Published June 9th, 2007
in Bikes.
The auto industry seems to have hit a speed breaker of sorts with the two-wheeler and heavy commercial vehicles segments particularly feeling the bump from the recent hardening of interest rates.
According to the Society of Indian Automobile Manufacturers’ latest data for May, two-wheeler sales during the month at 6.06 lakh units, dropped 9.88 per cent below the 6.73 lakh sold in the same month last year. Cumulative sales of two-wheeler at 11.77 lakh units during April-May 2007, too, were lower than the 12.79 lakh units of April-May 2006.
The same story of declining sales has been seen in the case of medium and heavy commercial vehicles: 17,697 units in May (19,575 units) and 35,375 during April-May (37,688 units).
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Courtesy:www.indiacar.net
Published June 9th, 2007
in Research/Surveys.
Rising input costs and high interest rates on auto loans have slowed auto-industry growth for the second consecutive month. Growth for the industry fell 6.55 per cent in May, against 3.18 per cent in the previous month.
Sales figures released by the Society of Indian Automobile Manufacturers (SIAM) show that passenger car sales growth has dipped to a single-digit, the second time in this calendar year, the first being in March.
Two-wheeler sales have been the hardest hit (see chart), forcing manufacturers to cut production.
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Courtesy:www.indiacar.net
Published June 9th, 2007
in Bikes and Bajaj auto.
Leading two and three wheeler maker, Bajaj Auto will reduce the production of its motorcycles on falling sales, on account of rising interest rates, while rivals Hero Honda and TVS have decided to go ahead as per their production plans, reports agency sources.
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Courtesy:www.indiacar.net
Published June 9th, 2007
in Mahendra&Mahendra.
India`s largest tractor and utility vehicle manufacturer, Mahindra & Mahindra (M&M), is said to be looking at buying an Italian gearbox company in a deal valued between Rs 3,500 to 4,000 million, reports Economic Times.
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Courtesy:www.indiacar.net
Published June 9th, 2007
in Mahendra&Mahendra.
Shareholders of automobile major Mahindra and Mahindra have given their go-ahead to the company’s plans to raise up to Rs 1,350 crore for launching new products, capacity expansion and acquisitions.
Accordingly, the board of Mahindra and Mahindra(M&M) has been authorised to offersecurities (in both equity and debt or both classes) to raise up to USD 300 million (Rs 1,230 crore at current exchange rate) from international markets, public offering or on private placement basis.
The issue of securities, subject to statutory approvals, would carry an over-allotment option of up to 15 per cent of the amount of the initial offer in a single tranche. More
Courtesy:www.indiacar.net
Published June 9th, 2007
in Uncategorized.
Germany’s Volkswagen has met with suppliers from India and abroad to source material for its new Indian plant, which was on schedule to start production in 2009, the company said in a statement.
Volkswagen had met with about 250 suppliers from India and abroad in Mumbai, India’s financial capital, the statement said.
“Our objective is to establish Volkswagen as a local manufacturer and a long-term business partner in India,” said Joerg Mueller, president of Volkswagen India Pvt. Ltd. More
Courtesy:www.indiacar.net
Published June 9th, 2007
in Bikes.
Domestic passenger car sales grew by 9.07 per cent in May at 96,922 units as against 88,863 units in the same month a year ago.
According to figures released by Society of Indian Automobile Manufacturers (SIAM) here, domestic motorcycle sales during the month were at 4,77,901 units as against 5,71,367 units in May 2006, down by 16.36 per cent. More
Courtesy:www.indiacar.net
