen Group ampldquowill be a role model in environmental protection safety and integrityamprdquo according to CEOMatthias Muller who was speaking as the firm confirmed a record-breaking sales year in 2016
Outlining plans for the firm to reinvent itself as a far-reaching mobility company in the wake of the emission scandal Muller revealedthat the VW Group sold 103 million cars in 2016 making it the worldamprsquos largest car manufacturer It made pound62 billion in profitafter allowances including pound56 billion of losses to cover emission scandal costs In 2015 expenses relating to emission scandalamounted to pound142 billion
Most notably its sales in China where the effects of the diesel crisis were negligible grew 122 percent and its 2016 salesrevenues of pound1904 billion also exceeded forecasts by pound35 billion
ampldquoThe last year was challenging yet remarkably successfulamprdquo said Muller ampldquoIn 2016 we set the course for thebiggest transformation in the history of the company while at the same time performing better in our operating business than manythought possibleamphellipVolkswagen is back on trackamprdquo
Muller vowed that the success would be a catalyst for further change adding ampldquoWe will still be one of the most successfulautomakers in 2025 But we will also be a leading international provider of sustainable mobility and set the standard for new mobilityservicesamprdquo
New initiatives include a stated goal of taking leadership in the field of battery technology by 2025 which is by when the VW Grouphas committed to have solid state batteries in production These are seen as the next technological step over the lithium-ionbatteries currently favoured by most manufacturers The VW Group has committed to have 30 battery-electric vehicles on sale by2025
He also signalled that Audi had been tasked with leading the Groupamprsquos autonomous driving projects while adding that the VWGroup now had 37 centres around the world working on autonomous and digital service ideas pivoting around the Groupamprsquosnew mobility company Moia which was set up last year
Muller also highlighted recent joint ventures ampndash in China with FAW and JAC the latter of which will lead to the co-developmentof a budget electric car line in India with Tata Motors and in America with Navistar which is in the commercial vehicle segmentampndash as examples of the firmamprsquos commitment to forging partnerships to boost sales success He also confirmed that thefirst economy vehicles to be developed by the brand will go on sale in emerging markets in 2018httpwwwautocarindiacomauto-newsvw-promises-higher-focus-on-evs-after-record-sales-year-404433aspx
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Mercedes to expand E-class range with E 220 diesel Autocar India
The tenth-generation Mercedes-Benz E-class launched for the first time in India with a long wheelbase has moved the goalposts toset new standards for comfort and space in its segment The E-class comes with two engine options ampndash the base E 200 petroland the top-of-the-line
E 350 diesel Priced at Rs 5670 lakh and Rs 7015 lakh (ex-showroom Delhi) respectively these two variants bookend the E-classrange and is essentially aimed at two sets of customers The E 200 buyer is likely to be almost always chauffeur-driven and henceis mainly interested in rear seat space and comfort while the E 350d customer wants all the bells and whistles as well as the
sublime driving experience only the silky smooth and torquey V6 diesel can offer
However that still leaves a massive Rs 1345 lakh gap in the range which no doubt future E-class variants will eventually plug butwhich one will find that sweet spot to form the bulk of E-class sales
Itamprsquos no surprise then that Mercedes-Benz India is readying a base diesel which like the previous-generation W212 E-class islikely to be the most popular variant offering a strong dose of practicality without too much of a compromise on refinement andluxury
But unlike the W212 which had the E 250d representing the base diesel in the range Mercedes-Benz India is offering the lower E220d as the starting point for the E-class diesel This suggests that the E 220d will be very attractively priced when it goes on salearound June 2017 and could be priced very close to the E 200
The E 220amprsquos all-new 20 litre four-cylinder diesel which pumps out 194hp and 400Nm of torque may not have the punch ofthe outgoing E 250damprsquos 204hp and 500Nm motor but again given the chauffeur-driven focus the new E-class has beenconceived for the newE 220damprsquos performance is unlikely to be an issue
What is a big issue however is downgrading the 20-litre motor which has been designed for stricter Euro-VI emissions to run onlocally available BS-IV diesel ampldquoItamprsquos such a waste of engineering resource and a step backwardsamprdquo said aMercedes-Benz engineer The 2143cc (OM651) diesel engine which powered the previous E-class was easier to adapt to BS-IVfuel unlike the spanking new high-tech 1995cc (OM654) diesel thatamprsquos built to meet the latest global emission standards Infact the OM654 made its debut in the latest E-class when it was launched globally in 2016 Its advanced tech includes a uniquealuminium engine block with steel pistons a special low-friction coating for the cylinder walls and a fourth-generation common-raildiesel injection system At 168kg it is 31kg lighter than the engine it replaces
Downgrading a Euro-VI engine to BS-IV standards takes a lot of time and resources but there is no way out until fuel pumps in Indiaget low-sulphur BS-VI fuel which is not expected until 2020 The BS-IV-spec OM654 wasnamprsquot ready in time for the newE-class launch and this is one reason why the E 220d is coming a couple of months later The other reason could be a strategicone Mercedes-Benz India wants to wait until BMW launches the all-new 5-series expected in June and in a counter move tweakthe E 220damprsquos mix of specifications features and price accordingly A starting price of Rs 57-58 lakh for the E 220disnamprsquot unlikely especially since this variant will be Mercedes-Benz Indiaamprsquos trump card in a luxury car segment it seemsdetermined to dominatehttpwwwautocarindiacomauto-newsmercedes-to-expand-e-class-range-with-e-220-diesel-404429aspx
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Nissan to launch Kicks SUV in Q3 2018 Autocar India
The Nissan Kicks SUV which made its global debut in 2016 in Brazil will be launched in India in the third quarter of 2018 accordingto company sources
However unlike the South American model which is spun off Nissanamprsquos V-platform the made-for-India Kicks (code PB1D)will be based on the upcoming Renault Kapturamprsquos (code HHA) platform This is essentially a modified version ofRenaultamprsquos proven M0 platform that underpins cars like the Duster and Lodgy which are known for their robust mechanicals
The M0 is also a critical part of the Renault-Nissan Allianceamprsquos platform strategy in India which is essentially centred aroundtwo platforms Whilst the CMF-A and CMF-A+ platforms underpin Renault and Nissanamprsquos (and later Mitsubishiamprsquos) smallto mid-size car range in India the M0 platform will cater to higher end products The low-cost M0 platform has proved to be a cashcow for Renault globally and is ideally suited for markets like India The allianceamprsquos European-spec CMF-B platform was alsoevaluated initially but was eventually rejected as it proved to be a lot more expensive than the M0 which has also been localisedover the years
Developed and conceived originally by Renault for its Dacia sub-brand over a decade ago the French carmaker has first rights toproducts spun off the M0 platform and hence like the Nissan Terrano which followed the Renault Duster the Nissan Kicks too willfollow the Renault Kaptur to India but almost a year later
While both the Kaptur and Kicks will use the same modified version of the platform the amplsquotop hatsamprsquo will be completelydifferent The Kicks design and styling will mirror the South American car and thatamprsquos no bad thing
Sharply styled with lots of distinctive design touches like a floating roof massive wheel arches and a wraparound visor look theKicks wonamprsquot have a problem standing out on Indian roads The good thing is that the edgy design hasnamprsquot compromisedpracticality and Nissan claims best-in-class space in the back seat
Cars based on the M0 platform get a choice of just two engines a 16 petrol and the venerable 15 K9K diesel and hence these arelikely to be carried forward into the Kicks as well The 15 diesel is expected to be the mainstay but its likely that in its latest iterationthere will be a small bump up in power and torque
Nissan has set an ambitious target of 30000 Kicks in its first full year of production with an additional 20000 units earmarked forexports Pricing will be crucial for the Kicksamprsquo success and Nissan may do well to undercut its rivals to buy some much neededmarket sharehttpwwwautocarindiacomauto-newsnissan-to-launch-kicks-suv-in-q3-2018-404426aspx
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International News
Volkswagen CEO gets 778 mn euros in pay and benefits for 2016 ReutersSee this story in The Economic Times
Wolfsburg Volkswagen Groups Chief Executive Matthias Mueller was awarded 778 million euros ($828 million) in pay andbenefits for 2016 up from 417 million euros in total remuneration awarded a year earlier the companys annual report showed onTuesday
Mueller was not awarded a full years CEO pay for 2015 since he only took over as chief executive in September following theresignation of his predecessor Martin Winterkorn who was forced out in the wake of a diesel emissions cheating scandal
Volkswagen overhauled its bonus and executive pay policy in February this year to cap total pay for its chief executive at 10 millioneuros ($106 million) and other top managers at 55 million euros
Volkswagen brand chief Herbert Diess saw his total remuneration for 2016 fall to 393 million euros down from 713 million in 2015the annual report showed
($1 = 09401 euros)httpautoeconomictimesindiatimescomnewsindustryvolkswagen-ceo-gets-7-78-mn-euros-in-pay-and-benefits-for-201657631837Volkswagen CEO Matthias Mueller says not ruling out merger talks with Fiat ChryslerThe Financial Expresshttpwwwfinancialexpresscomindustryvolkswagen-ceo-matthias-mueller-says-not-ruling-out-merger-talks-with-fiat-chrysler587861
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Volkswagen CEO US remains core market for company APSee this story in The Economic Times
Frankfurt The CEO of German automaker Volkswagen says the United States remains a core market for the company despite itsdiesel emissions scandal and has underlined that it hopes to expand there
Matthias Mueller made the comments Tuesday at the companys annual news and investor conference at its headquarters inWolfsburg Germany
Mueller said that we are standing by our investment decisions and intend over the long term to play a significantly greater role therethan today
The Volkswagen brand has only a small share in the US market although it is important for the companys luxury brands Porscheand Audi It makes cars in Chattanooga Tennessee
US authorities uncovered Volkswagens use of engine control software that enabled vehicles to cheat on emissions testshttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsvolkswagen-ceo-us-remains-core-market-for-company57633149
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Volkswagen targets strong 2017 even as core brand struggles ReutersSee this story in The Economic Times
Wolfsburg Germany Volkswagen said it was capable of shouldering the costs of its emissions crisis and was targeting an evenbetter year than in 2016 but warned that its core autos division continued to struggle
We see good chances of being able to ride the wave of the positive performance last year when Volkswagen turned in recordunderlying profit helped by sales of upmarket Audis and Porsches Chief Executive Matthias Mueller said on Tuesday at thecarmakers annual news conference
Volkswagen expects group revenue to exceed last years record 217 billion euros ($231 billion) by as much as 4 percent this yearand is forecasting an underlying operating margin of between 6 and 7 percent compared with 67 percent in 2016 it said affirminga forecast given on February 24
The company also aims to moderately exceed last years record 103 million deliveries
You can rest assured that we will do everything in our power to make 2017 an even better year than 2016 the CEO said
But Volkswagen appears to be making slow progress in tackling the biggest trouble spot within the 12-brand group thelong-planned turnaround of its core autos division
Operating profit of the namesake brand slipped further to 187 billion euros in 2016 from 210 billion a year earlier because of highermarketing costs related to dieselgate and plunging demand in Brazil and other key markets finance chief Frank Witter said
($1 = 09394 euros)httpautoeconomictimesindiatimescomnewsindustryvolkswagen-targets-strong-2017-even-as-core-brand-struggles57630343
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VW CEO says not ruling out merger talks with Fiat Chrysler boss ReutersSee this story in The Economic Times
Wolfsburg Volkswagen Chief Executive Matthias Mueller said he is not ruling out talks with Fiat Chrysler boss Sergio Marchionneabout a possible merger
I am not ruling out a conversation Mueller told reporters on Tuesday after the carmakers annual earnings press conference inWolfsburg
Marchionne has long advocated car industry mergers to share the costs of making cleaner and more technologically advancedvehicles and has repeatedly relayed his desire via the media
It would be very helpful if Marchionne were to communicate his considerations to me too and not just to you Mueller said
I am pretty confident about the future of Volkswagen with or without Marchionne
Only last week Mueller appeared to dismiss the prospect of talks with Fiat Chrysler
We are not ready for talks about anything he told Reuters on the fringes of the Geneva auto show I havent seen Marchionne formonths he said at the timehttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsvw-ceo-says-not-ruling-out-merger-talks-with-fiat-chrysler-boss57632909
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Volkswagen chief denies talks with Fiat AFPSee this story in The Economic Times
Berlin Volkswagen chief Matthias Mueller on Tuesday denied rumours that the German auto giant was in talks with rival FiatChrysler
At present there is no contact between me and Fiat Chrysler boss Sergio Marchionne Mueller told the companys annual pressconference in Wolfsburg north Germany
Marchionne had said at the Geneva car show last week that he was expecting Volkswagen to reach out as more firms are thinkingof cost-cutting tie-ups in the vein of Frances Peugeot and German carmaker Opel
In response Mueller said he had other problems since VWs 2015 admission that it installed software to cheat regulatoryemissions tests in 11 million vehicles worldwide
He nevertheless added that Ive never said a tie-up with any other partner is altogether ruled out
VW clawed its way back to profit in 2016 and pulled ahead of Toyota to become the worlds biggest carmaker by unit sales shipping103 million vehicles over the year
Mueller on Tuesday confirmed the groups forecast of moderate growth in sales in 2017
But the firm is far from turning the page as it continues to refit cars equipped with the cheating software and faces legal action fromcustomers and investors in numerous countries
The final bill for the scandal is impossible to predict Mueller acknowledged
All we know is that this question will keep us busy for a long time several years he saidhttpeconomictimesindiatimescomindustryautovolkswagen-chief-denies-talks-with-fiatarticleshow57633113cms
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Volkswagen has good chances to build on strong 2016 performance CEO ReutersSee this story in The Economic Times
Germany Volkswagen has good chances of building on its strong 2016 performance when it swung to a record underlying profitdespite its diesel emissions crisis Chief Executive Matthias Mueller said
The Volkswagen Group is in very robust shape Mueller said on Tuesday at the carmakers annual news conference in Wolfsburg
VW expects group revenue to exceed last years record 217 billion euros ($231 billion) by as much as 4 percent this year and isforecasting an underlying operating margin of between 6 and 7 percent compared with 67 percent in 2016 it said affirming aforecast given on Feb 24
Still operating profit of its core autos division slipped further to 187 billion euros in 2016 from 210 billion a year earlier as the brandis struggling to implement a wide-ranging turnaround planhttpeconomictimesindiatimescomnewsinternationalbusinessvolkswagen-has-good-chances-to-build-on-strong-2016-performance-ceoarticleshow57630339cms
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BMW i3 batteries to be used by Vattenfall The Economic Times
New Delhi Swedish power making company Vattenfall and German auto giant BMW Group have signed a contract for the deliveryof up to 1000 lithium-ion batteries this year The batteries with a capacity of 33 kilowatt hours (kWh) each are equipped with aBMW-owned battery management system and are also used by the car manufacturer in the BMW i3
Vattenfall will purchase the new batteries from the BMW plant in Dingolfing and use them in all storage projects
Energy storage and grid stability are the major topics of the new energy world says Gunnar Groebler Senior Vice President ofVattenfall and Head of Business Area Wind
We want to use the sites where we generate electricity from renewable energies in order to drive the transformation to a newenergy system and to facilitate the integration of renewable energies into the energy system with the storage facilities Thedecoupling of production and consumption and the coupling of different consumption sectors are in the focus of our work
The first energy storage from the BMW-i3 batteries is being built at the 122 MW onshore wind farm Princess Alexia nearAmsterdam With a capacity of 32 megawatts (MW) it is Vattenfalls first large storage project in the Netherlands
Pending on a final investment decision the largest battery storage will be built at the Vattenfall wind farm Pen y Cymoedd (230 MW)in South Wales - a 22-megawatt storage facility which will help to support the stability of the country-wide power grid in the UK aspart of the so-called EFR (Enhanced Frequency Response) service
As part of the project Norddeutsche Energiewende NEW 40 Vattenfall together with the Hamburg University of Applied Sciences(HAW) and the company Nordex will implement a large battery storage at the future wind farm in Hamburg-Bergedorf
This is a so-called storage control unit made of batteries It is meant to maintain the security of supply with a feed-in of 100 percentrenewable energy In addition the battery storage contributes to the improvement of the network quality and the more efficient useof the existing network structure Other possible applications would be electricity storage in private households Energy storagesolutions are an important part of Vattenfallamprsquos strive to power climate smarter living
We are pleased that we have found a supplier in BMW who meets our high safety requirements with the use of the batteries withreliably good quality from German series production says Daniel Hustadt project manager for large batteries at VattenfallInnovation GmbHhttpautoeconomictimesindiatimescomnewsindustrybmw-i3-batteries-to-be-used-by-vattenfall57630728
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Toyota to look at Saudi production as the countries seek closer ties ReutersSee this story in The Economic Times
New Delhi Toyota Motor Corp signed a memorandum of understanding (MOU) on Tuesday with a Saudi Arabian governmentagency to conduct a feasibility study into producing vehicles and parts in the Middle Eastern nation
The move if firmed up would be a big step for the Saudi economy as the government tries to diversify beyond oil exports andcreate jobs as part of the kingdoms 2030 Vision
So far Saudi Arabia and other Gulf oil exporters have failed to significantly develop industries such as automaking because theylack broad industrial bases and a skilled local workforce
The study would take into account the evaluation of development of a local supply base using materials produced by major Saudi
companies like Sabic Maaden Petro Rabigh and other major industrial companies in the kingdom the official Saudi state newsagency reported
The MOU is with Saudi Arabias National Industrial Clusters Development Program (NICDP)
Meanwhile state-run Saudi Aramco has signed MOUs with five Japanese entities during a business forum that both nations hostedon Tuesday coinciding with a visit by Saudi Arabias King Salman this week
Saudi Aramco and Japans biggest oil refiner JX Nippon Oil amp Energy (5020T) agreed to consider a refinery joint venture in a thirdcountry and cooperation in trading and technology of oil and petrochemical products
Aramco also agreed to consider a possible future cooperation in crude oil supply and downstream business with Idemitsu KosanCompany
In addition Aramco and state-run Japan Oil Gas and Metals National Corp (JOGMEC) formally agreed to expand crude storagecapacity in Japan by 300000 kilolitres (about 19 million barrels) from the current 63 million barrels from April 1
Japan treats crude oil stored by Aramco as quasi-government oil reserves counting half of the barrels stored by Aramco as nationalcrude reserves
Companies and government organizations in both nations signed a total of 20 MOUs on Tuesday including cooperation betweenthe Saudi Arabian General Investment Authority (SAGIA) and Japans three megabanks - Mitsubishi UFJ Financial Group (8306T)Sumitomo Mitsui Financial Group (8316T) and Mizuho Financial Group (8411T) - on increasing investments in the kingdom
The MOUs also included cooperation in seawater desalinationhttpautoeconomictimesindiatimescomnewsindustrytoyota-to-look-at-saudi-production-as-the-countries-seek-closer-ties57636587
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Geneva Motor Show 2017 Airbus unveils fully electric flying car PopUp The Economic Times
Geneva Airbus along with Italdesign has unveiled the first modular fully electric zero emission concept vehicle system - PopUpat the Geneva Motor Show 2017 informed the French company in an official statement
PopUp envisages a modular system for multi-modal transportation that makes full use of both ground and airspace and isdesigned to relieve traffic congestion in crowded megacities
PopUp System consists of a three layers concept1 an Artificial Intelligence platform that based on its user knowledge manages the travel complexity offering alternative usagescenarios and assuring a seamless travel experience
2 a vehicle shaped as a passenger capsule designed to be coupled with two different and independent electric propelled modules(the ground module and the air module) Other public means of transportation (eg trains or hyperloops) could also integrate thePopUp capsule
3 an interface module that dialogues with users in a fully virtual environment
Airbus claims The PopUp vehicle combines the flexibility of a small two seater ground vehicle with the freedom and speed of avertical take-off and landing (VTOL) air vehicle thus bridging the automotive and aerospace domains
PopUpamprsquos monocoque carbon-fibre cocoon measures 26 metres long 14 metres high and 15 metres wide The capsuletransforms itself into a city car by simply coupling to the ground module which features a carbon-fibre chassis and is batterypowered
For megacity journeys with high congested traffic the capsule disconnects from the ground module and is carried by a 5 by 44metre air module propelled by eight counter-rotating rotors
ampldquoAdding the third dimension to seamless multi-modal transportation networks will without a doubt improve the way we liveand how we get from A to Bamprdquo said Mathias Thomsen General Manager for Urban Air Mobility at Airbus on the occasion ofthe unveil
ampldquoSuccessfully designing and implementing solutions that will work both in the air and on the ground requires a joint reflectionon the part of both aerospace and automotive sectors alongside collaboration with local government bodies for infrastructure andregulatory frameworks Italdesign with its long track record of exceptional vehicle design was an exciting partner for Airbus for thisunique concept projectamprdquo
ampldquoToday automobiles are part of a much wider eco-system if you want to design the urban vehicle of the future the traditionalcar cannot alone be the solution for megacities you also have to think about sustainable and intelligent infrastructure appsintegration power systems urban planning social aspects and so on In the next years ground transportation will move to the nextlevel and from being shared connected and autonomous it will also go multimodal and moving into the third dimensionamprdquo saidItaldesign CEO Joumlrg Astaloschhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsgeneva-motor-show-2017-airbus-unveils-fully-electric-flying-car-pop-up57630936
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Nissan boosts management presence at Mitsubishi Motors ReutersSee this story in The Economic Times
Tokyo Mitsubishi Motors on Tuesday said an additional four Nissan executives would join its management team as Nissan tightensits control over the smaller struggling automaker in which it took a controlling stake last year
The announcement is part of Mitsubishi Motors efforts to rebuild its management system after it admitted last year that it hadoverstated the mileage on a number of its cars sold in Japan battering domestic sales and tarnishing its brand image
From April corporate vice president positions for roles including product development and marketing and sales would be occupiedby officials from Nissan Mitsubishi Motors said
This would hike the number of Nissan executives on Mitsubishi Motors management team to seven from two now
We need to strengthen our corporate governance to avoid a repeat of last years scandal along with scandals previous to thatMitsubishi Chief Executive Officer (CEO) Osamu Masuko told reporters during a teleconference
After taking a one-third stake in Mitsubishi Motors Nissan installed Carlos Ghosn - its CEO at the time - as chairman of MitsubishiMotors while also naming two Nissan officials to Mitsubishis board of directors
Nissan also dispatched other executives to the smaller automaker including Trevor Mann previously Nissans chief performanceofficer who became chief operating officer at Mitsubishi late last year
Last month Ghosn said he would step down from the top position at Nissan to focus on deepening the companys alliance withRenault SA and Mitsubishi Motors
Separately Nissan said Shiro Nakamura the companys chief creative officer and one of Japans best-known car designers willretire after nearly 20 years at the automaker
Nakamura 66 is recognised for referencing science fiction anime and embracing Japans culture of cute in models including theGT-R supercar the Cube compact MPV and the Juke SUV crossover setting the automaker apart from many of its rivals whichhave been accused of making lookalike cars
Nakamura joined Nissan in 1999 from Japanese truckmaker Isuzu Motors and was one of the first key hires by Ghosn shortly afterGhosn himself arrived from French automaker Renault to save the company from bankruptcy
Alfonso Albaisa who currently overseas design at Nissans premium Infiniti brand will succeed Nakamura while former BMWglobal chief designer Karim Habib will become the brands new chief designer effective July 1httpautoeconomictimesindiatimescomnewsindustrynissan-boosts-management-presence-at-mitsubishi-motors57631800
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Renault Zoe e-Sport breaks covers at 2017 Geneva Motor Show The Economic Times
New Delhi In the ongoing Geneva Motor Show Renault has showcased its new two-seat version of its electric car Renault Zoee-Sport The company claims to have taken the design cues from Formula E
The ZOE e-Sport Concept is the fully electric concept car that embodies Renaultamprsquos commitment to the idea that electric carscan be fun and fast says Renault The sporting credentials of the ZOE e-Sport Concept extend beyond the caramprsquos styling andthe same blue livery as the Renault edams teamamprsquos front-running Formula E single-seaters
The bodywork of the ZOE e-Sport Concept is made entirely from lightweight carbon fibre which helps to ensure outstandingacceleration from standstill to 100kph in just 32 seconds The car tips the scales at a mere 1400 kilograms including 450kilograms of batteries
The car is powered by two electric motors capable of generating 450 bhp and 650 Nm of torque One of the motor is powered to therear axle and the other to the front axle Renault Zoe e-Sport gets the same 40 kWh battery which powers the standard variant ofthe car
Jean-Christophe Kugler CEO Renault Europe said that the concept as a link car - a styling exercise intended to connect the Zoeroad car with what Renault is doing in Formula E racing and to send a message that EVs are fun to drive Its not a signal of thefuture for Zoe and we have no intention to develop a performance version
Renault also claims that the electric performance car uses the same air and water cooling systems as the Renaultamprsquos FormulaE car The car is based on a tubular steel chassis with use of extensive carbon fibre The car also gets four driving modes
At the moment Renault has no plans to make the Zoe e-Sport into productionhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsrenault-zoe-e-sport-breaks-covers-at-2017-geneva-motor-show57627528
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Sensata Technologies opens testing facility in Bulgaria ReutersSee this story in The Economic Times
Sofia Sensata Technologies has opened its largest global testing facility in Sofia to support its automotive sensing technologies thecompany said on Tuesday
Sensata which has manufacturing sites in 13 countries already employs 3000 people in Bulgaria where it produces pressure andhigh temperature sensors for the automotive market and operates a business centre
In recent years inexpensive labour low taxes and an educated workforce have encouraged dozens of car part producers and ITand business outsourcing companies to set up in the Balkan countryhttpautoeconomictimesindiatimescomnewsauto-componentssensata-technologies-opens-testing-facility-in-bulgaria57632975
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Driving driverless Quest for an autonomous car has reached a truck now Nandagopal RajanThe Financial Express
At San Franciscoamprsquos Pier 90 chock-a-block with cargo vehicles it is pretty tough for any truck to stand out But a white Volvotruck with Otto emblazoned on it is the centre of attention This is the next big thing in automated cars and has already shown itsmettle by delivering a consignment of Budweiser beer in Colorado without a driver controlling it on the freeway
Uber is one of the many companies thinking in terms of driverless car While CEO Travis Kalanick says automated vehicles areampldquoexistentialamprdquo for the ride-hailing companyamprsquos future he is not alone in the race to drive without drivers Just in theUS at least 23 companiesampmdashincluding Tesla Google and Volkswagenampmdashhave registered in autonomous vehicleprogrammes The idea that fuels this cutting-edge technology is pure economics at the end of the day Cars suffer from seriousissues of inefficiency as they sit idle 95 of the time Considering that the world has 1200000000 cars this is inefficiency at agargantuan scale Add to this the fact that cars amount for 22 of all emissions globally and muddy the urban infrastructureproblem by creating the need for parking spaces
Since 1984 when the first experimental self-driving cars appeared there has been much progress on the technology leading toMercedes-Benz showcasing its concept car the F 015 at the Consumer Electronics Show in Las Vegas in 2015 Everyone has adifferent take on the technology but in the end the idea is to make cars intelligent and independent enough to be aware ofsurroundings and take decisions based on that
Interestingly Uberamprsquos dream is to bring ampldquoreliable transportation to everyone everywhereamprdquo now extended toeverything too with the trucks from Otto a start-up it acquired last year Matt Sweeney who heads product at UberamprsquosAdvanced Technology Group says ampldquothe truck and passenger vehicles share software and hardware components and thishelps us work on different aspects of the self-driving problem at the same timeamprdquo But on scope passenger vehicles are forurban environments where Uber has its focus on ride-sharing while trucks will be for high-speed highways where the constraintsare different
Just last week Uber got a permit from California Department of Motor Vehicles to test two self-driving Volvo SUVs on public roadsthough it will need to have backup drivers behind the wheel in case the prototype cars malfunction Its self-driving cars have beenrunning test drives in other parts of the US too
The Otto truck comes with a rig of radars laser scanners and stereo cameras that give the computers inside a live 360-degreevision of its environment with high dynamic range high resolution and high colour information imagery so that the truck can besmart enough to decide what to do next But the computing task this presents is ampldquoalmost as big as a small datacentreamprdquo Sweeney says the computing has to be done inside as ampldquothere is no tech that can let us send all that data tothe cloud real time and hence a lot of the computing has to be done in the truck itselfamprdquo
ampldquoA lot of the tech is based on prior mapping but in subsequent runs we see differences that have come about in the area andpay attention on those objects that are differentamprdquo
Interestingly Otto is being sued by Googleamprsquos Waymo self-driving car unit which claims its former employee and start-upfounder Anthony Levandowski stole its proprietary design for its laser-based radar system There are other challenges tooampldquoUber tech is different because we are trying to make this on top of the ride-sharing network that we already haveamprdquo headded
Nissan in contrast keeps the driver and not the technology at the centre and its definition of an ampldquoautonomous caramprdquo ishence a vehicle with different levels of driving technologies that enable it to operate autonomously for certain periods of time ANissan spokesperson said on the technology side the challenges are in artificial intelligence software development data processingand digital mapping technologies while on the social environment side laws and regulations along with modifications of roadinfrastructure will become necessary
This contrast in technologies is why it is important to see how the entire ecosystem evolves maybe with different platforms talkingto each other But Uber is not depending on this ampldquoWe need to see and interact with vehicles but there is no guarantee wewill have that technology So we are approaching it with the assumption it wonamprsquot existamprdquo says Sweeney
Uberamprsquos goal is to take its technology everywhere but can these vehicles actually be practical for an environment like IndiaSweeney accepts the new elements this will throw in along with the sheer volume will present a slew of challenges ampldquoThoseare situations we think we will be able to tackle but those are not the first places we will goamprdquo he explains adding that theywill look for opportunities where they can deploy this technology safely Clearly this drive has just started(The author attended the Uber Media Summit in San Francisco at the invitation of Uber)httpwwwfinancialexpresscomopiniondriving-driverless-quest-for-an-autonomous-car-has-reached-a-truck-now588112
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Samsung completes acquisition of Harman The Economic Times
New Delhi The arrest of the Vice-Chairman of Samsung Board Lee Jae Yong on bribery and corruption charges has not affectedthe deal between Samsung and Harman International IndustriesIn a media statement the South Korean giant confirmed thecompletion of its largest such deal ever
Under the terms of the merger agreement Harman stockholders will receive $11200 per share in cash The completion follows thesatisfaction of all conditions to the closing of the transaction including approval of the transaction by HARMAN stockholders andreceipt of all necessary regulatory approvals in the United States and certain foreign jurisdictions
ampldquoToday is a historic moment for us The close of this transaction opens the door to create substantial growth opportunitiesand deliver greater benefits for customers worldwideamprdquo said Young Sohn President and Chief Strategy Officer of SamsungElectronics and Chairman of the Board HARMAN ampldquoWe see transformative opportunities in the car ampndash and a futurewhich seamlessly connects lifestyle across automotive home mobile and work Samsungamprsquos and HARMANamprsquosleadership in these spaces perfectly positions Samsung to be the preferred partner to our OEM customers In addition bringingtogether HARMANamprsquos iconic audio brands and capabilities paired with Samsungamprsquos leading display technologies willdeliver enhanced audio and video experiences to consumers and professional end markets And most importantly we areenthusiastic about our common vision the similarities in our culture of innovation and the added value we can create for customersWe look forward to working with all of HARMANamprsquos employees to execute on our visionamprdquo
Harman boasts around 30000 employees spreadout across different brands including JBL Infinity Lexicon and Mark LevinsonThe company will continue to conduct business as an independent subsidiary under the terms of the deal with Samsung
ampldquoWe are excited to have completed the transaction which provides compelling cash value to our stockholders benefits ourcustomers and provides new opportunities for our employeesamprdquo said Dinesh Paliwal Harman President and CEOampldquoSamsung shares our commitment to our customers and our culture of speed innovation and execution Samsung providesHarman with the scale platform and complementary technologies to accelerate growth and extend our global market leadership inautomotive smart audio and connected technologies Recognizing the importance of partnerships in an increasingly connectedworld particularly in automotive we are poised to leverage our combined teams and resources to produce even greater value forour customers Working closely with automakers and other technology companies Samsung and Harman will define ampndash anddrive ampndash the future of automotiveamprdquohttpautoeconomictimesindiatimescomnewsauto-technologysamsung-completes-acquisition-of-harman57624440
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Skoda delivers 81200 units in Feb 2017 globally The Economic Times
Mlada Boleslav Czech car manufacturer Skoda in a press release stated that the company delivered 81200 vehicles to customersworldwide in February 31 more than in the same period last year (February 2016 78800) brvbarkoda also claims that it has soldmore cars than any February in its history The Czech manufacturer achieved double-digit growth in Central and Eastern Europe (+129 and + 133) India (+ 128) and Israel (+ 198) among others
We are delighted with our strong start to 2017 We expect the market launch of the OCTAVIA product upgrade as well as the newKodiaq to create further momentum says Werner Eichhorn brvbarKODA Board Member for Sales and Marketing
In Western Europe deliveries to customers rose by 70 in February to 34800 vehicles (February 2016 32500) With 12600vehicles Germany remains the strongest single European market (February 2016 12100 vehicles +45) brvbarKODA recordeddouble-digit growth rates in the UK (3400 vehicles +236) Italy (2200 vehicles + 201) Belgium (2 000 vehicles +271) andAustria (1900 vehicles +647)
In Central Europe brvbarKODA achieved an increase of 129 with 17400 cars (February 2016 15400 vehicles) Deliveries on thehome market of the Czech Republic rose by 88 to 8200 vehicles in Poland (5700 vehicles + 163) Slovakia (1700 vehicles+154) Slovenia (600 vehicles +226) and Croatia (300 vehicles +469) also rose in double figures
In Eastern Europe excluding Russia Skoda achieved a year-on-year increase of 133 with 2800 vehicles delivered (February2016 2500 vehicles) In the same period 400 customers in Ukraine received their new brvbarKODA ampndash an increase of 939(February 2016 200 vehicles) The number of deliveries increased significantly in Bosnia (200 vehicles + 557) Bulgaria (200vehicles +175) and the Baltic States (600 vehicles + 229) In Russia brvbarKODA achieved an increase of 46 with 4300vehicles (February 2016 4100 vehicles)
In China ampndash the brandamprsquos largest market worldwide ampndash brvbarKODA handed over the keys to 15000 new vehicles(February 2016 18500 vehicles -188) Deliveries overseas increased by 98 to a total of 2500 vehicles
At the Geneva Motor Show brvbarKODA is presenting several new highlights These include the brvbarKODA KODIAQ SCOUT and brvbarKODAKODIAQ SPORTLINE alongside the extensively upgraded brvbarKODA OCTAVIA as well as the sporty spearhead brvbarKODA OCTAVIA RS245 and the brvbarKODA OCTAVIA SCOUT with a rugged off-road look In addition the upgraded brvbarKODA models RAPID and RAPIDSPACEBACK and Citigo are on show
brvbarKODA deliveries to customers in February 2017 (in units rounded off by model +- in percent compared to February2016)brvbarKODA OCTAVIA (28600 -86)brvbarKODA FABIA (16700 + 152)brvbarKODA RAPID (15000 + 121)brvbarKODA SUPERB (10900 + 171)brvbarKODA KODIAQ (1300 + 1000)brvbarKODA YETI (6300 -157)brvbarKODA CITIGO (only sold in Europe 2300 -164)httpautoeconomictimesindiatimescomnewspassenger-vehiclecarsskoda-delivers-81200-units-in-feb-201757626693
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Isuzu claims more durability on its diesel engines for trucks The Economic Times
Indianapolis Isuzu Commercial Truck of America has announced that the B10 durability rating of its 4HK1-TC diesel engine hasbeen increased to 375000 miles informed the company in an official statement
To elaborate further on what it means the Japanese commercial vehicle manufacturer went on to say that A B10-life rating is anindustry-standard gauge provided by engine makers to help consumers determine the long-term durability of an engine Thenumber following the B indicates the percentage of an engineamprsquos population that will require an overhaul before the indicatedmileage
That means that 90 of Isuzu 4HK1-TC engines are expected to last 375000 miles before they require a major repair or rebuildPreviously the 4HK1-TC engine carried an already-robust B10 durability rating of 310000 miles added the company
ampldquoWe are proud to say that Isuzu diesel engines are already known worldwide for their long-term dependabilityamprdquo saidShaun Skinner president of Isuzu Commercial Truck of America ampldquoOur new B-10 rating is strong evidence that our enginesare even more durable than everamprdquo
The turbocharged intercooled 4HK1-TC four-cylinder diesel engine displaces 52 liters and generates 215 horsepower Torqueratings vary depending on model The engine is fitted to Isuzu NPR-HD NPR-XD NQR and NRR models as well as the all-new2018 Isuzu FTR Class 6 truck
The company made the above announcement at the National Truck Equipment Associationamprsquos 2017 Work Truck Show inIndianapolis held on March 13httpautoeconomictimesindiatimescomnewsauto-componentsisuzu-diesel-engines-for-trucks-now-become-more-durable57626832
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MoS visits Rolls-Royces new logistics centre in England The Economic Times
New Delhi Nick Gibb Minister for School Standards and MP for Bognor Regis and Littlehampton has visited Rolls-Royce MotorCars Technology and Logistics Centre on Monday informed the British luxury car maker in a media release
During the visit Gibb toured the facility met the expert team onsite and was briefed on the companyamprsquos future plans to expandthe Centre He also took the opportunity to learn more about the Rolls-Royce Motor Cars apprenticeship graduate and internprogrammes
Nick Gibb said ampldquoThe original announcement that Rolls-Royce Motor Cars would be locating its Technology and LogisticsCentre in Bognor Regis was a great boost for our town and warmly welcomed I am delighted to see the huge new state of the artfacilities fully operational and providing high quality jobs for local people The support of such a prestigious company is good newsfor Bognor Regis and for the wider local economyamprdquo
He continued ampldquoIt is very welcome that Rolls-Royce operates an apprenticeship scheme ensuring the company has the skillsit needs for the future and providing opportunities and training for a cohort of young people every year This year Rolls-Royce istaking on record numbers of apprenticesamprdquo
The new Rolls-Royce Technology and Logistics Centre at Bognor Regis opened on schedule in January 2016 The purpose-built30000m2 facility is located close to the companyamprsquos head office and manufacturing plant at Goodwoodhttpautoeconomictimesindiatimescomnewsindustrymos-visits-rolls-royce-new-logistics-centre-in-england57626981
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All new Mazda CX-5 to be produced at Hofu Plant The Economic Times
Hiroshima Japan Japanese automaker Mazda Motor Corporation starting from November is going to produce the all-new MazdaCX-5 crossover SUV at its Hofu Plant in addition to the Hiroshima Plant where it is currently produced
The company informed that the move will help the automaker respond quickly and flexibly to growing demand for SUVs globally
Mazda aims to create a production system that can respond flexibly to changes in demand for crossover vehicles as it works tomeet its global sales goal of 165 million units
Launched domestically in February the all-new CX-5 has till date recorded sales of 16639 units about seven times the monthlytarget claims the company
As with the CX-3 starting production of the CX-5 at Hofu Plant as well is part of our plan to build a production framework that givesus more flexibility between plants and between models said Masatoshi Maruyama Managing Executive Officer in charge of GlobalProduction We will do everything we can to get customers the crossover vehicles they want as quickly as possiblehttpautoeconomictimesindiatimescomnewspassenger-vehicleuvall-new-mazda-cx-5-to-be-produced-at-hofu-plant57627447
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Rheinmetall receives over $25 mn order from American carmaker The Economic Times
New Delhi German automotive parts supplier Rheinmetall has booked its first order for a special application of coolant valves by amajor American carmaker and destined for the NAFTA market
The company in a statement said that the order has a lifetime value of over US$25 million (around Rs 165 crore) Series productionof the valves is scheduled to start in 2019 with the contract set to run for about five years
Talking about the product the company went on to say that the innovative valves play a lead role in intelligent thermal and energymanagement on modern vehicle engines These often have several cooling circuits which are controllable with the aid of switchingseat valves
As from model year 2020 this particular customer will be installing several versions of such valves on gasoline and diesel enginesfor pick-ups with over 6 liters displacement
They will take over functions in the cooling circuit of the transmission ensuring that it reaches operating temperature faster byswitching off the coolant flow when the engine is started This also helps to reduce emissions added the companyhttpautoeconomictimesindiatimescomnewsauto-componentsrheinmetall-receives-over-25-mn-order-from-american-carmaker57628058
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Nissans Infiniti names former BMW executive as new design chief ReutersSee this story in The Economic Times
Beijing Infiniti Nissan Motors premium brand named Karim Habib former global design chief for BMW as the brands new chiefdesigner effective July 1
Habib will replace Alfonso Albaisa who will be promoted to lead Nissans global design according to a press release seen byReuters Habib will report to Albaisa
Habib who has worked for several premium automotive brands including BMW and Daimler will be based in Nissans technicalcentre in Atsugi Japan and lead Infinitis design teams in Japan Beijing San Diego and Londonhttpautoeconomictimesindiatimescomnewsindustrynissans-infiniti-names-former-bmw-executive-as-new-design-chief57630437
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Elon Musks bold offer of Tesla batteries wont solve Australias power problems ReutersSee this story in The Economic Times
Launceston Australia Australia is becoming an interesting microcosm on how to or how not to transition an economy from beingpredominantly powered by coal to more climate-friendly alternatives
The dramatic intervention by Tesla Inc Chief Executive Elon Musk last week is just the latest twist in an ongoing saga that pits
business government farmers government and environmentalists against each other
Musk in an exchange of tweets with software billionaire Mike Cannon-Brookes chief executive of Atlassian Corp offered to fix theelectricity supply problems of South Australia state within 100 days of signing a contract
Musks plan is to install 100 megawatts (MW) of grid-connected battery storage which would be available to meet peak demandand would be charged with surplus electricity from other generating sources in periods of low demand
Its a bold offer and would most likely provide a quick fix to Australias fourth-largest state which suffered a blackout last Novemberand has been dealing with power shortages over the peak summer period
Businesses like BHP Billiton which operates the giant Olympic Dam copper mine in the state have been pushing for thegovernment and other stakeholders to ensure stable electricity supply saying the cost of blackouts runs into millions of dollars inlost output
Musk whose Tesla Corp is ramping up output of its battery storage packs at its Gigafactory in Nevada held talks with AustralianPrime Minister Malcolm Turnbull at the weekend as well as with South Australian Premier Jay Weatherill
The politicians will no doubt be tempted to Musks offer to install batteries especially since the electric car pioneer said if he didntmeet his 100 day deadline he wouldnt charge anything
But while Musks offer if taken up would provide a quick fix it would not do enough to mend the underlying problems at the heart ofAustralias electricity woes
Its worth looking at how Australia got itself to the point where virtually all players can agree that the nation is facing somethingapproaching an energy crisis
After all the country is not short of fossil fuels such as coal and natural gas and its climate and low population density outside themajor cities are ideal for renewables such as solar and wind power
The country is heavily reliant on an ageing fleet of coal-fired power stations which makes Australia one of the highest polluters percapita
These coal power stations are starting to close down with one shutting in South Australia last year and another planned to close inVictoria state at the end of this month
The problem is that the coal-fired power stations role as providers of base load electricity cannot be taken over by wind and solarand the role is falling to natural gas
But natural gas is also the most expensive method of generating electricity in Australia so utilities are reluctant to run their gas-firedplants until prices are high enough to justify the cost
South Australia has a gas-fired plant that was mothballed until last years power supply crisis but even with the higher prices forelectricity the operator is struggling to make the plant profitable
The state moved on Tuesday to try and address its energy security issues announcing it would build a 250 MW gas-fired plant andhelp the private sector build a 100 MW battery at a total cost of A$510 million ($385 million)
Gas Supply ConstraintsNatural gas supply is becoming a problem in Australia which may seem ironic given the country is on the verge of becoming theworlds largest exporter of liquefied natural gas (LNG) as the last of eight new plants come closer to completion
In fact the new LNG plants are copping some of the blame for the tightening natural gas market especially the three in easternQueensland state based on using coal-seam gas as the feedstock
These are being blamed for sucking domestic natural gas out of the market and into the export LNG industry
What hasnt helped is that some of Australias state and territory governments are also pursuing policies that will restrict futurenatural gas supplies
Victoria state has banned hydraulic fracturing or fracking as well as shale and coal-seam gas exploration while the NorthernTerritory New South Wales and Tasmania have various moratoriums on fracking
This leaves Western Australia Queensland and South Australia as the remaining states where onshore natural gas supplies can bedeveloped and they are now in the cross-hairs of the environmental lobby which is opposed to any and all new natural gas wells
Politicians across the traditional Labor-Liberal divide are increasingly giving in to demands to restrict natural gas exploration whilepretending that this wont have a negative impact on energy security and electricity prices
But the costs are starting to become apparent with spot electricity prices surging over the Australian summer and natural gassuppliers warning that they will be unable to meet the needs of industrial customers without action being taken
Its often the case politicians only take action when the point of crisis is reached and this appears to be the case in Australia
Whats needed is a holistic approach to energy supply as Australia transitions away from coal-fired power
This means ensuring enough natural gas is available to provide base load generation while scaling up renewables such as solar
wind pumped hydro and battery storage
Forging enough common ground with the various stakeholders will be the main obstacle but more than anything else Australia isshowing how difficult it is to end the age of coalhttpautoeconomictimesindiatimescomnewsindustryelon-musks-bold-offer-of-tesla-batteries-wont-solve-australias-power-problems57630514
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Innogy in talks with car consortium over charging stations CEO ReutersSee this story in The Economic Times
Essen Germany Innogy is in intense talks with a group of carmakers Chief Executive Peter Terium told journalists on Mondayhoping to be selected as a supplier of super-fast charging stations for electric vehicles across Europe
Its not a done deal yet Terium said pointing to strong competition from rival vendors
BMW Volkswagen Ford and Daimler plan to build about 400 next-generation charging stations in Europe that can reload anelectric car in minutes instead of hours
Sources told Reuters in January that Innogy was in talks with the consortiumhttpautoeconomictimesindiatimescomnewsindustryinnogy-in-talks-with-car-consortium-over-charging-stations-ceo57624184
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China may roll back electric vehicle quotas as industry pushes back ReutersSee this story in The Economic Times
Beijing China is considering easing proposed quotas aimed at producing more electric vehicles as Beijing gets pushback from theautomotive industry over the scale and pace of the plans
If adopted proposed changes under discussion could see a target of new energy vehicles (NEV) making up 8 percent of sales nextyear pushed to 2019 two auto executives said
The changes would lower targets from a draft policy released in September requiring 8 percent of automakers sales to be batteryelectric or plug-in hybrid vehicles by 2018 rising to 10 percent in 2019 and 12 percent in 2020
Any loosening of NEV targets would mark a pull back by Beijing which has faced opposition to the planned targets as it looks todrive its domestic carmakers to overtake global rivals in the green vehicle sector
Automakers and industry bodies have said the targets are too tough and could hurt manufacturers interests New energy vehicleslast year accounted for just 18 percent of sales in the worlds biggest autos market according to Reuters calculations based onofficial data
Its normal to make revisions as its a draft plan An Jin chairman of Anhui Jianghuai Automobile Group (JAC Motor) said on thesidelines of the National Peoples Congress in Beijing
He said he was aware of talks to revise the quota targets but said nothing was set in stone JAC hasnt been told what revisionsmight be made to the draft but I think it is possible the draft will be changed after the discussions he said
Whether the whole market can hit this quota by 2018 depends a lot on the strength of government policy If its strong then weshould be able to surpass the targets An said (But) if you consider Chinas infrastructure and the transformation of Chinas autosector then perhaps the pace will have to slow
Two Percent CutTwo executives familiar with the plans told Reuters the government was considering options for lowering the requirements
One idea was to reduce the quota requirement by 2 percent each year cutting the 2018 requirement to 6 percent said aChina-based government relations official at a major global automaker It would then be 8 percent in 2019 and 10 percent in 2020
Another option would be to push back each target by a year with the 8 percent quota starting from 2019 an executive at aJapanese car maker said
Both asked not to be named due to the sensitivity of the matter and because the draft was still under consideration
The overall policy includes quotas for plug-in cars targets for average fuel economy requirements and a credit trading system topromote green energy cars while penalizing petrol cars
The two people said the quota stand-off was tied to a disagreement between the Ministry of Industry and Information Technology(MIIT) and Chinas top state planner the National Development and Reform Commission (NDRC)
MIIT which regulates manufacturers supports a more flexible credit trading system favoured by automakers The NDRC is more
aggressive in promoting a transition to electric vehicles pushing the introduction of the stricter quotas
An NDRC spokesman said the body played a small role when the draft was open to public for discussion MIIT did not immediatelyrespond to Reuters requests for comment
China has strongly supported and subsidized electric vehicles but is gradually swapping out incentives for hard targets automakersmust meet The central government cut subsidies 20 percent this year a first reduction towards eliminating them by 2020httpautoeconomictimesindiatimescomnewspolicychina-may-roll-back-electric-vehicle-quotas-as-industry-pushes-back57623608
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Russias standards agency says Volkswagen recalls 43151 Skoda cars ReutersSee this story in The Economic Times
Moscow Russias standards agency said on Monday that Volkswagens Russian operation had informed it about the voluntaryrecall of 43151 Skoda cars due to a possible technical fault
The recall affects Skoda Octavia Superb Fabia Yeti and Rapid cars sold in Russia between 2012 and 2016 the watchdog saidhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsrussias-standards-agency-says-volkswagen-recalls-43151-skoda-cars57624140
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Economy
Rupee hits 1-12 yr high surges 78 paise on BJP sweep PTISee this story in The Economic Times
Mumbai The rupee surged by a massive 78 paise to end at a nearly one-and-a-half year high of 6582 against the US dollar onfrantic unwinding of the American currency following BJPs emphatic victory in Uttar Pradesh
Forex market sentiment soared on hopes that BJPs stellar show in state polls would pave the way for the Modi government to focuson key reform measures
The home currency resumed on a strong footing at 6620 from last Fridays closing value of 6660 at the Interbank ForeignExchange (forex) market on heavy dollar unwinding from speculative traders and exporters tracking weekend developments
Maintaining its bullish momentum against the dollar the rupee hit a fresh intra-day high of 6576 in late afternoon deals beforeending at 6582 showing a solid gain of 78 paise or 117 per cent
This is the highest closing of the rupee since November 6 2015 when it had ended at 6576
Meanwhile the RBI fixed the reference rate for the dollar at 661800 and for the euro at 704354
Financial markets too took comfort from BJPs landslide victory with the broader Nifty climbing 15245 points to a new closing peakof 9087 and the Sensex rallying 49640 points to end at 2944263
The much-anticipated turnaround on the economic front has opened up a barrage of foreign capital fund flows into India
Foreign investors pumped in over Rs 10000 crore in the Indian capital markets this month so far
It also got an added fillip from bullish macro data which showed that the countrys industrial production bounced back in Januaryexpanding by 27 per cent year-on-year
Factory output measured in terms of Index of Industrial Production (IIP) had contracted by 01 per cent in December
However inflation based on wholesale prices shot up to a 39-month high of 655 per cent in February against 525 per cent inJanuary according to official data
On the global front the dollar traded firmly higher against its major counterparts ahead of the two-day Fed meet when it could liftrates for the third time since the financial crisishttpautoeconomictimesindiatimescomnewsindustryrupee-hits-1-12-yr-high-surges-78-paise-on-bjp-sweep57635104
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Nifty hits all time high of 912275 Sensex surges 616 points after big BJP win The Economic Times
Mumbai The Nifty jumped to life highs on Tuesday after the BJPamprsquos thumping win in the crucial state of Uttar Pradeshrekindled hopes of a bigger-than-expected push for reforms by the Narendra Modi government
The Nifty up 11 so far this year crossed its previous life high of 9119 to hit 912275 before ending the day 171 or 15245points higher at 9087 This is the indexamprsquos biggest single-day gain in points since February 1 and caps a strong reboundsince the December 26 low of 7893 on demonetisation worries
The Sensex surged by 616 points or 212 intra-day before ending the day at 2944263 up 49640 points This is its biggest gainsince May 25 last year The index is the best performer among all developed and emerging market indices in local currency terms inthe past three months
The rupee surged 79 paise to a 16-month high of 6582 to the dollar as exporters sold more dollars and foreign investors boughtlocal shares BSE data showed that foreign investors bought local shares worth Rs 4089 crore their biggest single-day purchasesince February 17 when they purchased Rs 8059 crore
FPIs have bought shares worthRs 23132 crore since January this year against net sales of Rs 9800 crore in the same period lastyear The BSE Midcap and Smallcap indices gained 144 each
ampldquoOne must be ready for a correction after a rally but I am optimistic about the medium to longterm prospectsamprdquo saidMotilal Oswal chairman Motilal Oswal Financial Services Ltd ampldquoFundamentally valuations are comfortable at this point intime because of good corporate earnings growth In the short term markets may remain volatileamprdquo
BJP romped to victory in UP on Saturday winning 312 out of the 403 seats Its allies won 13 more taking the NDA tally to 325 Thisis the biggest win recorded by any party in the state since 1977 and has raised prospects of the BJP doing well in other electionsthis year and next Many political pundits also believe that the victory has improved Prime Minister Narendra Modiamprsquos chancesof retaining power in the 2019 general election
Barring the metals index all other sectoral indices on the NSE ended with gains on Tuesday About 55 stocks including TitanJubilant Life Sciences Kotak Mahindra Bank IndusInd Bank YES Bank and Indiabulls Housing Finance among others hit life highswhile 92 stocks were locked in upper circuit with no sellers
ampldquoWith the sharp rally the market which is currently susceptible to global risk is trading at above average multiples and westay cautious near termamprdquo said Sanjay Mookim India Equity Strategist BofA Merrill Lynch ampldquoIndiaamprsquos businesscycle should improve over the next several quarters while improving construction should drive capex which is good forequitiesamprdquo
Some market experts are divided over the near-term outlook as indices have begun to look expensive at current valuations Plusthere is no immediate trigger for upgrade
ampldquoValuations of the Indian market are quite high and would require the support of strong earnings growth Any disappointmenton earnings will make valuations look even more expensive which the market may not likeamprdquo said Sanjeev Prasad senior EDand co-head of Kotak Institutional Equities
ampldquoGlobal and domestic interest rate cycles are no longer supportive with likely increase in developed markets bondyieldsamprdquo
ampldquoWhile markets are expecting a rate hike this meeting what will be of more interest is the commentaryamprdquo said DipenShah senior V-P PCG research Kotak Securities ampldquoIf it is hawkish it may have an impact on fund flows to emerging marketsbut India may be relatively less impacted because of the continuing domestic flowsamprdquo
ampldquoNotwithstanding the election results we believe the risk-reward is not favourable currently and advise investors to sell intothis rally We expect Nifty EPS to rise 15-16 in FY18 and see no trigger for an earnings upgrade at this junctureamprdquo ReligareInstitutional Research said in a notehttpeconomictimesindiatimescommarketsstocksnewsnifty-hits-all-time-high-of-9122-75-sensex-surges-616-points-after-big-bjp-winarticleshow57639036cms
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WPI inflation up 655 for February 2017 The Economic Times
New Delhi The annual rate of inflation based on monthly Wholesale Price Index (WPI) stood at 655 percent (provisional) for themonth of February 2017 (over February 2016) as compared to 525 percent (provisional) for the previous month and -085 percentduring the corresponding month of the previous year
The official Wholesale Price Index for amplsquoAll Commoditiesamprsquo for the month of February 2017 rose by 05 percent to 1855(provisional) from 1846 (provisional) for the previous month
The index for primary articles rose by 09 percent to 2581 (provisional) from 2557 (provisional) for the previous month
The inflation rate for Fuel and power group rose by 13 percent to 2038 (provisional) from 2012 (provisional) for the previousmonth due to higher price of coking coal (15 percent) aviation turbine fuel (3 percent) bitumen (2 percent) and kerosene highspeed diesel LPG and lignite (1 percent each) However the price of furnace oil (1 percent) declined
The index for the major group of manufactured products remained unchanged at its previous monthamprsquos level of 1588
(provisional) In this group the index for amplsquoRubber amp Plastic Productsamprsquo group rose by 02 percent to 1489 (provisional)from 1486 (provisional) for the previous month due to higher price of rubber products (1 percent)
The index for amplsquoTransport Equipment amp Partsamprsquo group rose by 05 percent to 1405 (provisional) from 1398 (provisional)for the previous month due to higher price of auto rickshaw tempo matador (4 percent) and auto parts (1 percent)
For the month of December 2016 the final Wholesale Price Index for amplsquoAll Commoditiesamprsquo stood at 1833 as comparedto 1828 (provisional) and annual rate of inflation based on final index stood at 368 percent as compared to 339 percent(provisional) respectively as reported on January 1 2017httpautoeconomictimesindiatimescomnewsindustrywpi-inflation-up-6-55-for-february-201757627665
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February CPI at 365 vs 317 in January highest since October 2016 PTISee this story in The Economic Times
New Delhi Retail inflation rose to 4-month high of 365 per cent in February mainly due to surge in price of food items like fruitssugar and confectionery
Measured in terms of Consumer Price Index (CPI) the inflation had dipped to a multi-year low of 317 per cent in January this yearon account of cash crunch following demonetisation It was 526 per cent in February last year
According to the CPI data released today by the Central Statistics Office (CSO) the consumer food prices index (CFPI) rose by201 per cent in February from 061 per cent in January The CFPI was 53 per cent in February 2016
Inflation in fruits was higher at 833 per cent fuel and light at 39 per cent in February The rate of price rise in meat and fish was 35per cent in February
Prices of sugar and confectionery items rose by 1883 per cent in February while inflation in milk and milk product increased by 422per cent
The rate of inflation in household goods and services was 409 per cent while this rate was in health segment was 4 per cent Thetransport and communication became expensive by 539 per cent
The personal care and effects segment rose by 515 per cent while the education became more expensive by 537 per cent inFebruary this year
The inflation rate was 438 per cent in clothing and footware segment while it was 49 per cent in housing segment
However the prices of vegetables and pulses declined by 829 per cent and 902 per cent respectively
Rural retail inflation was at 367 per cent in February compared with 336 per cent in the preceding month The CPI was also up inthe urban sector at 355 per cent in February from 29 per cent in January this yearhttpautoeconomictimesindiatimescomnewsindustryfebruary-cpi-at-3-65-vs-3-17-in-january-highest-since-october-201657633211
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Closing
Last Financial Closing
Sensex 2944263 (+49640)NSE 9087 (+15245)US$ spot Rs6582US$ Y1148000US$ 6 months RsYen Rs57Euro spot Rs70
Gold (10gm) Rs28333Silver (1kg) Rs4008300
Crude Oil (WTI) Crude Oil (Brent) $5172 (+037)
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Apollo Tyres 1 18610Asahi Ind 1 21655Amara Raja B 1 83230Ashok Leyland 1 9080Bajaj Auto 10 286670Bharat Forge 2 103550Denso 1 Eicher Motor 10 2396325Escorts 10 51945Exide Ind 1 21645Force Motors 10 427760Gabriel India 1 11460Hero Motocor 2 335745Hind Motors 5 950Hi-Tech Gear 10 29885Jay Bh Maruti 5 38190
Jamna Auto 5 20550JK Tyres amp Inds 10 1241 Kinetic Motors 10 Kinetic Engg 10 KOEL 2 37685Kirloskar Br 2 24135LML Ltd 10 1250LampT 2 155810Lumax Ind 10 131690Lumax Tech 10 43230MampM 5 132600Maruti Suzuki 5 613240Motherson SS 1 36290Minda Inds 2 44350MRF 10 5298390Omax Auto 10 7555Rico Auto 1 5720Sona Koyo St 1 8170
SRF 10 157155Tata Motors 2 46975 TVS Motors 1 43690
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Bhushan Steel 2 5430Hindalco 1 19040Hind Zinc 2 29140JSW Ispat S 10 Jind Steel 1 12490JSW Steel 1 18190Jindal Saw 2 7995National Aluminium 5 7310SAIL 10 6005Tata Steel 10 47255Visa Steel 10 2185
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Ambuja Cement 2 23370Binani Industries 10 7200Birla Corp 10 70360India Cement 10 16070Prism Cement 10 9375JK Cement 10 88470Shree Cement 10 1639835
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PLEASE NOTE
NURC Industry Updates contain editedtruncated text of Industry-specific news as it appears in various select dailies and websites These are NOT full stories unless otherwisespecifically mentioned The stories contained herein are informational only and no representation is made or warranty given as to their content reliability truthfulness orusefulness User assumes all risk of use It be clearly understood that NURC updates do not claim to and neither mean to replace the Print or the Internet editions of variousnewspapers whose articles are featured therein For the best and complete news reading NURC urges its readers to read the full text of the stories from the Newspaperswhose credits are given after the headline and visit the related website whose URL is given below the text matter of each news item
NURC News Update - AUTOMOBILES
News on Indian Auto Industry Copyright 1999 NURC MediaNext Pvt Ltd
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Powered by Enablingbiz Esoluttions
besides cost competitiveness to compete in the export market to increase profitability for both Yamaha and the Suppliers IndiaYamaha Motor also emphasised that all the Suppliers can draw up their investment plans based on the increasing volumes infuture
Sixteen Suppliers were also awarded for their exceptional services in the areas of Quality Delivery Development and Costincluding the Appreciation Award for some of them for the extraordinary Improvement support provided to India Yamaha Motor in2016httpautoeconomictimesindiatimescomnewstwo-wheelersscooters-mopedsyamaha-aims-to-export-2-2-lakh-units-from-india-in-2017-chairman57632349
Top
BSIV Compliant TVS Jupiter launched at Rs 49666 (Ex-Delhi) The Economic Times
New Delhi Hosur based TVS Motor Company in a BSE filing announced the launch of its BSIV compliant TVS Jupiter at Rs 49666(Ex-Delhi) and it is now available with two new colours - Jade Green and Mystic Gold
The refreshed scooter is now BSIV compliant with Auto Headlamp On (AHO) and equipped with Sync Braking System (SBS) SBSensures rider safety as it automatically activates the front brakes when the rear brakes are used claims TVS The feature previouslyavailable on ZX range will now be available on the Base variant as well
Commenting on this Aniruddha Haldar Vice President Marketing- Scooters TVS Motor Company said ampldquoTVS Jupiter hasreceived such enthusiasm from the consumers in response to its credo of Zyada ka Fayda Living true to this credo not only is theentire Jupiter range now BSIV compliant it now offers the unique Sync Braking System (SBS) across the entire range (earlier onlyavailable on the ZX range) Further for our customers we are adding two colours Jade Green and Mystic Gold giving them 10colour options to choose from We are happy to offer all this with absolutely no change in the Exshowroom price truly ZYADA KAFAYDAamprdquo
Since its launch in 2013 TVS Motor Companyamprsquos flagship scooter brand Jupiter has been strengthening theCompanyamprsquos foothold in the scooter market and contributing to overall scooter segment uptake penetration and growth inIndia
Company has sold over 15 million Jupiter scooters since its launch in 2013 The scooter is powered by a all-aluminum low-friction110cc engine
There is no revision in the prices for the BS IV models of Jupiter priced at Rs 49666 (Ex-Showroom Delhi) the scooter is availableacross all TVS dealershipshttpautoeconomictimesindiatimescomnewstwo-wheelersscooters-mopedsbsiv-compliant-tvs-jupiter-launched-at-rs-49666-ex-delhi57630201TVS Motor rolls out BS IV variants of JupiterThe Hindu Business Linehttpwwwthehindubusinesslinecomtodays-papertp-newstvs-motor-rolls-out-bs-iv-variants-of-jupiterarticle9583972eceTVS unveils BS-IV compliant JupiterThe Hinduhttpwwwthehinducomtodays-papertp-businesstvs-unveils-bs-iv-compliant-jupiterarticle17464118eceTVS launches BS-IV compliant JupiterBusiness Standardhttpwwwbusiness-standardcomarticlecompaniestvs-launches-bs-iv-compliant-jupiter-117031400552_1html
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Dominar 400 takes the battle to the Royal Enfield turf Murali GopalanThe Hindu Business Line
Mumbai Bajaj Autoamprsquos recently launched Dominar 400 is attracting former Royal Enfield bike users who now account for 20per cent of its customer base
According to Eric Vas President (Motorcycle Business) Bajaj Auto the larger chunk of 80 per cent is still taken up by those whoused Yamaha Honda and Bajajamprsquos own Pulsar motorcycles
The Dominar made its debut in mid-December as a serious contender to Royal Enfield While monthly numbers thus far have beena little over 3000 units the good news is that the bike has taken pride of place in the 350cc plus segment vis-a-vis RoyalEnfieldamprsquos offerings However when it comes to the core 350cc space the latter continues to be the market leader withmonthly sales of nearly 55000 units powered by the Classic and Bullet
The three-month-old Dominar 400 kicked off its presence in 22 towns which has since increased to 32 in February and slated to goup to 110 towns by the end of this month
This tally will double to 200 in April and Bajaj Auto hopes to have at least 300 towns covered for the Dominar 400 during the courseof 2017-18
If everything goes according to plan the company hopes to be clocking its targeted 10000 motorcycles every month by the end of
Q3 next fiscal
Attractive features
Vas says market feedback shows that buyers love the Dominar 400 for its performance speed and top-class brakes Interestingly alarge number of them have opted for the more expensive ABS version which retails at a little over Rs 15 lakh
The LED lamps are another big draw and their attractive lighting explains why many customers opt to have their test rides at night
According to Vas Dominar 400 buyers are largely in the age group of 25 years who have already owned a bike There are no firsttime users yet but this is expected to begin happening once the network grows and more customers start going in for the relativelyless expensive disc brake version which has a price tag of nearly Rs 14 lakh
The Dominar 400 was launched to take on Royal Enfield in a segment that is priced between Rs 1-2 lakh and accounts for five percent of motorcycles sold in India
In terms of numbers this translates into 65000 units each month
The next fiscal could see this grow to nearly 85000 units or over one million units annually
Changing dynamics
It is in this product category that Royal Enfield has a market share of 80 per cent and it is in the balance 20 per cent space thatBajaj has thrown down the gauntlet with the Dominar 400
The other rival models include KTM Yamaha YZF-R15 and Honda CBR 150R but none of them has posed a serious threat to RoyalEnfield yet
It now remains to be seen if the Dominar 400 can draw customers from the top-selling Classic
It is clear that with 10000 units targeted during 2017-18 Royal Enfield will still be comfortably ahead in terms of numbers
How dynamics change after this period will be interesting to watch
From Bajaj Autoamprsquos point of view the strategy boils down to acknowledging the reality of living in a world of opposites whereevery mature segment is essentially a two-horse race
The Dominar will stick to the core principle of being opposite from the market leaderamprsquos offerings and has been positioned as amodern machine and not a heritage brandhttpwwwthehindubusinesslinecomtodays-papertp-newsdominar-400-takes-the-battle-to-the-royal-enfield-turfarticle9583973ece
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Bajaj cheers at Feb sales Ajay ModiBusiness Standard
New Delhi Pune-headquartered Bajaj Auto claims to have surpassed volumes sold by market leader Royal Enfield in the 350-500ccmotorcycle segment in February
It attributes this to the Dominar a 373 cc premium sports motorcycle it launched in December at an ex-showroom price of Rs 136lakh Enfield says Bajaj is celebrating too early
Bajaj has sold about 3000 units of Dominar a month this calendar year and is drawing a comparison with the February volume ofRoyal Enfield in the 350-500 cc segment when the latter did wholesale volumes of 2602 units Eric Vas president for themotorcycle business at Bajaj said ampldquoWe have already overtaken Royal Enfield in the segment They used to sell an averageof 5000 units a month until a few months agoamprdquo
He claims that two of every 10 Dominars was sold to customers who owned an Enfield ampldquoSome have sold it to buy Dominarand some have bought it as their second bikeamprdquo He added there had been a decline in the waiting period of some of Enfieldsmotorcycles The 350-500 cc segment for Enfield includes the Bullet 500 Classic 500 Thunderbird 500 and Himalayan
Bajaj hopes to gradually raise Dominar volumes to an output of 10000 units monthly in about six months ampldquoThe bike hasbeen accepted very well We should reach a monthly volume of 6000 units by next monthamprdquo said Vas He did not disclosecumulative bookings for the Dominar He said most customers bought it after test rides
Vas said the volumes were aggregated from the 22 cities where itwas available until February We have expanded reach to 32cities and it will be available in a 100 cities and towns by end-March In April the company plans to add another 100 cities andtowns The constraint is more on the capacity front than on the network sideamprdquo he said
Bajaj said the incremental volume from Dominar would start reflecting in the profit figures once volume crossed 5000-6000 units amonth
Enfield has almost the entire 250-350 cc motorcycle market in the country estimated at close to 50000 units a month This is where
it gets the lionamprsquos share of its sales In the 350-500 cc market it controls 80 per cent (data for the first 11 months of FY17)This is a much smaller segment with monthly volume of 5300 units
Siddhartha Lal managing director of Eicher (which owns Enfield) told Business Standard last month that it would continue toengage with the target segment and expand reach to grow volumes ampldquoWhen one succeeds in a segment others try to enterand take a bite Of course there will be competition but we are not worriedamprdquo hed said It is understood that Enfieldamprsquosproduction volume in February was impacted due to fewer days (February having only 28) and the transition to BS-IV emissionnormshttpwwwbusiness-standardcomarticlecompaniesbajaj-cheers-at-feb-sales-117031400822_1html
Top
India Yamaha Motor sets ambitious sales target Nandini Sen GuptaThe Times of India
Chennai India Yamaha Motor Private Limited (IYM) is targeting an ambitious production and sales pitch of more than three millionunits this year with one million in the domestic market alone It was revealed by the top management at a recently organised AnnualSuppliers Conference at Greater Noida (Delhi-NCR) which was attended by 500 members representing more than 200 suppliersfrom across India
The theme of this years conference was Challenge the Innovation for Global Competitiveness and Its all about the customer
Our target for this year is to achieve one million unit sales in domestic market and 22 lakh unit sales for exports market Inaddition we also need to reinforce the Indian parts export business in order to contribute to Yamaha business globally While doingso we must continue with our focus on the Quality of our parts and products said Hiroaki Fujita Chairman YMI-G Cos
The objective for conducting the Annual Suppliers Conference was to share the last years result for sales and production and thecurrent years sales and production plan During the conference IYM shared the direction for 2017 its purchase policy thepurchasing policy of Yamaha Motor Company (Japan) and activities organised amp initiatives taken for sales and marketing in theprevious year
Among the senior management members who were present on the occasion on behalf of IYM included Hiroaki Fujita chairmanYamaha Motor India Group Cos (YMI-G Cos) Takashi Terabayashi MD -IYM Yasuo Ishihara MD- Yamaha Motor Research ampDevelopment India (YMRI) T Yamaguchi Deputy MD amp Purchase Head- IYM along with the YMC Purchase team - Olivier Prevostdeputy chief general manager and Hiroshi Hagio general manager
IYM shared its expectations with the suppliers for improvement in quality delivery and development performances besides costcompetitiveness to compete in the export market to increase profitability for both Yamaha and the Suppliers IYM also emphasisedthat all the suppliers can draw up their investment plans based on the increasing volumes in future
Sixteen suppliers were also awarded for their exceptional services in the areas of quality delivery development and costhttptimesofindiaindiatimescomautobikesindia-yamaha-motor-sets-ambitious-sales-targetarticleshow57633067cms
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Thunderous sound remain forever Sandesh M SDeccan Herald (Web Edition)
Bike-lovers had expected a lot from Royal Enfield when the homegrown tough motorcycle manufacturer revealed the 500ccThunderbird in October 2012
When DH decided to check out the four-year-old model with respect to the present dayamprsquos bikes with updated technology theThunderbird 500 remains outstanding in its segment
The bike was tested for two weeks with everyday regular usage and an enthusiastic rider The bike is a good choice for the dailyneeds of an Indian family
Be it an office-goer or a student the bike gives an extra feel where you enjoy every bit of it You need an extra muscle and morepower to handle the bike when the engine is turned off Sometimes it will be a great challenge to tow the bike till a filling station ifthe engine goes dry
PerformanceUndoubtedly this is the most powerful variant of Royal Enfield today The bike feels far impressive than any other machine in thissegment It constantly urges you to take it on highways as it feels best when you pushed harder Overtaking is also very easy withthis bike and it can easily cross a speed of 120 kmphr It still remains a very responsive bike especially at slow speeds
The heavy amount of torque helps it move easily in city traffic The gear ratios are well-matched with this bike and you need lessgear shifts than before The only issue we have with the bike is its heavy weight In city traffic and with a pillion rider sometimes youwill feel the actual weight of this bike Otherwise there are no major concerns related to its performance
Fuel efficiency
Mileage is still a concern and the major drawback with Royal Enfield bikes As the brand new bikes claims to offer 30 kmpl the oldbikeamprsquos mileage drops day-by-day
After few years this will be the main reason for the rider to get rid of his bike In a typical Indian customer mindset a middle-classfamily will think twice before going for a Bullet
Depending on the usage the cushion will loose its power day-by-day The rider will surely feel the pain on the long rides and trafficjams Regular servicing from an authorised mechanic will keep the vehicle in good condition
VerdictThe Royal Enfield Thunderbird 500 is a special bike but the cost compared with its 350 cc sibling the biker has to cough up anextra Rs 40000 which makes anybody to think twice before investing in one The bike has the capability to sustain any roughhandling Though it becomes rough and old its sturdiness remains the samehttpwwwdeccanheraldcomcontent601371thunderous-sound-remain-foreverhtml
Top
E-Bikes
Components
Amtek Autoacirceurotrades Arvind Dham may offload personal assets to reduce debt Deborshi Chaki amp Swaraj Singh Dhanjalmint
Mumbai With troubled auto parts maker Amtek Auto Ltdamprsquos planned divestment of domestic and overseas businesses yet tomaterialize company chairman and founder Arvind Dham has begun exploring options to monetise assets owned by him
According to two people familiar with the matter who asked not to be identified Dham is in talks with potential buyers to sellIndraprasta Engine Parts Pvt Ltd ( IEPPL) an auto component manufacturing company which he owns in his personal capacityDocuments filed with the registrar of companies show that Arvind Dham along with other senior executives of Amtek Auto holdshares in Indraprasta Engine Parts Pvt Ltd
Dham did not respond to emails text messages and phone calls seeking comment
According to the latest available filings Indraprasta Engine Parts reported a revenue of Rs9525 crore and a loss of Rs115 crore inthe financial year ended 31 March 2015 The company was incorporated in 2010 and currently has a manufacturing plant in HosurTamil Nadu
ampldquoDham has been in discussions to sell the unit following which talks with Kalyani Forge Ltd (KFL) and Sterling Tools Ltd (STL) have reached an advanced stageamprdquo said one of the two people ampldquoDham is keen to show to the lenders that he iswilling put his own money even though the plans to sell Amtek Autoamprsquos assets to repay its debt have not beensuccessfulamprdquo
Amtek Autoamprsquos standalone loss widened to Rs24156 crore for the quarter ended December 2016 from Rs17536 crore in thesame quarter last fiscal Dham plans to plough the proceeds of the sale into the company the first person added
Spokespersons for Kalyani Forge and Sterling Tools did not respond to emails seeking comment
Ever since Amtek Auto defaulted on bond repayments of close to Rs800 crore in September 2015 it has been trying to sell variousgroup businesses to reduce the debt on its books The company has appointed Morgan Stanley as an adviser to assist in its debtreduction plan Amtek Auto owed Rs8066 crore to various lenders as on 30 September 2016 Mint learns that its consolidated debtat the group level is higher
In July last year Bloomberg reported that Amtek Auto has hired global investment bank Rothschild and Co to advise on thepotential sale of all overseas operations including those in the UK the US Mexico China and Germany The report said Amtek wasseeking bidders for its German unit Amtek Tekfor Holding GmbH and expected to raise over $1 billion from the process
A manufacturer of forging parts Amtek Auto counts most of Indiaamprsquos top auto component makers as clients Its overseasclients include global auto brands such as Aston Martin and Daimler
In February the company said in a regulatory filing that it is planning to raise Rs1175 crore by selling shares to promoters on apreferential basis for which it will seek shareholdersamprsquo approval The company has called an extraordinary general meeting on25 March to seek approval from its shareholders for the proposal it added
In February lenders of Amtek Auto are understood to have asked it to either repay loans or convert the outstanding into equityshares or warrantshttpwwwlivemintcomIndustry1tt2QpJ8TtSm53I1bN4VgKAmtek-Autos-Arvind-Dham-may-offload-personal-assets-to-reduhtml
Top
Allied Industries
Tyre stocks race ahead as China cuts India trade Palak ShahThe Economic Times
Mumbai What is aiding Indiaamprsquos tyre stocks Chinaamprsquos policy to shun India market for the US The share price ofdomestic tyre manufactures including MRF Apollo Tyre Ceat and J K Tyre rose between 1-7 on Tuesday
A research report by Philip Capital said China had curtailed its tyre exports to India to focus on US markets as Trump administrationhad decided against anti-dumping duty on tyres The research pointed out there was more upside for these stocks
ampldquoChina has raised their TBR (truck bus and radial) tyre prices for Indian market by 10-15 rendering themunattractiveamprdquo said Nitesh Sharma and Dhawal Doshi in the research report ampldquoOur checks indicate that Chinesefactories have nearly stopped catering to tyre demand from India as US markets were more lucrativeamprdquo
Ceat rose by 607 on Tuesday Apollo Tyres was up 396 MRF gained 186 and Goodyear India jumped by 129 amongmajor tyre companies
The report titled amplsquoTables Turn Chinese players out rubber fallingamprsquo further said Chinese imports will not bounce backsoon
Demonitisation too has dent a blow to the tyre imports from China which were largely in cash China accounted for roughly 120000 tyre units each month between April to October 2016 but it has fallen sharply now said experts
ampldquoTyre stocks will do well as rubber prices are on a downward spiralamprdquo said Mehraboon Irani Principal amp Head PrivateClient Group Nirmal Bang Securities ampldquoFall in auto sales and jump in rubber prices are not expected which may keep thetraction for tyre stocksamprdquo
Natural rubber prices had jumped to three year high in January due to floods in Thailand the largest exporter of rubber The priceswhich rose to Rs 210kg are now down by over 20 Meanwhile domestic tyre manufactures hiked tyre prices by 3-5 recentlyPhilip Capital has a buy on Ceat and Apollo Tyres with a target of Rs 1550 and Rs 239 respectivelyhttpeconomictimesindiatimescommarketsstocksnewstyre-stocks-race-ahead-as-china-cuts-india-tradearticleshow57633191cms
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How to avoid being overcharged for car service at dealerships The Financial Express
Authorised workshops or dealerships are the main preference for servicing of a customers new car There are dealerships that aregenuine and would not fleece your money while after sales treatment however there are others who would try and take everypenny from you This would also involve you to be thorough with the detailed billing as well as being cautious about understanding ifa requisite task is at all required in your car Here are some tips on how to avoid being overcharged while getting your car serviced
One key area where sales executives of a said dealership can suggest unnecessary expense is anything related to the engineTasks like engine de-carbonisation or engine flushing are suggested right from the first service however it is not required in avehicles early years A cars decarbonisation should ideally take place when the response from the engine is sluggish or there arefrequent misfires despite regular services This usually starts to happen after 60000 kms or more In case it is recommended by asales executive and he or she insists simply avoid by saying no Another popular unnecessary expense is fuel line cleaning whichis suggested at every service Remember that petrol is itself used as a cleaning agent in many applications so fuel line cleaningshould be carried out only in case of a problem
Another aspect where customers are cheated is due to the lack of knowledge about their respective vehicle There have been caseswhere a dealership has conned a customer by putting spark plugs in a diesel car or heater plugs in a petrol engine powered vehicleA diesel car does not have spark plugs (but a petrol car does) and similarly a petrol car doesnt have heater plugs (which arepresent in diesel cars) Additives are advised by many service advisors but these arent needed unless specified by the carmakerKnowing the basic mechanical and electrical parts of your car can go a long way in saving you your money
Other mechanical parts where a person can be overcharged is the clutch adjustment Most modern manual transmission cars soldin India have a hydraulic clutch which is self adjusting till the time the pressure plates and the clutch plates are completely worn outA worn out clutch system will require more pressure to depress the pedal thereby indicating the clutch plates andor pressure plateswould need replacement Ideal time to replace is not at every service which clever dealerships would suggest but at least a gap ofthree service intervals is recommended (with the service interval at every 10000 kms)
All carmakers offer an owners booklet which has all the details of which part needs to be replaced when and the recommendedservice interval When getting your car serviced always refer to this manual and insist on only the aspects mentioned in the manualto be donehttpwwwfinancialexpresscomautocar-newshow-to-avoid-being-overcharged-for-car-service-at-dealerships587326
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Emissions Environment
Finance amp Insurance
Customer not bound by tie-up between vehicle dealer insurer Pune Court Vishwas KothariThe Economic Times
Pune The district consumer court here has ruled that a tie-up between a vehicle dealer and an insurance company is not bindingupon the consumer who buys a vehicle from such a dealer
The court has directed the Bajaj Allianz General Insurance Company in Yerawada here to refund a premium of Rs 21053 ampmdashalong with an annual interest of 9 since September 20 2014 ampmdash and a Rs 5000 fine to a Daund resident for failing to renewhis car insurance despite the latter having paid the renewal premium through the online NEFT transaction
The interest component payable so far works out to over Rs 4700
The company argued that the consumer did not route the payment through the vehicle dealer by way of a demand draft as wasrequired under an agreement between the company and the vehicle dealer
Shankar Raghunath Chavan a resident of Kusegaon in Daund had purchased an insurance policy from the company for his car onSeptember 21 2012 A year later the policy was renewed for the period between September 21 2013 and September 20 2014 Atthe end of this term he had received a reminder from the company for the renewal of his policy
Through the net banking facility Chavan made a payment of the renewal premium worth Rs 21053 for the term betweenSeptember 21 2014 and September 20 2015 He then made repeated requests to the company for the issuance of the policydocument
However in December 2014 when he approached the company he was shocked to learn that his policy had ampldquoexpired due tonon-renewalamprdquo The company did not renew his policy even after his repeated reminders This prompted him to move theconsumer court seeking refund of the premium amount and appropriate costs towards physical and mental agony
The bench observed in its order ampldquoIt is not denied by the insurance company that the complainant (Chavan) had paid thepremium It is the case of the insurance company that as per practice prevailing between the company and the dealer the paymentshould be made by demand draft through the dealer so that the policy can be renewed conveniently It is true that the dealer of thevehicle was not aware about the payment of premium made by the complainant However a tie-up between the dealer and theinsurance company is not binding upon the consumeramprdquo
ampldquoDocumentary evidence which is produced by the complainant is sufficiently eloquent and speaks about inaction on the partof the insurance company Even after sending documentary evidence as regards to payment of policy premium the insurancecompany has failed to renew the policy Definitely this act on the part of the company amounts to deficiency in serviceamprdquo thebench ruledhttpautoeconomictimesindiatimescomnewsindustrycustomer-not-bound-by-tie-up-between-vehicle-dealer-insurer-pune-court57623564
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Analysts in wait-and-watch mode on Bajaj Finance Hamsini KarthikBusiness Standard
A robust business model established over years of experience often tends to withstand the test of time quite remarkably That ofBajaj Finance Indiaamprsquos largest consumer durables financier is one such example
During the note ban period there were doubts on whether Bajaj Finance could replicate its historic performance in terms ofcustomer acquisition loan growth and more importantly asset quality in the December quarter (Q3) Much to the Streetamprsquossurprise Bajaj Finance comfortably met these parameters
Customer acquisition grew by 35 per cent year-on-year in Q3 while assets under management expanded by 33 per cent to Rs57600 crore year-on-year Even asset quality stood out with gross non-performing assets ratio at 147 per cent and that toowithout utilising RBIamprsquos 90-day dispensation on loans less than Rs 1 crore Overall financials remained robust with net interestincome and net profit growing by 27 and 36 per cent respectively These factors have helped Bajaj Financeamprsquos stock reboundfrom its demonetisation period low of Rs 766 to Rs 1125 on Tuesday
However after outperforming the broader markets by a reasonable margin for most of the last two years the stock has lagged inthe past six months Bloomberg data indicate that while the Bank Nifty has gained six per cent in the past six months Bajaj Financeis up only 21 per cent Analysts nonetheless feel that Bajaj Finance may not surpass its previous high of Rs 1180 in a rush
Pointing to some key indicators they prefer to see how March quarter pans out particularly on consumer loans before altering theirexpectations on the stock
Consumer loans which grew by 52 per cent year-on-year in September quarter (Q2) grew 47 per cent year-on-year in Q3 Butwithin this segment consumer durables grew slower at 27 per cent versus 48 per cent in Q2 As for the vehicle financing (two andthree wheelers) the dependence on Bajaj Auto was seen higher in Q3 ampndash 46 per cent dependence on Bajaj Auto fortwo-wheelers and 29 per cent for three-wheelers as against 38 per cent and 18 per cent respectively a year ago Average ticketsize which dipped post demonetisation is yet to see a strong recovery All these factors prompt analysts to be on a wait-and-watchmode
ampldquoWe arenamprsquot able to see a secular return in consumer buying yet While demand for consumer durables may havepicked up as summer sales is already playing out we canamprsquot say the same for vehicle salesamprdquo says an analyst with adomestic brokerage
Analysts at Jefferies feel the annual compounded loan growth for Bajaj Finance could be lower in FY16-19 compared to what was inFY13-16 The brokerage flags that at current valuations (52 x FY18 price-to-book) risk-reward appears negativehttpwwwbusiness-standardcomarticleopinionwhy-analysts-are-in-wait-and-watch-mode-on-bajaj-finance-117031400674_1html
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SBI announces Rs 6000-cr tractor loan settlement scheme PTISee this story in The Economic Times
State Bank of India (SBI) today announced a one-time farm loan settlement scheme worth Rs 6000 crore primarily for tractors
One Time Settlement (OTS) announced for Agriculture Loans Scheme valid until 31st March Contact your branch for details ampbenefits the nations largest lender said on the microblogging site Twitter today
Managing director Rajnish Kumar told CNBC-TV18 the scheme will result in the bank taking a 40 per cent haircut on outstandingtractor loans as of September 2016
SBIs total farm loan portfolio is Rs 125 trillion and Kumar said the tractor loan book is about Rs 6000 crore
He said doubtful or loss category accounts as of September 2016 which were disbursed before September 2011 will beconsidered under the scheme He said a circular in this regard was sent to branches on February 2
But he was quick to add the OTS has nothing to do with Prime Minister Narendra Modis promise of a loan waiver to UP farmersduring the just concluded elections saying there were no talks with the Centre or state in this regard so far SBIs Uttar Pradeshportfolio will be around Rs 13000 crore
SBI had announced OTS schemes for SMEs last December and education loans early in 2016
He said other agri loans like kisan credit cards and other term-loans for tractors and farm loans may also be covered under theschemehttpwwwdnaindiacommoneyreport-sbi-announces-rs-6000-cr-tractor-loan-settlement-scheme-2352737SBI to allow one-time settlement for tractor farm equipment loansminthttpwwwlivemintcomIndustryiXDTXX1onxjwfHcz731WzJSBI-announces-Rs6000-crore-tractor-loan-settlement-schemehtmlSBI announces rs 6000-crore tractor loan settlement schemeThe Pioneerhttpwwwdailypioneercombusinesssbi-announces-rs-6000-crore-tractor-loan-settlement-schemehtml
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Oil Lubricants amp Alternative Fuels
Oil hovers near three-month low as investors awaits data ReutersSee this story in The Hindu Business Line
Tokyo Crude oil prices hovered near three-month lows on Tuesday in early Asian trading as investors await key reports and datathat may shed light on a supply overhang in the global market
US West Texas Intermediate crude (WTI) edged down 3 cents to $4837 a barrel by 0026 GMT The contract ended down 9 centsin the previous session after touching $4790 the lowest since the end of November
Brent crude futures were down 1 cent at $5134 a barrel having settled down 2 cents on Monday after dipping to as low as $5085
Prices fell sharply last week as investors worried that swelling US crude supplies would hinder Organization of the Petroleum
Exporting Countries (OPEC)s efforts to restrict output and reduce a global glut
Prices had risen after the OPEC and other major oil producers including Russia agreed at the end of November to rein inproduction by almost 18 million barrels per day (bpd) in the first half of 2017
ampldquoIts shaping up to be another fun week in the crude complex with OPEC releasing its monthly oil market report on Tuesdayswiftly followed by the IEAs monthly oil market report the day afteramprdquo Matt Smith analyst at ClipperData said in a note
The International Energy Agency releases its closely watched monthly oil market report on Wednesday
Data from the industry group the American Petroleum Institute on US crude and product stockpiles is also due out later on Tuesday
Analysts said the slump may not have much further to go now that prices have fallen more than 8 percent since last Monday thebiggest week-on-week drop in four monthshttpwwwthehindubusinesslinecommarketscommoditiesoil-hovers-near-threemonth-low-as-investors-awaid-dataarticle9582601ece
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News Magazines
Mahindra Electric geared up to be a component supplier Autocar India
Speaking to Autocar India Mahindra Electric (ME) stated that the company is open to being a supplier to other vehiclemanufacturers and will sell complete electric drive systems to those interested At present the ME plant builds the e2o while it shipsout the drive systems for the eVerito sedan and eSupro van For this purpose the production line has been modified to produce notjust built-up vehicles but also fully ready electric drive systems that can be offered to other manufacturers interested in procuringthem With expertise in electrification virtually absent in India ME hopes to build on its first-mover advantage and cater to theindustry Itamprsquos unlikely that there would be any takers for passenger cars but commercial and three-wheeler manufacturerscould be potential customers
Mahindra also confirmed that they are open to supplying other bits like charge system controllers as well Mahindra outsources thebattery and electric motor for its EV powertrains and has no plans of producing these components in-house as apart from the hugeinvestments needed there is no real advantage Battery technology is quite specialised and there are many players in this fieldalready And with electric motor efficiency already at 80 percent ampndash compared to about 30 percent for internal combustionengines ampndash there is very little to differentiate one EV maker from another Mahindra believes the real differentiator in the nearfuture will be in the battery management systems where big gains can be made in the charging and discharging cycle Thus ME isputting a lot of effort into this area and going forward has ambitions to be a supplier solely for battery management systems toother manufacturershttpwwwautocarindiacomauto-newsmahindra-electric-geared-up-to-be-a-component-supplier-404432aspx
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Tesla Model Y SUV due by 2019 Autocar India
Tesla Inc recently renamed from Tesla Motors Inc is on the verge of what it says will be a massive expansion of production with twonew models due to arrive in the next two years
Alongside the much-hyped Model 3 Tesla is also expected to launch an entry-level crossover based on the same platform andrumoured to be badged the Model Y
The starting price of the Model 3 is likely to be around $37000 (Rs 2435 lakh approx) with the Model Y expected to be slightlymore expensive However Tesla founder Elon Musk believes the transaction prices of the new compact Teslas will go higherbecause buyers will be keen to add paid options to their vehicles
While the compact Model Y could turn out to be Teslaamprsquos best seller ampndash some seven million crossovers of all types weresold in the US last year ampndash Musk recently tweeted that the Model 3 remained the biggest priority for the company
The Model Y is unlikely to be unveiled until sometime next year with production set to follow late in the year Little in the way ofspecification has been released though it is expected to borrow the top-hinged amplsquofalcon wingamprsquo rear doors from thebigger Model X SUV
The Model Y will also have the promised updated electrical architecture that will allow Tesla to offer full autonomous drivingcapability Future Tesla cars will be equipped with as many as eight cameras giving a 360-degree view of the surroundingroadscape as well as 12 ultrasonic sensors and a amplsquonewamprsquo forward-facing radar that works in the worst weatherconditions Existing radar systems can be fooled by heavy rain and fog
Musk also said the new electrical architecture has a brain that is as much as ampldquo40 timesamprdquo more powerful than onprevious Teslas calling it a ampldquosupercomputer inside the caramprdquo The autonomous driving technology though will be offered
as add-on option to customers on both entry-level Teslas
Another challenge for the Model 3 and Y will be balancing their lower price against the need for a battery big enough to give anacceptable range
The entry-level Model 3 may have a cheaper sub-60kWh battery but will still need to have a range of at least 370km The ModelYamprsquos more bluff shape and greater frontal area might mean a bigger battery for the same range and so a slight price premium
Tesla is in a race against time to achieve the kind of production levels needed to turn around what is still a cash-hungry operationThe firm has spent nearly $2 billion (Rs 1316350 crore approx) since 2010 with investments including building the battery-makingGigafactory and trying to expand car production to a massive 500000 units a year
Tesla delivered around 76000 vehicles last year but says it was able to build around 2000 cars a week by the second half of 2016With as many as 400000 deposits taken for the Model 3 the company is looking to produce well over 100000 of the BMW3-series rival before the end of this year
Muskamprsquos expansion plans will test the limits of the capabilities of Teslaamprsquos suppliers and those of its own plant inFreemont California But getting to annual sales of half a million vehicles should finally push the carmaker into profit and secure thecompanyamprsquos long-term futurehttpwwwautocarindiacomauto-newstesla-model-y-suv-due-by-2019-404434aspx
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VW promises higher focus on EVs after record sales year Autocar India
The Volkswagen Group ampldquowill be a role model in environmental protection safety and integrityamprdquo according to CEOMatthias Muller who was speaking as the firm confirmed a record-breaking sales year in 2016
Outlining plans for the firm to reinvent itself as a far-reaching mobility company in the wake of the emission scandal Muller revealedthat the VW Group sold 103 million cars in 2016 making it the worldamprsquos largest car manufacturer It made pound62 billion in profitafter allowances including pound56 billion of losses to cover emission scandal costs In 2015 expenses relating to emission scandalamounted to pound142 billion
Most notably its sales in China where the effects of the diesel crisis were negligible grew 122 percent and its 2016 salesrevenues of pound1904 billion also exceeded forecasts by pound35 billion
ampldquoThe last year was challenging yet remarkably successfulamprdquo said Muller ampldquoIn 2016 we set the course for thebiggest transformation in the history of the company while at the same time performing better in our operating business than manythought possibleamphellipVolkswagen is back on trackamprdquo
Muller vowed that the success would be a catalyst for further change adding ampldquoWe will still be one of the most successfulautomakers in 2025 But we will also be a leading international provider of sustainable mobility and set the standard for new mobilityservicesamprdquo
New initiatives include a stated goal of taking leadership in the field of battery technology by 2025 which is by when the VW Grouphas committed to have solid state batteries in production These are seen as the next technological step over the lithium-ionbatteries currently favoured by most manufacturers The VW Group has committed to have 30 battery-electric vehicles on sale by2025
He also signalled that Audi had been tasked with leading the Groupamprsquos autonomous driving projects while adding that the VWGroup now had 37 centres around the world working on autonomous and digital service ideas pivoting around the Groupamprsquosnew mobility company Moia which was set up last year
Muller also highlighted recent joint ventures ampndash in China with FAW and JAC the latter of which will lead to the co-developmentof a budget electric car line in India with Tata Motors and in America with Navistar which is in the commercial vehicle segmentampndash as examples of the firmamprsquos commitment to forging partnerships to boost sales success He also confirmed that thefirst economy vehicles to be developed by the brand will go on sale in emerging markets in 2018httpwwwautocarindiacomauto-newsvw-promises-higher-focus-on-evs-after-record-sales-year-404433aspx
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Mercedes to expand E-class range with E 220 diesel Autocar India
The tenth-generation Mercedes-Benz E-class launched for the first time in India with a long wheelbase has moved the goalposts toset new standards for comfort and space in its segment The E-class comes with two engine options ampndash the base E 200 petroland the top-of-the-line
E 350 diesel Priced at Rs 5670 lakh and Rs 7015 lakh (ex-showroom Delhi) respectively these two variants bookend the E-classrange and is essentially aimed at two sets of customers The E 200 buyer is likely to be almost always chauffeur-driven and henceis mainly interested in rear seat space and comfort while the E 350d customer wants all the bells and whistles as well as the
sublime driving experience only the silky smooth and torquey V6 diesel can offer
However that still leaves a massive Rs 1345 lakh gap in the range which no doubt future E-class variants will eventually plug butwhich one will find that sweet spot to form the bulk of E-class sales
Itamprsquos no surprise then that Mercedes-Benz India is readying a base diesel which like the previous-generation W212 E-class islikely to be the most popular variant offering a strong dose of practicality without too much of a compromise on refinement andluxury
But unlike the W212 which had the E 250d representing the base diesel in the range Mercedes-Benz India is offering the lower E220d as the starting point for the E-class diesel This suggests that the E 220d will be very attractively priced when it goes on salearound June 2017 and could be priced very close to the E 200
The E 220amprsquos all-new 20 litre four-cylinder diesel which pumps out 194hp and 400Nm of torque may not have the punch ofthe outgoing E 250damprsquos 204hp and 500Nm motor but again given the chauffeur-driven focus the new E-class has beenconceived for the newE 220damprsquos performance is unlikely to be an issue
What is a big issue however is downgrading the 20-litre motor which has been designed for stricter Euro-VI emissions to run onlocally available BS-IV diesel ampldquoItamprsquos such a waste of engineering resource and a step backwardsamprdquo said aMercedes-Benz engineer The 2143cc (OM651) diesel engine which powered the previous E-class was easier to adapt to BS-IVfuel unlike the spanking new high-tech 1995cc (OM654) diesel thatamprsquos built to meet the latest global emission standards Infact the OM654 made its debut in the latest E-class when it was launched globally in 2016 Its advanced tech includes a uniquealuminium engine block with steel pistons a special low-friction coating for the cylinder walls and a fourth-generation common-raildiesel injection system At 168kg it is 31kg lighter than the engine it replaces
Downgrading a Euro-VI engine to BS-IV standards takes a lot of time and resources but there is no way out until fuel pumps in Indiaget low-sulphur BS-VI fuel which is not expected until 2020 The BS-IV-spec OM654 wasnamprsquot ready in time for the newE-class launch and this is one reason why the E 220d is coming a couple of months later The other reason could be a strategicone Mercedes-Benz India wants to wait until BMW launches the all-new 5-series expected in June and in a counter move tweakthe E 220damprsquos mix of specifications features and price accordingly A starting price of Rs 57-58 lakh for the E 220disnamprsquot unlikely especially since this variant will be Mercedes-Benz Indiaamprsquos trump card in a luxury car segment it seemsdetermined to dominatehttpwwwautocarindiacomauto-newsmercedes-to-expand-e-class-range-with-e-220-diesel-404429aspx
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Nissan to launch Kicks SUV in Q3 2018 Autocar India
The Nissan Kicks SUV which made its global debut in 2016 in Brazil will be launched in India in the third quarter of 2018 accordingto company sources
However unlike the South American model which is spun off Nissanamprsquos V-platform the made-for-India Kicks (code PB1D)will be based on the upcoming Renault Kapturamprsquos (code HHA) platform This is essentially a modified version ofRenaultamprsquos proven M0 platform that underpins cars like the Duster and Lodgy which are known for their robust mechanicals
The M0 is also a critical part of the Renault-Nissan Allianceamprsquos platform strategy in India which is essentially centred aroundtwo platforms Whilst the CMF-A and CMF-A+ platforms underpin Renault and Nissanamprsquos (and later Mitsubishiamprsquos) smallto mid-size car range in India the M0 platform will cater to higher end products The low-cost M0 platform has proved to be a cashcow for Renault globally and is ideally suited for markets like India The allianceamprsquos European-spec CMF-B platform was alsoevaluated initially but was eventually rejected as it proved to be a lot more expensive than the M0 which has also been localisedover the years
Developed and conceived originally by Renault for its Dacia sub-brand over a decade ago the French carmaker has first rights toproducts spun off the M0 platform and hence like the Nissan Terrano which followed the Renault Duster the Nissan Kicks too willfollow the Renault Kaptur to India but almost a year later
While both the Kaptur and Kicks will use the same modified version of the platform the amplsquotop hatsamprsquo will be completelydifferent The Kicks design and styling will mirror the South American car and thatamprsquos no bad thing
Sharply styled with lots of distinctive design touches like a floating roof massive wheel arches and a wraparound visor look theKicks wonamprsquot have a problem standing out on Indian roads The good thing is that the edgy design hasnamprsquot compromisedpracticality and Nissan claims best-in-class space in the back seat
Cars based on the M0 platform get a choice of just two engines a 16 petrol and the venerable 15 K9K diesel and hence these arelikely to be carried forward into the Kicks as well The 15 diesel is expected to be the mainstay but its likely that in its latest iterationthere will be a small bump up in power and torque
Nissan has set an ambitious target of 30000 Kicks in its first full year of production with an additional 20000 units earmarked forexports Pricing will be crucial for the Kicksamprsquo success and Nissan may do well to undercut its rivals to buy some much neededmarket sharehttpwwwautocarindiacomauto-newsnissan-to-launch-kicks-suv-in-q3-2018-404426aspx
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International News
Volkswagen CEO gets 778 mn euros in pay and benefits for 2016 ReutersSee this story in The Economic Times
Wolfsburg Volkswagen Groups Chief Executive Matthias Mueller was awarded 778 million euros ($828 million) in pay andbenefits for 2016 up from 417 million euros in total remuneration awarded a year earlier the companys annual report showed onTuesday
Mueller was not awarded a full years CEO pay for 2015 since he only took over as chief executive in September following theresignation of his predecessor Martin Winterkorn who was forced out in the wake of a diesel emissions cheating scandal
Volkswagen overhauled its bonus and executive pay policy in February this year to cap total pay for its chief executive at 10 millioneuros ($106 million) and other top managers at 55 million euros
Volkswagen brand chief Herbert Diess saw his total remuneration for 2016 fall to 393 million euros down from 713 million in 2015the annual report showed
($1 = 09401 euros)httpautoeconomictimesindiatimescomnewsindustryvolkswagen-ceo-gets-7-78-mn-euros-in-pay-and-benefits-for-201657631837Volkswagen CEO Matthias Mueller says not ruling out merger talks with Fiat ChryslerThe Financial Expresshttpwwwfinancialexpresscomindustryvolkswagen-ceo-matthias-mueller-says-not-ruling-out-merger-talks-with-fiat-chrysler587861
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Volkswagen CEO US remains core market for company APSee this story in The Economic Times
Frankfurt The CEO of German automaker Volkswagen says the United States remains a core market for the company despite itsdiesel emissions scandal and has underlined that it hopes to expand there
Matthias Mueller made the comments Tuesday at the companys annual news and investor conference at its headquarters inWolfsburg Germany
Mueller said that we are standing by our investment decisions and intend over the long term to play a significantly greater role therethan today
The Volkswagen brand has only a small share in the US market although it is important for the companys luxury brands Porscheand Audi It makes cars in Chattanooga Tennessee
US authorities uncovered Volkswagens use of engine control software that enabled vehicles to cheat on emissions testshttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsvolkswagen-ceo-us-remains-core-market-for-company57633149
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Volkswagen targets strong 2017 even as core brand struggles ReutersSee this story in The Economic Times
Wolfsburg Germany Volkswagen said it was capable of shouldering the costs of its emissions crisis and was targeting an evenbetter year than in 2016 but warned that its core autos division continued to struggle
We see good chances of being able to ride the wave of the positive performance last year when Volkswagen turned in recordunderlying profit helped by sales of upmarket Audis and Porsches Chief Executive Matthias Mueller said on Tuesday at thecarmakers annual news conference
Volkswagen expects group revenue to exceed last years record 217 billion euros ($231 billion) by as much as 4 percent this yearand is forecasting an underlying operating margin of between 6 and 7 percent compared with 67 percent in 2016 it said affirminga forecast given on February 24
The company also aims to moderately exceed last years record 103 million deliveries
You can rest assured that we will do everything in our power to make 2017 an even better year than 2016 the CEO said
But Volkswagen appears to be making slow progress in tackling the biggest trouble spot within the 12-brand group thelong-planned turnaround of its core autos division
Operating profit of the namesake brand slipped further to 187 billion euros in 2016 from 210 billion a year earlier because of highermarketing costs related to dieselgate and plunging demand in Brazil and other key markets finance chief Frank Witter said
($1 = 09394 euros)httpautoeconomictimesindiatimescomnewsindustryvolkswagen-targets-strong-2017-even-as-core-brand-struggles57630343
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VW CEO says not ruling out merger talks with Fiat Chrysler boss ReutersSee this story in The Economic Times
Wolfsburg Volkswagen Chief Executive Matthias Mueller said he is not ruling out talks with Fiat Chrysler boss Sergio Marchionneabout a possible merger
I am not ruling out a conversation Mueller told reporters on Tuesday after the carmakers annual earnings press conference inWolfsburg
Marchionne has long advocated car industry mergers to share the costs of making cleaner and more technologically advancedvehicles and has repeatedly relayed his desire via the media
It would be very helpful if Marchionne were to communicate his considerations to me too and not just to you Mueller said
I am pretty confident about the future of Volkswagen with or without Marchionne
Only last week Mueller appeared to dismiss the prospect of talks with Fiat Chrysler
We are not ready for talks about anything he told Reuters on the fringes of the Geneva auto show I havent seen Marchionne formonths he said at the timehttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsvw-ceo-says-not-ruling-out-merger-talks-with-fiat-chrysler-boss57632909
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Volkswagen chief denies talks with Fiat AFPSee this story in The Economic Times
Berlin Volkswagen chief Matthias Mueller on Tuesday denied rumours that the German auto giant was in talks with rival FiatChrysler
At present there is no contact between me and Fiat Chrysler boss Sergio Marchionne Mueller told the companys annual pressconference in Wolfsburg north Germany
Marchionne had said at the Geneva car show last week that he was expecting Volkswagen to reach out as more firms are thinkingof cost-cutting tie-ups in the vein of Frances Peugeot and German carmaker Opel
In response Mueller said he had other problems since VWs 2015 admission that it installed software to cheat regulatoryemissions tests in 11 million vehicles worldwide
He nevertheless added that Ive never said a tie-up with any other partner is altogether ruled out
VW clawed its way back to profit in 2016 and pulled ahead of Toyota to become the worlds biggest carmaker by unit sales shipping103 million vehicles over the year
Mueller on Tuesday confirmed the groups forecast of moderate growth in sales in 2017
But the firm is far from turning the page as it continues to refit cars equipped with the cheating software and faces legal action fromcustomers and investors in numerous countries
The final bill for the scandal is impossible to predict Mueller acknowledged
All we know is that this question will keep us busy for a long time several years he saidhttpeconomictimesindiatimescomindustryautovolkswagen-chief-denies-talks-with-fiatarticleshow57633113cms
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Volkswagen has good chances to build on strong 2016 performance CEO ReutersSee this story in The Economic Times
Germany Volkswagen has good chances of building on its strong 2016 performance when it swung to a record underlying profitdespite its diesel emissions crisis Chief Executive Matthias Mueller said
The Volkswagen Group is in very robust shape Mueller said on Tuesday at the carmakers annual news conference in Wolfsburg
VW expects group revenue to exceed last years record 217 billion euros ($231 billion) by as much as 4 percent this year and isforecasting an underlying operating margin of between 6 and 7 percent compared with 67 percent in 2016 it said affirming aforecast given on Feb 24
Still operating profit of its core autos division slipped further to 187 billion euros in 2016 from 210 billion a year earlier as the brandis struggling to implement a wide-ranging turnaround planhttpeconomictimesindiatimescomnewsinternationalbusinessvolkswagen-has-good-chances-to-build-on-strong-2016-performance-ceoarticleshow57630339cms
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BMW i3 batteries to be used by Vattenfall The Economic Times
New Delhi Swedish power making company Vattenfall and German auto giant BMW Group have signed a contract for the deliveryof up to 1000 lithium-ion batteries this year The batteries with a capacity of 33 kilowatt hours (kWh) each are equipped with aBMW-owned battery management system and are also used by the car manufacturer in the BMW i3
Vattenfall will purchase the new batteries from the BMW plant in Dingolfing and use them in all storage projects
Energy storage and grid stability are the major topics of the new energy world says Gunnar Groebler Senior Vice President ofVattenfall and Head of Business Area Wind
We want to use the sites where we generate electricity from renewable energies in order to drive the transformation to a newenergy system and to facilitate the integration of renewable energies into the energy system with the storage facilities Thedecoupling of production and consumption and the coupling of different consumption sectors are in the focus of our work
The first energy storage from the BMW-i3 batteries is being built at the 122 MW onshore wind farm Princess Alexia nearAmsterdam With a capacity of 32 megawatts (MW) it is Vattenfalls first large storage project in the Netherlands
Pending on a final investment decision the largest battery storage will be built at the Vattenfall wind farm Pen y Cymoedd (230 MW)in South Wales - a 22-megawatt storage facility which will help to support the stability of the country-wide power grid in the UK aspart of the so-called EFR (Enhanced Frequency Response) service
As part of the project Norddeutsche Energiewende NEW 40 Vattenfall together with the Hamburg University of Applied Sciences(HAW) and the company Nordex will implement a large battery storage at the future wind farm in Hamburg-Bergedorf
This is a so-called storage control unit made of batteries It is meant to maintain the security of supply with a feed-in of 100 percentrenewable energy In addition the battery storage contributes to the improvement of the network quality and the more efficient useof the existing network structure Other possible applications would be electricity storage in private households Energy storagesolutions are an important part of Vattenfallamprsquos strive to power climate smarter living
We are pleased that we have found a supplier in BMW who meets our high safety requirements with the use of the batteries withreliably good quality from German series production says Daniel Hustadt project manager for large batteries at VattenfallInnovation GmbHhttpautoeconomictimesindiatimescomnewsindustrybmw-i3-batteries-to-be-used-by-vattenfall57630728
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Toyota to look at Saudi production as the countries seek closer ties ReutersSee this story in The Economic Times
New Delhi Toyota Motor Corp signed a memorandum of understanding (MOU) on Tuesday with a Saudi Arabian governmentagency to conduct a feasibility study into producing vehicles and parts in the Middle Eastern nation
The move if firmed up would be a big step for the Saudi economy as the government tries to diversify beyond oil exports andcreate jobs as part of the kingdoms 2030 Vision
So far Saudi Arabia and other Gulf oil exporters have failed to significantly develop industries such as automaking because theylack broad industrial bases and a skilled local workforce
The study would take into account the evaluation of development of a local supply base using materials produced by major Saudi
companies like Sabic Maaden Petro Rabigh and other major industrial companies in the kingdom the official Saudi state newsagency reported
The MOU is with Saudi Arabias National Industrial Clusters Development Program (NICDP)
Meanwhile state-run Saudi Aramco has signed MOUs with five Japanese entities during a business forum that both nations hostedon Tuesday coinciding with a visit by Saudi Arabias King Salman this week
Saudi Aramco and Japans biggest oil refiner JX Nippon Oil amp Energy (5020T) agreed to consider a refinery joint venture in a thirdcountry and cooperation in trading and technology of oil and petrochemical products
Aramco also agreed to consider a possible future cooperation in crude oil supply and downstream business with Idemitsu KosanCompany
In addition Aramco and state-run Japan Oil Gas and Metals National Corp (JOGMEC) formally agreed to expand crude storagecapacity in Japan by 300000 kilolitres (about 19 million barrels) from the current 63 million barrels from April 1
Japan treats crude oil stored by Aramco as quasi-government oil reserves counting half of the barrels stored by Aramco as nationalcrude reserves
Companies and government organizations in both nations signed a total of 20 MOUs on Tuesday including cooperation betweenthe Saudi Arabian General Investment Authority (SAGIA) and Japans three megabanks - Mitsubishi UFJ Financial Group (8306T)Sumitomo Mitsui Financial Group (8316T) and Mizuho Financial Group (8411T) - on increasing investments in the kingdom
The MOUs also included cooperation in seawater desalinationhttpautoeconomictimesindiatimescomnewsindustrytoyota-to-look-at-saudi-production-as-the-countries-seek-closer-ties57636587
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Geneva Motor Show 2017 Airbus unveils fully electric flying car PopUp The Economic Times
Geneva Airbus along with Italdesign has unveiled the first modular fully electric zero emission concept vehicle system - PopUpat the Geneva Motor Show 2017 informed the French company in an official statement
PopUp envisages a modular system for multi-modal transportation that makes full use of both ground and airspace and isdesigned to relieve traffic congestion in crowded megacities
PopUp System consists of a three layers concept1 an Artificial Intelligence platform that based on its user knowledge manages the travel complexity offering alternative usagescenarios and assuring a seamless travel experience
2 a vehicle shaped as a passenger capsule designed to be coupled with two different and independent electric propelled modules(the ground module and the air module) Other public means of transportation (eg trains or hyperloops) could also integrate thePopUp capsule
3 an interface module that dialogues with users in a fully virtual environment
Airbus claims The PopUp vehicle combines the flexibility of a small two seater ground vehicle with the freedom and speed of avertical take-off and landing (VTOL) air vehicle thus bridging the automotive and aerospace domains
PopUpamprsquos monocoque carbon-fibre cocoon measures 26 metres long 14 metres high and 15 metres wide The capsuletransforms itself into a city car by simply coupling to the ground module which features a carbon-fibre chassis and is batterypowered
For megacity journeys with high congested traffic the capsule disconnects from the ground module and is carried by a 5 by 44metre air module propelled by eight counter-rotating rotors
ampldquoAdding the third dimension to seamless multi-modal transportation networks will without a doubt improve the way we liveand how we get from A to Bamprdquo said Mathias Thomsen General Manager for Urban Air Mobility at Airbus on the occasion ofthe unveil
ampldquoSuccessfully designing and implementing solutions that will work both in the air and on the ground requires a joint reflectionon the part of both aerospace and automotive sectors alongside collaboration with local government bodies for infrastructure andregulatory frameworks Italdesign with its long track record of exceptional vehicle design was an exciting partner for Airbus for thisunique concept projectamprdquo
ampldquoToday automobiles are part of a much wider eco-system if you want to design the urban vehicle of the future the traditionalcar cannot alone be the solution for megacities you also have to think about sustainable and intelligent infrastructure appsintegration power systems urban planning social aspects and so on In the next years ground transportation will move to the nextlevel and from being shared connected and autonomous it will also go multimodal and moving into the third dimensionamprdquo saidItaldesign CEO Joumlrg Astaloschhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsgeneva-motor-show-2017-airbus-unveils-fully-electric-flying-car-pop-up57630936
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Nissan boosts management presence at Mitsubishi Motors ReutersSee this story in The Economic Times
Tokyo Mitsubishi Motors on Tuesday said an additional four Nissan executives would join its management team as Nissan tightensits control over the smaller struggling automaker in which it took a controlling stake last year
The announcement is part of Mitsubishi Motors efforts to rebuild its management system after it admitted last year that it hadoverstated the mileage on a number of its cars sold in Japan battering domestic sales and tarnishing its brand image
From April corporate vice president positions for roles including product development and marketing and sales would be occupiedby officials from Nissan Mitsubishi Motors said
This would hike the number of Nissan executives on Mitsubishi Motors management team to seven from two now
We need to strengthen our corporate governance to avoid a repeat of last years scandal along with scandals previous to thatMitsubishi Chief Executive Officer (CEO) Osamu Masuko told reporters during a teleconference
After taking a one-third stake in Mitsubishi Motors Nissan installed Carlos Ghosn - its CEO at the time - as chairman of MitsubishiMotors while also naming two Nissan officials to Mitsubishis board of directors
Nissan also dispatched other executives to the smaller automaker including Trevor Mann previously Nissans chief performanceofficer who became chief operating officer at Mitsubishi late last year
Last month Ghosn said he would step down from the top position at Nissan to focus on deepening the companys alliance withRenault SA and Mitsubishi Motors
Separately Nissan said Shiro Nakamura the companys chief creative officer and one of Japans best-known car designers willretire after nearly 20 years at the automaker
Nakamura 66 is recognised for referencing science fiction anime and embracing Japans culture of cute in models including theGT-R supercar the Cube compact MPV and the Juke SUV crossover setting the automaker apart from many of its rivals whichhave been accused of making lookalike cars
Nakamura joined Nissan in 1999 from Japanese truckmaker Isuzu Motors and was one of the first key hires by Ghosn shortly afterGhosn himself arrived from French automaker Renault to save the company from bankruptcy
Alfonso Albaisa who currently overseas design at Nissans premium Infiniti brand will succeed Nakamura while former BMWglobal chief designer Karim Habib will become the brands new chief designer effective July 1httpautoeconomictimesindiatimescomnewsindustrynissan-boosts-management-presence-at-mitsubishi-motors57631800
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Renault Zoe e-Sport breaks covers at 2017 Geneva Motor Show The Economic Times
New Delhi In the ongoing Geneva Motor Show Renault has showcased its new two-seat version of its electric car Renault Zoee-Sport The company claims to have taken the design cues from Formula E
The ZOE e-Sport Concept is the fully electric concept car that embodies Renaultamprsquos commitment to the idea that electric carscan be fun and fast says Renault The sporting credentials of the ZOE e-Sport Concept extend beyond the caramprsquos styling andthe same blue livery as the Renault edams teamamprsquos front-running Formula E single-seaters
The bodywork of the ZOE e-Sport Concept is made entirely from lightweight carbon fibre which helps to ensure outstandingacceleration from standstill to 100kph in just 32 seconds The car tips the scales at a mere 1400 kilograms including 450kilograms of batteries
The car is powered by two electric motors capable of generating 450 bhp and 650 Nm of torque One of the motor is powered to therear axle and the other to the front axle Renault Zoe e-Sport gets the same 40 kWh battery which powers the standard variant ofthe car
Jean-Christophe Kugler CEO Renault Europe said that the concept as a link car - a styling exercise intended to connect the Zoeroad car with what Renault is doing in Formula E racing and to send a message that EVs are fun to drive Its not a signal of thefuture for Zoe and we have no intention to develop a performance version
Renault also claims that the electric performance car uses the same air and water cooling systems as the Renaultamprsquos FormulaE car The car is based on a tubular steel chassis with use of extensive carbon fibre The car also gets four driving modes
At the moment Renault has no plans to make the Zoe e-Sport into productionhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsrenault-zoe-e-sport-breaks-covers-at-2017-geneva-motor-show57627528
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Sensata Technologies opens testing facility in Bulgaria ReutersSee this story in The Economic Times
Sofia Sensata Technologies has opened its largest global testing facility in Sofia to support its automotive sensing technologies thecompany said on Tuesday
Sensata which has manufacturing sites in 13 countries already employs 3000 people in Bulgaria where it produces pressure andhigh temperature sensors for the automotive market and operates a business centre
In recent years inexpensive labour low taxes and an educated workforce have encouraged dozens of car part producers and ITand business outsourcing companies to set up in the Balkan countryhttpautoeconomictimesindiatimescomnewsauto-componentssensata-technologies-opens-testing-facility-in-bulgaria57632975
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Driving driverless Quest for an autonomous car has reached a truck now Nandagopal RajanThe Financial Express
At San Franciscoamprsquos Pier 90 chock-a-block with cargo vehicles it is pretty tough for any truck to stand out But a white Volvotruck with Otto emblazoned on it is the centre of attention This is the next big thing in automated cars and has already shown itsmettle by delivering a consignment of Budweiser beer in Colorado without a driver controlling it on the freeway
Uber is one of the many companies thinking in terms of driverless car While CEO Travis Kalanick says automated vehicles areampldquoexistentialamprdquo for the ride-hailing companyamprsquos future he is not alone in the race to drive without drivers Just in theUS at least 23 companiesampmdashincluding Tesla Google and Volkswagenampmdashhave registered in autonomous vehicleprogrammes The idea that fuels this cutting-edge technology is pure economics at the end of the day Cars suffer from seriousissues of inefficiency as they sit idle 95 of the time Considering that the world has 1200000000 cars this is inefficiency at agargantuan scale Add to this the fact that cars amount for 22 of all emissions globally and muddy the urban infrastructureproblem by creating the need for parking spaces
Since 1984 when the first experimental self-driving cars appeared there has been much progress on the technology leading toMercedes-Benz showcasing its concept car the F 015 at the Consumer Electronics Show in Las Vegas in 2015 Everyone has adifferent take on the technology but in the end the idea is to make cars intelligent and independent enough to be aware ofsurroundings and take decisions based on that
Interestingly Uberamprsquos dream is to bring ampldquoreliable transportation to everyone everywhereamprdquo now extended toeverything too with the trucks from Otto a start-up it acquired last year Matt Sweeney who heads product at UberamprsquosAdvanced Technology Group says ampldquothe truck and passenger vehicles share software and hardware components and thishelps us work on different aspects of the self-driving problem at the same timeamprdquo But on scope passenger vehicles are forurban environments where Uber has its focus on ride-sharing while trucks will be for high-speed highways where the constraintsare different
Just last week Uber got a permit from California Department of Motor Vehicles to test two self-driving Volvo SUVs on public roadsthough it will need to have backup drivers behind the wheel in case the prototype cars malfunction Its self-driving cars have beenrunning test drives in other parts of the US too
The Otto truck comes with a rig of radars laser scanners and stereo cameras that give the computers inside a live 360-degreevision of its environment with high dynamic range high resolution and high colour information imagery so that the truck can besmart enough to decide what to do next But the computing task this presents is ampldquoalmost as big as a small datacentreamprdquo Sweeney says the computing has to be done inside as ampldquothere is no tech that can let us send all that data tothe cloud real time and hence a lot of the computing has to be done in the truck itselfamprdquo
ampldquoA lot of the tech is based on prior mapping but in subsequent runs we see differences that have come about in the area andpay attention on those objects that are differentamprdquo
Interestingly Otto is being sued by Googleamprsquos Waymo self-driving car unit which claims its former employee and start-upfounder Anthony Levandowski stole its proprietary design for its laser-based radar system There are other challenges tooampldquoUber tech is different because we are trying to make this on top of the ride-sharing network that we already haveamprdquo headded
Nissan in contrast keeps the driver and not the technology at the centre and its definition of an ampldquoautonomous caramprdquo ishence a vehicle with different levels of driving technologies that enable it to operate autonomously for certain periods of time ANissan spokesperson said on the technology side the challenges are in artificial intelligence software development data processingand digital mapping technologies while on the social environment side laws and regulations along with modifications of roadinfrastructure will become necessary
This contrast in technologies is why it is important to see how the entire ecosystem evolves maybe with different platforms talkingto each other But Uber is not depending on this ampldquoWe need to see and interact with vehicles but there is no guarantee wewill have that technology So we are approaching it with the assumption it wonamprsquot existamprdquo says Sweeney
Uberamprsquos goal is to take its technology everywhere but can these vehicles actually be practical for an environment like IndiaSweeney accepts the new elements this will throw in along with the sheer volume will present a slew of challenges ampldquoThoseare situations we think we will be able to tackle but those are not the first places we will goamprdquo he explains adding that theywill look for opportunities where they can deploy this technology safely Clearly this drive has just started(The author attended the Uber Media Summit in San Francisco at the invitation of Uber)httpwwwfinancialexpresscomopiniondriving-driverless-quest-for-an-autonomous-car-has-reached-a-truck-now588112
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Samsung completes acquisition of Harman The Economic Times
New Delhi The arrest of the Vice-Chairman of Samsung Board Lee Jae Yong on bribery and corruption charges has not affectedthe deal between Samsung and Harman International IndustriesIn a media statement the South Korean giant confirmed thecompletion of its largest such deal ever
Under the terms of the merger agreement Harman stockholders will receive $11200 per share in cash The completion follows thesatisfaction of all conditions to the closing of the transaction including approval of the transaction by HARMAN stockholders andreceipt of all necessary regulatory approvals in the United States and certain foreign jurisdictions
ampldquoToday is a historic moment for us The close of this transaction opens the door to create substantial growth opportunitiesand deliver greater benefits for customers worldwideamprdquo said Young Sohn President and Chief Strategy Officer of SamsungElectronics and Chairman of the Board HARMAN ampldquoWe see transformative opportunities in the car ampndash and a futurewhich seamlessly connects lifestyle across automotive home mobile and work Samsungamprsquos and HARMANamprsquosleadership in these spaces perfectly positions Samsung to be the preferred partner to our OEM customers In addition bringingtogether HARMANamprsquos iconic audio brands and capabilities paired with Samsungamprsquos leading display technologies willdeliver enhanced audio and video experiences to consumers and professional end markets And most importantly we areenthusiastic about our common vision the similarities in our culture of innovation and the added value we can create for customersWe look forward to working with all of HARMANamprsquos employees to execute on our visionamprdquo
Harman boasts around 30000 employees spreadout across different brands including JBL Infinity Lexicon and Mark LevinsonThe company will continue to conduct business as an independent subsidiary under the terms of the deal with Samsung
ampldquoWe are excited to have completed the transaction which provides compelling cash value to our stockholders benefits ourcustomers and provides new opportunities for our employeesamprdquo said Dinesh Paliwal Harman President and CEOampldquoSamsung shares our commitment to our customers and our culture of speed innovation and execution Samsung providesHarman with the scale platform and complementary technologies to accelerate growth and extend our global market leadership inautomotive smart audio and connected technologies Recognizing the importance of partnerships in an increasingly connectedworld particularly in automotive we are poised to leverage our combined teams and resources to produce even greater value forour customers Working closely with automakers and other technology companies Samsung and Harman will define ampndash anddrive ampndash the future of automotiveamprdquohttpautoeconomictimesindiatimescomnewsauto-technologysamsung-completes-acquisition-of-harman57624440
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Skoda delivers 81200 units in Feb 2017 globally The Economic Times
Mlada Boleslav Czech car manufacturer Skoda in a press release stated that the company delivered 81200 vehicles to customersworldwide in February 31 more than in the same period last year (February 2016 78800) brvbarkoda also claims that it has soldmore cars than any February in its history The Czech manufacturer achieved double-digit growth in Central and Eastern Europe (+129 and + 133) India (+ 128) and Israel (+ 198) among others
We are delighted with our strong start to 2017 We expect the market launch of the OCTAVIA product upgrade as well as the newKodiaq to create further momentum says Werner Eichhorn brvbarKODA Board Member for Sales and Marketing
In Western Europe deliveries to customers rose by 70 in February to 34800 vehicles (February 2016 32500) With 12600vehicles Germany remains the strongest single European market (February 2016 12100 vehicles +45) brvbarKODA recordeddouble-digit growth rates in the UK (3400 vehicles +236) Italy (2200 vehicles + 201) Belgium (2 000 vehicles +271) andAustria (1900 vehicles +647)
In Central Europe brvbarKODA achieved an increase of 129 with 17400 cars (February 2016 15400 vehicles) Deliveries on thehome market of the Czech Republic rose by 88 to 8200 vehicles in Poland (5700 vehicles + 163) Slovakia (1700 vehicles+154) Slovenia (600 vehicles +226) and Croatia (300 vehicles +469) also rose in double figures
In Eastern Europe excluding Russia Skoda achieved a year-on-year increase of 133 with 2800 vehicles delivered (February2016 2500 vehicles) In the same period 400 customers in Ukraine received their new brvbarKODA ampndash an increase of 939(February 2016 200 vehicles) The number of deliveries increased significantly in Bosnia (200 vehicles + 557) Bulgaria (200vehicles +175) and the Baltic States (600 vehicles + 229) In Russia brvbarKODA achieved an increase of 46 with 4300vehicles (February 2016 4100 vehicles)
In China ampndash the brandamprsquos largest market worldwide ampndash brvbarKODA handed over the keys to 15000 new vehicles(February 2016 18500 vehicles -188) Deliveries overseas increased by 98 to a total of 2500 vehicles
At the Geneva Motor Show brvbarKODA is presenting several new highlights These include the brvbarKODA KODIAQ SCOUT and brvbarKODAKODIAQ SPORTLINE alongside the extensively upgraded brvbarKODA OCTAVIA as well as the sporty spearhead brvbarKODA OCTAVIA RS245 and the brvbarKODA OCTAVIA SCOUT with a rugged off-road look In addition the upgraded brvbarKODA models RAPID and RAPIDSPACEBACK and Citigo are on show
brvbarKODA deliveries to customers in February 2017 (in units rounded off by model +- in percent compared to February2016)brvbarKODA OCTAVIA (28600 -86)brvbarKODA FABIA (16700 + 152)brvbarKODA RAPID (15000 + 121)brvbarKODA SUPERB (10900 + 171)brvbarKODA KODIAQ (1300 + 1000)brvbarKODA YETI (6300 -157)brvbarKODA CITIGO (only sold in Europe 2300 -164)httpautoeconomictimesindiatimescomnewspassenger-vehiclecarsskoda-delivers-81200-units-in-feb-201757626693
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Isuzu claims more durability on its diesel engines for trucks The Economic Times
Indianapolis Isuzu Commercial Truck of America has announced that the B10 durability rating of its 4HK1-TC diesel engine hasbeen increased to 375000 miles informed the company in an official statement
To elaborate further on what it means the Japanese commercial vehicle manufacturer went on to say that A B10-life rating is anindustry-standard gauge provided by engine makers to help consumers determine the long-term durability of an engine Thenumber following the B indicates the percentage of an engineamprsquos population that will require an overhaul before the indicatedmileage
That means that 90 of Isuzu 4HK1-TC engines are expected to last 375000 miles before they require a major repair or rebuildPreviously the 4HK1-TC engine carried an already-robust B10 durability rating of 310000 miles added the company
ampldquoWe are proud to say that Isuzu diesel engines are already known worldwide for their long-term dependabilityamprdquo saidShaun Skinner president of Isuzu Commercial Truck of America ampldquoOur new B-10 rating is strong evidence that our enginesare even more durable than everamprdquo
The turbocharged intercooled 4HK1-TC four-cylinder diesel engine displaces 52 liters and generates 215 horsepower Torqueratings vary depending on model The engine is fitted to Isuzu NPR-HD NPR-XD NQR and NRR models as well as the all-new2018 Isuzu FTR Class 6 truck
The company made the above announcement at the National Truck Equipment Associationamprsquos 2017 Work Truck Show inIndianapolis held on March 13httpautoeconomictimesindiatimescomnewsauto-componentsisuzu-diesel-engines-for-trucks-now-become-more-durable57626832
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MoS visits Rolls-Royces new logistics centre in England The Economic Times
New Delhi Nick Gibb Minister for School Standards and MP for Bognor Regis and Littlehampton has visited Rolls-Royce MotorCars Technology and Logistics Centre on Monday informed the British luxury car maker in a media release
During the visit Gibb toured the facility met the expert team onsite and was briefed on the companyamprsquos future plans to expandthe Centre He also took the opportunity to learn more about the Rolls-Royce Motor Cars apprenticeship graduate and internprogrammes
Nick Gibb said ampldquoThe original announcement that Rolls-Royce Motor Cars would be locating its Technology and LogisticsCentre in Bognor Regis was a great boost for our town and warmly welcomed I am delighted to see the huge new state of the artfacilities fully operational and providing high quality jobs for local people The support of such a prestigious company is good newsfor Bognor Regis and for the wider local economyamprdquo
He continued ampldquoIt is very welcome that Rolls-Royce operates an apprenticeship scheme ensuring the company has the skillsit needs for the future and providing opportunities and training for a cohort of young people every year This year Rolls-Royce istaking on record numbers of apprenticesamprdquo
The new Rolls-Royce Technology and Logistics Centre at Bognor Regis opened on schedule in January 2016 The purpose-built30000m2 facility is located close to the companyamprsquos head office and manufacturing plant at Goodwoodhttpautoeconomictimesindiatimescomnewsindustrymos-visits-rolls-royce-new-logistics-centre-in-england57626981
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All new Mazda CX-5 to be produced at Hofu Plant The Economic Times
Hiroshima Japan Japanese automaker Mazda Motor Corporation starting from November is going to produce the all-new MazdaCX-5 crossover SUV at its Hofu Plant in addition to the Hiroshima Plant where it is currently produced
The company informed that the move will help the automaker respond quickly and flexibly to growing demand for SUVs globally
Mazda aims to create a production system that can respond flexibly to changes in demand for crossover vehicles as it works tomeet its global sales goal of 165 million units
Launched domestically in February the all-new CX-5 has till date recorded sales of 16639 units about seven times the monthlytarget claims the company
As with the CX-3 starting production of the CX-5 at Hofu Plant as well is part of our plan to build a production framework that givesus more flexibility between plants and between models said Masatoshi Maruyama Managing Executive Officer in charge of GlobalProduction We will do everything we can to get customers the crossover vehicles they want as quickly as possiblehttpautoeconomictimesindiatimescomnewspassenger-vehicleuvall-new-mazda-cx-5-to-be-produced-at-hofu-plant57627447
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Rheinmetall receives over $25 mn order from American carmaker The Economic Times
New Delhi German automotive parts supplier Rheinmetall has booked its first order for a special application of coolant valves by amajor American carmaker and destined for the NAFTA market
The company in a statement said that the order has a lifetime value of over US$25 million (around Rs 165 crore) Series productionof the valves is scheduled to start in 2019 with the contract set to run for about five years
Talking about the product the company went on to say that the innovative valves play a lead role in intelligent thermal and energymanagement on modern vehicle engines These often have several cooling circuits which are controllable with the aid of switchingseat valves
As from model year 2020 this particular customer will be installing several versions of such valves on gasoline and diesel enginesfor pick-ups with over 6 liters displacement
They will take over functions in the cooling circuit of the transmission ensuring that it reaches operating temperature faster byswitching off the coolant flow when the engine is started This also helps to reduce emissions added the companyhttpautoeconomictimesindiatimescomnewsauto-componentsrheinmetall-receives-over-25-mn-order-from-american-carmaker57628058
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Nissans Infiniti names former BMW executive as new design chief ReutersSee this story in The Economic Times
Beijing Infiniti Nissan Motors premium brand named Karim Habib former global design chief for BMW as the brands new chiefdesigner effective July 1
Habib will replace Alfonso Albaisa who will be promoted to lead Nissans global design according to a press release seen byReuters Habib will report to Albaisa
Habib who has worked for several premium automotive brands including BMW and Daimler will be based in Nissans technicalcentre in Atsugi Japan and lead Infinitis design teams in Japan Beijing San Diego and Londonhttpautoeconomictimesindiatimescomnewsindustrynissans-infiniti-names-former-bmw-executive-as-new-design-chief57630437
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Elon Musks bold offer of Tesla batteries wont solve Australias power problems ReutersSee this story in The Economic Times
Launceston Australia Australia is becoming an interesting microcosm on how to or how not to transition an economy from beingpredominantly powered by coal to more climate-friendly alternatives
The dramatic intervention by Tesla Inc Chief Executive Elon Musk last week is just the latest twist in an ongoing saga that pits
business government farmers government and environmentalists against each other
Musk in an exchange of tweets with software billionaire Mike Cannon-Brookes chief executive of Atlassian Corp offered to fix theelectricity supply problems of South Australia state within 100 days of signing a contract
Musks plan is to install 100 megawatts (MW) of grid-connected battery storage which would be available to meet peak demandand would be charged with surplus electricity from other generating sources in periods of low demand
Its a bold offer and would most likely provide a quick fix to Australias fourth-largest state which suffered a blackout last Novemberand has been dealing with power shortages over the peak summer period
Businesses like BHP Billiton which operates the giant Olympic Dam copper mine in the state have been pushing for thegovernment and other stakeholders to ensure stable electricity supply saying the cost of blackouts runs into millions of dollars inlost output
Musk whose Tesla Corp is ramping up output of its battery storage packs at its Gigafactory in Nevada held talks with AustralianPrime Minister Malcolm Turnbull at the weekend as well as with South Australian Premier Jay Weatherill
The politicians will no doubt be tempted to Musks offer to install batteries especially since the electric car pioneer said if he didntmeet his 100 day deadline he wouldnt charge anything
But while Musks offer if taken up would provide a quick fix it would not do enough to mend the underlying problems at the heart ofAustralias electricity woes
Its worth looking at how Australia got itself to the point where virtually all players can agree that the nation is facing somethingapproaching an energy crisis
After all the country is not short of fossil fuels such as coal and natural gas and its climate and low population density outside themajor cities are ideal for renewables such as solar and wind power
The country is heavily reliant on an ageing fleet of coal-fired power stations which makes Australia one of the highest polluters percapita
These coal power stations are starting to close down with one shutting in South Australia last year and another planned to close inVictoria state at the end of this month
The problem is that the coal-fired power stations role as providers of base load electricity cannot be taken over by wind and solarand the role is falling to natural gas
But natural gas is also the most expensive method of generating electricity in Australia so utilities are reluctant to run their gas-firedplants until prices are high enough to justify the cost
South Australia has a gas-fired plant that was mothballed until last years power supply crisis but even with the higher prices forelectricity the operator is struggling to make the plant profitable
The state moved on Tuesday to try and address its energy security issues announcing it would build a 250 MW gas-fired plant andhelp the private sector build a 100 MW battery at a total cost of A$510 million ($385 million)
Gas Supply ConstraintsNatural gas supply is becoming a problem in Australia which may seem ironic given the country is on the verge of becoming theworlds largest exporter of liquefied natural gas (LNG) as the last of eight new plants come closer to completion
In fact the new LNG plants are copping some of the blame for the tightening natural gas market especially the three in easternQueensland state based on using coal-seam gas as the feedstock
These are being blamed for sucking domestic natural gas out of the market and into the export LNG industry
What hasnt helped is that some of Australias state and territory governments are also pursuing policies that will restrict futurenatural gas supplies
Victoria state has banned hydraulic fracturing or fracking as well as shale and coal-seam gas exploration while the NorthernTerritory New South Wales and Tasmania have various moratoriums on fracking
This leaves Western Australia Queensland and South Australia as the remaining states where onshore natural gas supplies can bedeveloped and they are now in the cross-hairs of the environmental lobby which is opposed to any and all new natural gas wells
Politicians across the traditional Labor-Liberal divide are increasingly giving in to demands to restrict natural gas exploration whilepretending that this wont have a negative impact on energy security and electricity prices
But the costs are starting to become apparent with spot electricity prices surging over the Australian summer and natural gassuppliers warning that they will be unable to meet the needs of industrial customers without action being taken
Its often the case politicians only take action when the point of crisis is reached and this appears to be the case in Australia
Whats needed is a holistic approach to energy supply as Australia transitions away from coal-fired power
This means ensuring enough natural gas is available to provide base load generation while scaling up renewables such as solar
wind pumped hydro and battery storage
Forging enough common ground with the various stakeholders will be the main obstacle but more than anything else Australia isshowing how difficult it is to end the age of coalhttpautoeconomictimesindiatimescomnewsindustryelon-musks-bold-offer-of-tesla-batteries-wont-solve-australias-power-problems57630514
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Innogy in talks with car consortium over charging stations CEO ReutersSee this story in The Economic Times
Essen Germany Innogy is in intense talks with a group of carmakers Chief Executive Peter Terium told journalists on Mondayhoping to be selected as a supplier of super-fast charging stations for electric vehicles across Europe
Its not a done deal yet Terium said pointing to strong competition from rival vendors
BMW Volkswagen Ford and Daimler plan to build about 400 next-generation charging stations in Europe that can reload anelectric car in minutes instead of hours
Sources told Reuters in January that Innogy was in talks with the consortiumhttpautoeconomictimesindiatimescomnewsindustryinnogy-in-talks-with-car-consortium-over-charging-stations-ceo57624184
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China may roll back electric vehicle quotas as industry pushes back ReutersSee this story in The Economic Times
Beijing China is considering easing proposed quotas aimed at producing more electric vehicles as Beijing gets pushback from theautomotive industry over the scale and pace of the plans
If adopted proposed changes under discussion could see a target of new energy vehicles (NEV) making up 8 percent of sales nextyear pushed to 2019 two auto executives said
The changes would lower targets from a draft policy released in September requiring 8 percent of automakers sales to be batteryelectric or plug-in hybrid vehicles by 2018 rising to 10 percent in 2019 and 12 percent in 2020
Any loosening of NEV targets would mark a pull back by Beijing which has faced opposition to the planned targets as it looks todrive its domestic carmakers to overtake global rivals in the green vehicle sector
Automakers and industry bodies have said the targets are too tough and could hurt manufacturers interests New energy vehicleslast year accounted for just 18 percent of sales in the worlds biggest autos market according to Reuters calculations based onofficial data
Its normal to make revisions as its a draft plan An Jin chairman of Anhui Jianghuai Automobile Group (JAC Motor) said on thesidelines of the National Peoples Congress in Beijing
He said he was aware of talks to revise the quota targets but said nothing was set in stone JAC hasnt been told what revisionsmight be made to the draft but I think it is possible the draft will be changed after the discussions he said
Whether the whole market can hit this quota by 2018 depends a lot on the strength of government policy If its strong then weshould be able to surpass the targets An said (But) if you consider Chinas infrastructure and the transformation of Chinas autosector then perhaps the pace will have to slow
Two Percent CutTwo executives familiar with the plans told Reuters the government was considering options for lowering the requirements
One idea was to reduce the quota requirement by 2 percent each year cutting the 2018 requirement to 6 percent said aChina-based government relations official at a major global automaker It would then be 8 percent in 2019 and 10 percent in 2020
Another option would be to push back each target by a year with the 8 percent quota starting from 2019 an executive at aJapanese car maker said
Both asked not to be named due to the sensitivity of the matter and because the draft was still under consideration
The overall policy includes quotas for plug-in cars targets for average fuel economy requirements and a credit trading system topromote green energy cars while penalizing petrol cars
The two people said the quota stand-off was tied to a disagreement between the Ministry of Industry and Information Technology(MIIT) and Chinas top state planner the National Development and Reform Commission (NDRC)
MIIT which regulates manufacturers supports a more flexible credit trading system favoured by automakers The NDRC is more
aggressive in promoting a transition to electric vehicles pushing the introduction of the stricter quotas
An NDRC spokesman said the body played a small role when the draft was open to public for discussion MIIT did not immediatelyrespond to Reuters requests for comment
China has strongly supported and subsidized electric vehicles but is gradually swapping out incentives for hard targets automakersmust meet The central government cut subsidies 20 percent this year a first reduction towards eliminating them by 2020httpautoeconomictimesindiatimescomnewspolicychina-may-roll-back-electric-vehicle-quotas-as-industry-pushes-back57623608
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Russias standards agency says Volkswagen recalls 43151 Skoda cars ReutersSee this story in The Economic Times
Moscow Russias standards agency said on Monday that Volkswagens Russian operation had informed it about the voluntaryrecall of 43151 Skoda cars due to a possible technical fault
The recall affects Skoda Octavia Superb Fabia Yeti and Rapid cars sold in Russia between 2012 and 2016 the watchdog saidhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsrussias-standards-agency-says-volkswagen-recalls-43151-skoda-cars57624140
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Economy
Rupee hits 1-12 yr high surges 78 paise on BJP sweep PTISee this story in The Economic Times
Mumbai The rupee surged by a massive 78 paise to end at a nearly one-and-a-half year high of 6582 against the US dollar onfrantic unwinding of the American currency following BJPs emphatic victory in Uttar Pradesh
Forex market sentiment soared on hopes that BJPs stellar show in state polls would pave the way for the Modi government to focuson key reform measures
The home currency resumed on a strong footing at 6620 from last Fridays closing value of 6660 at the Interbank ForeignExchange (forex) market on heavy dollar unwinding from speculative traders and exporters tracking weekend developments
Maintaining its bullish momentum against the dollar the rupee hit a fresh intra-day high of 6576 in late afternoon deals beforeending at 6582 showing a solid gain of 78 paise or 117 per cent
This is the highest closing of the rupee since November 6 2015 when it had ended at 6576
Meanwhile the RBI fixed the reference rate for the dollar at 661800 and for the euro at 704354
Financial markets too took comfort from BJPs landslide victory with the broader Nifty climbing 15245 points to a new closing peakof 9087 and the Sensex rallying 49640 points to end at 2944263
The much-anticipated turnaround on the economic front has opened up a barrage of foreign capital fund flows into India
Foreign investors pumped in over Rs 10000 crore in the Indian capital markets this month so far
It also got an added fillip from bullish macro data which showed that the countrys industrial production bounced back in Januaryexpanding by 27 per cent year-on-year
Factory output measured in terms of Index of Industrial Production (IIP) had contracted by 01 per cent in December
However inflation based on wholesale prices shot up to a 39-month high of 655 per cent in February against 525 per cent inJanuary according to official data
On the global front the dollar traded firmly higher against its major counterparts ahead of the two-day Fed meet when it could liftrates for the third time since the financial crisishttpautoeconomictimesindiatimescomnewsindustryrupee-hits-1-12-yr-high-surges-78-paise-on-bjp-sweep57635104
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Nifty hits all time high of 912275 Sensex surges 616 points after big BJP win The Economic Times
Mumbai The Nifty jumped to life highs on Tuesday after the BJPamprsquos thumping win in the crucial state of Uttar Pradeshrekindled hopes of a bigger-than-expected push for reforms by the Narendra Modi government
The Nifty up 11 so far this year crossed its previous life high of 9119 to hit 912275 before ending the day 171 or 15245points higher at 9087 This is the indexamprsquos biggest single-day gain in points since February 1 and caps a strong reboundsince the December 26 low of 7893 on demonetisation worries
The Sensex surged by 616 points or 212 intra-day before ending the day at 2944263 up 49640 points This is its biggest gainsince May 25 last year The index is the best performer among all developed and emerging market indices in local currency terms inthe past three months
The rupee surged 79 paise to a 16-month high of 6582 to the dollar as exporters sold more dollars and foreign investors boughtlocal shares BSE data showed that foreign investors bought local shares worth Rs 4089 crore their biggest single-day purchasesince February 17 when they purchased Rs 8059 crore
FPIs have bought shares worthRs 23132 crore since January this year against net sales of Rs 9800 crore in the same period lastyear The BSE Midcap and Smallcap indices gained 144 each
ampldquoOne must be ready for a correction after a rally but I am optimistic about the medium to longterm prospectsamprdquo saidMotilal Oswal chairman Motilal Oswal Financial Services Ltd ampldquoFundamentally valuations are comfortable at this point intime because of good corporate earnings growth In the short term markets may remain volatileamprdquo
BJP romped to victory in UP on Saturday winning 312 out of the 403 seats Its allies won 13 more taking the NDA tally to 325 Thisis the biggest win recorded by any party in the state since 1977 and has raised prospects of the BJP doing well in other electionsthis year and next Many political pundits also believe that the victory has improved Prime Minister Narendra Modiamprsquos chancesof retaining power in the 2019 general election
Barring the metals index all other sectoral indices on the NSE ended with gains on Tuesday About 55 stocks including TitanJubilant Life Sciences Kotak Mahindra Bank IndusInd Bank YES Bank and Indiabulls Housing Finance among others hit life highswhile 92 stocks were locked in upper circuit with no sellers
ampldquoWith the sharp rally the market which is currently susceptible to global risk is trading at above average multiples and westay cautious near termamprdquo said Sanjay Mookim India Equity Strategist BofA Merrill Lynch ampldquoIndiaamprsquos businesscycle should improve over the next several quarters while improving construction should drive capex which is good forequitiesamprdquo
Some market experts are divided over the near-term outlook as indices have begun to look expensive at current valuations Plusthere is no immediate trigger for upgrade
ampldquoValuations of the Indian market are quite high and would require the support of strong earnings growth Any disappointmenton earnings will make valuations look even more expensive which the market may not likeamprdquo said Sanjeev Prasad senior EDand co-head of Kotak Institutional Equities
ampldquoGlobal and domestic interest rate cycles are no longer supportive with likely increase in developed markets bondyieldsamprdquo
ampldquoWhile markets are expecting a rate hike this meeting what will be of more interest is the commentaryamprdquo said DipenShah senior V-P PCG research Kotak Securities ampldquoIf it is hawkish it may have an impact on fund flows to emerging marketsbut India may be relatively less impacted because of the continuing domestic flowsamprdquo
ampldquoNotwithstanding the election results we believe the risk-reward is not favourable currently and advise investors to sell intothis rally We expect Nifty EPS to rise 15-16 in FY18 and see no trigger for an earnings upgrade at this junctureamprdquo ReligareInstitutional Research said in a notehttpeconomictimesindiatimescommarketsstocksnewsnifty-hits-all-time-high-of-9122-75-sensex-surges-616-points-after-big-bjp-winarticleshow57639036cms
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WPI inflation up 655 for February 2017 The Economic Times
New Delhi The annual rate of inflation based on monthly Wholesale Price Index (WPI) stood at 655 percent (provisional) for themonth of February 2017 (over February 2016) as compared to 525 percent (provisional) for the previous month and -085 percentduring the corresponding month of the previous year
The official Wholesale Price Index for amplsquoAll Commoditiesamprsquo for the month of February 2017 rose by 05 percent to 1855(provisional) from 1846 (provisional) for the previous month
The index for primary articles rose by 09 percent to 2581 (provisional) from 2557 (provisional) for the previous month
The inflation rate for Fuel and power group rose by 13 percent to 2038 (provisional) from 2012 (provisional) for the previousmonth due to higher price of coking coal (15 percent) aviation turbine fuel (3 percent) bitumen (2 percent) and kerosene highspeed diesel LPG and lignite (1 percent each) However the price of furnace oil (1 percent) declined
The index for the major group of manufactured products remained unchanged at its previous monthamprsquos level of 1588
(provisional) In this group the index for amplsquoRubber amp Plastic Productsamprsquo group rose by 02 percent to 1489 (provisional)from 1486 (provisional) for the previous month due to higher price of rubber products (1 percent)
The index for amplsquoTransport Equipment amp Partsamprsquo group rose by 05 percent to 1405 (provisional) from 1398 (provisional)for the previous month due to higher price of auto rickshaw tempo matador (4 percent) and auto parts (1 percent)
For the month of December 2016 the final Wholesale Price Index for amplsquoAll Commoditiesamprsquo stood at 1833 as comparedto 1828 (provisional) and annual rate of inflation based on final index stood at 368 percent as compared to 339 percent(provisional) respectively as reported on January 1 2017httpautoeconomictimesindiatimescomnewsindustrywpi-inflation-up-6-55-for-february-201757627665
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February CPI at 365 vs 317 in January highest since October 2016 PTISee this story in The Economic Times
New Delhi Retail inflation rose to 4-month high of 365 per cent in February mainly due to surge in price of food items like fruitssugar and confectionery
Measured in terms of Consumer Price Index (CPI) the inflation had dipped to a multi-year low of 317 per cent in January this yearon account of cash crunch following demonetisation It was 526 per cent in February last year
According to the CPI data released today by the Central Statistics Office (CSO) the consumer food prices index (CFPI) rose by201 per cent in February from 061 per cent in January The CFPI was 53 per cent in February 2016
Inflation in fruits was higher at 833 per cent fuel and light at 39 per cent in February The rate of price rise in meat and fish was 35per cent in February
Prices of sugar and confectionery items rose by 1883 per cent in February while inflation in milk and milk product increased by 422per cent
The rate of inflation in household goods and services was 409 per cent while this rate was in health segment was 4 per cent Thetransport and communication became expensive by 539 per cent
The personal care and effects segment rose by 515 per cent while the education became more expensive by 537 per cent inFebruary this year
The inflation rate was 438 per cent in clothing and footware segment while it was 49 per cent in housing segment
However the prices of vegetables and pulses declined by 829 per cent and 902 per cent respectively
Rural retail inflation was at 367 per cent in February compared with 336 per cent in the preceding month The CPI was also up inthe urban sector at 355 per cent in February from 29 per cent in January this yearhttpautoeconomictimesindiatimescomnewsindustryfebruary-cpi-at-3-65-vs-3-17-in-january-highest-since-october-201657633211
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Closing
Last Financial Closing
Sensex 2944263 (+49640)NSE 9087 (+15245)US$ spot Rs6582US$ Y1148000US$ 6 months RsYen Rs57Euro spot Rs70
Gold (10gm) Rs28333Silver (1kg) Rs4008300
Crude Oil (WTI) Crude Oil (Brent) $5172 (+037)
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Apollo Tyres 1 18610Asahi Ind 1 21655Amara Raja B 1 83230Ashok Leyland 1 9080Bajaj Auto 10 286670Bharat Forge 2 103550Denso 1 Eicher Motor 10 2396325Escorts 10 51945Exide Ind 1 21645Force Motors 10 427760Gabriel India 1 11460Hero Motocor 2 335745Hind Motors 5 950Hi-Tech Gear 10 29885Jay Bh Maruti 5 38190
Jamna Auto 5 20550JK Tyres amp Inds 10 1241 Kinetic Motors 10 Kinetic Engg 10 KOEL 2 37685Kirloskar Br 2 24135LML Ltd 10 1250LampT 2 155810Lumax Ind 10 131690Lumax Tech 10 43230MampM 5 132600Maruti Suzuki 5 613240Motherson SS 1 36290Minda Inds 2 44350MRF 10 5298390Omax Auto 10 7555Rico Auto 1 5720Sona Koyo St 1 8170
SRF 10 157155Tata Motors 2 46975 TVS Motors 1 43690
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Bhushan Steel 2 5430Hindalco 1 19040Hind Zinc 2 29140JSW Ispat S 10 Jind Steel 1 12490JSW Steel 1 18190Jindal Saw 2 7995National Aluminium 5 7310SAIL 10 6005Tata Steel 10 47255Visa Steel 10 2185
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Ambuja Cement 2 23370Binani Industries 10 7200Birla Corp 10 70360India Cement 10 16070Prism Cement 10 9375JK Cement 10 88470Shree Cement 10 1639835
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PLEASE NOTE
NURC Industry Updates contain editedtruncated text of Industry-specific news as it appears in various select dailies and websites These are NOT full stories unless otherwisespecifically mentioned The stories contained herein are informational only and no representation is made or warranty given as to their content reliability truthfulness orusefulness User assumes all risk of use It be clearly understood that NURC updates do not claim to and neither mean to replace the Print or the Internet editions of variousnewspapers whose articles are featured therein For the best and complete news reading NURC urges its readers to read the full text of the stories from the Newspaperswhose credits are given after the headline and visit the related website whose URL is given below the text matter of each news item
NURC News Update - AUTOMOBILES
News on Indian Auto Industry Copyright 1999 NURC MediaNext Pvt Ltd
This update purports to be a compilation of the top stories for the day in the leading Indian and International dailies websites and other information sources and NURCMediaNext Pvt Ltd cannot and does not vouch for their authenticity NURC MediaNext Pvt Ltd cannot be held responsible for any loss(es) arising out of or incidental to theuse of this News Update Reproduction or redistribution without express permission of NURC MediaNext Pvt Ltd is strictly prohibited and is a violation of the subscriptionagreement Such instances will result in immediate cancellation of subscription to the Service without any refund for the remaining period at the sole discretion of NURCMediaNext Pvt Ltd
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Powered by Enablingbiz Esoluttions
Q3 next fiscal
Attractive features
Vas says market feedback shows that buyers love the Dominar 400 for its performance speed and top-class brakes Interestingly alarge number of them have opted for the more expensive ABS version which retails at a little over Rs 15 lakh
