KOREAN CARMAKER
Reliance plans Rs 43,000 cr coal gasification project in Andhra Pradesh, document shows
Reliance Industries is set to invest approximately 430 billion rupees in Andhra Pradesh for a coal gasification project. This project aims to create 5,000 direct and 35,000 indirect jobs, while attracting further investments over its lifetime. The first phase will involve exploration and pilot demonstrations to establish the project's feasibility. An additional investment of approximately 400 billion rupees will follow if the first phase proves successful.
BJP demands transparency from Industries Minister on Rs 1,370 cr expansion plans in Tamil Nadu
The Tamil Nadu BJP spokesperson Narayanan Thirupathy challenged TN Industries minister S Keerthana's claims of Rs 1,370 crore expansion plans of South Korean companies. Thirupathy said the investments were not the government's achievement but routine expansion of existing South Korean companies in the state. He claimed that most of the new manufacturing capacity expansion and jobs went to Andhra Pradesh.
Global Market: European automakers get earnings boost as Chinese competition weighs on recovery
European automakers have received a boost from recent earnings, but their recovery remains fragile. Rising competition from Chinese manufacturers, costly technological shifts and structural weaknesses continue to cloud the sector's long-term growth prospects.
Chinese EVs win over some in South Korea, but Japan is proving to be a rougher road
Chinese electric vehicle makers such as BYD are making inroads into South Korea, challenging established domestic brands with competitively priced models and growing dealership networks. BYD has sold more than 20,000 vehicles in the country in the first nine months of the year, overtaking Toyota and Lexus combined. Japan, however, has proved a tougher market due to low EV adoption, consumer preference for hybrids and scepticism towards Chinese brands.
Will EU press the ‘kill switch’ on China? Trade war looms over talks
EU officials are raising alarms over the escalating trade deficits with China, exceeding one billion euros on a daily basis. The spike in Chinese hybrid-car exports underscores possible gaps in EU tariff policies. Although talks are underway, China shows little willingness to engage in voluntary export restrictions for select products. EU leaders are now considering a 'kill switch' mechanism.
Half a dozen small hybrids getting ready for Indian launch
Automakers including Maruti Suzuki, Hyundai, Toyota and Renault are preparing around half a dozen small hybrid vehicles for India over the next 18-24 months, drawn by lower 18% GST on compact cars and tighter CAFE 3 norms. The sub-four-metre segment’s strong growth is also encouraging manufacturers to pursue affordable hybrids.
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In CAFE 3, auto companies have wider choices and a better view of the road
India's new CAFE 3 emission norms are set to reshape automakers' investment strategies by promoting cleaner technologies alongside electric vehicles. These regulations introduce a credit system for various powertrains, encouraging firms to rethink their portfolios and investments through March 2032. This shift could impact companies heavily invested in battery EVs, offering a broader compliance path for others.
Volkswagen overhaul puts Seat’s future at risk as Chinese rivals reshape global auto industry
Volkswagen's strategic overhaul may lead to the discontinuation of its Seat brand. This move signals significant industry consolidation amid rising Chinese competition. The company is focusing investment on its strongest and most profitable brands. Many automakers face difficult choices due to declining sales and EV transition costs. This upheaval is reshaping the global automotive landscape with fewer players.
NSE's IPO to be second biggest till now as offer size cut, price band lowered
India's premier stock exchange, NSE, has finally revealed the long-anticipated details of its initial public offering. Existing investors will sell fewer shares at a revised price band, aiming to raise between Rs 21,494 crore and Rs 22,569 crore. The public can subscribe from September 17 to September 21, with the official listing set for September 24, marking a pivotal advancement for NSE.
India to be global manufacturing hub for IPO-bound Hyundai, executive says
Hyundai Motor Co projects rapid market growth in India and aims to establish it as a global manufacturing hub. The upcoming Indian IPO, set to be the country's largest, involves the South Korean parent selling a 17.5% stake for approximately $3 billion, valuing the Indian unit at $19 billion.
