Tata Motors Joins Hands with United Bank of India
Government Ask Auto companies to Reduce Prices
The government has indicated to the auto companies to roll back their price hikes done in past few months. According to unconfirmed sources, the government has warned the auto makers that it will not consider any stimulus packages unless they reduce the prices of popular brands.
The government is not pleased about the price hikes done by some of the major automakers in India like Maruti Suzuki India, Hyundai Motors India Limited, Toyota Kirloskar Motors, and General Motors. Models such as Optra, Swift, A-Star, Spark, Corolla have witnessed a price hike anywhere between Rs. 3,000 to Rs. 50,000.
On the other hand the car makers have an argument that when there was no demand in the market, they had absorbed the higher input costs. However, since the demand has picked up in last two months, they have passed on some of the cost increase to the consumers.
According to a Maruti Suzuki official, the company's profits have slipped by atleast 32 percent in the first nine months. There has been an increase in the commodity prices and therefore the company had to increase the prices of its popular models.
The government refutes the argument "The contention of high input prices is not valid as it would have impacted all vehicles, and not just the bestsellers. Increasing prices just a month after duty cuts is not justified,'' a finance ministry official said on condition of anonymity. He further added that the input costs for commercial vehicles, two-wheelers etc. have also increased and they have not increased their prices so far.
[Via: cartradeindia]
VW inaugurates Pune facility
VW India has launched its factory based in Chakan, near Pune, today in a ceremony attended by prominent figures from all of its brands like Audi and Skoda. Also present at the ceremony was Governor of Maharashtra, Shri S.C. Jamir.
The Pune plant has commenced operations and is building the Skoda Fabia at present. By next year, its portfolio will have expanded to include the new made-for-India Polo as well. An example of a Polo, as displayed at the Geneva Motor Show, was exhibited by VW as well.
[Via: CW]
Maruti Suzuki to launch Ritz
Maruti Suzuki will launch its Ritz in May. The Ritz will be placed one spot above the Wagon R. It will compete with the Skoda Fabia, Hyundai i20 and other upcoming models like the Honda Jazz and the Fiat Grande Punto.
The Ritz will possess a 1.2l petrol engine and 1.3l multijet engine. The car will priced between Rs 4.5-5 lakh. The International Center of Automotive Technology (ICAT) approved Maruti Suzuki to launch its Ritz in India.
[Via: CW]
Fiat Linea wins ‘Car of the year’ & ‘Midsize car of the year’ award
Fiat India Automobiles Limited turned a new leaf with the stylish Fiat Linea winning the 'Car of the year' award by UTVi Autocar. The Fiat Linea was also awarded the 'Midsize car of the year' by both UTVi Autocar and CNBC Overdrive.
Fiat Linea battled the exhaustive list of parameters and was chosen as 'the outstanding contenders' among many other top contenders. The Fiat Linea came out victorious among tough competitors like the New Honda City, Maruti Swift Dzire, Skoda Fabia, Hyundai i20, Toyota Corolla Altis and many more for the most awaited and acclaimed awards of the year organised by the leading Indian automotive magazines.
This has been one of the biggest milestones achieved by Fiat in India and the success is well deserved. The Fiat Linea is equipped with sophisticated features in its segment, has certainly raised the bar for the mid-segment in India.
The Fiat Linea added one more feather to its cap when it was selected as the 'BBC TopGear Best Mid-size Saloon 2008' award by TopGear.On the receipt of the awards Mr. Rajeev Kapoor, CEO, Fiat India Automobiles Ltd said, "The awards are recognition of the joint effort put in by teams at Ranjangaon Plant, support departments at Turin and Tata Motors in Mumbai. They have worked relentlessly to bring this Italian Masterpiece on Indian Roads".
[Via: autoblogs]
Bajaj Auto to launch Ninja 250R in April!
Bajaj Auto is finally planning to launch the Kawasaki Ninja 250R in India in April! While the exact launch date is not yet confirmed, our sources have told us, the baby ninja would be priced between Rs. 1.75 to Rs. 2 lakhs.
Bajaj Auto is also planning to follow the launch of Baby Ninja, with the launch of KTM 990 Super Duke in the coming months.
[Via: BIKE]
ICAT Starts Indian Operations with Maruti Ritz approval
Based in Manesar, in Haryana, the International Centre for Automotive Technology (ICAT) is a division of the NATRIP Implementation Society (NATIS), an apex body set up for the implementation of the Indian Government's National Automotive Testing and R&D Infrastructure Project (NATRIP).
ICAT is now operational - the organisation has started operations by granting type approval for the Ritz (called the Splash in global markets), Maruti Suzuki's new hatchback which is due to be launched in India very soon. With ICAT handling vehicle testing and type approval duties, it's not yet clear what role older bodies like ARAI and VRDE will play in NATRIP's overall scheme of things.
[Via: indiaautomotive]
Eicher Motors Q3 profit down 35%
Eicher Motors Ltd. has reported a decline of 35% in its net profit for the October-December quarter in the current financial year. The company's profit after tax for the period stood at Rs 11.65 crore, as against Rs 15.76 crore in the corresponding period last year.
The company's net income in Q3 was Rs 78.04 crore, compared to Rs 547.75 crore in the year-ago period - a decline of 85%. Going ahead with its earlier announcement, Eicher Motors will soon be merged with its sister concern, Eicher Goodearth Investments Ltd. (EGIL).
[Via: indiaautomotive]