The LED lamps are another big draw and their attractive lighting explains why many customers opt to have their test rides at night
According to Vas Dominar 400 buyers are largely in the age group of 25 years who have already owned a bike There are no firsttime users yet but this is expected to begin happening once the network grows and more customers start going in for the relativelyless expensive disc brake version which has a price tag of nearly Rs 14 lakh
The Dominar 400 was launched to take on Royal Enfield in a segment that is priced between Rs 1-2 lakh and accounts for five percent of motorcycles sold in India
In terms of numbers this translates into 65000 units each month
The next fiscal could see this grow to nearly 85000 units or over one million units annually
Changing dynamics
It is in this product category that Royal Enfield has a market share of 80 per cent and it is in the balance 20 per cent space thatBajaj has thrown down the gauntlet with the Dominar 400
The other rival models include KTM Yamaha YZF-R15 and Honda CBR 150R but none of them has posed a serious threat to RoyalEnfield yet
It now remains to be seen if the Dominar 400 can draw customers from the top-selling Classic
It is clear that with 10000 units targeted during 2017-18 Royal Enfield will still be comfortably ahead in terms of numbers
How dynamics change after this period will be interesting to watch
From Bajaj Autoamprsquos point of view the strategy boils down to acknowledging the reality of living in a world of opposites whereevery mature segment is essentially a two-horse race
The Dominar will stick to the core principle of being opposite from the market leaderamprsquos offerings and has been positioned as amodern machine and not a heritage brandhttpwwwthehindubusinesslinecomtodays-papertp-newsdominar-400-takes-the-battle-to-the-royal-enfield-turfarticle9583973ece
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Bajaj cheers at Feb sales Ajay ModiBusiness Standard
New Delhi Pune-headquartered Bajaj Auto claims to have surpassed volumes sold by market leader Royal Enfield in the 350-500ccmotorcycle segment in February
It attributes this to the Dominar a 373 cc premium sports motorcycle it launched in December at an ex-showroom price of Rs 136lakh Enfield says Bajaj is celebrating too early
Bajaj has sold about 3000 units of Dominar a month this calendar year and is drawing a comparison with the February volume ofRoyal Enfield in the 350-500 cc segment when the latter did wholesale volumes of 2602 units Eric Vas president for themotorcycle business at Bajaj said ampldquoWe have already overtaken Royal Enfield in the segment They used to sell an averageof 5000 units a month until a few months agoamprdquo
He claims that two of every 10 Dominars was sold to customers who owned an Enfield ampldquoSome have sold it to buy Dominarand some have bought it as their second bikeamprdquo He added there had been a decline in the waiting period of some of Enfieldsmotorcycles The 350-500 cc segment for Enfield includes the Bullet 500 Classic 500 Thunderbird 500 and Himalayan
Bajaj hopes to gradually raise Dominar volumes to an output of 10000 units monthly in about six months ampldquoThe bike hasbeen accepted very well We should reach a monthly volume of 6000 units by next monthamprdquo said Vas He did not disclosecumulative bookings for the Dominar He said most customers bought it after test rides
Vas said the volumes were aggregated from the 22 cities where itwas available until February We have expanded reach to 32cities and it will be available in a 100 cities and towns by end-March In April the company plans to add another 100 cities andtowns The constraint is more on the capacity front than on the network sideamprdquo he said
Bajaj said the incremental volume from Dominar would start reflecting in the profit figures once volume crossed 5000-6000 units amonth
Enfield has almost the entire 250-350 cc motorcycle market in the country estimated at close to 50000 units a month This is where
it gets the lionamprsquos share of its sales In the 350-500 cc market it controls 80 per cent (data for the first 11 months of FY17)This is a much smaller segment with monthly volume of 5300 units
Siddhartha Lal managing director of Eicher (which owns Enfield) told Business Standard last month that it would continue toengage with the target segment and expand reach to grow volumes ampldquoWhen one succeeds in a segment others try to enterand take a bite Of course there will be competition but we are not worriedamprdquo hed said It is understood that Enfieldamprsquosproduction volume in February was impacted due to fewer days (February having only 28) and the transition to BS-IV emissionnormshttpwwwbusiness-standardcomarticlecompaniesbajaj-cheers-at-feb-sales-117031400822_1html
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India Yamaha Motor sets ambitious sales target Nandini Sen GuptaThe Times of India
Chennai India Yamaha Motor Private Limited (IYM) is targeting an ambitious production and sales pitch of more than three millionunits this year with one million in the domestic market alone It was revealed by the top management at a recently organised AnnualSuppliers Conference at Greater Noida (Delhi-NCR) which was attended by 500 members representing more than 200 suppliersfrom across India
The theme of this years conference was Challenge the Innovation for Global Competitiveness and Its all about the customer
Our target for this year is to achieve one million unit sales in domestic market and 22 lakh unit sales for exports market Inaddition we also need to reinforce the Indian parts export business in order to contribute to Yamaha business globally While doingso we must continue with our focus on the Quality of our parts and products said Hiroaki Fujita Chairman YMI-G Cos
The objective for conducting the Annual Suppliers Conference was to share the last years result for sales and production and thecurrent years sales and production plan During the conference IYM shared the direction for 2017 its purchase policy thepurchasing policy of Yamaha Motor Company (Japan) and activities organised amp initiatives taken for sales and marketing in theprevious year
Among the senior management members who were present on the occasion on behalf of IYM included Hiroaki Fujita chairmanYamaha Motor India Group Cos (YMI-G Cos) Takashi Terabayashi MD -IYM Yasuo Ishihara MD- Yamaha Motor Research ampDevelopment India (YMRI) T Yamaguchi Deputy MD amp Purchase Head- IYM along with the YMC Purchase team - Olivier Prevostdeputy chief general manager and Hiroshi Hagio general manager
IYM shared its expectations with the suppliers for improvement in quality delivery and development performances besides costcompetitiveness to compete in the export market to increase profitability for both Yamaha and the Suppliers IYM also emphasisedthat all the suppliers can draw up their investment plans based on the increasing volumes in future
Sixteen suppliers were also awarded for their exceptional services in the areas of quality delivery development and costhttptimesofindiaindiatimescomautobikesindia-yamaha-motor-sets-ambitious-sales-targetarticleshow57633067cms
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Thunderous sound remain forever Sandesh M SDeccan Herald (Web Edition)
Bike-lovers had expected a lot from Royal Enfield when the homegrown tough motorcycle manufacturer revealed the 500ccThunderbird in October 2012
When DH decided to check out the four-year-old model with respect to the present dayamprsquos bikes with updated technology theThunderbird 500 remains outstanding in its segment
The bike was tested for two weeks with everyday regular usage and an enthusiastic rider The bike is a good choice for the dailyneeds of an Indian family
Be it an office-goer or a student the bike gives an extra feel where you enjoy every bit of it You need an extra muscle and morepower to handle the bike when the engine is turned off Sometimes it will be a great challenge to tow the bike till a filling station ifthe engine goes dry
PerformanceUndoubtedly this is the most powerful variant of Royal Enfield today The bike feels far impressive than any other machine in thissegment It constantly urges you to take it on highways as it feels best when you pushed harder Overtaking is also very easy withthis bike and it can easily cross a speed of 120 kmphr It still remains a very responsive bike especially at slow speeds
The heavy amount of torque helps it move easily in city traffic The gear ratios are well-matched with this bike and you need lessgear shifts than before The only issue we have with the bike is its heavy weight In city traffic and with a pillion rider sometimes youwill feel the actual weight of this bike Otherwise there are no major concerns related to its performance
Fuel efficiency
Mileage is still a concern and the major drawback with Royal Enfield bikes As the brand new bikes claims to offer 30 kmpl the oldbikeamprsquos mileage drops day-by-day
After few years this will be the main reason for the rider to get rid of his bike In a typical Indian customer mindset a middle-classfamily will think twice before going for a Bullet
Depending on the usage the cushion will loose its power day-by-day The rider will surely feel the pain on the long rides and trafficjams Regular servicing from an authorised mechanic will keep the vehicle in good condition
VerdictThe Royal Enfield Thunderbird 500 is a special bike but the cost compared with its 350 cc sibling the biker has to cough up anextra Rs 40000 which makes anybody to think twice before investing in one The bike has the capability to sustain any roughhandling Though it becomes rough and old its sturdiness remains the samehttpwwwdeccanheraldcomcontent601371thunderous-sound-remain-foreverhtml
Top
E-Bikes
Components
Amtek Autoacirceurotrades Arvind Dham may offload personal assets to reduce debt Deborshi Chaki amp Swaraj Singh Dhanjalmint
Mumbai With troubled auto parts maker Amtek Auto Ltdamprsquos planned divestment of domestic and overseas businesses yet tomaterialize company chairman and founder Arvind Dham has begun exploring options to monetise assets owned by him
According to two people familiar with the matter who asked not to be identified Dham is in talks with potential buyers to sellIndraprasta Engine Parts Pvt Ltd ( IEPPL) an auto component manufacturing company which he owns in his personal capacityDocuments filed with the registrar of companies show that Arvind Dham along with other senior executives of Amtek Auto holdshares in Indraprasta Engine Parts Pvt Ltd
Dham did not respond to emails text messages and phone calls seeking comment
According to the latest available filings Indraprasta Engine Parts reported a revenue of Rs9525 crore and a loss of Rs115 crore inthe financial year ended 31 March 2015 The company was incorporated in 2010 and currently has a manufacturing plant in HosurTamil Nadu
ampldquoDham has been in discussions to sell the unit following which talks with Kalyani Forge Ltd (KFL) and Sterling Tools Ltd (STL) have reached an advanced stageamprdquo said one of the two people ampldquoDham is keen to show to the lenders that he iswilling put his own money even though the plans to sell Amtek Autoamprsquos assets to repay its debt have not beensuccessfulamprdquo
Amtek Autoamprsquos standalone loss widened to Rs24156 crore for the quarter ended December 2016 from Rs17536 crore in thesame quarter last fiscal Dham plans to plough the proceeds of the sale into the company the first person added
Spokespersons for Kalyani Forge and Sterling Tools did not respond to emails seeking comment
Ever since Amtek Auto defaulted on bond repayments of close to Rs800 crore in September 2015 it has been trying to sell variousgroup businesses to reduce the debt on its books The company has appointed Morgan Stanley as an adviser to assist in its debtreduction plan Amtek Auto owed Rs8066 crore to various lenders as on 30 September 2016 Mint learns that its consolidated debtat the group level is higher
In July last year Bloomberg reported that Amtek Auto has hired global investment bank Rothschild and Co to advise on thepotential sale of all overseas operations including those in the UK the US Mexico China and Germany The report said Amtek wasseeking bidders for its German unit Amtek Tekfor Holding GmbH and expected to raise over $1 billion from the process
A manufacturer of forging parts Amtek Auto counts most of Indiaamprsquos top auto component makers as clients Its overseasclients include global auto brands such as Aston Martin and Daimler
In February the company said in a regulatory filing that it is planning to raise Rs1175 crore by selling shares to promoters on apreferential basis for which it will seek shareholdersamprsquo approval The company has called an extraordinary general meeting on25 March to seek approval from its shareholders for the proposal it added
In February lenders of Amtek Auto are understood to have asked it to either repay loans or convert the outstanding into equityshares or warrantshttpwwwlivemintcomIndustry1tt2QpJ8TtSm53I1bN4VgKAmtek-Autos-Arvind-Dham-may-offload-personal-assets-to-reduhtml
Top
Allied Industries
Tyre stocks race ahead as China cuts India trade Palak ShahThe Economic Times
Mumbai What is aiding Indiaamprsquos tyre stocks Chinaamprsquos policy to shun India market for the US The share price ofdomestic tyre manufactures including MRF Apollo Tyre Ceat and J K Tyre rose between 1-7 on Tuesday
A research report by Philip Capital said China had curtailed its tyre exports to India to focus on US markets as Trump administrationhad decided against anti-dumping duty on tyres The research pointed out there was more upside for these stocks
ampldquoChina has raised their TBR (truck bus and radial) tyre prices for Indian market by 10-15 rendering themunattractiveamprdquo said Nitesh Sharma and Dhawal Doshi in the research report ampldquoOur checks indicate that Chinesefactories have nearly stopped catering to tyre demand from India as US markets were more lucrativeamprdquo
Ceat rose by 607 on Tuesday Apollo Tyres was up 396 MRF gained 186 and Goodyear India jumped by 129 amongmajor tyre companies
The report titled amplsquoTables Turn Chinese players out rubber fallingamprsquo further said Chinese imports will not bounce backsoon
Demonitisation too has dent a blow to the tyre imports from China which were largely in cash China accounted for roughly 120000 tyre units each month between April to October 2016 but it has fallen sharply now said experts
ampldquoTyre stocks will do well as rubber prices are on a downward spiralamprdquo said Mehraboon Irani Principal amp Head PrivateClient Group Nirmal Bang Securities ampldquoFall in auto sales and jump in rubber prices are not expected which may keep thetraction for tyre stocksamprdquo
Natural rubber prices had jumped to three year high in January due to floods in Thailand the largest exporter of rubber The priceswhich rose to Rs 210kg are now down by over 20 Meanwhile domestic tyre manufactures hiked tyre prices by 3-5 recentlyPhilip Capital has a buy on Ceat and Apollo Tyres with a target of Rs 1550 and Rs 239 respectivelyhttpeconomictimesindiatimescommarketsstocksnewstyre-stocks-race-ahead-as-china-cuts-india-tradearticleshow57633191cms
Top
How to avoid being overcharged for car service at dealerships The Financial Express
Authorised workshops or dealerships are the main preference for servicing of a customers new car There are dealerships that aregenuine and would not fleece your money while after sales treatment however there are others who would try and take everypenny from you This would also involve you to be thorough with the detailed billing as well as being cautious about understanding ifa requisite task is at all required in your car Here are some tips on how to avoid being overcharged while getting your car serviced
One key area where sales executives of a said dealership can suggest unnecessary expense is anything related to the engineTasks like engine de-carbonisation or engine flushing are suggested right from the first service however it is not required in avehicles early years A cars decarbonisation should ideally take place when the response from the engine is sluggish or there arefrequent misfires despite regular services This usually starts to happen after 60000 kms or more In case it is recommended by asales executive and he or she insists simply avoid by saying no Another popular unnecessary expense is fuel line cleaning whichis suggested at every service Remember that petrol is itself used as a cleaning agent in many applications so fuel line cleaningshould be carried out only in case of a problem
Another aspect where customers are cheated is due to the lack of knowledge about their respective vehicle There have been caseswhere a dealership has conned a customer by putting spark plugs in a diesel car or heater plugs in a petrol engine powered vehicleA diesel car does not have spark plugs (but a petrol car does) and similarly a petrol car doesnt have heater plugs (which arepresent in diesel cars) Additives are advised by many service advisors but these arent needed unless specified by the carmakerKnowing the basic mechanical and electrical parts of your car can go a long way in saving you your money
Other mechanical parts where a person can be overcharged is the clutch adjustment Most modern manual transmission cars soldin India have a hydraulic clutch which is self adjusting till the time the pressure plates and the clutch plates are completely worn outA worn out clutch system will require more pressure to depress the pedal thereby indicating the clutch plates andor pressure plateswould need replacement Ideal time to replace is not at every service which clever dealerships would suggest but at least a gap ofthree service intervals is recommended (with the service interval at every 10000 kms)
All carmakers offer an owners booklet which has all the details of which part needs to be replaced when and the recommendedservice interval When getting your car serviced always refer to this manual and insist on only the aspects mentioned in the manualto be donehttpwwwfinancialexpresscomautocar-newshow-to-avoid-being-overcharged-for-car-service-at-dealerships587326
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Emissions Environment
Finance amp Insurance
Customer not bound by tie-up between vehicle dealer insurer Pune Court Vishwas KothariThe Economic Times
Pune The district consumer court here has ruled that a tie-up between a vehicle dealer and an insurance company is not bindingupon the consumer who buys a vehicle from such a dealer
The court has directed the Bajaj Allianz General Insurance Company in Yerawada here to refund a premium of Rs 21053 ampmdashalong with an annual interest of 9 since September 20 2014 ampmdash and a Rs 5000 fine to a Daund resident for failing to renewhis car insurance despite the latter having paid the renewal premium through the online NEFT transaction
The interest component payable so far works out to over Rs 4700
The company argued that the consumer did not route the payment through the vehicle dealer by way of a demand draft as wasrequired under an agreement between the company and the vehicle dealer
Shankar Raghunath Chavan a resident of Kusegaon in Daund had purchased an insurance policy from the company for his car onSeptember 21 2012 A year later the policy was renewed for the period between September 21 2013 and September 20 2014 Atthe end of this term he had received a reminder from the company for the renewal of his policy
Through the net banking facility Chavan made a payment of the renewal premium worth Rs 21053 for the term betweenSeptember 21 2014 and September 20 2015 He then made repeated requests to the company for the issuance of the policydocument
However in December 2014 when he approached the company he was shocked to learn that his policy had ampldquoexpired due tonon-renewalamprdquo The company did not renew his policy even after his repeated reminders This prompted him to move theconsumer court seeking refund of the premium amount and appropriate costs towards physical and mental agony
The bench observed in its order ampldquoIt is not denied by the insurance company that the complainant (Chavan) had paid thepremium It is the case of the insurance company that as per practice prevailing between the company and the dealer the paymentshould be made by demand draft through the dealer so that the policy can be renewed conveniently It is true that the dealer of thevehicle was not aware about the payment of premium made by the complainant However a tie-up between the dealer and theinsurance company is not binding upon the consumeramprdquo
ampldquoDocumentary evidence which is produced by the complainant is sufficiently eloquent and speaks about inaction on the partof the insurance company Even after sending documentary evidence as regards to payment of policy premium the insurancecompany has failed to renew the policy Definitely this act on the part of the company amounts to deficiency in serviceamprdquo thebench ruledhttpautoeconomictimesindiatimescomnewsindustrycustomer-not-bound-by-tie-up-between-vehicle-dealer-insurer-pune-court57623564
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Analysts in wait-and-watch mode on Bajaj Finance Hamsini KarthikBusiness Standard
A robust business model established over years of experience often tends to withstand the test of time quite remarkably That ofBajaj Finance Indiaamprsquos largest consumer durables financier is one such example
During the note ban period there were doubts on whether Bajaj Finance could replicate its historic performance in terms ofcustomer acquisition loan growth and more importantly asset quality in the December quarter (Q3) Much to the Streetamprsquossurprise Bajaj Finance comfortably met these parameters
Customer acquisition grew by 35 per cent year-on-year in Q3 while assets under management expanded by 33 per cent to Rs57600 crore year-on-year Even asset quality stood out with gross non-performing assets ratio at 147 per cent and that toowithout utilising RBIamprsquos 90-day dispensation on loans less than Rs 1 crore Overall financials remained robust with net interestincome and net profit growing by 27 and 36 per cent respectively These factors have helped Bajaj Financeamprsquos stock reboundfrom its demonetisation period low of Rs 766 to Rs 1125 on Tuesday
However after outperforming the broader markets by a reasonable margin for most of the last two years the stock has lagged inthe past six months Bloomberg data indicate that while the Bank Nifty has gained six per cent in the past six months Bajaj Financeis up only 21 per cent Analysts nonetheless feel that Bajaj Finance may not surpass its previous high of Rs 1180 in a rush
Pointing to some key indicators they prefer to see how March quarter pans out particularly on consumer loans before altering theirexpectations on the stock
Consumer loans which grew by 52 per cent year-on-year in September quarter (Q2) grew 47 per cent year-on-year in Q3 Butwithin this segment consumer durables grew slower at 27 per cent versus 48 per cent in Q2 As for the vehicle financing (two andthree wheelers) the dependence on Bajaj Auto was seen higher in Q3 ampndash 46 per cent dependence on Bajaj Auto fortwo-wheelers and 29 per cent for three-wheelers as against 38 per cent and 18 per cent respectively a year ago Average ticketsize which dipped post demonetisation is yet to see a strong recovery All these factors prompt analysts to be on a wait-and-watchmode
ampldquoWe arenamprsquot able to see a secular return in consumer buying yet While demand for consumer durables may havepicked up as summer sales is already playing out we canamprsquot say the same for vehicle salesamprdquo says an analyst with adomestic brokerage
Analysts at Jefferies feel the annual compounded loan growth for Bajaj Finance could be lower in FY16-19 compared to what was inFY13-16 The brokerage flags that at current valuations (52 x FY18 price-to-book) risk-reward appears negativehttpwwwbusiness-standardcomarticleopinionwhy-analysts-are-in-wait-and-watch-mode-on-bajaj-finance-117031400674_1html
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SBI announces Rs 6000-cr tractor loan settlement scheme PTISee this story in The Economic Times
State Bank of India (SBI) today announced a one-time farm loan settlement scheme worth Rs 6000 crore primarily for tractors
One Time Settlement (OTS) announced for Agriculture Loans Scheme valid until 31st March Contact your branch for details ampbenefits the nations largest lender said on the microblogging site Twitter today
Managing director Rajnish Kumar told CNBC-TV18 the scheme will result in the bank taking a 40 per cent haircut on outstandingtractor loans as of September 2016
SBIs total farm loan portfolio is Rs 125 trillion and Kumar said the tractor loan book is about Rs 6000 crore
He said doubtful or loss category accounts as of September 2016 which were disbursed before September 2011 will beconsidered under the scheme He said a circular in this regard was sent to branches on February 2
But he was quick to add the OTS has nothing to do with Prime Minister Narendra Modis promise of a loan waiver to UP farmersduring the just concluded elections saying there were no talks with the Centre or state in this regard so far SBIs Uttar Pradeshportfolio will be around Rs 13000 crore
SBI had announced OTS schemes for SMEs last December and education loans early in 2016
He said other agri loans like kisan credit cards and other term-loans for tractors and farm loans may also be covered under theschemehttpwwwdnaindiacommoneyreport-sbi-announces-rs-6000-cr-tractor-loan-settlement-scheme-2352737SBI to allow one-time settlement for tractor farm equipment loansminthttpwwwlivemintcomIndustryiXDTXX1onxjwfHcz731WzJSBI-announces-Rs6000-crore-tractor-loan-settlement-schemehtmlSBI announces rs 6000-crore tractor loan settlement schemeThe Pioneerhttpwwwdailypioneercombusinesssbi-announces-rs-6000-crore-tractor-loan-settlement-schemehtml
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Oil Lubricants amp Alternative Fuels
Oil hovers near three-month low as investors awaits data ReutersSee this story in The Hindu Business Line
Tokyo Crude oil prices hovered near three-month lows on Tuesday in early Asian trading as investors await key reports and datathat may shed light on a supply overhang in the global market
US West Texas Intermediate crude (WTI) edged down 3 cents to $4837 a barrel by 0026 GMT The contract ended down 9 centsin the previous session after touching $4790 the lowest since the end of November
Brent crude futures were down 1 cent at $5134 a barrel having settled down 2 cents on Monday after dipping to as low as $5085
Prices fell sharply last week as investors worried that swelling US crude supplies would hinder Organization of the Petroleum
Exporting Countries (OPEC)s efforts to restrict output and reduce a global glut
Prices had risen after the OPEC and other major oil producers including Russia agreed at the end of November to rein inproduction by almost 18 million barrels per day (bpd) in the first half of 2017
ampldquoIts shaping up to be another fun week in the crude complex with OPEC releasing its monthly oil market report on Tuesdayswiftly followed by the IEAs monthly oil market report the day afteramprdquo Matt Smith analyst at ClipperData said in a note
The International Energy Agency releases its closely watched monthly oil market report on Wednesday
Data from the industry group the American Petroleum Institute on US crude and product stockpiles is also due out later on Tuesday
Analysts said the slump may not have much further to go now that prices have fallen more than 8 percent since last Monday thebiggest week-on-week drop in four monthshttpwwwthehindubusinesslinecommarketscommoditiesoil-hovers-near-threemonth-low-as-investors-awaid-dataarticle9582601ece
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News Magazines
Mahindra Electric geared up to be a component supplier Autocar India
Speaking to Autocar India Mahindra Electric (ME) stated that the company is open to being a supplier to other vehiclemanufacturers and will sell complete electric drive systems to those interested At present the ME plant builds the e2o while it shipsout the drive systems for the eVerito sedan and eSupro van For this purpose the production line has been modified to produce notjust built-up vehicles but also fully ready electric drive systems that can be offered to other manufacturers interested in procuringthem With expertise in electrification virtually absent in India ME hopes to build on its first-mover advantage and cater to theindustry Itamprsquos unlikely that there would be any takers for passenger cars but commercial and three-wheeler manufacturerscould be potential customers
Mahindra also confirmed that they are open to supplying other bits like charge system controllers as well Mahindra outsources thebattery and electric motor for its EV powertrains and has no plans of producing these components in-house as apart from the hugeinvestments needed there is no real advantage Battery technology is quite specialised and there are many players in this fieldalready And with electric motor efficiency already at 80 percent ampndash compared to about 30 percent for internal combustionengines ampndash there is very little to differentiate one EV maker from another Mahindra believes the real differentiator in the nearfuture will be in the battery management systems where big gains can be made in the charging and discharging cycle Thus ME isputting a lot of effort into this area and going forward has ambitions to be a supplier solely for battery management systems toother manufacturershttpwwwautocarindiacomauto-newsmahindra-electric-geared-up-to-be-a-component-supplier-404432aspx
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Tesla Model Y SUV due by 2019 Autocar India
Tesla Inc recently renamed from Tesla Motors Inc is on the verge of what it says will be a massive expansion of production with twonew models due to arrive in the next two years
Alongside the much-hyped Model 3 Tesla is also expected to launch an entry-level crossover based on the same platform andrumoured to be badged the Model Y
The starting price of the Model 3 is likely to be around $37000 (Rs 2435 lakh approx) with the Model Y expected to be slightlymore expensive However Tesla founder Elon Musk believes the transaction prices of the new compact Teslas will go higherbecause buyers will be keen to add paid options to their vehicles
While the compact Model Y could turn out to be Teslaamprsquos best seller ampndash some seven million crossovers of all types weresold in the US last year ampndash Musk recently tweeted that the Model 3 remained the biggest priority for the company
The Model Y is unlikely to be unveiled until sometime next year with production set to follow late in the year Little in the way ofspecification has been released though it is expected to borrow the top-hinged amplsquofalcon wingamprsquo rear doors from thebigger Model X SUV
The Model Y will also have the promised updated electrical architecture that will allow Tesla to offer full autonomous drivingcapability Future Tesla cars will be equipped with as many as eight cameras giving a 360-degree view of the surroundingroadscape as well as 12 ultrasonic sensors and a amplsquonewamprsquo forward-facing radar that works in the worst weatherconditions Existing radar systems can be fooled by heavy rain and fog
Musk also said the new electrical architecture has a brain that is as much as ampldquo40 timesamprdquo more powerful than onprevious Teslas calling it a ampldquosupercomputer inside the caramprdquo The autonomous driving technology though will be offered
as add-on option to customers on both entry-level Teslas
Another challenge for the Model 3 and Y will be balancing their lower price against the need for a battery big enough to give anacceptable range
The entry-level Model 3 may have a cheaper sub-60kWh battery but will still need to have a range of at least 370km The ModelYamprsquos more bluff shape and greater frontal area might mean a bigger battery for the same range and so a slight price premium
Tesla is in a race against time to achieve the kind of production levels needed to turn around what is still a cash-hungry operationThe firm has spent nearly $2 billion (Rs 1316350 crore approx) since 2010 with investments including building the battery-makingGigafactory and trying to expand car production to a massive 500000 units a year
Tesla delivered around 76000 vehicles last year but says it was able to build around 2000 cars a week by the second half of 2016With as many as 400000 deposits taken for the Model 3 the company is looking to produce well over 100000 of the BMW3-series rival before the end of this year
Muskamprsquos expansion plans will test the limits of the capabilities of Teslaamprsquos suppliers and those of its own plant inFreemont California But getting to annual sales of half a million vehicles should finally push the carmaker into profit and secure thecompanyamprsquos long-term futurehttpwwwautocarindiacomauto-newstesla-model-y-suv-due-by-2019-404434aspx
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VW promises higher focus on EVs after record sales year Autocar India
The Volkswagen Group ampldquowill be a role model in environmental protection safety and integrityamprdquo according to CEOMatthias Muller who was speaking as the firm confirmed a record-breaking sales year in 2016
Outlining plans for the firm to reinvent itself as a far-reaching mobility company in the wake of the emission scandal Muller revealedthat the VW Group sold 103 million cars in 2016 making it the worldamprsquos largest car manufacturer It made pound62 billion in profitafter allowances including pound56 billion of losses to cover emission scandal costs In 2015 expenses relating to emission scandalamounted to pound142 billion
Most notably its sales in China where the effects of the diesel crisis were negligible grew 122 percent and its 2016 salesrevenues of pound1904 billion also exceeded forecasts by pound35 billion
ampldquoThe last year was challenging yet remarkably successfulamprdquo said Muller ampldquoIn 2016 we set the course for thebiggest transformation in the history of the company while at the same time performing better in our operating business than manythought possibleamphellipVolkswagen is back on trackamprdquo
Muller vowed that the success would be a catalyst for further change adding ampldquoWe will still be one of the most successfulautomakers in 2025 But we will also be a leading international provider of sustainable mobility and set the standard for new mobilityservicesamprdquo
New initiatives include a stated goal of taking leadership in the field of battery technology by 2025 which is by when the VW Grouphas committed to have solid state batteries in production These are seen as the next technological step over the lithium-ionbatteries currently favoured by most manufacturers The VW Group has committed to have 30 battery-electric vehicles on sale by2025
He also signalled that Audi had been tasked with leading the Groupamprsquos autonomous driving projects while adding that the VWGroup now had 37 centres around the world working on autonomous and digital service ideas pivoting around the Groupamprsquosnew mobility company Moia which was set up last year
Muller also highlighted recent joint ventures ampndash in China with FAW and JAC the latter of which will lead to the co-developmentof a budget electric car line in India with Tata Motors and in America with Navistar which is in the commercial vehicle segmentampndash as examples of the firmamprsquos commitment to forging partnerships to boost sales success He also confirmed that thefirst economy vehicles to be developed by the brand will go on sale in emerging markets in 2018httpwwwautocarindiacomauto-newsvw-promises-higher-focus-on-evs-after-record-sales-year-404433aspx
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Mercedes to expand E-class range with E 220 diesel Autocar India
The tenth-generation Mercedes-Benz E-class launched for the first time in India with a long wheelbase has moved the goalposts toset new standards for comfort and space in its segment The E-class comes with two engine options ampndash the base E 200 petroland the top-of-the-line
E 350 diesel Priced at Rs 5670 lakh and Rs 7015 lakh (ex-showroom Delhi) respectively these two variants bookend the E-classrange and is essentially aimed at two sets of customers The E 200 buyer is likely to be almost always chauffeur-driven and henceis mainly interested in rear seat space and comfort while the E 350d customer wants all the bells and whistles as well as the
sublime driving experience only the silky smooth and torquey V6 diesel can offer
However that still leaves a massive Rs 1345 lakh gap in the range which no doubt future E-class variants will eventually plug butwhich one will find that sweet spot to form the bulk of E-class sales
Itamprsquos no surprise then that Mercedes-Benz India is readying a base diesel which like the previous-generation W212 E-class islikely to be the most popular variant offering a strong dose of practicality without too much of a compromise on refinement andluxury
But unlike the W212 which had the E 250d representing the base diesel in the range Mercedes-Benz India is offering the lower E220d as the starting point for the E-class diesel This suggests that the E 220d will be very attractively priced when it goes on salearound June 2017 and could be priced very close to the E 200
The E 220amprsquos all-new 20 litre four-cylinder diesel which pumps out 194hp and 400Nm of torque may not have the punch ofthe outgoing E 250damprsquos 204hp and 500Nm motor but again given the chauffeur-driven focus the new E-class has beenconceived for the newE 220damprsquos performance is unlikely to be an issue
What is a big issue however is downgrading the 20-litre motor which has been designed for stricter Euro-VI emissions to run onlocally available BS-IV diesel ampldquoItamprsquos such a waste of engineering resource and a step backwardsamprdquo said aMercedes-Benz engineer The 2143cc (OM651) diesel engine which powered the previous E-class was easier to adapt to BS-IVfuel unlike the spanking new high-tech 1995cc (OM654) diesel thatamprsquos built to meet the latest global emission standards Infact the OM654 made its debut in the latest E-class when it was launched globally in 2016 Its advanced tech includes a uniquealuminium engine block with steel pistons a special low-friction coating for the cylinder walls and a fourth-generation common-raildiesel injection system At 168kg it is 31kg lighter than the engine it replaces
Downgrading a Euro-VI engine to BS-IV standards takes a lot of time and resources but there is no way out until fuel pumps in Indiaget low-sulphur BS-VI fuel which is not expected until 2020 The BS-IV-spec OM654 wasnamprsquot ready in time for the newE-class launch and this is one reason why the E 220d is coming a couple of months later The other reason could be a strategicone Mercedes-Benz India wants to wait until BMW launches the all-new 5-series expected in June and in a counter move tweakthe E 220damprsquos mix of specifications features and price accordingly A starting price of Rs 57-58 lakh for the E 220disnamprsquot unlikely especially since this variant will be Mercedes-Benz Indiaamprsquos trump card in a luxury car segment it seemsdetermined to dominatehttpwwwautocarindiacomauto-newsmercedes-to-expand-e-class-range-with-e-220-diesel-404429aspx
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Nissan to launch Kicks SUV in Q3 2018 Autocar India
The Nissan Kicks SUV which made its global debut in 2016 in Brazil will be launched in India in the third quarter of 2018 accordingto company sources
However unlike the South American model which is spun off Nissanamprsquos V-platform the made-for-India Kicks (code PB1D)will be based on the upcoming Renault Kapturamprsquos (code HHA) platform This is essentially a modified version ofRenaultamprsquos proven M0 platform that underpins cars like the Duster and Lodgy which are known for their robust mechanicals
The M0 is also a critical part of the Renault-Nissan Allianceamprsquos platform strategy in India which is essentially centred aroundtwo platforms Whilst the CMF-A and CMF-A+ platforms underpin Renault and Nissanamprsquos (and later Mitsubishiamprsquos) smallto mid-size car range in India the M0 platform will cater to higher end products The low-cost M0 platform has proved to be a cashcow for Renault globally and is ideally suited for markets like India The allianceamprsquos European-spec CMF-B platform was alsoevaluated initially but was eventually rejected as it proved to be a lot more expensive than the M0 which has also been localisedover the years
Developed and conceived originally by Renault for its Dacia sub-brand over a decade ago the French carmaker has first rights toproducts spun off the M0 platform and hence like the Nissan Terrano which followed the Renault Duster the Nissan Kicks too willfollow the Renault Kaptur to India but almost a year later
While both the Kaptur and Kicks will use the same modified version of the platform the amplsquotop hatsamprsquo will be completelydifferent The Kicks design and styling will mirror the South American car and thatamprsquos no bad thing
Sharply styled with lots of distinctive design touches like a floating roof massive wheel arches and a wraparound visor look theKicks wonamprsquot have a problem standing out on Indian roads The good thing is that the edgy design hasnamprsquot compromisedpracticality and Nissan claims best-in-class space in the back seat
Cars based on the M0 platform get a choice of just two engines a 16 petrol and the venerable 15 K9K diesel and hence these arelikely to be carried forward into the Kicks as well The 15 diesel is expected to be the mainstay but its likely that in its latest iterationthere will be a small bump up in power and torque
Nissan has set an ambitious target of 30000 Kicks in its first full year of production with an additional 20000 units earmarked forexports Pricing will be crucial for the Kicksamprsquo success and Nissan may do well to undercut its rivals to buy some much neededmarket sharehttpwwwautocarindiacomauto-newsnissan-to-launch-kicks-suv-in-q3-2018-404426aspx
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International News
Volkswagen CEO gets 778 mn euros in pay and benefits for 2016 ReutersSee this story in The Economic Times
Wolfsburg Volkswagen Groups Chief Executive Matthias Mueller was awarded 778 million euros ($828 million) in pay andbenefits for 2016 up from 417 million euros in total remuneration awarded a year earlier the companys annual report showed onTuesday
Mueller was not awarded a full years CEO pay for 2015 since he only took over as chief executive in September following theresignation of his predecessor Martin Winterkorn who was forced out in the wake of a diesel emissions cheating scandal
Volkswagen overhauled its bonus and executive pay policy in February this year to cap total pay for its chief executive at 10 millioneuros ($106 million) and other top managers at 55 million euros
Volkswagen brand chief Herbert Diess saw his total remuneration for 2016 fall to 393 million euros down from 713 million in 2015the annual report showed
($1 = 09401 euros)httpautoeconomictimesindiatimescomnewsindustryvolkswagen-ceo-gets-7-78-mn-euros-in-pay-and-benefits-for-201657631837Volkswagen CEO Matthias Mueller says not ruling out merger talks with Fiat ChryslerThe Financial Expresshttpwwwfinancialexpresscomindustryvolkswagen-ceo-matthias-mueller-says-not-ruling-out-merger-talks-with-fiat-chrysler587861
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Volkswagen CEO US remains core market for company APSee this story in The Economic Times
Frankfurt The CEO of German automaker Volkswagen says the United States remains a core market for the company despite itsdiesel emissions scandal and has underlined that it hopes to expand there
Matthias Mueller made the comments Tuesday at the companys annual news and investor conference at its headquarters inWolfsburg Germany
Mueller said that we are standing by our investment decisions and intend over the long term to play a significantly greater role therethan today
The Volkswagen brand has only a small share in the US market although it is important for the companys luxury brands Porscheand Audi It makes cars in Chattanooga Tennessee
US authorities uncovered Volkswagens use of engine control software that enabled vehicles to cheat on emissions testshttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsvolkswagen-ceo-us-remains-core-market-for-company57633149
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Volkswagen targets strong 2017 even as core brand struggles ReutersSee this story in The Economic Times
Wolfsburg Germany Volkswagen said it was capable of shouldering the costs of its emissions crisis and was targeting an evenbetter year than in 2016 but warned that its core autos division continued to struggle
We see good chances of being able to ride the wave of the positive performance last year when Volkswagen turned in recordunderlying profit helped by sales of upmarket Audis and Porsches Chief Executive Matthias Mueller said on Tuesday at thecarmakers annual news conference
Volkswagen expects group revenue to exceed last years record 217 billion euros ($231 billion) by as much as 4 percent this yearand is forecasting an underlying operating margin of between 6 and 7 percent compared with 67 percent in 2016 it said affirminga forecast given on February 24
The company also aims to moderately exceed last years record 103 million deliveries
You can rest assured that we will do everything in our power to make 2017 an even better year than 2016 the CEO said
But Volkswagen appears to be making slow progress in tackling the biggest trouble spot within the 12-brand group thelong-planned turnaround of its core autos division
Operating profit of the namesake brand slipped further to 187 billion euros in 2016 from 210 billion a year earlier because of highermarketing costs related to dieselgate and plunging demand in Brazil and other key markets finance chief Frank Witter said
($1 = 09394 euros)httpautoeconomictimesindiatimescomnewsindustryvolkswagen-targets-strong-2017-even-as-core-brand-struggles57630343
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VW CEO says not ruling out merger talks with Fiat Chrysler boss ReutersSee this story in The Economic Times
Wolfsburg Volkswagen Chief Executive Matthias Mueller said he is not ruling out talks with Fiat Chrysler boss Sergio Marchionneabout a possible merger
I am not ruling out a conversation Mueller told reporters on Tuesday after the carmakers annual earnings press conference inWolfsburg
Marchionne has long advocated car industry mergers to share the costs of making cleaner and more technologically advancedvehicles and has repeatedly relayed his desire via the media
It would be very helpful if Marchionne were to communicate his considerations to me too and not just to you Mueller said
I am pretty confident about the future of Volkswagen with or without Marchionne
Only last week Mueller appeared to dismiss the prospect of talks with Fiat Chrysler
We are not ready for talks about anything he told Reuters on the fringes of the Geneva auto show I havent seen Marchionne formonths he said at the timehttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsvw-ceo-says-not-ruling-out-merger-talks-with-fiat-chrysler-boss57632909
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Volkswagen chief denies talks with Fiat AFPSee this story in The Economic Times
Berlin Volkswagen chief Matthias Mueller on Tuesday denied rumours that the German auto giant was in talks with rival FiatChrysler
At present there is no contact between me and Fiat Chrysler boss Sergio Marchionne Mueller told the companys annual pressconference in Wolfsburg north Germany
Marchionne had said at the Geneva car show last week that he was expecting Volkswagen to reach out as more firms are thinkingof cost-cutting tie-ups in the vein of Frances Peugeot and German carmaker Opel
In response Mueller said he had other problems since VWs 2015 admission that it installed software to cheat regulatoryemissions tests in 11 million vehicles worldwide
He nevertheless added that Ive never said a tie-up with any other partner is altogether ruled out
VW clawed its way back to profit in 2016 and pulled ahead of Toyota to become the worlds biggest carmaker by unit sales shipping103 million vehicles over the year
Mueller on Tuesday confirmed the groups forecast of moderate growth in sales in 2017
But the firm is far from turning the page as it continues to refit cars equipped with the cheating software and faces legal action fromcustomers and investors in numerous countries
The final bill for the scandal is impossible to predict Mueller acknowledged
All we know is that this question will keep us busy for a long time several years he saidhttpeconomictimesindiatimescomindustryautovolkswagen-chief-denies-talks-with-fiatarticleshow57633113cms
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Volkswagen has good chances to build on strong 2016 performance CEO ReutersSee this story in The Economic Times
Germany Volkswagen has good chances of building on its strong 2016 performance when it swung to a record underlying profitdespite its diesel emissions crisis Chief Executive Matthias Mueller said
The Volkswagen Group is in very robust shape Mueller said on Tuesday at the carmakers annual news conference in Wolfsburg
VW expects group revenue to exceed last years record 217 billion euros ($231 billion) by as much as 4 percent this year and isforecasting an underlying operating margin of between 6 and 7 percent compared with 67 percent in 2016 it said affirming aforecast given on Feb 24
Still operating profit of its core autos division slipped further to 187 billion euros in 2016 from 210 billion a year earlier as the brandis struggling to implement a wide-ranging turnaround planhttpeconomictimesindiatimescomnewsinternationalbusinessvolkswagen-has-good-chances-to-build-on-strong-2016-performance-ceoarticleshow57630339cms
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BMW i3 batteries to be used by Vattenfall The Economic Times
New Delhi Swedish power making company Vattenfall and German auto giant BMW Group have signed a contract for the deliveryof up to 1000 lithium-ion batteries this year The batteries with a capacity of 33 kilowatt hours (kWh) each are equipped with aBMW-owned battery management system and are also used by the car manufacturer in the BMW i3
Vattenfall will purchase the new batteries from the BMW plant in Dingolfing and use them in all storage projects
Energy storage and grid stability are the major topics of the new energy world says Gunnar Groebler Senior Vice President ofVattenfall and Head of Business Area Wind
We want to use the sites where we generate electricity from renewable energies in order to drive the transformation to a newenergy system and to facilitate the integration of renewable energies into the energy system with the storage facilities Thedecoupling of production and consumption and the coupling of different consumption sectors are in the focus of our work
The first energy storage from the BMW-i3 batteries is being built at the 122 MW onshore wind farm Princess Alexia nearAmsterdam With a capacity of 32 megawatts (MW) it is Vattenfalls first large storage project in the Netherlands
Pending on a final investment decision the largest battery storage will be built at the Vattenfall wind farm Pen y Cymoedd (230 MW)in South Wales - a 22-megawatt storage facility which will help to support the stability of the country-wide power grid in the UK aspart of the so-called EFR (Enhanced Frequency Response) service
As part of the project Norddeutsche Energiewende NEW 40 Vattenfall together with the Hamburg University of Applied Sciences(HAW) and the company Nordex will implement a large battery storage at the future wind farm in Hamburg-Bergedorf
This is a so-called storage control unit made of batteries It is meant to maintain the security of supply with a feed-in of 100 percentrenewable energy In addition the battery storage contributes to the improvement of the network quality and the more efficient useof the existing network structure Other possible applications would be electricity storage in private households Energy storagesolutions are an important part of Vattenfallamprsquos strive to power climate smarter living
We are pleased that we have found a supplier in BMW who meets our high safety requirements with the use of the batteries withreliably good quality from German series production says Daniel Hustadt project manager for large batteries at VattenfallInnovation GmbHhttpautoeconomictimesindiatimescomnewsindustrybmw-i3-batteries-to-be-used-by-vattenfall57630728
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Toyota to look at Saudi production as the countries seek closer ties ReutersSee this story in The Economic Times
New Delhi Toyota Motor Corp signed a memorandum of understanding (MOU) on Tuesday with a Saudi Arabian governmentagency to conduct a feasibility study into producing vehicles and parts in the Middle Eastern nation
The move if firmed up would be a big step for the Saudi economy as the government tries to diversify beyond oil exports andcreate jobs as part of the kingdoms 2030 Vision
So far Saudi Arabia and other Gulf oil exporters have failed to significantly develop industries such as automaking because theylack broad industrial bases and a skilled local workforce
The study would take into account the evaluation of development of a local supply base using materials produced by major Saudi
companies like Sabic Maaden Petro Rabigh and other major industrial companies in the kingdom the official Saudi state newsagency reported
The MOU is with Saudi Arabias National Industrial Clusters Development Program (NICDP)
Meanwhile state-run Saudi Aramco has signed MOUs with five Japanese entities during a business forum that both nations hostedon Tuesday coinciding with a visit by Saudi Arabias King Salman this week
Saudi Aramco and Japans biggest oil refiner JX Nippon Oil amp Energy (5020T) agreed to consider a refinery joint venture in a thirdcountry and cooperation in trading and technology of oil and petrochemical products
Aramco also agreed to consider a possible future cooperation in crude oil supply and downstream business with Idemitsu KosanCompany
In addition Aramco and state-run Japan Oil Gas and Metals National Corp (JOGMEC) formally agreed to expand crude storagecapacity in Japan by 300000 kilolitres (about 19 million barrels) from the current 63 million barrels from April 1
Japan treats crude oil stored by Aramco as quasi-government oil reserves counting half of the barrels stored by Aramco as nationalcrude reserves
Companies and government organizations in both nations signed a total of 20 MOUs on Tuesday including cooperation betweenthe Saudi Arabian General Investment Authority (SAGIA) and Japans three megabanks - Mitsubishi UFJ Financial Group (8306T)Sumitomo Mitsui Financial Group (8316T) and Mizuho Financial Group (8411T) - on increasing investments in the kingdom
The MOUs also included cooperation in seawater desalinationhttpautoeconomictimesindiatimescomnewsindustrytoyota-to-look-at-saudi-production-as-the-countries-seek-closer-ties57636587
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Geneva Motor Show 2017 Airbus unveils fully electric flying car PopUp The Economic Times
Geneva Airbus along with Italdesign has unveiled the first modular fully electric zero emission concept vehicle system - PopUpat the Geneva Motor Show 2017 informed the French company in an official statement
PopUp envisages a modular system for multi-modal transportation that makes full use of both ground and airspace and isdesigned to relieve traffic congestion in crowded megacities
PopUp System consists of a three layers concept1 an Artificial Intelligence platform that based on its user knowledge manages the travel complexity offering alternative usagescenarios and assuring a seamless travel experience
2 a vehicle shaped as a passenger capsule designed to be coupled with two different and independent electric propelled modules(the ground module and the air module) Other public means of transportation (eg trains or hyperloops) could also integrate thePopUp capsule
3 an interface module that dialogues with users in a fully virtual environment
Airbus claims The PopUp vehicle combines the flexibility of a small two seater ground vehicle with the freedom and speed of avertical take-off and landing (VTOL) air vehicle thus bridging the automotive and aerospace domains
PopUpamprsquos monocoque carbon-fibre cocoon measures 26 metres long 14 metres high and 15 metres wide The capsuletransforms itself into a city car by simply coupling to the ground module which features a carbon-fibre chassis and is batterypowered
For megacity journeys with high congested traffic the capsule disconnects from the ground module and is carried by a 5 by 44metre air module propelled by eight counter-rotating rotors
ampldquoAdding the third dimension to seamless multi-modal transportation networks will without a doubt improve the way we liveand how we get from A to Bamprdquo said Mathias Thomsen General Manager for Urban Air Mobility at Airbus on the occasion ofthe unveil
ampldquoSuccessfully designing and implementing solutions that will work both in the air and on the ground requires a joint reflectionon the part of both aerospace and automotive sectors alongside collaboration with local government bodies for infrastructure andregulatory frameworks Italdesign with its long track record of exceptional vehicle design was an exciting partner for Airbus for thisunique concept projectamprdquo
ampldquoToday automobiles are part of a much wider eco-system if you want to design the urban vehicle of the future the traditionalcar cannot alone be the solution for megacities you also have to think about sustainable and intelligent infrastructure appsintegration power systems urban planning social aspects and so on In the next years ground transportation will move to the nextlevel and from being shared connected and autonomous it will also go multimodal and moving into the third dimensionamprdquo saidItaldesign CEO Joumlrg Astaloschhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsgeneva-motor-show-2017-airbus-unveils-fully-electric-flying-car-pop-up57630936
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Nissan boosts management presence at Mitsubishi Motors ReutersSee this story in The Economic Times
Tokyo Mitsubishi Motors on Tuesday said an additional four Nissan executives would join its management team as Nissan tightensits control over the smaller struggling automaker in which it took a controlling stake last year
The announcement is part of Mitsubishi Motors efforts to rebuild its management system after it admitted last year that it hadoverstated the mileage on a number of its cars sold in Japan battering domestic sales and tarnishing its brand image
From April corporate vice president positions for roles including product development and marketing and sales would be occupiedby officials from Nissan Mitsubishi Motors said
This would hike the number of Nissan executives on Mitsubishi Motors management team to seven from two now
We need to strengthen our corporate governance to avoid a repeat of last years scandal along with scandals previous to thatMitsubishi Chief Executive Officer (CEO) Osamu Masuko told reporters during a teleconference
After taking a one-third stake in Mitsubishi Motors Nissan installed Carlos Ghosn - its CEO at the time - as chairman of MitsubishiMotors while also naming two Nissan officials to Mitsubishis board of directors
Nissan also dispatched other executives to the smaller automaker including Trevor Mann previously Nissans chief performanceofficer who became chief operating officer at Mitsubishi late last year
Last month Ghosn said he would step down from the top position at Nissan to focus on deepening the companys alliance withRenault SA and Mitsubishi Motors
Separately Nissan said Shiro Nakamura the companys chief creative officer and one of Japans best-known car designers willretire after nearly 20 years at the automaker
Nakamura 66 is recognised for referencing science fiction anime and embracing Japans culture of cute in models including theGT-R supercar the Cube compact MPV and the Juke SUV crossover setting the automaker apart from many of its rivals whichhave been accused of making lookalike cars
Nakamura joined Nissan in 1999 from Japanese truckmaker Isuzu Motors and was one of the first key hires by Ghosn shortly afterGhosn himself arrived from French automaker Renault to save the company from bankruptcy
Alfonso Albaisa who currently overseas design at Nissans premium Infiniti brand will succeed Nakamura while former BMWglobal chief designer Karim Habib will become the brands new chief designer effective July 1httpautoeconomictimesindiatimescomnewsindustrynissan-boosts-management-presence-at-mitsubishi-motors57631800
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Renault Zoe e-Sport breaks covers at 2017 Geneva Motor Show The Economic Times
New Delhi In the ongoing Geneva Motor Show Renault has showcased its new two-seat version of its electric car Renault Zoee-Sport The company claims to have taken the design cues from Formula E
The ZOE e-Sport Concept is the fully electric concept car that embodies Renaultamprsquos commitment to the idea that electric carscan be fun and fast says Renault The sporting credentials of the ZOE e-Sport Concept extend beyond the caramprsquos styling andthe same blue livery as the Renault edams teamamprsquos front-running Formula E single-seaters
The bodywork of the ZOE e-Sport Concept is made entirely from lightweight carbon fibre which helps to ensure outstandingacceleration from standstill to 100kph in just 32 seconds The car tips the scales at a mere 1400 kilograms including 450kilograms of batteries
The car is powered by two electric motors capable of generating 450 bhp and 650 Nm of torque One of the motor is powered to therear axle and the other to the front axle Renault Zoe e-Sport gets the same 40 kWh battery which powers the standard variant ofthe car
Jean-Christophe Kugler CEO Renault Europe said that the concept as a link car - a styling exercise intended to connect the Zoeroad car with what Renault is doing in Formula E racing and to send a message that EVs are fun to drive Its not a signal of thefuture for Zoe and we have no intention to develop a performance version
Renault also claims that the electric performance car uses the same air and water cooling systems as the Renaultamprsquos FormulaE car The car is based on a tubular steel chassis with use of extensive carbon fibre The car also gets four driving modes
At the moment Renault has no plans to make the Zoe e-Sport into productionhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsrenault-zoe-e-sport-breaks-covers-at-2017-geneva-motor-show57627528
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Sensata Technologies opens testing facility in Bulgaria ReutersSee this story in The Economic Times
Sofia Sensata Technologies has opened its largest global testing facility in Sofia to support its automotive sensing technologies thecompany said on Tuesday
Sensata which has manufacturing sites in 13 countries already employs 3000 people in Bulgaria where it produces pressure andhigh temperature sensors for the automotive market and operates a business centre
In recent years inexpensive labour low taxes and an educated workforce have encouraged dozens of car part producers and ITand business outsourcing companies to set up in the Balkan countryhttpautoeconomictimesindiatimescomnewsauto-componentssensata-technologies-opens-testing-facility-in-bulgaria57632975
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Driving driverless Quest for an autonomous car has reached a truck now Nandagopal RajanThe Financial Express
At San Franciscoamprsquos Pier 90 chock-a-block with cargo vehicles it is pretty tough for any truck to stand out But a white Volvotruck with Otto emblazoned on it is the centre of attention This is the next big thing in automated cars and has already shown itsmettle by delivering a consignment of Budweiser beer in Colorado without a driver controlling it on the freeway
Uber is one of the many companies thinking in terms of driverless car While CEO Travis Kalanick says automated vehicles areampldquoexistentialamprdquo for the ride-hailing companyamprsquos future he is not alone in the race to drive without drivers Just in theUS at least 23 companiesampmdashincluding Tesla Google and Volkswagenampmdashhave registered in autonomous vehicleprogrammes The idea that fuels this cutting-edge technology is pure economics at the end of the day Cars suffer from seriousissues of inefficiency as they sit idle 95 of the time Considering that the world has 1200000000 cars this is inefficiency at agargantuan scale Add to this the fact that cars amount for 22 of all emissions globally and muddy the urban infrastructureproblem by creating the need for parking spaces
Since 1984 when the first experimental self-driving cars appeared there has been much progress on the technology leading toMercedes-Benz showcasing its concept car the F 015 at the Consumer Electronics Show in Las Vegas in 2015 Everyone has adifferent take on the technology but in the end the idea is to make cars intelligent and independent enough to be aware ofsurroundings and take decisions based on that
Interestingly Uberamprsquos dream is to bring ampldquoreliable transportation to everyone everywhereamprdquo now extended toeverything too with the trucks from Otto a start-up it acquired last year Matt Sweeney who heads product at UberamprsquosAdvanced Technology Group says ampldquothe truck and passenger vehicles share software and hardware components and thishelps us work on different aspects of the self-driving problem at the same timeamprdquo But on scope passenger vehicles are forurban environments where Uber has its focus on ride-sharing while trucks will be for high-speed highways where the constraintsare different
Just last week Uber got a permit from California Department of Motor Vehicles to test two self-driving Volvo SUVs on public roadsthough it will need to have backup drivers behind the wheel in case the prototype cars malfunction Its self-driving cars have beenrunning test drives in other parts of the US too
The Otto truck comes with a rig of radars laser scanners and stereo cameras that give the computers inside a live 360-degreevision of its environment with high dynamic range high resolution and high colour information imagery so that the truck can besmart enough to decide what to do next But the computing task this presents is ampldquoalmost as big as a small datacentreamprdquo Sweeney says the computing has to be done inside as ampldquothere is no tech that can let us send all that data tothe cloud real time and hence a lot of the computing has to be done in the truck itselfamprdquo
ampldquoA lot of the tech is based on prior mapping but in subsequent runs we see differences that have come about in the area andpay attention on those objects that are differentamprdquo
Interestingly Otto is being sued by Googleamprsquos Waymo self-driving car unit which claims its former employee and start-upfounder Anthony Levandowski stole its proprietary design for its laser-based radar system There are other challenges tooampldquoUber tech is different because we are trying to make this on top of the ride-sharing network that we already haveamprdquo headded
Nissan in contrast keeps the driver and not the technology at the centre and its definition of an ampldquoautonomous caramprdquo ishence a vehicle with different levels of driving technologies that enable it to operate autonomously for certain periods of time ANissan spokesperson said on the technology side the challenges are in artificial intelligence software development data processingand digital mapping technologies while on the social environment side laws and regulations along with modifications of roadinfrastructure will become necessary
This contrast in technologies is why it is important to see how the entire ecosystem evolves maybe with different platforms talkingto each other But Uber is not depending on this ampldquoWe need to see and interact with vehicles but there is no guarantee wewill have that technology So we are approaching it with the assumption it wonamprsquot existamprdquo says Sweeney
Uberamprsquos goal is to take its technology everywhere but can these vehicles actually be practical for an environment like IndiaSweeney accepts the new elements this will throw in along with the sheer volume will present a slew of challenges ampldquoThoseare situations we think we will be able to tackle but those are not the first places we will goamprdquo he explains adding that theywill look for opportunities where they can deploy this technology safely Clearly this drive has just started(The author attended the Uber Media Summit in San Francisco at the invitation of Uber)httpwwwfinancialexpresscomopiniondriving-driverless-quest-for-an-autonomous-car-has-reached-a-truck-now588112
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Samsung completes acquisition of Harman The Economic Times
New Delhi The arrest of the Vice-Chairman of Samsung Board Lee Jae Yong on bribery and corruption charges has not affectedthe deal between Samsung and Harman International IndustriesIn a media statement the South Korean giant confirmed thecompletion of its largest such deal ever
Under the terms of the merger agreement Harman stockholders will receive $11200 per share in cash The completion follows thesatisfaction of all conditions to the closing of the transaction including approval of the transaction by HARMAN stockholders andreceipt of all necessary regulatory approvals in the United States and certain foreign jurisdictions
ampldquoToday is a historic moment for us The close of this transaction opens the door to create substantial growth opportunitiesand deliver greater benefits for customers worldwideamprdquo said Young Sohn President and Chief Strategy Officer of SamsungElectronics and Chairman of the Board HARMAN ampldquoWe see transformative opportunities in the car ampndash and a futurewhich seamlessly connects lifestyle across automotive home mobile and work Samsungamprsquos and HARMANamprsquosleadership in these spaces perfectly positions Samsung to be the preferred partner to our OEM customers In addition bringingtogether HARMANamprsquos iconic audio brands and capabilities paired with Samsungamprsquos leading display technologies willdeliver enhanced audio and video experiences to consumers and professional end markets And most importantly we areenthusiastic about our common vision the similarities in our culture of innovation and the added value we can create for customersWe look forward to working with all of HARMANamprsquos employees to execute on our visionamprdquo
Harman boasts around 30000 employees spreadout across different brands including JBL Infinity Lexicon and Mark LevinsonThe company will continue to conduct business as an independent subsidiary under the terms of the deal with Samsung
ampldquoWe are excited to have completed the transaction which provides compelling cash value to our stockholders benefits ourcustomers and provides new opportunities for our employeesamprdquo said Dinesh Paliwal Harman President and CEOampldquoSamsung shares our commitment to our customers and our culture of speed innovation and execution Samsung providesHarman with the scale platform and complementary technologies to accelerate growth and extend our global market leadership inautomotive smart audio and connected technologies Recognizing the importance of partnerships in an increasingly connectedworld particularly in automotive we are poised to leverage our combined teams and resources to produce even greater value forour customers Working closely with automakers and other technology companies Samsung and Harman will define ampndash anddrive ampndash the future of automotiveamprdquohttpautoeconomictimesindiatimescomnewsauto-technologysamsung-completes-acquisition-of-harman57624440
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Skoda delivers 81200 units in Feb 2017 globally The Economic Times
Mlada Boleslav Czech car manufacturer Skoda in a press release stated that the company delivered 81200 vehicles to customersworldwide in February 31 more than in the same period last year (February 2016 78800) brvbarkoda also claims that it has soldmore cars than any February in its history The Czech manufacturer achieved double-digit growth in Central and Eastern Europe (+129 and + 133) India (+ 128) and Israel (+ 198) among others
We are delighted with our strong start to 2017 We expect the market launch of the OCTAVIA product upgrade as well as the newKodiaq to create further momentum says Werner Eichhorn brvbarKODA Board Member for Sales and Marketing
In Western Europe deliveries to customers rose by 70 in February to 34800 vehicles (February 2016 32500) With 12600vehicles Germany remains the strongest single European market (February 2016 12100 vehicles +45) brvbarKODA recordeddouble-digit growth rates in the UK (3400 vehicles +236) Italy (2200 vehicles + 201) Belgium (2 000 vehicles +271) andAustria (1900 vehicles +647)
In Central Europe brvbarKODA achieved an increase of 129 with 17400 cars (February 2016 15400 vehicles) Deliveries on thehome market of the Czech Republic rose by 88 to 8200 vehicles in Poland (5700 vehicles + 163) Slovakia (1700 vehicles+154) Slovenia (600 vehicles +226) and Croatia (300 vehicles +469) also rose in double figures
In Eastern Europe excluding Russia Skoda achieved a year-on-year increase of 133 with 2800 vehicles delivered (February2016 2500 vehicles) In the same period 400 customers in Ukraine received their new brvbarKODA ampndash an increase of 939(February 2016 200 vehicles) The number of deliveries increased significantly in Bosnia (200 vehicles + 557) Bulgaria (200vehicles +175) and the Baltic States (600 vehicles + 229) In Russia brvbarKODA achieved an increase of 46 with 4300vehicles (February 2016 4100 vehicles)
In China ampndash the brandamprsquos largest market worldwide ampndash brvbarKODA handed over the keys to 15000 new vehicles(February 2016 18500 vehicles -188) Deliveries overseas increased by 98 to a total of 2500 vehicles
At the Geneva Motor Show brvbarKODA is presenting several new highlights These include the brvbarKODA KODIAQ SCOUT and brvbarKODAKODIAQ SPORTLINE alongside the extensively upgraded brvbarKODA OCTAVIA as well as the sporty spearhead brvbarKODA OCTAVIA RS245 and the brvbarKODA OCTAVIA SCOUT with a rugged off-road look In addition the upgraded brvbarKODA models RAPID and RAPIDSPACEBACK and Citigo are on show
brvbarKODA deliveries to customers in February 2017 (in units rounded off by model +- in percent compared to February2016)brvbarKODA OCTAVIA (28600 -86)brvbarKODA FABIA (16700 + 152)brvbarKODA RAPID (15000 + 121)brvbarKODA SUPERB (10900 + 171)brvbarKODA KODIAQ (1300 + 1000)brvbarKODA YETI (6300 -157)brvbarKODA CITIGO (only sold in Europe 2300 -164)httpautoeconomictimesindiatimescomnewspassenger-vehiclecarsskoda-delivers-81200-units-in-feb-201757626693
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Isuzu claims more durability on its diesel engines for trucks The Economic Times
Indianapolis Isuzu Commercial Truck of America has announced that the B10 durability rating of its 4HK1-TC diesel engine hasbeen increased to 375000 miles informed the company in an official statement
To elaborate further on what it means the Japanese commercial vehicle manufacturer went on to say that A B10-life rating is anindustry-standard gauge provided by engine makers to help consumers determine the long-term durability of an engine Thenumber following the B indicates the percentage of an engineamprsquos population that will require an overhaul before the indicatedmileage
That means that 90 of Isuzu 4HK1-TC engines are expected to last 375000 miles before they require a major repair or rebuildPreviously the 4HK1-TC engine carried an already-robust B10 durability rating of 310000 miles added the company
ampldquoWe are proud to say that Isuzu diesel engines are already known worldwide for their long-term dependabilityamprdquo saidShaun Skinner president of Isuzu Commercial Truck of America ampldquoOur new B-10 rating is strong evidence that our enginesare even more durable than everamprdquo
The turbocharged intercooled 4HK1-TC four-cylinder diesel engine displaces 52 liters and generates 215 horsepower Torqueratings vary depending on model The engine is fitted to Isuzu NPR-HD NPR-XD NQR and NRR models as well as the all-new2018 Isuzu FTR Class 6 truck
The company made the above announcement at the National Truck Equipment Associationamprsquos 2017 Work Truck Show inIndianapolis held on March 13httpautoeconomictimesindiatimescomnewsauto-componentsisuzu-diesel-engines-for-trucks-now-become-more-durable57626832
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MoS visits Rolls-Royces new logistics centre in England The Economic Times
New Delhi Nick Gibb Minister for School Standards and MP for Bognor Regis and Littlehampton has visited Rolls-Royce MotorCars Technology and Logistics Centre on Monday informed the British luxury car maker in a media release
During the visit Gibb toured the facility met the expert team onsite and was briefed on the companyamprsquos future plans to expandthe Centre He also took the opportunity to learn more about the Rolls-Royce Motor Cars apprenticeship graduate and internprogrammes
Nick Gibb said ampldquoThe original announcement that Rolls-Royce Motor Cars would be locating its Technology and LogisticsCentre in Bognor Regis was a great boost for our town and warmly welcomed I am delighted to see the huge new state of the artfacilities fully operational and providing high quality jobs for local people The support of such a prestigious company is good newsfor Bognor Regis and for the wider local economyamprdquo
He continued ampldquoIt is very welcome that Rolls-Royce operates an apprenticeship scheme ensuring the company has the skillsit needs for the future and providing opportunities and training for a cohort of young people every year This year Rolls-Royce istaking on record numbers of apprenticesamprdquo
The new Rolls-Royce Technology and Logistics Centre at Bognor Regis opened on schedule in January 2016 The purpose-built30000m2 facility is located close to the companyamprsquos head office and manufacturing plant at Goodwoodhttpautoeconomictimesindiatimescomnewsindustrymos-visits-rolls-royce-new-logistics-centre-in-england57626981
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All new Mazda CX-5 to be produced at Hofu Plant The Economic Times
Hiroshima Japan Japanese automaker Mazda Motor Corporation starting from November is going to produce the all-new MazdaCX-5 crossover SUV at its Hofu Plant in addition to the Hiroshima Plant where it is currently produced
The company informed that the move will help the automaker respond quickly and flexibly to growing demand for SUVs globally
Mazda aims to create a production system that can respond flexibly to changes in demand for crossover vehicles as it works tomeet its global sales goal of 165 million units
Launched domestically in February the all-new CX-5 has till date recorded sales of 16639 units about seven times the monthlytarget claims the company
As with the CX-3 starting production of the CX-5 at Hofu Plant as well is part of our plan to build a production framework that givesus more flexibility between plants and between models said Masatoshi Maruyama Managing Executive Officer in charge of GlobalProduction We will do everything we can to get customers the crossover vehicles they want as quickly as possiblehttpautoeconomictimesindiatimescomnewspassenger-vehicleuvall-new-mazda-cx-5-to-be-produced-at-hofu-plant57627447
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Rheinmetall receives over $25 mn order from American carmaker The Economic Times
New Delhi German automotive parts supplier Rheinmetall has booked its first order for a special application of coolant valves by amajor American carmaker and destined for the NAFTA market
The company in a statement said that the order has a lifetime value of over US$25 million (around Rs 165 crore) Series productionof the valves is scheduled to start in 2019 with the contract set to run for about five years
Talking about the product the company went on to say that the innovative valves play a lead role in intelligent thermal and energymanagement on modern vehicle engines These often have several cooling circuits which are controllable with the aid of switchingseat valves
As from model year 2020 this particular customer will be installing several versions of such valves on gasoline and diesel enginesfor pick-ups with over 6 liters displacement
They will take over functions in the cooling circuit of the transmission ensuring that it reaches operating temperature faster byswitching off the coolant flow when the engine is started This also helps to reduce emissions added the companyhttpautoeconomictimesindiatimescomnewsauto-componentsrheinmetall-receives-over-25-mn-order-from-american-carmaker57628058
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Nissans Infiniti names former BMW executive as new design chief ReutersSee this story in The Economic Times
Beijing Infiniti Nissan Motors premium brand named Karim Habib former global design chief for BMW as the brands new chiefdesigner effective July 1
Habib will replace Alfonso Albaisa who will be promoted to lead Nissans global design according to a press release seen byReuters Habib will report to Albaisa
Habib who has worked for several premium automotive brands including BMW and Daimler will be based in Nissans technicalcentre in Atsugi Japan and lead Infinitis design teams in Japan Beijing San Diego and Londonhttpautoeconomictimesindiatimescomnewsindustrynissans-infiniti-names-former-bmw-executive-as-new-design-chief57630437
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Elon Musks bold offer of Tesla batteries wont solve Australias power problems ReutersSee this story in The Economic Times
Launceston Australia Australia is becoming an interesting microcosm on how to or how not to transition an economy from beingpredominantly powered by coal to more climate-friendly alternatives
The dramatic intervention by Tesla Inc Chief Executive Elon Musk last week is just the latest twist in an ongoing saga that pits
business government farmers government and environmentalists against each other
Musk in an exchange of tweets with software billionaire Mike Cannon-Brookes chief executive of Atlassian Corp offered to fix theelectricity supply problems of South Australia state within 100 days of signing a contract
Musks plan is to install 100 megawatts (MW) of grid-connected battery storage which would be available to meet peak demandand would be charged with surplus electricity from other generating sources in periods of low demand
Its a bold offer and would most likely provide a quick fix to Australias fourth-largest state which suffered a blackout last Novemberand has been dealing with power shortages over the peak summer period
Businesses like BHP Billiton which operates the giant Olympic Dam copper mine in the state have been pushing for thegovernment and other stakeholders to ensure stable electricity supply saying the cost of blackouts runs into millions of dollars inlost output
Musk whose Tesla Corp is ramping up output of its battery storage packs at its Gigafactory in Nevada held talks with AustralianPrime Minister Malcolm Turnbull at the weekend as well as with South Australian Premier Jay Weatherill
The politicians will no doubt be tempted to Musks offer to install batteries especially since the electric car pioneer said if he didntmeet his 100 day deadline he wouldnt charge anything
But while Musks offer if taken up would provide a quick fix it would not do enough to mend the underlying problems at the heart ofAustralias electricity woes
Its worth looking at how Australia got itself to the point where virtually all players can agree that the nation is facing somethingapproaching an energy crisis
After all the country is not short of fossil fuels such as coal and natural gas and its climate and low population density outside themajor cities are ideal for renewables such as solar and wind power
The country is heavily reliant on an ageing fleet of coal-fired power stations which makes Australia one of the highest polluters percapita
These coal power stations are starting to close down with one shutting in South Australia last year and another planned to close inVictoria state at the end of this month
The problem is that the coal-fired power stations role as providers of base load electricity cannot be taken over by wind and solarand the role is falling to natural gas
But natural gas is also the most expensive method of generating electricity in Australia so utilities are reluctant to run their gas-firedplants until prices are high enough to justify the cost
South Australia has a gas-fired plant that was mothballed until last years power supply crisis but even with the higher prices forelectricity the operator is struggling to make the plant profitable
The state moved on Tuesday to try and address its energy security issues announcing it would build a 250 MW gas-fired plant andhelp the private sector build a 100 MW battery at a total cost of A$510 million ($385 million)
Gas Supply ConstraintsNatural gas supply is becoming a problem in Australia which may seem ironic given the country is on the verge of becoming theworlds largest exporter of liquefied natural gas (LNG) as the last of eight new plants come closer to completion
In fact the new LNG plants are copping some of the blame for the tightening natural gas market especially the three in easternQueensland state based on using coal-seam gas as the feedstock
These are being blamed for sucking domestic natural gas out of the market and into the export LNG industry
What hasnt helped is that some of Australias state and territory governments are also pursuing policies that will restrict futurenatural gas supplies
Victoria state has banned hydraulic fracturing or fracking as well as shale and coal-seam gas exploration while the NorthernTerritory New South Wales and Tasmania have various moratoriums on fracking
This leaves Western Australia Queensland and South Australia as the remaining states where onshore natural gas supplies can bedeveloped and they are now in the cross-hairs of the environmental lobby which is opposed to any and all new natural gas wells
Politicians across the traditional Labor-Liberal divide are increasingly giving in to demands to restrict natural gas exploration whilepretending that this wont have a negative impact on energy security and electricity prices
But the costs are starting to become apparent with spot electricity prices surging over the Australian summer and natural gassuppliers warning that they will be unable to meet the needs of industrial customers without action being taken
Its often the case politicians only take action when the point of crisis is reached and this appears to be the case in Australia
Whats needed is a holistic approach to energy supply as Australia transitions away from coal-fired power
This means ensuring enough natural gas is available to provide base load generation while scaling up renewables such as solar
wind pumped hydro and battery storage
Forging enough common ground with the various stakeholders will be the main obstacle but more than anything else Australia isshowing how difficult it is to end the age of coalhttpautoeconomictimesindiatimescomnewsindustryelon-musks-bold-offer-of-tesla-batteries-wont-solve-australias-power-problems57630514
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Innogy in talks with car consortium over charging stations CEO ReutersSee this story in The Economic Times
Essen Germany Innogy is in intense talks with a group of carmakers Chief Executive Peter Terium told journalists on Mondayhoping to be selected as a supplier of super-fast charging stations for electric vehicles across Europe
Its not a done deal yet Terium said pointing to strong competition from rival vendors
BMW Volkswagen Ford and Daimler plan to build about 400 next-generation charging stations in Europe that can reload anelectric car in minutes instead of hours
Sources told Reuters in January that Innogy was in talks with the consortiumhttpautoeconomictimesindiatimescomnewsindustryinnogy-in-talks-with-car-consortium-over-charging-stations-ceo57624184
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China may roll back electric vehicle quotas as industry pushes back ReutersSee this story in The Economic Times
Beijing China is considering easing proposed quotas aimed at producing more electric vehicles as Beijing gets pushback from theautomotive industry over the scale and pace of the plans
If adopted proposed changes under discussion could see a target of new energy vehicles (NEV) making up 8 percent of sales nextyear pushed to 2019 two auto executives said
The changes would lower targets from a draft policy released in September requiring 8 percent of automakers sales to be batteryelectric or plug-in hybrid vehicles by 2018 rising to 10 percent in 2019 and 12 percent in 2020
Any loosening of NEV targets would mark a pull back by Beijing which has faced opposition to the planned targets as it looks todrive its domestic carmakers to overtake global rivals in the green vehicle sector
Automakers and industry bodies have said the targets are too tough and could hurt manufacturers interests New energy vehicleslast year accounted for just 18 percent of sales in the worlds biggest autos market according to Reuters calculations based onofficial data
Its normal to make revisions as its a draft plan An Jin chairman of Anhui Jianghuai Automobile Group (JAC Motor) said on thesidelines of the National Peoples Congress in Beijing
He said he was aware of talks to revise the quota targets but said nothing was set in stone JAC hasnt been told what revisionsmight be made to the draft but I think it is possible the draft will be changed after the discussions he said
Whether the whole market can hit this quota by 2018 depends a lot on the strength of government policy If its strong then weshould be able to surpass the targets An said (But) if you consider Chinas infrastructure and the transformation of Chinas autosector then perhaps the pace will have to slow
Two Percent CutTwo executives familiar with the plans told Reuters the government was considering options for lowering the requirements
One idea was to reduce the quota requirement by 2 percent each year cutting the 2018 requirement to 6 percent said aChina-based government relations official at a major global automaker It would then be 8 percent in 2019 and 10 percent in 2020
Another option would be to push back each target by a year with the 8 percent quota starting from 2019 an executive at aJapanese car maker said
Both asked not to be named due to the sensitivity of the matter and because the draft was still under consideration
The overall policy includes quotas for plug-in cars targets for average fuel economy requirements and a credit trading system topromote green energy cars while penalizing petrol cars
The two people said the quota stand-off was tied to a disagreement between the Ministry of Industry and Information Technology(MIIT) and Chinas top state planner the National Development and Reform Commission (NDRC)
MIIT which regulates manufacturers supports a more flexible credit trading system favoured by automakers The NDRC is more
aggressive in promoting a transition to electric vehicles pushing the introduction of the stricter quotas
An NDRC spokesman said the body played a small role when the draft was open to public for discussion MIIT did not immediatelyrespond to Reuters requests for comment
China has strongly supported and subsidized electric vehicles but is gradually swapping out incentives for hard targets automakersmust meet The central government cut subsidies 20 percent this year a first reduction towards eliminating them by 2020httpautoeconomictimesindiatimescomnewspolicychina-may-roll-back-electric-vehicle-quotas-as-industry-pushes-back57623608
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Russias standards agency says Volkswagen recalls 43151 Skoda cars ReutersSee this story in The Economic Times
Moscow Russias standards agency said on Monday that Volkswagens Russian operation had informed it about the voluntaryrecall of 43151 Skoda cars due to a possible technical fault
The recall affects Skoda Octavia Superb Fabia Yeti and Rapid cars sold in Russia between 2012 and 2016 the watchdog saidhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsrussias-standards-agency-says-volkswagen-recalls-43151-skoda-cars57624140
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Economy
Rupee hits 1-12 yr high surges 78 paise on BJP sweep PTISee this story in The Economic Times
Mumbai The rupee surged by a massive 78 paise to end at a nearly one-and-a-half year high of 6582 against the US dollar onfrantic unwinding of the American currency following BJPs emphatic victory in Uttar Pradesh
Forex market sentiment soared on hopes that BJPs stellar show in state polls would pave the way for the Modi government to focuson key reform measures
The home currency resumed on a strong footing at 6620 from last Fridays closing value of 6660 at the Interbank ForeignExchange (forex) market on heavy dollar unwinding from speculative traders and exporters tracking weekend developments
Maintaining its bullish momentum against the dollar the rupee hit a fresh intra-day high of 6576 in late afternoon deals beforeending at 6582 showing a solid gain of 78 paise or 117 per cent
This is the highest closing of the rupee since November 6 2015 when it had ended at 6576
Meanwhile the RBI fixed the reference rate for the dollar at 661800 and for the euro at 704354
Financial markets too took comfort from BJPs landslide victory with the broader Nifty climbing 15245 points to a new closing peakof 9087 and the Sensex rallying 49640 points to end at 2944263
The much-anticipated turnaround on the economic front has opened up a barrage of foreign capital fund flows into India
Foreign investors pumped in over Rs 10000 crore in the Indian capital markets this month so far
It also got an added fillip from bullish macro data which showed that the countrys industrial production bounced back in Januaryexpanding by 27 per cent year-on-year
Factory output measured in terms of Index of Industrial Production (IIP) had contracted by 01 per cent in December
However inflation based on wholesale prices shot up to a 39-month high of 655 per cent in February against 525 per cent inJanuary according to official data
On the global front the dollar traded firmly higher against its major counterparts ahead of the two-day Fed meet when it could liftrates for the third time since the financial crisishttpautoeconomictimesindiatimescomnewsindustryrupee-hits-1-12-yr-high-surges-78-paise-on-bjp-sweep57635104
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Nifty hits all time high of 912275 Sensex surges 616 points after big BJP win The Economic Times
Mumbai The Nifty jumped to life highs on Tuesday after the BJPamprsquos thumping win in the crucial state of Uttar Pradeshrekindled hopes of a bigger-than-expected push for reforms by the Narendra Modi government
The Nifty up 11 so far this year crossed its previous life high of 9119 to hit 912275 before ending the day 171 or 15245points higher at 9087 This is the indexamprsquos biggest single-day gain in points since February 1 and caps a strong reboundsince the December 26 low of 7893 on demonetisation worries
The Sensex surged by 616 points or 212 intra-day before ending the day at 2944263 up 49640 points This is its biggest gainsince May 25 last year The index is the best performer among all developed and emerging market indices in local currency terms inthe past three months
The rupee surged 79 paise to a 16-month high of 6582 to the dollar as exporters sold more dollars and foreign investors boughtlocal shares BSE data showed that foreign investors bought local shares worth Rs 4089 crore their biggest single-day purchasesince February 17 when they purchased Rs 8059 crore
FPIs have bought shares worthRs 23132 crore since January this year against net sales of Rs 9800 crore in the same period lastyear The BSE Midcap and Smallcap indices gained 144 each
ampldquoOne must be ready for a correction after a rally but I am optimistic about the medium to longterm prospectsamprdquo saidMotilal Oswal chairman Motilal Oswal Financial Services Ltd ampldquoFundamentally valuations are comfortable at this point intime because of good corporate earnings growth In the short term markets may remain volatileamprdquo
BJP romped to victory in UP on Saturday winning 312 out of the 403 seats Its allies won 13 more taking the NDA tally to 325 Thisis the biggest win recorded by any party in the state since 1977 and has raised prospects of the BJP doing well in other electionsthis year and next Many political pundits also believe that the victory has improved Prime Minister Narendra Modiamprsquos chancesof retaining power in the 2019 general election
Barring the metals index all other sectoral indices on the NSE ended with gains on Tuesday About 55 stocks including TitanJubilant Life Sciences Kotak Mahindra Bank IndusInd Bank YES Bank and Indiabulls Housing Finance among others hit life highswhile 92 stocks were locked in upper circuit with no sellers
ampldquoWith the sharp rally the market which is currently susceptible to global risk is trading at above average multiples and westay cautious near termamprdquo said Sanjay Mookim India Equity Strategist BofA Merrill Lynch ampldquoIndiaamprsquos businesscycle should improve over the next several quarters while improving construction should drive capex which is good forequitiesamprdquo
Some market experts are divided over the near-term outlook as indices have begun to look expensive at current valuations Plusthere is no immediate trigger for upgrade
ampldquoValuations of the Indian market are quite high and would require the support of strong earnings growth Any disappointmenton earnings will make valuations look even more expensive which the market may not likeamprdquo said Sanjeev Prasad senior EDand co-head of Kotak Institutional Equities
ampldquoGlobal and domestic interest rate cycles are no longer supportive with likely increase in developed markets bondyieldsamprdquo
ampldquoWhile markets are expecting a rate hike this meeting what will be of more interest is the commentaryamprdquo said DipenShah senior V-P PCG research Kotak Securities ampldquoIf it is hawkish it may have an impact on fund flows to emerging marketsbut India may be relatively less impacted because of the continuing domestic flowsamprdquo
ampldquoNotwithstanding the election results we believe the risk-reward is not favourable currently and advise investors to sell intothis rally We expect Nifty EPS to rise 15-16 in FY18 and see no trigger for an earnings upgrade at this junctureamprdquo ReligareInstitutional Research said in a notehttpeconomictimesindiatimescommarketsstocksnewsnifty-hits-all-time-high-of-9122-75-sensex-surges-616-points-after-big-bjp-winarticleshow57639036cms
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WPI inflation up 655 for February 2017 The Economic Times
New Delhi The annual rate of inflation based on monthly Wholesale Price Index (WPI) stood at 655 percent (provisional) for themonth of February 2017 (over February 2016) as compared to 525 percent (provisional) for the previous month and -085 percentduring the corresponding month of the previous year
The official Wholesale Price Index for amplsquoAll Commoditiesamprsquo for the month of February 2017 rose by 05 percent to 1855(provisional) from 1846 (provisional) for the previous month
The index for primary articles rose by 09 percent to 2581 (provisional) from 2557 (provisional) for the previous month
The inflation rate for Fuel and power group rose by 13 percent to 2038 (provisional) from 2012 (provisional) for the previousmonth due to higher price of coking coal (15 percent) aviation turbine fuel (3 percent) bitumen (2 percent) and kerosene highspeed diesel LPG and lignite (1 percent each) However the price of furnace oil (1 percent) declined
The index for the major group of manufactured products remained unchanged at its previous monthamprsquos level of 1588
(provisional) In this group the index for amplsquoRubber amp Plastic Productsamprsquo group rose by 02 percent to 1489 (provisional)from 1486 (provisional) for the previous month due to higher price of rubber products (1 percent)
The index for amplsquoTransport Equipment amp Partsamprsquo group rose by 05 percent to 1405 (provisional) from 1398 (provisional)for the previous month due to higher price of auto rickshaw tempo matador (4 percent) and auto parts (1 percent)
For the month of December 2016 the final Wholesale Price Index for amplsquoAll Commoditiesamprsquo stood at 1833 as comparedto 1828 (provisional) and annual rate of inflation based on final index stood at 368 percent as compared to 339 percent(provisional) respectively as reported on January 1 2017httpautoeconomictimesindiatimescomnewsindustrywpi-inflation-up-6-55-for-february-201757627665
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February CPI at 365 vs 317 in January highest since October 2016 PTISee this story in The Economic Times
New Delhi Retail inflation rose to 4-month high of 365 per cent in February mainly due to surge in price of food items like fruitssugar and confectionery
Measured in terms of Consumer Price Index (CPI) the inflation had dipped to a multi-year low of 317 per cent in January this yearon account of cash crunch following demonetisation It was 526 per cent in February last year
According to the CPI data released today by the Central Statistics Office (CSO) the consumer food prices index (CFPI) rose by201 per cent in February from 061 per cent in January The CFPI was 53 per cent in February 2016
Inflation in fruits was higher at 833 per cent fuel and light at 39 per cent in February The rate of price rise in meat and fish was 35per cent in February
Prices of sugar and confectionery items rose by 1883 per cent in February while inflation in milk and milk product increased by 422per cent
The rate of inflation in household goods and services was 409 per cent while this rate was in health segment was 4 per cent Thetransport and communication became expensive by 539 per cent
The personal care and effects segment rose by 515 per cent while the education became more expensive by 537 per cent inFebruary this year
The inflation rate was 438 per cent in clothing and footware segment while it was 49 per cent in housing segment
However the prices of vegetables and pulses declined by 829 per cent and 902 per cent respectively
Rural retail inflation was at 367 per cent in February compared with 336 per cent in the preceding month The CPI was also up inthe urban sector at 355 per cent in February from 29 per cent in January this yearhttpautoeconomictimesindiatimescomnewsindustryfebruary-cpi-at-3-65-vs-3-17-in-january-highest-since-october-201657633211
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Closing
Last Financial Closing
Sensex 2944263 (+49640)NSE 9087 (+15245)US$ spot Rs6582US$ Y1148000US$ 6 months RsYen Rs57Euro spot Rs70
Gold (10gm) Rs28333Silver (1kg) Rs4008300
Crude Oil (WTI) Crude Oil (Brent) $5172 (+037)
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Apollo Tyres 1 18610Asahi Ind 1 21655Amara Raja B 1 83230Ashok Leyland 1 9080Bajaj Auto 10 286670Bharat Forge 2 103550Denso 1 Eicher Motor 10 2396325Escorts 10 51945Exide Ind 1 21645Force Motors 10 427760Gabriel India 1 11460Hero Motocor 2 335745Hind Motors 5 950Hi-Tech Gear 10 29885Jay Bh Maruti 5 38190
Jamna Auto 5 20550JK Tyres amp Inds 10 1241 Kinetic Motors 10 Kinetic Engg 10 KOEL 2 37685Kirloskar Br 2 24135LML Ltd 10 1250LampT 2 155810Lumax Ind 10 131690Lumax Tech 10 43230MampM 5 132600Maruti Suzuki 5 613240Motherson SS 1 36290Minda Inds 2 44350MRF 10 5298390Omax Auto 10 7555Rico Auto 1 5720Sona Koyo St 1 8170
SRF 10 157155Tata Motors 2 46975 TVS Motors 1 43690
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Bhushan Steel 2 5430Hindalco 1 19040Hind Zinc 2 29140JSW Ispat S 10 Jind Steel 1 12490JSW Steel 1 18190Jindal Saw 2 7995National Aluminium 5 7310SAIL 10 6005Tata Steel 10 47255Visa Steel 10 2185
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Ambuja Cement 2 23370Binani Industries 10 7200Birla Corp 10 70360India Cement 10 16070Prism Cement 10 9375JK Cement 10 88470Shree Cement 10 1639835
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PLEASE NOTE
NURC Industry Updates contain editedtruncated text of Industry-specific news as it appears in various select dailies and websites These are NOT full stories unless otherwisespecifically mentioned The stories contained herein are informational only and no representation is made or warranty given as to their content reliability truthfulness orusefulness User assumes all risk of use It be clearly understood that NURC updates do not claim to and neither mean to replace the Print or the Internet editions of variousnewspapers whose articles are featured therein For the best and complete news reading NURC urges its readers to read the full text of the stories from the Newspaperswhose credits are given after the headline and visit the related website whose URL is given below the text matter of each news item
NURC News Update - AUTOMOBILES
News on Indian Auto Industry Copyright 1999 NURC MediaNext Pvt Ltd
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Powered by Enablingbiz Esoluttions
it gets the lionamprsquos share of its sales In the 350-500 cc market it controls 80 per cent (data for the first 11 months of FY17)This is a much smaller segment with monthly volume of 5300 units
Siddhartha Lal managing director of Eicher (which owns Enfield) told Business Standard last month that it would continue toengage with the target segment and expand reach to grow volumes ampldquoWhen one succeeds in a segment others try to enterand take a bite Of course there will be competition but we are not worriedamprdquo hed said It is understood that Enfieldamprsquosproduction volume in February was impacted due to fewer days (February having only 28) and the transition to BS-IV emissionnormshttpwwwbusiness-standardcomarticlecompaniesbajaj-cheers-at-feb-sales-117031400822_1html
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India Yamaha Motor sets ambitious sales target Nandini Sen GuptaThe Times of India
Chennai India Yamaha Motor Private Limited (IYM) is targeting an ambitious production and sales pitch of more than three millionunits this year with one million in the domestic market alone It was revealed by the top management at a recently organised AnnualSuppliers Conference at Greater Noida (Delhi-NCR) which was attended by 500 members representing more than 200 suppliersfrom across India
The theme of this years conference was Challenge the Innovation for Global Competitiveness and Its all about the customer
Our target for this year is to achieve one million unit sales in domestic market and 22 lakh unit sales for exports market Inaddition we also need to reinforce the Indian parts export business in order to contribute to Yamaha business globally While doingso we must continue with our focus on the Quality of our parts and products said Hiroaki Fujita Chairman YMI-G Cos
The objective for conducting the Annual Suppliers Conference was to share the last years result for sales and production and thecurrent years sales and production plan During the conference IYM shared the direction for 2017 its purchase policy thepurchasing policy of Yamaha Motor Company (Japan) and activities organised amp initiatives taken for sales and marketing in theprevious year
Among the senior management members who were present on the occasion on behalf of IYM included Hiroaki Fujita chairmanYamaha Motor India Group Cos (YMI-G Cos) Takashi Terabayashi MD -IYM Yasuo Ishihara MD- Yamaha Motor Research ampDevelopment India (YMRI) T Yamaguchi Deputy MD amp Purchase Head- IYM along with the YMC Purchase team - Olivier Prevostdeputy chief general manager and Hiroshi Hagio general manager
IYM shared its expectations with the suppliers for improvement in quality delivery and development performances besides costcompetitiveness to compete in the export market to increase profitability for both Yamaha and the Suppliers IYM also emphasisedthat all the suppliers can draw up their investment plans based on the increasing volumes in future
Sixteen suppliers were also awarded for their exceptional services in the areas of quality delivery development and costhttptimesofindiaindiatimescomautobikesindia-yamaha-motor-sets-ambitious-sales-targetarticleshow57633067cms
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Thunderous sound remain forever Sandesh M SDeccan Herald (Web Edition)
Bike-lovers had expected a lot from Royal Enfield when the homegrown tough motorcycle manufacturer revealed the 500ccThunderbird in October 2012
When DH decided to check out the four-year-old model with respect to the present dayamprsquos bikes with updated technology theThunderbird 500 remains outstanding in its segment
The bike was tested for two weeks with everyday regular usage and an enthusiastic rider The bike is a good choice for the dailyneeds of an Indian family
Be it an office-goer or a student the bike gives an extra feel where you enjoy every bit of it You need an extra muscle and morepower to handle the bike when the engine is turned off Sometimes it will be a great challenge to tow the bike till a filling station ifthe engine goes dry
PerformanceUndoubtedly this is the most powerful variant of Royal Enfield today The bike feels far impressive than any other machine in thissegment It constantly urges you to take it on highways as it feels best when you pushed harder Overtaking is also very easy withthis bike and it can easily cross a speed of 120 kmphr It still remains a very responsive bike especially at slow speeds
The heavy amount of torque helps it move easily in city traffic The gear ratios are well-matched with this bike and you need lessgear shifts than before The only issue we have with the bike is its heavy weight In city traffic and with a pillion rider sometimes youwill feel the actual weight of this bike Otherwise there are no major concerns related to its performance
Fuel efficiency
Mileage is still a concern and the major drawback with Royal Enfield bikes As the brand new bikes claims to offer 30 kmpl the oldbikeamprsquos mileage drops day-by-day
After few years this will be the main reason for the rider to get rid of his bike In a typical Indian customer mindset a middle-classfamily will think twice before going for a Bullet
Depending on the usage the cushion will loose its power day-by-day The rider will surely feel the pain on the long rides and trafficjams Regular servicing from an authorised mechanic will keep the vehicle in good condition
VerdictThe Royal Enfield Thunderbird 500 is a special bike but the cost compared with its 350 cc sibling the biker has to cough up anextra Rs 40000 which makes anybody to think twice before investing in one The bike has the capability to sustain any roughhandling Though it becomes rough and old its sturdiness remains the samehttpwwwdeccanheraldcomcontent601371thunderous-sound-remain-foreverhtml
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E-Bikes
Components
Amtek Autoacirceurotrades Arvind Dham may offload personal assets to reduce debt Deborshi Chaki amp Swaraj Singh Dhanjalmint
Mumbai With troubled auto parts maker Amtek Auto Ltdamprsquos planned divestment of domestic and overseas businesses yet tomaterialize company chairman and founder Arvind Dham has begun exploring options to monetise assets owned by him
According to two people familiar with the matter who asked not to be identified Dham is in talks with potential buyers to sellIndraprasta Engine Parts Pvt Ltd ( IEPPL) an auto component manufacturing company which he owns in his personal capacityDocuments filed with the registrar of companies show that Arvind Dham along with other senior executives of Amtek Auto holdshares in Indraprasta Engine Parts Pvt Ltd
Dham did not respond to emails text messages and phone calls seeking comment
According to the latest available filings Indraprasta Engine Parts reported a revenue of Rs9525 crore and a loss of Rs115 crore inthe financial year ended 31 March 2015 The company was incorporated in 2010 and currently has a manufacturing plant in HosurTamil Nadu
ampldquoDham has been in discussions to sell the unit following which talks with Kalyani Forge Ltd (KFL) and Sterling Tools Ltd (STL) have reached an advanced stageamprdquo said one of the two people ampldquoDham is keen to show to the lenders that he iswilling put his own money even though the plans to sell Amtek Autoamprsquos assets to repay its debt have not beensuccessfulamprdquo
Amtek Autoamprsquos standalone loss widened to Rs24156 crore for the quarter ended December 2016 from Rs17536 crore in thesame quarter last fiscal Dham plans to plough the proceeds of the sale into the company the first person added
Spokespersons for Kalyani Forge and Sterling Tools did not respond to emails seeking comment
Ever since Amtek Auto defaulted on bond repayments of close to Rs800 crore in September 2015 it has been trying to sell variousgroup businesses to reduce the debt on its books The company has appointed Morgan Stanley as an adviser to assist in its debtreduction plan Amtek Auto owed Rs8066 crore to various lenders as on 30 September 2016 Mint learns that its consolidated debtat the group level is higher
In July last year Bloomberg reported that Amtek Auto has hired global investment bank Rothschild and Co to advise on thepotential sale of all overseas operations including those in the UK the US Mexico China and Germany The report said Amtek wasseeking bidders for its German unit Amtek Tekfor Holding GmbH and expected to raise over $1 billion from the process
A manufacturer of forging parts Amtek Auto counts most of Indiaamprsquos top auto component makers as clients Its overseasclients include global auto brands such as Aston Martin and Daimler
In February the company said in a regulatory filing that it is planning to raise Rs1175 crore by selling shares to promoters on apreferential basis for which it will seek shareholdersamprsquo approval The company has called an extraordinary general meeting on25 March to seek approval from its shareholders for the proposal it added
In February lenders of Amtek Auto are understood to have asked it to either repay loans or convert the outstanding into equityshares or warrantshttpwwwlivemintcomIndustry1tt2QpJ8TtSm53I1bN4VgKAmtek-Autos-Arvind-Dham-may-offload-personal-assets-to-reduhtml
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Allied Industries
Tyre stocks race ahead as China cuts India trade Palak ShahThe Economic Times
Mumbai What is aiding Indiaamprsquos tyre stocks Chinaamprsquos policy to shun India market for the US The share price ofdomestic tyre manufactures including MRF Apollo Tyre Ceat and J K Tyre rose between 1-7 on Tuesday
A research report by Philip Capital said China had curtailed its tyre exports to India to focus on US markets as Trump administrationhad decided against anti-dumping duty on tyres The research pointed out there was more upside for these stocks
ampldquoChina has raised their TBR (truck bus and radial) tyre prices for Indian market by 10-15 rendering themunattractiveamprdquo said Nitesh Sharma and Dhawal Doshi in the research report ampldquoOur checks indicate that Chinesefactories have nearly stopped catering to tyre demand from India as US markets were more lucrativeamprdquo
Ceat rose by 607 on Tuesday Apollo Tyres was up 396 MRF gained 186 and Goodyear India jumped by 129 amongmajor tyre companies
The report titled amplsquoTables Turn Chinese players out rubber fallingamprsquo further said Chinese imports will not bounce backsoon
Demonitisation too has dent a blow to the tyre imports from China which were largely in cash China accounted for roughly 120000 tyre units each month between April to October 2016 but it has fallen sharply now said experts
ampldquoTyre stocks will do well as rubber prices are on a downward spiralamprdquo said Mehraboon Irani Principal amp Head PrivateClient Group Nirmal Bang Securities ampldquoFall in auto sales and jump in rubber prices are not expected which may keep thetraction for tyre stocksamprdquo
Natural rubber prices had jumped to three year high in January due to floods in Thailand the largest exporter of rubber The priceswhich rose to Rs 210kg are now down by over 20 Meanwhile domestic tyre manufactures hiked tyre prices by 3-5 recentlyPhilip Capital has a buy on Ceat and Apollo Tyres with a target of Rs 1550 and Rs 239 respectivelyhttpeconomictimesindiatimescommarketsstocksnewstyre-stocks-race-ahead-as-china-cuts-india-tradearticleshow57633191cms
Top
How to avoid being overcharged for car service at dealerships The Financial Express
Authorised workshops or dealerships are the main preference for servicing of a customers new car There are dealerships that aregenuine and would not fleece your money while after sales treatment however there are others who would try and take everypenny from you This would also involve you to be thorough with the detailed billing as well as being cautious about understanding ifa requisite task is at all required in your car Here are some tips on how to avoid being overcharged while getting your car serviced
One key area where sales executives of a said dealership can suggest unnecessary expense is anything related to the engineTasks like engine de-carbonisation or engine flushing are suggested right from the first service however it is not required in avehicles early years A cars decarbonisation should ideally take place when the response from the engine is sluggish or there arefrequent misfires despite regular services This usually starts to happen after 60000 kms or more In case it is recommended by asales executive and he or she insists simply avoid by saying no Another popular unnecessary expense is fuel line cleaning whichis suggested at every service Remember that petrol is itself used as a cleaning agent in many applications so fuel line cleaningshould be carried out only in case of a problem
Another aspect where customers are cheated is due to the lack of knowledge about their respective vehicle There have been caseswhere a dealership has conned a customer by putting spark plugs in a diesel car or heater plugs in a petrol engine powered vehicleA diesel car does not have spark plugs (but a petrol car does) and similarly a petrol car doesnt have heater plugs (which arepresent in diesel cars) Additives are advised by many service advisors but these arent needed unless specified by the carmakerKnowing the basic mechanical and electrical parts of your car can go a long way in saving you your money
Other mechanical parts where a person can be overcharged is the clutch adjustment Most modern manual transmission cars soldin India have a hydraulic clutch which is self adjusting till the time the pressure plates and the clutch plates are completely worn outA worn out clutch system will require more pressure to depress the pedal thereby indicating the clutch plates andor pressure plateswould need replacement Ideal time to replace is not at every service which clever dealerships would suggest but at least a gap ofthree service intervals is recommended (with the service interval at every 10000 kms)
All carmakers offer an owners booklet which has all the details of which part needs to be replaced when and the recommendedservice interval When getting your car serviced always refer to this manual and insist on only the aspects mentioned in the manualto be donehttpwwwfinancialexpresscomautocar-newshow-to-avoid-being-overcharged-for-car-service-at-dealerships587326
Top
Emissions Environment
Finance amp Insurance
Customer not bound by tie-up between vehicle dealer insurer Pune Court Vishwas KothariThe Economic Times
Pune The district consumer court here has ruled that a tie-up between a vehicle dealer and an insurance company is not bindingupon the consumer who buys a vehicle from such a dealer
The court has directed the Bajaj Allianz General Insurance Company in Yerawada here to refund a premium of Rs 21053 ampmdashalong with an annual interest of 9 since September 20 2014 ampmdash and a Rs 5000 fine to a Daund resident for failing to renewhis car insurance despite the latter having paid the renewal premium through the online NEFT transaction
The interest component payable so far works out to over Rs 4700
The company argued that the consumer did not route the payment through the vehicle dealer by way of a demand draft as wasrequired under an agreement between the company and the vehicle dealer
Shankar Raghunath Chavan a resident of Kusegaon in Daund had purchased an insurance policy from the company for his car onSeptember 21 2012 A year later the policy was renewed for the period between September 21 2013 and September 20 2014 Atthe end of this term he had received a reminder from the company for the renewal of his policy
Through the net banking facility Chavan made a payment of the renewal premium worth Rs 21053 for the term betweenSeptember 21 2014 and September 20 2015 He then made repeated requests to the company for the issuance of the policydocument
However in December 2014 when he approached the company he was shocked to learn that his policy had ampldquoexpired due tonon-renewalamprdquo The company did not renew his policy even after his repeated reminders This prompted him to move theconsumer court seeking refund of the premium amount and appropriate costs towards physical and mental agony
The bench observed in its order ampldquoIt is not denied by the insurance company that the complainant (Chavan) had paid thepremium It is the case of the insurance company that as per practice prevailing between the company and the dealer the paymentshould be made by demand draft through the dealer so that the policy can be renewed conveniently It is true that the dealer of thevehicle was not aware about the payment of premium made by the complainant However a tie-up between the dealer and theinsurance company is not binding upon the consumeramprdquo
ampldquoDocumentary evidence which is produced by the complainant is sufficiently eloquent and speaks about inaction on the partof the insurance company Even after sending documentary evidence as regards to payment of policy premium the insurancecompany has failed to renew the policy Definitely this act on the part of the company amounts to deficiency in serviceamprdquo thebench ruledhttpautoeconomictimesindiatimescomnewsindustrycustomer-not-bound-by-tie-up-between-vehicle-dealer-insurer-pune-court57623564
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Analysts in wait-and-watch mode on Bajaj Finance Hamsini KarthikBusiness Standard
A robust business model established over years of experience often tends to withstand the test of time quite remarkably That ofBajaj Finance Indiaamprsquos largest consumer durables financier is one such example
During the note ban period there were doubts on whether Bajaj Finance could replicate its historic performance in terms ofcustomer acquisition loan growth and more importantly asset quality in the December quarter (Q3) Much to the Streetamprsquossurprise Bajaj Finance comfortably met these parameters
Customer acquisition grew by 35 per cent year-on-year in Q3 while assets under management expanded by 33 per cent to Rs57600 crore year-on-year Even asset quality stood out with gross non-performing assets ratio at 147 per cent and that toowithout utilising RBIamprsquos 90-day dispensation on loans less than Rs 1 crore Overall financials remained robust with net interestincome and net profit growing by 27 and 36 per cent respectively These factors have helped Bajaj Financeamprsquos stock reboundfrom its demonetisation period low of Rs 766 to Rs 1125 on Tuesday
However after outperforming the broader markets by a reasonable margin for most of the last two years the stock has lagged inthe past six months Bloomberg data indicate that while the Bank Nifty has gained six per cent in the past six months Bajaj Financeis up only 21 per cent Analysts nonetheless feel that Bajaj Finance may not surpass its previous high of Rs 1180 in a rush
Pointing to some key indicators they prefer to see how March quarter pans out particularly on consumer loans before altering theirexpectations on the stock
Consumer loans which grew by 52 per cent year-on-year in September quarter (Q2) grew 47 per cent year-on-year in Q3 Butwithin this segment consumer durables grew slower at 27 per cent versus 48 per cent in Q2 As for the vehicle financing (two andthree wheelers) the dependence on Bajaj Auto was seen higher in Q3 ampndash 46 per cent dependence on Bajaj Auto fortwo-wheelers and 29 per cent for three-wheelers as against 38 per cent and 18 per cent respectively a year ago Average ticketsize which dipped post demonetisation is yet to see a strong recovery All these factors prompt analysts to be on a wait-and-watchmode
ampldquoWe arenamprsquot able to see a secular return in consumer buying yet While demand for consumer durables may havepicked up as summer sales is already playing out we canamprsquot say the same for vehicle salesamprdquo says an analyst with adomestic brokerage
Analysts at Jefferies feel the annual compounded loan growth for Bajaj Finance could be lower in FY16-19 compared to what was inFY13-16 The brokerage flags that at current valuations (52 x FY18 price-to-book) risk-reward appears negativehttpwwwbusiness-standardcomarticleopinionwhy-analysts-are-in-wait-and-watch-mode-on-bajaj-finance-117031400674_1html
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SBI announces Rs 6000-cr tractor loan settlement scheme PTISee this story in The Economic Times
State Bank of India (SBI) today announced a one-time farm loan settlement scheme worth Rs 6000 crore primarily for tractors
One Time Settlement (OTS) announced for Agriculture Loans Scheme valid until 31st March Contact your branch for details ampbenefits the nations largest lender said on the microblogging site Twitter today
Managing director Rajnish Kumar told CNBC-TV18 the scheme will result in the bank taking a 40 per cent haircut on outstandingtractor loans as of September 2016
SBIs total farm loan portfolio is Rs 125 trillion and Kumar said the tractor loan book is about Rs 6000 crore
He said doubtful or loss category accounts as of September 2016 which were disbursed before September 2011 will beconsidered under the scheme He said a circular in this regard was sent to branches on February 2
But he was quick to add the OTS has nothing to do with Prime Minister Narendra Modis promise of a loan waiver to UP farmersduring the just concluded elections saying there were no talks with the Centre or state in this regard so far SBIs Uttar Pradeshportfolio will be around Rs 13000 crore
SBI had announced OTS schemes for SMEs last December and education loans early in 2016
He said other agri loans like kisan credit cards and other term-loans for tractors and farm loans may also be covered under theschemehttpwwwdnaindiacommoneyreport-sbi-announces-rs-6000-cr-tractor-loan-settlement-scheme-2352737SBI to allow one-time settlement for tractor farm equipment loansminthttpwwwlivemintcomIndustryiXDTXX1onxjwfHcz731WzJSBI-announces-Rs6000-crore-tractor-loan-settlement-schemehtmlSBI announces rs 6000-crore tractor loan settlement schemeThe Pioneerhttpwwwdailypioneercombusinesssbi-announces-rs-6000-crore-tractor-loan-settlement-schemehtml
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Oil Lubricants amp Alternative Fuels
Oil hovers near three-month low as investors awaits data ReutersSee this story in The Hindu Business Line
Tokyo Crude oil prices hovered near three-month lows on Tuesday in early Asian trading as investors await key reports and datathat may shed light on a supply overhang in the global market
US West Texas Intermediate crude (WTI) edged down 3 cents to $4837 a barrel by 0026 GMT The contract ended down 9 centsin the previous session after touching $4790 the lowest since the end of November
Brent crude futures were down 1 cent at $5134 a barrel having settled down 2 cents on Monday after dipping to as low as $5085
Prices fell sharply last week as investors worried that swelling US crude supplies would hinder Organization of the Petroleum
Exporting Countries (OPEC)s efforts to restrict output and reduce a global glut
Prices had risen after the OPEC and other major oil producers including Russia agreed at the end of November to rein inproduction by almost 18 million barrels per day (bpd) in the first half of 2017
ampldquoIts shaping up to be another fun week in the crude complex with OPEC releasing its monthly oil market report on Tuesdayswiftly followed by the IEAs monthly oil market report the day afteramprdquo Matt Smith analyst at ClipperData said in a note
The International Energy Agency releases its closely watched monthly oil market report on Wednesday
Data from the industry group the American Petroleum Institute on US crude and product stockpiles is also due out later on Tuesday
Analysts said the slump may not have much further to go now that prices have fallen more than 8 percent since last Monday thebiggest week-on-week drop in four monthshttpwwwthehindubusinesslinecommarketscommoditiesoil-hovers-near-threemonth-low-as-investors-awaid-dataarticle9582601ece
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News Magazines
Mahindra Electric geared up to be a component supplier Autocar India
Speaking to Autocar India Mahindra Electric (ME) stated that the company is open to being a supplier to other vehiclemanufacturers and will sell complete electric drive systems to those interested At present the ME plant builds the e2o while it shipsout the drive systems for the eVerito sedan and eSupro van For this purpose the production line has been modified to produce notjust built-up vehicles but also fully ready electric drive systems that can be offered to other manufacturers interested in procuringthem With expertise in electrification virtually absent in India ME hopes to build on its first-mover advantage and cater to theindustry Itamprsquos unlikely that there would be any takers for passenger cars but commercial and three-wheeler manufacturerscould be potential customers
Mahindra also confirmed that they are open to supplying other bits like charge system controllers as well Mahindra outsources thebattery and electric motor for its EV powertrains and has no plans of producing these components in-house as apart from the hugeinvestments needed there is no real advantage Battery technology is quite specialised and there are many players in this fieldalready And with electric motor efficiency already at 80 percent ampndash compared to about 30 percent for internal combustionengines ampndash there is very little to differentiate one EV maker from another Mahindra believes the real differentiator in the nearfuture will be in the battery management systems where big gains can be made in the charging and discharging cycle Thus ME isputting a lot of effort into this area and going forward has ambitions to be a supplier solely for battery management systems toother manufacturershttpwwwautocarindiacomauto-newsmahindra-electric-geared-up-to-be-a-component-supplier-404432aspx
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Tesla Model Y SUV due by 2019 Autocar India
Tesla Inc recently renamed from Tesla Motors Inc is on the verge of what it says will be a massive expansion of production with twonew models due to arrive in the next two years
Alongside the much-hyped Model 3 Tesla is also expected to launch an entry-level crossover based on the same platform andrumoured to be badged the Model Y
The starting price of the Model 3 is likely to be around $37000 (Rs 2435 lakh approx) with the Model Y expected to be slightlymore expensive However Tesla founder Elon Musk believes the transaction prices of the new compact Teslas will go higherbecause buyers will be keen to add paid options to their vehicles
While the compact Model Y could turn out to be Teslaamprsquos best seller ampndash some seven million crossovers of all types weresold in the US last year ampndash Musk recently tweeted that the Model 3 remained the biggest priority for the company
The Model Y is unlikely to be unveiled until sometime next year with production set to follow late in the year Little in the way ofspecification has been released though it is expected to borrow the top-hinged amplsquofalcon wingamprsquo rear doors from thebigger Model X SUV
The Model Y will also have the promised updated electrical architecture that will allow Tesla to offer full autonomous drivingcapability Future Tesla cars will be equipped with as many as eight cameras giving a 360-degree view of the surroundingroadscape as well as 12 ultrasonic sensors and a amplsquonewamprsquo forward-facing radar that works in the worst weatherconditions Existing radar systems can be fooled by heavy rain and fog
Musk also said the new electrical architecture has a brain that is as much as ampldquo40 timesamprdquo more powerful than onprevious Teslas calling it a ampldquosupercomputer inside the caramprdquo The autonomous driving technology though will be offered
as add-on option to customers on both entry-level Teslas
Another challenge for the Model 3 and Y will be balancing their lower price against the need for a battery big enough to give anacceptable range
The entry-level Model 3 may have a cheaper sub-60kWh battery but will still need to have a range of at least 370km The ModelYamprsquos more bluff shape and greater frontal area might mean a bigger battery for the same range and so a slight price premium
Tesla is in a race against time to achieve the kind of production levels needed to turn around what is still a cash-hungry operationThe firm has spent nearly $2 billion (Rs 1316350 crore approx) since 2010 with investments including building the battery-makingGigafactory and trying to expand car production to a massive 500000 units a year
Tesla delivered around 76000 vehicles last year but says it was able to build around 2000 cars a week by the second half of 2016With as many as 400000 deposits taken for the Model 3 the company is looking to produce well over 100000 of the BMW3-series rival before the end of this year
Muskamprsquos expansion plans will test the limits of the capabilities of Teslaamprsquos suppliers and those of its own plant inFreemont California But getting to annual sales of half a million vehicles should finally push the carmaker into profit and secure thecompanyamprsquos long-term futurehttpwwwautocarindiacomauto-newstesla-model-y-suv-due-by-2019-404434aspx
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VW promises higher focus on EVs after record sales year Autocar India
The Volkswagen Group ampldquowill be a role model in environmental protection safety and integrityamprdquo according to CEOMatthias Muller who was speaking as the firm confirmed a record-breaking sales year in 2016
Outlining plans for the firm to reinvent itself as a far-reaching mobility company in the wake of the emission scandal Muller revealedthat the VW Group sold 103 million cars in 2016 making it the worldamprsquos largest car manufacturer It made pound62 billion in profitafter allowances including pound56 billion of losses to cover emission scandal costs In 2015 expenses relating to emission scandalamounted to pound142 billion
Most notably its sales in China where the effects of the diesel crisis were negligible grew 122 percent and its 2016 salesrevenues of pound1904 billion also exceeded forecasts by pound35 billion
ampldquoThe last year was challenging yet remarkably successfulamprdquo said Muller ampldquoIn 2016 we set the course for thebiggest transformation in the history of the company while at the same time performing better in our operating business than manythought possibleamphellipVolkswagen is back on trackamprdquo
Muller vowed that the success would be a catalyst for further change adding ampldquoWe will still be one of the most successfulautomakers in 2025 But we will also be a leading international provider of sustainable mobility and set the standard for new mobilityservicesamprdquo
New initiatives include a stated goal of taking leadership in the field of battery technology by 2025 which is by when the VW Grouphas committed to have solid state batteries in production These are seen as the next technological step over the lithium-ionbatteries currently favoured by most manufacturers The VW Group has committed to have 30 battery-electric vehicles on sale by2025
He also signalled that Audi had been tasked with leading the Groupamprsquos autonomous driving projects while adding that the VWGroup now had 37 centres around the world working on autonomous and digital service ideas pivoting around the Groupamprsquosnew mobility company Moia which was set up last year
Muller also highlighted recent joint ventures ampndash in China with FAW and JAC the latter of which will lead to the co-developmentof a budget electric car line in India with Tata Motors and in America with Navistar which is in the commercial vehicle segmentampndash as examples of the firmamprsquos commitment to forging partnerships to boost sales success He also confirmed that thefirst economy vehicles to be developed by the brand will go on sale in emerging markets in 2018httpwwwautocarindiacomauto-newsvw-promises-higher-focus-on-evs-after-record-sales-year-404433aspx
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Mercedes to expand E-class range with E 220 diesel Autocar India
The tenth-generation Mercedes-Benz E-class launched for the first time in India with a long wheelbase has moved the goalposts toset new standards for comfort and space in its segment The E-class comes with two engine options ampndash the base E 200 petroland the top-of-the-line
E 350 diesel Priced at Rs 5670 lakh and Rs 7015 lakh (ex-showroom Delhi) respectively these two variants bookend the E-classrange and is essentially aimed at two sets of customers The E 200 buyer is likely to be almost always chauffeur-driven and henceis mainly interested in rear seat space and comfort while the E 350d customer wants all the bells and whistles as well as the
sublime driving experience only the silky smooth and torquey V6 diesel can offer
However that still leaves a massive Rs 1345 lakh gap in the range which no doubt future E-class variants will eventually plug butwhich one will find that sweet spot to form the bulk of E-class sales
Itamprsquos no surprise then that Mercedes-Benz India is readying a base diesel which like the previous-generation W212 E-class islikely to be the most popular variant offering a strong dose of practicality without too much of a compromise on refinement andluxury
But unlike the W212 which had the E 250d representing the base diesel in the range Mercedes-Benz India is offering the lower E220d as the starting point for the E-class diesel This suggests that the E 220d will be very attractively priced when it goes on salearound June 2017 and could be priced very close to the E 200
The E 220amprsquos all-new 20 litre four-cylinder diesel which pumps out 194hp and 400Nm of torque may not have the punch ofthe outgoing E 250damprsquos 204hp and 500Nm motor but again given the chauffeur-driven focus the new E-class has beenconceived for the newE 220damprsquos performance is unlikely to be an issue
What is a big issue however is downgrading the 20-litre motor which has been designed for stricter Euro-VI emissions to run onlocally available BS-IV diesel ampldquoItamprsquos such a waste of engineering resource and a step backwardsamprdquo said aMercedes-Benz engineer The 2143cc (OM651) diesel engine which powered the previous E-class was easier to adapt to BS-IVfuel unlike the spanking new high-tech 1995cc (OM654) diesel thatamprsquos built to meet the latest global emission standards Infact the OM654 made its debut in the latest E-class when it was launched globally in 2016 Its advanced tech includes a uniquealuminium engine block with steel pistons a special low-friction coating for the cylinder walls and a fourth-generation common-raildiesel injection system At 168kg it is 31kg lighter than the engine it replaces
Downgrading a Euro-VI engine to BS-IV standards takes a lot of time and resources but there is no way out until fuel pumps in Indiaget low-sulphur BS-VI fuel which is not expected until 2020 The BS-IV-spec OM654 wasnamprsquot ready in time for the newE-class launch and this is one reason why the E 220d is coming a couple of months later The other reason could be a strategicone Mercedes-Benz India wants to wait until BMW launches the all-new 5-series expected in June and in a counter move tweakthe E 220damprsquos mix of specifications features and price accordingly A starting price of Rs 57-58 lakh for the E 220disnamprsquot unlikely especially since this variant will be Mercedes-Benz Indiaamprsquos trump card in a luxury car segment it seemsdetermined to dominatehttpwwwautocarindiacomauto-newsmercedes-to-expand-e-class-range-with-e-220-diesel-404429aspx
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Nissan to launch Kicks SUV in Q3 2018 Autocar India
The Nissan Kicks SUV which made its global debut in 2016 in Brazil will be launched in India in the third quarter of 2018 accordingto company sources
However unlike the South American model which is spun off Nissanamprsquos V-platform the made-for-India Kicks (code PB1D)will be based on the upcoming Renault Kapturamprsquos (code HHA) platform This is essentially a modified version ofRenaultamprsquos proven M0 platform that underpins cars like the Duster and Lodgy which are known for their robust mechanicals
The M0 is also a critical part of the Renault-Nissan Allianceamprsquos platform strategy in India which is essentially centred aroundtwo platforms Whilst the CMF-A and CMF-A+ platforms underpin Renault and Nissanamprsquos (and later Mitsubishiamprsquos) smallto mid-size car range in India the M0 platform will cater to higher end products The low-cost M0 platform has proved to be a cashcow for Renault globally and is ideally suited for markets like India The allianceamprsquos European-spec CMF-B platform was alsoevaluated initially but was eventually rejected as it proved to be a lot more expensive than the M0 which has also been localisedover the years
Developed and conceived originally by Renault for its Dacia sub-brand over a decade ago the French carmaker has first rights toproducts spun off the M0 platform and hence like the Nissan Terrano which followed the Renault Duster the Nissan Kicks too willfollow the Renault Kaptur to India but almost a year later
While both the Kaptur and Kicks will use the same modified version of the platform the amplsquotop hatsamprsquo will be completelydifferent The Kicks design and styling will mirror the South American car and thatamprsquos no bad thing
Sharply styled with lots of distinctive design touches like a floating roof massive wheel arches and a wraparound visor look theKicks wonamprsquot have a problem standing out on Indian roads The good thing is that the edgy design hasnamprsquot compromisedpracticality and Nissan claims best-in-class space in the back seat
Cars based on the M0 platform get a choice of just two engines a 16 petrol and the venerable 15 K9K diesel and hence these arelikely to be carried forward into the Kicks as well The 15 diesel is expected to be the mainstay but its likely that in its latest iterationthere will be a small bump up in power and torque
Nissan has set an ambitious target of 30000 Kicks in its first full year of production with an additional 20000 units earmarked forexports Pricing will be crucial for the Kicksamprsquo success and Nissan may do well to undercut its rivals to buy some much neededmarket sharehttpwwwautocarindiacomauto-newsnissan-to-launch-kicks-suv-in-q3-2018-404426aspx
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International News
Volkswagen CEO gets 778 mn euros in pay and benefits for 2016 ReutersSee this story in The Economic Times
Wolfsburg Volkswagen Groups Chief Executive Matthias Mueller was awarded 778 million euros ($828 million) in pay andbenefits for 2016 up from 417 million euros in total remuneration awarded a year earlier the companys annual report showed onTuesday
Mueller was not awarded a full years CEO pay for 2015 since he only took over as chief executive in September following theresignation of his predecessor Martin Winterkorn who was forced out in the wake of a diesel emissions cheating scandal
Volkswagen overhauled its bonus and executive pay policy in February this year to cap total pay for its chief executive at 10 millioneuros ($106 million) and other top managers at 55 million euros
Volkswagen brand chief Herbert Diess saw his total remuneration for 2016 fall to 393 million euros down from 713 million in 2015the annual report showed
($1 = 09401 euros)httpautoeconomictimesindiatimescomnewsindustryvolkswagen-ceo-gets-7-78-mn-euros-in-pay-and-benefits-for-201657631837Volkswagen CEO Matthias Mueller says not ruling out merger talks with Fiat ChryslerThe Financial Expresshttpwwwfinancialexpresscomindustryvolkswagen-ceo-matthias-mueller-says-not-ruling-out-merger-talks-with-fiat-chrysler587861
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Volkswagen CEO US remains core market for company APSee this story in The Economic Times
Frankfurt The CEO of German automaker Volkswagen says the United States remains a core market for the company despite itsdiesel emissions scandal and has underlined that it hopes to expand there
Matthias Mueller made the comments Tuesday at the companys annual news and investor conference at its headquarters inWolfsburg Germany
Mueller said that we are standing by our investment decisions and intend over the long term to play a significantly greater role therethan today
The Volkswagen brand has only a small share in the US market although it is important for the companys luxury brands Porscheand Audi It makes cars in Chattanooga Tennessee
US authorities uncovered Volkswagens use of engine control software that enabled vehicles to cheat on emissions testshttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsvolkswagen-ceo-us-remains-core-market-for-company57633149
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Volkswagen targets strong 2017 even as core brand struggles ReutersSee this story in The Economic Times
Wolfsburg Germany Volkswagen said it was capable of shouldering the costs of its emissions crisis and was targeting an evenbetter year than in 2016 but warned that its core autos division continued to struggle
We see good chances of being able to ride the wave of the positive performance last year when Volkswagen turned in recordunderlying profit helped by sales of upmarket Audis and Porsches Chief Executive Matthias Mueller said on Tuesday at thecarmakers annual news conference
Volkswagen expects group revenue to exceed last years record 217 billion euros ($231 billion) by as much as 4 percent this yearand is forecasting an underlying operating margin of between 6 and 7 percent compared with 67 percent in 2016 it said affirminga forecast given on February 24
The company also aims to moderately exceed last years record 103 million deliveries
You can rest assured that we will do everything in our power to make 2017 an even better year than 2016 the CEO said
But Volkswagen appears to be making slow progress in tackling the biggest trouble spot within the 12-brand group thelong-planned turnaround of its core autos division
Operating profit of the namesake brand slipped further to 187 billion euros in 2016 from 210 billion a year earlier because of highermarketing costs related to dieselgate and plunging demand in Brazil and other key markets finance chief Frank Witter said
($1 = 09394 euros)httpautoeconomictimesindiatimescomnewsindustryvolkswagen-targets-strong-2017-even-as-core-brand-struggles57630343
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VW CEO says not ruling out merger talks with Fiat Chrysler boss ReutersSee this story in The Economic Times
Wolfsburg Volkswagen Chief Executive Matthias Mueller said he is not ruling out talks with Fiat Chrysler boss Sergio Marchionneabout a possible merger
I am not ruling out a conversation Mueller told reporters on Tuesday after the carmakers annual earnings press conference inWolfsburg
Marchionne has long advocated car industry mergers to share the costs of making cleaner and more technologically advancedvehicles and has repeatedly relayed his desire via the media
It would be very helpful if Marchionne were to communicate his considerations to me too and not just to you Mueller said
I am pretty confident about the future of Volkswagen with or without Marchionne
Only last week Mueller appeared to dismiss the prospect of talks with Fiat Chrysler
We are not ready for talks about anything he told Reuters on the fringes of the Geneva auto show I havent seen Marchionne formonths he said at the timehttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsvw-ceo-says-not-ruling-out-merger-talks-with-fiat-chrysler-boss57632909
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Volkswagen chief denies talks with Fiat AFPSee this story in The Economic Times
Berlin Volkswagen chief Matthias Mueller on Tuesday denied rumours that the German auto giant was in talks with rival FiatChrysler
At present there is no contact between me and Fiat Chrysler boss Sergio Marchionne Mueller told the companys annual pressconference in Wolfsburg north Germany
Marchionne had said at the Geneva car show last week that he was expecting Volkswagen to reach out as more firms are thinkingof cost-cutting tie-ups in the vein of Frances Peugeot and German carmaker Opel
In response Mueller said he had other problems since VWs 2015 admission that it installed software to cheat regulatoryemissions tests in 11 million vehicles worldwide
He nevertheless added that Ive never said a tie-up with any other partner is altogether ruled out
VW clawed its way back to profit in 2016 and pulled ahead of Toyota to become the worlds biggest carmaker by unit sales shipping103 million vehicles over the year
Mueller on Tuesday confirmed the groups forecast of moderate growth in sales in 2017
But the firm is far from turning the page as it continues to refit cars equipped with the cheating software and faces legal action fromcustomers and investors in numerous countries
The final bill for the scandal is impossible to predict Mueller acknowledged
All we know is that this question will keep us busy for a long time several years he saidhttpeconomictimesindiatimescomindustryautovolkswagen-chief-denies-talks-with-fiatarticleshow57633113cms
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Volkswagen has good chances to build on strong 2016 performance CEO ReutersSee this story in The Economic Times
Germany Volkswagen has good chances of building on its strong 2016 performance when it swung to a record underlying profitdespite its diesel emissions crisis Chief Executive Matthias Mueller said
The Volkswagen Group is in very robust shape Mueller said on Tuesday at the carmakers annual news conference in Wolfsburg
VW expects group revenue to exceed last years record 217 billion euros ($231 billion) by as much as 4 percent this year and isforecasting an underlying operating margin of between 6 and 7 percent compared with 67 percent in 2016 it said affirming aforecast given on Feb 24
Still operating profit of its core autos division slipped further to 187 billion euros in 2016 from 210 billion a year earlier as the brandis struggling to implement a wide-ranging turnaround planhttpeconomictimesindiatimescomnewsinternationalbusinessvolkswagen-has-good-chances-to-build-on-strong-2016-performance-ceoarticleshow57630339cms
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BMW i3 batteries to be used by Vattenfall The Economic Times
New Delhi Swedish power making company Vattenfall and German auto giant BMW Group have signed a contract for the deliveryof up to 1000 lithium-ion batteries this year The batteries with a capacity of 33 kilowatt hours (kWh) each are equipped with aBMW-owned battery management system and are also used by the car manufacturer in the BMW i3
Vattenfall will purchase the new batteries from the BMW plant in Dingolfing and use them in all storage projects
Energy storage and grid stability are the major topics of the new energy world says Gunnar Groebler Senior Vice President ofVattenfall and Head of Business Area Wind
We want to use the sites where we generate electricity from renewable energies in order to drive the transformation to a newenergy system and to facilitate the integration of renewable energies into the energy system with the storage facilities Thedecoupling of production and consumption and the coupling of different consumption sectors are in the focus of our work
The first energy storage from the BMW-i3 batteries is being built at the 122 MW onshore wind farm Princess Alexia nearAmsterdam With a capacity of 32 megawatts (MW) it is Vattenfalls first large storage project in the Netherlands
Pending on a final investment decision the largest battery storage will be built at the Vattenfall wind farm Pen y Cymoedd (230 MW)in South Wales - a 22-megawatt storage facility which will help to support the stability of the country-wide power grid in the UK aspart of the so-called EFR (Enhanced Frequency Response) service
As part of the project Norddeutsche Energiewende NEW 40 Vattenfall together with the Hamburg University of Applied Sciences(HAW) and the company Nordex will implement a large battery storage at the future wind farm in Hamburg-Bergedorf
This is a so-called storage control unit made of batteries It is meant to maintain the security of supply with a feed-in of 100 percentrenewable energy In addition the battery storage contributes to the improvement of the network quality and the more efficient useof the existing network structure Other possible applications would be electricity storage in private households Energy storagesolutions are an important part of Vattenfallamprsquos strive to power climate smarter living
We are pleased that we have found a supplier in BMW who meets our high safety requirements with the use of the batteries withreliably good quality from German series production says Daniel Hustadt project manager for large batteries at VattenfallInnovation GmbHhttpautoeconomictimesindiatimescomnewsindustrybmw-i3-batteries-to-be-used-by-vattenfall57630728
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Toyota to look at Saudi production as the countries seek closer ties ReutersSee this story in The Economic Times
New Delhi Toyota Motor Corp signed a memorandum of understanding (MOU) on Tuesday with a Saudi Arabian governmentagency to conduct a feasibility study into producing vehicles and parts in the Middle Eastern nation
The move if firmed up would be a big step for the Saudi economy as the government tries to diversify beyond oil exports andcreate jobs as part of the kingdoms 2030 Vision
So far Saudi Arabia and other Gulf oil exporters have failed to significantly develop industries such as automaking because theylack broad industrial bases and a skilled local workforce
The study would take into account the evaluation of development of a local supply base using materials produced by major Saudi
companies like Sabic Maaden Petro Rabigh and other major industrial companies in the kingdom the official Saudi state newsagency reported
The MOU is with Saudi Arabias National Industrial Clusters Development Program (NICDP)
Meanwhile state-run Saudi Aramco has signed MOUs with five Japanese entities during a business forum that both nations hostedon Tuesday coinciding with a visit by Saudi Arabias King Salman this week
Saudi Aramco and Japans biggest oil refiner JX Nippon Oil amp Energy (5020T) agreed to consider a refinery joint venture in a thirdcountry and cooperation in trading and technology of oil and petrochemical products
Aramco also agreed to consider a possible future cooperation in crude oil supply and downstream business with Idemitsu KosanCompany
In addition Aramco and state-run Japan Oil Gas and Metals National Corp (JOGMEC) formally agreed to expand crude storagecapacity in Japan by 300000 kilolitres (about 19 million barrels) from the current 63 million barrels from April 1
Japan treats crude oil stored by Aramco as quasi-government oil reserves counting half of the barrels stored by Aramco as nationalcrude reserves
Companies and government organizations in both nations signed a total of 20 MOUs on Tuesday including cooperation betweenthe Saudi Arabian General Investment Authority (SAGIA) and Japans three megabanks - Mitsubishi UFJ Financial Group (8306T)Sumitomo Mitsui Financial Group (8316T) and Mizuho Financial Group (8411T) - on increasing investments in the kingdom
The MOUs also included cooperation in seawater desalinationhttpautoeconomictimesindiatimescomnewsindustrytoyota-to-look-at-saudi-production-as-the-countries-seek-closer-ties57636587
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Geneva Motor Show 2017 Airbus unveils fully electric flying car PopUp The Economic Times
Geneva Airbus along with Italdesign has unveiled the first modular fully electric zero emission concept vehicle system - PopUpat the Geneva Motor Show 2017 informed the French company in an official statement
PopUp envisages a modular system for multi-modal transportation that makes full use of both ground and airspace and isdesigned to relieve traffic congestion in crowded megacities
PopUp System consists of a three layers concept1 an Artificial Intelligence platform that based on its user knowledge manages the travel complexity offering alternative usagescenarios and assuring a seamless travel experience
2 a vehicle shaped as a passenger capsule designed to be coupled with two different and independent electric propelled modules(the ground module and the air module) Other public means of transportation (eg trains or hyperloops) could also integrate thePopUp capsule
3 an interface module that dialogues with users in a fully virtual environment
Airbus claims The PopUp vehicle combines the flexibility of a small two seater ground vehicle with the freedom and speed of avertical take-off and landing (VTOL) air vehicle thus bridging the automotive and aerospace domains
PopUpamprsquos monocoque carbon-fibre cocoon measures 26 metres long 14 metres high and 15 metres wide The capsuletransforms itself into a city car by simply coupling to the ground module which features a carbon-fibre chassis and is batterypowered
For megacity journeys with high congested traffic the capsule disconnects from the ground module and is carried by a 5 by 44metre air module propelled by eight counter-rotating rotors
ampldquoAdding the third dimension to seamless multi-modal transportation networks will without a doubt improve the way we liveand how we get from A to Bamprdquo said Mathias Thomsen General Manager for Urban Air Mobility at Airbus on the occasion ofthe unveil
ampldquoSuccessfully designing and implementing solutions that will work both in the air and on the ground requires a joint reflectionon the part of both aerospace and automotive sectors alongside collaboration with local government bodies for infrastructure andregulatory frameworks Italdesign with its long track record of exceptional vehicle design was an exciting partner for Airbus for thisunique concept projectamprdquo
ampldquoToday automobiles are part of a much wider eco-system if you want to design the urban vehicle of the future the traditionalcar cannot alone be the solution for megacities you also have to think about sustainable and intelligent infrastructure appsintegration power systems urban planning social aspects and so on In the next years ground transportation will move to the nextlevel and from being shared connected and autonomous it will also go multimodal and moving into the third dimensionamprdquo saidItaldesign CEO Joumlrg Astaloschhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsgeneva-motor-show-2017-airbus-unveils-fully-electric-flying-car-pop-up57630936
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Nissan boosts management presence at Mitsubishi Motors ReutersSee this story in The Economic Times
Tokyo Mitsubishi Motors on Tuesday said an additional four Nissan executives would join its management team as Nissan tightensits control over the smaller struggling automaker in which it took a controlling stake last year
The announcement is part of Mitsubishi Motors efforts to rebuild its management system after it admitted last year that it hadoverstated the mileage on a number of its cars sold in Japan battering domestic sales and tarnishing its brand image
From April corporate vice president positions for roles including product development and marketing and sales would be occupiedby officials from Nissan Mitsubishi Motors said
This would hike the number of Nissan executives on Mitsubishi Motors management team to seven from two now
We need to strengthen our corporate governance to avoid a repeat of last years scandal along with scandals previous to thatMitsubishi Chief Executive Officer (CEO) Osamu Masuko told reporters during a teleconference
After taking a one-third stake in Mitsubishi Motors Nissan installed Carlos Ghosn - its CEO at the time - as chairman of MitsubishiMotors while also naming two Nissan officials to Mitsubishis board of directors
Nissan also dispatched other executives to the smaller automaker including Trevor Mann previously Nissans chief performanceofficer who became chief operating officer at Mitsubishi late last year
Last month Ghosn said he would step down from the top position at Nissan to focus on deepening the companys alliance withRenault SA and Mitsubishi Motors
Separately Nissan said Shiro Nakamura the companys chief creative officer and one of Japans best-known car designers willretire after nearly 20 years at the automaker
Nakamura 66 is recognised for referencing science fiction anime and embracing Japans culture of cute in models including theGT-R supercar the Cube compact MPV and the Juke SUV crossover setting the automaker apart from many of its rivals whichhave been accused of making lookalike cars
Nakamura joined Nissan in 1999 from Japanese truckmaker Isuzu Motors and was one of the first key hires by Ghosn shortly afterGhosn himself arrived from French automaker Renault to save the company from bankruptcy
Alfonso Albaisa who currently overseas design at Nissans premium Infiniti brand will succeed Nakamura while former BMWglobal chief designer Karim Habib will become the brands new chief designer effective July 1httpautoeconomictimesindiatimescomnewsindustrynissan-boosts-management-presence-at-mitsubishi-motors57631800
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Renault Zoe e-Sport breaks covers at 2017 Geneva Motor Show The Economic Times
New Delhi In the ongoing Geneva Motor Show Renault has showcased its new two-seat version of its electric car Renault Zoee-Sport The company claims to have taken the design cues from Formula E
The ZOE e-Sport Concept is the fully electric concept car that embodies Renaultamprsquos commitment to the idea that electric carscan be fun and fast says Renault The sporting credentials of the ZOE e-Sport Concept extend beyond the caramprsquos styling andthe same blue livery as the Renault edams teamamprsquos front-running Formula E single-seaters
The bodywork of the ZOE e-Sport Concept is made entirely from lightweight carbon fibre which helps to ensure outstandingacceleration from standstill to 100kph in just 32 seconds The car tips the scales at a mere 1400 kilograms including 450kilograms of batteries
The car is powered by two electric motors capable of generating 450 bhp and 650 Nm of torque One of the motor is powered to therear axle and the other to the front axle Renault Zoe e-Sport gets the same 40 kWh battery which powers the standard variant ofthe car
Jean-Christophe Kugler CEO Renault Europe said that the concept as a link car - a styling exercise intended to connect the Zoeroad car with what Renault is doing in Formula E racing and to send a message that EVs are fun to drive Its not a signal of thefuture for Zoe and we have no intention to develop a performance version
Renault also claims that the electric performance car uses the same air and water cooling systems as the Renaultamprsquos FormulaE car The car is based on a tubular steel chassis with use of extensive carbon fibre The car also gets four driving modes
At the moment Renault has no plans to make the Zoe e-Sport into productionhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsrenault-zoe-e-sport-breaks-covers-at-2017-geneva-motor-show57627528
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Sensata Technologies opens testing facility in Bulgaria ReutersSee this story in The Economic Times
Sofia Sensata Technologies has opened its largest global testing facility in Sofia to support its automotive sensing technologies thecompany said on Tuesday
Sensata which has manufacturing sites in 13 countries already employs 3000 people in Bulgaria where it produces pressure andhigh temperature sensors for the automotive market and operates a business centre
In recent years inexpensive labour low taxes and an educated workforce have encouraged dozens of car part producers and ITand business outsourcing companies to set up in the Balkan countryhttpautoeconomictimesindiatimescomnewsauto-componentssensata-technologies-opens-testing-facility-in-bulgaria57632975
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Driving driverless Quest for an autonomous car has reached a truck now Nandagopal RajanThe Financial Express
At San Franciscoamprsquos Pier 90 chock-a-block with cargo vehicles it is pretty tough for any truck to stand out But a white Volvotruck with Otto emblazoned on it is the centre of attention This is the next big thing in automated cars and has already shown itsmettle by delivering a consignment of Budweiser beer in Colorado without a driver controlling it on the freeway
Uber is one of the many companies thinking in terms of driverless car While CEO Travis Kalanick says automated vehicles areampldquoexistentialamprdquo for the ride-hailing companyamprsquos future he is not alone in the race to drive without drivers Just in theUS at least 23 companiesampmdashincluding Tesla Google and Volkswagenampmdashhave registered in autonomous vehicleprogrammes The idea that fuels this cutting-edge technology is pure economics at the end of the day Cars suffer from seriousissues of inefficiency as they sit idle 95 of the time Considering that the world has 1200000000 cars this is inefficiency at agargantuan scale Add to this the fact that cars amount for 22 of all emissions globally and muddy the urban infrastructureproblem by creating the need for parking spaces
Since 1984 when the first experimental self-driving cars appeared there has been much progress on the technology leading toMercedes-Benz showcasing its concept car the F 015 at the Consumer Electronics Show in Las Vegas in 2015 Everyone has adifferent take on the technology but in the end the idea is to make cars intelligent and independent enough to be aware ofsurroundings and take decisions based on that
Interestingly Uberamprsquos dream is to bring ampldquoreliable transportation to everyone everywhereamprdquo now extended toeverything too with the trucks from Otto a start-up it acquired last year Matt Sweeney who heads product at UberamprsquosAdvanced Technology Group says ampldquothe truck and passenger vehicles share software and hardware components and thishelps us work on different aspects of the self-driving problem at the same timeamprdquo But on scope passenger vehicles are forurban environments where Uber has its focus on ride-sharing while trucks will be for high-speed highways where the constraintsare different
Just last week Uber got a permit from California Department of Motor Vehicles to test two self-driving Volvo SUVs on public roadsthough it will need to have backup drivers behind the wheel in case the prototype cars malfunction Its self-driving cars have beenrunning test drives in other parts of the US too
The Otto truck comes with a rig of radars laser scanners and stereo cameras that give the computers inside a live 360-degreevision of its environment with high dynamic range high resolution and high colour information imagery so that the truck can besmart enough to decide what to do next But the computing task this presents is ampldquoalmost as big as a small datacentreamprdquo Sweeney says the computing has to be done inside as ampldquothere is no tech that can let us send all that data tothe cloud real time and hence a lot of the computing has to be done in the truck itselfamprdquo
ampldquoA lot of the tech is based on prior mapping but in subsequent runs we see differences that have come about in the area andpay attention on those objects that are differentamprdquo
Interestingly Otto is being sued by Googleamprsquos Waymo self-driving car unit which claims its former employee and start-upfounder Anthony Levandowski stole its proprietary design for its laser-based radar system There are other challenges tooampldquoUber tech is different because we are trying to make this on top of the ride-sharing network that we already haveamprdquo headded
Nissan in contrast keeps the driver and not the technology at the centre and its definition of an ampldquoautonomous caramprdquo ishence a vehicle with different levels of driving technologies that enable it to operate autonomously for certain periods of time ANissan spokesperson said on the technology side the challenges are in artificial intelligence software development data processingand digital mapping technologies while on the social environment side laws and regulations along with modifications of roadinfrastructure will become necessary
This contrast in technologies is why it is important to see how the entire ecosystem evolves maybe with different platforms talkingto each other But Uber is not depending on this ampldquoWe need to see and interact with vehicles but there is no guarantee wewill have that technology So we are approaching it with the assumption it wonamprsquot existamprdquo says Sweeney
Uberamprsquos goal is to take its technology everywhere but can these vehicles actually be practical for an environment like IndiaSweeney accepts the new elements this will throw in along with the sheer volume will present a slew of challenges ampldquoThoseare situations we think we will be able to tackle but those are not the first places we will goamprdquo he explains adding that theywill look for opportunities where they can deploy this technology safely Clearly this drive has just started(The author attended the Uber Media Summit in San Francisco at the invitation of Uber)httpwwwfinancialexpresscomopiniondriving-driverless-quest-for-an-autonomous-car-has-reached-a-truck-now588112
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Samsung completes acquisition of Harman The Economic Times
New Delhi The arrest of the Vice-Chairman of Samsung Board Lee Jae Yong on bribery and corruption charges has not affectedthe deal between Samsung and Harman International IndustriesIn a media statement the South Korean giant confirmed thecompletion of its largest such deal ever
Under the terms of the merger agreement Harman stockholders will receive $11200 per share in cash The completion follows thesatisfaction of all conditions to the closing of the transaction including approval of the transaction by HARMAN stockholders andreceipt of all necessary regulatory approvals in the United States and certain foreign jurisdictions
ampldquoToday is a historic moment for us The close of this transaction opens the door to create substantial growth opportunitiesand deliver greater benefits for customers worldwideamprdquo said Young Sohn President and Chief Strategy Officer of SamsungElectronics and Chairman of the Board HARMAN ampldquoWe see transformative opportunities in the car ampndash and a futurewhich seamlessly connects lifestyle across automotive home mobile and work Samsungamprsquos and HARMANamprsquosleadership in these spaces perfectly positions Samsung to be the preferred partner to our OEM customers In addition bringingtogether HARMANamprsquos iconic audio brands and capabilities paired with Samsungamprsquos leading display technologies willdeliver enhanced audio and video experiences to consumers and professional end markets And most importantly we areenthusiastic about our common vision the similarities in our culture of innovation and the added value we can create for customersWe look forward to working with all of HARMANamprsquos employees to execute on our visionamprdquo
Harman boasts around 30000 employees spreadout across different brands including JBL Infinity Lexicon and Mark LevinsonThe company will continue to conduct business as an independent subsidiary under the terms of the deal with Samsung
ampldquoWe are excited to have completed the transaction which provides compelling cash value to our stockholders benefits ourcustomers and provides new opportunities for our employeesamprdquo said Dinesh Paliwal Harman President and CEOampldquoSamsung shares our commitment to our customers and our culture of speed innovation and execution Samsung providesHarman with the scale platform and complementary technologies to accelerate growth and extend our global market leadership inautomotive smart audio and connected technologies Recognizing the importance of partnerships in an increasingly connectedworld particularly in automotive we are poised to leverage our combined teams and resources to produce even greater value forour customers Working closely with automakers and other technology companies Samsung and Harman will define ampndash anddrive ampndash the future of automotiveamprdquohttpautoeconomictimesindiatimescomnewsauto-technologysamsung-completes-acquisition-of-harman57624440
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Skoda delivers 81200 units in Feb 2017 globally The Economic Times
Mlada Boleslav Czech car manufacturer Skoda in a press release stated that the company delivered 81200 vehicles to customersworldwide in February 31 more than in the same period last year (February 2016 78800) brvbarkoda also claims that it has soldmore cars than any February in its history The Czech manufacturer achieved double-digit growth in Central and Eastern Europe (+129 and + 133) India (+ 128) and Israel (+ 198) among others
We are delighted with our strong start to 2017 We expect the market launch of the OCTAVIA product upgrade as well as the newKodiaq to create further momentum says Werner Eichhorn brvbarKODA Board Member for Sales and Marketing
In Western Europe deliveries to customers rose by 70 in February to 34800 vehicles (February 2016 32500) With 12600vehicles Germany remains the strongest single European market (February 2016 12100 vehicles +45) brvbarKODA recordeddouble-digit growth rates in the UK (3400 vehicles +236) Italy (2200 vehicles + 201) Belgium (2 000 vehicles +271) andAustria (1900 vehicles +647)
In Central Europe brvbarKODA achieved an increase of 129 with 17400 cars (February 2016 15400 vehicles) Deliveries on thehome market of the Czech Republic rose by 88 to 8200 vehicles in Poland (5700 vehicles + 163) Slovakia (1700 vehicles+154) Slovenia (600 vehicles +226) and Croatia (300 vehicles +469) also rose in double figures
In Eastern Europe excluding Russia Skoda achieved a year-on-year increase of 133 with 2800 vehicles delivered (February2016 2500 vehicles) In the same period 400 customers in Ukraine received their new brvbarKODA ampndash an increase of 939(February 2016 200 vehicles) The number of deliveries increased significantly in Bosnia (200 vehicles + 557) Bulgaria (200vehicles +175) and the Baltic States (600 vehicles + 229) In Russia brvbarKODA achieved an increase of 46 with 4300vehicles (February 2016 4100 vehicles)
In China ampndash the brandamprsquos largest market worldwide ampndash brvbarKODA handed over the keys to 15000 new vehicles(February 2016 18500 vehicles -188) Deliveries overseas increased by 98 to a total of 2500 vehicles
At the Geneva Motor Show brvbarKODA is presenting several new highlights These include the brvbarKODA KODIAQ SCOUT and brvbarKODAKODIAQ SPORTLINE alongside the extensively upgraded brvbarKODA OCTAVIA as well as the sporty spearhead brvbarKODA OCTAVIA RS245 and the brvbarKODA OCTAVIA SCOUT with a rugged off-road look In addition the upgraded brvbarKODA models RAPID and RAPIDSPACEBACK and Citigo are on show
brvbarKODA deliveries to customers in February 2017 (in units rounded off by model +- in percent compared to February2016)brvbarKODA OCTAVIA (28600 -86)brvbarKODA FABIA (16700 + 152)brvbarKODA RAPID (15000 + 121)brvbarKODA SUPERB (10900 + 171)brvbarKODA KODIAQ (1300 + 1000)brvbarKODA YETI (6300 -157)brvbarKODA CITIGO (only sold in Europe 2300 -164)httpautoeconomictimesindiatimescomnewspassenger-vehiclecarsskoda-delivers-81200-units-in-feb-201757626693
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Isuzu claims more durability on its diesel engines for trucks The Economic Times
Indianapolis Isuzu Commercial Truck of America has announced that the B10 durability rating of its 4HK1-TC diesel engine hasbeen increased to 375000 miles informed the company in an official statement
To elaborate further on what it means the Japanese commercial vehicle manufacturer went on to say that A B10-life rating is anindustry-standard gauge provided by engine makers to help consumers determine the long-term durability of an engine Thenumber following the B indicates the percentage of an engineamprsquos population that will require an overhaul before the indicatedmileage
That means that 90 of Isuzu 4HK1-TC engines are expected to last 375000 miles before they require a major repair or rebuildPreviously the 4HK1-TC engine carried an already-robust B10 durability rating of 310000 miles added the company
ampldquoWe are proud to say that Isuzu diesel engines are already known worldwide for their long-term dependabilityamprdquo saidShaun Skinner president of Isuzu Commercial Truck of America ampldquoOur new B-10 rating is strong evidence that our enginesare even more durable than everamprdquo
The turbocharged intercooled 4HK1-TC four-cylinder diesel engine displaces 52 liters and generates 215 horsepower Torqueratings vary depending on model The engine is fitted to Isuzu NPR-HD NPR-XD NQR and NRR models as well as the all-new2018 Isuzu FTR Class 6 truck
The company made the above announcement at the National Truck Equipment Associationamprsquos 2017 Work Truck Show inIndianapolis held on March 13httpautoeconomictimesindiatimescomnewsauto-componentsisuzu-diesel-engines-for-trucks-now-become-more-durable57626832
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MoS visits Rolls-Royces new logistics centre in England The Economic Times
New Delhi Nick Gibb Minister for School Standards and MP for Bognor Regis and Littlehampton has visited Rolls-Royce MotorCars Technology and Logistics Centre on Monday informed the British luxury car maker in a media release
During the visit Gibb toured the facility met the expert team onsite and was briefed on the companyamprsquos future plans to expandthe Centre He also took the opportunity to learn more about the Rolls-Royce Motor Cars apprenticeship graduate and internprogrammes
Nick Gibb said ampldquoThe original announcement that Rolls-Royce Motor Cars would be locating its Technology and LogisticsCentre in Bognor Regis was a great boost for our town and warmly welcomed I am delighted to see the huge new state of the artfacilities fully operational and providing high quality jobs for local people The support of such a prestigious company is good newsfor Bognor Regis and for the wider local economyamprdquo
He continued ampldquoIt is very welcome that Rolls-Royce operates an apprenticeship scheme ensuring the company has the skillsit needs for the future and providing opportunities and training for a cohort of young people every year This year Rolls-Royce istaking on record numbers of apprenticesamprdquo
The new Rolls-Royce Technology and Logistics Centre at Bognor Regis opened on schedule in January 2016 The purpose-built30000m2 facility is located close to the companyamprsquos head office and manufacturing plant at Goodwoodhttpautoeconomictimesindiatimescomnewsindustrymos-visits-rolls-royce-new-logistics-centre-in-england57626981
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All new Mazda CX-5 to be produced at Hofu Plant The Economic Times
Hiroshima Japan Japanese automaker Mazda Motor Corporation starting from November is going to produce the all-new MazdaCX-5 crossover SUV at its Hofu Plant in addition to the Hiroshima Plant where it is currently produced
The company informed that the move will help the automaker respond quickly and flexibly to growing demand for SUVs globally
Mazda aims to create a production system that can respond flexibly to changes in demand for crossover vehicles as it works tomeet its global sales goal of 165 million units
Launched domestically in February the all-new CX-5 has till date recorded sales of 16639 units about seven times the monthlytarget claims the company
As with the CX-3 starting production of the CX-5 at Hofu Plant as well is part of our plan to build a production framework that givesus more flexibility between plants and between models said Masatoshi Maruyama Managing Executive Officer in charge of GlobalProduction We will do everything we can to get customers the crossover vehicles they want as quickly as possiblehttpautoeconomictimesindiatimescomnewspassenger-vehicleuvall-new-mazda-cx-5-to-be-produced-at-hofu-plant57627447
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Rheinmetall receives over $25 mn order from American carmaker The Economic Times
New Delhi German automotive parts supplier Rheinmetall has booked its first order for a special application of coolant valves by amajor American carmaker and destined for the NAFTA market
The company in a statement said that the order has a lifetime value of over US$25 million (around Rs 165 crore) Series productionof the valves is scheduled to start in 2019 with the contract set to run for about five years
Talking about the product the company went on to say that the innovative valves play a lead role in intelligent thermal and energymanagement on modern vehicle engines These often have several cooling circuits which are controllable with the aid of switchingseat valves
As from model year 2020 this particular customer will be installing several versions of such valves on gasoline and diesel enginesfor pick-ups with over 6 liters displacement
They will take over functions in the cooling circuit of the transmission ensuring that it reaches operating temperature faster byswitching off the coolant flow when the engine is started This also helps to reduce emissions added the companyhttpautoeconomictimesindiatimescomnewsauto-componentsrheinmetall-receives-over-25-mn-order-from-american-carmaker57628058
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Nissans Infiniti names former BMW executive as new design chief ReutersSee this story in The Economic Times
Beijing Infiniti Nissan Motors premium brand named Karim Habib former global design chief for BMW as the brands new chiefdesigner effective July 1
Habib will replace Alfonso Albaisa who will be promoted to lead Nissans global design according to a press release seen byReuters Habib will report to Albaisa
Habib who has worked for several premium automotive brands including BMW and Daimler will be based in Nissans technicalcentre in Atsugi Japan and lead Infinitis design teams in Japan Beijing San Diego and Londonhttpautoeconomictimesindiatimescomnewsindustrynissans-infiniti-names-former-bmw-executive-as-new-design-chief57630437
