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DC design spices up the Nano FINANCE & INSURANCE OIL, LUBRICANTS & ALTERNATIVE FUELS Refiners told to reassess position on BS III fuel New York oil breaches 75 dollars for first time in one year
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Nissan to start trial production of small car in India by Nov Skoda online sales project CONSTRUCTION & AGRI MACHINERY Bajaj may not get TDS benefit on interest on court deposit TVS to export three-wheelers to African, Latin American mkts TVS Motor hopes to sell 20,000 autorickshaws this year INTERNATIONAL NEWS Ford Motor calls back 45 lakh vehicles in US GM CEO seeks fresh loans from SKorean bank GM aims to grow faster than China market in 2010: executive |
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Adil Jal Darukhanawala The Economic Times, Zigwheels If ever one needs reminding as to how effectively Tata Motors has progressed as a car maker, one only needs to sense, see and experience its newest products. From the time the Indica Vista appeared on our roads, the going seems to have changed completely. The ground-breaking Nano seemed to indicate a whole new paradigm shift for the automotive world but Tata Motors didn't seem eager to step off the throttle pedal. And while a few yet seem to look at the Indian firm somewhat disparagingly, it is this determined drive which is so very indicative of an automobile firm eager to stand up and be counted in its peer group. The latest Indigo Manza sedan is yet more proof of the above. And lest someone suggest that it is but an Indica Vista with a boot, it would be doing India's largest indigenous car maker and its latest product a huge disservice. The Indigo Manza is an all new sedan which like its Indo-Italian stable mate - the Fiat Linea, oozes grace and elegance and doesn't look at all as if the boot has been grafted on in a tacky manner. If anything, the Indigo Manza (Manza supposedly means a little steer or a beautiful girl, choose what you want to believe), comes across as probably one of the best looking cars in a segment full of high profile machines strong on style and turnout. In the battle for making the best first impression, the Tata product does have its nose ahead. It isn't hard to realize this when you take in the Manza's profile, the crisp clean lines running front to rear and with proportions of bonnet and boot strikingly elegant, the Indigo Manza is more of a handsome Indian hunk as compared to the chic Latino flair embodied by the Fiat Linea. Both these cars are built on the very same assembly line at Fiat India's modern Ranjangaon facility (the duo share many aggregates and also reside in the same segment), so it isn't hard to see what rubs off on each other. Credit Tata Motors' European Technical Centre then, for the Manza's clean yet pleasing design, making it seem ample yet agile rather than huge and unwieldy, both when stationary and also on the move. However, open the doors and step into the interiors and you can sense that this car continues to pack in the "more car per car" Tata DNA. The cabin space of the Indigo Manza is abundantly huge and spacious while also being well thought out and crafted. The ergonomics are perfect and the ease of ingress and egress at the rear will win many plaudits. The Manza's interior is simplistically done in a duo-tone shade of plastics and fabric, and for sure has the best cabin treatment of any Tata Motors' product but the door latches are low rent in their turnout, the one jarring detail in a tastefully configured interior. Power, torque, driveability and fuel efficiency are nothing if they are not matched by good dynamic ability and here as well the Indigo Manza makes the smiles stay plastered on the driver's face. It is no rabble rouser or a sports car but is a rapid all round family car with good ride quality backed up with easy neutral manners and good road holding and precise well weighted steering. So how does the Manza stack up after our indepth exploratory drive? Pretty impressive is what comes quickly to mind and that she sure is. This is the best sedan ever made by Tata Motors and the fit and finish is most unlike cars from this firm. However, I must add a rider to this and that in this regard there is scope for even more improvement. Pricing will play a major role in the appeal of the Manza but given the price point where the Fiat Linea resides, it can clearly be understood where the Manza would be positioned. Seems the Fiestas, Vernas, D'zires and the rest have a worthy rival to contend with. Copyright 2009, Bennett, Coleman & Co. Ltd. All Rights Reserved" Muntaser Mirkar The Economic Times, Zigwheels How many of us grew up with images of a classic roadster right on