<ul><li><keyword id="103788" type="General" weightage="50" keywordseo="hyundai-motor-india-ltd" source="Orion">Hyundai Motor India Ltd</keyword> is considering acquiring land and building and some assets of <keyword id="44666" type="General" weightage="50" keywordseo="general-motors-india" source="Orion">General Motors India</keyword>'s Talegaon plant in Maharashtra.</li><li><keyword id="108829" type="General" weightage="80" keywordseo="hyundai-motor-india" source="Orion">Hyundai Motor India</keyword> has earlier announced its plans to get into electric vehicle manufacturing.</li></ul>Chennai, The Hyundai Motor <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> Ltd with a view to have a second automobile plant in India is considering to acquire land and building and some assets of General Motors India's Talegaon plant in Maharashtra. According to Hyundai Motor India, a Term Sheet has been signed for the potential acquisition of identified assets of the plant like land and building, certain machinery and equipment situated at the General Motors India's plant in Talegaon. The Hyundai Motor India said the proposed acquisition is subject to the signing of the 'Definitive Asset Purchase Agreement' and fulfillment of conditions precedent and receipt of regulatory approvals from relevant Government Authorities and all the stakeholders related to the acquisition. The Indian subsidiary of the South Korea's Hyundai Motors has a big manufacturing facility in Irrungattukottai near here. The Hyundai Motor India has earlier announced its plans to get into electric vehicle manufacturing. Further another facility outside <keyword id="20154" type="General" weightage="50" keywordseo="tamil-nadu" source="Orion">Tamil Nadu</keyword> is a sort of derisking strategy and also being closer to other markets in the country. It should be noted Ford Motor Company had shuttered its Chennai plant operations sometime back. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/how-you-can-open-the-ai-chatbot-directly-from-macs-menu-bar/articleshow/98449632.cms#:~:text=Once%20you%20have%20downloaded%20the,simply%20click%20on%20'Open.'">ChatGPT just got more accessible: Here’s how you can open the AI Chatbot directly from Mac's menu bar</a> <a href="https://www.businessinsider.in/science/health/news/tally-health-unveils-innovative-platform-to-enhance-longevity-in-humans/articleshow/98387387.cms">This US-based startup claims to have cracked the process of reverse aging</a>

Hyundai Motor considering buying GM India's Talegaon plant assets

Mumbai, Jan 17 () Chinese auto maker Great Wall Motors on Friday said it has inked a pact with General Motors (GM) to acquire the latter's manufacturing facility in Talegoan, near Pune.
 The transaction, which is subject to regulatory approval, is expected to close in the second half of 2020, Great Wall Motors (GWM) said in a release.
 The auto maker is set to debut its Haval brand and electric vehicle at the Auto Expo-Motor Show 2020, slated to be held in Greater Noida early next month.
 "Under a binding term sheet signed on Thursday, the GM India legal entity, which includes the Talegaon facility, will transfer to GWM," the release said.
 After more than two decades of operations in India, General Motors stopped selling cars in the country from 2017 end, as part of its global restructuring actions.
 GWM Global Strategy Vice President Liu Xiangshang said the transaction would underpin the company's plan to enter and invest in India.
 "The Indian market has great potential, rapid economic growth and a good investment environment. Entering the Indian market is an important step for Great Wall Motors' global strategy," he said.
 GWM will officially debut its Haval brand and GWM EV at the Delhi International Auto Show, and launch its Indian market plan, he said.
 "Great Wall Motors' investment will create more jobs, including direct and indirect employment, further enhancing the skill level in the auto industry, promote the development of the local supply chain, R&amp;D and related industries," Liu added.
 GM will provide a separation package and transition support for employees impacted due to the deal, as well as an orderly transition for partners, the release said.
 "Since focusing the Talegaon plant on manufacturing for export markets in 2017, GM has been exploring strategic options for the better utilisation of the site," GM International Operations Senior Vice President Julian Blissett said.
 Talegaon manufacturing facility had delivered excellent vehicles for domestic and export markets, he added.
 General Motors' decision to cease production at Talegaon is based on its global strategy and optimisation of the manufacturing footprint around the world, Blissett said.
 "We will work closely with the state and national governments to secure the required approvals so that GWM can elevate production at the plant even further and maintain," he said.
 Chevrolet will continue to honour all warranties and provide after-sales support, including ongoing service and parts requirements for existing customers in India, the release said. IAS RVK