Hyundai Motor plans to offload 14.2 crore shares in upcoming mega IPO
Hyundai Motor plans to sell 142 million shares in its Indian unit through an initial public offering, retaining an 82.5% stake afterward. The sale aims to raise approximately $3 billion, valuing Hyundai Motor India at around $20 billion. This marks the first carmaker IPO in India since 2003.
Kia Motors to roll out entry-level EV SUV for global market from India
The proposed SUV is based on a flexible platform, allowing Kia to launch a mass market entry level petrol SUV besides the EV, they said. While the development work accelerates, the maker of Seltos and Sonet will make its entry into the EV space in 2022 itself by driving in its globally successful EV6 to India. The vehicle won the car of the year award in 2022.
Mahindra says deal to sell SsangYong Motor to Edison terminated
Indian automaker Mahindra, which owned about 75% of SsangYong as of September end, has been looking for a buyer for all or most of its stake, which it bought when the South Korean automaker was on the brink of bankruptcy in 2010.
South Korea expresses regret over Hyundai Pakistan tweet
On Tuesday, South Korea's foreign minister, Chung Eui-Yong, called his Indian counterpart S Jaishankar and "expressed regret".
S.Korea's SsangYong Motor sold for $255 mln to local consortium
A consortium led by South Korean electric carmaker Edison Motors Co has agreed to acquire debt-ridden SsangYong Motor Co Ltd for 305 billion won ($254.65 million), SsangYong Motor said on Monday.
Samsung SDI and Stellantis in vehicle battery deal
With the deal, Stellantis has "secured production capacity" to realise its goal to have electric vehicles make up 40 percent of its US sales by 2030, according to the Samsung SDI statement.
Global automobile market on revival path, Korean automobile companies' market share increase to 8%
Compared to the first half of 2019 before COVID-19, India (1.5 per cent) and Russia (6.0 per cent) showed positive growth rate. The U.S. (1.3 per cent) and China (1.1 per cent) also showed similar level before COVID-19. However, Brazil (24.6 per cent), Europe (23.0 per cent), and Mexico (19.6 per cent) showed relatively slow recovery.
Kia sees car market pulling out of crisis fast, upbeat on meeting sales target
Korean carmaker Kia on Tuesday said the ongoing second wave of Covid-19 is likely to impact car sales in the local market in the short term, but the company is on track to achieve its volume target this financial year.
M&M faces hurdle in selling SsangYong Motor stake to US company
While Mahindra wants to sell its entire 75% stake in SsangYong Motor to the potential investor, Haah, a US automotive distributor, and some existing stakeholders want the Indian automobile manufacturer to stay in as a minority shareholder and continue to support SsangYong, sources said.
Hyundai launches all new i20 with prices starting at Rs 6.79 lakh
The new i20 is available in both petrol and diesel engine options, across three powertrains – 1 litre turbo petrol, 1.2 litre kappa petrol, 1.5 litre diesel.
Hyundai to increase vehicle prices from January
The company, however, did not share details of model wise price change. The increase has been necessitated on account of rise in input and material costs, it added. The company is working out on details and would share the details of the model wise price hike later this month. Maruti Suzuki and Tata Motors have already announced to hike prices from January.
Former Hyundai executive Srivastava to join JSW Energy for EV foray
According to several people in the know, Srivastava is part of the senior leadership team that will prepare a blueprint for helping the JSW Group achieve its automotive ambitions.
Kia Motors to debut at AutoExpo 2018, to unveil to its global audience the premier SUV concept SP
Kia has already announced an investment of USD 1.1 billion to set up its manufacturing plant in Andhra Pradesh which would have a capacity to produce 3 lakh cars per annum.
Hyundai poaches another executive from Maruti Suzuki
South Korean carmaker Hyundai Motor India has poached Rakesh Srivastava, the marketing head for the northern region for Maruti Suzuki.
Hyundai, Kia ink deal for car infotainment system with Intel
MOU signed yesterday calls for the joint development of a platform that can allow users to receive entertainment content.
Trend in new MNCs in India
Three welcome trends underlie the list of top-10 multinationals in India.
South Korea to puncture Indian cars
Hyundai India frets as S Korea's proposed Free Trade Agreement with EU threatens Indian car exports. Review: BMW X6 | Toyota New Camry | JLR brands in India
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