top of our have-to rive-before-I-die list? After all, there's just something about a car with a long hood hiding a powerful power plant underneath and rear-set seating close to the aft axle that makes petrol heads around the world go weak in their knees. And the BMW Z4 is just that - a modern interpretation of the classic roadster shape. The BMW Z4 is what dreams are made of - the kind of car that causes a fairly normal child to start falling in love with all things mechanical. The BMW Z4 is now here. The Z4 is the latest in a breed of hardcore roadsters - a class of car that entices with a very distinct design style. Long swooping bonnet flowing into a two-seat cockpit as close to the rear axle as is mechanically possible - a theme that has been very effectively and emphatically incorporated in the modern Z4 frame. The 2009 Z4 is a step wilder than the rather simple looking version that it replaces though with more contours and surfaces flowing across the hood and a more corporate BMW styling touch as well. The Z4 comes with a retractable hard top that neatly folds away into the car's boot for that wonderful windin-the-hair feeling. But the best part is that even with the roof deployed the car doesn't appear to be out of proportion at all and is stunning to look at. Copyright 2009, Bennett, Coleman & Co. Ltd. All Rights Reserved" The Economic Times, Zigwheels Anything to do with the Nano inevitably stirs up quite some attention as we quite rightly witnessed all the way two years back when Tata Motors first introduced the Nano to the world at the 2008 Auto Expo in New Delhi. But when you throw in one of the most reputed names from the Indian automotive design fraternity in the mix, you sure can expect things to get even hotter. Yes, the Nano has now received the DC Design treatment and it's as mean as it can be! The semi customized kits should be available for around Rs 70,000 to Rs 80,000 when they start becoming available for purchase at Carnation outlets across the country from early next year. But even if you do have your heart set on this mean looking custom kit, remember, you've got to get your hands on a Tata Nano first! Muntaser Mirkar Copyright 2009, Bennett, Coleman & Co. Ltd. All Rights Reserved" | |
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Mike Gavin & Neha Rishi Daily News & Analysis (Web Edition) Frankfurt / Mumbai: Daimler AG will postpone the start of truck production in India by as long as a year and a half because of a drop in demand, Handelsblatt said, citing Marc Llistosella, head of the company's Indian commercial vehicles unit. The plant, originally scheduled to start operations by late 2010 in Chennai, won't go into production until early- to mid- 2012, Llistosella said. He said plunging truck demand in India in the past year accounted for the delay, Handelsblatt said. The plant would have an annual capacity of 70,000 units. A Daimler India spokesperson said he could not respond immediately. The Daimler move looks counterintuitive to the market trend at this juncture as sales of medium and heavy trucks have been recovering, primarily riding on the ramp-up in industrial production. Overall commercial vehicle sales in India have risen 6.5% to 45,451 units in the first six months of this fiscal, compared with 42,693 units in the same period last year. Daimler India used to import its 'Actros' trucks in the complete knocked down form and gets them re-assembled in Ludhiana. In April 2008, Daimler entered into a joint venture with the Hero group --- called Daimler Hero Corporation Ltd. But the venture hit a rough patch exactly a year later when Hero pulled out citing the sluggish economy. Daimler then bought out Hero's 40% stake in the venture for Rs 105 crore. Hero Daimler planned investments of Rs 4,400 crore over five years. It was to manufacture light and medium commercial vehicles initially and heavy duty vehicles later. Hero's contribution to the venture was Rs 900 crore and Daimler's Rs 1,386 crore which was the foreign direct investment component. The rest of the investment was to be raised through debt. http://www.dnaindia.com/money/report_daimler-trucks-delayed-by-18-months_1299098 Daimler may delay India truck roll-out Business Standard (Web & Print Edition) http://www.business-standard.com/india/news/daimler-may-delay-india-truck-roll-out/373337/ | |
