Category — Automobile

Auto Parts Maker Bosch to add a $1.2 billion revenue by 2020

German automotive components producer Bosch expects India to be a key growth driver in its bid to double business in the Asia Pacific region by 2020. The 46 billion euro Stuttgart-based firm had 24 per cent of the revenue coming from the Asia Pacific region. The Bosch group manufactures power tools, industrial machinery and home appliances, apart from auto components in India.

It sees the country becoming the world’s 5th largest vehicle manufacturer by the end of this decade. “This makes the country one of the global engines of growth alongside China,” Bosch Board of Management Chairman Volkmar Denner said.

The German firm, which reported a turnover of $2.6 billion in India last year, sees India as a key pillar of its growth strategy in the Asia Pacific. “Over the past ten years, Bosch has doubled its sales in Asia Pacific. By 2020, we are aiming to double our sales in the region again,” he added. Highlighting the significance of the Indian market in the process, Denner said: “The economic indicators give us much cause of optimism – especially after the recent elections. We believe that the new government is poised to accelerate economic growth and introduce strategic reforms,” Denner said.

Bosch, which has ten manufacturing facilities in the country and seven R&D centers, has been active in the Indian subcontinent since 1922.  Since 2010, the Bosch Group has invested $1.2 billion in the expansion of manufacturing and research facilities in the country. “This money has been used to establish new production plants and to expand research and development centers,” Denner said, adding that the company currently employs more than 27,000 associates in India.

“The number has doubled within five years and is expected to grow further. This also reflects our firm belief in the country’s growth potential and our commitment to this region,” Denner said.

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October 30, 2014   No Comments

WABCO opens second Application Engineering Center in India

Maker of brake systems for commercial vehicles, WABCO  has  opened a new Application Engineering Center in Pune, the supplier’s second such facility in India. The new center will allow WABCO’s team of application and test engineers to work closely with global commercial vehicle manufacturers in India to jointly develop customized products and solutions across a broad range of vehicle platforms, the company said. The engineers will provide system design, application engineering, and project management support.

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September 18, 2014   No Comments

Mercedes Benz Aims for Double Digit Growth

After selling more than 9,500 cars in India last year, Mercedes-Benz is aiming for double-digit growth now.

Boriz Fitz  of Mercedes Benz on left with the Class A

Boriz Fitz of Mercedes Benz on left with the Class A

“We are planning to launch new models and increase the manufacturing capacity of out Chakan plant from 10,000 to 20,000 units a year,” said Boris Fitz, VP, sales and network development, Mercedes-Benz India at the South India launch of A-class and B-class Edition 1 in Hyderabad.

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July 15, 2014   No Comments

Manheim Auto Auctions Plans India Entry

Atlanta Georgia, based Manheim, a unit of Cox Enterprises and world’s largest automobile auction company, is planning to enter the Indian market through Srhiram’s Automall, the automall subsidiary of Shriram Transport Finance.

The main business of Manheim is to provide auction service for physical sale of automobiles and online tools to connect whole sale vehicle buyers and sellers. With 20,000 employees in 106 operating locations around the world, Manheim claims to be the leading global provider of vehicle remarketing services. Manheim registers nearly 8 million used vehicles annually, facilitating transactions representing more than $50 billion in value. India is the first of the BRIC countries where Manheim will have a presence. Thailand is the only emerging country where the company currently offers its auctions.

P. Sridharan, executive director of Shriram Transport Finance said that Manheim is in negotiation for the minority stake.

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July 15, 2014   No Comments

Jeep Enters India with Wrangler

Another American icon, Jeep, will be on the Indian roads again in 2015 with the Cherokee and the Wrangler being the first entrants imported into the country.  Fiat Chrysler Automobiles will begin SUV brands central to its global expansion, in India in 2015, the brand’s chief, Mike Manley, speaking at a Fiat Chrysler test track event in southeast Michigan.  By 2020 India will be the world’s third-largest auto market, behind China and the US, with sales nearly doubling to about 6 million vehicles, according to consultancy IHS Automotive.

Mike Manley, CEO of Jeep

Mike Manley, CEO of Jeep

But those models, which are two core vehicles for the brand, are expected to corner only a small fraction of the massive Indian market because their price will be escalated by the import duty. “If we’re going to be successful with Jeep, you’ll have to localize a vehicle in India,” he said. jeep-wrangler-rear-angle-view-048 Jeep could start local production at a Fiat-Tata Motors Ltd joint-venture plant, but there is little spare capacity as Fiat just refreshed its lineup in India, Manley said.  At the launch of Jeep sales,  Manley said he wants 15 to 20 dealers there. Mr. Manley also said that Jeep is on track to meet Fiat Chrysler CEO Sergio Marchionne’s ambitious goal of selling 1 million vehicles globally this year, up 37 percent.

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July 15, 2014   No Comments