Great Wall Motors to acquire GM's Talegaon plant

<img class="gwt-Image" src="/photo/35634179.cms" /> <keyword id="4581" type="CITY" weightage="80" keywordseo="general-motors">General Motors</keyword> India will export the left-hand-drive version of its <keyword id="83732" type="COMPANY" weightage="80" keywordseo="Chevrolet-Beat">Chevrolet Beat</keyword> hatchback to Chile in the first quarter of CY2015. 
 The company will begin the production of <keyword id="2258837" type="UNKNOWN" weightage="80" keywordseo="Export-vehicles">export vehicles</keyword> at its <keyword id="2061237" type="UNKNOWN" weightage="80" keywordseo="Talegaon-plant">Talegaon plant</keyword> near Pune after June 2014, it said in a statement. 
 
The compact car Beat is available with petrol and diesel engines. The model was launched in India back in 2010. 
 
The start of Beat exports underlines the company’s commitment to India and demonstrates the quality of the country's growing supplier base, said GM India president and managing director Arvind Saxena. 
 
Exports will also help improve capacity utilisation at the Talegaon plant, he added. 
 
In April, the company’s sales declined 35.30% to 5,302 units as against 8,196 units sold in the corresponding month of the previous year.

​GM India To Export Chevrolet Beat To Chile

<ul><li>The decision came after a violent clash between India and China at <keyword id="9241086" type="UNKNOWN" weightage="20" keywordseo="Galwan-Valley">Galwan Valley</keyword> in the past week.</li><li>This includes a ₹3,770-crore MoU with <keyword id="9443169" type="COMPANY" weightage="20" keywordseo="the-great-wall-motors">the Great Wall Motors</keyword> to set up an automobile manufacturing unit in Pune’ Talegaon and a ₹1,000-crore in partnership with Foton (China) and PMI Electro Mobility.</li><li>Earlier the Indian Railways decided to terminate the contract worth ₹470 crore given to China for Dedicated Freight Corridor Corporation of India Limited (DFCCIL).</li></ul>The <keyword id="6356172" type="UNKNOWN" weightage="20" keywordseo="Maharashtra-government">Maharashtra government</keyword> has put three major agreements with <keyword id="433564" type="PERSON" weightage="20" keywordseo="Chinese-companies">Chinese companies</keyword> worth ₹5,000 crore on hold, amid anti-China sentiments. The decision came after a violent clash between India and China at Galwan Valley in the past week. The agreements were the part of the 3 memorandums of understanding (MoU) signed by the Udhhav Thackeray-led government on June 17 at the online Magnetic Maharashtra 2.0 meet. “We have taken this decision in consultation with the central government. These agreements were signed prior to the development on the Indo-China border and killing of 20 Indian soldiers,” Industry Minister Subhash Desai said. Desai added that the Ministry of External Affairs had advised the state government against signing any further agreements with Chinese companies. What is Magnetic Maharashtra 2.0? ‘Magnetic Maharashtra 2.0’ is an attempt to revive the economy of the state post-COVID with interest from other countries like Russia, Japan, Germany and others in various sectors like engineering, automobiles, food processing, ESDM, IT, ITES, and others. The signed agreements worth over ₹16,000 crore with global companies, including Chinese groups. That includes a ₹3,770-crore MoU with the <keyword id="1702735" type="COMPANY" weightage="20" keywordseo="Great-Wall-Motors">Great Wall Motors</keyword> to set up an automobile manufacturing unit in Pune’ Talegaon and a ₹1,000-crore in partnership with Foton (China) and PMI Electro Mobility. Besides, Henglu Engineering made a commitment of ₹250-crore for the expansion plans at its unit Phase II in Pune. Apart from China, the state signed around nine other MoUs with companies from the US, South Korea, Singapore and various domestic entities, with huge employment generation potential. Earlier the Indian Railways decided to terminate the contract worth ₹470 crore given to China for Dedicated Freight Corridor Corporation of India Limited (DFCCIL). The contract was signed between the Railways and the Beijing National Railway Research &amp; Design Institute of Signal &amp; Communication in 2016. However, the officials said the Chinese company was reluctant to furnish technical documents as per the contract and has not been able to provide authorised engineers at the site which was a serious constraint. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/reliance-industries-shares-are-worth-more-than-hdfc-bank-icici-bank-and-kotak-mahindra-bank-combined/slidelist/76504066.cms" data-type="tilCustomLink">Reliance Industries’ shares are worth more than HDFC Bank, ICICI Bank, and Kotak Mahindra Bank combined</a> <a href="https://www.businessinsider.in/business/telecom/news/even-before-the-india-china-clash-asias-richest-man-mukesh-ambani-was-working-on-replacing-huawei/articleshow/76460868.cms" data-type="tilCustomLink">Even before the India-China clash, Asia’s richest man Mukesh Ambani was working on replacing Huawei</a>

