Car sales in slowdown; 2-wheelers up
Car sales in India witnessed moderate growth during July with major manufacturers like Maruti Suzuki, Hyundai and Tata Motors reporting rise in their monthly numbers amid a difficult market condition.
Honda Siel
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Honda rolls out first hybrid in India
Japanese car major Honda on Wednesday launched its first hybrid car in India, Civic Hybrid, priced at Rs 21.5 lakh. Masahiro Takedagawa, president and CEO of Honda Siel Cars India told reporters, the high price tag was partially due to the 104 per cent customs duty on the vehicle. The company is importing Civic Hybrid from Japan as a completely built unit. Takedagawa said they have approached the government through SIAM to clip the import duty.
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Fuel price spike to hit car sales
Companies May Lower Tags, Offer More Discounts To Offset Impact The hike in petrol, diesel prices will fuel a slowdown in the auto industry in the short-term, feel car majors like Maruti, Hyundai and Honda. And, it may spell good news for consumers in terms of lower prices and greater discounts from car makers, who will try to offset the negative impact on the industry, which is already hit by higher interest rates and tighter retail financing.
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Honda cuts car prices by up to Rs 5,000
At a time when most automakers in the country are hiking prices, Honda Siel Cars India said it is cutting rates of sedans by up to Rs 5,000 with effect from Sunday on account of the reduction in central sales tax. "We have received notification from the government on the central sales tax cut from 3% to 2% announced in the Budget. Hence we are reducing the prices of our models City and Civic to pass the benefit to consumers,' a Honda Siel Cars India official said.
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'Diesel car option for India under study'
Honda Siel Cars India (HSCI) President and CEO Masahiro Takedagawa, in an interview with Swaraj Baggonkar, shares the company's India strategy, including the launch of hybrid technology (a first on Indian roads), small cars and outlook on diesel technology, an area where the company is losing ground to other auto majors. The company launched its 8th generation Accord today in Mumbai. Honda lacks a diesel car in India, a market where more than 40 per cent of vehicles sold run on the fuel. Comment.
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Inflation, interest rate to hit car sales'
Japanese carmaker Honda on Tuesday cautioned that high interest rates and inflation would impact car sales in India this financial year, though said premium segment would manage a double digit growth. The company, that rolled out its next-generation Accord sedan after the model was discontinued a few months back, said market conditions appear to be tough for the first two quarters of 2007-08.
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Hyundai, Honda gain as Maruti sales skid in Mar
India's largest carmaker suffers 2 per cent decline in sales.
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Honda's Noida plant goes on stream
WORLD-CLASS: (from left) M.Takedagawa, President and CEO, Honda Siel Car India; T. Oyama, President and CEO, Asian Honda Motors Co.; and H. Iwata, Operating Officer, Honda Motor Company and GM, Suzuka Factory, at the inauguration of a new production facility at Greater Noida near New Delhi on Monday. NEW DELHI: Honda Siel Cars India (HSCI) on Monday inaugurated its new production facility at Greater Noida and announced an initial investment of Rs. 1,000 crore at its upcoming plant in Rajasthan that will start operation next year, producing 60,000 units a year. HSCI, which has now doubled its production capacity to to one-lakh vehicles annually, has so far invested Rs. 1,620 crore at the Noida plant since its establishment in 1997. The plant now produces Honda City, Honda Civic and Honda Accord models. World-class facilities The new facility, with a host of world-class manufacturing techniques and technological advancements, was inaugurated by Asian Honda Motors Company President and CEO T. Oyama in the presence of HSCI President and CEO M. Takedagawa. Speaking to media persons here, Mr. Takedagawa said the new plant in Rajasthan would be spread over 600 acres. The investment would be in the region of Rs. 3,000 crore by the time it reached its full capacity of over two-lakh units annually. The company intended to produce 60,000 units in 2009 from the new plant. Honda planned to enter the Indian compact car market, besides launching hatchback
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Parikh report: Petrol car sales may get boost
Diesel cars may become costlier by Rs 1.8 lakh. Currently, one of the main reasons for the high popularity of diesel cars is that the fuel is cheaper, which translates into low running costs. Roudra Bhattacharya New Delhi, Feb. 5
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February a mixed bag for auto companies
Mar 1 February, which is generally a lean month for car manufacturers as prospective buyers tend to postpone their purchase in anticipation of excise duty cuts in the Budget, saw market leader Maruti Suzuki India Ltd (MSIL) register flat sales in the domestic market at 59,311 units as compared to 59,095 units in February last year. Two-wheelers continued their year-long trend of decline in sales with major Companies witnessing a single digit negative growth. Analysts however, predict that sales will revive with a reduction in excise duty, both on smaller cars and two-wheelers, from 16% to 12% and simultaneous reduction in prices by various manufacturers with effect from March 1. While leading car manufacturers like MSIL, Hyundai Motor India Ltd, Tata Motors and General Motors reduced prices between Rs 7,000 and Rs 20,000 depending on the models, two-wheeler major Hero Honda, TVS Motor and Honda Motorcycle and Scooter India Ltd have also announced reduction in prices by Rs 1,000 to Rs 2,500. During February 2008, General Motor India witnessed a growth of 80% at 5,563 units as against 3,087 units during the same period last year. Sales of premium car manufacturer Honda Siel Cars India (HSCI) also grew 7.2% to 3,774 units during this period as compared to 3,521 units in February last year. Even Skoda India witnessed a growth of 102% at 1,303 units as against 644 units in February 2007. This is in contrast to the two-wheeler industry that has once again failed to recover from the woes of high interest rate and liquidity crunch. Sales of Hero Honda declined 5.37% to 2,65,431 units in February 2008 as compared to 2,80,515 units during the same month last year and that of Bajaj Auto dipped by 8.4% to 1,59,508 units as against 1,74,220 units in February 2007. The entry-level 100 cc segment has been badly hit after high delinquency forced major banks to withdraw finance availability in certain clusters across the country. According to industry estimates, the segment witnessed a decline of about 13%, which had offset stable sales in the 125 cc segment and above, resulting in an overall dip of 10% in the motorcycle industry. No wonder, players are now shifting focus to executive and premium bikes as the segment is comparatively less price sensitive and is giving higher margins to all manufacturers.