Maruti to open contact manufacturing The Chairman of the market leader, Maruti Suzuki, R. C. Bhargava has said that the company may look at the option of making cars for other carmakers. The only catch here is that the company will be looking at selling these cars under a different badge and the looks will be different from the cars that Maruti sells in the Indian market. According to the industry experts, a deal with Volkswagen is surely a possibility as the German auto major holds a 19% stake in the parent company of Maruti , Suzuki Motor Corporation.
Tata motors joins hands with IndusInd Bank While the company has been struggling hard to make people believe that its Nano is absolutely safe for public use but the fact of the matter is, it hasn't stopped the country's largest auto major, Tata motors to work ahead with its growth plans. In a recently issued press release to the media, the company said that a MoU was signed in this regard by senior executives of the both companies. Moreover, the Vice President of the company also said that it is very excited to extend this partnership to the passenger vehicle segment as well. IndusInd Bank Consumer Finance Division Executive Vice-President S V Parthasarathy said with this deal in place, the company will now be able to offer financing options to the Tata motors entire portfolio's consumer.
Toyota to announce a price hike The Indian arm of Toyota Motor Corporation that works in a JV agreement with KirloskarGroup has recently said that the company will be revising the prices of its models across its portfolio in the month of October. While the company declined to give any range of the price hikes that will be announced, but it is believed that it will be close to 1-4% hike that the company will be looking at. It is to be mentioned here that the company launched the successful diesel variant of the Corolla Altis in the Indian market. In fact, its SUV Fortuner has been an instant success in the Indian market. The company even had to close its booking twice and plans to reopen it now in the month of January next year for the Indian consumer.
M&M plans to bring Ssangyong vehicles to India As the Indian SUV maker, Mahindra &Mahindra will complete its acquisition of the cash-strapped SUV maker, Ssangyong Motors, it has been learned that the company is planning to bring its products to the Indian market as well. While the company is expecting close to deal in a span of the next four months, it has been learned that the company is looking at launching a new product in the Indian market later this year which will be build on the new compact SUV, Korando platform. For the record, the product portfolio of the Korean auto major starts at a price band of close to Rs. 12 lakh. It is to be mentioned here this is a segment where the top model of Scorpio ends. It may be noted here that the company has already sign a memorandum of understanding to buy a majority stake in Ssangyong a few weeks back.
Hero Honda to finalise new plant in 30 days The Indian market leader in the Indian two-wheeler segment and world’s largest two-wheeler producer for the nine consecutive years, Hero Honda has recently said that the company will finalise on its new plant within a span of 30 days. Moreover, it is to be mentioned here that Dual also pointed out the fact that the company expects to cross sales of 5 million vehicles in the current financial year. In fact, the company one of the most extensive rural networks in the Indian market and currently banks close to 40% of its total sales from the rural parts of the country.
Auto component cos expects four-fold growth by 2020 The auto component companies in the Indian market have recently said that they expect a close to four-fold growth in the industry by the year 2020. It is to be mentioned here that the industry body, Automobile Component Makers Association recently said that it expect the industry to reach a figure of to $113 billion by 2020. It may be noted here that a similar growth is expected in the automobile industry as well. There is no denying to the fact that the growth of the automobile industry in the Indian market is directly proportional to the growth of the component industry and vice versa. For the record, the Indian vehicles industry is seeing one of the fastest growths globally at about 30 percent.
TVS Motors on capacity expansion mode The Chennai based Two-wheeler major; TVS Motors has recently stepped on the accelerator pedal and has decided to give the rising competition a tough answer. With a view to take its capacity up to 28 lakh units, the company has recently said that it will invest Rs 200 crore by April next year. In fact, the Chairman of the company, VenuSrinivasan also pointed out the fact that the company will also will set up a design centre in Indonesia. While the competition in the Indian two-wheeler segment is rising by leaps and bounds, the Chairman also said that the company will sell close to 18 lakh of two wheelers in the domestic market while it will export nearly 2.5 lakh units this year.