India’s revenge against China includes freezing a car manufacturing plant, an EV project, and a railway project

<keyword id="596" type="General" weightage="80" keywordseo="hyundai" source="Orion">Hyundai</keyword> Motor <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> on Tuesday introduced a new version of its mid-sized sedan <keyword id="79789" type="General" weightage="100" keywordseo="verna" source="Orion">Verna</keyword> in the country priced between Rs 10.89 lakh and Rs 17.37 lakh (ex-showroom), hotting up the competition in the segment. The new Verna competes with the likes of Honda City, Skoda Slavia, Volkswagen Virtus and Maruti Suzuki Ciaz in the domestic market. The 1.5-litre trims of the 6th generation Verna have priced between Rs 10.89 lakh and Rs 16.19 lakh while the 1.5-litre turbo petrol variants, which come with enhanced power, are priced between Rs 14.83 lakh and Rs 17.37 lakh (all prices ex-showroom). As per the company, the model delivers fuel efficiency ranging between 18.6 to 20.6 km per litre, depending upon the engine options. Hyundai Motor India MD and CEO <keyword id="12755813" type="General" weightage="50" keywordseo="unsoo-kim" source="Orion">Unsoo Kim</keyword> said Verna has been one of the company's most iconic models globally. He noted the company has sold 4.65 lakh units of the sedan in the domestic market and also exported around 4.5 lakh units of the model till date. Kim said the new Verna would also be exported. Hyundai first launched the Verna brand in India in 2006. The automaker said the new Verna comes with 30 standard safety features including six airbags, 17 Level 2 - ADAS features and over 65 connected car features. In an interaction with PTI, Hyundai Motor India Chief Operating Officer Tarun <keyword id="196154" type="General" weightage="80" keywordseo="garg" source="Orion">Garg</keyword> said the company aims to sell close to 40,000 units of the sedan this year, doubling volumes from 2022. The country's second-largest carmaker sold around 19,000 Verna units last year. "We believe that with a product like Verna, we have a winner in hand. It is now larger as compared with the outgoing model, comes with advanced technology like level II ADAS system and other connected features," Garg said. He noted that the company has already received close to 8,000 bookings for the model so far. The overall booking backlog of the company stood at 1.15 units. Garg noted that the overall sedan segment volumes grew to around 4.12 lakh units last year from 2.96 units in 2021. Similarly, the mid-size sedan segment sales grew to around 1.10 lakh units last year from around 82,000 units in 2021. He said the sedan segment is witnessing growth in sales as new models are being launched, giving an option to buyers who seek comfort and performance in their daily commute. "Globally, there has been a trend towards the SUV body style. India has also witnessed the same. Despite a strong pull towards the SUVs, a latent demand still remains for sedans and that is why we have seen volumes grow in the segment," he stated. The sedan segment accounted for 10.8 per cent of the overall passenger vehicle segment last year, an increase from around 9.5 per cent in 2021, Garg said. Hyundai has launched the new Verna with petrol powertrains only while doing away with the 1.5 litre diesel engine. "We have seen demand for the diesel trims come down in this segment. It is shifting to the SUV segment, where diesel remains strong," Garg said. When asked about the chip shortage, Garg said the situation is improving but not completely over. "We do not see an issue with production and with the GM plant coming into the picture we will be better placed," he noted. Earlier this month Hyundai said it has initiated a process to acquire General Motors India's Talegaon-based manufacturing plant. On the market scenario, Garg noted that India is better placed when compared with other markets globally, many of which were facing economic issues. He, however, noted that high-interest rates and the negative impact from global markets could have some impact on the Indian market as well. Diminishing pent-up demand is another challenge so a strong single-digit growth for the passenger vehicle industry this year is going to be a good sign. Garg noted that the passenger vehicle industry witnessed over 20 per cent sales growth over a low base of 2021 and to expect a similar kind of growth this year as well is not practical. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/long-covid-infection-linked-with-risk-of-developing-face-blindness-says-study/articleshow/98858060.cms">Long Covid infection linked with risk of developing 'face blindness' says study</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/israeli-shekel-devalues-by-8-3-in-less-than-2-months/articleshow/98857874.cms">Israeli shekel devalues by 8.3% in less than 2 months</a>

