Maruti Suzuki profits down by 32%
Maruti Suzuki India has announced its financial results for the period April-December 2008, during which the company registered a total income from operations (net of excise) of Rs 144,196.2 million, a growth of 7.35% over the year-ago period. Net profit after tax stood at Rs 9,755.4 million, down 31.93% over April-December 2007. Between October-December 2008, Maruti registered a total income from operations (net of excise) of Rs 46,258.1 million, a decline of of 2.81% compared to the year-ago period.
Net profit during the quarter stood at Rs 2,135.7 million, down 54.27% October-December 2007. The reduction in net profit was mainly due to lower volumes, a rise in material costs and adverse impact of currency changes in the fiscal. In addition, a higher provision for depreciation, owing to more stringent depreciation norms adopted by the company in March 2008, brought about a reduction in the net profit figure.
Maruti's sales during the period April-December 2008, at 555,529 vehicles (including 44,870 units of exports) were down by 1.26% over the year-ago period. A growth in sales volumes during the period in A3 segment (52,700 units, up by 42.81%) and MUV segment (5,374 units, up by 92.48%) helped.
During the quarter October-December 2008, the company's sales were 173,494 units, a drop of 14% over the year-ago period. During December 2008, the company achieved a record retail sale of over 76,700 units. This was the highest ever monthly retail sales in the company's history.
[Via: indiautomotive]
Tata Motors bags Rs 2,200 crore order from DTC
Tata Motors has received an order from the Delhi Transport Corporation (DTC) to supply 1,625 ultra-low-floor buses. The company has also got a 12-year maintenance contract for these buses. The order is worth Rs 2,200 crore, comprising about Rs 900 crore for the 1,625 buses and Rs 1,300 crore for the 12-year maintenance contract. This is the second such order that Tata Motors has got from DTC. The first one was given out in 2007, for 650 buses, which Tata Motors supplied on schedule last year.
Tata Motors' ultra-low-floor buses make entry and exit more convenient, with passengers almost walking into the bus, rather than climbing into it. A pneumatically deployed automatic access ramp makes it particularly convenient for the physically challenged to board these buses, as they can also come in with their wheel-chairs if required.
Wide twin doors, at the centre and the front, permit three individuals to simultaneously enter and exit. Pneumatic suspension and automatic transmission makes these buses comfortable for the passengers as well as the driver. After Delhi, Tata Motors is hopeful of getting similar orders for its ultra-low-floor buses from other cities as well.
[Via: indiaautomotive]
Ford’s Electric Car in 2011
Ford may launch its electric car in India in association with Magna International by 2011. The car is intended to make its debut in North America first thereafter it will be launched in India. "Ford's global platform approach to developing new products also offers the opportunity to migrate the electric vehicles to Europe and Asia-Pacific," Magna International's Chief Technology Officer and Executive Vice-President, Ted Robertson.
The new model from Ford-Magna will be a sedan that will run on zero-emission lithium-ion battery electric vehicle (BEV) and will run up to a range of 150 km in a single charge. Indian car market is opening up to cars that have alternative fuel options. Reva electric, the car being produced in Bangalore is already making its head-way in the Indian car market. It was the first electric vehicle in India but is currently being exported to the UK where it is extremely popular.
[Via: cartradeindia]
Toyota Is World’s Number One
Toyota has once again become the world's largest car manufacturer, overtaking General Motors, whose sales fell by nearly 11 per cent in 2008. Toyota and GM have been trading first place for some time, but the difference in sales has been extremely close. But GM's massive drop in sales, compared with Toyota's relatively modest 4 per cent fall, has left the Japanese manufacturer as the undisputed market leader.
The gap now stands at 616,000 units, after General Motors sold 8.36 million vehicles compared to Toyota's 8.97 million sales. Both companies suffered sales drops in their domestic markets, with Toyota sales falling by seven per cent and General Motors's down 22.7 per cent. Toyota's US sales were also down by over 15 per cent. The decline in Toyota's sales is the company's first in a decade, and comes after a record 2007 when sales rose to 9.37 million vehicles.
[Via: Motorcrunch]