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PTI See this story in: The Economic Times New Delhi: Two-wheeler maker Bajaj Auto is likely to hike production capacity of its entry-level bikes by January next year, on the back of buoyant sales witnessed after its re-entry in the 100 cc segment. BAJAJ MAY NOT GET TDS BENEFIT ON INTEREST ON COURT DEPOSIT Almas Meherally, Dev Chatterjee & Abhinaba Das The Economic Times The Bombay High Court on Monday ruled that Rahul Bajaj could not be given the benefit of tax deduction at source (TDS) deducted from the interest, which accrued on a deposit Mr Bajaj made with the court following a suit filed by Madhavlal Pittie, a shareholder of Bachhraj & Co against the Bajaj family settlement. The Bajajs wanted the tax benefits in their name and had sought a clarification from the court on this. Copyright 2009, Bennett, Coleman & Co. Ltd. All Rights Reserved" TVS TO EXPORT THREE-WHEELERS TO AFRICAN, LATIN AMERICAN MKTS PTI See this story in: The Economic Times Bangalore: TVS Motor plans to export autorickshaws to African and Latin American markets, leveraging its two-wheeler distribution network, a senior company official said. TVS to export three-wheelers to African, Latin American mkts Business Standard
The Hindu Business Line Bangalore: TVS Motor, which recently launched its 200-cc four-stroke autorickshaw, expects to sell 20,000 three-wheelers by the end of the year and plans to ramp up exports to some Asian, African and Latin American countries. The company has invested over Rs 120 crore in a new manufacturing plant with an installed capacity of 1 lakh vehicles a year. It said annual sales would touch 1 lakh units in three-four years. At the end of three-four years, autorickshaw sales would account for about 15 per cent of the total business of the company, said Mr H. S. Goindi, President, Marketing, TVS Motor. At that time, we expect our market share in India to be 50 per cent. He was speaking at the launch of TVS King LS autorickshaw hereLast month, TVS Motor exported 96 autorickshaws. In the next six to eight months, it plans to ramp up exports, said Mr Goindi. The markets include Sri Lanka, Bangladesh and some African and Latin American countries. He said TVS Motor has two-wheeler distribution networks in these countries and exports would depend on issues such as regulations and permits in these countries. The company also plans to launch a motorcycle and a gearless scooter in December or January. However, it declined to give more details on the new vehicles. It expects double-digit growth for the full year. Mr Goindi said exports are expected to improve in the next couple of months as the severity of the impact of the global economic meltdown wanes. Export inventories are getting cleared, he added. http://www.thehindubusinessline.com/2009/10/15/stories/2009101551360200.htm Varad More The Economic Times, Zigwheels Honda's most awaited and highly anticipated model in recent years, the VFR1200 has finally been unveiled on the World Wide Web. While the Japanese major has officially released a press release about its latest high-end premium sport sbike, there is a good possibility that the official launch will take place at the upcoming Tokyo Motor Show. The Honda VFR1200 has been in the news for a very long time and there has been a lot of speculation over whether it will be powered by a V5 engine layout, borrowed from Honda's 2002-2006 MotoGP prototype, the Honda RCV211V. But last year at the 2008 Cologne Motorcycle Show, Honda showcased a concept model powered by a revolutionary V4 engine, commemorating its 30 years of V4 engine development. Exactly after a year, Honda is ready with the final production ready model of the new VFR1200 motorcycle, which will replace the iconic Honda Super Blackbird and the highly popular VFR 800. With the VFR1200, Honda has tried to achieve the perfect balance of race-track performance as well as street-riding ease so as to offer this bike as a more rider friendly and approachable package that will cater to a wider base of riders with different requirements. The new V4 engine has been developed from scratch and boasts of some revolutionary technologies, which allow the V4 engine to provide crisp and immediate power delivery seen on inline motor, albeit with the V4 engine's feel and easiness. The new VFR1200 will also be the world's first motorcycle to offer Honda's Dual Clutch transmission technology, however it will be available as optional equipment only by end of 2010. The bike makes 170PS of power at 10,000rpm and 129Nm of torque peaking at 8,750rpm and all this power is transferred to the rear wheel via a shaft drive, significantly reducing power losses. Honda is confident that the new VFR1200 will offer a highly versatile package to all riders whether they are looking for sport-riding, comfortable commuting or long distance touring. There is a good possibility of Honda bringing this baby to the Indian shores once it is launched. If the bike delivers all that it promises, then the VFR1200 should definitely be a great product for India. Copyright 2009, Bennett, Coleman & Co. Ltd. All Rights Reserved" | |
