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| INTERVIEWS/FEATURES CARS, SUVs, MUVs Small cars widen lead over sedans
COMMERCIAL VEHICLES 2/3 WHEELERS COMPONENTS | ALLIED INDUSTRIES FINANCE & INSURANCE OIL, LUBRICANTS & ALTERNATIVE FUELS INTERNATIONAL NEWS BMW, Mercedes for joint US transmission plant Mitsubishi to hire 1,300 workers in Thailand Mitsubishi resumes operations in Venezuela ECONOMY & FINANCE Inflation to turn positive soon
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| INDUSTRY Go To Top Shobhana Subramanian Business Standard (The Compass)
Mumbai: The Mahindra and Mahindra stock has had a strong run, gaining 164 per cent between March and now, compared with a rise of 87 per cent for the Sensex. However, over the past months, the price has remained more or less flat. Thats mainly because of concerns that a less-than-normal monsoon in four or five states could hurt sales of farm equipment, a profitable business for the company.
Tractors now account for around half the companys sales and even if a sizeable share of tractors is now used for non-agricultural purposes, a weak monsoon could result in a fall in demand. Tractor volumes in August were somewhat dull, rising 2 per cent year-on-year, though its true they came off a high base and, as industry watchers point out, there was also a seasonal effect.
In the current year, tractor volumes should rise 6-8 per cent. In the June quarter, the profitability of the division was strong with an EBIT (earnings before interest and tax) margin of nearly 17 per cent.
Of course, the farm segment included numbers for Punjab Tractors, which was merged with M&M in August last year and, therefore, the results were not strictly comparable with those for the June 2008 quarter. Even on a stand-alone basis, M&Ms tractor volumes werent as robust as they were in July. Exports were also disappointing.
However, M&Ms utility vehicles did well in August, posting a remarkable growth of 42 per cent year-on-year, driven by all models, which resulted in automotive volumes increasing by 15 per cent.
At the current price of Rs 836, the stock trades at 13.7 times estimated 2009-10 consolidated earnings. http://www.business-standard.com/india/news/mm-monsoon-blues/369627/
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| INTERVIEWS/FEATURES Go To Top The cheapest car need not be the bestseller and car buyers will eventually upgrade to brands that offer better features, says Mayank Pareek, Executive Officer (Marketing and Sales), Maruti Suzuki Ltd, the market leader in compact cars. In this interview with BrandLine, he also talks of how the car major tapped rural markets and whether the monsoon will be a factor in car purchases.
Maruti Suzuki has always tried to lure customers with multiple options in one segment. How well has this strategy worked in your favour?
Strategically, as Indian consumers are evolving it is no longer enough to offer just one plain vanilla product. We have to give them multiple options and this is a strategy we have been following for the last seven-eight years. Each segment has multiple products and each product has multiple variants, at every price point and every choice. For example, in the A2 segment which is the largest in India, we have six cars, three in the tall boy (Estilo, Wagon R and Ritz) and three in the regular hatchback segment (A-Star, Swift and Alto). First, what we consider is that the brand is top-of-mind for the customer. Next, we see if there are enough options. With our demography favouring the young population, people look for a motoring solution. A car is just not a thing to travel in from Thane to Panwel. It is an identity and niches and sub-niches will keep emerging. That is how we launched the Swift and A-Star. Any customer who walks into the show room should go back buying a car. That is our mantra and that is why we are the market leaders in the compact cars segment.
With the introduction of Tatas Nano, will you be focusing more on strengthening your presence in the cheaper cars segment?
In the Alto we have three variants ranging in price from Rs 2.3 lakh to Rs 3.2 lakh. If you look at the numbers, the low-end versions dont sell much. The cheapest car need not be the bestseller. Take the case of the Nano. The standard variant was not the top-selling model. People value some standard features such as air-conditioning. For most people who drive cars, its okay if their houses dont have air-conditioners, but their cars should. Similarly, people love power steering. So it may be good to focus on the lower end, but people will eventually move to high-end cars.
How well would the Suzuki Kizhashi, a premium brand, gel with Marutis current market image? Our philosophy is leadership in all segments. So when we introduce the Kizhashi in India we will look at leadership and we will come in at a time when we see a substantial demand for it.
Two years ago Maruti Suzuki was not a big brand in the rural markets. Things are different. How did you expand into the rural markets?
The rural market was something that gave us a hedge against the so-called slowdown last year. Around July last year we realised something was going wrong. So when we introspected, we understood the rural markets better. We had to create a need in the villages, then enable them to buy the car and then remove the mental block about how servicing the car was difficult. Programmes such as the Golden Quadrilateral that have been undertaken over the past few years have connected the villages to the mainstream cities. The next step was to identify the people who could afford to buy the cars. Rural does not mean poor and only farmers.
So to sell to them, we went to their environment and thats how we established a rapport. To segment the markets, we focused on the opinion makers like the panchayat members. Last year, we conducted around 300 Gramin Mahotsavs, where we went to the villages and delivered vehicles to them. The effect was reflected in our sales numbers. In 2007-08, 3-4 per cent of the total sales came from rural centres. In 2008-09, it went up to 9.5 per cent. Now, it accounts for around 13 per cent of total sales.
Is a bad monsoon going to be a cause for concern for the company?
Only 17-18 per cent of Indias GDP is now dependent on the rural economy. During the last four years, India has had copious monsoons. Just as one swallow does not make a summer, one bad monsoon will not dry up the rural wealth. Moreover, the Government, in anticipation, is pumping in money though projects such as NREGA. So far, these measures have acted as a hedge against deficit monsoons. The harvesting season in November will be something to take note of. But if a similar thing had happened 10 years ago, I wouldnt be saying this as we were completely dependent on agriculture then.
How do you see the festive season demand pan out for Maruti?
Weve had healthy double digit growth so far. The upsides are the steady momentum in sales and positive market sentiment, which is an important factor in the business. Last year, when sales dipped, it was not that the fundamentals of the economy changed. The sentiment was negative. Other positive factors are that GDP has more or less settled at 6-6.5 per cent and inflation is low. The possible downsides could be the monsoons and the availability of finance. For now, there is adequate finance available. I hope this continues. So on the whole, the upside is more than the downside, while six months ago the downsides were more than the upsides.
With infrastructural facilities improving, do you see the risk of people migrating from compact cars to sedans and luxury cars?
The world over, people are hanging on to small cars as awareness about environment friendly cars increases. Infrastructural constraints such as parking may not be solved too quickly in the near future. Plus, a first-time car buyer has and will continue to prefer a small car before experimenting with a big one. With projections stating that compacts will be substantial volume drivers till about 2015, the shift from small to big cars will happen very gradually.
All the foreign players who have come into India first rolled out their sedan versions, thinking that these cars were going to sell in large numbers. Now, these companies are chasing the small cars segment due to its growing popularity. Even China is turning towards small cars. India will be the manufacturing-, consuming- and exporting hub for small cars. http://www.thehindubusinessline.com/catalyst/2009/09/10/stories/2009091050120300.htm
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| CARS, SUVs, MUVs Go To Top PTI See this story in: The Economic Times, The Pioneer
New Delhi: The country's largest car maker, Maruti Suzuki India, said its entry level sedan 'DZire' has crossed the one lakh units mark in sales within 18 months of launch. "MSI achieved a cumulative sale of one lakh units of the DZire," a company spokesperson said. http://economictimes.indiatimes.com/News/News-By-Industry/Auto/Automobiles/Marutis-DZire-crosses-one-lakh-sales-mark/articleshow/4991016.cms
SMALL CARS WIDEN LEAD OVER SEDANS Sindhu Bhattacharya Daily News & Analysis (Web Edition)
New Delhi: Passenger car sales have shown a positive trend for all five months of this fiscal but a careful analysis of the salesdata makes it clear that the Indian fetish for "small" cars is fuelling this growth like neverbefore.
