Category — Automobile
After selling more than 9,500 cars in India last year, Mercedes-Benz is aiming for double-digit growth now.
“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.
July 15, 2014 No Comments
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.
July 15, 2014 No Comments
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.
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 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.
July 15, 2014 No Comments
India has overtaken China as the most attractive investment destination, according to Ernst & Young (EY), with the sharp depreciation in the rupee and opening up of new sectors to foreign players boosting the South Asian nation’s allure. This according to report published on CNBC. Companies are most likely to invest in India, followed by Brazil (2), China (3), Canada (4) and the United States (5), EY’s ninth bi-annual Capital Confidence Barometer – a survey of 1,600 senior executives across more than 70 countries – showed. Other nations in the top 10 are South Africa (6), Vietnam (7), Myanmar (8), Mexico (9) and Indonesia (10).
Sectors with the highest level of possible deals in India include Automotive, Technology, Life Sciences and Consumer Products.
The survey reported that 38 percent of the respondents feel that Merger and Acquisition volumes in India are expected to improve over the next 12 months, while 30 percent believe that these will remain stable. “The investor outlook for India remains positive, despite the challenges the country’s economy has faced in the recent past. At the same time, the improved condition of the world economy has helped increase confidence amongst deal makers, prompting them to take a bolder stance toward executing transactions,” said Amit Khandelwal, National Leader & Partner — Transaction Advisory Services, EY. “After two years, European countries (Britain and Germany) have made a comeback on the potential investment destinations list for Indian companies,” the report said. In August, the Indian government announced relaxation in foreing investor norms in many sectors, including multi-brand retail and telecom.
December 11, 2013 No Comments
India’s Mahindra & Mahindra sells its XUV sports utility vehicle in Europe since late 2012 and is expanding shipments to Latin America. And Korean automaker Hyundai has been shipping Chennai-built cars to Africa for more than five years.
But now France’s Renault is shipping India-built Dusters to Europe. Fiat and Ford are assessing opportunities to export SUVs to Europe, South Africa and Southeast Asia.
Joginder Singh, president and managing director, Ford India, said, “The European equation works well with the EcoSport. We already export the Figo to 38 countries from India. We would look at a similar scale for the SUV.” Industry sources indicated it was planned about 40 per cent of the scheduled annual production of 150,000 units would be sold in foreign markets.
What this means
India may soon become a significant global hub for the manufacturing and assembly of complete automobiles for Korean, European and American carmakers
November 3, 2013 No Comments