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The Times of India Chennai: After reeling under the impact of global recession, auto component makers are showing first signs of clawing back on the back of robust automotive sales. consequently, stocks of auto component companies are catching the eye of investors. Copyright 2009, Bennett, Coleman & Co. Ltd. All Rights Reserved" http://timesofindia.indiatimes.com/business/india-business/Auto-component-makers-show-signs-of-recovery/articleshow/5125333.cms | |
| Pallavi Pengonda Daily News & Analysis Bangalore: Lead acid storage batteries manufacturer Exide Industries posted a whopping 92.2% year-on-year growth in net profit to Rs149.67 crore. Profitability was helped by strong operating performance and a 67% decline in interest expenses to Rs4.4 crore. Interest cost declined due to partial repayment of debt. Analysts expect interest costs to drop further in the days to come. Total raw material cost fell 12.6% to Rs521.45 crore, helped by the fact that the company sourced nearly two-fifth of its lead and lead alloy requirements from its own captive smelters. Lead is the key raw material for making batteries. Further, market penetration increased, as Tier 2 and Tier 3 cities were connected through a hub and spokes model. A favourable rupee-dollar rate helped offset the impact of the recent rise in lead prices. Total overall cost thus fell 6.4%, resulting in a 952 basis points year-on-year improvement in operating profit margins to 25.99%. Revenues increased 5.5% to Rs950.7 crore, led mainly by double-digit volume growth in automotive and industrial batteries. However, lower battery prices offset the gains. Going forward, Exide is expected to benefit from better outlook of the auto industry, leading to good demand for automotive batteries. Also, the cost of imported coal would reduce because of increasing smelter capacity. On the flip side, operating margins are expected to be under pressure, as lead price continue to increase. Lead prices ruled at $2,170 per tonne on the London Metal Exchange on Tuesday. Average lead prices in the September quarter stood at $1,942 per tonne. At Rs101.40, the stock trades at 15 times its estimated earnings for 2010. Analysts are positive on the stock and investors could consider it on declines. | |
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PTI See this story in: The Hindu Business Line Mumbai: Bajaj Auto Finance on Wednesday said its net profit jumped more than four fold to Rs 21.69 crore for the quarter ended September 30, 2009, over the same period last year. Total income rose to Rs 219.46 crore in the latest quarter, against Rs 136.82 crore in the same period last fiscal, Bajaj Auto Finance said in a filing to the Bombay Stock Exchange. Shares of Bajaj Auto Finance were trading at Rs 321 on the BSE, up 12.85 per cent from its previous close. | |
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Kalpana Pathak Business Standard Mumbai: From last months cricket excellence awards to superstar Rajnikanth riding a Castrol Power-lubricated bike that runs faster than a bullet the largest pure-play lubricants company in India has done them all to promote its brand among a cross section of customers in India. The target customer for Castrol, which controls around a fifth of the auto lubricants market in India, is actually everybody truckers, tractor owners, car drivers, motorcyclists, mechanics, original equipment manufacturers and workshop owners. Castrol says it spends around Rs 100 crore on advertisements every year to woo users who are prepared to pay premium for world-class lubricants. The main industrial segments in which Castrol operates are automobile manufacturing, machinery manufacturing, metals and marine. Industrial lubricants contribute 15 per cent to Castrols revenues. When the automotive industry was still in a nascent stage in India, Castrol took on the role of educating consumers on the need to use good quality oil and the role it played in the maintenance of vehicles. Over the years, the company has created several path-breaking advertising campaigns and properties like Castrol Power1 Passion Hunt and Castrol Golden Spanner Mechanic aimed at building brand loyalty and long-term relationships with consumers, says Giriraj Bagri, Vice President-Marketing, Castrol India. While innovative advertising has been a powerful tool for Castrol to get its product across its users, it has also cashed in on the growing passenger and commercial vehicle segment by forming partnerships with original equipment manufacturers. Castrol has an exclusive partnership with companies like JCB and Mahindra Tractors amongst others and has launched customized products like Castrol GTX for Maruti 800 when