Hyundai drives in new Verna starting at ₹10.89 lakh; hots up competition in mid-size sedan segment

<ul><li>The company has clarified that the proposed semiconductor manufacturing will be undertaken by the holding company, <keyword id="241647" type="General" weightage="20" keywordseo="Volcan-Investments" source="Orion">Volcan Investments</keyword> and not listed Vedanta.</li><li>Volcan Investments is a holding company wholly owned by the Agarwal family trust, which is not listed on exchanges.</li><li>With this, India will enter the list of very few countries like Taiwan that are leaders in making such chips.</li><li>The rating agency Moody’s says that Vedanta is not expected to be the financier in the proposed investment but in future if it does get involved, it will hurt its finances.</li></ul>Shares of Anil Agarwal-led company slipped as much as 9% today after surging 14% in the last two days. This comes after the company clarified that the proposed semiconductor manufacturing will be undertaken by the holding company, Volcan Investments and not the listed Vedanta. Volcan Investments is a holding company wholly owned by the Agarwal family trust, which is not listed on exchanges. Shares of Vedanta were on an uptrend in the last few days as investors were excited about the company's investment into semiconductor manufacturing. Besides, reports of Vedanta venturing into making Apple iPhones and electric vehicles added to the rally. “We reiterate that the proposed business of manufacturing semiconductors is not under Vedanta Limited and we understand that it will be undertaken by the ultimate holding company of Vedanta Limited, Volcan Investments Limited,” said the company in a BSE statement. Vedanta, an oil-to-metals conglomerate, and Taiwanese electronics giant Foxconn have formed a joint venture to invest over ₹1.54 lakh crore to set up a semiconductor manufacturing facility in Gujarat. The proposed facility will come up over the next two years in Gujarat. Chairman <keyword id="6354819" type="General" weightage="20" keywordseo="anil-agarwal" source="Orion">Anil Agarwal</keyword> shared the news on Twitter and said the investment of ₹1.54 lakh crore will be set up in Gujarat and “will help make India's #Atmanirbhar Silicon Valley a reality." <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[<blockquote class="twitter-tweet">History gets made! 🇮🇳 Happy to announce that the new Vedanta-Foxconn semiconductor plant will be set up in <a href="https://twitter.com/hashtag/Gujarat?src=hash&amp;ref_src=twsrc%5Etfw">#Gujarat</a>. Vedanta’s landmark investment of ₹1.54 lakh crores will help make India&#39;s <a href="https://twitter.com/hashtag/Atmanirbhar?src=hash&amp;ref_src=twsrc%5Etfw">#Atmanirbhar</a> Silicon Valley a reality. (1/4)&mdash; Anil Agarwal (@AnilAgarwal_Ved) <a href="https://twitter.com/AnilAgarwal_Ved/status/1569573363722629120?ref_src=twsrc%5Etfw">September 13, 2022</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>]]></cdata></div> Reports say huge investment in Gujarat comes ahead of key local elections. There is a political twist to it as well given some reports say Maharashtra chief minister Eknath Shinde had invited the company to sign a Memorandum of Understanding (MoU) to set up a facility in Talegaon near Pune city in Maharashtra. With this, India will enter the list of very few countries like Taiwan that are leaders in making such chips. The rating agency Moody’s says that Vedanta is not expected to be the financier in the proposed investment but in future if it does get involved, it will hurt its finances. “Volcan’s proposed $20 billion semiconductor project has no immediate impact on Vedanta Resources Limited’s credit profile. We do not expect Volcan to extract any cash from Vedanta to fund this investment. Any deviation from this expectation, such that Vedanta is used as a financing vehicle for Volcan, will weigh on the company’s weak liquidity profile and pressure its B2 negative corporate family rating,” said Kaustubh Chaubal, senior vice president at Moody’s Investors Service. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/headline-india-is-a-prime-spot-for-all-bulge-bracket-pes-says-bank-of-americas-debasish-purohit/articleshow/94238157.cms">India is a prime spot for all bulge bracket PEs, says Bank of America's Debasish Purohit</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/gautam-adani-just-1-billion-away-from-becoming-the-second-richest-person-in-the-world-as-per-bloomberg-index-report/articleshow/94242575.cms">Gautam Adani is $1 billion away from beating Jeff Bezos as the second richest person in the world</a>