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Elon Musks bold offer of Tesla batteries wont solve Australias power problems ReutersSee this story in The Economic Times
Launceston Australia Australia is becoming an interesting microcosm on how to or how not to transition an economy from beingpredominantly powered by coal to more climate-friendly alternatives
The dramatic intervention by Tesla Inc Chief Executive Elon Musk last week is just the latest twist in an ongoing saga that pits
business government farmers government and environmentalists against each other
Musk in an exchange of tweets with software billionaire Mike Cannon-Brookes chief executive of Atlassian Corp offered to fix theelectricity supply problems of South Australia state within 100 days of signing a contract
Musks plan is to install 100 megawatts (MW) of grid-connected battery storage which would be available to meet peak demandand would be charged with surplus electricity from other generating sources in periods of low demand
Its a bold offer and would most likely provide a quick fix to Australias fourth-largest state which suffered a blackout last Novemberand has been dealing with power shortages over the peak summer period
Businesses like BHP Billiton which operates the giant Olympic Dam copper mine in the state have been pushing for thegovernment and other stakeholders to ensure stable electricity supply saying the cost of blackouts runs into millions of dollars inlost output
Musk whose Tesla Corp is ramping up output of its battery storage packs at its Gigafactory in Nevada held talks with AustralianPrime Minister Malcolm Turnbull at the weekend as well as with South Australian Premier Jay Weatherill
The politicians will no doubt be tempted to Musks offer to install batteries especially since the electric car pioneer said if he didntmeet his 100 day deadline he wouldnt charge anything
But while Musks offer if taken up would provide a quick fix it would not do enough to mend the underlying problems at the heart ofAustralias electricity woes
Its worth looking at how Australia got itself to the point where virtually all players can agree that the nation is facing somethingapproaching an energy crisis
After all the country is not short of fossil fuels such as coal and natural gas and its climate and low population density outside themajor cities are ideal for renewables such as solar and wind power
The country is heavily reliant on an ageing fleet of coal-fired power stations which makes Australia one of the highest polluters percapita
These coal power stations are starting to close down with one shutting in South Australia last year and another planned to close inVictoria state at the end of this month
The problem is that the coal-fired power stations role as providers of base load electricity cannot be taken over by wind and solarand the role is falling to natural gas
But natural gas is also the most expensive method of generating electricity in Australia so utilities are reluctant to run their gas-firedplants until prices are high enough to justify the cost
South Australia has a gas-fired plant that was mothballed until last years power supply crisis but even with the higher prices forelectricity the operator is struggling to make the plant profitable
The state moved on Tuesday to try and address its energy security issues announcing it would build a 250 MW gas-fired plant andhelp the private sector build a 100 MW battery at a total cost of A$510 million ($385 million)
Gas Supply ConstraintsNatural gas supply is becoming a problem in Australia which may seem ironic given the country is on the verge of becoming theworlds largest exporter of liquefied natural gas (LNG) as the last of eight new plants come closer to completion
In fact the new LNG plants are copping some of the blame for the tightening natural gas market especially the three in easternQueensland state based on using coal-seam gas as the feedstock
These are being blamed for sucking domestic natural gas out of the market and into the export LNG industry
What hasnt helped is that some of Australias state and territory governments are also pursuing policies that will restrict futurenatural gas supplies
Victoria state has banned hydraulic fracturing or fracking as well as shale and coal-seam gas exploration while the NorthernTerritory New South Wales and Tasmania have various moratoriums on fracking
This leaves Western Australia Queensland and South Australia as the remaining states where onshore natural gas supplies can bedeveloped and they are now in the cross-hairs of the environmental lobby which is opposed to any and all new natural gas wells
Politicians across the traditional Labor-Liberal divide are increasingly giving in to demands to restrict natural gas exploration whilepretending that this wont have a negative impact on energy security and electricity prices
But the costs are starting to become apparent with spot electricity prices surging over the Australian summer and natural gassuppliers warning that they will be unable to meet the needs of industrial customers without action being taken
Its often the case politicians only take action when the point of crisis is reached and this appears to be the case in Australia
Whats needed is a holistic approach to energy supply as Australia transitions away from coal-fired power
This means ensuring enough natural gas is available to provide base load generation while scaling up renewables such as solar
wind pumped hydro and battery storage
Forging enough common ground with the various stakeholders will be the main obstacle but more than anything else Australia isshowing how difficult it is to end the age of coalhttpautoeconomictimesindiatimescomnewsindustryelon-musks-bold-offer-of-tesla-batteries-wont-solve-australias-power-problems57630514
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Innogy in talks with car consortium over charging stations CEO ReutersSee this story in The Economic Times
Essen Germany Innogy is in intense talks with a group of carmakers Chief Executive Peter Terium told journalists on Mondayhoping to be selected as a supplier of super-fast charging stations for electric vehicles across Europe
Its not a done deal yet Terium said pointing to strong competition from rival vendors
BMW Volkswagen Ford and Daimler plan to build about 400 next-generation charging stations in Europe that can reload anelectric car in minutes instead of hours
Sources told Reuters in January that Innogy was in talks with the consortiumhttpautoeconomictimesindiatimescomnewsindustryinnogy-in-talks-with-car-consortium-over-charging-stations-ceo57624184
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China may roll back electric vehicle quotas as industry pushes back ReutersSee this story in The Economic Times
Beijing China is considering easing proposed quotas aimed at producing more electric vehicles as Beijing gets pushback from theautomotive industry over the scale and pace of the plans
If adopted proposed changes under discussion could see a target of new energy vehicles (NEV) making up 8 percent of sales nextyear pushed to 2019 two auto executives said
The changes would lower targets from a draft policy released in September requiring 8 percent of automakers sales to be batteryelectric or plug-in hybrid vehicles by 2018 rising to 10 percent in 2019 and 12 percent in 2020
Any loosening of NEV targets would mark a pull back by Beijing which has faced opposition to the planned targets as it looks todrive its domestic carmakers to overtake global rivals in the green vehicle sector
Automakers and industry bodies have said the targets are too tough and could hurt manufacturers interests New energy vehicleslast year accounted for just 18 percent of sales in the worlds biggest autos market according to Reuters calculations based onofficial data
Its normal to make revisions as its a draft plan An Jin chairman of Anhui Jianghuai Automobile Group (JAC Motor) said on thesidelines of the National Peoples Congress in Beijing
He said he was aware of talks to revise the quota targets but said nothing was set in stone JAC hasnt been told what revisionsmight be made to the draft but I think it is possible the draft will be changed after the discussions he said
Whether the whole market can hit this quota by 2018 depends a lot on the strength of government policy If its strong then weshould be able to surpass the targets An said (But) if you consider Chinas infrastructure and the transformation of Chinas autosector then perhaps the pace will have to slow
Two Percent CutTwo executives familiar with the plans told Reuters the government was considering options for lowering the requirements
One idea was to reduce the quota requirement by 2 percent each year cutting the 2018 requirement to 6 percent said aChina-based government relations official at a major global automaker It would then be 8 percent in 2019 and 10 percent in 2020
Another option would be to push back each target by a year with the 8 percent quota starting from 2019 an executive at aJapanese car maker said
Both asked not to be named due to the sensitivity of the matter and because the draft was still under consideration
The overall policy includes quotas for plug-in cars targets for average fuel economy requirements and a credit trading system topromote green energy cars while penalizing petrol cars
The two people said the quota stand-off was tied to a disagreement between the Ministry of Industry and Information Technology(MIIT) and Chinas top state planner the National Development and Reform Commission (NDRC)
MIIT which regulates manufacturers supports a more flexible credit trading system favoured by automakers The NDRC is more
aggressive in promoting a transition to electric vehicles pushing the introduction of the stricter quotas
An NDRC spokesman said the body played a small role when the draft was open to public for discussion MIIT did not immediatelyrespond to Reuters requests for comment
China has strongly supported and subsidized electric vehicles but is gradually swapping out incentives for hard targets automakersmust meet The central government cut subsidies 20 percent this year a first reduction towards eliminating them by 2020httpautoeconomictimesindiatimescomnewspolicychina-may-roll-back-electric-vehicle-quotas-as-industry-pushes-back57623608
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Russias standards agency says Volkswagen recalls 43151 Skoda cars ReutersSee this story in The Economic Times
Moscow Russias standards agency said on Monday that Volkswagens Russian operation had informed it about the voluntaryrecall of 43151 Skoda cars due to a possible technical fault
The recall affects Skoda Octavia Superb Fabia Yeti and Rapid cars sold in Russia between 2012 and 2016 the watchdog saidhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsrussias-standards-agency-says-volkswagen-recalls-43151-skoda-cars57624140
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Economy
Rupee hits 1-12 yr high surges 78 paise on BJP sweep PTISee this story in The Economic Times
Mumbai The rupee surged by a massive 78 paise to end at a nearly one-and-a-half year high of 6582 against the US dollar onfrantic unwinding of the American currency following BJPs emphatic victory in Uttar Pradesh
Forex market sentiment soared on hopes that BJPs stellar show in state polls would pave the way for the Modi government to focuson key reform measures
The home currency resumed on a strong footing at 6620 from last Fridays closing value of 6660 at the Interbank ForeignExchange (forex) market on heavy dollar unwinding from speculative traders and exporters tracking weekend developments
Maintaining its bullish momentum against the dollar the rupee hit a fresh intra-day high of 6576 in late afternoon deals beforeending at 6582 showing a solid gain of 78 paise or 117 per cent
This is the highest closing of the rupee since November 6 2015 when it had ended at 6576
Meanwhile the RBI fixed the reference rate for the dollar at 661800 and for the euro at 704354
Financial markets too took comfort from BJPs landslide victory with the broader Nifty climbing 15245 points to a new closing peakof 9087 and the Sensex rallying 49640 points to end at 2944263
The much-anticipated turnaround on the economic front has opened up a barrage of foreign capital fund flows into India
Foreign investors pumped in over Rs 10000 crore in the Indian capital markets this month so far
It also got an added fillip from bullish macro data which showed that the countrys industrial production bounced back in Januaryexpanding by 27 per cent year-on-year
Factory output measured in terms of Index of Industrial Production (IIP) had contracted by 01 per cent in December
However inflation based on wholesale prices shot up to a 39-month high of 655 per cent in February against 525 per cent inJanuary according to official data
On the global front the dollar traded firmly higher against its major counterparts ahead of the two-day Fed meet when it could liftrates for the third time since the financial crisishttpautoeconomictimesindiatimescomnewsindustryrupee-hits-1-12-yr-high-surges-78-paise-on-bjp-sweep57635104
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Nifty hits all time high of 912275 Sensex surges 616 points after big BJP win The Economic Times
Mumbai The Nifty jumped to life highs on Tuesday after the BJPamprsquos thumping win in the crucial state of Uttar Pradeshrekindled hopes of a bigger-than-expected push for reforms by the Narendra Modi government
The Nifty up 11 so far this year crossed its previous life high of 9119 to hit 912275 before ending the day 171 or 15245points higher at 9087 This is the indexamprsquos biggest single-day gain in points since February 1 and caps a strong reboundsince the December 26 low of 7893 on demonetisation worries
The Sensex surged by 616 points or 212 intra-day before ending the day at 2944263 up 49640 points This is its biggest gainsince May 25 last year The index is the best performer among all developed and emerging market indices in local currency terms inthe past three months
The rupee surged 79 paise to a 16-month high of 6582 to the dollar as exporters sold more dollars and foreign investors boughtlocal shares BSE data showed that foreign investors bought local shares worth Rs 4089 crore their biggest single-day purchasesince February 17 when they purchased Rs 8059 crore
FPIs have bought shares worthRs 23132 crore since January this year against net sales of Rs 9800 crore in the same period lastyear The BSE Midcap and Smallcap indices gained 144 each
ampldquoOne must be ready for a correction after a rally but I am optimistic about the medium to longterm prospectsamprdquo saidMotilal Oswal chairman Motilal Oswal Financial Services Ltd ampldquoFundamentally valuations are comfortable at this point intime because of good corporate earnings growth In the short term markets may remain volatileamprdquo
BJP romped to victory in UP on Saturday winning 312 out of the 403 seats Its allies won 13 more taking the NDA tally to 325 Thisis the biggest win recorded by any party in the state since 1977 and has raised prospects of the BJP doing well in other electionsthis year and next Many political pundits also believe that the victory has improved Prime Minister Narendra Modiamprsquos chancesof retaining power in the 2019 general election
Barring the metals index all other sectoral indices on the NSE ended with gains on Tuesday About 55 stocks including TitanJubilant Life Sciences Kotak Mahindra Bank IndusInd Bank YES Bank and Indiabulls Housing Finance among others hit life highswhile 92 stocks were locked in upper circuit with no sellers
ampldquoWith the sharp rally the market which is currently susceptible to global risk is trading at above average multiples and westay cautious near termamprdquo said Sanjay Mookim India Equity Strategist BofA Merrill Lynch ampldquoIndiaamprsquos businesscycle should improve over the next several quarters while improving construction should drive capex which is good forequitiesamprdquo
Some market experts are divided over the near-term outlook as indices have begun to look expensive at current valuations Plusthere is no immediate trigger for upgrade
ampldquoValuations of the Indian market are quite high and would require the support of strong earnings growth Any disappointmenton earnings will make valuations look even more expensive which the market may not likeamprdquo said Sanjeev Prasad senior EDand co-head of Kotak Institutional Equities
ampldquoGlobal and domestic interest rate cycles are no longer supportive with likely increase in developed markets bondyieldsamprdquo
ampldquoWhile markets are expecting a rate hike this meeting what will be of more interest is the commentaryamprdquo said DipenShah senior V-P PCG research Kotak Securities ampldquoIf it is hawkish it may have an impact on fund flows to emerging marketsbut India may be relatively less impacted because of the continuing domestic flowsamprdquo
ampldquoNotwithstanding the election results we believe the risk-reward is not favourable currently and advise investors to sell intothis rally We expect Nifty EPS to rise 15-16 in FY18 and see no trigger for an earnings upgrade at this junctureamprdquo ReligareInstitutional Research said in a notehttpeconomictimesindiatimescommarketsstocksnewsnifty-hits-all-time-high-of-9122-75-sensex-surges-616-points-after-big-bjp-winarticleshow57639036cms
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WPI inflation up 655 for February 2017 The Economic Times
New Delhi The annual rate of inflation based on monthly Wholesale Price Index (WPI) stood at 655 percent (provisional) for themonth of February 2017 (over February 2016) as compared to 525 percent (provisional) for the previous month and -085 percentduring the corresponding month of the previous year
The official Wholesale Price Index for amplsquoAll Commoditiesamprsquo for the month of February 2017 rose by 05 percent to 1855(provisional) from 1846 (provisional) for the previous month
The index for primary articles rose by 09 percent to 2581 (provisional) from 2557 (provisional) for the previous month
The inflation rate for Fuel and power group rose by 13 percent to 2038 (provisional) from 2012 (provisional) for the previousmonth due to higher price of coking coal (15 percent) aviation turbine fuel (3 percent) bitumen (2 percent) and kerosene highspeed diesel LPG and lignite (1 percent each) However the price of furnace oil (1 percent) declined
The index for the major group of manufactured products remained unchanged at its previous monthamprsquos level of 1588
(provisional) In this group the index for amplsquoRubber amp Plastic Productsamprsquo group rose by 02 percent to 1489 (provisional)from 1486 (provisional) for the previous month due to higher price of rubber products (1 percent)
The index for amplsquoTransport Equipment amp Partsamprsquo group rose by 05 percent to 1405 (provisional) from 1398 (provisional)for the previous month due to higher price of auto rickshaw tempo matador (4 percent) and auto parts (1 percent)
For the month of December 2016 the final Wholesale Price Index for amplsquoAll Commoditiesamprsquo stood at 1833 as comparedto 1828 (provisional) and annual rate of inflation based on final index stood at 368 percent as compared to 339 percent(provisional) respectively as reported on January 1 2017httpautoeconomictimesindiatimescomnewsindustrywpi-inflation-up-6-55-for-february-201757627665
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February CPI at 365 vs 317 in January highest since October 2016 PTISee this story in The Economic Times
New Delhi Retail inflation rose to 4-month high of 365 per cent in February mainly due to surge in price of food items like fruitssugar and confectionery
Measured in terms of Consumer Price Index (CPI) the inflation had dipped to a multi-year low of 317 per cent in January this yearon account of cash crunch following demonetisation It was 526 per cent in February last year
According to the CPI data released today by the Central Statistics Office (CSO) the consumer food prices index (CFPI) rose by201 per cent in February from 061 per cent in January The CFPI was 53 per cent in February 2016
Inflation in fruits was higher at 833 per cent fuel and light at 39 per cent in February The rate of price rise in meat and fish was 35per cent in February
Prices of sugar and confectionery items rose by 1883 per cent in February while inflation in milk and milk product increased by 422per cent
The rate of inflation in household goods and services was 409 per cent while this rate was in health segment was 4 per cent Thetransport and communication became expensive by 539 per cent
The personal care and effects segment rose by 515 per cent while the education became more expensive by 537 per cent inFebruary this year
The inflation rate was 438 per cent in clothing and footware segment while it was 49 per cent in housing segment
However the prices of vegetables and pulses declined by 829 per cent and 902 per cent respectively
Rural retail inflation was at 367 per cent in February compared with 336 per cent in the preceding month The CPI was also up inthe urban sector at 355 per cent in February from 29 per cent in January this yearhttpautoeconomictimesindiatimescomnewsindustryfebruary-cpi-at-3-65-vs-3-17-in-january-highest-since-october-201657633211
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Closing
Last Financial Closing
Sensex 2944263 (+49640)NSE 9087 (+15245)US$ spot Rs6582US$ Y1148000US$ 6 months RsYen Rs57Euro spot Rs70
Gold (10gm) Rs28333Silver (1kg) Rs4008300
Crude Oil (WTI) Crude Oil (Brent) $5172 (+037)
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Apollo Tyres 1 18610Asahi Ind 1 21655Amara Raja B 1 83230Ashok Leyland 1 9080Bajaj Auto 10 286670Bharat Forge 2 103550Denso 1 Eicher Motor 10 2396325Escorts 10 51945Exide Ind 1 21645Force Motors 10 427760Gabriel India 1 11460Hero Motocor 2 335745Hind Motors 5 950Hi-Tech Gear 10 29885Jay Bh Maruti 5 38190
Jamna Auto 5 20550JK Tyres amp Inds 10 1241 Kinetic Motors 10 Kinetic Engg 10 KOEL 2 37685Kirloskar Br 2 24135LML Ltd 10 1250LampT 2 155810Lumax Ind 10 131690Lumax Tech 10 43230MampM 5 132600Maruti Suzuki 5 613240Motherson SS 1 36290Minda Inds 2 44350MRF 10 5298390Omax Auto 10 7555Rico Auto 1 5720Sona Koyo St 1 8170
SRF 10 157155Tata Motors 2 46975 TVS Motors 1 43690
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Bhushan Steel 2 5430Hindalco 1 19040Hind Zinc 2 29140JSW Ispat S 10 Jind Steel 1 12490JSW Steel 1 18190Jindal Saw 2 7995National Aluminium 5 7310SAIL 10 6005Tata Steel 10 47255Visa Steel 10 2185
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Ambuja Cement 2 23370Binani Industries 10 7200Birla Corp 10 70360India Cement 10 16070Prism Cement 10 9375JK Cement 10 88470Shree Cement 10 1639835
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PLEASE NOTE
NURC Industry Updates contain editedtruncated text of Industry-specific news as it appears in various select dailies and websites These are NOT full stories unless otherwisespecifically mentioned The stories contained herein are informational only and no representation is made or warranty given as to their content reliability truthfulness orusefulness User assumes all risk of use It be clearly understood that NURC updates do not claim to and neither mean to replace the Print or the Internet editions of variousnewspapers whose articles are featured therein For the best and complete news reading NURC urges its readers to read the full text of the stories from the Newspaperswhose credits are given after the headline and visit the related website whose URL is given below the text matter of each news item
NURC News Update - AUTOMOBILES
News on Indian Auto Industry Copyright 1999 NURC MediaNext Pvt Ltd
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Powered by Enablingbiz Esoluttions
Mileage is still a concern and the major drawback with Royal Enfield bikes As the brand new bikes claims to offer 30 kmpl the oldbikeamprsquos mileage drops day-by-day
After few years this will be the main reason for the rider to get rid of his bike In a typical Indian customer mindset a middle-classfamily will think twice before going for a Bullet
Depending on the usage the cushion will loose its power day-by-day The rider will surely feel the pain on the long rides and trafficjams Regular servicing from an authorised mechanic will keep the vehicle in good condition
VerdictThe Royal Enfield Thunderbird 500 is a special bike but the cost compared with its 350 cc sibling the biker has to cough up anextra Rs 40000 which makes anybody to think twice before investing in one The bike has the capability to sustain any roughhandling Though it becomes rough and old its sturdiness remains the samehttpwwwdeccanheraldcomcontent601371thunderous-sound-remain-foreverhtml
Top
E-Bikes
Components
Amtek Autoacirceurotrades Arvind Dham may offload personal assets to reduce debt Deborshi Chaki amp Swaraj Singh Dhanjalmint
Mumbai With troubled auto parts maker Amtek Auto Ltdamprsquos planned divestment of domestic and overseas businesses yet tomaterialize company chairman and founder Arvind Dham has begun exploring options to monetise assets owned by him
According to two people familiar with the matter who asked not to be identified Dham is in talks with potential buyers to sellIndraprasta Engine Parts Pvt Ltd ( IEPPL) an auto component manufacturing company which he owns in his personal capacityDocuments filed with the registrar of companies show that Arvind Dham along with other senior executives of Amtek Auto holdshares in Indraprasta Engine Parts Pvt Ltd
Dham did not respond to emails text messages and phone calls seeking comment
According to the latest available filings Indraprasta Engine Parts reported a revenue of Rs9525 crore and a loss of Rs115 crore inthe financial year ended 31 March 2015 The company was incorporated in 2010 and currently has a manufacturing plant in HosurTamil Nadu
ampldquoDham has been in discussions to sell the unit following which talks with Kalyani Forge Ltd (KFL) and Sterling Tools Ltd (STL) have reached an advanced stageamprdquo said one of the two people ampldquoDham is keen to show to the lenders that he iswilling put his own money even though the plans to sell Amtek Autoamprsquos assets to repay its debt have not beensuccessfulamprdquo
Amtek Autoamprsquos standalone loss widened to Rs24156 crore for the quarter ended December 2016 from Rs17536 crore in thesame quarter last fiscal Dham plans to plough the proceeds of the sale into the company the first person added
Spokespersons for Kalyani Forge and Sterling Tools did not respond to emails seeking comment
Ever since Amtek Auto defaulted on bond repayments of close to Rs800 crore in September 2015 it has been trying to sell variousgroup businesses to reduce the debt on its books The company has appointed Morgan Stanley as an adviser to assist in its debtreduction plan Amtek Auto owed Rs8066 crore to various lenders as on 30 September 2016 Mint learns that its consolidated debtat the group level is higher
In July last year Bloomberg reported that Amtek Auto has hired global investment bank Rothschild and Co to advise on thepotential sale of all overseas operations including those in the UK the US Mexico China and Germany The report said Amtek wasseeking bidders for its German unit Amtek Tekfor Holding GmbH and expected to raise over $1 billion from the process
A manufacturer of forging parts Amtek Auto counts most of Indiaamprsquos top auto component makers as clients Its overseasclients include global auto brands such as Aston Martin and Daimler
In February the company said in a regulatory filing that it is planning to raise Rs1175 crore by selling shares to promoters on apreferential basis for which it will seek shareholdersamprsquo approval The company has called an extraordinary general meeting on25 March to seek approval from its shareholders for the proposal it added
In February lenders of Amtek Auto are understood to have asked it to either repay loans or convert the outstanding into equityshares or warrantshttpwwwlivemintcomIndustry1tt2QpJ8TtSm53I1bN4VgKAmtek-Autos-Arvind-Dham-may-offload-personal-assets-to-reduhtml
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Allied Industries
Tyre stocks race ahead as China cuts India trade Palak ShahThe Economic Times
Mumbai What is aiding Indiaamprsquos tyre stocks Chinaamprsquos policy to shun India market for the US The share price ofdomestic tyre manufactures including MRF Apollo Tyre Ceat and J K Tyre rose between 1-7 on Tuesday
A research report by Philip Capital said China had curtailed its tyre exports to India to focus on US markets as Trump administrationhad decided against anti-dumping duty on tyres The research pointed out there was more upside for these stocks
ampldquoChina has raised their TBR (truck bus and radial) tyre prices for Indian market by 10-15 rendering themunattractiveamprdquo said Nitesh Sharma and Dhawal Doshi in the research report ampldquoOur checks indicate that Chinesefactories have nearly stopped catering to tyre demand from India as US markets were more lucrativeamprdquo
Ceat rose by 607 on Tuesday Apollo Tyres was up 396 MRF gained 186 and Goodyear India jumped by 129 amongmajor tyre companies
The report titled amplsquoTables Turn Chinese players out rubber fallingamprsquo further said Chinese imports will not bounce backsoon
Demonitisation too has dent a blow to the tyre imports from China which were largely in cash China accounted for roughly 120000 tyre units each month between April to October 2016 but it has fallen sharply now said experts
ampldquoTyre stocks will do well as rubber prices are on a downward spiralamprdquo said Mehraboon Irani Principal amp Head PrivateClient Group Nirmal Bang Securities ampldquoFall in auto sales and jump in rubber prices are not expected which may keep thetraction for tyre stocksamprdquo
Natural rubber prices had jumped to three year high in January due to floods in Thailand the largest exporter of rubber The priceswhich rose to Rs 210kg are now down by over 20 Meanwhile domestic tyre manufactures hiked tyre prices by 3-5 recentlyPhilip Capital has a buy on Ceat and Apollo Tyres with a target of Rs 1550 and Rs 239 respectivelyhttpeconomictimesindiatimescommarketsstocksnewstyre-stocks-race-ahead-as-china-cuts-india-tradearticleshow57633191cms
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How to avoid being overcharged for car service at dealerships The Financial Express
Authorised workshops or dealerships are the main preference for servicing of a customers new car There are dealerships that aregenuine and would not fleece your money while after sales treatment however there are others who would try and take everypenny from you This would also involve you to be thorough with the detailed billing as well as being cautious about understanding ifa requisite task is at all required in your car Here are some tips on how to avoid being overcharged while getting your car serviced
One key area where sales executives of a said dealership can suggest unnecessary expense is anything related to the engineTasks like engine de-carbonisation or engine flushing are suggested right from the first service however it is not required in avehicles early years A cars decarbonisation should ideally take place when the response from the engine is sluggish or there arefrequent misfires despite regular services This usually starts to happen after 60000 kms or more In case it is recommended by asales executive and he or she insists simply avoid by saying no Another popular unnecessary expense is fuel line cleaning whichis suggested at every service Remember that petrol is itself used as a cleaning agent in many applications so fuel line cleaningshould be carried out only in case of a problem
Another aspect where customers are cheated is due to the lack of knowledge about their respective vehicle There have been caseswhere a dealership has conned a customer by putting spark plugs in a diesel car or heater plugs in a petrol engine powered vehicleA diesel car does not have spark plugs (but a petrol car does) and similarly a petrol car doesnt have heater plugs (which arepresent in diesel cars) Additives are advised by many service advisors but these arent needed unless specified by the carmakerKnowing the basic mechanical and electrical parts of your car can go a long way in saving you your money
Other mechanical parts where a person can be overcharged is the clutch adjustment Most modern manual transmission cars soldin India have a hydraulic clutch which is self adjusting till the time the pressure plates and the clutch plates are completely worn outA worn out clutch system will require more pressure to depress the pedal thereby indicating the clutch plates andor pressure plateswould need replacement Ideal time to replace is not at every service which clever dealerships would suggest but at least a gap ofthree service intervals is recommended (with the service interval at every 10000 kms)
All carmakers offer an owners booklet which has all the details of which part needs to be replaced when and the recommendedservice interval When getting your car serviced always refer to this manual and insist on only the aspects mentioned in the manualto be donehttpwwwfinancialexpresscomautocar-newshow-to-avoid-being-overcharged-for-car-service-at-dealerships587326
Top
Emissions Environment
Finance amp Insurance
Customer not bound by tie-up between vehicle dealer insurer Pune Court Vishwas KothariThe Economic Times
Pune The district consumer court here has ruled that a tie-up between a vehicle dealer and an insurance company is not bindingupon the consumer who buys a vehicle from such a dealer
The court has directed the Bajaj Allianz General Insurance Company in Yerawada here to refund a premium of Rs 21053 ampmdashalong with an annual interest of 9 since September 20 2014 ampmdash and a Rs 5000 fine to a Daund resident for failing to renewhis car insurance despite the latter having paid the renewal premium through the online NEFT transaction
The interest component payable so far works out to over Rs 4700
The company argued that the consumer did not route the payment through the vehicle dealer by way of a demand draft as wasrequired under an agreement between the company and the vehicle dealer
Shankar Raghunath Chavan a resident of Kusegaon in Daund had purchased an insurance policy from the company for his car onSeptember 21 2012 A year later the policy was renewed for the period between September 21 2013 and September 20 2014 Atthe end of this term he had received a reminder from the company for the renewal of his policy
Through the net banking facility Chavan made a payment of the renewal premium worth Rs 21053 for the term betweenSeptember 21 2014 and September 20 2015 He then made repeated requests to the company for the issuance of the policydocument
However in December 2014 when he approached the company he was shocked to learn that his policy had ampldquoexpired due tonon-renewalamprdquo The company did not renew his policy even after his repeated reminders This prompted him to move theconsumer court seeking refund of the premium amount and appropriate costs towards physical and mental agony
The bench observed in its order ampldquoIt is not denied by the insurance company that the complainant (Chavan) had paid thepremium It is the case of the insurance company that as per practice prevailing between the company and the dealer the paymentshould be made by demand draft through the dealer so that the policy can be renewed conveniently It is true that the dealer of thevehicle was not aware about the payment of premium made by the complainant However a tie-up between the dealer and theinsurance company is not binding upon the consumeramprdquo
ampldquoDocumentary evidence which is produced by the complainant is sufficiently eloquent and speaks about inaction on the partof the insurance company Even after sending documentary evidence as regards to payment of policy premium the insurancecompany has failed to renew the policy Definitely this act on the part of the company amounts to deficiency in serviceamprdquo thebench ruledhttpautoeconomictimesindiatimescomnewsindustrycustomer-not-bound-by-tie-up-between-vehicle-dealer-insurer-pune-court57623564
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Analysts in wait-and-watch mode on Bajaj Finance Hamsini KarthikBusiness Standard
A robust business model established over years of experience often tends to withstand the test of time quite remarkably That ofBajaj Finance Indiaamprsquos largest consumer durables financier is one such example
During the note ban period there were doubts on whether Bajaj Finance could replicate its historic performance in terms ofcustomer acquisition loan growth and more importantly asset quality in the December quarter (Q3) Much to the Streetamprsquossurprise Bajaj Finance comfortably met these parameters
Customer acquisition grew by 35 per cent year-on-year in Q3 while assets under management expanded by 33 per cent to Rs57600 crore year-on-year Even asset quality stood out with gross non-performing assets ratio at 147 per cent and that toowithout utilising RBIamprsquos 90-day dispensation on loans less than Rs 1 crore Overall financials remained robust with net interestincome and net profit growing by 27 and 36 per cent respectively These factors have helped Bajaj Financeamprsquos stock reboundfrom its demonetisation period low of Rs 766 to Rs 1125 on Tuesday
However after outperforming the broader markets by a reasonable margin for most of the last two years the stock has lagged inthe past six months Bloomberg data indicate that while the Bank Nifty has gained six per cent in the past six months Bajaj Financeis up only 21 per cent Analysts nonetheless feel that Bajaj Finance may not surpass its previous high of Rs 1180 in a rush
Pointing to some key indicators they prefer to see how March quarter pans out particularly on consumer loans before altering theirexpectations on the stock
Consumer loans which grew by 52 per cent year-on-year in September quarter (Q2) grew 47 per cent year-on-year in Q3 Butwithin this segment consumer durables grew slower at 27 per cent versus 48 per cent in Q2 As for the vehicle financing (two andthree wheelers) the dependence on Bajaj Auto was seen higher in Q3 ampndash 46 per cent dependence on Bajaj Auto fortwo-wheelers and 29 per cent for three-wheelers as against 38 per cent and 18 per cent respectively a year ago Average ticketsize which dipped post demonetisation is yet to see a strong recovery All these factors prompt analysts to be on a wait-and-watchmode
ampldquoWe arenamprsquot able to see a secular return in consumer buying yet While demand for consumer durables may havepicked up as summer sales is already playing out we canamprsquot say the same for vehicle salesamprdquo says an analyst with adomestic brokerage
Analysts at Jefferies feel the annual compounded loan growth for Bajaj Finance could be lower in FY16-19 compared to what was inFY13-16 The brokerage flags that at current valuations (52 x FY18 price-to-book) risk-reward appears negativehttpwwwbusiness-standardcomarticleopinionwhy-analysts-are-in-wait-and-watch-mode-on-bajaj-finance-117031400674_1html
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SBI announces Rs 6000-cr tractor loan settlement scheme PTISee this story in The Economic Times
State Bank of India (SBI) today announced a one-time farm loan settlement scheme worth Rs 6000 crore primarily for tractors
One Time Settlement (OTS) announced for Agriculture Loans Scheme valid until 31st March Contact your branch for details ampbenefits the nations largest lender said on the microblogging site Twitter today
Managing director Rajnish Kumar told CNBC-TV18 the scheme will result in the bank taking a 40 per cent haircut on outstandingtractor loans as of September 2016
SBIs total farm loan portfolio is Rs 125 trillion and Kumar said the tractor loan book is about Rs 6000 crore
He said doubtful or loss category accounts as of September 2016 which were disbursed before September 2011 will beconsidered under the scheme He said a circular in this regard was sent to branches on February 2
But he was quick to add the OTS has nothing to do with Prime Minister Narendra Modis promise of a loan waiver to UP farmersduring the just concluded elections saying there were no talks with the Centre or state in this regard so far SBIs Uttar Pradeshportfolio will be around Rs 13000 crore
SBI had announced OTS schemes for SMEs last December and education loans early in 2016
He said other agri loans like kisan credit cards and other term-loans for tractors and farm loans may also be covered under theschemehttpwwwdnaindiacommoneyreport-sbi-announces-rs-6000-cr-tractor-loan-settlement-scheme-2352737SBI to allow one-time settlement for tractor farm equipment loansminthttpwwwlivemintcomIndustryiXDTXX1onxjwfHcz731WzJSBI-announces-Rs6000-crore-tractor-loan-settlement-schemehtmlSBI announces rs 6000-crore tractor loan settlement schemeThe Pioneerhttpwwwdailypioneercombusinesssbi-announces-rs-6000-crore-tractor-loan-settlement-schemehtml
Top
Oil Lubricants amp Alternative Fuels
Oil hovers near three-month low as investors awaits data ReutersSee this story in The Hindu Business Line
Tokyo Crude oil prices hovered near three-month lows on Tuesday in early Asian trading as investors await key reports and datathat may shed light on a supply overhang in the global market
US West Texas Intermediate crude (WTI) edged down 3 cents to $4837 a barrel by 0026 GMT The contract ended down 9 centsin the previous session after touching $4790 the lowest since the end of November
Brent crude futures were down 1 cent at $5134 a barrel having settled down 2 cents on Monday after dipping to as low as $5085
Prices fell sharply last week as investors worried that swelling US crude supplies would hinder Organization of the Petroleum
Exporting Countries (OPEC)s efforts to restrict output and reduce a global glut
Prices had risen after the OPEC and other major oil producers including Russia agreed at the end of November to rein inproduction by almost 18 million barrels per day (bpd) in the first half of 2017
ampldquoIts shaping up to be another fun week in the crude complex with OPEC releasing its monthly oil market report on Tuesdayswiftly followed by the IEAs monthly oil market report the day afteramprdquo Matt Smith analyst at ClipperData said in a note
The International Energy Agency releases its closely watched monthly oil market report on Wednesday
Data from the industry group the American Petroleum Institute on US crude and product stockpiles is also due out later on Tuesday
Analysts said the slump may not have much further to go now that prices have fallen more than 8 percent since last Monday thebiggest week-on-week drop in four monthshttpwwwthehindubusinesslinecommarketscommoditiesoil-hovers-near-threemonth-low-as-investors-awaid-dataarticle9582601ece
Top
News Magazines
Mahindra Electric geared up to be a component supplier Autocar India
Speaking to Autocar India Mahindra Electric (ME) stated that the company is open to being a supplier to other vehiclemanufacturers and will sell complete electric drive systems to those interested At present the ME plant builds the e2o while it shipsout the drive systems for the eVerito sedan and eSupro van For this purpose the production line has been modified to produce notjust built-up vehicles but also fully ready electric drive systems that can be offered to other manufacturers interested in procuringthem With expertise in electrification virtually absent in India ME hopes to build on its first-mover advantage and cater to theindustry Itamprsquos unlikely that there would be any takers for passenger cars but commercial and three-wheeler manufacturerscould be potential customers
Mahindra also confirmed that they are open to supplying other bits like charge system controllers as well Mahindra outsources thebattery and electric motor for its EV powertrains and has no plans of producing these components in-house as apart from the hugeinvestments needed there is no real advantage Battery technology is quite specialised and there are many players in this fieldalready And with electric motor efficiency already at 80 percent ampndash compared to about 30 percent for internal combustionengines ampndash there is very little to differentiate one EV maker from another Mahindra believes the real differentiator in the nearfuture will be in the battery management systems where big gains can be made in the charging and discharging cycle Thus ME isputting a lot of effort into this area and going forward has ambitions to be a supplier solely for battery management systems toother manufacturershttpwwwautocarindiacomauto-newsmahindra-electric-geared-up-to-be-a-component-supplier-404432aspx
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Tesla Model Y SUV due by 2019 Autocar India
Tesla Inc recently renamed from Tesla Motors Inc is on the verge of what it says will be a massive expansion of production with twonew models due to arrive in the next two years
Alongside the much-hyped Model 3 Tesla is also expected to launch an entry-level crossover based on the same platform andrumoured to be badged the Model Y
The starting price of the Model 3 is likely to be around $37000 (Rs 2435 lakh approx) with the Model Y expected to be slightlymore expensive However Tesla founder Elon Musk believes the transaction prices of the new compact Teslas will go higherbecause buyers will be keen to add paid options to their vehicles
While the compact Model Y could turn out to be Teslaamprsquos best seller ampndash some seven million crossovers of all types weresold in the US last year ampndash Musk recently tweeted that the Model 3 remained the biggest priority for the company
The Model Y is unlikely to be unveiled until sometime next year with production set to follow late in the year Little in the way ofspecification has been released though it is expected to borrow the top-hinged amplsquofalcon wingamprsquo rear doors from thebigger Model X SUV
The Model Y will also have the promised updated electrical architecture that will allow Tesla to offer full autonomous drivingcapability Future Tesla cars will be equipped with as many as eight cameras giving a 360-degree view of the surroundingroadscape as well as 12 ultrasonic sensors and a amplsquonewamprsquo forward-facing radar that works in the worst weatherconditions Existing radar systems can be fooled by heavy rain and fog
Musk also said the new electrical architecture has a brain that is as much as ampldquo40 timesamprdquo more powerful than onprevious Teslas calling it a ampldquosupercomputer inside the caramprdquo The autonomous driving technology though will be offered
as add-on option to customers on both entry-level Teslas
Another challenge for the Model 3 and Y will be balancing their lower price against the need for a battery big enough to give anacceptable range
The entry-level Model 3 may have a cheaper sub-60kWh battery but will still need to have a range of at least 370km The ModelYamprsquos more bluff shape and greater frontal area might mean a bigger battery for the same range and so a slight price premium
Tesla is in a race against time to achieve the kind of production levels needed to turn around what is still a cash-hungry operationThe firm has spent nearly $2 billion (Rs 1316350 crore approx) since 2010 with investments including building the battery-makingGigafactory and trying to expand car production to a massive 500000 units a year
Tesla delivered around 76000 vehicles last year but says it was able to build around 2000 cars a week by the second half of 2016With as many as 400000 deposits taken for the Model 3 the company is looking to produce well over 100000 of the BMW3-series rival before the end of this year
Muskamprsquos expansion plans will test the limits of the capabilities of Teslaamprsquos suppliers and those of its own plant inFreemont California But getting to annual sales of half a million vehicles should finally push the carmaker into profit and secure thecompanyamprsquos long-term futurehttpwwwautocarindiacomauto-newstesla-model-y-suv-due-by-2019-404434aspx
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VW promises higher focus on EVs after record sales year Autocar India
The Volkswagen Group ampldquowill be a role model in environmental protection safety and integrityamprdquo according to CEOMatthias Muller who was speaking as the firm confirmed a record-breaking sales year in 2016
Outlining plans for the firm to reinvent itself as a far-reaching mobility company in the wake of the emission scandal Muller revealedthat the VW Group sold 103 million cars in 2016 making it the worldamprsquos largest car manufacturer It made pound62 billion in profitafter allowances including pound56 billion of losses to cover emission scandal costs In 2015 expenses relating to emission scandalamounted to pound142 billion
Most notably its sales in China where the effects of the diesel crisis were negligible grew 122 percent and its 2016 salesrevenues of pound1904 billion also exceeded forecasts by pound35 billion
ampldquoThe last year was challenging yet remarkably successfulamprdquo said Muller ampldquoIn 2016 we set the course for thebiggest transformation in the history of the company while at the same time performing better in our operating business than manythought possibleamphellipVolkswagen is back on trackamprdquo
Muller vowed that the success would be a catalyst for further change adding ampldquoWe will still be one of the most successfulautomakers in 2025 But we will also be a leading international provider of sustainable mobility and set the standard for new mobilityservicesamprdquo
New initiatives include a stated goal of taking leadership in the field of battery technology by 2025 which is by when the VW Grouphas committed to have solid state batteries in production These are seen as the next technological step over the lithium-ionbatteries currently favoured by most manufacturers The VW Group has committed to have 30 battery-electric vehicles on sale by2025
He also signalled that Audi had been tasked with leading the Groupamprsquos autonomous driving projects while adding that the VWGroup now had 37 centres around the world working on autonomous and digital service ideas pivoting around the Groupamprsquosnew mobility company Moia which was set up last year
Muller also highlighted recent joint ventures ampndash in China with FAW and JAC the latter of which will lead to the co-developmentof a budget electric car line in India with Tata Motors and in America with Navistar which is in the commercial vehicle segmentampndash as examples of the firmamprsquos commitment to forging partnerships to boost sales success He also confirmed that thefirst economy vehicles to be developed by the brand will go on sale in emerging markets in 2018httpwwwautocarindiacomauto-newsvw-promises-higher-focus-on-evs-after-record-sales-year-404433aspx
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Mercedes to expand E-class range with E 220 diesel Autocar India
The tenth-generation Mercedes-Benz E-class launched for the first time in India with a long wheelbase has moved the goalposts toset new standards for comfort and space in its segment The E-class comes with two engine options ampndash the base E 200 petroland the top-of-the-line
E 350 diesel Priced at Rs 5670 lakh and Rs 7015 lakh (ex-showroom Delhi) respectively these two variants bookend the E-classrange and is essentially aimed at two sets of customers The E 200 buyer is likely to be almost always chauffeur-driven and henceis mainly interested in rear seat space and comfort while the E 350d customer wants all the bells and whistles as well as the
sublime driving experience only the silky smooth and torquey V6 diesel can offer
However that still leaves a massive Rs 1345 lakh gap in the range which no doubt future E-class variants will eventually plug butwhich one will find that sweet spot to form the bulk of E-class sales
Itamprsquos no surprise then that Mercedes-Benz India is readying a base diesel which like the previous-generation W212 E-class islikely to be the most popular variant offering a strong dose of practicality without too much of a compromise on refinement andluxury
But unlike the W212 which had the E 250d representing the base diesel in the range Mercedes-Benz India is offering the lower E220d as the starting point for the E-class diesel This suggests that the E 220d will be very attractively priced when it goes on salearound June 2017 and could be priced very close to the E 200
The E 220amprsquos all-new 20 litre four-cylinder diesel which pumps out 194hp and 400Nm of torque may not have the punch ofthe outgoing E 250damprsquos 204hp and 500Nm motor but again given the chauffeur-driven focus the new E-class has beenconceived for the newE 220damprsquos performance is unlikely to be an issue
What is a big issue however is downgrading the 20-litre motor which has been designed for stricter Euro-VI emissions to run onlocally available BS-IV diesel ampldquoItamprsquos such a waste of engineering resource and a step backwardsamprdquo said aMercedes-Benz engineer The 2143cc (OM651) diesel engine which powered the previous E-class was easier to adapt to BS-IVfuel unlike the spanking new high-tech 1995cc (OM654) diesel thatamprsquos built to meet the latest global emission standards Infact the OM654 made its debut in the latest E-class when it was launched globally in 2016 Its advanced tech includes a uniquealuminium engine block with steel pistons a special low-friction coating for the cylinder walls and a fourth-generation common-raildiesel injection system At 168kg it is 31kg lighter than the engine it replaces
Downgrading a Euro-VI engine to BS-IV standards takes a lot of time and resources but there is no way out until fuel pumps in Indiaget low-sulphur BS-VI fuel which is not expected until 2020 The BS-IV-spec OM654 wasnamprsquot ready in time for the newE-class launch and this is one reason why the E 220d is coming a couple of months later The other reason could be a strategicone Mercedes-Benz India wants to wait until BMW launches the all-new 5-series expected in June and in a counter move tweakthe E 220damprsquos mix of specifications features and price accordingly A starting price of Rs 57-58 lakh for the E 220disnamprsquot unlikely especially since this variant will be Mercedes-Benz Indiaamprsquos trump card in a luxury car segment it seemsdetermined to dominatehttpwwwautocarindiacomauto-newsmercedes-to-expand-e-class-range-with-e-220-diesel-404429aspx
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Nissan to launch Kicks SUV in Q3 2018 Autocar India
The Nissan Kicks SUV which made its global debut in 2016 in Brazil will be launched in India in the third quarter of 2018 accordingto company sources
However unlike the South American model which is spun off Nissanamprsquos V-platform the made-for-India Kicks (code PB1D)will be based on the upcoming Renault Kapturamprsquos (code HHA) platform This is essentially a modified version ofRenaultamprsquos proven M0 platform that underpins cars like the Duster and Lodgy which are known for their robust mechanicals
The M0 is also a critical part of the Renault-Nissan Allianceamprsquos platform strategy in India which is essentially centred aroundtwo platforms Whilst the CMF-A and CMF-A+ platforms underpin Renault and Nissanamprsquos (and later Mitsubishiamprsquos) smallto mid-size car range in India the M0 platform will cater to higher end products The low-cost M0 platform has proved to be a cashcow for Renault globally and is ideally suited for markets like India The allianceamprsquos European-spec CMF-B platform was alsoevaluated initially but was eventually rejected as it proved to be a lot more expensive than the M0 which has also been localisedover the years
Developed and conceived originally by Renault for its Dacia sub-brand over a decade ago the French carmaker has first rights toproducts spun off the M0 platform and hence like the Nissan Terrano which followed the Renault Duster the Nissan Kicks too willfollow the Renault Kaptur to India but almost a year later
While both the Kaptur and Kicks will use the same modified version of the platform the amplsquotop hatsamprsquo will be completelydifferent The Kicks design and styling will mirror the South American car and thatamprsquos no bad thing
Sharply styled with lots of distinctive design touches like a floating roof massive wheel arches and a wraparound visor look theKicks wonamprsquot have a problem standing out on Indian roads The good thing is that the edgy design hasnamprsquot compromisedpracticality and Nissan claims best-in-class space in the back seat
Cars based on the M0 platform get a choice of just two engines a 16 petrol and the venerable 15 K9K diesel and hence these arelikely to be carried forward into the Kicks as well The 15 diesel is expected to be the mainstay but its likely that in its latest iterationthere will be a small bump up in power and torque
Nissan has set an ambitious target of 30000 Kicks in its first full year of production with an additional 20000 units earmarked forexports Pricing will be crucial for the Kicksamprsquo success and Nissan may do well to undercut its rivals to buy some much neededmarket sharehttpwwwautocarindiacomauto-newsnissan-to-launch-kicks-suv-in-q3-2018-404426aspx
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International News
Volkswagen CEO gets 778 mn euros in pay and benefits for 2016 ReutersSee this story in The Economic Times
Wolfsburg Volkswagen Groups Chief Executive Matthias Mueller was awarded 778 million euros ($828 million) in pay andbenefits for 2016 up from 417 million euros in total remuneration awarded a year earlier the companys annual report showed onTuesday
Mueller was not awarded a full years CEO pay for 2015 since he only took over as chief executive in September following theresignation of his predecessor Martin Winterkorn who was forced out in the wake of a diesel emissions cheating scandal
Volkswagen overhauled its bonus and executive pay policy in February this year to cap total pay for its chief executive at 10 millioneuros ($106 million) and other top managers at 55 million euros
Volkswagen brand chief Herbert Diess saw his total remuneration for 2016 fall to 393 million euros down from 713 million in 2015the annual report showed
($1 = 09401 euros)httpautoeconomictimesindiatimescomnewsindustryvolkswagen-ceo-gets-7-78-mn-euros-in-pay-and-benefits-for-201657631837Volkswagen CEO Matthias Mueller says not ruling out merger talks with Fiat ChryslerThe Financial Expresshttpwwwfinancialexpresscomindustryvolkswagen-ceo-matthias-mueller-says-not-ruling-out-merger-talks-with-fiat-chrysler587861
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Volkswagen CEO US remains core market for company APSee this story in The Economic Times
Frankfurt The CEO of German automaker Volkswagen says the United States remains a core market for the company despite itsdiesel emissions scandal and has underlined that it hopes to expand there
Matthias Mueller made the comments Tuesday at the companys annual news and investor conference at its headquarters inWolfsburg Germany
Mueller said that we are standing by our investment decisions and intend over the long term to play a significantly greater role therethan today
The Volkswagen brand has only a small share in the US market although it is important for the companys luxury brands Porscheand Audi It makes cars in Chattanooga Tennessee
US authorities uncovered Volkswagens use of engine control software that enabled vehicles to cheat on emissions testshttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsvolkswagen-ceo-us-remains-core-market-for-company57633149
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Volkswagen targets strong 2017 even as core brand struggles ReutersSee this story in The Economic Times
Wolfsburg Germany Volkswagen said it was capable of shouldering the costs of its emissions crisis and was targeting an evenbetter year than in 2016 but warned that its core autos division continued to struggle
We see good chances of being able to ride the wave of the positive performance last year when Volkswagen turned in recordunderlying profit helped by sales of upmarket Audis and Porsches Chief Executive Matthias Mueller said on Tuesday at thecarmakers annual news conference
Volkswagen expects group revenue to exceed last years record 217 billion euros ($231 billion) by as much as 4 percent this yearand is forecasting an underlying operating margin of between 6 and 7 percent compared with 67 percent in 2016 it said affirminga forecast given on February 24
The company also aims to moderately exceed last years record 103 million deliveries
You can rest assured that we will do everything in our power to make 2017 an even better year than 2016 the CEO said
But Volkswagen appears to be making slow progress in tackling the biggest trouble spot within the 12-brand group thelong-planned turnaround of its core autos division
Operating profit of the namesake brand slipped further to 187 billion euros in 2016 from 210 billion a year earlier because of highermarketing costs related to dieselgate and plunging demand in Brazil and other key markets finance chief Frank Witter said
($1 = 09394 euros)httpautoeconomictimesindiatimescomnewsindustryvolkswagen-targets-strong-2017-even-as-core-brand-struggles57630343
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VW CEO says not ruling out merger talks with Fiat Chrysler boss ReutersSee this story in The Economic Times
Wolfsburg Volkswagen Chief Executive Matthias Mueller said he is not ruling out talks with Fiat Chrysler boss Sergio Marchionneabout a possible merger
I am not ruling out a conversation Mueller told reporters on Tuesday after the carmakers annual earnings press conference inWolfsburg
Marchionne has long advocated car industry mergers to share the costs of making cleaner and more technologically advancedvehicles and has repeatedly relayed his desire via the media
It would be very helpful if Marchionne were to communicate his considerations to me too and not just to you Mueller said
I am pretty confident about the future of Volkswagen with or without Marchionne
Only last week Mueller appeared to dismiss the prospect of talks with Fiat Chrysler
We are not ready for talks about anything he told Reuters on the fringes of the Geneva auto show I havent seen Marchionne formonths he said at the timehttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsvw-ceo-says-not-ruling-out-merger-talks-with-fiat-chrysler-boss57632909
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Volkswagen chief denies talks with Fiat AFPSee this story in The Economic Times
Berlin Volkswagen chief Matthias Mueller on Tuesday denied rumours that the German auto giant was in talks with rival FiatChrysler
At present there is no contact between me and Fiat Chrysler boss Sergio Marchionne Mueller told the companys annual pressconference in Wolfsburg north Germany
Marchionne had said at the Geneva car show last week that he was expecting Volkswagen to reach out as more firms are thinkingof cost-cutting tie-ups in the vein of Frances Peugeot and German carmaker Opel
In response Mueller said he had other problems since VWs 2015 admission that it installed software to cheat regulatoryemissions tests in 11 million vehicles worldwide
He nevertheless added that Ive never said a tie-up with any other partner is altogether ruled out
VW clawed its way back to profit in 2016 and pulled ahead of Toyota to become the worlds biggest carmaker by unit sales shipping103 million vehicles over the year
Mueller on Tuesday confirmed the groups forecast of moderate growth in sales in 2017
But the firm is far from turning the page as it continues to refit cars equipped with the cheating software and faces legal action fromcustomers and investors in numerous countries
The final bill for the scandal is impossible to predict Mueller acknowledged
All we know is that this question will keep us busy for a long time several years he saidhttpeconomictimesindiatimescomindustryautovolkswagen-chief-denies-talks-with-fiatarticleshow57633113cms
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Volkswagen has good chances to build on strong 2016 performance CEO ReutersSee this story in The Economic Times
Germany Volkswagen has good chances of building on its strong 2016 performance when it swung to a record underlying profitdespite its diesel emissions crisis Chief Executive Matthias Mueller said
The Volkswagen Group is in very robust shape Mueller said on Tuesday at the carmakers annual news conference in Wolfsburg
VW expects group revenue to exceed last years record 217 billion euros ($231 billion) by as much as 4 percent this year and isforecasting an underlying operating margin of between 6 and 7 percent compared with 67 percent in 2016 it said affirming aforecast given on Feb 24
Still operating profit of its core autos division slipped further to 187 billion euros in 2016 from 210 billion a year earlier as the brandis struggling to implement a wide-ranging turnaround planhttpeconomictimesindiatimescomnewsinternationalbusinessvolkswagen-has-good-chances-to-build-on-strong-2016-performance-ceoarticleshow57630339cms
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BMW i3 batteries to be used by Vattenfall The Economic Times
New Delhi Swedish power making company Vattenfall and German auto giant BMW Group have signed a contract for the deliveryof up to 1000 lithium-ion batteries this year The batteries with a capacity of 33 kilowatt hours (kWh) each are equipped with aBMW-owned battery management system and are also used by the car manufacturer in the BMW i3
Vattenfall will purchase the new batteries from the BMW plant in Dingolfing and use them in all storage projects
Energy storage and grid stability are the major topics of the new energy world says Gunnar Groebler Senior Vice President ofVattenfall and Head of Business Area Wind
We want to use the sites where we generate electricity from renewable energies in order to drive the transformation to a newenergy system and to facilitate the integration of renewable energies into the energy system with the storage facilities Thedecoupling of production and consumption and the coupling of different consumption sectors are in the focus of our work
The first energy storage from the BMW-i3 batteries is being built at the 122 MW onshore wind farm Princess Alexia nearAmsterdam With a capacity of 32 megawatts (MW) it is Vattenfalls first large storage project in the Netherlands
Pending on a final investment decision the largest battery storage will be built at the Vattenfall wind farm Pen y Cymoedd (230 MW)in South Wales - a 22-megawatt storage facility which will help to support the stability of the country-wide power grid in the UK aspart of the so-called EFR (Enhanced Frequency Response) service
As part of the project Norddeutsche Energiewende NEW 40 Vattenfall together with the Hamburg University of Applied Sciences(HAW) and the company Nordex will implement a large battery storage at the future wind farm in Hamburg-Bergedorf
This is a so-called storage control unit made of batteries It is meant to maintain the security of supply with a feed-in of 100 percentrenewable energy In addition the battery storage contributes to the improvement of the network quality and the more efficient useof the existing network structure Other possible applications would be electricity storage in private households Energy storagesolutions are an important part of Vattenfallamprsquos strive to power climate smarter living
We are pleased that we have found a supplier in BMW who meets our high safety requirements with the use of the batteries withreliably good quality from German series production says Daniel Hustadt project manager for large batteries at VattenfallInnovation GmbHhttpautoeconomictimesindiatimescomnewsindustrybmw-i3-batteries-to-be-used-by-vattenfall57630728
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Toyota to look at Saudi production as the countries seek closer ties ReutersSee this story in The Economic Times
New Delhi Toyota Motor Corp signed a memorandum of understanding (MOU) on Tuesday with a Saudi Arabian governmentagency to conduct a feasibility study into producing vehicles and parts in the Middle Eastern nation
The move if firmed up would be a big step for the Saudi economy as the government tries to diversify beyond oil exports andcreate jobs as part of the kingdoms 2030 Vision
So far Saudi Arabia and other Gulf oil exporters have failed to significantly develop industries such as automaking because theylack broad industrial bases and a skilled local workforce
The study would take into account the evaluation of development of a local supply base using materials produced by major Saudi
companies like Sabic Maaden Petro Rabigh and other major industrial companies in the kingdom the official Saudi state newsagency reported
The MOU is with Saudi Arabias National Industrial Clusters Development Program (NICDP)
Meanwhile state-run Saudi Aramco has signed MOUs with five Japanese entities during a business forum that both nations hostedon Tuesday coinciding with a visit by Saudi Arabias King Salman this week
Saudi Aramco and Japans biggest oil refiner JX Nippon Oil amp Energy (5020T) agreed to consider a refinery joint venture in a thirdcountry and cooperation in trading and technology of oil and petrochemical products
Aramco also agreed to consider a possible future cooperation in crude oil supply and downstream business with Idemitsu KosanCompany
In addition Aramco and state-run Japan Oil Gas and Metals National Corp (JOGMEC) formally agreed to expand crude storagecapacity in Japan by 300000 kilolitres (about 19 million barrels) from the current 63 million barrels from April 1
Japan treats crude oil stored by Aramco as quasi-government oil reserves counting half of the barrels stored by Aramco as nationalcrude reserves
Companies and government organizations in both nations signed a total of 20 MOUs on Tuesday including cooperation betweenthe Saudi Arabian General Investment Authority (SAGIA) and Japans three megabanks - Mitsubishi UFJ Financial Group (8306T)Sumitomo Mitsui Financial Group (8316T) and Mizuho Financial Group (8411T) - on increasing investments in the kingdom
The MOUs also included cooperation in seawater desalinationhttpautoeconomictimesindiatimescomnewsindustrytoyota-to-look-at-saudi-production-as-the-countries-seek-closer-ties57636587
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Geneva Motor Show 2017 Airbus unveils fully electric flying car PopUp The Economic Times
Geneva Airbus along with Italdesign has unveiled the first modular fully electric zero emission concept vehicle system - PopUpat the Geneva Motor Show 2017 informed the French company in an official statement
PopUp envisages a modular system for multi-modal transportation that makes full use of both ground and airspace and isdesigned to relieve traffic congestion in crowded megacities
PopUp System consists of a three layers concept1 an Artificial Intelligence platform that based on its user knowledge manages the travel complexity offering alternative usagescenarios and assuring a seamless travel experience
2 a vehicle shaped as a passenger capsule designed to be coupled with two different and independent electric propelled modules(the ground module and the air module) Other public means of transportation (eg trains or hyperloops) could also integrate thePopUp capsule
3 an interface module that dialogues with users in a fully virtual environment
Airbus claims The PopUp vehicle combines the flexibility of a small two seater ground vehicle with the freedom and speed of avertical take-off and landing (VTOL) air vehicle thus bridging the automotive and aerospace domains
PopUpamprsquos monocoque carbon-fibre cocoon measures 26 metres long 14 metres high and 15 metres wide The capsuletransforms itself into a city car by simply coupling to the ground module which features a carbon-fibre chassis and is batterypowered
For megacity journeys with high congested traffic the capsule disconnects from the ground module and is carried by a 5 by 44metre air module propelled by eight counter-rotating rotors
ampldquoAdding the third dimension to seamless multi-modal transportation networks will without a doubt improve the way we liveand how we get from A to Bamprdquo said Mathias Thomsen General Manager for Urban Air Mobility at Airbus on the occasion ofthe unveil
ampldquoSuccessfully designing and implementing solutions that will work both in the air and on the ground requires a joint reflectionon the part of both aerospace and automotive sectors alongside collaboration with local government bodies for infrastructure andregulatory frameworks Italdesign with its long track record of exceptional vehicle design was an exciting partner for Airbus for thisunique concept projectamprdquo
ampldquoToday automobiles are part of a much wider eco-system if you want to design the urban vehicle of the future the traditionalcar cannot alone be the solution for megacities you also have to think about sustainable and intelligent infrastructure appsintegration power systems urban planning social aspects and so on In the next years ground transportation will move to the nextlevel and from being shared connected and autonomous it will also go multimodal and moving into the third dimensionamprdquo saidItaldesign CEO Joumlrg Astaloschhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsgeneva-motor-show-2017-airbus-unveils-fully-electric-flying-car-pop-up57630936
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Nissan boosts management presence at Mitsubishi Motors ReutersSee this story in The Economic Times
Tokyo Mitsubishi Motors on Tuesday said an additional four Nissan executives would join its management team as Nissan tightensits control over the smaller struggling automaker in which it took a controlling stake last year
The announcement is part of Mitsubishi Motors efforts to rebuild its management system after it admitted last year that it hadoverstated the mileage on a number of its cars sold in Japan battering domestic sales and tarnishing its brand image
From April corporate vice president positions for roles including product development and marketing and sales would be occupiedby officials from Nissan Mitsubishi Motors said
This would hike the number of Nissan executives on Mitsubishi Motors management team to seven from two now
We need to strengthen our corporate governance to avoid a repeat of last years scandal along with scandals previous to thatMitsubishi Chief Executive Officer (CEO) Osamu Masuko told reporters during a teleconference
After taking a one-third stake in Mitsubishi Motors Nissan installed Carlos Ghosn - its CEO at the time - as chairman of MitsubishiMotors while also naming two Nissan officials to Mitsubishis board of directors
Nissan also dispatched other executives to the smaller automaker including Trevor Mann previously Nissans chief performanceofficer who became chief operating officer at Mitsubishi late last year
Last month Ghosn said he would step down from the top position at Nissan to focus on deepening the companys alliance withRenault SA and Mitsubishi Motors
Separately Nissan said Shiro Nakamura the companys chief creative officer and one of Japans best-known car designers willretire after nearly 20 years at the automaker
Nakamura 66 is recognised for referencing science fiction anime and embracing Japans culture of cute in models including theGT-R supercar the Cube compact MPV and the Juke SUV crossover setting the automaker apart from many of its rivals whichhave been accused of making lookalike cars
Nakamura joined Nissan in 1999 from Japanese truckmaker Isuzu Motors and was one of the first key hires by Ghosn shortly afterGhosn himself arrived from French automaker Renault to save the company from bankruptcy
Alfonso Albaisa who currently overseas design at Nissans premium Infiniti brand will succeed Nakamura while former BMWglobal chief designer Karim Habib will become the brands new chief designer effective July 1httpautoeconomictimesindiatimescomnewsindustrynissan-boosts-management-presence-at-mitsubishi-motors57631800
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Renault Zoe e-Sport breaks covers at 2017 Geneva Motor Show The Economic Times
New Delhi In the ongoing Geneva Motor Show Renault has showcased its new two-seat version of its electric car Renault Zoee-Sport The company claims to have taken the design cues from Formula E
The ZOE e-Sport Concept is the fully electric concept car that embodies Renaultamprsquos commitment to the idea that electric carscan be fun and fast says Renault The sporting credentials of the ZOE e-Sport Concept extend beyond the caramprsquos styling andthe same blue livery as the Renault edams teamamprsquos front-running Formula E single-seaters
The bodywork of the ZOE e-Sport Concept is made entirely from lightweight carbon fibre which helps to ensure outstandingacceleration from standstill to 100kph in just 32 seconds The car tips the scales at a mere 1400 kilograms including 450kilograms of batteries
The car is powered by two electric motors capable of generating 450 bhp and 650 Nm of torque One of the motor is powered to therear axle and the other to the front axle Renault Zoe e-Sport gets the same 40 kWh battery which powers the standard variant ofthe car
Jean-Christophe Kugler CEO Renault Europe said that the concept as a link car - a styling exercise intended to connect the Zoeroad car with what Renault is doing in Formula E racing and to send a message that EVs are fun to drive Its not a signal of thefuture for Zoe and we have no intention to develop a performance version
Renault also claims that the electric performance car uses the same air and water cooling systems as the Renaultamprsquos FormulaE car The car is based on a tubular steel chassis with use of extensive carbon fibre The car also gets four driving modes
At the moment Renault has no plans to make the Zoe e-Sport into productionhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsrenault-zoe-e-sport-breaks-covers-at-2017-geneva-motor-show57627528
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Sensata Technologies opens testing facility in Bulgaria ReutersSee this story in The Economic Times
Sofia Sensata Technologies has opened its largest global testing facility in Sofia to support its automotive sensing technologies thecompany said on Tuesday
Sensata which has manufacturing sites in 13 countries already employs 3000 people in Bulgaria where it produces pressure andhigh temperature sensors for the automotive market and operates a business centre
In recent years inexpensive labour low taxes and an educated workforce have encouraged dozens of car part producers and ITand business outsourcing companies to set up in the Balkan countryhttpautoeconomictimesindiatimescomnewsauto-componentssensata-technologies-opens-testing-facility-in-bulgaria57632975
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Driving driverless Quest for an autonomous car has reached a truck now Nandagopal RajanThe Financial Express
At San Franciscoamprsquos Pier 90 chock-a-block with cargo vehicles it is pretty tough for any truck to stand out But a white Volvotruck with Otto emblazoned on it is the centre of attention This is the next big thing in automated cars and has already shown itsmettle by delivering a consignment of Budweiser beer in Colorado without a driver controlling it on the freeway
Uber is one of the many companies thinking in terms of driverless car While CEO Travis Kalanick says automated vehicles areampldquoexistentialamprdquo for the ride-hailing companyamprsquos future he is not alone in the race to drive without drivers Just in theUS at least 23 companiesampmdashincluding Tesla Google and Volkswagenampmdashhave registered in autonomous vehicleprogrammes The idea that fuels this cutting-edge technology is pure economics at the end of the day Cars suffer from seriousissues of inefficiency as they sit idle 95 of the time Considering that the world has 1200000000 cars this is inefficiency at agargantuan scale Add to this the fact that cars amount for 22 of all emissions globally and muddy the urban infrastructureproblem by creating the need for parking spaces
Since 1984 when the first experimental self-driving cars appeared there has been much progress on the technology leading toMercedes-Benz showcasing its concept car the F 015 at the Consumer Electronics Show in Las Vegas in 2015 Everyone has adifferent take on the technology but in the end the idea is to make cars intelligent and independent enough to be aware ofsurroundings and take decisions based on that
Interestingly Uberamprsquos dream is to bring ampldquoreliable transportation to everyone everywhereamprdquo now extended toeverything too with the trucks from Otto a start-up it acquired last year Matt Sweeney who heads product at UberamprsquosAdvanced Technology Group says ampldquothe truck and passenger vehicles share software and hardware components and thishelps us work on different aspects of the self-driving problem at the same timeamprdquo But on scope passenger vehicles are forurban environments where Uber has its focus on ride-sharing while trucks will be for high-speed highways where the constraintsare different
Just last week Uber got a permit from California Department of Motor Vehicles to test two self-driving Volvo SUVs on public roadsthough it will need to have backup drivers behind the wheel in case the prototype cars malfunction Its self-driving cars have beenrunning test drives in other parts of the US too
The Otto truck comes with a rig of radars laser scanners and stereo cameras that give the computers inside a live 360-degreevision of its environment with high dynamic range high resolution and high colour information imagery so that the truck can besmart enough to decide what to do next But the computing task this presents is ampldquoalmost as big as a small datacentreamprdquo Sweeney says the computing has to be done inside as ampldquothere is no tech that can let us send all that data tothe cloud real time and hence a lot of the computing has to be done in the truck itselfamprdquo
ampldquoA lot of the tech is based on prior mapping but in subsequent runs we see differences that have come about in the area andpay attention on those objects that are differentamprdquo
Interestingly Otto is being sued by Googleamprsquos Waymo self-driving car unit which claims its former employee and start-upfounder Anthony Levandowski stole its proprietary design for its laser-based radar system There are other challenges tooampldquoUber tech is different because we are trying to make this on top of the ride-sharing network that we already haveamprdquo headded
Nissan in contrast keeps the driver and not the technology at the centre and its definition of an ampldquoautonomous caramprdquo ishence a vehicle with different levels of driving technologies that enable it to operate autonomously for certain periods of time ANissan spokesperson said on the technology side the challenges are in artificial intelligence software development data processingand digital mapping technologies while on the social environment side laws and regulations along with modifications of roadinfrastructure will become necessary
This contrast in technologies is why it is important to see how the entire ecosystem evolves maybe with different platforms talkingto each other But Uber is not depending on this ampldquoWe need to see and interact with vehicles but there is no guarantee wewill have that technology So we are approaching it with the assumption it wonamprsquot existamprdquo says Sweeney
Uberamprsquos goal is to take its technology everywhere but can these vehicles actually be practical for an environment like IndiaSweeney accepts the new elements this will throw in along with the sheer volume will present a slew of challenges ampldquoThoseare situations we think we will be able to tackle but those are not the first places we will goamprdquo he explains adding that theywill look for opportunities where they can deploy this technology safely Clearly this drive has just started(The author attended the Uber Media Summit in San Francisco at the invitation of Uber)httpwwwfinancialexpresscomopiniondriving-driverless-quest-for-an-autonomous-car-has-reached-a-truck-now588112
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Samsung completes acquisition of Harman The Economic Times
New Delhi The arrest of the Vice-Chairman of Samsung Board Lee Jae Yong on bribery and corruption charges has not affectedthe deal between Samsung and Harman International IndustriesIn a media statement the South Korean giant confirmed thecompletion of its largest such deal ever
Under the terms of the merger agreement Harman stockholders will receive $11200 per share in cash The completion follows thesatisfaction of all conditions to the closing of the transaction including approval of the transaction by HARMAN stockholders andreceipt of all necessary regulatory approvals in the United States and certain foreign jurisdictions
ampldquoToday is a historic moment for us The close of this transaction opens the door to create substantial growth opportunitiesand deliver greater benefits for customers worldwideamprdquo said Young Sohn President and Chief Strategy Officer of SamsungElectronics and Chairman of the Board HARMAN ampldquoWe see transformative opportunities in the car ampndash and a futurewhich seamlessly connects lifestyle across automotive home mobile and work Samsungamprsquos and HARMANamprsquosleadership in these spaces perfectly positions Samsung to be the preferred partner to our OEM customers In addition bringingtogether HARMANamprsquos iconic audio brands and capabilities paired with Samsungamprsquos leading display technologies willdeliver enhanced audio and video experiences to consumers and professional end markets And most importantly we areenthusiastic about our common vision the similarities in our culture of innovation and the added value we can create for customersWe look forward to working with all of HARMANamprsquos employees to execute on our visionamprdquo
Harman boasts around 30000 employees spreadout across different brands including JBL Infinity Lexicon and Mark LevinsonThe company will continue to conduct business as an independent subsidiary under the terms of the deal with Samsung
ampldquoWe are excited to have completed the transaction which provides compelling cash value to our stockholders benefits ourcustomers and provides new opportunities for our employeesamprdquo said Dinesh Paliwal Harman President and CEOampldquoSamsung shares our commitment to our customers and our culture of speed innovation and execution Samsung providesHarman with the scale platform and complementary technologies to accelerate growth and extend our global market leadership inautomotive smart audio and connected technologies Recognizing the importance of partnerships in an increasingly connectedworld particularly in automotive we are poised to leverage our combined teams and resources to produce even greater value forour customers Working closely with automakers and other technology companies Samsung and Harman will define ampndash anddrive ampndash the future of automotiveamprdquohttpautoeconomictimesindiatimescomnewsauto-technologysamsung-completes-acquisition-of-harman57624440
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Skoda delivers 81200 units in Feb 2017 globally The Economic Times
Mlada Boleslav Czech car manufacturer Skoda in a press release stated that the company delivered 81200 vehicles to customersworldwide in February 31 more than in the same period last year (February 2016 78800) brvbarkoda also claims that it has soldmore cars than any February in its history The Czech manufacturer achieved double-digit growth in Central and Eastern Europe (+129 and + 133) India (+ 128) and Israel (+ 198) among others
We are delighted with our strong start to 2017 We expect the market launch of the OCTAVIA product upgrade as well as the newKodiaq to create further momentum says Werner Eichhorn brvbarKODA Board Member for Sales and Marketing
In Western Europe deliveries to customers rose by 70 in February to 34800 vehicles (February 2016 32500) With 12600vehicles Germany remains the strongest single European market (February 2016 12100 vehicles +45) brvbarKODA recordeddouble-digit growth rates in the UK (3400 vehicles +236) Italy (2200 vehicles + 201) Belgium (2 000 vehicles +271) andAustria (1900 vehicles +647)
In Central Europe brvbarKODA achieved an increase of 129 with 17400 cars (February 2016 15400 vehicles) Deliveries on thehome market of the Czech Republic rose by 88 to 8200 vehicles in Poland (5700 vehicles + 163) Slovakia (1700 vehicles+154) Slovenia (600 vehicles +226) and Croatia (300 vehicles +469) also rose in double figures
In Eastern Europe excluding Russia Skoda achieved a year-on-year increase of 133 with 2800 vehicles delivered (February2016 2500 vehicles) In the same period 400 customers in Ukraine received their new brvbarKODA ampndash an increase of 939(February 2016 200 vehicles) The number of deliveries increased significantly in Bosnia (200 vehicles + 557) Bulgaria (200vehicles +175) and the Baltic States (600 vehicles + 229) In Russia brvbarKODA achieved an increase of 46 with 4300vehicles (February 2016 4100 vehicles)
In China ampndash the brandamprsquos largest market worldwide ampndash brvbarKODA handed over the keys to 15000 new vehicles(February 2016 18500 vehicles -188) Deliveries overseas increased by 98 to a total of 2500 vehicles
At the Geneva Motor Show brvbarKODA is presenting several new highlights These include the brvbarKODA KODIAQ SCOUT and brvbarKODAKODIAQ SPORTLINE alongside the extensively upgraded brvbarKODA OCTAVIA as well as the sporty spearhead brvbarKODA OCTAVIA RS245 and the brvbarKODA OCTAVIA SCOUT with a rugged off-road look In addition the upgraded brvbarKODA models RAPID and RAPIDSPACEBACK and Citigo are on show
brvbarKODA deliveries to customers in February 2017 (in units rounded off by model +- in percent compared to February2016)brvbarKODA OCTAVIA (28600 -86)brvbarKODA FABIA (16700 + 152)brvbarKODA RAPID (15000 + 121)brvbarKODA SUPERB (10900 + 171)brvbarKODA KODIAQ (1300 + 1000)brvbarKODA YETI (6300 -157)brvbarKODA CITIGO (only sold in Europe 2300 -164)httpautoeconomictimesindiatimescomnewspassenger-vehiclecarsskoda-delivers-81200-units-in-feb-201757626693
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Isuzu claims more durability on its diesel engines for trucks The Economic Times
Indianapolis Isuzu Commercial Truck of America has announced that the B10 durability rating of its 4HK1-TC diesel engine hasbeen increased to 375000 miles informed the company in an official statement
To elaborate further on what it means the Japanese commercial vehicle manufacturer went on to say that A B10-life rating is anindustry-standard gauge provided by engine makers to help consumers determine the long-term durability of an engine Thenumber following the B indicates the percentage of an engineamprsquos population that will require an overhaul before the indicatedmileage
That means that 90 of Isuzu 4HK1-TC engines are expected to last 375000 miles before they require a major repair or rebuildPreviously the 4HK1-TC engine carried an already-robust B10 durability rating of 310000 miles added the company
ampldquoWe are proud to say that Isuzu diesel engines are already known worldwide for their long-term dependabilityamprdquo saidShaun Skinner president of Isuzu Commercial Truck of America ampldquoOur new B-10 rating is strong evidence that our enginesare even more durable than everamprdquo
The turbocharged intercooled 4HK1-TC four-cylinder diesel engine displaces 52 liters and generates 215 horsepower Torqueratings vary depending on model The engine is fitted to Isuzu NPR-HD NPR-XD NQR and NRR models as well as the all-new2018 Isuzu FTR Class 6 truck
The company made the above announcement at the National Truck Equipment Associationamprsquos 2017 Work Truck Show inIndianapolis held on March 13httpautoeconomictimesindiatimescomnewsauto-componentsisuzu-diesel-engines-for-trucks-now-become-more-durable57626832
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MoS visits Rolls-Royces new logistics centre in England The Economic Times
New Delhi Nick Gibb Minister for School Standards and MP for Bognor Regis and Littlehampton has visited Rolls-Royce MotorCars Technology and Logistics Centre on Monday informed the British luxury car maker in a media release
During the visit Gibb toured the facility met the expert team onsite and was briefed on the companyamprsquos future plans to expandthe Centre He also took the opportunity to learn more about the Rolls-Royce Motor Cars apprenticeship graduate and internprogrammes
Nick Gibb said ampldquoThe original announcement that Rolls-Royce Motor Cars would be locating its Technology and LogisticsCentre in Bognor Regis was a great boost for our town and warmly welcomed I am delighted to see the huge new state of the artfacilities fully operational and providing high quality jobs for local people The support of such a prestigious company is good newsfor Bognor Regis and for the wider local economyamprdquo
He continued ampldquoIt is very welcome that Rolls-Royce operates an apprenticeship scheme ensuring the company has the skillsit needs for the future and providing opportunities and training for a cohort of young people every year This year Rolls-Royce istaking on record numbers of apprenticesamprdquo
The new Rolls-Royce Technology and Logistics Centre at Bognor Regis opened on schedule in January 2016 The purpose-built30000m2 facility is located close to the companyamprsquos head office and manufacturing plant at Goodwoodhttpautoeconomictimesindiatimescomnewsindustrymos-visits-rolls-royce-new-logistics-centre-in-england57626981
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All new Mazda CX-5 to be produced at Hofu Plant The Economic Times
Hiroshima Japan Japanese automaker Mazda Motor Corporation starting from November is going to produce the all-new MazdaCX-5 crossover SUV at its Hofu Plant in addition to the Hiroshima Plant where it is currently produced
The company informed that the move will help the automaker respond quickly and flexibly to growing demand for SUVs globally
Mazda aims to create a production system that can respond flexibly to changes in demand for crossover vehicles as it works tomeet its global sales goal of 165 million units
Launched domestically in February the all-new CX-5 has till date recorded sales of 16639 units about seven times the monthlytarget claims the company
As with the CX-3 starting production of the CX-5 at Hofu Plant as well is part of our plan to build a production framework that givesus more flexibility between plants and between models said Masatoshi Maruyama Managing Executive Officer in charge of GlobalProduction We will do everything we can to get customers the crossover vehicles they want as quickly as possiblehttpautoeconomictimesindiatimescomnewspassenger-vehicleuvall-new-mazda-cx-5-to-be-produced-at-hofu-plant57627447
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Rheinmetall receives over $25 mn order from American carmaker The Economic Times
New Delhi German automotive parts supplier Rheinmetall has booked its first order for a special application of coolant valves by amajor American carmaker and destined for the NAFTA market
The company in a statement said that the order has a lifetime value of over US$25 million (around Rs 165 crore) Series productionof the valves is scheduled to start in 2019 with the contract set to run for about five years
Talking about the product the company went on to say that the innovative valves play a lead role in intelligent thermal and energymanagement on modern vehicle engines These often have several cooling circuits which are controllable with the aid of switchingseat valves
As from model year 2020 this particular customer will be installing several versions of such valves on gasoline and diesel enginesfor pick-ups with over 6 liters displacement
They will take over functions in the cooling circuit of the transmission ensuring that it reaches operating temperature faster byswitching off the coolant flow when the engine is started This also helps to reduce emissions added the companyhttpautoeconomictimesindiatimescomnewsauto-componentsrheinmetall-receives-over-25-mn-order-from-american-carmaker57628058
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Nissans Infiniti names former BMW executive as new design chief ReutersSee this story in The Economic Times
Beijing Infiniti Nissan Motors premium brand named Karim Habib former global design chief for BMW as the brands new chiefdesigner effective July 1
Habib will replace Alfonso Albaisa who will be promoted to lead Nissans global design according to a press release seen byReuters Habib will report to Albaisa
Habib who has worked for several premium automotive brands including BMW and Daimler will be based in Nissans technicalcentre in Atsugi Japan and lead Infinitis design teams in Japan Beijing San Diego and Londonhttpautoeconomictimesindiatimescomnewsindustrynissans-infiniti-names-former-bmw-executive-as-new-design-chief57630437
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Elon Musks bold offer of Tesla batteries wont solve Australias power problems ReutersSee this story in The Economic Times
Launceston Australia Australia is becoming an interesting microcosm on how to or how not to transition an economy from beingpredominantly powered by coal to more climate-friendly alternatives
The dramatic intervention by Tesla Inc Chief Executive Elon Musk last week is just the latest twist in an ongoing saga that pits
business government farmers government and environmentalists against each other
Musk in an exchange of tweets with software billionaire Mike Cannon-Brookes chief executive of Atlassian Corp offered to fix theelectricity supply problems of South Australia state within 100 days of signing a contract
Musks plan is to install 100 megawatts (MW) of grid-connected battery storage which would be available to meet peak demandand would be charged with surplus electricity from other generating sources in periods of low demand
Its a bold offer and would most likely provide a quick fix to Australias fourth-largest state which suffered a blackout last Novemberand has been dealing with power shortages over the peak summer period
Businesses like BHP Billiton which operates the giant Olympic Dam copper mine in the state have been pushing for thegovernment and other stakeholders to ensure stable electricity supply saying the cost of blackouts runs into millions of dollars inlost output
Musk whose Tesla Corp is ramping up output of its battery storage packs at its Gigafactory in Nevada held talks with AustralianPrime Minister Malcolm Turnbull at the weekend as well as with South Australian Premier Jay Weatherill
The politicians will no doubt be tempted to Musks offer to install batteries especially since the electric car pioneer said if he didntmeet his 100 day deadline he wouldnt charge anything
But while Musks offer if taken up would provide a quick fix it would not do enough to mend the underlying problems at the heart ofAustralias electricity woes
Its worth looking at how Australia got itself to the point where virtually all players can agree that the nation is facing somethingapproaching an energy crisis
After all the country is not short of fossil fuels such as coal and natural gas and its climate and low population density outside themajor cities are ideal for renewables such as solar and wind power
The country is heavily reliant on an ageing fleet of coal-fired power stations which makes Australia one of the highest polluters percapita
These coal power stations are starting to close down with one shutting in South Australia last year and another planned to close inVictoria state at the end of this month
The problem is that the coal-fired power stations role as providers of base load electricity cannot be taken over by wind and solarand the role is falling to natural gas
But natural gas is also the most expensive method of generating electricity in Australia so utilities are reluctant to run their gas-firedplants until prices are high enough to justify the cost
South Australia has a gas-fired plant that was mothballed until last years power supply crisis but even with the higher prices forelectricity the operator is struggling to make the plant profitable
The state moved on Tuesday to try and address its energy security issues announcing it would build a 250 MW gas-fired plant andhelp the private sector build a 100 MW battery at a total cost of A$510 million ($385 million)
Gas Supply ConstraintsNatural gas supply is becoming a problem in Australia which may seem ironic given the country is on the verge of becoming theworlds largest exporter of liquefied natural gas (LNG) as the last of eight new plants come closer to completion
In fact the new LNG plants are copping some of the blame for the tightening natural gas market especially the three in easternQueensland state based on using coal-seam gas as the feedstock
These are being blamed for sucking domestic natural gas out of the market and into the export LNG industry
What hasnt helped is that some of Australias state and territory governments are also pursuing policies that will restrict futurenatural gas supplies
Victoria state has banned hydraulic fracturing or fracking as well as shale and coal-seam gas exploration while the NorthernTerritory New South Wales and Tasmania have various moratoriums on fracking
This leaves Western Australia Queensland and South Australia as the remaining states where onshore natural gas supplies can bedeveloped and they are now in the cross-hairs of the environmental lobby which is opposed to any and all new natural gas wells
Politicians across the traditional Labor-Liberal divide are increasingly giving in to demands to restrict natural gas exploration whilepretending that this wont have a negative impact on energy security and electricity prices
But the costs are starting to become apparent with spot electricity prices surging over the Australian summer and natural gassuppliers warning that they will be unable to meet the needs of industrial customers without action being taken
Its often the case politicians only take action when the point of crisis is reached and this appears to be the case in Australia
Whats needed is a holistic approach to energy supply as Australia transitions away from coal-fired power
This means ensuring enough natural gas is available to provide base load generation while scaling up renewables such as solar
wind pumped hydro and battery storage
Forging enough common ground with the various stakeholders will be the main obstacle but more than anything else Australia isshowing how difficult it is to end the age of coalhttpautoeconomictimesindiatimescomnewsindustryelon-musks-bold-offer-of-tesla-batteries-wont-solve-australias-power-problems57630514
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Innogy in talks with car consortium over charging stations CEO ReutersSee this story in The Economic Times
Essen Germany Innogy is in intense talks with a group of carmakers Chief Executive Peter Terium told journalists on Mondayhoping to be selected as a supplier of super-fast charging stations for electric vehicles across Europe
Its not a done deal yet Terium said pointing to strong competition from rival vendors
BMW Volkswagen Ford and Daimler plan to build about 400 next-generation charging stations in Europe that can reload anelectric car in minutes instead of hours
Sources told Reuters in January that Innogy was in talks with the consortiumhttpautoeconomictimesindiatimescomnewsindustryinnogy-in-talks-with-car-consortium-over-charging-stations-ceo57624184
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China may roll back electric vehicle quotas as industry pushes back ReutersSee this story in The Economic Times
Beijing China is considering easing proposed quotas aimed at producing more electric vehicles as Beijing gets pushback from theautomotive industry over the scale and pace of the plans
If adopted proposed changes under discussion could see a target of new energy vehicles (NEV) making up 8 percent of sales nextyear pushed to 2019 two auto executives said
The changes would lower targets from a draft policy released in September requiring 8 percent of automakers sales to be batteryelectric or plug-in hybrid vehicles by 2018 rising to 10 percent in 2019 and 12 percent in 2020
Any loosening of NEV targets would mark a pull back by Beijing which has faced opposition to the planned targets as it looks todrive its domestic carmakers to overtake global rivals in the green vehicle sector
Automakers and industry bodies have said the targets are too tough and could hurt manufacturers interests New energy vehicleslast year accounted for just 18 percent of sales in the worlds biggest autos market according to Reuters calculations based onofficial data
Its normal to make revisions as its a draft plan An Jin chairman of Anhui Jianghuai Automobile Group (JAC Motor) said on thesidelines of the National Peoples Congress in Beijing
He said he was aware of talks to revise the quota targets but said nothing was set in stone JAC hasnt been told what revisionsmight be made to the draft but I think it is possible the draft will be changed after the discussions he said
Whether the whole market can hit this quota by 2018 depends a lot on the strength of government policy If its strong then weshould be able to surpass the targets An said (But) if you consider Chinas infrastructure and the transformation of Chinas autosector then perhaps the pace will have to slow
Two Percent CutTwo executives familiar with the plans told Reuters the government was considering options for lowering the requirements
One idea was to reduce the quota requirement by 2 percent each year cutting the 2018 requirement to 6 percent said aChina-based government relations official at a major global automaker It would then be 8 percent in 2019 and 10 percent in 2020
Another option would be to push back each target by a year with the 8 percent quota starting from 2019 an executive at aJapanese car maker said
Both asked not to be named due to the sensitivity of the matter and because the draft was still under consideration
The overall policy includes quotas for plug-in cars targets for average fuel economy requirements and a credit trading system topromote green energy cars while penalizing petrol cars
The two people said the quota stand-off was tied to a disagreement between the Ministry of Industry and Information Technology(MIIT) and Chinas top state planner the National Development and Reform Commission (NDRC)
MIIT which regulates manufacturers supports a more flexible credit trading system favoured by automakers The NDRC is more
aggressive in promoting a transition to electric vehicles pushing the introduction of the stricter quotas
An NDRC spokesman said the body played a small role when the draft was open to public for discussion MIIT did not immediatelyrespond to Reuters requests for comment
China has strongly supported and subsidized electric vehicles but is gradually swapping out incentives for hard targets automakersmust meet The central government cut subsidies 20 percent this year a first reduction towards eliminating them by 2020httpautoeconomictimesindiatimescomnewspolicychina-may-roll-back-electric-vehicle-quotas-as-industry-pushes-back57623608
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Russias standards agency says Volkswagen recalls 43151 Skoda cars ReutersSee this story in The Economic Times
Moscow Russias standards agency said on Monday that Volkswagens Russian operation had informed it about the voluntaryrecall of 43151 Skoda cars due to a possible technical fault
The recall affects Skoda Octavia Superb Fabia Yeti and Rapid cars sold in Russia between 2012 and 2016 the watchdog saidhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsrussias-standards-agency-says-volkswagen-recalls-43151-skoda-cars57624140
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Economy
Rupee hits 1-12 yr high surges 78 paise on BJP sweep PTISee this story in The Economic Times
Mumbai The rupee surged by a massive 78 paise to end at a nearly one-and-a-half year high of 6582 against the US dollar onfrantic unwinding of the American currency following BJPs emphatic victory in Uttar Pradesh
Forex market sentiment soared on hopes that BJPs stellar show in state polls would pave the way for the Modi government to focuson key reform measures
The home currency resumed on a strong footing at 6620 from last Fridays closing value of 6660 at the Interbank ForeignExchange (forex) market on heavy dollar unwinding from speculative traders and exporters tracking weekend developments
Maintaining its bullish momentum against the dollar the rupee hit a fresh intra-day high of 6576 in late afternoon deals beforeending at 6582 showing a solid gain of 78 paise or 117 per cent
This is the highest closing of the rupee since November 6 2015 when it had ended at 6576
Meanwhile the RBI fixed the reference rate for the dollar at 661800 and for the euro at 704354
Financial markets too took comfort from BJPs landslide victory with the broader Nifty climbing 15245 points to a new closing peakof 9087 and the Sensex rallying 49640 points to end at 2944263
The much-anticipated turnaround on the economic front has opened up a barrage of foreign capital fund flows into India
Foreign investors pumped in over Rs 10000 crore in the Indian capital markets this month so far
It also got an added fillip from bullish macro data which showed that the countrys industrial production bounced back in Januaryexpanding by 27 per cent year-on-year
Factory output measured in terms of Index of Industrial Production (IIP) had contracted by 01 per cent in December
However inflation based on wholesale prices shot up to a 39-month high of 655 per cent in February against 525 per cent inJanuary according to official data
On the global front the dollar traded firmly higher against its major counterparts ahead of the two-day Fed meet when it could liftrates for the third time since the financial crisishttpautoeconomictimesindiatimescomnewsindustryrupee-hits-1-12-yr-high-surges-78-paise-on-bjp-sweep57635104
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Nifty hits all time high of 912275 Sensex surges 616 points after big BJP win The Economic Times
Mumbai The Nifty jumped to life highs on Tuesday after the BJPamprsquos thumping win in the crucial state of Uttar Pradeshrekindled hopes of a bigger-than-expected push for reforms by the Narendra Modi government
The Nifty up 11 so far this year crossed its previous life high of 9119 to hit 912275 before ending the day 171 or 15245points higher at 9087 This is the indexamprsquos biggest single-day gain in points since February 1 and caps a strong reboundsince the December 26 low of 7893 on demonetisation worries
The Sensex surged by 616 points or 212 intra-day before ending the day at 2944263 up 49640 points This is its biggest gainsince May 25 last year The index is the best performer among all developed and emerging market indices in local currency terms inthe past three months
The rupee surged 79 paise to a 16-month high of 6582 to the dollar as exporters sold more dollars and foreign investors boughtlocal shares BSE data showed that foreign investors bought local shares worth Rs 4089 crore their biggest single-day purchasesince February 17 when they purchased Rs 8059 crore
FPIs have bought shares worthRs 23132 crore since January this year against net sales of Rs 9800 crore in the same period lastyear The BSE Midcap and Smallcap indices gained 144 each
ampldquoOne must be ready for a correction after a rally but I am optimistic about the medium to longterm prospectsamprdquo saidMotilal Oswal chairman Motilal Oswal Financial Services Ltd ampldquoFundamentally valuations are comfortable at this point intime because of good corporate earnings growth In the short term markets may remain volatileamprdquo
BJP romped to victory in UP on Saturday winning 312 out of the 403 seats Its allies won 13 more taking the NDA tally to 325 Thisis the biggest win recorded by any party in the state since 1977 and has raised prospects of the BJP doing well in other electionsthis year and next Many political pundits also believe that the victory has improved Prime Minister Narendra Modiamprsquos chancesof retaining power in the 2019 general election
Barring the metals index all other sectoral indices on the NSE ended with gains on Tuesday About 55 stocks including TitanJubilant Life Sciences Kotak Mahindra Bank IndusInd Bank YES Bank and Indiabulls Housing Finance among others hit life highswhile 92 stocks were locked in upper circuit with no sellers
ampldquoWith the sharp rally the market which is currently susceptible to global risk is trading at above average multiples and westay cautious near termamprdquo said Sanjay Mookim India Equity Strategist BofA Merrill Lynch ampldquoIndiaamprsquos businesscycle should improve over the next several quarters while improving construction should drive capex which is good forequitiesamprdquo
Some market experts are divided over the near-term outlook as indices have begun to look expensive at current valuations Plusthere is no immediate trigger for upgrade
ampldquoValuations of the Indian market are quite high and would require the support of strong earnings growth Any disappointmenton earnings will make valuations look even more expensive which the market may not likeamprdquo said Sanjeev Prasad senior EDand co-head of Kotak Institutional Equities
ampldquoGlobal and domestic interest rate cycles are no longer supportive with likely increase in developed markets bondyieldsamprdquo
ampldquoWhile markets are expecting a rate hike this meeting what will be of more interest is the commentaryamprdquo said DipenShah senior V-P PCG research Kotak Securities ampldquoIf it is hawkish it may have an impact on fund flows to emerging marketsbut India may be relatively less impacted because of the continuing domestic flowsamprdquo
ampldquoNotwithstanding the election results we believe the risk-reward is not favourable currently and advise investors to sell intothis rally We expect Nifty EPS to rise 15-16 in FY18 and see no trigger for an earnings upgrade at this junctureamprdquo ReligareInstitutional Research said in a notehttpeconomictimesindiatimescommarketsstocksnewsnifty-hits-all-time-high-of-9122-75-sensex-surges-616-points-after-big-bjp-winarticleshow57639036cms
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WPI inflation up 655 for February 2017 The Economic Times
New Delhi The annual rate of inflation based on monthly Wholesale Price Index (WPI) stood at 655 percent (provisional) for themonth of February 2017 (over February 2016) as compared to 525 percent (provisional) for the previous month and -085 percentduring the corresponding month of the previous year
The official Wholesale Price Index for amplsquoAll Commoditiesamprsquo for the month of February 2017 rose by 05 percent to 1855(provisional) from 1846 (provisional) for the previous month
The index for primary articles rose by 09 percent to 2581 (provisional) from 2557 (provisional) for the previous month
The inflation rate for Fuel and power group rose by 13 percent to 2038 (provisional) from 2012 (provisional) for the previousmonth due to higher price of coking coal (15 percent) aviation turbine fuel (3 percent) bitumen (2 percent) and kerosene highspeed diesel LPG and lignite (1 percent each) However the price of furnace oil (1 percent) declined
The index for the major group of manufactured products remained unchanged at its previous monthamprsquos level of 1588
(provisional) In this group the index for amplsquoRubber amp Plastic Productsamprsquo group rose by 02 percent to 1489 (provisional)from 1486 (provisional) for the previous month due to higher price of rubber products (1 percent)
The index for amplsquoTransport Equipment amp Partsamprsquo group rose by 05 percent to 1405 (provisional) from 1398 (provisional)for the previous month due to higher price of auto rickshaw tempo matador (4 percent) and auto parts (1 percent)
For the month of December 2016 the final Wholesale Price Index for amplsquoAll Commoditiesamprsquo stood at 1833 as comparedto 1828 (provisional) and annual rate of inflation based on final index stood at 368 percent as compared to 339 percent(provisional) respectively as reported on January 1 2017httpautoeconomictimesindiatimescomnewsindustrywpi-inflation-up-6-55-for-february-201757627665
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February CPI at 365 vs 317 in January highest since October 2016 PTISee this story in The Economic Times
New Delhi Retail inflation rose to 4-month high of 365 per cent in February mainly due to surge in price of food items like fruitssugar and confectionery
Measured in terms of Consumer Price Index (CPI) the inflation had dipped to a multi-year low of 317 per cent in January this yearon account of cash crunch following demonetisation It was 526 per cent in February last year
According to the CPI data released today by the Central Statistics Office (CSO) the consumer food prices index (CFPI) rose by201 per cent in February from 061 per cent in January The CFPI was 53 per cent in February 2016
Inflation in fruits was higher at 833 per cent fuel and light at 39 per cent in February The rate of price rise in meat and fish was 35per cent in February
Prices of sugar and confectionery items rose by 1883 per cent in February while inflation in milk and milk product increased by 422per cent
The rate of inflation in household goods and services was 409 per cent while this rate was in health segment was 4 per cent Thetransport and communication became expensive by 539 per cent
The personal care and effects segment rose by 515 per cent while the education became more expensive by 537 per cent inFebruary this year
The inflation rate was 438 per cent in clothing and footware segment while it was 49 per cent in housing segment
However the prices of vegetables and pulses declined by 829 per cent and 902 per cent respectively
Rural retail inflation was at 367 per cent in February compared with 336 per cent in the preceding month The CPI was also up inthe urban sector at 355 per cent in February from 29 per cent in January this yearhttpautoeconomictimesindiatimescomnewsindustryfebruary-cpi-at-3-65-vs-3-17-in-january-highest-since-october-201657633211
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Closing
Last Financial Closing
Sensex 2944263 (+49640)NSE 9087 (+15245)US$ spot Rs6582US$ Y1148000US$ 6 months RsYen Rs57Euro spot Rs70
Gold (10gm) Rs28333Silver (1kg) Rs4008300
Crude Oil (WTI) Crude Oil (Brent) $5172 (+037)
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Apollo Tyres 1 18610Asahi Ind 1 21655Amara Raja B 1 83230Ashok Leyland 1 9080Bajaj Auto 10 286670Bharat Forge 2 103550Denso 1 Eicher Motor 10 2396325Escorts 10 51945Exide Ind 1 21645Force Motors 10 427760Gabriel India 1 11460Hero Motocor 2 335745Hind Motors 5 950Hi-Tech Gear 10 29885Jay Bh Maruti 5 38190
Jamna Auto 5 20550JK Tyres amp Inds 10 1241 Kinetic Motors 10 Kinetic Engg 10 KOEL 2 37685Kirloskar Br 2 24135LML Ltd 10 1250LampT 2 155810Lumax Ind 10 131690Lumax Tech 10 43230MampM 5 132600Maruti Suzuki 5 613240Motherson SS 1 36290Minda Inds 2 44350MRF 10 5298390Omax Auto 10 7555Rico Auto 1 5720Sona Koyo St 1 8170
SRF 10 157155Tata Motors 2 46975 TVS Motors 1 43690
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Bhushan Steel 2 5430Hindalco 1 19040Hind Zinc 2 29140JSW Ispat S 10 Jind Steel 1 12490JSW Steel 1 18190Jindal Saw 2 7995National Aluminium 5 7310SAIL 10 6005Tata Steel 10 47255Visa Steel 10 2185
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Ambuja Cement 2 23370Binani Industries 10 7200Birla Corp 10 70360India Cement 10 16070Prism Cement 10 9375JK Cement 10 88470Shree Cement 10 1639835
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PLEASE NOTE
NURC Industry Updates contain editedtruncated text of Industry-specific news as it appears in various select dailies and websites These are NOT full stories unless otherwisespecifically mentioned The stories contained herein are informational only and no representation is made or warranty given as to their content reliability truthfulness orusefulness User assumes all risk of use It be clearly understood that NURC updates do not claim to and neither mean to replace the Print or the Internet editions of variousnewspapers whose articles are featured therein For the best and complete news reading NURC urges its readers to read the full text of the stories from the Newspaperswhose credits are given after the headline and visit the related website whose URL is given below the text matter of each news item
NURC News Update - AUTOMOBILES
News on Indian Auto Industry Copyright 1999 NURC MediaNext Pvt Ltd
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Powered by Enablingbiz Esoluttions
Allied Industries
Tyre stocks race ahead as China cuts India trade Palak ShahThe Economic Times
Mumbai What is aiding Indiaamprsquos tyre stocks Chinaamprsquos policy to shun India market for the US The share price ofdomestic tyre manufactures including MRF Apollo Tyre Ceat and J K Tyre rose between 1-7 on Tuesday
A research report by Philip Capital said China had curtailed its tyre exports to India to focus on US markets as Trump administrationhad decided against anti-dumping duty on tyres The research pointed out there was more upside for these stocks
ampldquoChina has raised their TBR (truck bus and radial) tyre prices for Indian market by 10-15 rendering themunattractiveamprdquo said Nitesh Sharma and Dhawal Doshi in the research report ampldquoOur checks indicate that Chinesefactories have nearly stopped catering to tyre demand from India as US markets were more lucrativeamprdquo
Ceat rose by 607 on Tuesday Apollo Tyres was up 396 MRF gained 186 and Goodyear India jumped by 129 amongmajor tyre companies
The report titled amplsquoTables Turn Chinese players out rubber fallingamprsquo further said Chinese imports will not bounce backsoon
Demonitisation too has dent a blow to the tyre imports from China which were largely in cash China accounted for roughly 120000 tyre units each month between April to October 2016 but it has fallen sharply now said experts
ampldquoTyre stocks will do well as rubber prices are on a downward spiralamprdquo said Mehraboon Irani Principal amp Head PrivateClient Group Nirmal Bang Securities ampldquoFall in auto sales and jump in rubber prices are not expected which may keep thetraction for tyre stocksamprdquo
Natural rubber prices had jumped to three year high in January due to floods in Thailand the largest exporter of rubber The priceswhich rose to Rs 210kg are now down by over 20 Meanwhile domestic tyre manufactures hiked tyre prices by 3-5 recentlyPhilip Capital has a buy on Ceat and Apollo Tyres with a target of Rs 1550 and Rs 239 respectivelyhttpeconomictimesindiatimescommarketsstocksnewstyre-stocks-race-ahead-as-china-cuts-india-tradearticleshow57633191cms
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How to avoid being overcharged for car service at dealerships The Financial Express
Authorised workshops or dealerships are the main preference for servicing of a customers new car There are dealerships that aregenuine and would not fleece your money while after sales treatment however there are others who would try and take everypenny from you This would also involve you to be thorough with the detailed billing as well as being cautious about understanding ifa requisite task is at all required in your car Here are some tips on how to avoid being overcharged while getting your car serviced
One key area where sales executives of a said dealership can suggest unnecessary expense is anything related to the engineTasks like engine de-carbonisation or engine flushing are suggested right from the first service however it is not required in avehicles early years A cars decarbonisation should ideally take place when the response from the engine is sluggish or there arefrequent misfires despite regular services This usually starts to happen after 60000 kms or more In case it is recommended by asales executive and he or she insists simply avoid by saying no Another popular unnecessary expense is fuel line cleaning whichis suggested at every service Remember that petrol is itself used as a cleaning agent in many applications so fuel line cleaningshould be carried out only in case of a problem
Another aspect where customers are cheated is due to the lack of knowledge about their respective vehicle There have been caseswhere a dealership has conned a customer by putting spark plugs in a diesel car or heater plugs in a petrol engine powered vehicleA diesel car does not have spark plugs (but a petrol car does) and similarly a petrol car doesnt have heater plugs (which arepresent in diesel cars) Additives are advised by many service advisors but these arent needed unless specified by the carmakerKnowing the basic mechanical and electrical parts of your car can go a long way in saving you your money
Other mechanical parts where a person can be overcharged is the clutch adjustment Most modern manual transmission cars soldin India have a hydraulic clutch which is self adjusting till the time the pressure plates and the clutch plates are completely worn outA worn out clutch system will require more pressure to depress the pedal thereby indicating the clutch plates andor pressure plateswould need replacement Ideal time to replace is not at every service which clever dealerships would suggest but at least a gap ofthree service intervals is recommended (with the service interval at every 10000 kms)
All carmakers offer an owners booklet which has all the details of which part needs to be replaced when and the recommendedservice interval When getting your car serviced always refer to this manual and insist on only the aspects mentioned in the manualto be donehttpwwwfinancialexpresscomautocar-newshow-to-avoid-being-overcharged-for-car-service-at-dealerships587326
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Emissions Environment
Finance amp Insurance
Customer not bound by tie-up between vehicle dealer insurer Pune Court Vishwas KothariThe Economic Times
Pune The district consumer court here has ruled that a tie-up between a vehicle dealer and an insurance company is not bindingupon the consumer who buys a vehicle from such a dealer
The court has directed the Bajaj Allianz General Insurance Company in Yerawada here to refund a premium of Rs 21053 ampmdashalong with an annual interest of 9 since September 20 2014 ampmdash and a Rs 5000 fine to a Daund resident for failing to renewhis car insurance despite the latter having paid the renewal premium through the online NEFT transaction
The interest component payable so far works out to over Rs 4700
The company argued that the consumer did not route the payment through the vehicle dealer by way of a demand draft as wasrequired under an agreement between the company and the vehicle dealer
Shankar Raghunath Chavan a resident of Kusegaon in Daund had purchased an insurance policy from the company for his car onSeptember 21 2012 A year later the policy was renewed for the period between September 21 2013 and September 20 2014 Atthe end of this term he had received a reminder from the company for the renewal of his policy
Through the net banking facility Chavan made a payment of the renewal premium worth Rs 21053 for the term betweenSeptember 21 2014 and September 20 2015 He then made repeated requests to the company for the issuance of the policydocument
However in December 2014 when he approached the company he was shocked to learn that his policy had ampldquoexpired due tonon-renewalamprdquo The company did not renew his policy even after his repeated reminders This prompted him to move theconsumer court seeking refund of the premium amount and appropriate costs towards physical and mental agony
The bench observed in its order ampldquoIt is not denied by the insurance company that the complainant (Chavan) had paid thepremium It is the case of the insurance company that as per practice prevailing between the company and the dealer the paymentshould be made by demand draft through the dealer so that the policy can be renewed conveniently It is true that the dealer of thevehicle was not aware about the payment of premium made by the complainant However a tie-up between the dealer and theinsurance company is not binding upon the consumeramprdquo
ampldquoDocumentary evidence which is produced by the complainant is sufficiently eloquent and speaks about inaction on the partof the insurance company Even after sending documentary evidence as regards to payment of policy premium the insurancecompany has failed to renew the policy Definitely this act on the part of the company amounts to deficiency in serviceamprdquo thebench ruledhttpautoeconomictimesindiatimescomnewsindustrycustomer-not-bound-by-tie-up-between-vehicle-dealer-insurer-pune-court57623564
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Analysts in wait-and-watch mode on Bajaj Finance Hamsini KarthikBusiness Standard
A robust business model established over years of experience often tends to withstand the test of time quite remarkably That ofBajaj Finance Indiaamprsquos largest consumer durables financier is one such example
During the note ban period there were doubts on whether Bajaj Finance could replicate its historic performance in terms ofcustomer acquisition loan growth and more importantly asset quality in the December quarter (Q3) Much to the Streetamprsquossurprise Bajaj Finance comfortably met these parameters
Customer acquisition grew by 35 per cent year-on-year in Q3 while assets under management expanded by 33 per cent to Rs57600 crore year-on-year Even asset quality stood out with gross non-performing assets ratio at 147 per cent and that toowithout utilising RBIamprsquos 90-day dispensation on loans less than Rs 1 crore Overall financials remained robust with net interestincome and net profit growing by 27 and 36 per cent respectively These factors have helped Bajaj Financeamprsquos stock reboundfrom its demonetisation period low of Rs 766 to Rs 1125 on Tuesday
However after outperforming the broader markets by a reasonable margin for most of the last two years the stock has lagged inthe past six months Bloomberg data indicate that while the Bank Nifty has gained six per cent in the past six months Bajaj Financeis up only 21 per cent Analysts nonetheless feel that Bajaj Finance may not surpass its previous high of Rs 1180 in a rush
Pointing to some key indicators they prefer to see how March quarter pans out particularly on consumer loans before altering theirexpectations on the stock
Consumer loans which grew by 52 per cent year-on-year in September quarter (Q2) grew 47 per cent year-on-year in Q3 Butwithin this segment consumer durables grew slower at 27 per cent versus 48 per cent in Q2 As for the vehicle financing (two andthree wheelers) the dependence on Bajaj Auto was seen higher in Q3 ampndash 46 per cent dependence on Bajaj Auto fortwo-wheelers and 29 per cent for three-wheelers as against 38 per cent and 18 per cent respectively a year ago Average ticketsize which dipped post demonetisation is yet to see a strong recovery All these factors prompt analysts to be on a wait-and-watchmode
ampldquoWe arenamprsquot able to see a secular return in consumer buying yet While demand for consumer durables may havepicked up as summer sales is already playing out we canamprsquot say the same for vehicle salesamprdquo says an analyst with adomestic brokerage
Analysts at Jefferies feel the annual compounded loan growth for Bajaj Finance could be lower in FY16-19 compared to what was inFY13-16 The brokerage flags that at current valuations (52 x FY18 price-to-book) risk-reward appears negativehttpwwwbusiness-standardcomarticleopinionwhy-analysts-are-in-wait-and-watch-mode-on-bajaj-finance-117031400674_1html
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SBI announces Rs 6000-cr tractor loan settlement scheme PTISee this story in The Economic Times
State Bank of India (SBI) today announced a one-time farm loan settlement scheme worth Rs 6000 crore primarily for tractors
One Time Settlement (OTS) announced for Agriculture Loans Scheme valid until 31st March Contact your branch for details ampbenefits the nations largest lender said on the microblogging site Twitter today
Managing director Rajnish Kumar told CNBC-TV18 the scheme will result in the bank taking a 40 per cent haircut on outstandingtractor loans as of September 2016
SBIs total farm loan portfolio is Rs 125 trillion and Kumar said the tractor loan book is about Rs 6000 crore
He said doubtful or loss category accounts as of September 2016 which were disbursed before September 2011 will beconsidered under the scheme He said a circular in this regard was sent to branches on February 2
But he was quick to add the OTS has nothing to do with Prime Minister Narendra Modis promise of a loan waiver to UP farmersduring the just concluded elections saying there were no talks with the Centre or state in this regard so far SBIs Uttar Pradeshportfolio will be around Rs 13000 crore
SBI had announced OTS schemes for SMEs last December and education loans early in 2016
He said other agri loans like kisan credit cards and other term-loans for tractors and farm loans may also be covered under theschemehttpwwwdnaindiacommoneyreport-sbi-announces-rs-6000-cr-tractor-loan-settlement-scheme-2352737SBI to allow one-time settlement for tractor farm equipment loansminthttpwwwlivemintcomIndustryiXDTXX1onxjwfHcz731WzJSBI-announces-Rs6000-crore-tractor-loan-settlement-schemehtmlSBI announces rs 6000-crore tractor loan settlement schemeThe Pioneerhttpwwwdailypioneercombusinesssbi-announces-rs-6000-crore-tractor-loan-settlement-schemehtml
Top
Oil Lubricants amp Alternative Fuels
Oil hovers near three-month low as investors awaits data ReutersSee this story in The Hindu Business Line
Tokyo Crude oil prices hovered near three-month lows on Tuesday in early Asian trading as investors await key reports and datathat may shed light on a supply overhang in the global market
US West Texas Intermediate crude (WTI) edged down 3 cents to $4837 a barrel by 0026 GMT The contract ended down 9 centsin the previous session after touching $4790 the lowest since the end of November
Brent crude futures were down 1 cent at $5134 a barrel having settled down 2 cents on Monday after dipping to as low as $5085
Prices fell sharply last week as investors worried that swelling US crude supplies would hinder Organization of the Petroleum
Exporting Countries (OPEC)s efforts to restrict output and reduce a global glut
Prices had risen after the OPEC and other major oil producers including Russia agreed at the end of November to rein inproduction by almost 18 million barrels per day (bpd) in the first half of 2017
ampldquoIts shaping up to be another fun week in the crude complex with OPEC releasing its monthly oil market report on Tuesdayswiftly followed by the IEAs monthly oil market report the day afteramprdquo Matt Smith analyst at ClipperData said in a note
The International Energy Agency releases its closely watched monthly oil market report on Wednesday
Data from the industry group the American Petroleum Institute on US crude and product stockpiles is also due out later on Tuesday
Analysts said the slump may not have much further to go now that prices have fallen more than 8 percent since last Monday thebiggest week-on-week drop in four monthshttpwwwthehindubusinesslinecommarketscommoditiesoil-hovers-near-threemonth-low-as-investors-awaid-dataarticle9582601ece
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News Magazines
Mahindra Electric geared up to be a component supplier Autocar India
Speaking to Autocar India Mahindra Electric (ME) stated that the company is open to being a supplier to other vehiclemanufacturers and will sell complete electric drive systems to those interested At present the ME plant builds the e2o while it shipsout the drive systems for the eVerito sedan and eSupro van For this purpose the production line has been modified to produce notjust built-up vehicles but also fully ready electric drive systems that can be offered to other manufacturers interested in procuringthem With expertise in electrification virtually absent in India ME hopes to build on its first-mover advantage and cater to theindustry Itamprsquos unlikely that there would be any takers for passenger cars but commercial and three-wheeler manufacturerscould be potential customers
Mahindra also confirmed that they are open to supplying other bits like charge system controllers as well Mahindra outsources thebattery and electric motor for its EV powertrains and has no plans of producing these components in-house as apart from the hugeinvestments needed there is no real advantage Battery technology is quite specialised and there are many players in this fieldalready And with electric motor efficiency already at 80 percent ampndash compared to about 30 percent for internal combustionengines ampndash there is very little to differentiate one EV maker from another Mahindra believes the real differentiator in the nearfuture will be in the battery management systems where big gains can be made in the charging and discharging cycle Thus ME isputting a lot of effort into this area and going forward has ambitions to be a supplier solely for battery management systems toother manufacturershttpwwwautocarindiacomauto-newsmahindra-electric-geared-up-to-be-a-component-supplier-404432aspx
Top
Tesla Model Y SUV due by 2019 Autocar India
Tesla Inc recently renamed from Tesla Motors Inc is on the verge of what it says will be a massive expansion of production with twonew models due to arrive in the next two years
Alongside the much-hyped Model 3 Tesla is also expected to launch an entry-level crossover based on the same platform andrumoured to be badged the Model Y
The starting price of the Model 3 is likely to be around $37000 (Rs 2435 lakh approx) with the Model Y expected to be slightlymore expensive However Tesla founder Elon Musk believes the transaction prices of the new compact Teslas will go higherbecause buyers will be keen to add paid options to their vehicles
While the compact Model Y could turn out to be Teslaamprsquos best seller ampndash some seven million crossovers of all types weresold in the US last year ampndash Musk recently tweeted that the Model 3 remained the biggest priority for the company
The Model Y is unlikely to be unveiled until sometime next year with production set to follow late in the year Little in the way ofspecification has been released though it is expected to borrow the top-hinged amplsquofalcon wingamprsquo rear doors from thebigger Model X SUV
The Model Y will also have the promised updated electrical architecture that will allow Tesla to offer full autonomous drivingcapability Future Tesla cars will be equipped with as many as eight cameras giving a 360-degree view of the surroundingroadscape as well as 12 ultrasonic sensors and a amplsquonewamprsquo forward-facing radar that works in the worst weatherconditions Existing radar systems can be fooled by heavy rain and fog
Musk also said the new electrical architecture has a brain that is as much as ampldquo40 timesamprdquo more powerful than onprevious Teslas calling it a ampldquosupercomputer inside the caramprdquo The autonomous driving technology though will be offered
as add-on option to customers on both entry-level Teslas
Another challenge for the Model 3 and Y will be balancing their lower price against the need for a battery big enough to give anacceptable range
The entry-level Model 3 may have a cheaper sub-60kWh battery but will still need to have a range of at least 370km The ModelYamprsquos more bluff shape and greater frontal area might mean a bigger battery for the same range and so a slight price premium
Tesla is in a race against time to achieve the kind of production levels needed to turn around what is still a cash-hungry operationThe firm has spent nearly $2 billion (Rs 1316350 crore approx) since 2010 with investments including building the battery-makingGigafactory and trying to expand car production to a massive 500000 units a year
Tesla delivered around 76000 vehicles last year but says it was able to build around 2000 cars a week by the second half of 2016With as many as 400000 deposits taken for the Model 3 the company is looking to produce well over 100000 of the BMW3-series rival before the end of this year
Muskamprsquos expansion plans will test the limits of the capabilities of Teslaamprsquos suppliers and those of its own plant inFreemont California But getting to annual sales of half a million vehicles should finally push the carmaker into profit and secure thecompanyamprsquos long-term futurehttpwwwautocarindiacomauto-newstesla-model-y-suv-due-by-2019-404434aspx
Top
VW promises higher focus on EVs after record sales year Autocar India
The Volkswagen Group ampldquowill be a role model in environmental protection safety and integrityamprdquo according to CEOMatthias Muller who was speaking as the firm confirmed a record-breaking sales year in 2016
Outlining plans for the firm to reinvent itself as a far-reaching mobility company in the wake of the emission scandal Muller revealedthat the VW Group sold 103 million cars in 2016 making it the worldamprsquos largest car manufacturer It made pound62 billion in profitafter allowances including pound56 billion of losses to cover emission scandal costs In 2015 expenses relating to emission scandalamounted to pound142 billion
Most notably its sales in China where the effects of the diesel crisis were negligible grew 122 percent and its 2016 salesrevenues of pound1904 billion also exceeded forecasts by pound35 billion
ampldquoThe last year was challenging yet remarkably successfulamprdquo said Muller ampldquoIn 2016 we set the course for thebiggest transformation in the history of the company while at the same time performing better in our operating business than manythought possibleamphellipVolkswagen is back on trackamprdquo
Muller vowed that the success would be a catalyst for further change adding ampldquoWe will still be one of the most successfulautomakers in 2025 But we will also be a leading international provider of sustainable mobility and set the standard for new mobilityservicesamprdquo
New initiatives include a stated goal of taking leadership in the field of battery technology by 2025 which is by when the VW Grouphas committed to have solid state batteries in production These are seen as the next technological step over the lithium-ionbatteries currently favoured by most manufacturers The VW Group has committed to have 30 battery-electric vehicles on sale by2025
He also signalled that Audi had been tasked with leading the Groupamprsquos autonomous driving projects while adding that the VWGroup now had 37 centres around the world working on autonomous and digital service ideas pivoting around the Groupamprsquosnew mobility company Moia which was set up last year
Muller also highlighted recent joint ventures ampndash in China with FAW and JAC the latter of which will lead to the co-developmentof a budget electric car line in India with Tata Motors and in America with Navistar which is in the commercial vehicle segmentampndash as examples of the firmamprsquos commitment to forging partnerships to boost sales success He also confirmed that thefirst economy vehicles to be developed by the brand will go on sale in emerging markets in 2018httpwwwautocarindiacomauto-newsvw-promises-higher-focus-on-evs-after-record-sales-year-404433aspx
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Mercedes to expand E-class range with E 220 diesel Autocar India
The tenth-generation Mercedes-Benz E-class launched for the first time in India with a long wheelbase has moved the goalposts toset new standards for comfort and space in its segment The E-class comes with two engine options ampndash the base E 200 petroland the top-of-the-line
E 350 diesel Priced at Rs 5670 lakh and Rs 7015 lakh (ex-showroom Delhi) respectively these two variants bookend the E-classrange and is essentially aimed at two sets of customers The E 200 buyer is likely to be almost always chauffeur-driven and henceis mainly interested in rear seat space and comfort while the E 350d customer wants all the bells and whistles as well as the
sublime driving experience only the silky smooth and torquey V6 diesel can offer
However that still leaves a massive Rs 1345 lakh gap in the range which no doubt future E-class variants will eventually plug butwhich one will find that sweet spot to form the bulk of E-class sales
Itamprsquos no surprise then that Mercedes-Benz India is readying a base diesel which like the previous-generation W212 E-class islikely to be the most popular variant offering a strong dose of practicality without too much of a compromise on refinement andluxury
But unlike the W212 which had the E 250d representing the base diesel in the range Mercedes-Benz India is offering the lower E220d as the starting point for the E-class diesel This suggests that the E 220d will be very attractively priced when it goes on salearound June 2017 and could be priced very close to the E 200
The E 220amprsquos all-new 20 litre four-cylinder diesel which pumps out 194hp and 400Nm of torque may not have the punch ofthe outgoing E 250damprsquos 204hp and 500Nm motor but again given the chauffeur-driven focus the new E-class has beenconceived for the newE 220damprsquos performance is unlikely to be an issue
What is a big issue however is downgrading the 20-litre motor which has been designed for stricter Euro-VI emissions to run onlocally available BS-IV diesel ampldquoItamprsquos such a waste of engineering resource and a step backwardsamprdquo said aMercedes-Benz engineer The 2143cc (OM651) diesel engine which powered the previous E-class was easier to adapt to BS-IVfuel unlike the spanking new high-tech 1995cc (OM654) diesel thatamprsquos built to meet the latest global emission standards Infact the OM654 made its debut in the latest E-class when it was launched globally in 2016 Its advanced tech includes a uniquealuminium engine block with steel pistons a special low-friction coating for the cylinder walls and a fourth-generation common-raildiesel injection system At 168kg it is 31kg lighter than the engine it replaces
Downgrading a Euro-VI engine to BS-IV standards takes a lot of time and resources but there is no way out until fuel pumps in Indiaget low-sulphur BS-VI fuel which is not expected until 2020 The BS-IV-spec OM654 wasnamprsquot ready in time for the newE-class launch and this is one reason why the E 220d is coming a couple of months later The other reason could be a strategicone Mercedes-Benz India wants to wait until BMW launches the all-new 5-series expected in June and in a counter move tweakthe E 220damprsquos mix of specifications features and price accordingly A starting price of Rs 57-58 lakh for the E 220disnamprsquot unlikely especially since this variant will be Mercedes-Benz Indiaamprsquos trump card in a luxury car segment it seemsdetermined to dominatehttpwwwautocarindiacomauto-newsmercedes-to-expand-e-class-range-with-e-220-diesel-404429aspx
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Nissan to launch Kicks SUV in Q3 2018 Autocar India
The Nissan Kicks SUV which made its global debut in 2016 in Brazil will be launched in India in the third quarter of 2018 accordingto company sources
However unlike the South American model which is spun off Nissanamprsquos V-platform the made-for-India Kicks (code PB1D)will be based on the upcoming Renault Kapturamprsquos (code HHA) platform This is essentially a modified version ofRenaultamprsquos proven M0 platform that underpins cars like the Duster and Lodgy which are known for their robust mechanicals
The M0 is also a critical part of the Renault-Nissan Allianceamprsquos platform strategy in India which is essentially centred aroundtwo platforms Whilst the CMF-A and CMF-A+ platforms underpin Renault and Nissanamprsquos (and later Mitsubishiamprsquos) smallto mid-size car range in India the M0 platform will cater to higher end products The low-cost M0 platform has proved to be a cashcow for Renault globally and is ideally suited for markets like India The allianceamprsquos European-spec CMF-B platform was alsoevaluated initially but was eventually rejected as it proved to be a lot more expensive than the M0 which has also been localisedover the years
Developed and conceived originally by Renault for its Dacia sub-brand over a decade ago the French carmaker has first rights toproducts spun off the M0 platform and hence like the Nissan Terrano which followed the Renault Duster the Nissan Kicks too willfollow the Renault Kaptur to India but almost a year later
While both the Kaptur and Kicks will use the same modified version of the platform the amplsquotop hatsamprsquo will be completelydifferent The Kicks design and styling will mirror the South American car and thatamprsquos no bad thing
Sharply styled with lots of distinctive design touches like a floating roof massive wheel arches and a wraparound visor look theKicks wonamprsquot have a problem standing out on Indian roads The good thing is that the edgy design hasnamprsquot compromisedpracticality and Nissan claims best-in-class space in the back seat
Cars based on the M0 platform get a choice of just two engines a 16 petrol and the venerable 15 K9K diesel and hence these arelikely to be carried forward into the Kicks as well The 15 diesel is expected to be the mainstay but its likely that in its latest iterationthere will be a small bump up in power and torque
Nissan has set an ambitious target of 30000 Kicks in its first full year of production with an additional 20000 units earmarked forexports Pricing will be crucial for the Kicksamprsquo success and Nissan may do well to undercut its rivals to buy some much neededmarket sharehttpwwwautocarindiacomauto-newsnissan-to-launch-kicks-suv-in-q3-2018-404426aspx
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International News
Volkswagen CEO gets 778 mn euros in pay and benefits for 2016 ReutersSee this story in The Economic Times
Wolfsburg Volkswagen Groups Chief Executive Matthias Mueller was awarded 778 million euros ($828 million) in pay andbenefits for 2016 up from 417 million euros in total remuneration awarded a year earlier the companys annual report showed onTuesday
Mueller was not awarded a full years CEO pay for 2015 since he only took over as chief executive in September following theresignation of his predecessor Martin Winterkorn who was forced out in the wake of a diesel emissions cheating scandal
Volkswagen overhauled its bonus and executive pay policy in February this year to cap total pay for its chief executive at 10 millioneuros ($106 million) and other top managers at 55 million euros
Volkswagen brand chief Herbert Diess saw his total remuneration for 2016 fall to 393 million euros down from 713 million in 2015the annual report showed
($1 = 09401 euros)httpautoeconomictimesindiatimescomnewsindustryvolkswagen-ceo-gets-7-78-mn-euros-in-pay-and-benefits-for-201657631837Volkswagen CEO Matthias Mueller says not ruling out merger talks with Fiat ChryslerThe Financial Expresshttpwwwfinancialexpresscomindustryvolkswagen-ceo-matthias-mueller-says-not-ruling-out-merger-talks-with-fiat-chrysler587861
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Volkswagen CEO US remains core market for company APSee this story in The Economic Times
Frankfurt The CEO of German automaker Volkswagen says the United States remains a core market for the company despite itsdiesel emissions scandal and has underlined that it hopes to expand there
Matthias Mueller made the comments Tuesday at the companys annual news and investor conference at its headquarters inWolfsburg Germany
Mueller said that we are standing by our investment decisions and intend over the long term to play a significantly greater role therethan today
The Volkswagen brand has only a small share in the US market although it is important for the companys luxury brands Porscheand Audi It makes cars in Chattanooga Tennessee
US authorities uncovered Volkswagens use of engine control software that enabled vehicles to cheat on emissions testshttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsvolkswagen-ceo-us-remains-core-market-for-company57633149
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Volkswagen targets strong 2017 even as core brand struggles ReutersSee this story in The Economic Times
Wolfsburg Germany Volkswagen said it was capable of shouldering the costs of its emissions crisis and was targeting an evenbetter year than in 2016 but warned that its core autos division continued to struggle
We see good chances of being able to ride the wave of the positive performance last year when Volkswagen turned in recordunderlying profit helped by sales of upmarket Audis and Porsches Chief Executive Matthias Mueller said on Tuesday at thecarmakers annual news conference
Volkswagen expects group revenue to exceed last years record 217 billion euros ($231 billion) by as much as 4 percent this yearand is forecasting an underlying operating margin of between 6 and 7 percent compared with 67 percent in 2016 it said affirminga forecast given on February 24
The company also aims to moderately exceed last years record 103 million deliveries
You can rest assured that we will do everything in our power to make 2017 an even better year than 2016 the CEO said
But Volkswagen appears to be making slow progress in tackling the biggest trouble spot within the 12-brand group thelong-planned turnaround of its core autos division
Operating profit of the namesake brand slipped further to 187 billion euros in 2016 from 210 billion a year earlier because of highermarketing costs related to dieselgate and plunging demand in Brazil and other key markets finance chief Frank Witter said
($1 = 09394 euros)httpautoeconomictimesindiatimescomnewsindustryvolkswagen-targets-strong-2017-even-as-core-brand-struggles57630343
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VW CEO says not ruling out merger talks with Fiat Chrysler boss ReutersSee this story in The Economic Times
Wolfsburg Volkswagen Chief Executive Matthias Mueller said he is not ruling out talks with Fiat Chrysler boss Sergio Marchionneabout a possible merger
I am not ruling out a conversation Mueller told reporters on Tuesday after the carmakers annual earnings press conference inWolfsburg
Marchionne has long advocated car industry mergers to share the costs of making cleaner and more technologically advancedvehicles and has repeatedly relayed his desire via the media
It would be very helpful if Marchionne were to communicate his considerations to me too and not just to you Mueller said
I am pretty confident about the future of Volkswagen with or without Marchionne
Only last week Mueller appeared to dismiss the prospect of talks with Fiat Chrysler
We are not ready for talks about anything he told Reuters on the fringes of the Geneva auto show I havent seen Marchionne formonths he said at the timehttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsvw-ceo-says-not-ruling-out-merger-talks-with-fiat-chrysler-boss57632909
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Volkswagen chief denies talks with Fiat AFPSee this story in The Economic Times
Berlin Volkswagen chief Matthias Mueller on Tuesday denied rumours that the German auto giant was in talks with rival FiatChrysler
At present there is no contact between me and Fiat Chrysler boss Sergio Marchionne Mueller told the companys annual pressconference in Wolfsburg north Germany
Marchionne had said at the Geneva car show last week that he was expecting Volkswagen to reach out as more firms are thinkingof cost-cutting tie-ups in the vein of Frances Peugeot and German carmaker Opel
In response Mueller said he had other problems since VWs 2015 admission that it installed software to cheat regulatoryemissions tests in 11 million vehicles worldwide
He nevertheless added that Ive never said a tie-up with any other partner is altogether ruled out
VW clawed its way back to profit in 2016 and pulled ahead of Toyota to become the worlds biggest carmaker by unit sales shipping103 million vehicles over the year
Mueller on Tuesday confirmed the groups forecast of moderate growth in sales in 2017
But the firm is far from turning the page as it continues to refit cars equipped with the cheating software and faces legal action fromcustomers and investors in numerous countries
The final bill for the scandal is impossible to predict Mueller acknowledged
All we know is that this question will keep us busy for a long time several years he saidhttpeconomictimesindiatimescomindustryautovolkswagen-chief-denies-talks-with-fiatarticleshow57633113cms
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Volkswagen has good chances to build on strong 2016 performance CEO ReutersSee this story in The Economic Times
Germany Volkswagen has good chances of building on its strong 2016 performance when it swung to a record underlying profitdespite its diesel emissions crisis Chief Executive Matthias Mueller said
The Volkswagen Group is in very robust shape Mueller said on Tuesday at the carmakers annual news conference in Wolfsburg
VW expects group revenue to exceed last years record 217 billion euros ($231 billion) by as much as 4 percent this year and isforecasting an underlying operating margin of between 6 and 7 percent compared with 67 percent in 2016 it said affirming aforecast given on Feb 24
Still operating profit of its core autos division slipped further to 187 billion euros in 2016 from 210 billion a year earlier as the brandis struggling to implement a wide-ranging turnaround planhttpeconomictimesindiatimescomnewsinternationalbusinessvolkswagen-has-good-chances-to-build-on-strong-2016-performance-ceoarticleshow57630339cms
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BMW i3 batteries to be used by Vattenfall The Economic Times
New Delhi Swedish power making company Vattenfall and German auto giant BMW Group have signed a contract for the deliveryof up to 1000 lithium-ion batteries this year The batteries with a capacity of 33 kilowatt hours (kWh) each are equipped with aBMW-owned battery management system and are also used by the car manufacturer in the BMW i3
Vattenfall will purchase the new batteries from the BMW plant in Dingolfing and use them in all storage projects
Energy storage and grid stability are the major topics of the new energy world says Gunnar Groebler Senior Vice President ofVattenfall and Head of Business Area Wind
We want to use the sites where we generate electricity from renewable energies in order to drive the transformation to a newenergy system and to facilitate the integration of renewable energies into the energy system with the storage facilities Thedecoupling of production and consumption and the coupling of different consumption sectors are in the focus of our work
The first energy storage from the BMW-i3 batteries is being built at the 122 MW onshore wind farm Princess Alexia nearAmsterdam With a capacity of 32 megawatts (MW) it is Vattenfalls first large storage project in the Netherlands
Pending on a final investment decision the largest battery storage will be built at the Vattenfall wind farm Pen y Cymoedd (230 MW)in South Wales - a 22-megawatt storage facility which will help to support the stability of the country-wide power grid in the UK aspart of the so-called EFR (Enhanced Frequency Response) service
As part of the project Norddeutsche Energiewende NEW 40 Vattenfall together with the Hamburg University of Applied Sciences(HAW) and the company Nordex will implement a large battery storage at the future wind farm in Hamburg-Bergedorf
This is a so-called storage control unit made of batteries It is meant to maintain the security of supply with a feed-in of 100 percentrenewable energy In addition the battery storage contributes to the improvement of the network quality and the more efficient useof the existing network structure Other possible applications would be electricity storage in private households Energy storagesolutions are an important part of Vattenfallamprsquos strive to power climate smarter living
We are pleased that we have found a supplier in BMW who meets our high safety requirements with the use of the batteries withreliably good quality from German series production says Daniel Hustadt project manager for large batteries at VattenfallInnovation GmbHhttpautoeconomictimesindiatimescomnewsindustrybmw-i3-batteries-to-be-used-by-vattenfall57630728
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Toyota to look at Saudi production as the countries seek closer ties ReutersSee this story in The Economic Times
New Delhi Toyota Motor Corp signed a memorandum of understanding (MOU) on Tuesday with a Saudi Arabian governmentagency to conduct a feasibility study into producing vehicles and parts in the Middle Eastern nation
The move if firmed up would be a big step for the Saudi economy as the government tries to diversify beyond oil exports andcreate jobs as part of the kingdoms 2030 Vision
So far Saudi Arabia and other Gulf oil exporters have failed to significantly develop industries such as automaking because theylack broad industrial bases and a skilled local workforce
The study would take into account the evaluation of development of a local supply base using materials produced by major Saudi
companies like Sabic Maaden Petro Rabigh and other major industrial companies in the kingdom the official Saudi state newsagency reported
The MOU is with Saudi Arabias National Industrial Clusters Development Program (NICDP)
Meanwhile state-run Saudi Aramco has signed MOUs with five Japanese entities during a business forum that both nations hostedon Tuesday coinciding with a visit by Saudi Arabias King Salman this week
Saudi Aramco and Japans biggest oil refiner JX Nippon Oil amp Energy (5020T) agreed to consider a refinery joint venture in a thirdcountry and cooperation in trading and technology of oil and petrochemical products
Aramco also agreed to consider a possible future cooperation in crude oil supply and downstream business with Idemitsu KosanCompany
In addition Aramco and state-run Japan Oil Gas and Metals National Corp (JOGMEC) formally agreed to expand crude storagecapacity in Japan by 300000 kilolitres (about 19 million barrels) from the current 63 million barrels from April 1
Japan treats crude oil stored by Aramco as quasi-government oil reserves counting half of the barrels stored by Aramco as nationalcrude reserves
Companies and government organizations in both nations signed a total of 20 MOUs on Tuesday including cooperation betweenthe Saudi Arabian General Investment Authority (SAGIA) and Japans three megabanks - Mitsubishi UFJ Financial Group (8306T)Sumitomo Mitsui Financial Group (8316T) and Mizuho Financial Group (8411T) - on increasing investments in the kingdom
The MOUs also included cooperation in seawater desalinationhttpautoeconomictimesindiatimescomnewsindustrytoyota-to-look-at-saudi-production-as-the-countries-seek-closer-ties57636587
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Geneva Motor Show 2017 Airbus unveils fully electric flying car PopUp The Economic Times
Geneva Airbus along with Italdesign has unveiled the first modular fully electric zero emission concept vehicle system - PopUpat the Geneva Motor Show 2017 informed the French company in an official statement
PopUp envisages a modular system for multi-modal transportation that makes full use of both ground and airspace and isdesigned to relieve traffic congestion in crowded megacities
PopUp System consists of a three layers concept1 an Artificial Intelligence platform that based on its user knowledge manages the travel complexity offering alternative usagescenarios and assuring a seamless travel experience
2 a vehicle shaped as a passenger capsule designed to be coupled with two different and independent electric propelled modules(the ground module and the air module) Other public means of transportation (eg trains or hyperloops) could also integrate thePopUp capsule
3 an interface module that dialogues with users in a fully virtual environment
Airbus claims The PopUp vehicle combines the flexibility of a small two seater ground vehicle with the freedom and speed of avertical take-off and landing (VTOL) air vehicle thus bridging the automotive and aerospace domains
PopUpamprsquos monocoque carbon-fibre cocoon measures 26 metres long 14 metres high and 15 metres wide The capsuletransforms itself into a city car by simply coupling to the ground module which features a carbon-fibre chassis and is batterypowered
For megacity journeys with high congested traffic the capsule disconnects from the ground module and is carried by a 5 by 44metre air module propelled by eight counter-rotating rotors
ampldquoAdding the third dimension to seamless multi-modal transportation networks will without a doubt improve the way we liveand how we get from A to Bamprdquo said Mathias Thomsen General Manager for Urban Air Mobility at Airbus on the occasion ofthe unveil
ampldquoSuccessfully designing and implementing solutions that will work both in the air and on the ground requires a joint reflectionon the part of both aerospace and automotive sectors alongside collaboration with local government bodies for infrastructure andregulatory frameworks Italdesign with its long track record of exceptional vehicle design was an exciting partner for Airbus for thisunique concept projectamprdquo
ampldquoToday automobiles are part of a much wider eco-system if you want to design the urban vehicle of the future the traditionalcar cannot alone be the solution for megacities you also have to think about sustainable and intelligent infrastructure appsintegration power systems urban planning social aspects and so on In the next years ground transportation will move to the nextlevel and from being shared connected and autonomous it will also go multimodal and moving into the third dimensionamprdquo saidItaldesign CEO Joumlrg Astaloschhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsgeneva-motor-show-2017-airbus-unveils-fully-electric-flying-car-pop-up57630936
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Nissan boosts management presence at Mitsubishi Motors ReutersSee this story in The Economic Times
Tokyo Mitsubishi Motors on Tuesday said an additional four Nissan executives would join its management team as Nissan tightensits control over the smaller struggling automaker in which it took a controlling stake last year
The announcement is part of Mitsubishi Motors efforts to rebuild its management system after it admitted last year that it hadoverstated the mileage on a number of its cars sold in Japan battering domestic sales and tarnishing its brand image
From April corporate vice president positions for roles including product development and marketing and sales would be occupiedby officials from Nissan Mitsubishi Motors said
This would hike the number of Nissan executives on Mitsubishi Motors management team to seven from two now
We need to strengthen our corporate governance to avoid a repeat of last years scandal along with scandals previous to thatMitsubishi Chief Executive Officer (CEO) Osamu Masuko told reporters during a teleconference
After taking a one-third stake in Mitsubishi Motors Nissan installed Carlos Ghosn - its CEO at the time - as chairman of MitsubishiMotors while also naming two Nissan officials to Mitsubishis board of directors
Nissan also dispatched other executives to the smaller automaker including Trevor Mann previously Nissans chief performanceofficer who became chief operating officer at Mitsubishi late last year
Last month Ghosn said he would step down from the top position at Nissan to focus on deepening the companys alliance withRenault SA and Mitsubishi Motors
Separately Nissan said Shiro Nakamura the companys chief creative officer and one of Japans best-known car designers willretire after nearly 20 years at the automaker
Nakamura 66 is recognised for referencing science fiction anime and embracing Japans culture of cute in models including theGT-R supercar the Cube compact MPV and the Juke SUV crossover setting the automaker apart from many of its rivals whichhave been accused of making lookalike cars
Nakamura joined Nissan in 1999 from Japanese truckmaker Isuzu Motors and was one of the first key hires by Ghosn shortly afterGhosn himself arrived from French automaker Renault to save the company from bankruptcy
Alfonso Albaisa who currently overseas design at Nissans premium Infiniti brand will succeed Nakamura while former BMWglobal chief designer Karim Habib will become the brands new chief designer effective July 1httpautoeconomictimesindiatimescomnewsindustrynissan-boosts-management-presence-at-mitsubishi-motors57631800
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Renault Zoe e-Sport breaks covers at 2017 Geneva Motor Show The Economic Times
New Delhi In the ongoing Geneva Motor Show Renault has showcased its new two-seat version of its electric car Renault Zoee-Sport The company claims to have taken the design cues from Formula E
The ZOE e-Sport Concept is the fully electric concept car that embodies Renaultamprsquos commitment to the idea that electric carscan be fun and fast says Renault The sporting credentials of the ZOE e-Sport Concept extend beyond the caramprsquos styling andthe same blue livery as the Renault edams teamamprsquos front-running Formula E single-seaters
The bodywork of the ZOE e-Sport Concept is made entirely from lightweight carbon fibre which helps to ensure outstandingacceleration from standstill to 100kph in just 32 seconds The car tips the scales at a mere 1400 kilograms including 450kilograms of batteries
The car is powered by two electric motors capable of generating 450 bhp and 650 Nm of torque One of the motor is powered to therear axle and the other to the front axle Renault Zoe e-Sport gets the same 40 kWh battery which powers the standard variant ofthe car
Jean-Christophe Kugler CEO Renault Europe said that the concept as a link car - a styling exercise intended to connect the Zoeroad car with what Renault is doing in Formula E racing and to send a message that EVs are fun to drive Its not a signal of thefuture for Zoe and we have no intention to develop a performance version
Renault also claims that the electric performance car uses the same air and water cooling systems as the Renaultamprsquos FormulaE car The car is based on a tubular steel chassis with use of extensive carbon fibre The car also gets four driving modes
At the moment Renault has no plans to make the Zoe e-Sport into productionhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsrenault-zoe-e-sport-breaks-covers-at-2017-geneva-motor-show57627528
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Sensata Technologies opens testing facility in Bulgaria ReutersSee this story in The Economic Times
Sofia Sensata Technologies has opened its largest global testing facility in Sofia to support its automotive sensing technologies thecompany said on Tuesday
Sensata which has manufacturing sites in 13 countries already employs 3000 people in Bulgaria where it produces pressure andhigh temperature sensors for the automotive market and operates a business centre
In recent years inexpensive labour low taxes and an educated workforce have encouraged dozens of car part producers and ITand business outsourcing companies to set up in the Balkan countryhttpautoeconomictimesindiatimescomnewsauto-componentssensata-technologies-opens-testing-facility-in-bulgaria57632975
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Driving driverless Quest for an autonomous car has reached a truck now Nandagopal RajanThe Financial Express
At San Franciscoamprsquos Pier 90 chock-a-block with cargo vehicles it is pretty tough for any truck to stand out But a white Volvotruck with Otto emblazoned on it is the centre of attention This is the next big thing in automated cars and has already shown itsmettle by delivering a consignment of Budweiser beer in Colorado without a driver controlling it on the freeway
Uber is one of the many companies thinking in terms of driverless car While CEO Travis Kalanick says automated vehicles areampldquoexistentialamprdquo for the ride-hailing companyamprsquos future he is not alone in the race to drive without drivers Just in theUS at least 23 companiesampmdashincluding Tesla Google and Volkswagenampmdashhave registered in autonomous vehicleprogrammes The idea that fuels this cutting-edge technology is pure economics at the end of the day Cars suffer from seriousissues of inefficiency as they sit idle 95 of the time Considering that the world has 1200000000 cars this is inefficiency at agargantuan scale Add to this the fact that cars amount for 22 of all emissions globally and muddy the urban infrastructureproblem by creating the need for parking spaces
Since 1984 when the first experimental self-driving cars appeared there has been much progress on the technology leading toMercedes-Benz showcasing its concept car the F 015 at the Consumer Electronics Show in Las Vegas in 2015 Everyone has adifferent take on the technology but in the end the idea is to make cars intelligent and independent enough to be aware ofsurroundings and take decisions based on that
Interestingly Uberamprsquos dream is to bring ampldquoreliable transportation to everyone everywhereamprdquo now extended toeverything too with the trucks from Otto a start-up it acquired last year Matt Sweeney who heads product at UberamprsquosAdvanced Technology Group says ampldquothe truck and passenger vehicles share software and hardware components and thishelps us work on different aspects of the self-driving problem at the same timeamprdquo But on scope passenger vehicles are forurban environments where Uber has its focus on ride-sharing while trucks will be for high-speed highways where the constraintsare different
Just last week Uber got a permit from California Department of Motor Vehicles to test two self-driving Volvo SUVs on public roadsthough it will need to have backup drivers behind the wheel in case the prototype cars malfunction Its self-driving cars have beenrunning test drives in other parts of the US too
The Otto truck comes with a rig of radars laser scanners and stereo cameras that give the computers inside a live 360-degreevision of its environment with high dynamic range high resolution and high colour information imagery so that the truck can besmart enough to decide what to do next But the computing task this presents is ampldquoalmost as big as a small datacentreamprdquo Sweeney says the computing has to be done inside as ampldquothere is no tech that can let us send all that data tothe cloud real time and hence a lot of the computing has to be done in the truck itselfamprdquo
ampldquoA lot of the tech is based on prior mapping but in subsequent runs we see differences that have come about in the area andpay attention on those objects that are differentamprdquo
Interestingly Otto is being sued by Googleamprsquos Waymo self-driving car unit which claims its former employee and start-upfounder Anthony Levandowski stole its proprietary design for its laser-based radar system There are other challenges tooampldquoUber tech is different because we are trying to make this on top of the ride-sharing network that we already haveamprdquo headded
Nissan in contrast keeps the driver and not the technology at the centre and its definition of an ampldquoautonomous caramprdquo ishence a vehicle with different levels of driving technologies that enable it to operate autonomously for certain periods of time ANissan spokesperson said on the technology side the challenges are in artificial intelligence software development data processingand digital mapping technologies while on the social environment side laws and regulations along with modifications of roadinfrastructure will become necessary
This contrast in technologies is why it is important to see how the entire ecosystem evolves maybe with different platforms talkingto each other But Uber is not depending on this ampldquoWe need to see and interact with vehicles but there is no guarantee wewill have that technology So we are approaching it with the assumption it wonamprsquot existamprdquo says Sweeney
Uberamprsquos goal is to take its technology everywhere but can these vehicles actually be practical for an environment like IndiaSweeney accepts the new elements this will throw in along with the sheer volume will present a slew of challenges ampldquoThoseare situations we think we will be able to tackle but those are not the first places we will goamprdquo he explains adding that theywill look for opportunities where they can deploy this technology safely Clearly this drive has just started(The author attended the Uber Media Summit in San Francisco at the invitation of Uber)httpwwwfinancialexpresscomopiniondriving-driverless-quest-for-an-autonomous-car-has-reached-a-truck-now588112
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Samsung completes acquisition of Harman The Economic Times
New Delhi The arrest of the Vice-Chairman of Samsung Board Lee Jae Yong on bribery and corruption charges has not affectedthe deal between Samsung and Harman International IndustriesIn a media statement the South Korean giant confirmed thecompletion of its largest such deal ever
Under the terms of the merger agreement Harman stockholders will receive $11200 per share in cash The completion follows thesatisfaction of all conditions to the closing of the transaction including approval of the transaction by HARMAN stockholders andreceipt of all necessary regulatory approvals in the United States and certain foreign jurisdictions
ampldquoToday is a historic moment for us The close of this transaction opens the door to create substantial growth opportunitiesand deliver greater benefits for customers worldwideamprdquo said Young Sohn President and Chief Strategy Officer of SamsungElectronics and Chairman of the Board HARMAN ampldquoWe see transformative opportunities in the car ampndash and a futurewhich seamlessly connects lifestyle across automotive home mobile and work Samsungamprsquos and HARMANamprsquosleadership in these spaces perfectly positions Samsung to be the preferred partner to our OEM customers In addition bringingtogether HARMANamprsquos iconic audio brands and capabilities paired with Samsungamprsquos leading display technologies willdeliver enhanced audio and video experiences to consumers and professional end markets And most importantly we areenthusiastic about our common vision the similarities in our culture of innovation and the added value we can create for customersWe look forward to working with all of HARMANamprsquos employees to execute on our visionamprdquo
Harman boasts around 30000 employees spreadout across different brands including JBL Infinity Lexicon and Mark LevinsonThe company will continue to conduct business as an independent subsidiary under the terms of the deal with Samsung
ampldquoWe are excited to have completed the transaction which provides compelling cash value to our stockholders benefits ourcustomers and provides new opportunities for our employeesamprdquo said Dinesh Paliwal Harman President and CEOampldquoSamsung shares our commitment to our customers and our culture of speed innovation and execution Samsung providesHarman with the scale platform and complementary technologies to accelerate growth and extend our global market leadership inautomotive smart audio and connected technologies Recognizing the importance of partnerships in an increasingly connectedworld particularly in automotive we are poised to leverage our combined teams and resources to produce even greater value forour customers Working closely with automakers and other technology companies Samsung and Harman will define ampndash anddrive ampndash the future of automotiveamprdquohttpautoeconomictimesindiatimescomnewsauto-technologysamsung-completes-acquisition-of-harman57624440
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Skoda delivers 81200 units in Feb 2017 globally The Economic Times
Mlada Boleslav Czech car manufacturer Skoda in a press release stated that the company delivered 81200 vehicles to customersworldwide in February 31 more than in the same period last year (February 2016 78800) brvbarkoda also claims that it has soldmore cars than any February in its history The Czech manufacturer achieved double-digit growth in Central and Eastern Europe (+129 and + 133) India (+ 128) and Israel (+ 198) among others
We are delighted with our strong start to 2017 We expect the market launch of the OCTAVIA product upgrade as well as the newKodiaq to create further momentum says Werner Eichhorn brvbarKODA Board Member for Sales and Marketing
In Western Europe deliveries to customers rose by 70 in February to 34800 vehicles (February 2016 32500) With 12600vehicles Germany remains the strongest single European market (February 2016 12100 vehicles +45) brvbarKODA recordeddouble-digit growth rates in the UK (3400 vehicles +236) Italy (2200 vehicles + 201) Belgium (2 000 vehicles +271) andAustria (1900 vehicles +647)
In Central Europe brvbarKODA achieved an increase of 129 with 17400 cars (February 2016 15400 vehicles) Deliveries on thehome market of the Czech Republic rose by 88 to 8200 vehicles in Poland (5700 vehicles + 163) Slovakia (1700 vehicles+154) Slovenia (600 vehicles +226) and Croatia (300 vehicles +469) also rose in double figures
In Eastern Europe excluding Russia Skoda achieved a year-on-year increase of 133 with 2800 vehicles delivered (February2016 2500 vehicles) In the same period 400 customers in Ukraine received their new brvbarKODA ampndash an increase of 939(February 2016 200 vehicles) The number of deliveries increased significantly in Bosnia (200 vehicles + 557) Bulgaria (200vehicles +175) and the Baltic States (600 vehicles + 229) In Russia brvbarKODA achieved an increase of 46 with 4300vehicles (February 2016 4100 vehicles)
In China ampndash the brandamprsquos largest market worldwide ampndash brvbarKODA handed over the keys to 15000 new vehicles(February 2016 18500 vehicles -188) Deliveries overseas increased by 98 to a total of 2500 vehicles
At the Geneva Motor Show brvbarKODA is presenting several new highlights These include the brvbarKODA KODIAQ SCOUT and brvbarKODAKODIAQ SPORTLINE alongside the extensively upgraded brvbarKODA OCTAVIA as well as the sporty spearhead brvbarKODA OCTAVIA RS245 and the brvbarKODA OCTAVIA SCOUT with a rugged off-road look In addition the upgraded brvbarKODA models RAPID and RAPIDSPACEBACK and Citigo are on show
brvbarKODA deliveries to customers in February 2017 (in units rounded off by model +- in percent compared to February2016)brvbarKODA OCTAVIA (28600 -86)brvbarKODA FABIA (16700 + 152)brvbarKODA RAPID (15000 + 121)brvbarKODA SUPERB (10900 + 171)brvbarKODA KODIAQ (1300 + 1000)brvbarKODA YETI (6300 -157)brvbarKODA CITIGO (only sold in Europe 2300 -164)httpautoeconomictimesindiatimescomnewspassenger-vehiclecarsskoda-delivers-81200-units-in-feb-201757626693
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Isuzu claims more durability on its diesel engines for trucks The Economic Times
Indianapolis Isuzu Commercial Truck of America has announced that the B10 durability rating of its 4HK1-TC diesel engine hasbeen increased to 375000 miles informed the company in an official statement
To elaborate further on what it means the Japanese commercial vehicle manufacturer went on to say that A B10-life rating is anindustry-standard gauge provided by engine makers to help consumers determine the long-term durability of an engine Thenumber following the B indicates the percentage of an engineamprsquos population that will require an overhaul before the indicatedmileage
That means that 90 of Isuzu 4HK1-TC engines are expected to last 375000 miles before they require a major repair or rebuildPreviously the 4HK1-TC engine carried an already-robust B10 durability rating of 310000 miles added the company