Sample this: Domestic sales of the hatchbacks (two box cars) have been growing at such a scorching pace that hatchbacks now account for almost 80% of all cars sold during the April-August period this year against 76% during the same period last year.
Simply put, only two in every 10 cars sold across the country have been three box sedans in this five month period.Between April and August this year, 70,000 more hatchbacks were sold compared to the same period last year and of this incremental growth, almost 25,000 were sold in August alone.
According to data from the Society of Indian Automobile Manufacturers (SIAM), 4,44,878 units (3,74,892 units)of hatchbacks were sold during the five-month period. The arrival of Tata Nano, Fiat Grande Punto, Hyundai i20, Maruti Ritz and A-Star and Honda Jazz in this segment has obviously given it the much needed fillip even as existing models continued to sell well.
The story remains much the same on the export front too, with over 53,000 more hatchbacks being exported between April and August this year at 1,63,170 units.
The mid-size sedan segment (Ford Ikon, Ambassador, Honda City, Logan, Hyundai Accent, Maruti SX4 and Dzire etc) fell by 4,368 units to 95,282 units against 99,650 units during the five-month period. Though the executive segment showed marginal growth - from 14,064 units to 15,473 units - it can almost entirely be ascribed to the arrival of the Fiat Linea besides the Audi Q5 and Volkswagen Jetta. Both the premium and luxury car segments fell between April and August this year. http://www.dnaindia.com/money/report_small-cars-widen-lead-over-sedans_1288883
FORD TO INVEST $500 M TO RAMP UP CHENNAI UNIT The Economic Times
New Delhi: Ford India Motor, the fully-owned subsidiary of the US auto major Ford Motors, will be one of the major production hubs for the parent companys operations in the Asia-African region, said Ford India MD and president Michael Boneham. Copyright 2008, Bennett, Coleman & Co. Ltd. All Rights Reserved"
FORD INDIA TO JACK UP PRODUCTION BY 30% The Financial Express See similar story in The Hindu Business Line, The Hindu, The Pioneer, Rediff India, The Economic Times, The Telegraph, Yahoo India
New Delhi: New launches and the coming festive season have spurred Ford India to increase production by over 30% this month onward. We have been producing about 130 vehicles a day, but this will be increased to 174 vehicles a day this month. There has been an increase in demand for the Ikon, which was given a facelift last November, Fiesta and Endeavour, said Michael Boneham, president and managing director, Ford India, at the launch of the new version of Ford Endeavour on Wednesday.
The new Endeavour is priced between Rs 15.99 lakh and Rs 17.99 lakh (ex-showroom New Delhi). We are currently selling 250-300 units of Endeavour, which commands a market share of 39% in the premium sport utility vehicle category, and the company expects an increase of 10-15% in sales after launch of the new model, Boneham said.
Ford India, which had last year announced a $500-million investment plan spanning over three years to expand its manufacturing facility, setting up a new diesel engine plant and product development, including a small car for the Indian car market, is expanding into smaller cities this year. We will set up 20 more outlets this year, especially in tier-III cities and a few in tier-I cities, over and above the 137 outlets that we currently have, said Nigel Wark, executive director (marketing, sales and service), Ford India.
Ford India currently has an installed production capacity of one lakh units at its Chennai plant, which will be expanded to two lakh units once its small car project kicks off. Boneham said the company would start exporting both petrol and diesel engines to markets, including Asean countries, once the new plant come up early next year. Our small car would be launched next year and we would start exporting it by the end of 2010, he said. Boneham, however, said the company expects its overall vehicle sales in 2009 to remain more or less flat at around 31,000 units, as compared to last year. http://www.financialexpress.com/news/ford-india-to-jack-up-production-by-30/515100/ http://www.thehindubusinessline.com/blnus/02091623.htm http://www.tribuneindia.com/2009/20090910/biz.htm#4 http://www.hindu.com/2009/09/10/stories/2009091056311600.htm http://www.dailypioneer.com/201589/Ford-to-ramp-up-production.html http://www.telegraphindia.com/1090910/jsp/business/story_11475064.jsp http://in.biz.yahoo.com/090909/50/bau5vj.html
NISSAN TO ROLL OUT FIVE NEW MODELS Swaraj Baggonkar Business Standard
Mumbai: Nissan Motor Company, Japans fourth largest vehicle manufacturer, is set to shed its niche player status in India and become a mass market manufacturer.
In the pipeline are five new products, including the compact car Micra/March (the company is yet to finalise the name) and its sedan version. Its compact car will compete with Maruti Suzuki and Hyundais line of models such as Zen Estilo, A-Star, i10 and Santro in terms of pricing and power.
Carlos Ghosn-led Nissan currently sells two models in India the Teana (a premium sedan) and X-Trail (a sports utility vehicle). Both have received lukewarm response in the market owing to their high price tags, because they are entirely imported.
Nissan Motor India (NMIPL), the Indian subsidiary based in Mumbai, is now constructing a plant in Chennai in association with French partner Renault.
In an email statement, a Nissan spokesperson said the company would produce five models in India. The first production starts with the next generation of the Micra/March hatchback, followed by the sedan type. The rest is still under study, the statement said.
The company will launch new versions of both their existing models next week, with major changes expected on the X-Trail (2009 edition), which will now sport a new body and chassis, enhanced interiors and a new fuel-efficient engine.
The Teana, meanwhile, will undergo a makeover, with substantial changes to the exterior design and styling, as well as the interior. The powertrain will, however, not be changed. Company executives declined to provide the pricing details of the new versions. The current 2.2 litre X-Trail costs Rs 20-24 lakh and the Teana costs Rs 21.42 lakh (ex-showroom Mumbai).
Sources from auto component circles said Nissan was studying the possibilities of producing the Teana locally either through a direct manufacturing route or an assembly line-up. A locally produced Teana would drastically reduce the price of the car, which is now sold after levying an import duty of almost 110 per cent.
However, owing to low sales volumes just 120 units last calendar year the company dropped its plans. In comparison, the Mercedes Benz C-class sells about 1,500 units per year, even though the base variant costs 24 per cent more than the Teana at Rs 26.5 lakh.
Nissan and Renaults Rs 4,500-crore Chennai plant will go on stream next year, with production slated to start in May. Even though Renault, which owns a 50 per cent stake in the Chennai plant, has hinted that it intends to go slow with its production strategy, Nissan will go ahead with its plans.
The compact car from Nissan will be the first to roll out from that facility, which will have an annual capacity of 400,000 units. Nissan will begin production with a target of 200,000 units and will ramp it up to 300,000 later. http://www.business-standard.com/india/news/nissan-to-roll-out-five-new-models/369648/
NEW HONDA CIVIC LAUNCHED IN THREE VARIANTS
See this story in: The Times of India
New Delhi: Auto manufacturer Honda Siel Cars on Tuesday launched a refurbished Honda Civic sedan with alternations in its design, such as a five-point metallic front grille and a new bumper.
