Nissan introducing wireless charging for its electric cars
Electric cars are normally charged with a plug in charger, but Nissan has shown its distinctive innovative technology by doing away with the plug in charger. The auto maker is going in for wireless charging for its new electric cars.
The electric cars will be charged through inductive charging which will use electromagnetic fields and coils which can interact without actual contact. This technology is being used in electric toothbrushes and artificial hearts, but Nissan has successfully upgraded it to charge electric vehicles.
The fact that a ZEV can be charged in a specially designed parking spot without the need for wires will be a boon for car owners. However, one thing to be said for this system is that it is not as efficient as wired charging. At the same time it does make the car easier to charge, so there are both positives and negatives to this technology.
[Via: globalmotors]
Fiat India’s Loan Plans
Fiat India Automobiles is about to finalise a loan of about loan of $ 510 million that about Rs 2,458 crore - for its capex and working capital programmes. The loans include a rupee term loan, an Export Credit Agency (ECA)-backed overseas loan, and a working capital loan.
Fiat India Automobiles is a fifty-fifty joint venture between Tata Motors and Fiat Motors in India started in 2007 to market Fiat Cars in India and produce transmission sets and engines.The term loan of Rs 1,000 crore has a door-to-door maturity of six years while the ECA loan of euro 130 million (around Rs 900 crore) has a door-to-door maturity of eight years. The working capital loan of Rs 600 crore has tenure of one year.
Citi Group is the sole arranger for the loans. State Bank of India, Punjab National Bank, IDBI Bank and Union Bank of India was roped in for the rupee term loan and the working capital loan. A Fiat India spokesperson said, "The company is discussing and finalising financing proposals with bankers to fund the company's originally planned operations. There is no change in production capacity." The original funding plan of 1:1 between rupee loan and ECA was subsequently revised to 2:1 on the back of rupee liquidity, said sources.
[Via: carazoo]
GM Offers Buy Back On Opel Cars
Finally Opel owners in India can rejoice. GM India is offering minimum buy back value of Rs. 1,25,000/- on old Opel vehicles in exchange for the Chevrolet Optra Magnum.
This scheme is basically in order to offload inventory of the Optra to make way for the soon to be launched Chevrolet Cruze in the Indian market. The scheme is for a limited time only.
Following is the buy back rates offered by GM India : -
- 1997 - 1999 - Rs. 1,25,000/- (on the Opel Astra)
- 2000 - 2001 - Rs. 1,45,000/ (on the Opel Corsa) and Rs. 1,55,000/- (on the Opel Astra)
- 2002 onwards - Rs. 1,65,000/ - (on the Opel Corsa) and Rs. 1,55,000/- (on the Opel Astra)
[Via: infibeam]
GM dethroned by Ford
Ford has got a large number of new cars lined up to hit the market and these are slated to increase Ford's auto market share, making it the market leader and dethroning GM.
Merrill Lynch's Car Wars study predicts that Ford, which has already risen to number two position till recently held by Toyota, will race to number one position in the next four years with its market share increase.
Ford's domestic share has been declining for 13 years now but now post bankruptcy GM's market share is going to decline at least 5 points to 15 percent while Ford may rise to 18 percent, a clear and marked difference.
[Via: globalmotors]
General Motors Company launched
The new 'General Motors Company' (GMC) began operations yesterday, with a new corporate structure and a stronger balance sheet. 'Today marks a new beginning for General Motors, one that will allow every employee, including me, to get back to the business of designing, building and selling great cars and trucks and serving the needs of our customers,' said Fritz Henderson, president and CEO. 'Today, we take the intensity, decisiveness and speed of the past several months and transfer it from the triage of the bankruptcy process to the creation and operation of a new General Motors.'
The new General Motors Company is now primarily owned by the governments of the United States, Canada and Ontario, and by a trust fund providing medical benefits to UAW retirees. Specifically, common stock will be owned by US Department of the Treasury (60.8%), UAW Retiree Medical Benefits Trust (17.5%), Canada and Ontario governments (11.7%) and the old GM (10%).
The new GM is built on four core brands (Chevrolet, Cadillac, Buick and GMC) in the US and has the largest, strongest car dealer network in the country, which will now offer a fresh line-up of cars, trucks and crossovers. According to GMC, the company will have a competitive cost structure, a cleaner balance sheet and a stronger liquidity position that will enable GM to invest in new products and key technologies.
The new GM wants to be much leaner than how it's been in the past. In the US, by the end of 2010, the company will operate only 34 assembly, powertrain, and stamping plants, down from 47 last year, and capacity utilization is expected to reach 100% during 2011. Earlier this year, the company also accelerated its dealer consolidation efforts, with the goal of reducing the number of GM dealers in the US from 6,000 to approximately 3,600 by the end of 2010. Even so, GM will still have the largest dealer network in the US.
GM's subsidiaries outside the United States - including GMI, the Indian arm - were acquired by the new company and are expected to continue to operate normally without any interruption.