ampldquoWe are proud to say that Isuzu diesel engines are already known worldwide for their long-term dependabilityamprdquo saidShaun Skinner president of Isuzu Commercial Truck of America ampldquoOur new B-10 rating is strong evidence that our enginesare even more durable than everamprdquo
The turbocharged intercooled 4HK1-TC four-cylinder diesel engine displaces 52 liters and generates 215 horsepower Torqueratings vary depending on model The engine is fitted to Isuzu NPR-HD NPR-XD NQR and NRR models as well as the all-new2018 Isuzu FTR Class 6 truck
The company made the above announcement at the National Truck Equipment Associationamprsquos 2017 Work Truck Show inIndianapolis held on March 13httpautoeconomictimesindiatimescomnewsauto-componentsisuzu-diesel-engines-for-trucks-now-become-more-durable57626832
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MoS visits Rolls-Royces new logistics centre in England The Economic Times
New Delhi Nick Gibb Minister for School Standards and MP for Bognor Regis and Littlehampton has visited Rolls-Royce MotorCars Technology and Logistics Centre on Monday informed the British luxury car maker in a media release
During the visit Gibb toured the facility met the expert team onsite and was briefed on the companyamprsquos future plans to expandthe Centre He also took the opportunity to learn more about the Rolls-Royce Motor Cars apprenticeship graduate and internprogrammes
Nick Gibb said ampldquoThe original announcement that Rolls-Royce Motor Cars would be locating its Technology and LogisticsCentre in Bognor Regis was a great boost for our town and warmly welcomed I am delighted to see the huge new state of the artfacilities fully operational and providing high quality jobs for local people The support of such a prestigious company is good newsfor Bognor Regis and for the wider local economyamprdquo
He continued ampldquoIt is very welcome that Rolls-Royce operates an apprenticeship scheme ensuring the company has the skillsit needs for the future and providing opportunities and training for a cohort of young people every year This year Rolls-Royce istaking on record numbers of apprenticesamprdquo
The new Rolls-Royce Technology and Logistics Centre at Bognor Regis opened on schedule in January 2016 The purpose-built30000m2 facility is located close to the companyamprsquos head office and manufacturing plant at Goodwoodhttpautoeconomictimesindiatimescomnewsindustrymos-visits-rolls-royce-new-logistics-centre-in-england57626981
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All new Mazda CX-5 to be produced at Hofu Plant The Economic Times
Hiroshima Japan Japanese automaker Mazda Motor Corporation starting from November is going to produce the all-new MazdaCX-5 crossover SUV at its Hofu Plant in addition to the Hiroshima Plant where it is currently produced
The company informed that the move will help the automaker respond quickly and flexibly to growing demand for SUVs globally
Mazda aims to create a production system that can respond flexibly to changes in demand for crossover vehicles as it works tomeet its global sales goal of 165 million units
Launched domestically in February the all-new CX-5 has till date recorded sales of 16639 units about seven times the monthlytarget claims the company
As with the CX-3 starting production of the CX-5 at Hofu Plant as well is part of our plan to build a production framework that givesus more flexibility between plants and between models said Masatoshi Maruyama Managing Executive Officer in charge of GlobalProduction We will do everything we can to get customers the crossover vehicles they want as quickly as possiblehttpautoeconomictimesindiatimescomnewspassenger-vehicleuvall-new-mazda-cx-5-to-be-produced-at-hofu-plant57627447
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Rheinmetall receives over $25 mn order from American carmaker The Economic Times
New Delhi German automotive parts supplier Rheinmetall has booked its first order for a special application of coolant valves by amajor American carmaker and destined for the NAFTA market
The company in a statement said that the order has a lifetime value of over US$25 million (around Rs 165 crore) Series productionof the valves is scheduled to start in 2019 with the contract set to run for about five years
Talking about the product the company went on to say that the innovative valves play a lead role in intelligent thermal and energymanagement on modern vehicle engines These often have several cooling circuits which are controllable with the aid of switchingseat valves
As from model year 2020 this particular customer will be installing several versions of such valves on gasoline and diesel enginesfor pick-ups with over 6 liters displacement
They will take over functions in the cooling circuit of the transmission ensuring that it reaches operating temperature faster byswitching off the coolant flow when the engine is started This also helps to reduce emissions added the companyhttpautoeconomictimesindiatimescomnewsauto-componentsrheinmetall-receives-over-25-mn-order-from-american-carmaker57628058
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Nissans Infiniti names former BMW executive as new design chief ReutersSee this story in The Economic Times
Beijing Infiniti Nissan Motors premium brand named Karim Habib former global design chief for BMW as the brands new chiefdesigner effective July 1
Habib will replace Alfonso Albaisa who will be promoted to lead Nissans global design according to a press release seen byReuters Habib will report to Albaisa
Habib who has worked for several premium automotive brands including BMW and Daimler will be based in Nissans technicalcentre in Atsugi Japan and lead Infinitis design teams in Japan Beijing San Diego and Londonhttpautoeconomictimesindiatimescomnewsindustrynissans-infiniti-names-former-bmw-executive-as-new-design-chief57630437
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Elon Musks bold offer of Tesla batteries wont solve Australias power problems ReutersSee this story in The Economic Times
Launceston Australia Australia is becoming an interesting microcosm on how to or how not to transition an economy from beingpredominantly powered by coal to more climate-friendly alternatives
The dramatic intervention by Tesla Inc Chief Executive Elon Musk last week is just the latest twist in an ongoing saga that pits
business government farmers government and environmentalists against each other
Musk in an exchange of tweets with software billionaire Mike Cannon-Brookes chief executive of Atlassian Corp offered to fix theelectricity supply problems of South Australia state within 100 days of signing a contract
Musks plan is to install 100 megawatts (MW) of grid-connected battery storage which would be available to meet peak demandand would be charged with surplus electricity from other generating sources in periods of low demand
Its a bold offer and would most likely provide a quick fix to Australias fourth-largest state which suffered a blackout last Novemberand has been dealing with power shortages over the peak summer period
Businesses like BHP Billiton which operates the giant Olympic Dam copper mine in the state have been pushing for thegovernment and other stakeholders to ensure stable electricity supply saying the cost of blackouts runs into millions of dollars inlost output
Musk whose Tesla Corp is ramping up output of its battery storage packs at its Gigafactory in Nevada held talks with AustralianPrime Minister Malcolm Turnbull at the weekend as well as with South Australian Premier Jay Weatherill
The politicians will no doubt be tempted to Musks offer to install batteries especially since the electric car pioneer said if he didntmeet his 100 day deadline he wouldnt charge anything
But while Musks offer if taken up would provide a quick fix it would not do enough to mend the underlying problems at the heart ofAustralias electricity woes
Its worth looking at how Australia got itself to the point where virtually all players can agree that the nation is facing somethingapproaching an energy crisis
After all the country is not short of fossil fuels such as coal and natural gas and its climate and low population density outside themajor cities are ideal for renewables such as solar and wind power
The country is heavily reliant on an ageing fleet of coal-fired power stations which makes Australia one of the highest polluters percapita
These coal power stations are starting to close down with one shutting in South Australia last year and another planned to close inVictoria state at the end of this month
The problem is that the coal-fired power stations role as providers of base load electricity cannot be taken over by wind and solarand the role is falling to natural gas
But natural gas is also the most expensive method of generating electricity in Australia so utilities are reluctant to run their gas-firedplants until prices are high enough to justify the cost
South Australia has a gas-fired plant that was mothballed until last years power supply crisis but even with the higher prices forelectricity the operator is struggling to make the plant profitable
The state moved on Tuesday to try and address its energy security issues announcing it would build a 250 MW gas-fired plant andhelp the private sector build a 100 MW battery at a total cost of A$510 million ($385 million)
Gas Supply ConstraintsNatural gas supply is becoming a problem in Australia which may seem ironic given the country is on the verge of becoming theworlds largest exporter of liquefied natural gas (LNG) as the last of eight new plants come closer to completion
In fact the new LNG plants are copping some of the blame for the tightening natural gas market especially the three in easternQueensland state based on using coal-seam gas as the feedstock
These are being blamed for sucking domestic natural gas out of the market and into the export LNG industry
What hasnt helped is that some of Australias state and territory governments are also pursuing policies that will restrict futurenatural gas supplies
Victoria state has banned hydraulic fracturing or fracking as well as shale and coal-seam gas exploration while the NorthernTerritory New South Wales and Tasmania have various moratoriums on fracking
This leaves Western Australia Queensland and South Australia as the remaining states where onshore natural gas supplies can bedeveloped and they are now in the cross-hairs of the environmental lobby which is opposed to any and all new natural gas wells
Politicians across the traditional Labor-Liberal divide are increasingly giving in to demands to restrict natural gas exploration whilepretending that this wont have a negative impact on energy security and electricity prices
But the costs are starting to become apparent with spot electricity prices surging over the Australian summer and natural gassuppliers warning that they will be unable to meet the needs of industrial customers without action being taken
Its often the case politicians only take action when the point of crisis is reached and this appears to be the case in Australia
Whats needed is a holistic approach to energy supply as Australia transitions away from coal-fired power
This means ensuring enough natural gas is available to provide base load generation while scaling up renewables such as solar
wind pumped hydro and battery storage
Forging enough common ground with the various stakeholders will be the main obstacle but more than anything else Australia isshowing how difficult it is to end the age of coalhttpautoeconomictimesindiatimescomnewsindustryelon-musks-bold-offer-of-tesla-batteries-wont-solve-australias-power-problems57630514
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Innogy in talks with car consortium over charging stations CEO ReutersSee this story in The Economic Times
Essen Germany Innogy is in intense talks with a group of carmakers Chief Executive Peter Terium told journalists on Mondayhoping to be selected as a supplier of super-fast charging stations for electric vehicles across Europe
Its not a done deal yet Terium said pointing to strong competition from rival vendors
BMW Volkswagen Ford and Daimler plan to build about 400 next-generation charging stations in Europe that can reload anelectric car in minutes instead of hours
Sources told Reuters in January that Innogy was in talks with the consortiumhttpautoeconomictimesindiatimescomnewsindustryinnogy-in-talks-with-car-consortium-over-charging-stations-ceo57624184
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China may roll back electric vehicle quotas as industry pushes back ReutersSee this story in The Economic Times
Beijing China is considering easing proposed quotas aimed at producing more electric vehicles as Beijing gets pushback from theautomotive industry over the scale and pace of the plans
If adopted proposed changes under discussion could see a target of new energy vehicles (NEV) making up 8 percent of sales nextyear pushed to 2019 two auto executives said
The changes would lower targets from a draft policy released in September requiring 8 percent of automakers sales to be batteryelectric or plug-in hybrid vehicles by 2018 rising to 10 percent in 2019 and 12 percent in 2020
Any loosening of NEV targets would mark a pull back by Beijing which has faced opposition to the planned targets as it looks todrive its domestic carmakers to overtake global rivals in the green vehicle sector
Automakers and industry bodies have said the targets are too tough and could hurt manufacturers interests New energy vehicleslast year accounted for just 18 percent of sales in the worlds biggest autos market according to Reuters calculations based onofficial data
Its normal to make revisions as its a draft plan An Jin chairman of Anhui Jianghuai Automobile Group (JAC Motor) said on thesidelines of the National Peoples Congress in Beijing
He said he was aware of talks to revise the quota targets but said nothing was set in stone JAC hasnt been told what revisionsmight be made to the draft but I think it is possible the draft will be changed after the discussions he said
Whether the whole market can hit this quota by 2018 depends a lot on the strength of government policy If its strong then weshould be able to surpass the targets An said (But) if you consider Chinas infrastructure and the transformation of Chinas autosector then perhaps the pace will have to slow
Two Percent CutTwo executives familiar with the plans told Reuters the government was considering options for lowering the requirements
One idea was to reduce the quota requirement by 2 percent each year cutting the 2018 requirement to 6 percent said aChina-based government relations official at a major global automaker It would then be 8 percent in 2019 and 10 percent in 2020
Another option would be to push back each target by a year with the 8 percent quota starting from 2019 an executive at aJapanese car maker said
Both asked not to be named due to the sensitivity of the matter and because the draft was still under consideration
The overall policy includes quotas for plug-in cars targets for average fuel economy requirements and a credit trading system topromote green energy cars while penalizing petrol cars
The two people said the quota stand-off was tied to a disagreement between the Ministry of Industry and Information Technology(MIIT) and Chinas top state planner the National Development and Reform Commission (NDRC)
MIIT which regulates manufacturers supports a more flexible credit trading system favoured by automakers The NDRC is more
aggressive in promoting a transition to electric vehicles pushing the introduction of the stricter quotas
An NDRC spokesman said the body played a small role when the draft was open to public for discussion MIIT did not immediatelyrespond to Reuters requests for comment
China has strongly supported and subsidized electric vehicles but is gradually swapping out incentives for hard targets automakersmust meet The central government cut subsidies 20 percent this year a first reduction towards eliminating them by 2020httpautoeconomictimesindiatimescomnewspolicychina-may-roll-back-electric-vehicle-quotas-as-industry-pushes-back57623608
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Russias standards agency says Volkswagen recalls 43151 Skoda cars ReutersSee this story in The Economic Times
Moscow Russias standards agency said on Monday that Volkswagens Russian operation had informed it about the voluntaryrecall of 43151 Skoda cars due to a possible technical fault
The recall affects Skoda Octavia Superb Fabia Yeti and Rapid cars sold in Russia between 2012 and 2016 the watchdog saidhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsrussias-standards-agency-says-volkswagen-recalls-43151-skoda-cars57624140
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Economy
Rupee hits 1-12 yr high surges 78 paise on BJP sweep PTISee this story in The Economic Times
Mumbai The rupee surged by a massive 78 paise to end at a nearly one-and-a-half year high of 6582 against the US dollar onfrantic unwinding of the American currency following BJPs emphatic victory in Uttar Pradesh
Forex market sentiment soared on hopes that BJPs stellar show in state polls would pave the way for the Modi government to focuson key reform measures
The home currency resumed on a strong footing at 6620 from last Fridays closing value of 6660 at the Interbank ForeignExchange (forex) market on heavy dollar unwinding from speculative traders and exporters tracking weekend developments
Maintaining its bullish momentum against the dollar the rupee hit a fresh intra-day high of 6576 in late afternoon deals beforeending at 6582 showing a solid gain of 78 paise or 117 per cent
This is the highest closing of the rupee since November 6 2015 when it had ended at 6576
Meanwhile the RBI fixed the reference rate for the dollar at 661800 and for the euro at 704354
Financial markets too took comfort from BJPs landslide victory with the broader Nifty climbing 15245 points to a new closing peakof 9087 and the Sensex rallying 49640 points to end at 2944263
The much-anticipated turnaround on the economic front has opened up a barrage of foreign capital fund flows into India
Foreign investors pumped in over Rs 10000 crore in the Indian capital markets this month so far
It also got an added fillip from bullish macro data which showed that the countrys industrial production bounced back in Januaryexpanding by 27 per cent year-on-year
Factory output measured in terms of Index of Industrial Production (IIP) had contracted by 01 per cent in December
However inflation based on wholesale prices shot up to a 39-month high of 655 per cent in February against 525 per cent inJanuary according to official data
On the global front the dollar traded firmly higher against its major counterparts ahead of the two-day Fed meet when it could liftrates for the third time since the financial crisishttpautoeconomictimesindiatimescomnewsindustryrupee-hits-1-12-yr-high-surges-78-paise-on-bjp-sweep57635104
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Nifty hits all time high of 912275 Sensex surges 616 points after big BJP win The Economic Times
Mumbai The Nifty jumped to life highs on Tuesday after the BJPamprsquos thumping win in the crucial state of Uttar Pradeshrekindled hopes of a bigger-than-expected push for reforms by the Narendra Modi government
The Nifty up 11 so far this year crossed its previous life high of 9119 to hit 912275 before ending the day 171 or 15245points higher at 9087 This is the indexamprsquos biggest single-day gain in points since February 1 and caps a strong reboundsince the December 26 low of 7893 on demonetisation worries
The Sensex surged by 616 points or 212 intra-day before ending the day at 2944263 up 49640 points This is its biggest gainsince May 25 last year The index is the best performer among all developed and emerging market indices in local currency terms inthe past three months
The rupee surged 79 paise to a 16-month high of 6582 to the dollar as exporters sold more dollars and foreign investors boughtlocal shares BSE data showed that foreign investors bought local shares worth Rs 4089 crore their biggest single-day purchasesince February 17 when they purchased Rs 8059 crore
FPIs have bought shares worthRs 23132 crore since January this year against net sales of Rs 9800 crore in the same period lastyear The BSE Midcap and Smallcap indices gained 144 each
ampldquoOne must be ready for a correction after a rally but I am optimistic about the medium to longterm prospectsamprdquo saidMotilal Oswal chairman Motilal Oswal Financial Services Ltd ampldquoFundamentally valuations are comfortable at this point intime because of good corporate earnings growth In the short term markets may remain volatileamprdquo
BJP romped to victory in UP on Saturday winning 312 out of the 403 seats Its allies won 13 more taking the NDA tally to 325 Thisis the biggest win recorded by any party in the state since 1977 and has raised prospects of the BJP doing well in other electionsthis year and next Many political pundits also believe that the victory has improved Prime Minister Narendra Modiamprsquos chancesof retaining power in the 2019 general election
Barring the metals index all other sectoral indices on the NSE ended with gains on Tuesday About 55 stocks including TitanJubilant Life Sciences Kotak Mahindra Bank IndusInd Bank YES Bank and Indiabulls Housing Finance among others hit life highswhile 92 stocks were locked in upper circuit with no sellers
ampldquoWith the sharp rally the market which is currently susceptible to global risk is trading at above average multiples and westay cautious near termamprdquo said Sanjay Mookim India Equity Strategist BofA Merrill Lynch ampldquoIndiaamprsquos businesscycle should improve over the next several quarters while improving construction should drive capex which is good forequitiesamprdquo
Some market experts are divided over the near-term outlook as indices have begun to look expensive at current valuations Plusthere is no immediate trigger for upgrade
ampldquoValuations of the Indian market are quite high and would require the support of strong earnings growth Any disappointmenton earnings will make valuations look even more expensive which the market may not likeamprdquo said Sanjeev Prasad senior EDand co-head of Kotak Institutional Equities
ampldquoGlobal and domestic interest rate cycles are no longer supportive with likely increase in developed markets bondyieldsamprdquo
ampldquoWhile markets are expecting a rate hike this meeting what will be of more interest is the commentaryamprdquo said DipenShah senior V-P PCG research Kotak Securities ampldquoIf it is hawkish it may have an impact on fund flows to emerging marketsbut India may be relatively less impacted because of the continuing domestic flowsamprdquo
ampldquoNotwithstanding the election results we believe the risk-reward is not favourable currently and advise investors to sell intothis rally We expect Nifty EPS to rise 15-16 in FY18 and see no trigger for an earnings upgrade at this junctureamprdquo ReligareInstitutional Research said in a notehttpeconomictimesindiatimescommarketsstocksnewsnifty-hits-all-time-high-of-9122-75-sensex-surges-616-points-after-big-bjp-winarticleshow57639036cms
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WPI inflation up 655 for February 2017 The Economic Times
New Delhi The annual rate of inflation based on monthly Wholesale Price Index (WPI) stood at 655 percent (provisional) for themonth of February 2017 (over February 2016) as compared to 525 percent (provisional) for the previous month and -085 percentduring the corresponding month of the previous year
The official Wholesale Price Index for amplsquoAll Commoditiesamprsquo for the month of February 2017 rose by 05 percent to 1855(provisional) from 1846 (provisional) for the previous month
The index for primary articles rose by 09 percent to 2581 (provisional) from 2557 (provisional) for the previous month
The inflation rate for Fuel and power group rose by 13 percent to 2038 (provisional) from 2012 (provisional) for the previousmonth due to higher price of coking coal (15 percent) aviation turbine fuel (3 percent) bitumen (2 percent) and kerosene highspeed diesel LPG and lignite (1 percent each) However the price of furnace oil (1 percent) declined
The index for the major group of manufactured products remained unchanged at its previous monthamprsquos level of 1588
(provisional) In this group the index for amplsquoRubber amp Plastic Productsamprsquo group rose by 02 percent to 1489 (provisional)from 1486 (provisional) for the previous month due to higher price of rubber products (1 percent)
The index for amplsquoTransport Equipment amp Partsamprsquo group rose by 05 percent to 1405 (provisional) from 1398 (provisional)for the previous month due to higher price of auto rickshaw tempo matador (4 percent) and auto parts (1 percent)
For the month of December 2016 the final Wholesale Price Index for amplsquoAll Commoditiesamprsquo stood at 1833 as comparedto 1828 (provisional) and annual rate of inflation based on final index stood at 368 percent as compared to 339 percent(provisional) respectively as reported on January 1 2017httpautoeconomictimesindiatimescomnewsindustrywpi-inflation-up-6-55-for-february-201757627665
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February CPI at 365 vs 317 in January highest since October 2016 PTISee this story in The Economic Times
New Delhi Retail inflation rose to 4-month high of 365 per cent in February mainly due to surge in price of food items like fruitssugar and confectionery
Measured in terms of Consumer Price Index (CPI) the inflation had dipped to a multi-year low of 317 per cent in January this yearon account of cash crunch following demonetisation It was 526 per cent in February last year
According to the CPI data released today by the Central Statistics Office (CSO) the consumer food prices index (CFPI) rose by201 per cent in February from 061 per cent in January The CFPI was 53 per cent in February 2016
Inflation in fruits was higher at 833 per cent fuel and light at 39 per cent in February The rate of price rise in meat and fish was 35per cent in February
Prices of sugar and confectionery items rose by 1883 per cent in February while inflation in milk and milk product increased by 422per cent
The rate of inflation in household goods and services was 409 per cent while this rate was in health segment was 4 per cent Thetransport and communication became expensive by 539 per cent
The personal care and effects segment rose by 515 per cent while the education became more expensive by 537 per cent inFebruary this year
The inflation rate was 438 per cent in clothing and footware segment while it was 49 per cent in housing segment
However the prices of vegetables and pulses declined by 829 per cent and 902 per cent respectively
Rural retail inflation was at 367 per cent in February compared with 336 per cent in the preceding month The CPI was also up inthe urban sector at 355 per cent in February from 29 per cent in January this yearhttpautoeconomictimesindiatimescomnewsindustryfebruary-cpi-at-3-65-vs-3-17-in-january-highest-since-october-201657633211
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Closing
Last Financial Closing
Sensex 2944263 (+49640)NSE 9087 (+15245)US$ spot Rs6582US$ Y1148000US$ 6 months RsYen Rs57Euro spot Rs70
Gold (10gm) Rs28333Silver (1kg) Rs4008300
Crude Oil (WTI) Crude Oil (Brent) $5172 (+037)
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Apollo Tyres 1 18610Asahi Ind 1 21655Amara Raja B 1 83230Ashok Leyland 1 9080Bajaj Auto 10 286670Bharat Forge 2 103550Denso 1 Eicher Motor 10 2396325Escorts 10 51945Exide Ind 1 21645Force Motors 10 427760Gabriel India 1 11460Hero Motocor 2 335745Hind Motors 5 950Hi-Tech Gear 10 29885Jay Bh Maruti 5 38190
Jamna Auto 5 20550JK Tyres amp Inds 10 1241 Kinetic Motors 10 Kinetic Engg 10 KOEL 2 37685Kirloskar Br 2 24135LML Ltd 10 1250LampT 2 155810Lumax Ind 10 131690Lumax Tech 10 43230MampM 5 132600Maruti Suzuki 5 613240Motherson SS 1 36290Minda Inds 2 44350MRF 10 5298390Omax Auto 10 7555Rico Auto 1 5720Sona Koyo St 1 8170
SRF 10 157155Tata Motors 2 46975 TVS Motors 1 43690
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Bhushan Steel 2 5430Hindalco 1 19040Hind Zinc 2 29140JSW Ispat S 10 Jind Steel 1 12490JSW Steel 1 18190Jindal Saw 2 7995National Aluminium 5 7310SAIL 10 6005Tata Steel 10 47255Visa Steel 10 2185
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Ambuja Cement 2 23370Binani Industries 10 7200Birla Corp 10 70360India Cement 10 16070Prism Cement 10 9375JK Cement 10 88470Shree Cement 10 1639835
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NURC Industry Updates contain editedtruncated text of Industry-specific news as it appears in various select dailies and websites These are NOT full stories unless otherwisespecifically mentioned The stories contained herein are informational only and no representation is made or warranty given as to their content reliability truthfulness orusefulness User assumes all risk of use It be clearly understood that NURC updates do not claim to and neither mean to replace the Print or the Internet editions of variousnewspapers whose articles are featured therein For the best and complete news reading NURC urges its readers to read the full text of the stories from the Newspaperswhose credits are given after the headline and visit the related website whose URL is given below the text matter of each news item
NURC News Update - AUTOMOBILES
News on Indian Auto Industry Copyright 1999 NURC MediaNext Pvt Ltd
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Emissions Environment
Finance amp Insurance
Customer not bound by tie-up between vehicle dealer insurer Pune Court Vishwas KothariThe Economic Times
Pune The district consumer court here has ruled that a tie-up between a vehicle dealer and an insurance company is not bindingupon the consumer who buys a vehicle from such a dealer
The court has directed the Bajaj Allianz General Insurance Company in Yerawada here to refund a premium of Rs 21053 ampmdashalong with an annual interest of 9 since September 20 2014 ampmdash and a Rs 5000 fine to a Daund resident for failing to renewhis car insurance despite the latter having paid the renewal premium through the online NEFT transaction
The interest component payable so far works out to over Rs 4700
The company argued that the consumer did not route the payment through the vehicle dealer by way of a demand draft as wasrequired under an agreement between the company and the vehicle dealer
Shankar Raghunath Chavan a resident of Kusegaon in Daund had purchased an insurance policy from the company for his car onSeptember 21 2012 A year later the policy was renewed for the period between September 21 2013 and September 20 2014 Atthe end of this term he had received a reminder from the company for the renewal of his policy
Through the net banking facility Chavan made a payment of the renewal premium worth Rs 21053 for the term betweenSeptember 21 2014 and September 20 2015 He then made repeated requests to the company for the issuance of the policydocument
However in December 2014 when he approached the company he was shocked to learn that his policy had ampldquoexpired due tonon-renewalamprdquo The company did not renew his policy even after his repeated reminders This prompted him to move theconsumer court seeking refund of the premium amount and appropriate costs towards physical and mental agony
The bench observed in its order ampldquoIt is not denied by the insurance company that the complainant (Chavan) had paid thepremium It is the case of the insurance company that as per practice prevailing between the company and the dealer the paymentshould be made by demand draft through the dealer so that the policy can be renewed conveniently It is true that the dealer of thevehicle was not aware about the payment of premium made by the complainant However a tie-up between the dealer and theinsurance company is not binding upon the consumeramprdquo
ampldquoDocumentary evidence which is produced by the complainant is sufficiently eloquent and speaks about inaction on the partof the insurance company Even after sending documentary evidence as regards to payment of policy premium the insurancecompany has failed to renew the policy Definitely this act on the part of the company amounts to deficiency in serviceamprdquo thebench ruledhttpautoeconomictimesindiatimescomnewsindustrycustomer-not-bound-by-tie-up-between-vehicle-dealer-insurer-pune-court57623564
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Analysts in wait-and-watch mode on Bajaj Finance Hamsini KarthikBusiness Standard
A robust business model established over years of experience often tends to withstand the test of time quite remarkably That ofBajaj Finance Indiaamprsquos largest consumer durables financier is one such example
During the note ban period there were doubts on whether Bajaj Finance could replicate its historic performance in terms ofcustomer acquisition loan growth and more importantly asset quality in the December quarter (Q3) Much to the Streetamprsquossurprise Bajaj Finance comfortably met these parameters
Customer acquisition grew by 35 per cent year-on-year in Q3 while assets under management expanded by 33 per cent to Rs57600 crore year-on-year Even asset quality stood out with gross non-performing assets ratio at 147 per cent and that toowithout utilising RBIamprsquos 90-day dispensation on loans less than Rs 1 crore Overall financials remained robust with net interestincome and net profit growing by 27 and 36 per cent respectively These factors have helped Bajaj Financeamprsquos stock reboundfrom its demonetisation period low of Rs 766 to Rs 1125 on Tuesday
However after outperforming the broader markets by a reasonable margin for most of the last two years the stock has lagged inthe past six months Bloomberg data indicate that while the Bank Nifty has gained six per cent in the past six months Bajaj Financeis up only 21 per cent Analysts nonetheless feel that Bajaj Finance may not surpass its previous high of Rs 1180 in a rush
Pointing to some key indicators they prefer to see how March quarter pans out particularly on consumer loans before altering theirexpectations on the stock
Consumer loans which grew by 52 per cent year-on-year in September quarter (Q2) grew 47 per cent year-on-year in Q3 Butwithin this segment consumer durables grew slower at 27 per cent versus 48 per cent in Q2 As for the vehicle financing (two andthree wheelers) the dependence on Bajaj Auto was seen higher in Q3 ampndash 46 per cent dependence on Bajaj Auto fortwo-wheelers and 29 per cent for three-wheelers as against 38 per cent and 18 per cent respectively a year ago Average ticketsize which dipped post demonetisation is yet to see a strong recovery All these factors prompt analysts to be on a wait-and-watchmode
ampldquoWe arenamprsquot able to see a secular return in consumer buying yet While demand for consumer durables may havepicked up as summer sales is already playing out we canamprsquot say the same for vehicle salesamprdquo says an analyst with adomestic brokerage
Analysts at Jefferies feel the annual compounded loan growth for Bajaj Finance could be lower in FY16-19 compared to what was inFY13-16 The brokerage flags that at current valuations (52 x FY18 price-to-book) risk-reward appears negativehttpwwwbusiness-standardcomarticleopinionwhy-analysts-are-in-wait-and-watch-mode-on-bajaj-finance-117031400674_1html
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SBI announces Rs 6000-cr tractor loan settlement scheme PTISee this story in The Economic Times
State Bank of India (SBI) today announced a one-time farm loan settlement scheme worth Rs 6000 crore primarily for tractors
One Time Settlement (OTS) announced for Agriculture Loans Scheme valid until 31st March Contact your branch for details ampbenefits the nations largest lender said on the microblogging site Twitter today
Managing director Rajnish Kumar told CNBC-TV18 the scheme will result in the bank taking a 40 per cent haircut on outstandingtractor loans as of September 2016
SBIs total farm loan portfolio is Rs 125 trillion and Kumar said the tractor loan book is about Rs 6000 crore
He said doubtful or loss category accounts as of September 2016 which were disbursed before September 2011 will beconsidered under the scheme He said a circular in this regard was sent to branches on February 2
But he was quick to add the OTS has nothing to do with Prime Minister Narendra Modis promise of a loan waiver to UP farmersduring the just concluded elections saying there were no talks with the Centre or state in this regard so far SBIs Uttar Pradeshportfolio will be around Rs 13000 crore
SBI had announced OTS schemes for SMEs last December and education loans early in 2016
He said other agri loans like kisan credit cards and other term-loans for tractors and farm loans may also be covered under theschemehttpwwwdnaindiacommoneyreport-sbi-announces-rs-6000-cr-tractor-loan-settlement-scheme-2352737SBI to allow one-time settlement for tractor farm equipment loansminthttpwwwlivemintcomIndustryiXDTXX1onxjwfHcz731WzJSBI-announces-Rs6000-crore-tractor-loan-settlement-schemehtmlSBI announces rs 6000-crore tractor loan settlement schemeThe Pioneerhttpwwwdailypioneercombusinesssbi-announces-rs-6000-crore-tractor-loan-settlement-schemehtml
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Oil Lubricants amp Alternative Fuels
Oil hovers near three-month low as investors awaits data ReutersSee this story in The Hindu Business Line
Tokyo Crude oil prices hovered near three-month lows on Tuesday in early Asian trading as investors await key reports and datathat may shed light on a supply overhang in the global market
US West Texas Intermediate crude (WTI) edged down 3 cents to $4837 a barrel by 0026 GMT The contract ended down 9 centsin the previous session after touching $4790 the lowest since the end of November
Brent crude futures were down 1 cent at $5134 a barrel having settled down 2 cents on Monday after dipping to as low as $5085
Prices fell sharply last week as investors worried that swelling US crude supplies would hinder Organization of the Petroleum
Exporting Countries (OPEC)s efforts to restrict output and reduce a global glut
Prices had risen after the OPEC and other major oil producers including Russia agreed at the end of November to rein inproduction by almost 18 million barrels per day (bpd) in the first half of 2017
ampldquoIts shaping up to be another fun week in the crude complex with OPEC releasing its monthly oil market report on Tuesdayswiftly followed by the IEAs monthly oil market report the day afteramprdquo Matt Smith analyst at ClipperData said in a note
The International Energy Agency releases its closely watched monthly oil market report on Wednesday
Data from the industry group the American Petroleum Institute on US crude and product stockpiles is also due out later on Tuesday
Analysts said the slump may not have much further to go now that prices have fallen more than 8 percent since last Monday thebiggest week-on-week drop in four monthshttpwwwthehindubusinesslinecommarketscommoditiesoil-hovers-near-threemonth-low-as-investors-awaid-dataarticle9582601ece
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News Magazines
Mahindra Electric geared up to be a component supplier Autocar India
Speaking to Autocar India Mahindra Electric (ME) stated that the company is open to being a supplier to other vehiclemanufacturers and will sell complete electric drive systems to those interested At present the ME plant builds the e2o while it shipsout the drive systems for the eVerito sedan and eSupro van For this purpose the production line has been modified to produce notjust built-up vehicles but also fully ready electric drive systems that can be offered to other manufacturers interested in procuringthem With expertise in electrification virtually absent in India ME hopes to build on its first-mover advantage and cater to theindustry Itamprsquos unlikely that there would be any takers for passenger cars but commercial and three-wheeler manufacturerscould be potential customers
Mahindra also confirmed that they are open to supplying other bits like charge system controllers as well Mahindra outsources thebattery and electric motor for its EV powertrains and has no plans of producing these components in-house as apart from the hugeinvestments needed there is no real advantage Battery technology is quite specialised and there are many players in this fieldalready And with electric motor efficiency already at 80 percent ampndash compared to about 30 percent for internal combustionengines ampndash there is very little to differentiate one EV maker from another Mahindra believes the real differentiator in the nearfuture will be in the battery management systems where big gains can be made in the charging and discharging cycle Thus ME isputting a lot of effort into this area and going forward has ambitions to be a supplier solely for battery management systems toother manufacturershttpwwwautocarindiacomauto-newsmahindra-electric-geared-up-to-be-a-component-supplier-404432aspx
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Tesla Model Y SUV due by 2019 Autocar India
Tesla Inc recently renamed from Tesla Motors Inc is on the verge of what it says will be a massive expansion of production with twonew models due to arrive in the next two years
Alongside the much-hyped Model 3 Tesla is also expected to launch an entry-level crossover based on the same platform andrumoured to be badged the Model Y
The starting price of the Model 3 is likely to be around $37000 (Rs 2435 lakh approx) with the Model Y expected to be slightlymore expensive However Tesla founder Elon Musk believes the transaction prices of the new compact Teslas will go higherbecause buyers will be keen to add paid options to their vehicles
While the compact Model Y could turn out to be Teslaamprsquos best seller ampndash some seven million crossovers of all types weresold in the US last year ampndash Musk recently tweeted that the Model 3 remained the biggest priority for the company
The Model Y is unlikely to be unveiled until sometime next year with production set to follow late in the year Little in the way ofspecification has been released though it is expected to borrow the top-hinged amplsquofalcon wingamprsquo rear doors from thebigger Model X SUV
The Model Y will also have the promised updated electrical architecture that will allow Tesla to offer full autonomous drivingcapability Future Tesla cars will be equipped with as many as eight cameras giving a 360-degree view of the surroundingroadscape as well as 12 ultrasonic sensors and a amplsquonewamprsquo forward-facing radar that works in the worst weatherconditions Existing radar systems can be fooled by heavy rain and fog
Musk also said the new electrical architecture has a brain that is as much as ampldquo40 timesamprdquo more powerful than onprevious Teslas calling it a ampldquosupercomputer inside the caramprdquo The autonomous driving technology though will be offered
as add-on option to customers on both entry-level Teslas
Another challenge for the Model 3 and Y will be balancing their lower price against the need for a battery big enough to give anacceptable range
The entry-level Model 3 may have a cheaper sub-60kWh battery but will still need to have a range of at least 370km The ModelYamprsquos more bluff shape and greater frontal area might mean a bigger battery for the same range and so a slight price premium
Tesla is in a race against time to achieve the kind of production levels needed to turn around what is still a cash-hungry operationThe firm has spent nearly $2 billion (Rs 1316350 crore approx) since 2010 with investments including building the battery-makingGigafactory and trying to expand car production to a massive 500000 units a year
Tesla delivered around 76000 vehicles last year but says it was able to build around 2000 cars a week by the second half of 2016With as many as 400000 deposits taken for the Model 3 the company is looking to produce well over 100000 of the BMW3-series rival before the end of this year
Muskamprsquos expansion plans will test the limits of the capabilities of Teslaamprsquos suppliers and those of its own plant inFreemont California But getting to annual sales of half a million vehicles should finally push the carmaker into profit and secure thecompanyamprsquos long-term futurehttpwwwautocarindiacomauto-newstesla-model-y-suv-due-by-2019-404434aspx
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VW promises higher focus on EVs after record sales year Autocar India
The Volkswagen Group ampldquowill be a role model in environmental protection safety and integrityamprdquo according to CEOMatthias Muller who was speaking as the firm confirmed a record-breaking sales year in 2016
Outlining plans for the firm to reinvent itself as a far-reaching mobility company in the wake of the emission scandal Muller revealedthat the VW Group sold 103 million cars in 2016 making it the worldamprsquos largest car manufacturer It made pound62 billion in profitafter allowances including pound56 billion of losses to cover emission scandal costs In 2015 expenses relating to emission scandalamounted to pound142 billion
Most notably its sales in China where the effects of the diesel crisis were negligible grew 122 percent and its 2016 salesrevenues of pound1904 billion also exceeded forecasts by pound35 billion
ampldquoThe last year was challenging yet remarkably successfulamprdquo said Muller ampldquoIn 2016 we set the course for thebiggest transformation in the history of the company while at the same time performing better in our operating business than manythought possibleamphellipVolkswagen is back on trackamprdquo
Muller vowed that the success would be a catalyst for further change adding ampldquoWe will still be one of the most successfulautomakers in 2025 But we will also be a leading international provider of sustainable mobility and set the standard for new mobilityservicesamprdquo
New initiatives include a stated goal of taking leadership in the field of battery technology by 2025 which is by when the VW Grouphas committed to have solid state batteries in production These are seen as the next technological step over the lithium-ionbatteries currently favoured by most manufacturers The VW Group has committed to have 30 battery-electric vehicles on sale by2025
He also signalled that Audi had been tasked with leading the Groupamprsquos autonomous driving projects while adding that the VWGroup now had 37 centres around the world working on autonomous and digital service ideas pivoting around the Groupamprsquosnew mobility company Moia which was set up last year
Muller also highlighted recent joint ventures ampndash in China with FAW and JAC the latter of which will lead to the co-developmentof a budget electric car line in India with Tata Motors and in America with Navistar which is in the commercial vehicle segmentampndash as examples of the firmamprsquos commitment to forging partnerships to boost sales success He also confirmed that thefirst economy vehicles to be developed by the brand will go on sale in emerging markets in 2018httpwwwautocarindiacomauto-newsvw-promises-higher-focus-on-evs-after-record-sales-year-404433aspx
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Mercedes to expand E-class range with E 220 diesel Autocar India
The tenth-generation Mercedes-Benz E-class launched for the first time in India with a long wheelbase has moved the goalposts toset new standards for comfort and space in its segment The E-class comes with two engine options ampndash the base E 200 petroland the top-of-the-line
E 350 diesel Priced at Rs 5670 lakh and Rs 7015 lakh (ex-showroom Delhi) respectively these two variants bookend the E-classrange and is essentially aimed at two sets of customers The E 200 buyer is likely to be almost always chauffeur-driven and henceis mainly interested in rear seat space and comfort while the E 350d customer wants all the bells and whistles as well as the
sublime driving experience only the silky smooth and torquey V6 diesel can offer
However that still leaves a massive Rs 1345 lakh gap in the range which no doubt future E-class variants will eventually plug butwhich one will find that sweet spot to form the bulk of E-class sales
Itamprsquos no surprise then that Mercedes-Benz India is readying a base diesel which like the previous-generation W212 E-class islikely to be the most popular variant offering a strong dose of practicality without too much of a compromise on refinement andluxury
But unlike the W212 which had the E 250d representing the base diesel in the range Mercedes-Benz India is offering the lower E220d as the starting point for the E-class diesel This suggests that the E 220d will be very attractively priced when it goes on salearound June 2017 and could be priced very close to the E 200
The E 220amprsquos all-new 20 litre four-cylinder diesel which pumps out 194hp and 400Nm of torque may not have the punch ofthe outgoing E 250damprsquos 204hp and 500Nm motor but again given the chauffeur-driven focus the new E-class has beenconceived for the newE 220damprsquos performance is unlikely to be an issue
What is a big issue however is downgrading the 20-litre motor which has been designed for stricter Euro-VI emissions to run onlocally available BS-IV diesel ampldquoItamprsquos such a waste of engineering resource and a step backwardsamprdquo said aMercedes-Benz engineer The 2143cc (OM651) diesel engine which powered the previous E-class was easier to adapt to BS-IVfuel unlike the spanking new high-tech 1995cc (OM654) diesel thatamprsquos built to meet the latest global emission standards Infact the OM654 made its debut in the latest E-class when it was launched globally in 2016 Its advanced tech includes a uniquealuminium engine block with steel pistons a special low-friction coating for the cylinder walls and a fourth-generation common-raildiesel injection system At 168kg it is 31kg lighter than the engine it replaces
Downgrading a Euro-VI engine to BS-IV standards takes a lot of time and resources but there is no way out until fuel pumps in Indiaget low-sulphur BS-VI fuel which is not expected until 2020 The BS-IV-spec OM654 wasnamprsquot ready in time for the newE-class launch and this is one reason why the E 220d is coming a couple of months later The other reason could be a strategicone Mercedes-Benz India wants to wait until BMW launches the all-new 5-series expected in June and in a counter move tweakthe E 220damprsquos mix of specifications features and price accordingly A starting price of Rs 57-58 lakh for the E 220disnamprsquot unlikely especially since this variant will be Mercedes-Benz Indiaamprsquos trump card in a luxury car segment it seemsdetermined to dominatehttpwwwautocarindiacomauto-newsmercedes-to-expand-e-class-range-with-e-220-diesel-404429aspx
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Nissan to launch Kicks SUV in Q3 2018 Autocar India
The Nissan Kicks SUV which made its global debut in 2016 in Brazil will be launched in India in the third quarter of 2018 accordingto company sources
However unlike the South American model which is spun off Nissanamprsquos V-platform the made-for-India Kicks (code PB1D)will be based on the upcoming Renault Kapturamprsquos (code HHA) platform This is essentially a modified version ofRenaultamprsquos proven M0 platform that underpins cars like the Duster and Lodgy which are known for their robust mechanicals
The M0 is also a critical part of the Renault-Nissan Allianceamprsquos platform strategy in India which is essentially centred aroundtwo platforms Whilst the CMF-A and CMF-A+ platforms underpin Renault and Nissanamprsquos (and later Mitsubishiamprsquos) smallto mid-size car range in India the M0 platform will cater to higher end products The low-cost M0 platform has proved to be a cashcow for Renault globally and is ideally suited for markets like India The allianceamprsquos European-spec CMF-B platform was alsoevaluated initially but was eventually rejected as it proved to be a lot more expensive than the M0 which has also been localisedover the years
Developed and conceived originally by Renault for its Dacia sub-brand over a decade ago the French carmaker has first rights toproducts spun off the M0 platform and hence like the Nissan Terrano which followed the Renault Duster the Nissan Kicks too willfollow the Renault Kaptur to India but almost a year later
While both the Kaptur and Kicks will use the same modified version of the platform the amplsquotop hatsamprsquo will be completelydifferent The Kicks design and styling will mirror the South American car and thatamprsquos no bad thing
Sharply styled with lots of distinctive design touches like a floating roof massive wheel arches and a wraparound visor look theKicks wonamprsquot have a problem standing out on Indian roads The good thing is that the edgy design hasnamprsquot compromisedpracticality and Nissan claims best-in-class space in the back seat
Cars based on the M0 platform get a choice of just two engines a 16 petrol and the venerable 15 K9K diesel and hence these arelikely to be carried forward into the Kicks as well The 15 diesel is expected to be the mainstay but its likely that in its latest iterationthere will be a small bump up in power and torque
Nissan has set an ambitious target of 30000 Kicks in its first full year of production with an additional 20000 units earmarked forexports Pricing will be crucial for the Kicksamprsquo success and Nissan may do well to undercut its rivals to buy some much neededmarket sharehttpwwwautocarindiacomauto-newsnissan-to-launch-kicks-suv-in-q3-2018-404426aspx
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International News
Volkswagen CEO gets 778 mn euros in pay and benefits for 2016 ReutersSee this story in The Economic Times
Wolfsburg Volkswagen Groups Chief Executive Matthias Mueller was awarded 778 million euros ($828 million) in pay andbenefits for 2016 up from 417 million euros in total remuneration awarded a year earlier the companys annual report showed onTuesday
Mueller was not awarded a full years CEO pay for 2015 since he only took over as chief executive in September following theresignation of his predecessor Martin Winterkorn who was forced out in the wake of a diesel emissions cheating scandal
Volkswagen overhauled its bonus and executive pay policy in February this year to cap total pay for its chief executive at 10 millioneuros ($106 million) and other top managers at 55 million euros
Volkswagen brand chief Herbert Diess saw his total remuneration for 2016 fall to 393 million euros down from 713 million in 2015the annual report showed
($1 = 09401 euros)httpautoeconomictimesindiatimescomnewsindustryvolkswagen-ceo-gets-7-78-mn-euros-in-pay-and-benefits-for-201657631837Volkswagen CEO Matthias Mueller says not ruling out merger talks with Fiat ChryslerThe Financial Expresshttpwwwfinancialexpresscomindustryvolkswagen-ceo-matthias-mueller-says-not-ruling-out-merger-talks-with-fiat-chrysler587861
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Volkswagen CEO US remains core market for company APSee this story in The Economic Times
Frankfurt The CEO of German automaker Volkswagen says the United States remains a core market for the company despite itsdiesel emissions scandal and has underlined that it hopes to expand there
Matthias Mueller made the comments Tuesday at the companys annual news and investor conference at its headquarters inWolfsburg Germany
Mueller said that we are standing by our investment decisions and intend over the long term to play a significantly greater role therethan today
The Volkswagen brand has only a small share in the US market although it is important for the companys luxury brands Porscheand Audi It makes cars in Chattanooga Tennessee
US authorities uncovered Volkswagens use of engine control software that enabled vehicles to cheat on emissions testshttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsvolkswagen-ceo-us-remains-core-market-for-company57633149
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Volkswagen targets strong 2017 even as core brand struggles ReutersSee this story in The Economic Times
Wolfsburg Germany Volkswagen said it was capable of shouldering the costs of its emissions crisis and was targeting an evenbetter year than in 2016 but warned that its core autos division continued to struggle
We see good chances of being able to ride the wave of the positive performance last year when Volkswagen turned in recordunderlying profit helped by sales of upmarket Audis and Porsches Chief Executive Matthias Mueller said on Tuesday at thecarmakers annual news conference
Volkswagen expects group revenue to exceed last years record 217 billion euros ($231 billion) by as much as 4 percent this yearand is forecasting an underlying operating margin of between 6 and 7 percent compared with 67 percent in 2016 it said affirminga forecast given on February 24
The company also aims to moderately exceed last years record 103 million deliveries
You can rest assured that we will do everything in our power to make 2017 an even better year than 2016 the CEO said
But Volkswagen appears to be making slow progress in tackling the biggest trouble spot within the 12-brand group thelong-planned turnaround of its core autos division
Operating profit of the namesake brand slipped further to 187 billion euros in 2016 from 210 billion a year earlier because of highermarketing costs related to dieselgate and plunging demand in Brazil and other key markets finance chief Frank Witter said
($1 = 09394 euros)httpautoeconomictimesindiatimescomnewsindustryvolkswagen-targets-strong-2017-even-as-core-brand-struggles57630343
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VW CEO says not ruling out merger talks with Fiat Chrysler boss ReutersSee this story in The Economic Times
Wolfsburg Volkswagen Chief Executive Matthias Mueller said he is not ruling out talks with Fiat Chrysler boss Sergio Marchionneabout a possible merger
I am not ruling out a conversation Mueller told reporters on Tuesday after the carmakers annual earnings press conference inWolfsburg
Marchionne has long advocated car industry mergers to share the costs of making cleaner and more technologically advancedvehicles and has repeatedly relayed his desire via the media
It would be very helpful if Marchionne were to communicate his considerations to me too and not just to you Mueller said
I am pretty confident about the future of Volkswagen with or without Marchionne
Only last week Mueller appeared to dismiss the prospect of talks with Fiat Chrysler
We are not ready for talks about anything he told Reuters on the fringes of the Geneva auto show I havent seen Marchionne formonths he said at the timehttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsvw-ceo-says-not-ruling-out-merger-talks-with-fiat-chrysler-boss57632909
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Volkswagen chief denies talks with Fiat AFPSee this story in The Economic Times
Berlin Volkswagen chief Matthias Mueller on Tuesday denied rumours that the German auto giant was in talks with rival FiatChrysler
At present there is no contact between me and Fiat Chrysler boss Sergio Marchionne Mueller told the companys annual pressconference in Wolfsburg north Germany
Marchionne had said at the Geneva car show last week that he was expecting Volkswagen to reach out as more firms are thinkingof cost-cutting tie-ups in the vein of Frances Peugeot and German carmaker Opel
In response Mueller said he had other problems since VWs 2015 admission that it installed software to cheat regulatoryemissions tests in 11 million vehicles worldwide
He nevertheless added that Ive never said a tie-up with any other partner is altogether ruled out
VW clawed its way back to profit in 2016 and pulled ahead of Toyota to become the worlds biggest carmaker by unit sales shipping103 million vehicles over the year
Mueller on Tuesday confirmed the groups forecast of moderate growth in sales in 2017
But the firm is far from turning the page as it continues to refit cars equipped with the cheating software and faces legal action fromcustomers and investors in numerous countries
The final bill for the scandal is impossible to predict Mueller acknowledged
All we know is that this question will keep us busy for a long time several years he saidhttpeconomictimesindiatimescomindustryautovolkswagen-chief-denies-talks-with-fiatarticleshow57633113cms
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Volkswagen has good chances to build on strong 2016 performance CEO ReutersSee this story in The Economic Times
Germany Volkswagen has good chances of building on its strong 2016 performance when it swung to a record underlying profitdespite its diesel emissions crisis Chief Executive Matthias Mueller said
The Volkswagen Group is in very robust shape Mueller said on Tuesday at the carmakers annual news conference in Wolfsburg
VW expects group revenue to exceed last years record 217 billion euros ($231 billion) by as much as 4 percent this year and isforecasting an underlying operating margin of between 6 and 7 percent compared with 67 percent in 2016 it said affirming aforecast given on Feb 24
Still operating profit of its core autos division slipped further to 187 billion euros in 2016 from 210 billion a year earlier as the brandis struggling to implement a wide-ranging turnaround planhttpeconomictimesindiatimescomnewsinternationalbusinessvolkswagen-has-good-chances-to-build-on-strong-2016-performance-ceoarticleshow57630339cms
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BMW i3 batteries to be used by Vattenfall The Economic Times
New Delhi Swedish power making company Vattenfall and German auto giant BMW Group have signed a contract for the deliveryof up to 1000 lithium-ion batteries this year The batteries with a capacity of 33 kilowatt hours (kWh) each are equipped with aBMW-owned battery management system and are also used by the car manufacturer in the BMW i3
Vattenfall will purchase the new batteries from the BMW plant in Dingolfing and use them in all storage projects
Energy storage and grid stability are the major topics of the new energy world says Gunnar Groebler Senior Vice President ofVattenfall and Head of Business Area Wind
We want to use the sites where we generate electricity from renewable energies in order to drive the transformation to a newenergy system and to facilitate the integration of renewable energies into the energy system with the storage facilities Thedecoupling of production and consumption and the coupling of different consumption sectors are in the focus of our work
The first energy storage from the BMW-i3 batteries is being built at the 122 MW onshore wind farm Princess Alexia nearAmsterdam With a capacity of 32 megawatts (MW) it is Vattenfalls first large storage project in the Netherlands
Pending on a final investment decision the largest battery storage will be built at the Vattenfall wind farm Pen y Cymoedd (230 MW)in South Wales - a 22-megawatt storage facility which will help to support the stability of the country-wide power grid in the UK aspart of the so-called EFR (Enhanced Frequency Response) service
As part of the project Norddeutsche Energiewende NEW 40 Vattenfall together with the Hamburg University of Applied Sciences(HAW) and the company Nordex will implement a large battery storage at the future wind farm in Hamburg-Bergedorf
This is a so-called storage control unit made of batteries It is meant to maintain the security of supply with a feed-in of 100 percentrenewable energy In addition the battery storage contributes to the improvement of the network quality and the more efficient useof the existing network structure Other possible applications would be electricity storage in private households Energy storagesolutions are an important part of Vattenfallamprsquos strive to power climate smarter living
We are pleased that we have found a supplier in BMW who meets our high safety requirements with the use of the batteries withreliably good quality from German series production says Daniel Hustadt project manager for large batteries at VattenfallInnovation GmbHhttpautoeconomictimesindiatimescomnewsindustrybmw-i3-batteries-to-be-used-by-vattenfall57630728
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Toyota to look at Saudi production as the countries seek closer ties ReutersSee this story in The Economic Times
New Delhi Toyota Motor Corp signed a memorandum of understanding (MOU) on Tuesday with a Saudi Arabian governmentagency to conduct a feasibility study into producing vehicles and parts in the Middle Eastern nation
The move if firmed up would be a big step for the Saudi economy as the government tries to diversify beyond oil exports andcreate jobs as part of the kingdoms 2030 Vision
So far Saudi Arabia and other Gulf oil exporters have failed to significantly develop industries such as automaking because theylack broad industrial bases and a skilled local workforce
The study would take into account the evaluation of development of a local supply base using materials produced by major Saudi
companies like Sabic Maaden Petro Rabigh and other major industrial companies in the kingdom the official Saudi state newsagency reported
The MOU is with Saudi Arabias National Industrial Clusters Development Program (NICDP)
Meanwhile state-run Saudi Aramco has signed MOUs with five Japanese entities during a business forum that both nations hostedon Tuesday coinciding with a visit by Saudi Arabias King Salman this week
Saudi Aramco and Japans biggest oil refiner JX Nippon Oil amp Energy (5020T) agreed to consider a refinery joint venture in a thirdcountry and cooperation in trading and technology of oil and petrochemical products
Aramco also agreed to consider a possible future cooperation in crude oil supply and downstream business with Idemitsu KosanCompany
In addition Aramco and state-run Japan Oil Gas and Metals National Corp (JOGMEC) formally agreed to expand crude storagecapacity in Japan by 300000 kilolitres (about 19 million barrels) from the current 63 million barrels from April 1
Japan treats crude oil stored by Aramco as quasi-government oil reserves counting half of the barrels stored by Aramco as nationalcrude reserves
Companies and government organizations in both nations signed a total of 20 MOUs on Tuesday including cooperation betweenthe Saudi Arabian General Investment Authority (SAGIA) and Japans three megabanks - Mitsubishi UFJ Financial Group (8306T)Sumitomo Mitsui Financial Group (8316T) and Mizuho Financial Group (8411T) - on increasing investments in the kingdom
The MOUs also included cooperation in seawater desalinationhttpautoeconomictimesindiatimescomnewsindustrytoyota-to-look-at-saudi-production-as-the-countries-seek-closer-ties57636587
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Geneva Motor Show 2017 Airbus unveils fully electric flying car PopUp The Economic Times
Geneva Airbus along with Italdesign has unveiled the first modular fully electric zero emission concept vehicle system - PopUpat the Geneva Motor Show 2017 informed the French company in an official statement
PopUp envisages a modular system for multi-modal transportation that makes full use of both ground and airspace and isdesigned to relieve traffic congestion in crowded megacities
PopUp System consists of a three layers concept1 an Artificial Intelligence platform that based on its user knowledge manages the travel complexity offering alternative usagescenarios and assuring a seamless travel experience
2 a vehicle shaped as a passenger capsule designed to be coupled with two different and independent electric propelled modules(the ground module and the air module) Other public means of transportation (eg trains or hyperloops) could also integrate thePopUp capsule
3 an interface module that dialogues with users in a fully virtual environment
Airbus claims The PopUp vehicle combines the flexibility of a small two seater ground vehicle with the freedom and speed of avertical take-off and landing (VTOL) air vehicle thus bridging the automotive and aerospace domains
PopUpamprsquos monocoque carbon-fibre cocoon measures 26 metres long 14 metres high and 15 metres wide The capsuletransforms itself into a city car by simply coupling to the ground module which features a carbon-fibre chassis and is batterypowered
For megacity journeys with high congested traffic the capsule disconnects from the ground module and is carried by a 5 by 44metre air module propelled by eight counter-rotating rotors
ampldquoAdding the third dimension to seamless multi-modal transportation networks will without a doubt improve the way we liveand how we get from A to Bamprdquo said Mathias Thomsen General Manager for Urban Air Mobility at Airbus on the occasion ofthe unveil
ampldquoSuccessfully designing and implementing solutions that will work both in the air and on the ground requires a joint reflectionon the part of both aerospace and automotive sectors alongside collaboration with local government bodies for infrastructure andregulatory frameworks Italdesign with its long track record of exceptional vehicle design was an exciting partner for Airbus for thisunique concept projectamprdquo
ampldquoToday automobiles are part of a much wider eco-system if you want to design the urban vehicle of the future the traditionalcar cannot alone be the solution for megacities you also have to think about sustainable and intelligent infrastructure appsintegration power systems urban planning social aspects and so on In the next years ground transportation will move to the nextlevel and from being shared connected and autonomous it will also go multimodal and moving into the third dimensionamprdquo saidItaldesign CEO Joumlrg Astaloschhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsgeneva-motor-show-2017-airbus-unveils-fully-electric-flying-car-pop-up57630936
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Nissan boosts management presence at Mitsubishi Motors ReutersSee this story in The Economic Times
Tokyo Mitsubishi Motors on Tuesday said an additional four Nissan executives would join its management team as Nissan tightensits control over the smaller struggling automaker in which it took a controlling stake last year
The announcement is part of Mitsubishi Motors efforts to rebuild its management system after it admitted last year that it hadoverstated the mileage on a number of its cars sold in Japan battering domestic sales and tarnishing its brand image
From April corporate vice president positions for roles including product development and marketing and sales would be occupiedby officials from Nissan Mitsubishi Motors said
This would hike the number of Nissan executives on Mitsubishi Motors management team to seven from two now
We need to strengthen our corporate governance to avoid a repeat of last years scandal along with scandals previous to thatMitsubishi Chief Executive Officer (CEO) Osamu Masuko told reporters during a teleconference
After taking a one-third stake in Mitsubishi Motors Nissan installed Carlos Ghosn - its CEO at the time - as chairman of MitsubishiMotors while also naming two Nissan officials to Mitsubishis board of directors
Nissan also dispatched other executives to the smaller automaker including Trevor Mann previously Nissans chief performanceofficer who became chief operating officer at Mitsubishi late last year
Last month Ghosn said he would step down from the top position at Nissan to focus on deepening the companys alliance withRenault SA and Mitsubishi Motors
Separately Nissan said Shiro Nakamura the companys chief creative officer and one of Japans best-known car designers willretire after nearly 20 years at the automaker
Nakamura 66 is recognised for referencing science fiction anime and embracing Japans culture of cute in models including theGT-R supercar the Cube compact MPV and the Juke SUV crossover setting the automaker apart from many of its rivals whichhave been accused of making lookalike cars
Nakamura joined Nissan in 1999 from Japanese truckmaker Isuzu Motors and was one of the first key hires by Ghosn shortly afterGhosn himself arrived from French automaker Renault to save the company from bankruptcy
Alfonso Albaisa who currently overseas design at Nissans premium Infiniti brand will succeed Nakamura while former BMWglobal chief designer Karim Habib will become the brands new chief designer effective July 1httpautoeconomictimesindiatimescomnewsindustrynissan-boosts-management-presence-at-mitsubishi-motors57631800
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Renault Zoe e-Sport breaks covers at 2017 Geneva Motor Show The Economic Times
New Delhi In the ongoing Geneva Motor Show Renault has showcased its new two-seat version of its electric car Renault Zoee-Sport The company claims to have taken the design cues from Formula E
The ZOE e-Sport Concept is the fully electric concept car that embodies Renaultamprsquos commitment to the idea that electric carscan be fun and fast says Renault The sporting credentials of the ZOE e-Sport Concept extend beyond the caramprsquos styling andthe same blue livery as the Renault edams teamamprsquos front-running Formula E single-seaters
The bodywork of the ZOE e-Sport Concept is made entirely from lightweight carbon fibre which helps to ensure outstandingacceleration from standstill to 100kph in just 32 seconds The car tips the scales at a mere 1400 kilograms including 450kilograms of batteries
The car is powered by two electric motors capable of generating 450 bhp and 650 Nm of torque One of the motor is powered to therear axle and the other to the front axle Renault Zoe e-Sport gets the same 40 kWh battery which powers the standard variant ofthe car
Jean-Christophe Kugler CEO Renault Europe said that the concept as a link car - a styling exercise intended to connect the Zoeroad car with what Renault is doing in Formula E racing and to send a message that EVs are fun to drive Its not a signal of thefuture for Zoe and we have no intention to develop a performance version
Renault also claims that the electric performance car uses the same air and water cooling systems as the Renaultamprsquos FormulaE car The car is based on a tubular steel chassis with use of extensive carbon fibre The car also gets four driving modes
At the moment Renault has no plans to make the Zoe e-Sport into productionhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsrenault-zoe-e-sport-breaks-covers-at-2017-geneva-motor-show57627528
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Sensata Technologies opens testing facility in Bulgaria ReutersSee this story in The Economic Times
Sofia Sensata Technologies has opened its largest global testing facility in Sofia to support its automotive sensing technologies thecompany said on Tuesday
Sensata which has manufacturing sites in 13 countries already employs 3000 people in Bulgaria where it produces pressure andhigh temperature sensors for the automotive market and operates a business centre
In recent years inexpensive labour low taxes and an educated workforce have encouraged dozens of car part producers and ITand business outsourcing companies to set up in the Balkan countryhttpautoeconomictimesindiatimescomnewsauto-componentssensata-technologies-opens-testing-facility-in-bulgaria57632975
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Driving driverless Quest for an autonomous car has reached a truck now Nandagopal RajanThe Financial Express
At San Franciscoamprsquos Pier 90 chock-a-block with cargo vehicles it is pretty tough for any truck to stand out But a white Volvotruck with Otto emblazoned on it is the centre of attention This is the next big thing in automated cars and has already shown itsmettle by delivering a consignment of Budweiser beer in Colorado without a driver controlling it on the freeway
Uber is one of the many companies thinking in terms of driverless car While CEO Travis Kalanick says automated vehicles areampldquoexistentialamprdquo for the ride-hailing companyamprsquos future he is not alone in the race to drive without drivers Just in theUS at least 23 companiesampmdashincluding Tesla Google and Volkswagenampmdashhave registered in autonomous vehicleprogrammes The idea that fuels this cutting-edge technology is pure economics at the end of the day Cars suffer from seriousissues of inefficiency as they sit idle 95 of the time Considering that the world has 1200000000 cars this is inefficiency at agargantuan scale Add to this the fact that cars amount for 22 of all emissions globally and muddy the urban infrastructureproblem by creating the need for parking spaces
Since 1984 when the first experimental self-driving cars appeared there has been much progress on the technology leading toMercedes-Benz showcasing its concept car the F 015 at the Consumer Electronics Show in Las Vegas in 2015 Everyone has adifferent take on the technology but in the end the idea is to make cars intelligent and independent enough to be aware ofsurroundings and take decisions based on that
Interestingly Uberamprsquos dream is to bring ampldquoreliable transportation to everyone everywhereamprdquo now extended toeverything too with the trucks from Otto a start-up it acquired last year Matt Sweeney who heads product at UberamprsquosAdvanced Technology Group says ampldquothe truck and passenger vehicles share software and hardware components and thishelps us work on different aspects of the self-driving problem at the same timeamprdquo But on scope passenger vehicles are forurban environments where Uber has its focus on ride-sharing while trucks will be for high-speed highways where the constraintsare different
Just last week Uber got a permit from California Department of Motor Vehicles to test two self-driving Volvo SUVs on public roadsthough it will need to have backup drivers behind the wheel in case the prototype cars malfunction Its self-driving cars have beenrunning test drives in other parts of the US too
The Otto truck comes with a rig of radars laser scanners and stereo cameras that give the computers inside a live 360-degreevision of its environment with high dynamic range high resolution and high colour information imagery so that the truck can besmart enough to decide what to do next But the computing task this presents is ampldquoalmost as big as a small datacentreamprdquo Sweeney says the computing has to be done inside as ampldquothere is no tech that can let us send all that data tothe cloud real time and hence a lot of the computing has to be done in the truck itselfamprdquo
ampldquoA lot of the tech is based on prior mapping but in subsequent runs we see differences that have come about in the area andpay attention on those objects that are differentamprdquo
Interestingly Otto is being sued by Googleamprsquos Waymo self-driving car unit which claims its former employee and start-upfounder Anthony Levandowski stole its proprietary design for its laser-based radar system There are other challenges tooampldquoUber tech is different because we are trying to make this on top of the ride-sharing network that we already haveamprdquo headded
Nissan in contrast keeps the driver and not the technology at the centre and its definition of an ampldquoautonomous caramprdquo ishence a vehicle with different levels of driving technologies that enable it to operate autonomously for certain periods of time ANissan spokesperson said on the technology side the challenges are in artificial intelligence software development data processingand digital mapping technologies while on the social environment side laws and regulations along with modifications of roadinfrastructure will become necessary
This contrast in technologies is why it is important to see how the entire ecosystem evolves maybe with different platforms talkingto each other But Uber is not depending on this ampldquoWe need to see and interact with vehicles but there is no guarantee wewill have that technology So we are approaching it with the assumption it wonamprsquot existamprdquo says Sweeney
Uberamprsquos goal is to take its technology everywhere but can these vehicles actually be practical for an environment like IndiaSweeney accepts the new elements this will throw in along with the sheer volume will present a slew of challenges ampldquoThoseare situations we think we will be able to tackle but those are not the first places we will goamprdquo he explains adding that theywill look for opportunities where they can deploy this technology safely Clearly this drive has just started(The author attended the Uber Media Summit in San Francisco at the invitation of Uber)httpwwwfinancialexpresscomopiniondriving-driverless-quest-for-an-autonomous-car-has-reached-a-truck-now588112
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Samsung completes acquisition of Harman The Economic Times
New Delhi The arrest of the Vice-Chairman of Samsung Board Lee Jae Yong on bribery and corruption charges has not affectedthe deal between Samsung and Harman International IndustriesIn a media statement the South Korean giant confirmed thecompletion of its largest such deal ever
Under the terms of the merger agreement Harman stockholders will receive $11200 per share in cash The completion follows thesatisfaction of all conditions to the closing of the transaction including approval of the transaction by HARMAN stockholders andreceipt of all necessary regulatory approvals in the United States and certain foreign jurisdictions
ampldquoToday is a historic moment for us The close of this transaction opens the door to create substantial growth opportunitiesand deliver greater benefits for customers worldwideamprdquo said Young Sohn President and Chief Strategy Officer of SamsungElectronics and Chairman of the Board HARMAN ampldquoWe see transformative opportunities in the car ampndash and a futurewhich seamlessly connects lifestyle across automotive home mobile and work Samsungamprsquos and HARMANamprsquosleadership in these spaces perfectly positions Samsung to be the preferred partner to our OEM customers In addition bringingtogether HARMANamprsquos iconic audio brands and capabilities paired with Samsungamprsquos leading display technologies willdeliver enhanced audio and video experiences to consumers and professional end markets And most importantly we areenthusiastic about our common vision the similarities in our culture of innovation and the added value we can create for customersWe look forward to working with all of HARMANamprsquos employees to execute on our visionamprdquo
Harman boasts around 30000 employees spreadout across different brands including JBL Infinity Lexicon and Mark LevinsonThe company will continue to conduct business as an independent subsidiary under the terms of the deal with Samsung
ampldquoWe are excited to have completed the transaction which provides compelling cash value to our stockholders benefits ourcustomers and provides new opportunities for our employeesamprdquo said Dinesh Paliwal Harman President and CEOampldquoSamsung shares our commitment to our customers and our culture of speed innovation and execution Samsung providesHarman with the scale platform and complementary technologies to accelerate growth and extend our global market leadership inautomotive smart audio and connected technologies Recognizing the importance of partnerships in an increasingly connectedworld particularly in automotive we are poised to leverage our combined teams and resources to produce even greater value forour customers Working closely with automakers and other technology companies Samsung and Harman will define ampndash anddrive ampndash the future of automotiveamprdquohttpautoeconomictimesindiatimescomnewsauto-technologysamsung-completes-acquisition-of-harman57624440
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Skoda delivers 81200 units in Feb 2017 globally The Economic Times
Mlada Boleslav Czech car manufacturer Skoda in a press release stated that the company delivered 81200 vehicles to customersworldwide in February 31 more than in the same period last year (February 2016 78800) brvbarkoda also claims that it has soldmore cars than any February in its history The Czech manufacturer achieved double-digit growth in Central and Eastern Europe (+129 and + 133) India (+ 128) and Israel (+ 198) among others
We are delighted with our strong start to 2017 We expect the market launch of the OCTAVIA product upgrade as well as the newKodiaq to create further momentum says Werner Eichhorn brvbarKODA Board Member for Sales and Marketing
In Western Europe deliveries to customers rose by 70 in February to 34800 vehicles (February 2016 32500) With 12600vehicles Germany remains the strongest single European market (February 2016 12100 vehicles +45) brvbarKODA recordeddouble-digit growth rates in the UK (3400 vehicles +236) Italy (2200 vehicles + 201) Belgium (2 000 vehicles +271) andAustria (1900 vehicles +647)
In Central Europe brvbarKODA achieved an increase of 129 with 17400 cars (February 2016 15400 vehicles) Deliveries on thehome market of the Czech Republic rose by 88 to 8200 vehicles in Poland (5700 vehicles + 163) Slovakia (1700 vehicles+154) Slovenia (600 vehicles +226) and Croatia (300 vehicles +469) also rose in double figures
In Eastern Europe excluding Russia Skoda achieved a year-on-year increase of 133 with 2800 vehicles delivered (February2016 2500 vehicles) In the same period 400 customers in Ukraine received their new brvbarKODA ampndash an increase of 939(February 2016 200 vehicles) The number of deliveries increased significantly in Bosnia (200 vehicles + 557) Bulgaria (200vehicles +175) and the Baltic States (600 vehicles + 229) In Russia brvbarKODA achieved an increase of 46 with 4300vehicles (February 2016 4100 vehicles)
In China ampndash the brandamprsquos largest market worldwide ampndash brvbarKODA handed over the keys to 15000 new vehicles(February 2016 18500 vehicles -188) Deliveries overseas increased by 98 to a total of 2500 vehicles
At the Geneva Motor Show brvbarKODA is presenting several new highlights These include the brvbarKODA KODIAQ SCOUT and brvbarKODAKODIAQ SPORTLINE alongside the extensively upgraded brvbarKODA OCTAVIA as well as the sporty spearhead brvbarKODA OCTAVIA RS245 and the brvbarKODA OCTAVIA SCOUT with a rugged off-road look In addition the upgraded brvbarKODA models RAPID and RAPIDSPACEBACK and Citigo are on show
brvbarKODA deliveries to customers in February 2017 (in units rounded off by model +- in percent compared to February2016)brvbarKODA OCTAVIA (28600 -86)brvbarKODA FABIA (16700 + 152)brvbarKODA RAPID (15000 + 121)brvbarKODA SUPERB (10900 + 171)brvbarKODA KODIAQ (1300 + 1000)brvbarKODA YETI (6300 -157)brvbarKODA CITIGO (only sold in Europe 2300 -164)httpautoeconomictimesindiatimescomnewspassenger-vehiclecarsskoda-delivers-81200-units-in-feb-201757626693
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Isuzu claims more durability on its diesel engines for trucks The Economic Times
Indianapolis Isuzu Commercial Truck of America has announced that the B10 durability rating of its 4HK1-TC diesel engine hasbeen increased to 375000 miles informed the company in an official statement
To elaborate further on what it means the Japanese commercial vehicle manufacturer went on to say that A B10-life rating is anindustry-standard gauge provided by engine makers to help consumers determine the long-term durability of an engine Thenumber following the B indicates the percentage of an engineamprsquos population that will require an overhaul before the indicatedmileage
That means that 90 of Isuzu 4HK1-TC engines are expected to last 375000 miles before they require a major repair or rebuildPreviously the 4HK1-TC engine carried an already-robust B10 durability rating of 310000 miles added the company
ampldquoWe are proud to say that Isuzu diesel engines are already known worldwide for their long-term dependabilityamprdquo saidShaun Skinner president of Isuzu Commercial Truck of America ampldquoOur new B-10 rating is strong evidence that our enginesare even more durable than everamprdquo
The turbocharged intercooled 4HK1-TC four-cylinder diesel engine displaces 52 liters and generates 215 horsepower Torqueratings vary depending on model The engine is fitted to Isuzu NPR-HD NPR-XD NQR and NRR models as well as the all-new2018 Isuzu FTR Class 6 truck
The company made the above announcement at the National Truck Equipment Associationamprsquos 2017 Work Truck Show inIndianapolis held on March 13httpautoeconomictimesindiatimescomnewsauto-componentsisuzu-diesel-engines-for-trucks-now-become-more-durable57626832
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MoS visits Rolls-Royces new logistics centre in England The Economic Times
New Delhi Nick Gibb Minister for School Standards and MP for Bognor Regis and Littlehampton has visited Rolls-Royce MotorCars Technology and Logistics Centre on Monday informed the British luxury car maker in a media release
During the visit Gibb toured the facility met the expert team onsite and was briefed on the companyamprsquos future plans to expandthe Centre He also took the opportunity to learn more about the Rolls-Royce Motor Cars apprenticeship graduate and internprogrammes
Nick Gibb said ampldquoThe original announcement that Rolls-Royce Motor Cars would be locating its Technology and LogisticsCentre in Bognor Regis was a great boost for our town and warmly welcomed I am delighted to see the huge new state of the artfacilities fully operational and providing high quality jobs for local people The support of such a prestigious company is good newsfor Bognor Regis and for the wider local economyamprdquo
He continued ampldquoIt is very welcome that Rolls-Royce operates an apprenticeship scheme ensuring the company has the skillsit needs for the future and providing opportunities and training for a cohort of young people every year This year Rolls-Royce istaking on record numbers of apprenticesamprdquo
The new Rolls-Royce Technology and Logistics Centre at Bognor Regis opened on schedule in January 2016 The purpose-built30000m2 facility is located close to the companyamprsquos head office and manufacturing plant at Goodwoodhttpautoeconomictimesindiatimescomnewsindustrymos-visits-rolls-royce-new-logistics-centre-in-england57626981
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All new Mazda CX-5 to be produced at Hofu Plant The Economic Times
Hiroshima Japan Japanese automaker Mazda Motor Corporation starting from November is going to produce the all-new MazdaCX-5 crossover SUV at its Hofu Plant in addition to the Hiroshima Plant where it is currently produced
The company informed that the move will help the automaker respond quickly and flexibly to growing demand for SUVs globally
Mazda aims to create a production system that can respond flexibly to changes in demand for crossover vehicles as it works tomeet its global sales goal of 165 million units
Launched domestically in February the all-new CX-5 has till date recorded sales of 16639 units about seven times the monthlytarget claims the company
As with the CX-3 starting production of the CX-5 at Hofu Plant as well is part of our plan to build a production framework that givesus more flexibility between plants and between models said Masatoshi Maruyama Managing Executive Officer in charge of GlobalProduction We will do everything we can to get customers the crossover vehicles they want as quickly as possiblehttpautoeconomictimesindiatimescomnewspassenger-vehicleuvall-new-mazda-cx-5-to-be-produced-at-hofu-plant57627447
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Rheinmetall receives over $25 mn order from American carmaker The Economic Times
New Delhi German automotive parts supplier Rheinmetall has booked its first order for a special application of coolant valves by amajor American carmaker and destined for the NAFTA market
The company in a statement said that the order has a lifetime value of over US$25 million (around Rs 165 crore) Series productionof the valves is scheduled to start in 2019 with the contract set to run for about five years
Talking about the product the company went on to say that the innovative valves play a lead role in intelligent thermal and energymanagement on modern vehicle engines These often have several cooling circuits which are controllable with the aid of switchingseat valves
As from model year 2020 this particular customer will be installing several versions of such valves on gasoline and diesel enginesfor pick-ups with over 6 liters displacement
They will take over functions in the cooling circuit of the transmission ensuring that it reaches operating temperature faster byswitching off the coolant flow when the engine is started This also helps to reduce emissions added the companyhttpautoeconomictimesindiatimescomnewsauto-componentsrheinmetall-receives-over-25-mn-order-from-american-carmaker57628058
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Nissans Infiniti names former BMW executive as new design chief ReutersSee this story in The Economic Times
Beijing Infiniti Nissan Motors premium brand named Karim Habib former global design chief for BMW as the brands new chiefdesigner effective July 1
Habib will replace Alfonso Albaisa who will be promoted to lead Nissans global design according to a press release seen byReuters Habib will report to Albaisa
Habib who has worked for several premium automotive brands including BMW and Daimler will be based in Nissans technicalcentre in Atsugi Japan and lead Infinitis design teams in Japan Beijing San Diego and Londonhttpautoeconomictimesindiatimescomnewsindustrynissans-infiniti-names-former-bmw-executive-as-new-design-chief57630437
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Elon Musks bold offer of Tesla batteries wont solve Australias power problems ReutersSee this story in The Economic Times
Launceston Australia Australia is becoming an interesting microcosm on how to or how not to transition an economy from beingpredominantly powered by coal to more climate-friendly alternatives
The dramatic intervention by Tesla Inc Chief Executive Elon Musk last week is just the latest twist in an ongoing saga that pits
business government farmers government and environmentalists against each other
Musk in an exchange of tweets with software billionaire Mike Cannon-Brookes chief executive of Atlassian Corp offered to fix theelectricity supply problems of South Australia state within 100 days of signing a contract
Musks plan is to install 100 megawatts (MW) of grid-connected battery storage which would be available to meet peak demandand would be charged with surplus electricity from other generating sources in periods of low demand
Its a bold offer and would most likely provide a quick fix to Australias fourth-largest state which suffered a blackout last Novemberand has been dealing with power shortages over the peak summer period
Businesses like BHP Billiton which operates the giant Olympic Dam copper mine in the state have been pushing for thegovernment and other stakeholders to ensure stable electricity supply saying the cost of blackouts runs into millions of dollars inlost output
Musk whose Tesla Corp is ramping up output of its battery storage packs at its Gigafactory in Nevada held talks with AustralianPrime Minister Malcolm Turnbull at the weekend as well as with South Australian Premier Jay Weatherill
The politicians will no doubt be tempted to Musks offer to install batteries especially since the electric car pioneer said if he didntmeet his 100 day deadline he wouldnt charge anything
But while Musks offer if taken up would provide a quick fix it would not do enough to mend the underlying problems at the heart ofAustralias electricity woes
Its worth looking at how Australia got itself to the point where virtually all players can agree that the nation is facing somethingapproaching an energy crisis
After all the country is not short of fossil fuels such as coal and natural gas and its climate and low population density outside themajor cities are ideal for renewables such as solar and wind power
The country is heavily reliant on an ageing fleet of coal-fired power stations which makes Australia one of the highest polluters percapita
These coal power stations are starting to close down with one shutting in South Australia last year and another planned to close inVictoria state at the end of this month
The problem is that the coal-fired power stations role as providers of base load electricity cannot be taken over by wind and solarand the role is falling to natural gas
But natural gas is also the most expensive method of generating electricity in Australia so utilities are reluctant to run their gas-firedplants until prices are high enough to justify the cost
South Australia has a gas-fired plant that was mothballed until last years power supply crisis but even with the higher prices forelectricity the operator is struggling to make the plant profitable
The state moved on Tuesday to try and address its energy security issues announcing it would build a 250 MW gas-fired plant andhelp the private sector build a 100 MW battery at a total cost of A$510 million ($385 million)
Gas Supply ConstraintsNatural gas supply is becoming a problem in Australia which may seem ironic given the country is on the verge of becoming theworlds largest exporter of liquefied natural gas (LNG) as the last of eight new plants come closer to completion
In fact the new LNG plants are copping some of the blame for the tightening natural gas market especially the three in easternQueensland state based on using coal-seam gas as the feedstock
These are being blamed for sucking domestic natural gas out of the market and into the export LNG industry
What hasnt helped is that some of Australias state and territory governments are also pursuing policies that will restrict futurenatural gas supplies
Victoria state has banned hydraulic fracturing or fracking as well as shale and coal-seam gas exploration while the NorthernTerritory New South Wales and Tasmania have various moratoriums on fracking
This leaves Western Australia Queensland and South Australia as the remaining states where onshore natural gas supplies can bedeveloped and they are now in the cross-hairs of the environmental lobby which is opposed to any and all new natural gas wells
Politicians across the traditional Labor-Liberal divide are increasingly giving in to demands to restrict natural gas exploration whilepretending that this wont have a negative impact on energy security and electricity prices
But the costs are starting to become apparent with spot electricity prices surging over the Australian summer and natural gassuppliers warning that they will be unable to meet the needs of industrial customers without action being taken
Its often the case politicians only take action when the point of crisis is reached and this appears to be the case in Australia
Whats needed is a holistic approach to energy supply as Australia transitions away from coal-fired power
This means ensuring enough natural gas is available to provide base load generation while scaling up renewables such as solar
wind pumped hydro and battery storage
Forging enough common ground with the various stakeholders will be the main obstacle but more than anything else Australia isshowing how difficult it is to end the age of coalhttpautoeconomictimesindiatimescomnewsindustryelon-musks-bold-offer-of-tesla-batteries-wont-solve-australias-power-problems57630514
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Innogy in talks with car consortium over charging stations CEO ReutersSee this story in The Economic Times
Essen Germany Innogy is in intense talks with a group of carmakers Chief Executive Peter Terium told journalists on Mondayhoping to be selected as a supplier of super-fast charging stations for electric vehicles across Europe
Its not a done deal yet Terium said pointing to strong competition from rival vendors
BMW Volkswagen Ford and Daimler plan to build about 400 next-generation charging stations in Europe that can reload anelectric car in minutes instead of hours
Sources told Reuters in January that Innogy was in talks with the consortiumhttpautoeconomictimesindiatimescomnewsindustryinnogy-in-talks-with-car-consortium-over-charging-stations-ceo57624184
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China may roll back electric vehicle quotas as industry pushes back ReutersSee this story in The Economic Times
Beijing China is considering easing proposed quotas aimed at producing more electric vehicles as Beijing gets pushback from theautomotive industry over the scale and pace of the plans
If adopted proposed changes under discussion could see a target of new energy vehicles (NEV) making up 8 percent of sales nextyear pushed to 2019 two auto executives said
The changes would lower targets from a draft policy released in September requiring 8 percent of automakers sales to be batteryelectric or plug-in hybrid vehicles by 2018 rising to 10 percent in 2019 and 12 percent in 2020
Any loosening of NEV targets would mark a pull back by Beijing which has faced opposition to the planned targets as it looks todrive its domestic carmakers to overtake global rivals in the green vehicle sector
Automakers and industry bodies have said the targets are too tough and could hurt manufacturers interests New energy vehicleslast year accounted for just 18 percent of sales in the worlds biggest autos market according to Reuters calculations based onofficial data
Its normal to make revisions as its a draft plan An Jin chairman of Anhui Jianghuai Automobile Group (JAC Motor) said on thesidelines of the National Peoples Congress in Beijing
He said he was aware of talks to revise the quota targets but said nothing was set in stone JAC hasnt been told what revisionsmight be made to the draft but I think it is possible the draft will be changed after the discussions he said
Whether the whole market can hit this quota by 2018 depends a lot on the strength of government policy If its strong then weshould be able to surpass the targets An said (But) if you consider Chinas infrastructure and the transformation of Chinas autosector then perhaps the pace will have to slow
Two Percent CutTwo executives familiar with the plans told Reuters the government was considering options for lowering the requirements
One idea was to reduce the quota requirement by 2 percent each year cutting the 2018 requirement to 6 percent said aChina-based government relations official at a major global automaker It would then be 8 percent in 2019 and 10 percent in 2020
Another option would be to push back each target by a year with the 8 percent quota starting from 2019 an executive at aJapanese car maker said
Both asked not to be named due to the sensitivity of the matter and because the draft was still under consideration
The overall policy includes quotas for plug-in cars targets for average fuel economy requirements and a credit trading system topromote green energy cars while penalizing petrol cars
The two people said the quota stand-off was tied to a disagreement between the Ministry of Industry and Information Technology(MIIT) and Chinas top state planner the National Development and Reform Commission (NDRC)
MIIT which regulates manufacturers supports a more flexible credit trading system favoured by automakers The NDRC is more
aggressive in promoting a transition to electric vehicles pushing the introduction of the stricter quotas
An NDRC spokesman said the body played a small role when the draft was open to public for discussion MIIT did not immediatelyrespond to Reuters requests for comment
China has strongly supported and subsidized electric vehicles but is gradually swapping out incentives for hard targets automakersmust meet The central government cut subsidies 20 percent this year a first reduction towards eliminating them by 2020httpautoeconomictimesindiatimescomnewspolicychina-may-roll-back-electric-vehicle-quotas-as-industry-pushes-back57623608
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Russias standards agency says Volkswagen recalls 43151 Skoda cars ReutersSee this story in The Economic Times
Moscow Russias standards agency said on Monday that Volkswagens Russian operation had informed it about the voluntaryrecall of 43151 Skoda cars due to a possible technical fault
The recall affects Skoda Octavia Superb Fabia Yeti and Rapid cars sold in Russia between 2012 and 2016 the watchdog saidhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsrussias-standards-agency-says-volkswagen-recalls-43151-skoda-cars57624140
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Economy
Rupee hits 1-12 yr high surges 78 paise on BJP sweep PTISee this story in The Economic Times
Mumbai The rupee surged by a massive 78 paise to end at a nearly one-and-a-half year high of 6582 against the US dollar onfrantic unwinding of the American currency following BJPs emphatic victory in Uttar Pradesh
Forex market sentiment soared on hopes that BJPs stellar show in state polls would pave the way for the Modi government to focuson key reform measures
The home currency resumed on a strong footing at 6620 from last Fridays closing value of 6660 at the Interbank ForeignExchange (forex) market on heavy dollar unwinding from speculative traders and exporters tracking weekend developments
Maintaining its bullish momentum against the dollar the rupee hit a fresh intra-day high of 6576 in late afternoon deals beforeending at 6582 showing a solid gain of 78 paise or 117 per cent
This is the highest closing of the rupee since November 6 2015 when it had ended at 6576
Meanwhile the RBI fixed the reference rate for the dollar at 661800 and for the euro at 704354
Financial markets too took comfort from BJPs landslide victory with the broader Nifty climbing 15245 points to a new closing peakof 9087 and the Sensex rallying 49640 points to end at 2944263
The much-anticipated turnaround on the economic front has opened up a barrage of foreign capital fund flows into India
Foreign investors pumped in over Rs 10000 crore in the Indian capital markets this month so far
It also got an added fillip from bullish macro data which showed that the countrys industrial production bounced back in Januaryexpanding by 27 per cent year-on-year
Factory output measured in terms of Index of Industrial Production (IIP) had contracted by 01 per cent in December
However inflation based on wholesale prices shot up to a 39-month high of 655 per cent in February against 525 per cent inJanuary according to official data
On the global front the dollar traded firmly higher against its major counterparts ahead of the two-day Fed meet when it could liftrates for the third time since the financial crisishttpautoeconomictimesindiatimescomnewsindustryrupee-hits-1-12-yr-high-surges-78-paise-on-bjp-sweep57635104
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Nifty hits all time high of 912275 Sensex surges 616 points after big BJP win The Economic Times
Mumbai The Nifty jumped to life highs on Tuesday after the BJPamprsquos thumping win in the crucial state of Uttar Pradeshrekindled hopes of a bigger-than-expected push for reforms by the Narendra Modi government
The Nifty up 11 so far this year crossed its previous life high of 9119 to hit 912275 before ending the day 171 or 15245points higher at 9087 This is the indexamprsquos biggest single-day gain in points since February 1 and caps a strong reboundsince the December 26 low of 7893 on demonetisation worries
The Sensex surged by 616 points or 212 intra-day before ending the day at 2944263 up 49640 points This is its biggest gainsince May 25 last year The index is the best performer among all developed and emerging market indices in local currency terms inthe past three months
The rupee surged 79 paise to a 16-month high of 6582 to the dollar as exporters sold more dollars and foreign investors boughtlocal shares BSE data showed that foreign investors bought local shares worth Rs 4089 crore their biggest single-day purchasesince February 17 when they purchased Rs 8059 crore
FPIs have bought shares worthRs 23132 crore since January this year against net sales of Rs 9800 crore in the same period lastyear The BSE Midcap and Smallcap indices gained 144 each
ampldquoOne must be ready for a correction after a rally but I am optimistic about the medium to longterm prospectsamprdquo saidMotilal Oswal chairman Motilal Oswal Financial Services Ltd ampldquoFundamentally valuations are comfortable at this point intime because of good corporate earnings growth In the short term markets may remain volatileamprdquo
BJP romped to victory in UP on Saturday winning 312 out of the 403 seats Its allies won 13 more taking the NDA tally to 325 Thisis the biggest win recorded by any party in the state since 1977 and has raised prospects of the BJP doing well in other electionsthis year and next Many political pundits also believe that the victory has improved Prime Minister Narendra Modiamprsquos chancesof retaining power in the 2019 general election
Barring the metals index all other sectoral indices on the NSE ended with gains on Tuesday About 55 stocks including TitanJubilant Life Sciences Kotak Mahindra Bank IndusInd Bank YES Bank and Indiabulls Housing Finance among others hit life highswhile 92 stocks were locked in upper circuit with no sellers
ampldquoWith the sharp rally the market which is currently susceptible to global risk is trading at above average multiples and westay cautious near termamprdquo said Sanjay Mookim India Equity Strategist BofA Merrill Lynch ampldquoIndiaamprsquos businesscycle should improve over the next several quarters while improving construction should drive capex which is good forequitiesamprdquo
Some market experts are divided over the near-term outlook as indices have begun to look expensive at current valuations Plusthere is no immediate trigger for upgrade
ampldquoValuations of the Indian market are quite high and would require the support of strong earnings growth Any disappointmenton earnings will make valuations look even more expensive which the market may not likeamprdquo said Sanjeev Prasad senior EDand co-head of Kotak Institutional Equities
ampldquoGlobal and domestic interest rate cycles are no longer supportive with likely increase in developed markets bondyieldsamprdquo
ampldquoWhile markets are expecting a rate hike this meeting what will be of more interest is the commentaryamprdquo said DipenShah senior V-P PCG research Kotak Securities ampldquoIf it is hawkish it may have an impact on fund flows to emerging marketsbut India may be relatively less impacted because of the continuing domestic flowsamprdquo
ampldquoNotwithstanding the election results we believe the risk-reward is not favourable currently and advise investors to sell intothis rally We expect Nifty EPS to rise 15-16 in FY18 and see no trigger for an earnings upgrade at this junctureamprdquo ReligareInstitutional Research said in a notehttpeconomictimesindiatimescommarketsstocksnewsnifty-hits-all-time-high-of-9122-75-sensex-surges-616-points-after-big-bjp-winarticleshow57639036cms
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WPI inflation up 655 for February 2017 The Economic Times
New Delhi The annual rate of inflation based on monthly Wholesale Price Index (WPI) stood at 655 percent (provisional) for themonth of February 2017 (over February 2016) as compared to 525 percent (provisional) for the previous month and -085 percentduring the corresponding month of the previous year
The official Wholesale Price Index for amplsquoAll Commoditiesamprsquo for the month of February 2017 rose by 05 percent to 1855(provisional) from 1846 (provisional) for the previous month
The index for primary articles rose by 09 percent to 2581 (provisional) from 2557 (provisional) for the previous month
The inflation rate for Fuel and power group rose by 13 percent to 2038 (provisional) from 2012 (provisional) for the previousmonth due to higher price of coking coal (15 percent) aviation turbine fuel (3 percent) bitumen (2 percent) and kerosene highspeed diesel LPG and lignite (1 percent each) However the price of furnace oil (1 percent) declined
The index for the major group of manufactured products remained unchanged at its previous monthamprsquos level of 1588
(provisional) In this group the index for amplsquoRubber amp Plastic Productsamprsquo group rose by 02 percent to 1489 (provisional)from 1486 (provisional) for the previous month due to higher price of rubber products (1 percent)
The index for amplsquoTransport Equipment amp Partsamprsquo group rose by 05 percent to 1405 (provisional) from 1398 (provisional)for the previous month due to higher price of auto rickshaw tempo matador (4 percent) and auto parts (1 percent)
For the month of December 2016 the final Wholesale Price Index for amplsquoAll Commoditiesamprsquo stood at 1833 as comparedto 1828 (provisional) and annual rate of inflation based on final index stood at 368 percent as compared to 339 percent(provisional) respectively as reported on January 1 2017httpautoeconomictimesindiatimescomnewsindustrywpi-inflation-up-6-55-for-february-201757627665
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February CPI at 365 vs 317 in January highest since October 2016 PTISee this story in The Economic Times
New Delhi Retail inflation rose to 4-month high of 365 per cent in February mainly due to surge in price of food items like fruitssugar and confectionery
Measured in terms of Consumer Price Index (CPI) the inflation had dipped to a multi-year low of 317 per cent in January this yearon account of cash crunch following demonetisation It was 526 per cent in February last year
According to the CPI data released today by the Central Statistics Office (CSO) the consumer food prices index (CFPI) rose by201 per cent in February from 061 per cent in January The CFPI was 53 per cent in February 2016
Inflation in fruits was higher at 833 per cent fuel and light at 39 per cent in February The rate of price rise in meat and fish was 35per cent in February
Prices of sugar and confectionery items rose by 1883 per cent in February while inflation in milk and milk product increased by 422per cent
The rate of inflation in household goods and services was 409 per cent while this rate was in health segment was 4 per cent Thetransport and communication became expensive by 539 per cent
The personal care and effects segment rose by 515 per cent while the education became more expensive by 537 per cent inFebruary this year
The inflation rate was 438 per cent in clothing and footware segment while it was 49 per cent in housing segment
However the prices of vegetables and pulses declined by 829 per cent and 902 per cent respectively
Rural retail inflation was at 367 per cent in February compared with 336 per cent in the preceding month The CPI was also up inthe urban sector at 355 per cent in February from 29 per cent in January this yearhttpautoeconomictimesindiatimescomnewsindustryfebruary-cpi-at-3-65-vs-3-17-in-january-highest-since-october-201657633211
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Closing
Last Financial Closing
Sensex 2944263 (+49640)NSE 9087 (+15245)US$ spot Rs6582US$ Y1148000US$ 6 months RsYen Rs57Euro spot Rs70
Gold (10gm) Rs28333Silver (1kg) Rs4008300
Crude Oil (WTI) Crude Oil (Brent) $5172 (+037)
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Apollo Tyres 1 18610Asahi Ind 1 21655Amara Raja B 1 83230Ashok Leyland 1 9080Bajaj Auto 10 286670Bharat Forge 2 103550Denso 1 Eicher Motor 10 2396325Escorts 10 51945Exide Ind 1 21645Force Motors 10 427760Gabriel India 1 11460Hero Motocor 2 335745Hind Motors 5 950Hi-Tech Gear 10 29885Jay Bh Maruti 5 38190
Jamna Auto 5 20550JK Tyres amp Inds 10 1241 Kinetic Motors 10 Kinetic Engg 10 KOEL 2 37685Kirloskar Br 2 24135LML Ltd 10 1250LampT 2 155810Lumax Ind 10 131690Lumax Tech 10 43230MampM 5 132600Maruti Suzuki 5 613240Motherson SS 1 36290Minda Inds 2 44350MRF 10 5298390Omax Auto 10 7555Rico Auto 1 5720Sona Koyo St 1 8170
SRF 10 157155Tata Motors 2 46975 TVS Motors 1 43690
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Bhushan Steel 2 5430Hindalco 1 19040Hind Zinc 2 29140JSW Ispat S 10 Jind Steel 1 12490JSW Steel 1 18190Jindal Saw 2 7995National Aluminium 5 7310SAIL 10 6005Tata Steel 10 47255Visa Steel 10 2185
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Ambuja Cement 2 23370Binani Industries 10 7200Birla Corp 10 70360India Cement 10 16070Prism Cement 10 9375JK Cement 10 88470Shree Cement 10 1639835
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PLEASE NOTE
NURC Industry Updates contain editedtruncated text of Industry-specific news as it appears in various select dailies and websites These are NOT full stories unless otherwisespecifically mentioned The stories contained herein are informational only and no representation is made or warranty given as to their content reliability truthfulness orusefulness User assumes all risk of use It be clearly understood that NURC updates do not claim to and neither mean to replace the Print or the Internet editions of variousnewspapers whose articles are featured therein For the best and complete news reading NURC urges its readers to read the full text of the stories from the Newspaperswhose credits are given after the headline and visit the related website whose URL is given below the text matter of each news item
NURC News Update - AUTOMOBILES
News on Indian Auto Industry Copyright 1999 NURC MediaNext Pvt Ltd
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Powered by Enablingbiz Esoluttions
Pointing to some key indicators they prefer to see how March quarter pans out particularly on consumer loans before altering theirexpectations on the stock
Consumer loans which grew by 52 per cent year-on-year in September quarter (Q2) grew 47 per cent year-on-year in Q3 Butwithin this segment consumer durables grew slower at 27 per cent versus 48 per cent in Q2 As for the vehicle financing (two andthree wheelers) the dependence on Bajaj Auto was seen higher in Q3 ampndash 46 per cent dependence on Bajaj Auto fortwo-wheelers and 29 per cent for three-wheelers as against 38 per cent and 18 per cent respectively a year ago Average ticketsize which dipped post demonetisation is yet to see a strong recovery All these factors prompt analysts to be on a wait-and-watchmode
ampldquoWe arenamprsquot able to see a secular return in consumer buying yet While demand for consumer durables may havepicked up as summer sales is already playing out we canamprsquot say the same for vehicle salesamprdquo says an analyst with adomestic brokerage
Analysts at Jefferies feel the annual compounded loan growth for Bajaj Finance could be lower in FY16-19 compared to what was inFY13-16 The brokerage flags that at current valuations (52 x FY18 price-to-book) risk-reward appears negativehttpwwwbusiness-standardcomarticleopinionwhy-analysts-are-in-wait-and-watch-mode-on-bajaj-finance-117031400674_1html
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SBI announces Rs 6000-cr tractor loan settlement scheme PTISee this story in The Economic Times
State Bank of India (SBI) today announced a one-time farm loan settlement scheme worth Rs 6000 crore primarily for tractors
One Time Settlement (OTS) announced for Agriculture Loans Scheme valid until 31st March Contact your branch for details ampbenefits the nations largest lender said on the microblogging site Twitter today
Managing director Rajnish Kumar told CNBC-TV18 the scheme will result in the bank taking a 40 per cent haircut on outstandingtractor loans as of September 2016
SBIs total farm loan portfolio is Rs 125 trillion and Kumar said the tractor loan book is about Rs 6000 crore
He said doubtful or loss category accounts as of September 2016 which were disbursed before September 2011 will beconsidered under the scheme He said a circular in this regard was sent to branches on February 2
But he was quick to add the OTS has nothing to do with Prime Minister Narendra Modis promise of a loan waiver to UP farmersduring the just concluded elections saying there were no talks with the Centre or state in this regard so far SBIs Uttar Pradeshportfolio will be around Rs 13000 crore
SBI had announced OTS schemes for SMEs last December and education loans early in 2016
He said other agri loans like kisan credit cards and other term-loans for tractors and farm loans may also be covered under theschemehttpwwwdnaindiacommoneyreport-sbi-announces-rs-6000-cr-tractor-loan-settlement-scheme-2352737SBI to allow one-time settlement for tractor farm equipment loansminthttpwwwlivemintcomIndustryiXDTXX1onxjwfHcz731WzJSBI-announces-Rs6000-crore-tractor-loan-settlement-schemehtmlSBI announces rs 6000-crore tractor loan settlement schemeThe Pioneerhttpwwwdailypioneercombusinesssbi-announces-rs-6000-crore-tractor-loan-settlement-schemehtml
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Oil Lubricants amp Alternative Fuels
Oil hovers near three-month low as investors awaits data ReutersSee this story in The Hindu Business Line
Tokyo Crude oil prices hovered near three-month lows on Tuesday in early Asian trading as investors await key reports and datathat may shed light on a supply overhang in the global market
US West Texas Intermediate crude (WTI) edged down 3 cents to $4837 a barrel by 0026 GMT The contract ended down 9 centsin the previous session after touching $4790 the lowest since the end of November
Brent crude futures were down 1 cent at $5134 a barrel having settled down 2 cents on Monday after dipping to as low as $5085
Prices fell sharply last week as investors worried that swelling US crude supplies would hinder Organization of the Petroleum
Exporting Countries (OPEC)s efforts to restrict output and reduce a global glut
Prices had risen after the OPEC and other major oil producers including Russia agreed at the end of November to rein inproduction by almost 18 million barrels per day (bpd) in the first half of 2017
ampldquoIts shaping up to be another fun week in the crude complex with OPEC releasing its monthly oil market report on Tuesdayswiftly followed by the IEAs monthly oil market report the day afteramprdquo Matt Smith analyst at ClipperData said in a note
The International Energy Agency releases its closely watched monthly oil market report on Wednesday
Data from the industry group the American Petroleum Institute on US crude and product stockpiles is also due out later on Tuesday
Analysts said the slump may not have much further to go now that prices have fallen more than 8 percent since last Monday thebiggest week-on-week drop in four monthshttpwwwthehindubusinesslinecommarketscommoditiesoil-hovers-near-threemonth-low-as-investors-awaid-dataarticle9582601ece
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News Magazines
Mahindra Electric geared up to be a component supplier Autocar India
Speaking to Autocar India Mahindra Electric (ME) stated that the company is open to being a supplier to other vehiclemanufacturers and will sell complete electric drive systems to those interested At present the ME plant builds the e2o while it shipsout the drive systems for the eVerito sedan and eSupro van For this purpose the production line has been modified to produce notjust built-up vehicles but also fully ready electric drive systems that can be offered to other manufacturers interested in procuringthem With expertise in electrification virtually absent in India ME hopes to build on its first-mover advantage and cater to theindustry Itamprsquos unlikely that there would be any takers for passenger cars but commercial and three-wheeler manufacturerscould be potential customers
Mahindra also confirmed that they are open to supplying other bits like charge system controllers as well Mahindra outsources thebattery and electric motor for its EV powertrains and has no plans of producing these components in-house as apart from the hugeinvestments needed there is no real advantage Battery technology is quite specialised and there are many players in this fieldalready And with electric motor efficiency already at 80 percent ampndash compared to about 30 percent for internal combustionengines ampndash there is very little to differentiate one EV maker from another Mahindra believes the real differentiator in the nearfuture will be in the battery management systems where big gains can be made in the charging and discharging cycle Thus ME isputting a lot of effort into this area and going forward has ambitions to be a supplier solely for battery management systems toother manufacturershttpwwwautocarindiacomauto-newsmahindra-electric-geared-up-to-be-a-component-supplier-404432aspx
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Tesla Model Y SUV due by 2019 Autocar India
Tesla Inc recently renamed from Tesla Motors Inc is on the verge of what it says will be a massive expansion of production with twonew models due to arrive in the next two years
Alongside the much-hyped Model 3 Tesla is also expected to launch an entry-level crossover based on the same platform andrumoured to be badged the Model Y
The starting price of the Model 3 is likely to be around $37000 (Rs 2435 lakh approx) with the Model Y expected to be slightlymore expensive However Tesla founder Elon Musk believes the transaction prices of the new compact Teslas will go higherbecause buyers will be keen to add paid options to their vehicles
While the compact Model Y could turn out to be Teslaamprsquos best seller ampndash some seven million crossovers of all types weresold in the US last year ampndash Musk recently tweeted that the Model 3 remained the biggest priority for the company
The Model Y is unlikely to be unveiled until sometime next year with production set to follow late in the year Little in the way ofspecification has been released though it is expected to borrow the top-hinged amplsquofalcon wingamprsquo rear doors from thebigger Model X SUV
The Model Y will also have the promised updated electrical architecture that will allow Tesla to offer full autonomous drivingcapability Future Tesla cars will be equipped with as many as eight cameras giving a 360-degree view of the surroundingroadscape as well as 12 ultrasonic sensors and a amplsquonewamprsquo forward-facing radar that works in the worst weatherconditions Existing radar systems can be fooled by heavy rain and fog
Musk also said the new electrical architecture has a brain that is as much as ampldquo40 timesamprdquo more powerful than onprevious Teslas calling it a ampldquosupercomputer inside the caramprdquo The autonomous driving technology though will be offered
as add-on option to customers on both entry-level Teslas
Another challenge for the Model 3 and Y will be balancing their lower price against the need for a battery big enough to give anacceptable range
The entry-level Model 3 may have a cheaper sub-60kWh battery but will still need to have a range of at least 370km The ModelYamprsquos more bluff shape and greater frontal area might mean a bigger battery for the same range and so a slight price premium
Tesla is in a race against time to achieve the kind of production levels needed to turn around what is still a cash-hungry operationThe firm has spent nearly $2 billion (Rs 1316350 crore approx) since 2010 with investments including building the battery-makingGigafactory and trying to expand car production to a massive 500000 units a year
Tesla delivered around 76000 vehicles last year but says it was able to build around 2000 cars a week by the second half of 2016With as many as 400000 deposits taken for the Model 3 the company is looking to produce well over 100000 of the BMW3-series rival before the end of this year
Muskamprsquos expansion plans will test the limits of the capabilities of Teslaamprsquos suppliers and those of its own plant inFreemont California But getting to annual sales of half a million vehicles should finally push the carmaker into profit and secure thecompanyamprsquos long-term futurehttpwwwautocarindiacomauto-newstesla-model-y-suv-due-by-2019-404434aspx
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VW promises higher focus on EVs after record sales year Autocar India
The Volkswagen Group ampldquowill be a role model in environmental protection safety and integrityamprdquo according to CEOMatthias Muller who was speaking as the firm confirmed a record-breaking sales year in 2016
Outlining plans for the firm to reinvent itself as a far-reaching mobility company in the wake of the emission scandal Muller revealedthat the VW Group sold 103 million cars in 2016 making it the worldamprsquos largest car manufacturer It made pound62 billion in profitafter allowances including pound56 billion of losses to cover emission scandal costs In 2015 expenses relating to emission scandalamounted to pound142 billion
Most notably its sales in China where the effects of the diesel crisis were negligible grew 122 percent and its 2016 salesrevenues of pound1904 billion also exceeded forecasts by pound35 billion
ampldquoThe last year was challenging yet remarkably successfulamprdquo said Muller ampldquoIn 2016 we set the course for thebiggest transformation in the history of the company while at the same time performing better in our operating business than manythought possibleamphellipVolkswagen is back on trackamprdquo
Muller vowed that the success would be a catalyst for further change adding ampldquoWe will still be one of the most successfulautomakers in 2025 But we will also be a leading international provider of sustainable mobility and set the standard for new mobilityservicesamprdquo
New initiatives include a stated goal of taking leadership in the field of battery technology by 2025 which is by when the VW Grouphas committed to have solid state batteries in production These are seen as the next technological step over the lithium-ionbatteries currently favoured by most manufacturers The VW Group has committed to have 30 battery-electric vehicles on sale by2025
He also signalled that Audi had been tasked with leading the Groupamprsquos autonomous driving projects while adding that the VWGroup now had 37 centres around the world working on autonomous and digital service ideas pivoting around the Groupamprsquosnew mobility company Moia which was set up last year
Muller also highlighted recent joint ventures ampndash in China with FAW and JAC the latter of which will lead to the co-developmentof a budget electric car line in India with Tata Motors and in America with Navistar which is in the commercial vehicle segmentampndash as examples of the firmamprsquos commitment to forging partnerships to boost sales success He also confirmed that thefirst economy vehicles to be developed by the brand will go on sale in emerging markets in 2018httpwwwautocarindiacomauto-newsvw-promises-higher-focus-on-evs-after-record-sales-year-404433aspx
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Mercedes to expand E-class range with E 220 diesel Autocar India
The tenth-generation Mercedes-Benz E-class launched for the first time in India with a long wheelbase has moved the goalposts toset new standards for comfort and space in its segment The E-class comes with two engine options ampndash the base E 200 petroland the top-of-the-line
E 350 diesel Priced at Rs 5670 lakh and Rs 7015 lakh (ex-showroom Delhi) respectively these two variants bookend the E-classrange and is essentially aimed at two sets of customers The E 200 buyer is likely to be almost always chauffeur-driven and henceis mainly interested in rear seat space and comfort while the E 350d customer wants all the bells and whistles as well as the
sublime driving experience only the silky smooth and torquey V6 diesel can offer
However that still leaves a massive Rs 1345 lakh gap in the range which no doubt future E-class variants will eventually plug butwhich one will find that sweet spot to form the bulk of E-class sales
Itamprsquos no surprise then that Mercedes-Benz India is readying a base diesel which like the previous-generation W212 E-class islikely to be the most popular variant offering a strong dose of practicality without too much of a compromise on refinement andluxury
But unlike the W212 which had the E 250d representing the base diesel in the range Mercedes-Benz India is offering the lower E220d as the starting point for the E-class diesel This suggests that the E 220d will be very attractively priced when it goes on salearound June 2017 and could be priced very close to the E 200
The E 220amprsquos all-new 20 litre four-cylinder diesel which pumps out 194hp and 400Nm of torque may not have the punch ofthe outgoing E 250damprsquos 204hp and 500Nm motor but again given the chauffeur-driven focus the new E-class has beenconceived for the newE 220damprsquos performance is unlikely to be an issue
What is a big issue however is downgrading the 20-litre motor which has been designed for stricter Euro-VI emissions to run onlocally available BS-IV diesel ampldquoItamprsquos such a waste of engineering resource and a step backwardsamprdquo said aMercedes-Benz engineer The 2143cc (OM651) diesel engine which powered the previous E-class was easier to adapt to BS-IVfuel unlike the spanking new high-tech 1995cc (OM654) diesel thatamprsquos built to meet the latest global emission standards Infact the OM654 made its debut in the latest E-class when it was launched globally in 2016 Its advanced tech includes a uniquealuminium engine block with steel pistons a special low-friction coating for the cylinder walls and a fourth-generation common-raildiesel injection system At 168kg it is 31kg lighter than the engine it replaces
Downgrading a Euro-VI engine to BS-IV standards takes a lot of time and resources but there is no way out until fuel pumps in Indiaget low-sulphur BS-VI fuel which is not expected until 2020 The BS-IV-spec OM654 wasnamprsquot ready in time for the newE-class launch and this is one reason why the E 220d is coming a couple of months later The other reason could be a strategicone Mercedes-Benz India wants to wait until BMW launches the all-new 5-series expected in June and in a counter move tweakthe E 220damprsquos mix of specifications features and price accordingly A starting price of Rs 57-58 lakh for the E 220disnamprsquot unlikely especially since this variant will be Mercedes-Benz Indiaamprsquos trump card in a luxury car segment it seemsdetermined to dominatehttpwwwautocarindiacomauto-newsmercedes-to-expand-e-class-range-with-e-220-diesel-404429aspx
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Nissan to launch Kicks SUV in Q3 2018 Autocar India
The Nissan Kicks SUV which made its global debut in 2016 in Brazil will be launched in India in the third quarter of 2018 accordingto company sources
However unlike the South American model which is spun off Nissanamprsquos V-platform the made-for-India Kicks (code PB1D)will be based on the upcoming Renault Kapturamprsquos (code HHA) platform This is essentially a modified version ofRenaultamprsquos proven M0 platform that underpins cars like the Duster and Lodgy which are known for their robust mechanicals
The M0 is also a critical part of the Renault-Nissan Allianceamprsquos platform strategy in India which is essentially centred aroundtwo platforms Whilst the CMF-A and CMF-A+ platforms underpin Renault and Nissanamprsquos (and later Mitsubishiamprsquos) smallto mid-size car range in India the M0 platform will cater to higher end products The low-cost M0 platform has proved to be a cashcow for Renault globally and is ideally suited for markets like India The allianceamprsquos European-spec CMF-B platform was alsoevaluated initially but was eventually rejected as it proved to be a lot more expensive than the M0 which has also been localisedover the years
Developed and conceived originally by Renault for its Dacia sub-brand over a decade ago the French carmaker has first rights toproducts spun off the M0 platform and hence like the Nissan Terrano which followed the Renault Duster the Nissan Kicks too willfollow the Renault Kaptur to India but almost a year later
While both the Kaptur and Kicks will use the same modified version of the platform the amplsquotop hatsamprsquo will be completelydifferent The Kicks design and styling will mirror the South American car and thatamprsquos no bad thing
Sharply styled with lots of distinctive design touches like a floating roof massive wheel arches and a wraparound visor look theKicks wonamprsquot have a problem standing out on Indian roads The good thing is that the edgy design hasnamprsquot compromisedpracticality and Nissan claims best-in-class space in the back seat
Cars based on the M0 platform get a choice of just two engines a 16 petrol and the venerable 15 K9K diesel and hence these arelikely to be carried forward into the Kicks as well The 15 diesel is expected to be the mainstay but its likely that in its latest iterationthere will be a small bump up in power and torque
Nissan has set an ambitious target of 30000 Kicks in its first full year of production with an additional 20000 units earmarked forexports Pricing will be crucial for the Kicksamprsquo success and Nissan may do well to undercut its rivals to buy some much neededmarket sharehttpwwwautocarindiacomauto-newsnissan-to-launch-kicks-suv-in-q3-2018-404426aspx
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International News
Volkswagen CEO gets 778 mn euros in pay and benefits for 2016 ReutersSee this story in The Economic Times
Wolfsburg Volkswagen Groups Chief Executive Matthias Mueller was awarded 778 million euros ($828 million) in pay andbenefits for 2016 up from 417 million euros in total remuneration awarded a year earlier the companys annual report showed onTuesday
Mueller was not awarded a full years CEO pay for 2015 since he only took over as chief executive in September following theresignation of his predecessor Martin Winterkorn who was forced out in the wake of a diesel emissions cheating scandal
Volkswagen overhauled its bonus and executive pay policy in February this year to cap total pay for its chief executive at 10 millioneuros ($106 million) and other top managers at 55 million euros
Volkswagen brand chief Herbert Diess saw his total remuneration for 2016 fall to 393 million euros down from 713 million in 2015the annual report showed
($1 = 09401 euros)httpautoeconomictimesindiatimescomnewsindustryvolkswagen-ceo-gets-7-78-mn-euros-in-pay-and-benefits-for-201657631837Volkswagen CEO Matthias Mueller says not ruling out merger talks with Fiat ChryslerThe Financial Expresshttpwwwfinancialexpresscomindustryvolkswagen-ceo-matthias-mueller-says-not-ruling-out-merger-talks-with-fiat-chrysler587861
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Volkswagen CEO US remains core market for company APSee this story in The Economic Times
Frankfurt The CEO of German automaker Volkswagen says the United States remains a core market for the company despite itsdiesel emissions scandal and has underlined that it hopes to expand there
Matthias Mueller made the comments Tuesday at the companys annual news and investor conference at its headquarters inWolfsburg Germany
Mueller said that we are standing by our investment decisions and intend over the long term to play a significantly greater role therethan today
The Volkswagen brand has only a small share in the US market although it is important for the companys luxury brands Porscheand Audi It makes cars in Chattanooga Tennessee
US authorities uncovered Volkswagens use of engine control software that enabled vehicles to cheat on emissions testshttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsvolkswagen-ceo-us-remains-core-market-for-company57633149
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Volkswagen targets strong 2017 even as core brand struggles ReutersSee this story in The Economic Times
Wolfsburg Germany Volkswagen said it was capable of shouldering the costs of its emissions crisis and was targeting an evenbetter year than in 2016 but warned that its core autos division continued to struggle
We see good chances of being able to ride the wave of the positive performance last year when Volkswagen turned in recordunderlying profit helped by sales of upmarket Audis and Porsches Chief Executive Matthias Mueller said on Tuesday at thecarmakers annual news conference
Volkswagen expects group revenue to exceed last years record 217 billion euros ($231 billion) by as much as 4 percent this yearand is forecasting an underlying operating margin of between 6 and 7 percent compared with 67 percent in 2016 it said affirminga forecast given on February 24
The company also aims to moderately exceed last years record 103 million deliveries
You can rest assured that we will do everything in our power to make 2017 an even better year than 2016 the CEO said
But Volkswagen appears to be making slow progress in tackling the biggest trouble spot within the 12-brand group thelong-planned turnaround of its core autos division
Operating profit of the namesake brand slipped further to 187 billion euros in 2016 from 210 billion a year earlier because of highermarketing costs related to dieselgate and plunging demand in Brazil and other key markets finance chief Frank Witter said
($1 = 09394 euros)httpautoeconomictimesindiatimescomnewsindustryvolkswagen-targets-strong-2017-even-as-core-brand-struggles57630343
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VW CEO says not ruling out merger talks with Fiat Chrysler boss ReutersSee this story in The Economic Times
Wolfsburg Volkswagen Chief Executive Matthias Mueller said he is not ruling out talks with Fiat Chrysler boss Sergio Marchionneabout a possible merger
I am not ruling out a conversation Mueller told reporters on Tuesday after the carmakers annual earnings press conference inWolfsburg
Marchionne has long advocated car industry mergers to share the costs of making cleaner and more technologically advancedvehicles and has repeatedly relayed his desire via the media
It would be very helpful if Marchionne were to communicate his considerations to me too and not just to you Mueller said
I am pretty confident about the future of Volkswagen with or without Marchionne
Only last week Mueller appeared to dismiss the prospect of talks with Fiat Chrysler
We are not ready for talks about anything he told Reuters on the fringes of the Geneva auto show I havent seen Marchionne formonths he said at the timehttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsvw-ceo-says-not-ruling-out-merger-talks-with-fiat-chrysler-boss57632909
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Volkswagen chief denies talks with Fiat AFPSee this story in The Economic Times
Berlin Volkswagen chief Matthias Mueller on Tuesday denied rumours that the German auto giant was in talks with rival FiatChrysler
At present there is no contact between me and Fiat Chrysler boss Sergio Marchionne Mueller told the companys annual pressconference in Wolfsburg north Germany
Marchionne had said at the Geneva car show last week that he was expecting Volkswagen to reach out as more firms are thinkingof cost-cutting tie-ups in the vein of Frances Peugeot and German carmaker Opel
In response Mueller said he had other problems since VWs 2015 admission that it installed software to cheat regulatoryemissions tests in 11 million vehicles worldwide
He nevertheless added that Ive never said a tie-up with any other partner is altogether ruled out
VW clawed its way back to profit in 2016 and pulled ahead of Toyota to become the worlds biggest carmaker by unit sales shipping103 million vehicles over the year
Mueller on Tuesday confirmed the groups forecast of moderate growth in sales in 2017
But the firm is far from turning the page as it continues to refit cars equipped with the cheating software and faces legal action fromcustomers and investors in numerous countries
The final bill for the scandal is impossible to predict Mueller acknowledged
All we know is that this question will keep us busy for a long time several years he saidhttpeconomictimesindiatimescomindustryautovolkswagen-chief-denies-talks-with-fiatarticleshow57633113cms
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Volkswagen has good chances to build on strong 2016 performance CEO ReutersSee this story in The Economic Times
Germany Volkswagen has good chances of building on its strong 2016 performance when it swung to a record underlying profitdespite its diesel emissions crisis Chief Executive Matthias Mueller said
The Volkswagen Group is in very robust shape Mueller said on Tuesday at the carmakers annual news conference in Wolfsburg
VW expects group revenue to exceed last years record 217 billion euros ($231 billion) by as much as 4 percent this year and isforecasting an underlying operating margin of between 6 and 7 percent compared with 67 percent in 2016 it said affirming aforecast given on Feb 24
Still operating profit of its core autos division slipped further to 187 billion euros in 2016 from 210 billion a year earlier as the brandis struggling to implement a wide-ranging turnaround planhttpeconomictimesindiatimescomnewsinternationalbusinessvolkswagen-has-good-chances-to-build-on-strong-2016-performance-ceoarticleshow57630339cms
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BMW i3 batteries to be used by Vattenfall The Economic Times
New Delhi Swedish power making company Vattenfall and German auto giant BMW Group have signed a contract for the deliveryof up to 1000 lithium-ion batteries this year The batteries with a capacity of 33 kilowatt hours (kWh) each are equipped with aBMW-owned battery management system and are also used by the car manufacturer in the BMW i3
Vattenfall will purchase the new batteries from the BMW plant in Dingolfing and use them in all storage projects
Energy storage and grid stability are the major topics of the new energy world says Gunnar Groebler Senior Vice President ofVattenfall and Head of Business Area Wind
We want to use the sites where we generate electricity from renewable energies in order to drive the transformation to a newenergy system and to facilitate the integration of renewable energies into the energy system with the storage facilities Thedecoupling of production and consumption and the coupling of different consumption sectors are in the focus of our work
The first energy storage from the BMW-i3 batteries is being built at the 122 MW onshore wind farm Princess Alexia nearAmsterdam With a capacity of 32 megawatts (MW) it is Vattenfalls first large storage project in the Netherlands
Pending on a final investment decision the largest battery storage will be built at the Vattenfall wind farm Pen y Cymoedd (230 MW)in South Wales - a 22-megawatt storage facility which will help to support the stability of the country-wide power grid in the UK aspart of the so-called EFR (Enhanced Frequency Response) service
As part of the project Norddeutsche Energiewende NEW 40 Vattenfall together with the Hamburg University of Applied Sciences(HAW) and the company Nordex will implement a large battery storage at the future wind farm in Hamburg-Bergedorf
This is a so-called storage control unit made of batteries It is meant to maintain the security of supply with a feed-in of 100 percentrenewable energy In addition the battery storage contributes to the improvement of the network quality and the more efficient useof the existing network structure Other possible applications would be electricity storage in private households Energy storagesolutions are an important part of Vattenfallamprsquos strive to power climate smarter living
We are pleased that we have found a supplier in BMW who meets our high safety requirements with the use of the batteries withreliably good quality from German series production says Daniel Hustadt project manager for large batteries at VattenfallInnovation GmbHhttpautoeconomictimesindiatimescomnewsindustrybmw-i3-batteries-to-be-used-by-vattenfall57630728
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Toyota to look at Saudi production as the countries seek closer ties ReutersSee this story in The Economic Times
New Delhi Toyota Motor Corp signed a memorandum of understanding (MOU) on Tuesday with a Saudi Arabian governmentagency to conduct a feasibility study into producing vehicles and parts in the Middle Eastern nation
The move if firmed up would be a big step for the Saudi economy as the government tries to diversify beyond oil exports andcreate jobs as part of the kingdoms 2030 Vision
So far Saudi Arabia and other Gulf oil exporters have failed to significantly develop industries such as automaking because theylack broad industrial bases and a skilled local workforce
The study would take into account the evaluation of development of a local supply base using materials produced by major Saudi
companies like Sabic Maaden Petro Rabigh and other major industrial companies in the kingdom the official Saudi state newsagency reported
The MOU is with Saudi Arabias National Industrial Clusters Development Program (NICDP)
Meanwhile state-run Saudi Aramco has signed MOUs with five Japanese entities during a business forum that both nations hostedon Tuesday coinciding with a visit by Saudi Arabias King Salman this week
Saudi Aramco and Japans biggest oil refiner JX Nippon Oil amp Energy (5020T) agreed to consider a refinery joint venture in a thirdcountry and cooperation in trading and technology of oil and petrochemical products
Aramco also agreed to consider a possible future cooperation in crude oil supply and downstream business with Idemitsu KosanCompany
In addition Aramco and state-run Japan Oil Gas and Metals National Corp (JOGMEC) formally agreed to expand crude storagecapacity in Japan by 300000 kilolitres (about 19 million barrels) from the current 63 million barrels from April 1
Japan treats crude oil stored by Aramco as quasi-government oil reserves counting half of the barrels stored by Aramco as nationalcrude reserves
Companies and government organizations in both nations signed a total of 20 MOUs on Tuesday including cooperation betweenthe Saudi Arabian General Investment Authority (SAGIA) and Japans three megabanks - Mitsubishi UFJ Financial Group (8306T)Sumitomo Mitsui Financial Group (8316T) and Mizuho Financial Group (8411T) - on increasing investments in the kingdom
The MOUs also included cooperation in seawater desalinationhttpautoeconomictimesindiatimescomnewsindustrytoyota-to-look-at-saudi-production-as-the-countries-seek-closer-ties57636587
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Geneva Motor Show 2017 Airbus unveils fully electric flying car PopUp The Economic Times
Geneva Airbus along with Italdesign has unveiled the first modular fully electric zero emission concept vehicle system - PopUpat the Geneva Motor Show 2017 informed the French company in an official statement
PopUp envisages a modular system for multi-modal transportation that makes full use of both ground and airspace and isdesigned to relieve traffic congestion in crowded megacities
PopUp System consists of a three layers concept1 an Artificial Intelligence platform that based on its user knowledge manages the travel complexity offering alternative usagescenarios and assuring a seamless travel experience
2 a vehicle shaped as a passenger capsule designed to be coupled with two different and independent electric propelled modules(the ground module and the air module) Other public means of transportation (eg trains or hyperloops) could also integrate thePopUp capsule
3 an interface module that dialogues with users in a fully virtual environment
Airbus claims The PopUp vehicle combines the flexibility of a small two seater ground vehicle with the freedom and speed of avertical take-off and landing (VTOL) air vehicle thus bridging the automotive and aerospace domains
PopUpamprsquos monocoque carbon-fibre cocoon measures 26 metres long 14 metres high and 15 metres wide The capsuletransforms itself into a city car by simply coupling to the ground module which features a carbon-fibre chassis and is batterypowered
For megacity journeys with high congested traffic the capsule disconnects from the ground module and is carried by a 5 by 44metre air module propelled by eight counter-rotating rotors
ampldquoAdding the third dimension to seamless multi-modal transportation networks will without a doubt improve the way we liveand how we get from A to Bamprdquo said Mathias Thomsen General Manager for Urban Air Mobility at Airbus on the occasion ofthe unveil
ampldquoSuccessfully designing and implementing solutions that will work both in the air and on the ground requires a joint reflectionon the part of both aerospace and automotive sectors alongside collaboration with local government bodies for infrastructure andregulatory frameworks Italdesign with its long track record of exceptional vehicle design was an exciting partner for Airbus for thisunique concept projectamprdquo
ampldquoToday automobiles are part of a much wider eco-system if you want to design the urban vehicle of the future the traditionalcar cannot alone be the solution for megacities you also have to think about sustainable and intelligent infrastructure appsintegration power systems urban planning social aspects and so on In the next years ground transportation will move to the nextlevel and from being shared connected and autonomous it will also go multimodal and moving into the third dimensionamprdquo saidItaldesign CEO Joumlrg Astaloschhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsgeneva-motor-show-2017-airbus-unveils-fully-electric-flying-car-pop-up57630936
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Nissan boosts management presence at Mitsubishi Motors ReutersSee this story in The Economic Times
Tokyo Mitsubishi Motors on Tuesday said an additional four Nissan executives would join its management team as Nissan tightensits control over the smaller struggling automaker in which it took a controlling stake last year
The announcement is part of Mitsubishi Motors efforts to rebuild its management system after it admitted last year that it hadoverstated the mileage on a number of its cars sold in Japan battering domestic sales and tarnishing its brand image
From April corporate vice president positions for roles including product development and marketing and sales would be occupiedby officials from Nissan Mitsubishi Motors said
This would hike the number of Nissan executives on Mitsubishi Motors management team to seven from two now
We need to strengthen our corporate governance to avoid a repeat of last years scandal along with scandals previous to thatMitsubishi Chief Executive Officer (CEO) Osamu Masuko told reporters during a teleconference
After taking a one-third stake in Mitsubishi Motors Nissan installed Carlos Ghosn - its CEO at the time - as chairman of MitsubishiMotors while also naming two Nissan officials to Mitsubishis board of directors
Nissan also dispatched other executives to the smaller automaker including Trevor Mann previously Nissans chief performanceofficer who became chief operating officer at Mitsubishi late last year
Last month Ghosn said he would step down from the top position at Nissan to focus on deepening the companys alliance withRenault SA and Mitsubishi Motors
Separately Nissan said Shiro Nakamura the companys chief creative officer and one of Japans best-known car designers willretire after nearly 20 years at the automaker
Nakamura 66 is recognised for referencing science fiction anime and embracing Japans culture of cute in models including theGT-R supercar the Cube compact MPV and the Juke SUV crossover setting the automaker apart from many of its rivals whichhave been accused of making lookalike cars
Nakamura joined Nissan in 1999 from Japanese truckmaker Isuzu Motors and was one of the first key hires by Ghosn shortly afterGhosn himself arrived from French automaker Renault to save the company from bankruptcy
Alfonso Albaisa who currently overseas design at Nissans premium Infiniti brand will succeed Nakamura while former BMWglobal chief designer Karim Habib will become the brands new chief designer effective July 1httpautoeconomictimesindiatimescomnewsindustrynissan-boosts-management-presence-at-mitsubishi-motors57631800
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Renault Zoe e-Sport breaks covers at 2017 Geneva Motor Show The Economic Times
New Delhi In the ongoing Geneva Motor Show Renault has showcased its new two-seat version of its electric car Renault Zoee-Sport The company claims to have taken the design cues from Formula E
The ZOE e-Sport Concept is the fully electric concept car that embodies Renaultamprsquos commitment to the idea that electric carscan be fun and fast says Renault The sporting credentials of the ZOE e-Sport Concept extend beyond the caramprsquos styling andthe same blue livery as the Renault edams teamamprsquos front-running Formula E single-seaters
The bodywork of the ZOE e-Sport Concept is made entirely from lightweight carbon fibre which helps to ensure outstandingacceleration from standstill to 100kph in just 32 seconds The car tips the scales at a mere 1400 kilograms including 450kilograms of batteries
The car is powered by two electric motors capable of generating 450 bhp and 650 Nm of torque One of the motor is powered to therear axle and the other to the front axle Renault Zoe e-Sport gets the same 40 kWh battery which powers the standard variant ofthe car
Jean-Christophe Kugler CEO Renault Europe said that the concept as a link car - a styling exercise intended to connect the Zoeroad car with what Renault is doing in Formula E racing and to send a message that EVs are fun to drive Its not a signal of thefuture for Zoe and we have no intention to develop a performance version
Renault also claims that the electric performance car uses the same air and water cooling systems as the Renaultamprsquos FormulaE car The car is based on a tubular steel chassis with use of extensive carbon fibre The car also gets four driving modes
At the moment Renault has no plans to make the Zoe e-Sport into productionhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsrenault-zoe-e-sport-breaks-covers-at-2017-geneva-motor-show57627528
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Sensata Technologies opens testing facility in Bulgaria ReutersSee this story in The Economic Times
Sofia Sensata Technologies has opened its largest global testing facility in Sofia to support its automotive sensing technologies thecompany said on Tuesday
Sensata which has manufacturing sites in 13 countries already employs 3000 people in Bulgaria where it produces pressure andhigh temperature sensors for the automotive market and operates a business centre
In recent years inexpensive labour low taxes and an educated workforce have encouraged dozens of car part producers and ITand business outsourcing companies to set up in the Balkan countryhttpautoeconomictimesindiatimescomnewsauto-componentssensata-technologies-opens-testing-facility-in-bulgaria57632975
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Driving driverless Quest for an autonomous car has reached a truck now Nandagopal RajanThe Financial Express
At San Franciscoamprsquos Pier 90 chock-a-block with cargo vehicles it is pretty tough for any truck to stand out But a white Volvotruck with Otto emblazoned on it is the centre of attention This is the next big thing in automated cars and has already shown itsmettle by delivering a consignment of Budweiser beer in Colorado without a driver controlling it on the freeway
Uber is one of the many companies thinking in terms of driverless car While CEO Travis Kalanick says automated vehicles areampldquoexistentialamprdquo for the ride-hailing companyamprsquos future he is not alone in the race to drive without drivers Just in theUS at least 23 companiesampmdashincluding Tesla Google and Volkswagenampmdashhave registered in autonomous vehicleprogrammes The idea that fuels this cutting-edge technology is pure economics at the end of the day Cars suffer from seriousissues of inefficiency as they sit idle 95 of the time Considering that the world has 1200000000 cars this is inefficiency at agargantuan scale Add to this the fact that cars amount for 22 of all emissions globally and muddy the urban infrastructureproblem by creating the need for parking spaces
Since 1984 when the first experimental self-driving cars appeared there has been much progress on the technology leading toMercedes-Benz showcasing its concept car the F 015 at the Consumer Electronics Show in Las Vegas in 2015 Everyone has adifferent take on the technology but in the end the idea is to make cars intelligent and independent enough to be aware ofsurroundings and take decisions based on that
Interestingly Uberamprsquos dream is to bring ampldquoreliable transportation to everyone everywhereamprdquo now extended toeverything too with the trucks from Otto a start-up it acquired last year Matt Sweeney who heads product at UberamprsquosAdvanced Technology Group says ampldquothe truck and passenger vehicles share software and hardware components and thishelps us work on different aspects of the self-driving problem at the same timeamprdquo But on scope passenger vehicles are forurban environments where Uber has its focus on ride-sharing while trucks will be for high-speed highways where the constraintsare different
Just last week Uber got a permit from California Department of Motor Vehicles to test two self-driving Volvo SUVs on public roadsthough it will need to have backup drivers behind the wheel in case the prototype cars malfunction Its self-driving cars have beenrunning test drives in other parts of the US too
The Otto truck comes with a rig of radars laser scanners and stereo cameras that give the computers inside a live 360-degreevision of its environment with high dynamic range high resolution and high colour information imagery so that the truck can besmart enough to decide what to do next But the computing task this presents is ampldquoalmost as big as a small datacentreamprdquo Sweeney says the computing has to be done inside as ampldquothere is no tech that can let us send all that data tothe cloud real time and hence a lot of the computing has to be done in the truck itselfamprdquo
ampldquoA lot of the tech is based on prior mapping but in subsequent runs we see differences that have come about in the area andpay attention on those objects that are differentamprdquo
Interestingly Otto is being sued by Googleamprsquos Waymo self-driving car unit which claims its former employee and start-upfounder Anthony Levandowski stole its proprietary design for its laser-based radar system There are other challenges tooampldquoUber tech is different because we are trying to make this on top of the ride-sharing network that we already haveamprdquo headded
Nissan in contrast keeps the driver and not the technology at the centre and its definition of an ampldquoautonomous caramprdquo ishence a vehicle with different levels of driving technologies that enable it to operate autonomously for certain periods of time ANissan spokesperson said on the technology side the challenges are in artificial intelligence software development data processingand digital mapping technologies while on the social environment side laws and regulations along with modifications of roadinfrastructure will become necessary
This contrast in technologies is why it is important to see how the entire ecosystem evolves maybe with different platforms talkingto each other But Uber is not depending on this ampldquoWe need to see and interact with vehicles but there is no guarantee wewill have that technology So we are approaching it with the assumption it wonamprsquot existamprdquo says Sweeney
Uberamprsquos goal is to take its technology everywhere but can these vehicles actually be practical for an environment like IndiaSweeney accepts the new elements this will throw in along with the sheer volume will present a slew of challenges ampldquoThoseare situations we think we will be able to tackle but those are not the first places we will goamprdquo he explains adding that theywill look for opportunities where they can deploy this technology safely Clearly this drive has just started(The author attended the Uber Media Summit in San Francisco at the invitation of Uber)httpwwwfinancialexpresscomopiniondriving-driverless-quest-for-an-autonomous-car-has-reached-a-truck-now588112
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Samsung completes acquisition of Harman The Economic Times
New Delhi The arrest of the Vice-Chairman of Samsung Board Lee Jae Yong on bribery and corruption charges has not affectedthe deal between Samsung and Harman International IndustriesIn a media statement the South Korean giant confirmed thecompletion of its largest such deal ever
Under the terms of the merger agreement Harman stockholders will receive $11200 per share in cash The completion follows thesatisfaction of all conditions to the closing of the transaction including approval of the transaction by HARMAN stockholders andreceipt of all necessary regulatory approvals in the United States and certain foreign jurisdictions
ampldquoToday is a historic moment for us The close of this transaction opens the door to create substantial growth opportunitiesand deliver greater benefits for customers worldwideamprdquo said Young Sohn President and Chief Strategy Officer of SamsungElectronics and Chairman of the Board HARMAN ampldquoWe see transformative opportunities in the car ampndash and a futurewhich seamlessly connects lifestyle across automotive home mobile and work Samsungamprsquos and HARMANamprsquosleadership in these spaces perfectly positions Samsung to be the preferred partner to our OEM customers In addition bringingtogether HARMANamprsquos iconic audio brands and capabilities paired with Samsungamprsquos leading display technologies willdeliver enhanced audio and video experiences to consumers and professional end markets And most importantly we areenthusiastic about our common vision the similarities in our culture of innovation and the added value we can create for customersWe look forward to working with all of HARMANamprsquos employees to execute on our visionamprdquo
Harman boasts around 30000 employees spreadout across different brands including JBL Infinity Lexicon and Mark LevinsonThe company will continue to conduct business as an independent subsidiary under the terms of the deal with Samsung
ampldquoWe are excited to have completed the transaction which provides compelling cash value to our stockholders benefits ourcustomers and provides new opportunities for our employeesamprdquo said Dinesh Paliwal Harman President and CEOampldquoSamsung shares our commitment to our customers and our culture of speed innovation and execution Samsung providesHarman with the scale platform and complementary technologies to accelerate growth and extend our global market leadership inautomotive smart audio and connected technologies Recognizing the importance of partnerships in an increasingly connectedworld particularly in automotive we are poised to leverage our combined teams and resources to produce even greater value forour customers Working closely with automakers and other technology companies Samsung and Harman will define ampndash anddrive ampndash the future of automotiveamprdquohttpautoeconomictimesindiatimescomnewsauto-technologysamsung-completes-acquisition-of-harman57624440
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Skoda delivers 81200 units in Feb 2017 globally The Economic Times
Mlada Boleslav Czech car manufacturer Skoda in a press release stated that the company delivered 81200 vehicles to customersworldwide in February 31 more than in the same period last year (February 2016 78800) brvbarkoda also claims that it has soldmore cars than any February in its history The Czech manufacturer achieved double-digit growth in Central and Eastern Europe (+129 and + 133) India (+ 128) and Israel (+ 198) among others
We are delighted with our strong start to 2017 We expect the market launch of the OCTAVIA product upgrade as well as the newKodiaq to create further momentum says Werner Eichhorn brvbarKODA Board Member for Sales and Marketing
In Western Europe deliveries to customers rose by 70 in February to 34800 vehicles (February 2016 32500) With 12600vehicles Germany remains the strongest single European market (February 2016 12100 vehicles +45) brvbarKODA recordeddouble-digit growth rates in the UK (3400 vehicles +236) Italy (2200 vehicles + 201) Belgium (2 000 vehicles +271) andAustria (1900 vehicles +647)
In Central Europe brvbarKODA achieved an increase of 129 with 17400 cars (February 2016 15400 vehicles) Deliveries on thehome market of the Czech Republic rose by 88 to 8200 vehicles in Poland (5700 vehicles + 163) Slovakia (1700 vehicles+154) Slovenia (600 vehicles +226) and Croatia (300 vehicles +469) also rose in double figures
In Eastern Europe excluding Russia Skoda achieved a year-on-year increase of 133 with 2800 vehicles delivered (February2016 2500 vehicles) In the same period 400 customers in Ukraine received their new brvbarKODA ampndash an increase of 939(February 2016 200 vehicles) The number of deliveries increased significantly in Bosnia (200 vehicles + 557) Bulgaria (200vehicles +175) and the Baltic States (600 vehicles + 229) In Russia brvbarKODA achieved an increase of 46 with 4300vehicles (February 2016 4100 vehicles)
In China ampndash the brandamprsquos largest market worldwide ampndash brvbarKODA handed over the keys to 15000 new vehicles(February 2016 18500 vehicles -188) Deliveries overseas increased by 98 to a total of 2500 vehicles
At the Geneva Motor Show brvbarKODA is presenting several new highlights These include the brvbarKODA KODIAQ SCOUT and brvbarKODAKODIAQ SPORTLINE alongside the extensively upgraded brvbarKODA OCTAVIA as well as the sporty spearhead brvbarKODA OCTAVIA RS245 and the brvbarKODA OCTAVIA SCOUT with a rugged off-road look In addition the upgraded brvbarKODA models RAPID and RAPIDSPACEBACK and Citigo are on show
brvbarKODA deliveries to customers in February 2017 (in units rounded off by model +- in percent compared to February2016)brvbarKODA OCTAVIA (28600 -86)brvbarKODA FABIA (16700 + 152)brvbarKODA RAPID (15000 + 121)brvbarKODA SUPERB (10900 + 171)brvbarKODA KODIAQ (1300 + 1000)brvbarKODA YETI (6300 -157)brvbarKODA CITIGO (only sold in Europe 2300 -164)httpautoeconomictimesindiatimescomnewspassenger-vehiclecarsskoda-delivers-81200-units-in-feb-201757626693
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Isuzu claims more durability on its diesel engines for trucks The Economic Times
Indianapolis Isuzu Commercial Truck of America has announced that the B10 durability rating of its 4HK1-TC diesel engine hasbeen increased to 375000 miles informed the company in an official statement
To elaborate further on what it means the Japanese commercial vehicle manufacturer went on to say that A B10-life rating is anindustry-standard gauge provided by engine makers to help consumers determine the long-term durability of an engine Thenumber following the B indicates the percentage of an engineamprsquos population that will require an overhaul before the indicatedmileage
That means that 90 of Isuzu 4HK1-TC engines are expected to last 375000 miles before they require a major repair or rebuildPreviously the 4HK1-TC engine carried an already-robust B10 durability rating of 310000 miles added the company
ampldquoWe are proud to say that Isuzu diesel engines are already known worldwide for their long-term dependabilityamprdquo saidShaun Skinner president of Isuzu Commercial Truck of America ampldquoOur new B-10 rating is strong evidence that our enginesare even more durable than everamprdquo
The turbocharged intercooled 4HK1-TC four-cylinder diesel engine displaces 52 liters and generates 215 horsepower Torqueratings vary depending on model The engine is fitted to Isuzu NPR-HD NPR-XD NQR and NRR models as well as the all-new2018 Isuzu FTR Class 6 truck
The company made the above announcement at the National Truck Equipment Associationamprsquos 2017 Work Truck Show inIndianapolis held on March 13httpautoeconomictimesindiatimescomnewsauto-componentsisuzu-diesel-engines-for-trucks-now-become-more-durable57626832
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MoS visits Rolls-Royces new logistics centre in England The Economic Times
New Delhi Nick Gibb Minister for School Standards and MP for Bognor Regis and Littlehampton has visited Rolls-Royce MotorCars Technology and Logistics Centre on Monday informed the British luxury car maker in a media release
During the visit Gibb toured the facility met the expert team onsite and was briefed on the companyamprsquos future plans to expandthe Centre He also took the opportunity to learn more about the Rolls-Royce Motor Cars apprenticeship graduate and internprogrammes
Nick Gibb said ampldquoThe original announcement that Rolls-Royce Motor Cars would be locating its Technology and LogisticsCentre in Bognor Regis was a great boost for our town and warmly welcomed I am delighted to see the huge new state of the artfacilities fully operational and providing high quality jobs for local people The support of such a prestigious company is good newsfor Bognor Regis and for the wider local economyamprdquo
He continued ampldquoIt is very welcome that Rolls-Royce operates an apprenticeship scheme ensuring the company has the skillsit needs for the future and providing opportunities and training for a cohort of young people every year This year Rolls-Royce istaking on record numbers of apprenticesamprdquo
The new Rolls-Royce Technology and Logistics Centre at Bognor Regis opened on schedule in January 2016 The purpose-built30000m2 facility is located close to the companyamprsquos head office and manufacturing plant at Goodwoodhttpautoeconomictimesindiatimescomnewsindustrymos-visits-rolls-royce-new-logistics-centre-in-england57626981
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All new Mazda CX-5 to be produced at Hofu Plant The Economic Times
Hiroshima Japan Japanese automaker Mazda Motor Corporation starting from November is going to produce the all-new MazdaCX-5 crossover SUV at its Hofu Plant in addition to the Hiroshima Plant where it is currently produced
The company informed that the move will help the automaker respond quickly and flexibly to growing demand for SUVs globally
Mazda aims to create a production system that can respond flexibly to changes in demand for crossover vehicles as it works tomeet its global sales goal of 165 million units
Launched domestically in February the all-new CX-5 has till date recorded sales of 16639 units about seven times the monthlytarget claims the company
As with the CX-3 starting production of the CX-5 at Hofu Plant as well is part of our plan to build a production framework that givesus more flexibility between plants and between models said Masatoshi Maruyama Managing Executive Officer in charge of GlobalProduction We will do everything we can to get customers the crossover vehicles they want as quickly as possiblehttpautoeconomictimesindiatimescomnewspassenger-vehicleuvall-new-mazda-cx-5-to-be-produced-at-hofu-plant57627447
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Rheinmetall receives over $25 mn order from American carmaker The Economic Times
New Delhi German automotive parts supplier Rheinmetall has booked its first order for a special application of coolant valves by amajor American carmaker and destined for the NAFTA market
The company in a statement said that the order has a lifetime value of over US$25 million (around Rs 165 crore) Series productionof the valves is scheduled to start in 2019 with the contract set to run for about five years
Talking about the product the company went on to say that the innovative valves play a lead role in intelligent thermal and energymanagement on modern vehicle engines These often have several cooling circuits which are controllable with the aid of switchingseat valves
As from model year 2020 this particular customer will be installing several versions of such valves on gasoline and diesel enginesfor pick-ups with over 6 liters displacement
They will take over functions in the cooling circuit of the transmission ensuring that it reaches operating temperature faster byswitching off the coolant flow when the engine is started This also helps to reduce emissions added the companyhttpautoeconomictimesindiatimescomnewsauto-componentsrheinmetall-receives-over-25-mn-order-from-american-carmaker57628058
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Nissans Infiniti names former BMW executive as new design chief ReutersSee this story in The Economic Times
Beijing Infiniti Nissan Motors premium brand named Karim Habib former global design chief for BMW as the brands new chiefdesigner effective July 1
Habib will replace Alfonso Albaisa who will be promoted to lead Nissans global design according to a press release seen byReuters Habib will report to Albaisa
Habib who has worked for several premium automotive brands including BMW and Daimler will be based in Nissans technicalcentre in Atsugi Japan and lead Infinitis design teams in Japan Beijing San Diego and Londonhttpautoeconomictimesindiatimescomnewsindustrynissans-infiniti-names-former-bmw-executive-as-new-design-chief57630437
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Elon Musks bold offer of Tesla batteries wont solve Australias power problems ReutersSee this story in The Economic Times
Launceston Australia Australia is becoming an interesting microcosm on how to or how not to transition an economy from beingpredominantly powered by coal to more climate-friendly alternatives
The dramatic intervention by Tesla Inc Chief Executive Elon Musk last week is just the latest twist in an ongoing saga that pits
business government farmers government and environmentalists against each other
Musk in an exchange of tweets with software billionaire Mike Cannon-Brookes chief executive of Atlassian Corp offered to fix theelectricity supply problems of South Australia state within 100 days of signing a contract
Musks plan is to install 100 megawatts (MW) of grid-connected battery storage which would be available to meet peak demandand would be charged with surplus electricity from other generating sources in periods of low demand
Its a bold offer and would most likely provide a quick fix to Australias fourth-largest state which suffered a blackout last Novemberand has been dealing with power shortages over the peak summer period
Businesses like BHP Billiton which operates the giant Olympic Dam copper mine in the state have been pushing for thegovernment and other stakeholders to ensure stable electricity supply saying the cost of blackouts runs into millions of dollars inlost output
Musk whose Tesla Corp is ramping up output of its battery storage packs at its Gigafactory in Nevada held talks with AustralianPrime Minister Malcolm Turnbull at the weekend as well as with South Australian Premier Jay Weatherill
The politicians will no doubt be tempted to Musks offer to install batteries especially since the electric car pioneer said if he didntmeet his 100 day deadline he wouldnt charge anything
But while Musks offer if taken up would provide a quick fix it would not do enough to mend the underlying problems at the heart ofAustralias electricity woes
Its worth looking at how Australia got itself to the point where virtually all players can agree that the nation is facing somethingapproaching an energy crisis
After all the country is not short of fossil fuels such as coal and natural gas and its climate and low population density outside themajor cities are ideal for renewables such as solar and wind power
The country is heavily reliant on an ageing fleet of coal-fired power stations which makes Australia one of the highest polluters percapita
These coal power stations are starting to close down with one shutting in South Australia last year and another planned to close inVictoria state at the end of this month
The problem is that the coal-fired power stations role as providers of base load electricity cannot be taken over by wind and solarand the role is falling to natural gas
But natural gas is also the most expensive method of generating electricity in Australia so utilities are reluctant to run their gas-firedplants until prices are high enough to justify the cost
South Australia has a gas-fired plant that was mothballed until last years power supply crisis but even with the higher prices forelectricity the operator is struggling to make the plant profitable
The state moved on Tuesday to try and address its energy security issues announcing it would build a 250 MW gas-fired plant andhelp the private sector build a 100 MW battery at a total cost of A$510 million ($385 million)
Gas Supply ConstraintsNatural gas supply is becoming a problem in Australia which may seem ironic given the country is on the verge of becoming theworlds largest exporter of liquefied natural gas (LNG) as the last of eight new plants come closer to completion
In fact the new LNG plants are copping some of the blame for the tightening natural gas market especially the three in easternQueensland state based on using coal-seam gas as the feedstock
These are being blamed for sucking domestic natural gas out of the market and into the export LNG industry
What hasnt helped is that some of Australias state and territory governments are also pursuing policies that will restrict futurenatural gas supplies
Victoria state has banned hydraulic fracturing or fracking as well as shale and coal-seam gas exploration while the NorthernTerritory New South Wales and Tasmania have various moratoriums on fracking
This leaves Western Australia Queensland and South Australia as the remaining states where onshore natural gas supplies can bedeveloped and they are now in the cross-hairs of the environmental lobby which is opposed to any and all new natural gas wells
Politicians across the traditional Labor-Liberal divide are increasingly giving in to demands to restrict natural gas exploration whilepretending that this wont have a negative impact on energy security and electricity prices
But the costs are starting to become apparent with spot electricity prices surging over the Australian summer and natural gassuppliers warning that they will be unable to meet the needs of industrial customers without action being taken
Its often the case politicians only take action when the point of crisis is reached and this appears to be the case in Australia
Whats needed is a holistic approach to energy supply as Australia transitions away from coal-fired power
This means ensuring enough natural gas is available to provide base load generation while scaling up renewables such as solar
wind pumped hydro and battery storage
Forging enough common ground with the various stakeholders will be the main obstacle but more than anything else Australia isshowing how difficult it is to end the age of coalhttpautoeconomictimesindiatimescomnewsindustryelon-musks-bold-offer-of-tesla-batteries-wont-solve-australias-power-problems57630514
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Innogy in talks with car consortium over charging stations CEO ReutersSee this story in The Economic Times
Essen Germany Innogy is in intense talks with a group of carmakers Chief Executive Peter Terium told journalists on Mondayhoping to be selected as a supplier of super-fast charging stations for electric vehicles across Europe
Its not a done deal yet Terium said pointing to strong competition from rival vendors
BMW Volkswagen Ford and Daimler plan to build about 400 next-generation charging stations in Europe that can reload anelectric car in minutes instead of hours
Sources told Reuters in January that Innogy was in talks with the consortiumhttpautoeconomictimesindiatimescomnewsindustryinnogy-in-talks-with-car-consortium-over-charging-stations-ceo57624184
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China may roll back electric vehicle quotas as industry pushes back ReutersSee this story in The Economic Times
Beijing China is considering easing proposed quotas aimed at producing more electric vehicles as Beijing gets pushback from theautomotive industry over the scale and pace of the plans
If adopted proposed changes under discussion could see a target of new energy vehicles (NEV) making up 8 percent of sales nextyear pushed to 2019 two auto executives said
The changes would lower targets from a draft policy released in September requiring 8 percent of automakers sales to be batteryelectric or plug-in hybrid vehicles by 2018 rising to 10 percent in 2019 and 12 percent in 2020