VOLKSWAGEN EYES 15% OF ITS NATIONAL TARGET FROM STATE Business Standard
Mumbai/ Ahmedabad: Post-recession, Volkswagen India is shifting gears in terms of dealership and plans to sell around 450 passenger cars, including its brands Jetta and Passat, in Gujarat by end of calendar year 2009. Nationally, the Indian arm of the German car maker has set for itself a sales target of 3,000 units by December, 2009.
"So far we have sold a little more than 200 cars in Ahmedabad itself where we have been present since mid 2008. By end of this year, we are expecting to sell 3,000 units in the country, 15 per cent of which should come from Gujarat," said Neeraj Garg, Member of the Board & Director, Passenger Cars, Volkswagen India.
The company, which recently launched its second dealership outlet in Gujarat at Surat, plans to add one each in Rajkot and Vadodara within the current calendar year. By the end of the year 2009 Volkswagen India aims to expand its total outlets to 40.
Of its two passenger cars offering, its Jetta brand holds 80 per cent share in sales and is priced at Rs 14 lakh, while the Passat brand, worth Rs 24 lakh, holds a 20 per cent share. Volkswagen India's Chakan, Pune plant is ready for manufacturing with a capacity of 1,10,000 units per annum.
According to Garg, while Gujarat contributes six per cent to the total passenger car industry in India, the state contributes about 13 per cent currently to Volkswagen India, making it the second most contributing state after Tamil Nadu. In 2008 Volkswagen India sold 1566 vehicles and in the year 2009 the company has sold 1957 vehicles (as of August 2009) across the country. http://www.business-standard.com/india/news/volkswagen-eyes-15its-national-targetstate/369596/
COMPETITION HOTS UP IN SUV SEGMENT The Times of India
New Delhi: The mid-range SUV market in India is getting competitive. Within days of Toyota driving in its Fortuner diesel SUV in India, segment leader Ford brought in a new version of its Endeavour, pricing the automatic variant of the model competitively at Rs 17.9 lakh (ex-showroom Delhi). Copyright 2008, Bennett, Coleman & Co. Ltd. All Rights Reserved"
THE TOYOTA FORTUNER IS A TRUE BLUE SUV Rachna Tyagi Daily News & Analysis
Mumbai: The Toyota Fortuner is here... at long last. Just like the way people waited and waited for the Skoda Fabia to make it onto Indian shores, similarly, SUV lovers in India waited for Toyota's acclaimed SUV to arrive here.
After bringing in the Land Cruiser and the new Camry, Toyota recently introduced it's much-awaited Fortuner. The Fortuner's arrival augments the hotting up of competition in the SUV segment and other SUVs in the market such as Ford Endeavour as well as Chevrolet Captiva who will have to brace themselves for some stiff competition.
The Toyota Fortuner comes strapped with a 3.0-litre D-4D diesel engine that belts out 34.98 kg-m torque @1400-3400 rpm. Besides the 5-speed manual transmission, it comes with a full-time 4WD which adds to the excitement of driving this beast through almost any kind of terrain.
There are SUVs and there are SUVs but the Toyota Fortuner sure is the real thing. Besides being one hell of a handsome SUV, which appeals to the eyes almost instantly, one of the first things that will strike you when you stand beside it is that it actually dwarfs you due to its sheer dominating size.
Make no mistake, the Fortuner has extraordinary road presence and is definitely a head-turner. Besides with 4X4 capabilities, the excitement doubles.
The Fortuner is a non-fuss, gallant SUV that comes with simple, clean lines and that unmistakable stamp of Toyota's reliability. The bonnet scoop on the Fortuner to cool the intercooler while speeding along with the projector-type headlights to illuminate your path and the 17-inch tyres to provide the much needed grip on different road surfaces add to the Fortuner's appeal on the outside.
Step inside and you'll appreciate the elegant and roomy interiors. The multi-information display control, a six-cd changer, luxurious leather upholstery, steering mounted controls along with an easy to read instrument panel in chrome plated rings add to the Fortuner's understated charm.
The automatic air-con along with the rear cooler switch and blower control for rear passengers ensures cooling and comfort for all the passengers.
As far as safety features are concerned, the Fortuner could have brought in some more features considering its price tag of Rs 21,95000 (on road, Mumbai). However, currently, it offers ABS for better braking performance, SRS front airbags for passenger and driver and back Sonar which assists while reversing and parking.
Available in five colours, Grey Mica Metallic, Silver Mica Metallic, Black Mica, Super White and Light Blue Metallic, the Fortuner comes with a 100,000 kms/ three years warranty.
Tech Specs Length: 4695mm Width: 1840mm Height: 1850mm Ground Clearance: 221mm Kerb Weight: 1955 kg
http://www.dnaindia.com/money/report_the-toyota-fortuner-is-a-true-blue-suv_1288744
HYUNDAI GOES BLUE WITH I10 ELECTRIC! Adil Jal Darukhanawala The Economic Times, Zigwheels
No this isn't a pie in the sky thought but with the world and its granny going zero emissions, or at least heading down that alley, Korean car maker Hyundai wasn't about to lag behind. Having climbed up the pecking order in the automotive spectrum to be the number four car maker in absolute volume terms in the world, the South Korean brand is now doing things to forward a perspective that shows it to be not just deserving of this position but also indicating to rivals that it is not going to stop at being fourth! One of its biggest indicators to this effect was announced in the form of an all-electric version of its venerable i10 mini. The Hyundai i10 is made exclusively in India, both for domestic consumption and for all export markets the Korean chaebol is present in. The all new i10 Blue Drive (all of Hyundai's eco-concept vehicles sport the Blue Drive moniker) will get its public unveiling at the Frankfurt Motor Show in mid-September. Due to the switch to a fully electric powertrain, most of the other ancillaries such as the power-assisted steering gear, air con, etc would now be run off the battery. The car would have regenerative braking as well but overall with Hyundai's all new electronic controller spearheading vital functions on the vehicle, the new i10 Blue Drive seems just the right car at this point in time.
Visually, the i10 Blue Drive gets a new set of graphics and also low rolling resistance tyres to enhance both speed and range but overall it yet continues that winning look as our very own i10. Apart from not using any fossil fuels and being a zero emissions car, the cute appeal of this electrically charged mini has been enhanced manifold. The petrol powered version of the i10 was launched in India back in 2007 and it has already attained the position of the second best-selling car in the country in recent months. But there is no news as of yet about the electric version hitting Indian streets anytime in the near future. Hyundai is saying that after its debut at Frankfurt this year, initially the i10 Electric will only see a limited production run that will start in 2010. Hyundai plans to offer it to the Korean government, state corporations, and utility companies as the country offers tax incentives for electric cars in Seoul. But seeing as to how the standard i10 is wholly assembled in Chennai itself for global export, India may not be too far behind Korea in Hyundai's plans for this little electrifier. Meanwhile, significantly Hyundai's i10 has been the biggest beneficiary of the scrappage incentive of the British government and has achieved stupendous sales in England. If that is not all, the built-in-Chennai by Hyundai Motor India i10 has managed similar success stories all over Europe. Copyright 2009, Bennett, Coleman & Co. Ltd. All Rights Reserved"
Adil Jal Darukhanawala The Economic Times, Zigwheels
The future's bright, not because someone has lit a bulb but someone surely has switched on the electricity! Well Chetan Maini, bossman of the Reva Electric Car Company hopes the future's bright, in the automotive sense, because he has switched on not one but two brand new battery powered electric cars which are destined to cater to a whole new emerging breed of eco-conscious car users in Europe especially and maybe in India if the authorities see the light of day!