Maruti first came into the market 25 years ago, or Castrol GTX Compact, exclusively engineered for Tata Nano. Even when the brand had a low market share, it was perceived as the market leader mainly on the strength of its technology leadership. Castrol brands are market leaders in most of the segments in which they operate multigrade diesel engine oils, passenger car oils, four stroke two wheeler oils, adds Bagri. Castrol, a 100-year old brand in India, says during the pre-liberalisation days, it had to procure base oils (the main raw material) through its public sector competitors IndianOil, Bharat Petroleum Corporation and Hindustan Petroleum Corporation. Our market share then was restricted to 6 per cent. At that time the dominant channel of sale was fuel forecourts, which were owned by the public sector companies and hence Castrol did not have access to this channel. We therefore pioneered the development of the Bazaar (retail market) trade, which is the main channel of sales, adds Bagri. The main competitors of Castrol are the nationalised oil companies, which together hold over 50 per cent market share. Among these, the most dominant is IndianOil with its Servo brand of lubricants. The total lubricant market in India is 1.6 billion litres of which automotive is about 950 million litres. While analysts say Castrol cannot match the public sector units in coverage (due to their petrol station networks which comprise around 30,000 stations), it does have strong distribution in other channels like workshops and spare parts suppliersover 70,000 outlets, which compares well with the 40,000-plus for Indian Oils Servo. http://www.business-standard.com/india/news/castrol-in-top-gear/373283/ REFINERS TOLD TO REASSESS POSITION ON BS III FUEL Murali Gopalan The Hindu Business Line Mumbai: While it is a near certainty that supplies of Bharat Stage III petrol and diesel will be possible only from October 1 next year, the Centre has asked oil refiners to reassess the situation before reaching a final conclusion. This is to ensure that all the homework is done thoroughly before a case is made out before the Supreme Court seeking an extension to the present deadline of April 1, 2010, oil industry sources told Business Line. Present ground level realities suggest that none of the refining companies (both in the public and private sector) will be in any position to meet the April 1 deadline for supplies of BS III auto fuels nationwide. This will be especially difficult in Bihar, Uttar Pradesh as well as in parts of the East (including the North-East) and South. On the other hand, supplies of BS IV petrol and diesel for the 14 major cities will not be a problem with the refiners geared to meet the challenge. Despite this, the Centre still wants to make sure that there is no possibility of BS III fuels being available before October 1 which is the refiners stand. There should be no ambiguities on this account when a request is made to the Supreme Court to defer the date on BS III, sources said. The refiners are expected to get back with their reports by the end of this month though it is clear that none of them will revise the present projections. While some would still be able to supply BS III petrol and diesel from April 1 next year, as stipulated by the Supreme Court earlier, the key is to make sure that the fuels are available across the country. Apex court call Eventually, it is the Supreme Court that will take the final call on the revised deadline. If it is not convinced about the refiners projections, then the original deadline of April 1, 2010 stays for both BS III and BS IV. It is this thought that is giving the refiners nightmares because the whole supply process will turn catastrophic, sources say. In fact, the panel set up by the Petroleum Ministry to study the issue is firmly of the view that BS III can only be implemented by October 1, 2010. This fuel is now confined to 11 cities which will, from April 1 next year, move to BS IV. The rest of the country is supplied BS II petrol and diesel and will graduate to the BS III fold. Auto sector concern However, the auto sector is getting worried over the clean fuel issue especially with the prospects of BS IV fuel coexisting with BS II if the deadline for BS III is extended to October 1, 2010. This is primarily because cars fitted with the BS IV emissions equipment stand the risk of severe damage if supplied BS II fuel beyond the purview of the 14 cities. The difference in sulphur content is enough to ruin the vehicle. It is all right to have a situation of BS III and BS IV because the particulates differential would not be so high, an industry source said. The auto industry is equally apprehensive about a scenario where all three fuels BS II, BS