Vedanta slips 9% after it clarifies semiconductor venture to be undertaken by Volcan Investments

Chicago, Chinese carmaker <keyword id="1702735" type="COMPANY" weightage="20" keywordseo="Great-Wall-Motors">Great Wall Motors</keyword> (GWM) will take over General Motor's (GM) manufacturing facilities in Thailand by the end of 2020, as the US automaker prepares to withdraw from some non-profitable operations in Asian Pacific region. "Under a signed binding term sheet, GM Thailand and GM Powertrain Thailand legal entities, which include the Rayong vehicle assembly and powertrain facilities, will transfer to GWM," the Chinese automaker said in a statement released on Monday. GM and GWM are targeting the end of 2020 to close the deal and hand over the site, the <keyword id="6363413" type="LOCATION" weightage="20" keywordseo="xinhua">Xinhua</keyword> news agency reported. The Thai deal will be the second recent plant purchase GWM from GM, following another agreement the two reached in January to transfer GM India's Talegaon manufacturing facility to GWM. "The global strategy of Great Wall Motors has begun to take shape after more than 10 years of development," said Liu Xiangshang, GWM's global strategy vice president."In the past two years, through export model transformation and upgrades, Great Wall Motors has accelerated the pace of its strategic global roll-out." In 2019, GWM started production at its Tula plant in Russia, and the company also reached an agreement with GM to buy the latter's Talegaon plant in India in January 2020. GWM believes that the purchase of GM's Thai Rayong plant will not only boost its business in Thailand, but also speed up sales in other Southeast Asian countries. "Great Wall Motors will expand through the entire ASEAN region with Thailand as the center, and export its products to other ASEAN countries as well as Australia," Liu added. GM, the largest US automaker in terms of vehicle sales, has also announced its decision "to wind down sales, design and engineering operations in Australia and <keyword id="22501" type="LOCATION" weightage="20" keywordseo="New-Zealand">New Zealand</keyword> and retire the Holden brand by 2021." GM said the "decisive action" was aimed at "building on the comprehensive strategy it laid out in 2015 to strengthen its core business, drive significant cost efficiencies and take action in markets that cannot earn an adequate return for its shareholders. " "I've often said that we will do the right thing, even when it's hard, and this is one of those times," GM chairman and CEO Mary Barra said in a statement. "We are restructuring our international operations, focusing on markets where we have the right strategies to drive robust returns, and prioritizing global investments that will drive growth in the future of mobility, especially in the areas of EVs and AVs," she added. Australian icon car brand Holden merged in 1931 with GM to become General Motors-Holden's Limited. GM had already stopped manufacturing Holden vehicles in Australia back in 2017, resulting in about 3,000 job losses, more of which are expected after Monday's announcement. "After considering many possible options and putting aside our personal desires to accommodate the people and the market, we came to the conclusion that we could not prioritize further investment over all other considerations we have in a rapidly changing global industry." said GM president Mark Reuss, who once oversaw GM-Holden operations. GM has recently invested heavily in electric vehicles, including a 2.2 billion U.S. dollar assembly plant near Detroit for electrical vehicles. It has also partnered with other companies to develop autonomous vehicles. GWM, headquartered in Baoding, northern China's <keyword id="1281289" type="LOCATION" weightage="20" keywordseo="Hebei-province">Hebei Province</keyword>, is a manufacturer of SUV and pickup vehicles. With more than 1 million annual sales in the past four consecutive years, it has exported vehicles to more than 60 countries and regions at competitive prices. With the transfer of Indian and Thai assembly plants by the end of 2020, if GWM can get final approvals from relevant governments and regulators, the Chinese SUV and pickup maker will be able to dramatically expand its overseas production.