Well enough of speaking in obscurantist terms but there is nothing obscure about the two new Revas, finished in pearlescent lime green with black accents which are set to make their debut at the Frankfurt Motor Show next week. Come to think of it, they are probably the very first designed and built-in-India automobiles which will make their world debut at the Frankfurt show. And doing this on the world's largest automotive stage takes some courage not mention solid effort and determination because this event takes no prisoners.
Even more glaring is the fact that Frankfurt 2009 will see the major OEMs have at least one all-electric car on their massive displays and so what chance does a small time Indian technology firm stand against the might of a Nissan Leaf or a GM Volt or the Tesla sports car among many others?
Reva surely can't play with the big boys on their terms but this technology company can effectively carve out a niche for itself with its own proprietary technology which it has proved under arduous conditions in India and overseas via its existing Reva G-Wiz.
While many might have avoided an electric car in India for three reasons (the Mickey Mouse styling of the original Reva, the high cost of the vehicle and the lack of range plus quick charge facility), the new fourseater Reva NXR and the sexy Reva NXG two-seater coupe (also to be made in an open topped cabrio version) could change all that. The NXR is all-new from the ground up and was designed by Reva's own in house design and development team with the final styling having been tweaked by Dilip Chhabria of DC Design in Pune. As one can make out from the car shown above, this is in essence a slightly squared up hatchback with seating for four yet has just two doors! What marks this car out for me apart from its obvious mainstream looks is that it has not borrowed from the cramped confines of the original Reva and instead there is ample space to accommodate four adults with reasonable head, elbow and leg room. An all new tubular spaceframe chassis has been developed and this uses high strength steel tubing, suitably beefed up at critical junctures to provide for a robust base. This is to not just house the electricals and drape the body on but also take on conventional automobile suspension and brake systems and provide ride and handling of an order very similar to what you would experience in a Bsegment supermini. Being certified as an M1 class vehicle, it has to meet crash and safety norms in Europe and the new spaceframe chassis has been configured in such a manner that it passes the European crash tests given its large frontal crush zone and side impact beams. Having a fiberglass body gives it added low speed crash deformability and with the fitment of dual air bags plus seat belt pre-tensioners, it has a sound mix of both active and passive safety features so very much high on a European car buyer's mind.
The NXR (effectively stands for Next Reva) sports a wheelbase of 1312mm and has an overall length of 3280mm. I am sure that the length can be shaved a bit to meet the Indian mini car class regs but overall this is one pretty confident machine that packs in the technology to make many at least sit up and give it their fullest attention. Overall the configuration of the car might seem conventional with a bonnet up front and a large hatch at the rear but this sort of design was done to make the car seem more conventional than avant garde. The large capacity brushless AC motor (completely sealed for life) is housed at the rear and drives the rear wheels while the large battery pack is placed directly below the driver and front passenger's seats (just like the fuel tank in the Honda City and Jazz) and therefore the bonneted front end with a conventional grille is both intriguing and interesting. "We had to take a traditional approach here so as to make everyone first accept the new vehicle as a conventional car rather than shun it outright on hearing it is an electric car," said Dilip Chhabria who worked on the front end styling and also the distinctive rear window treatment and that large Reva name plate on the rear. Dilip also helped the Reva team to understand the nuances of what car buyers seek from their prized possessions and he was able to give them the benefit of his experience gained from working with big name OEMs in the world.
The NXR may be conventional for mainstream car users in its overall turnout but radical in terms of what gets it going. The key to the car's acceptability is the electronic wizardry that controls the way the power is transmitted, regenerated and also exactingly used. The NXR has been configured to work with both lead-acid batteries (for India and other developing markets) as well as the more powerful yet lighter but more expensive lithium ion batteries. However, what Reva has done is make their controller battery neutral and then taken it further to give it an edge over other electric cars. The key to this is to be found in the REVive technology patented by the firm. This technology helps give users enough charge to limp home should the batteries run out of juice. Reva's tech has plotted out an all new interface which needs just an SMS from the driver to tell them about their vehicle not having enough grunt to get home or to the nearest charging point. From the moment the SMS is received, the Reva boffins communicate with the car, wirelessly free up energy stored in various pockets in the drive system and help get the vehicle home for recharging. One has heard about wirelessly transmitting electricity (yes it is true this phenomenon but on a very tiny scale) but this REVive tech is mostly algorithms which liberate ions and get the battery to reboot enough to get the car home.
What is fantastic about this sort of a technology is that it is a proprietary one perfected by Reva and should be the talking point at Frankfurt. This tech however doesn't impede on performance because the NXR with lead acid batteries can do a top speed of 80km/h and has an effective range of 80km on one full charge. It also comes with a quick charge facility that can deliver 90 per cent charge needed in under one hour of being hooked on to the mains. The scene with lithium ion batteries is even more telling. The NXR gets a top end boost to 104km/h and its effective range is doubled to 160km! What is impressive is that this is to be factored in with four people on board and with creature comforts like proper air conditioning and a top quality audio system to match. Seems a far cry from the Reva of yore. In fact even the digital dashboard is sci-fi stuff but thankfully easy to comprehend even though you have different tell tales blinking on it. I think that the NXR is solid but staid given the fact that the major OEMs are now beginning to make standalone but rather more mainstream oriented electric cars, the Nissan Leaf being one such mighty example. Reva's tech is fool proof but to mix it with the big boys it will need to be even more adventurous and seek out newer niches to ply its craft in. Thankfully the NXG is just the right calling card for the firm and while it is similar to the NXR in its makeup, it has even stronger performance to go with its sporty turnout. This is the first all DC Design conceived and crafted car to be destined for series production and it takes in the form of a targa-topped mid-engined coupe having a wide pumped up stance as if it was fed a diet of testosterone and also sent to the gym every day. Many electric vehicles have failed because they were more often than not designed as an appliance or an oddity with none of the emotional appeal of mainstream IC-engined automobiles that drive men and women crazy. The NXG is Reva's best step in making electric cars more mainstream, more appealing and just as satisfying. I got to check this car rather more intently and can state that the feel of the cockpit and the controls was more in sync with a Honda or a BMW. The overall proportions are also easy to comprehend and by and large this dual toned package has enough appeal to make even a puritan shed his inhibitions and give in to automotive lust of the most deliciously sinful kind. I am convinced that if the NXR is the sensible vehicle for India, the NXG is the practical everyday sports car for the discerning auto enthusiast anywhere in the world. It has an even higher rated motor and comes with a 130km/h top speed capability coupled to a 200km range per charge from its lithium-ion battery pack. Factor in the fast charge and effective range is doubled to 400 km a day should the owner be capable of long distance motoring with an hour in between for R&R (rest and recharge). Reva expects to launch the NXR on the domestic and international markets by January 2010 while the NXG is being tooled up for series manufacture from January 2011. Reva has just two dealers in the country at present but it hopes to have as many as 30 by the first quarter of 2010. Prices have yet to be announced but the crazy thing is that the future for Reva right now lies in Europe where not just incentives for clean zero carbon motoring are manifest but also importantly the infrastructure for large scale electric car usage is being deployed. Will some progressive folks in the government and the bureaucracy wake up and give this all-Indian outfit a hand? Will taxation be made friendlier for such vehicles? Lets hear it for real rather than just indulge in real politicking! Motoring in India needs a fresh charge and maybe everyone can pitch in to make things electrifying. Copyright 2009, Bennett, Coleman & Co. Ltd. All Rights Reserved"
The Economic Times, Zigwheels
SUVs, 4-wheel drives and diesel engines form a delectable combination that gets most off-road enthusiasts raving. We have always liked Suzuki's Grand Vitara for its competent all-wheel drive system, sensible dimensions and a competitive price-point, but what the Indian model really missed was a punchy diesel power plant that would help the city-SUV munch through inhospitable terrain. Guess what? The wishes just might come true. Suzuki Great Britain has introduced a revised version of the Grand Vitara for 2009, with the 1.9-litre DDiS diesel engine. The powerful and torquey engine option puts the Grand Vitara in a league of world class diesel offroaders with colossal 300Nm of torque right from 2000rpm and 129PS of power available from 3750rpm. Going by Suzuki's intention to focus on developing markets, this car could be well on its way to the Indian subcontinent. The existing Grand Vitara models with 2.0 Litre and 2.4 Litre engine options have received strong positive response from the Indian customer base.