'Today we launch the new General Motors, and our promise is simple. We will be profitable, we will repay our loans as soon as possible, and our cars and trucks will be among the best in the world,' said Henderson. 'We recognize that we've been given a rare second chance at GM, and we are very grateful for that.'
In the meanwhile, while GM was busy restructuring and coming out of bankruptcy, Ford was, it seems, forging ahead with the business of selling cars. For the first time since 1931 - almost eight decades - Ford might inch ahead of GM this year in terms of total sales volumes in the US. According to analysts in the US, Ford might get ahead of GM because the latter is shutting down its Pontiac brand, which will result in significant loss of sales for GM/new GM.
[Via: indiaautomotive]
Volkswagen’s third dealership in Delhi, NCR
Volkswagen has appointed its third authorized dealer in New Delhi and NCR region. The showroom located at Main Najafgarh Road, Near Moti Nagar is spread over an area of 6000 square feet and will start its operations from July 2009.
"The partnership with Volkswagen Delhi West reiterates our strong focus on widening our presence across key markets and supporting customers with prompt and efficient services. This is in addition to both our partners M/s Kashyap Motors and DD Auto World who have supported Volkswagen since its entry to India. We are confident that these partnerships will be major milestones for our expansion plans in India," remarked Neeraj Garg, Member of the Board and Director, Volkswagen Passenger Cars.
Volkswagen has over 17 franchises in the country and the company plans to increase its total dealer outlets to 40 in the year 2009. The customer will be provided with the best pre and post sales ownership experiences like any other Volkswagen dealership, intense training on sales, spare parts, service and business systems has been given to the Volkswagen Delhi West showroom. The showroom will meet the Volkswagen's global standards of sales and services, offering a quality experience for the customers.
[Via: carazoo]
Ford and Honda Slash Prices on their Bigger Models
The government has announced excise duty cut on car with engine capacity of more than 2000cc. Most of the auto manufacturers have decided to pass on the full benefit to their customers and Ford is not far behind.
"The additional duty reduction has been a welcome step taken by the Government though the reduction is limited only to large cars. We are pleased to pass the benefit of the reduction on the Endeavour to the consumer in entirety," said Tim Trucker, Vice President (Sales), Ford India.
Ford has reduced priced of its model Endeavour by Rs. 6000 which is applicable on its all three variants. The base model (2.5 Litre) of the Endeavour will now be available at Rs. 15, 01,000 (Ex-showroom, New Delhi). The Ford Endeavour is available in two other variants - the 2.5L XLT and the 3.0L Thunder Plus.
Similarly, Honda which has earlier stated that it will not reduce the prices has now announced that it will also cut prices of some of its models by up to Rs. 6000. Honda CR-V and Honda Accord are now cheaper by Rs. 5000 in India. Honda Accord is now available between Rs. 17.72 lakh and Rs. 24.80 lakh. Honda CR-V is now available between a price range of Rs 22.92-Rs 23.62 lakh.
[Via: cartradeindia]
Audi India To Expand Dealership Network
Audi India plans to increase its dealership network in the country and aims to grab 30% share of the luxury car market by 2011.
Audi currently holds 20% share in Indian luxury car segment. Audi has entered into dealer partnership with Bangalore-headquartered Jubilant Motors for appointing dealers in Southern market.
[Via: motorcrunch]
Hero Honda June two-wheelers sales up 23.7%
Hero Honda Motors Ltd (HHML), the world's largest two-wheeler manufacturer for eight consecutive years, keeps setting the benchmark higher with its relentless quest for excellence.
Riding on innovative strategies across functions, the company's June sales jumped 23.7 per cent to 3,65,734 units thereby registering its sixth consecutive month of over three lakh sales starting January'09. Hero Honda had sold 2,95,675 units of two-wheelers in June 2008.
Hero Honda's cumulative sales for the Q1 (April-June) of FY'10 rose by 25.1 per cent to 11,18,987 units of two-wheelers, thereby taking its share in the domestic motorcycle market to an all-time high of 59 per cent. The company's sales in the corresponding period last year was 8,94,244 units.
Mr. Anil Dua, Sr. Vice-President (Marketing & Sales), Hero Honda Motors Ltd said, "Our performance in the month of June, as indeed in the first quarter, is very satisfying, coming as it does on the back of a high base last year. Our strategy has been driven by innovation in every sphere of our activity - building a robust product portfolio across categories, exploring new markets, aggressively expanding the network and continuing to invest in brand building activities. Going forward, we will continue to stay true to our strategy, and carry on setting new benchmarks."
In an acknowledgement of the trust that customers across the country repose in the company, Hero Honda has recently been adjudged amongst the "Most Trusted Brands" in 2009 by Brand Equity Survey; and "Trusted Brand" (Motorcycles) 2009 by Reader's Digest magazine. It has also been honored with the Dun & Bradstreet, Rolta Corporate Awards 2008 in two-wheeler category.
[Via: infibeam]