Any loosening of NEV targets would mark a pull back by Beijing which has faced opposition to the planned targets as it looks todrive its domestic carmakers to overtake global rivals in the green vehicle sector
Automakers and industry bodies have said the targets are too tough and could hurt manufacturers interests New energy vehicleslast year accounted for just 18 percent of sales in the worlds biggest autos market according to Reuters calculations based onofficial data
Its normal to make revisions as its a draft plan An Jin chairman of Anhui Jianghuai Automobile Group (JAC Motor) said on thesidelines of the National Peoples Congress in Beijing
He said he was aware of talks to revise the quota targets but said nothing was set in stone JAC hasnt been told what revisionsmight be made to the draft but I think it is possible the draft will be changed after the discussions he said
Whether the whole market can hit this quota by 2018 depends a lot on the strength of government policy If its strong then weshould be able to surpass the targets An said (But) if you consider Chinas infrastructure and the transformation of Chinas autosector then perhaps the pace will have to slow
Two Percent CutTwo executives familiar with the plans told Reuters the government was considering options for lowering the requirements
One idea was to reduce the quota requirement by 2 percent each year cutting the 2018 requirement to 6 percent said aChina-based government relations official at a major global automaker It would then be 8 percent in 2019 and 10 percent in 2020
Another option would be to push back each target by a year with the 8 percent quota starting from 2019 an executive at aJapanese car maker said
Both asked not to be named due to the sensitivity of the matter and because the draft was still under consideration
The overall policy includes quotas for plug-in cars targets for average fuel economy requirements and a credit trading system topromote green energy cars while penalizing petrol cars
The two people said the quota stand-off was tied to a disagreement between the Ministry of Industry and Information Technology(MIIT) and Chinas top state planner the National Development and Reform Commission (NDRC)
MIIT which regulates manufacturers supports a more flexible credit trading system favoured by automakers The NDRC is more
aggressive in promoting a transition to electric vehicles pushing the introduction of the stricter quotas
An NDRC spokesman said the body played a small role when the draft was open to public for discussion MIIT did not immediatelyrespond to Reuters requests for comment
China has strongly supported and subsidized electric vehicles but is gradually swapping out incentives for hard targets automakersmust meet The central government cut subsidies 20 percent this year a first reduction towards eliminating them by 2020httpautoeconomictimesindiatimescomnewspolicychina-may-roll-back-electric-vehicle-quotas-as-industry-pushes-back57623608
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Russias standards agency says Volkswagen recalls 43151 Skoda cars ReutersSee this story in The Economic Times
Moscow Russias standards agency said on Monday that Volkswagens Russian operation had informed it about the voluntaryrecall of 43151 Skoda cars due to a possible technical fault
The recall affects Skoda Octavia Superb Fabia Yeti and Rapid cars sold in Russia between 2012 and 2016 the watchdog saidhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsrussias-standards-agency-says-volkswagen-recalls-43151-skoda-cars57624140
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Economy
Rupee hits 1-12 yr high surges 78 paise on BJP sweep PTISee this story in The Economic Times
Mumbai The rupee surged by a massive 78 paise to end at a nearly one-and-a-half year high of 6582 against the US dollar onfrantic unwinding of the American currency following BJPs emphatic victory in Uttar Pradesh
Forex market sentiment soared on hopes that BJPs stellar show in state polls would pave the way for the Modi government to focuson key reform measures
The home currency resumed on a strong footing at 6620 from last Fridays closing value of 6660 at the Interbank ForeignExchange (forex) market on heavy dollar unwinding from speculative traders and exporters tracking weekend developments
Maintaining its bullish momentum against the dollar the rupee hit a fresh intra-day high of 6576 in late afternoon deals beforeending at 6582 showing a solid gain of 78 paise or 117 per cent
This is the highest closing of the rupee since November 6 2015 when it had ended at 6576
Meanwhile the RBI fixed the reference rate for the dollar at 661800 and for the euro at 704354
Financial markets too took comfort from BJPs landslide victory with the broader Nifty climbing 15245 points to a new closing peakof 9087 and the Sensex rallying 49640 points to end at 2944263
The much-anticipated turnaround on the economic front has opened up a barrage of foreign capital fund flows into India
Foreign investors pumped in over Rs 10000 crore in the Indian capital markets this month so far
It also got an added fillip from bullish macro data which showed that the countrys industrial production bounced back in Januaryexpanding by 27 per cent year-on-year
Factory output measured in terms of Index of Industrial Production (IIP) had contracted by 01 per cent in December
However inflation based on wholesale prices shot up to a 39-month high of 655 per cent in February against 525 per cent inJanuary according to official data
On the global front the dollar traded firmly higher against its major counterparts ahead of the two-day Fed meet when it could liftrates for the third time since the financial crisishttpautoeconomictimesindiatimescomnewsindustryrupee-hits-1-12-yr-high-surges-78-paise-on-bjp-sweep57635104
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Nifty hits all time high of 912275 Sensex surges 616 points after big BJP win The Economic Times
Mumbai The Nifty jumped to life highs on Tuesday after the BJPamprsquos thumping win in the crucial state of Uttar Pradeshrekindled hopes of a bigger-than-expected push for reforms by the Narendra Modi government
The Nifty up 11 so far this year crossed its previous life high of 9119 to hit 912275 before ending the day 171 or 15245points higher at 9087 This is the indexamprsquos biggest single-day gain in points since February 1 and caps a strong reboundsince the December 26 low of 7893 on demonetisation worries
The Sensex surged by 616 points or 212 intra-day before ending the day at 2944263 up 49640 points This is its biggest gainsince May 25 last year The index is the best performer among all developed and emerging market indices in local currency terms inthe past three months
The rupee surged 79 paise to a 16-month high of 6582 to the dollar as exporters sold more dollars and foreign investors boughtlocal shares BSE data showed that foreign investors bought local shares worth Rs 4089 crore their biggest single-day purchasesince February 17 when they purchased Rs 8059 crore
FPIs have bought shares worthRs 23132 crore since January this year against net sales of Rs 9800 crore in the same period lastyear The BSE Midcap and Smallcap indices gained 144 each
ampldquoOne must be ready for a correction after a rally but I am optimistic about the medium to longterm prospectsamprdquo saidMotilal Oswal chairman Motilal Oswal Financial Services Ltd ampldquoFundamentally valuations are comfortable at this point intime because of good corporate earnings growth In the short term markets may remain volatileamprdquo
BJP romped to victory in UP on Saturday winning 312 out of the 403 seats Its allies won 13 more taking the NDA tally to 325 Thisis the biggest win recorded by any party in the state since 1977 and has raised prospects of the BJP doing well in other electionsthis year and next Many political pundits also believe that the victory has improved Prime Minister Narendra Modiamprsquos chancesof retaining power in the 2019 general election
Barring the metals index all other sectoral indices on the NSE ended with gains on Tuesday About 55 stocks including TitanJubilant Life Sciences Kotak Mahindra Bank IndusInd Bank YES Bank and Indiabulls Housing Finance among others hit life highswhile 92 stocks were locked in upper circuit with no sellers
ampldquoWith the sharp rally the market which is currently susceptible to global risk is trading at above average multiples and westay cautious near termamprdquo said Sanjay Mookim India Equity Strategist BofA Merrill Lynch ampldquoIndiaamprsquos businesscycle should improve over the next several quarters while improving construction should drive capex which is good forequitiesamprdquo
Some market experts are divided over the near-term outlook as indices have begun to look expensive at current valuations Plusthere is no immediate trigger for upgrade
ampldquoValuations of the Indian market are quite high and would require the support of strong earnings growth Any disappointmenton earnings will make valuations look even more expensive which the market may not likeamprdquo said Sanjeev Prasad senior EDand co-head of Kotak Institutional Equities
ampldquoGlobal and domestic interest rate cycles are no longer supportive with likely increase in developed markets bondyieldsamprdquo
ampldquoWhile markets are expecting a rate hike this meeting what will be of more interest is the commentaryamprdquo said DipenShah senior V-P PCG research Kotak Securities ampldquoIf it is hawkish it may have an impact on fund flows to emerging marketsbut India may be relatively less impacted because of the continuing domestic flowsamprdquo
ampldquoNotwithstanding the election results we believe the risk-reward is not favourable currently and advise investors to sell intothis rally We expect Nifty EPS to rise 15-16 in FY18 and see no trigger for an earnings upgrade at this junctureamprdquo ReligareInstitutional Research said in a notehttpeconomictimesindiatimescommarketsstocksnewsnifty-hits-all-time-high-of-9122-75-sensex-surges-616-points-after-big-bjp-winarticleshow57639036cms
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WPI inflation up 655 for February 2017 The Economic Times
New Delhi The annual rate of inflation based on monthly Wholesale Price Index (WPI) stood at 655 percent (provisional) for themonth of February 2017 (over February 2016) as compared to 525 percent (provisional) for the previous month and -085 percentduring the corresponding month of the previous year
The official Wholesale Price Index for amplsquoAll Commoditiesamprsquo for the month of February 2017 rose by 05 percent to 1855(provisional) from 1846 (provisional) for the previous month
The index for primary articles rose by 09 percent to 2581 (provisional) from 2557 (provisional) for the previous month
The inflation rate for Fuel and power group rose by 13 percent to 2038 (provisional) from 2012 (provisional) for the previousmonth due to higher price of coking coal (15 percent) aviation turbine fuel (3 percent) bitumen (2 percent) and kerosene highspeed diesel LPG and lignite (1 percent each) However the price of furnace oil (1 percent) declined
The index for the major group of manufactured products remained unchanged at its previous monthamprsquos level of 1588
(provisional) In this group the index for amplsquoRubber amp Plastic Productsamprsquo group rose by 02 percent to 1489 (provisional)from 1486 (provisional) for the previous month due to higher price of rubber products (1 percent)
The index for amplsquoTransport Equipment amp Partsamprsquo group rose by 05 percent to 1405 (provisional) from 1398 (provisional)for the previous month due to higher price of auto rickshaw tempo matador (4 percent) and auto parts (1 percent)
For the month of December 2016 the final Wholesale Price Index for amplsquoAll Commoditiesamprsquo stood at 1833 as comparedto 1828 (provisional) and annual rate of inflation based on final index stood at 368 percent as compared to 339 percent(provisional) respectively as reported on January 1 2017httpautoeconomictimesindiatimescomnewsindustrywpi-inflation-up-6-55-for-february-201757627665
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February CPI at 365 vs 317 in January highest since October 2016 PTISee this story in The Economic Times
New Delhi Retail inflation rose to 4-month high of 365 per cent in February mainly due to surge in price of food items like fruitssugar and confectionery
Measured in terms of Consumer Price Index (CPI) the inflation had dipped to a multi-year low of 317 per cent in January this yearon account of cash crunch following demonetisation It was 526 per cent in February last year
According to the CPI data released today by the Central Statistics Office (CSO) the consumer food prices index (CFPI) rose by201 per cent in February from 061 per cent in January The CFPI was 53 per cent in February 2016
Inflation in fruits was higher at 833 per cent fuel and light at 39 per cent in February The rate of price rise in meat and fish was 35per cent in February
Prices of sugar and confectionery items rose by 1883 per cent in February while inflation in milk and milk product increased by 422per cent
The rate of inflation in household goods and services was 409 per cent while this rate was in health segment was 4 per cent Thetransport and communication became expensive by 539 per cent
The personal care and effects segment rose by 515 per cent while the education became more expensive by 537 per cent inFebruary this year
The inflation rate was 438 per cent in clothing and footware segment while it was 49 per cent in housing segment
However the prices of vegetables and pulses declined by 829 per cent and 902 per cent respectively
Rural retail inflation was at 367 per cent in February compared with 336 per cent in the preceding month The CPI was also up inthe urban sector at 355 per cent in February from 29 per cent in January this yearhttpautoeconomictimesindiatimescomnewsindustryfebruary-cpi-at-3-65-vs-3-17-in-january-highest-since-october-201657633211
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Closing
Last Financial Closing
Sensex 2944263 (+49640)NSE 9087 (+15245)US$ spot Rs6582US$ Y1148000US$ 6 months RsYen Rs57Euro spot Rs70
Gold (10gm) Rs28333Silver (1kg) Rs4008300
Crude Oil (WTI) Crude Oil (Brent) $5172 (+037)
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Apollo Tyres 1 18610Asahi Ind 1 21655Amara Raja B 1 83230Ashok Leyland 1 9080Bajaj Auto 10 286670Bharat Forge 2 103550Denso 1 Eicher Motor 10 2396325Escorts 10 51945Exide Ind 1 21645Force Motors 10 427760Gabriel India 1 11460Hero Motocor 2 335745Hind Motors 5 950Hi-Tech Gear 10 29885Jay Bh Maruti 5 38190
Jamna Auto 5 20550JK Tyres amp Inds 10 1241 Kinetic Motors 10 Kinetic Engg 10 KOEL 2 37685Kirloskar Br 2 24135LML Ltd 10 1250LampT 2 155810Lumax Ind 10 131690Lumax Tech 10 43230MampM 5 132600Maruti Suzuki 5 613240Motherson SS 1 36290Minda Inds 2 44350MRF 10 5298390Omax Auto 10 7555Rico Auto 1 5720Sona Koyo St 1 8170
SRF 10 157155Tata Motors 2 46975 TVS Motors 1 43690
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Bhushan Steel 2 5430Hindalco 1 19040Hind Zinc 2 29140JSW Ispat S 10 Jind Steel 1 12490JSW Steel 1 18190Jindal Saw 2 7995National Aluminium 5 7310SAIL 10 6005Tata Steel 10 47255Visa Steel 10 2185
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Ambuja Cement 2 23370Binani Industries 10 7200Birla Corp 10 70360India Cement 10 16070Prism Cement 10 9375JK Cement 10 88470Shree Cement 10 1639835
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NURC Industry Updates contain editedtruncated text of Industry-specific news as it appears in various select dailies and websites These are NOT full stories unless otherwisespecifically mentioned The stories contained herein are informational only and no representation is made or warranty given as to their content reliability truthfulness orusefulness User assumes all risk of use It be clearly understood that NURC updates do not claim to and neither mean to replace the Print or the Internet editions of variousnewspapers whose articles are featured therein For the best and complete news reading NURC urges its readers to read the full text of the stories from the Newspaperswhose credits are given after the headline and visit the related website whose URL is given below the text matter of each news item
NURC News Update - AUTOMOBILES
News on Indian Auto Industry Copyright 1999 NURC MediaNext Pvt Ltd
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Powered by Enablingbiz Esoluttions
Exporting Countries (OPEC)s efforts to restrict output and reduce a global glut
Prices had risen after the OPEC and other major oil producers including Russia agreed at the end of November to rein inproduction by almost 18 million barrels per day (bpd) in the first half of 2017
ampldquoIts shaping up to be another fun week in the crude complex with OPEC releasing its monthly oil market report on Tuesdayswiftly followed by the IEAs monthly oil market report the day afteramprdquo Matt Smith analyst at ClipperData said in a note
The International Energy Agency releases its closely watched monthly oil market report on Wednesday
Data from the industry group the American Petroleum Institute on US crude and product stockpiles is also due out later on Tuesday
Analysts said the slump may not have much further to go now that prices have fallen more than 8 percent since last Monday thebiggest week-on-week drop in four monthshttpwwwthehindubusinesslinecommarketscommoditiesoil-hovers-near-threemonth-low-as-investors-awaid-dataarticle9582601ece
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News Magazines
Mahindra Electric geared up to be a component supplier Autocar India
Speaking to Autocar India Mahindra Electric (ME) stated that the company is open to being a supplier to other vehiclemanufacturers and will sell complete electric drive systems to those interested At present the ME plant builds the e2o while it shipsout the drive systems for the eVerito sedan and eSupro van For this purpose the production line has been modified to produce notjust built-up vehicles but also fully ready electric drive systems that can be offered to other manufacturers interested in procuringthem With expertise in electrification virtually absent in India ME hopes to build on its first-mover advantage and cater to theindustry Itamprsquos unlikely that there would be any takers for passenger cars but commercial and three-wheeler manufacturerscould be potential customers
Mahindra also confirmed that they are open to supplying other bits like charge system controllers as well Mahindra outsources thebattery and electric motor for its EV powertrains and has no plans of producing these components in-house as apart from the hugeinvestments needed there is no real advantage Battery technology is quite specialised and there are many players in this fieldalready And with electric motor efficiency already at 80 percent ampndash compared to about 30 percent for internal combustionengines ampndash there is very little to differentiate one EV maker from another Mahindra believes the real differentiator in the nearfuture will be in the battery management systems where big gains can be made in the charging and discharging cycle Thus ME isputting a lot of effort into this area and going forward has ambitions to be a supplier solely for battery management systems toother manufacturershttpwwwautocarindiacomauto-newsmahindra-electric-geared-up-to-be-a-component-supplier-404432aspx
Top
Tesla Model Y SUV due by 2019 Autocar India
Tesla Inc recently renamed from Tesla Motors Inc is on the verge of what it says will be a massive expansion of production with twonew models due to arrive in the next two years
Alongside the much-hyped Model 3 Tesla is also expected to launch an entry-level crossover based on the same platform andrumoured to be badged the Model Y
The starting price of the Model 3 is likely to be around $37000 (Rs 2435 lakh approx) with the Model Y expected to be slightlymore expensive However Tesla founder Elon Musk believes the transaction prices of the new compact Teslas will go higherbecause buyers will be keen to add paid options to their vehicles
While the compact Model Y could turn out to be Teslaamprsquos best seller ampndash some seven million crossovers of all types weresold in the US last year ampndash Musk recently tweeted that the Model 3 remained the biggest priority for the company
The Model Y is unlikely to be unveiled until sometime next year with production set to follow late in the year Little in the way ofspecification has been released though it is expected to borrow the top-hinged amplsquofalcon wingamprsquo rear doors from thebigger Model X SUV
The Model Y will also have the promised updated electrical architecture that will allow Tesla to offer full autonomous drivingcapability Future Tesla cars will be equipped with as many as eight cameras giving a 360-degree view of the surroundingroadscape as well as 12 ultrasonic sensors and a amplsquonewamprsquo forward-facing radar that works in the worst weatherconditions Existing radar systems can be fooled by heavy rain and fog
Musk also said the new electrical architecture has a brain that is as much as ampldquo40 timesamprdquo more powerful than onprevious Teslas calling it a ampldquosupercomputer inside the caramprdquo The autonomous driving technology though will be offered
as add-on option to customers on both entry-level Teslas
Another challenge for the Model 3 and Y will be balancing their lower price against the need for a battery big enough to give anacceptable range
The entry-level Model 3 may have a cheaper sub-60kWh battery but will still need to have a range of at least 370km The ModelYamprsquos more bluff shape and greater frontal area might mean a bigger battery for the same range and so a slight price premium
Tesla is in a race against time to achieve the kind of production levels needed to turn around what is still a cash-hungry operationThe firm has spent nearly $2 billion (Rs 1316350 crore approx) since 2010 with investments including building the battery-makingGigafactory and trying to expand car production to a massive 500000 units a year
Tesla delivered around 76000 vehicles last year but says it was able to build around 2000 cars a week by the second half of 2016With as many as 400000 deposits taken for the Model 3 the company is looking to produce well over 100000 of the BMW3-series rival before the end of this year
Muskamprsquos expansion plans will test the limits of the capabilities of Teslaamprsquos suppliers and those of its own plant inFreemont California But getting to annual sales of half a million vehicles should finally push the carmaker into profit and secure thecompanyamprsquos long-term futurehttpwwwautocarindiacomauto-newstesla-model-y-suv-due-by-2019-404434aspx
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VW promises higher focus on EVs after record sales year Autocar India
The Volkswagen Group ampldquowill be a role model in environmental protection safety and integrityamprdquo according to CEOMatthias Muller who was speaking as the firm confirmed a record-breaking sales year in 2016
Outlining plans for the firm to reinvent itself as a far-reaching mobility company in the wake of the emission scandal Muller revealedthat the VW Group sold 103 million cars in 2016 making it the worldamprsquos largest car manufacturer It made pound62 billion in profitafter allowances including pound56 billion of losses to cover emission scandal costs In 2015 expenses relating to emission scandalamounted to pound142 billion
Most notably its sales in China where the effects of the diesel crisis were negligible grew 122 percent and its 2016 salesrevenues of pound1904 billion also exceeded forecasts by pound35 billion
ampldquoThe last year was challenging yet remarkably successfulamprdquo said Muller ampldquoIn 2016 we set the course for thebiggest transformation in the history of the company while at the same time performing better in our operating business than manythought possibleamphellipVolkswagen is back on trackamprdquo
Muller vowed that the success would be a catalyst for further change adding ampldquoWe will still be one of the most successfulautomakers in 2025 But we will also be a leading international provider of sustainable mobility and set the standard for new mobilityservicesamprdquo
New initiatives include a stated goal of taking leadership in the field of battery technology by 2025 which is by when the VW Grouphas committed to have solid state batteries in production These are seen as the next technological step over the lithium-ionbatteries currently favoured by most manufacturers The VW Group has committed to have 30 battery-electric vehicles on sale by2025
He also signalled that Audi had been tasked with leading the Groupamprsquos autonomous driving projects while adding that the VWGroup now had 37 centres around the world working on autonomous and digital service ideas pivoting around the Groupamprsquosnew mobility company Moia which was set up last year
Muller also highlighted recent joint ventures ampndash in China with FAW and JAC the latter of which will lead to the co-developmentof a budget electric car line in India with Tata Motors and in America with Navistar which is in the commercial vehicle segmentampndash as examples of the firmamprsquos commitment to forging partnerships to boost sales success He also confirmed that thefirst economy vehicles to be developed by the brand will go on sale in emerging markets in 2018httpwwwautocarindiacomauto-newsvw-promises-higher-focus-on-evs-after-record-sales-year-404433aspx
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Mercedes to expand E-class range with E 220 diesel Autocar India
The tenth-generation Mercedes-Benz E-class launched for the first time in India with a long wheelbase has moved the goalposts toset new standards for comfort and space in its segment The E-class comes with two engine options ampndash the base E 200 petroland the top-of-the-line
E 350 diesel Priced at Rs 5670 lakh and Rs 7015 lakh (ex-showroom Delhi) respectively these two variants bookend the E-classrange and is essentially aimed at two sets of customers The E 200 buyer is likely to be almost always chauffeur-driven and henceis mainly interested in rear seat space and comfort while the E 350d customer wants all the bells and whistles as well as the
sublime driving experience only the silky smooth and torquey V6 diesel can offer
However that still leaves a massive Rs 1345 lakh gap in the range which no doubt future E-class variants will eventually plug butwhich one will find that sweet spot to form the bulk of E-class sales
Itamprsquos no surprise then that Mercedes-Benz India is readying a base diesel which like the previous-generation W212 E-class islikely to be the most popular variant offering a strong dose of practicality without too much of a compromise on refinement andluxury
But unlike the W212 which had the E 250d representing the base diesel in the range Mercedes-Benz India is offering the lower E220d as the starting point for the E-class diesel This suggests that the E 220d will be very attractively priced when it goes on salearound June 2017 and could be priced very close to the E 200
The E 220amprsquos all-new 20 litre four-cylinder diesel which pumps out 194hp and 400Nm of torque may not have the punch ofthe outgoing E 250damprsquos 204hp and 500Nm motor but again given the chauffeur-driven focus the new E-class has beenconceived for the newE 220damprsquos performance is unlikely to be an issue
What is a big issue however is downgrading the 20-litre motor which has been designed for stricter Euro-VI emissions to run onlocally available BS-IV diesel ampldquoItamprsquos such a waste of engineering resource and a step backwardsamprdquo said aMercedes-Benz engineer The 2143cc (OM651) diesel engine which powered the previous E-class was easier to adapt to BS-IVfuel unlike the spanking new high-tech 1995cc (OM654) diesel thatamprsquos built to meet the latest global emission standards Infact the OM654 made its debut in the latest E-class when it was launched globally in 2016 Its advanced tech includes a uniquealuminium engine block with steel pistons a special low-friction coating for the cylinder walls and a fourth-generation common-raildiesel injection system At 168kg it is 31kg lighter than the engine it replaces
Downgrading a Euro-VI engine to BS-IV standards takes a lot of time and resources but there is no way out until fuel pumps in Indiaget low-sulphur BS-VI fuel which is not expected until 2020 The BS-IV-spec OM654 wasnamprsquot ready in time for the newE-class launch and this is one reason why the E 220d is coming a couple of months later The other reason could be a strategicone Mercedes-Benz India wants to wait until BMW launches the all-new 5-series expected in June and in a counter move tweakthe E 220damprsquos mix of specifications features and price accordingly A starting price of Rs 57-58 lakh for the E 220disnamprsquot unlikely especially since this variant will be Mercedes-Benz Indiaamprsquos trump card in a luxury car segment it seemsdetermined to dominatehttpwwwautocarindiacomauto-newsmercedes-to-expand-e-class-range-with-e-220-diesel-404429aspx
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Nissan to launch Kicks SUV in Q3 2018 Autocar India
The Nissan Kicks SUV which made its global debut in 2016 in Brazil will be launched in India in the third quarter of 2018 accordingto company sources
However unlike the South American model which is spun off Nissanamprsquos V-platform the made-for-India Kicks (code PB1D)will be based on the upcoming Renault Kapturamprsquos (code HHA) platform This is essentially a modified version ofRenaultamprsquos proven M0 platform that underpins cars like the Duster and Lodgy which are known for their robust mechanicals
The M0 is also a critical part of the Renault-Nissan Allianceamprsquos platform strategy in India which is essentially centred aroundtwo platforms Whilst the CMF-A and CMF-A+ platforms underpin Renault and Nissanamprsquos (and later Mitsubishiamprsquos) smallto mid-size car range in India the M0 platform will cater to higher end products The low-cost M0 platform has proved to be a cashcow for Renault globally and is ideally suited for markets like India The allianceamprsquos European-spec CMF-B platform was alsoevaluated initially but was eventually rejected as it proved to be a lot more expensive than the M0 which has also been localisedover the years
Developed and conceived originally by Renault for its Dacia sub-brand over a decade ago the French carmaker has first rights toproducts spun off the M0 platform and hence like the Nissan Terrano which followed the Renault Duster the Nissan Kicks too willfollow the Renault Kaptur to India but almost a year later
While both the Kaptur and Kicks will use the same modified version of the platform the amplsquotop hatsamprsquo will be completelydifferent The Kicks design and styling will mirror the South American car and thatamprsquos no bad thing
Sharply styled with lots of distinctive design touches like a floating roof massive wheel arches and a wraparound visor look theKicks wonamprsquot have a problem standing out on Indian roads The good thing is that the edgy design hasnamprsquot compromisedpracticality and Nissan claims best-in-class space in the back seat
Cars based on the M0 platform get a choice of just two engines a 16 petrol and the venerable 15 K9K diesel and hence these arelikely to be carried forward into the Kicks as well The 15 diesel is expected to be the mainstay but its likely that in its latest iterationthere will be a small bump up in power and torque
Nissan has set an ambitious target of 30000 Kicks in its first full year of production with an additional 20000 units earmarked forexports Pricing will be crucial for the Kicksamprsquo success and Nissan may do well to undercut its rivals to buy some much neededmarket sharehttpwwwautocarindiacomauto-newsnissan-to-launch-kicks-suv-in-q3-2018-404426aspx
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International News
Volkswagen CEO gets 778 mn euros in pay and benefits for 2016 ReutersSee this story in The Economic Times
Wolfsburg Volkswagen Groups Chief Executive Matthias Mueller was awarded 778 million euros ($828 million) in pay andbenefits for 2016 up from 417 million euros in total remuneration awarded a year earlier the companys annual report showed onTuesday
Mueller was not awarded a full years CEO pay for 2015 since he only took over as chief executive in September following theresignation of his predecessor Martin Winterkorn who was forced out in the wake of a diesel emissions cheating scandal
Volkswagen overhauled its bonus and executive pay policy in February this year to cap total pay for its chief executive at 10 millioneuros ($106 million) and other top managers at 55 million euros
Volkswagen brand chief Herbert Diess saw his total remuneration for 2016 fall to 393 million euros down from 713 million in 2015the annual report showed
($1 = 09401 euros)httpautoeconomictimesindiatimescomnewsindustryvolkswagen-ceo-gets-7-78-mn-euros-in-pay-and-benefits-for-201657631837Volkswagen CEO Matthias Mueller says not ruling out merger talks with Fiat ChryslerThe Financial Expresshttpwwwfinancialexpresscomindustryvolkswagen-ceo-matthias-mueller-says-not-ruling-out-merger-talks-with-fiat-chrysler587861
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Volkswagen CEO US remains core market for company APSee this story in The Economic Times
Frankfurt The CEO of German automaker Volkswagen says the United States remains a core market for the company despite itsdiesel emissions scandal and has underlined that it hopes to expand there
Matthias Mueller made the comments Tuesday at the companys annual news and investor conference at its headquarters inWolfsburg Germany
Mueller said that we are standing by our investment decisions and intend over the long term to play a significantly greater role therethan today
The Volkswagen brand has only a small share in the US market although it is important for the companys luxury brands Porscheand Audi It makes cars in Chattanooga Tennessee
US authorities uncovered Volkswagens use of engine control software that enabled vehicles to cheat on emissions testshttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsvolkswagen-ceo-us-remains-core-market-for-company57633149
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Volkswagen targets strong 2017 even as core brand struggles ReutersSee this story in The Economic Times
Wolfsburg Germany Volkswagen said it was capable of shouldering the costs of its emissions crisis and was targeting an evenbetter year than in 2016 but warned that its core autos division continued to struggle
We see good chances of being able to ride the wave of the positive performance last year when Volkswagen turned in recordunderlying profit helped by sales of upmarket Audis and Porsches Chief Executive Matthias Mueller said on Tuesday at thecarmakers annual news conference
Volkswagen expects group revenue to exceed last years record 217 billion euros ($231 billion) by as much as 4 percent this yearand is forecasting an underlying operating margin of between 6 and 7 percent compared with 67 percent in 2016 it said affirminga forecast given on February 24
The company also aims to moderately exceed last years record 103 million deliveries
You can rest assured that we will do everything in our power to make 2017 an even better year than 2016 the CEO said
But Volkswagen appears to be making slow progress in tackling the biggest trouble spot within the 12-brand group thelong-planned turnaround of its core autos division
Operating profit of the namesake brand slipped further to 187 billion euros in 2016 from 210 billion a year earlier because of highermarketing costs related to dieselgate and plunging demand in Brazil and other key markets finance chief Frank Witter said
($1 = 09394 euros)httpautoeconomictimesindiatimescomnewsindustryvolkswagen-targets-strong-2017-even-as-core-brand-struggles57630343
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VW CEO says not ruling out merger talks with Fiat Chrysler boss ReutersSee this story in The Economic Times
Wolfsburg Volkswagen Chief Executive Matthias Mueller said he is not ruling out talks with Fiat Chrysler boss Sergio Marchionneabout a possible merger
I am not ruling out a conversation Mueller told reporters on Tuesday after the carmakers annual earnings press conference inWolfsburg
Marchionne has long advocated car industry mergers to share the costs of making cleaner and more technologically advancedvehicles and has repeatedly relayed his desire via the media
It would be very helpful if Marchionne were to communicate his considerations to me too and not just to you Mueller said
I am pretty confident about the future of Volkswagen with or without Marchionne
Only last week Mueller appeared to dismiss the prospect of talks with Fiat Chrysler
We are not ready for talks about anything he told Reuters on the fringes of the Geneva auto show I havent seen Marchionne formonths he said at the timehttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsvw-ceo-says-not-ruling-out-merger-talks-with-fiat-chrysler-boss57632909
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Volkswagen chief denies talks with Fiat AFPSee this story in The Economic Times
Berlin Volkswagen chief Matthias Mueller on Tuesday denied rumours that the German auto giant was in talks with rival FiatChrysler
At present there is no contact between me and Fiat Chrysler boss Sergio Marchionne Mueller told the companys annual pressconference in Wolfsburg north Germany
Marchionne had said at the Geneva car show last week that he was expecting Volkswagen to reach out as more firms are thinkingof cost-cutting tie-ups in the vein of Frances Peugeot and German carmaker Opel
In response Mueller said he had other problems since VWs 2015 admission that it installed software to cheat regulatoryemissions tests in 11 million vehicles worldwide
He nevertheless added that Ive never said a tie-up with any other partner is altogether ruled out
VW clawed its way back to profit in 2016 and pulled ahead of Toyota to become the worlds biggest carmaker by unit sales shipping103 million vehicles over the year
Mueller on Tuesday confirmed the groups forecast of moderate growth in sales in 2017
But the firm is far from turning the page as it continues to refit cars equipped with the cheating software and faces legal action fromcustomers and investors in numerous countries
The final bill for the scandal is impossible to predict Mueller acknowledged
All we know is that this question will keep us busy for a long time several years he saidhttpeconomictimesindiatimescomindustryautovolkswagen-chief-denies-talks-with-fiatarticleshow57633113cms
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Volkswagen has good chances to build on strong 2016 performance CEO ReutersSee this story in The Economic Times
Germany Volkswagen has good chances of building on its strong 2016 performance when it swung to a record underlying profitdespite its diesel emissions crisis Chief Executive Matthias Mueller said
The Volkswagen Group is in very robust shape Mueller said on Tuesday at the carmakers annual news conference in Wolfsburg
VW expects group revenue to exceed last years record 217 billion euros ($231 billion) by as much as 4 percent this year and isforecasting an underlying operating margin of between 6 and 7 percent compared with 67 percent in 2016 it said affirming aforecast given on Feb 24
Still operating profit of its core autos division slipped further to 187 billion euros in 2016 from 210 billion a year earlier as the brandis struggling to implement a wide-ranging turnaround planhttpeconomictimesindiatimescomnewsinternationalbusinessvolkswagen-has-good-chances-to-build-on-strong-2016-performance-ceoarticleshow57630339cms
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BMW i3 batteries to be used by Vattenfall The Economic Times
New Delhi Swedish power making company Vattenfall and German auto giant BMW Group have signed a contract for the deliveryof up to 1000 lithium-ion batteries this year The batteries with a capacity of 33 kilowatt hours (kWh) each are equipped with aBMW-owned battery management system and are also used by the car manufacturer in the BMW i3
Vattenfall will purchase the new batteries from the BMW plant in Dingolfing and use them in all storage projects
Energy storage and grid stability are the major topics of the new energy world says Gunnar Groebler Senior Vice President ofVattenfall and Head of Business Area Wind
We want to use the sites where we generate electricity from renewable energies in order to drive the transformation to a newenergy system and to facilitate the integration of renewable energies into the energy system with the storage facilities Thedecoupling of production and consumption and the coupling of different consumption sectors are in the focus of our work
The first energy storage from the BMW-i3 batteries is being built at the 122 MW onshore wind farm Princess Alexia nearAmsterdam With a capacity of 32 megawatts (MW) it is Vattenfalls first large storage project in the Netherlands
Pending on a final investment decision the largest battery storage will be built at the Vattenfall wind farm Pen y Cymoedd (230 MW)in South Wales - a 22-megawatt storage facility which will help to support the stability of the country-wide power grid in the UK aspart of the so-called EFR (Enhanced Frequency Response) service
As part of the project Norddeutsche Energiewende NEW 40 Vattenfall together with the Hamburg University of Applied Sciences(HAW) and the company Nordex will implement a large battery storage at the future wind farm in Hamburg-Bergedorf
This is a so-called storage control unit made of batteries It is meant to maintain the security of supply with a feed-in of 100 percentrenewable energy In addition the battery storage contributes to the improvement of the network quality and the more efficient useof the existing network structure Other possible applications would be electricity storage in private households Energy storagesolutions are an important part of Vattenfallamprsquos strive to power climate smarter living
We are pleased that we have found a supplier in BMW who meets our high safety requirements with the use of the batteries withreliably good quality from German series production says Daniel Hustadt project manager for large batteries at VattenfallInnovation GmbHhttpautoeconomictimesindiatimescomnewsindustrybmw-i3-batteries-to-be-used-by-vattenfall57630728
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Toyota to look at Saudi production as the countries seek closer ties ReutersSee this story in The Economic Times
New Delhi Toyota Motor Corp signed a memorandum of understanding (MOU) on Tuesday with a Saudi Arabian governmentagency to conduct a feasibility study into producing vehicles and parts in the Middle Eastern nation
The move if firmed up would be a big step for the Saudi economy as the government tries to diversify beyond oil exports andcreate jobs as part of the kingdoms 2030 Vision
So far Saudi Arabia and other Gulf oil exporters have failed to significantly develop industries such as automaking because theylack broad industrial bases and a skilled local workforce
The study would take into account the evaluation of development of a local supply base using materials produced by major Saudi
companies like Sabic Maaden Petro Rabigh and other major industrial companies in the kingdom the official Saudi state newsagency reported
The MOU is with Saudi Arabias National Industrial Clusters Development Program (NICDP)
Meanwhile state-run Saudi Aramco has signed MOUs with five Japanese entities during a business forum that both nations hostedon Tuesday coinciding with a visit by Saudi Arabias King Salman this week
Saudi Aramco and Japans biggest oil refiner JX Nippon Oil amp Energy (5020T) agreed to consider a refinery joint venture in a thirdcountry and cooperation in trading and technology of oil and petrochemical products
Aramco also agreed to consider a possible future cooperation in crude oil supply and downstream business with Idemitsu KosanCompany
In addition Aramco and state-run Japan Oil Gas and Metals National Corp (JOGMEC) formally agreed to expand crude storagecapacity in Japan by 300000 kilolitres (about 19 million barrels) from the current 63 million barrels from April 1
Japan treats crude oil stored by Aramco as quasi-government oil reserves counting half of the barrels stored by Aramco as nationalcrude reserves
Companies and government organizations in both nations signed a total of 20 MOUs on Tuesday including cooperation betweenthe Saudi Arabian General Investment Authority (SAGIA) and Japans three megabanks - Mitsubishi UFJ Financial Group (8306T)Sumitomo Mitsui Financial Group (8316T) and Mizuho Financial Group (8411T) - on increasing investments in the kingdom
The MOUs also included cooperation in seawater desalinationhttpautoeconomictimesindiatimescomnewsindustrytoyota-to-look-at-saudi-production-as-the-countries-seek-closer-ties57636587
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Geneva Motor Show 2017 Airbus unveils fully electric flying car PopUp The Economic Times
Geneva Airbus along with Italdesign has unveiled the first modular fully electric zero emission concept vehicle system - PopUpat the Geneva Motor Show 2017 informed the French company in an official statement
PopUp envisages a modular system for multi-modal transportation that makes full use of both ground and airspace and isdesigned to relieve traffic congestion in crowded megacities
PopUp System consists of a three layers concept1 an Artificial Intelligence platform that based on its user knowledge manages the travel complexity offering alternative usagescenarios and assuring a seamless travel experience
2 a vehicle shaped as a passenger capsule designed to be coupled with two different and independent electric propelled modules(the ground module and the air module) Other public means of transportation (eg trains or hyperloops) could also integrate thePopUp capsule
3 an interface module that dialogues with users in a fully virtual environment
Airbus claims The PopUp vehicle combines the flexibility of a small two seater ground vehicle with the freedom and speed of avertical take-off and landing (VTOL) air vehicle thus bridging the automotive and aerospace domains
PopUpamprsquos monocoque carbon-fibre cocoon measures 26 metres long 14 metres high and 15 metres wide The capsuletransforms itself into a city car by simply coupling to the ground module which features a carbon-fibre chassis and is batterypowered
For megacity journeys with high congested traffic the capsule disconnects from the ground module and is carried by a 5 by 44metre air module propelled by eight counter-rotating rotors
ampldquoAdding the third dimension to seamless multi-modal transportation networks will without a doubt improve the way we liveand how we get from A to Bamprdquo said Mathias Thomsen General Manager for Urban Air Mobility at Airbus on the occasion ofthe unveil
ampldquoSuccessfully designing and implementing solutions that will work both in the air and on the ground requires a joint reflectionon the part of both aerospace and automotive sectors alongside collaboration with local government bodies for infrastructure andregulatory frameworks Italdesign with its long track record of exceptional vehicle design was an exciting partner for Airbus for thisunique concept projectamprdquo
ampldquoToday automobiles are part of a much wider eco-system if you want to design the urban vehicle of the future the traditionalcar cannot alone be the solution for megacities you also have to think about sustainable and intelligent infrastructure appsintegration power systems urban planning social aspects and so on In the next years ground transportation will move to the nextlevel and from being shared connected and autonomous it will also go multimodal and moving into the third dimensionamprdquo saidItaldesign CEO Joumlrg Astaloschhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsgeneva-motor-show-2017-airbus-unveils-fully-electric-flying-car-pop-up57630936
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Nissan boosts management presence at Mitsubishi Motors ReutersSee this story in The Economic Times
Tokyo Mitsubishi Motors on Tuesday said an additional four Nissan executives would join its management team as Nissan tightensits control over the smaller struggling automaker in which it took a controlling stake last year
The announcement is part of Mitsubishi Motors efforts to rebuild its management system after it admitted last year that it hadoverstated the mileage on a number of its cars sold in Japan battering domestic sales and tarnishing its brand image
From April corporate vice president positions for roles including product development and marketing and sales would be occupiedby officials from Nissan Mitsubishi Motors said
This would hike the number of Nissan executives on Mitsubishi Motors management team to seven from two now
We need to strengthen our corporate governance to avoid a repeat of last years scandal along with scandals previous to thatMitsubishi Chief Executive Officer (CEO) Osamu Masuko told reporters during a teleconference
After taking a one-third stake in Mitsubishi Motors Nissan installed Carlos Ghosn - its CEO at the time - as chairman of MitsubishiMotors while also naming two Nissan officials to Mitsubishis board of directors
Nissan also dispatched other executives to the smaller automaker including Trevor Mann previously Nissans chief performanceofficer who became chief operating officer at Mitsubishi late last year
Last month Ghosn said he would step down from the top position at Nissan to focus on deepening the companys alliance withRenault SA and Mitsubishi Motors
Separately Nissan said Shiro Nakamura the companys chief creative officer and one of Japans best-known car designers willretire after nearly 20 years at the automaker
Nakamura 66 is recognised for referencing science fiction anime and embracing Japans culture of cute in models including theGT-R supercar the Cube compact MPV and the Juke SUV crossover setting the automaker apart from many of its rivals whichhave been accused of making lookalike cars
Nakamura joined Nissan in 1999 from Japanese truckmaker Isuzu Motors and was one of the first key hires by Ghosn shortly afterGhosn himself arrived from French automaker Renault to save the company from bankruptcy
Alfonso Albaisa who currently overseas design at Nissans premium Infiniti brand will succeed Nakamura while former BMWglobal chief designer Karim Habib will become the brands new chief designer effective July 1httpautoeconomictimesindiatimescomnewsindustrynissan-boosts-management-presence-at-mitsubishi-motors57631800
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Renault Zoe e-Sport breaks covers at 2017 Geneva Motor Show The Economic Times
New Delhi In the ongoing Geneva Motor Show Renault has showcased its new two-seat version of its electric car Renault Zoee-Sport The company claims to have taken the design cues from Formula E
The ZOE e-Sport Concept is the fully electric concept car that embodies Renaultamprsquos commitment to the idea that electric carscan be fun and fast says Renault The sporting credentials of the ZOE e-Sport Concept extend beyond the caramprsquos styling andthe same blue livery as the Renault edams teamamprsquos front-running Formula E single-seaters
The bodywork of the ZOE e-Sport Concept is made entirely from lightweight carbon fibre which helps to ensure outstandingacceleration from standstill to 100kph in just 32 seconds The car tips the scales at a mere 1400 kilograms including 450kilograms of batteries
The car is powered by two electric motors capable of generating 450 bhp and 650 Nm of torque One of the motor is powered to therear axle and the other to the front axle Renault Zoe e-Sport gets the same 40 kWh battery which powers the standard variant ofthe car
Jean-Christophe Kugler CEO Renault Europe said that the concept as a link car - a styling exercise intended to connect the Zoeroad car with what Renault is doing in Formula E racing and to send a message that EVs are fun to drive Its not a signal of thefuture for Zoe and we have no intention to develop a performance version
Renault also claims that the electric performance car uses the same air and water cooling systems as the Renaultamprsquos FormulaE car The car is based on a tubular steel chassis with use of extensive carbon fibre The car also gets four driving modes
At the moment Renault has no plans to make the Zoe e-Sport into productionhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsrenault-zoe-e-sport-breaks-covers-at-2017-geneva-motor-show57627528
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Sensata Technologies opens testing facility in Bulgaria ReutersSee this story in The Economic Times
Sofia Sensata Technologies has opened its largest global testing facility in Sofia to support its automotive sensing technologies thecompany said on Tuesday
Sensata which has manufacturing sites in 13 countries already employs 3000 people in Bulgaria where it produces pressure andhigh temperature sensors for the automotive market and operates a business centre
In recent years inexpensive labour low taxes and an educated workforce have encouraged dozens of car part producers and ITand business outsourcing companies to set up in the Balkan countryhttpautoeconomictimesindiatimescomnewsauto-componentssensata-technologies-opens-testing-facility-in-bulgaria57632975
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Driving driverless Quest for an autonomous car has reached a truck now Nandagopal RajanThe Financial Express
At San Franciscoamprsquos Pier 90 chock-a-block with cargo vehicles it is pretty tough for any truck to stand out But a white Volvotruck with Otto emblazoned on it is the centre of attention This is the next big thing in automated cars and has already shown itsmettle by delivering a consignment of Budweiser beer in Colorado without a driver controlling it on the freeway
Uber is one of the many companies thinking in terms of driverless car While CEO Travis Kalanick says automated vehicles areampldquoexistentialamprdquo for the ride-hailing companyamprsquos future he is not alone in the race to drive without drivers Just in theUS at least 23 companiesampmdashincluding Tesla Google and Volkswagenampmdashhave registered in autonomous vehicleprogrammes The idea that fuels this cutting-edge technology is pure economics at the end of the day Cars suffer from seriousissues of inefficiency as they sit idle 95 of the time Considering that the world has 1200000000 cars this is inefficiency at agargantuan scale Add to this the fact that cars amount for 22 of all emissions globally and muddy the urban infrastructureproblem by creating the need for parking spaces
Since 1984 when the first experimental self-driving cars appeared there has been much progress on the technology leading toMercedes-Benz showcasing its concept car the F 015 at the Consumer Electronics Show in Las Vegas in 2015 Everyone has adifferent take on the technology but in the end the idea is to make cars intelligent and independent enough to be aware ofsurroundings and take decisions based on that
Interestingly Uberamprsquos dream is to bring ampldquoreliable transportation to everyone everywhereamprdquo now extended toeverything too with the trucks from Otto a start-up it acquired last year Matt Sweeney who heads product at UberamprsquosAdvanced Technology Group says ampldquothe truck and passenger vehicles share software and hardware components and thishelps us work on different aspects of the self-driving problem at the same timeamprdquo But on scope passenger vehicles are forurban environments where Uber has its focus on ride-sharing while trucks will be for high-speed highways where the constraintsare different
Just last week Uber got a permit from California Department of Motor Vehicles to test two self-driving Volvo SUVs on public roadsthough it will need to have backup drivers behind the wheel in case the prototype cars malfunction Its self-driving cars have beenrunning test drives in other parts of the US too
The Otto truck comes with a rig of radars laser scanners and stereo cameras that give the computers inside a live 360-degreevision of its environment with high dynamic range high resolution and high colour information imagery so that the truck can besmart enough to decide what to do next But the computing task this presents is ampldquoalmost as big as a small datacentreamprdquo Sweeney says the computing has to be done inside as ampldquothere is no tech that can let us send all that data tothe cloud real time and hence a lot of the computing has to be done in the truck itselfamprdquo
ampldquoA lot of the tech is based on prior mapping but in subsequent runs we see differences that have come about in the area andpay attention on those objects that are differentamprdquo
Interestingly Otto is being sued by Googleamprsquos Waymo self-driving car unit which claims its former employee and start-upfounder Anthony Levandowski stole its proprietary design for its laser-based radar system There are other challenges tooampldquoUber tech is different because we are trying to make this on top of the ride-sharing network that we already haveamprdquo headded
Nissan in contrast keeps the driver and not the technology at the centre and its definition of an ampldquoautonomous caramprdquo ishence a vehicle with different levels of driving technologies that enable it to operate autonomously for certain periods of time ANissan spokesperson said on the technology side the challenges are in artificial intelligence software development data processingand digital mapping technologies while on the social environment side laws and regulations along with modifications of roadinfrastructure will become necessary
This contrast in technologies is why it is important to see how the entire ecosystem evolves maybe with different platforms talkingto each other But Uber is not depending on this ampldquoWe need to see and interact with vehicles but there is no guarantee wewill have that technology So we are approaching it with the assumption it wonamprsquot existamprdquo says Sweeney
Uberamprsquos goal is to take its technology everywhere but can these vehicles actually be practical for an environment like IndiaSweeney accepts the new elements this will throw in along with the sheer volume will present a slew of challenges ampldquoThoseare situations we think we will be able to tackle but those are not the first places we will goamprdquo he explains adding that theywill look for opportunities where they can deploy this technology safely Clearly this drive has just started(The author attended the Uber Media Summit in San Francisco at the invitation of Uber)httpwwwfinancialexpresscomopiniondriving-driverless-quest-for-an-autonomous-car-has-reached-a-truck-now588112
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Samsung completes acquisition of Harman The Economic Times
New Delhi The arrest of the Vice-Chairman of Samsung Board Lee Jae Yong on bribery and corruption charges has not affectedthe deal between Samsung and Harman International IndustriesIn a media statement the South Korean giant confirmed thecompletion of its largest such deal ever
Under the terms of the merger agreement Harman stockholders will receive $11200 per share in cash The completion follows thesatisfaction of all conditions to the closing of the transaction including approval of the transaction by HARMAN stockholders andreceipt of all necessary regulatory approvals in the United States and certain foreign jurisdictions
ampldquoToday is a historic moment for us The close of this transaction opens the door to create substantial growth opportunitiesand deliver greater benefits for customers worldwideamprdquo said Young Sohn President and Chief Strategy Officer of SamsungElectronics and Chairman of the Board HARMAN ampldquoWe see transformative opportunities in the car ampndash and a futurewhich seamlessly connects lifestyle across automotive home mobile and work Samsungamprsquos and HARMANamprsquosleadership in these spaces perfectly positions Samsung to be the preferred partner to our OEM customers In addition bringingtogether HARMANamprsquos iconic audio brands and capabilities paired with Samsungamprsquos leading display technologies willdeliver enhanced audio and video experiences to consumers and professional end markets And most importantly we areenthusiastic about our common vision the similarities in our culture of innovation and the added value we can create for customersWe look forward to working with all of HARMANamprsquos employees to execute on our visionamprdquo
Harman boasts around 30000 employees spreadout across different brands including JBL Infinity Lexicon and Mark LevinsonThe company will continue to conduct business as an independent subsidiary under the terms of the deal with Samsung
ampldquoWe are excited to have completed the transaction which provides compelling cash value to our stockholders benefits ourcustomers and provides new opportunities for our employeesamprdquo said Dinesh Paliwal Harman President and CEOampldquoSamsung shares our commitment to our customers and our culture of speed innovation and execution Samsung providesHarman with the scale platform and complementary technologies to accelerate growth and extend our global market leadership inautomotive smart audio and connected technologies Recognizing the importance of partnerships in an increasingly connectedworld particularly in automotive we are poised to leverage our combined teams and resources to produce even greater value forour customers Working closely with automakers and other technology companies Samsung and Harman will define ampndash anddrive ampndash the future of automotiveamprdquohttpautoeconomictimesindiatimescomnewsauto-technologysamsung-completes-acquisition-of-harman57624440
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Skoda delivers 81200 units in Feb 2017 globally The Economic Times
Mlada Boleslav Czech car manufacturer Skoda in a press release stated that the company delivered 81200 vehicles to customersworldwide in February 31 more than in the same period last year (February 2016 78800) brvbarkoda also claims that it has soldmore cars than any February in its history The Czech manufacturer achieved double-digit growth in Central and Eastern Europe (+129 and + 133) India (+ 128) and Israel (+ 198) among others
We are delighted with our strong start to 2017 We expect the market launch of the OCTAVIA product upgrade as well as the newKodiaq to create further momentum says Werner Eichhorn brvbarKODA Board Member for Sales and Marketing
In Western Europe deliveries to customers rose by 70 in February to 34800 vehicles (February 2016 32500) With 12600vehicles Germany remains the strongest single European market (February 2016 12100 vehicles +45) brvbarKODA recordeddouble-digit growth rates in the UK (3400 vehicles +236) Italy (2200 vehicles + 201) Belgium (2 000 vehicles +271) andAustria (1900 vehicles +647)
In Central Europe brvbarKODA achieved an increase of 129 with 17400 cars (February 2016 15400 vehicles) Deliveries on thehome market of the Czech Republic rose by 88 to 8200 vehicles in Poland (5700 vehicles + 163) Slovakia (1700 vehicles+154) Slovenia (600 vehicles +226) and Croatia (300 vehicles +469) also rose in double figures
In Eastern Europe excluding Russia Skoda achieved a year-on-year increase of 133 with 2800 vehicles delivered (February2016 2500 vehicles) In the same period 400 customers in Ukraine received their new brvbarKODA ampndash an increase of 939(February 2016 200 vehicles) The number of deliveries increased significantly in Bosnia (200 vehicles + 557) Bulgaria (200vehicles +175) and the Baltic States (600 vehicles + 229) In Russia brvbarKODA achieved an increase of 46 with 4300vehicles (February 2016 4100 vehicles)
In China ampndash the brandamprsquos largest market worldwide ampndash brvbarKODA handed over the keys to 15000 new vehicles(February 2016 18500 vehicles -188) Deliveries overseas increased by 98 to a total of 2500 vehicles
At the Geneva Motor Show brvbarKODA is presenting several new highlights These include the brvbarKODA KODIAQ SCOUT and brvbarKODAKODIAQ SPORTLINE alongside the extensively upgraded brvbarKODA OCTAVIA as well as the sporty spearhead brvbarKODA OCTAVIA RS245 and the brvbarKODA OCTAVIA SCOUT with a rugged off-road look In addition the upgraded brvbarKODA models RAPID and RAPIDSPACEBACK and Citigo are on show
brvbarKODA deliveries to customers in February 2017 (in units rounded off by model +- in percent compared to February2016)brvbarKODA OCTAVIA (28600 -86)brvbarKODA FABIA (16700 + 152)brvbarKODA RAPID (15000 + 121)brvbarKODA SUPERB (10900 + 171)brvbarKODA KODIAQ (1300 + 1000)brvbarKODA YETI (6300 -157)brvbarKODA CITIGO (only sold in Europe 2300 -164)httpautoeconomictimesindiatimescomnewspassenger-vehiclecarsskoda-delivers-81200-units-in-feb-201757626693
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Isuzu claims more durability on its diesel engines for trucks The Economic Times
Indianapolis Isuzu Commercial Truck of America has announced that the B10 durability rating of its 4HK1-TC diesel engine hasbeen increased to 375000 miles informed the company in an official statement
To elaborate further on what it means the Japanese commercial vehicle manufacturer went on to say that A B10-life rating is anindustry-standard gauge provided by engine makers to help consumers determine the long-term durability of an engine Thenumber following the B indicates the percentage of an engineamprsquos population that will require an overhaul before the indicatedmileage
That means that 90 of Isuzu 4HK1-TC engines are expected to last 375000 miles before they require a major repair or rebuildPreviously the 4HK1-TC engine carried an already-robust B10 durability rating of 310000 miles added the company
ampldquoWe are proud to say that Isuzu diesel engines are already known worldwide for their long-term dependabilityamprdquo saidShaun Skinner president of Isuzu Commercial Truck of America ampldquoOur new B-10 rating is strong evidence that our enginesare even more durable than everamprdquo
The turbocharged intercooled 4HK1-TC four-cylinder diesel engine displaces 52 liters and generates 215 horsepower Torqueratings vary depending on model The engine is fitted to Isuzu NPR-HD NPR-XD NQR and NRR models as well as the all-new2018 Isuzu FTR Class 6 truck
The company made the above announcement at the National Truck Equipment Associationamprsquos 2017 Work Truck Show inIndianapolis held on March 13httpautoeconomictimesindiatimescomnewsauto-componentsisuzu-diesel-engines-for-trucks-now-become-more-durable57626832
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MoS visits Rolls-Royces new logistics centre in England The Economic Times
New Delhi Nick Gibb Minister for School Standards and MP for Bognor Regis and Littlehampton has visited Rolls-Royce MotorCars Technology and Logistics Centre on Monday informed the British luxury car maker in a media release
During the visit Gibb toured the facility met the expert team onsite and was briefed on the companyamprsquos future plans to expandthe Centre He also took the opportunity to learn more about the Rolls-Royce Motor Cars apprenticeship graduate and internprogrammes
Nick Gibb said ampldquoThe original announcement that Rolls-Royce Motor Cars would be locating its Technology and LogisticsCentre in Bognor Regis was a great boost for our town and warmly welcomed I am delighted to see the huge new state of the artfacilities fully operational and providing high quality jobs for local people The support of such a prestigious company is good newsfor Bognor Regis and for the wider local economyamprdquo
He continued ampldquoIt is very welcome that Rolls-Royce operates an apprenticeship scheme ensuring the company has the skillsit needs for the future and providing opportunities and training for a cohort of young people every year This year Rolls-Royce istaking on record numbers of apprenticesamprdquo
The new Rolls-Royce Technology and Logistics Centre at Bognor Regis opened on schedule in January 2016 The purpose-built30000m2 facility is located close to the companyamprsquos head office and manufacturing plant at Goodwoodhttpautoeconomictimesindiatimescomnewsindustrymos-visits-rolls-royce-new-logistics-centre-in-england57626981
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All new Mazda CX-5 to be produced at Hofu Plant The Economic Times
Hiroshima Japan Japanese automaker Mazda Motor Corporation starting from November is going to produce the all-new MazdaCX-5 crossover SUV at its Hofu Plant in addition to the Hiroshima Plant where it is currently produced
The company informed that the move will help the automaker respond quickly and flexibly to growing demand for SUVs globally
Mazda aims to create a production system that can respond flexibly to changes in demand for crossover vehicles as it works tomeet its global sales goal of 165 million units
Launched domestically in February the all-new CX-5 has till date recorded sales of 16639 units about seven times the monthlytarget claims the company
As with the CX-3 starting production of the CX-5 at Hofu Plant as well is part of our plan to build a production framework that givesus more flexibility between plants and between models said Masatoshi Maruyama Managing Executive Officer in charge of GlobalProduction We will do everything we can to get customers the crossover vehicles they want as quickly as possiblehttpautoeconomictimesindiatimescomnewspassenger-vehicleuvall-new-mazda-cx-5-to-be-produced-at-hofu-plant57627447
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Rheinmetall receives over $25 mn order from American carmaker The Economic Times
New Delhi German automotive parts supplier Rheinmetall has booked its first order for a special application of coolant valves by amajor American carmaker and destined for the NAFTA market
The company in a statement said that the order has a lifetime value of over US$25 million (around Rs 165 crore) Series productionof the valves is scheduled to start in 2019 with the contract set to run for about five years
Talking about the product the company went on to say that the innovative valves play a lead role in intelligent thermal and energymanagement on modern vehicle engines These often have several cooling circuits which are controllable with the aid of switchingseat valves
As from model year 2020 this particular customer will be installing several versions of such valves on gasoline and diesel enginesfor pick-ups with over 6 liters displacement
They will take over functions in the cooling circuit of the transmission ensuring that it reaches operating temperature faster byswitching off the coolant flow when the engine is started This also helps to reduce emissions added the companyhttpautoeconomictimesindiatimescomnewsauto-componentsrheinmetall-receives-over-25-mn-order-from-american-carmaker57628058
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Nissans Infiniti names former BMW executive as new design chief ReutersSee this story in The Economic Times
Beijing Infiniti Nissan Motors premium brand named Karim Habib former global design chief for BMW as the brands new chiefdesigner effective July 1
Habib will replace Alfonso Albaisa who will be promoted to lead Nissans global design according to a press release seen byReuters Habib will report to Albaisa
Habib who has worked for several premium automotive brands including BMW and Daimler will be based in Nissans technicalcentre in Atsugi Japan and lead Infinitis design teams in Japan Beijing San Diego and Londonhttpautoeconomictimesindiatimescomnewsindustrynissans-infiniti-names-former-bmw-executive-as-new-design-chief57630437
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Elon Musks bold offer of Tesla batteries wont solve Australias power problems ReutersSee this story in The Economic Times
Launceston Australia Australia is becoming an interesting microcosm on how to or how not to transition an economy from beingpredominantly powered by coal to more climate-friendly alternatives
The dramatic intervention by Tesla Inc Chief Executive Elon Musk last week is just the latest twist in an ongoing saga that pits
business government farmers government and environmentalists against each other
Musk in an exchange of tweets with software billionaire Mike Cannon-Brookes chief executive of Atlassian Corp offered to fix theelectricity supply problems of South Australia state within 100 days of signing a contract
Musks plan is to install 100 megawatts (MW) of grid-connected battery storage which would be available to meet peak demandand would be charged with surplus electricity from other generating sources in periods of low demand
Its a bold offer and would most likely provide a quick fix to Australias fourth-largest state which suffered a blackout last Novemberand has been dealing with power shortages over the peak summer period
Businesses like BHP Billiton which operates the giant Olympic Dam copper mine in the state have been pushing for thegovernment and other stakeholders to ensure stable electricity supply saying the cost of blackouts runs into millions of dollars inlost output
Musk whose Tesla Corp is ramping up output of its battery storage packs at its Gigafactory in Nevada held talks with AustralianPrime Minister Malcolm Turnbull at the weekend as well as with South Australian Premier Jay Weatherill
The politicians will no doubt be tempted to Musks offer to install batteries especially since the electric car pioneer said if he didntmeet his 100 day deadline he wouldnt charge anything
But while Musks offer if taken up would provide a quick fix it would not do enough to mend the underlying problems at the heart ofAustralias electricity woes
Its worth looking at how Australia got itself to the point where virtually all players can agree that the nation is facing somethingapproaching an energy crisis
After all the country is not short of fossil fuels such as coal and natural gas and its climate and low population density outside themajor cities are ideal for renewables such as solar and wind power
The country is heavily reliant on an ageing fleet of coal-fired power stations which makes Australia one of the highest polluters percapita
These coal power stations are starting to close down with one shutting in South Australia last year and another planned to close inVictoria state at the end of this month
The problem is that the coal-fired power stations role as providers of base load electricity cannot be taken over by wind and solarand the role is falling to natural gas
But natural gas is also the most expensive method of generating electricity in Australia so utilities are reluctant to run their gas-firedplants until prices are high enough to justify the cost
South Australia has a gas-fired plant that was mothballed until last years power supply crisis but even with the higher prices forelectricity the operator is struggling to make the plant profitable
The state moved on Tuesday to try and address its energy security issues announcing it would build a 250 MW gas-fired plant andhelp the private sector build a 100 MW battery at a total cost of A$510 million ($385 million)
Gas Supply ConstraintsNatural gas supply is becoming a problem in Australia which may seem ironic given the country is on the verge of becoming theworlds largest exporter of liquefied natural gas (LNG) as the last of eight new plants come closer to completion
In fact the new LNG plants are copping some of the blame for the tightening natural gas market especially the three in easternQueensland state based on using coal-seam gas as the feedstock
These are being blamed for sucking domestic natural gas out of the market and into the export LNG industry
What hasnt helped is that some of Australias state and territory governments are also pursuing policies that will restrict futurenatural gas supplies
Victoria state has banned hydraulic fracturing or fracking as well as shale and coal-seam gas exploration while the NorthernTerritory New South Wales and Tasmania have various moratoriums on fracking
This leaves Western Australia Queensland and South Australia as the remaining states where onshore natural gas supplies can bedeveloped and they are now in the cross-hairs of the environmental lobby which is opposed to any and all new natural gas wells
Politicians across the traditional Labor-Liberal divide are increasingly giving in to demands to restrict natural gas exploration whilepretending that this wont have a negative impact on energy security and electricity prices
But the costs are starting to become apparent with spot electricity prices surging over the Australian summer and natural gassuppliers warning that they will be unable to meet the needs of industrial customers without action being taken
Its often the case politicians only take action when the point of crisis is reached and this appears to be the case in Australia
Whats needed is a holistic approach to energy supply as Australia transitions away from coal-fired power
This means ensuring enough natural gas is available to provide base load generation while scaling up renewables such as solar
wind pumped hydro and battery storage
Forging enough common ground with the various stakeholders will be the main obstacle but more than anything else Australia isshowing how difficult it is to end the age of coalhttpautoeconomictimesindiatimescomnewsindustryelon-musks-bold-offer-of-tesla-batteries-wont-solve-australias-power-problems57630514
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Innogy in talks with car consortium over charging stations CEO ReutersSee this story in The Economic Times
Essen Germany Innogy is in intense talks with a group of carmakers Chief Executive Peter Terium told journalists on Mondayhoping to be selected as a supplier of super-fast charging stations for electric vehicles across Europe
Its not a done deal yet Terium said pointing to strong competition from rival vendors
BMW Volkswagen Ford and Daimler plan to build about 400 next-generation charging stations in Europe that can reload anelectric car in minutes instead of hours
Sources told Reuters in January that Innogy was in talks with the consortiumhttpautoeconomictimesindiatimescomnewsindustryinnogy-in-talks-with-car-consortium-over-charging-stations-ceo57624184
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China may roll back electric vehicle quotas as industry pushes back ReutersSee this story in The Economic Times
Beijing China is considering easing proposed quotas aimed at producing more electric vehicles as Beijing gets pushback from theautomotive industry over the scale and pace of the plans
If adopted proposed changes under discussion could see a target of new energy vehicles (NEV) making up 8 percent of sales nextyear pushed to 2019 two auto executives said
The changes would lower targets from a draft policy released in September requiring 8 percent of automakers sales to be batteryelectric or plug-in hybrid vehicles by 2018 rising to 10 percent in 2019 and 12 percent in 2020
Any loosening of NEV targets would mark a pull back by Beijing which has faced opposition to the planned targets as it looks todrive its domestic carmakers to overtake global rivals in the green vehicle sector
Automakers and industry bodies have said the targets are too tough and could hurt manufacturers interests New energy vehicleslast year accounted for just 18 percent of sales in the worlds biggest autos market according to Reuters calculations based onofficial data
Its normal to make revisions as its a draft plan An Jin chairman of Anhui Jianghuai Automobile Group (JAC Motor) said on thesidelines of the National Peoples Congress in Beijing
He said he was aware of talks to revise the quota targets but said nothing was set in stone JAC hasnt been told what revisionsmight be made to the draft but I think it is possible the draft will be changed after the discussions he said
Whether the whole market can hit this quota by 2018 depends a lot on the strength of government policy If its strong then weshould be able to surpass the targets An said (But) if you consider Chinas infrastructure and the transformation of Chinas autosector then perhaps the pace will have to slow
Two Percent CutTwo executives familiar with the plans told Reuters the government was considering options for lowering the requirements
One idea was to reduce the quota requirement by 2 percent each year cutting the 2018 requirement to 6 percent said aChina-based government relations official at a major global automaker It would then be 8 percent in 2019 and 10 percent in 2020
Another option would be to push back each target by a year with the 8 percent quota starting from 2019 an executive at aJapanese car maker said
Both asked not to be named due to the sensitivity of the matter and because the draft was still under consideration
The overall policy includes quotas for plug-in cars targets for average fuel economy requirements and a credit trading system topromote green energy cars while penalizing petrol cars
The two people said the quota stand-off was tied to a disagreement between the Ministry of Industry and Information Technology(MIIT) and Chinas top state planner the National Development and Reform Commission (NDRC)
MIIT which regulates manufacturers supports a more flexible credit trading system favoured by automakers The NDRC is more
aggressive in promoting a transition to electric vehicles pushing the introduction of the stricter quotas
An NDRC spokesman said the body played a small role when the draft was open to public for discussion MIIT did not immediatelyrespond to Reuters requests for comment
China has strongly supported and subsidized electric vehicles but is gradually swapping out incentives for hard targets automakersmust meet The central government cut subsidies 20 percent this year a first reduction towards eliminating them by 2020httpautoeconomictimesindiatimescomnewspolicychina-may-roll-back-electric-vehicle-quotas-as-industry-pushes-back57623608
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Russias standards agency says Volkswagen recalls 43151 Skoda cars ReutersSee this story in The Economic Times
Moscow Russias standards agency said on Monday that Volkswagens Russian operation had informed it about the voluntaryrecall of 43151 Skoda cars due to a possible technical fault
The recall affects Skoda Octavia Superb Fabia Yeti and Rapid cars sold in Russia between 2012 and 2016 the watchdog saidhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsrussias-standards-agency-says-volkswagen-recalls-43151-skoda-cars57624140
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Economy
Rupee hits 1-12 yr high surges 78 paise on BJP sweep PTISee this story in The Economic Times
Mumbai The rupee surged by a massive 78 paise to end at a nearly one-and-a-half year high of 6582 against the US dollar onfrantic unwinding of the American currency following BJPs emphatic victory in Uttar Pradesh
Forex market sentiment soared on hopes that BJPs stellar show in state polls would pave the way for the Modi government to focuson key reform measures
The home currency resumed on a strong footing at 6620 from last Fridays closing value of 6660 at the Interbank ForeignExchange (forex) market on heavy dollar unwinding from speculative traders and exporters tracking weekend developments
Maintaining its bullish momentum against the dollar the rupee hit a fresh intra-day high of 6576 in late afternoon deals beforeending at 6582 showing a solid gain of 78 paise or 117 per cent
This is the highest closing of the rupee since November 6 2015 when it had ended at 6576
Meanwhile the RBI fixed the reference rate for the dollar at 661800 and for the euro at 704354
Financial markets too took comfort from BJPs landslide victory with the broader Nifty climbing 15245 points to a new closing peakof 9087 and the Sensex rallying 49640 points to end at 2944263
The much-anticipated turnaround on the economic front has opened up a barrage of foreign capital fund flows into India
Foreign investors pumped in over Rs 10000 crore in the Indian capital markets this month so far
It also got an added fillip from bullish macro data which showed that the countrys industrial production bounced back in Januaryexpanding by 27 per cent year-on-year
Factory output measured in terms of Index of Industrial Production (IIP) had contracted by 01 per cent in December
However inflation based on wholesale prices shot up to a 39-month high of 655 per cent in February against 525 per cent inJanuary according to official data
On the global front the dollar traded firmly higher against its major counterparts ahead of the two-day Fed meet when it could liftrates for the third time since the financial crisishttpautoeconomictimesindiatimescomnewsindustryrupee-hits-1-12-yr-high-surges-78-paise-on-bjp-sweep57635104
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Nifty hits all time high of 912275 Sensex surges 616 points after big BJP win The Economic Times
Mumbai The Nifty jumped to life highs on Tuesday after the BJPamprsquos thumping win in the crucial state of Uttar Pradeshrekindled hopes of a bigger-than-expected push for reforms by the Narendra Modi government
The Nifty up 11 so far this year crossed its previous life high of 9119 to hit 912275 before ending the day 171 or 15245points higher at 9087 This is the indexamprsquos biggest single-day gain in points since February 1 and caps a strong reboundsince the December 26 low of 7893 on demonetisation worries
The Sensex surged by 616 points or 212 intra-day before ending the day at 2944263 up 49640 points This is its biggest gainsince May 25 last year The index is the best performer among all developed and emerging market indices in local currency terms inthe past three months
The rupee surged 79 paise to a 16-month high of 6582 to the dollar as exporters sold more dollars and foreign investors boughtlocal shares BSE data showed that foreign investors bought local shares worth Rs 4089 crore their biggest single-day purchasesince February 17 when they purchased Rs 8059 crore
FPIs have bought shares worthRs 23132 crore since January this year against net sales of Rs 9800 crore in the same period lastyear The BSE Midcap and Smallcap indices gained 144 each
ampldquoOne must be ready for a correction after a rally but I am optimistic about the medium to longterm prospectsamprdquo saidMotilal Oswal chairman Motilal Oswal Financial Services Ltd ampldquoFundamentally valuations are comfortable at this point intime because of good corporate earnings growth In the short term markets may remain volatileamprdquo
BJP romped to victory in UP on Saturday winning 312 out of the 403 seats Its allies won 13 more taking the NDA tally to 325 Thisis the biggest win recorded by any party in the state since 1977 and has raised prospects of the BJP doing well in other electionsthis year and next Many political pundits also believe that the victory has improved Prime Minister Narendra Modiamprsquos chancesof retaining power in the 2019 general election
Barring the metals index all other sectoral indices on the NSE ended with gains on Tuesday About 55 stocks including TitanJubilant Life Sciences Kotak Mahindra Bank IndusInd Bank YES Bank and Indiabulls Housing Finance among others hit life highswhile 92 stocks were locked in upper circuit with no sellers
ampldquoWith the sharp rally the market which is currently susceptible to global risk is trading at above average multiples and westay cautious near termamprdquo said Sanjay Mookim India Equity Strategist BofA Merrill Lynch ampldquoIndiaamprsquos businesscycle should improve over the next several quarters while improving construction should drive capex which is good forequitiesamprdquo
Some market experts are divided over the near-term outlook as indices have begun to look expensive at current valuations Plusthere is no immediate trigger for upgrade
ampldquoValuations of the Indian market are quite high and would require the support of strong earnings growth Any disappointmenton earnings will make valuations look even more expensive which the market may not likeamprdquo said Sanjeev Prasad senior EDand co-head of Kotak Institutional Equities
ampldquoGlobal and domestic interest rate cycles are no longer supportive with likely increase in developed markets bondyieldsamprdquo
ampldquoWhile markets are expecting a rate hike this meeting what will be of more interest is the commentaryamprdquo said DipenShah senior V-P PCG research Kotak Securities ampldquoIf it is hawkish it may have an impact on fund flows to emerging marketsbut India may be relatively less impacted because of the continuing domestic flowsamprdquo
ampldquoNotwithstanding the election results we believe the risk-reward is not favourable currently and advise investors to sell intothis rally We expect Nifty EPS to rise 15-16 in FY18 and see no trigger for an earnings upgrade at this junctureamprdquo ReligareInstitutional Research said in a notehttpeconomictimesindiatimescommarketsstocksnewsnifty-hits-all-time-high-of-9122-75-sensex-surges-616-points-after-big-bjp-winarticleshow57639036cms
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WPI inflation up 655 for February 2017 The Economic Times
New Delhi The annual rate of inflation based on monthly Wholesale Price Index (WPI) stood at 655 percent (provisional) for themonth of February 2017 (over February 2016) as compared to 525 percent (provisional) for the previous month and -085 percentduring the corresponding month of the previous year
The official Wholesale Price Index for amplsquoAll Commoditiesamprsquo for the month of February 2017 rose by 05 percent to 1855(provisional) from 1846 (provisional) for the previous month
The index for primary articles rose by 09 percent to 2581 (provisional) from 2557 (provisional) for the previous month
The inflation rate for Fuel and power group rose by 13 percent to 2038 (provisional) from 2012 (provisional) for the previousmonth due to higher price of coking coal (15 percent) aviation turbine fuel (3 percent) bitumen (2 percent) and kerosene highspeed diesel LPG and lignite (1 percent each) However the price of furnace oil (1 percent) declined
The index for the major group of manufactured products remained unchanged at its previous monthamprsquos level of 1588
(provisional) In this group the index for amplsquoRubber amp Plastic Productsamprsquo group rose by 02 percent to 1489 (provisional)from 1486 (provisional) for the previous month due to higher price of rubber products (1 percent)
The index for amplsquoTransport Equipment amp Partsamprsquo group rose by 05 percent to 1405 (provisional) from 1398 (provisional)for the previous month due to higher price of auto rickshaw tempo matador (4 percent) and auto parts (1 percent)
For the month of December 2016 the final Wholesale Price Index for amplsquoAll Commoditiesamprsquo stood at 1833 as comparedto 1828 (provisional) and annual rate of inflation based on final index stood at 368 percent as compared to 339 percent(provisional) respectively as reported on January 1 2017httpautoeconomictimesindiatimescomnewsindustrywpi-inflation-up-6-55-for-february-201757627665
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February CPI at 365 vs 317 in January highest since October 2016 PTISee this story in The Economic Times
New Delhi Retail inflation rose to 4-month high of 365 per cent in February mainly due to surge in price of food items like fruitssugar and confectionery
Measured in terms of Consumer Price Index (CPI) the inflation had dipped to a multi-year low of 317 per cent in January this yearon account of cash crunch following demonetisation It was 526 per cent in February last year
According to the CPI data released today by the Central Statistics Office (CSO) the consumer food prices index (CFPI) rose by201 per cent in February from 061 per cent in January The CFPI was 53 per cent in February 2016
Inflation in fruits was higher at 833 per cent fuel and light at 39 per cent in February The rate of price rise in meat and fish was 35per cent in February
Prices of sugar and confectionery items rose by 1883 per cent in February while inflation in milk and milk product increased by 422per cent
The rate of inflation in household goods and services was 409 per cent while this rate was in health segment was 4 per cent Thetransport and communication became expensive by 539 per cent
The personal care and effects segment rose by 515 per cent while the education became more expensive by 537 per cent inFebruary this year
The inflation rate was 438 per cent in clothing and footware segment while it was 49 per cent in housing segment
However the prices of vegetables and pulses declined by 829 per cent and 902 per cent respectively
Rural retail inflation was at 367 per cent in February compared with 336 per cent in the preceding month The CPI was also up inthe urban sector at 355 per cent in February from 29 per cent in January this yearhttpautoeconomictimesindiatimescomnewsindustryfebruary-cpi-at-3-65-vs-3-17-in-january-highest-since-october-201657633211
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Closing
Last Financial Closing
Sensex 2944263 (+49640)NSE 9087 (+15245)US$ spot Rs6582US$ Y1148000US$ 6 months RsYen Rs57Euro spot Rs70
Gold (10gm) Rs28333Silver (1kg) Rs4008300
Crude Oil (WTI) Crude Oil (Brent) $5172 (+037)
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Apollo Tyres 1 18610Asahi Ind 1 21655Amara Raja B 1 83230Ashok Leyland 1 9080Bajaj Auto 10 286670Bharat Forge 2 103550Denso 1 Eicher Motor 10 2396325Escorts 10 51945Exide Ind 1 21645Force Motors 10 427760Gabriel India 1 11460Hero Motocor 2 335745Hind Motors 5 950Hi-Tech Gear 10 29885Jay Bh Maruti 5 38190
Jamna Auto 5 20550JK Tyres amp Inds 10 1241 Kinetic Motors 10 Kinetic Engg 10 KOEL 2 37685Kirloskar Br 2 24135LML Ltd 10 1250LampT 2 155810Lumax Ind 10 131690Lumax Tech 10 43230MampM 5 132600Maruti Suzuki 5 613240Motherson SS 1 36290Minda Inds 2 44350MRF 10 5298390Omax Auto 10 7555Rico Auto 1 5720Sona Koyo St 1 8170
SRF 10 157155Tata Motors 2 46975 TVS Motors 1 43690
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Bhushan Steel 2 5430Hindalco 1 19040Hind Zinc 2 29140JSW Ispat S 10 Jind Steel 1 12490JSW Steel 1 18190Jindal Saw 2 7995National Aluminium 5 7310SAIL 10 6005Tata Steel 10 47255Visa Steel 10 2185
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Ambuja Cement 2 23370Binani Industries 10 7200Birla Corp 10 70360India Cement 10 16070Prism Cement 10 9375JK Cement 10 88470Shree Cement 10 1639835
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NURC Industry Updates contain editedtruncated text of Industry-specific news as it appears in various select dailies and websites These are NOT full stories unless otherwisespecifically mentioned The stories contained herein are informational only and no representation is made or warranty given as to their content reliability truthfulness orusefulness User assumes all risk of use It be clearly understood that NURC updates do not claim to and neither mean to replace the Print or the Internet editions of variousnewspapers whose articles are featured therein For the best and complete news reading NURC urges its readers to read the full text of the stories from the Newspaperswhose credits are given after the headline and visit the related website whose URL is given below the text matter of each news item
NURC News Update - AUTOMOBILES
News on Indian Auto Industry Copyright 1999 NURC MediaNext Pvt Ltd
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Powered by Enablingbiz Esoluttions
as add-on option to customers on both entry-level Teslas
Another challenge for the Model 3 and Y will be balancing their lower price against the need for a battery big enough to give anacceptable range
The entry-level Model 3 may have a cheaper sub-60kWh battery but will still need to have a range of at least 370km The ModelYamprsquos more bluff shape and greater frontal area might mean a bigger battery for the same range and so a slight price premium
Tesla is in a race against time to achieve the kind of production levels needed to turn around what is still a cash-hungry operationThe firm has spent nearly $2 billion (Rs 1316350 crore approx) since 2010 with investments including building the battery-makingGigafactory and trying to expand car production to a massive 500000 units a year
Tesla delivered around 76000 vehicles last year but says it was able to build around 2000 cars a week by the second half of 2016With as many as 400000 deposits taken for the Model 3 the company is looking to produce well over 100000 of the BMW3-series rival before the end of this year
Muskamprsquos expansion plans will test the limits of the capabilities of Teslaamprsquos suppliers and those of its own plant inFreemont California But getting to annual sales of half a million vehicles should finally push the carmaker into profit and secure thecompanyamprsquos long-term futurehttpwwwautocarindiacomauto-newstesla-model-y-suv-due-by-2019-404434aspx
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VW promises higher focus on EVs after record sales year Autocar India
The Volkswagen Group ampldquowill be a role model in environmental protection safety and integrityamprdquo according to CEOMatthias Muller who was speaking as the firm confirmed a record-breaking sales year in 2016
Outlining plans for the firm to reinvent itself as a far-reaching mobility company in the wake of the emission scandal Muller revealedthat the VW Group sold 103 million cars in 2016 making it the worldamprsquos largest car manufacturer It made pound62 billion in profitafter allowances including pound56 billion of losses to cover emission scandal costs In 2015 expenses relating to emission scandalamounted to pound142 billion
Most notably its sales in China where the effects of the diesel crisis were negligible grew 122 percent and its 2016 salesrevenues of pound1904 billion also exceeded forecasts by pound35 billion
ampldquoThe last year was challenging yet remarkably successfulamprdquo said Muller ampldquoIn 2016 we set the course for thebiggest transformation in the history of the company while at the same time performing better in our operating business than manythought possibleamphellipVolkswagen is back on trackamprdquo
Muller vowed that the success would be a catalyst for further change adding ampldquoWe will still be one of the most successfulautomakers in 2025 But we will also be a leading international provider of sustainable mobility and set the standard for new mobilityservicesamprdquo
New initiatives include a stated goal of taking leadership in the field of battery technology by 2025 which is by when the VW Grouphas committed to have solid state batteries in production These are seen as the next technological step over the lithium-ionbatteries currently favoured by most manufacturers The VW Group has committed to have 30 battery-electric vehicles on sale by2025
He also signalled that Audi had been tasked with leading the Groupamprsquos autonomous driving projects while adding that the VWGroup now had 37 centres around the world working on autonomous and digital service ideas pivoting around the Groupamprsquosnew mobility company Moia which was set up last year
Muller also highlighted recent joint ventures ampndash in China with FAW and JAC the latter of which will lead to the co-developmentof a budget electric car line in India with Tata Motors and in America with Navistar which is in the commercial vehicle segmentampndash as examples of the firmamprsquos commitment to forging partnerships to boost sales success He also confirmed that thefirst economy vehicles to be developed by the brand will go on sale in emerging markets in 2018httpwwwautocarindiacomauto-newsvw-promises-higher-focus-on-evs-after-record-sales-year-404433aspx
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Mercedes to expand E-class range with E 220 diesel Autocar India
The tenth-generation Mercedes-Benz E-class launched for the first time in India with a long wheelbase has moved the goalposts toset new standards for comfort and space in its segment The E-class comes with two engine options ampndash the base E 200 petroland the top-of-the-line
E 350 diesel Priced at Rs 5670 lakh and Rs 7015 lakh (ex-showroom Delhi) respectively these two variants bookend the E-classrange and is essentially aimed at two sets of customers The E 200 buyer is likely to be almost always chauffeur-driven and henceis mainly interested in rear seat space and comfort while the E 350d customer wants all the bells and whistles as well as the
sublime driving experience only the silky smooth and torquey V6 diesel can offer
However that still leaves a massive Rs 1345 lakh gap in the range which no doubt future E-class variants will eventually plug butwhich one will find that sweet spot to form the bulk of E-class sales
Itamprsquos no surprise then that Mercedes-Benz India is readying a base diesel which like the previous-generation W212 E-class islikely to be the most popular variant offering a strong dose of practicality without too much of a compromise on refinement andluxury
But unlike the W212 which had the E 250d representing the base diesel in the range Mercedes-Benz India is offering the lower E220d as the starting point for the E-class diesel This suggests that the E 220d will be very attractively priced when it goes on salearound June 2017 and could be priced very close to the E 200
The E 220amprsquos all-new 20 litre four-cylinder diesel which pumps out 194hp and 400Nm of torque may not have the punch ofthe outgoing E 250damprsquos 204hp and 500Nm motor but again given the chauffeur-driven focus the new E-class has beenconceived for the newE 220damprsquos performance is unlikely to be an issue
What is a big issue however is downgrading the 20-litre motor which has been designed for stricter Euro-VI emissions to run onlocally available BS-IV diesel ampldquoItamprsquos such a waste of engineering resource and a step backwardsamprdquo said aMercedes-Benz engineer The 2143cc (OM651) diesel engine which powered the previous E-class was easier to adapt to BS-IVfuel unlike the spanking new high-tech 1995cc (OM654) diesel thatamprsquos built to meet the latest global emission standards Infact the OM654 made its debut in the latest E-class when it was launched globally in 2016 Its advanced tech includes a uniquealuminium engine block with steel pistons a special low-friction coating for the cylinder walls and a fourth-generation common-raildiesel injection system At 168kg it is 31kg lighter than the engine it replaces
Downgrading a Euro-VI engine to BS-IV standards takes a lot of time and resources but there is no way out until fuel pumps in Indiaget low-sulphur BS-VI fuel which is not expected until 2020 The BS-IV-spec OM654 wasnamprsquot ready in time for the newE-class launch and this is one reason why the E 220d is coming a couple of months later The other reason could be a strategicone Mercedes-Benz India wants to wait until BMW launches the all-new 5-series expected in June and in a counter move tweakthe E 220damprsquos mix of specifications features and price accordingly A starting price of Rs 57-58 lakh for the E 220disnamprsquot unlikely especially since this variant will be Mercedes-Benz Indiaamprsquos trump card in a luxury car segment it seemsdetermined to dominatehttpwwwautocarindiacomauto-newsmercedes-to-expand-e-class-range-with-e-220-diesel-404429aspx
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Nissan to launch Kicks SUV in Q3 2018 Autocar India
The Nissan Kicks SUV which made its global debut in 2016 in Brazil will be launched in India in the third quarter of 2018 accordingto company sources
However unlike the South American model which is spun off Nissanamprsquos V-platform the made-for-India Kicks (code PB1D)will be based on the upcoming Renault Kapturamprsquos (code HHA) platform This is essentially a modified version ofRenaultamprsquos proven M0 platform that underpins cars like the Duster and Lodgy which are known for their robust mechanicals
The M0 is also a critical part of the Renault-Nissan Allianceamprsquos platform strategy in India which is essentially centred aroundtwo platforms Whilst the CMF-A and CMF-A+ platforms underpin Renault and Nissanamprsquos (and later Mitsubishiamprsquos) smallto mid-size car range in India the M0 platform will cater to higher end products The low-cost M0 platform has proved to be a cashcow for Renault globally and is ideally suited for markets like India The allianceamprsquos European-spec CMF-B platform was alsoevaluated initially but was eventually rejected as it proved to be a lot more expensive than the M0 which has also been localisedover the years
Developed and conceived originally by Renault for its Dacia sub-brand over a decade ago the French carmaker has first rights toproducts spun off the M0 platform and hence like the Nissan Terrano which followed the Renault Duster the Nissan Kicks too willfollow the Renault Kaptur to India but almost a year later
While both the Kaptur and Kicks will use the same modified version of the platform the amplsquotop hatsamprsquo will be completelydifferent The Kicks design and styling will mirror the South American car and thatamprsquos no bad thing
Sharply styled with lots of distinctive design touches like a floating roof massive wheel arches and a wraparound visor look theKicks wonamprsquot have a problem standing out on Indian roads The good thing is that the edgy design hasnamprsquot compromisedpracticality and Nissan claims best-in-class space in the back seat
Cars based on the M0 platform get a choice of just two engines a 16 petrol and the venerable 15 K9K diesel and hence these arelikely to be carried forward into the Kicks as well The 15 diesel is expected to be the mainstay but its likely that in its latest iterationthere will be a small bump up in power and torque
Nissan has set an ambitious target of 30000 Kicks in its first full year of production with an additional 20000 units earmarked forexports Pricing will be crucial for the Kicksamprsquo success and Nissan may do well to undercut its rivals to buy some much neededmarket sharehttpwwwautocarindiacomauto-newsnissan-to-launch-kicks-suv-in-q3-2018-404426aspx
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International News
Volkswagen CEO gets 778 mn euros in pay and benefits for 2016 ReutersSee this story in The Economic Times
Wolfsburg Volkswagen Groups Chief Executive Matthias Mueller was awarded 778 million euros ($828 million) in pay andbenefits for 2016 up from 417 million euros in total remuneration awarded a year earlier the companys annual report showed onTuesday
Mueller was not awarded a full years CEO pay for 2015 since he only took over as chief executive in September following theresignation of his predecessor Martin Winterkorn who was forced out in the wake of a diesel emissions cheating scandal
Volkswagen overhauled its bonus and executive pay policy in February this year to cap total pay for its chief executive at 10 millioneuros ($106 million) and other top managers at 55 million euros
Volkswagen brand chief Herbert Diess saw his total remuneration for 2016 fall to 393 million euros down from 713 million in 2015the annual report showed
($1 = 09401 euros)httpautoeconomictimesindiatimescomnewsindustryvolkswagen-ceo-gets-7-78-mn-euros-in-pay-and-benefits-for-201657631837Volkswagen CEO Matthias Mueller says not ruling out merger talks with Fiat ChryslerThe Financial Expresshttpwwwfinancialexpresscomindustryvolkswagen-ceo-matthias-mueller-says-not-ruling-out-merger-talks-with-fiat-chrysler587861
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Volkswagen CEO US remains core market for company APSee this story in The Economic Times
Frankfurt The CEO of German automaker Volkswagen says the United States remains a core market for the company despite itsdiesel emissions scandal and has underlined that it hopes to expand there
Matthias Mueller made the comments Tuesday at the companys annual news and investor conference at its headquarters inWolfsburg Germany
Mueller said that we are standing by our investment decisions and intend over the long term to play a significantly greater role therethan today
The Volkswagen brand has only a small share in the US market although it is important for the companys luxury brands Porscheand Audi It makes cars in Chattanooga Tennessee
US authorities uncovered Volkswagens use of engine control software that enabled vehicles to cheat on emissions testshttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsvolkswagen-ceo-us-remains-core-market-for-company57633149
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Volkswagen targets strong 2017 even as core brand struggles ReutersSee this story in The Economic Times
Wolfsburg Germany Volkswagen said it was capable of shouldering the costs of its emissions crisis and was targeting an evenbetter year than in 2016 but warned that its core autos division continued to struggle
We see good chances of being able to ride the wave of the positive performance last year when Volkswagen turned in recordunderlying profit helped by sales of upmarket Audis and Porsches Chief Executive Matthias Mueller said on Tuesday at thecarmakers annual news conference
Volkswagen expects group revenue to exceed last years record 217 billion euros ($231 billion) by as much as 4 percent this yearand is forecasting an underlying operating margin of between 6 and 7 percent compared with 67 percent in 2016 it said affirminga forecast given on February 24
The company also aims to moderately exceed last years record 103 million deliveries
You can rest assured that we will do everything in our power to make 2017 an even better year than 2016 the CEO said
But Volkswagen appears to be making slow progress in tackling the biggest trouble spot within the 12-brand group thelong-planned turnaround of its core autos division
Operating profit of the namesake brand slipped further to 187 billion euros in 2016 from 210 billion a year earlier because of highermarketing costs related to dieselgate and plunging demand in Brazil and other key markets finance chief Frank Witter said
($1 = 09394 euros)httpautoeconomictimesindiatimescomnewsindustryvolkswagen-targets-strong-2017-even-as-core-brand-struggles57630343
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VW CEO says not ruling out merger talks with Fiat Chrysler boss ReutersSee this story in The Economic Times
Wolfsburg Volkswagen Chief Executive Matthias Mueller said he is not ruling out talks with Fiat Chrysler boss Sergio Marchionneabout a possible merger
I am not ruling out a conversation Mueller told reporters on Tuesday after the carmakers annual earnings press conference inWolfsburg
Marchionne has long advocated car industry mergers to share the costs of making cleaner and more technologically advancedvehicles and has repeatedly relayed his desire via the media
It would be very helpful if Marchionne were to communicate his considerations to me too and not just to you Mueller said
I am pretty confident about the future of Volkswagen with or without Marchionne
Only last week Mueller appeared to dismiss the prospect of talks with Fiat Chrysler
We are not ready for talks about anything he told Reuters on the fringes of the Geneva auto show I havent seen Marchionne formonths he said at the timehttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsvw-ceo-says-not-ruling-out-merger-talks-with-fiat-chrysler-boss57632909
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Volkswagen chief denies talks with Fiat AFPSee this story in The Economic Times
Berlin Volkswagen chief Matthias Mueller on Tuesday denied rumours that the German auto giant was in talks with rival FiatChrysler
At present there is no contact between me and Fiat Chrysler boss Sergio Marchionne Mueller told the companys annual pressconference in Wolfsburg north Germany
Marchionne had said at the Geneva car show last week that he was expecting Volkswagen to reach out as more firms are thinkingof cost-cutting tie-ups in the vein of Frances Peugeot and German carmaker Opel
In response Mueller said he had other problems since VWs 2015 admission that it installed software to cheat regulatoryemissions tests in 11 million vehicles worldwide
He nevertheless added that Ive never said a tie-up with any other partner is altogether ruled out
VW clawed its way back to profit in 2016 and pulled ahead of Toyota to become the worlds biggest carmaker by unit sales shipping103 million vehicles over the year
Mueller on Tuesday confirmed the groups forecast of moderate growth in sales in 2017
But the firm is far from turning the page as it continues to refit cars equipped with the cheating software and faces legal action fromcustomers and investors in numerous countries
The final bill for the scandal is impossible to predict Mueller acknowledged
All we know is that this question will keep us busy for a long time several years he saidhttpeconomictimesindiatimescomindustryautovolkswagen-chief-denies-talks-with-fiatarticleshow57633113cms
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Volkswagen has good chances to build on strong 2016 performance CEO ReutersSee this story in The Economic Times
Germany Volkswagen has good chances of building on its strong 2016 performance when it swung to a record underlying profitdespite its diesel emissions crisis Chief Executive Matthias Mueller said
The Volkswagen Group is in very robust shape Mueller said on Tuesday at the carmakers annual news conference in Wolfsburg
VW expects group revenue to exceed last years record 217 billion euros ($231 billion) by as much as 4 percent this year and isforecasting an underlying operating margin of between 6 and 7 percent compared with 67 percent in 2016 it said affirming aforecast given on Feb 24
Still operating profit of its core autos division slipped further to 187 billion euros in 2016 from 210 billion a year earlier as the brandis struggling to implement a wide-ranging turnaround planhttpeconomictimesindiatimescomnewsinternationalbusinessvolkswagen-has-good-chances-to-build-on-strong-2016-performance-ceoarticleshow57630339cms
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BMW i3 batteries to be used by Vattenfall The Economic Times
New Delhi Swedish power making company Vattenfall and German auto giant BMW Group have signed a contract for the deliveryof up to 1000 lithium-ion batteries this year The batteries with a capacity of 33 kilowatt hours (kWh) each are equipped with aBMW-owned battery management system and are also used by the car manufacturer in the BMW i3
Vattenfall will purchase the new batteries from the BMW plant in Dingolfing and use them in all storage projects
Energy storage and grid stability are the major topics of the new energy world says Gunnar Groebler Senior Vice President ofVattenfall and Head of Business Area Wind
We want to use the sites where we generate electricity from renewable energies in order to drive the transformation to a newenergy system and to facilitate the integration of renewable energies into the energy system with the storage facilities Thedecoupling of production and consumption and the coupling of different consumption sectors are in the focus of our work
The first energy storage from the BMW-i3 batteries is being built at the 122 MW onshore wind farm Princess Alexia nearAmsterdam With a capacity of 32 megawatts (MW) it is Vattenfalls first large storage project in the Netherlands
Pending on a final investment decision the largest battery storage will be built at the Vattenfall wind farm Pen y Cymoedd (230 MW)in South Wales - a 22-megawatt storage facility which will help to support the stability of the country-wide power grid in the UK aspart of the so-called EFR (Enhanced Frequency Response) service
As part of the project Norddeutsche Energiewende NEW 40 Vattenfall together with the Hamburg University of Applied Sciences(HAW) and the company Nordex will implement a large battery storage at the future wind farm in Hamburg-Bergedorf
This is a so-called storage control unit made of batteries It is meant to maintain the security of supply with a feed-in of 100 percentrenewable energy In addition the battery storage contributes to the improvement of the network quality and the more efficient useof the existing network structure Other possible applications would be electricity storage in private households Energy storagesolutions are an important part of Vattenfallamprsquos strive to power climate smarter living
We are pleased that we have found a supplier in BMW who meets our high safety requirements with the use of the batteries withreliably good quality from German series production says Daniel Hustadt project manager for large batteries at VattenfallInnovation GmbHhttpautoeconomictimesindiatimescomnewsindustrybmw-i3-batteries-to-be-used-by-vattenfall57630728
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Toyota to look at Saudi production as the countries seek closer ties ReutersSee this story in The Economic Times
New Delhi Toyota Motor Corp signed a memorandum of understanding (MOU) on Tuesday with a Saudi Arabian governmentagency to conduct a feasibility study into producing vehicles and parts in the Middle Eastern nation
The move if firmed up would be a big step for the Saudi economy as the government tries to diversify beyond oil exports andcreate jobs as part of the kingdoms 2030 Vision
So far Saudi Arabia and other Gulf oil exporters have failed to significantly develop industries such as automaking because theylack broad industrial bases and a skilled local workforce
The study would take into account the evaluation of development of a local supply base using materials produced by major Saudi
companies like Sabic Maaden Petro Rabigh and other major industrial companies in the kingdom the official Saudi state newsagency reported
The MOU is with Saudi Arabias National Industrial Clusters Development Program (NICDP)
Meanwhile state-run Saudi Aramco has signed MOUs with five Japanese entities during a business forum that both nations hostedon Tuesday coinciding with a visit by Saudi Arabias King Salman this week
Saudi Aramco and Japans biggest oil refiner JX Nippon Oil amp Energy (5020T) agreed to consider a refinery joint venture in a thirdcountry and cooperation in trading and technology of oil and petrochemical products
Aramco also agreed to consider a possible future cooperation in crude oil supply and downstream business with Idemitsu KosanCompany
In addition Aramco and state-run Japan Oil Gas and Metals National Corp (JOGMEC) formally agreed to expand crude storagecapacity in Japan by 300000 kilolitres (about 19 million barrels) from the current 63 million barrels from April 1
Japan treats crude oil stored by Aramco as quasi-government oil reserves counting half of the barrels stored by Aramco as nationalcrude reserves
Companies and government organizations in both nations signed a total of 20 MOUs on Tuesday including cooperation betweenthe Saudi Arabian General Investment Authority (SAGIA) and Japans three megabanks - Mitsubishi UFJ Financial Group (8306T)Sumitomo Mitsui Financial Group (8316T) and Mizuho Financial Group (8411T) - on increasing investments in the kingdom
The MOUs also included cooperation in seawater desalinationhttpautoeconomictimesindiatimescomnewsindustrytoyota-to-look-at-saudi-production-as-the-countries-seek-closer-ties57636587
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Geneva Motor Show 2017 Airbus unveils fully electric flying car PopUp The Economic Times
Geneva Airbus along with Italdesign has unveiled the first modular fully electric zero emission concept vehicle system - PopUpat the Geneva Motor Show 2017 informed the French company in an official statement
PopUp envisages a modular system for multi-modal transportation that makes full use of both ground and airspace and isdesigned to relieve traffic congestion in crowded megacities
PopUp System consists of a three layers concept1 an Artificial Intelligence platform that based on its user knowledge manages the travel complexity offering alternative usagescenarios and assuring a seamless travel experience
2 a vehicle shaped as a passenger capsule designed to be coupled with two different and independent electric propelled modules(the ground module and the air module) Other public means of transportation (eg trains or hyperloops) could also integrate thePopUp capsule
3 an interface module that dialogues with users in a fully virtual environment
Airbus claims The PopUp vehicle combines the flexibility of a small two seater ground vehicle with the freedom and speed of avertical take-off and landing (VTOL) air vehicle thus bridging the automotive and aerospace domains
PopUpamprsquos monocoque carbon-fibre cocoon measures 26 metres long 14 metres high and 15 metres wide The capsuletransforms itself into a city car by simply coupling to the ground module which features a carbon-fibre chassis and is batterypowered
For megacity journeys with high congested traffic the capsule disconnects from the ground module and is carried by a 5 by 44metre air module propelled by eight counter-rotating rotors
ampldquoAdding the third dimension to seamless multi-modal transportation networks will without a doubt improve the way we liveand how we get from A to Bamprdquo said Mathias Thomsen General Manager for Urban Air Mobility at Airbus on the occasion ofthe unveil
ampldquoSuccessfully designing and implementing solutions that will work both in the air and on the ground requires a joint reflectionon the part of both aerospace and automotive sectors alongside collaboration with local government bodies for infrastructure andregulatory frameworks Italdesign with its long track record of exceptional vehicle design was an exciting partner for Airbus for thisunique concept projectamprdquo
ampldquoToday automobiles are part of a much wider eco-system if you want to design the urban vehicle of the future the traditionalcar cannot alone be the solution for megacities you also have to think about sustainable and intelligent infrastructure appsintegration power systems urban planning social aspects and so on In the next years ground transportation will move to the nextlevel and from being shared connected and autonomous it will also go multimodal and moving into the third dimensionamprdquo saidItaldesign CEO Joumlrg Astaloschhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsgeneva-motor-show-2017-airbus-unveils-fully-electric-flying-car-pop-up57630936
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Nissan boosts management presence at Mitsubishi Motors ReutersSee this story in The Economic Times
Tokyo Mitsubishi Motors on Tuesday said an additional four Nissan executives would join its management team as Nissan tightensits control over the smaller struggling automaker in which it took a controlling stake last year
The announcement is part of Mitsubishi Motors efforts to rebuild its management system after it admitted last year that it hadoverstated the mileage on a number of its cars sold in Japan battering domestic sales and tarnishing its brand image
From April corporate vice president positions for roles including product development and marketing and sales would be occupiedby officials from Nissan Mitsubishi Motors said
This would hike the number of Nissan executives on Mitsubishi Motors management team to seven from two now
We need to strengthen our corporate governance to avoid a repeat of last years scandal along with scandals previous to thatMitsubishi Chief Executive Officer (CEO) Osamu Masuko told reporters during a teleconference
After taking a one-third stake in Mitsubishi Motors Nissan installed Carlos Ghosn - its CEO at the time - as chairman of MitsubishiMotors while also naming two Nissan officials to Mitsubishis board of directors
Nissan also dispatched other executives to the smaller automaker including Trevor Mann previously Nissans chief performanceofficer who became chief operating officer at Mitsubishi late last year
Last month Ghosn said he would step down from the top position at Nissan to focus on deepening the companys alliance withRenault SA and Mitsubishi Motors
Separately Nissan said Shiro Nakamura the companys chief creative officer and one of Japans best-known car designers willretire after nearly 20 years at the automaker
Nakamura 66 is recognised for referencing science fiction anime and embracing Japans culture of cute in models including theGT-R supercar the Cube compact MPV and the Juke SUV crossover setting the automaker apart from many of its rivals whichhave been accused of making lookalike cars
Nakamura joined Nissan in 1999 from Japanese truckmaker Isuzu Motors and was one of the first key hires by Ghosn shortly afterGhosn himself arrived from French automaker Renault to save the company from bankruptcy
Alfonso Albaisa who currently overseas design at Nissans premium Infiniti brand will succeed Nakamura while former BMWglobal chief designer Karim Habib will become the brands new chief designer effective July 1httpautoeconomictimesindiatimescomnewsindustrynissan-boosts-management-presence-at-mitsubishi-motors57631800
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Renault Zoe e-Sport breaks covers at 2017 Geneva Motor Show The Economic Times
New Delhi In the ongoing Geneva Motor Show Renault has showcased its new two-seat version of its electric car Renault Zoee-Sport The company claims to have taken the design cues from Formula E
The ZOE e-Sport Concept is the fully electric concept car that embodies Renaultamprsquos commitment to the idea that electric carscan be fun and fast says Renault The sporting credentials of the ZOE e-Sport Concept extend beyond the caramprsquos styling andthe same blue livery as the Renault edams teamamprsquos front-running Formula E single-seaters
The bodywork of the ZOE e-Sport Concept is made entirely from lightweight carbon fibre which helps to ensure outstandingacceleration from standstill to 100kph in just 32 seconds The car tips the scales at a mere 1400 kilograms including 450kilograms of batteries
The car is powered by two electric motors capable of generating 450 bhp and 650 Nm of torque One of the motor is powered to therear axle and the other to the front axle Renault Zoe e-Sport gets the same 40 kWh battery which powers the standard variant ofthe car
Jean-Christophe Kugler CEO Renault Europe said that the concept as a link car - a styling exercise intended to connect the Zoeroad car with what Renault is doing in Formula E racing and to send a message that EVs are fun to drive Its not a signal of thefuture for Zoe and we have no intention to develop a performance version
Renault also claims that the electric performance car uses the same air and water cooling systems as the Renaultamprsquos FormulaE car The car is based on a tubular steel chassis with use of extensive carbon fibre The car also gets four driving modes
At the moment Renault has no plans to make the Zoe e-Sport into productionhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsrenault-zoe-e-sport-breaks-covers-at-2017-geneva-motor-show57627528
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Sensata Technologies opens testing facility in Bulgaria ReutersSee this story in The Economic Times
Sofia Sensata Technologies has opened its largest global testing facility in Sofia to support its automotive sensing technologies thecompany said on Tuesday
Sensata which has manufacturing sites in 13 countries already employs 3000 people in Bulgaria where it produces pressure andhigh temperature sensors for the automotive market and operates a business centre
In recent years inexpensive labour low taxes and an educated workforce have encouraged dozens of car part producers and ITand business outsourcing companies to set up in the Balkan countryhttpautoeconomictimesindiatimescomnewsauto-componentssensata-technologies-opens-testing-facility-in-bulgaria57632975
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Driving driverless Quest for an autonomous car has reached a truck now Nandagopal RajanThe Financial Express
At San Franciscoamprsquos Pier 90 chock-a-block with cargo vehicles it is pretty tough for any truck to stand out But a white Volvotruck with Otto emblazoned on it is the centre of attention This is the next big thing in automated cars and has already shown itsmettle by delivering a consignment of Budweiser beer in Colorado without a driver controlling it on the freeway
Uber is one of the many companies thinking in terms of driverless car While CEO Travis Kalanick says automated vehicles areampldquoexistentialamprdquo for the ride-hailing companyamprsquos future he is not alone in the race to drive without drivers Just in theUS at least 23 companiesampmdashincluding Tesla Google and Volkswagenampmdashhave registered in autonomous vehicleprogrammes The idea that fuels this cutting-edge technology is pure economics at the end of the day Cars suffer from seriousissues of inefficiency as they sit idle 95 of the time Considering that the world has 1200000000 cars this is inefficiency at agargantuan scale Add to this the fact that cars amount for 22 of all emissions globally and muddy the urban infrastructureproblem by creating the need for parking spaces
Since 1984 when the first experimental self-driving cars appeared there has been much progress on the technology leading toMercedes-Benz showcasing its concept car the F 015 at the Consumer Electronics Show in Las Vegas in 2015 Everyone has adifferent take on the technology but in the end the idea is to make cars intelligent and independent enough to be aware ofsurroundings and take decisions based on that
Interestingly Uberamprsquos dream is to bring ampldquoreliable transportation to everyone everywhereamprdquo now extended toeverything too with the trucks from Otto a start-up it acquired last year Matt Sweeney who heads product at UberamprsquosAdvanced Technology Group says ampldquothe truck and passenger vehicles share software and hardware components and thishelps us work on different aspects of the self-driving problem at the same timeamprdquo But on scope passenger vehicles are forurban environments where Uber has its focus on ride-sharing while trucks will be for high-speed highways where the constraintsare different
Just last week Uber got a permit from California Department of Motor Vehicles to test two self-driving Volvo SUVs on public roadsthough it will need to have backup drivers behind the wheel in case the prototype cars malfunction Its self-driving cars have beenrunning test drives in other parts of the US too
The Otto truck comes with a rig of radars laser scanners and stereo cameras that give the computers inside a live 360-degreevision of its environment with high dynamic range high resolution and high colour information imagery so that the truck can besmart enough to decide what to do next But the computing task this presents is ampldquoalmost as big as a small datacentreamprdquo Sweeney says the computing has to be done inside as ampldquothere is no tech that can let us send all that data tothe cloud real time and hence a lot of the computing has to be done in the truck itselfamprdquo
ampldquoA lot of the tech is based on prior mapping but in subsequent runs we see differences that have come about in the area andpay attention on those objects that are differentamprdquo
Interestingly Otto is being sued by Googleamprsquos Waymo self-driving car unit which claims its former employee and start-upfounder Anthony Levandowski stole its proprietary design for its laser-based radar system There are other challenges tooampldquoUber tech is different because we are trying to make this on top of the ride-sharing network that we already haveamprdquo headded
Nissan in contrast keeps the driver and not the technology at the centre and its definition of an ampldquoautonomous caramprdquo ishence a vehicle with different levels of driving technologies that enable it to operate autonomously for certain periods of time ANissan spokesperson said on the technology side the challenges are in artificial intelligence software development data processingand digital mapping technologies while on the social environment side laws and regulations along with modifications of roadinfrastructure will become necessary
This contrast in technologies is why it is important to see how the entire ecosystem evolves maybe with different platforms talkingto each other But Uber is not depending on this ampldquoWe need to see and interact with vehicles but there is no guarantee wewill have that technology So we are approaching it with the assumption it wonamprsquot existamprdquo says Sweeney
Uberamprsquos goal is to take its technology everywhere but can these vehicles actually be practical for an environment like IndiaSweeney accepts the new elements this will throw in along with the sheer volume will present a slew of challenges ampldquoThoseare situations we think we will be able to tackle but those are not the first places we will goamprdquo he explains adding that theywill look for opportunities where they can deploy this technology safely Clearly this drive has just started(The author attended the Uber Media Summit in San Francisco at the invitation of Uber)httpwwwfinancialexpresscomopiniondriving-driverless-quest-for-an-autonomous-car-has-reached-a-truck-now588112
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Samsung completes acquisition of Harman The Economic Times
New Delhi The arrest of the Vice-Chairman of Samsung Board Lee Jae Yong on bribery and corruption charges has not affectedthe deal between Samsung and Harman International IndustriesIn a media statement the South Korean giant confirmed thecompletion of its largest such deal ever
Under the terms of the merger agreement Harman stockholders will receive $11200 per share in cash The completion follows thesatisfaction of all conditions to the closing of the transaction including approval of the transaction by HARMAN stockholders andreceipt of all necessary regulatory approvals in the United States and certain foreign jurisdictions
ampldquoToday is a historic moment for us The close of this transaction opens the door to create substantial growth opportunitiesand deliver greater benefits for customers worldwideamprdquo said Young Sohn President and Chief Strategy Officer of SamsungElectronics and Chairman of the Board HARMAN ampldquoWe see transformative opportunities in the car ampndash and a futurewhich seamlessly connects lifestyle across automotive home mobile and work Samsungamprsquos and HARMANamprsquosleadership in these spaces perfectly positions Samsung to be the preferred partner to our OEM customers In addition bringingtogether HARMANamprsquos iconic audio brands and capabilities paired with Samsungamprsquos leading display technologies willdeliver enhanced audio and video experiences to consumers and professional end markets And most importantly we areenthusiastic about our common vision the similarities in our culture of innovation and the added value we can create for customersWe look forward to working with all of HARMANamprsquos employees to execute on our visionamprdquo
Harman boasts around 30000 employees spreadout across different brands including JBL Infinity Lexicon and Mark LevinsonThe company will continue to conduct business as an independent subsidiary under the terms of the deal with Samsung
ampldquoWe are excited to have completed the transaction which provides compelling cash value to our stockholders benefits ourcustomers and provides new opportunities for our employeesamprdquo said Dinesh Paliwal Harman President and CEOampldquoSamsung shares our commitment to our customers and our culture of speed innovation and execution Samsung providesHarman with the scale platform and complementary technologies to accelerate growth and extend our global market leadership inautomotive smart audio and connected technologies Recognizing the importance of partnerships in an increasingly connectedworld particularly in automotive we are poised to leverage our combined teams and resources to produce even greater value forour customers Working closely with automakers and other technology companies Samsung and Harman will define ampndash anddrive ampndash the future of automotiveamprdquohttpautoeconomictimesindiatimescomnewsauto-technologysamsung-completes-acquisition-of-harman57624440
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Skoda delivers 81200 units in Feb 2017 globally The Economic Times
Mlada Boleslav Czech car manufacturer Skoda in a press release stated that the company delivered 81200 vehicles to customersworldwide in February 31 more than in the same period last year (February 2016 78800) brvbarkoda also claims that it has soldmore cars than any February in its history The Czech manufacturer achieved double-digit growth in Central and Eastern Europe (+129 and + 133) India (+ 128) and Israel (+ 198) among others
We are delighted with our strong start to 2017 We expect the market launch of the OCTAVIA product upgrade as well as the newKodiaq to create further momentum says Werner Eichhorn brvbarKODA Board Member for Sales and Marketing
In Western Europe deliveries to customers rose by 70 in February to 34800 vehicles (February 2016 32500) With 12600vehicles Germany remains the strongest single European market (February 2016 12100 vehicles +45) brvbarKODA recordeddouble-digit growth rates in the UK (3400 vehicles +236) Italy (2200 vehicles + 201) Belgium (2 000 vehicles +271) andAustria (1900 vehicles +647)
In Central Europe brvbarKODA achieved an increase of 129 with 17400 cars (February 2016 15400 vehicles) Deliveries on thehome market of the Czech Republic rose by 88 to 8200 vehicles in Poland (5700 vehicles + 163) Slovakia (1700 vehicles+154) Slovenia (600 vehicles +226) and Croatia (300 vehicles +469) also rose in double figures
In Eastern Europe excluding Russia Skoda achieved a year-on-year increase of 133 with 2800 vehicles delivered (February2016 2500 vehicles) In the same period 400 customers in Ukraine received their new brvbarKODA ampndash an increase of 939(February 2016 200 vehicles) The number of deliveries increased significantly in Bosnia (200 vehicles + 557) Bulgaria (200vehicles +175) and the Baltic States (600 vehicles + 229) In Russia brvbarKODA achieved an increase of 46 with 4300vehicles (February 2016 4100 vehicles)
In China ampndash the brandamprsquos largest market worldwide ampndash brvbarKODA handed over the keys to 15000 new vehicles(February 2016 18500 vehicles -188) Deliveries overseas increased by 98 to a total of 2500 vehicles
At the Geneva Motor Show brvbarKODA is presenting several new highlights These include the brvbarKODA KODIAQ SCOUT and brvbarKODAKODIAQ SPORTLINE alongside the extensively upgraded brvbarKODA OCTAVIA as well as the sporty spearhead brvbarKODA OCTAVIA RS245 and the brvbarKODA OCTAVIA SCOUT with a rugged off-road look In addition the upgraded brvbarKODA models RAPID and RAPIDSPACEBACK and Citigo are on show
brvbarKODA deliveries to customers in February 2017 (in units rounded off by model +- in percent compared to February2016)brvbarKODA OCTAVIA (28600 -86)brvbarKODA FABIA (16700 + 152)brvbarKODA RAPID (15000 + 121)brvbarKODA SUPERB (10900 + 171)brvbarKODA KODIAQ (1300 + 1000)brvbarKODA YETI (6300 -157)brvbarKODA CITIGO (only sold in Europe 2300 -164)httpautoeconomictimesindiatimescomnewspassenger-vehiclecarsskoda-delivers-81200-units-in-feb-201757626693
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Isuzu claims more durability on its diesel engines for trucks The Economic Times
Indianapolis Isuzu Commercial Truck of America has announced that the B10 durability rating of its 4HK1-TC diesel engine hasbeen increased to 375000 miles informed the company in an official statement
To elaborate further on what it means the Japanese commercial vehicle manufacturer went on to say that A B10-life rating is anindustry-standard gauge provided by engine makers to help consumers determine the long-term durability of an engine Thenumber following the B indicates the percentage of an engineamprsquos population that will require an overhaul before the indicatedmileage
That means that 90 of Isuzu 4HK1-TC engines are expected to last 375000 miles before they require a major repair or rebuildPreviously the 4HK1-TC engine carried an already-robust B10 durability rating of 310000 miles added the company
ampldquoWe are proud to say that Isuzu diesel engines are already known worldwide for their long-term dependabilityamprdquo saidShaun Skinner president of Isuzu Commercial Truck of America ampldquoOur new B-10 rating is strong evidence that our enginesare even more durable than everamprdquo
The turbocharged intercooled 4HK1-TC four-cylinder diesel engine displaces 52 liters and generates 215 horsepower Torqueratings vary depending on model The engine is fitted to Isuzu NPR-HD NPR-XD NQR and NRR models as well as the all-new2018 Isuzu FTR Class 6 truck
The company made the above announcement at the National Truck Equipment Associationamprsquos 2017 Work Truck Show inIndianapolis held on March 13httpautoeconomictimesindiatimescomnewsauto-componentsisuzu-diesel-engines-for-trucks-now-become-more-durable57626832
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MoS visits Rolls-Royces new logistics centre in England The Economic Times
New Delhi Nick Gibb Minister for School Standards and MP for Bognor Regis and Littlehampton has visited Rolls-Royce MotorCars Technology and Logistics Centre on Monday informed the British luxury car maker in a media release
During the visit Gibb toured the facility met the expert team onsite and was briefed on the companyamprsquos future plans to expandthe Centre He also took the opportunity to learn more about the Rolls-Royce Motor Cars apprenticeship graduate and internprogrammes
Nick Gibb said ampldquoThe original announcement that Rolls-Royce Motor Cars would be locating its Technology and LogisticsCentre in Bognor Regis was a great boost for our town and warmly welcomed I am delighted to see the huge new state of the artfacilities fully operational and providing high quality jobs for local people The support of such a prestigious company is good newsfor Bognor Regis and for the wider local economyamprdquo
He continued ampldquoIt is very welcome that Rolls-Royce operates an apprenticeship scheme ensuring the company has the skillsit needs for the future and providing opportunities and training for a cohort of young people every year This year Rolls-Royce istaking on record numbers of apprenticesamprdquo
The new Rolls-Royce Technology and Logistics Centre at Bognor Regis opened on schedule in January 2016 The purpose-built30000m2 facility is located close to the companyamprsquos head office and manufacturing plant at Goodwoodhttpautoeconomictimesindiatimescomnewsindustrymos-visits-rolls-royce-new-logistics-centre-in-england57626981
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All new Mazda CX-5 to be produced at Hofu Plant The Economic Times
Hiroshima Japan Japanese automaker Mazda Motor Corporation starting from November is going to produce the all-new MazdaCX-5 crossover SUV at its Hofu Plant in addition to the Hiroshima Plant where it is currently produced
The company informed that the move will help the automaker respond quickly and flexibly to growing demand for SUVs globally
Mazda aims to create a production system that can respond flexibly to changes in demand for crossover vehicles as it works tomeet its global sales goal of 165 million units
Launched domestically in February the all-new CX-5 has till date recorded sales of 16639 units about seven times the monthlytarget claims the company
As with the CX-3 starting production of the CX-5 at Hofu Plant as well is part of our plan to build a production framework that givesus more flexibility between plants and between models said Masatoshi Maruyama Managing Executive Officer in charge of GlobalProduction We will do everything we can to get customers the crossover vehicles they want as quickly as possiblehttpautoeconomictimesindiatimescomnewspassenger-vehicleuvall-new-mazda-cx-5-to-be-produced-at-hofu-plant57627447
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Rheinmetall receives over $25 mn order from American carmaker The Economic Times
New Delhi German automotive parts supplier Rheinmetall has booked its first order for a special application of coolant valves by amajor American carmaker and destined for the NAFTA market
The company in a statement said that the order has a lifetime value of over US$25 million (around Rs 165 crore) Series productionof the valves is scheduled to start in 2019 with the contract set to run for about five years
Talking about the product the company went on to say that the innovative valves play a lead role in intelligent thermal and energymanagement on modern vehicle engines These often have several cooling circuits which are controllable with the aid of switchingseat valves
As from model year 2020 this particular customer will be installing several versions of such valves on gasoline and diesel enginesfor pick-ups with over 6 liters displacement
They will take over functions in the cooling circuit of the transmission ensuring that it reaches operating temperature faster byswitching off the coolant flow when the engine is started This also helps to reduce emissions added the companyhttpautoeconomictimesindiatimescomnewsauto-componentsrheinmetall-receives-over-25-mn-order-from-american-carmaker57628058
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Nissans Infiniti names former BMW executive as new design chief ReutersSee this story in The Economic Times
Beijing Infiniti Nissan Motors premium brand named Karim Habib former global design chief for BMW as the brands new chiefdesigner effective July 1
Habib will replace Alfonso Albaisa who will be promoted to lead Nissans global design according to a press release seen byReuters Habib will report to Albaisa
Habib who has worked for several premium automotive brands including BMW and Daimler will be based in Nissans technicalcentre in Atsugi Japan and lead Infinitis design teams in Japan Beijing San Diego and Londonhttpautoeconomictimesindiatimescomnewsindustrynissans-infiniti-names-former-bmw-executive-as-new-design-chief57630437
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Elon Musks bold offer of Tesla batteries wont solve Australias power problems ReutersSee this story in The Economic Times
Launceston Australia Australia is becoming an interesting microcosm on how to or how not to transition an economy from beingpredominantly powered by coal to more climate-friendly alternatives
The dramatic intervention by Tesla Inc Chief Executive Elon Musk last week is just the latest twist in an ongoing saga that pits
business government farmers government and environmentalists against each other
Musk in an exchange of tweets with software billionaire Mike Cannon-Brookes chief executive of Atlassian Corp offered to fix theelectricity supply problems of South Australia state within 100 days of signing a contract
Musks plan is to install 100 megawatts (MW) of grid-connected battery storage which would be available to meet peak demandand would be charged with surplus electricity from other generating sources in periods of low demand
Its a bold offer and would most likely provide a quick fix to Australias fourth-largest state which suffered a blackout last Novemberand has been dealing with power shortages over the peak summer period
Businesses like BHP Billiton which operates the giant Olympic Dam copper mine in the state have been pushing for thegovernment and other stakeholders to ensure stable electricity supply saying the cost of blackouts runs into millions of dollars inlost output
Musk whose Tesla Corp is ramping up output of its battery storage packs at its Gigafactory in Nevada held talks with AustralianPrime Minister Malcolm Turnbull at the weekend as well as with South Australian Premier Jay Weatherill
The politicians will no doubt be tempted to Musks offer to install batteries especially since the electric car pioneer said if he didntmeet his 100 day deadline he wouldnt charge anything
But while Musks offer if taken up would provide a quick fix it would not do enough to mend the underlying problems at the heart ofAustralias electricity woes
Its worth looking at how Australia got itself to the point where virtually all players can agree that the nation is facing somethingapproaching an energy crisis
After all the country is not short of fossil fuels such as coal and natural gas and its climate and low population density outside themajor cities are ideal for renewables such as solar and wind power
The country is heavily reliant on an ageing fleet of coal-fired power stations which makes Australia one of the highest polluters percapita
These coal power stations are starting to close down with one shutting in South Australia last year and another planned to close inVictoria state at the end of this month
The problem is that the coal-fired power stations role as providers of base load electricity cannot be taken over by wind and solarand the role is falling to natural gas
But natural gas is also the most expensive method of generating electricity in Australia so utilities are reluctant to run their gas-firedplants until prices are high enough to justify the cost
South Australia has a gas-fired plant that was mothballed until last years power supply crisis but even with the higher prices forelectricity the operator is struggling to make the plant profitable
The state moved on Tuesday to try and address its energy security issues announcing it would build a 250 MW gas-fired plant andhelp the private sector build a 100 MW battery at a total cost of A$510 million ($385 million)
Gas Supply ConstraintsNatural gas supply is becoming a problem in Australia which may seem ironic given the country is on the verge of becoming theworlds largest exporter of liquefied natural gas (LNG) as the last of eight new plants come closer to completion
In fact the new LNG plants are copping some of the blame for the tightening natural gas market especially the three in easternQueensland state based on using coal-seam gas as the feedstock
These are being blamed for sucking domestic natural gas out of the market and into the export LNG industry
What hasnt helped is that some of Australias state and territory governments are also pursuing policies that will restrict futurenatural gas supplies
Victoria state has banned hydraulic fracturing or fracking as well as shale and coal-seam gas exploration while the NorthernTerritory New South Wales and Tasmania have various moratoriums on fracking
This leaves Western Australia Queensland and South Australia as the remaining states where onshore natural gas supplies can bedeveloped and they are now in the cross-hairs of the environmental lobby which is opposed to any and all new natural gas wells
Politicians across the traditional Labor-Liberal divide are increasingly giving in to demands to restrict natural gas exploration whilepretending that this wont have a negative impact on energy security and electricity prices
But the costs are starting to become apparent with spot electricity prices surging over the Australian summer and natural gassuppliers warning that they will be unable to meet the needs of industrial customers without action being taken
Its often the case politicians only take action when the point of crisis is reached and this appears to be the case in Australia
Whats needed is a holistic approach to energy supply as Australia transitions away from coal-fired power
This means ensuring enough natural gas is available to provide base load generation while scaling up renewables such as solar
wind pumped hydro and battery storage
Forging enough common ground with the various stakeholders will be the main obstacle but more than anything else Australia isshowing how difficult it is to end the age of coalhttpautoeconomictimesindiatimescomnewsindustryelon-musks-bold-offer-of-tesla-batteries-wont-solve-australias-power-problems57630514
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Innogy in talks with car consortium over charging stations CEO ReutersSee this story in The Economic Times
Essen Germany Innogy is in intense talks with a group of carmakers Chief Executive Peter Terium told journalists on Mondayhoping to be selected as a supplier of super-fast charging stations for electric vehicles across Europe
Its not a done deal yet Terium said pointing to strong competition from rival vendors
BMW Volkswagen Ford and Daimler plan to build about 400 next-generation charging stations in Europe that can reload anelectric car in minutes instead of hours
Sources told Reuters in January that Innogy was in talks with the consortiumhttpautoeconomictimesindiatimescomnewsindustryinnogy-in-talks-with-car-consortium-over-charging-stations-ceo57624184
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China may roll back electric vehicle quotas as industry pushes back ReutersSee this story in The Economic Times
Beijing China is considering easing proposed quotas aimed at producing more electric vehicles as Beijing gets pushback from theautomotive industry over the scale and pace of the plans
If adopted proposed changes under discussion could see a target of new energy vehicles (NEV) making up 8 percent of sales nextyear pushed to 2019 two auto executives said
The changes would lower targets from a draft policy released in September requiring 8 percent of automakers sales to be batteryelectric or plug-in hybrid vehicles by 2018 rising to 10 percent in 2019 and 12 percent in 2020
Any loosening of NEV targets would mark a pull back by Beijing which has faced opposition to the planned targets as it looks todrive its domestic carmakers to overtake global rivals in the green vehicle sector
Automakers and industry bodies have said the targets are too tough and could hurt manufacturers interests New energy vehicleslast year accounted for just 18 percent of sales in the worlds biggest autos market according to Reuters calculations based onofficial data
Its normal to make revisions as its a draft plan An Jin chairman of Anhui Jianghuai Automobile Group (JAC Motor) said on thesidelines of the National Peoples Congress in Beijing
He said he was aware of talks to revise the quota targets but said nothing was set in stone JAC hasnt been told what revisionsmight be made to the draft but I think it is possible the draft will be changed after the discussions he said
Whether the whole market can hit this quota by 2018 depends a lot on the strength of government policy If its strong then weshould be able to surpass the targets An said (But) if you consider Chinas infrastructure and the transformation of Chinas autosector then perhaps the pace will have to slow
Two Percent CutTwo executives familiar with the plans told Reuters the government was considering options for lowering the requirements
One idea was to reduce the quota requirement by 2 percent each year cutting the 2018 requirement to 6 percent said aChina-based government relations official at a major global automaker It would then be 8 percent in 2019 and 10 percent in 2020
Another option would be to push back each target by a year with the 8 percent quota starting from 2019 an executive at aJapanese car maker said
Both asked not to be named due to the sensitivity of the matter and because the draft was still under consideration
The overall policy includes quotas for plug-in cars targets for average fuel economy requirements and a credit trading system topromote green energy cars while penalizing petrol cars
The two people said the quota stand-off was tied to a disagreement between the Ministry of Industry and Information Technology(MIIT) and Chinas top state planner the National Development and Reform Commission (NDRC)
MIIT which regulates manufacturers supports a more flexible credit trading system favoured by automakers The NDRC is more
aggressive in promoting a transition to electric vehicles pushing the introduction of the stricter quotas
An NDRC spokesman said the body played a small role when the draft was open to public for discussion MIIT did not immediatelyrespond to Reuters requests for comment
China has strongly supported and subsidized electric vehicles but is gradually swapping out incentives for hard targets automakersmust meet The central government cut subsidies 20 percent this year a first reduction towards eliminating them by 2020httpautoeconomictimesindiatimescomnewspolicychina-may-roll-back-electric-vehicle-quotas-as-industry-pushes-back57623608
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Russias standards agency says Volkswagen recalls 43151 Skoda cars ReutersSee this story in The Economic Times
Moscow Russias standards agency said on Monday that Volkswagens Russian operation had informed it about the voluntaryrecall of 43151 Skoda cars due to a possible technical fault
The recall affects Skoda Octavia Superb Fabia Yeti and Rapid cars sold in Russia between 2012 and 2016 the watchdog saidhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsrussias-standards-agency-says-volkswagen-recalls-43151-skoda-cars57624140
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Economy
Rupee hits 1-12 yr high surges 78 paise on BJP sweep PTISee this story in The Economic Times
Mumbai The rupee surged by a massive 78 paise to end at a nearly one-and-a-half year high of 6582 against the US dollar onfrantic unwinding of the American currency following BJPs emphatic victory in Uttar Pradesh
Forex market sentiment soared on hopes that BJPs stellar show in state polls would pave the way for the Modi government to focuson key reform measures
The home currency resumed on a strong footing at 6620 from last Fridays closing value of 6660 at the Interbank ForeignExchange (forex) market on heavy dollar unwinding from speculative traders and exporters tracking weekend developments
Maintaining its bullish momentum against the dollar the rupee hit a fresh intra-day high of 6576 in late afternoon deals beforeending at 6582 showing a solid gain of 78 paise or 117 per cent
This is the highest closing of the rupee since November 6 2015 when it had ended at 6576
Meanwhile the RBI fixed the reference rate for the dollar at 661800 and for the euro at 704354
Financial markets too took comfort from BJPs landslide victory with the broader Nifty climbing 15245 points to a new closing peakof 9087 and the Sensex rallying 49640 points to end at 2944263
The much-anticipated turnaround on the economic front has opened up a barrage of foreign capital fund flows into India
Foreign investors pumped in over Rs 10000 crore in the Indian capital markets this month so far
It also got an added fillip from bullish macro data which showed that the countrys industrial production bounced back in Januaryexpanding by 27 per cent year-on-year
Factory output measured in terms of Index of Industrial Production (IIP) had contracted by 01 per cent in December
However inflation based on wholesale prices shot up to a 39-month high of 655 per cent in February against 525 per cent inJanuary according to official data
On the global front the dollar traded firmly higher against its major counterparts ahead of the two-day Fed meet when it could liftrates for the third time since the financial crisishttpautoeconomictimesindiatimescomnewsindustryrupee-hits-1-12-yr-high-surges-78-paise-on-bjp-sweep57635104
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Nifty hits all time high of 912275 Sensex surges 616 points after big BJP win The Economic Times
Mumbai The Nifty jumped to life highs on Tuesday after the BJPamprsquos thumping win in the crucial state of Uttar Pradeshrekindled hopes of a bigger-than-expected push for reforms by the Narendra Modi government
The Nifty up 11 so far this year crossed its previous life high of 9119 to hit 912275 before ending the day 171 or 15245points higher at 9087 This is the indexamprsquos biggest single-day gain in points since February 1 and caps a strong reboundsince the December 26 low of 7893 on demonetisation worries
The Sensex surged by 616 points or 212 intra-day before ending the day at 2944263 up 49640 points This is its biggest gainsince May 25 last year The index is the best performer among all developed and emerging market indices in local currency terms inthe past three months
The rupee surged 79 paise to a 16-month high of 6582 to the dollar as exporters sold more dollars and foreign investors boughtlocal shares BSE data showed that foreign investors bought local shares worth Rs 4089 crore their biggest single-day purchasesince February 17 when they purchased Rs 8059 crore
FPIs have bought shares worthRs 23132 crore since January this year against net sales of Rs 9800 crore in the same period lastyear The BSE Midcap and Smallcap indices gained 144 each
ampldquoOne must be ready for a correction after a rally but I am optimistic about the medium to longterm prospectsamprdquo saidMotilal Oswal chairman Motilal Oswal Financial Services Ltd ampldquoFundamentally valuations are comfortable at this point intime because of good corporate earnings growth In the short term markets may remain volatileamprdquo
BJP romped to victory in UP on Saturday winning 312 out of the 403 seats Its allies won 13 more taking the NDA tally to 325 Thisis the biggest win recorded by any party in the state since 1977 and has raised prospects of the BJP doing well in other electionsthis year and next Many political pundits also believe that the victory has improved Prime Minister Narendra Modiamprsquos chancesof retaining power in the 2019 general election
Barring the metals index all other sectoral indices on the NSE ended with gains on Tuesday About 55 stocks including TitanJubilant Life Sciences Kotak Mahindra Bank IndusInd Bank YES Bank and Indiabulls Housing Finance among others hit life highswhile 92 stocks were locked in upper circuit with no sellers
ampldquoWith the sharp rally the market which is currently susceptible to global risk is trading at above average multiples and westay cautious near termamprdquo said Sanjay Mookim India Equity Strategist BofA Merrill Lynch ampldquoIndiaamprsquos businesscycle should improve over the next several quarters while improving construction should drive capex which is good forequitiesamprdquo
Some market experts are divided over the near-term outlook as indices have begun to look expensive at current valuations Plusthere is no immediate trigger for upgrade
ampldquoValuations of the Indian market are quite high and would require the support of strong earnings growth Any disappointmenton earnings will make valuations look even more expensive which the market may not likeamprdquo said Sanjeev Prasad senior EDand co-head of Kotak Institutional Equities
ampldquoGlobal and domestic interest rate cycles are no longer supportive with likely increase in developed markets bondyieldsamprdquo
ampldquoWhile markets are expecting a rate hike this meeting what will be of more interest is the commentaryamprdquo said DipenShah senior V-P PCG research Kotak Securities ampldquoIf it is hawkish it may have an impact on fund flows to emerging marketsbut India may be relatively less impacted because of the continuing domestic flowsamprdquo
ampldquoNotwithstanding the election results we believe the risk-reward is not favourable currently and advise investors to sell intothis rally We expect Nifty EPS to rise 15-16 in FY18 and see no trigger for an earnings upgrade at this junctureamprdquo ReligareInstitutional Research said in a notehttpeconomictimesindiatimescommarketsstocksnewsnifty-hits-all-time-high-of-9122-75-sensex-surges-616-points-after-big-bjp-winarticleshow57639036cms
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WPI inflation up 655 for February 2017 The Economic Times
New Delhi The annual rate of inflation based on monthly Wholesale Price Index (WPI) stood at 655 percent (provisional) for themonth of February 2017 (over February 2016) as compared to 525 percent (provisional) for the previous month and -085 percentduring the corresponding month of the previous year
The official Wholesale Price Index for amplsquoAll Commoditiesamprsquo for the month of February 2017 rose by 05 percent to 1855(provisional) from 1846 (provisional) for the previous month
The index for primary articles rose by 09 percent to 2581 (provisional) from 2557 (provisional) for the previous month
The inflation rate for Fuel and power group rose by 13 percent to 2038 (provisional) from 2012 (provisional) for the previousmonth due to higher price of coking coal (15 percent) aviation turbine fuel (3 percent) bitumen (2 percent) and kerosene highspeed diesel LPG and lignite (1 percent each) However the price of furnace oil (1 percent) declined
The index for the major group of manufactured products remained unchanged at its previous monthamprsquos level of 1588
(provisional) In this group the index for amplsquoRubber amp Plastic Productsamprsquo group rose by 02 percent to 1489 (provisional)from 1486 (provisional) for the previous month due to higher price of rubber products (1 percent)
The index for amplsquoTransport Equipment amp Partsamprsquo group rose by 05 percent to 1405 (provisional) from 1398 (provisional)for the previous month due to higher price of auto rickshaw tempo matador (4 percent) and auto parts (1 percent)
For the month of December 2016 the final Wholesale Price Index for amplsquoAll Commoditiesamprsquo stood at 1833 as comparedto 1828 (provisional) and annual rate of inflation based on final index stood at 368 percent as compared to 339 percent(provisional) respectively as reported on January 1 2017httpautoeconomictimesindiatimescomnewsindustrywpi-inflation-up-6-55-for-february-201757627665
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February CPI at 365 vs 317 in January highest since October 2016 PTISee this story in The Economic Times
New Delhi Retail inflation rose to 4-month high of 365 per cent in February mainly due to surge in price of food items like fruitssugar and confectionery
Measured in terms of Consumer Price Index (CPI) the inflation had dipped to a multi-year low of 317 per cent in January this yearon account of cash crunch following demonetisation It was 526 per cent in February last year
According to the CPI data released today by the Central Statistics Office (CSO) the consumer food prices index (CFPI) rose by201 per cent in February from 061 per cent in January The CFPI was 53 per cent in February 2016
Inflation in fruits was higher at 833 per cent fuel and light at 39 per cent in February The rate of price rise in meat and fish was 35per cent in February
Prices of sugar and confectionery items rose by 1883 per cent in February while inflation in milk and milk product increased by 422per cent
The rate of inflation in household goods and services was 409 per cent while this rate was in health segment was 4 per cent Thetransport and communication became expensive by 539 per cent
The personal care and effects segment rose by 515 per cent while the education became more expensive by 537 per cent inFebruary this year
The inflation rate was 438 per cent in clothing and footware segment while it was 49 per cent in housing segment
However the prices of vegetables and pulses declined by 829 per cent and 902 per cent respectively
Rural retail inflation was at 367 per cent in February compared with 336 per cent in the preceding month The CPI was also up inthe urban sector at 355 per cent in February from 29 per cent in January this yearhttpautoeconomictimesindiatimescomnewsindustryfebruary-cpi-at-3-65-vs-3-17-in-january-highest-since-october-201657633211
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Closing
Last Financial Closing
Sensex 2944263 (+49640)NSE 9087 (+15245)US$ spot Rs6582US$ Y1148000US$ 6 months RsYen Rs57Euro spot Rs70
Gold (10gm) Rs28333Silver (1kg) Rs4008300
Crude Oil (WTI) Crude Oil (Brent) $5172 (+037)
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Apollo Tyres 1 18610Asahi Ind 1 21655Amara Raja B 1 83230Ashok Leyland 1 9080Bajaj Auto 10 286670Bharat Forge 2 103550Denso 1 Eicher Motor 10 2396325Escorts 10 51945Exide Ind 1 21645Force Motors 10 427760Gabriel India 1 11460Hero Motocor 2 335745Hind Motors 5 950Hi-Tech Gear 10 29885Jay Bh Maruti 5 38190
Jamna Auto 5 20550JK Tyres amp Inds 10 1241 Kinetic Motors 10 Kinetic Engg 10 KOEL 2 37685Kirloskar Br 2 24135LML Ltd 10 1250LampT 2 155810Lumax Ind 10 131690Lumax Tech 10 43230MampM 5 132600Maruti Suzuki 5 613240Motherson SS 1 36290Minda Inds 2 44350MRF 10 5298390Omax Auto 10 7555Rico Auto 1 5720Sona Koyo St 1 8170
SRF 10 157155Tata Motors 2 46975 TVS Motors 1 43690
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Bhushan Steel 2 5430Hindalco 1 19040Hind Zinc 2 29140JSW Ispat S 10 Jind Steel 1 12490JSW Steel 1 18190Jindal Saw 2 7995National Aluminium 5 7310SAIL 10 6005Tata Steel 10 47255Visa Steel 10 2185
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Ambuja Cement 2 23370Binani Industries 10 7200Birla Corp 10 70360India Cement 10 16070Prism Cement 10 9375JK Cement 10 88470Shree Cement 10 1639835
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NURC News Update - AUTOMOBILES
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sublime driving experience only the silky smooth and torquey V6 diesel can offer
However that still leaves a massive Rs 1345 lakh gap in the range which no doubt future E-class variants will eventually plug butwhich one will find that sweet spot to form the bulk of E-class sales
Itamprsquos no surprise then that Mercedes-Benz India is readying a base diesel which like the previous-generation W212 E-class islikely to be the most popular variant offering a strong dose of practicality without too much of a compromise on refinement andluxury
But unlike the W212 which had the E 250d representing the base diesel in the range Mercedes-Benz India is offering the lower E220d as the starting point for the E-class diesel This suggests that the E 220d will be very attractively priced when it goes on salearound June 2017 and could be priced very close to the E 200
The E 220amprsquos all-new 20 litre four-cylinder diesel which pumps out 194hp and 400Nm of torque may not have the punch ofthe outgoing E 250damprsquos 204hp and 500Nm motor but again given the chauffeur-driven focus the new E-class has beenconceived for the newE 220damprsquos performance is unlikely to be an issue
What is a big issue however is downgrading the 20-litre motor which has been designed for stricter Euro-VI emissions to run onlocally available BS-IV diesel ampldquoItamprsquos such a waste of engineering resource and a step backwardsamprdquo said aMercedes-Benz engineer The 2143cc (OM651) diesel engine which powered the previous E-class was easier to adapt to BS-IVfuel unlike the spanking new high-tech 1995cc (OM654) diesel thatamprsquos built to meet the latest global emission standards Infact the OM654 made its debut in the latest E-class when it was launched globally in 2016 Its advanced tech includes a uniquealuminium engine block with steel pistons a special low-friction coating for the cylinder walls and a fourth-generation common-raildiesel injection system At 168kg it is 31kg lighter than the engine it replaces
Downgrading a Euro-VI engine to BS-IV standards takes a lot of time and resources but there is no way out until fuel pumps in Indiaget low-sulphur BS-VI fuel which is not expected until 2020 The BS-IV-spec OM654 wasnamprsquot ready in time for the newE-class launch and this is one reason why the E 220d is coming a couple of months later The other reason could be a strategicone Mercedes-Benz India wants to wait until BMW launches the all-new 5-series expected in June and in a counter move tweakthe E 220damprsquos mix of specifications features and price accordingly A starting price of Rs 57-58 lakh for the E 220disnamprsquot unlikely especially since this variant will be Mercedes-Benz Indiaamprsquos trump card in a luxury car segment it seemsdetermined to dominatehttpwwwautocarindiacomauto-newsmercedes-to-expand-e-class-range-with-e-220-diesel-404429aspx
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Nissan to launch Kicks SUV in Q3 2018 Autocar India
The Nissan Kicks SUV which made its global debut in 2016 in Brazil will be launched in India in the third quarter of 2018 accordingto company sources
However unlike the South American model which is spun off Nissanamprsquos V-platform the made-for-India Kicks (code PB1D)will be based on the upcoming Renault Kapturamprsquos (code HHA) platform This is essentially a modified version ofRenaultamprsquos proven M0 platform that underpins cars like the Duster and Lodgy which are known for their robust mechanicals
The M0 is also a critical part of the Renault-Nissan Allianceamprsquos platform strategy in India which is essentially centred aroundtwo platforms Whilst the CMF-A and CMF-A+ platforms underpin Renault and Nissanamprsquos (and later Mitsubishiamprsquos) smallto mid-size car range in India the M0 platform will cater to higher end products The low-cost M0 platform has proved to be a cashcow for Renault globally and is ideally suited for markets like India The allianceamprsquos European-spec CMF-B platform was alsoevaluated initially but was eventually rejected as it proved to be a lot more expensive than the M0 which has also been localisedover the years
Developed and conceived originally by Renault for its Dacia sub-brand over a decade ago the French carmaker has first rights toproducts spun off the M0 platform and hence like the Nissan Terrano which followed the Renault Duster the Nissan Kicks too willfollow the Renault Kaptur to India but almost a year later
While both the Kaptur and Kicks will use the same modified version of the platform the amplsquotop hatsamprsquo will be completelydifferent The Kicks design and styling will mirror the South American car and thatamprsquos no bad thing
Sharply styled with lots of distinctive design touches like a floating roof massive wheel arches and a wraparound visor look theKicks wonamprsquot have a problem standing out on Indian roads The good thing is that the edgy design hasnamprsquot compromisedpracticality and Nissan claims best-in-class space in the back seat
Cars based on the M0 platform get a choice of just two engines a 16 petrol and the venerable 15 K9K diesel and hence these arelikely to be carried forward into the Kicks as well The 15 diesel is expected to be the mainstay but its likely that in its latest iterationthere will be a small bump up in power and torque
Nissan has set an ambitious target of 30000 Kicks in its first full year of production with an additional 20000 units earmarked forexports Pricing will be crucial for the Kicksamprsquo success and Nissan may do well to undercut its rivals to buy some much neededmarket sharehttpwwwautocarindiacomauto-newsnissan-to-launch-kicks-suv-in-q3-2018-404426aspx
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International News
Volkswagen CEO gets 778 mn euros in pay and benefits for 2016 ReutersSee this story in The Economic Times
Wolfsburg Volkswagen Groups Chief Executive Matthias Mueller was awarded 778 million euros ($828 million) in pay andbenefits for 2016 up from 417 million euros in total remuneration awarded a year earlier the companys annual report showed onTuesday
Mueller was not awarded a full years CEO pay for 2015 since he only took over as chief executive in September following theresignation of his predecessor Martin Winterkorn who was forced out in the wake of a diesel emissions cheating scandal
Volkswagen overhauled its bonus and executive pay policy in February this year to cap total pay for its chief executive at 10 millioneuros ($106 million) and other top managers at 55 million euros
Volkswagen brand chief Herbert Diess saw his total remuneration for 2016 fall to 393 million euros down from 713 million in 2015the annual report showed
($1 = 09401 euros)httpautoeconomictimesindiatimescomnewsindustryvolkswagen-ceo-gets-7-78-mn-euros-in-pay-and-benefits-for-201657631837Volkswagen CEO Matthias Mueller says not ruling out merger talks with Fiat ChryslerThe Financial Expresshttpwwwfinancialexpresscomindustryvolkswagen-ceo-matthias-mueller-says-not-ruling-out-merger-talks-with-fiat-chrysler587861
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Volkswagen CEO US remains core market for company APSee this story in The Economic Times
Frankfurt The CEO of German automaker Volkswagen says the United States remains a core market for the company despite itsdiesel emissions scandal and has underlined that it hopes to expand there
Matthias Mueller made the comments Tuesday at the companys annual news and investor conference at its headquarters inWolfsburg Germany
Mueller said that we are standing by our investment decisions and intend over the long term to play a significantly greater role therethan today
The Volkswagen brand has only a small share in the US market although it is important for the companys luxury brands Porscheand Audi It makes cars in Chattanooga Tennessee
US authorities uncovered Volkswagens use of engine control software that enabled vehicles to cheat on emissions testshttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsvolkswagen-ceo-us-remains-core-market-for-company57633149
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Volkswagen targets strong 2017 even as core brand struggles ReutersSee this story in The Economic Times
Wolfsburg Germany Volkswagen said it was capable of shouldering the costs of its emissions crisis and was targeting an evenbetter year than in 2016 but warned that its core autos division continued to struggle
We see good chances of being able to ride the wave of the positive performance last year when Volkswagen turned in recordunderlying profit helped by sales of upmarket Audis and Porsches Chief Executive Matthias Mueller said on Tuesday at thecarmakers annual news conference
Volkswagen expects group revenue to exceed last years record 217 billion euros ($231 billion) by as much as 4 percent this yearand is forecasting an underlying operating margin of between 6 and 7 percent compared with 67 percent in 2016 it said affirminga forecast given on February 24
The company also aims to moderately exceed last years record 103 million deliveries
You can rest assured that we will do everything in our power to make 2017 an even better year than 2016 the CEO said
But Volkswagen appears to be making slow progress in tackling the biggest trouble spot within the 12-brand group thelong-planned turnaround of its core autos division
Operating profit of the namesake brand slipped further to 187 billion euros in 2016 from 210 billion a year earlier because of highermarketing costs related to dieselgate and plunging demand in Brazil and other key markets finance chief Frank Witter said
($1 = 09394 euros)httpautoeconomictimesindiatimescomnewsindustryvolkswagen-targets-strong-2017-even-as-core-brand-struggles57630343
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VW CEO says not ruling out merger talks with Fiat Chrysler boss ReutersSee this story in The Economic Times
Wolfsburg Volkswagen Chief Executive Matthias Mueller said he is not ruling out talks with Fiat Chrysler boss Sergio Marchionneabout a possible merger
I am not ruling out a conversation Mueller told reporters on Tuesday after the carmakers annual earnings press conference inWolfsburg
Marchionne has long advocated car industry mergers to share the costs of making cleaner and more technologically advancedvehicles and has repeatedly relayed his desire via the media
It would be very helpful if Marchionne were to communicate his considerations to me too and not just to you Mueller said
I am pretty confident about the future of Volkswagen with or without Marchionne
Only last week Mueller appeared to dismiss the prospect of talks with Fiat Chrysler
We are not ready for talks about anything he told Reuters on the fringes of the Geneva auto show I havent seen Marchionne formonths he said at the timehttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsvw-ceo-says-not-ruling-out-merger-talks-with-fiat-chrysler-boss57632909
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Volkswagen chief denies talks with Fiat AFPSee this story in The Economic Times
Berlin Volkswagen chief Matthias Mueller on Tuesday denied rumours that the German auto giant was in talks with rival FiatChrysler
At present there is no contact between me and Fiat Chrysler boss Sergio Marchionne Mueller told the companys annual pressconference in Wolfsburg north Germany
Marchionne had said at the Geneva car show last week that he was expecting Volkswagen to reach out as more firms are thinkingof cost-cutting tie-ups in the vein of Frances Peugeot and German carmaker Opel
In response Mueller said he had other problems since VWs 2015 admission that it installed software to cheat regulatoryemissions tests in 11 million vehicles worldwide
He nevertheless added that Ive never said a tie-up with any other partner is altogether ruled out
VW clawed its way back to profit in 2016 and pulled ahead of Toyota to become the worlds biggest carmaker by unit sales shipping103 million vehicles over the year
Mueller on Tuesday confirmed the groups forecast of moderate growth in sales in 2017
But the firm is far from turning the page as it continues to refit cars equipped with the cheating software and faces legal action fromcustomers and investors in numerous countries
The final bill for the scandal is impossible to predict Mueller acknowledged
All we know is that this question will keep us busy for a long time several years he saidhttpeconomictimesindiatimescomindustryautovolkswagen-chief-denies-talks-with-fiatarticleshow57633113cms
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Volkswagen has good chances to build on strong 2016 performance CEO ReutersSee this story in The Economic Times
Germany Volkswagen has good chances of building on its strong 2016 performance when it swung to a record underlying profitdespite its diesel emissions crisis Chief Executive Matthias Mueller said
The Volkswagen Group is in very robust shape Mueller said on Tuesday at the carmakers annual news conference in Wolfsburg
VW expects group revenue to exceed last years record 217 billion euros ($231 billion) by as much as 4 percent this year and isforecasting an underlying operating margin of between 6 and 7 percent compared with 67 percent in 2016 it said affirming aforecast given on Feb 24
Still operating profit of its core autos division slipped further to 187 billion euros in 2016 from 210 billion a year earlier as the brandis struggling to implement a wide-ranging turnaround planhttpeconomictimesindiatimescomnewsinternationalbusinessvolkswagen-has-good-chances-to-build-on-strong-2016-performance-ceoarticleshow57630339cms
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BMW i3 batteries to be used by Vattenfall The Economic Times
New Delhi Swedish power making company Vattenfall and German auto giant BMW Group have signed a contract for the deliveryof up to 1000 lithium-ion batteries this year The batteries with a capacity of 33 kilowatt hours (kWh) each are equipped with aBMW-owned battery management system and are also used by the car manufacturer in the BMW i3
Vattenfall will purchase the new batteries from the BMW plant in Dingolfing and use them in all storage projects
Energy storage and grid stability are the major topics of the new energy world says Gunnar Groebler Senior Vice President ofVattenfall and Head of Business Area Wind
We want to use the sites where we generate electricity from renewable energies in order to drive the transformation to a newenergy system and to facilitate the integration of renewable energies into the energy system with the storage facilities Thedecoupling of production and consumption and the coupling of different consumption sectors are in the focus of our work
The first energy storage from the BMW-i3 batteries is being built at the 122 MW onshore wind farm Princess Alexia nearAmsterdam With a capacity of 32 megawatts (MW) it is Vattenfalls first large storage project in the Netherlands
Pending on a final investment decision the largest battery storage will be built at the Vattenfall wind farm Pen y Cymoedd (230 MW)in South Wales - a 22-megawatt storage facility which will help to support the stability of the country-wide power grid in the UK aspart of the so-called EFR (Enhanced Frequency Response) service