A diesel variant for the Grand Vitara for India will only make it an even more lucrative product in Suzuki India's current line-up. A powerful diesel like the 1.9 DDiS coupled to the 4x4 system gives the Grand Vitara amazing offroading capacity and the massive 300Nm of torque means that she can be happily taken across rough terrain. An added dollop for city use will be the significant improvement in the 2009 model in terms of NVH levels, with Suzuki employing new sound insulation measures to make sure that the NVH levels are under check at all speeds. Now here's a vehicle that could spice up the sub-20-lakhrupee SUV space quite delectably, and once the successful 1.3-litre DDiS engine's elder sibling is here, we can only hope for it to be plonked onto Maruti Suzuki's other international models like the Swift. Fans of diesel power, watch this space! Copyright 2009, Bennett, Coleman & Co. Ltd. All Rights Reserved"
HONDA CIVIC GETS A MID-LIFE NIP AND TUCK Adil Jal Darukhanawala The Economic Times, Zigwheels
In a bid to arrest sales decline and keep its premium segment contender, the Civic, relevant and up-to-date with the competition, Honda Siel Cars India announced a refurbished version of its Dsegment saloon. The Civic which has dazzled car owners and users with its sci-fi exterior and low slung looks coupled to as avant garde an interior treatment now gets an upgrade which is subtle yet right there if one cares to look closely. Changes are cosmetic in nature and on the exterior they take the form of a new bumper plus a slightly different grille treatment which Honda hopes will give the car a heightened sense of aggression and excitement! The head lights and the tail lamps have also been attended to, with dark smokey surrounds to the former and crystalline octagonal treatment within the latter. There are also new design fog lights on the bumper. And while yet staying with the exterior, the package is completed with the adoption of new design alloy wheels. Also making its appearance with this mid-life refresher pack is the introduction of a new body colour which Honda has named polished metal.
Move into the interior and the first thing which is apparent is the upholstery treatment which is now duotone. The door pads and the armrests are now also outfitted in the same hard wearing cloth fabric. A new addition in the space age instrument console is the addition of an intelligent fuel economy indicator. And the most important aspect of the lot when it comes to creature comforts is that the Civic will finally get USB connectivity for its audio player. Unfortunately the process of plugging in your iPod or other device is yet not sanitary, with the USB plug adaptor being housed in the central arm rest which could negate space for other odds and ends. The new Civic breaks with tradition though with there being not two but three variants. Where all along we had one fully loaded version with either manual or automatic transmission, there will be two trim spec versions of the 5-speed manual (SMT and VMT) along with one top end automatic version (VAT). The Civic VMT and VAT models both get cruise control with the switch to activate this being placed on the right spoke of the steering wheel. Further more, all versions would also have two additional trim highlight packages, just like on the Accord, these being named Elegance and Inspire. The new Civic wont be much different in pricing from the present model. The range starts from Rs 11.8 lakhs for the SMT and goes all the way up to Rs. 13.44 lakhs for the top end VAT model (all prices ex-showroom Delhi). This is good because the new prices coupled to the additional equipment was what the Civic needed in recent times to hold its own not just again its arch rival the Toyota Corolla Altis but also against being seen to be circumspect. Hondas 2+2 years warranty remains intact as does the companys 24-hr roadside assistance package for all Civic buyers. Copyright 2009, Bennett, Coleman & Co. Ltd. All Rights Reserved"
HEART IN MOUTH - MITSUBISHIS MEET MOTHER EARTH! Muntaser Mirkar The Economic Times, Zigwheels
SUVs - big, bad, rugged and built to last. Well, at least this is how they were supposed to be when they were first brought into existence to do duty during the world wars. With the advent of softroaders and a market of posers springing up that simply diluted the originating purpose of the SUV, purists think that no one really makes them like they used to anymore. Well, Mitsubishi does!
And that's exactly what a bunch of owners of Pajeros and Monteros gathered to show - the true potential of the SUV. Conceived and organised by HM Mitsubishi, the event was a platform to demonstrate to owners what their vehicles were truly capable of. With the help of Sportscraft a route was chalked out that started from The Park hotel in Belapur, New Mumbai and traversed the backyard of the Mumbai suburb before culminating back at the starting point. On the way was a vivid array of steep slopes, climbs, descents, river crossings and thanks to the welcome wrath of the rain gods, a whole lot of slush - the perfect mix for a Sunday full of off-road action. Mitsubishi makes some of the best off-roaders in the world - their huge history of success in events like the Dakar is testimony to that fact. With all of that experience and DNA embedded, it was no surprise that the Pajeros were simply pulling their way out of everything. But doing an even better job of making mince-meat of the treacherous terrain were the two Mitsubishi Monteros. If you're the type who loves going offroad but wants to stick to a rather luxurious ambient surrounding, the Montero should be your SUV of choice as it demonstrated rather well wading through deep river crossings and climbing extremely slippery bunds on the other side. That said, we have come out of the Heart in Mouth escapade with a new-found respect for Mitsubishi's small softroader - the Outlander. The petrolpowered SUV made its way through almost every obstacle in its path and with as much finesse as any of the Pajeros present. There are very few SUVs in its segment that can drive both on and off of tarmac as well as the Outlander can. All wasn't smooth sailing though, as the continuous downpour and preceding convoy made life hell for the vehicles bringing up the tail end of the field. With a JCB at hand to yank us out of trouble though, everyone was happy putting the tracks of their SUVs where they had probably never gone before. At the end of the day the Mitsubishi Heart in Mouth drive was the perfect platform to demonstrate the true glory of the Mitsubishi Outlander, Pajero and Montero. That said, hats off to the owners who brought their expensive rides to explore their true potential. As for those who turned back even before the first obstacle, you missed one hell of an experience! Copyright 2009, Bennett, Coleman & Co. Ltd. All Rights Reserved"
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| COMMERCIAL VEHICLES Go To Top | |
| CONSTRUCTION & AGRI MACHINERY Go To Top The Hindu http://www.hindu.com/2009/09/10/stories/2009091061771900.htm
Adil Jal Darukhanawala The Economic Times, Zigwheels
Bob the builder is a very popular comic book character which kids in the last decade or so have taken to. It gives them their first brush with doing things, building houses, roads, etc. And it's no wonder that all those who do start off with Bob the builder also see his yellow toys which help him do the job so handily. The same stands true for JCB in the construction business but this time the joy of creation is all for real. The bright yellow machines which one sees on construction sites the nation over, inevitably it would scream JCB, be they clearing landslides in the Himalayan region or shoveling through soggy soils and mines elsewhere, whether one realizes it or not, a JCB has inevitably touched our lives even without us acknowledging it. The Indian arm of JCB (so named after the initials of its founder, the late Joseph Cyril Bamford) is one of the most progressive of construction equipment manufacturers in the country. From its humble start in 1979 as a low volume manufacturer of backhoes, it is the leading maker of backhoe loaders in the country. In fact such is its dominance that one out of every three such machines sold in the country has the JCB logo emblazoned on it.