III and BS IV are available across the country and different categories of vehicles must be manufactured as a result. Though BS II will be drained out of the system eventually, the worry is the timing of its exit. http://www.thehindubusinessline.com/2009/10/15/stories/2009101551300200.htm NEW YORK OIL BREACHES 75 DOLLARS FOR FIRST TIME IN ONE YEAR PTI See this story in: Daily News & Analysis New York's main contract, light sweet crude for November delivery soared to USD75.15 per barrel, which was last seen on October 20, 2008. The contract later stood at 74.91, up 76 cents from the closing level yesterday. Brent North Sea crude for November delivery advanced 69 cents to USD73.09 a barrel. "Oil prices continued to rise while the dollar fell to a 14-month low," said analysts at JBC Energy consultancy in a note to clients. In foreign exchange trade, the euro surged to a peak of USD1.4913, compared with 1.4852 in New York late yesterday. A struggling greenback tends to boost crude prices particularly because the dollar-denominated commodity becomes cheaper for foreign buyers holding stronger currencies. Expectations that the dollar will continue to languish against the euro and other major currencies will continue to boost the crude market, analysts said. "We expect a further fall of the US currency over the next two weeks," said Dariusz Kowalczyk, chief investment strategist with SJS Markets financial services firm in Hong http://www.dnaindia.com/money/report_new-york-oil-breaches-75-dollars-for-first-time-in-one-year_1299029 | |
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Reuters See this story in: The Economic Times Shanghai: Ford Motor Co. said its China vehicle sales in the third quarter jumped 79 percent from a year earlier as Beijing's stimulus policies bolstered auto demand. Ford, which broke ground for its $490 million third China plant in September, sold a record of 119,338 vehicles in the country in the three-month period, it said in a statement late on Tuesday. Sales came to 316,639 units in the first nine months, up 32 percent from a year earlier. FORD MOTOR CALLS BACK 45 LAKH VEHICLES IN US DPA See this story in: Deccan Chronicle (Web Edition) Washington: In one of the largest recalls in its history, Ford Motor has decided to call back 4.5 million vehicles due to a faulty switch linked to the hundreds of vehicle fire incidents. This action follows an 18-month federal investigation.
http://www.deccanchronicle.com/business/ford-motor-calls-back-45-lakh-vehicles-us-901# Ford recalls 4.5 million vehicles Deccan Herald (Web Edition) http://www.deccanherald.com/content/30576/ford-recalls-45-million-vehicles.html Ford Motors calls back 45 lakh vehicles in US Asian Age GM CEO SEEKS FRESH LOANS FROM SKOREAN BANK AFP See this story in: The Economic Times Seoul: The head of US giant General Motors will hold talks with a South Korean bank on Wednesday to try and secure hundreds of millions of dollars in fresh loans for a troubled local subsidiary, officials said.
GM AIMS TO GROW FASTER THAN CHINA MARKET IN 2010: EXECUTIVE Reuters See this story in: mint Shanghai: General Motors Co aims to grow faster than Chinas auto market in 2010, its China chief said on Wednesday, after outperforming the countrys overall market in the first three quarters. GM, which competes with Volkswagen AG and others, sold 55.6% more vehicles in China from January to September, leading a 34.24 gain in the overall market. Next year we will again try to grow a little faster than the markets growth, said Kevin Wale, president and managing director for GMs China operations. Wale, speaking to reporters via an online briefing, said the Detroit automaker may sell more than 1.6 million vehicles in China this year, in line with his earlier forecast of more than 40% year-on-year growth. It sold 1.09 million vehicles in China in 2008. Chinas auto market has been a major bright spot this year thanks to a raft of government incentives, including aggressive cuts in sales taxes on small cars, which will expire by the end of the year. However, Wale is optimistic on the outlook of the China auto market, which overtook the United States as the worlds biggest in January, as he believes Beijing will come up with additional steps to support the industry, a major contributor to the countrys economy. We expect sales to continue to grow next year. We are confident the government will take appropriate action to continue stability in the market, he said, adding that demand in smaller cities would also ensure some growth momentum. http://www.livemint.com/2009/10/14124147/GM-aims-to-grow-faster-than-Ch.html | |
Monday, October 19, 2009
Indian Auto Industry Update October 15, 2009
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