As part of the project Norddeutsche Energiewende NEW 40 Vattenfall together with the Hamburg University of Applied Sciences(HAW) and the company Nordex will implement a large battery storage at the future wind farm in Hamburg-Bergedorf
This is a so-called storage control unit made of batteries It is meant to maintain the security of supply with a feed-in of 100 percentrenewable energy In addition the battery storage contributes to the improvement of the network quality and the more efficient useof the existing network structure Other possible applications would be electricity storage in private households Energy storagesolutions are an important part of Vattenfallamprsquos strive to power climate smarter living
We are pleased that we have found a supplier in BMW who meets our high safety requirements with the use of the batteries withreliably good quality from German series production says Daniel Hustadt project manager for large batteries at VattenfallInnovation GmbHhttpautoeconomictimesindiatimescomnewsindustrybmw-i3-batteries-to-be-used-by-vattenfall57630728
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Toyota to look at Saudi production as the countries seek closer ties ReutersSee this story in The Economic Times
New Delhi Toyota Motor Corp signed a memorandum of understanding (MOU) on Tuesday with a Saudi Arabian governmentagency to conduct a feasibility study into producing vehicles and parts in the Middle Eastern nation
The move if firmed up would be a big step for the Saudi economy as the government tries to diversify beyond oil exports andcreate jobs as part of the kingdoms 2030 Vision
So far Saudi Arabia and other Gulf oil exporters have failed to significantly develop industries such as automaking because theylack broad industrial bases and a skilled local workforce
The study would take into account the evaluation of development of a local supply base using materials produced by major Saudi
companies like Sabic Maaden Petro Rabigh and other major industrial companies in the kingdom the official Saudi state newsagency reported
The MOU is with Saudi Arabias National Industrial Clusters Development Program (NICDP)
Meanwhile state-run Saudi Aramco has signed MOUs with five Japanese entities during a business forum that both nations hostedon Tuesday coinciding with a visit by Saudi Arabias King Salman this week
Saudi Aramco and Japans biggest oil refiner JX Nippon Oil amp Energy (5020T) agreed to consider a refinery joint venture in a thirdcountry and cooperation in trading and technology of oil and petrochemical products
Aramco also agreed to consider a possible future cooperation in crude oil supply and downstream business with Idemitsu KosanCompany
In addition Aramco and state-run Japan Oil Gas and Metals National Corp (JOGMEC) formally agreed to expand crude storagecapacity in Japan by 300000 kilolitres (about 19 million barrels) from the current 63 million barrels from April 1
Japan treats crude oil stored by Aramco as quasi-government oil reserves counting half of the barrels stored by Aramco as nationalcrude reserves
Companies and government organizations in both nations signed a total of 20 MOUs on Tuesday including cooperation betweenthe Saudi Arabian General Investment Authority (SAGIA) and Japans three megabanks - Mitsubishi UFJ Financial Group (8306T)Sumitomo Mitsui Financial Group (8316T) and Mizuho Financial Group (8411T) - on increasing investments in the kingdom
The MOUs also included cooperation in seawater desalinationhttpautoeconomictimesindiatimescomnewsindustrytoyota-to-look-at-saudi-production-as-the-countries-seek-closer-ties57636587
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Geneva Motor Show 2017 Airbus unveils fully electric flying car PopUp The Economic Times
Geneva Airbus along with Italdesign has unveiled the first modular fully electric zero emission concept vehicle system - PopUpat the Geneva Motor Show 2017 informed the French company in an official statement
PopUp envisages a modular system for multi-modal transportation that makes full use of both ground and airspace and isdesigned to relieve traffic congestion in crowded megacities
PopUp System consists of a three layers concept1 an Artificial Intelligence platform that based on its user knowledge manages the travel complexity offering alternative usagescenarios and assuring a seamless travel experience
2 a vehicle shaped as a passenger capsule designed to be coupled with two different and independent electric propelled modules(the ground module and the air module) Other public means of transportation (eg trains or hyperloops) could also integrate thePopUp capsule
3 an interface module that dialogues with users in a fully virtual environment
Airbus claims The PopUp vehicle combines the flexibility of a small two seater ground vehicle with the freedom and speed of avertical take-off and landing (VTOL) air vehicle thus bridging the automotive and aerospace domains
PopUpamprsquos monocoque carbon-fibre cocoon measures 26 metres long 14 metres high and 15 metres wide The capsuletransforms itself into a city car by simply coupling to the ground module which features a carbon-fibre chassis and is batterypowered
For megacity journeys with high congested traffic the capsule disconnects from the ground module and is carried by a 5 by 44metre air module propelled by eight counter-rotating rotors
ampldquoAdding the third dimension to seamless multi-modal transportation networks will without a doubt improve the way we liveand how we get from A to Bamprdquo said Mathias Thomsen General Manager for Urban Air Mobility at Airbus on the occasion ofthe unveil
ampldquoSuccessfully designing and implementing solutions that will work both in the air and on the ground requires a joint reflectionon the part of both aerospace and automotive sectors alongside collaboration with local government bodies for infrastructure andregulatory frameworks Italdesign with its long track record of exceptional vehicle design was an exciting partner for Airbus for thisunique concept projectamprdquo
ampldquoToday automobiles are part of a much wider eco-system if you want to design the urban vehicle of the future the traditionalcar cannot alone be the solution for megacities you also have to think about sustainable and intelligent infrastructure appsintegration power systems urban planning social aspects and so on In the next years ground transportation will move to the nextlevel and from being shared connected and autonomous it will also go multimodal and moving into the third dimensionamprdquo saidItaldesign CEO Joumlrg Astaloschhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsgeneva-motor-show-2017-airbus-unveils-fully-electric-flying-car-pop-up57630936
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Nissan boosts management presence at Mitsubishi Motors ReutersSee this story in The Economic Times
Tokyo Mitsubishi Motors on Tuesday said an additional four Nissan executives would join its management team as Nissan tightensits control over the smaller struggling automaker in which it took a controlling stake last year
The announcement is part of Mitsubishi Motors efforts to rebuild its management system after it admitted last year that it hadoverstated the mileage on a number of its cars sold in Japan battering domestic sales and tarnishing its brand image
From April corporate vice president positions for roles including product development and marketing and sales would be occupiedby officials from Nissan Mitsubishi Motors said
This would hike the number of Nissan executives on Mitsubishi Motors management team to seven from two now
We need to strengthen our corporate governance to avoid a repeat of last years scandal along with scandals previous to thatMitsubishi Chief Executive Officer (CEO) Osamu Masuko told reporters during a teleconference
After taking a one-third stake in Mitsubishi Motors Nissan installed Carlos Ghosn - its CEO at the time - as chairman of MitsubishiMotors while also naming two Nissan officials to Mitsubishis board of directors
Nissan also dispatched other executives to the smaller automaker including Trevor Mann previously Nissans chief performanceofficer who became chief operating officer at Mitsubishi late last year
Last month Ghosn said he would step down from the top position at Nissan to focus on deepening the companys alliance withRenault SA and Mitsubishi Motors
Separately Nissan said Shiro Nakamura the companys chief creative officer and one of Japans best-known car designers willretire after nearly 20 years at the automaker
Nakamura 66 is recognised for referencing science fiction anime and embracing Japans culture of cute in models including theGT-R supercar the Cube compact MPV and the Juke SUV crossover setting the automaker apart from many of its rivals whichhave been accused of making lookalike cars
Nakamura joined Nissan in 1999 from Japanese truckmaker Isuzu Motors and was one of the first key hires by Ghosn shortly afterGhosn himself arrived from French automaker Renault to save the company from bankruptcy
Alfonso Albaisa who currently overseas design at Nissans premium Infiniti brand will succeed Nakamura while former BMWglobal chief designer Karim Habib will become the brands new chief designer effective July 1httpautoeconomictimesindiatimescomnewsindustrynissan-boosts-management-presence-at-mitsubishi-motors57631800
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Renault Zoe e-Sport breaks covers at 2017 Geneva Motor Show The Economic Times
New Delhi In the ongoing Geneva Motor Show Renault has showcased its new two-seat version of its electric car Renault Zoee-Sport The company claims to have taken the design cues from Formula E
The ZOE e-Sport Concept is the fully electric concept car that embodies Renaultamprsquos commitment to the idea that electric carscan be fun and fast says Renault The sporting credentials of the ZOE e-Sport Concept extend beyond the caramprsquos styling andthe same blue livery as the Renault edams teamamprsquos front-running Formula E single-seaters
The bodywork of the ZOE e-Sport Concept is made entirely from lightweight carbon fibre which helps to ensure outstandingacceleration from standstill to 100kph in just 32 seconds The car tips the scales at a mere 1400 kilograms including 450kilograms of batteries
The car is powered by two electric motors capable of generating 450 bhp and 650 Nm of torque One of the motor is powered to therear axle and the other to the front axle Renault Zoe e-Sport gets the same 40 kWh battery which powers the standard variant ofthe car
Jean-Christophe Kugler CEO Renault Europe said that the concept as a link car - a styling exercise intended to connect the Zoeroad car with what Renault is doing in Formula E racing and to send a message that EVs are fun to drive Its not a signal of thefuture for Zoe and we have no intention to develop a performance version
Renault also claims that the electric performance car uses the same air and water cooling systems as the Renaultamprsquos FormulaE car The car is based on a tubular steel chassis with use of extensive carbon fibre The car also gets four driving modes
At the moment Renault has no plans to make the Zoe e-Sport into productionhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsrenault-zoe-e-sport-breaks-covers-at-2017-geneva-motor-show57627528
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Sensata Technologies opens testing facility in Bulgaria ReutersSee this story in The Economic Times
Sofia Sensata Technologies has opened its largest global testing facility in Sofia to support its automotive sensing technologies thecompany said on Tuesday
Sensata which has manufacturing sites in 13 countries already employs 3000 people in Bulgaria where it produces pressure andhigh temperature sensors for the automotive market and operates a business centre
In recent years inexpensive labour low taxes and an educated workforce have encouraged dozens of car part producers and ITand business outsourcing companies to set up in the Balkan countryhttpautoeconomictimesindiatimescomnewsauto-componentssensata-technologies-opens-testing-facility-in-bulgaria57632975
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Driving driverless Quest for an autonomous car has reached a truck now Nandagopal RajanThe Financial Express
At San Franciscoamprsquos Pier 90 chock-a-block with cargo vehicles it is pretty tough for any truck to stand out But a white Volvotruck with Otto emblazoned on it is the centre of attention This is the next big thing in automated cars and has already shown itsmettle by delivering a consignment of Budweiser beer in Colorado without a driver controlling it on the freeway
Uber is one of the many companies thinking in terms of driverless car While CEO Travis Kalanick says automated vehicles areampldquoexistentialamprdquo for the ride-hailing companyamprsquos future he is not alone in the race to drive without drivers Just in theUS at least 23 companiesampmdashincluding Tesla Google and Volkswagenampmdashhave registered in autonomous vehicleprogrammes The idea that fuels this cutting-edge technology is pure economics at the end of the day Cars suffer from seriousissues of inefficiency as they sit idle 95 of the time Considering that the world has 1200000000 cars this is inefficiency at agargantuan scale Add to this the fact that cars amount for 22 of all emissions globally and muddy the urban infrastructureproblem by creating the need for parking spaces
Since 1984 when the first experimental self-driving cars appeared there has been much progress on the technology leading toMercedes-Benz showcasing its concept car the F 015 at the Consumer Electronics Show in Las Vegas in 2015 Everyone has adifferent take on the technology but in the end the idea is to make cars intelligent and independent enough to be aware ofsurroundings and take decisions based on that
Interestingly Uberamprsquos dream is to bring ampldquoreliable transportation to everyone everywhereamprdquo now extended toeverything too with the trucks from Otto a start-up it acquired last year Matt Sweeney who heads product at UberamprsquosAdvanced Technology Group says ampldquothe truck and passenger vehicles share software and hardware components and thishelps us work on different aspects of the self-driving problem at the same timeamprdquo But on scope passenger vehicles are forurban environments where Uber has its focus on ride-sharing while trucks will be for high-speed highways where the constraintsare different
Just last week Uber got a permit from California Department of Motor Vehicles to test two self-driving Volvo SUVs on public roadsthough it will need to have backup drivers behind the wheel in case the prototype cars malfunction Its self-driving cars have beenrunning test drives in other parts of the US too
The Otto truck comes with a rig of radars laser scanners and stereo cameras that give the computers inside a live 360-degreevision of its environment with high dynamic range high resolution and high colour information imagery so that the truck can besmart enough to decide what to do next But the computing task this presents is ampldquoalmost as big as a small datacentreamprdquo Sweeney says the computing has to be done inside as ampldquothere is no tech that can let us send all that data tothe cloud real time and hence a lot of the computing has to be done in the truck itselfamprdquo
ampldquoA lot of the tech is based on prior mapping but in subsequent runs we see differences that have come about in the area andpay attention on those objects that are differentamprdquo
Interestingly Otto is being sued by Googleamprsquos Waymo self-driving car unit which claims its former employee and start-upfounder Anthony Levandowski stole its proprietary design for its laser-based radar system There are other challenges tooampldquoUber tech is different because we are trying to make this on top of the ride-sharing network that we already haveamprdquo headded
Nissan in contrast keeps the driver and not the technology at the centre and its definition of an ampldquoautonomous caramprdquo ishence a vehicle with different levels of driving technologies that enable it to operate autonomously for certain periods of time ANissan spokesperson said on the technology side the challenges are in artificial intelligence software development data processingand digital mapping technologies while on the social environment side laws and regulations along with modifications of roadinfrastructure will become necessary
This contrast in technologies is why it is important to see how the entire ecosystem evolves maybe with different platforms talkingto each other But Uber is not depending on this ampldquoWe need to see and interact with vehicles but there is no guarantee wewill have that technology So we are approaching it with the assumption it wonamprsquot existamprdquo says Sweeney
Uberamprsquos goal is to take its technology everywhere but can these vehicles actually be practical for an environment like IndiaSweeney accepts the new elements this will throw in along with the sheer volume will present a slew of challenges ampldquoThoseare situations we think we will be able to tackle but those are not the first places we will goamprdquo he explains adding that theywill look for opportunities where they can deploy this technology safely Clearly this drive has just started(The author attended the Uber Media Summit in San Francisco at the invitation of Uber)httpwwwfinancialexpresscomopiniondriving-driverless-quest-for-an-autonomous-car-has-reached-a-truck-now588112
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Samsung completes acquisition of Harman The Economic Times
New Delhi The arrest of the Vice-Chairman of Samsung Board Lee Jae Yong on bribery and corruption charges has not affectedthe deal between Samsung and Harman International IndustriesIn a media statement the South Korean giant confirmed thecompletion of its largest such deal ever
Under the terms of the merger agreement Harman stockholders will receive $11200 per share in cash The completion follows thesatisfaction of all conditions to the closing of the transaction including approval of the transaction by HARMAN stockholders andreceipt of all necessary regulatory approvals in the United States and certain foreign jurisdictions
ampldquoToday is a historic moment for us The close of this transaction opens the door to create substantial growth opportunitiesand deliver greater benefits for customers worldwideamprdquo said Young Sohn President and Chief Strategy Officer of SamsungElectronics and Chairman of the Board HARMAN ampldquoWe see transformative opportunities in the car ampndash and a futurewhich seamlessly connects lifestyle across automotive home mobile and work Samsungamprsquos and HARMANamprsquosleadership in these spaces perfectly positions Samsung to be the preferred partner to our OEM customers In addition bringingtogether HARMANamprsquos iconic audio brands and capabilities paired with Samsungamprsquos leading display technologies willdeliver enhanced audio and video experiences to consumers and professional end markets And most importantly we areenthusiastic about our common vision the similarities in our culture of innovation and the added value we can create for customersWe look forward to working with all of HARMANamprsquos employees to execute on our visionamprdquo
Harman boasts around 30000 employees spreadout across different brands including JBL Infinity Lexicon and Mark LevinsonThe company will continue to conduct business as an independent subsidiary under the terms of the deal with Samsung
ampldquoWe are excited to have completed the transaction which provides compelling cash value to our stockholders benefits ourcustomers and provides new opportunities for our employeesamprdquo said Dinesh Paliwal Harman President and CEOampldquoSamsung shares our commitment to our customers and our culture of speed innovation and execution Samsung providesHarman with the scale platform and complementary technologies to accelerate growth and extend our global market leadership inautomotive smart audio and connected technologies Recognizing the importance of partnerships in an increasingly connectedworld particularly in automotive we are poised to leverage our combined teams and resources to produce even greater value forour customers Working closely with automakers and other technology companies Samsung and Harman will define ampndash anddrive ampndash the future of automotiveamprdquohttpautoeconomictimesindiatimescomnewsauto-technologysamsung-completes-acquisition-of-harman57624440
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Skoda delivers 81200 units in Feb 2017 globally The Economic Times
Mlada Boleslav Czech car manufacturer Skoda in a press release stated that the company delivered 81200 vehicles to customersworldwide in February 31 more than in the same period last year (February 2016 78800) brvbarkoda also claims that it has soldmore cars than any February in its history The Czech manufacturer achieved double-digit growth in Central and Eastern Europe (+129 and + 133) India (+ 128) and Israel (+ 198) among others
We are delighted with our strong start to 2017 We expect the market launch of the OCTAVIA product upgrade as well as the newKodiaq to create further momentum says Werner Eichhorn brvbarKODA Board Member for Sales and Marketing
In Western Europe deliveries to customers rose by 70 in February to 34800 vehicles (February 2016 32500) With 12600vehicles Germany remains the strongest single European market (February 2016 12100 vehicles +45) brvbarKODA recordeddouble-digit growth rates in the UK (3400 vehicles +236) Italy (2200 vehicles + 201) Belgium (2 000 vehicles +271) andAustria (1900 vehicles +647)
In Central Europe brvbarKODA achieved an increase of 129 with 17400 cars (February 2016 15400 vehicles) Deliveries on thehome market of the Czech Republic rose by 88 to 8200 vehicles in Poland (5700 vehicles + 163) Slovakia (1700 vehicles+154) Slovenia (600 vehicles +226) and Croatia (300 vehicles +469) also rose in double figures
In Eastern Europe excluding Russia Skoda achieved a year-on-year increase of 133 with 2800 vehicles delivered (February2016 2500 vehicles) In the same period 400 customers in Ukraine received their new brvbarKODA ampndash an increase of 939(February 2016 200 vehicles) The number of deliveries increased significantly in Bosnia (200 vehicles + 557) Bulgaria (200vehicles +175) and the Baltic States (600 vehicles + 229) In Russia brvbarKODA achieved an increase of 46 with 4300vehicles (February 2016 4100 vehicles)
In China ampndash the brandamprsquos largest market worldwide ampndash brvbarKODA handed over the keys to 15000 new vehicles(February 2016 18500 vehicles -188) Deliveries overseas increased by 98 to a total of 2500 vehicles
At the Geneva Motor Show brvbarKODA is presenting several new highlights These include the brvbarKODA KODIAQ SCOUT and brvbarKODAKODIAQ SPORTLINE alongside the extensively upgraded brvbarKODA OCTAVIA as well as the sporty spearhead brvbarKODA OCTAVIA RS245 and the brvbarKODA OCTAVIA SCOUT with a rugged off-road look In addition the upgraded brvbarKODA models RAPID and RAPIDSPACEBACK and Citigo are on show
brvbarKODA deliveries to customers in February 2017 (in units rounded off by model +- in percent compared to February2016)brvbarKODA OCTAVIA (28600 -86)brvbarKODA FABIA (16700 + 152)brvbarKODA RAPID (15000 + 121)brvbarKODA SUPERB (10900 + 171)brvbarKODA KODIAQ (1300 + 1000)brvbarKODA YETI (6300 -157)brvbarKODA CITIGO (only sold in Europe 2300 -164)httpautoeconomictimesindiatimescomnewspassenger-vehiclecarsskoda-delivers-81200-units-in-feb-201757626693
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Isuzu claims more durability on its diesel engines for trucks The Economic Times
Indianapolis Isuzu Commercial Truck of America has announced that the B10 durability rating of its 4HK1-TC diesel engine hasbeen increased to 375000 miles informed the company in an official statement
To elaborate further on what it means the Japanese commercial vehicle manufacturer went on to say that A B10-life rating is anindustry-standard gauge provided by engine makers to help consumers determine the long-term durability of an engine Thenumber following the B indicates the percentage of an engineamprsquos population that will require an overhaul before the indicatedmileage
That means that 90 of Isuzu 4HK1-TC engines are expected to last 375000 miles before they require a major repair or rebuildPreviously the 4HK1-TC engine carried an already-robust B10 durability rating of 310000 miles added the company
ampldquoWe are proud to say that Isuzu diesel engines are already known worldwide for their long-term dependabilityamprdquo saidShaun Skinner president of Isuzu Commercial Truck of America ampldquoOur new B-10 rating is strong evidence that our enginesare even more durable than everamprdquo
The turbocharged intercooled 4HK1-TC four-cylinder diesel engine displaces 52 liters and generates 215 horsepower Torqueratings vary depending on model The engine is fitted to Isuzu NPR-HD NPR-XD NQR and NRR models as well as the all-new2018 Isuzu FTR Class 6 truck
The company made the above announcement at the National Truck Equipment Associationamprsquos 2017 Work Truck Show inIndianapolis held on March 13httpautoeconomictimesindiatimescomnewsauto-componentsisuzu-diesel-engines-for-trucks-now-become-more-durable57626832
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MoS visits Rolls-Royces new logistics centre in England The Economic Times
New Delhi Nick Gibb Minister for School Standards and MP for Bognor Regis and Littlehampton has visited Rolls-Royce MotorCars Technology and Logistics Centre on Monday informed the British luxury car maker in a media release
During the visit Gibb toured the facility met the expert team onsite and was briefed on the companyamprsquos future plans to expandthe Centre He also took the opportunity to learn more about the Rolls-Royce Motor Cars apprenticeship graduate and internprogrammes
Nick Gibb said ampldquoThe original announcement that Rolls-Royce Motor Cars would be locating its Technology and LogisticsCentre in Bognor Regis was a great boost for our town and warmly welcomed I am delighted to see the huge new state of the artfacilities fully operational and providing high quality jobs for local people The support of such a prestigious company is good newsfor Bognor Regis and for the wider local economyamprdquo
He continued ampldquoIt is very welcome that Rolls-Royce operates an apprenticeship scheme ensuring the company has the skillsit needs for the future and providing opportunities and training for a cohort of young people every year This year Rolls-Royce istaking on record numbers of apprenticesamprdquo
The new Rolls-Royce Technology and Logistics Centre at Bognor Regis opened on schedule in January 2016 The purpose-built30000m2 facility is located close to the companyamprsquos head office and manufacturing plant at Goodwoodhttpautoeconomictimesindiatimescomnewsindustrymos-visits-rolls-royce-new-logistics-centre-in-england57626981
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All new Mazda CX-5 to be produced at Hofu Plant The Economic Times
Hiroshima Japan Japanese automaker Mazda Motor Corporation starting from November is going to produce the all-new MazdaCX-5 crossover SUV at its Hofu Plant in addition to the Hiroshima Plant where it is currently produced
The company informed that the move will help the automaker respond quickly and flexibly to growing demand for SUVs globally
Mazda aims to create a production system that can respond flexibly to changes in demand for crossover vehicles as it works tomeet its global sales goal of 165 million units
Launched domestically in February the all-new CX-5 has till date recorded sales of 16639 units about seven times the monthlytarget claims the company
As with the CX-3 starting production of the CX-5 at Hofu Plant as well is part of our plan to build a production framework that givesus more flexibility between plants and between models said Masatoshi Maruyama Managing Executive Officer in charge of GlobalProduction We will do everything we can to get customers the crossover vehicles they want as quickly as possiblehttpautoeconomictimesindiatimescomnewspassenger-vehicleuvall-new-mazda-cx-5-to-be-produced-at-hofu-plant57627447
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Rheinmetall receives over $25 mn order from American carmaker The Economic Times
New Delhi German automotive parts supplier Rheinmetall has booked its first order for a special application of coolant valves by amajor American carmaker and destined for the NAFTA market
The company in a statement said that the order has a lifetime value of over US$25 million (around Rs 165 crore) Series productionof the valves is scheduled to start in 2019 with the contract set to run for about five years
Talking about the product the company went on to say that the innovative valves play a lead role in intelligent thermal and energymanagement on modern vehicle engines These often have several cooling circuits which are controllable with the aid of switchingseat valves
As from model year 2020 this particular customer will be installing several versions of such valves on gasoline and diesel enginesfor pick-ups with over 6 liters displacement
They will take over functions in the cooling circuit of the transmission ensuring that it reaches operating temperature faster byswitching off the coolant flow when the engine is started This also helps to reduce emissions added the companyhttpautoeconomictimesindiatimescomnewsauto-componentsrheinmetall-receives-over-25-mn-order-from-american-carmaker57628058
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Nissans Infiniti names former BMW executive as new design chief ReutersSee this story in The Economic Times
Beijing Infiniti Nissan Motors premium brand named Karim Habib former global design chief for BMW as the brands new chiefdesigner effective July 1
Habib will replace Alfonso Albaisa who will be promoted to lead Nissans global design according to a press release seen byReuters Habib will report to Albaisa
Habib who has worked for several premium automotive brands including BMW and Daimler will be based in Nissans technicalcentre in Atsugi Japan and lead Infinitis design teams in Japan Beijing San Diego and Londonhttpautoeconomictimesindiatimescomnewsindustrynissans-infiniti-names-former-bmw-executive-as-new-design-chief57630437
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Elon Musks bold offer of Tesla batteries wont solve Australias power problems ReutersSee this story in The Economic Times
Launceston Australia Australia is becoming an interesting microcosm on how to or how not to transition an economy from beingpredominantly powered by coal to more climate-friendly alternatives
The dramatic intervention by Tesla Inc Chief Executive Elon Musk last week is just the latest twist in an ongoing saga that pits
business government farmers government and environmentalists against each other
Musk in an exchange of tweets with software billionaire Mike Cannon-Brookes chief executive of Atlassian Corp offered to fix theelectricity supply problems of South Australia state within 100 days of signing a contract
Musks plan is to install 100 megawatts (MW) of grid-connected battery storage which would be available to meet peak demandand would be charged with surplus electricity from other generating sources in periods of low demand
Its a bold offer and would most likely provide a quick fix to Australias fourth-largest state which suffered a blackout last Novemberand has been dealing with power shortages over the peak summer period
Businesses like BHP Billiton which operates the giant Olympic Dam copper mine in the state have been pushing for thegovernment and other stakeholders to ensure stable electricity supply saying the cost of blackouts runs into millions of dollars inlost output
Musk whose Tesla Corp is ramping up output of its battery storage packs at its Gigafactory in Nevada held talks with AustralianPrime Minister Malcolm Turnbull at the weekend as well as with South Australian Premier Jay Weatherill
The politicians will no doubt be tempted to Musks offer to install batteries especially since the electric car pioneer said if he didntmeet his 100 day deadline he wouldnt charge anything
But while Musks offer if taken up would provide a quick fix it would not do enough to mend the underlying problems at the heart ofAustralias electricity woes
Its worth looking at how Australia got itself to the point where virtually all players can agree that the nation is facing somethingapproaching an energy crisis
After all the country is not short of fossil fuels such as coal and natural gas and its climate and low population density outside themajor cities are ideal for renewables such as solar and wind power
The country is heavily reliant on an ageing fleet of coal-fired power stations which makes Australia one of the highest polluters percapita
These coal power stations are starting to close down with one shutting in South Australia last year and another planned to close inVictoria state at the end of this month
The problem is that the coal-fired power stations role as providers of base load electricity cannot be taken over by wind and solarand the role is falling to natural gas
But natural gas is also the most expensive method of generating electricity in Australia so utilities are reluctant to run their gas-firedplants until prices are high enough to justify the cost
South Australia has a gas-fired plant that was mothballed until last years power supply crisis but even with the higher prices forelectricity the operator is struggling to make the plant profitable
The state moved on Tuesday to try and address its energy security issues announcing it would build a 250 MW gas-fired plant andhelp the private sector build a 100 MW battery at a total cost of A$510 million ($385 million)
Gas Supply ConstraintsNatural gas supply is becoming a problem in Australia which may seem ironic given the country is on the verge of becoming theworlds largest exporter of liquefied natural gas (LNG) as the last of eight new plants come closer to completion
In fact the new LNG plants are copping some of the blame for the tightening natural gas market especially the three in easternQueensland state based on using coal-seam gas as the feedstock
These are being blamed for sucking domestic natural gas out of the market and into the export LNG industry
What hasnt helped is that some of Australias state and territory governments are also pursuing policies that will restrict futurenatural gas supplies
Victoria state has banned hydraulic fracturing or fracking as well as shale and coal-seam gas exploration while the NorthernTerritory New South Wales and Tasmania have various moratoriums on fracking
This leaves Western Australia Queensland and South Australia as the remaining states where onshore natural gas supplies can bedeveloped and they are now in the cross-hairs of the environmental lobby which is opposed to any and all new natural gas wells
Politicians across the traditional Labor-Liberal divide are increasingly giving in to demands to restrict natural gas exploration whilepretending that this wont have a negative impact on energy security and electricity prices
But the costs are starting to become apparent with spot electricity prices surging over the Australian summer and natural gassuppliers warning that they will be unable to meet the needs of industrial customers without action being taken
Its often the case politicians only take action when the point of crisis is reached and this appears to be the case in Australia
Whats needed is a holistic approach to energy supply as Australia transitions away from coal-fired power
This means ensuring enough natural gas is available to provide base load generation while scaling up renewables such as solar
wind pumped hydro and battery storage
Forging enough common ground with the various stakeholders will be the main obstacle but more than anything else Australia isshowing how difficult it is to end the age of coalhttpautoeconomictimesindiatimescomnewsindustryelon-musks-bold-offer-of-tesla-batteries-wont-solve-australias-power-problems57630514
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Innogy in talks with car consortium over charging stations CEO ReutersSee this story in The Economic Times
Essen Germany Innogy is in intense talks with a group of carmakers Chief Executive Peter Terium told journalists on Mondayhoping to be selected as a supplier of super-fast charging stations for electric vehicles across Europe
Its not a done deal yet Terium said pointing to strong competition from rival vendors
BMW Volkswagen Ford and Daimler plan to build about 400 next-generation charging stations in Europe that can reload anelectric car in minutes instead of hours
Sources told Reuters in January that Innogy was in talks with the consortiumhttpautoeconomictimesindiatimescomnewsindustryinnogy-in-talks-with-car-consortium-over-charging-stations-ceo57624184
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China may roll back electric vehicle quotas as industry pushes back ReutersSee this story in The Economic Times
Beijing China is considering easing proposed quotas aimed at producing more electric vehicles as Beijing gets pushback from theautomotive industry over the scale and pace of the plans
If adopted proposed changes under discussion could see a target of new energy vehicles (NEV) making up 8 percent of sales nextyear pushed to 2019 two auto executives said
The changes would lower targets from a draft policy released in September requiring 8 percent of automakers sales to be batteryelectric or plug-in hybrid vehicles by 2018 rising to 10 percent in 2019 and 12 percent in 2020
Any loosening of NEV targets would mark a pull back by Beijing which has faced opposition to the planned targets as it looks todrive its domestic carmakers to overtake global rivals in the green vehicle sector
Automakers and industry bodies have said the targets are too tough and could hurt manufacturers interests New energy vehicleslast year accounted for just 18 percent of sales in the worlds biggest autos market according to Reuters calculations based onofficial data
Its normal to make revisions as its a draft plan An Jin chairman of Anhui Jianghuai Automobile Group (JAC Motor) said on thesidelines of the National Peoples Congress in Beijing
He said he was aware of talks to revise the quota targets but said nothing was set in stone JAC hasnt been told what revisionsmight be made to the draft but I think it is possible the draft will be changed after the discussions he said
Whether the whole market can hit this quota by 2018 depends a lot on the strength of government policy If its strong then weshould be able to surpass the targets An said (But) if you consider Chinas infrastructure and the transformation of Chinas autosector then perhaps the pace will have to slow
Two Percent CutTwo executives familiar with the plans told Reuters the government was considering options for lowering the requirements
One idea was to reduce the quota requirement by 2 percent each year cutting the 2018 requirement to 6 percent said aChina-based government relations official at a major global automaker It would then be 8 percent in 2019 and 10 percent in 2020
Another option would be to push back each target by a year with the 8 percent quota starting from 2019 an executive at aJapanese car maker said
Both asked not to be named due to the sensitivity of the matter and because the draft was still under consideration
The overall policy includes quotas for plug-in cars targets for average fuel economy requirements and a credit trading system topromote green energy cars while penalizing petrol cars
The two people said the quota stand-off was tied to a disagreement between the Ministry of Industry and Information Technology(MIIT) and Chinas top state planner the National Development and Reform Commission (NDRC)
MIIT which regulates manufacturers supports a more flexible credit trading system favoured by automakers The NDRC is more
aggressive in promoting a transition to electric vehicles pushing the introduction of the stricter quotas
An NDRC spokesman said the body played a small role when the draft was open to public for discussion MIIT did not immediatelyrespond to Reuters requests for comment
China has strongly supported and subsidized electric vehicles but is gradually swapping out incentives for hard targets automakersmust meet The central government cut subsidies 20 percent this year a first reduction towards eliminating them by 2020httpautoeconomictimesindiatimescomnewspolicychina-may-roll-back-electric-vehicle-quotas-as-industry-pushes-back57623608
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Russias standards agency says Volkswagen recalls 43151 Skoda cars ReutersSee this story in The Economic Times
Moscow Russias standards agency said on Monday that Volkswagens Russian operation had informed it about the voluntaryrecall of 43151 Skoda cars due to a possible technical fault
The recall affects Skoda Octavia Superb Fabia Yeti and Rapid cars sold in Russia between 2012 and 2016 the watchdog saidhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsrussias-standards-agency-says-volkswagen-recalls-43151-skoda-cars57624140
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Economy
Rupee hits 1-12 yr high surges 78 paise on BJP sweep PTISee this story in The Economic Times
Mumbai The rupee surged by a massive 78 paise to end at a nearly one-and-a-half year high of 6582 against the US dollar onfrantic unwinding of the American currency following BJPs emphatic victory in Uttar Pradesh
Forex market sentiment soared on hopes that BJPs stellar show in state polls would pave the way for the Modi government to focuson key reform measures
The home currency resumed on a strong footing at 6620 from last Fridays closing value of 6660 at the Interbank ForeignExchange (forex) market on heavy dollar unwinding from speculative traders and exporters tracking weekend developments
Maintaining its bullish momentum against the dollar the rupee hit a fresh intra-day high of 6576 in late afternoon deals beforeending at 6582 showing a solid gain of 78 paise or 117 per cent
This is the highest closing of the rupee since November 6 2015 when it had ended at 6576
Meanwhile the RBI fixed the reference rate for the dollar at 661800 and for the euro at 704354
Financial markets too took comfort from BJPs landslide victory with the broader Nifty climbing 15245 points to a new closing peakof 9087 and the Sensex rallying 49640 points to end at 2944263
The much-anticipated turnaround on the economic front has opened up a barrage of foreign capital fund flows into India
Foreign investors pumped in over Rs 10000 crore in the Indian capital markets this month so far
It also got an added fillip from bullish macro data which showed that the countrys industrial production bounced back in Januaryexpanding by 27 per cent year-on-year
Factory output measured in terms of Index of Industrial Production (IIP) had contracted by 01 per cent in December
However inflation based on wholesale prices shot up to a 39-month high of 655 per cent in February against 525 per cent inJanuary according to official data
On the global front the dollar traded firmly higher against its major counterparts ahead of the two-day Fed meet when it could liftrates for the third time since the financial crisishttpautoeconomictimesindiatimescomnewsindustryrupee-hits-1-12-yr-high-surges-78-paise-on-bjp-sweep57635104
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Nifty hits all time high of 912275 Sensex surges 616 points after big BJP win The Economic Times
Mumbai The Nifty jumped to life highs on Tuesday after the BJPamprsquos thumping win in the crucial state of Uttar Pradeshrekindled hopes of a bigger-than-expected push for reforms by the Narendra Modi government
The Nifty up 11 so far this year crossed its previous life high of 9119 to hit 912275 before ending the day 171 or 15245points higher at 9087 This is the indexamprsquos biggest single-day gain in points since February 1 and caps a strong reboundsince the December 26 low of 7893 on demonetisation worries
The Sensex surged by 616 points or 212 intra-day before ending the day at 2944263 up 49640 points This is its biggest gainsince May 25 last year The index is the best performer among all developed and emerging market indices in local currency terms inthe past three months
The rupee surged 79 paise to a 16-month high of 6582 to the dollar as exporters sold more dollars and foreign investors boughtlocal shares BSE data showed that foreign investors bought local shares worth Rs 4089 crore their biggest single-day purchasesince February 17 when they purchased Rs 8059 crore
FPIs have bought shares worthRs 23132 crore since January this year against net sales of Rs 9800 crore in the same period lastyear The BSE Midcap and Smallcap indices gained 144 each
ampldquoOne must be ready for a correction after a rally but I am optimistic about the medium to longterm prospectsamprdquo saidMotilal Oswal chairman Motilal Oswal Financial Services Ltd ampldquoFundamentally valuations are comfortable at this point intime because of good corporate earnings growth In the short term markets may remain volatileamprdquo
BJP romped to victory in UP on Saturday winning 312 out of the 403 seats Its allies won 13 more taking the NDA tally to 325 Thisis the biggest win recorded by any party in the state since 1977 and has raised prospects of the BJP doing well in other electionsthis year and next Many political pundits also believe that the victory has improved Prime Minister Narendra Modiamprsquos chancesof retaining power in the 2019 general election
Barring the metals index all other sectoral indices on the NSE ended with gains on Tuesday About 55 stocks including TitanJubilant Life Sciences Kotak Mahindra Bank IndusInd Bank YES Bank and Indiabulls Housing Finance among others hit life highswhile 92 stocks were locked in upper circuit with no sellers
ampldquoWith the sharp rally the market which is currently susceptible to global risk is trading at above average multiples and westay cautious near termamprdquo said Sanjay Mookim India Equity Strategist BofA Merrill Lynch ampldquoIndiaamprsquos businesscycle should improve over the next several quarters while improving construction should drive capex which is good forequitiesamprdquo
Some market experts are divided over the near-term outlook as indices have begun to look expensive at current valuations Plusthere is no immediate trigger for upgrade
ampldquoValuations of the Indian market are quite high and would require the support of strong earnings growth Any disappointmenton earnings will make valuations look even more expensive which the market may not likeamprdquo said Sanjeev Prasad senior EDand co-head of Kotak Institutional Equities
ampldquoGlobal and domestic interest rate cycles are no longer supportive with likely increase in developed markets bondyieldsamprdquo
ampldquoWhile markets are expecting a rate hike this meeting what will be of more interest is the commentaryamprdquo said DipenShah senior V-P PCG research Kotak Securities ampldquoIf it is hawkish it may have an impact on fund flows to emerging marketsbut India may be relatively less impacted because of the continuing domestic flowsamprdquo
ampldquoNotwithstanding the election results we believe the risk-reward is not favourable currently and advise investors to sell intothis rally We expect Nifty EPS to rise 15-16 in FY18 and see no trigger for an earnings upgrade at this junctureamprdquo ReligareInstitutional Research said in a notehttpeconomictimesindiatimescommarketsstocksnewsnifty-hits-all-time-high-of-9122-75-sensex-surges-616-points-after-big-bjp-winarticleshow57639036cms
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WPI inflation up 655 for February 2017 The Economic Times
New Delhi The annual rate of inflation based on monthly Wholesale Price Index (WPI) stood at 655 percent (provisional) for themonth of February 2017 (over February 2016) as compared to 525 percent (provisional) for the previous month and -085 percentduring the corresponding month of the previous year
The official Wholesale Price Index for amplsquoAll Commoditiesamprsquo for the month of February 2017 rose by 05 percent to 1855(provisional) from 1846 (provisional) for the previous month
The index for primary articles rose by 09 percent to 2581 (provisional) from 2557 (provisional) for the previous month
The inflation rate for Fuel and power group rose by 13 percent to 2038 (provisional) from 2012 (provisional) for the previousmonth due to higher price of coking coal (15 percent) aviation turbine fuel (3 percent) bitumen (2 percent) and kerosene highspeed diesel LPG and lignite (1 percent each) However the price of furnace oil (1 percent) declined
The index for the major group of manufactured products remained unchanged at its previous monthamprsquos level of 1588
(provisional) In this group the index for amplsquoRubber amp Plastic Productsamprsquo group rose by 02 percent to 1489 (provisional)from 1486 (provisional) for the previous month due to higher price of rubber products (1 percent)
The index for amplsquoTransport Equipment amp Partsamprsquo group rose by 05 percent to 1405 (provisional) from 1398 (provisional)for the previous month due to higher price of auto rickshaw tempo matador (4 percent) and auto parts (1 percent)
For the month of December 2016 the final Wholesale Price Index for amplsquoAll Commoditiesamprsquo stood at 1833 as comparedto 1828 (provisional) and annual rate of inflation based on final index stood at 368 percent as compared to 339 percent(provisional) respectively as reported on January 1 2017httpautoeconomictimesindiatimescomnewsindustrywpi-inflation-up-6-55-for-february-201757627665
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February CPI at 365 vs 317 in January highest since October 2016 PTISee this story in The Economic Times
New Delhi Retail inflation rose to 4-month high of 365 per cent in February mainly due to surge in price of food items like fruitssugar and confectionery
Measured in terms of Consumer Price Index (CPI) the inflation had dipped to a multi-year low of 317 per cent in January this yearon account of cash crunch following demonetisation It was 526 per cent in February last year
According to the CPI data released today by the Central Statistics Office (CSO) the consumer food prices index (CFPI) rose by201 per cent in February from 061 per cent in January The CFPI was 53 per cent in February 2016
Inflation in fruits was higher at 833 per cent fuel and light at 39 per cent in February The rate of price rise in meat and fish was 35per cent in February
Prices of sugar and confectionery items rose by 1883 per cent in February while inflation in milk and milk product increased by 422per cent
The rate of inflation in household goods and services was 409 per cent while this rate was in health segment was 4 per cent Thetransport and communication became expensive by 539 per cent
The personal care and effects segment rose by 515 per cent while the education became more expensive by 537 per cent inFebruary this year
The inflation rate was 438 per cent in clothing and footware segment while it was 49 per cent in housing segment
However the prices of vegetables and pulses declined by 829 per cent and 902 per cent respectively
Rural retail inflation was at 367 per cent in February compared with 336 per cent in the preceding month The CPI was also up inthe urban sector at 355 per cent in February from 29 per cent in January this yearhttpautoeconomictimesindiatimescomnewsindustryfebruary-cpi-at-3-65-vs-3-17-in-january-highest-since-october-201657633211
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Closing
Last Financial Closing
Sensex 2944263 (+49640)NSE 9087 (+15245)US$ spot Rs6582US$ Y1148000US$ 6 months RsYen Rs57Euro spot Rs70
Gold (10gm) Rs28333Silver (1kg) Rs4008300
Crude Oil (WTI) Crude Oil (Brent) $5172 (+037)
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Apollo Tyres 1 18610Asahi Ind 1 21655Amara Raja B 1 83230Ashok Leyland 1 9080Bajaj Auto 10 286670Bharat Forge 2 103550Denso 1 Eicher Motor 10 2396325Escorts 10 51945Exide Ind 1 21645Force Motors 10 427760Gabriel India 1 11460Hero Motocor 2 335745Hind Motors 5 950Hi-Tech Gear 10 29885Jay Bh Maruti 5 38190
Jamna Auto 5 20550JK Tyres amp Inds 10 1241 Kinetic Motors 10 Kinetic Engg 10 KOEL 2 37685Kirloskar Br 2 24135LML Ltd 10 1250LampT 2 155810Lumax Ind 10 131690Lumax Tech 10 43230MampM 5 132600Maruti Suzuki 5 613240Motherson SS 1 36290Minda Inds 2 44350MRF 10 5298390Omax Auto 10 7555Rico Auto 1 5720Sona Koyo St 1 8170
SRF 10 157155Tata Motors 2 46975 TVS Motors 1 43690
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Bhushan Steel 2 5430Hindalco 1 19040Hind Zinc 2 29140JSW Ispat S 10 Jind Steel 1 12490JSW Steel 1 18190Jindal Saw 2 7995National Aluminium 5 7310SAIL 10 6005Tata Steel 10 47255Visa Steel 10 2185
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Ambuja Cement 2 23370Binani Industries 10 7200Birla Corp 10 70360India Cement 10 16070Prism Cement 10 9375JK Cement 10 88470Shree Cement 10 1639835
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NURC News Update - AUTOMOBILES
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International News
Volkswagen CEO gets 778 mn euros in pay and benefits for 2016 ReutersSee this story in The Economic Times
Wolfsburg Volkswagen Groups Chief Executive Matthias Mueller was awarded 778 million euros ($828 million) in pay andbenefits for 2016 up from 417 million euros in total remuneration awarded a year earlier the companys annual report showed onTuesday
Mueller was not awarded a full years CEO pay for 2015 since he only took over as chief executive in September following theresignation of his predecessor Martin Winterkorn who was forced out in the wake of a diesel emissions cheating scandal
Volkswagen overhauled its bonus and executive pay policy in February this year to cap total pay for its chief executive at 10 millioneuros ($106 million) and other top managers at 55 million euros
Volkswagen brand chief Herbert Diess saw his total remuneration for 2016 fall to 393 million euros down from 713 million in 2015the annual report showed
($1 = 09401 euros)httpautoeconomictimesindiatimescomnewsindustryvolkswagen-ceo-gets-7-78-mn-euros-in-pay-and-benefits-for-201657631837Volkswagen CEO Matthias Mueller says not ruling out merger talks with Fiat ChryslerThe Financial Expresshttpwwwfinancialexpresscomindustryvolkswagen-ceo-matthias-mueller-says-not-ruling-out-merger-talks-with-fiat-chrysler587861
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Volkswagen CEO US remains core market for company APSee this story in The Economic Times
Frankfurt The CEO of German automaker Volkswagen says the United States remains a core market for the company despite itsdiesel emissions scandal and has underlined that it hopes to expand there
Matthias Mueller made the comments Tuesday at the companys annual news and investor conference at its headquarters inWolfsburg Germany
Mueller said that we are standing by our investment decisions and intend over the long term to play a significantly greater role therethan today
The Volkswagen brand has only a small share in the US market although it is important for the companys luxury brands Porscheand Audi It makes cars in Chattanooga Tennessee
US authorities uncovered Volkswagens use of engine control software that enabled vehicles to cheat on emissions testshttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsvolkswagen-ceo-us-remains-core-market-for-company57633149
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Volkswagen targets strong 2017 even as core brand struggles ReutersSee this story in The Economic Times
Wolfsburg Germany Volkswagen said it was capable of shouldering the costs of its emissions crisis and was targeting an evenbetter year than in 2016 but warned that its core autos division continued to struggle
We see good chances of being able to ride the wave of the positive performance last year when Volkswagen turned in recordunderlying profit helped by sales of upmarket Audis and Porsches Chief Executive Matthias Mueller said on Tuesday at thecarmakers annual news conference
Volkswagen expects group revenue to exceed last years record 217 billion euros ($231 billion) by as much as 4 percent this yearand is forecasting an underlying operating margin of between 6 and 7 percent compared with 67 percent in 2016 it said affirminga forecast given on February 24
The company also aims to moderately exceed last years record 103 million deliveries
You can rest assured that we will do everything in our power to make 2017 an even better year than 2016 the CEO said
But Volkswagen appears to be making slow progress in tackling the biggest trouble spot within the 12-brand group thelong-planned turnaround of its core autos division
Operating profit of the namesake brand slipped further to 187 billion euros in 2016 from 210 billion a year earlier because of highermarketing costs related to dieselgate and plunging demand in Brazil and other key markets finance chief Frank Witter said
($1 = 09394 euros)httpautoeconomictimesindiatimescomnewsindustryvolkswagen-targets-strong-2017-even-as-core-brand-struggles57630343
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VW CEO says not ruling out merger talks with Fiat Chrysler boss ReutersSee this story in The Economic Times
Wolfsburg Volkswagen Chief Executive Matthias Mueller said he is not ruling out talks with Fiat Chrysler boss Sergio Marchionneabout a possible merger
I am not ruling out a conversation Mueller told reporters on Tuesday after the carmakers annual earnings press conference inWolfsburg
Marchionne has long advocated car industry mergers to share the costs of making cleaner and more technologically advancedvehicles and has repeatedly relayed his desire via the media
It would be very helpful if Marchionne were to communicate his considerations to me too and not just to you Mueller said
I am pretty confident about the future of Volkswagen with or without Marchionne
Only last week Mueller appeared to dismiss the prospect of talks with Fiat Chrysler
We are not ready for talks about anything he told Reuters on the fringes of the Geneva auto show I havent seen Marchionne formonths he said at the timehttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsvw-ceo-says-not-ruling-out-merger-talks-with-fiat-chrysler-boss57632909
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Volkswagen chief denies talks with Fiat AFPSee this story in The Economic Times
Berlin Volkswagen chief Matthias Mueller on Tuesday denied rumours that the German auto giant was in talks with rival FiatChrysler
At present there is no contact between me and Fiat Chrysler boss Sergio Marchionne Mueller told the companys annual pressconference in Wolfsburg north Germany
Marchionne had said at the Geneva car show last week that he was expecting Volkswagen to reach out as more firms are thinkingof cost-cutting tie-ups in the vein of Frances Peugeot and German carmaker Opel
In response Mueller said he had other problems since VWs 2015 admission that it installed software to cheat regulatoryemissions tests in 11 million vehicles worldwide
He nevertheless added that Ive never said a tie-up with any other partner is altogether ruled out
VW clawed its way back to profit in 2016 and pulled ahead of Toyota to become the worlds biggest carmaker by unit sales shipping103 million vehicles over the year
Mueller on Tuesday confirmed the groups forecast of moderate growth in sales in 2017
But the firm is far from turning the page as it continues to refit cars equipped with the cheating software and faces legal action fromcustomers and investors in numerous countries
The final bill for the scandal is impossible to predict Mueller acknowledged
All we know is that this question will keep us busy for a long time several years he saidhttpeconomictimesindiatimescomindustryautovolkswagen-chief-denies-talks-with-fiatarticleshow57633113cms
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Volkswagen has good chances to build on strong 2016 performance CEO ReutersSee this story in The Economic Times
Germany Volkswagen has good chances of building on its strong 2016 performance when it swung to a record underlying profitdespite its diesel emissions crisis Chief Executive Matthias Mueller said
The Volkswagen Group is in very robust shape Mueller said on Tuesday at the carmakers annual news conference in Wolfsburg
VW expects group revenue to exceed last years record 217 billion euros ($231 billion) by as much as 4 percent this year and isforecasting an underlying operating margin of between 6 and 7 percent compared with 67 percent in 2016 it said affirming aforecast given on Feb 24
Still operating profit of its core autos division slipped further to 187 billion euros in 2016 from 210 billion a year earlier as the brandis struggling to implement a wide-ranging turnaround planhttpeconomictimesindiatimescomnewsinternationalbusinessvolkswagen-has-good-chances-to-build-on-strong-2016-performance-ceoarticleshow57630339cms
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BMW i3 batteries to be used by Vattenfall The Economic Times
New Delhi Swedish power making company Vattenfall and German auto giant BMW Group have signed a contract for the deliveryof up to 1000 lithium-ion batteries this year The batteries with a capacity of 33 kilowatt hours (kWh) each are equipped with aBMW-owned battery management system and are also used by the car manufacturer in the BMW i3
Vattenfall will purchase the new batteries from the BMW plant in Dingolfing and use them in all storage projects
Energy storage and grid stability are the major topics of the new energy world says Gunnar Groebler Senior Vice President ofVattenfall and Head of Business Area Wind
We want to use the sites where we generate electricity from renewable energies in order to drive the transformation to a newenergy system and to facilitate the integration of renewable energies into the energy system with the storage facilities Thedecoupling of production and consumption and the coupling of different consumption sectors are in the focus of our work
The first energy storage from the BMW-i3 batteries is being built at the 122 MW onshore wind farm Princess Alexia nearAmsterdam With a capacity of 32 megawatts (MW) it is Vattenfalls first large storage project in the Netherlands
Pending on a final investment decision the largest battery storage will be built at the Vattenfall wind farm Pen y Cymoedd (230 MW)in South Wales - a 22-megawatt storage facility which will help to support the stability of the country-wide power grid in the UK aspart of the so-called EFR (Enhanced Frequency Response) service
As part of the project Norddeutsche Energiewende NEW 40 Vattenfall together with the Hamburg University of Applied Sciences(HAW) and the company Nordex will implement a large battery storage at the future wind farm in Hamburg-Bergedorf
This is a so-called storage control unit made of batteries It is meant to maintain the security of supply with a feed-in of 100 percentrenewable energy In addition the battery storage contributes to the improvement of the network quality and the more efficient useof the existing network structure Other possible applications would be electricity storage in private households Energy storagesolutions are an important part of Vattenfallamprsquos strive to power climate smarter living
We are pleased that we have found a supplier in BMW who meets our high safety requirements with the use of the batteries withreliably good quality from German series production says Daniel Hustadt project manager for large batteries at VattenfallInnovation GmbHhttpautoeconomictimesindiatimescomnewsindustrybmw-i3-batteries-to-be-used-by-vattenfall57630728
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Toyota to look at Saudi production as the countries seek closer ties ReutersSee this story in The Economic Times
New Delhi Toyota Motor Corp signed a memorandum of understanding (MOU) on Tuesday with a Saudi Arabian governmentagency to conduct a feasibility study into producing vehicles and parts in the Middle Eastern nation
The move if firmed up would be a big step for the Saudi economy as the government tries to diversify beyond oil exports andcreate jobs as part of the kingdoms 2030 Vision
So far Saudi Arabia and other Gulf oil exporters have failed to significantly develop industries such as automaking because theylack broad industrial bases and a skilled local workforce
The study would take into account the evaluation of development of a local supply base using materials produced by major Saudi
companies like Sabic Maaden Petro Rabigh and other major industrial companies in the kingdom the official Saudi state newsagency reported
The MOU is with Saudi Arabias National Industrial Clusters Development Program (NICDP)
Meanwhile state-run Saudi Aramco has signed MOUs with five Japanese entities during a business forum that both nations hostedon Tuesday coinciding with a visit by Saudi Arabias King Salman this week
Saudi Aramco and Japans biggest oil refiner JX Nippon Oil amp Energy (5020T) agreed to consider a refinery joint venture in a thirdcountry and cooperation in trading and technology of oil and petrochemical products
Aramco also agreed to consider a possible future cooperation in crude oil supply and downstream business with Idemitsu KosanCompany
In addition Aramco and state-run Japan Oil Gas and Metals National Corp (JOGMEC) formally agreed to expand crude storagecapacity in Japan by 300000 kilolitres (about 19 million barrels) from the current 63 million barrels from April 1
Japan treats crude oil stored by Aramco as quasi-government oil reserves counting half of the barrels stored by Aramco as nationalcrude reserves
Companies and government organizations in both nations signed a total of 20 MOUs on Tuesday including cooperation betweenthe Saudi Arabian General Investment Authority (SAGIA) and Japans three megabanks - Mitsubishi UFJ Financial Group (8306T)Sumitomo Mitsui Financial Group (8316T) and Mizuho Financial Group (8411T) - on increasing investments in the kingdom
The MOUs also included cooperation in seawater desalinationhttpautoeconomictimesindiatimescomnewsindustrytoyota-to-look-at-saudi-production-as-the-countries-seek-closer-ties57636587
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Geneva Motor Show 2017 Airbus unveils fully electric flying car PopUp The Economic Times
Geneva Airbus along with Italdesign has unveiled the first modular fully electric zero emission concept vehicle system - PopUpat the Geneva Motor Show 2017 informed the French company in an official statement
PopUp envisages a modular system for multi-modal transportation that makes full use of both ground and airspace and isdesigned to relieve traffic congestion in crowded megacities
PopUp System consists of a three layers concept1 an Artificial Intelligence platform that based on its user knowledge manages the travel complexity offering alternative usagescenarios and assuring a seamless travel experience
2 a vehicle shaped as a passenger capsule designed to be coupled with two different and independent electric propelled modules(the ground module and the air module) Other public means of transportation (eg trains or hyperloops) could also integrate thePopUp capsule
3 an interface module that dialogues with users in a fully virtual environment
Airbus claims The PopUp vehicle combines the flexibility of a small two seater ground vehicle with the freedom and speed of avertical take-off and landing (VTOL) air vehicle thus bridging the automotive and aerospace domains
PopUpamprsquos monocoque carbon-fibre cocoon measures 26 metres long 14 metres high and 15 metres wide The capsuletransforms itself into a city car by simply coupling to the ground module which features a carbon-fibre chassis and is batterypowered
For megacity journeys with high congested traffic the capsule disconnects from the ground module and is carried by a 5 by 44metre air module propelled by eight counter-rotating rotors
ampldquoAdding the third dimension to seamless multi-modal transportation networks will without a doubt improve the way we liveand how we get from A to Bamprdquo said Mathias Thomsen General Manager for Urban Air Mobility at Airbus on the occasion ofthe unveil
ampldquoSuccessfully designing and implementing solutions that will work both in the air and on the ground requires a joint reflectionon the part of both aerospace and automotive sectors alongside collaboration with local government bodies for infrastructure andregulatory frameworks Italdesign with its long track record of exceptional vehicle design was an exciting partner for Airbus for thisunique concept projectamprdquo
ampldquoToday automobiles are part of a much wider eco-system if you want to design the urban vehicle of the future the traditionalcar cannot alone be the solution for megacities you also have to think about sustainable and intelligent infrastructure appsintegration power systems urban planning social aspects and so on In the next years ground transportation will move to the nextlevel and from being shared connected and autonomous it will also go multimodal and moving into the third dimensionamprdquo saidItaldesign CEO Joumlrg Astaloschhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsgeneva-motor-show-2017-airbus-unveils-fully-electric-flying-car-pop-up57630936
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Nissan boosts management presence at Mitsubishi Motors ReutersSee this story in The Economic Times
Tokyo Mitsubishi Motors on Tuesday said an additional four Nissan executives would join its management team as Nissan tightensits control over the smaller struggling automaker in which it took a controlling stake last year
The announcement is part of Mitsubishi Motors efforts to rebuild its management system after it admitted last year that it hadoverstated the mileage on a number of its cars sold in Japan battering domestic sales and tarnishing its brand image
From April corporate vice president positions for roles including product development and marketing and sales would be occupiedby officials from Nissan Mitsubishi Motors said
This would hike the number of Nissan executives on Mitsubishi Motors management team to seven from two now
We need to strengthen our corporate governance to avoid a repeat of last years scandal along with scandals previous to thatMitsubishi Chief Executive Officer (CEO) Osamu Masuko told reporters during a teleconference
After taking a one-third stake in Mitsubishi Motors Nissan installed Carlos Ghosn - its CEO at the time - as chairman of MitsubishiMotors while also naming two Nissan officials to Mitsubishis board of directors
Nissan also dispatched other executives to the smaller automaker including Trevor Mann previously Nissans chief performanceofficer who became chief operating officer at Mitsubishi late last year
Last month Ghosn said he would step down from the top position at Nissan to focus on deepening the companys alliance withRenault SA and Mitsubishi Motors
Separately Nissan said Shiro Nakamura the companys chief creative officer and one of Japans best-known car designers willretire after nearly 20 years at the automaker
Nakamura 66 is recognised for referencing science fiction anime and embracing Japans culture of cute in models including theGT-R supercar the Cube compact MPV and the Juke SUV crossover setting the automaker apart from many of its rivals whichhave been accused of making lookalike cars
Nakamura joined Nissan in 1999 from Japanese truckmaker Isuzu Motors and was one of the first key hires by Ghosn shortly afterGhosn himself arrived from French automaker Renault to save the company from bankruptcy
Alfonso Albaisa who currently overseas design at Nissans premium Infiniti brand will succeed Nakamura while former BMWglobal chief designer Karim Habib will become the brands new chief designer effective July 1httpautoeconomictimesindiatimescomnewsindustrynissan-boosts-management-presence-at-mitsubishi-motors57631800
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Renault Zoe e-Sport breaks covers at 2017 Geneva Motor Show The Economic Times
New Delhi In the ongoing Geneva Motor Show Renault has showcased its new two-seat version of its electric car Renault Zoee-Sport The company claims to have taken the design cues from Formula E
The ZOE e-Sport Concept is the fully electric concept car that embodies Renaultamprsquos commitment to the idea that electric carscan be fun and fast says Renault The sporting credentials of the ZOE e-Sport Concept extend beyond the caramprsquos styling andthe same blue livery as the Renault edams teamamprsquos front-running Formula E single-seaters
The bodywork of the ZOE e-Sport Concept is made entirely from lightweight carbon fibre which helps to ensure outstandingacceleration from standstill to 100kph in just 32 seconds The car tips the scales at a mere 1400 kilograms including 450kilograms of batteries
The car is powered by two electric motors capable of generating 450 bhp and 650 Nm of torque One of the motor is powered to therear axle and the other to the front axle Renault Zoe e-Sport gets the same 40 kWh battery which powers the standard variant ofthe car
Jean-Christophe Kugler CEO Renault Europe said that the concept as a link car - a styling exercise intended to connect the Zoeroad car with what Renault is doing in Formula E racing and to send a message that EVs are fun to drive Its not a signal of thefuture for Zoe and we have no intention to develop a performance version
Renault also claims that the electric performance car uses the same air and water cooling systems as the Renaultamprsquos FormulaE car The car is based on a tubular steel chassis with use of extensive carbon fibre The car also gets four driving modes
At the moment Renault has no plans to make the Zoe e-Sport into productionhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsrenault-zoe-e-sport-breaks-covers-at-2017-geneva-motor-show57627528
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Sensata Technologies opens testing facility in Bulgaria ReutersSee this story in The Economic Times
Sofia Sensata Technologies has opened its largest global testing facility in Sofia to support its automotive sensing technologies thecompany said on Tuesday
Sensata which has manufacturing sites in 13 countries already employs 3000 people in Bulgaria where it produces pressure andhigh temperature sensors for the automotive market and operates a business centre
In recent years inexpensive labour low taxes and an educated workforce have encouraged dozens of car part producers and ITand business outsourcing companies to set up in the Balkan countryhttpautoeconomictimesindiatimescomnewsauto-componentssensata-technologies-opens-testing-facility-in-bulgaria57632975
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Driving driverless Quest for an autonomous car has reached a truck now Nandagopal RajanThe Financial Express
At San Franciscoamprsquos Pier 90 chock-a-block with cargo vehicles it is pretty tough for any truck to stand out But a white Volvotruck with Otto emblazoned on it is the centre of attention This is the next big thing in automated cars and has already shown itsmettle by delivering a consignment of Budweiser beer in Colorado without a driver controlling it on the freeway
Uber is one of the many companies thinking in terms of driverless car While CEO Travis Kalanick says automated vehicles areampldquoexistentialamprdquo for the ride-hailing companyamprsquos future he is not alone in the race to drive without drivers Just in theUS at least 23 companiesampmdashincluding Tesla Google and Volkswagenampmdashhave registered in autonomous vehicleprogrammes The idea that fuels this cutting-edge technology is pure economics at the end of the day Cars suffer from seriousissues of inefficiency as they sit idle 95 of the time Considering that the world has 1200000000 cars this is inefficiency at agargantuan scale Add to this the fact that cars amount for 22 of all emissions globally and muddy the urban infrastructureproblem by creating the need for parking spaces
Since 1984 when the first experimental self-driving cars appeared there has been much progress on the technology leading toMercedes-Benz showcasing its concept car the F 015 at the Consumer Electronics Show in Las Vegas in 2015 Everyone has adifferent take on the technology but in the end the idea is to make cars intelligent and independent enough to be aware ofsurroundings and take decisions based on that
Interestingly Uberamprsquos dream is to bring ampldquoreliable transportation to everyone everywhereamprdquo now extended toeverything too with the trucks from Otto a start-up it acquired last year Matt Sweeney who heads product at UberamprsquosAdvanced Technology Group says ampldquothe truck and passenger vehicles share software and hardware components and thishelps us work on different aspects of the self-driving problem at the same timeamprdquo But on scope passenger vehicles are forurban environments where Uber has its focus on ride-sharing while trucks will be for high-speed highways where the constraintsare different
Just last week Uber got a permit from California Department of Motor Vehicles to test two self-driving Volvo SUVs on public roadsthough it will need to have backup drivers behind the wheel in case the prototype cars malfunction Its self-driving cars have beenrunning test drives in other parts of the US too
The Otto truck comes with a rig of radars laser scanners and stereo cameras that give the computers inside a live 360-degreevision of its environment with high dynamic range high resolution and high colour information imagery so that the truck can besmart enough to decide what to do next But the computing task this presents is ampldquoalmost as big as a small datacentreamprdquo Sweeney says the computing has to be done inside as ampldquothere is no tech that can let us send all that data tothe cloud real time and hence a lot of the computing has to be done in the truck itselfamprdquo
ampldquoA lot of the tech is based on prior mapping but in subsequent runs we see differences that have come about in the area andpay attention on those objects that are differentamprdquo
Interestingly Otto is being sued by Googleamprsquos Waymo self-driving car unit which claims its former employee and start-upfounder Anthony Levandowski stole its proprietary design for its laser-based radar system There are other challenges tooampldquoUber tech is different because we are trying to make this on top of the ride-sharing network that we already haveamprdquo headded
Nissan in contrast keeps the driver and not the technology at the centre and its definition of an ampldquoautonomous caramprdquo ishence a vehicle with different levels of driving technologies that enable it to operate autonomously for certain periods of time ANissan spokesperson said on the technology side the challenges are in artificial intelligence software development data processingand digital mapping technologies while on the social environment side laws and regulations along with modifications of roadinfrastructure will become necessary
This contrast in technologies is why it is important to see how the entire ecosystem evolves maybe with different platforms talkingto each other But Uber is not depending on this ampldquoWe need to see and interact with vehicles but there is no guarantee wewill have that technology So we are approaching it with the assumption it wonamprsquot existamprdquo says Sweeney
Uberamprsquos goal is to take its technology everywhere but can these vehicles actually be practical for an environment like IndiaSweeney accepts the new elements this will throw in along with the sheer volume will present a slew of challenges ampldquoThoseare situations we think we will be able to tackle but those are not the first places we will goamprdquo he explains adding that theywill look for opportunities where they can deploy this technology safely Clearly this drive has just started(The author attended the Uber Media Summit in San Francisco at the invitation of Uber)httpwwwfinancialexpresscomopiniondriving-driverless-quest-for-an-autonomous-car-has-reached-a-truck-now588112
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Samsung completes acquisition of Harman The Economic Times
New Delhi The arrest of the Vice-Chairman of Samsung Board Lee Jae Yong on bribery and corruption charges has not affectedthe deal between Samsung and Harman International IndustriesIn a media statement the South Korean giant confirmed thecompletion of its largest such deal ever
Under the terms of the merger agreement Harman stockholders will receive $11200 per share in cash The completion follows thesatisfaction of all conditions to the closing of the transaction including approval of the transaction by HARMAN stockholders andreceipt of all necessary regulatory approvals in the United States and certain foreign jurisdictions
ampldquoToday is a historic moment for us The close of this transaction opens the door to create substantial growth opportunitiesand deliver greater benefits for customers worldwideamprdquo said Young Sohn President and Chief Strategy Officer of SamsungElectronics and Chairman of the Board HARMAN ampldquoWe see transformative opportunities in the car ampndash and a futurewhich seamlessly connects lifestyle across automotive home mobile and work Samsungamprsquos and HARMANamprsquosleadership in these spaces perfectly positions Samsung to be the preferred partner to our OEM customers In addition bringingtogether HARMANamprsquos iconic audio brands and capabilities paired with Samsungamprsquos leading display technologies willdeliver enhanced audio and video experiences to consumers and professional end markets And most importantly we areenthusiastic about our common vision the similarities in our culture of innovation and the added value we can create for customersWe look forward to working with all of HARMANamprsquos employees to execute on our visionamprdquo
Harman boasts around 30000 employees spreadout across different brands including JBL Infinity Lexicon and Mark LevinsonThe company will continue to conduct business as an independent subsidiary under the terms of the deal with Samsung
ampldquoWe are excited to have completed the transaction which provides compelling cash value to our stockholders benefits ourcustomers and provides new opportunities for our employeesamprdquo said Dinesh Paliwal Harman President and CEOampldquoSamsung shares our commitment to our customers and our culture of speed innovation and execution Samsung providesHarman with the scale platform and complementary technologies to accelerate growth and extend our global market leadership inautomotive smart audio and connected technologies Recognizing the importance of partnerships in an increasingly connectedworld particularly in automotive we are poised to leverage our combined teams and resources to produce even greater value forour customers Working closely with automakers and other technology companies Samsung and Harman will define ampndash anddrive ampndash the future of automotiveamprdquohttpautoeconomictimesindiatimescomnewsauto-technologysamsung-completes-acquisition-of-harman57624440
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Skoda delivers 81200 units in Feb 2017 globally The Economic Times
Mlada Boleslav Czech car manufacturer Skoda in a press release stated that the company delivered 81200 vehicles to customersworldwide in February 31 more than in the same period last year (February 2016 78800) brvbarkoda also claims that it has soldmore cars than any February in its history The Czech manufacturer achieved double-digit growth in Central and Eastern Europe (+129 and + 133) India (+ 128) and Israel (+ 198) among others
We are delighted with our strong start to 2017 We expect the market launch of the OCTAVIA product upgrade as well as the newKodiaq to create further momentum says Werner Eichhorn brvbarKODA Board Member for Sales and Marketing
In Western Europe deliveries to customers rose by 70 in February to 34800 vehicles (February 2016 32500) With 12600vehicles Germany remains the strongest single European market (February 2016 12100 vehicles +45) brvbarKODA recordeddouble-digit growth rates in the UK (3400 vehicles +236) Italy (2200 vehicles + 201) Belgium (2 000 vehicles +271) andAustria (1900 vehicles +647)
In Central Europe brvbarKODA achieved an increase of 129 with 17400 cars (February 2016 15400 vehicles) Deliveries on thehome market of the Czech Republic rose by 88 to 8200 vehicles in Poland (5700 vehicles + 163) Slovakia (1700 vehicles+154) Slovenia (600 vehicles +226) and Croatia (300 vehicles +469) also rose in double figures
In Eastern Europe excluding Russia Skoda achieved a year-on-year increase of 133 with 2800 vehicles delivered (February2016 2500 vehicles) In the same period 400 customers in Ukraine received their new brvbarKODA ampndash an increase of 939(February 2016 200 vehicles) The number of deliveries increased significantly in Bosnia (200 vehicles + 557) Bulgaria (200vehicles +175) and the Baltic States (600 vehicles + 229) In Russia brvbarKODA achieved an increase of 46 with 4300vehicles (February 2016 4100 vehicles)
In China ampndash the brandamprsquos largest market worldwide ampndash brvbarKODA handed over the keys to 15000 new vehicles(February 2016 18500 vehicles -188) Deliveries overseas increased by 98 to a total of 2500 vehicles
At the Geneva Motor Show brvbarKODA is presenting several new highlights These include the brvbarKODA KODIAQ SCOUT and brvbarKODAKODIAQ SPORTLINE alongside the extensively upgraded brvbarKODA OCTAVIA as well as the sporty spearhead brvbarKODA OCTAVIA RS245 and the brvbarKODA OCTAVIA SCOUT with a rugged off-road look In addition the upgraded brvbarKODA models RAPID and RAPIDSPACEBACK and Citigo are on show
brvbarKODA deliveries to customers in February 2017 (in units rounded off by model +- in percent compared to February2016)brvbarKODA OCTAVIA (28600 -86)brvbarKODA FABIA (16700 + 152)brvbarKODA RAPID (15000 + 121)brvbarKODA SUPERB (10900 + 171)brvbarKODA KODIAQ (1300 + 1000)brvbarKODA YETI (6300 -157)brvbarKODA CITIGO (only sold in Europe 2300 -164)httpautoeconomictimesindiatimescomnewspassenger-vehiclecarsskoda-delivers-81200-units-in-feb-201757626693
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Isuzu claims more durability on its diesel engines for trucks The Economic Times
Indianapolis Isuzu Commercial Truck of America has announced that the B10 durability rating of its 4HK1-TC diesel engine hasbeen increased to 375000 miles informed the company in an official statement
To elaborate further on what it means the Japanese commercial vehicle manufacturer went on to say that A B10-life rating is anindustry-standard gauge provided by engine makers to help consumers determine the long-term durability of an engine Thenumber following the B indicates the percentage of an engineamprsquos population that will require an overhaul before the indicatedmileage
That means that 90 of Isuzu 4HK1-TC engines are expected to last 375000 miles before they require a major repair or rebuildPreviously the 4HK1-TC engine carried an already-robust B10 durability rating of 310000 miles added the company
ampldquoWe are proud to say that Isuzu diesel engines are already known worldwide for their long-term dependabilityamprdquo saidShaun Skinner president of Isuzu Commercial Truck of America ampldquoOur new B-10 rating is strong evidence that our enginesare even more durable than everamprdquo
The turbocharged intercooled 4HK1-TC four-cylinder diesel engine displaces 52 liters and generates 215 horsepower Torqueratings vary depending on model The engine is fitted to Isuzu NPR-HD NPR-XD NQR and NRR models as well as the all-new2018 Isuzu FTR Class 6 truck
The company made the above announcement at the National Truck Equipment Associationamprsquos 2017 Work Truck Show inIndianapolis held on March 13httpautoeconomictimesindiatimescomnewsauto-componentsisuzu-diesel-engines-for-trucks-now-become-more-durable57626832
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MoS visits Rolls-Royces new logistics centre in England The Economic Times
New Delhi Nick Gibb Minister for School Standards and MP for Bognor Regis and Littlehampton has visited Rolls-Royce MotorCars Technology and Logistics Centre on Monday informed the British luxury car maker in a media release
During the visit Gibb toured the facility met the expert team onsite and was briefed on the companyamprsquos future plans to expandthe Centre He also took the opportunity to learn more about the Rolls-Royce Motor Cars apprenticeship graduate and internprogrammes
Nick Gibb said ampldquoThe original announcement that Rolls-Royce Motor Cars would be locating its Technology and LogisticsCentre in Bognor Regis was a great boost for our town and warmly welcomed I am delighted to see the huge new state of the artfacilities fully operational and providing high quality jobs for local people The support of such a prestigious company is good newsfor Bognor Regis and for the wider local economyamprdquo
He continued ampldquoIt is very welcome that Rolls-Royce operates an apprenticeship scheme ensuring the company has the skillsit needs for the future and providing opportunities and training for a cohort of young people every year This year Rolls-Royce istaking on record numbers of apprenticesamprdquo
The new Rolls-Royce Technology and Logistics Centre at Bognor Regis opened on schedule in January 2016 The purpose-built30000m2 facility is located close to the companyamprsquos head office and manufacturing plant at Goodwoodhttpautoeconomictimesindiatimescomnewsindustrymos-visits-rolls-royce-new-logistics-centre-in-england57626981
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All new Mazda CX-5 to be produced at Hofu Plant The Economic Times
Hiroshima Japan Japanese automaker Mazda Motor Corporation starting from November is going to produce the all-new MazdaCX-5 crossover SUV at its Hofu Plant in addition to the Hiroshima Plant where it is currently produced
The company informed that the move will help the automaker respond quickly and flexibly to growing demand for SUVs globally
Mazda aims to create a production system that can respond flexibly to changes in demand for crossover vehicles as it works tomeet its global sales goal of 165 million units
Launched domestically in February the all-new CX-5 has till date recorded sales of 16639 units about seven times the monthlytarget claims the company
As with the CX-3 starting production of the CX-5 at Hofu Plant as well is part of our plan to build a production framework that givesus more flexibility between plants and between models said Masatoshi Maruyama Managing Executive Officer in charge of GlobalProduction We will do everything we can to get customers the crossover vehicles they want as quickly as possiblehttpautoeconomictimesindiatimescomnewspassenger-vehicleuvall-new-mazda-cx-5-to-be-produced-at-hofu-plant57627447
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Rheinmetall receives over $25 mn order from American carmaker The Economic Times
New Delhi German automotive parts supplier Rheinmetall has booked its first order for a special application of coolant valves by amajor American carmaker and destined for the NAFTA market
The company in a statement said that the order has a lifetime value of over US$25 million (around Rs 165 crore) Series productionof the valves is scheduled to start in 2019 with the contract set to run for about five years
Talking about the product the company went on to say that the innovative valves play a lead role in intelligent thermal and energymanagement on modern vehicle engines These often have several cooling circuits which are controllable with the aid of switchingseat valves
As from model year 2020 this particular customer will be installing several versions of such valves on gasoline and diesel enginesfor pick-ups with over 6 liters displacement
They will take over functions in the cooling circuit of the transmission ensuring that it reaches operating temperature faster byswitching off the coolant flow when the engine is started This also helps to reduce emissions added the companyhttpautoeconomictimesindiatimescomnewsauto-componentsrheinmetall-receives-over-25-mn-order-from-american-carmaker57628058
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Nissans Infiniti names former BMW executive as new design chief ReutersSee this story in The Economic Times
Beijing Infiniti Nissan Motors premium brand named Karim Habib former global design chief for BMW as the brands new chiefdesigner effective July 1
Habib will replace Alfonso Albaisa who will be promoted to lead Nissans global design according to a press release seen byReuters Habib will report to Albaisa
Habib who has worked for several premium automotive brands including BMW and Daimler will be based in Nissans technicalcentre in Atsugi Japan and lead Infinitis design teams in Japan Beijing San Diego and Londonhttpautoeconomictimesindiatimescomnewsindustrynissans-infiniti-names-former-bmw-executive-as-new-design-chief57630437
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Elon Musks bold offer of Tesla batteries wont solve Australias power problems ReutersSee this story in The Economic Times
Launceston Australia Australia is becoming an interesting microcosm on how to or how not to transition an economy from beingpredominantly powered by coal to more climate-friendly alternatives
The dramatic intervention by Tesla Inc Chief Executive Elon Musk last week is just the latest twist in an ongoing saga that pits
business government farmers government and environmentalists against each other
Musk in an exchange of tweets with software billionaire Mike Cannon-Brookes chief executive of Atlassian Corp offered to fix theelectricity supply problems of South Australia state within 100 days of signing a contract
Musks plan is to install 100 megawatts (MW) of grid-connected battery storage which would be available to meet peak demandand would be charged with surplus electricity from other generating sources in periods of low demand
Its a bold offer and would most likely provide a quick fix to Australias fourth-largest state which suffered a blackout last Novemberand has been dealing with power shortages over the peak summer period
Businesses like BHP Billiton which operates the giant Olympic Dam copper mine in the state have been pushing for thegovernment and other stakeholders to ensure stable electricity supply saying the cost of blackouts runs into millions of dollars inlost output
Musk whose Tesla Corp is ramping up output of its battery storage packs at its Gigafactory in Nevada held talks with AustralianPrime Minister Malcolm Turnbull at the weekend as well as with South Australian Premier Jay Weatherill
The politicians will no doubt be tempted to Musks offer to install batteries especially since the electric car pioneer said if he didntmeet his 100 day deadline he wouldnt charge anything
But while Musks offer if taken up would provide a quick fix it would not do enough to mend the underlying problems at the heart ofAustralias electricity woes
Its worth looking at how Australia got itself to the point where virtually all players can agree that the nation is facing somethingapproaching an energy crisis
After all the country is not short of fossil fuels such as coal and natural gas and its climate and low population density outside themajor cities are ideal for renewables such as solar and wind power
The country is heavily reliant on an ageing fleet of coal-fired power stations which makes Australia one of the highest polluters percapita
These coal power stations are starting to close down with one shutting in South Australia last year and another planned to close inVictoria state at the end of this month
The problem is that the coal-fired power stations role as providers of base load electricity cannot be taken over by wind and solarand the role is falling to natural gas
But natural gas is also the most expensive method of generating electricity in Australia so utilities are reluctant to run their gas-firedplants until prices are high enough to justify the cost
South Australia has a gas-fired plant that was mothballed until last years power supply crisis but even with the higher prices forelectricity the operator is struggling to make the plant profitable
The state moved on Tuesday to try and address its energy security issues announcing it would build a 250 MW gas-fired plant andhelp the private sector build a 100 MW battery at a total cost of A$510 million ($385 million)
Gas Supply ConstraintsNatural gas supply is becoming a problem in Australia which may seem ironic given the country is on the verge of becoming theworlds largest exporter of liquefied natural gas (LNG) as the last of eight new plants come closer to completion
In fact the new LNG plants are copping some of the blame for the tightening natural gas market especially the three in easternQueensland state based on using coal-seam gas as the feedstock
These are being blamed for sucking domestic natural gas out of the market and into the export LNG industry
What hasnt helped is that some of Australias state and territory governments are also pursuing policies that will restrict futurenatural gas supplies
Victoria state has banned hydraulic fracturing or fracking as well as shale and coal-seam gas exploration while the NorthernTerritory New South Wales and Tasmania have various moratoriums on fracking
This leaves Western Australia Queensland and South Australia as the remaining states where onshore natural gas supplies can bedeveloped and they are now in the cross-hairs of the environmental lobby which is opposed to any and all new natural gas wells
Politicians across the traditional Labor-Liberal divide are increasingly giving in to demands to restrict natural gas exploration whilepretending that this wont have a negative impact on energy security and electricity prices
But the costs are starting to become apparent with spot electricity prices surging over the Australian summer and natural gassuppliers warning that they will be unable to meet the needs of industrial customers without action being taken
Its often the case politicians only take action when the point of crisis is reached and this appears to be the case in Australia
Whats needed is a holistic approach to energy supply as Australia transitions away from coal-fired power
This means ensuring enough natural gas is available to provide base load generation while scaling up renewables such as solar
wind pumped hydro and battery storage
Forging enough common ground with the various stakeholders will be the main obstacle but more than anything else Australia isshowing how difficult it is to end the age of coalhttpautoeconomictimesindiatimescomnewsindustryelon-musks-bold-offer-of-tesla-batteries-wont-solve-australias-power-problems57630514
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Innogy in talks with car consortium over charging stations CEO ReutersSee this story in The Economic Times
Essen Germany Innogy is in intense talks with a group of carmakers Chief Executive Peter Terium told journalists on Mondayhoping to be selected as a supplier of super-fast charging stations for electric vehicles across Europe
Its not a done deal yet Terium said pointing to strong competition from rival vendors
BMW Volkswagen Ford and Daimler plan to build about 400 next-generation charging stations in Europe that can reload anelectric car in minutes instead of hours
Sources told Reuters in January that Innogy was in talks with the consortiumhttpautoeconomictimesindiatimescomnewsindustryinnogy-in-talks-with-car-consortium-over-charging-stations-ceo57624184
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China may roll back electric vehicle quotas as industry pushes back ReutersSee this story in The Economic Times
Beijing China is considering easing proposed quotas aimed at producing more electric vehicles as Beijing gets pushback from theautomotive industry over the scale and pace of the plans
If adopted proposed changes under discussion could see a target of new energy vehicles (NEV) making up 8 percent of sales nextyear pushed to 2019 two auto executives said
The changes would lower targets from a draft policy released in September requiring 8 percent of automakers sales to be batteryelectric or plug-in hybrid vehicles by 2018 rising to 10 percent in 2019 and 12 percent in 2020
Any loosening of NEV targets would mark a pull back by Beijing which has faced opposition to the planned targets as it looks todrive its domestic carmakers to overtake global rivals in the green vehicle sector
Automakers and industry bodies have said the targets are too tough and could hurt manufacturers interests New energy vehicleslast year accounted for just 18 percent of sales in the worlds biggest autos market according to Reuters calculations based onofficial data
Its normal to make revisions as its a draft plan An Jin chairman of Anhui Jianghuai Automobile Group (JAC Motor) said on thesidelines of the National Peoples Congress in Beijing
He said he was aware of talks to revise the quota targets but said nothing was set in stone JAC hasnt been told what revisionsmight be made to the draft but I think it is possible the draft will be changed after the discussions he said
Whether the whole market can hit this quota by 2018 depends a lot on the strength of government policy If its strong then weshould be able to surpass the targets An said (But) if you consider Chinas infrastructure and the transformation of Chinas autosector then perhaps the pace will have to slow
Two Percent CutTwo executives familiar with the plans told Reuters the government was considering options for lowering the requirements
One idea was to reduce the quota requirement by 2 percent each year cutting the 2018 requirement to 6 percent said aChina-based government relations official at a major global automaker It would then be 8 percent in 2019 and 10 percent in 2020
Another option would be to push back each target by a year with the 8 percent quota starting from 2019 an executive at aJapanese car maker said
Both asked not to be named due to the sensitivity of the matter and because the draft was still under consideration
The overall policy includes quotas for plug-in cars targets for average fuel economy requirements and a credit trading system topromote green energy cars while penalizing petrol cars
The two people said the quota stand-off was tied to a disagreement between the Ministry of Industry and Information Technology(MIIT) and Chinas top state planner the National Development and Reform Commission (NDRC)
MIIT which regulates manufacturers supports a more flexible credit trading system favoured by automakers The NDRC is more
aggressive in promoting a transition to electric vehicles pushing the introduction of the stricter quotas
An NDRC spokesman said the body played a small role when the draft was open to public for discussion MIIT did not immediatelyrespond to Reuters requests for comment
China has strongly supported and subsidized electric vehicles but is gradually swapping out incentives for hard targets automakersmust meet The central government cut subsidies 20 percent this year a first reduction towards eliminating them by 2020httpautoeconomictimesindiatimescomnewspolicychina-may-roll-back-electric-vehicle-quotas-as-industry-pushes-back57623608
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Russias standards agency says Volkswagen recalls 43151 Skoda cars ReutersSee this story in The Economic Times
Moscow Russias standards agency said on Monday that Volkswagens Russian operation had informed it about the voluntaryrecall of 43151 Skoda cars due to a possible technical fault
The recall affects Skoda Octavia Superb Fabia Yeti and Rapid cars sold in Russia between 2012 and 2016 the watchdog saidhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsrussias-standards-agency-says-volkswagen-recalls-43151-skoda-cars57624140
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Economy
Rupee hits 1-12 yr high surges 78 paise on BJP sweep PTISee this story in The Economic Times
Mumbai The rupee surged by a massive 78 paise to end at a nearly one-and-a-half year high of 6582 against the US dollar onfrantic unwinding of the American currency following BJPs emphatic victory in Uttar Pradesh
Forex market sentiment soared on hopes that BJPs stellar show in state polls would pave the way for the Modi government to focuson key reform measures
The home currency resumed on a strong footing at 6620 from last Fridays closing value of 6660 at the Interbank ForeignExchange (forex) market on heavy dollar unwinding from speculative traders and exporters tracking weekend developments
Maintaining its bullish momentum against the dollar the rupee hit a fresh intra-day high of 6576 in late afternoon deals beforeending at 6582 showing a solid gain of 78 paise or 117 per cent
This is the highest closing of the rupee since November 6 2015 when it had ended at 6576
Meanwhile the RBI fixed the reference rate for the dollar at 661800 and for the euro at 704354
Financial markets too took comfort from BJPs landslide victory with the broader Nifty climbing 15245 points to a new closing peakof 9087 and the Sensex rallying 49640 points to end at 2944263
The much-anticipated turnaround on the economic front has opened up a barrage of foreign capital fund flows into India
Foreign investors pumped in over Rs 10000 crore in the Indian capital markets this month so far
It also got an added fillip from bullish macro data which showed that the countrys industrial production bounced back in Januaryexpanding by 27 per cent year-on-year
Factory output measured in terms of Index of Industrial Production (IIP) had contracted by 01 per cent in December
However inflation based on wholesale prices shot up to a 39-month high of 655 per cent in February against 525 per cent inJanuary according to official data
On the global front the dollar traded firmly higher against its major counterparts ahead of the two-day Fed meet when it could liftrates for the third time since the financial crisishttpautoeconomictimesindiatimescomnewsindustryrupee-hits-1-12-yr-high-surges-78-paise-on-bjp-sweep57635104
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Nifty hits all time high of 912275 Sensex surges 616 points after big BJP win The Economic Times
Mumbai The Nifty jumped to life highs on Tuesday after the BJPamprsquos thumping win in the crucial state of Uttar Pradeshrekindled hopes of a bigger-than-expected push for reforms by the Narendra Modi government
The Nifty up 11 so far this year crossed its previous life high of 9119 to hit 912275 before ending the day 171 or 15245points higher at 9087 This is the indexamprsquos biggest single-day gain in points since February 1 and caps a strong reboundsince the December 26 low of 7893 on demonetisation worries
The Sensex surged by 616 points or 212 intra-day before ending the day at 2944263 up 49640 points This is its biggest gainsince May 25 last year The index is the best performer among all developed and emerging market indices in local currency terms inthe past three months
The rupee surged 79 paise to a 16-month high of 6582 to the dollar as exporters sold more dollars and foreign investors boughtlocal shares BSE data showed that foreign investors bought local shares worth Rs 4089 crore their biggest single-day purchasesince February 17 when they purchased Rs 8059 crore
FPIs have bought shares worthRs 23132 crore since January this year against net sales of Rs 9800 crore in the same period lastyear The BSE Midcap and Smallcap indices gained 144 each
ampldquoOne must be ready for a correction after a rally but I am optimistic about the medium to longterm prospectsamprdquo saidMotilal Oswal chairman Motilal Oswal Financial Services Ltd ampldquoFundamentally valuations are comfortable at this point intime because of good corporate earnings growth In the short term markets may remain volatileamprdquo
BJP romped to victory in UP on Saturday winning 312 out of the 403 seats Its allies won 13 more taking the NDA tally to 325 Thisis the biggest win recorded by any party in the state since 1977 and has raised prospects of the BJP doing well in other electionsthis year and next Many political pundits also believe that the victory has improved Prime Minister Narendra Modiamprsquos chancesof retaining power in the 2019 general election
Barring the metals index all other sectoral indices on the NSE ended with gains on Tuesday About 55 stocks including TitanJubilant Life Sciences Kotak Mahindra Bank IndusInd Bank YES Bank and Indiabulls Housing Finance among others hit life highswhile 92 stocks were locked in upper circuit with no sellers
ampldquoWith the sharp rally the market which is currently susceptible to global risk is trading at above average multiples and westay cautious near termamprdquo said Sanjay Mookim India Equity Strategist BofA Merrill Lynch ampldquoIndiaamprsquos businesscycle should improve over the next several quarters while improving construction should drive capex which is good forequitiesamprdquo
Some market experts are divided over the near-term outlook as indices have begun to look expensive at current valuations Plusthere is no immediate trigger for upgrade
ampldquoValuations of the Indian market are quite high and would require the support of strong earnings growth Any disappointmenton earnings will make valuations look even more expensive which the market may not likeamprdquo said Sanjeev Prasad senior EDand co-head of Kotak Institutional Equities
ampldquoGlobal and domestic interest rate cycles are no longer supportive with likely increase in developed markets bondyieldsamprdquo
ampldquoWhile markets are expecting a rate hike this meeting what will be of more interest is the commentaryamprdquo said DipenShah senior V-P PCG research Kotak Securities ampldquoIf it is hawkish it may have an impact on fund flows to emerging marketsbut India may be relatively less impacted because of the continuing domestic flowsamprdquo
ampldquoNotwithstanding the election results we believe the risk-reward is not favourable currently and advise investors to sell intothis rally We expect Nifty EPS to rise 15-16 in FY18 and see no trigger for an earnings upgrade at this junctureamprdquo ReligareInstitutional Research said in a notehttpeconomictimesindiatimescommarketsstocksnewsnifty-hits-all-time-high-of-9122-75-sensex-surges-616-points-after-big-bjp-winarticleshow57639036cms
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WPI inflation up 655 for February 2017 The Economic Times
New Delhi The annual rate of inflation based on monthly Wholesale Price Index (WPI) stood at 655 percent (provisional) for themonth of February 2017 (over February 2016) as compared to 525 percent (provisional) for the previous month and -085 percentduring the corresponding month of the previous year
The official Wholesale Price Index for amplsquoAll Commoditiesamprsquo for the month of February 2017 rose by 05 percent to 1855(provisional) from 1846 (provisional) for the previous month
The index for primary articles rose by 09 percent to 2581 (provisional) from 2557 (provisional) for the previous month
The inflation rate for Fuel and power group rose by 13 percent to 2038 (provisional) from 2012 (provisional) for the previousmonth due to higher price of coking coal (15 percent) aviation turbine fuel (3 percent) bitumen (2 percent) and kerosene highspeed diesel LPG and lignite (1 percent each) However the price of furnace oil (1 percent) declined
The index for the major group of manufactured products remained unchanged at its previous monthamprsquos level of 1588
(provisional) In this group the index for amplsquoRubber amp Plastic Productsamprsquo group rose by 02 percent to 1489 (provisional)from 1486 (provisional) for the previous month due to higher price of rubber products (1 percent)
The index for amplsquoTransport Equipment amp Partsamprsquo group rose by 05 percent to 1405 (provisional) from 1398 (provisional)for the previous month due to higher price of auto rickshaw tempo matador (4 percent) and auto parts (1 percent)
For the month of December 2016 the final Wholesale Price Index for amplsquoAll Commoditiesamprsquo stood at 1833 as comparedto 1828 (provisional) and annual rate of inflation based on final index stood at 368 percent as compared to 339 percent(provisional) respectively as reported on January 1 2017httpautoeconomictimesindiatimescomnewsindustrywpi-inflation-up-6-55-for-february-201757627665
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February CPI at 365 vs 317 in January highest since October 2016 PTISee this story in The Economic Times
New Delhi Retail inflation rose to 4-month high of 365 per cent in February mainly due to surge in price of food items like fruitssugar and confectionery
Measured in terms of Consumer Price Index (CPI) the inflation had dipped to a multi-year low of 317 per cent in January this yearon account of cash crunch following demonetisation It was 526 per cent in February last year
According to the CPI data released today by the Central Statistics Office (CSO) the consumer food prices index (CFPI) rose by201 per cent in February from 061 per cent in January The CFPI was 53 per cent in February 2016
Inflation in fruits was higher at 833 per cent fuel and light at 39 per cent in February The rate of price rise in meat and fish was 35per cent in February
Prices of sugar and confectionery items rose by 1883 per cent in February while inflation in milk and milk product increased by 422per cent
The rate of inflation in household goods and services was 409 per cent while this rate was in health segment was 4 per cent Thetransport and communication became expensive by 539 per cent
The personal care and effects segment rose by 515 per cent while the education became more expensive by 537 per cent inFebruary this year
The inflation rate was 438 per cent in clothing and footware segment while it was 49 per cent in housing segment
However the prices of vegetables and pulses declined by 829 per cent and 902 per cent respectively
Rural retail inflation was at 367 per cent in February compared with 336 per cent in the preceding month The CPI was also up inthe urban sector at 355 per cent in February from 29 per cent in January this yearhttpautoeconomictimesindiatimescomnewsindustryfebruary-cpi-at-3-65-vs-3-17-in-january-highest-since-october-201657633211
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Closing
Last Financial Closing
Sensex 2944263 (+49640)NSE 9087 (+15245)US$ spot Rs6582US$ Y1148000US$ 6 months RsYen Rs57Euro spot Rs70
Gold (10gm) Rs28333Silver (1kg) Rs4008300
Crude Oil (WTI) Crude Oil (Brent) $5172 (+037)
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Apollo Tyres 1 18610Asahi Ind 1 21655Amara Raja B 1 83230Ashok Leyland 1 9080Bajaj Auto 10 286670Bharat Forge 2 103550Denso 1 Eicher Motor 10 2396325Escorts 10 51945Exide Ind 1 21645Force Motors 10 427760Gabriel India 1 11460Hero Motocor 2 335745Hind Motors 5 950Hi-Tech Gear 10 29885Jay Bh Maruti 5 38190
Jamna Auto 5 20550JK Tyres amp Inds 10 1241 Kinetic Motors 10 Kinetic Engg 10 KOEL 2 37685Kirloskar Br 2 24135LML Ltd 10 1250LampT 2 155810Lumax Ind 10 131690Lumax Tech 10 43230MampM 5 132600Maruti Suzuki 5 613240Motherson SS 1 36290Minda Inds 2 44350MRF 10 5298390Omax Auto 10 7555Rico Auto 1 5720Sona Koyo St 1 8170
SRF 10 157155Tata Motors 2 46975 TVS Motors 1 43690
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Bhushan Steel 2 5430Hindalco 1 19040Hind Zinc 2 29140JSW Ispat S 10 Jind Steel 1 12490JSW Steel 1 18190Jindal Saw 2 7995National Aluminium 5 7310SAIL 10 6005Tata Steel 10 47255Visa Steel 10 2185
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Ambuja Cement 2 23370Binani Industries 10 7200Birla Corp 10 70360India Cement 10 16070Prism Cement 10 9375JK Cement 10 88470Shree Cement 10 1639835
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NURC Industry Updates contain editedtruncated text of Industry-specific news as it appears in various select dailies and websites These are NOT full stories unless otherwisespecifically mentioned The stories contained herein are informational only and no representation is made or warranty given as to their content reliability truthfulness orusefulness User assumes all risk of use It be clearly understood that NURC updates do not claim to and neither mean to replace the Print or the Internet editions of variousnewspapers whose articles are featured therein For the best and complete news reading NURC urges its readers to read the full text of the stories from the Newspaperswhose credits are given after the headline and visit the related website whose URL is given below the text matter of each news item
NURC News Update - AUTOMOBILES
News on Indian Auto Industry Copyright 1999 NURC MediaNext Pvt Ltd
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Powered by Enablingbiz Esoluttions
You can rest assured that we will do everything in our power to make 2017 an even better year than 2016 the CEO said
But Volkswagen appears to be making slow progress in tackling the biggest trouble spot within the 12-brand group thelong-planned turnaround of its core autos division
Operating profit of the namesake brand slipped further to 187 billion euros in 2016 from 210 billion a year earlier because of highermarketing costs related to dieselgate and plunging demand in Brazil and other key markets finance chief Frank Witter said
($1 = 09394 euros)httpautoeconomictimesindiatimescomnewsindustryvolkswagen-targets-strong-2017-even-as-core-brand-struggles57630343
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VW CEO says not ruling out merger talks with Fiat Chrysler boss ReutersSee this story in The Economic Times
Wolfsburg Volkswagen Chief Executive Matthias Mueller said he is not ruling out talks with Fiat Chrysler boss Sergio Marchionneabout a possible merger
I am not ruling out a conversation Mueller told reporters on Tuesday after the carmakers annual earnings press conference inWolfsburg
Marchionne has long advocated car industry mergers to share the costs of making cleaner and more technologically advancedvehicles and has repeatedly relayed his desire via the media
It would be very helpful if Marchionne were to communicate his considerations to me too and not just to you Mueller said
I am pretty confident about the future of Volkswagen with or without Marchionne
Only last week Mueller appeared to dismiss the prospect of talks with Fiat Chrysler
We are not ready for talks about anything he told Reuters on the fringes of the Geneva auto show I havent seen Marchionne formonths he said at the timehttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsvw-ceo-says-not-ruling-out-merger-talks-with-fiat-chrysler-boss57632909
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Volkswagen chief denies talks with Fiat AFPSee this story in The Economic Times
Berlin Volkswagen chief Matthias Mueller on Tuesday denied rumours that the German auto giant was in talks with rival FiatChrysler
At present there is no contact between me and Fiat Chrysler boss Sergio Marchionne Mueller told the companys annual pressconference in Wolfsburg north Germany
Marchionne had said at the Geneva car show last week that he was expecting Volkswagen to reach out as more firms are thinkingof cost-cutting tie-ups in the vein of Frances Peugeot and German carmaker Opel
In response Mueller said he had other problems since VWs 2015 admission that it installed software to cheat regulatoryemissions tests in 11 million vehicles worldwide
He nevertheless added that Ive never said a tie-up with any other partner is altogether ruled out
VW clawed its way back to profit in 2016 and pulled ahead of Toyota to become the worlds biggest carmaker by unit sales shipping103 million vehicles over the year
Mueller on Tuesday confirmed the groups forecast of moderate growth in sales in 2017
But the firm is far from turning the page as it continues to refit cars equipped with the cheating software and faces legal action fromcustomers and investors in numerous countries
The final bill for the scandal is impossible to predict Mueller acknowledged
All we know is that this question will keep us busy for a long time several years he saidhttpeconomictimesindiatimescomindustryautovolkswagen-chief-denies-talks-with-fiatarticleshow57633113cms
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Volkswagen has good chances to build on strong 2016 performance CEO ReutersSee this story in The Economic Times
Germany Volkswagen has good chances of building on its strong 2016 performance when it swung to a record underlying profitdespite its diesel emissions crisis Chief Executive Matthias Mueller said
The Volkswagen Group is in very robust shape Mueller said on Tuesday at the carmakers annual news conference in Wolfsburg
VW expects group revenue to exceed last years record 217 billion euros ($231 billion) by as much as 4 percent this year and isforecasting an underlying operating margin of between 6 and 7 percent compared with 67 percent in 2016 it said affirming aforecast given on Feb 24
Still operating profit of its core autos division slipped further to 187 billion euros in 2016 from 210 billion a year earlier as the brandis struggling to implement a wide-ranging turnaround planhttpeconomictimesindiatimescomnewsinternationalbusinessvolkswagen-has-good-chances-to-build-on-strong-2016-performance-ceoarticleshow57630339cms
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BMW i3 batteries to be used by Vattenfall The Economic Times
New Delhi Swedish power making company Vattenfall and German auto giant BMW Group have signed a contract for the deliveryof up to 1000 lithium-ion batteries this year The batteries with a capacity of 33 kilowatt hours (kWh) each are equipped with aBMW-owned battery management system and are also used by the car manufacturer in the BMW i3
Vattenfall will purchase the new batteries from the BMW plant in Dingolfing and use them in all storage projects
Energy storage and grid stability are the major topics of the new energy world says Gunnar Groebler Senior Vice President ofVattenfall and Head of Business Area Wind
We want to use the sites where we generate electricity from renewable energies in order to drive the transformation to a newenergy system and to facilitate the integration of renewable energies into the energy system with the storage facilities Thedecoupling of production and consumption and the coupling of different consumption sectors are in the focus of our work
The first energy storage from the BMW-i3 batteries is being built at the 122 MW onshore wind farm Princess Alexia nearAmsterdam With a capacity of 32 megawatts (MW) it is Vattenfalls first large storage project in the Netherlands
Pending on a final investment decision the largest battery storage will be built at the Vattenfall wind farm Pen y Cymoedd (230 MW)in South Wales - a 22-megawatt storage facility which will help to support the stability of the country-wide power grid in the UK aspart of the so-called EFR (Enhanced Frequency Response) service
As part of the project Norddeutsche Energiewende NEW 40 Vattenfall together with the Hamburg University of Applied Sciences(HAW) and the company Nordex will implement a large battery storage at the future wind farm in Hamburg-Bergedorf
This is a so-called storage control unit made of batteries It is meant to maintain the security of supply with a feed-in of 100 percentrenewable energy In addition the battery storage contributes to the improvement of the network quality and the more efficient useof the existing network structure Other possible applications would be electricity storage in private households Energy storagesolutions are an important part of Vattenfallamprsquos strive to power climate smarter living
We are pleased that we have found a supplier in BMW who meets our high safety requirements with the use of the batteries withreliably good quality from German series production says Daniel Hustadt project manager for large batteries at VattenfallInnovation GmbHhttpautoeconomictimesindiatimescomnewsindustrybmw-i3-batteries-to-be-used-by-vattenfall57630728
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Toyota to look at Saudi production as the countries seek closer ties ReutersSee this story in The Economic Times
New Delhi Toyota Motor Corp signed a memorandum of understanding (MOU) on Tuesday with a Saudi Arabian governmentagency to conduct a feasibility study into producing vehicles and parts in the Middle Eastern nation
The move if firmed up would be a big step for the Saudi economy as the government tries to diversify beyond oil exports andcreate jobs as part of the kingdoms 2030 Vision
So far Saudi Arabia and other Gulf oil exporters have failed to significantly develop industries such as automaking because theylack broad industrial bases and a skilled local workforce
The study would take into account the evaluation of development of a local supply base using materials produced by major Saudi
companies like Sabic Maaden Petro Rabigh and other major industrial companies in the kingdom the official Saudi state newsagency reported
The MOU is with Saudi Arabias National Industrial Clusters Development Program (NICDP)
Meanwhile state-run Saudi Aramco has signed MOUs with five Japanese entities during a business forum that both nations hostedon Tuesday coinciding with a visit by Saudi Arabias King Salman this week
Saudi Aramco and Japans biggest oil refiner JX Nippon Oil amp Energy (5020T) agreed to consider a refinery joint venture in a thirdcountry and cooperation in trading and technology of oil and petrochemical products
Aramco also agreed to consider a possible future cooperation in crude oil supply and downstream business with Idemitsu KosanCompany
In addition Aramco and state-run Japan Oil Gas and Metals National Corp (JOGMEC) formally agreed to expand crude storagecapacity in Japan by 300000 kilolitres (about 19 million barrels) from the current 63 million barrels from April 1
Japan treats crude oil stored by Aramco as quasi-government oil reserves counting half of the barrels stored by Aramco as nationalcrude reserves
Companies and government organizations in both nations signed a total of 20 MOUs on Tuesday including cooperation betweenthe Saudi Arabian General Investment Authority (SAGIA) and Japans three megabanks - Mitsubishi UFJ Financial Group (8306T)Sumitomo Mitsui Financial Group (8316T) and Mizuho Financial Group (8411T) - on increasing investments in the kingdom
The MOUs also included cooperation in seawater desalinationhttpautoeconomictimesindiatimescomnewsindustrytoyota-to-look-at-saudi-production-as-the-countries-seek-closer-ties57636587
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Geneva Motor Show 2017 Airbus unveils fully electric flying car PopUp The Economic Times
Geneva Airbus along with Italdesign has unveiled the first modular fully electric zero emission concept vehicle system - PopUpat the Geneva Motor Show 2017 informed the French company in an official statement
PopUp envisages a modular system for multi-modal transportation that makes full use of both ground and airspace and isdesigned to relieve traffic congestion in crowded megacities
PopUp System consists of a three layers concept1 an Artificial Intelligence platform that based on its user knowledge manages the travel complexity offering alternative usagescenarios and assuring a seamless travel experience
2 a vehicle shaped as a passenger capsule designed to be coupled with two different and independent electric propelled modules(the ground module and the air module) Other public means of transportation (eg trains or hyperloops) could also integrate thePopUp capsule
3 an interface module that dialogues with users in a fully virtual environment
Airbus claims The PopUp vehicle combines the flexibility of a small two seater ground vehicle with the freedom and speed of avertical take-off and landing (VTOL) air vehicle thus bridging the automotive and aerospace domains
PopUpamprsquos monocoque carbon-fibre cocoon measures 26 metres long 14 metres high and 15 metres wide The capsuletransforms itself into a city car by simply coupling to the ground module which features a carbon-fibre chassis and is batterypowered
For megacity journeys with high congested traffic the capsule disconnects from the ground module and is carried by a 5 by 44metre air module propelled by eight counter-rotating rotors
ampldquoAdding the third dimension to seamless multi-modal transportation networks will without a doubt improve the way we liveand how we get from A to Bamprdquo said Mathias Thomsen General Manager for Urban Air Mobility at Airbus on the occasion ofthe unveil
ampldquoSuccessfully designing and implementing solutions that will work both in the air and on the ground requires a joint reflectionon the part of both aerospace and automotive sectors alongside collaboration with local government bodies for infrastructure andregulatory frameworks Italdesign with its long track record of exceptional vehicle design was an exciting partner for Airbus for thisunique concept projectamprdquo
ampldquoToday automobiles are part of a much wider eco-system if you want to design the urban vehicle of the future the traditionalcar cannot alone be the solution for megacities you also have to think about sustainable and intelligent infrastructure appsintegration power systems urban planning social aspects and so on In the next years ground transportation will move to the nextlevel and from being shared connected and autonomous it will also go multimodal and moving into the third dimensionamprdquo saidItaldesign CEO Joumlrg Astaloschhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsgeneva-motor-show-2017-airbus-unveils-fully-electric-flying-car-pop-up57630936
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Nissan boosts management presence at Mitsubishi Motors ReutersSee this story in The Economic Times
Tokyo Mitsubishi Motors on Tuesday said an additional four Nissan executives would join its management team as Nissan tightensits control over the smaller struggling automaker in which it took a controlling stake last year
The announcement is part of Mitsubishi Motors efforts to rebuild its management system after it admitted last year that it hadoverstated the mileage on a number of its cars sold in Japan battering domestic sales and tarnishing its brand image
From April corporate vice president positions for roles including product development and marketing and sales would be occupiedby officials from Nissan Mitsubishi Motors said
This would hike the number of Nissan executives on Mitsubishi Motors management team to seven from two now
We need to strengthen our corporate governance to avoid a repeat of last years scandal along with scandals previous to thatMitsubishi Chief Executive Officer (CEO) Osamu Masuko told reporters during a teleconference
After taking a one-third stake in Mitsubishi Motors Nissan installed Carlos Ghosn - its CEO at the time - as chairman of MitsubishiMotors while also naming two Nissan officials to Mitsubishis board of directors
Nissan also dispatched other executives to the smaller automaker including Trevor Mann previously Nissans chief performanceofficer who became chief operating officer at Mitsubishi late last year
Last month Ghosn said he would step down from the top position at Nissan to focus on deepening the companys alliance withRenault SA and Mitsubishi Motors
Separately Nissan said Shiro Nakamura the companys chief creative officer and one of Japans best-known car designers willretire after nearly 20 years at the automaker
Nakamura 66 is recognised for referencing science fiction anime and embracing Japans culture of cute in models including theGT-R supercar the Cube compact MPV and the Juke SUV crossover setting the automaker apart from many of its rivals whichhave been accused of making lookalike cars
Nakamura joined Nissan in 1999 from Japanese truckmaker Isuzu Motors and was one of the first key hires by Ghosn shortly afterGhosn himself arrived from French automaker Renault to save the company from bankruptcy
Alfonso Albaisa who currently overseas design at Nissans premium Infiniti brand will succeed Nakamura while former BMWglobal chief designer Karim Habib will become the brands new chief designer effective July 1httpautoeconomictimesindiatimescomnewsindustrynissan-boosts-management-presence-at-mitsubishi-motors57631800
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Renault Zoe e-Sport breaks covers at 2017 Geneva Motor Show The Economic Times
New Delhi In the ongoing Geneva Motor Show Renault has showcased its new two-seat version of its electric car Renault Zoee-Sport The company claims to have taken the design cues from Formula E
The ZOE e-Sport Concept is the fully electric concept car that embodies Renaultamprsquos commitment to the idea that electric carscan be fun and fast says Renault The sporting credentials of the ZOE e-Sport Concept extend beyond the caramprsquos styling andthe same blue livery as the Renault edams teamamprsquos front-running Formula E single-seaters
The bodywork of the ZOE e-Sport Concept is made entirely from lightweight carbon fibre which helps to ensure outstandingacceleration from standstill to 100kph in just 32 seconds The car tips the scales at a mere 1400 kilograms including 450kilograms of batteries
The car is powered by two electric motors capable of generating 450 bhp and 650 Nm of torque One of the motor is powered to therear axle and the other to the front axle Renault Zoe e-Sport gets the same 40 kWh battery which powers the standard variant ofthe car
Jean-Christophe Kugler CEO Renault Europe said that the concept as a link car - a styling exercise intended to connect the Zoeroad car with what Renault is doing in Formula E racing and to send a message that EVs are fun to drive Its not a signal of thefuture for Zoe and we have no intention to develop a performance version
Renault also claims that the electric performance car uses the same air and water cooling systems as the Renaultamprsquos FormulaE car The car is based on a tubular steel chassis with use of extensive carbon fibre The car also gets four driving modes
At the moment Renault has no plans to make the Zoe e-Sport into productionhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsrenault-zoe-e-sport-breaks-covers-at-2017-geneva-motor-show57627528
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Sensata Technologies opens testing facility in Bulgaria ReutersSee this story in The Economic Times
Sofia Sensata Technologies has opened its largest global testing facility in Sofia to support its automotive sensing technologies thecompany said on Tuesday
Sensata which has manufacturing sites in 13 countries already employs 3000 people in Bulgaria where it produces pressure andhigh temperature sensors for the automotive market and operates a business centre
In recent years inexpensive labour low taxes and an educated workforce have encouraged dozens of car part producers and ITand business outsourcing companies to set up in the Balkan countryhttpautoeconomictimesindiatimescomnewsauto-componentssensata-technologies-opens-testing-facility-in-bulgaria57632975
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Driving driverless Quest for an autonomous car has reached a truck now Nandagopal RajanThe Financial Express
At San Franciscoamprsquos Pier 90 chock-a-block with cargo vehicles it is pretty tough for any truck to stand out But a white Volvotruck with Otto emblazoned on it is the centre of attention This is the next big thing in automated cars and has already shown itsmettle by delivering a consignment of Budweiser beer in Colorado without a driver controlling it on the freeway
Uber is one of the many companies thinking in terms of driverless car While CEO Travis Kalanick says automated vehicles areampldquoexistentialamprdquo for the ride-hailing companyamprsquos future he is not alone in the race to drive without drivers Just in theUS at least 23 companiesampmdashincluding Tesla Google and Volkswagenampmdashhave registered in autonomous vehicleprogrammes The idea that fuels this cutting-edge technology is pure economics at the end of the day Cars suffer from seriousissues of inefficiency as they sit idle 95 of the time Considering that the world has 1200000000 cars this is inefficiency at agargantuan scale Add to this the fact that cars amount for 22 of all emissions globally and muddy the urban infrastructureproblem by creating the need for parking spaces
Since 1984 when the first experimental self-driving cars appeared there has been much progress on the technology leading toMercedes-Benz showcasing its concept car the F 015 at the Consumer Electronics Show in Las Vegas in 2015 Everyone has adifferent take on the technology but in the end the idea is to make cars intelligent and independent enough to be aware ofsurroundings and take decisions based on that
Interestingly Uberamprsquos dream is to bring ampldquoreliable transportation to everyone everywhereamprdquo now extended toeverything too with the trucks from Otto a start-up it acquired last year Matt Sweeney who heads product at UberamprsquosAdvanced Technology Group says ampldquothe truck and passenger vehicles share software and hardware components and thishelps us work on different aspects of the self-driving problem at the same timeamprdquo But on scope passenger vehicles are forurban environments where Uber has its focus on ride-sharing while trucks will be for high-speed highways where the constraintsare different
Just last week Uber got a permit from California Department of Motor Vehicles to test two self-driving Volvo SUVs on public roadsthough it will need to have backup drivers behind the wheel in case the prototype cars malfunction Its self-driving cars have beenrunning test drives in other parts of the US too
The Otto truck comes with a rig of radars laser scanners and stereo cameras that give the computers inside a live 360-degreevision of its environment with high dynamic range high resolution and high colour information imagery so that the truck can besmart enough to decide what to do next But the computing task this presents is ampldquoalmost as big as a small datacentreamprdquo Sweeney says the computing has to be done inside as ampldquothere is no tech that can let us send all that data tothe cloud real time and hence a lot of the computing has to be done in the truck itselfamprdquo
ampldquoA lot of the tech is based on prior mapping but in subsequent runs we see differences that have come about in the area andpay attention on those objects that are differentamprdquo
Interestingly Otto is being sued by Googleamprsquos Waymo self-driving car unit which claims its former employee and start-upfounder Anthony Levandowski stole its proprietary design for its laser-based radar system There are other challenges tooampldquoUber tech is different because we are trying to make this on top of the ride-sharing network that we already haveamprdquo headded
Nissan in contrast keeps the driver and not the technology at the centre and its definition of an ampldquoautonomous caramprdquo ishence a vehicle with different levels of driving technologies that enable it to operate autonomously for certain periods of time ANissan spokesperson said on the technology side the challenges are in artificial intelligence software development data processingand digital mapping technologies while on the social environment side laws and regulations along with modifications of roadinfrastructure will become necessary
This contrast in technologies is why it is important to see how the entire ecosystem evolves maybe with different platforms talkingto each other But Uber is not depending on this ampldquoWe need to see and interact with vehicles but there is no guarantee wewill have that technology So we are approaching it with the assumption it wonamprsquot existamprdquo says Sweeney
Uberamprsquos goal is to take its technology everywhere but can these vehicles actually be practical for an environment like IndiaSweeney accepts the new elements this will throw in along with the sheer volume will present a slew of challenges ampldquoThoseare situations we think we will be able to tackle but those are not the first places we will goamprdquo he explains adding that theywill look for opportunities where they can deploy this technology safely Clearly this drive has just started(The author attended the Uber Media Summit in San Francisco at the invitation of Uber)httpwwwfinancialexpresscomopiniondriving-driverless-quest-for-an-autonomous-car-has-reached-a-truck-now588112
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Samsung completes acquisition of Harman The Economic Times
New Delhi The arrest of the Vice-Chairman of Samsung Board Lee Jae Yong on bribery and corruption charges has not affectedthe deal between Samsung and Harman International IndustriesIn a media statement the South Korean giant confirmed thecompletion of its largest such deal ever
Under the terms of the merger agreement Harman stockholders will receive $11200 per share in cash The completion follows thesatisfaction of all conditions to the closing of the transaction including approval of the transaction by HARMAN stockholders andreceipt of all necessary regulatory approvals in the United States and certain foreign jurisdictions
ampldquoToday is a historic moment for us The close of this transaction opens the door to create substantial growth opportunitiesand deliver greater benefits for customers worldwideamprdquo said Young Sohn President and Chief Strategy Officer of SamsungElectronics and Chairman of the Board HARMAN ampldquoWe see transformative opportunities in the car ampndash and a futurewhich seamlessly connects lifestyle across automotive home mobile and work Samsungamprsquos and HARMANamprsquosleadership in these spaces perfectly positions Samsung to be the preferred partner to our OEM customers In addition bringingtogether HARMANamprsquos iconic audio brands and capabilities paired with Samsungamprsquos leading display technologies willdeliver enhanced audio and video experiences to consumers and professional end markets And most importantly we areenthusiastic about our common vision the similarities in our culture of innovation and the added value we can create for customersWe look forward to working with all of HARMANamprsquos employees to execute on our visionamprdquo
Harman boasts around 30000 employees spreadout across different brands including JBL Infinity Lexicon and Mark LevinsonThe company will continue to conduct business as an independent subsidiary under the terms of the deal with Samsung
ampldquoWe are excited to have completed the transaction which provides compelling cash value to our stockholders benefits ourcustomers and provides new opportunities for our employeesamprdquo said Dinesh Paliwal Harman President and CEOampldquoSamsung shares our commitment to our customers and our culture of speed innovation and execution Samsung providesHarman with the scale platform and complementary technologies to accelerate growth and extend our global market leadership inautomotive smart audio and connected technologies Recognizing the importance of partnerships in an increasingly connectedworld particularly in automotive we are poised to leverage our combined teams and resources to produce even greater value forour customers Working closely with automakers and other technology companies Samsung and Harman will define ampndash anddrive ampndash the future of automotiveamprdquohttpautoeconomictimesindiatimescomnewsauto-technologysamsung-completes-acquisition-of-harman57624440
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Skoda delivers 81200 units in Feb 2017 globally The Economic Times
Mlada Boleslav Czech car manufacturer Skoda in a press release stated that the company delivered 81200 vehicles to customersworldwide in February 31 more than in the same period last year (February 2016 78800) brvbarkoda also claims that it has soldmore cars than any February in its history The Czech manufacturer achieved double-digit growth in Central and Eastern Europe (+129 and + 133) India (+ 128) and Israel (+ 198) among others
We are delighted with our strong start to 2017 We expect the market launch of the OCTAVIA product upgrade as well as the newKodiaq to create further momentum says Werner Eichhorn brvbarKODA Board Member for Sales and Marketing
In Western Europe deliveries to customers rose by 70 in February to 34800 vehicles (February 2016 32500) With 12600vehicles Germany remains the strongest single European market (February 2016 12100 vehicles +45) brvbarKODA recordeddouble-digit growth rates in the UK (3400 vehicles +236) Italy (2200 vehicles + 201) Belgium (2 000 vehicles +271) andAustria (1900 vehicles +647)
In Central Europe brvbarKODA achieved an increase of 129 with 17400 cars (February 2016 15400 vehicles) Deliveries on thehome market of the Czech Republic rose by 88 to 8200 vehicles in Poland (5700 vehicles + 163) Slovakia (1700 vehicles+154) Slovenia (600 vehicles +226) and Croatia (300 vehicles +469) also rose in double figures
In Eastern Europe excluding Russia Skoda achieved a year-on-year increase of 133 with 2800 vehicles delivered (February2016 2500 vehicles) In the same period 400 customers in Ukraine received their new brvbarKODA ampndash an increase of 939(February 2016 200 vehicles) The number of deliveries increased significantly in Bosnia (200 vehicles + 557) Bulgaria (200vehicles +175) and the Baltic States (600 vehicles + 229) In Russia brvbarKODA achieved an increase of 46 with 4300vehicles (February 2016 4100 vehicles)
In China ampndash the brandamprsquos largest market worldwide ampndash brvbarKODA handed over the keys to 15000 new vehicles(February 2016 18500 vehicles -188) Deliveries overseas increased by 98 to a total of 2500 vehicles
At the Geneva Motor Show brvbarKODA is presenting several new highlights These include the brvbarKODA KODIAQ SCOUT and brvbarKODAKODIAQ SPORTLINE alongside the extensively upgraded brvbarKODA OCTAVIA as well as the sporty spearhead brvbarKODA OCTAVIA RS245 and the brvbarKODA OCTAVIA SCOUT with a rugged off-road look In addition the upgraded brvbarKODA models RAPID and RAPIDSPACEBACK and Citigo are on show
brvbarKODA deliveries to customers in February 2017 (in units rounded off by model +- in percent compared to February2016)brvbarKODA OCTAVIA (28600 -86)brvbarKODA FABIA (16700 + 152)brvbarKODA RAPID (15000 + 121)brvbarKODA SUPERB (10900 + 171)brvbarKODA KODIAQ (1300 + 1000)brvbarKODA YETI (6300 -157)brvbarKODA CITIGO (only sold in Europe 2300 -164)httpautoeconomictimesindiatimescomnewspassenger-vehiclecarsskoda-delivers-81200-units-in-feb-201757626693
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Isuzu claims more durability on its diesel engines for trucks The Economic Times
Indianapolis Isuzu Commercial Truck of America has announced that the B10 durability rating of its 4HK1-TC diesel engine hasbeen increased to 375000 miles informed the company in an official statement
To elaborate further on what it means the Japanese commercial vehicle manufacturer went on to say that A B10-life rating is anindustry-standard gauge provided by engine makers to help consumers determine the long-term durability of an engine Thenumber following the B indicates the percentage of an engineamprsquos population that will require an overhaul before the indicatedmileage
That means that 90 of Isuzu 4HK1-TC engines are expected to last 375000 miles before they require a major repair or rebuildPreviously the 4HK1-TC engine carried an already-robust B10 durability rating of 310000 miles added the company
ampldquoWe are proud to say that Isuzu diesel engines are already known worldwide for their long-term dependabilityamprdquo saidShaun Skinner president of Isuzu Commercial Truck of America ampldquoOur new B-10 rating is strong evidence that our enginesare even more durable than everamprdquo
The turbocharged intercooled 4HK1-TC four-cylinder diesel engine displaces 52 liters and generates 215 horsepower Torqueratings vary depending on model The engine is fitted to Isuzu NPR-HD NPR-XD NQR and NRR models as well as the all-new2018 Isuzu FTR Class 6 truck
The company made the above announcement at the National Truck Equipment Associationamprsquos 2017 Work Truck Show inIndianapolis held on March 13httpautoeconomictimesindiatimescomnewsauto-componentsisuzu-diesel-engines-for-trucks-now-become-more-durable57626832
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MoS visits Rolls-Royces new logistics centre in England The Economic Times
New Delhi Nick Gibb Minister for School Standards and MP for Bognor Regis and Littlehampton has visited Rolls-Royce MotorCars Technology and Logistics Centre on Monday informed the British luxury car maker in a media release
During the visit Gibb toured the facility met the expert team onsite and was briefed on the companyamprsquos future plans to expandthe Centre He also took the opportunity to learn more about the Rolls-Royce Motor Cars apprenticeship graduate and internprogrammes
Nick Gibb said ampldquoThe original announcement that Rolls-Royce Motor Cars would be locating its Technology and LogisticsCentre in Bognor Regis was a great boost for our town and warmly welcomed I am delighted to see the huge new state of the artfacilities fully operational and providing high quality jobs for local people The support of such a prestigious company is good newsfor Bognor Regis and for the wider local economyamprdquo
He continued ampldquoIt is very welcome that Rolls-Royce operates an apprenticeship scheme ensuring the company has the skillsit needs for the future and providing opportunities and training for a cohort of young people every year This year Rolls-Royce istaking on record numbers of apprenticesamprdquo
The new Rolls-Royce Technology and Logistics Centre at Bognor Regis opened on schedule in January 2016 The purpose-built30000m2 facility is located close to the companyamprsquos head office and manufacturing plant at Goodwoodhttpautoeconomictimesindiatimescomnewsindustrymos-visits-rolls-royce-new-logistics-centre-in-england57626981
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All new Mazda CX-5 to be produced at Hofu Plant The Economic Times
Hiroshima Japan Japanese automaker Mazda Motor Corporation starting from November is going to produce the all-new MazdaCX-5 crossover SUV at its Hofu Plant in addition to the Hiroshima Plant where it is currently produced
The company informed that the move will help the automaker respond quickly and flexibly to growing demand for SUVs globally
Mazda aims to create a production system that can respond flexibly to changes in demand for crossover vehicles as it works tomeet its global sales goal of 165 million units
Launched domestically in February the all-new CX-5 has till date recorded sales of 16639 units about seven times the monthlytarget claims the company
As with the CX-3 starting production of the CX-5 at Hofu Plant as well is part of our plan to build a production framework that givesus more flexibility between plants and between models said Masatoshi Maruyama Managing Executive Officer in charge of GlobalProduction We will do everything we can to get customers the crossover vehicles they want as quickly as possiblehttpautoeconomictimesindiatimescomnewspassenger-vehicleuvall-new-mazda-cx-5-to-be-produced-at-hofu-plant57627447
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Rheinmetall receives over $25 mn order from American carmaker The Economic Times
New Delhi German automotive parts supplier Rheinmetall has booked its first order for a special application of coolant valves by amajor American carmaker and destined for the NAFTA market
The company in a statement said that the order has a lifetime value of over US$25 million (around Rs 165 crore) Series productionof the valves is scheduled to start in 2019 with the contract set to run for about five years
Talking about the product the company went on to say that the innovative valves play a lead role in intelligent thermal and energymanagement on modern vehicle engines These often have several cooling circuits which are controllable with the aid of switchingseat valves
As from model year 2020 this particular customer will be installing several versions of such valves on gasoline and diesel enginesfor pick-ups with over 6 liters displacement
They will take over functions in the cooling circuit of the transmission ensuring that it reaches operating temperature faster byswitching off the coolant flow when the engine is started This also helps to reduce emissions added the companyhttpautoeconomictimesindiatimescomnewsauto-componentsrheinmetall-receives-over-25-mn-order-from-american-carmaker57628058
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Nissans Infiniti names former BMW executive as new design chief ReutersSee this story in The Economic Times
Beijing Infiniti Nissan Motors premium brand named Karim Habib former global design chief for BMW as the brands new chiefdesigner effective July 1
Habib will replace Alfonso Albaisa who will be promoted to lead Nissans global design according to a press release seen byReuters Habib will report to Albaisa
Habib who has worked for several premium automotive brands including BMW and Daimler will be based in Nissans technicalcentre in Atsugi Japan and lead Infinitis design teams in Japan Beijing San Diego and Londonhttpautoeconomictimesindiatimescomnewsindustrynissans-infiniti-names-former-bmw-executive-as-new-design-chief57630437
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Elon Musks bold offer of Tesla batteries wont solve Australias power problems ReutersSee this story in The Economic Times
Launceston Australia Australia is becoming an interesting microcosm on how to or how not to transition an economy from beingpredominantly powered by coal to more climate-friendly alternatives
The dramatic intervention by Tesla Inc Chief Executive Elon Musk last week is just the latest twist in an ongoing saga that pits
business government farmers government and environmentalists against each other
Musk in an exchange of tweets with software billionaire Mike Cannon-Brookes chief executive of Atlassian Corp offered to fix theelectricity supply problems of South Australia state within 100 days of signing a contract
Musks plan is to install 100 megawatts (MW) of grid-connected battery storage which would be available to meet peak demandand would be charged with surplus electricity from other generating sources in periods of low demand
Its a bold offer and would most likely provide a quick fix to Australias fourth-largest state which suffered a blackout last Novemberand has been dealing with power shortages over the peak summer period
Businesses like BHP Billiton which operates the giant Olympic Dam copper mine in the state have been pushing for thegovernment and other stakeholders to ensure stable electricity supply saying the cost of blackouts runs into millions of dollars inlost output
Musk whose Tesla Corp is ramping up output of its battery storage packs at its Gigafactory in Nevada held talks with AustralianPrime Minister Malcolm Turnbull at the weekend as well as with South Australian Premier Jay Weatherill
The politicians will no doubt be tempted to Musks offer to install batteries especially since the electric car pioneer said if he didntmeet his 100 day deadline he wouldnt charge anything
But while Musks offer if taken up would provide a quick fix it would not do enough to mend the underlying problems at the heart ofAustralias electricity woes
Its worth looking at how Australia got itself to the point where virtually all players can agree that the nation is facing somethingapproaching an energy crisis
After all the country is not short of fossil fuels such as coal and natural gas and its climate and low population density outside themajor cities are ideal for renewables such as solar and wind power
The country is heavily reliant on an ageing fleet of coal-fired power stations which makes Australia one of the highest polluters percapita
These coal power stations are starting to close down with one shutting in South Australia last year and another planned to close inVictoria state at the end of this month
The problem is that the coal-fired power stations role as providers of base load electricity cannot be taken over by wind and solarand the role is falling to natural gas
But natural gas is also the most expensive method of generating electricity in Australia so utilities are reluctant to run their gas-firedplants until prices are high enough to justify the cost
South Australia has a gas-fired plant that was mothballed until last years power supply crisis but even with the higher prices forelectricity the operator is struggling to make the plant profitable
The state moved on Tuesday to try and address its energy security issues announcing it would build a 250 MW gas-fired plant andhelp the private sector build a 100 MW battery at a total cost of A$510 million ($385 million)
Gas Supply ConstraintsNatural gas supply is becoming a problem in Australia which may seem ironic given the country is on the verge of becoming theworlds largest exporter of liquefied natural gas (LNG) as the last of eight new plants come closer to completion
In fact the new LNG plants are copping some of the blame for the tightening natural gas market especially the three in easternQueensland state based on using coal-seam gas as the feedstock
These are being blamed for sucking domestic natural gas out of the market and into the export LNG industry
What hasnt helped is that some of Australias state and territory governments are also pursuing policies that will restrict futurenatural gas supplies
Victoria state has banned hydraulic fracturing or fracking as well as shale and coal-seam gas exploration while the NorthernTerritory New South Wales and Tasmania have various moratoriums on fracking
This leaves Western Australia Queensland and South Australia as the remaining states where onshore natural gas supplies can bedeveloped and they are now in the cross-hairs of the environmental lobby which is opposed to any and all new natural gas wells
Politicians across the traditional Labor-Liberal divide are increasingly giving in to demands to restrict natural gas exploration whilepretending that this wont have a negative impact on energy security and electricity prices
But the costs are starting to become apparent with spot electricity prices surging over the Australian summer and natural gassuppliers warning that they will be unable to meet the needs of industrial customers without action being taken
Its often the case politicians only take action when the point of crisis is reached and this appears to be the case in Australia
Whats needed is a holistic approach to energy supply as Australia transitions away from coal-fired power
This means ensuring enough natural gas is available to provide base load generation while scaling up renewables such as solar
wind pumped hydro and battery storage
Forging enough common ground with the various stakeholders will be the main obstacle but more than anything else Australia isshowing how difficult it is to end the age of coalhttpautoeconomictimesindiatimescomnewsindustryelon-musks-bold-offer-of-tesla-batteries-wont-solve-australias-power-problems57630514
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Innogy in talks with car consortium over charging stations CEO ReutersSee this story in The Economic Times
Essen Germany Innogy is in intense talks with a group of carmakers Chief Executive Peter Terium told journalists on Mondayhoping to be selected as a supplier of super-fast charging stations for electric vehicles across Europe
Its not a done deal yet Terium said pointing to strong competition from rival vendors
BMW Volkswagen Ford and Daimler plan to build about 400 next-generation charging stations in Europe that can reload anelectric car in minutes instead of hours
Sources told Reuters in January that Innogy was in talks with the consortiumhttpautoeconomictimesindiatimescomnewsindustryinnogy-in-talks-with-car-consortium-over-charging-stations-ceo57624184
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China may roll back electric vehicle quotas as industry pushes back ReutersSee this story in The Economic Times
Beijing China is considering easing proposed quotas aimed at producing more electric vehicles as Beijing gets pushback from theautomotive industry over the scale and pace of the plans
If adopted proposed changes under discussion could see a target of new energy vehicles (NEV) making up 8 percent of sales nextyear pushed to 2019 two auto executives said
The changes would lower targets from a draft policy released in September requiring 8 percent of automakers sales to be batteryelectric or plug-in hybrid vehicles by 2018 rising to 10 percent in 2019 and 12 percent in 2020
Any loosening of NEV targets would mark a pull back by Beijing which has faced opposition to the planned targets as it looks todrive its domestic carmakers to overtake global rivals in the green vehicle sector
Automakers and industry bodies have said the targets are too tough and could hurt manufacturers interests New energy vehicleslast year accounted for just 18 percent of sales in the worlds biggest autos market according to Reuters calculations based onofficial data
Its normal to make revisions as its a draft plan An Jin chairman of Anhui Jianghuai Automobile Group (JAC Motor) said on thesidelines of the National Peoples Congress in Beijing
He said he was aware of talks to revise the quota targets but said nothing was set in stone JAC hasnt been told what revisionsmight be made to the draft but I think it is possible the draft will be changed after the discussions he said
Whether the whole market can hit this quota by 2018 depends a lot on the strength of government policy If its strong then weshould be able to surpass the targets An said (But) if you consider Chinas infrastructure and the transformation of Chinas autosector then perhaps the pace will have to slow
Two Percent CutTwo executives familiar with the plans told Reuters the government was considering options for lowering the requirements
One idea was to reduce the quota requirement by 2 percent each year cutting the 2018 requirement to 6 percent said aChina-based government relations official at a major global automaker It would then be 8 percent in 2019 and 10 percent in 2020
Another option would be to push back each target by a year with the 8 percent quota starting from 2019 an executive at aJapanese car maker said
Both asked not to be named due to the sensitivity of the matter and because the draft was still under consideration
The overall policy includes quotas for plug-in cars targets for average fuel economy requirements and a credit trading system topromote green energy cars while penalizing petrol cars
The two people said the quota stand-off was tied to a disagreement between the Ministry of Industry and Information Technology(MIIT) and Chinas top state planner the National Development and Reform Commission (NDRC)
MIIT which regulates manufacturers supports a more flexible credit trading system favoured by automakers The NDRC is more
aggressive in promoting a transition to electric vehicles pushing the introduction of the stricter quotas
An NDRC spokesman said the body played a small role when the draft was open to public for discussion MIIT did not immediatelyrespond to Reuters requests for comment
China has strongly supported and subsidized electric vehicles but is gradually swapping out incentives for hard targets automakersmust meet The central government cut subsidies 20 percent this year a first reduction towards eliminating them by 2020httpautoeconomictimesindiatimescomnewspolicychina-may-roll-back-electric-vehicle-quotas-as-industry-pushes-back57623608
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Russias standards agency says Volkswagen recalls 43151 Skoda cars ReutersSee this story in The Economic Times
Moscow Russias standards agency said on Monday that Volkswagens Russian operation had informed it about the voluntaryrecall of 43151 Skoda cars due to a possible technical fault
The recall affects Skoda Octavia Superb Fabia Yeti and Rapid cars sold in Russia between 2012 and 2016 the watchdog saidhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsrussias-standards-agency-says-volkswagen-recalls-43151-skoda-cars57624140
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Economy
Rupee hits 1-12 yr high surges 78 paise on BJP sweep PTISee this story in The Economic Times
Mumbai The rupee surged by a massive 78 paise to end at a nearly one-and-a-half year high of 6582 against the US dollar onfrantic unwinding of the American currency following BJPs emphatic victory in Uttar Pradesh
Forex market sentiment soared on hopes that BJPs stellar show in state polls would pave the way for the Modi government to focuson key reform measures
The home currency resumed on a strong footing at 6620 from last Fridays closing value of 6660 at the Interbank ForeignExchange (forex) market on heavy dollar unwinding from speculative traders and exporters tracking weekend developments
Maintaining its bullish momentum against the dollar the rupee hit a fresh intra-day high of 6576 in late afternoon deals beforeending at 6582 showing a solid gain of 78 paise or 117 per cent
This is the highest closing of the rupee since November 6 2015 when it had ended at 6576
Meanwhile the RBI fixed the reference rate for the dollar at 661800 and for the euro at 704354
Financial markets too took comfort from BJPs landslide victory with the broader Nifty climbing 15245 points to a new closing peakof 9087 and the Sensex rallying 49640 points to end at 2944263
The much-anticipated turnaround on the economic front has opened up a barrage of foreign capital fund flows into India
Foreign investors pumped in over Rs 10000 crore in the Indian capital markets this month so far
It also got an added fillip from bullish macro data which showed that the countrys industrial production bounced back in Januaryexpanding by 27 per cent year-on-year
Factory output measured in terms of Index of Industrial Production (IIP) had contracted by 01 per cent in December
However inflation based on wholesale prices shot up to a 39-month high of 655 per cent in February against 525 per cent inJanuary according to official data
On the global front the dollar traded firmly higher against its major counterparts ahead of the two-day Fed meet when it could liftrates for the third time since the financial crisishttpautoeconomictimesindiatimescomnewsindustryrupee-hits-1-12-yr-high-surges-78-paise-on-bjp-sweep57635104
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Nifty hits all time high of 912275 Sensex surges 616 points after big BJP win The Economic Times
Mumbai The Nifty jumped to life highs on Tuesday after the BJPamprsquos thumping win in the crucial state of Uttar Pradeshrekindled hopes of a bigger-than-expected push for reforms by the Narendra Modi government
The Nifty up 11 so far this year crossed its previous life high of 9119 to hit 912275 before ending the day 171 or 15245points higher at 9087 This is the indexamprsquos biggest single-day gain in points since February 1 and caps a strong reboundsince the December 26 low of 7893 on demonetisation worries
The Sensex surged by 616 points or 212 intra-day before ending the day at 2944263 up 49640 points This is its biggest gainsince May 25 last year The index is the best performer among all developed and emerging market indices in local currency terms inthe past three months
The rupee surged 79 paise to a 16-month high of 6582 to the dollar as exporters sold more dollars and foreign investors boughtlocal shares BSE data showed that foreign investors bought local shares worth Rs 4089 crore their biggest single-day purchasesince February 17 when they purchased Rs 8059 crore
FPIs have bought shares worthRs 23132 crore since January this year against net sales of Rs 9800 crore in the same period lastyear The BSE Midcap and Smallcap indices gained 144 each
ampldquoOne must be ready for a correction after a rally but I am optimistic about the medium to longterm prospectsamprdquo saidMotilal Oswal chairman Motilal Oswal Financial Services Ltd ampldquoFundamentally valuations are comfortable at this point intime because of good corporate earnings growth In the short term markets may remain volatileamprdquo
BJP romped to victory in UP on Saturday winning 312 out of the 403 seats Its allies won 13 more taking the NDA tally to 325 Thisis the biggest win recorded by any party in the state since 1977 and has raised prospects of the BJP doing well in other electionsthis year and next Many political pundits also believe that the victory has improved Prime Minister Narendra Modiamprsquos chancesof retaining power in the 2019 general election
Barring the metals index all other sectoral indices on the NSE ended with gains on Tuesday About 55 stocks including TitanJubilant Life Sciences Kotak Mahindra Bank IndusInd Bank YES Bank and Indiabulls Housing Finance among others hit life highswhile 92 stocks were locked in upper circuit with no sellers
ampldquoWith the sharp rally the market which is currently susceptible to global risk is trading at above average multiples and westay cautious near termamprdquo said Sanjay Mookim India Equity Strategist BofA Merrill Lynch ampldquoIndiaamprsquos businesscycle should improve over the next several quarters while improving construction should drive capex which is good forequitiesamprdquo
Some market experts are divided over the near-term outlook as indices have begun to look expensive at current valuations Plusthere is no immediate trigger for upgrade
ampldquoValuations of the Indian market are quite high and would require the support of strong earnings growth Any disappointmenton earnings will make valuations look even more expensive which the market may not likeamprdquo said Sanjeev Prasad senior EDand co-head of Kotak Institutional Equities
ampldquoGlobal and domestic interest rate cycles are no longer supportive with likely increase in developed markets bondyieldsamprdquo
ampldquoWhile markets are expecting a rate hike this meeting what will be of more interest is the commentaryamprdquo said DipenShah senior V-P PCG research Kotak Securities ampldquoIf it is hawkish it may have an impact on fund flows to emerging marketsbut India may be relatively less impacted because of the continuing domestic flowsamprdquo
ampldquoNotwithstanding the election results we believe the risk-reward is not favourable currently and advise investors to sell intothis rally We expect Nifty EPS to rise 15-16 in FY18 and see no trigger for an earnings upgrade at this junctureamprdquo ReligareInstitutional Research said in a notehttpeconomictimesindiatimescommarketsstocksnewsnifty-hits-all-time-high-of-9122-75-sensex-surges-616-points-after-big-bjp-winarticleshow57639036cms
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WPI inflation up 655 for February 2017 The Economic Times
New Delhi The annual rate of inflation based on monthly Wholesale Price Index (WPI) stood at 655 percent (provisional) for themonth of February 2017 (over February 2016) as compared to 525 percent (provisional) for the previous month and -085 percentduring the corresponding month of the previous year
The official Wholesale Price Index for amplsquoAll Commoditiesamprsquo for the month of February 2017 rose by 05 percent to 1855(provisional) from 1846 (provisional) for the previous month
The index for primary articles rose by 09 percent to 2581 (provisional) from 2557 (provisional) for the previous month
The inflation rate for Fuel and power group rose by 13 percent to 2038 (provisional) from 2012 (provisional) for the previousmonth due to higher price of coking coal (15 percent) aviation turbine fuel (3 percent) bitumen (2 percent) and kerosene highspeed diesel LPG and lignite (1 percent each) However the price of furnace oil (1 percent) declined
The index for the major group of manufactured products remained unchanged at its previous monthamprsquos level of 1588
(provisional) In this group the index for amplsquoRubber amp Plastic Productsamprsquo group rose by 02 percent to 1489 (provisional)from 1486 (provisional) for the previous month due to higher price of rubber products (1 percent)
The index for amplsquoTransport Equipment amp Partsamprsquo group rose by 05 percent to 1405 (provisional) from 1398 (provisional)for the previous month due to higher price of auto rickshaw tempo matador (4 percent) and auto parts (1 percent)
For the month of December 2016 the final Wholesale Price Index for amplsquoAll Commoditiesamprsquo stood at 1833 as comparedto 1828 (provisional) and annual rate of inflation based on final index stood at 368 percent as compared to 339 percent(provisional) respectively as reported on January 1 2017httpautoeconomictimesindiatimescomnewsindustrywpi-inflation-up-6-55-for-february-201757627665
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February CPI at 365 vs 317 in January highest since October 2016 PTISee this story in The Economic Times
New Delhi Retail inflation rose to 4-month high of 365 per cent in February mainly due to surge in price of food items like fruitssugar and confectionery
Measured in terms of Consumer Price Index (CPI) the inflation had dipped to a multi-year low of 317 per cent in January this yearon account of cash crunch following demonetisation It was 526 per cent in February last year
According to the CPI data released today by the Central Statistics Office (CSO) the consumer food prices index (CFPI) rose by201 per cent in February from 061 per cent in January The CFPI was 53 per cent in February 2016
Inflation in fruits was higher at 833 per cent fuel and light at 39 per cent in February The rate of price rise in meat and fish was 35per cent in February
Prices of sugar and confectionery items rose by 1883 per cent in February while inflation in milk and milk product increased by 422per cent
The rate of inflation in household goods and services was 409 per cent while this rate was in health segment was 4 per cent Thetransport and communication became expensive by 539 per cent
The personal care and effects segment rose by 515 per cent while the education became more expensive by 537 per cent inFebruary this year
The inflation rate was 438 per cent in clothing and footware segment while it was 49 per cent in housing segment
However the prices of vegetables and pulses declined by 829 per cent and 902 per cent respectively
Rural retail inflation was at 367 per cent in February compared with 336 per cent in the preceding month The CPI was also up inthe urban sector at 355 per cent in February from 29 per cent in January this yearhttpautoeconomictimesindiatimescomnewsindustryfebruary-cpi-at-3-65-vs-3-17-in-january-highest-since-october-201657633211
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Closing
Last Financial Closing
Sensex 2944263 (+49640)NSE 9087 (+15245)US$ spot Rs6582US$ Y1148000US$ 6 months RsYen Rs57Euro spot Rs70
Gold (10gm) Rs28333Silver (1kg) Rs4008300
Crude Oil (WTI) Crude Oil (Brent) $5172 (+037)
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Apollo Tyres 1 18610Asahi Ind 1 21655Amara Raja B 1 83230Ashok Leyland 1 9080Bajaj Auto 10 286670Bharat Forge 2 103550Denso 1 Eicher Motor 10 2396325Escorts 10 51945Exide Ind 1 21645Force Motors 10 427760Gabriel India 1 11460Hero Motocor 2 335745Hind Motors 5 950Hi-Tech Gear 10 29885Jay Bh Maruti 5 38190
Jamna Auto 5 20550JK Tyres amp Inds 10 1241 Kinetic Motors 10 Kinetic Engg 10 KOEL 2 37685Kirloskar Br 2 24135LML Ltd 10 1250LampT 2 155810Lumax Ind 10 131690Lumax Tech 10 43230MampM 5 132600Maruti Suzuki 5 613240Motherson SS 1 36290Minda Inds 2 44350MRF 10 5298390Omax Auto 10 7555Rico Auto 1 5720Sona Koyo St 1 8170
SRF 10 157155Tata Motors 2 46975 TVS Motors 1 43690
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Bhushan Steel 2 5430Hindalco 1 19040Hind Zinc 2 29140JSW Ispat S 10 Jind Steel 1 12490JSW Steel 1 18190Jindal Saw 2 7995National Aluminium 5 7310SAIL 10 6005Tata Steel 10 47255Visa Steel 10 2185
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Ambuja Cement 2 23370Binani Industries 10 7200Birla Corp 10 70360India Cement 10 16070Prism Cement 10 9375JK Cement 10 88470Shree Cement 10 1639835
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PLEASE NOTE
NURC Industry Updates contain editedtruncated text of Industry-specific news as it appears in various select dailies and websites These are NOT full stories unless otherwisespecifically mentioned The stories contained herein are informational only and no representation is made or warranty given as to their content reliability truthfulness orusefulness User assumes all risk of use It be clearly understood that NURC updates do not claim to and neither mean to replace the Print or the Internet editions of variousnewspapers whose articles are featured therein For the best and complete news reading NURC urges its readers to read the full text of the stories from the Newspaperswhose credits are given after the headline and visit the related website whose URL is given below the text matter of each news item
NURC News Update - AUTOMOBILES
News on Indian Auto Industry Copyright 1999 NURC MediaNext Pvt Ltd
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Powered by Enablingbiz Esoluttions
Volkswagen has good chances to build on strong 2016 performance CEO ReutersSee this story in The Economic Times
Germany Volkswagen has good chances of building on its strong 2016 performance when it swung to a record underlying profitdespite its diesel emissions crisis Chief Executive Matthias Mueller said
The Volkswagen Group is in very robust shape Mueller said on Tuesday at the carmakers annual news conference in Wolfsburg
VW expects group revenue to exceed last years record 217 billion euros ($231 billion) by as much as 4 percent this year and isforecasting an underlying operating margin of between 6 and 7 percent compared with 67 percent in 2016 it said affirming aforecast given on Feb 24
Still operating profit of its core autos division slipped further to 187 billion euros in 2016 from 210 billion a year earlier as the brandis struggling to implement a wide-ranging turnaround planhttpeconomictimesindiatimescomnewsinternationalbusinessvolkswagen-has-good-chances-to-build-on-strong-2016-performance-ceoarticleshow57630339cms
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BMW i3 batteries to be used by Vattenfall The Economic Times
New Delhi Swedish power making company Vattenfall and German auto giant BMW Group have signed a contract for the deliveryof up to 1000 lithium-ion batteries this year The batteries with a capacity of 33 kilowatt hours (kWh) each are equipped with aBMW-owned battery management system and are also used by the car manufacturer in the BMW i3
Vattenfall will purchase the new batteries from the BMW plant in Dingolfing and use them in all storage projects
Energy storage and grid stability are the major topics of the new energy world says Gunnar Groebler Senior Vice President ofVattenfall and Head of Business Area Wind
We want to use the sites where we generate electricity from renewable energies in order to drive the transformation to a newenergy system and to facilitate the integration of renewable energies into the energy system with the storage facilities Thedecoupling of production and consumption and the coupling of different consumption sectors are in the focus of our work
The first energy storage from the BMW-i3 batteries is being built at the 122 MW onshore wind farm Princess Alexia nearAmsterdam With a capacity of 32 megawatts (MW) it is Vattenfalls first large storage project in the Netherlands
Pending on a final investment decision the largest battery storage will be built at the Vattenfall wind farm Pen y Cymoedd (230 MW)in South Wales - a 22-megawatt storage facility which will help to support the stability of the country-wide power grid in the UK aspart of the so-called EFR (Enhanced Frequency Response) service
As part of the project Norddeutsche Energiewende NEW 40 Vattenfall together with the Hamburg University of Applied Sciences(HAW) and the company Nordex will implement a large battery storage at the future wind farm in Hamburg-Bergedorf
This is a so-called storage control unit made of batteries It is meant to maintain the security of supply with a feed-in of 100 percentrenewable energy In addition the battery storage contributes to the improvement of the network quality and the more efficient useof the existing network structure Other possible applications would be electricity storage in private households Energy storagesolutions are an important part of Vattenfallamprsquos strive to power climate smarter living
We are pleased that we have found a supplier in BMW who meets our high safety requirements with the use of the batteries withreliably good quality from German series production says Daniel Hustadt project manager for large batteries at VattenfallInnovation GmbHhttpautoeconomictimesindiatimescomnewsindustrybmw-i3-batteries-to-be-used-by-vattenfall57630728
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Toyota to look at Saudi production as the countries seek closer ties ReutersSee this story in The Economic Times
New Delhi Toyota Motor Corp signed a memorandum of understanding (MOU) on Tuesday with a Saudi Arabian governmentagency to conduct a feasibility study into producing vehicles and parts in the Middle Eastern nation
The move if firmed up would be a big step for the Saudi economy as the government tries to diversify beyond oil exports andcreate jobs as part of the kingdoms 2030 Vision
So far Saudi Arabia and other Gulf oil exporters have failed to significantly develop industries such as automaking because theylack broad industrial bases and a skilled local workforce
The study would take into account the evaluation of development of a local supply base using materials produced by major Saudi
companies like Sabic Maaden Petro Rabigh and other major industrial companies in the kingdom the official Saudi state newsagency reported
The MOU is with Saudi Arabias National Industrial Clusters Development Program (NICDP)
Meanwhile state-run Saudi Aramco has signed MOUs with five Japanese entities during a business forum that both nations hostedon Tuesday coinciding with a visit by Saudi Arabias King Salman this week
Saudi Aramco and Japans biggest oil refiner JX Nippon Oil amp Energy (5020T) agreed to consider a refinery joint venture in a thirdcountry and cooperation in trading and technology of oil and petrochemical products
Aramco also agreed to consider a possible future cooperation in crude oil supply and downstream business with Idemitsu KosanCompany
In addition Aramco and state-run Japan Oil Gas and Metals National Corp (JOGMEC) formally agreed to expand crude storagecapacity in Japan by 300000 kilolitres (about 19 million barrels) from the current 63 million barrels from April 1
Japan treats crude oil stored by Aramco as quasi-government oil reserves counting half of the barrels stored by Aramco as nationalcrude reserves
Companies and government organizations in both nations signed a total of 20 MOUs on Tuesday including cooperation betweenthe Saudi Arabian General Investment Authority (SAGIA) and Japans three megabanks - Mitsubishi UFJ Financial Group (8306T)Sumitomo Mitsui Financial Group (8316T) and Mizuho Financial Group (8411T) - on increasing investments in the kingdom
The MOUs also included cooperation in seawater desalinationhttpautoeconomictimesindiatimescomnewsindustrytoyota-to-look-at-saudi-production-as-the-countries-seek-closer-ties57636587
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Geneva Motor Show 2017 Airbus unveils fully electric flying car PopUp The Economic Times
Geneva Airbus along with Italdesign has unveiled the first modular fully electric zero emission concept vehicle system - PopUpat the Geneva Motor Show 2017 informed the French company in an official statement
PopUp envisages a modular system for multi-modal transportation that makes full use of both ground and airspace and isdesigned to relieve traffic congestion in crowded megacities
PopUp System consists of a three layers concept1 an Artificial Intelligence platform that based on its user knowledge manages the travel complexity offering alternative usagescenarios and assuring a seamless travel experience