While JCB has a strong product portfolio which includes tracked excavators, wheel loaders, wheeled loading shovels, telehandlers, skid steers, vibratory compactors, liftalls and tandem rollers, it is its omnipresence with backhoe loaders which has truly set the company apart from its competition. JCB makes three models of backhoe loaders, the 3DX which kicks off the range, the 3DX Super and the 4DX. What distinguishes these three from others in this exacting class of hard working equipment is the way JCB's design and development process has blueprinted every part to stay true to the form follows function dictum. And this is so very true when function is the form which adds profitability to a construction fleet operator who invests in hardy machines such as the JCBs. The basic 3DX backhoe loader is powered by a 76HP engine sourced from Kirloskar Oil Engines Ltd (KOEL) while a 96HP KOEL engine does duty in both the 3DX Super as well as the 4DX. The latter two come with state of the art four wheel drive transmission systems which are made in-house by JCB. JCB's ultramodern engines which also powered the world record setting Diesel Max LSR racer are however not yet available in India but as company officials have stressed, the KOEL engines do the job impressively and also there was no need to invent the wheel when their priorities were to get the other aggregates - so uniquely JCB - spot on.
As such what we have are vehicles with loader buckets of 1.1 cu.m capacity and excavator buckets of 0.24 cu.m capacity for the 3DX and 3DX Super models. The top of the line 4DX has a 1.2 cu.m loader bucket while the excavator bucket is an impressive 0.3 cu.m capacity. Digging depths for the first two are 4.77metres each while the 4DX has a digging depth capability of 5.21 metres. The massive tearout force thanks to the larger bucket sizes and the ability to dig deep make for these machines to be ultra-productive on any type of job they are put to. The secret to the JCB backhoe success is that every thing barring the engine is done in-house at its modern state-ofthe-art facility at Ballabgarh near Faridabad. In fact it is said that this is the world's largest backhoe manufacturing facility and has the wherewithal to produce over 100 units a day! Key to the success of the JCB backhoes is not difficult to comprehend. Its overall design is lean yet highly functional. The overall build of its unique chassis is one key element while the proprietary hydraulics (so very important for a machine which does the torqueing!) and the associated electronic controls have made these machines the envy of the industry. In fact, so versatile and user-friendly are the JCB backhoes that one has to only climb into the superbly configured cabin with the ergonomic controls to envision why the operator can get so much done so very quickly. JCB has a fantastic product range which has respected rivals (like Caterpillar, Terex, Hyundai, Escorts, Kobelco, ACE, etc) rethinking not just their plans but also their strategies. What is also impressive is not just the product perspective but also the on-site service support which makes the JCBs so dominant where it matters most - on work sites. Trained engineers and constant training are key to this fact and JCB has an ongoing programme where dealers and operators are always appraised of newer working practices designed to get the most out of these hardy machines.
No wonder then that while there are other equally powerful, versatile and efficient products in its overall portfolio, when it comes to the backhoe loaders, the one single name which stands out is JCB. It is known that one out of every two construction equipment machines sold in India is a JCB. Sometimes they say fact is stranger than fiction, but not in this case. Copyright 2009, Bennett, Coleman & Co. Ltd. All Rights Reserved"
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| 2/3 WHEELERS Go To Top Nandini Sen Gupta The Economic Times
Pawan Munjal, managing director and CEO of the worlds largest motorcycle maker, Hero Honda Motors, can look forward to healthy relations with Honda Motor Co, with the Japanese major crediting its Indian joint venture for driving its financials during the past year.
For the first quarter ended June 30, 2009, Honda Motor Co clocked a global net profit of $77.64 million (Rs 372.67 crore). For the fiscal year ended March 31, 2009, Hero Honda contributed a much bigger amount of Rs 428 crore to the kitty of parent Honda, of which Rs 324 crore was the royalty and Rs 104 crore dividend. Copyright 2008, Bennett, Coleman & Co. Ltd. All Rights Reserved" http://economictimes.indiatimes.com/News/News-By-Industry/Auto/Two-wheelers/Now-Hero-puts-Honda-on-the-winning-track/articleshow/4992487.cms?curpg=2
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| SUNDRAM FASTENERS CHINA ARM WORKING AT 50% CAPACITY T. Murrali The Hindu Business Line
Chennai: Due to the recession, Sundram Fasteners (Zhejiang) Ltd is working at half its capacity, sources in the company told Business Line.
China is not only the first major overseas foray of Sundram Fasteners, but has also consumed the highest investments Rs 56.87 crore ($13 million) including the Rs 8 crore put in last year. Global recession and a strong Remnimbi have delayed Sundram Fasteners achieving breakeven in its China operations.
If the recession came in the way of the company passing on increases in steel prices to customers, the strong Chinese currency affected exports out of China. When the company commenced its operations in 2005, a dollar was worth 8.29 Renminbi.
Sources in Sundram Fasteners said the going was good for the company in the first 10 months. However, the drop in sales in the remaining months eroded the profits and even lowered its cash profit 29 per cent to Rs 1.86 crore in 2008 from Rs 2.63 crore in the previous year.
Currently, the company manufactures high tensile fasteners and bearing housings and supplies to overseas customers and few multinational companies operating out of China. http://www.thehindubusinessline.com/2009/09/10/stories/2009091051110300.htm
TAITRONICS TO ORGANISE EXPO IN CHENNAI The Hindu Chennai: Taitronics India will be organising an exhibition at Chennai Trade Centre between September 11 and 13. According to a release, the fair will see over 180 manufacturers from Taiwan displaying their products. The fair will focus on electronics, machinery, automobile parts, hardware and tools. http://www.hindu.com/2009/09/10/stories/2009091061761900.htm
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| ALLIED INDUSTRY Go To Top Swaraj Baggonkar Business Standard
Mumbai: Export of tyres, which witnessed a fall of 22 per cent till July, is expected to get a breather following the new foreign trade policy (FTP) announced by the commerce ministry recently. The FTP has an inclusion of tyres and tubes in the market-linked focus product scheme, which will aid tyre exports by making them eligible for an additional incentive of 2 per cent of the free-on-board (FoB) value of exports.
According to the Automotive Tyre Manufacturers Association (Atma), the apex body of tyre producers in the country, tyre exports showed a declining trend in the first four months of the current financial year, with exports coming down by 22 per cent to 1,588,393 units from 2,042,428 units reported in the same month a year ago. JK Tyres Vice-Chairman & Managing Director and Atma Chairman Raghupati Singhania
said: Broadening the scope of FMS will encourage tyre and other manufacturing sectors to explore new and emerging markets. Singhania pointed out that Indian tyres have been exported to over 60 countries worldwide for more than 20 years.
The new FTP seeks to encourage exports to 13 countries Algeria, Brazil, Egypt, Kenya, Mexico, Nigeria, South Africa, Australia, Tanzania, Ukraine, New Zealand, Cambodia and Vietnam. The fall in exports of tyres from India was the result of intense competition from cheap Chinese and Korean tyres in overseas markets in addition to the general fall in demand due to the mellowed economic activity across the globe. http://www.business-standard.com/india/news/tyre-makers-look-to-new-ftp/369656/
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| FINANCE & INSURANCE Go To Top Tinesh Bhasin Business Standard
Mumbai: With the festival season round the corner, tough competition among banks and financial institutions has ensured that auto loans get still more cheaper.
For instance, in August, Canara Bank, IDBI Bank and ICICI Bank had revised their auto loan rates. Along with State Bank of Indias (SBI) fixed-cum-floating offer in the home and auto segments, Canara Bank is also offering a similar loan facility.
That is, SBI is offering 8 per cent for the first year, 10 per cent for the next two years. Canara Bank is charging 8.5 per cent in the first year, 9 per cent in second year and 10 per cent between third and fifth year. Following this, both ICICI Bank and IDBI Bank too cut their rates.
For a consumer, there are a few things to ponder over. While the rate of interest is the most attractive feature of a loan, other issues such as structure (hybrid or fixed-cum-floating), loan-to-value on offer, tenure or time period and dealers partners need to be considered as well.
An auto loan seeker, for starters, should approach his/ her bank. A good existing relationship can make things easier. Umesh Arora, head, retail liabilities, Axis Bank, said, In the auto or personal loan space, an existing customer has a clear advantage. And depending on this, one can even get 0.5 per cent discount. Some banks can also give relaxation towards initial down-payment.
For those who want to scout for a good loan offer, heres some help. Lets first look at the cheapest loan for different tenures. If you are planning to take a loan up to three years, SBI emerges as the best bet. The banks offer of a fixed rate for three years makes it an attractive proposition. The average yearly rate comes to 8.87 per cent - the lowest.
In terms of equated monthly instalments (EMIs), a loan of Rs 3 lakh for three years would lead to an EMI of Rs 9,400 in the first year and Rs 9,592 in the second and third year. However, a car buyer has to fork out 15 per cent of the total cost as SBI lends only up to 85 per cent of the cars value (on road price) for new as well as second-hand cars. For loans with tenure of three-seven years, Canara Bank has the best offer. For instance, a car loan of Rs 7 lakh for five years would mean that the average rate is 9.2 per cent a year.
The EMI will work out like this - Rs 14,362 for the first year, Rs 14,638 for the second year and Rs 14,712 from third to fifth year. The only drawback Canara Bank does not provide four-wheeler loans for tenures above six years. The bank funds 90 per cent of a new cars on-road price. For used cars, loans are given only up to 75 per cent of the cars value.
In comparison, ICICI Banks EMI for the same loan would come to Rs 16,379 at an average rate of 14.25 per cent.
While offers of public sector banks are quite impressive, the process could be time consuming. This is because they follow a centralised loan approval system that leads to delays in sanction and disbursal. Also, they are more stringent as far as the loan-to-value percentage goes. If you are unable to shell out the required 85-90 per cent, approaching private banks through direct selling agents (DSAs) or dealers help. In fact, some DSAs claim that they can get you a 100 per cent loan on select models. The customer will need to shell out only the first EMI in advance for some cars such as Maruti Swift, said a DSA for a private bank.
Like mutual fund distributors, both dealers and DSAs normally have partnerships with as many as four-five banks. This helps them get you a better loan-to-value deal or even rates, at times. As dealers, we need to provide options to customers. Normally, even before the customer has decided on the model, we spend some time with them to understand the kind of financing he/she will require, said a Mumbai-based Maruti Suzuki dealer. http://www.business-standard.com/india/news/your-new-car-to-pinch-less/369604/
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| OIL, LUBRICANTS & ALTERNATIVE FUELS Go To Top See this story in: The Indian Express Singapore: Oil prices held steady around $71 a barrel on Wednesday, consolidating the previous session's dollar-driven 4.5 per cent rally as investors waited for an OPEC meeting to conclude and fresh US inventory data.
The dollar index shed more than 1 per cent on Tuesday to hit a one-year low of 77.05, after breaking major chart support. The euro was up around $1.4507, having risen 1 per cent on Tuesday to end at $1.4490 in New York, and having touched its highest this year.
This is very much in a dollar-driven, inflation-driven, hysteria-driven market, MF Global commodity and energy analyst Edward Meir said.
Oil looks terrible on the charts. OPEC will likely leave things unchanged and will end the meeting with exhortations to stick to quotas. There is potential weakness, yet we saw the biggest move in a month.
NYMEX crude for October delivery stood at $71.04 a barrel by 0215 GMT, down 6 cents from Tuesday's settlement. London Brent crude fell 18 cents to $69.24 a barrel. US crude rallied 4.5 per cent by Tuesday's settlement from the previous settle on Friday. With prices more-or-less flat and no settlement on Monday due to the Labor Day holiday, the gains are the biggest since mid-August.
Crude prices, although up 50 per cent so far this year, are still less than half their peak struck in July 2008, a level that OPEC kingpin Saudi Arabia said both producers and consumers are happy with.
The Organization of the Petroleum Exporting Countries is meeting in Vienna on Wednesday, and comments from officials suggest it is likely to keep the official output target stable. Later on Wednesday, the market will get its first steer on US crude stocks with numbers from the American Petroleum Institute due at 2030 GMT, followed by the Energy Information Administration's on Thursday at 1500 GMT. Both are delayed a day by the Labor Day holiday.
A preliminary analysts' poll calls for a 1.5 million barrel drawdown in crude stocks, a 700,000 barrel increase in distillate supplies and a 1.4 million barrel decline in gasoline inventories. With the driving season over and the heating season yet to begin, traders will be watching to see whether demand in the world's top energy user reflects hopes for economic recovery.
Valero, the biggest refiner in the US, has decided that fundamentals are grim enough to sack hundreds of workers and idle several major processing units.
That looks pretty bearish but its not a fundamentally driven market. It's about inflation, the dollar and macro numbers, a trader in Singapore. Traders will keep half an eye out on Tropical Storm Fred as it grows towards hurricane force in the eastern Atlantic, but its path should keep it clear of land for the next several days and it should skip US Gulf oil and gas installations entirely. http://www.indianexpress.com/news/oil-steady-after-dollarled-gains/514856/0
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| INTERNATIONAL NEWS Go To Top Reuters See this story in: The Economic Times
Berlin: Germany expects General Motors to pay back a 1.5 billion euro loan made to help Opel if GM keeps its European unit, Finance Minister Peer Steinbrueck was quoted as saying in a newspaper interview published on Wednesday.
BMW, MERCEDES FOR JOINT US TRANSMISSION PLANT Bloomberg Business Standard
Bayerische Motoren Werke AG and Daimler AGs Mercedes-Benz unit, the worlds top two makers of luxury cars, are considering building a joint transmission plant in the US, expanding on their cooperation in purchasing.
A transmission factory is a potential project that could be taken into consideration, said Marc Binder, a spokesman for Mercedes-Benz Cars in Stuttgart, Germany. Theres no timeframe for a decision, he added, confirming Daimler Chief Executive Officer Dieter Zetsches comments in an interview published by Sueddeutsche Zeitung.