2 a vehicle shaped as a passenger capsule designed to be coupled with two different and independent electric propelled modules(the ground module and the air module) Other public means of transportation (eg trains or hyperloops) could also integrate thePopUp capsule
3 an interface module that dialogues with users in a fully virtual environment
Airbus claims The PopUp vehicle combines the flexibility of a small two seater ground vehicle with the freedom and speed of avertical take-off and landing (VTOL) air vehicle thus bridging the automotive and aerospace domains
PopUpamprsquos monocoque carbon-fibre cocoon measures 26 metres long 14 metres high and 15 metres wide The capsuletransforms itself into a city car by simply coupling to the ground module which features a carbon-fibre chassis and is batterypowered
For megacity journeys with high congested traffic the capsule disconnects from the ground module and is carried by a 5 by 44metre air module propelled by eight counter-rotating rotors
ampldquoAdding the third dimension to seamless multi-modal transportation networks will without a doubt improve the way we liveand how we get from A to Bamprdquo said Mathias Thomsen General Manager for Urban Air Mobility at Airbus on the occasion ofthe unveil
ampldquoSuccessfully designing and implementing solutions that will work both in the air and on the ground requires a joint reflectionon the part of both aerospace and automotive sectors alongside collaboration with local government bodies for infrastructure andregulatory frameworks Italdesign with its long track record of exceptional vehicle design was an exciting partner for Airbus for thisunique concept projectamprdquo
ampldquoToday automobiles are part of a much wider eco-system if you want to design the urban vehicle of the future the traditionalcar cannot alone be the solution for megacities you also have to think about sustainable and intelligent infrastructure appsintegration power systems urban planning social aspects and so on In the next years ground transportation will move to the nextlevel and from being shared connected and autonomous it will also go multimodal and moving into the third dimensionamprdquo saidItaldesign CEO Joumlrg Astaloschhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsgeneva-motor-show-2017-airbus-unveils-fully-electric-flying-car-pop-up57630936
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Nissan boosts management presence at Mitsubishi Motors ReutersSee this story in The Economic Times
Tokyo Mitsubishi Motors on Tuesday said an additional four Nissan executives would join its management team as Nissan tightensits control over the smaller struggling automaker in which it took a controlling stake last year
The announcement is part of Mitsubishi Motors efforts to rebuild its management system after it admitted last year that it hadoverstated the mileage on a number of its cars sold in Japan battering domestic sales and tarnishing its brand image
From April corporate vice president positions for roles including product development and marketing and sales would be occupiedby officials from Nissan Mitsubishi Motors said
This would hike the number of Nissan executives on Mitsubishi Motors management team to seven from two now
We need to strengthen our corporate governance to avoid a repeat of last years scandal along with scandals previous to thatMitsubishi Chief Executive Officer (CEO) Osamu Masuko told reporters during a teleconference
After taking a one-third stake in Mitsubishi Motors Nissan installed Carlos Ghosn - its CEO at the time - as chairman of MitsubishiMotors while also naming two Nissan officials to Mitsubishis board of directors
Nissan also dispatched other executives to the smaller automaker including Trevor Mann previously Nissans chief performanceofficer who became chief operating officer at Mitsubishi late last year
Last month Ghosn said he would step down from the top position at Nissan to focus on deepening the companys alliance withRenault SA and Mitsubishi Motors
Separately Nissan said Shiro Nakamura the companys chief creative officer and one of Japans best-known car designers willretire after nearly 20 years at the automaker
Nakamura 66 is recognised for referencing science fiction anime and embracing Japans culture of cute in models including theGT-R supercar the Cube compact MPV and the Juke SUV crossover setting the automaker apart from many of its rivals whichhave been accused of making lookalike cars
Nakamura joined Nissan in 1999 from Japanese truckmaker Isuzu Motors and was one of the first key hires by Ghosn shortly afterGhosn himself arrived from French automaker Renault to save the company from bankruptcy
Alfonso Albaisa who currently overseas design at Nissans premium Infiniti brand will succeed Nakamura while former BMWglobal chief designer Karim Habib will become the brands new chief designer effective July 1httpautoeconomictimesindiatimescomnewsindustrynissan-boosts-management-presence-at-mitsubishi-motors57631800
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Renault Zoe e-Sport breaks covers at 2017 Geneva Motor Show The Economic Times
New Delhi In the ongoing Geneva Motor Show Renault has showcased its new two-seat version of its electric car Renault Zoee-Sport The company claims to have taken the design cues from Formula E
The ZOE e-Sport Concept is the fully electric concept car that embodies Renaultamprsquos commitment to the idea that electric carscan be fun and fast says Renault The sporting credentials of the ZOE e-Sport Concept extend beyond the caramprsquos styling andthe same blue livery as the Renault edams teamamprsquos front-running Formula E single-seaters
The bodywork of the ZOE e-Sport Concept is made entirely from lightweight carbon fibre which helps to ensure outstandingacceleration from standstill to 100kph in just 32 seconds The car tips the scales at a mere 1400 kilograms including 450kilograms of batteries
The car is powered by two electric motors capable of generating 450 bhp and 650 Nm of torque One of the motor is powered to therear axle and the other to the front axle Renault Zoe e-Sport gets the same 40 kWh battery which powers the standard variant ofthe car
Jean-Christophe Kugler CEO Renault Europe said that the concept as a link car - a styling exercise intended to connect the Zoeroad car with what Renault is doing in Formula E racing and to send a message that EVs are fun to drive Its not a signal of thefuture for Zoe and we have no intention to develop a performance version
Renault also claims that the electric performance car uses the same air and water cooling systems as the Renaultamprsquos FormulaE car The car is based on a tubular steel chassis with use of extensive carbon fibre The car also gets four driving modes
At the moment Renault has no plans to make the Zoe e-Sport into productionhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsrenault-zoe-e-sport-breaks-covers-at-2017-geneva-motor-show57627528
Top
Sensata Technologies opens testing facility in Bulgaria ReutersSee this story in The Economic Times
Sofia Sensata Technologies has opened its largest global testing facility in Sofia to support its automotive sensing technologies thecompany said on Tuesday
Sensata which has manufacturing sites in 13 countries already employs 3000 people in Bulgaria where it produces pressure andhigh temperature sensors for the automotive market and operates a business centre
In recent years inexpensive labour low taxes and an educated workforce have encouraged dozens of car part producers and ITand business outsourcing companies to set up in the Balkan countryhttpautoeconomictimesindiatimescomnewsauto-componentssensata-technologies-opens-testing-facility-in-bulgaria57632975
Top
Driving driverless Quest for an autonomous car has reached a truck now Nandagopal RajanThe Financial Express
At San Franciscoamprsquos Pier 90 chock-a-block with cargo vehicles it is pretty tough for any truck to stand out But a white Volvotruck with Otto emblazoned on it is the centre of attention This is the next big thing in automated cars and has already shown itsmettle by delivering a consignment of Budweiser beer in Colorado without a driver controlling it on the freeway
Uber is one of the many companies thinking in terms of driverless car While CEO Travis Kalanick says automated vehicles areampldquoexistentialamprdquo for the ride-hailing companyamprsquos future he is not alone in the race to drive without drivers Just in theUS at least 23 companiesampmdashincluding Tesla Google and Volkswagenampmdashhave registered in autonomous vehicleprogrammes The idea that fuels this cutting-edge technology is pure economics at the end of the day Cars suffer from seriousissues of inefficiency as they sit idle 95 of the time Considering that the world has 1200000000 cars this is inefficiency at agargantuan scale Add to this the fact that cars amount for 22 of all emissions globally and muddy the urban infrastructureproblem by creating the need for parking spaces
Since 1984 when the first experimental self-driving cars appeared there has been much progress on the technology leading toMercedes-Benz showcasing its concept car the F 015 at the Consumer Electronics Show in Las Vegas in 2015 Everyone has adifferent take on the technology but in the end the idea is to make cars intelligent and independent enough to be aware ofsurroundings and take decisions based on that
Interestingly Uberamprsquos dream is to bring ampldquoreliable transportation to everyone everywhereamprdquo now extended toeverything too with the trucks from Otto a start-up it acquired last year Matt Sweeney who heads product at UberamprsquosAdvanced Technology Group says ampldquothe truck and passenger vehicles share software and hardware components and thishelps us work on different aspects of the self-driving problem at the same timeamprdquo But on scope passenger vehicles are forurban environments where Uber has its focus on ride-sharing while trucks will be for high-speed highways where the constraintsare different
Just last week Uber got a permit from California Department of Motor Vehicles to test two self-driving Volvo SUVs on public roadsthough it will need to have backup drivers behind the wheel in case the prototype cars malfunction Its self-driving cars have beenrunning test drives in other parts of the US too
The Otto truck comes with a rig of radars laser scanners and stereo cameras that give the computers inside a live 360-degreevision of its environment with high dynamic range high resolution and high colour information imagery so that the truck can besmart enough to decide what to do next But the computing task this presents is ampldquoalmost as big as a small datacentreamprdquo Sweeney says the computing has to be done inside as ampldquothere is no tech that can let us send all that data tothe cloud real time and hence a lot of the computing has to be done in the truck itselfamprdquo
ampldquoA lot of the tech is based on prior mapping but in subsequent runs we see differences that have come about in the area andpay attention on those objects that are differentamprdquo
Interestingly Otto is being sued by Googleamprsquos Waymo self-driving car unit which claims its former employee and start-upfounder Anthony Levandowski stole its proprietary design for its laser-based radar system There are other challenges tooampldquoUber tech is different because we are trying to make this on top of the ride-sharing network that we already haveamprdquo headded
Nissan in contrast keeps the driver and not the technology at the centre and its definition of an ampldquoautonomous caramprdquo ishence a vehicle with different levels of driving technologies that enable it to operate autonomously for certain periods of time ANissan spokesperson said on the technology side the challenges are in artificial intelligence software development data processingand digital mapping technologies while on the social environment side laws and regulations along with modifications of roadinfrastructure will become necessary
This contrast in technologies is why it is important to see how the entire ecosystem evolves maybe with different platforms talkingto each other But Uber is not depending on this ampldquoWe need to see and interact with vehicles but there is no guarantee wewill have that technology So we are approaching it with the assumption it wonamprsquot existamprdquo says Sweeney
Uberamprsquos goal is to take its technology everywhere but can these vehicles actually be practical for an environment like IndiaSweeney accepts the new elements this will throw in along with the sheer volume will present a slew of challenges ampldquoThoseare situations we think we will be able to tackle but those are not the first places we will goamprdquo he explains adding that theywill look for opportunities where they can deploy this technology safely Clearly this drive has just started(The author attended the Uber Media Summit in San Francisco at the invitation of Uber)httpwwwfinancialexpresscomopiniondriving-driverless-quest-for-an-autonomous-car-has-reached-a-truck-now588112
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Samsung completes acquisition of Harman The Economic Times
New Delhi The arrest of the Vice-Chairman of Samsung Board Lee Jae Yong on bribery and corruption charges has not affectedthe deal between Samsung and Harman International IndustriesIn a media statement the South Korean giant confirmed thecompletion of its largest such deal ever
Under the terms of the merger agreement Harman stockholders will receive $11200 per share in cash The completion follows thesatisfaction of all conditions to the closing of the transaction including approval of the transaction by HARMAN stockholders andreceipt of all necessary regulatory approvals in the United States and certain foreign jurisdictions
ampldquoToday is a historic moment for us The close of this transaction opens the door to create substantial growth opportunitiesand deliver greater benefits for customers worldwideamprdquo said Young Sohn President and Chief Strategy Officer of SamsungElectronics and Chairman of the Board HARMAN ampldquoWe see transformative opportunities in the car ampndash and a futurewhich seamlessly connects lifestyle across automotive home mobile and work Samsungamprsquos and HARMANamprsquosleadership in these spaces perfectly positions Samsung to be the preferred partner to our OEM customers In addition bringingtogether HARMANamprsquos iconic audio brands and capabilities paired with Samsungamprsquos leading display technologies willdeliver enhanced audio and video experiences to consumers and professional end markets And most importantly we areenthusiastic about our common vision the similarities in our culture of innovation and the added value we can create for customersWe look forward to working with all of HARMANamprsquos employees to execute on our visionamprdquo
Harman boasts around 30000 employees spreadout across different brands including JBL Infinity Lexicon and Mark LevinsonThe company will continue to conduct business as an independent subsidiary under the terms of the deal with Samsung
ampldquoWe are excited to have completed the transaction which provides compelling cash value to our stockholders benefits ourcustomers and provides new opportunities for our employeesamprdquo said Dinesh Paliwal Harman President and CEOampldquoSamsung shares our commitment to our customers and our culture of speed innovation and execution Samsung providesHarman with the scale platform and complementary technologies to accelerate growth and extend our global market leadership inautomotive smart audio and connected technologies Recognizing the importance of partnerships in an increasingly connectedworld particularly in automotive we are poised to leverage our combined teams and resources to produce even greater value forour customers Working closely with automakers and other technology companies Samsung and Harman will define ampndash anddrive ampndash the future of automotiveamprdquohttpautoeconomictimesindiatimescomnewsauto-technologysamsung-completes-acquisition-of-harman57624440
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Skoda delivers 81200 units in Feb 2017 globally The Economic Times
Mlada Boleslav Czech car manufacturer Skoda in a press release stated that the company delivered 81200 vehicles to customersworldwide in February 31 more than in the same period last year (February 2016 78800) brvbarkoda also claims that it has soldmore cars than any February in its history The Czech manufacturer achieved double-digit growth in Central and Eastern Europe (+129 and + 133) India (+ 128) and Israel (+ 198) among others
We are delighted with our strong start to 2017 We expect the market launch of the OCTAVIA product upgrade as well as the newKodiaq to create further momentum says Werner Eichhorn brvbarKODA Board Member for Sales and Marketing
In Western Europe deliveries to customers rose by 70 in February to 34800 vehicles (February 2016 32500) With 12600vehicles Germany remains the strongest single European market (February 2016 12100 vehicles +45) brvbarKODA recordeddouble-digit growth rates in the UK (3400 vehicles +236) Italy (2200 vehicles + 201) Belgium (2 000 vehicles +271) andAustria (1900 vehicles +647)
In Central Europe brvbarKODA achieved an increase of 129 with 17400 cars (February 2016 15400 vehicles) Deliveries on thehome market of the Czech Republic rose by 88 to 8200 vehicles in Poland (5700 vehicles + 163) Slovakia (1700 vehicles+154) Slovenia (600 vehicles +226) and Croatia (300 vehicles +469) also rose in double figures
In Eastern Europe excluding Russia Skoda achieved a year-on-year increase of 133 with 2800 vehicles delivered (February2016 2500 vehicles) In the same period 400 customers in Ukraine received their new brvbarKODA ampndash an increase of 939(February 2016 200 vehicles) The number of deliveries increased significantly in Bosnia (200 vehicles + 557) Bulgaria (200vehicles +175) and the Baltic States (600 vehicles + 229) In Russia brvbarKODA achieved an increase of 46 with 4300vehicles (February 2016 4100 vehicles)
In China ampndash the brandamprsquos largest market worldwide ampndash brvbarKODA handed over the keys to 15000 new vehicles(February 2016 18500 vehicles -188) Deliveries overseas increased by 98 to a total of 2500 vehicles
At the Geneva Motor Show brvbarKODA is presenting several new highlights These include the brvbarKODA KODIAQ SCOUT and brvbarKODAKODIAQ SPORTLINE alongside the extensively upgraded brvbarKODA OCTAVIA as well as the sporty spearhead brvbarKODA OCTAVIA RS245 and the brvbarKODA OCTAVIA SCOUT with a rugged off-road look In addition the upgraded brvbarKODA models RAPID and RAPIDSPACEBACK and Citigo are on show
brvbarKODA deliveries to customers in February 2017 (in units rounded off by model +- in percent compared to February2016)brvbarKODA OCTAVIA (28600 -86)brvbarKODA FABIA (16700 + 152)brvbarKODA RAPID (15000 + 121)brvbarKODA SUPERB (10900 + 171)brvbarKODA KODIAQ (1300 + 1000)brvbarKODA YETI (6300 -157)brvbarKODA CITIGO (only sold in Europe 2300 -164)httpautoeconomictimesindiatimescomnewspassenger-vehiclecarsskoda-delivers-81200-units-in-feb-201757626693
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Isuzu claims more durability on its diesel engines for trucks The Economic Times
Indianapolis Isuzu Commercial Truck of America has announced that the B10 durability rating of its 4HK1-TC diesel engine hasbeen increased to 375000 miles informed the company in an official statement
To elaborate further on what it means the Japanese commercial vehicle manufacturer went on to say that A B10-life rating is anindustry-standard gauge provided by engine makers to help consumers determine the long-term durability of an engine Thenumber following the B indicates the percentage of an engineamprsquos population that will require an overhaul before the indicatedmileage
That means that 90 of Isuzu 4HK1-TC engines are expected to last 375000 miles before they require a major repair or rebuildPreviously the 4HK1-TC engine carried an already-robust B10 durability rating of 310000 miles added the company
ampldquoWe are proud to say that Isuzu diesel engines are already known worldwide for their long-term dependabilityamprdquo saidShaun Skinner president of Isuzu Commercial Truck of America ampldquoOur new B-10 rating is strong evidence that our enginesare even more durable than everamprdquo
The turbocharged intercooled 4HK1-TC four-cylinder diesel engine displaces 52 liters and generates 215 horsepower Torqueratings vary depending on model The engine is fitted to Isuzu NPR-HD NPR-XD NQR and NRR models as well as the all-new2018 Isuzu FTR Class 6 truck
The company made the above announcement at the National Truck Equipment Associationamprsquos 2017 Work Truck Show inIndianapolis held on March 13httpautoeconomictimesindiatimescomnewsauto-componentsisuzu-diesel-engines-for-trucks-now-become-more-durable57626832
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MoS visits Rolls-Royces new logistics centre in England The Economic Times
New Delhi Nick Gibb Minister for School Standards and MP for Bognor Regis and Littlehampton has visited Rolls-Royce MotorCars Technology and Logistics Centre on Monday informed the British luxury car maker in a media release
During the visit Gibb toured the facility met the expert team onsite and was briefed on the companyamprsquos future plans to expandthe Centre He also took the opportunity to learn more about the Rolls-Royce Motor Cars apprenticeship graduate and internprogrammes
Nick Gibb said ampldquoThe original announcement that Rolls-Royce Motor Cars would be locating its Technology and LogisticsCentre in Bognor Regis was a great boost for our town and warmly welcomed I am delighted to see the huge new state of the artfacilities fully operational and providing high quality jobs for local people The support of such a prestigious company is good newsfor Bognor Regis and for the wider local economyamprdquo
He continued ampldquoIt is very welcome that Rolls-Royce operates an apprenticeship scheme ensuring the company has the skillsit needs for the future and providing opportunities and training for a cohort of young people every year This year Rolls-Royce istaking on record numbers of apprenticesamprdquo
The new Rolls-Royce Technology and Logistics Centre at Bognor Regis opened on schedule in January 2016 The purpose-built30000m2 facility is located close to the companyamprsquos head office and manufacturing plant at Goodwoodhttpautoeconomictimesindiatimescomnewsindustrymos-visits-rolls-royce-new-logistics-centre-in-england57626981
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All new Mazda CX-5 to be produced at Hofu Plant The Economic Times
Hiroshima Japan Japanese automaker Mazda Motor Corporation starting from November is going to produce the all-new MazdaCX-5 crossover SUV at its Hofu Plant in addition to the Hiroshima Plant where it is currently produced
The company informed that the move will help the automaker respond quickly and flexibly to growing demand for SUVs globally
Mazda aims to create a production system that can respond flexibly to changes in demand for crossover vehicles as it works tomeet its global sales goal of 165 million units
Launched domestically in February the all-new CX-5 has till date recorded sales of 16639 units about seven times the monthlytarget claims the company
As with the CX-3 starting production of the CX-5 at Hofu Plant as well is part of our plan to build a production framework that givesus more flexibility between plants and between models said Masatoshi Maruyama Managing Executive Officer in charge of GlobalProduction We will do everything we can to get customers the crossover vehicles they want as quickly as possiblehttpautoeconomictimesindiatimescomnewspassenger-vehicleuvall-new-mazda-cx-5-to-be-produced-at-hofu-plant57627447
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Rheinmetall receives over $25 mn order from American carmaker The Economic Times
New Delhi German automotive parts supplier Rheinmetall has booked its first order for a special application of coolant valves by amajor American carmaker and destined for the NAFTA market
The company in a statement said that the order has a lifetime value of over US$25 million (around Rs 165 crore) Series productionof the valves is scheduled to start in 2019 with the contract set to run for about five years
Talking about the product the company went on to say that the innovative valves play a lead role in intelligent thermal and energymanagement on modern vehicle engines These often have several cooling circuits which are controllable with the aid of switchingseat valves
As from model year 2020 this particular customer will be installing several versions of such valves on gasoline and diesel enginesfor pick-ups with over 6 liters displacement
They will take over functions in the cooling circuit of the transmission ensuring that it reaches operating temperature faster byswitching off the coolant flow when the engine is started This also helps to reduce emissions added the companyhttpautoeconomictimesindiatimescomnewsauto-componentsrheinmetall-receives-over-25-mn-order-from-american-carmaker57628058
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Nissans Infiniti names former BMW executive as new design chief ReutersSee this story in The Economic Times
Beijing Infiniti Nissan Motors premium brand named Karim Habib former global design chief for BMW as the brands new chiefdesigner effective July 1
Habib will replace Alfonso Albaisa who will be promoted to lead Nissans global design according to a press release seen byReuters Habib will report to Albaisa
Habib who has worked for several premium automotive brands including BMW and Daimler will be based in Nissans technicalcentre in Atsugi Japan and lead Infinitis design teams in Japan Beijing San Diego and Londonhttpautoeconomictimesindiatimescomnewsindustrynissans-infiniti-names-former-bmw-executive-as-new-design-chief57630437
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Elon Musks bold offer of Tesla batteries wont solve Australias power problems ReutersSee this story in The Economic Times
Launceston Australia Australia is becoming an interesting microcosm on how to or how not to transition an economy from beingpredominantly powered by coal to more climate-friendly alternatives
The dramatic intervention by Tesla Inc Chief Executive Elon Musk last week is just the latest twist in an ongoing saga that pits
business government farmers government and environmentalists against each other
Musk in an exchange of tweets with software billionaire Mike Cannon-Brookes chief executive of Atlassian Corp offered to fix theelectricity supply problems of South Australia state within 100 days of signing a contract
Musks plan is to install 100 megawatts (MW) of grid-connected battery storage which would be available to meet peak demandand would be charged with surplus electricity from other generating sources in periods of low demand
Its a bold offer and would most likely provide a quick fix to Australias fourth-largest state which suffered a blackout last Novemberand has been dealing with power shortages over the peak summer period
Businesses like BHP Billiton which operates the giant Olympic Dam copper mine in the state have been pushing for thegovernment and other stakeholders to ensure stable electricity supply saying the cost of blackouts runs into millions of dollars inlost output
Musk whose Tesla Corp is ramping up output of its battery storage packs at its Gigafactory in Nevada held talks with AustralianPrime Minister Malcolm Turnbull at the weekend as well as with South Australian Premier Jay Weatherill
The politicians will no doubt be tempted to Musks offer to install batteries especially since the electric car pioneer said if he didntmeet his 100 day deadline he wouldnt charge anything
But while Musks offer if taken up would provide a quick fix it would not do enough to mend the underlying problems at the heart ofAustralias electricity woes
Its worth looking at how Australia got itself to the point where virtually all players can agree that the nation is facing somethingapproaching an energy crisis
After all the country is not short of fossil fuels such as coal and natural gas and its climate and low population density outside themajor cities are ideal for renewables such as solar and wind power
The country is heavily reliant on an ageing fleet of coal-fired power stations which makes Australia one of the highest polluters percapita
These coal power stations are starting to close down with one shutting in South Australia last year and another planned to close inVictoria state at the end of this month
The problem is that the coal-fired power stations role as providers of base load electricity cannot be taken over by wind and solarand the role is falling to natural gas
But natural gas is also the most expensive method of generating electricity in Australia so utilities are reluctant to run their gas-firedplants until prices are high enough to justify the cost
South Australia has a gas-fired plant that was mothballed until last years power supply crisis but even with the higher prices forelectricity the operator is struggling to make the plant profitable
The state moved on Tuesday to try and address its energy security issues announcing it would build a 250 MW gas-fired plant andhelp the private sector build a 100 MW battery at a total cost of A$510 million ($385 million)
Gas Supply ConstraintsNatural gas supply is becoming a problem in Australia which may seem ironic given the country is on the verge of becoming theworlds largest exporter of liquefied natural gas (LNG) as the last of eight new plants come closer to completion
In fact the new LNG plants are copping some of the blame for the tightening natural gas market especially the three in easternQueensland state based on using coal-seam gas as the feedstock
These are being blamed for sucking domestic natural gas out of the market and into the export LNG industry
What hasnt helped is that some of Australias state and territory governments are also pursuing policies that will restrict futurenatural gas supplies
Victoria state has banned hydraulic fracturing or fracking as well as shale and coal-seam gas exploration while the NorthernTerritory New South Wales and Tasmania have various moratoriums on fracking
This leaves Western Australia Queensland and South Australia as the remaining states where onshore natural gas supplies can bedeveloped and they are now in the cross-hairs of the environmental lobby which is opposed to any and all new natural gas wells
Politicians across the traditional Labor-Liberal divide are increasingly giving in to demands to restrict natural gas exploration whilepretending that this wont have a negative impact on energy security and electricity prices
But the costs are starting to become apparent with spot electricity prices surging over the Australian summer and natural gassuppliers warning that they will be unable to meet the needs of industrial customers without action being taken
Its often the case politicians only take action when the point of crisis is reached and this appears to be the case in Australia
Whats needed is a holistic approach to energy supply as Australia transitions away from coal-fired power
This means ensuring enough natural gas is available to provide base load generation while scaling up renewables such as solar
wind pumped hydro and battery storage
Forging enough common ground with the various stakeholders will be the main obstacle but more than anything else Australia isshowing how difficult it is to end the age of coalhttpautoeconomictimesindiatimescomnewsindustryelon-musks-bold-offer-of-tesla-batteries-wont-solve-australias-power-problems57630514
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Innogy in talks with car consortium over charging stations CEO ReutersSee this story in The Economic Times
Essen Germany Innogy is in intense talks with a group of carmakers Chief Executive Peter Terium told journalists on Mondayhoping to be selected as a supplier of super-fast charging stations for electric vehicles across Europe
Its not a done deal yet Terium said pointing to strong competition from rival vendors
BMW Volkswagen Ford and Daimler plan to build about 400 next-generation charging stations in Europe that can reload anelectric car in minutes instead of hours
Sources told Reuters in January that Innogy was in talks with the consortiumhttpautoeconomictimesindiatimescomnewsindustryinnogy-in-talks-with-car-consortium-over-charging-stations-ceo57624184
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China may roll back electric vehicle quotas as industry pushes back ReutersSee this story in The Economic Times
Beijing China is considering easing proposed quotas aimed at producing more electric vehicles as Beijing gets pushback from theautomotive industry over the scale and pace of the plans
If adopted proposed changes under discussion could see a target of new energy vehicles (NEV) making up 8 percent of sales nextyear pushed to 2019 two auto executives said
The changes would lower targets from a draft policy released in September requiring 8 percent of automakers sales to be batteryelectric or plug-in hybrid vehicles by 2018 rising to 10 percent in 2019 and 12 percent in 2020
Any loosening of NEV targets would mark a pull back by Beijing which has faced opposition to the planned targets as it looks todrive its domestic carmakers to overtake global rivals in the green vehicle sector
Automakers and industry bodies have said the targets are too tough and could hurt manufacturers interests New energy vehicleslast year accounted for just 18 percent of sales in the worlds biggest autos market according to Reuters calculations based onofficial data
Its normal to make revisions as its a draft plan An Jin chairman of Anhui Jianghuai Automobile Group (JAC Motor) said on thesidelines of the National Peoples Congress in Beijing
He said he was aware of talks to revise the quota targets but said nothing was set in stone JAC hasnt been told what revisionsmight be made to the draft but I think it is possible the draft will be changed after the discussions he said
Whether the whole market can hit this quota by 2018 depends a lot on the strength of government policy If its strong then weshould be able to surpass the targets An said (But) if you consider Chinas infrastructure and the transformation of Chinas autosector then perhaps the pace will have to slow
Two Percent CutTwo executives familiar with the plans told Reuters the government was considering options for lowering the requirements
One idea was to reduce the quota requirement by 2 percent each year cutting the 2018 requirement to 6 percent said aChina-based government relations official at a major global automaker It would then be 8 percent in 2019 and 10 percent in 2020
Another option would be to push back each target by a year with the 8 percent quota starting from 2019 an executive at aJapanese car maker said
Both asked not to be named due to the sensitivity of the matter and because the draft was still under consideration
The overall policy includes quotas for plug-in cars targets for average fuel economy requirements and a credit trading system topromote green energy cars while penalizing petrol cars
The two people said the quota stand-off was tied to a disagreement between the Ministry of Industry and Information Technology(MIIT) and Chinas top state planner the National Development and Reform Commission (NDRC)
MIIT which regulates manufacturers supports a more flexible credit trading system favoured by automakers The NDRC is more
aggressive in promoting a transition to electric vehicles pushing the introduction of the stricter quotas
An NDRC spokesman said the body played a small role when the draft was open to public for discussion MIIT did not immediatelyrespond to Reuters requests for comment
China has strongly supported and subsidized electric vehicles but is gradually swapping out incentives for hard targets automakersmust meet The central government cut subsidies 20 percent this year a first reduction towards eliminating them by 2020httpautoeconomictimesindiatimescomnewspolicychina-may-roll-back-electric-vehicle-quotas-as-industry-pushes-back57623608
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Russias standards agency says Volkswagen recalls 43151 Skoda cars ReutersSee this story in The Economic Times
Moscow Russias standards agency said on Monday that Volkswagens Russian operation had informed it about the voluntaryrecall of 43151 Skoda cars due to a possible technical fault
The recall affects Skoda Octavia Superb Fabia Yeti and Rapid cars sold in Russia between 2012 and 2016 the watchdog saidhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsrussias-standards-agency-says-volkswagen-recalls-43151-skoda-cars57624140
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Economy
Rupee hits 1-12 yr high surges 78 paise on BJP sweep PTISee this story in The Economic Times
Mumbai The rupee surged by a massive 78 paise to end at a nearly one-and-a-half year high of 6582 against the US dollar onfrantic unwinding of the American currency following BJPs emphatic victory in Uttar Pradesh
Forex market sentiment soared on hopes that BJPs stellar show in state polls would pave the way for the Modi government to focuson key reform measures
The home currency resumed on a strong footing at 6620 from last Fridays closing value of 6660 at the Interbank ForeignExchange (forex) market on heavy dollar unwinding from speculative traders and exporters tracking weekend developments
Maintaining its bullish momentum against the dollar the rupee hit a fresh intra-day high of 6576 in late afternoon deals beforeending at 6582 showing a solid gain of 78 paise or 117 per cent
This is the highest closing of the rupee since November 6 2015 when it had ended at 6576
Meanwhile the RBI fixed the reference rate for the dollar at 661800 and for the euro at 704354
Financial markets too took comfort from BJPs landslide victory with the broader Nifty climbing 15245 points to a new closing peakof 9087 and the Sensex rallying 49640 points to end at 2944263
The much-anticipated turnaround on the economic front has opened up a barrage of foreign capital fund flows into India
Foreign investors pumped in over Rs 10000 crore in the Indian capital markets this month so far
It also got an added fillip from bullish macro data which showed that the countrys industrial production bounced back in Januaryexpanding by 27 per cent year-on-year
Factory output measured in terms of Index of Industrial Production (IIP) had contracted by 01 per cent in December
However inflation based on wholesale prices shot up to a 39-month high of 655 per cent in February against 525 per cent inJanuary according to official data
On the global front the dollar traded firmly higher against its major counterparts ahead of the two-day Fed meet when it could liftrates for the third time since the financial crisishttpautoeconomictimesindiatimescomnewsindustryrupee-hits-1-12-yr-high-surges-78-paise-on-bjp-sweep57635104
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Nifty hits all time high of 912275 Sensex surges 616 points after big BJP win The Economic Times
Mumbai The Nifty jumped to life highs on Tuesday after the BJPamprsquos thumping win in the crucial state of Uttar Pradeshrekindled hopes of a bigger-than-expected push for reforms by the Narendra Modi government
The Nifty up 11 so far this year crossed its previous life high of 9119 to hit 912275 before ending the day 171 or 15245points higher at 9087 This is the indexamprsquos biggest single-day gain in points since February 1 and caps a strong reboundsince the December 26 low of 7893 on demonetisation worries
The Sensex surged by 616 points or 212 intra-day before ending the day at 2944263 up 49640 points This is its biggest gainsince May 25 last year The index is the best performer among all developed and emerging market indices in local currency terms inthe past three months
The rupee surged 79 paise to a 16-month high of 6582 to the dollar as exporters sold more dollars and foreign investors boughtlocal shares BSE data showed that foreign investors bought local shares worth Rs 4089 crore their biggest single-day purchasesince February 17 when they purchased Rs 8059 crore
FPIs have bought shares worthRs 23132 crore since January this year against net sales of Rs 9800 crore in the same period lastyear The BSE Midcap and Smallcap indices gained 144 each
ampldquoOne must be ready for a correction after a rally but I am optimistic about the medium to longterm prospectsamprdquo saidMotilal Oswal chairman Motilal Oswal Financial Services Ltd ampldquoFundamentally valuations are comfortable at this point intime because of good corporate earnings growth In the short term markets may remain volatileamprdquo
BJP romped to victory in UP on Saturday winning 312 out of the 403 seats Its allies won 13 more taking the NDA tally to 325 Thisis the biggest win recorded by any party in the state since 1977 and has raised prospects of the BJP doing well in other electionsthis year and next Many political pundits also believe that the victory has improved Prime Minister Narendra Modiamprsquos chancesof retaining power in the 2019 general election
Barring the metals index all other sectoral indices on the NSE ended with gains on Tuesday About 55 stocks including TitanJubilant Life Sciences Kotak Mahindra Bank IndusInd Bank YES Bank and Indiabulls Housing Finance among others hit life highswhile 92 stocks were locked in upper circuit with no sellers
ampldquoWith the sharp rally the market which is currently susceptible to global risk is trading at above average multiples and westay cautious near termamprdquo said Sanjay Mookim India Equity Strategist BofA Merrill Lynch ampldquoIndiaamprsquos businesscycle should improve over the next several quarters while improving construction should drive capex which is good forequitiesamprdquo
Some market experts are divided over the near-term outlook as indices have begun to look expensive at current valuations Plusthere is no immediate trigger for upgrade
ampldquoValuations of the Indian market are quite high and would require the support of strong earnings growth Any disappointmenton earnings will make valuations look even more expensive which the market may not likeamprdquo said Sanjeev Prasad senior EDand co-head of Kotak Institutional Equities
ampldquoGlobal and domestic interest rate cycles are no longer supportive with likely increase in developed markets bondyieldsamprdquo
ampldquoWhile markets are expecting a rate hike this meeting what will be of more interest is the commentaryamprdquo said DipenShah senior V-P PCG research Kotak Securities ampldquoIf it is hawkish it may have an impact on fund flows to emerging marketsbut India may be relatively less impacted because of the continuing domestic flowsamprdquo
ampldquoNotwithstanding the election results we believe the risk-reward is not favourable currently and advise investors to sell intothis rally We expect Nifty EPS to rise 15-16 in FY18 and see no trigger for an earnings upgrade at this junctureamprdquo ReligareInstitutional Research said in a notehttpeconomictimesindiatimescommarketsstocksnewsnifty-hits-all-time-high-of-9122-75-sensex-surges-616-points-after-big-bjp-winarticleshow57639036cms
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WPI inflation up 655 for February 2017 The Economic Times
New Delhi The annual rate of inflation based on monthly Wholesale Price Index (WPI) stood at 655 percent (provisional) for themonth of February 2017 (over February 2016) as compared to 525 percent (provisional) for the previous month and -085 percentduring the corresponding month of the previous year
The official Wholesale Price Index for amplsquoAll Commoditiesamprsquo for the month of February 2017 rose by 05 percent to 1855(provisional) from 1846 (provisional) for the previous month
The index for primary articles rose by 09 percent to 2581 (provisional) from 2557 (provisional) for the previous month
The inflation rate for Fuel and power group rose by 13 percent to 2038 (provisional) from 2012 (provisional) for the previousmonth due to higher price of coking coal (15 percent) aviation turbine fuel (3 percent) bitumen (2 percent) and kerosene highspeed diesel LPG and lignite (1 percent each) However the price of furnace oil (1 percent) declined
The index for the major group of manufactured products remained unchanged at its previous monthamprsquos level of 1588
(provisional) In this group the index for amplsquoRubber amp Plastic Productsamprsquo group rose by 02 percent to 1489 (provisional)from 1486 (provisional) for the previous month due to higher price of rubber products (1 percent)
The index for amplsquoTransport Equipment amp Partsamprsquo group rose by 05 percent to 1405 (provisional) from 1398 (provisional)for the previous month due to higher price of auto rickshaw tempo matador (4 percent) and auto parts (1 percent)
For the month of December 2016 the final Wholesale Price Index for amplsquoAll Commoditiesamprsquo stood at 1833 as comparedto 1828 (provisional) and annual rate of inflation based on final index stood at 368 percent as compared to 339 percent(provisional) respectively as reported on January 1 2017httpautoeconomictimesindiatimescomnewsindustrywpi-inflation-up-6-55-for-february-201757627665
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February CPI at 365 vs 317 in January highest since October 2016 PTISee this story in The Economic Times
New Delhi Retail inflation rose to 4-month high of 365 per cent in February mainly due to surge in price of food items like fruitssugar and confectionery
Measured in terms of Consumer Price Index (CPI) the inflation had dipped to a multi-year low of 317 per cent in January this yearon account of cash crunch following demonetisation It was 526 per cent in February last year
According to the CPI data released today by the Central Statistics Office (CSO) the consumer food prices index (CFPI) rose by201 per cent in February from 061 per cent in January The CFPI was 53 per cent in February 2016
Inflation in fruits was higher at 833 per cent fuel and light at 39 per cent in February The rate of price rise in meat and fish was 35per cent in February
Prices of sugar and confectionery items rose by 1883 per cent in February while inflation in milk and milk product increased by 422per cent
The rate of inflation in household goods and services was 409 per cent while this rate was in health segment was 4 per cent Thetransport and communication became expensive by 539 per cent
The personal care and effects segment rose by 515 per cent while the education became more expensive by 537 per cent inFebruary this year
The inflation rate was 438 per cent in clothing and footware segment while it was 49 per cent in housing segment
However the prices of vegetables and pulses declined by 829 per cent and 902 per cent respectively
Rural retail inflation was at 367 per cent in February compared with 336 per cent in the preceding month The CPI was also up inthe urban sector at 355 per cent in February from 29 per cent in January this yearhttpautoeconomictimesindiatimescomnewsindustryfebruary-cpi-at-3-65-vs-3-17-in-january-highest-since-october-201657633211
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Closing
Last Financial Closing
Sensex 2944263 (+49640)NSE 9087 (+15245)US$ spot Rs6582US$ Y1148000US$ 6 months RsYen Rs57Euro spot Rs70
Gold (10gm) Rs28333Silver (1kg) Rs4008300
Crude Oil (WTI) Crude Oil (Brent) $5172 (+037)
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Apollo Tyres 1 18610Asahi Ind 1 21655Amara Raja B 1 83230Ashok Leyland 1 9080Bajaj Auto 10 286670Bharat Forge 2 103550Denso 1 Eicher Motor 10 2396325Escorts 10 51945Exide Ind 1 21645Force Motors 10 427760Gabriel India 1 11460Hero Motocor 2 335745Hind Motors 5 950Hi-Tech Gear 10 29885Jay Bh Maruti 5 38190
Jamna Auto 5 20550JK Tyres amp Inds 10 1241 Kinetic Motors 10 Kinetic Engg 10 KOEL 2 37685Kirloskar Br 2 24135LML Ltd 10 1250LampT 2 155810Lumax Ind 10 131690Lumax Tech 10 43230MampM 5 132600Maruti Suzuki 5 613240Motherson SS 1 36290Minda Inds 2 44350MRF 10 5298390Omax Auto 10 7555Rico Auto 1 5720Sona Koyo St 1 8170
SRF 10 157155Tata Motors 2 46975 TVS Motors 1 43690
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Bhushan Steel 2 5430Hindalco 1 19040Hind Zinc 2 29140JSW Ispat S 10 Jind Steel 1 12490JSW Steel 1 18190Jindal Saw 2 7995National Aluminium 5 7310SAIL 10 6005Tata Steel 10 47255Visa Steel 10 2185
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Ambuja Cement 2 23370Binani Industries 10 7200Birla Corp 10 70360India Cement 10 16070Prism Cement 10 9375JK Cement 10 88470Shree Cement 10 1639835
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NURC News Update - AUTOMOBILES
News on Indian Auto Industry Copyright 1999 NURC MediaNext Pvt Ltd
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companies like Sabic Maaden Petro Rabigh and other major industrial companies in the kingdom the official Saudi state newsagency reported
The MOU is with Saudi Arabias National Industrial Clusters Development Program (NICDP)
Meanwhile state-run Saudi Aramco has signed MOUs with five Japanese entities during a business forum that both nations hostedon Tuesday coinciding with a visit by Saudi Arabias King Salman this week
Saudi Aramco and Japans biggest oil refiner JX Nippon Oil amp Energy (5020T) agreed to consider a refinery joint venture in a thirdcountry and cooperation in trading and technology of oil and petrochemical products
Aramco also agreed to consider a possible future cooperation in crude oil supply and downstream business with Idemitsu KosanCompany
In addition Aramco and state-run Japan Oil Gas and Metals National Corp (JOGMEC) formally agreed to expand crude storagecapacity in Japan by 300000 kilolitres (about 19 million barrels) from the current 63 million barrels from April 1
Japan treats crude oil stored by Aramco as quasi-government oil reserves counting half of the barrels stored by Aramco as nationalcrude reserves
Companies and government organizations in both nations signed a total of 20 MOUs on Tuesday including cooperation betweenthe Saudi Arabian General Investment Authority (SAGIA) and Japans three megabanks - Mitsubishi UFJ Financial Group (8306T)Sumitomo Mitsui Financial Group (8316T) and Mizuho Financial Group (8411T) - on increasing investments in the kingdom
The MOUs also included cooperation in seawater desalinationhttpautoeconomictimesindiatimescomnewsindustrytoyota-to-look-at-saudi-production-as-the-countries-seek-closer-ties57636587
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Geneva Motor Show 2017 Airbus unveils fully electric flying car PopUp The Economic Times
Geneva Airbus along with Italdesign has unveiled the first modular fully electric zero emission concept vehicle system - PopUpat the Geneva Motor Show 2017 informed the French company in an official statement
PopUp envisages a modular system for multi-modal transportation that makes full use of both ground and airspace and isdesigned to relieve traffic congestion in crowded megacities
PopUp System consists of a three layers concept1 an Artificial Intelligence platform that based on its user knowledge manages the travel complexity offering alternative usagescenarios and assuring a seamless travel experience
2 a vehicle shaped as a passenger capsule designed to be coupled with two different and independent electric propelled modules(the ground module and the air module) Other public means of transportation (eg trains or hyperloops) could also integrate thePopUp capsule
3 an interface module that dialogues with users in a fully virtual environment
Airbus claims The PopUp vehicle combines the flexibility of a small two seater ground vehicle with the freedom and speed of avertical take-off and landing (VTOL) air vehicle thus bridging the automotive and aerospace domains
PopUpamprsquos monocoque carbon-fibre cocoon measures 26 metres long 14 metres high and 15 metres wide The capsuletransforms itself into a city car by simply coupling to the ground module which features a carbon-fibre chassis and is batterypowered
For megacity journeys with high congested traffic the capsule disconnects from the ground module and is carried by a 5 by 44metre air module propelled by eight counter-rotating rotors
ampldquoAdding the third dimension to seamless multi-modal transportation networks will without a doubt improve the way we liveand how we get from A to Bamprdquo said Mathias Thomsen General Manager for Urban Air Mobility at Airbus on the occasion ofthe unveil
ampldquoSuccessfully designing and implementing solutions that will work both in the air and on the ground requires a joint reflectionon the part of both aerospace and automotive sectors alongside collaboration with local government bodies for infrastructure andregulatory frameworks Italdesign with its long track record of exceptional vehicle design was an exciting partner for Airbus for thisunique concept projectamprdquo
ampldquoToday automobiles are part of a much wider eco-system if you want to design the urban vehicle of the future the traditionalcar cannot alone be the solution for megacities you also have to think about sustainable and intelligent infrastructure appsintegration power systems urban planning social aspects and so on In the next years ground transportation will move to the nextlevel and from being shared connected and autonomous it will also go multimodal and moving into the third dimensionamprdquo saidItaldesign CEO Joumlrg Astaloschhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsgeneva-motor-show-2017-airbus-unveils-fully-electric-flying-car-pop-up57630936
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Nissan boosts management presence at Mitsubishi Motors ReutersSee this story in The Economic Times
Tokyo Mitsubishi Motors on Tuesday said an additional four Nissan executives would join its management team as Nissan tightensits control over the smaller struggling automaker in which it took a controlling stake last year
The announcement is part of Mitsubishi Motors efforts to rebuild its management system after it admitted last year that it hadoverstated the mileage on a number of its cars sold in Japan battering domestic sales and tarnishing its brand image
From April corporate vice president positions for roles including product development and marketing and sales would be occupiedby officials from Nissan Mitsubishi Motors said
This would hike the number of Nissan executives on Mitsubishi Motors management team to seven from two now
We need to strengthen our corporate governance to avoid a repeat of last years scandal along with scandals previous to thatMitsubishi Chief Executive Officer (CEO) Osamu Masuko told reporters during a teleconference
After taking a one-third stake in Mitsubishi Motors Nissan installed Carlos Ghosn - its CEO at the time - as chairman of MitsubishiMotors while also naming two Nissan officials to Mitsubishis board of directors
Nissan also dispatched other executives to the smaller automaker including Trevor Mann previously Nissans chief performanceofficer who became chief operating officer at Mitsubishi late last year
Last month Ghosn said he would step down from the top position at Nissan to focus on deepening the companys alliance withRenault SA and Mitsubishi Motors
Separately Nissan said Shiro Nakamura the companys chief creative officer and one of Japans best-known car designers willretire after nearly 20 years at the automaker
Nakamura 66 is recognised for referencing science fiction anime and embracing Japans culture of cute in models including theGT-R supercar the Cube compact MPV and the Juke SUV crossover setting the automaker apart from many of its rivals whichhave been accused of making lookalike cars
Nakamura joined Nissan in 1999 from Japanese truckmaker Isuzu Motors and was one of the first key hires by Ghosn shortly afterGhosn himself arrived from French automaker Renault to save the company from bankruptcy
Alfonso Albaisa who currently overseas design at Nissans premium Infiniti brand will succeed Nakamura while former BMWglobal chief designer Karim Habib will become the brands new chief designer effective July 1httpautoeconomictimesindiatimescomnewsindustrynissan-boosts-management-presence-at-mitsubishi-motors57631800
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Renault Zoe e-Sport breaks covers at 2017 Geneva Motor Show The Economic Times
New Delhi In the ongoing Geneva Motor Show Renault has showcased its new two-seat version of its electric car Renault Zoee-Sport The company claims to have taken the design cues from Formula E
The ZOE e-Sport Concept is the fully electric concept car that embodies Renaultamprsquos commitment to the idea that electric carscan be fun and fast says Renault The sporting credentials of the ZOE e-Sport Concept extend beyond the caramprsquos styling andthe same blue livery as the Renault edams teamamprsquos front-running Formula E single-seaters
The bodywork of the ZOE e-Sport Concept is made entirely from lightweight carbon fibre which helps to ensure outstandingacceleration from standstill to 100kph in just 32 seconds The car tips the scales at a mere 1400 kilograms including 450kilograms of batteries
The car is powered by two electric motors capable of generating 450 bhp and 650 Nm of torque One of the motor is powered to therear axle and the other to the front axle Renault Zoe e-Sport gets the same 40 kWh battery which powers the standard variant ofthe car
Jean-Christophe Kugler CEO Renault Europe said that the concept as a link car - a styling exercise intended to connect the Zoeroad car with what Renault is doing in Formula E racing and to send a message that EVs are fun to drive Its not a signal of thefuture for Zoe and we have no intention to develop a performance version
Renault also claims that the electric performance car uses the same air and water cooling systems as the Renaultamprsquos FormulaE car The car is based on a tubular steel chassis with use of extensive carbon fibre The car also gets four driving modes
At the moment Renault has no plans to make the Zoe e-Sport into productionhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsrenault-zoe-e-sport-breaks-covers-at-2017-geneva-motor-show57627528
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Sensata Technologies opens testing facility in Bulgaria ReutersSee this story in The Economic Times
Sofia Sensata Technologies has opened its largest global testing facility in Sofia to support its automotive sensing technologies thecompany said on Tuesday
Sensata which has manufacturing sites in 13 countries already employs 3000 people in Bulgaria where it produces pressure andhigh temperature sensors for the automotive market and operates a business centre
In recent years inexpensive labour low taxes and an educated workforce have encouraged dozens of car part producers and ITand business outsourcing companies to set up in the Balkan countryhttpautoeconomictimesindiatimescomnewsauto-componentssensata-technologies-opens-testing-facility-in-bulgaria57632975
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Driving driverless Quest for an autonomous car has reached a truck now Nandagopal RajanThe Financial Express
At San Franciscoamprsquos Pier 90 chock-a-block with cargo vehicles it is pretty tough for any truck to stand out But a white Volvotruck with Otto emblazoned on it is the centre of attention This is the next big thing in automated cars and has already shown itsmettle by delivering a consignment of Budweiser beer in Colorado without a driver controlling it on the freeway
Uber is one of the many companies thinking in terms of driverless car While CEO Travis Kalanick says automated vehicles areampldquoexistentialamprdquo for the ride-hailing companyamprsquos future he is not alone in the race to drive without drivers Just in theUS at least 23 companiesampmdashincluding Tesla Google and Volkswagenampmdashhave registered in autonomous vehicleprogrammes The idea that fuels this cutting-edge technology is pure economics at the end of the day Cars suffer from seriousissues of inefficiency as they sit idle 95 of the time Considering that the world has 1200000000 cars this is inefficiency at agargantuan scale Add to this the fact that cars amount for 22 of all emissions globally and muddy the urban infrastructureproblem by creating the need for parking spaces
Since 1984 when the first experimental self-driving cars appeared there has been much progress on the technology leading toMercedes-Benz showcasing its concept car the F 015 at the Consumer Electronics Show in Las Vegas in 2015 Everyone has adifferent take on the technology but in the end the idea is to make cars intelligent and independent enough to be aware ofsurroundings and take decisions based on that
Interestingly Uberamprsquos dream is to bring ampldquoreliable transportation to everyone everywhereamprdquo now extended toeverything too with the trucks from Otto a start-up it acquired last year Matt Sweeney who heads product at UberamprsquosAdvanced Technology Group says ampldquothe truck and passenger vehicles share software and hardware components and thishelps us work on different aspects of the self-driving problem at the same timeamprdquo But on scope passenger vehicles are forurban environments where Uber has its focus on ride-sharing while trucks will be for high-speed highways where the constraintsare different
Just last week Uber got a permit from California Department of Motor Vehicles to test two self-driving Volvo SUVs on public roadsthough it will need to have backup drivers behind the wheel in case the prototype cars malfunction Its self-driving cars have beenrunning test drives in other parts of the US too
The Otto truck comes with a rig of radars laser scanners and stereo cameras that give the computers inside a live 360-degreevision of its environment with high dynamic range high resolution and high colour information imagery so that the truck can besmart enough to decide what to do next But the computing task this presents is ampldquoalmost as big as a small datacentreamprdquo Sweeney says the computing has to be done inside as ampldquothere is no tech that can let us send all that data tothe cloud real time and hence a lot of the computing has to be done in the truck itselfamprdquo
ampldquoA lot of the tech is based on prior mapping but in subsequent runs we see differences that have come about in the area andpay attention on those objects that are differentamprdquo
Interestingly Otto is being sued by Googleamprsquos Waymo self-driving car unit which claims its former employee and start-upfounder Anthony Levandowski stole its proprietary design for its laser-based radar system There are other challenges tooampldquoUber tech is different because we are trying to make this on top of the ride-sharing network that we already haveamprdquo headded
Nissan in contrast keeps the driver and not the technology at the centre and its definition of an ampldquoautonomous caramprdquo ishence a vehicle with different levels of driving technologies that enable it to operate autonomously for certain periods of time ANissan spokesperson said on the technology side the challenges are in artificial intelligence software development data processingand digital mapping technologies while on the social environment side laws and regulations along with modifications of roadinfrastructure will become necessary
This contrast in technologies is why it is important to see how the entire ecosystem evolves maybe with different platforms talkingto each other But Uber is not depending on this ampldquoWe need to see and interact with vehicles but there is no guarantee wewill have that technology So we are approaching it with the assumption it wonamprsquot existamprdquo says Sweeney
Uberamprsquos goal is to take its technology everywhere but can these vehicles actually be practical for an environment like IndiaSweeney accepts the new elements this will throw in along with the sheer volume will present a slew of challenges ampldquoThoseare situations we think we will be able to tackle but those are not the first places we will goamprdquo he explains adding that theywill look for opportunities where they can deploy this technology safely Clearly this drive has just started(The author attended the Uber Media Summit in San Francisco at the invitation of Uber)httpwwwfinancialexpresscomopiniondriving-driverless-quest-for-an-autonomous-car-has-reached-a-truck-now588112
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Samsung completes acquisition of Harman The Economic Times
New Delhi The arrest of the Vice-Chairman of Samsung Board Lee Jae Yong on bribery and corruption charges has not affectedthe deal between Samsung and Harman International IndustriesIn a media statement the South Korean giant confirmed thecompletion of its largest such deal ever
Under the terms of the merger agreement Harman stockholders will receive $11200 per share in cash The completion follows thesatisfaction of all conditions to the closing of the transaction including approval of the transaction by HARMAN stockholders andreceipt of all necessary regulatory approvals in the United States and certain foreign jurisdictions
ampldquoToday is a historic moment for us The close of this transaction opens the door to create substantial growth opportunitiesand deliver greater benefits for customers worldwideamprdquo said Young Sohn President and Chief Strategy Officer of SamsungElectronics and Chairman of the Board HARMAN ampldquoWe see transformative opportunities in the car ampndash and a futurewhich seamlessly connects lifestyle across automotive home mobile and work Samsungamprsquos and HARMANamprsquosleadership in these spaces perfectly positions Samsung to be the preferred partner to our OEM customers In addition bringingtogether HARMANamprsquos iconic audio brands and capabilities paired with Samsungamprsquos leading display technologies willdeliver enhanced audio and video experiences to consumers and professional end markets And most importantly we areenthusiastic about our common vision the similarities in our culture of innovation and the added value we can create for customersWe look forward to working with all of HARMANamprsquos employees to execute on our visionamprdquo
Harman boasts around 30000 employees spreadout across different brands including JBL Infinity Lexicon and Mark LevinsonThe company will continue to conduct business as an independent subsidiary under the terms of the deal with Samsung
ampldquoWe are excited to have completed the transaction which provides compelling cash value to our stockholders benefits ourcustomers and provides new opportunities for our employeesamprdquo said Dinesh Paliwal Harman President and CEOampldquoSamsung shares our commitment to our customers and our culture of speed innovation and execution Samsung providesHarman with the scale platform and complementary technologies to accelerate growth and extend our global market leadership inautomotive smart audio and connected technologies Recognizing the importance of partnerships in an increasingly connectedworld particularly in automotive we are poised to leverage our combined teams and resources to produce even greater value forour customers Working closely with automakers and other technology companies Samsung and Harman will define ampndash anddrive ampndash the future of automotiveamprdquohttpautoeconomictimesindiatimescomnewsauto-technologysamsung-completes-acquisition-of-harman57624440
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Skoda delivers 81200 units in Feb 2017 globally The Economic Times
Mlada Boleslav Czech car manufacturer Skoda in a press release stated that the company delivered 81200 vehicles to customersworldwide in February 31 more than in the same period last year (February 2016 78800) brvbarkoda also claims that it has soldmore cars than any February in its history The Czech manufacturer achieved double-digit growth in Central and Eastern Europe (+129 and + 133) India (+ 128) and Israel (+ 198) among others
We are delighted with our strong start to 2017 We expect the market launch of the OCTAVIA product upgrade as well as the newKodiaq to create further momentum says Werner Eichhorn brvbarKODA Board Member for Sales and Marketing
In Western Europe deliveries to customers rose by 70 in February to 34800 vehicles (February 2016 32500) With 12600vehicles Germany remains the strongest single European market (February 2016 12100 vehicles +45) brvbarKODA recordeddouble-digit growth rates in the UK (3400 vehicles +236) Italy (2200 vehicles + 201) Belgium (2 000 vehicles +271) andAustria (1900 vehicles +647)
In Central Europe brvbarKODA achieved an increase of 129 with 17400 cars (February 2016 15400 vehicles) Deliveries on thehome market of the Czech Republic rose by 88 to 8200 vehicles in Poland (5700 vehicles + 163) Slovakia (1700 vehicles+154) Slovenia (600 vehicles +226) and Croatia (300 vehicles +469) also rose in double figures
In Eastern Europe excluding Russia Skoda achieved a year-on-year increase of 133 with 2800 vehicles delivered (February2016 2500 vehicles) In the same period 400 customers in Ukraine received their new brvbarKODA ampndash an increase of 939(February 2016 200 vehicles) The number of deliveries increased significantly in Bosnia (200 vehicles + 557) Bulgaria (200vehicles +175) and the Baltic States (600 vehicles + 229) In Russia brvbarKODA achieved an increase of 46 with 4300vehicles (February 2016 4100 vehicles)
In China ampndash the brandamprsquos largest market worldwide ampndash brvbarKODA handed over the keys to 15000 new vehicles(February 2016 18500 vehicles -188) Deliveries overseas increased by 98 to a total of 2500 vehicles
At the Geneva Motor Show brvbarKODA is presenting several new highlights These include the brvbarKODA KODIAQ SCOUT and brvbarKODAKODIAQ SPORTLINE alongside the extensively upgraded brvbarKODA OCTAVIA as well as the sporty spearhead brvbarKODA OCTAVIA RS245 and the brvbarKODA OCTAVIA SCOUT with a rugged off-road look In addition the upgraded brvbarKODA models RAPID and RAPIDSPACEBACK and Citigo are on show
brvbarKODA deliveries to customers in February 2017 (in units rounded off by model +- in percent compared to February2016)brvbarKODA OCTAVIA (28600 -86)brvbarKODA FABIA (16700 + 152)brvbarKODA RAPID (15000 + 121)brvbarKODA SUPERB (10900 + 171)brvbarKODA KODIAQ (1300 + 1000)brvbarKODA YETI (6300 -157)brvbarKODA CITIGO (only sold in Europe 2300 -164)httpautoeconomictimesindiatimescomnewspassenger-vehiclecarsskoda-delivers-81200-units-in-feb-201757626693
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Isuzu claims more durability on its diesel engines for trucks The Economic Times
Indianapolis Isuzu Commercial Truck of America has announced that the B10 durability rating of its 4HK1-TC diesel engine hasbeen increased to 375000 miles informed the company in an official statement
To elaborate further on what it means the Japanese commercial vehicle manufacturer went on to say that A B10-life rating is anindustry-standard gauge provided by engine makers to help consumers determine the long-term durability of an engine Thenumber following the B indicates the percentage of an engineamprsquos population that will require an overhaul before the indicatedmileage
That means that 90 of Isuzu 4HK1-TC engines are expected to last 375000 miles before they require a major repair or rebuildPreviously the 4HK1-TC engine carried an already-robust B10 durability rating of 310000 miles added the company
ampldquoWe are proud to say that Isuzu diesel engines are already known worldwide for their long-term dependabilityamprdquo saidShaun Skinner president of Isuzu Commercial Truck of America ampldquoOur new B-10 rating is strong evidence that our enginesare even more durable than everamprdquo
The turbocharged intercooled 4HK1-TC four-cylinder diesel engine displaces 52 liters and generates 215 horsepower Torqueratings vary depending on model The engine is fitted to Isuzu NPR-HD NPR-XD NQR and NRR models as well as the all-new2018 Isuzu FTR Class 6 truck
The company made the above announcement at the National Truck Equipment Associationamprsquos 2017 Work Truck Show inIndianapolis held on March 13httpautoeconomictimesindiatimescomnewsauto-componentsisuzu-diesel-engines-for-trucks-now-become-more-durable57626832
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MoS visits Rolls-Royces new logistics centre in England The Economic Times
New Delhi Nick Gibb Minister for School Standards and MP for Bognor Regis and Littlehampton has visited Rolls-Royce MotorCars Technology and Logistics Centre on Monday informed the British luxury car maker in a media release
During the visit Gibb toured the facility met the expert team onsite and was briefed on the companyamprsquos future plans to expandthe Centre He also took the opportunity to learn more about the Rolls-Royce Motor Cars apprenticeship graduate and internprogrammes
Nick Gibb said ampldquoThe original announcement that Rolls-Royce Motor Cars would be locating its Technology and LogisticsCentre in Bognor Regis was a great boost for our town and warmly welcomed I am delighted to see the huge new state of the artfacilities fully operational and providing high quality jobs for local people The support of such a prestigious company is good newsfor Bognor Regis and for the wider local economyamprdquo
He continued ampldquoIt is very welcome that Rolls-Royce operates an apprenticeship scheme ensuring the company has the skillsit needs for the future and providing opportunities and training for a cohort of young people every year This year Rolls-Royce istaking on record numbers of apprenticesamprdquo
The new Rolls-Royce Technology and Logistics Centre at Bognor Regis opened on schedule in January 2016 The purpose-built30000m2 facility is located close to the companyamprsquos head office and manufacturing plant at Goodwoodhttpautoeconomictimesindiatimescomnewsindustrymos-visits-rolls-royce-new-logistics-centre-in-england57626981
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All new Mazda CX-5 to be produced at Hofu Plant The Economic Times
Hiroshima Japan Japanese automaker Mazda Motor Corporation starting from November is going to produce the all-new MazdaCX-5 crossover SUV at its Hofu Plant in addition to the Hiroshima Plant where it is currently produced
The company informed that the move will help the automaker respond quickly and flexibly to growing demand for SUVs globally
Mazda aims to create a production system that can respond flexibly to changes in demand for crossover vehicles as it works tomeet its global sales goal of 165 million units
Launched domestically in February the all-new CX-5 has till date recorded sales of 16639 units about seven times the monthlytarget claims the company
As with the CX-3 starting production of the CX-5 at Hofu Plant as well is part of our plan to build a production framework that givesus more flexibility between plants and between models said Masatoshi Maruyama Managing Executive Officer in charge of GlobalProduction We will do everything we can to get customers the crossover vehicles they want as quickly as possiblehttpautoeconomictimesindiatimescomnewspassenger-vehicleuvall-new-mazda-cx-5-to-be-produced-at-hofu-plant57627447
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Rheinmetall receives over $25 mn order from American carmaker The Economic Times
New Delhi German automotive parts supplier Rheinmetall has booked its first order for a special application of coolant valves by amajor American carmaker and destined for the NAFTA market
The company in a statement said that the order has a lifetime value of over US$25 million (around Rs 165 crore) Series productionof the valves is scheduled to start in 2019 with the contract set to run for about five years
Talking about the product the company went on to say that the innovative valves play a lead role in intelligent thermal and energymanagement on modern vehicle engines These often have several cooling circuits which are controllable with the aid of switchingseat valves
As from model year 2020 this particular customer will be installing several versions of such valves on gasoline and diesel enginesfor pick-ups with over 6 liters displacement
They will take over functions in the cooling circuit of the transmission ensuring that it reaches operating temperature faster byswitching off the coolant flow when the engine is started This also helps to reduce emissions added the companyhttpautoeconomictimesindiatimescomnewsauto-componentsrheinmetall-receives-over-25-mn-order-from-american-carmaker57628058
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Nissans Infiniti names former BMW executive as new design chief ReutersSee this story in The Economic Times
Beijing Infiniti Nissan Motors premium brand named Karim Habib former global design chief for BMW as the brands new chiefdesigner effective July 1
Habib will replace Alfonso Albaisa who will be promoted to lead Nissans global design according to a press release seen byReuters Habib will report to Albaisa
Habib who has worked for several premium automotive brands including BMW and Daimler will be based in Nissans technicalcentre in Atsugi Japan and lead Infinitis design teams in Japan Beijing San Diego and Londonhttpautoeconomictimesindiatimescomnewsindustrynissans-infiniti-names-former-bmw-executive-as-new-design-chief57630437
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Elon Musks bold offer of Tesla batteries wont solve Australias power problems ReutersSee this story in The Economic Times
Launceston Australia Australia is becoming an interesting microcosm on how to or how not to transition an economy from beingpredominantly powered by coal to more climate-friendly alternatives
The dramatic intervention by Tesla Inc Chief Executive Elon Musk last week is just the latest twist in an ongoing saga that pits
business government farmers government and environmentalists against each other
Musk in an exchange of tweets with software billionaire Mike Cannon-Brookes chief executive of Atlassian Corp offered to fix theelectricity supply problems of South Australia state within 100 days of signing a contract
Musks plan is to install 100 megawatts (MW) of grid-connected battery storage which would be available to meet peak demandand would be charged with surplus electricity from other generating sources in periods of low demand
Its a bold offer and would most likely provide a quick fix to Australias fourth-largest state which suffered a blackout last Novemberand has been dealing with power shortages over the peak summer period
Businesses like BHP Billiton which operates the giant Olympic Dam copper mine in the state have been pushing for thegovernment and other stakeholders to ensure stable electricity supply saying the cost of blackouts runs into millions of dollars inlost output
Musk whose Tesla Corp is ramping up output of its battery storage packs at its Gigafactory in Nevada held talks with AustralianPrime Minister Malcolm Turnbull at the weekend as well as with South Australian Premier Jay Weatherill
The politicians will no doubt be tempted to Musks offer to install batteries especially since the electric car pioneer said if he didntmeet his 100 day deadline he wouldnt charge anything
But while Musks offer if taken up would provide a quick fix it would not do enough to mend the underlying problems at the heart ofAustralias electricity woes
Its worth looking at how Australia got itself to the point where virtually all players can agree that the nation is facing somethingapproaching an energy crisis
After all the country is not short of fossil fuels such as coal and natural gas and its climate and low population density outside themajor cities are ideal for renewables such as solar and wind power
The country is heavily reliant on an ageing fleet of coal-fired power stations which makes Australia one of the highest polluters percapita
These coal power stations are starting to close down with one shutting in South Australia last year and another planned to close inVictoria state at the end of this month
The problem is that the coal-fired power stations role as providers of base load electricity cannot be taken over by wind and solarand the role is falling to natural gas
But natural gas is also the most expensive method of generating electricity in Australia so utilities are reluctant to run their gas-firedplants until prices are high enough to justify the cost
South Australia has a gas-fired plant that was mothballed until last years power supply crisis but even with the higher prices forelectricity the operator is struggling to make the plant profitable
The state moved on Tuesday to try and address its energy security issues announcing it would build a 250 MW gas-fired plant andhelp the private sector build a 100 MW battery at a total cost of A$510 million ($385 million)
Gas Supply ConstraintsNatural gas supply is becoming a problem in Australia which may seem ironic given the country is on the verge of becoming theworlds largest exporter of liquefied natural gas (LNG) as the last of eight new plants come closer to completion
In fact the new LNG plants are copping some of the blame for the tightening natural gas market especially the three in easternQueensland state based on using coal-seam gas as the feedstock
These are being blamed for sucking domestic natural gas out of the market and into the export LNG industry
What hasnt helped is that some of Australias state and territory governments are also pursuing policies that will restrict futurenatural gas supplies
Victoria state has banned hydraulic fracturing or fracking as well as shale and coal-seam gas exploration while the NorthernTerritory New South Wales and Tasmania have various moratoriums on fracking
This leaves Western Australia Queensland and South Australia as the remaining states where onshore natural gas supplies can bedeveloped and they are now in the cross-hairs of the environmental lobby which is opposed to any and all new natural gas wells
Politicians across the traditional Labor-Liberal divide are increasingly giving in to demands to restrict natural gas exploration whilepretending that this wont have a negative impact on energy security and electricity prices
But the costs are starting to become apparent with spot electricity prices surging over the Australian summer and natural gassuppliers warning that they will be unable to meet the needs of industrial customers without action being taken
Its often the case politicians only take action when the point of crisis is reached and this appears to be the case in Australia
Whats needed is a holistic approach to energy supply as Australia transitions away from coal-fired power
This means ensuring enough natural gas is available to provide base load generation while scaling up renewables such as solar
wind pumped hydro and battery storage
Forging enough common ground with the various stakeholders will be the main obstacle but more than anything else Australia isshowing how difficult it is to end the age of coalhttpautoeconomictimesindiatimescomnewsindustryelon-musks-bold-offer-of-tesla-batteries-wont-solve-australias-power-problems57630514
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Innogy in talks with car consortium over charging stations CEO ReutersSee this story in The Economic Times
Essen Germany Innogy is in intense talks with a group of carmakers Chief Executive Peter Terium told journalists on Mondayhoping to be selected as a supplier of super-fast charging stations for electric vehicles across Europe
Its not a done deal yet Terium said pointing to strong competition from rival vendors
BMW Volkswagen Ford and Daimler plan to build about 400 next-generation charging stations in Europe that can reload anelectric car in minutes instead of hours
Sources told Reuters in January that Innogy was in talks with the consortiumhttpautoeconomictimesindiatimescomnewsindustryinnogy-in-talks-with-car-consortium-over-charging-stations-ceo57624184
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China may roll back electric vehicle quotas as industry pushes back ReutersSee this story in The Economic Times
Beijing China is considering easing proposed quotas aimed at producing more electric vehicles as Beijing gets pushback from theautomotive industry over the scale and pace of the plans
If adopted proposed changes under discussion could see a target of new energy vehicles (NEV) making up 8 percent of sales nextyear pushed to 2019 two auto executives said
The changes would lower targets from a draft policy released in September requiring 8 percent of automakers sales to be batteryelectric or plug-in hybrid vehicles by 2018 rising to 10 percent in 2019 and 12 percent in 2020
Any loosening of NEV targets would mark a pull back by Beijing which has faced opposition to the planned targets as it looks todrive its domestic carmakers to overtake global rivals in the green vehicle sector
Automakers and industry bodies have said the targets are too tough and could hurt manufacturers interests New energy vehicleslast year accounted for just 18 percent of sales in the worlds biggest autos market according to Reuters calculations based onofficial data
Its normal to make revisions as its a draft plan An Jin chairman of Anhui Jianghuai Automobile Group (JAC Motor) said on thesidelines of the National Peoples Congress in Beijing
He said he was aware of talks to revise the quota targets but said nothing was set in stone JAC hasnt been told what revisionsmight be made to the draft but I think it is possible the draft will be changed after the discussions he said
Whether the whole market can hit this quota by 2018 depends a lot on the strength of government policy If its strong then weshould be able to surpass the targets An said (But) if you consider Chinas infrastructure and the transformation of Chinas autosector then perhaps the pace will have to slow
Two Percent CutTwo executives familiar with the plans told Reuters the government was considering options for lowering the requirements
One idea was to reduce the quota requirement by 2 percent each year cutting the 2018 requirement to 6 percent said aChina-based government relations official at a major global automaker It would then be 8 percent in 2019 and 10 percent in 2020
Another option would be to push back each target by a year with the 8 percent quota starting from 2019 an executive at aJapanese car maker said
Both asked not to be named due to the sensitivity of the matter and because the draft was still under consideration
The overall policy includes quotas for plug-in cars targets for average fuel economy requirements and a credit trading system topromote green energy cars while penalizing petrol cars
The two people said the quota stand-off was tied to a disagreement between the Ministry of Industry and Information Technology(MIIT) and Chinas top state planner the National Development and Reform Commission (NDRC)
MIIT which regulates manufacturers supports a more flexible credit trading system favoured by automakers The NDRC is more
aggressive in promoting a transition to electric vehicles pushing the introduction of the stricter quotas
An NDRC spokesman said the body played a small role when the draft was open to public for discussion MIIT did not immediatelyrespond to Reuters requests for comment
China has strongly supported and subsidized electric vehicles but is gradually swapping out incentives for hard targets automakersmust meet The central government cut subsidies 20 percent this year a first reduction towards eliminating them by 2020httpautoeconomictimesindiatimescomnewspolicychina-may-roll-back-electric-vehicle-quotas-as-industry-pushes-back57623608
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Russias standards agency says Volkswagen recalls 43151 Skoda cars ReutersSee this story in The Economic Times
Moscow Russias standards agency said on Monday that Volkswagens Russian operation had informed it about the voluntaryrecall of 43151 Skoda cars due to a possible technical fault
The recall affects Skoda Octavia Superb Fabia Yeti and Rapid cars sold in Russia between 2012 and 2016 the watchdog saidhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsrussias-standards-agency-says-volkswagen-recalls-43151-skoda-cars57624140
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Economy
Rupee hits 1-12 yr high surges 78 paise on BJP sweep PTISee this story in The Economic Times
Mumbai The rupee surged by a massive 78 paise to end at a nearly one-and-a-half year high of 6582 against the US dollar onfrantic unwinding of the American currency following BJPs emphatic victory in Uttar Pradesh
Forex market sentiment soared on hopes that BJPs stellar show in state polls would pave the way for the Modi government to focuson key reform measures
The home currency resumed on a strong footing at 6620 from last Fridays closing value of 6660 at the Interbank ForeignExchange (forex) market on heavy dollar unwinding from speculative traders and exporters tracking weekend developments
Maintaining its bullish momentum against the dollar the rupee hit a fresh intra-day high of 6576 in late afternoon deals beforeending at 6582 showing a solid gain of 78 paise or 117 per cent
This is the highest closing of the rupee since November 6 2015 when it had ended at 6576
Meanwhile the RBI fixed the reference rate for the dollar at 661800 and for the euro at 704354
Financial markets too took comfort from BJPs landslide victory with the broader Nifty climbing 15245 points to a new closing peakof 9087 and the Sensex rallying 49640 points to end at 2944263
The much-anticipated turnaround on the economic front has opened up a barrage of foreign capital fund flows into India
Foreign investors pumped in over Rs 10000 crore in the Indian capital markets this month so far
It also got an added fillip from bullish macro data which showed that the countrys industrial production bounced back in Januaryexpanding by 27 per cent year-on-year
Factory output measured in terms of Index of Industrial Production (IIP) had contracted by 01 per cent in December
However inflation based on wholesale prices shot up to a 39-month high of 655 per cent in February against 525 per cent inJanuary according to official data
On the global front the dollar traded firmly higher against its major counterparts ahead of the two-day Fed meet when it could liftrates for the third time since the financial crisishttpautoeconomictimesindiatimescomnewsindustryrupee-hits-1-12-yr-high-surges-78-paise-on-bjp-sweep57635104
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Nifty hits all time high of 912275 Sensex surges 616 points after big BJP win The Economic Times
Mumbai The Nifty jumped to life highs on Tuesday after the BJPamprsquos thumping win in the crucial state of Uttar Pradeshrekindled hopes of a bigger-than-expected push for reforms by the Narendra Modi government
The Nifty up 11 so far this year crossed its previous life high of 9119 to hit 912275 before ending the day 171 or 15245points higher at 9087 This is the indexamprsquos biggest single-day gain in points since February 1 and caps a strong reboundsince the December 26 low of 7893 on demonetisation worries
The Sensex surged by 616 points or 212 intra-day before ending the day at 2944263 up 49640 points This is its biggest gainsince May 25 last year The index is the best performer among all developed and emerging market indices in local currency terms inthe past three months
The rupee surged 79 paise to a 16-month high of 6582 to the dollar as exporters sold more dollars and foreign investors boughtlocal shares BSE data showed that foreign investors bought local shares worth Rs 4089 crore their biggest single-day purchasesince February 17 when they purchased Rs 8059 crore
FPIs have bought shares worthRs 23132 crore since January this year against net sales of Rs 9800 crore in the same period lastyear The BSE Midcap and Smallcap indices gained 144 each
ampldquoOne must be ready for a correction after a rally but I am optimistic about the medium to longterm prospectsamprdquo saidMotilal Oswal chairman Motilal Oswal Financial Services Ltd ampldquoFundamentally valuations are comfortable at this point intime because of good corporate earnings growth In the short term markets may remain volatileamprdquo
BJP romped to victory in UP on Saturday winning 312 out of the 403 seats Its allies won 13 more taking the NDA tally to 325 Thisis the biggest win recorded by any party in the state since 1977 and has raised prospects of the BJP doing well in other electionsthis year and next Many political pundits also believe that the victory has improved Prime Minister Narendra Modiamprsquos chancesof retaining power in the 2019 general election
Barring the metals index all other sectoral indices on the NSE ended with gains on Tuesday About 55 stocks including TitanJubilant Life Sciences Kotak Mahindra Bank IndusInd Bank YES Bank and Indiabulls Housing Finance among others hit life highswhile 92 stocks were locked in upper circuit with no sellers
ampldquoWith the sharp rally the market which is currently susceptible to global risk is trading at above average multiples and westay cautious near termamprdquo said Sanjay Mookim India Equity Strategist BofA Merrill Lynch ampldquoIndiaamprsquos businesscycle should improve over the next several quarters while improving construction should drive capex which is good forequitiesamprdquo
Some market experts are divided over the near-term outlook as indices have begun to look expensive at current valuations Plusthere is no immediate trigger for upgrade
ampldquoValuations of the Indian market are quite high and would require the support of strong earnings growth Any disappointmenton earnings will make valuations look even more expensive which the market may not likeamprdquo said Sanjeev Prasad senior EDand co-head of Kotak Institutional Equities
ampldquoGlobal and domestic interest rate cycles are no longer supportive with likely increase in developed markets bondyieldsamprdquo
ampldquoWhile markets are expecting a rate hike this meeting what will be of more interest is the commentaryamprdquo said DipenShah senior V-P PCG research Kotak Securities ampldquoIf it is hawkish it may have an impact on fund flows to emerging marketsbut India may be relatively less impacted because of the continuing domestic flowsamprdquo
ampldquoNotwithstanding the election results we believe the risk-reward is not favourable currently and advise investors to sell intothis rally We expect Nifty EPS to rise 15-16 in FY18 and see no trigger for an earnings upgrade at this junctureamprdquo ReligareInstitutional Research said in a notehttpeconomictimesindiatimescommarketsstocksnewsnifty-hits-all-time-high-of-9122-75-sensex-surges-616-points-after-big-bjp-winarticleshow57639036cms
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WPI inflation up 655 for February 2017 The Economic Times
New Delhi The annual rate of inflation based on monthly Wholesale Price Index (WPI) stood at 655 percent (provisional) for themonth of February 2017 (over February 2016) as compared to 525 percent (provisional) for the previous month and -085 percentduring the corresponding month of the previous year
The official Wholesale Price Index for amplsquoAll Commoditiesamprsquo for the month of February 2017 rose by 05 percent to 1855(provisional) from 1846 (provisional) for the previous month
The index for primary articles rose by 09 percent to 2581 (provisional) from 2557 (provisional) for the previous month
The inflation rate for Fuel and power group rose by 13 percent to 2038 (provisional) from 2012 (provisional) for the previousmonth due to higher price of coking coal (15 percent) aviation turbine fuel (3 percent) bitumen (2 percent) and kerosene highspeed diesel LPG and lignite (1 percent each) However the price of furnace oil (1 percent) declined
The index for the major group of manufactured products remained unchanged at its previous monthamprsquos level of 1588
(provisional) In this group the index for amplsquoRubber amp Plastic Productsamprsquo group rose by 02 percent to 1489 (provisional)from 1486 (provisional) for the previous month due to higher price of rubber products (1 percent)
The index for amplsquoTransport Equipment amp Partsamprsquo group rose by 05 percent to 1405 (provisional) from 1398 (provisional)for the previous month due to higher price of auto rickshaw tempo matador (4 percent) and auto parts (1 percent)
For the month of December 2016 the final Wholesale Price Index for amplsquoAll Commoditiesamprsquo stood at 1833 as comparedto 1828 (provisional) and annual rate of inflation based on final index stood at 368 percent as compared to 339 percent(provisional) respectively as reported on January 1 2017httpautoeconomictimesindiatimescomnewsindustrywpi-inflation-up-6-55-for-february-201757627665
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February CPI at 365 vs 317 in January highest since October 2016 PTISee this story in The Economic Times
New Delhi Retail inflation rose to 4-month high of 365 per cent in February mainly due to surge in price of food items like fruitssugar and confectionery
Measured in terms of Consumer Price Index (CPI) the inflation had dipped to a multi-year low of 317 per cent in January this yearon account of cash crunch following demonetisation It was 526 per cent in February last year
According to the CPI data released today by the Central Statistics Office (CSO) the consumer food prices index (CFPI) rose by201 per cent in February from 061 per cent in January The CFPI was 53 per cent in February 2016
Inflation in fruits was higher at 833 per cent fuel and light at 39 per cent in February The rate of price rise in meat and fish was 35per cent in February
Prices of sugar and confectionery items rose by 1883 per cent in February while inflation in milk and milk product increased by 422per cent
The rate of inflation in household goods and services was 409 per cent while this rate was in health segment was 4 per cent Thetransport and communication became expensive by 539 per cent
The personal care and effects segment rose by 515 per cent while the education became more expensive by 537 per cent inFebruary this year
The inflation rate was 438 per cent in clothing and footware segment while it was 49 per cent in housing segment
However the prices of vegetables and pulses declined by 829 per cent and 902 per cent respectively
Rural retail inflation was at 367 per cent in February compared with 336 per cent in the preceding month The CPI was also up inthe urban sector at 355 per cent in February from 29 per cent in January this yearhttpautoeconomictimesindiatimescomnewsindustryfebruary-cpi-at-3-65-vs-3-17-in-january-highest-since-october-201657633211
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Closing
Last Financial Closing
Sensex 2944263 (+49640)NSE 9087 (+15245)US$ spot Rs6582US$ Y1148000US$ 6 months RsYen Rs57Euro spot Rs70
Gold (10gm) Rs28333Silver (1kg) Rs4008300
Crude Oil (WTI) Crude Oil (Brent) $5172 (+037)
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Apollo Tyres 1 18610Asahi Ind 1 21655Amara Raja B 1 83230Ashok Leyland 1 9080Bajaj Auto 10 286670Bharat Forge 2 103550Denso 1 Eicher Motor 10 2396325Escorts 10 51945Exide Ind 1 21645Force Motors 10 427760Gabriel India 1 11460Hero Motocor 2 335745Hind Motors 5 950Hi-Tech Gear 10 29885Jay Bh Maruti 5 38190
Jamna Auto 5 20550JK Tyres amp Inds 10 1241 Kinetic Motors 10 Kinetic Engg 10 KOEL 2 37685Kirloskar Br 2 24135LML Ltd 10 1250LampT 2 155810Lumax Ind 10 131690Lumax Tech 10 43230MampM 5 132600Maruti Suzuki 5 613240Motherson SS 1 36290Minda Inds 2 44350MRF 10 5298390Omax Auto 10 7555Rico Auto 1 5720Sona Koyo St 1 8170
SRF 10 157155Tata Motors 2 46975 TVS Motors 1 43690
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Bhushan Steel 2 5430Hindalco 1 19040Hind Zinc 2 29140JSW Ispat S 10 Jind Steel 1 12490JSW Steel 1 18190Jindal Saw 2 7995National Aluminium 5 7310SAIL 10 6005Tata Steel 10 47255Visa Steel 10 2185
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Ambuja Cement 2 23370Binani Industries 10 7200Birla Corp 10 70360India Cement 10 16070Prism Cement 10 9375JK Cement 10 88470Shree Cement 10 1639835
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NURC Industry Updates contain editedtruncated text of Industry-specific news as it appears in various select dailies and websites These are NOT full stories unless otherwisespecifically mentioned The stories contained herein are informational only and no representation is made or warranty given as to their content reliability truthfulness orusefulness User assumes all risk of use It be clearly understood that NURC updates do not claim to and neither mean to replace the Print or the Internet editions of variousnewspapers whose articles are featured therein For the best and complete news reading NURC urges its readers to read the full text of the stories from the Newspaperswhose credits are given after the headline and visit the related website whose URL is given below the text matter of each news item
NURC News Update - AUTOMOBILES
News on Indian Auto Industry Copyright 1999 NURC MediaNext Pvt Ltd
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Powered by Enablingbiz Esoluttions
Nissan boosts management presence at Mitsubishi Motors ReutersSee this story in The Economic Times
Tokyo Mitsubishi Motors on Tuesday said an additional four Nissan executives would join its management team as Nissan tightensits control over the smaller struggling automaker in which it took a controlling stake last year
The announcement is part of Mitsubishi Motors efforts to rebuild its management system after it admitted last year that it hadoverstated the mileage on a number of its cars sold in Japan battering domestic sales and tarnishing its brand image
From April corporate vice president positions for roles including product development and marketing and sales would be occupiedby officials from Nissan Mitsubishi Motors said
This would hike the number of Nissan executives on Mitsubishi Motors management team to seven from two now
We need to strengthen our corporate governance to avoid a repeat of last years scandal along with scandals previous to thatMitsubishi Chief Executive Officer (CEO) Osamu Masuko told reporters during a teleconference
After taking a one-third stake in Mitsubishi Motors Nissan installed Carlos Ghosn - its CEO at the time - as chairman of MitsubishiMotors while also naming two Nissan officials to Mitsubishis board of directors
Nissan also dispatched other executives to the smaller automaker including Trevor Mann previously Nissans chief performanceofficer who became chief operating officer at Mitsubishi late last year
Last month Ghosn said he would step down from the top position at Nissan to focus on deepening the companys alliance withRenault SA and Mitsubishi Motors
Separately Nissan said Shiro Nakamura the companys chief creative officer and one of Japans best-known car designers willretire after nearly 20 years at the automaker
Nakamura 66 is recognised for referencing science fiction anime and embracing Japans culture of cute in models including theGT-R supercar the Cube compact MPV and the Juke SUV crossover setting the automaker apart from many of its rivals whichhave been accused of making lookalike cars
Nakamura joined Nissan in 1999 from Japanese truckmaker Isuzu Motors and was one of the first key hires by Ghosn shortly afterGhosn himself arrived from French automaker Renault to save the company from bankruptcy
Alfonso Albaisa who currently overseas design at Nissans premium Infiniti brand will succeed Nakamura while former BMWglobal chief designer Karim Habib will become the brands new chief designer effective July 1httpautoeconomictimesindiatimescomnewsindustrynissan-boosts-management-presence-at-mitsubishi-motors57631800
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Renault Zoe e-Sport breaks covers at 2017 Geneva Motor Show The Economic Times
New Delhi In the ongoing Geneva Motor Show Renault has showcased its new two-seat version of its electric car Renault Zoee-Sport The company claims to have taken the design cues from Formula E
The ZOE e-Sport Concept is the fully electric concept car that embodies Renaultamprsquos commitment to the idea that electric carscan be fun and fast says Renault The sporting credentials of the ZOE e-Sport Concept extend beyond the caramprsquos styling andthe same blue livery as the Renault edams teamamprsquos front-running Formula E single-seaters
The bodywork of the ZOE e-Sport Concept is made entirely from lightweight carbon fibre which helps to ensure outstandingacceleration from standstill to 100kph in just 32 seconds The car tips the scales at a mere 1400 kilograms including 450kilograms of batteries
The car is powered by two electric motors capable of generating 450 bhp and 650 Nm of torque One of the motor is powered to therear axle and the other to the front axle Renault Zoe e-Sport gets the same 40 kWh battery which powers the standard variant ofthe car
Jean-Christophe Kugler CEO Renault Europe said that the concept as a link car - a styling exercise intended to connect the Zoeroad car with what Renault is doing in Formula E racing and to send a message that EVs are fun to drive Its not a signal of thefuture for Zoe and we have no intention to develop a performance version
Renault also claims that the electric performance car uses the same air and water cooling systems as the Renaultamprsquos FormulaE car The car is based on a tubular steel chassis with use of extensive carbon fibre The car also gets four driving modes
At the moment Renault has no plans to make the Zoe e-Sport into productionhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsrenault-zoe-e-sport-breaks-covers-at-2017-geneva-motor-show57627528
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Sensata Technologies opens testing facility in Bulgaria ReutersSee this story in The Economic Times
Sofia Sensata Technologies has opened its largest global testing facility in Sofia to support its automotive sensing technologies thecompany said on Tuesday
Sensata which has manufacturing sites in 13 countries already employs 3000 people in Bulgaria where it produces pressure andhigh temperature sensors for the automotive market and operates a business centre
In recent years inexpensive labour low taxes and an educated workforce have encouraged dozens of car part producers and ITand business outsourcing companies to set up in the Balkan countryhttpautoeconomictimesindiatimescomnewsauto-componentssensata-technologies-opens-testing-facility-in-bulgaria57632975
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Driving driverless Quest for an autonomous car has reached a truck now Nandagopal RajanThe Financial Express
At San Franciscoamprsquos Pier 90 chock-a-block with cargo vehicles it is pretty tough for any truck to stand out But a white Volvotruck with Otto emblazoned on it is the centre of attention This is the next big thing in automated cars and has already shown itsmettle by delivering a consignment of Budweiser beer in Colorado without a driver controlling it on the freeway
Uber is one of the many companies thinking in terms of driverless car While CEO Travis Kalanick says automated vehicles areampldquoexistentialamprdquo for the ride-hailing companyamprsquos future he is not alone in the race to drive without drivers Just in theUS at least 23 companiesampmdashincluding Tesla Google and Volkswagenampmdashhave registered in autonomous vehicleprogrammes The idea that fuels this cutting-edge technology is pure economics at the end of the day Cars suffer from seriousissues of inefficiency as they sit idle 95 of the time Considering that the world has 1200000000 cars this is inefficiency at agargantuan scale Add to this the fact that cars amount for 22 of all emissions globally and muddy the urban infrastructureproblem by creating the need for parking spaces
Since 1984 when the first experimental self-driving cars appeared there has been much progress on the technology leading toMercedes-Benz showcasing its concept car the F 015 at the Consumer Electronics Show in Las Vegas in 2015 Everyone has adifferent take on the technology but in the end the idea is to make cars intelligent and independent enough to be aware ofsurroundings and take decisions based on that
Interestingly Uberamprsquos dream is to bring ampldquoreliable transportation to everyone everywhereamprdquo now extended toeverything too with the trucks from Otto a start-up it acquired last year Matt Sweeney who heads product at UberamprsquosAdvanced Technology Group says ampldquothe truck and passenger vehicles share software and hardware components and thishelps us work on different aspects of the self-driving problem at the same timeamprdquo But on scope passenger vehicles are forurban environments where Uber has its focus on ride-sharing while trucks will be for high-speed highways where the constraintsare different
Just last week Uber got a permit from California Department of Motor Vehicles to test two self-driving Volvo SUVs on public roadsthough it will need to have backup drivers behind the wheel in case the prototype cars malfunction Its self-driving cars have beenrunning test drives in other parts of the US too
The Otto truck comes with a rig of radars laser scanners and stereo cameras that give the computers inside a live 360-degreevision of its environment with high dynamic range high resolution and high colour information imagery so that the truck can besmart enough to decide what to do next But the computing task this presents is ampldquoalmost as big as a small datacentreamprdquo Sweeney says the computing has to be done inside as ampldquothere is no tech that can let us send all that data tothe cloud real time and hence a lot of the computing has to be done in the truck itselfamprdquo
ampldquoA lot of the tech is based on prior mapping but in subsequent runs we see differences that have come about in the area andpay attention on those objects that are differentamprdquo
Interestingly Otto is being sued by Googleamprsquos Waymo self-driving car unit which claims its former employee and start-upfounder Anthony Levandowski stole its proprietary design for its laser-based radar system There are other challenges tooampldquoUber tech is different because we are trying to make this on top of the ride-sharing network that we already haveamprdquo headded
Nissan in contrast keeps the driver and not the technology at the centre and its definition of an ampldquoautonomous caramprdquo ishence a vehicle with different levels of driving technologies that enable it to operate autonomously for certain periods of time ANissan spokesperson said on the technology side the challenges are in artificial intelligence software development data processingand digital mapping technologies while on the social environment side laws and regulations along with modifications of roadinfrastructure will become necessary
This contrast in technologies is why it is important to see how the entire ecosystem evolves maybe with different platforms talkingto each other But Uber is not depending on this ampldquoWe need to see and interact with vehicles but there is no guarantee wewill have that technology So we are approaching it with the assumption it wonamprsquot existamprdquo says Sweeney
Uberamprsquos goal is to take its technology everywhere but can these vehicles actually be practical for an environment like IndiaSweeney accepts the new elements this will throw in along with the sheer volume will present a slew of challenges ampldquoThoseare situations we think we will be able to tackle but those are not the first places we will goamprdquo he explains adding that theywill look for opportunities where they can deploy this technology safely Clearly this drive has just started(The author attended the Uber Media Summit in San Francisco at the invitation of Uber)httpwwwfinancialexpresscomopiniondriving-driverless-quest-for-an-autonomous-car-has-reached-a-truck-now588112
Top
Samsung completes acquisition of Harman The Economic Times
New Delhi The arrest of the Vice-Chairman of Samsung Board Lee Jae Yong on bribery and corruption charges has not affectedthe deal between Samsung and Harman International IndustriesIn a media statement the South Korean giant confirmed thecompletion of its largest such deal ever
Under the terms of the merger agreement Harman stockholders will receive $11200 per share in cash The completion follows thesatisfaction of all conditions to the closing of the transaction including approval of the transaction by HARMAN stockholders andreceipt of all necessary regulatory approvals in the United States and certain foreign jurisdictions
ampldquoToday is a historic moment for us The close of this transaction opens the door to create substantial growth opportunitiesand deliver greater benefits for customers worldwideamprdquo said Young Sohn President and Chief Strategy Officer of SamsungElectronics and Chairman of the Board HARMAN ampldquoWe see transformative opportunities in the car ampndash and a futurewhich seamlessly connects lifestyle across automotive home mobile and work Samsungamprsquos and HARMANamprsquosleadership in these spaces perfectly positions Samsung to be the preferred partner to our OEM customers In addition bringingtogether HARMANamprsquos iconic audio brands and capabilities paired with Samsungamprsquos leading display technologies willdeliver enhanced audio and video experiences to consumers and professional end markets And most importantly we areenthusiastic about our common vision the similarities in our culture of innovation and the added value we can create for customersWe look forward to working with all of HARMANamprsquos employees to execute on our visionamprdquo
Harman boasts around 30000 employees spreadout across different brands including JBL Infinity Lexicon and Mark LevinsonThe company will continue to conduct business as an independent subsidiary under the terms of the deal with Samsung
ampldquoWe are excited to have completed the transaction which provides compelling cash value to our stockholders benefits ourcustomers and provides new opportunities for our employeesamprdquo said Dinesh Paliwal Harman President and CEOampldquoSamsung shares our commitment to our customers and our culture of speed innovation and execution Samsung providesHarman with the scale platform and complementary technologies to accelerate growth and extend our global market leadership inautomotive smart audio and connected technologies Recognizing the importance of partnerships in an increasingly connectedworld particularly in automotive we are poised to leverage our combined teams and resources to produce even greater value forour customers Working closely with automakers and other technology companies Samsung and Harman will define ampndash anddrive ampndash the future of automotiveamprdquohttpautoeconomictimesindiatimescomnewsauto-technologysamsung-completes-acquisition-of-harman57624440
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Skoda delivers 81200 units in Feb 2017 globally The Economic Times
Mlada Boleslav Czech car manufacturer Skoda in a press release stated that the company delivered 81200 vehicles to customersworldwide in February 31 more than in the same period last year (February 2016 78800) brvbarkoda also claims that it has soldmore cars than any February in its history The Czech manufacturer achieved double-digit growth in Central and Eastern Europe (+129 and + 133) India (+ 128) and Israel (+ 198) among others
We are delighted with our strong start to 2017 We expect the market launch of the OCTAVIA product upgrade as well as the newKodiaq to create further momentum says Werner Eichhorn brvbarKODA Board Member for Sales and Marketing
In Western Europe deliveries to customers rose by 70 in February to 34800 vehicles (February 2016 32500) With 12600vehicles Germany remains the strongest single European market (February 2016 12100 vehicles +45) brvbarKODA recordeddouble-digit growth rates in the UK (3400 vehicles +236) Italy (2200 vehicles + 201) Belgium (2 000 vehicles +271) andAustria (1900 vehicles +647)
In Central Europe brvbarKODA achieved an increase of 129 with 17400 cars (February 2016 15400 vehicles) Deliveries on thehome market of the Czech Republic rose by 88 to 8200 vehicles in Poland (5700 vehicles + 163) Slovakia (1700 vehicles+154) Slovenia (600 vehicles +226) and Croatia (300 vehicles +469) also rose in double figures
In Eastern Europe excluding Russia Skoda achieved a year-on-year increase of 133 with 2800 vehicles delivered (February2016 2500 vehicles) In the same period 400 customers in Ukraine received their new brvbarKODA ampndash an increase of 939(February 2016 200 vehicles) The number of deliveries increased significantly in Bosnia (200 vehicles + 557) Bulgaria (200vehicles +175) and the Baltic States (600 vehicles + 229) In Russia brvbarKODA achieved an increase of 46 with 4300vehicles (February 2016 4100 vehicles)
In China ampndash the brandamprsquos largest market worldwide ampndash brvbarKODA handed over the keys to 15000 new vehicles(February 2016 18500 vehicles -188) Deliveries overseas increased by 98 to a total of 2500 vehicles
At the Geneva Motor Show brvbarKODA is presenting several new highlights These include the brvbarKODA KODIAQ SCOUT and brvbarKODAKODIAQ SPORTLINE alongside the extensively upgraded brvbarKODA OCTAVIA as well as the sporty spearhead brvbarKODA OCTAVIA RS245 and the brvbarKODA OCTAVIA SCOUT with a rugged off-road look In addition the upgraded brvbarKODA models RAPID and RAPIDSPACEBACK and Citigo are on show
brvbarKODA deliveries to customers in February 2017 (in units rounded off by model +- in percent compared to February2016)brvbarKODA OCTAVIA (28600 -86)brvbarKODA FABIA (16700 + 152)brvbarKODA RAPID (15000 + 121)brvbarKODA SUPERB (10900 + 171)brvbarKODA KODIAQ (1300 + 1000)brvbarKODA YETI (6300 -157)brvbarKODA CITIGO (only sold in Europe 2300 -164)httpautoeconomictimesindiatimescomnewspassenger-vehiclecarsskoda-delivers-81200-units-in-feb-201757626693
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Isuzu claims more durability on its diesel engines for trucks The Economic Times
Indianapolis Isuzu Commercial Truck of America has announced that the B10 durability rating of its 4HK1-TC diesel engine hasbeen increased to 375000 miles informed the company in an official statement
To elaborate further on what it means the Japanese commercial vehicle manufacturer went on to say that A B10-life rating is anindustry-standard gauge provided by engine makers to help consumers determine the long-term durability of an engine Thenumber following the B indicates the percentage of an engineamprsquos population that will require an overhaul before the indicatedmileage
That means that 90 of Isuzu 4HK1-TC engines are expected to last 375000 miles before they require a major repair or rebuildPreviously the 4HK1-TC engine carried an already-robust B10 durability rating of 310000 miles added the company
ampldquoWe are proud to say that Isuzu diesel engines are already known worldwide for their long-term dependabilityamprdquo saidShaun Skinner president of Isuzu Commercial Truck of America ampldquoOur new B-10 rating is strong evidence that our enginesare even more durable than everamprdquo
The turbocharged intercooled 4HK1-TC four-cylinder diesel engine displaces 52 liters and generates 215 horsepower Torqueratings vary depending on model The engine is fitted to Isuzu NPR-HD NPR-XD NQR and NRR models as well as the all-new2018 Isuzu FTR Class 6 truck
The company made the above announcement at the National Truck Equipment Associationamprsquos 2017 Work Truck Show inIndianapolis held on March 13httpautoeconomictimesindiatimescomnewsauto-componentsisuzu-diesel-engines-for-trucks-now-become-more-durable57626832
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MoS visits Rolls-Royces new logistics centre in England The Economic Times
New Delhi Nick Gibb Minister for School Standards and MP for Bognor Regis and Littlehampton has visited Rolls-Royce MotorCars Technology and Logistics Centre on Monday informed the British luxury car maker in a media release
During the visit Gibb toured the facility met the expert team onsite and was briefed on the companyamprsquos future plans to expandthe Centre He also took the opportunity to learn more about the Rolls-Royce Motor Cars apprenticeship graduate and internprogrammes
Nick Gibb said ampldquoThe original announcement that Rolls-Royce Motor Cars would be locating its Technology and LogisticsCentre in Bognor Regis was a great boost for our town and warmly welcomed I am delighted to see the huge new state of the artfacilities fully operational and providing high quality jobs for local people The support of such a prestigious company is good newsfor Bognor Regis and for the wider local economyamprdquo
He continued ampldquoIt is very welcome that Rolls-Royce operates an apprenticeship scheme ensuring the company has the skillsit needs for the future and providing opportunities and training for a cohort of young people every year This year Rolls-Royce istaking on record numbers of apprenticesamprdquo
The new Rolls-Royce Technology and Logistics Centre at Bognor Regis opened on schedule in January 2016 The purpose-built30000m2 facility is located close to the companyamprsquos head office and manufacturing plant at Goodwoodhttpautoeconomictimesindiatimescomnewsindustrymos-visits-rolls-royce-new-logistics-centre-in-england57626981
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All new Mazda CX-5 to be produced at Hofu Plant The Economic Times
Hiroshima Japan Japanese automaker Mazda Motor Corporation starting from November is going to produce the all-new MazdaCX-5 crossover SUV at its Hofu Plant in addition to the Hiroshima Plant where it is currently produced
The company informed that the move will help the automaker respond quickly and flexibly to growing demand for SUVs globally
Mazda aims to create a production system that can respond flexibly to changes in demand for crossover vehicles as it works tomeet its global sales goal of 165 million units
Launched domestically in February the all-new CX-5 has till date recorded sales of 16639 units about seven times the monthlytarget claims the company
As with the CX-3 starting production of the CX-5 at Hofu Plant as well is part of our plan to build a production framework that givesus more flexibility between plants and between models said Masatoshi Maruyama Managing Executive Officer in charge of GlobalProduction We will do everything we can to get customers the crossover vehicles they want as quickly as possiblehttpautoeconomictimesindiatimescomnewspassenger-vehicleuvall-new-mazda-cx-5-to-be-produced-at-hofu-plant57627447
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Rheinmetall receives over $25 mn order from American carmaker The Economic Times
New Delhi German automotive parts supplier Rheinmetall has booked its first order for a special application of coolant valves by amajor American carmaker and destined for the NAFTA market
The company in a statement said that the order has a lifetime value of over US$25 million (around Rs 165 crore) Series productionof the valves is scheduled to start in 2019 with the contract set to run for about five years
Talking about the product the company went on to say that the innovative valves play a lead role in intelligent thermal and energymanagement on modern vehicle engines These often have several cooling circuits which are controllable with the aid of switchingseat valves
As from model year 2020 this particular customer will be installing several versions of such valves on gasoline and diesel enginesfor pick-ups with over 6 liters displacement
They will take over functions in the cooling circuit of the transmission ensuring that it reaches operating temperature faster byswitching off the coolant flow when the engine is started This also helps to reduce emissions added the companyhttpautoeconomictimesindiatimescomnewsauto-componentsrheinmetall-receives-over-25-mn-order-from-american-carmaker57628058
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Nissans Infiniti names former BMW executive as new design chief ReutersSee this story in The Economic Times
Beijing Infiniti Nissan Motors premium brand named Karim Habib former global design chief for BMW as the brands new chiefdesigner effective July 1
Habib will replace Alfonso Albaisa who will be promoted to lead Nissans global design according to a press release seen byReuters Habib will report to Albaisa
Habib who has worked for several premium automotive brands including BMW and Daimler will be based in Nissans technicalcentre in Atsugi Japan and lead Infinitis design teams in Japan Beijing San Diego and Londonhttpautoeconomictimesindiatimescomnewsindustrynissans-infiniti-names-former-bmw-executive-as-new-design-chief57630437
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Elon Musks bold offer of Tesla batteries wont solve Australias power problems ReutersSee this story in The Economic Times
Launceston Australia Australia is becoming an interesting microcosm on how to or how not to transition an economy from beingpredominantly powered by coal to more climate-friendly alternatives
The dramatic intervention by Tesla Inc Chief Executive Elon Musk last week is just the latest twist in an ongoing saga that pits
business government farmers government and environmentalists against each other
Musk in an exchange of tweets with software billionaire Mike Cannon-Brookes chief executive of Atlassian Corp offered to fix theelectricity supply problems of South Australia state within 100 days of signing a contract
Musks plan is to install 100 megawatts (MW) of grid-connected battery storage which would be available to meet peak demandand would be charged with surplus electricity from other generating sources in periods of low demand
Its a bold offer and would most likely provide a quick fix to Australias fourth-largest state which suffered a blackout last Novemberand has been dealing with power shortages over the peak summer period
Businesses like BHP Billiton which operates the giant Olympic Dam copper mine in the state have been pushing for thegovernment and other stakeholders to ensure stable electricity supply saying the cost of blackouts runs into millions of dollars inlost output
Musk whose Tesla Corp is ramping up output of its battery storage packs at its Gigafactory in Nevada held talks with AustralianPrime Minister Malcolm Turnbull at the weekend as well as with South Australian Premier Jay Weatherill
The politicians will no doubt be tempted to Musks offer to install batteries especially since the electric car pioneer said if he didntmeet his 100 day deadline he wouldnt charge anything
But while Musks offer if taken up would provide a quick fix it would not do enough to mend the underlying problems at the heart ofAustralias electricity woes
Its worth looking at how Australia got itself to the point where virtually all players can agree that the nation is facing somethingapproaching an energy crisis
After all the country is not short of fossil fuels such as coal and natural gas and its climate and low population density outside themajor cities are ideal for renewables such as solar and wind power
The country is heavily reliant on an ageing fleet of coal-fired power stations which makes Australia one of the highest polluters percapita
These coal power stations are starting to close down with one shutting in South Australia last year and another planned to close inVictoria state at the end of this month
The problem is that the coal-fired power stations role as providers of base load electricity cannot be taken over by wind and solarand the role is falling to natural gas
But natural gas is also the most expensive method of generating electricity in Australia so utilities are reluctant to run their gas-firedplants until prices are high enough to justify the cost
South Australia has a gas-fired plant that was mothballed until last years power supply crisis but even with the higher prices forelectricity the operator is struggling to make the plant profitable
The state moved on Tuesday to try and address its energy security issues announcing it would build a 250 MW gas-fired plant andhelp the private sector build a 100 MW battery at a total cost of A$510 million ($385 million)
Gas Supply ConstraintsNatural gas supply is becoming a problem in Australia which may seem ironic given the country is on the verge of becoming theworlds largest exporter of liquefied natural gas (LNG) as the last of eight new plants come closer to completion
In fact the new LNG plants are copping some of the blame for the tightening natural gas market especially the three in easternQueensland state based on using coal-seam gas as the feedstock
These are being blamed for sucking domestic natural gas out of the market and into the export LNG industry
What hasnt helped is that some of Australias state and territory governments are also pursuing policies that will restrict futurenatural gas supplies
Victoria state has banned hydraulic fracturing or fracking as well as shale and coal-seam gas exploration while the NorthernTerritory New South Wales and Tasmania have various moratoriums on fracking
This leaves Western Australia Queensland and South Australia as the remaining states where onshore natural gas supplies can bedeveloped and they are now in the cross-hairs of the environmental lobby which is opposed to any and all new natural gas wells
Politicians across the traditional Labor-Liberal divide are increasingly giving in to demands to restrict natural gas exploration whilepretending that this wont have a negative impact on energy security and electricity prices
But the costs are starting to become apparent with spot electricity prices surging over the Australian summer and natural gassuppliers warning that they will be unable to meet the needs of industrial customers without action being taken
Its often the case politicians only take action when the point of crisis is reached and this appears to be the case in Australia
Whats needed is a holistic approach to energy supply as Australia transitions away from coal-fired power
This means ensuring enough natural gas is available to provide base load generation while scaling up renewables such as solar
wind pumped hydro and battery storage
Forging enough common ground with the various stakeholders will be the main obstacle but more than anything else Australia isshowing how difficult it is to end the age of coalhttpautoeconomictimesindiatimescomnewsindustryelon-musks-bold-offer-of-tesla-batteries-wont-solve-australias-power-problems57630514
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Innogy in talks with car consortium over charging stations CEO ReutersSee this story in The Economic Times
Essen Germany Innogy is in intense talks with a group of carmakers Chief Executive Peter Terium told journalists on Mondayhoping to be selected as a supplier of super-fast charging stations for electric vehicles across Europe
Its not a done deal yet Terium said pointing to strong competition from rival vendors
BMW Volkswagen Ford and Daimler plan to build about 400 next-generation charging stations in Europe that can reload anelectric car in minutes instead of hours
Sources told Reuters in January that Innogy was in talks with the consortiumhttpautoeconomictimesindiatimescomnewsindustryinnogy-in-talks-with-car-consortium-over-charging-stations-ceo57624184
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China may roll back electric vehicle quotas as industry pushes back ReutersSee this story in The Economic Times
Beijing China is considering easing proposed quotas aimed at producing more electric vehicles as Beijing gets pushback from theautomotive industry over the scale and pace of the plans
If adopted proposed changes under discussion could see a target of new energy vehicles (NEV) making up 8 percent of sales nextyear pushed to 2019 two auto executives said
The changes would lower targets from a draft policy released in September requiring 8 percent of automakers sales to be batteryelectric or plug-in hybrid vehicles by 2018 rising to 10 percent in 2019 and 12 percent in 2020
Any loosening of NEV targets would mark a pull back by Beijing which has faced opposition to the planned targets as it looks todrive its domestic carmakers to overtake global rivals in the green vehicle sector
Automakers and industry bodies have said the targets are too tough and could hurt manufacturers interests New energy vehicleslast year accounted for just 18 percent of sales in the worlds biggest autos market according to Reuters calculations based onofficial data
Its normal to make revisions as its a draft plan An Jin chairman of Anhui Jianghuai Automobile Group (JAC Motor) said on thesidelines of the National Peoples Congress in Beijing
He said he was aware of talks to revise the quota targets but said nothing was set in stone JAC hasnt been told what revisionsmight be made to the draft but I think it is possible the draft will be changed after the discussions he said
Whether the whole market can hit this quota by 2018 depends a lot on the strength of government policy If its strong then weshould be able to surpass the targets An said (But) if you consider Chinas infrastructure and the transformation of Chinas autosector then perhaps the pace will have to slow
Two Percent CutTwo executives familiar with the plans told Reuters the government was considering options for lowering the requirements
One idea was to reduce the quota requirement by 2 percent each year cutting the 2018 requirement to 6 percent said aChina-based government relations official at a major global automaker It would then be 8 percent in 2019 and 10 percent in 2020
Another option would be to push back each target by a year with the 8 percent quota starting from 2019 an executive at aJapanese car maker said
Both asked not to be named due to the sensitivity of the matter and because the draft was still under consideration
The overall policy includes quotas for plug-in cars targets for average fuel economy requirements and a credit trading system topromote green energy cars while penalizing petrol cars
The two people said the quota stand-off was tied to a disagreement between the Ministry of Industry and Information Technology(MIIT) and Chinas top state planner the National Development and Reform Commission (NDRC)
MIIT which regulates manufacturers supports a more flexible credit trading system favoured by automakers The NDRC is more
aggressive in promoting a transition to electric vehicles pushing the introduction of the stricter quotas
An NDRC spokesman said the body played a small role when the draft was open to public for discussion MIIT did not immediatelyrespond to Reuters requests for comment
China has strongly supported and subsidized electric vehicles but is gradually swapping out incentives for hard targets automakersmust meet The central government cut subsidies 20 percent this year a first reduction towards eliminating them by 2020httpautoeconomictimesindiatimescomnewspolicychina-may-roll-back-electric-vehicle-quotas-as-industry-pushes-back57623608
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Russias standards agency says Volkswagen recalls 43151 Skoda cars ReutersSee this story in The Economic Times
Moscow Russias standards agency said on Monday that Volkswagens Russian operation had informed it about the voluntaryrecall of 43151 Skoda cars due to a possible technical fault
The recall affects Skoda Octavia Superb Fabia Yeti and Rapid cars sold in Russia between 2012 and 2016 the watchdog saidhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsrussias-standards-agency-says-volkswagen-recalls-43151-skoda-cars57624140
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Economy
Rupee hits 1-12 yr high surges 78 paise on BJP sweep PTISee this story in The Economic Times
Mumbai The rupee surged by a massive 78 paise to end at a nearly one-and-a-half year high of 6582 against the US dollar onfrantic unwinding of the American currency following BJPs emphatic victory in Uttar Pradesh
Forex market sentiment soared on hopes that BJPs stellar show in state polls would pave the way for the Modi government to focuson key reform measures
The home currency resumed on a strong footing at 6620 from last Fridays closing value of 6660 at the Interbank ForeignExchange (forex) market on heavy dollar unwinding from speculative traders and exporters tracking weekend developments
Maintaining its bullish momentum against the dollar the rupee hit a fresh intra-day high of 6576 in late afternoon deals beforeending at 6582 showing a solid gain of 78 paise or 117 per cent
This is the highest closing of the rupee since November 6 2015 when it had ended at 6576
Meanwhile the RBI fixed the reference rate for the dollar at 661800 and for the euro at 704354
Financial markets too took comfort from BJPs landslide victory with the broader Nifty climbing 15245 points to a new closing peakof 9087 and the Sensex rallying 49640 points to end at 2944263
The much-anticipated turnaround on the economic front has opened up a barrage of foreign capital fund flows into India
Foreign investors pumped in over Rs 10000 crore in the Indian capital markets this month so far
It also got an added fillip from bullish macro data which showed that the countrys industrial production bounced back in Januaryexpanding by 27 per cent year-on-year
Factory output measured in terms of Index of Industrial Production (IIP) had contracted by 01 per cent in December
However inflation based on wholesale prices shot up to a 39-month high of 655 per cent in February against 525 per cent inJanuary according to official data
On the global front the dollar traded firmly higher against its major counterparts ahead of the two-day Fed meet when it could liftrates for the third time since the financial crisishttpautoeconomictimesindiatimescomnewsindustryrupee-hits-1-12-yr-high-surges-78-paise-on-bjp-sweep57635104
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Nifty hits all time high of 912275 Sensex surges 616 points after big BJP win The Economic Times
Mumbai The Nifty jumped to life highs on Tuesday after the BJPamprsquos thumping win in the crucial state of Uttar Pradeshrekindled hopes of a bigger-than-expected push for reforms by the Narendra Modi government
The Nifty up 11 so far this year crossed its previous life high of 9119 to hit 912275 before ending the day 171 or 15245points higher at 9087 This is the indexamprsquos biggest single-day gain in points since February 1 and caps a strong reboundsince the December 26 low of 7893 on demonetisation worries
The Sensex surged by 616 points or 212 intra-day before ending the day at 2944263 up 49640 points This is its biggest gainsince May 25 last year The index is the best performer among all developed and emerging market indices in local currency terms inthe past three months
The rupee surged 79 paise to a 16-month high of 6582 to the dollar as exporters sold more dollars and foreign investors boughtlocal shares BSE data showed that foreign investors bought local shares worth Rs 4089 crore their biggest single-day purchasesince February 17 when they purchased Rs 8059 crore
FPIs have bought shares worthRs 23132 crore since January this year against net sales of Rs 9800 crore in the same period lastyear The BSE Midcap and Smallcap indices gained 144 each
ampldquoOne must be ready for a correction after a rally but I am optimistic about the medium to longterm prospectsamprdquo saidMotilal Oswal chairman Motilal Oswal Financial Services Ltd ampldquoFundamentally valuations are comfortable at this point intime because of good corporate earnings growth In the short term markets may remain volatileamprdquo
BJP romped to victory in UP on Saturday winning 312 out of the 403 seats Its allies won 13 more taking the NDA tally to 325 Thisis the biggest win recorded by any party in the state since 1977 and has raised prospects of the BJP doing well in other electionsthis year and next Many political pundits also believe that the victory has improved Prime Minister Narendra Modiamprsquos chancesof retaining power in the 2019 general election
Barring the metals index all other sectoral indices on the NSE ended with gains on Tuesday About 55 stocks including TitanJubilant Life Sciences Kotak Mahindra Bank IndusInd Bank YES Bank and Indiabulls Housing Finance among others hit life highswhile 92 stocks were locked in upper circuit with no sellers
ampldquoWith the sharp rally the market which is currently susceptible to global risk is trading at above average multiples and westay cautious near termamprdquo said Sanjay Mookim India Equity Strategist BofA Merrill Lynch ampldquoIndiaamprsquos businesscycle should improve over the next several quarters while improving construction should drive capex which is good forequitiesamprdquo
Some market experts are divided over the near-term outlook as indices have begun to look expensive at current valuations Plusthere is no immediate trigger for upgrade
ampldquoValuations of the Indian market are quite high and would require the support of strong earnings growth Any disappointmenton earnings will make valuations look even more expensive which the market may not likeamprdquo said Sanjeev Prasad senior EDand co-head of Kotak Institutional Equities
ampldquoGlobal and domestic interest rate cycles are no longer supportive with likely increase in developed markets bondyieldsamprdquo
ampldquoWhile markets are expecting a rate hike this meeting what will be of more interest is the commentaryamprdquo said DipenShah senior V-P PCG research Kotak Securities ampldquoIf it is hawkish it may have an impact on fund flows to emerging marketsbut India may be relatively less impacted because of the continuing domestic flowsamprdquo
ampldquoNotwithstanding the election results we believe the risk-reward is not favourable currently and advise investors to sell intothis rally We expect Nifty EPS to rise 15-16 in FY18 and see no trigger for an earnings upgrade at this junctureamprdquo ReligareInstitutional Research said in a notehttpeconomictimesindiatimescommarketsstocksnewsnifty-hits-all-time-high-of-9122-75-sensex-surges-616-points-after-big-bjp-winarticleshow57639036cms
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WPI inflation up 655 for February 2017 The Economic Times
New Delhi The annual rate of inflation based on monthly Wholesale Price Index (WPI) stood at 655 percent (provisional) for themonth of February 2017 (over February 2016) as compared to 525 percent (provisional) for the previous month and -085 percentduring the corresponding month of the previous year
The official Wholesale Price Index for amplsquoAll Commoditiesamprsquo for the month of February 2017 rose by 05 percent to 1855(provisional) from 1846 (provisional) for the previous month
The index for primary articles rose by 09 percent to 2581 (provisional) from 2557 (provisional) for the previous month
The inflation rate for Fuel and power group rose by 13 percent to 2038 (provisional) from 2012 (provisional) for the previousmonth due to higher price of coking coal (15 percent) aviation turbine fuel (3 percent) bitumen (2 percent) and kerosene highspeed diesel LPG and lignite (1 percent each) However the price of furnace oil (1 percent) declined
The index for the major group of manufactured products remained unchanged at its previous monthamprsquos level of 1588
(provisional) In this group the index for amplsquoRubber amp Plastic Productsamprsquo group rose by 02 percent to 1489 (provisional)from 1486 (provisional) for the previous month due to higher price of rubber products (1 percent)
The index for amplsquoTransport Equipment amp Partsamprsquo group rose by 05 percent to 1405 (provisional) from 1398 (provisional)for the previous month due to higher price of auto rickshaw tempo matador (4 percent) and auto parts (1 percent)
For the month of December 2016 the final Wholesale Price Index for amplsquoAll Commoditiesamprsquo stood at 1833 as comparedto 1828 (provisional) and annual rate of inflation based on final index stood at 368 percent as compared to 339 percent(provisional) respectively as reported on January 1 2017httpautoeconomictimesindiatimescomnewsindustrywpi-inflation-up-6-55-for-february-201757627665
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February CPI at 365 vs 317 in January highest since October 2016 PTISee this story in The Economic Times
New Delhi Retail inflation rose to 4-month high of 365 per cent in February mainly due to surge in price of food items like fruitssugar and confectionery
Measured in terms of Consumer Price Index (CPI) the inflation had dipped to a multi-year low of 317 per cent in January this yearon account of cash crunch following demonetisation It was 526 per cent in February last year
According to the CPI data released today by the Central Statistics Office (CSO) the consumer food prices index (CFPI) rose by201 per cent in February from 061 per cent in January The CFPI was 53 per cent in February 2016
Inflation in fruits was higher at 833 per cent fuel and light at 39 per cent in February The rate of price rise in meat and fish was 35per cent in February
Prices of sugar and confectionery items rose by 1883 per cent in February while inflation in milk and milk product increased by 422per cent
The rate of inflation in household goods and services was 409 per cent while this rate was in health segment was 4 per cent Thetransport and communication became expensive by 539 per cent
The personal care and effects segment rose by 515 per cent while the education became more expensive by 537 per cent inFebruary this year
The inflation rate was 438 per cent in clothing and footware segment while it was 49 per cent in housing segment
However the prices of vegetables and pulses declined by 829 per cent and 902 per cent respectively
Rural retail inflation was at 367 per cent in February compared with 336 per cent in the preceding month The CPI was also up inthe urban sector at 355 per cent in February from 29 per cent in January this yearhttpautoeconomictimesindiatimescomnewsindustryfebruary-cpi-at-3-65-vs-3-17-in-january-highest-since-october-201657633211
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Closing
Last Financial Closing
Sensex 2944263 (+49640)NSE 9087 (+15245)US$ spot Rs6582US$ Y1148000US$ 6 months RsYen Rs57Euro spot Rs70
Gold (10gm) Rs28333Silver (1kg) Rs4008300
Crude Oil (WTI) Crude Oil (Brent) $5172 (+037)
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Apollo Tyres 1 18610Asahi Ind 1 21655Amara Raja B 1 83230Ashok Leyland 1 9080Bajaj Auto 10 286670Bharat Forge 2 103550Denso 1 Eicher Motor 10 2396325Escorts 10 51945Exide Ind 1 21645Force Motors 10 427760Gabriel India 1 11460Hero Motocor 2 335745Hind Motors 5 950Hi-Tech Gear 10 29885Jay Bh Maruti 5 38190
Jamna Auto 5 20550JK Tyres amp Inds 10 1241 Kinetic Motors 10 Kinetic Engg 10 KOEL 2 37685Kirloskar Br 2 24135LML Ltd 10 1250LampT 2 155810Lumax Ind 10 131690Lumax Tech 10 43230MampM 5 132600Maruti Suzuki 5 613240Motherson SS 1 36290Minda Inds 2 44350MRF 10 5298390Omax Auto 10 7555Rico Auto 1 5720Sona Koyo St 1 8170
SRF 10 157155Tata Motors 2 46975 TVS Motors 1 43690
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Bhushan Steel 2 5430Hindalco 1 19040Hind Zinc 2 29140JSW Ispat S 10 Jind Steel 1 12490JSW Steel 1 18190Jindal Saw 2 7995National Aluminium 5 7310SAIL 10 6005Tata Steel 10 47255Visa Steel 10 2185
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Ambuja Cement 2 23370Binani Industries 10 7200Birla Corp 10 70360India Cement 10 16070Prism Cement 10 9375JK Cement 10 88470Shree Cement 10 1639835
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NURC News Update - AUTOMOBILES
News on Indian Auto Industry Copyright 1999 NURC MediaNext Pvt Ltd
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Sensata Technologies opens testing facility in Bulgaria ReutersSee this story in The Economic Times
Sofia Sensata Technologies has opened its largest global testing facility in Sofia to support its automotive sensing technologies thecompany said on Tuesday
Sensata which has manufacturing sites in 13 countries already employs 3000 people in Bulgaria where it produces pressure andhigh temperature sensors for the automotive market and operates a business centre
In recent years inexpensive labour low taxes and an educated workforce have encouraged dozens of car part producers and ITand business outsourcing companies to set up in the Balkan countryhttpautoeconomictimesindiatimescomnewsauto-componentssensata-technologies-opens-testing-facility-in-bulgaria57632975
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Driving driverless Quest for an autonomous car has reached a truck now Nandagopal RajanThe Financial Express
At San Franciscoamprsquos Pier 90 chock-a-block with cargo vehicles it is pretty tough for any truck to stand out But a white Volvotruck with Otto emblazoned on it is the centre of attention This is the next big thing in automated cars and has already shown itsmettle by delivering a consignment of Budweiser beer in Colorado without a driver controlling it on the freeway
Uber is one of the many companies thinking in terms of driverless car While CEO Travis Kalanick says automated vehicles areampldquoexistentialamprdquo for the ride-hailing companyamprsquos future he is not alone in the race to drive without drivers Just in theUS at least 23 companiesampmdashincluding Tesla Google and Volkswagenampmdashhave registered in autonomous vehicleprogrammes The idea that fuels this cutting-edge technology is pure economics at the end of the day Cars suffer from seriousissues of inefficiency as they sit idle 95 of the time Considering that the world has 1200000000 cars this is inefficiency at agargantuan scale Add to this the fact that cars amount for 22 of all emissions globally and muddy the urban infrastructureproblem by creating the need for parking spaces
Since 1984 when the first experimental self-driving cars appeared there has been much progress on the technology leading toMercedes-Benz showcasing its concept car the F 015 at the Consumer Electronics Show in Las Vegas in 2015 Everyone has adifferent take on the technology but in the end the idea is to make cars intelligent and independent enough to be aware ofsurroundings and take decisions based on that
Interestingly Uberamprsquos dream is to bring ampldquoreliable transportation to everyone everywhereamprdquo now extended toeverything too with the trucks from Otto a start-up it acquired last year Matt Sweeney who heads product at UberamprsquosAdvanced Technology Group says ampldquothe truck and passenger vehicles share software and hardware components and thishelps us work on different aspects of the self-driving problem at the same timeamprdquo But on scope passenger vehicles are forurban environments where Uber has its focus on ride-sharing while trucks will be for high-speed highways where the constraintsare different
Just last week Uber got a permit from California Department of Motor Vehicles to test two self-driving Volvo SUVs on public roadsthough it will need to have backup drivers behind the wheel in case the prototype cars malfunction Its self-driving cars have beenrunning test drives in other parts of the US too
The Otto truck comes with a rig of radars laser scanners and stereo cameras that give the computers inside a live 360-degreevision of its environment with high dynamic range high resolution and high colour information imagery so that the truck can besmart enough to decide what to do next But the computing task this presents is ampldquoalmost as big as a small datacentreamprdquo Sweeney says the computing has to be done inside as ampldquothere is no tech that can let us send all that data tothe cloud real time and hence a lot of the computing has to be done in the truck itselfamprdquo
ampldquoA lot of the tech is based on prior mapping but in subsequent runs we see differences that have come about in the area andpay attention on those objects that are differentamprdquo
Interestingly Otto is being sued by Googleamprsquos Waymo self-driving car unit which claims its former employee and start-upfounder Anthony Levandowski stole its proprietary design for its laser-based radar system There are other challenges tooampldquoUber tech is different because we are trying to make this on top of the ride-sharing network that we already haveamprdquo headded
Nissan in contrast keeps the driver and not the technology at the centre and its definition of an ampldquoautonomous caramprdquo ishence a vehicle with different levels of driving technologies that enable it to operate autonomously for certain periods of time ANissan spokesperson said on the technology side the challenges are in artificial intelligence software development data processingand digital mapping technologies while on the social environment side laws and regulations along with modifications of roadinfrastructure will become necessary
This contrast in technologies is why it is important to see how the entire ecosystem evolves maybe with different platforms talkingto each other But Uber is not depending on this ampldquoWe need to see and interact with vehicles but there is no guarantee wewill have that technology So we are approaching it with the assumption it wonamprsquot existamprdquo says Sweeney
Uberamprsquos goal is to take its technology everywhere but can these vehicles actually be practical for an environment like IndiaSweeney accepts the new elements this will throw in along with the sheer volume will present a slew of challenges ampldquoThoseare situations we think we will be able to tackle but those are not the first places we will goamprdquo he explains adding that theywill look for opportunities where they can deploy this technology safely Clearly this drive has just started(The author attended the Uber Media Summit in San Francisco at the invitation of Uber)httpwwwfinancialexpresscomopiniondriving-driverless-quest-for-an-autonomous-car-has-reached-a-truck-now588112
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Samsung completes acquisition of Harman The Economic Times
New Delhi The arrest of the Vice-Chairman of Samsung Board Lee Jae Yong on bribery and corruption charges has not affectedthe deal between Samsung and Harman International IndustriesIn a media statement the South Korean giant confirmed thecompletion of its largest such deal ever
Under the terms of the merger agreement Harman stockholders will receive $11200 per share in cash The completion follows thesatisfaction of all conditions to the closing of the transaction including approval of the transaction by HARMAN stockholders andreceipt of all necessary regulatory approvals in the United States and certain foreign jurisdictions
ampldquoToday is a historic moment for us The close of this transaction opens the door to create substantial growth opportunitiesand deliver greater benefits for customers worldwideamprdquo said Young Sohn President and Chief Strategy Officer of SamsungElectronics and Chairman of the Board HARMAN ampldquoWe see transformative opportunities in the car ampndash and a futurewhich seamlessly connects lifestyle across automotive home mobile and work Samsungamprsquos and HARMANamprsquosleadership in these spaces perfectly positions Samsung to be the preferred partner to our OEM customers In addition bringingtogether HARMANamprsquos iconic audio brands and capabilities paired with Samsungamprsquos leading display technologies willdeliver enhanced audio and video experiences to consumers and professional end markets And most importantly we areenthusiastic about our common vision the similarities in our culture of innovation and the added value we can create for customersWe look forward to working with all of HARMANamprsquos employees to execute on our visionamprdquo
Harman boasts around 30000 employees spreadout across different brands including JBL Infinity Lexicon and Mark LevinsonThe company will continue to conduct business as an independent subsidiary under the terms of the deal with Samsung
ampldquoWe are excited to have completed the transaction which provides compelling cash value to our stockholders benefits ourcustomers and provides new opportunities for our employeesamprdquo said Dinesh Paliwal Harman President and CEOampldquoSamsung shares our commitment to our customers and our culture of speed innovation and execution Samsung providesHarman with the scale platform and complementary technologies to accelerate growth and extend our global market leadership inautomotive smart audio and connected technologies Recognizing the importance of partnerships in an increasingly connectedworld particularly in automotive we are poised to leverage our combined teams and resources to produce even greater value forour customers Working closely with automakers and other technology companies Samsung and Harman will define ampndash anddrive ampndash the future of automotiveamprdquohttpautoeconomictimesindiatimescomnewsauto-technologysamsung-completes-acquisition-of-harman57624440
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Skoda delivers 81200 units in Feb 2017 globally The Economic Times
Mlada Boleslav Czech car manufacturer Skoda in a press release stated that the company delivered 81200 vehicles to customersworldwide in February 31 more than in the same period last year (February 2016 78800) brvbarkoda also claims that it has soldmore cars than any February in its history The Czech manufacturer achieved double-digit growth in Central and Eastern Europe (+129 and + 133) India (+ 128) and Israel (+ 198) among others
We are delighted with our strong start to 2017 We expect the market launch of the OCTAVIA product upgrade as well as the newKodiaq to create further momentum says Werner Eichhorn brvbarKODA Board Member for Sales and Marketing
In Western Europe deliveries to customers rose by 70 in February to 34800 vehicles (February 2016 32500) With 12600vehicles Germany remains the strongest single European market (February 2016 12100 vehicles +45) brvbarKODA recordeddouble-digit growth rates in the UK (3400 vehicles +236) Italy (2200 vehicles + 201) Belgium (2 000 vehicles +271) andAustria (1900 vehicles +647)
In Central Europe brvbarKODA achieved an increase of 129 with 17400 cars (February 2016 15400 vehicles) Deliveries on thehome market of the Czech Republic rose by 88 to 8200 vehicles in Poland (5700 vehicles + 163) Slovakia (1700 vehicles+154) Slovenia (600 vehicles +226) and Croatia (300 vehicles +469) also rose in double figures
In Eastern Europe excluding Russia Skoda achieved a year-on-year increase of 133 with 2800 vehicles delivered (February2016 2500 vehicles) In the same period 400 customers in Ukraine received their new brvbarKODA ampndash an increase of 939(February 2016 200 vehicles) The number of deliveries increased significantly in Bosnia (200 vehicles + 557) Bulgaria (200vehicles +175) and the Baltic States (600 vehicles + 229) In Russia brvbarKODA achieved an increase of 46 with 4300vehicles (February 2016 4100 vehicles)
In China ampndash the brandamprsquos largest market worldwide ampndash brvbarKODA handed over the keys to 15000 new vehicles(February 2016 18500 vehicles -188) Deliveries overseas increased by 98 to a total of 2500 vehicles
At the Geneva Motor Show brvbarKODA is presenting several new highlights These include the brvbarKODA KODIAQ SCOUT and brvbarKODAKODIAQ SPORTLINE alongside the extensively upgraded brvbarKODA OCTAVIA as well as the sporty spearhead brvbarKODA OCTAVIA RS245 and the brvbarKODA OCTAVIA SCOUT with a rugged off-road look In addition the upgraded brvbarKODA models RAPID and RAPIDSPACEBACK and Citigo are on show
brvbarKODA deliveries to customers in February 2017 (in units rounded off by model +- in percent compared to February2016)brvbarKODA OCTAVIA (28600 -86)brvbarKODA FABIA (16700 + 152)brvbarKODA RAPID (15000 + 121)brvbarKODA SUPERB (10900 + 171)brvbarKODA KODIAQ (1300 + 1000)brvbarKODA YETI (6300 -157)brvbarKODA CITIGO (only sold in Europe 2300 -164)httpautoeconomictimesindiatimescomnewspassenger-vehiclecarsskoda-delivers-81200-units-in-feb-201757626693
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Isuzu claims more durability on its diesel engines for trucks The Economic Times
Indianapolis Isuzu Commercial Truck of America has announced that the B10 durability rating of its 4HK1-TC diesel engine hasbeen increased to 375000 miles informed the company in an official statement
To elaborate further on what it means the Japanese commercial vehicle manufacturer went on to say that A B10-life rating is anindustry-standard gauge provided by engine makers to help consumers determine the long-term durability of an engine Thenumber following the B indicates the percentage of an engineamprsquos population that will require an overhaul before the indicatedmileage
That means that 90 of Isuzu 4HK1-TC engines are expected to last 375000 miles before they require a major repair or rebuildPreviously the 4HK1-TC engine carried an already-robust B10 durability rating of 310000 miles added the company
ampldquoWe are proud to say that Isuzu diesel engines are already known worldwide for their long-term dependabilityamprdquo saidShaun Skinner president of Isuzu Commercial Truck of America ampldquoOur new B-10 rating is strong evidence that our enginesare even more durable than everamprdquo
The turbocharged intercooled 4HK1-TC four-cylinder diesel engine displaces 52 liters and generates 215 horsepower Torqueratings vary depending on model The engine is fitted to Isuzu NPR-HD NPR-XD NQR and NRR models as well as the all-new2018 Isuzu FTR Class 6 truck
The company made the above announcement at the National Truck Equipment Associationamprsquos 2017 Work Truck Show inIndianapolis held on March 13httpautoeconomictimesindiatimescomnewsauto-componentsisuzu-diesel-engines-for-trucks-now-become-more-durable57626832
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MoS visits Rolls-Royces new logistics centre in England The Economic Times
New Delhi Nick Gibb Minister for School Standards and MP for Bognor Regis and Littlehampton has visited Rolls-Royce MotorCars Technology and Logistics Centre on Monday informed the British luxury car maker in a media release
During the visit Gibb toured the facility met the expert team onsite and was briefed on the companyamprsquos future plans to expandthe Centre He also took the opportunity to learn more about the Rolls-Royce Motor Cars apprenticeship graduate and internprogrammes
Nick Gibb said ampldquoThe original announcement that Rolls-Royce Motor Cars would be locating its Technology and LogisticsCentre in Bognor Regis was a great boost for our town and warmly welcomed I am delighted to see the huge new state of the artfacilities fully operational and providing high quality jobs for local people The support of such a prestigious company is good newsfor Bognor Regis and for the wider local economyamprdquo
He continued ampldquoIt is very welcome that Rolls-Royce operates an apprenticeship scheme ensuring the company has the skillsit needs for the future and providing opportunities and training for a cohort of young people every year This year Rolls-Royce istaking on record numbers of apprenticesamprdquo
The new Rolls-Royce Technology and Logistics Centre at Bognor Regis opened on schedule in January 2016 The purpose-built30000m2 facility is located close to the companyamprsquos head office and manufacturing plant at Goodwoodhttpautoeconomictimesindiatimescomnewsindustrymos-visits-rolls-royce-new-logistics-centre-in-england57626981
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All new Mazda CX-5 to be produced at Hofu Plant The Economic Times
Hiroshima Japan Japanese automaker Mazda Motor Corporation starting from November is going to produce the all-new MazdaCX-5 crossover SUV at its Hofu Plant in addition to the Hiroshima Plant where it is currently produced
The company informed that the move will help the automaker respond quickly and flexibly to growing demand for SUVs globally
Mazda aims to create a production system that can respond flexibly to changes in demand for crossover vehicles as it works tomeet its global sales goal of 165 million units
Launched domestically in February the all-new CX-5 has till date recorded sales of 16639 units about seven times the monthlytarget claims the company
As with the CX-3 starting production of the CX-5 at Hofu Plant as well is part of our plan to build a production framework that givesus more flexibility between plants and between models said Masatoshi Maruyama Managing Executive Officer in charge of GlobalProduction We will do everything we can to get customers the crossover vehicles they want as quickly as possiblehttpautoeconomictimesindiatimescomnewspassenger-vehicleuvall-new-mazda-cx-5-to-be-produced-at-hofu-plant57627447
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Rheinmetall receives over $25 mn order from American carmaker The Economic Times
New Delhi German automotive parts supplier Rheinmetall has booked its first order for a special application of coolant valves by amajor American carmaker and destined for the NAFTA market
The company in a statement said that the order has a lifetime value of over US$25 million (around Rs 165 crore) Series productionof the valves is scheduled to start in 2019 with the contract set to run for about five years
Talking about the product the company went on to say that the innovative valves play a lead role in intelligent thermal and energymanagement on modern vehicle engines These often have several cooling circuits which are controllable with the aid of switchingseat valves
As from model year 2020 this particular customer will be installing several versions of such valves on gasoline and diesel enginesfor pick-ups with over 6 liters displacement
They will take over functions in the cooling circuit of the transmission ensuring that it reaches operating temperature faster byswitching off the coolant flow when the engine is started This also helps to reduce emissions added the companyhttpautoeconomictimesindiatimescomnewsauto-componentsrheinmetall-receives-over-25-mn-order-from-american-carmaker57628058
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Nissans Infiniti names former BMW executive as new design chief ReutersSee this story in The Economic Times
Beijing Infiniti Nissan Motors premium brand named Karim Habib former global design chief for BMW as the brands new chiefdesigner effective July 1
Habib will replace Alfonso Albaisa who will be promoted to lead Nissans global design according to a press release seen byReuters Habib will report to Albaisa
Habib who has worked for several premium automotive brands including BMW and Daimler will be based in Nissans technicalcentre in Atsugi Japan and lead Infinitis design teams in Japan Beijing San Diego and Londonhttpautoeconomictimesindiatimescomnewsindustrynissans-infiniti-names-former-bmw-executive-as-new-design-chief57630437
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Elon Musks bold offer of Tesla batteries wont solve Australias power problems ReutersSee this story in The Economic Times
Launceston Australia Australia is becoming an interesting microcosm on how to or how not to transition an economy from beingpredominantly powered by coal to more climate-friendly alternatives
The dramatic intervention by Tesla Inc Chief Executive Elon Musk last week is just the latest twist in an ongoing saga that pits
business government farmers government and environmentalists against each other
Musk in an exchange of tweets with software billionaire Mike Cannon-Brookes chief executive of Atlassian Corp offered to fix theelectricity supply problems of South Australia state within 100 days of signing a contract
Musks plan is to install 100 megawatts (MW) of grid-connected battery storage which would be available to meet peak demandand would be charged with surplus electricity from other generating sources in periods of low demand
Its a bold offer and would most likely provide a quick fix to Australias fourth-largest state which suffered a blackout last Novemberand has been dealing with power shortages over the peak summer period
Businesses like BHP Billiton which operates the giant Olympic Dam copper mine in the state have been pushing for thegovernment and other stakeholders to ensure stable electricity supply saying the cost of blackouts runs into millions of dollars inlost output
Musk whose Tesla Corp is ramping up output of its battery storage packs at its Gigafactory in Nevada held talks with AustralianPrime Minister Malcolm Turnbull at the weekend as well as with South Australian Premier Jay Weatherill
The politicians will no doubt be tempted to Musks offer to install batteries especially since the electric car pioneer said if he didntmeet his 100 day deadline he wouldnt charge anything
But while Musks offer if taken up would provide a quick fix it would not do enough to mend the underlying problems at the heart ofAustralias electricity woes
Its worth looking at how Australia got itself to the point where virtually all players can agree that the nation is facing somethingapproaching an energy crisis
After all the country is not short of fossil fuels such as coal and natural gas and its climate and low population density outside themajor cities are ideal for renewables such as solar and wind power
The country is heavily reliant on an ageing fleet of coal-fired power stations which makes Australia one of the highest polluters percapita
These coal power stations are starting to close down with one shutting in South Australia last year and another planned to close inVictoria state at the end of this month
The problem is that the coal-fired power stations role as providers of base load electricity cannot be taken over by wind and solarand the role is falling to natural gas
But natural gas is also the most expensive method of generating electricity in Australia so utilities are reluctant to run their gas-firedplants until prices are high enough to justify the cost
South Australia has a gas-fired plant that was mothballed until last years power supply crisis but even with the higher prices forelectricity the operator is struggling to make the plant profitable
The state moved on Tuesday to try and address its energy security issues announcing it would build a 250 MW gas-fired plant andhelp the private sector build a 100 MW battery at a total cost of A$510 million ($385 million)
Gas Supply ConstraintsNatural gas supply is becoming a problem in Australia which may seem ironic given the country is on the verge of becoming theworlds largest exporter of liquefied natural gas (LNG) as the last of eight new plants come closer to completion
In fact the new LNG plants are copping some of the blame for the tightening natural gas market especially the three in easternQueensland state based on using coal-seam gas as the feedstock
These are being blamed for sucking domestic natural gas out of the market and into the export LNG industry
What hasnt helped is that some of Australias state and territory governments are also pursuing policies that will restrict futurenatural gas supplies
Victoria state has banned hydraulic fracturing or fracking as well as shale and coal-seam gas exploration while the NorthernTerritory New South Wales and Tasmania have various moratoriums on fracking
This leaves Western Australia Queensland and South Australia as the remaining states where onshore natural gas supplies can bedeveloped and they are now in the cross-hairs of the environmental lobby which is opposed to any and all new natural gas wells
Politicians across the traditional Labor-Liberal divide are increasingly giving in to demands to restrict natural gas exploration whilepretending that this wont have a negative impact on energy security and electricity prices
But the costs are starting to become apparent with spot electricity prices surging over the Australian summer and natural gassuppliers warning that they will be unable to meet the needs of industrial customers without action being taken
Its often the case politicians only take action when the point of crisis is reached and this appears to be the case in Australia
Whats needed is a holistic approach to energy supply as Australia transitions away from coal-fired power
This means ensuring enough natural gas is available to provide base load generation while scaling up renewables such as solar
wind pumped hydro and battery storage
Forging enough common ground with the various stakeholders will be the main obstacle but more than anything else Australia isshowing how difficult it is to end the age of coalhttpautoeconomictimesindiatimescomnewsindustryelon-musks-bold-offer-of-tesla-batteries-wont-solve-australias-power-problems57630514
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Innogy in talks with car consortium over charging stations CEO ReutersSee this story in The Economic Times
Essen Germany Innogy is in intense talks with a group of carmakers Chief Executive Peter Terium told journalists on Mondayhoping to be selected as a supplier of super-fast charging stations for electric vehicles across Europe
Its not a done deal yet Terium said pointing to strong competition from rival vendors
BMW Volkswagen Ford and Daimler plan to build about 400 next-generation charging stations in Europe that can reload anelectric car in minutes instead of hours
Sources told Reuters in January that Innogy was in talks with the consortiumhttpautoeconomictimesindiatimescomnewsindustryinnogy-in-talks-with-car-consortium-over-charging-stations-ceo57624184
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China may roll back electric vehicle quotas as industry pushes back ReutersSee this story in The Economic Times
Beijing China is considering easing proposed quotas aimed at producing more electric vehicles as Beijing gets pushback from theautomotive industry over the scale and pace of the plans
If adopted proposed changes under discussion could see a target of new energy vehicles (NEV) making up 8 percent of sales nextyear pushed to 2019 two auto executives said
The changes would lower targets from a draft policy released in September requiring 8 percent of automakers sales to be batteryelectric or plug-in hybrid vehicles by 2018 rising to 10 percent in 2019 and 12 percent in 2020
Any loosening of NEV targets would mark a pull back by Beijing which has faced opposition to the planned targets as it looks todrive its domestic carmakers to overtake global rivals in the green vehicle sector
Automakers and industry bodies have said the targets are too tough and could hurt manufacturers interests New energy vehicleslast year accounted for just 18 percent of sales in the worlds biggest autos market according to Reuters calculations based onofficial data
Its normal to make revisions as its a draft plan An Jin chairman of Anhui Jianghuai Automobile Group (JAC Motor) said on thesidelines of the National Peoples Congress in Beijing
He said he was aware of talks to revise the quota targets but said nothing was set in stone JAC hasnt been told what revisionsmight be made to the draft but I think it is possible the draft will be changed after the discussions he said
Whether the whole market can hit this quota by 2018 depends a lot on the strength of government policy If its strong then weshould be able to surpass the targets An said (But) if you consider Chinas infrastructure and the transformation of Chinas autosector then perhaps the pace will have to slow
Two Percent CutTwo executives familiar with the plans told Reuters the government was considering options for lowering the requirements
One idea was to reduce the quota requirement by 2 percent each year cutting the 2018 requirement to 6 percent said aChina-based government relations official at a major global automaker It would then be 8 percent in 2019 and 10 percent in 2020
Another option would be to push back each target by a year with the 8 percent quota starting from 2019 an executive at aJapanese car maker said
Both asked not to be named due to the sensitivity of the matter and because the draft was still under consideration
The overall policy includes quotas for plug-in cars targets for average fuel economy requirements and a credit trading system topromote green energy cars while penalizing petrol cars
The two people said the quota stand-off was tied to a disagreement between the Ministry of Industry and Information Technology(MIIT) and Chinas top state planner the National Development and Reform Commission (NDRC)
MIIT which regulates manufacturers supports a more flexible credit trading system favoured by automakers The NDRC is more
aggressive in promoting a transition to electric vehicles pushing the introduction of the stricter quotas
An NDRC spokesman said the body played a small role when the draft was open to public for discussion MIIT did not immediatelyrespond to Reuters requests for comment
China has strongly supported and subsidized electric vehicles but is gradually swapping out incentives for hard targets automakersmust meet The central government cut subsidies 20 percent this year a first reduction towards eliminating them by 2020httpautoeconomictimesindiatimescomnewspolicychina-may-roll-back-electric-vehicle-quotas-as-industry-pushes-back57623608
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Russias standards agency says Volkswagen recalls 43151 Skoda cars ReutersSee this story in The Economic Times
Moscow Russias standards agency said on Monday that Volkswagens Russian operation had informed it about the voluntaryrecall of 43151 Skoda cars due to a possible technical fault
The recall affects Skoda Octavia Superb Fabia Yeti and Rapid cars sold in Russia between 2012 and 2016 the watchdog saidhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsrussias-standards-agency-says-volkswagen-recalls-43151-skoda-cars57624140
Top
Economy
Rupee hits 1-12 yr high surges 78 paise on BJP sweep PTISee this story in The Economic Times
Mumbai The rupee surged by a massive 78 paise to end at a nearly one-and-a-half year high of 6582 against the US dollar onfrantic unwinding of the American currency following BJPs emphatic victory in Uttar Pradesh
Forex market sentiment soared on hopes that BJPs stellar show in state polls would pave the way for the Modi government to focuson key reform measures
The home currency resumed on a strong footing at 6620 from last Fridays closing value of 6660 at the Interbank ForeignExchange (forex) market on heavy dollar unwinding from speculative traders and exporters tracking weekend developments
Maintaining its bullish momentum against the dollar the rupee hit a fresh intra-day high of 6576 in late afternoon deals beforeending at 6582 showing a solid gain of 78 paise or 117 per cent
This is the highest closing of the rupee since November 6 2015 when it had ended at 6576
Meanwhile the RBI fixed the reference rate for the dollar at 661800 and for the euro at 704354
Financial markets too took comfort from BJPs landslide victory with the broader Nifty climbing 15245 points to a new closing peakof 9087 and the Sensex rallying 49640 points to end at 2944263
The much-anticipated turnaround on the economic front has opened up a barrage of foreign capital fund flows into India
Foreign investors pumped in over Rs 10000 crore in the Indian capital markets this month so far
It also got an added fillip from bullish macro data which showed that the countrys industrial production bounced back in Januaryexpanding by 27 per cent year-on-year
Factory output measured in terms of Index of Industrial Production (IIP) had contracted by 01 per cent in December
However inflation based on wholesale prices shot up to a 39-month high of 655 per cent in February against 525 per cent inJanuary according to official data
On the global front the dollar traded firmly higher against its major counterparts ahead of the two-day Fed meet when it could liftrates for the third time since the financial crisishttpautoeconomictimesindiatimescomnewsindustryrupee-hits-1-12-yr-high-surges-78-paise-on-bjp-sweep57635104
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Nifty hits all time high of 912275 Sensex surges 616 points after big BJP win The Economic Times
Mumbai The Nifty jumped to life highs on Tuesday after the BJPamprsquos thumping win in the crucial state of Uttar Pradeshrekindled hopes of a bigger-than-expected push for reforms by the Narendra Modi government
The Nifty up 11 so far this year crossed its previous life high of 9119 to hit 912275 before ending the day 171 or 15245points higher at 9087 This is the indexamprsquos biggest single-day gain in points since February 1 and caps a strong reboundsince the December 26 low of 7893 on demonetisation worries
The Sensex surged by 616 points or 212 intra-day before ending the day at 2944263 up 49640 points This is its biggest gainsince May 25 last year The index is the best performer among all developed and emerging market indices in local currency terms inthe past three months
The rupee surged 79 paise to a 16-month high of 6582 to the dollar as exporters sold more dollars and foreign investors boughtlocal shares BSE data showed that foreign investors bought local shares worth Rs 4089 crore their biggest single-day purchasesince February 17 when they purchased Rs 8059 crore
FPIs have bought shares worthRs 23132 crore since January this year against net sales of Rs 9800 crore in the same period lastyear The BSE Midcap and Smallcap indices gained 144 each
ampldquoOne must be ready for a correction after a rally but I am optimistic about the medium to longterm prospectsamprdquo saidMotilal Oswal chairman Motilal Oswal Financial Services Ltd ampldquoFundamentally valuations are comfortable at this point intime because of good corporate earnings growth In the short term markets may remain volatileamprdquo
BJP romped to victory in UP on Saturday winning 312 out of the 403 seats Its allies won 13 more taking the NDA tally to 325 Thisis the biggest win recorded by any party in the state since 1977 and has raised prospects of the BJP doing well in other electionsthis year and next Many political pundits also believe that the victory has improved Prime Minister Narendra Modiamprsquos chancesof retaining power in the 2019 general election
Barring the metals index all other sectoral indices on the NSE ended with gains on Tuesday About 55 stocks including TitanJubilant Life Sciences Kotak Mahindra Bank IndusInd Bank YES Bank and Indiabulls Housing Finance among others hit life highswhile 92 stocks were locked in upper circuit with no sellers
ampldquoWith the sharp rally the market which is currently susceptible to global risk is trading at above average multiples and westay cautious near termamprdquo said Sanjay Mookim India Equity Strategist BofA Merrill Lynch ampldquoIndiaamprsquos businesscycle should improve over the next several quarters while improving construction should drive capex which is good forequitiesamprdquo
Some market experts are divided over the near-term outlook as indices have begun to look expensive at current valuations Plusthere is no immediate trigger for upgrade
ampldquoValuations of the Indian market are quite high and would require the support of strong earnings growth Any disappointmenton earnings will make valuations look even more expensive which the market may not likeamprdquo said Sanjeev Prasad senior EDand co-head of Kotak Institutional Equities
ampldquoGlobal and domestic interest rate cycles are no longer supportive with likely increase in developed markets bondyieldsamprdquo
ampldquoWhile markets are expecting a rate hike this meeting what will be of more interest is the commentaryamprdquo said DipenShah senior V-P PCG research Kotak Securities ampldquoIf it is hawkish it may have an impact on fund flows to emerging marketsbut India may be relatively less impacted because of the continuing domestic flowsamprdquo
ampldquoNotwithstanding the election results we believe the risk-reward is not favourable currently and advise investors to sell intothis rally We expect Nifty EPS to rise 15-16 in FY18 and see no trigger for an earnings upgrade at this junctureamprdquo ReligareInstitutional Research said in a notehttpeconomictimesindiatimescommarketsstocksnewsnifty-hits-all-time-high-of-9122-75-sensex-surges-616-points-after-big-bjp-winarticleshow57639036cms
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WPI inflation up 655 for February 2017 The Economic Times
New Delhi The annual rate of inflation based on monthly Wholesale Price Index (WPI) stood at 655 percent (provisional) for themonth of February 2017 (over February 2016) as compared to 525 percent (provisional) for the previous month and -085 percentduring the corresponding month of the previous year