The two manufacturers cooperate on buying components such as air conditioning systems and window motors. Herbert Diess, BMWs purchasing chief, said on March 18 that the number of common parts was in the double-digit range and that joint buying has yielded savings of as much as 15 percent.
Marc Hassinger, a spokesman at BMWs headquarters in Munich, said talks on potential cooperation projects with Mercedes were ongoing and specifics would be discussed only after decisions have been made. http://www.business-standard.com/india/news/bmw-mercedes-for-joint-us-transmission-plant/369664/
MITSUBISHI TO HIRE 1,300 WORKERS IN THAILAND See this story in: The Indian Express Tokyo: Mitsubishi Motors Corp is hiring 1,300 workers in Thailand, the latest sign of a global auto recovery, coming a day after Toyota announced it was adding 800 employees in Japan.
Mitsubishi, Japan's fifth biggest automaker, said Wednesday it's hiring the workers for its two auto assembly plants and one engine plant in Thailand.
Mitsubishi, which had been battered by the global slump like other Japanese automakers, reduced its 1,100 temporary workers at its Thai plants in January and had no temporary workers in the country, company spokesman Yuki Murata said. Workers with previous experience will get preference in hiring, he said. Ecological incentives introduced around the world have slowly lifted auto sales in recent months.
Toyota Motor Corp, the world's No 1 automaker, said Tuesday it is hiring 800 contract workers in Japan in its first such job increase in more than a year amid signs of a global recovery led by brisk sales of its Prius hybrid. Mitsubishi makes the Pajero sports-utility-vehicle, Triton pickup, Lancer sedan and other models in Thailand - some for export to the rest of Asia as well as to Brazil and the Middle East.
About a month ago, Tokyo-based Mitsubishi, which also makes the iMiEV electric car, said it was adding 350 temporary workers at its plant in Okazaki, central Japan, and 300 workers at another plant, in Mizushima, southwestern Japan. http://www.indianexpress.com/news/mitsubishi-to-hire-1-300-workers-in-thailand/514936/
MITSUBISHI RESUMES OPERATIONS IN VENEZUELA Agencies See this story in: Hindustan Times Caracas: Mitsubishi Motors Corp has said that it was reversing a decision to shut down its plant in the eastern Venezuelan city of Barcelona.
"MMC Automotriz SA announces that starting Sep 21, workers and employees should undertake their productive activity on their regular schedules," the company's board of directors said in a statement. The 1,412 workers at the Barcelona facility assemble Mitsubishi, Hyundai and FUSO vehicles.
The MMC board said: "The firm will continue with its plan for improvement of aspects linked to worker health and safety." MMC suspended operations in Venezuela Aug 24, citing low productivity, absenteeism, lack of discipline and hostility on the part of workers at the plant in Barcelona.
The firm also complained of "intentional acts of sabotage and intimidation within a framework of impunity". Two days after the shutdown of the factory, Venezuela's labour ministry declared the move "illegal" and ordered MMC to resume production. The company responded that reopening the plant was impossible in the absence of "the necessary safety conditions", prompting the labour ministry to embark on a mediation effort. Separately, the Venezuelan subsidiary of General Motors resumed operations Monday at its two assembly plants after a nearly three-month hiatus, thanks in part to the efforts of authorities in Caracas.
General Motors de Venezuela ceased production June 16, saying that it had run out of materials because of the government's tardiness in providing dollars to pay for needed inputs. Venezuela's leftist government established exchange controls in February 2003 after a costly opposition-led general strike.
The firm's two plants, both in the central city of Valencia, employ a total of 4,000 people, and support an additional 74,000 jobs with the firm's Venezuelan suppliers. http://www.hindustantimes.com/News/auto/Mitsubishi-resumes-operations-in-Venezuela/Article1-451824.aspx
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| ECONOMY & FINANCE Go To Top
See this story in: The Times of India
Mumbai: The Indian rupee fell by 8 paise to 48.55 against the US currency in early trade breaking its five-day gaining streak on expectations of fresh capital outflows as the stock markets may open lower in line with other weak Asian markets. The demand for the dollar from importers also put some pressure on the Indian rupee.
PTI See this story in: The Hindu Business Line
Mumbai: Reliance Industries staged a smart rally on Wednesday to lift the benchmark Sensex up by nearly 60 points even as the market was under pressure on profit booking amid weak global cues. In volatile trading, the 30-share index on the Bombay Stock Exchange closed the day higher by 59.88 points. Marketmen said the index was above the psychologically crucial 16,000-level even at the day's low level, indicating it could sustain this level an d move on.
RIL saw frenzied buying by foreign funds continuing for the second day and notched up a handsome gain of 4.54 per cent. It had closed up by 3.73 per cent yesterday. RIL has the maximum weight of over 13 per cent in the Sensex.
RIL was the big mover which held up the indices. Overall the market was in a profit-taking mood which led to lacklustre trading, said SMC Global Vice-president Rajesh Jain. Brokers said Foreign Institutional Investors (FIIs) were seen buying in last tw o days boosting the market sentiment.
FIIs were net buyer to the tune of Rs 2,041.75 crore in last two sessions, according to provisional data of September 8. Domestic funds also pumped in Rs 545.75 crore. Asian markets were mixed with Shanghai rising marginally at 0.54 per cent, while Nikkei and Hang Seng dropped 0.78 per cent and 1.04 per cent respectively. European indices were trading flat in their afternoon trade. U.S. stock index futures also indicat ed firm opening.
The broader 50-share Nifty of the National Stock Exchange also improved further by 9.00 points or 0.19 per cent to 4,814.25 from its last close. Meanwhile, the market regulator Securities and Exchange Board of India (SEBI) yesterday decided to set up a c ommittee to examine the entire takeover code soon, which was put in place in 1997.
Other major gainers in the Sensex were Hindalco by 4.14 per cent, Jaiprakash Asso by 1.88 per cent, HDFC by 1.32 per cent, HDFC Bank by 1.29 per cent, TCS by 1.21 per cent, Sterlite Ind by 1.03 per cent and Tata Power by 0.93 per cent.
However, DLF dropped by 3.51 per cent, Bharti Airtel by 3.36 per cent, Hero Honda by 2.44 per cent, Wipro by 1.75 per cent, Rel Com by 1.67 per cent and Rel Infra by 1.11 per cent. The market breadth remained negative with 1,530 counters losing ground ag ainst 1,280 ending with gains on the BSE.
The trading volume was sharply down at Rs 6,249.54 crore from Rs 7,189.76 crore on Tuesday. RIL remained the top traded share with the highest turnover of Rs 387.89 crore. http://www.thehindubusinessline.com/blnus/05091901.htm
INFLATION TO TURN POSITIVE SOON
The Times of India
New Delhi: The annual inflation, based on whole sale price index (WPI) is likely to enter into the positive zone in the next couple of weeks after remaining in the negative territory for last three months. In the last couple of weeks, the whole sale price index has seen a sharp rise due to double digit increase in the prices of food articles. Copyright 2008, Bennett, Coleman & Co. Ltd. All Rights Reserved" http://timesofindia.indiatimes.com/news/business/india-business/Inflation-to-turn-positive-soon/articleshow/4992623.cms
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Wednesday, September 9, 2009
Indian Auto Industry Update September 10, 2009
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