The official Wholesale Price Index for amplsquoAll Commoditiesamprsquo for the month of February 2017 rose by 05 percent to 1855(provisional) from 1846 (provisional) for the previous month
The index for primary articles rose by 09 percent to 2581 (provisional) from 2557 (provisional) for the previous month
The inflation rate for Fuel and power group rose by 13 percent to 2038 (provisional) from 2012 (provisional) for the previousmonth due to higher price of coking coal (15 percent) aviation turbine fuel (3 percent) bitumen (2 percent) and kerosene highspeed diesel LPG and lignite (1 percent each) However the price of furnace oil (1 percent) declined
The index for the major group of manufactured products remained unchanged at its previous monthamprsquos level of 1588
(provisional) In this group the index for amplsquoRubber amp Plastic Productsamprsquo group rose by 02 percent to 1489 (provisional)from 1486 (provisional) for the previous month due to higher price of rubber products (1 percent)
The index for amplsquoTransport Equipment amp Partsamprsquo group rose by 05 percent to 1405 (provisional) from 1398 (provisional)for the previous month due to higher price of auto rickshaw tempo matador (4 percent) and auto parts (1 percent)
For the month of December 2016 the final Wholesale Price Index for amplsquoAll Commoditiesamprsquo stood at 1833 as comparedto 1828 (provisional) and annual rate of inflation based on final index stood at 368 percent as compared to 339 percent(provisional) respectively as reported on January 1 2017httpautoeconomictimesindiatimescomnewsindustrywpi-inflation-up-6-55-for-february-201757627665
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February CPI at 365 vs 317 in January highest since October 2016 PTISee this story in The Economic Times
New Delhi Retail inflation rose to 4-month high of 365 per cent in February mainly due to surge in price of food items like fruitssugar and confectionery
Measured in terms of Consumer Price Index (CPI) the inflation had dipped to a multi-year low of 317 per cent in January this yearon account of cash crunch following demonetisation It was 526 per cent in February last year
According to the CPI data released today by the Central Statistics Office (CSO) the consumer food prices index (CFPI) rose by201 per cent in February from 061 per cent in January The CFPI was 53 per cent in February 2016
Inflation in fruits was higher at 833 per cent fuel and light at 39 per cent in February The rate of price rise in meat and fish was 35per cent in February
Prices of sugar and confectionery items rose by 1883 per cent in February while inflation in milk and milk product increased by 422per cent
The rate of inflation in household goods and services was 409 per cent while this rate was in health segment was 4 per cent Thetransport and communication became expensive by 539 per cent
The personal care and effects segment rose by 515 per cent while the education became more expensive by 537 per cent inFebruary this year
The inflation rate was 438 per cent in clothing and footware segment while it was 49 per cent in housing segment
However the prices of vegetables and pulses declined by 829 per cent and 902 per cent respectively
Rural retail inflation was at 367 per cent in February compared with 336 per cent in the preceding month The CPI was also up inthe urban sector at 355 per cent in February from 29 per cent in January this yearhttpautoeconomictimesindiatimescomnewsindustryfebruary-cpi-at-3-65-vs-3-17-in-january-highest-since-october-201657633211
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Closing
Last Financial Closing
Sensex 2944263 (+49640)NSE 9087 (+15245)US$ spot Rs6582US$ Y1148000US$ 6 months RsYen Rs57Euro spot Rs70
Gold (10gm) Rs28333Silver (1kg) Rs4008300
Crude Oil (WTI) Crude Oil (Brent) $5172 (+037)
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Apollo Tyres 1 18610Asahi Ind 1 21655Amara Raja B 1 83230Ashok Leyland 1 9080Bajaj Auto 10 286670Bharat Forge 2 103550Denso 1 Eicher Motor 10 2396325Escorts 10 51945Exide Ind 1 21645Force Motors 10 427760Gabriel India 1 11460Hero Motocor 2 335745Hind Motors 5 950Hi-Tech Gear 10 29885Jay Bh Maruti 5 38190
Jamna Auto 5 20550JK Tyres amp Inds 10 1241 Kinetic Motors 10 Kinetic Engg 10 KOEL 2 37685Kirloskar Br 2 24135LML Ltd 10 1250LampT 2 155810Lumax Ind 10 131690Lumax Tech 10 43230MampM 5 132600Maruti Suzuki 5 613240Motherson SS 1 36290Minda Inds 2 44350MRF 10 5298390Omax Auto 10 7555Rico Auto 1 5720Sona Koyo St 1 8170
SRF 10 157155Tata Motors 2 46975 TVS Motors 1 43690
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Bhushan Steel 2 5430Hindalco 1 19040Hind Zinc 2 29140JSW Ispat S 10 Jind Steel 1 12490JSW Steel 1 18190Jindal Saw 2 7995National Aluminium 5 7310SAIL 10 6005Tata Steel 10 47255Visa Steel 10 2185
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Ambuja Cement 2 23370Binani Industries 10 7200Birla Corp 10 70360India Cement 10 16070Prism Cement 10 9375JK Cement 10 88470Shree Cement 10 1639835
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NURC Industry Updates contain editedtruncated text of Industry-specific news as it appears in various select dailies and websites These are NOT full stories unless otherwisespecifically mentioned The stories contained herein are informational only and no representation is made or warranty given as to their content reliability truthfulness orusefulness User assumes all risk of use It be clearly understood that NURC updates do not claim to and neither mean to replace the Print or the Internet editions of variousnewspapers whose articles are featured therein For the best and complete news reading NURC urges its readers to read the full text of the stories from the Newspaperswhose credits are given after the headline and visit the related website whose URL is given below the text matter of each news item
NURC News Update - AUTOMOBILES
News on Indian Auto Industry Copyright 1999 NURC MediaNext Pvt Ltd
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Powered by Enablingbiz Esoluttions
Uberamprsquos goal is to take its technology everywhere but can these vehicles actually be practical for an environment like IndiaSweeney accepts the new elements this will throw in along with the sheer volume will present a slew of challenges ampldquoThoseare situations we think we will be able to tackle but those are not the first places we will goamprdquo he explains adding that theywill look for opportunities where they can deploy this technology safely Clearly this drive has just started(The author attended the Uber Media Summit in San Francisco at the invitation of Uber)httpwwwfinancialexpresscomopiniondriving-driverless-quest-for-an-autonomous-car-has-reached-a-truck-now588112
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Samsung completes acquisition of Harman The Economic Times
New Delhi The arrest of the Vice-Chairman of Samsung Board Lee Jae Yong on bribery and corruption charges has not affectedthe deal between Samsung and Harman International IndustriesIn a media statement the South Korean giant confirmed thecompletion of its largest such deal ever
Under the terms of the merger agreement Harman stockholders will receive $11200 per share in cash The completion follows thesatisfaction of all conditions to the closing of the transaction including approval of the transaction by HARMAN stockholders andreceipt of all necessary regulatory approvals in the United States and certain foreign jurisdictions
ampldquoToday is a historic moment for us The close of this transaction opens the door to create substantial growth opportunitiesand deliver greater benefits for customers worldwideamprdquo said Young Sohn President and Chief Strategy Officer of SamsungElectronics and Chairman of the Board HARMAN ampldquoWe see transformative opportunities in the car ampndash and a futurewhich seamlessly connects lifestyle across automotive home mobile and work Samsungamprsquos and HARMANamprsquosleadership in these spaces perfectly positions Samsung to be the preferred partner to our OEM customers In addition bringingtogether HARMANamprsquos iconic audio brands and capabilities paired with Samsungamprsquos leading display technologies willdeliver enhanced audio and video experiences to consumers and professional end markets And most importantly we areenthusiastic about our common vision the similarities in our culture of innovation and the added value we can create for customersWe look forward to working with all of HARMANamprsquos employees to execute on our visionamprdquo
Harman boasts around 30000 employees spreadout across different brands including JBL Infinity Lexicon and Mark LevinsonThe company will continue to conduct business as an independent subsidiary under the terms of the deal with Samsung
ampldquoWe are excited to have completed the transaction which provides compelling cash value to our stockholders benefits ourcustomers and provides new opportunities for our employeesamprdquo said Dinesh Paliwal Harman President and CEOampldquoSamsung shares our commitment to our customers and our culture of speed innovation and execution Samsung providesHarman with the scale platform and complementary technologies to accelerate growth and extend our global market leadership inautomotive smart audio and connected technologies Recognizing the importance of partnerships in an increasingly connectedworld particularly in automotive we are poised to leverage our combined teams and resources to produce even greater value forour customers Working closely with automakers and other technology companies Samsung and Harman will define ampndash anddrive ampndash the future of automotiveamprdquohttpautoeconomictimesindiatimescomnewsauto-technologysamsung-completes-acquisition-of-harman57624440
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Skoda delivers 81200 units in Feb 2017 globally The Economic Times
Mlada Boleslav Czech car manufacturer Skoda in a press release stated that the company delivered 81200 vehicles to customersworldwide in February 31 more than in the same period last year (February 2016 78800) brvbarkoda also claims that it has soldmore cars than any February in its history The Czech manufacturer achieved double-digit growth in Central and Eastern Europe (+129 and + 133) India (+ 128) and Israel (+ 198) among others
We are delighted with our strong start to 2017 We expect the market launch of the OCTAVIA product upgrade as well as the newKodiaq to create further momentum says Werner Eichhorn brvbarKODA Board Member for Sales and Marketing
In Western Europe deliveries to customers rose by 70 in February to 34800 vehicles (February 2016 32500) With 12600vehicles Germany remains the strongest single European market (February 2016 12100 vehicles +45) brvbarKODA recordeddouble-digit growth rates in the UK (3400 vehicles +236) Italy (2200 vehicles + 201) Belgium (2 000 vehicles +271) andAustria (1900 vehicles +647)
In Central Europe brvbarKODA achieved an increase of 129 with 17400 cars (February 2016 15400 vehicles) Deliveries on thehome market of the Czech Republic rose by 88 to 8200 vehicles in Poland (5700 vehicles + 163) Slovakia (1700 vehicles+154) Slovenia (600 vehicles +226) and Croatia (300 vehicles +469) also rose in double figures
In Eastern Europe excluding Russia Skoda achieved a year-on-year increase of 133 with 2800 vehicles delivered (February2016 2500 vehicles) In the same period 400 customers in Ukraine received their new brvbarKODA ampndash an increase of 939(February 2016 200 vehicles) The number of deliveries increased significantly in Bosnia (200 vehicles + 557) Bulgaria (200vehicles +175) and the Baltic States (600 vehicles + 229) In Russia brvbarKODA achieved an increase of 46 with 4300vehicles (February 2016 4100 vehicles)
In China ampndash the brandamprsquos largest market worldwide ampndash brvbarKODA handed over the keys to 15000 new vehicles(February 2016 18500 vehicles -188) Deliveries overseas increased by 98 to a total of 2500 vehicles
At the Geneva Motor Show brvbarKODA is presenting several new highlights These include the brvbarKODA KODIAQ SCOUT and brvbarKODAKODIAQ SPORTLINE alongside the extensively upgraded brvbarKODA OCTAVIA as well as the sporty spearhead brvbarKODA OCTAVIA RS245 and the brvbarKODA OCTAVIA SCOUT with a rugged off-road look In addition the upgraded brvbarKODA models RAPID and RAPIDSPACEBACK and Citigo are on show
brvbarKODA deliveries to customers in February 2017 (in units rounded off by model +- in percent compared to February2016)brvbarKODA OCTAVIA (28600 -86)brvbarKODA FABIA (16700 + 152)brvbarKODA RAPID (15000 + 121)brvbarKODA SUPERB (10900 + 171)brvbarKODA KODIAQ (1300 + 1000)brvbarKODA YETI (6300 -157)brvbarKODA CITIGO (only sold in Europe 2300 -164)httpautoeconomictimesindiatimescomnewspassenger-vehiclecarsskoda-delivers-81200-units-in-feb-201757626693
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Isuzu claims more durability on its diesel engines for trucks The Economic Times
Indianapolis Isuzu Commercial Truck of America has announced that the B10 durability rating of its 4HK1-TC diesel engine hasbeen increased to 375000 miles informed the company in an official statement
To elaborate further on what it means the Japanese commercial vehicle manufacturer went on to say that A B10-life rating is anindustry-standard gauge provided by engine makers to help consumers determine the long-term durability of an engine Thenumber following the B indicates the percentage of an engineamprsquos population that will require an overhaul before the indicatedmileage
That means that 90 of Isuzu 4HK1-TC engines are expected to last 375000 miles before they require a major repair or rebuildPreviously the 4HK1-TC engine carried an already-robust B10 durability rating of 310000 miles added the company
ampldquoWe are proud to say that Isuzu diesel engines are already known worldwide for their long-term dependabilityamprdquo saidShaun Skinner president of Isuzu Commercial Truck of America ampldquoOur new B-10 rating is strong evidence that our enginesare even more durable than everamprdquo
The turbocharged intercooled 4HK1-TC four-cylinder diesel engine displaces 52 liters and generates 215 horsepower Torqueratings vary depending on model The engine is fitted to Isuzu NPR-HD NPR-XD NQR and NRR models as well as the all-new2018 Isuzu FTR Class 6 truck
The company made the above announcement at the National Truck Equipment Associationamprsquos 2017 Work Truck Show inIndianapolis held on March 13httpautoeconomictimesindiatimescomnewsauto-componentsisuzu-diesel-engines-for-trucks-now-become-more-durable57626832
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MoS visits Rolls-Royces new logistics centre in England The Economic Times
New Delhi Nick Gibb Minister for School Standards and MP for Bognor Regis and Littlehampton has visited Rolls-Royce MotorCars Technology and Logistics Centre on Monday informed the British luxury car maker in a media release
During the visit Gibb toured the facility met the expert team onsite and was briefed on the companyamprsquos future plans to expandthe Centre He also took the opportunity to learn more about the Rolls-Royce Motor Cars apprenticeship graduate and internprogrammes
Nick Gibb said ampldquoThe original announcement that Rolls-Royce Motor Cars would be locating its Technology and LogisticsCentre in Bognor Regis was a great boost for our town and warmly welcomed I am delighted to see the huge new state of the artfacilities fully operational and providing high quality jobs for local people The support of such a prestigious company is good newsfor Bognor Regis and for the wider local economyamprdquo
He continued ampldquoIt is very welcome that Rolls-Royce operates an apprenticeship scheme ensuring the company has the skillsit needs for the future and providing opportunities and training for a cohort of young people every year This year Rolls-Royce istaking on record numbers of apprenticesamprdquo
The new Rolls-Royce Technology and Logistics Centre at Bognor Regis opened on schedule in January 2016 The purpose-built30000m2 facility is located close to the companyamprsquos head office and manufacturing plant at Goodwoodhttpautoeconomictimesindiatimescomnewsindustrymos-visits-rolls-royce-new-logistics-centre-in-england57626981
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All new Mazda CX-5 to be produced at Hofu Plant The Economic Times
Hiroshima Japan Japanese automaker Mazda Motor Corporation starting from November is going to produce the all-new MazdaCX-5 crossover SUV at its Hofu Plant in addition to the Hiroshima Plant where it is currently produced
The company informed that the move will help the automaker respond quickly and flexibly to growing demand for SUVs globally
Mazda aims to create a production system that can respond flexibly to changes in demand for crossover vehicles as it works tomeet its global sales goal of 165 million units
Launched domestically in February the all-new CX-5 has till date recorded sales of 16639 units about seven times the monthlytarget claims the company
As with the CX-3 starting production of the CX-5 at Hofu Plant as well is part of our plan to build a production framework that givesus more flexibility between plants and between models said Masatoshi Maruyama Managing Executive Officer in charge of GlobalProduction We will do everything we can to get customers the crossover vehicles they want as quickly as possiblehttpautoeconomictimesindiatimescomnewspassenger-vehicleuvall-new-mazda-cx-5-to-be-produced-at-hofu-plant57627447
Top
Rheinmetall receives over $25 mn order from American carmaker The Economic Times
New Delhi German automotive parts supplier Rheinmetall has booked its first order for a special application of coolant valves by amajor American carmaker and destined for the NAFTA market
The company in a statement said that the order has a lifetime value of over US$25 million (around Rs 165 crore) Series productionof the valves is scheduled to start in 2019 with the contract set to run for about five years
Talking about the product the company went on to say that the innovative valves play a lead role in intelligent thermal and energymanagement on modern vehicle engines These often have several cooling circuits which are controllable with the aid of switchingseat valves
As from model year 2020 this particular customer will be installing several versions of such valves on gasoline and diesel enginesfor pick-ups with over 6 liters displacement
They will take over functions in the cooling circuit of the transmission ensuring that it reaches operating temperature faster byswitching off the coolant flow when the engine is started This also helps to reduce emissions added the companyhttpautoeconomictimesindiatimescomnewsauto-componentsrheinmetall-receives-over-25-mn-order-from-american-carmaker57628058
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Nissans Infiniti names former BMW executive as new design chief ReutersSee this story in The Economic Times
Beijing Infiniti Nissan Motors premium brand named Karim Habib former global design chief for BMW as the brands new chiefdesigner effective July 1
Habib will replace Alfonso Albaisa who will be promoted to lead Nissans global design according to a press release seen byReuters Habib will report to Albaisa
Habib who has worked for several premium automotive brands including BMW and Daimler will be based in Nissans technicalcentre in Atsugi Japan and lead Infinitis design teams in Japan Beijing San Diego and Londonhttpautoeconomictimesindiatimescomnewsindustrynissans-infiniti-names-former-bmw-executive-as-new-design-chief57630437
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Elon Musks bold offer of Tesla batteries wont solve Australias power problems ReutersSee this story in The Economic Times
Launceston Australia Australia is becoming an interesting microcosm on how to or how not to transition an economy from beingpredominantly powered by coal to more climate-friendly alternatives
The dramatic intervention by Tesla Inc Chief Executive Elon Musk last week is just the latest twist in an ongoing saga that pits
business government farmers government and environmentalists against each other
Musk in an exchange of tweets with software billionaire Mike Cannon-Brookes chief executive of Atlassian Corp offered to fix theelectricity supply problems of South Australia state within 100 days of signing a contract
Musks plan is to install 100 megawatts (MW) of grid-connected battery storage which would be available to meet peak demandand would be charged with surplus electricity from other generating sources in periods of low demand
Its a bold offer and would most likely provide a quick fix to Australias fourth-largest state which suffered a blackout last Novemberand has been dealing with power shortages over the peak summer period
Businesses like BHP Billiton which operates the giant Olympic Dam copper mine in the state have been pushing for thegovernment and other stakeholders to ensure stable electricity supply saying the cost of blackouts runs into millions of dollars inlost output
Musk whose Tesla Corp is ramping up output of its battery storage packs at its Gigafactory in Nevada held talks with AustralianPrime Minister Malcolm Turnbull at the weekend as well as with South Australian Premier Jay Weatherill
The politicians will no doubt be tempted to Musks offer to install batteries especially since the electric car pioneer said if he didntmeet his 100 day deadline he wouldnt charge anything
But while Musks offer if taken up would provide a quick fix it would not do enough to mend the underlying problems at the heart ofAustralias electricity woes
Its worth looking at how Australia got itself to the point where virtually all players can agree that the nation is facing somethingapproaching an energy crisis
After all the country is not short of fossil fuels such as coal and natural gas and its climate and low population density outside themajor cities are ideal for renewables such as solar and wind power
The country is heavily reliant on an ageing fleet of coal-fired power stations which makes Australia one of the highest polluters percapita
These coal power stations are starting to close down with one shutting in South Australia last year and another planned to close inVictoria state at the end of this month
The problem is that the coal-fired power stations role as providers of base load electricity cannot be taken over by wind and solarand the role is falling to natural gas
But natural gas is also the most expensive method of generating electricity in Australia so utilities are reluctant to run their gas-firedplants until prices are high enough to justify the cost
South Australia has a gas-fired plant that was mothballed until last years power supply crisis but even with the higher prices forelectricity the operator is struggling to make the plant profitable
The state moved on Tuesday to try and address its energy security issues announcing it would build a 250 MW gas-fired plant andhelp the private sector build a 100 MW battery at a total cost of A$510 million ($385 million)
Gas Supply ConstraintsNatural gas supply is becoming a problem in Australia which may seem ironic given the country is on the verge of becoming theworlds largest exporter of liquefied natural gas (LNG) as the last of eight new plants come closer to completion
In fact the new LNG plants are copping some of the blame for the tightening natural gas market especially the three in easternQueensland state based on using coal-seam gas as the feedstock
These are being blamed for sucking domestic natural gas out of the market and into the export LNG industry
What hasnt helped is that some of Australias state and territory governments are also pursuing policies that will restrict futurenatural gas supplies
Victoria state has banned hydraulic fracturing or fracking as well as shale and coal-seam gas exploration while the NorthernTerritory New South Wales and Tasmania have various moratoriums on fracking
This leaves Western Australia Queensland and South Australia as the remaining states where onshore natural gas supplies can bedeveloped and they are now in the cross-hairs of the environmental lobby which is opposed to any and all new natural gas wells
Politicians across the traditional Labor-Liberal divide are increasingly giving in to demands to restrict natural gas exploration whilepretending that this wont have a negative impact on energy security and electricity prices
But the costs are starting to become apparent with spot electricity prices surging over the Australian summer and natural gassuppliers warning that they will be unable to meet the needs of industrial customers without action being taken
Its often the case politicians only take action when the point of crisis is reached and this appears to be the case in Australia
Whats needed is a holistic approach to energy supply as Australia transitions away from coal-fired power
This means ensuring enough natural gas is available to provide base load generation while scaling up renewables such as solar
wind pumped hydro and battery storage
Forging enough common ground with the various stakeholders will be the main obstacle but more than anything else Australia isshowing how difficult it is to end the age of coalhttpautoeconomictimesindiatimescomnewsindustryelon-musks-bold-offer-of-tesla-batteries-wont-solve-australias-power-problems57630514
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Innogy in talks with car consortium over charging stations CEO ReutersSee this story in The Economic Times
Essen Germany Innogy is in intense talks with a group of carmakers Chief Executive Peter Terium told journalists on Mondayhoping to be selected as a supplier of super-fast charging stations for electric vehicles across Europe
Its not a done deal yet Terium said pointing to strong competition from rival vendors
BMW Volkswagen Ford and Daimler plan to build about 400 next-generation charging stations in Europe that can reload anelectric car in minutes instead of hours
Sources told Reuters in January that Innogy was in talks with the consortiumhttpautoeconomictimesindiatimescomnewsindustryinnogy-in-talks-with-car-consortium-over-charging-stations-ceo57624184
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China may roll back electric vehicle quotas as industry pushes back ReutersSee this story in The Economic Times
Beijing China is considering easing proposed quotas aimed at producing more electric vehicles as Beijing gets pushback from theautomotive industry over the scale and pace of the plans
If adopted proposed changes under discussion could see a target of new energy vehicles (NEV) making up 8 percent of sales nextyear pushed to 2019 two auto executives said
The changes would lower targets from a draft policy released in September requiring 8 percent of automakers sales to be batteryelectric or plug-in hybrid vehicles by 2018 rising to 10 percent in 2019 and 12 percent in 2020
Any loosening of NEV targets would mark a pull back by Beijing which has faced opposition to the planned targets as it looks todrive its domestic carmakers to overtake global rivals in the green vehicle sector
Automakers and industry bodies have said the targets are too tough and could hurt manufacturers interests New energy vehicleslast year accounted for just 18 percent of sales in the worlds biggest autos market according to Reuters calculations based onofficial data
Its normal to make revisions as its a draft plan An Jin chairman of Anhui Jianghuai Automobile Group (JAC Motor) said on thesidelines of the National Peoples Congress in Beijing
He said he was aware of talks to revise the quota targets but said nothing was set in stone JAC hasnt been told what revisionsmight be made to the draft but I think it is possible the draft will be changed after the discussions he said
Whether the whole market can hit this quota by 2018 depends a lot on the strength of government policy If its strong then weshould be able to surpass the targets An said (But) if you consider Chinas infrastructure and the transformation of Chinas autosector then perhaps the pace will have to slow
Two Percent CutTwo executives familiar with the plans told Reuters the government was considering options for lowering the requirements
One idea was to reduce the quota requirement by 2 percent each year cutting the 2018 requirement to 6 percent said aChina-based government relations official at a major global automaker It would then be 8 percent in 2019 and 10 percent in 2020
Another option would be to push back each target by a year with the 8 percent quota starting from 2019 an executive at aJapanese car maker said
Both asked not to be named due to the sensitivity of the matter and because the draft was still under consideration
The overall policy includes quotas for plug-in cars targets for average fuel economy requirements and a credit trading system topromote green energy cars while penalizing petrol cars
The two people said the quota stand-off was tied to a disagreement between the Ministry of Industry and Information Technology(MIIT) and Chinas top state planner the National Development and Reform Commission (NDRC)
MIIT which regulates manufacturers supports a more flexible credit trading system favoured by automakers The NDRC is more
aggressive in promoting a transition to electric vehicles pushing the introduction of the stricter quotas
An NDRC spokesman said the body played a small role when the draft was open to public for discussion MIIT did not immediatelyrespond to Reuters requests for comment
China has strongly supported and subsidized electric vehicles but is gradually swapping out incentives for hard targets automakersmust meet The central government cut subsidies 20 percent this year a first reduction towards eliminating them by 2020httpautoeconomictimesindiatimescomnewspolicychina-may-roll-back-electric-vehicle-quotas-as-industry-pushes-back57623608
Top
Russias standards agency says Volkswagen recalls 43151 Skoda cars ReutersSee this story in The Economic Times
Moscow Russias standards agency said on Monday that Volkswagens Russian operation had informed it about the voluntaryrecall of 43151 Skoda cars due to a possible technical fault
The recall affects Skoda Octavia Superb Fabia Yeti and Rapid cars sold in Russia between 2012 and 2016 the watchdog saidhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsrussias-standards-agency-says-volkswagen-recalls-43151-skoda-cars57624140
Top
Economy
Rupee hits 1-12 yr high surges 78 paise on BJP sweep PTISee this story in The Economic Times
Mumbai The rupee surged by a massive 78 paise to end at a nearly one-and-a-half year high of 6582 against the US dollar onfrantic unwinding of the American currency following BJPs emphatic victory in Uttar Pradesh
Forex market sentiment soared on hopes that BJPs stellar show in state polls would pave the way for the Modi government to focuson key reform measures
The home currency resumed on a strong footing at 6620 from last Fridays closing value of 6660 at the Interbank ForeignExchange (forex) market on heavy dollar unwinding from speculative traders and exporters tracking weekend developments
Maintaining its bullish momentum against the dollar the rupee hit a fresh intra-day high of 6576 in late afternoon deals beforeending at 6582 showing a solid gain of 78 paise or 117 per cent
This is the highest closing of the rupee since November 6 2015 when it had ended at 6576
Meanwhile the RBI fixed the reference rate for the dollar at 661800 and for the euro at 704354
Financial markets too took comfort from BJPs landslide victory with the broader Nifty climbing 15245 points to a new closing peakof 9087 and the Sensex rallying 49640 points to end at 2944263
The much-anticipated turnaround on the economic front has opened up a barrage of foreign capital fund flows into India
Foreign investors pumped in over Rs 10000 crore in the Indian capital markets this month so far
It also got an added fillip from bullish macro data which showed that the countrys industrial production bounced back in Januaryexpanding by 27 per cent year-on-year
Factory output measured in terms of Index of Industrial Production (IIP) had contracted by 01 per cent in December
However inflation based on wholesale prices shot up to a 39-month high of 655 per cent in February against 525 per cent inJanuary according to official data
On the global front the dollar traded firmly higher against its major counterparts ahead of the two-day Fed meet when it could liftrates for the third time since the financial crisishttpautoeconomictimesindiatimescomnewsindustryrupee-hits-1-12-yr-high-surges-78-paise-on-bjp-sweep57635104
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Nifty hits all time high of 912275 Sensex surges 616 points after big BJP win The Economic Times
Mumbai The Nifty jumped to life highs on Tuesday after the BJPamprsquos thumping win in the crucial state of Uttar Pradeshrekindled hopes of a bigger-than-expected push for reforms by the Narendra Modi government
The Nifty up 11 so far this year crossed its previous life high of 9119 to hit 912275 before ending the day 171 or 15245points higher at 9087 This is the indexamprsquos biggest single-day gain in points since February 1 and caps a strong reboundsince the December 26 low of 7893 on demonetisation worries
The Sensex surged by 616 points or 212 intra-day before ending the day at 2944263 up 49640 points This is its biggest gainsince May 25 last year The index is the best performer among all developed and emerging market indices in local currency terms inthe past three months
The rupee surged 79 paise to a 16-month high of 6582 to the dollar as exporters sold more dollars and foreign investors boughtlocal shares BSE data showed that foreign investors bought local shares worth Rs 4089 crore their biggest single-day purchasesince February 17 when they purchased Rs 8059 crore
FPIs have bought shares worthRs 23132 crore since January this year against net sales of Rs 9800 crore in the same period lastyear The BSE Midcap and Smallcap indices gained 144 each
ampldquoOne must be ready for a correction after a rally but I am optimistic about the medium to longterm prospectsamprdquo saidMotilal Oswal chairman Motilal Oswal Financial Services Ltd ampldquoFundamentally valuations are comfortable at this point intime because of good corporate earnings growth In the short term markets may remain volatileamprdquo
BJP romped to victory in UP on Saturday winning 312 out of the 403 seats Its allies won 13 more taking the NDA tally to 325 Thisis the biggest win recorded by any party in the state since 1977 and has raised prospects of the BJP doing well in other electionsthis year and next Many political pundits also believe that the victory has improved Prime Minister Narendra Modiamprsquos chancesof retaining power in the 2019 general election
Barring the metals index all other sectoral indices on the NSE ended with gains on Tuesday About 55 stocks including TitanJubilant Life Sciences Kotak Mahindra Bank IndusInd Bank YES Bank and Indiabulls Housing Finance among others hit life highswhile 92 stocks were locked in upper circuit with no sellers
ampldquoWith the sharp rally the market which is currently susceptible to global risk is trading at above average multiples and westay cautious near termamprdquo said Sanjay Mookim India Equity Strategist BofA Merrill Lynch ampldquoIndiaamprsquos businesscycle should improve over the next several quarters while improving construction should drive capex which is good forequitiesamprdquo
Some market experts are divided over the near-term outlook as indices have begun to look expensive at current valuations Plusthere is no immediate trigger for upgrade
ampldquoValuations of the Indian market are quite high and would require the support of strong earnings growth Any disappointmenton earnings will make valuations look even more expensive which the market may not likeamprdquo said Sanjeev Prasad senior EDand co-head of Kotak Institutional Equities
ampldquoGlobal and domestic interest rate cycles are no longer supportive with likely increase in developed markets bondyieldsamprdquo
ampldquoWhile markets are expecting a rate hike this meeting what will be of more interest is the commentaryamprdquo said DipenShah senior V-P PCG research Kotak Securities ampldquoIf it is hawkish it may have an impact on fund flows to emerging marketsbut India may be relatively less impacted because of the continuing domestic flowsamprdquo
ampldquoNotwithstanding the election results we believe the risk-reward is not favourable currently and advise investors to sell intothis rally We expect Nifty EPS to rise 15-16 in FY18 and see no trigger for an earnings upgrade at this junctureamprdquo ReligareInstitutional Research said in a notehttpeconomictimesindiatimescommarketsstocksnewsnifty-hits-all-time-high-of-9122-75-sensex-surges-616-points-after-big-bjp-winarticleshow57639036cms
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WPI inflation up 655 for February 2017 The Economic Times
New Delhi The annual rate of inflation based on monthly Wholesale Price Index (WPI) stood at 655 percent (provisional) for themonth of February 2017 (over February 2016) as compared to 525 percent (provisional) for the previous month and -085 percentduring the corresponding month of the previous year
The official Wholesale Price Index for amplsquoAll Commoditiesamprsquo for the month of February 2017 rose by 05 percent to 1855(provisional) from 1846 (provisional) for the previous month
The index for primary articles rose by 09 percent to 2581 (provisional) from 2557 (provisional) for the previous month
The inflation rate for Fuel and power group rose by 13 percent to 2038 (provisional) from 2012 (provisional) for the previousmonth due to higher price of coking coal (15 percent) aviation turbine fuel (3 percent) bitumen (2 percent) and kerosene highspeed diesel LPG and lignite (1 percent each) However the price of furnace oil (1 percent) declined
The index for the major group of manufactured products remained unchanged at its previous monthamprsquos level of 1588
(provisional) In this group the index for amplsquoRubber amp Plastic Productsamprsquo group rose by 02 percent to 1489 (provisional)from 1486 (provisional) for the previous month due to higher price of rubber products (1 percent)
The index for amplsquoTransport Equipment amp Partsamprsquo group rose by 05 percent to 1405 (provisional) from 1398 (provisional)for the previous month due to higher price of auto rickshaw tempo matador (4 percent) and auto parts (1 percent)
For the month of December 2016 the final Wholesale Price Index for amplsquoAll Commoditiesamprsquo stood at 1833 as comparedto 1828 (provisional) and annual rate of inflation based on final index stood at 368 percent as compared to 339 percent(provisional) respectively as reported on January 1 2017httpautoeconomictimesindiatimescomnewsindustrywpi-inflation-up-6-55-for-february-201757627665
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February CPI at 365 vs 317 in January highest since October 2016 PTISee this story in The Economic Times
New Delhi Retail inflation rose to 4-month high of 365 per cent in February mainly due to surge in price of food items like fruitssugar and confectionery
Measured in terms of Consumer Price Index (CPI) the inflation had dipped to a multi-year low of 317 per cent in January this yearon account of cash crunch following demonetisation It was 526 per cent in February last year
According to the CPI data released today by the Central Statistics Office (CSO) the consumer food prices index (CFPI) rose by201 per cent in February from 061 per cent in January The CFPI was 53 per cent in February 2016
Inflation in fruits was higher at 833 per cent fuel and light at 39 per cent in February The rate of price rise in meat and fish was 35per cent in February
Prices of sugar and confectionery items rose by 1883 per cent in February while inflation in milk and milk product increased by 422per cent
The rate of inflation in household goods and services was 409 per cent while this rate was in health segment was 4 per cent Thetransport and communication became expensive by 539 per cent
The personal care and effects segment rose by 515 per cent while the education became more expensive by 537 per cent inFebruary this year
The inflation rate was 438 per cent in clothing and footware segment while it was 49 per cent in housing segment
However the prices of vegetables and pulses declined by 829 per cent and 902 per cent respectively
Rural retail inflation was at 367 per cent in February compared with 336 per cent in the preceding month The CPI was also up inthe urban sector at 355 per cent in February from 29 per cent in January this yearhttpautoeconomictimesindiatimescomnewsindustryfebruary-cpi-at-3-65-vs-3-17-in-january-highest-since-october-201657633211
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Closing
Last Financial Closing
Sensex 2944263 (+49640)NSE 9087 (+15245)US$ spot Rs6582US$ Y1148000US$ 6 months RsYen Rs57Euro spot Rs70
Gold (10gm) Rs28333Silver (1kg) Rs4008300
Crude Oil (WTI) Crude Oil (Brent) $5172 (+037)
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Apollo Tyres 1 18610Asahi Ind 1 21655Amara Raja B 1 83230Ashok Leyland 1 9080Bajaj Auto 10 286670Bharat Forge 2 103550Denso 1 Eicher Motor 10 2396325Escorts 10 51945Exide Ind 1 21645Force Motors 10 427760Gabriel India 1 11460Hero Motocor 2 335745Hind Motors 5 950Hi-Tech Gear 10 29885Jay Bh Maruti 5 38190
Jamna Auto 5 20550JK Tyres amp Inds 10 1241 Kinetic Motors 10 Kinetic Engg 10 KOEL 2 37685Kirloskar Br 2 24135LML Ltd 10 1250LampT 2 155810Lumax Ind 10 131690Lumax Tech 10 43230MampM 5 132600Maruti Suzuki 5 613240Motherson SS 1 36290Minda Inds 2 44350MRF 10 5298390Omax Auto 10 7555Rico Auto 1 5720Sona Koyo St 1 8170
SRF 10 157155Tata Motors 2 46975 TVS Motors 1 43690
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Bhushan Steel 2 5430Hindalco 1 19040Hind Zinc 2 29140JSW Ispat S 10 Jind Steel 1 12490JSW Steel 1 18190Jindal Saw 2 7995National Aluminium 5 7310SAIL 10 6005Tata Steel 10 47255Visa Steel 10 2185
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Ambuja Cement 2 23370Binani Industries 10 7200Birla Corp 10 70360India Cement 10 16070Prism Cement 10 9375JK Cement 10 88470Shree Cement 10 1639835
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PLEASE NOTE
NURC Industry Updates contain editedtruncated text of Industry-specific news as it appears in various select dailies and websites These are NOT full stories unless otherwisespecifically mentioned The stories contained herein are informational only and no representation is made or warranty given as to their content reliability truthfulness orusefulness User assumes all risk of use It be clearly understood that NURC updates do not claim to and neither mean to replace the Print or the Internet editions of variousnewspapers whose articles are featured therein For the best and complete news reading NURC urges its readers to read the full text of the stories from the Newspaperswhose credits are given after the headline and visit the related website whose URL is given below the text matter of each news item
NURC News Update - AUTOMOBILES
News on Indian Auto Industry Copyright 1999 NURC MediaNext Pvt Ltd
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Powered by Enablingbiz Esoluttions
In China ampndash the brandamprsquos largest market worldwide ampndash brvbarKODA handed over the keys to 15000 new vehicles(February 2016 18500 vehicles -188) Deliveries overseas increased by 98 to a total of 2500 vehicles
At the Geneva Motor Show brvbarKODA is presenting several new highlights These include the brvbarKODA KODIAQ SCOUT and brvbarKODAKODIAQ SPORTLINE alongside the extensively upgraded brvbarKODA OCTAVIA as well as the sporty spearhead brvbarKODA OCTAVIA RS245 and the brvbarKODA OCTAVIA SCOUT with a rugged off-road look In addition the upgraded brvbarKODA models RAPID and RAPIDSPACEBACK and Citigo are on show
brvbarKODA deliveries to customers in February 2017 (in units rounded off by model +- in percent compared to February2016)brvbarKODA OCTAVIA (28600 -86)brvbarKODA FABIA (16700 + 152)brvbarKODA RAPID (15000 + 121)brvbarKODA SUPERB (10900 + 171)brvbarKODA KODIAQ (1300 + 1000)brvbarKODA YETI (6300 -157)brvbarKODA CITIGO (only sold in Europe 2300 -164)httpautoeconomictimesindiatimescomnewspassenger-vehiclecarsskoda-delivers-81200-units-in-feb-201757626693
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Isuzu claims more durability on its diesel engines for trucks The Economic Times
Indianapolis Isuzu Commercial Truck of America has announced that the B10 durability rating of its 4HK1-TC diesel engine hasbeen increased to 375000 miles informed the company in an official statement
To elaborate further on what it means the Japanese commercial vehicle manufacturer went on to say that A B10-life rating is anindustry-standard gauge provided by engine makers to help consumers determine the long-term durability of an engine Thenumber following the B indicates the percentage of an engineamprsquos population that will require an overhaul before the indicatedmileage
That means that 90 of Isuzu 4HK1-TC engines are expected to last 375000 miles before they require a major repair or rebuildPreviously the 4HK1-TC engine carried an already-robust B10 durability rating of 310000 miles added the company
ampldquoWe are proud to say that Isuzu diesel engines are already known worldwide for their long-term dependabilityamprdquo saidShaun Skinner president of Isuzu Commercial Truck of America ampldquoOur new B-10 rating is strong evidence that our enginesare even more durable than everamprdquo
The turbocharged intercooled 4HK1-TC four-cylinder diesel engine displaces 52 liters and generates 215 horsepower Torqueratings vary depending on model The engine is fitted to Isuzu NPR-HD NPR-XD NQR and NRR models as well as the all-new2018 Isuzu FTR Class 6 truck
The company made the above announcement at the National Truck Equipment Associationamprsquos 2017 Work Truck Show inIndianapolis held on March 13httpautoeconomictimesindiatimescomnewsauto-componentsisuzu-diesel-engines-for-trucks-now-become-more-durable57626832
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MoS visits Rolls-Royces new logistics centre in England The Economic Times
New Delhi Nick Gibb Minister for School Standards and MP for Bognor Regis and Littlehampton has visited Rolls-Royce MotorCars Technology and Logistics Centre on Monday informed the British luxury car maker in a media release
During the visit Gibb toured the facility met the expert team onsite and was briefed on the companyamprsquos future plans to expandthe Centre He also took the opportunity to learn more about the Rolls-Royce Motor Cars apprenticeship graduate and internprogrammes
Nick Gibb said ampldquoThe original announcement that Rolls-Royce Motor Cars would be locating its Technology and LogisticsCentre in Bognor Regis was a great boost for our town and warmly welcomed I am delighted to see the huge new state of the artfacilities fully operational and providing high quality jobs for local people The support of such a prestigious company is good newsfor Bognor Regis and for the wider local economyamprdquo
He continued ampldquoIt is very welcome that Rolls-Royce operates an apprenticeship scheme ensuring the company has the skillsit needs for the future and providing opportunities and training for a cohort of young people every year This year Rolls-Royce istaking on record numbers of apprenticesamprdquo
The new Rolls-Royce Technology and Logistics Centre at Bognor Regis opened on schedule in January 2016 The purpose-built30000m2 facility is located close to the companyamprsquos head office and manufacturing plant at Goodwoodhttpautoeconomictimesindiatimescomnewsindustrymos-visits-rolls-royce-new-logistics-centre-in-england57626981
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All new Mazda CX-5 to be produced at Hofu Plant The Economic Times
Hiroshima Japan Japanese automaker Mazda Motor Corporation starting from November is going to produce the all-new MazdaCX-5 crossover SUV at its Hofu Plant in addition to the Hiroshima Plant where it is currently produced
The company informed that the move will help the automaker respond quickly and flexibly to growing demand for SUVs globally
Mazda aims to create a production system that can respond flexibly to changes in demand for crossover vehicles as it works tomeet its global sales goal of 165 million units
Launched domestically in February the all-new CX-5 has till date recorded sales of 16639 units about seven times the monthlytarget claims the company
As with the CX-3 starting production of the CX-5 at Hofu Plant as well is part of our plan to build a production framework that givesus more flexibility between plants and between models said Masatoshi Maruyama Managing Executive Officer in charge of GlobalProduction We will do everything we can to get customers the crossover vehicles they want as quickly as possiblehttpautoeconomictimesindiatimescomnewspassenger-vehicleuvall-new-mazda-cx-5-to-be-produced-at-hofu-plant57627447
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Rheinmetall receives over $25 mn order from American carmaker The Economic Times
New Delhi German automotive parts supplier Rheinmetall has booked its first order for a special application of coolant valves by amajor American carmaker and destined for the NAFTA market
The company in a statement said that the order has a lifetime value of over US$25 million (around Rs 165 crore) Series productionof the valves is scheduled to start in 2019 with the contract set to run for about five years
Talking about the product the company went on to say that the innovative valves play a lead role in intelligent thermal and energymanagement on modern vehicle engines These often have several cooling circuits which are controllable with the aid of switchingseat valves
As from model year 2020 this particular customer will be installing several versions of such valves on gasoline and diesel enginesfor pick-ups with over 6 liters displacement
They will take over functions in the cooling circuit of the transmission ensuring that it reaches operating temperature faster byswitching off the coolant flow when the engine is started This also helps to reduce emissions added the companyhttpautoeconomictimesindiatimescomnewsauto-componentsrheinmetall-receives-over-25-mn-order-from-american-carmaker57628058
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Nissans Infiniti names former BMW executive as new design chief ReutersSee this story in The Economic Times
Beijing Infiniti Nissan Motors premium brand named Karim Habib former global design chief for BMW as the brands new chiefdesigner effective July 1
Habib will replace Alfonso Albaisa who will be promoted to lead Nissans global design according to a press release seen byReuters Habib will report to Albaisa
Habib who has worked for several premium automotive brands including BMW and Daimler will be based in Nissans technicalcentre in Atsugi Japan and lead Infinitis design teams in Japan Beijing San Diego and Londonhttpautoeconomictimesindiatimescomnewsindustrynissans-infiniti-names-former-bmw-executive-as-new-design-chief57630437
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Elon Musks bold offer of Tesla batteries wont solve Australias power problems ReutersSee this story in The Economic Times
Launceston Australia Australia is becoming an interesting microcosm on how to or how not to transition an economy from beingpredominantly powered by coal to more climate-friendly alternatives
The dramatic intervention by Tesla Inc Chief Executive Elon Musk last week is just the latest twist in an ongoing saga that pits
business government farmers government and environmentalists against each other
Musk in an exchange of tweets with software billionaire Mike Cannon-Brookes chief executive of Atlassian Corp offered to fix theelectricity supply problems of South Australia state within 100 days of signing a contract
Musks plan is to install 100 megawatts (MW) of grid-connected battery storage which would be available to meet peak demandand would be charged with surplus electricity from other generating sources in periods of low demand
Its a bold offer and would most likely provide a quick fix to Australias fourth-largest state which suffered a blackout last Novemberand has been dealing with power shortages over the peak summer period
Businesses like BHP Billiton which operates the giant Olympic Dam copper mine in the state have been pushing for thegovernment and other stakeholders to ensure stable electricity supply saying the cost of blackouts runs into millions of dollars inlost output
Musk whose Tesla Corp is ramping up output of its battery storage packs at its Gigafactory in Nevada held talks with AustralianPrime Minister Malcolm Turnbull at the weekend as well as with South Australian Premier Jay Weatherill
The politicians will no doubt be tempted to Musks offer to install batteries especially since the electric car pioneer said if he didntmeet his 100 day deadline he wouldnt charge anything
But while Musks offer if taken up would provide a quick fix it would not do enough to mend the underlying problems at the heart ofAustralias electricity woes
Its worth looking at how Australia got itself to the point where virtually all players can agree that the nation is facing somethingapproaching an energy crisis
After all the country is not short of fossil fuels such as coal and natural gas and its climate and low population density outside themajor cities are ideal for renewables such as solar and wind power
The country is heavily reliant on an ageing fleet of coal-fired power stations which makes Australia one of the highest polluters percapita
These coal power stations are starting to close down with one shutting in South Australia last year and another planned to close inVictoria state at the end of this month
The problem is that the coal-fired power stations role as providers of base load electricity cannot be taken over by wind and solarand the role is falling to natural gas
But natural gas is also the most expensive method of generating electricity in Australia so utilities are reluctant to run their gas-firedplants until prices are high enough to justify the cost
South Australia has a gas-fired plant that was mothballed until last years power supply crisis but even with the higher prices forelectricity the operator is struggling to make the plant profitable
The state moved on Tuesday to try and address its energy security issues announcing it would build a 250 MW gas-fired plant andhelp the private sector build a 100 MW battery at a total cost of A$510 million ($385 million)
Gas Supply ConstraintsNatural gas supply is becoming a problem in Australia which may seem ironic given the country is on the verge of becoming theworlds largest exporter of liquefied natural gas (LNG) as the last of eight new plants come closer to completion
In fact the new LNG plants are copping some of the blame for the tightening natural gas market especially the three in easternQueensland state based on using coal-seam gas as the feedstock
These are being blamed for sucking domestic natural gas out of the market and into the export LNG industry
What hasnt helped is that some of Australias state and territory governments are also pursuing policies that will restrict futurenatural gas supplies
Victoria state has banned hydraulic fracturing or fracking as well as shale and coal-seam gas exploration while the NorthernTerritory New South Wales and Tasmania have various moratoriums on fracking
This leaves Western Australia Queensland and South Australia as the remaining states where onshore natural gas supplies can bedeveloped and they are now in the cross-hairs of the environmental lobby which is opposed to any and all new natural gas wells
Politicians across the traditional Labor-Liberal divide are increasingly giving in to demands to restrict natural gas exploration whilepretending that this wont have a negative impact on energy security and electricity prices
But the costs are starting to become apparent with spot electricity prices surging over the Australian summer and natural gassuppliers warning that they will be unable to meet the needs of industrial customers without action being taken
Its often the case politicians only take action when the point of crisis is reached and this appears to be the case in Australia
Whats needed is a holistic approach to energy supply as Australia transitions away from coal-fired power
This means ensuring enough natural gas is available to provide base load generation while scaling up renewables such as solar
wind pumped hydro and battery storage
Forging enough common ground with the various stakeholders will be the main obstacle but more than anything else Australia isshowing how difficult it is to end the age of coalhttpautoeconomictimesindiatimescomnewsindustryelon-musks-bold-offer-of-tesla-batteries-wont-solve-australias-power-problems57630514
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Innogy in talks with car consortium over charging stations CEO ReutersSee this story in The Economic Times
Essen Germany Innogy is in intense talks with a group of carmakers Chief Executive Peter Terium told journalists on Mondayhoping to be selected as a supplier of super-fast charging stations for electric vehicles across Europe
Its not a done deal yet Terium said pointing to strong competition from rival vendors
BMW Volkswagen Ford and Daimler plan to build about 400 next-generation charging stations in Europe that can reload anelectric car in minutes instead of hours
Sources told Reuters in January that Innogy was in talks with the consortiumhttpautoeconomictimesindiatimescomnewsindustryinnogy-in-talks-with-car-consortium-over-charging-stations-ceo57624184
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China may roll back electric vehicle quotas as industry pushes back ReutersSee this story in The Economic Times
Beijing China is considering easing proposed quotas aimed at producing more electric vehicles as Beijing gets pushback from theautomotive industry over the scale and pace of the plans
If adopted proposed changes under discussion could see a target of new energy vehicles (NEV) making up 8 percent of sales nextyear pushed to 2019 two auto executives said
The changes would lower targets from a draft policy released in September requiring 8 percent of automakers sales to be batteryelectric or plug-in hybrid vehicles by 2018 rising to 10 percent in 2019 and 12 percent in 2020
Any loosening of NEV targets would mark a pull back by Beijing which has faced opposition to the planned targets as it looks todrive its domestic carmakers to overtake global rivals in the green vehicle sector
Automakers and industry bodies have said the targets are too tough and could hurt manufacturers interests New energy vehicleslast year accounted for just 18 percent of sales in the worlds biggest autos market according to Reuters calculations based onofficial data
Its normal to make revisions as its a draft plan An Jin chairman of Anhui Jianghuai Automobile Group (JAC Motor) said on thesidelines of the National Peoples Congress in Beijing
He said he was aware of talks to revise the quota targets but said nothing was set in stone JAC hasnt been told what revisionsmight be made to the draft but I think it is possible the draft will be changed after the discussions he said
Whether the whole market can hit this quota by 2018 depends a lot on the strength of government policy If its strong then weshould be able to surpass the targets An said (But) if you consider Chinas infrastructure and the transformation of Chinas autosector then perhaps the pace will have to slow
Two Percent CutTwo executives familiar with the plans told Reuters the government was considering options for lowering the requirements
One idea was to reduce the quota requirement by 2 percent each year cutting the 2018 requirement to 6 percent said aChina-based government relations official at a major global automaker It would then be 8 percent in 2019 and 10 percent in 2020
Another option would be to push back each target by a year with the 8 percent quota starting from 2019 an executive at aJapanese car maker said
Both asked not to be named due to the sensitivity of the matter and because the draft was still under consideration
The overall policy includes quotas for plug-in cars targets for average fuel economy requirements and a credit trading system topromote green energy cars while penalizing petrol cars
The two people said the quota stand-off was tied to a disagreement between the Ministry of Industry and Information Technology(MIIT) and Chinas top state planner the National Development and Reform Commission (NDRC)
MIIT which regulates manufacturers supports a more flexible credit trading system favoured by automakers The NDRC is more
aggressive in promoting a transition to electric vehicles pushing the introduction of the stricter quotas
An NDRC spokesman said the body played a small role when the draft was open to public for discussion MIIT did not immediatelyrespond to Reuters requests for comment
China has strongly supported and subsidized electric vehicles but is gradually swapping out incentives for hard targets automakersmust meet The central government cut subsidies 20 percent this year a first reduction towards eliminating them by 2020httpautoeconomictimesindiatimescomnewspolicychina-may-roll-back-electric-vehicle-quotas-as-industry-pushes-back57623608
Top
Russias standards agency says Volkswagen recalls 43151 Skoda cars ReutersSee this story in The Economic Times
Moscow Russias standards agency said on Monday that Volkswagens Russian operation had informed it about the voluntaryrecall of 43151 Skoda cars due to a possible technical fault
The recall affects Skoda Octavia Superb Fabia Yeti and Rapid cars sold in Russia between 2012 and 2016 the watchdog saidhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsrussias-standards-agency-says-volkswagen-recalls-43151-skoda-cars57624140
Top
Economy
Rupee hits 1-12 yr high surges 78 paise on BJP sweep PTISee this story in The Economic Times
Mumbai The rupee surged by a massive 78 paise to end at a nearly one-and-a-half year high of 6582 against the US dollar onfrantic unwinding of the American currency following BJPs emphatic victory in Uttar Pradesh
Forex market sentiment soared on hopes that BJPs stellar show in state polls would pave the way for the Modi government to focuson key reform measures
The home currency resumed on a strong footing at 6620 from last Fridays closing value of 6660 at the Interbank ForeignExchange (forex) market on heavy dollar unwinding from speculative traders and exporters tracking weekend developments
Maintaining its bullish momentum against the dollar the rupee hit a fresh intra-day high of 6576 in late afternoon deals beforeending at 6582 showing a solid gain of 78 paise or 117 per cent
This is the highest closing of the rupee since November 6 2015 when it had ended at 6576
Meanwhile the RBI fixed the reference rate for the dollar at 661800 and for the euro at 704354
Financial markets too took comfort from BJPs landslide victory with the broader Nifty climbing 15245 points to a new closing peakof 9087 and the Sensex rallying 49640 points to end at 2944263
The much-anticipated turnaround on the economic front has opened up a barrage of foreign capital fund flows into India
Foreign investors pumped in over Rs 10000 crore in the Indian capital markets this month so far
It also got an added fillip from bullish macro data which showed that the countrys industrial production bounced back in Januaryexpanding by 27 per cent year-on-year
Factory output measured in terms of Index of Industrial Production (IIP) had contracted by 01 per cent in December
However inflation based on wholesale prices shot up to a 39-month high of 655 per cent in February against 525 per cent inJanuary according to official data
On the global front the dollar traded firmly higher against its major counterparts ahead of the two-day Fed meet when it could liftrates for the third time since the financial crisishttpautoeconomictimesindiatimescomnewsindustryrupee-hits-1-12-yr-high-surges-78-paise-on-bjp-sweep57635104
Top
Nifty hits all time high of 912275 Sensex surges 616 points after big BJP win The Economic Times
Mumbai The Nifty jumped to life highs on Tuesday after the BJPamprsquos thumping win in the crucial state of Uttar Pradeshrekindled hopes of a bigger-than-expected push for reforms by the Narendra Modi government
The Nifty up 11 so far this year crossed its previous life high of 9119 to hit 912275 before ending the day 171 or 15245points higher at 9087 This is the indexamprsquos biggest single-day gain in points since February 1 and caps a strong reboundsince the December 26 low of 7893 on demonetisation worries
The Sensex surged by 616 points or 212 intra-day before ending the day at 2944263 up 49640 points This is its biggest gainsince May 25 last year The index is the best performer among all developed and emerging market indices in local currency terms inthe past three months
The rupee surged 79 paise to a 16-month high of 6582 to the dollar as exporters sold more dollars and foreign investors boughtlocal shares BSE data showed that foreign investors bought local shares worth Rs 4089 crore their biggest single-day purchasesince February 17 when they purchased Rs 8059 crore
FPIs have bought shares worthRs 23132 crore since January this year against net sales of Rs 9800 crore in the same period lastyear The BSE Midcap and Smallcap indices gained 144 each
ampldquoOne must be ready for a correction after a rally but I am optimistic about the medium to longterm prospectsamprdquo saidMotilal Oswal chairman Motilal Oswal Financial Services Ltd ampldquoFundamentally valuations are comfortable at this point intime because of good corporate earnings growth In the short term markets may remain volatileamprdquo
BJP romped to victory in UP on Saturday winning 312 out of the 403 seats Its allies won 13 more taking the NDA tally to 325 Thisis the biggest win recorded by any party in the state since 1977 and has raised prospects of the BJP doing well in other electionsthis year and next Many political pundits also believe that the victory has improved Prime Minister Narendra Modiamprsquos chancesof retaining power in the 2019 general election
Barring the metals index all other sectoral indices on the NSE ended with gains on Tuesday About 55 stocks including TitanJubilant Life Sciences Kotak Mahindra Bank IndusInd Bank YES Bank and Indiabulls Housing Finance among others hit life highswhile 92 stocks were locked in upper circuit with no sellers
ampldquoWith the sharp rally the market which is currently susceptible to global risk is trading at above average multiples and westay cautious near termamprdquo said Sanjay Mookim India Equity Strategist BofA Merrill Lynch ampldquoIndiaamprsquos businesscycle should improve over the next several quarters while improving construction should drive capex which is good forequitiesamprdquo
Some market experts are divided over the near-term outlook as indices have begun to look expensive at current valuations Plusthere is no immediate trigger for upgrade
ampldquoValuations of the Indian market are quite high and would require the support of strong earnings growth Any disappointmenton earnings will make valuations look even more expensive which the market may not likeamprdquo said Sanjeev Prasad senior EDand co-head of Kotak Institutional Equities
ampldquoGlobal and domestic interest rate cycles are no longer supportive with likely increase in developed markets bondyieldsamprdquo
ampldquoWhile markets are expecting a rate hike this meeting what will be of more interest is the commentaryamprdquo said DipenShah senior V-P PCG research Kotak Securities ampldquoIf it is hawkish it may have an impact on fund flows to emerging marketsbut India may be relatively less impacted because of the continuing domestic flowsamprdquo
ampldquoNotwithstanding the election results we believe the risk-reward is not favourable currently and advise investors to sell intothis rally We expect Nifty EPS to rise 15-16 in FY18 and see no trigger for an earnings upgrade at this junctureamprdquo ReligareInstitutional Research said in a notehttpeconomictimesindiatimescommarketsstocksnewsnifty-hits-all-time-high-of-9122-75-sensex-surges-616-points-after-big-bjp-winarticleshow57639036cms
Top
WPI inflation up 655 for February 2017 The Economic Times
New Delhi The annual rate of inflation based on monthly Wholesale Price Index (WPI) stood at 655 percent (provisional) for themonth of February 2017 (over February 2016) as compared to 525 percent (provisional) for the previous month and -085 percentduring the corresponding month of the previous year
The official Wholesale Price Index for amplsquoAll Commoditiesamprsquo for the month of February 2017 rose by 05 percent to 1855(provisional) from 1846 (provisional) for the previous month
The index for primary articles rose by 09 percent to 2581 (provisional) from 2557 (provisional) for the previous month
The inflation rate for Fuel and power group rose by 13 percent to 2038 (provisional) from 2012 (provisional) for the previousmonth due to higher price of coking coal (15 percent) aviation turbine fuel (3 percent) bitumen (2 percent) and kerosene highspeed diesel LPG and lignite (1 percent each) However the price of furnace oil (1 percent) declined
The index for the major group of manufactured products remained unchanged at its previous monthamprsquos level of 1588
(provisional) In this group the index for amplsquoRubber amp Plastic Productsamprsquo group rose by 02 percent to 1489 (provisional)from 1486 (provisional) for the previous month due to higher price of rubber products (1 percent)
The index for amplsquoTransport Equipment amp Partsamprsquo group rose by 05 percent to 1405 (provisional) from 1398 (provisional)for the previous month due to higher price of auto rickshaw tempo matador (4 percent) and auto parts (1 percent)
For the month of December 2016 the final Wholesale Price Index for amplsquoAll Commoditiesamprsquo stood at 1833 as comparedto 1828 (provisional) and annual rate of inflation based on final index stood at 368 percent as compared to 339 percent(provisional) respectively as reported on January 1 2017httpautoeconomictimesindiatimescomnewsindustrywpi-inflation-up-6-55-for-february-201757627665
Top
February CPI at 365 vs 317 in January highest since October 2016 PTISee this story in The Economic Times
New Delhi Retail inflation rose to 4-month high of 365 per cent in February mainly due to surge in price of food items like fruitssugar and confectionery
Measured in terms of Consumer Price Index (CPI) the inflation had dipped to a multi-year low of 317 per cent in January this yearon account of cash crunch following demonetisation It was 526 per cent in February last year
According to the CPI data released today by the Central Statistics Office (CSO) the consumer food prices index (CFPI) rose by201 per cent in February from 061 per cent in January The CFPI was 53 per cent in February 2016
Inflation in fruits was higher at 833 per cent fuel and light at 39 per cent in February The rate of price rise in meat and fish was 35per cent in February
Prices of sugar and confectionery items rose by 1883 per cent in February while inflation in milk and milk product increased by 422per cent
The rate of inflation in household goods and services was 409 per cent while this rate was in health segment was 4 per cent Thetransport and communication became expensive by 539 per cent
The personal care and effects segment rose by 515 per cent while the education became more expensive by 537 per cent inFebruary this year
The inflation rate was 438 per cent in clothing and footware segment while it was 49 per cent in housing segment
However the prices of vegetables and pulses declined by 829 per cent and 902 per cent respectively
Rural retail inflation was at 367 per cent in February compared with 336 per cent in the preceding month The CPI was also up inthe urban sector at 355 per cent in February from 29 per cent in January this yearhttpautoeconomictimesindiatimescomnewsindustryfebruary-cpi-at-3-65-vs-3-17-in-january-highest-since-october-201657633211
Top
Closing
Last Financial Closing
Sensex 2944263 (+49640)NSE 9087 (+15245)US$ spot Rs6582US$ Y1148000US$ 6 months RsYen Rs57Euro spot Rs70
Gold (10gm) Rs28333Silver (1kg) Rs4008300
Crude Oil (WTI) Crude Oil (Brent) $5172 (+037)
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Apollo Tyres 1 18610Asahi Ind 1 21655Amara Raja B 1 83230Ashok Leyland 1 9080Bajaj Auto 10 286670Bharat Forge 2 103550Denso 1 Eicher Motor 10 2396325Escorts 10 51945Exide Ind 1 21645Force Motors 10 427760Gabriel India 1 11460Hero Motocor 2 335745Hind Motors 5 950Hi-Tech Gear 10 29885Jay Bh Maruti 5 38190
Jamna Auto 5 20550JK Tyres amp Inds 10 1241 Kinetic Motors 10 Kinetic Engg 10 KOEL 2 37685Kirloskar Br 2 24135LML Ltd 10 1250LampT 2 155810Lumax Ind 10 131690Lumax Tech 10 43230MampM 5 132600Maruti Suzuki 5 613240Motherson SS 1 36290Minda Inds 2 44350MRF 10 5298390Omax Auto 10 7555Rico Auto 1 5720Sona Koyo St 1 8170
SRF 10 157155Tata Motors 2 46975 TVS Motors 1 43690
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Bhushan Steel 2 5430Hindalco 1 19040Hind Zinc 2 29140JSW Ispat S 10 Jind Steel 1 12490JSW Steel 1 18190Jindal Saw 2 7995National Aluminium 5 7310SAIL 10 6005Tata Steel 10 47255Visa Steel 10 2185
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Ambuja Cement 2 23370Binani Industries 10 7200Birla Corp 10 70360India Cement 10 16070Prism Cement 10 9375JK Cement 10 88470Shree Cement 10 1639835
Top
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PLEASE NOTE
NURC Industry Updates contain editedtruncated text of Industry-specific news as it appears in various select dailies and websites These are NOT full stories unless otherwisespecifically mentioned The stories contained herein are informational only and no representation is made or warranty given as to their content reliability truthfulness orusefulness User assumes all risk of use It be clearly understood that NURC updates do not claim to and neither mean to replace the Print or the Internet editions of variousnewspapers whose articles are featured therein For the best and complete news reading NURC urges its readers to read the full text of the stories from the Newspaperswhose credits are given after the headline and visit the related website whose URL is given below the text matter of each news item
NURC News Update - AUTOMOBILES
News on Indian Auto Industry Copyright 1999 NURC MediaNext Pvt Ltd
This update purports to be a compilation of the top stories for the day in the leading Indian and International dailies websites and other information sources and NURCMediaNext Pvt Ltd cannot and does not vouch for their authenticity NURC MediaNext Pvt Ltd cannot be held responsible for any loss(es) arising out of or incidental to theuse of this News Update Reproduction or redistribution without express permission of NURC MediaNext Pvt Ltd is strictly prohibited and is a violation of the subscriptionagreement Such instances will result in immediate cancellation of subscription to the Service without any refund for the remaining period at the sole discretion of NURCMediaNext Pvt Ltd
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Powered by Enablingbiz Esoluttions
All new Mazda CX-5 to be produced at Hofu Plant The Economic Times
Hiroshima Japan Japanese automaker Mazda Motor Corporation starting from November is going to produce the all-new MazdaCX-5 crossover SUV at its Hofu Plant in addition to the Hiroshima Plant where it is currently produced
The company informed that the move will help the automaker respond quickly and flexibly to growing demand for SUVs globally
Mazda aims to create a production system that can respond flexibly to changes in demand for crossover vehicles as it works tomeet its global sales goal of 165 million units
Launched domestically in February the all-new CX-5 has till date recorded sales of 16639 units about seven times the monthlytarget claims the company
As with the CX-3 starting production of the CX-5 at Hofu Plant as well is part of our plan to build a production framework that givesus more flexibility between plants and between models said Masatoshi Maruyama Managing Executive Officer in charge of GlobalProduction We will do everything we can to get customers the crossover vehicles they want as quickly as possiblehttpautoeconomictimesindiatimescomnewspassenger-vehicleuvall-new-mazda-cx-5-to-be-produced-at-hofu-plant57627447
Top
Rheinmetall receives over $25 mn order from American carmaker The Economic Times
New Delhi German automotive parts supplier Rheinmetall has booked its first order for a special application of coolant valves by amajor American carmaker and destined for the NAFTA market
The company in a statement said that the order has a lifetime value of over US$25 million (around Rs 165 crore) Series productionof the valves is scheduled to start in 2019 with the contract set to run for about five years
Talking about the product the company went on to say that the innovative valves play a lead role in intelligent thermal and energymanagement on modern vehicle engines These often have several cooling circuits which are controllable with the aid of switchingseat valves
As from model year 2020 this particular customer will be installing several versions of such valves on gasoline and diesel enginesfor pick-ups with over 6 liters displacement
They will take over functions in the cooling circuit of the transmission ensuring that it reaches operating temperature faster byswitching off the coolant flow when the engine is started This also helps to reduce emissions added the companyhttpautoeconomictimesindiatimescomnewsauto-componentsrheinmetall-receives-over-25-mn-order-from-american-carmaker57628058
Top
Nissans Infiniti names former BMW executive as new design chief ReutersSee this story in The Economic Times
Beijing Infiniti Nissan Motors premium brand named Karim Habib former global design chief for BMW as the brands new chiefdesigner effective July 1
Habib will replace Alfonso Albaisa who will be promoted to lead Nissans global design according to a press release seen byReuters Habib will report to Albaisa
Habib who has worked for several premium automotive brands including BMW and Daimler will be based in Nissans technicalcentre in Atsugi Japan and lead Infinitis design teams in Japan Beijing San Diego and Londonhttpautoeconomictimesindiatimescomnewsindustrynissans-infiniti-names-former-bmw-executive-as-new-design-chief57630437
Top
Elon Musks bold offer of Tesla batteries wont solve Australias power problems ReutersSee this story in The Economic Times
Launceston Australia Australia is becoming an interesting microcosm on how to or how not to transition an economy from beingpredominantly powered by coal to more climate-friendly alternatives
The dramatic intervention by Tesla Inc Chief Executive Elon Musk last week is just the latest twist in an ongoing saga that pits
business government farmers government and environmentalists against each other
Musk in an exchange of tweets with software billionaire Mike Cannon-Brookes chief executive of Atlassian Corp offered to fix theelectricity supply problems of South Australia state within 100 days of signing a contract
Musks plan is to install 100 megawatts (MW) of grid-connected battery storage which would be available to meet peak demandand would be charged with surplus electricity from other generating sources in periods of low demand
Its a bold offer and would most likely provide a quick fix to Australias fourth-largest state which suffered a blackout last Novemberand has been dealing with power shortages over the peak summer period
Businesses like BHP Billiton which operates the giant Olympic Dam copper mine in the state have been pushing for thegovernment and other stakeholders to ensure stable electricity supply saying the cost of blackouts runs into millions of dollars inlost output
Musk whose Tesla Corp is ramping up output of its battery storage packs at its Gigafactory in Nevada held talks with AustralianPrime Minister Malcolm Turnbull at the weekend as well as with South Australian Premier Jay Weatherill
The politicians will no doubt be tempted to Musks offer to install batteries especially since the electric car pioneer said if he didntmeet his 100 day deadline he wouldnt charge anything
But while Musks offer if taken up would provide a quick fix it would not do enough to mend the underlying problems at the heart ofAustralias electricity woes
Its worth looking at how Australia got itself to the point where virtually all players can agree that the nation is facing somethingapproaching an energy crisis
After all the country is not short of fossil fuels such as coal and natural gas and its climate and low population density outside themajor cities are ideal for renewables such as solar and wind power
The country is heavily reliant on an ageing fleet of coal-fired power stations which makes Australia one of the highest polluters percapita
These coal power stations are starting to close down with one shutting in South Australia last year and another planned to close inVictoria state at the end of this month
The problem is that the coal-fired power stations role as providers of base load electricity cannot be taken over by wind and solarand the role is falling to natural gas
But natural gas is also the most expensive method of generating electricity in Australia so utilities are reluctant to run their gas-firedplants until prices are high enough to justify the cost
South Australia has a gas-fired plant that was mothballed until last years power supply crisis but even with the higher prices forelectricity the operator is struggling to make the plant profitable
The state moved on Tuesday to try and address its energy security issues announcing it would build a 250 MW gas-fired plant andhelp the private sector build a 100 MW battery at a total cost of A$510 million ($385 million)
Gas Supply ConstraintsNatural gas supply is becoming a problem in Australia which may seem ironic given the country is on the verge of becoming theworlds largest exporter of liquefied natural gas (LNG) as the last of eight new plants come closer to completion
In fact the new LNG plants are copping some of the blame for the tightening natural gas market especially the three in easternQueensland state based on using coal-seam gas as the feedstock
These are being blamed for sucking domestic natural gas out of the market and into the export LNG industry
What hasnt helped is that some of Australias state and territory governments are also pursuing policies that will restrict futurenatural gas supplies
Victoria state has banned hydraulic fracturing or fracking as well as shale and coal-seam gas exploration while the NorthernTerritory New South Wales and Tasmania have various moratoriums on fracking
This leaves Western Australia Queensland and South Australia as the remaining states where onshore natural gas supplies can bedeveloped and they are now in the cross-hairs of the environmental lobby which is opposed to any and all new natural gas wells
Politicians across the traditional Labor-Liberal divide are increasingly giving in to demands to restrict natural gas exploration whilepretending that this wont have a negative impact on energy security and electricity prices
But the costs are starting to become apparent with spot electricity prices surging over the Australian summer and natural gassuppliers warning that they will be unable to meet the needs of industrial customers without action being taken
Its often the case politicians only take action when the point of crisis is reached and this appears to be the case in Australia
Whats needed is a holistic approach to energy supply as Australia transitions away from coal-fired power
This means ensuring enough natural gas is available to provide base load generation while scaling up renewables such as solar
wind pumped hydro and battery storage
Forging enough common ground with the various stakeholders will be the main obstacle but more than anything else Australia isshowing how difficult it is to end the age of coalhttpautoeconomictimesindiatimescomnewsindustryelon-musks-bold-offer-of-tesla-batteries-wont-solve-australias-power-problems57630514
Top
Innogy in talks with car consortium over charging stations CEO ReutersSee this story in The Economic Times
Essen Germany Innogy is in intense talks with a group of carmakers Chief Executive Peter Terium told journalists on Mondayhoping to be selected as a supplier of super-fast charging stations for electric vehicles across Europe
Its not a done deal yet Terium said pointing to strong competition from rival vendors
BMW Volkswagen Ford and Daimler plan to build about 400 next-generation charging stations in Europe that can reload anelectric car in minutes instead of hours
Sources told Reuters in January that Innogy was in talks with the consortiumhttpautoeconomictimesindiatimescomnewsindustryinnogy-in-talks-with-car-consortium-over-charging-stations-ceo57624184
Top
China may roll back electric vehicle quotas as industry pushes back ReutersSee this story in The Economic Times
Beijing China is considering easing proposed quotas aimed at producing more electric vehicles as Beijing gets pushback from theautomotive industry over the scale and pace of the plans
If adopted proposed changes under discussion could see a target of new energy vehicles (NEV) making up 8 percent of sales nextyear pushed to 2019 two auto executives said
The changes would lower targets from a draft policy released in September requiring 8 percent of automakers sales to be batteryelectric or plug-in hybrid vehicles by 2018 rising to 10 percent in 2019 and 12 percent in 2020
Any loosening of NEV targets would mark a pull back by Beijing which has faced opposition to the planned targets as it looks todrive its domestic carmakers to overtake global rivals in the green vehicle sector
Automakers and industry bodies have said the targets are too tough and could hurt manufacturers interests New energy vehicleslast year accounted for just 18 percent of sales in the worlds biggest autos market according to Reuters calculations based onofficial data
Its normal to make revisions as its a draft plan An Jin chairman of Anhui Jianghuai Automobile Group (JAC Motor) said on thesidelines of the National Peoples Congress in Beijing
He said he was aware of talks to revise the quota targets but said nothing was set in stone JAC hasnt been told what revisionsmight be made to the draft but I think it is possible the draft will be changed after the discussions he said
Whether the whole market can hit this quota by 2018 depends a lot on the strength of government policy If its strong then weshould be able to surpass the targets An said (But) if you consider Chinas infrastructure and the transformation of Chinas autosector then perhaps the pace will have to slow
Two Percent CutTwo executives familiar with the plans told Reuters the government was considering options for lowering the requirements
One idea was to reduce the quota requirement by 2 percent each year cutting the 2018 requirement to 6 percent said aChina-based government relations official at a major global automaker It would then be 8 percent in 2019 and 10 percent in 2020
Another option would be to push back each target by a year with the 8 percent quota starting from 2019 an executive at aJapanese car maker said
Both asked not to be named due to the sensitivity of the matter and because the draft was still under consideration
The overall policy includes quotas for plug-in cars targets for average fuel economy requirements and a credit trading system topromote green energy cars while penalizing petrol cars
The two people said the quota stand-off was tied to a disagreement between the Ministry of Industry and Information Technology(MIIT) and Chinas top state planner the National Development and Reform Commission (NDRC)
MIIT which regulates manufacturers supports a more flexible credit trading system favoured by automakers The NDRC is more
aggressive in promoting a transition to electric vehicles pushing the introduction of the stricter quotas
An NDRC spokesman said the body played a small role when the draft was open to public for discussion MIIT did not immediatelyrespond to Reuters requests for comment
China has strongly supported and subsidized electric vehicles but is gradually swapping out incentives for hard targets automakersmust meet The central government cut subsidies 20 percent this year a first reduction towards eliminating them by 2020httpautoeconomictimesindiatimescomnewspolicychina-may-roll-back-electric-vehicle-quotas-as-industry-pushes-back57623608
Top
Russias standards agency says Volkswagen recalls 43151 Skoda cars ReutersSee this story in The Economic Times
Moscow Russias standards agency said on Monday that Volkswagens Russian operation had informed it about the voluntaryrecall of 43151 Skoda cars due to a possible technical fault
The recall affects Skoda Octavia Superb Fabia Yeti and Rapid cars sold in Russia between 2012 and 2016 the watchdog saidhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsrussias-standards-agency-says-volkswagen-recalls-43151-skoda-cars57624140
Top
Economy
Rupee hits 1-12 yr high surges 78 paise on BJP sweep PTISee this story in The Economic Times
Mumbai The rupee surged by a massive 78 paise to end at a nearly one-and-a-half year high of 6582 against the US dollar onfrantic unwinding of the American currency following BJPs emphatic victory in Uttar Pradesh
Forex market sentiment soared on hopes that BJPs stellar show in state polls would pave the way for the Modi government to focuson key reform measures
The home currency resumed on a strong footing at 6620 from last Fridays closing value of 6660 at the Interbank ForeignExchange (forex) market on heavy dollar unwinding from speculative traders and exporters tracking weekend developments
Maintaining its bullish momentum against the dollar the rupee hit a fresh intra-day high of 6576 in late afternoon deals beforeending at 6582 showing a solid gain of 78 paise or 117 per cent
This is the highest closing of the rupee since November 6 2015 when it had ended at 6576
Meanwhile the RBI fixed the reference rate for the dollar at 661800 and for the euro at 704354
Financial markets too took comfort from BJPs landslide victory with the broader Nifty climbing 15245 points to a new closing peakof 9087 and the Sensex rallying 49640 points to end at 2944263
The much-anticipated turnaround on the economic front has opened up a barrage of foreign capital fund flows into India
Foreign investors pumped in over Rs 10000 crore in the Indian capital markets this month so far
It also got an added fillip from bullish macro data which showed that the countrys industrial production bounced back in Januaryexpanding by 27 per cent year-on-year
Factory output measured in terms of Index of Industrial Production (IIP) had contracted by 01 per cent in December
However inflation based on wholesale prices shot up to a 39-month high of 655 per cent in February against 525 per cent inJanuary according to official data
On the global front the dollar traded firmly higher against its major counterparts ahead of the two-day Fed meet when it could liftrates for the third time since the financial crisishttpautoeconomictimesindiatimescomnewsindustryrupee-hits-1-12-yr-high-surges-78-paise-on-bjp-sweep57635104
Top
Nifty hits all time high of 912275 Sensex surges 616 points after big BJP win The Economic Times
Mumbai The Nifty jumped to life highs on Tuesday after the BJPamprsquos thumping win in the crucial state of Uttar Pradeshrekindled hopes of a bigger-than-expected push for reforms by the Narendra Modi government
The Nifty up 11 so far this year crossed its previous life high of 9119 to hit 912275 before ending the day 171 or 15245points higher at 9087 This is the indexamprsquos biggest single-day gain in points since February 1 and caps a strong reboundsince the December 26 low of 7893 on demonetisation worries
The Sensex surged by 616 points or 212 intra-day before ending the day at 2944263 up 49640 points This is its biggest gainsince May 25 last year The index is the best performer among all developed and emerging market indices in local currency terms inthe past three months
The rupee surged 79 paise to a 16-month high of 6582 to the dollar as exporters sold more dollars and foreign investors boughtlocal shares BSE data showed that foreign investors bought local shares worth Rs 4089 crore their biggest single-day purchasesince February 17 when they purchased Rs 8059 crore
FPIs have bought shares worthRs 23132 crore since January this year against net sales of Rs 9800 crore in the same period lastyear The BSE Midcap and Smallcap indices gained 144 each
ampldquoOne must be ready for a correction after a rally but I am optimistic about the medium to longterm prospectsamprdquo saidMotilal Oswal chairman Motilal Oswal Financial Services Ltd ampldquoFundamentally valuations are comfortable at this point intime because of good corporate earnings growth In the short term markets may remain volatileamprdquo
BJP romped to victory in UP on Saturday winning 312 out of the 403 seats Its allies won 13 more taking the NDA tally to 325 Thisis the biggest win recorded by any party in the state since 1977 and has raised prospects of the BJP doing well in other electionsthis year and next Many political pundits also believe that the victory has improved Prime Minister Narendra Modiamprsquos chancesof retaining power in the 2019 general election
Barring the metals index all other sectoral indices on the NSE ended with gains on Tuesday About 55 stocks including TitanJubilant Life Sciences Kotak Mahindra Bank IndusInd Bank YES Bank and Indiabulls Housing Finance among others hit life highswhile 92 stocks were locked in upper circuit with no sellers
ampldquoWith the sharp rally the market which is currently susceptible to global risk is trading at above average multiples and westay cautious near termamprdquo said Sanjay Mookim India Equity Strategist BofA Merrill Lynch ampldquoIndiaamprsquos businesscycle should improve over the next several quarters while improving construction should drive capex which is good forequitiesamprdquo
Some market experts are divided over the near-term outlook as indices have begun to look expensive at current valuations Plusthere is no immediate trigger for upgrade
ampldquoValuations of the Indian market are quite high and would require the support of strong earnings growth Any disappointmenton earnings will make valuations look even more expensive which the market may not likeamprdquo said Sanjeev Prasad senior EDand co-head of Kotak Institutional Equities
ampldquoGlobal and domestic interest rate cycles are no longer supportive with likely increase in developed markets bondyieldsamprdquo
ampldquoWhile markets are expecting a rate hike this meeting what will be of more interest is the commentaryamprdquo said DipenShah senior V-P PCG research Kotak Securities ampldquoIf it is hawkish it may have an impact on fund flows to emerging marketsbut India may be relatively less impacted because of the continuing domestic flowsamprdquo
ampldquoNotwithstanding the election results we believe the risk-reward is not favourable currently and advise investors to sell intothis rally We expect Nifty EPS to rise 15-16 in FY18 and see no trigger for an earnings upgrade at this junctureamprdquo ReligareInstitutional Research said in a notehttpeconomictimesindiatimescommarketsstocksnewsnifty-hits-all-time-high-of-9122-75-sensex-surges-616-points-after-big-bjp-winarticleshow57639036cms
Top
WPI inflation up 655 for February 2017 The Economic Times
New Delhi The annual rate of inflation based on monthly Wholesale Price Index (WPI) stood at 655 percent (provisional) for themonth of February 2017 (over February 2016) as compared to 525 percent (provisional) for the previous month and -085 percentduring the corresponding month of the previous year
The official Wholesale Price Index for amplsquoAll Commoditiesamprsquo for the month of February 2017 rose by 05 percent to 1855(provisional) from 1846 (provisional) for the previous month
The index for primary articles rose by 09 percent to 2581 (provisional) from 2557 (provisional) for the previous month
The inflation rate for Fuel and power group rose by 13 percent to 2038 (provisional) from 2012 (provisional) for the previousmonth due to higher price of coking coal (15 percent) aviation turbine fuel (3 percent) bitumen (2 percent) and kerosene highspeed diesel LPG and lignite (1 percent each) However the price of furnace oil (1 percent) declined
The index for the major group of manufactured products remained unchanged at its previous monthamprsquos level of 1588
(provisional) In this group the index for amplsquoRubber amp Plastic Productsamprsquo group rose by 02 percent to 1489 (provisional)from 1486 (provisional) for the previous month due to higher price of rubber products (1 percent)
The index for amplsquoTransport Equipment amp Partsamprsquo group rose by 05 percent to 1405 (provisional) from 1398 (provisional)for the previous month due to higher price of auto rickshaw tempo matador (4 percent) and auto parts (1 percent)
For the month of December 2016 the final Wholesale Price Index for amplsquoAll Commoditiesamprsquo stood at 1833 as comparedto 1828 (provisional) and annual rate of inflation based on final index stood at 368 percent as compared to 339 percent(provisional) respectively as reported on January 1 2017httpautoeconomictimesindiatimescomnewsindustrywpi-inflation-up-6-55-for-february-201757627665
Top
February CPI at 365 vs 317 in January highest since October 2016 PTISee this story in The Economic Times
New Delhi Retail inflation rose to 4-month high of 365 per cent in February mainly due to surge in price of food items like fruitssugar and confectionery
Measured in terms of Consumer Price Index (CPI) the inflation had dipped to a multi-year low of 317 per cent in January this yearon account of cash crunch following demonetisation It was 526 per cent in February last year
According to the CPI data released today by the Central Statistics Office (CSO) the consumer food prices index (CFPI) rose by201 per cent in February from 061 per cent in January The CFPI was 53 per cent in February 2016
Inflation in fruits was higher at 833 per cent fuel and light at 39 per cent in February The rate of price rise in meat and fish was 35per cent in February
Prices of sugar and confectionery items rose by 1883 per cent in February while inflation in milk and milk product increased by 422per cent
The rate of inflation in household goods and services was 409 per cent while this rate was in health segment was 4 per cent Thetransport and communication became expensive by 539 per cent
The personal care and effects segment rose by 515 per cent while the education became more expensive by 537 per cent inFebruary this year
The inflation rate was 438 per cent in clothing and footware segment while it was 49 per cent in housing segment
However the prices of vegetables and pulses declined by 829 per cent and 902 per cent respectively
Rural retail inflation was at 367 per cent in February compared with 336 per cent in the preceding month The CPI was also up inthe urban sector at 355 per cent in February from 29 per cent in January this yearhttpautoeconomictimesindiatimescomnewsindustryfebruary-cpi-at-3-65-vs-3-17-in-january-highest-since-october-201657633211
Top
Closing
Last Financial Closing
Sensex 2944263 (+49640)NSE 9087 (+15245)US$ spot Rs6582US$ Y1148000US$ 6 months RsYen Rs57Euro spot Rs70
Gold (10gm) Rs28333Silver (1kg) Rs4008300
Crude Oil (WTI) Crude Oil (Brent) $5172 (+037)
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Apollo Tyres 1 18610Asahi Ind 1 21655Amara Raja B 1 83230Ashok Leyland 1 9080Bajaj Auto 10 286670Bharat Forge 2 103550Denso 1 Eicher Motor 10 2396325Escorts 10 51945Exide Ind 1 21645Force Motors 10 427760Gabriel India 1 11460Hero Motocor 2 335745Hind Motors 5 950Hi-Tech Gear 10 29885Jay Bh Maruti 5 38190
Jamna Auto 5 20550JK Tyres amp Inds 10 1241 Kinetic Motors 10 Kinetic Engg 10 KOEL 2 37685Kirloskar Br 2 24135LML Ltd 10 1250LampT 2 155810Lumax Ind 10 131690Lumax Tech 10 43230MampM 5 132600Maruti Suzuki 5 613240Motherson SS 1 36290Minda Inds 2 44350MRF 10 5298390Omax Auto 10 7555Rico Auto 1 5720Sona Koyo St 1 8170
SRF 10 157155Tata Motors 2 46975 TVS Motors 1 43690
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Bhushan Steel 2 5430Hindalco 1 19040Hind Zinc 2 29140JSW Ispat S 10 Jind Steel 1 12490JSW Steel 1 18190Jindal Saw 2 7995National Aluminium 5 7310SAIL 10 6005Tata Steel 10 47255Visa Steel 10 2185
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Ambuja Cement 2 23370Binani Industries 10 7200Birla Corp 10 70360India Cement 10 16070Prism Cement 10 9375JK Cement 10 88470Shree Cement 10 1639835
Top
NURC MediaNext Pvt Ltd
DirectorSapna KulshresthaMobile 9810975257
Production-in-ChargeS K MandalPhone 011-22626650
Editing-in-ChargeGulab Singh YadavMobile 9999132357
Marketing-in-ChargeRashmi ThakurMobile 9958949710
Accounts-in-ChargeVimal ParasharMobile 9910631712
PLEASE NOTE
NURC Industry Updates contain editedtruncated text of Industry-specific news as it appears in various select dailies and websites These are NOT full stories unless otherwisespecifically mentioned The stories contained herein are informational only and no representation is made or warranty given as to their content reliability truthfulness orusefulness User assumes all risk of use It be clearly understood that NURC updates do not claim to and neither mean to replace the Print or the Internet editions of variousnewspapers whose articles are featured therein For the best and complete news reading NURC urges its readers to read the full text of the stories from the Newspaperswhose credits are given after the headline and visit the related website whose URL is given below the text matter of each news item
NURC News Update - AUTOMOBILES
News on Indian Auto Industry Copyright 1999 NURC MediaNext Pvt Ltd
This update purports to be a compilation of the top stories for the day in the leading Indian and International dailies websites and other information sources and NURCMediaNext Pvt Ltd cannot and does not vouch for their authenticity NURC MediaNext Pvt Ltd cannot be held responsible for any loss(es) arising out of or incidental to theuse of this News Update Reproduction or redistribution without express permission of NURC MediaNext Pvt Ltd is strictly prohibited and is a violation of the subscriptionagreement Such instances will result in immediate cancellation of subscription to the Service without any refund for the remaining period at the sole discretion of NURCMediaNext Pvt Ltd
This email is a solicited newsletter We sent you this email because youyour employer organisation signed up for our daily industry updates If you do not wishto receive these email updates in future please contact us at vimalpnurcmedianextcom to unsubscribe
Powered by Enablingbiz Esoluttions
business government farmers government and environmentalists against each other
Musk in an exchange of tweets with software billionaire Mike Cannon-Brookes chief executive of Atlassian Corp offered to fix theelectricity supply problems of South Australia state within 100 days of signing a contract
Musks plan is to install 100 megawatts (MW) of grid-connected battery storage which would be available to meet peak demandand would be charged with surplus electricity from other generating sources in periods of low demand
Its a bold offer and would most likely provide a quick fix to Australias fourth-largest state which suffered a blackout last Novemberand has been dealing with power shortages over the peak summer period
Businesses like BHP Billiton which operates the giant Olympic Dam copper mine in the state have been pushing for thegovernment and other stakeholders to ensure stable electricity supply saying the cost of blackouts runs into millions of dollars inlost output
Musk whose Tesla Corp is ramping up output of its battery storage packs at its Gigafactory in Nevada held talks with AustralianPrime Minister Malcolm Turnbull at the weekend as well as with South Australian Premier Jay Weatherill
The politicians will no doubt be tempted to Musks offer to install batteries especially since the electric car pioneer said if he didntmeet his 100 day deadline he wouldnt charge anything
But while Musks offer if taken up would provide a quick fix it would not do enough to mend the underlying problems at the heart ofAustralias electricity woes
Its worth looking at how Australia got itself to the point where virtually all players can agree that the nation is facing somethingapproaching an energy crisis
After all the country is not short of fossil fuels such as coal and natural gas and its climate and low population density outside themajor cities are ideal for renewables such as solar and wind power
The country is heavily reliant on an ageing fleet of coal-fired power stations which makes Australia one of the highest polluters percapita
These coal power stations are starting to close down with one shutting in South Australia last year and another planned to close inVictoria state at the end of this month
The problem is that the coal-fired power stations role as providers of base load electricity cannot be taken over by wind and solarand the role is falling to natural gas
But natural gas is also the most expensive method of generating electricity in Australia so utilities are reluctant to run their gas-firedplants until prices are high enough to justify the cost
South Australia has a gas-fired plant that was mothballed until last years power supply crisis but even with the higher prices forelectricity the operator is struggling to make the plant profitable
The state moved on Tuesday to try and address its energy security issues announcing it would build a 250 MW gas-fired plant andhelp the private sector build a 100 MW battery at a total cost of A$510 million ($385 million)
Gas Supply ConstraintsNatural gas supply is becoming a problem in Australia which may seem ironic given the country is on the verge of becoming theworlds largest exporter of liquefied natural gas (LNG) as the last of eight new plants come closer to completion
In fact the new LNG plants are copping some of the blame for the tightening natural gas market especially the three in easternQueensland state based on using coal-seam gas as the feedstock
These are being blamed for sucking domestic natural gas out of the market and into the export LNG industry
What hasnt helped is that some of Australias state and territory governments are also pursuing policies that will restrict futurenatural gas supplies
Victoria state has banned hydraulic fracturing or fracking as well as shale and coal-seam gas exploration while the NorthernTerritory New South Wales and Tasmania have various moratoriums on fracking
This leaves Western Australia Queensland and South Australia as the remaining states where onshore natural gas supplies can bedeveloped and they are now in the cross-hairs of the environmental lobby which is opposed to any and all new natural gas wells
Politicians across the traditional Labor-Liberal divide are increasingly giving in to demands to restrict natural gas exploration whilepretending that this wont have a negative impact on energy security and electricity prices
But the costs are starting to become apparent with spot electricity prices surging over the Australian summer and natural gassuppliers warning that they will be unable to meet the needs of industrial customers without action being taken
Its often the case politicians only take action when the point of crisis is reached and this appears to be the case in Australia
Whats needed is a holistic approach to energy supply as Australia transitions away from coal-fired power
This means ensuring enough natural gas is available to provide base load generation while scaling up renewables such as solar
wind pumped hydro and battery storage
Forging enough common ground with the various stakeholders will be the main obstacle but more than anything else Australia isshowing how difficult it is to end the age of coalhttpautoeconomictimesindiatimescomnewsindustryelon-musks-bold-offer-of-tesla-batteries-wont-solve-australias-power-problems57630514
Top
Innogy in talks with car consortium over charging stations CEO ReutersSee this story in The Economic Times
Essen Germany Innogy is in intense talks with a group of carmakers Chief Executive Peter Terium told journalists on Mondayhoping to be selected as a supplier of super-fast charging stations for electric vehicles across Europe
Its not a done deal yet Terium said pointing to strong competition from rival vendors
BMW Volkswagen Ford and Daimler plan to build about 400 next-generation charging stations in Europe that can reload anelectric car in minutes instead of hours
Sources told Reuters in January that Innogy was in talks with the consortiumhttpautoeconomictimesindiatimescomnewsindustryinnogy-in-talks-with-car-consortium-over-charging-stations-ceo57624184
Top
China may roll back electric vehicle quotas as industry pushes back ReutersSee this story in The Economic Times
Beijing China is considering easing proposed quotas aimed at producing more electric vehicles as Beijing gets pushback from theautomotive industry over the scale and pace of the plans
If adopted proposed changes under discussion could see a target of new energy vehicles (NEV) making up 8 percent of sales nextyear pushed to 2019 two auto executives said
The changes would lower targets from a draft policy released in September requiring 8 percent of automakers sales to be batteryelectric or plug-in hybrid vehicles by 2018 rising to 10 percent in 2019 and 12 percent in 2020
Any loosening of NEV targets would mark a pull back by Beijing which has faced opposition to the planned targets as it looks todrive its domestic carmakers to overtake global rivals in the green vehicle sector
Automakers and industry bodies have said the targets are too tough and could hurt manufacturers interests New energy vehicleslast year accounted for just 18 percent of sales in the worlds biggest autos market according to Reuters calculations based onofficial data
Its normal to make revisions as its a draft plan An Jin chairman of Anhui Jianghuai Automobile Group (JAC Motor) said on thesidelines of the National Peoples Congress in Beijing
He said he was aware of talks to revise the quota targets but said nothing was set in stone JAC hasnt been told what revisionsmight be made to the draft but I think it is possible the draft will be changed after the discussions he said
Whether the whole market can hit this quota by 2018 depends a lot on the strength of government policy If its strong then weshould be able to surpass the targets An said (But) if you consider Chinas infrastructure and the transformation of Chinas autosector then perhaps the pace will have to slow
Two Percent CutTwo executives familiar with the plans told Reuters the government was considering options for lowering the requirements
One idea was to reduce the quota requirement by 2 percent each year cutting the 2018 requirement to 6 percent said aChina-based government relations official at a major global automaker It would then be 8 percent in 2019 and 10 percent in 2020
Another option would be to push back each target by a year with the 8 percent quota starting from 2019 an executive at aJapanese car maker said
Both asked not to be named due to the sensitivity of the matter and because the draft was still under consideration
The overall policy includes quotas for plug-in cars targets for average fuel economy requirements and a credit trading system topromote green energy cars while penalizing petrol cars
The two people said the quota stand-off was tied to a disagreement between the Ministry of Industry and Information Technology(MIIT) and Chinas top state planner the National Development and Reform Commission (NDRC)
MIIT which regulates manufacturers supports a more flexible credit trading system favoured by automakers The NDRC is more
aggressive in promoting a transition to electric vehicles pushing the introduction of the stricter quotas
An NDRC spokesman said the body played a small role when the draft was open to public for discussion MIIT did not immediatelyrespond to Reuters requests for comment
China has strongly supported and subsidized electric vehicles but is gradually swapping out incentives for hard targets automakersmust meet The central government cut subsidies 20 percent this year a first reduction towards eliminating them by 2020httpautoeconomictimesindiatimescomnewspolicychina-may-roll-back-electric-vehicle-quotas-as-industry-pushes-back57623608
Top
Russias standards agency says Volkswagen recalls 43151 Skoda cars ReutersSee this story in The Economic Times
Moscow Russias standards agency said on Monday that Volkswagens Russian operation had informed it about the voluntaryrecall of 43151 Skoda cars due to a possible technical fault
The recall affects Skoda Octavia Superb Fabia Yeti and Rapid cars sold in Russia between 2012 and 2016 the watchdog saidhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsrussias-standards-agency-says-volkswagen-recalls-43151-skoda-cars57624140
Top
Economy
Rupee hits 1-12 yr high surges 78 paise on BJP sweep PTISee this story in The Economic Times
Mumbai The rupee surged by a massive 78 paise to end at a nearly one-and-a-half year high of 6582 against the US dollar onfrantic unwinding of the American currency following BJPs emphatic victory in Uttar Pradesh
Forex market sentiment soared on hopes that BJPs stellar show in state polls would pave the way for the Modi government to focuson key reform measures
The home currency resumed on a strong footing at 6620 from last Fridays closing value of 6660 at the Interbank ForeignExchange (forex) market on heavy dollar unwinding from speculative traders and exporters tracking weekend developments
Maintaining its bullish momentum against the dollar the rupee hit a fresh intra-day high of 6576 in late afternoon deals beforeending at 6582 showing a solid gain of 78 paise or 117 per cent
This is the highest closing of the rupee since November 6 2015 when it had ended at 6576
Meanwhile the RBI fixed the reference rate for the dollar at 661800 and for the euro at 704354
Financial markets too took comfort from BJPs landslide victory with the broader Nifty climbing 15245 points to a new closing peakof 9087 and the Sensex rallying 49640 points to end at 2944263
The much-anticipated turnaround on the economic front has opened up a barrage of foreign capital fund flows into India
Foreign investors pumped in over Rs 10000 crore in the Indian capital markets this month so far
It also got an added fillip from bullish macro data which showed that the countrys industrial production bounced back in Januaryexpanding by 27 per cent year-on-year
Factory output measured in terms of Index of Industrial Production (IIP) had contracted by 01 per cent in December
However inflation based on wholesale prices shot up to a 39-month high of 655 per cent in February against 525 per cent inJanuary according to official data
On the global front the dollar traded firmly higher against its major counterparts ahead of the two-day Fed meet when it could liftrates for the third time since the financial crisishttpautoeconomictimesindiatimescomnewsindustryrupee-hits-1-12-yr-high-surges-78-paise-on-bjp-sweep57635104
Top
Nifty hits all time high of 912275 Sensex surges 616 points after big BJP win The Economic Times
Mumbai The Nifty jumped to life highs on Tuesday after the BJPamprsquos thumping win in the crucial state of Uttar Pradeshrekindled hopes of a bigger-than-expected push for reforms by the Narendra Modi government
The Nifty up 11 so far this year crossed its previous life high of 9119 to hit 912275 before ending the day 171 or 15245points higher at 9087 This is the indexamprsquos biggest single-day gain in points since February 1 and caps a strong reboundsince the December 26 low of 7893 on demonetisation worries
The Sensex surged by 616 points or 212 intra-day before ending the day at 2944263 up 49640 points This is its biggest gainsince May 25 last year The index is the best performer among all developed and emerging market indices in local currency terms inthe past three months
The rupee surged 79 paise to a 16-month high of 6582 to the dollar as exporters sold more dollars and foreign investors boughtlocal shares BSE data showed that foreign investors bought local shares worth Rs 4089 crore their biggest single-day purchasesince February 17 when they purchased Rs 8059 crore
FPIs have bought shares worthRs 23132 crore since January this year against net sales of Rs 9800 crore in the same period lastyear The BSE Midcap and Smallcap indices gained 144 each
ampldquoOne must be ready for a correction after a rally but I am optimistic about the medium to longterm prospectsamprdquo saidMotilal Oswal chairman Motilal Oswal Financial Services Ltd ampldquoFundamentally valuations are comfortable at this point intime because of good corporate earnings growth In the short term markets may remain volatileamprdquo
BJP romped to victory in UP on Saturday winning 312 out of the 403 seats Its allies won 13 more taking the NDA tally to 325 Thisis the biggest win recorded by any party in the state since 1977 and has raised prospects of the BJP doing well in other electionsthis year and next Many political pundits also believe that the victory has improved Prime Minister Narendra Modiamprsquos chancesof retaining power in the 2019 general election
Barring the metals index all other sectoral indices on the NSE ended with gains on Tuesday About 55 stocks including TitanJubilant Life Sciences Kotak Mahindra Bank IndusInd Bank YES Bank and Indiabulls Housing Finance among others hit life highswhile 92 stocks were locked in upper circuit with no sellers
ampldquoWith the sharp rally the market which is currently susceptible to global risk is trading at above average multiples and westay cautious near termamprdquo said Sanjay Mookim India Equity Strategist BofA Merrill Lynch ampldquoIndiaamprsquos businesscycle should improve over the next several quarters while improving construction should drive capex which is good forequitiesamprdquo
Some market experts are divided over the near-term outlook as indices have begun to look expensive at current valuations Plusthere is no immediate trigger for upgrade
ampldquoValuations of the Indian market are quite high and would require the support of strong earnings growth Any disappointmenton earnings will make valuations look even more expensive which the market may not likeamprdquo said Sanjeev Prasad senior EDand co-head of Kotak Institutional Equities
ampldquoGlobal and domestic interest rate cycles are no longer supportive with likely increase in developed markets bondyieldsamprdquo
ampldquoWhile markets are expecting a rate hike this meeting what will be of more interest is the commentaryamprdquo said DipenShah senior V-P PCG research Kotak Securities ampldquoIf it is hawkish it may have an impact on fund flows to emerging marketsbut India may be relatively less impacted because of the continuing domestic flowsamprdquo
ampldquoNotwithstanding the election results we believe the risk-reward is not favourable currently and advise investors to sell intothis rally We expect Nifty EPS to rise 15-16 in FY18 and see no trigger for an earnings upgrade at this junctureamprdquo ReligareInstitutional Research said in a notehttpeconomictimesindiatimescommarketsstocksnewsnifty-hits-all-time-high-of-9122-75-sensex-surges-616-points-after-big-bjp-winarticleshow57639036cms
Top
WPI inflation up 655 for February 2017 The Economic Times
New Delhi The annual rate of inflation based on monthly Wholesale Price Index (WPI) stood at 655 percent (provisional) for themonth of February 2017 (over February 2016) as compared to 525 percent (provisional) for the previous month and -085 percentduring the corresponding month of the previous year
The official Wholesale Price Index for amplsquoAll Commoditiesamprsquo for the month of February 2017 rose by 05 percent to 1855(provisional) from 1846 (provisional) for the previous month
The index for primary articles rose by 09 percent to 2581 (provisional) from 2557 (provisional) for the previous month
The inflation rate for Fuel and power group rose by 13 percent to 2038 (provisional) from 2012 (provisional) for the previousmonth due to higher price of coking coal (15 percent) aviation turbine fuel (3 percent) bitumen (2 percent) and kerosene highspeed diesel LPG and lignite (1 percent each) However the price of furnace oil (1 percent) declined
The index for the major group of manufactured products remained unchanged at its previous monthamprsquos level of 1588
(provisional) In this group the index for amplsquoRubber amp Plastic Productsamprsquo group rose by 02 percent to 1489 (provisional)from 1486 (provisional) for the previous month due to higher price of rubber products (1 percent)
The index for amplsquoTransport Equipment amp Partsamprsquo group rose by 05 percent to 1405 (provisional) from 1398 (provisional)for the previous month due to higher price of auto rickshaw tempo matador (4 percent) and auto parts (1 percent)
For the month of December 2016 the final Wholesale Price Index for amplsquoAll Commoditiesamprsquo stood at 1833 as comparedto 1828 (provisional) and annual rate of inflation based on final index stood at 368 percent as compared to 339 percent(provisional) respectively as reported on January 1 2017httpautoeconomictimesindiatimescomnewsindustrywpi-inflation-up-6-55-for-february-201757627665
Top
February CPI at 365 vs 317 in January highest since October 2016 PTISee this story in The Economic Times
New Delhi Retail inflation rose to 4-month high of 365 per cent in February mainly due to surge in price of food items like fruitssugar and confectionery
Measured in terms of Consumer Price Index (CPI) the inflation had dipped to a multi-year low of 317 per cent in January this yearon account of cash crunch following demonetisation It was 526 per cent in February last year
According to the CPI data released today by the Central Statistics Office (CSO) the consumer food prices index (CFPI) rose by201 per cent in February from 061 per cent in January The CFPI was 53 per cent in February 2016
Inflation in fruits was higher at 833 per cent fuel and light at 39 per cent in February The rate of price rise in meat and fish was 35per cent in February
Prices of sugar and confectionery items rose by 1883 per cent in February while inflation in milk and milk product increased by 422per cent
The rate of inflation in household goods and services was 409 per cent while this rate was in health segment was 4 per cent Thetransport and communication became expensive by 539 per cent
The personal care and effects segment rose by 515 per cent while the education became more expensive by 537 per cent inFebruary this year
The inflation rate was 438 per cent in clothing and footware segment while it was 49 per cent in housing segment
However the prices of vegetables and pulses declined by 829 per cent and 902 per cent respectively
Rural retail inflation was at 367 per cent in February compared with 336 per cent in the preceding month The CPI was also up inthe urban sector at 355 per cent in February from 29 per cent in January this yearhttpautoeconomictimesindiatimescomnewsindustryfebruary-cpi-at-3-65-vs-3-17-in-january-highest-since-october-201657633211
Top
Closing
Last Financial Closing
Sensex 2944263 (+49640)NSE 9087 (+15245)US$ spot Rs6582US$ Y1148000US$ 6 months RsYen Rs57Euro spot Rs70
Gold (10gm) Rs28333Silver (1kg) Rs4008300
Crude Oil (WTI) Crude Oil (Brent) $5172 (+037)
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Apollo Tyres 1 18610Asahi Ind 1 21655Amara Raja B 1 83230Ashok Leyland 1 9080Bajaj Auto 10 286670Bharat Forge 2 103550Denso 1 Eicher Motor 10 2396325Escorts 10 51945Exide Ind 1 21645Force Motors 10 427760Gabriel India 1 11460Hero Motocor 2 335745Hind Motors 5 950Hi-Tech Gear 10 29885Jay Bh Maruti 5 38190
Jamna Auto 5 20550JK Tyres amp Inds 10 1241 Kinetic Motors 10 Kinetic Engg 10 KOEL 2 37685Kirloskar Br 2 24135LML Ltd 10 1250LampT 2 155810Lumax Ind 10 131690Lumax Tech 10 43230MampM 5 132600Maruti Suzuki 5 613240Motherson SS 1 36290Minda Inds 2 44350MRF 10 5298390Omax Auto 10 7555Rico Auto 1 5720Sona Koyo St 1 8170
SRF 10 157155Tata Motors 2 46975 TVS Motors 1 43690
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Bhushan Steel 2 5430Hindalco 1 19040Hind Zinc 2 29140JSW Ispat S 10 Jind Steel 1 12490JSW Steel 1 18190Jindal Saw 2 7995National Aluminium 5 7310SAIL 10 6005Tata Steel 10 47255Visa Steel 10 2185
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Ambuja Cement 2 23370Binani Industries 10 7200Birla Corp 10 70360India Cement 10 16070Prism Cement 10 9375JK Cement 10 88470Shree Cement 10 1639835
Top
NURC MediaNext Pvt Ltd
DirectorSapna KulshresthaMobile 9810975257
Production-in-ChargeS K MandalPhone 011-22626650
Editing-in-ChargeGulab Singh YadavMobile 9999132357
Marketing-in-ChargeRashmi ThakurMobile 9958949710
Accounts-in-ChargeVimal ParasharMobile 9910631712
PLEASE NOTE
NURC Industry Updates contain editedtruncated text of Industry-specific news as it appears in various select dailies and websites These are NOT full stories unless otherwisespecifically mentioned The stories contained herein are informational only and no representation is made or warranty given as to their content reliability truthfulness orusefulness User assumes all risk of use It be clearly understood that NURC updates do not claim to and neither mean to replace the Print or the Internet editions of variousnewspapers whose articles are featured therein For the best and complete news reading NURC urges its readers to read the full text of the stories from the Newspaperswhose credits are given after the headline and visit the related website whose URL is given below the text matter of each news item
NURC News Update - AUTOMOBILES
News on Indian Auto Industry Copyright 1999 NURC MediaNext Pvt Ltd
This update purports to be a compilation of the top stories for the day in the leading Indian and International dailies websites and other information sources and NURCMediaNext Pvt Ltd cannot and does not vouch for their authenticity NURC MediaNext Pvt Ltd cannot be held responsible for any loss(es) arising out of or incidental to theuse of this News Update Reproduction or redistribution without express permission of NURC MediaNext Pvt Ltd is strictly prohibited and is a violation of the subscriptionagreement Such instances will result in immediate cancellation of subscription to the Service without any refund for the remaining period at the sole discretion of NURCMediaNext Pvt Ltd
This email is a solicited newsletter We sent you this email because youyour employer organisation signed up for our daily industry updates If you do not wishto receive these email updates in future please contact us at vimalpnurcmedianextcom to unsubscribe
Powered by Enablingbiz Esoluttions
wind pumped hydro and battery storage
Forging enough common ground with the various stakeholders will be the main obstacle but more than anything else Australia isshowing how difficult it is to end the age of coalhttpautoeconomictimesindiatimescomnewsindustryelon-musks-bold-offer-of-tesla-batteries-wont-solve-australias-power-problems57630514
Top
Innogy in talks with car consortium over charging stations CEO ReutersSee this story in The Economic Times
Essen Germany Innogy is in intense talks with a group of carmakers Chief Executive Peter Terium told journalists on Mondayhoping to be selected as a supplier of super-fast charging stations for electric vehicles across Europe
Its not a done deal yet Terium said pointing to strong competition from rival vendors
BMW Volkswagen Ford and Daimler plan to build about 400 next-generation charging stations in Europe that can reload anelectric car in minutes instead of hours
Sources told Reuters in January that Innogy was in talks with the consortiumhttpautoeconomictimesindiatimescomnewsindustryinnogy-in-talks-with-car-consortium-over-charging-stations-ceo57624184
Top
China may roll back electric vehicle quotas as industry pushes back ReutersSee this story in The Economic Times
Beijing China is considering easing proposed quotas aimed at producing more electric vehicles as Beijing gets pushback from theautomotive industry over the scale and pace of the plans
If adopted proposed changes under discussion could see a target of new energy vehicles (NEV) making up 8 percent of sales nextyear pushed to 2019 two auto executives said
The changes would lower targets from a draft policy released in September requiring 8 percent of automakers sales to be batteryelectric or plug-in hybrid vehicles by 2018 rising to 10 percent in 2019 and 12 percent in 2020
Any loosening of NEV targets would mark a pull back by Beijing which has faced opposition to the planned targets as it looks todrive its domestic carmakers to overtake global rivals in the green vehicle sector
Automakers and industry bodies have said the targets are too tough and could hurt manufacturers interests New energy vehicleslast year accounted for just 18 percent of sales in the worlds biggest autos market according to Reuters calculations based onofficial data
Its normal to make revisions as its a draft plan An Jin chairman of Anhui Jianghuai Automobile Group (JAC Motor) said on thesidelines of the National Peoples Congress in Beijing
He said he was aware of talks to revise the quota targets but said nothing was set in stone JAC hasnt been told what revisionsmight be made to the draft but I think it is possible the draft will be changed after the discussions he said
Whether the whole market can hit this quota by 2018 depends a lot on the strength of government policy If its strong then weshould be able to surpass the targets An said (But) if you consider Chinas infrastructure and the transformation of Chinas autosector then perhaps the pace will have to slow
Two Percent CutTwo executives familiar with the plans told Reuters the government was considering options for lowering the requirements
One idea was to reduce the quota requirement by 2 percent each year cutting the 2018 requirement to 6 percent said aChina-based government relations official at a major global automaker It would then be 8 percent in 2019 and 10 percent in 2020
Another option would be to push back each target by a year with the 8 percent quota starting from 2019 an executive at aJapanese car maker said
Both asked not to be named due to the sensitivity of the matter and because the draft was still under consideration
The overall policy includes quotas for plug-in cars targets for average fuel economy requirements and a credit trading system topromote green energy cars while penalizing petrol cars
The two people said the quota stand-off was tied to a disagreement between the Ministry of Industry and Information Technology(MIIT) and Chinas top state planner the National Development and Reform Commission (NDRC)
MIIT which regulates manufacturers supports a more flexible credit trading system favoured by automakers The NDRC is more
aggressive in promoting a transition to electric vehicles pushing the introduction of the stricter quotas
An NDRC spokesman said the body played a small role when the draft was open to public for discussion MIIT did not immediatelyrespond to Reuters requests for comment
China has strongly supported and subsidized electric vehicles but is gradually swapping out incentives for hard targets automakersmust meet The central government cut subsidies 20 percent this year a first reduction towards eliminating them by 2020httpautoeconomictimesindiatimescomnewspolicychina-may-roll-back-electric-vehicle-quotas-as-industry-pushes-back57623608
Top
Russias standards agency says Volkswagen recalls 43151 Skoda cars ReutersSee this story in The Economic Times
Moscow Russias standards agency said on Monday that Volkswagens Russian operation had informed it about the voluntaryrecall of 43151 Skoda cars due to a possible technical fault
The recall affects Skoda Octavia Superb Fabia Yeti and Rapid cars sold in Russia between 2012 and 2016 the watchdog saidhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsrussias-standards-agency-says-volkswagen-recalls-43151-skoda-cars57624140
Top
Economy
Rupee hits 1-12 yr high surges 78 paise on BJP sweep PTISee this story in The Economic Times
Mumbai The rupee surged by a massive 78 paise to end at a nearly one-and-a-half year high of 6582 against the US dollar onfrantic unwinding of the American currency following BJPs emphatic victory in Uttar Pradesh
Forex market sentiment soared on hopes that BJPs stellar show in state polls would pave the way for the Modi government to focuson key reform measures
The home currency resumed on a strong footing at 6620 from last Fridays closing value of 6660 at the Interbank ForeignExchange (forex) market on heavy dollar unwinding from speculative traders and exporters tracking weekend developments
Maintaining its bullish momentum against the dollar the rupee hit a fresh intra-day high of 6576 in late afternoon deals beforeending at 6582 showing a solid gain of 78 paise or 117 per cent
This is the highest closing of the rupee since November 6 2015 when it had ended at 6576
Meanwhile the RBI fixed the reference rate for the dollar at 661800 and for the euro at 704354
Financial markets too took comfort from BJPs landslide victory with the broader Nifty climbing 15245 points to a new closing peakof 9087 and the Sensex rallying 49640 points to end at 2944263
The much-anticipated turnaround on the economic front has opened up a barrage of foreign capital fund flows into India
Foreign investors pumped in over Rs 10000 crore in the Indian capital markets this month so far
It also got an added fillip from bullish macro data which showed that the countrys industrial production bounced back in Januaryexpanding by 27 per cent year-on-year
Factory output measured in terms of Index of Industrial Production (IIP) had contracted by 01 per cent in December
However inflation based on wholesale prices shot up to a 39-month high of 655 per cent in February against 525 per cent inJanuary according to official data
On the global front the dollar traded firmly higher against its major counterparts ahead of the two-day Fed meet when it could liftrates for the third time since the financial crisishttpautoeconomictimesindiatimescomnewsindustryrupee-hits-1-12-yr-high-surges-78-paise-on-bjp-sweep57635104
Top
Nifty hits all time high of 912275 Sensex surges 616 points after big BJP win The Economic Times
Mumbai The Nifty jumped to life highs on Tuesday after the BJPamprsquos thumping win in the crucial state of Uttar Pradeshrekindled hopes of a bigger-than-expected push for reforms by the Narendra Modi government
The Nifty up 11 so far this year crossed its previous life high of 9119 to hit 912275 before ending the day 171 or 15245points higher at 9087 This is the indexamprsquos biggest single-day gain in points since February 1 and caps a strong reboundsince the December 26 low of 7893 on demonetisation worries
The Sensex surged by 616 points or 212 intra-day before ending the day at 2944263 up 49640 points This is its biggest gainsince May 25 last year The index is the best performer among all developed and emerging market indices in local currency terms inthe past three months
The rupee surged 79 paise to a 16-month high of 6582 to the dollar as exporters sold more dollars and foreign investors boughtlocal shares BSE data showed that foreign investors bought local shares worth Rs 4089 crore their biggest single-day purchasesince February 17 when they purchased Rs 8059 crore
FPIs have bought shares worthRs 23132 crore since January this year against net sales of Rs 9800 crore in the same period lastyear The BSE Midcap and Smallcap indices gained 144 each
ampldquoOne must be ready for a correction after a rally but I am optimistic about the medium to longterm prospectsamprdquo saidMotilal Oswal chairman Motilal Oswal Financial Services Ltd ampldquoFundamentally valuations are comfortable at this point intime because of good corporate earnings growth In the short term markets may remain volatileamprdquo
BJP romped to victory in UP on Saturday winning 312 out of the 403 seats Its allies won 13 more taking the NDA tally to 325 Thisis the biggest win recorded by any party in the state since 1977 and has raised prospects of the BJP doing well in other electionsthis year and next Many political pundits also believe that the victory has improved Prime Minister Narendra Modiamprsquos chancesof retaining power in the 2019 general election
Barring the metals index all other sectoral indices on the NSE ended with gains on Tuesday About 55 stocks including TitanJubilant Life Sciences Kotak Mahindra Bank IndusInd Bank YES Bank and Indiabulls Housing Finance among others hit life highswhile 92 stocks were locked in upper circuit with no sellers
ampldquoWith the sharp rally the market which is currently susceptible to global risk is trading at above average multiples and westay cautious near termamprdquo said Sanjay Mookim India Equity Strategist BofA Merrill Lynch ampldquoIndiaamprsquos businesscycle should improve over the next several quarters while improving construction should drive capex which is good forequitiesamprdquo
Some market experts are divided over the near-term outlook as indices have begun to look expensive at current valuations Plusthere is no immediate trigger for upgrade
ampldquoValuations of the Indian market are quite high and would require the support of strong earnings growth Any disappointmenton earnings will make valuations look even more expensive which the market may not likeamprdquo said Sanjeev Prasad senior EDand co-head of Kotak Institutional Equities
ampldquoGlobal and domestic interest rate cycles are no longer supportive with likely increase in developed markets bondyieldsamprdquo
ampldquoWhile markets are expecting a rate hike this meeting what will be of more interest is the commentaryamprdquo said DipenShah senior V-P PCG research Kotak Securities ampldquoIf it is hawkish it may have an impact on fund flows to emerging marketsbut India may be relatively less impacted because of the continuing domestic flowsamprdquo
ampldquoNotwithstanding the election results we believe the risk-reward is not favourable currently and advise investors to sell intothis rally We expect Nifty EPS to rise 15-16 in FY18 and see no trigger for an earnings upgrade at this junctureamprdquo ReligareInstitutional Research said in a notehttpeconomictimesindiatimescommarketsstocksnewsnifty-hits-all-time-high-of-9122-75-sensex-surges-616-points-after-big-bjp-winarticleshow57639036cms
Top
WPI inflation up 655 for February 2017 The Economic Times
New Delhi The annual rate of inflation based on monthly Wholesale Price Index (WPI) stood at 655 percent (provisional) for themonth of February 2017 (over February 2016) as compared to 525 percent (provisional) for the previous month and -085 percentduring the corresponding month of the previous year
The official Wholesale Price Index for amplsquoAll Commoditiesamprsquo for the month of February 2017 rose by 05 percent to 1855(provisional) from 1846 (provisional) for the previous month
The index for primary articles rose by 09 percent to 2581 (provisional) from 2557 (provisional) for the previous month
The inflation rate for Fuel and power group rose by 13 percent to 2038 (provisional) from 2012 (provisional) for the previousmonth due to higher price of coking coal (15 percent) aviation turbine fuel (3 percent) bitumen (2 percent) and kerosene highspeed diesel LPG and lignite (1 percent each) However the price of furnace oil (1 percent) declined
The index for the major group of manufactured products remained unchanged at its previous monthamprsquos level of 1588
(provisional) In this group the index for amplsquoRubber amp Plastic Productsamprsquo group rose by 02 percent to 1489 (provisional)from 1486 (provisional) for the previous month due to higher price of rubber products (1 percent)
The index for amplsquoTransport Equipment amp Partsamprsquo group rose by 05 percent to 1405 (provisional) from 1398 (provisional)for the previous month due to higher price of auto rickshaw tempo matador (4 percent) and auto parts (1 percent)
For the month of December 2016 the final Wholesale Price Index for amplsquoAll Commoditiesamprsquo stood at 1833 as comparedto 1828 (provisional) and annual rate of inflation based on final index stood at 368 percent as compared to 339 percent(provisional) respectively as reported on January 1 2017httpautoeconomictimesindiatimescomnewsindustrywpi-inflation-up-6-55-for-february-201757627665
Top
February CPI at 365 vs 317 in January highest since October 2016 PTISee this story in The Economic Times
New Delhi Retail inflation rose to 4-month high of 365 per cent in February mainly due to surge in price of food items like fruitssugar and confectionery
Measured in terms of Consumer Price Index (CPI) the inflation had dipped to a multi-year low of 317 per cent in January this yearon account of cash crunch following demonetisation It was 526 per cent in February last year
According to the CPI data released today by the Central Statistics Office (CSO) the consumer food prices index (CFPI) rose by201 per cent in February from 061 per cent in January The CFPI was 53 per cent in February 2016
Inflation in fruits was higher at 833 per cent fuel and light at 39 per cent in February The rate of price rise in meat and fish was 35per cent in February
Prices of sugar and confectionery items rose by 1883 per cent in February while inflation in milk and milk product increased by 422per cent
The rate of inflation in household goods and services was 409 per cent while this rate was in health segment was 4 per cent Thetransport and communication became expensive by 539 per cent
The personal care and effects segment rose by 515 per cent while the education became more expensive by 537 per cent inFebruary this year
The inflation rate was 438 per cent in clothing and footware segment while it was 49 per cent in housing segment
However the prices of vegetables and pulses declined by 829 per cent and 902 per cent respectively
Rural retail inflation was at 367 per cent in February compared with 336 per cent in the preceding month The CPI was also up inthe urban sector at 355 per cent in February from 29 per cent in January this yearhttpautoeconomictimesindiatimescomnewsindustryfebruary-cpi-at-3-65-vs-3-17-in-january-highest-since-october-201657633211
Top
Closing
Last Financial Closing
Sensex 2944263 (+49640)NSE 9087 (+15245)US$ spot Rs6582US$ Y1148000US$ 6 months RsYen Rs57Euro spot Rs70
Gold (10gm) Rs28333Silver (1kg) Rs4008300
Crude Oil (WTI) Crude Oil (Brent) $5172 (+037)
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Apollo Tyres 1 18610Asahi Ind 1 21655Amara Raja B 1 83230Ashok Leyland 1 9080Bajaj Auto 10 286670Bharat Forge 2 103550Denso 1 Eicher Motor 10 2396325Escorts 10 51945Exide Ind 1 21645Force Motors 10 427760Gabriel India 1 11460Hero Motocor 2 335745Hind Motors 5 950Hi-Tech Gear 10 29885Jay Bh Maruti 5 38190
Jamna Auto 5 20550JK Tyres amp Inds 10 1241 Kinetic Motors 10 Kinetic Engg 10 KOEL 2 37685Kirloskar Br 2 24135LML Ltd 10 1250LampT 2 155810Lumax Ind 10 131690Lumax Tech 10 43230MampM 5 132600Maruti Suzuki 5 613240Motherson SS 1 36290Minda Inds 2 44350MRF 10 5298390Omax Auto 10 7555Rico Auto 1 5720Sona Koyo St 1 8170
SRF 10 157155Tata Motors 2 46975 TVS Motors 1 43690
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Bhushan Steel 2 5430Hindalco 1 19040Hind Zinc 2 29140JSW Ispat S 10 Jind Steel 1 12490JSW Steel 1 18190Jindal Saw 2 7995National Aluminium 5 7310SAIL 10 6005Tata Steel 10 47255Visa Steel 10 2185
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Ambuja Cement 2 23370Binani Industries 10 7200Birla Corp 10 70360India Cement 10 16070Prism Cement 10 9375JK Cement 10 88470Shree Cement 10 1639835
Top
NURC MediaNext Pvt Ltd
DirectorSapna KulshresthaMobile 9810975257
Production-in-ChargeS K MandalPhone 011-22626650
Editing-in-ChargeGulab Singh YadavMobile 9999132357
Marketing-in-ChargeRashmi ThakurMobile 9958949710
Accounts-in-ChargeVimal ParasharMobile 9910631712
PLEASE NOTE
NURC Industry Updates contain editedtruncated text of Industry-specific news as it appears in various select dailies and websites These are NOT full stories unless otherwisespecifically mentioned The stories contained herein are informational only and no representation is made or warranty given as to their content reliability truthfulness orusefulness User assumes all risk of use It be clearly understood that NURC updates do not claim to and neither mean to replace the Print or the Internet editions of variousnewspapers whose articles are featured therein For the best and complete news reading NURC urges its readers to read the full text of the stories from the Newspaperswhose credits are given after the headline and visit the related website whose URL is given below the text matter of each news item
NURC News Update - AUTOMOBILES
News on Indian Auto Industry Copyright 1999 NURC MediaNext Pvt Ltd
This update purports to be a compilation of the top stories for the day in the leading Indian and International dailies websites and other information sources and NURCMediaNext Pvt Ltd cannot and does not vouch for their authenticity NURC MediaNext Pvt Ltd cannot be held responsible for any loss(es) arising out of or incidental to theuse of this News Update Reproduction or redistribution without express permission of NURC MediaNext Pvt Ltd is strictly prohibited and is a violation of the subscriptionagreement Such instances will result in immediate cancellation of subscription to the Service without any refund for the remaining period at the sole discretion of NURCMediaNext Pvt Ltd
This email is a solicited newsletter We sent you this email because youyour employer organisation signed up for our daily industry updates If you do not wishto receive these email updates in future please contact us at vimalpnurcmedianextcom to unsubscribe
Powered by Enablingbiz Esoluttions
aggressive in promoting a transition to electric vehicles pushing the introduction of the stricter quotas
An NDRC spokesman said the body played a small role when the draft was open to public for discussion MIIT did not immediatelyrespond to Reuters requests for comment
China has strongly supported and subsidized electric vehicles but is gradually swapping out incentives for hard targets automakersmust meet The central government cut subsidies 20 percent this year a first reduction towards eliminating them by 2020httpautoeconomictimesindiatimescomnewspolicychina-may-roll-back-electric-vehicle-quotas-as-industry-pushes-back57623608
Top
Russias standards agency says Volkswagen recalls 43151 Skoda cars ReutersSee this story in The Economic Times
Moscow Russias standards agency said on Monday that Volkswagens Russian operation had informed it about the voluntaryrecall of 43151 Skoda cars due to a possible technical fault
The recall affects Skoda Octavia Superb Fabia Yeti and Rapid cars sold in Russia between 2012 and 2016 the watchdog saidhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsrussias-standards-agency-says-volkswagen-recalls-43151-skoda-cars57624140
Top
Economy
Rupee hits 1-12 yr high surges 78 paise on BJP sweep PTISee this story in The Economic Times
Mumbai The rupee surged by a massive 78 paise to end at a nearly one-and-a-half year high of 6582 against the US dollar onfrantic unwinding of the American currency following BJPs emphatic victory in Uttar Pradesh
Forex market sentiment soared on hopes that BJPs stellar show in state polls would pave the way for the Modi government to focuson key reform measures
The home currency resumed on a strong footing at 6620 from last Fridays closing value of 6660 at the Interbank ForeignExchange (forex) market on heavy dollar unwinding from speculative traders and exporters tracking weekend developments
Maintaining its bullish momentum against the dollar the rupee hit a fresh intra-day high of 6576 in late afternoon deals beforeending at 6582 showing a solid gain of 78 paise or 117 per cent
This is the highest closing of the rupee since November 6 2015 when it had ended at 6576
Meanwhile the RBI fixed the reference rate for the dollar at 661800 and for the euro at 704354
Financial markets too took comfort from BJPs landslide victory with the broader Nifty climbing 15245 points to a new closing peakof 9087 and the Sensex rallying 49640 points to end at 2944263
The much-anticipated turnaround on the economic front has opened up a barrage of foreign capital fund flows into India
Foreign investors pumped in over Rs 10000 crore in the Indian capital markets this month so far
It also got an added fillip from bullish macro data which showed that the countrys industrial production bounced back in Januaryexpanding by 27 per cent year-on-year
Factory output measured in terms of Index of Industrial Production (IIP) had contracted by 01 per cent in December
However inflation based on wholesale prices shot up to a 39-month high of 655 per cent in February against 525 per cent inJanuary according to official data
On the global front the dollar traded firmly higher against its major counterparts ahead of the two-day Fed meet when it could liftrates for the third time since the financial crisishttpautoeconomictimesindiatimescomnewsindustryrupee-hits-1-12-yr-high-surges-78-paise-on-bjp-sweep57635104
Top
Nifty hits all time high of 912275 Sensex surges 616 points after big BJP win The Economic Times
Mumbai The Nifty jumped to life highs on Tuesday after the BJPamprsquos thumping win in the crucial state of Uttar Pradeshrekindled hopes of a bigger-than-expected push for reforms by the Narendra Modi government
The Nifty up 11 so far this year crossed its previous life high of 9119 to hit 912275 before ending the day 171 or 15245points higher at 9087 This is the indexamprsquos biggest single-day gain in points since February 1 and caps a strong reboundsince the December 26 low of 7893 on demonetisation worries
The Sensex surged by 616 points or 212 intra-day before ending the day at 2944263 up 49640 points This is its biggest gainsince May 25 last year The index is the best performer among all developed and emerging market indices in local currency terms inthe past three months
The rupee surged 79 paise to a 16-month high of 6582 to the dollar as exporters sold more dollars and foreign investors boughtlocal shares BSE data showed that foreign investors bought local shares worth Rs 4089 crore their biggest single-day purchasesince February 17 when they purchased Rs 8059 crore
FPIs have bought shares worthRs 23132 crore since January this year against net sales of Rs 9800 crore in the same period lastyear The BSE Midcap and Smallcap indices gained 144 each
ampldquoOne must be ready for a correction after a rally but I am optimistic about the medium to longterm prospectsamprdquo saidMotilal Oswal chairman Motilal Oswal Financial Services Ltd ampldquoFundamentally valuations are comfortable at this point intime because of good corporate earnings growth In the short term markets may remain volatileamprdquo
BJP romped to victory in UP on Saturday winning 312 out of the 403 seats Its allies won 13 more taking the NDA tally to 325 Thisis the biggest win recorded by any party in the state since 1977 and has raised prospects of the BJP doing well in other electionsthis year and next Many political pundits also believe that the victory has improved Prime Minister Narendra Modiamprsquos chancesof retaining power in the 2019 general election
Barring the metals index all other sectoral indices on the NSE ended with gains on Tuesday About 55 stocks including TitanJubilant Life Sciences Kotak Mahindra Bank IndusInd Bank YES Bank and Indiabulls Housing Finance among others hit life highswhile 92 stocks were locked in upper circuit with no sellers
ampldquoWith the sharp rally the market which is currently susceptible to global risk is trading at above average multiples and westay cautious near termamprdquo said Sanjay Mookim India Equity Strategist BofA Merrill Lynch ampldquoIndiaamprsquos businesscycle should improve over the next several quarters while improving construction should drive capex which is good forequitiesamprdquo
Some market experts are divided over the near-term outlook as indices have begun to look expensive at current valuations Plusthere is no immediate trigger for upgrade
ampldquoValuations of the Indian market are quite high and would require the support of strong earnings growth Any disappointmenton earnings will make valuations look even more expensive which the market may not likeamprdquo said Sanjeev Prasad senior EDand co-head of Kotak Institutional Equities
ampldquoGlobal and domestic interest rate cycles are no longer supportive with likely increase in developed markets bondyieldsamprdquo
ampldquoWhile markets are expecting a rate hike this meeting what will be of more interest is the commentaryamprdquo said DipenShah senior V-P PCG research Kotak Securities ampldquoIf it is hawkish it may have an impact on fund flows to emerging marketsbut India may be relatively less impacted because of the continuing domestic flowsamprdquo
ampldquoNotwithstanding the election results we believe the risk-reward is not favourable currently and advise investors to sell intothis rally We expect Nifty EPS to rise 15-16 in FY18 and see no trigger for an earnings upgrade at this junctureamprdquo ReligareInstitutional Research said in a notehttpeconomictimesindiatimescommarketsstocksnewsnifty-hits-all-time-high-of-9122-75-sensex-surges-616-points-after-big-bjp-winarticleshow57639036cms
Top
WPI inflation up 655 for February 2017 The Economic Times
New Delhi The annual rate of inflation based on monthly Wholesale Price Index (WPI) stood at 655 percent (provisional) for themonth of February 2017 (over February 2016) as compared to 525 percent (provisional) for the previous month and -085 percentduring the corresponding month of the previous year
The official Wholesale Price Index for amplsquoAll Commoditiesamprsquo for the month of February 2017 rose by 05 percent to 1855(provisional) from 1846 (provisional) for the previous month
The index for primary articles rose by 09 percent to 2581 (provisional) from 2557 (provisional) for the previous month
The inflation rate for Fuel and power group rose by 13 percent to 2038 (provisional) from 2012 (provisional) for the previousmonth due to higher price of coking coal (15 percent) aviation turbine fuel (3 percent) bitumen (2 percent) and kerosene highspeed diesel LPG and lignite (1 percent each) However the price of furnace oil (1 percent) declined
The index for the major group of manufactured products remained unchanged at its previous monthamprsquos level of 1588
(provisional) In this group the index for amplsquoRubber amp Plastic Productsamprsquo group rose by 02 percent to 1489 (provisional)from 1486 (provisional) for the previous month due to higher price of rubber products (1 percent)
The index for amplsquoTransport Equipment amp Partsamprsquo group rose by 05 percent to 1405 (provisional) from 1398 (provisional)for the previous month due to higher price of auto rickshaw tempo matador (4 percent) and auto parts (1 percent)
For the month of December 2016 the final Wholesale Price Index for amplsquoAll Commoditiesamprsquo stood at 1833 as comparedto 1828 (provisional) and annual rate of inflation based on final index stood at 368 percent as compared to 339 percent(provisional) respectively as reported on January 1 2017httpautoeconomictimesindiatimescomnewsindustrywpi-inflation-up-6-55-for-february-201757627665
Top
February CPI at 365 vs 317 in January highest since October 2016 PTISee this story in The Economic Times
New Delhi Retail inflation rose to 4-month high of 365 per cent in February mainly due to surge in price of food items like fruitssugar and confectionery
Measured in terms of Consumer Price Index (CPI) the inflation had dipped to a multi-year low of 317 per cent in January this yearon account of cash crunch following demonetisation It was 526 per cent in February last year
According to the CPI data released today by the Central Statistics Office (CSO) the consumer food prices index (CFPI) rose by201 per cent in February from 061 per cent in January The CFPI was 53 per cent in February 2016
Inflation in fruits was higher at 833 per cent fuel and light at 39 per cent in February The rate of price rise in meat and fish was 35per cent in February
Prices of sugar and confectionery items rose by 1883 per cent in February while inflation in milk and milk product increased by 422per cent
The rate of inflation in household goods and services was 409 per cent while this rate was in health segment was 4 per cent Thetransport and communication became expensive by 539 per cent
The personal care and effects segment rose by 515 per cent while the education became more expensive by 537 per cent inFebruary this year
The inflation rate was 438 per cent in clothing and footware segment while it was 49 per cent in housing segment
However the prices of vegetables and pulses declined by 829 per cent and 902 per cent respectively
Rural retail inflation was at 367 per cent in February compared with 336 per cent in the preceding month The CPI was also up inthe urban sector at 355 per cent in February from 29 per cent in January this yearhttpautoeconomictimesindiatimescomnewsindustryfebruary-cpi-at-3-65-vs-3-17-in-january-highest-since-october-201657633211
Top
Closing
Last Financial Closing
Sensex 2944263 (+49640)NSE 9087 (+15245)US$ spot Rs6582US$ Y1148000US$ 6 months RsYen Rs57Euro spot Rs70
Gold (10gm) Rs28333Silver (1kg) Rs4008300
Crude Oil (WTI) Crude Oil (Brent) $5172 (+037)
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Apollo Tyres 1 18610Asahi Ind 1 21655Amara Raja B 1 83230Ashok Leyland 1 9080Bajaj Auto 10 286670Bharat Forge 2 103550Denso 1 Eicher Motor 10 2396325Escorts 10 51945Exide Ind 1 21645Force Motors 10 427760Gabriel India 1 11460Hero Motocor 2 335745Hind Motors 5 950Hi-Tech Gear 10 29885Jay Bh Maruti 5 38190
Jamna Auto 5 20550JK Tyres amp Inds 10 1241 Kinetic Motors 10 Kinetic Engg 10 KOEL 2 37685Kirloskar Br 2 24135LML Ltd 10 1250LampT 2 155810Lumax Ind 10 131690Lumax Tech 10 43230MampM 5 132600Maruti Suzuki 5 613240Motherson SS 1 36290Minda Inds 2 44350MRF 10 5298390Omax Auto 10 7555Rico Auto 1 5720Sona Koyo St 1 8170
SRF 10 157155Tata Motors 2 46975 TVS Motors 1 43690
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Bhushan Steel 2 5430Hindalco 1 19040Hind Zinc 2 29140JSW Ispat S 10 Jind Steel 1 12490JSW Steel 1 18190Jindal Saw 2 7995National Aluminium 5 7310SAIL 10 6005Tata Steel 10 47255Visa Steel 10 2185
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Ambuja Cement 2 23370Binani Industries 10 7200Birla Corp 10 70360India Cement 10 16070Prism Cement 10 9375JK Cement 10 88470Shree Cement 10 1639835
Top
NURC MediaNext Pvt Ltd
DirectorSapna KulshresthaMobile 9810975257
Production-in-ChargeS K MandalPhone 011-22626650
Editing-in-ChargeGulab Singh YadavMobile 9999132357
Marketing-in-ChargeRashmi ThakurMobile 9958949710
Accounts-in-ChargeVimal ParasharMobile 9910631712
PLEASE NOTE
NURC Industry Updates contain editedtruncated text of Industry-specific news as it appears in various select dailies and websites These are NOT full stories unless otherwisespecifically mentioned The stories contained herein are informational only and no representation is made or warranty given as to their content reliability truthfulness orusefulness User assumes all risk of use It be clearly understood that NURC updates do not claim to and neither mean to replace the Print or the Internet editions of variousnewspapers whose articles are featured therein For the best and complete news reading NURC urges its readers to read the full text of the stories from the Newspaperswhose credits are given after the headline and visit the related website whose URL is given below the text matter of each news item
NURC News Update - AUTOMOBILES
News on Indian Auto Industry Copyright 1999 NURC MediaNext Pvt Ltd
This update purports to be a compilation of the top stories for the day in the leading Indian and International dailies websites and other information sources and NURCMediaNext Pvt Ltd cannot and does not vouch for their authenticity NURC MediaNext Pvt Ltd cannot be held responsible for any loss(es) arising out of or incidental to theuse of this News Update Reproduction or redistribution without express permission of NURC MediaNext Pvt Ltd is strictly prohibited and is a violation of the subscriptionagreement Such instances will result in immediate cancellation of subscription to the Service without any refund for the remaining period at the sole discretion of NURCMediaNext Pvt Ltd
This email is a solicited newsletter We sent you this email because youyour employer organisation signed up for our daily industry updates If you do not wishto receive these email updates in future please contact us at vimalpnurcmedianextcom to unsubscribe
Powered by Enablingbiz Esoluttions
Mumbai The Nifty jumped to life highs on Tuesday after the BJPamprsquos thumping win in the crucial state of Uttar Pradeshrekindled hopes of a bigger-than-expected push for reforms by the Narendra Modi government
The Nifty up 11 so far this year crossed its previous life high of 9119 to hit 912275 before ending the day 171 or 15245points higher at 9087 This is the indexamprsquos biggest single-day gain in points since February 1 and caps a strong reboundsince the December 26 low of 7893 on demonetisation worries
The Sensex surged by 616 points or 212 intra-day before ending the day at 2944263 up 49640 points This is its biggest gainsince May 25 last year The index is the best performer among all developed and emerging market indices in local currency terms inthe past three months
The rupee surged 79 paise to a 16-month high of 6582 to the dollar as exporters sold more dollars and foreign investors boughtlocal shares BSE data showed that foreign investors bought local shares worth Rs 4089 crore their biggest single-day purchasesince February 17 when they purchased Rs 8059 crore
FPIs have bought shares worthRs 23132 crore since January this year against net sales of Rs 9800 crore in the same period lastyear The BSE Midcap and Smallcap indices gained 144 each
ampldquoOne must be ready for a correction after a rally but I am optimistic about the medium to longterm prospectsamprdquo saidMotilal Oswal chairman Motilal Oswal Financial Services Ltd ampldquoFundamentally valuations are comfortable at this point intime because of good corporate earnings growth In the short term markets may remain volatileamprdquo
BJP romped to victory in UP on Saturday winning 312 out of the 403 seats Its allies won 13 more taking the NDA tally to 325 Thisis the biggest win recorded by any party in the state since 1977 and has raised prospects of the BJP doing well in other electionsthis year and next Many political pundits also believe that the victory has improved Prime Minister Narendra Modiamprsquos chancesof retaining power in the 2019 general election
Barring the metals index all other sectoral indices on the NSE ended with gains on Tuesday About 55 stocks including TitanJubilant Life Sciences Kotak Mahindra Bank IndusInd Bank YES Bank and Indiabulls Housing Finance among others hit life highswhile 92 stocks were locked in upper circuit with no sellers
ampldquoWith the sharp rally the market which is currently susceptible to global risk is trading at above average multiples and westay cautious near termamprdquo said Sanjay Mookim India Equity Strategist BofA Merrill Lynch ampldquoIndiaamprsquos businesscycle should improve over the next several quarters while improving construction should drive capex which is good forequitiesamprdquo
Some market experts are divided over the near-term outlook as indices have begun to look expensive at current valuations Plusthere is no immediate trigger for upgrade
ampldquoValuations of the Indian market are quite high and would require the support of strong earnings growth Any disappointmenton earnings will make valuations look even more expensive which the market may not likeamprdquo said Sanjeev Prasad senior EDand co-head of Kotak Institutional Equities
ampldquoGlobal and domestic interest rate cycles are no longer supportive with likely increase in developed markets bondyieldsamprdquo
ampldquoWhile markets are expecting a rate hike this meeting what will be of more interest is the commentaryamprdquo said DipenShah senior V-P PCG research Kotak Securities ampldquoIf it is hawkish it may have an impact on fund flows to emerging marketsbut India may be relatively less impacted because of the continuing domestic flowsamprdquo
ampldquoNotwithstanding the election results we believe the risk-reward is not favourable currently and advise investors to sell intothis rally We expect Nifty EPS to rise 15-16 in FY18 and see no trigger for an earnings upgrade at this junctureamprdquo ReligareInstitutional Research said in a notehttpeconomictimesindiatimescommarketsstocksnewsnifty-hits-all-time-high-of-9122-75-sensex-surges-616-points-after-big-bjp-winarticleshow57639036cms
Top
WPI inflation up 655 for February 2017 The Economic Times
New Delhi The annual rate of inflation based on monthly Wholesale Price Index (WPI) stood at 655 percent (provisional) for themonth of February 2017 (over February 2016) as compared to 525 percent (provisional) for the previous month and -085 percentduring the corresponding month of the previous year
The official Wholesale Price Index for amplsquoAll Commoditiesamprsquo for the month of February 2017 rose by 05 percent to 1855(provisional) from 1846 (provisional) for the previous month
The index for primary articles rose by 09 percent to 2581 (provisional) from 2557 (provisional) for the previous month
The inflation rate for Fuel and power group rose by 13 percent to 2038 (provisional) from 2012 (provisional) for the previousmonth due to higher price of coking coal (15 percent) aviation turbine fuel (3 percent) bitumen (2 percent) and kerosene highspeed diesel LPG and lignite (1 percent each) However the price of furnace oil (1 percent) declined
The index for the major group of manufactured products remained unchanged at its previous monthamprsquos level of 1588
(provisional) In this group the index for amplsquoRubber amp Plastic Productsamprsquo group rose by 02 percent to 1489 (provisional)from 1486 (provisional) for the previous month due to higher price of rubber products (1 percent)
The index for amplsquoTransport Equipment amp Partsamprsquo group rose by 05 percent to 1405 (provisional) from 1398 (provisional)for the previous month due to higher price of auto rickshaw tempo matador (4 percent) and auto parts (1 percent)
For the month of December 2016 the final Wholesale Price Index for amplsquoAll Commoditiesamprsquo stood at 1833 as comparedto 1828 (provisional) and annual rate of inflation based on final index stood at 368 percent as compared to 339 percent(provisional) respectively as reported on January 1 2017httpautoeconomictimesindiatimescomnewsindustrywpi-inflation-up-6-55-for-february-201757627665
Top
February CPI at 365 vs 317 in January highest since October 2016 PTISee this story in The Economic Times
New Delhi Retail inflation rose to 4-month high of 365 per cent in February mainly due to surge in price of food items like fruitssugar and confectionery
Measured in terms of Consumer Price Index (CPI) the inflation had dipped to a multi-year low of 317 per cent in January this yearon account of cash crunch following demonetisation It was 526 per cent in February last year
According to the CPI data released today by the Central Statistics Office (CSO) the consumer food prices index (CFPI) rose by201 per cent in February from 061 per cent in January The CFPI was 53 per cent in February 2016
Inflation in fruits was higher at 833 per cent fuel and light at 39 per cent in February The rate of price rise in meat and fish was 35per cent in February
Prices of sugar and confectionery items rose by 1883 per cent in February while inflation in milk and milk product increased by 422per cent
The rate of inflation in household goods and services was 409 per cent while this rate was in health segment was 4 per cent Thetransport and communication became expensive by 539 per cent
The personal care and effects segment rose by 515 per cent while the education became more expensive by 537 per cent inFebruary this year
The inflation rate was 438 per cent in clothing and footware segment while it was 49 per cent in housing segment
However the prices of vegetables and pulses declined by 829 per cent and 902 per cent respectively
Rural retail inflation was at 367 per cent in February compared with 336 per cent in the preceding month The CPI was also up inthe urban sector at 355 per cent in February from 29 per cent in January this yearhttpautoeconomictimesindiatimescomnewsindustryfebruary-cpi-at-3-65-vs-3-17-in-january-highest-since-october-201657633211
Top
Closing
Last Financial Closing
Sensex 2944263 (+49640)NSE 9087 (+15245)US$ spot Rs6582US$ Y1148000US$ 6 months RsYen Rs57Euro spot Rs70
Gold (10gm) Rs28333Silver (1kg) Rs4008300
Crude Oil (WTI) Crude Oil (Brent) $5172 (+037)
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Apollo Tyres 1 18610Asahi Ind 1 21655Amara Raja B 1 83230Ashok Leyland 1 9080Bajaj Auto 10 286670Bharat Forge 2 103550Denso 1 Eicher Motor 10 2396325Escorts 10 51945Exide Ind 1 21645Force Motors 10 427760Gabriel India 1 11460Hero Motocor 2 335745Hind Motors 5 950Hi-Tech Gear 10 29885Jay Bh Maruti 5 38190
Jamna Auto 5 20550JK Tyres amp Inds 10 1241 Kinetic Motors 10 Kinetic Engg 10 KOEL 2 37685Kirloskar Br 2 24135LML Ltd 10 1250LampT 2 155810Lumax Ind 10 131690Lumax Tech 10 43230MampM 5 132600Maruti Suzuki 5 613240Motherson SS 1 36290Minda Inds 2 44350MRF 10 5298390Omax Auto 10 7555Rico Auto 1 5720Sona Koyo St 1 8170
SRF 10 157155Tata Motors 2 46975 TVS Motors 1 43690
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Bhushan Steel 2 5430Hindalco 1 19040Hind Zinc 2 29140JSW Ispat S 10 Jind Steel 1 12490JSW Steel 1 18190Jindal Saw 2 7995National Aluminium 5 7310SAIL 10 6005Tata Steel 10 47255Visa Steel 10 2185
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Ambuja Cement 2 23370Binani Industries 10 7200Birla Corp 10 70360India Cement 10 16070Prism Cement 10 9375JK Cement 10 88470Shree Cement 10 1639835
Top
NURC MediaNext Pvt Ltd
DirectorSapna KulshresthaMobile 9810975257
Production-in-ChargeS K MandalPhone 011-22626650
Editing-in-ChargeGulab Singh YadavMobile 9999132357
Marketing-in-ChargeRashmi ThakurMobile 9958949710
Accounts-in-ChargeVimal ParasharMobile 9910631712
PLEASE NOTE
NURC Industry Updates contain editedtruncated text of Industry-specific news as it appears in various select dailies and websites These are NOT full stories unless otherwisespecifically mentioned The stories contained herein are informational only and no representation is made or warranty given as to their content reliability truthfulness orusefulness User assumes all risk of use It be clearly understood that NURC updates do not claim to and neither mean to replace the Print or the Internet editions of variousnewspapers whose articles are featured therein For the best and complete news reading NURC urges its readers to read the full text of the stories from the Newspaperswhose credits are given after the headline and visit the related website whose URL is given below the text matter of each news item
NURC News Update - AUTOMOBILES
News on Indian Auto Industry Copyright 1999 NURC MediaNext Pvt Ltd
This update purports to be a compilation of the top stories for the day in the leading Indian and International dailies websites and other information sources and NURCMediaNext Pvt Ltd cannot and does not vouch for their authenticity NURC MediaNext Pvt Ltd cannot be held responsible for any loss(es) arising out of or incidental to theuse of this News Update Reproduction or redistribution without express permission of NURC MediaNext Pvt Ltd is strictly prohibited and is a violation of the subscriptionagreement Such instances will result in immediate cancellation of subscription to the Service without any refund for the remaining period at the sole discretion of NURCMediaNext Pvt Ltd
This email is a solicited newsletter We sent you this email because youyour employer organisation signed up for our daily industry updates If you do not wishto receive these email updates in future please contact us at vimalpnurcmedianextcom to unsubscribe
Powered by Enablingbiz Esoluttions
(provisional) In this group the index for amplsquoRubber amp Plastic Productsamprsquo group rose by 02 percent to 1489 (provisional)from 1486 (provisional) for the previous month due to higher price of rubber products (1 percent)
The index for amplsquoTransport Equipment amp Partsamprsquo group rose by 05 percent to 1405 (provisional) from 1398 (provisional)for the previous month due to higher price of auto rickshaw tempo matador (4 percent) and auto parts (1 percent)
For the month of December 2016 the final Wholesale Price Index for amplsquoAll Commoditiesamprsquo stood at 1833 as comparedto 1828 (provisional) and annual rate of inflation based on final index stood at 368 percent as compared to 339 percent(provisional) respectively as reported on January 1 2017httpautoeconomictimesindiatimescomnewsindustrywpi-inflation-up-6-55-for-february-201757627665
Top
February CPI at 365 vs 317 in January highest since October 2016 PTISee this story in The Economic Times
New Delhi Retail inflation rose to 4-month high of 365 per cent in February mainly due to surge in price of food items like fruitssugar and confectionery
Measured in terms of Consumer Price Index (CPI) the inflation had dipped to a multi-year low of 317 per cent in January this yearon account of cash crunch following demonetisation It was 526 per cent in February last year
According to the CPI data released today by the Central Statistics Office (CSO) the consumer food prices index (CFPI) rose by201 per cent in February from 061 per cent in January The CFPI was 53 per cent in February 2016
Inflation in fruits was higher at 833 per cent fuel and light at 39 per cent in February The rate of price rise in meat and fish was 35per cent in February
Prices of sugar and confectionery items rose by 1883 per cent in February while inflation in milk and milk product increased by 422per cent
The rate of inflation in household goods and services was 409 per cent while this rate was in health segment was 4 per cent Thetransport and communication became expensive by 539 per cent
The personal care and effects segment rose by 515 per cent while the education became more expensive by 537 per cent inFebruary this year
The inflation rate was 438 per cent in clothing and footware segment while it was 49 per cent in housing segment
However the prices of vegetables and pulses declined by 829 per cent and 902 per cent respectively
Rural retail inflation was at 367 per cent in February compared with 336 per cent in the preceding month The CPI was also up inthe urban sector at 355 per cent in February from 29 per cent in January this yearhttpautoeconomictimesindiatimescomnewsindustryfebruary-cpi-at-3-65-vs-3-17-in-january-highest-since-october-201657633211
Top
Closing
Last Financial Closing
Sensex 2944263 (+49640)NSE 9087 (+15245)US$ spot Rs6582US$ Y1148000US$ 6 months RsYen Rs57Euro spot Rs70
Gold (10gm) Rs28333Silver (1kg) Rs4008300
Crude Oil (WTI) Crude Oil (Brent) $5172 (+037)
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Apollo Tyres 1 18610Asahi Ind 1 21655Amara Raja B 1 83230Ashok Leyland 1 9080Bajaj Auto 10 286670Bharat Forge 2 103550Denso 1 Eicher Motor 10 2396325Escorts 10 51945Exide Ind 1 21645Force Motors 10 427760Gabriel India 1 11460Hero Motocor 2 335745Hind Motors 5 950Hi-Tech Gear 10 29885Jay Bh Maruti 5 38190
Jamna Auto 5 20550JK Tyres amp Inds 10 1241 Kinetic Motors 10 Kinetic Engg 10 KOEL 2 37685Kirloskar Br 2 24135LML Ltd 10 1250LampT 2 155810Lumax Ind 10 131690Lumax Tech 10 43230MampM 5 132600Maruti Suzuki 5 613240Motherson SS 1 36290Minda Inds 2 44350MRF 10 5298390Omax Auto 10 7555Rico Auto 1 5720Sona Koyo St 1 8170
SRF 10 157155Tata Motors 2 46975 TVS Motors 1 43690
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Bhushan Steel 2 5430Hindalco 1 19040Hind Zinc 2 29140JSW Ispat S 10 Jind Steel 1 12490JSW Steel 1 18190Jindal Saw 2 7995National Aluminium 5 7310SAIL 10 6005Tata Steel 10 47255Visa Steel 10 2185
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Ambuja Cement 2 23370Binani Industries 10 7200Birla Corp 10 70360India Cement 10 16070Prism Cement 10 9375JK Cement 10 88470Shree Cement 10 1639835
Top
NURC MediaNext Pvt Ltd
DirectorSapna KulshresthaMobile 9810975257
Production-in-ChargeS K MandalPhone 011-22626650
Editing-in-ChargeGulab Singh YadavMobile 9999132357
Marketing-in-ChargeRashmi ThakurMobile 9958949710
Accounts-in-ChargeVimal ParasharMobile 9910631712
PLEASE NOTE
NURC Industry Updates contain editedtruncated text of Industry-specific news as it appears in various select dailies and websites These are NOT full stories unless otherwisespecifically mentioned The stories contained herein are informational only and no representation is made or warranty given as to their content reliability truthfulness orusefulness User assumes all risk of use It be clearly understood that NURC updates do not claim to and neither mean to replace the Print or the Internet editions of variousnewspapers whose articles are featured therein For the best and complete news reading NURC urges its readers to read the full text of the stories from the Newspaperswhose credits are given after the headline and visit the related website whose URL is given below the text matter of each news item
NURC News Update - AUTOMOBILES
News on Indian Auto Industry Copyright 1999 NURC MediaNext Pvt Ltd
This update purports to be a compilation of the top stories for the day in the leading Indian and International dailies websites and other information sources and NURCMediaNext Pvt Ltd cannot and does not vouch for their authenticity NURC MediaNext Pvt Ltd cannot be held responsible for any loss(es) arising out of or incidental to theuse of this News Update Reproduction or redistribution without express permission of NURC MediaNext Pvt Ltd is strictly prohibited and is a violation of the subscriptionagreement Such instances will result in immediate cancellation of subscription to the Service without any refund for the remaining period at the sole discretion of NURCMediaNext Pvt Ltd
This email is a solicited newsletter We sent you this email because youyour employer organisation signed up for our daily industry updates If you do not wishto receive these email updates in future please contact us at vimalpnurcmedianextcom to unsubscribe
Powered by Enablingbiz Esoluttions
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Apollo Tyres 1 18610Asahi Ind 1 21655Amara Raja B 1 83230Ashok Leyland 1 9080Bajaj Auto 10 286670Bharat Forge 2 103550Denso 1 Eicher Motor 10 2396325Escorts 10 51945Exide Ind 1 21645Force Motors 10 427760Gabriel India 1 11460Hero Motocor 2 335745Hind Motors 5 950Hi-Tech Gear 10 29885Jay Bh Maruti 5 38190
Jamna Auto 5 20550JK Tyres amp Inds 10 1241 Kinetic Motors 10 Kinetic Engg 10 KOEL 2 37685Kirloskar Br 2 24135LML Ltd 10 1250LampT 2 155810Lumax Ind 10 131690Lumax Tech 10 43230MampM 5 132600Maruti Suzuki 5 613240Motherson SS 1 36290Minda Inds 2 44350MRF 10 5298390Omax Auto 10 7555Rico Auto 1 5720Sona Koyo St 1 8170
SRF 10 157155Tata Motors 2 46975 TVS Motors 1 43690
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Bhushan Steel 2 5430Hindalco 1 19040Hind Zinc 2 29140JSW Ispat S 10 Jind Steel 1 12490JSW Steel 1 18190Jindal Saw 2 7995National Aluminium 5 7310SAIL 10 6005Tata Steel 10 47255Visa Steel 10 2185
Scip on BSE Face Value (Rs) Last Traded Value (Rs)Ambuja Cement 2 23370Binani Industries 10 7200Birla Corp 10 70360India Cement 10 16070Prism Cement 10 9375JK Cement 10 88470Shree Cement 10 1639835
Top
NURC MediaNext Pvt Ltd
DirectorSapna KulshresthaMobile 9810975257
Production-in-ChargeS K MandalPhone 011-22626650
Editing-in-ChargeGulab Singh YadavMobile 9999132357
Marketing-in-ChargeRashmi ThakurMobile 9958949710
Accounts-in-ChargeVimal ParasharMobile 9910631712
PLEASE NOTE
NURC Industry Updates contain editedtruncated text of Industry-specific news as it appears in various select dailies and websites These are NOT full stories unless otherwisespecifically mentioned The stories contained herein are informational only and no representation is made or warranty given as to their content reliability truthfulness orusefulness User assumes all risk of use It be clearly understood that NURC updates do not claim to and neither mean to replace the Print or the Internet editions of variousnewspapers whose articles are featured therein For the best and complete news reading NURC urges its readers to read the full text of the stories from the Newspaperswhose credits are given after the headline and visit the related website whose URL is given below the text matter of each news item
NURC News Update - AUTOMOBILES
News on Indian Auto Industry Copyright 1999 NURC MediaNext Pvt Ltd
This update purports to be a compilation of the top stories for the day in the leading Indian and International dailies websites and other information sources and NURCMediaNext Pvt Ltd cannot and does not vouch for their authenticity NURC MediaNext Pvt Ltd cannot be held responsible for any loss(es) arising out of or incidental to theuse of this News Update Reproduction or redistribution without express permission of NURC MediaNext Pvt Ltd is strictly prohibited and is a violation of the subscriptionagreement Such instances will result in immediate cancellation of subscription to the Service without any refund for the remaining period at the sole discretion of NURCMediaNext Pvt Ltd
This email is a solicited newsletter We sent you this email because youyour employer organisation signed up for our daily industry updates If you do not wishto receive these email updates in future please contact us at vimalpnurcmedianextcom to unsubscribe
Powered by Enablingbiz Esoluttions
Top
NURC MediaNext Pvt Ltd
DirectorSapna KulshresthaMobile 9810975257
Production-in-ChargeS K MandalPhone 011-22626650
Editing-in-ChargeGulab Singh YadavMobile 9999132357
Marketing-in-ChargeRashmi ThakurMobile 9958949710
Accounts-in-ChargeVimal ParasharMobile 9910631712
PLEASE NOTE
NURC Industry Updates contain editedtruncated text of Industry-specific news as it appears in various select dailies and websites These are NOT full stories unless otherwisespecifically mentioned The stories contained herein are informational only and no representation is made or warranty given as to their content reliability truthfulness orusefulness User assumes all risk of use It be clearly understood that NURC updates do not claim to and neither mean to replace the Print or the Internet editions of variousnewspapers whose articles are featured therein For the best and complete news reading NURC urges its readers to read the full text of the stories from the Newspaperswhose credits are given after the headline and visit the related website whose URL is given below the text matter of each news item
NURC News Update - AUTOMOBILES
News on Indian Auto Industry Copyright 1999 NURC MediaNext Pvt Ltd
This update purports to be a compilation of the top stories for the day in the leading Indian and International dailies websites and other information sources and NURCMediaNext Pvt Ltd cannot and does not vouch for their authenticity NURC MediaNext Pvt Ltd cannot be held responsible for any loss(es) arising out of or incidental to theuse of this News Update Reproduction or redistribution without express permission of NURC MediaNext Pvt Ltd is strictly prohibited and is a violation of the subscriptionagreement Such instances will result in immediate cancellation of subscription to the Service without any refund for the remaining period at the sole discretion of NURCMediaNext Pvt Ltd
This email is a solicited newsletter We sent you this email because youyour employer organisation signed up for our daily industry updates If you do not wishto receive these email updates in future please contact us at vimalpnurcmedianextcom to unsubscribe
Powered by Enablingbiz Esoluttions