General Motors sells its Indian units to Chinese major Great Wall Motors

<ul><li>India’s car makers as well as two wheeler companies, from Hero Moto to GM, are in a fix as local lockdowns are forcing plant shutdowns.</li><li>The surge in COVID-19 cases has also dented consumer demand. People are even cancelling earlier orders.</li><li>A survey of dealers, including the ones of Maruti Suzuki, shows that sales in April may be down anywhere between 30% to 70% across major states. </li><li>This also poses yet another threat to millions of people employed in the sector and the slump could cascade into consumer products as well.</li></ul>Prime Minister Narendra Modi has asked state governments in India to implement full lockdown only as a last resort. So far, in the face of the second wave of COVID-19 infections, complete statewide or national lockdowns have not been announced but the <keyword id="20077" type="ORGANIZATION" weightage="20" keywordseo="automobile-industry">automobile industry</keyword> in India ⁠— the fourth largest in the world⁠— has a story of its own. A drastic, and sustained, rise in COVID-19 cases across the country have caused localised lockdowns, forcing auto makers and dealers to temporarily shut down their facilities. Not only have new orders fallen, people are even cancelling the bookings made earlier. In states like Uttar Pradesh and Madhya Pradesh, dealers are reporting 40% to 60% fall in sales compared to the pre-COVID data i.e. year ending March 2019, according to Motilal Oswal which surveyed dealers across major states. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"><colgroup></colgroup><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">State </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Estimated fall in April 2021 sales (vs FY19) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Uttar Pradesh and Madhya Pradesh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">40% to 60% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Maharashtra and Chhattisgarh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">30% to 40% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Gujarat </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">30% to 70% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Rajasthan </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">30% to 50% </td></tr></tbody></table>Source: Motilal Oswal report dated April 17, 2021. And, so production also has come to standstill... Hero MotoCorp, one of the leading two-wheeler manufacturers, has <a href="https://auto.economictimes.indiatimes.com/news/two-wheelers/motorcycles/covid-19-fear-hero-motocorp-halts-production-plants-worldwide-till-31st-march/74754257">announced</a> a nationwide shutdown of its plants for four days between April 22 and May 1. The maker of the popular Splendor bike said that despite its 4-day shutdown and production halt, it will not have an impact on its ability to meet demand, according to the company’s exchange filing. General Motors, the US-based car maker, fired all its 1,419 employees in its Talegaon plant in Pune. The company’s director of communications, George Svigos, told <a href="https://auto.economictimes.indiatimes.com/news/passenger-vehicle/cars/gm-india-to-lay-off-1419-workmen-at-talegaon-plant-invokes-sec-25-of-the-industrial-dispute-act/82107319">Economic Times</a> that no vehicles were manufactured in the last four months. If this seems like déjà vu of the story that unfolded in the first half of 2020 during the first wave of the COVID-19 pandemic. From <a href="https://www.carandbike.com/topic/maruti-suzuki" data-type="tilCustomLink">Maruti Suzuki</a> to <a href="https://www.carandbike.com/topic/hero" data-type="tilCustomLink">Hero MotoCorp</a>, Indian companies are already facing the heat. All the top ten automobile companies in India have seen a decline in their share prices in April, with some of them registering a double-digit decline. All automobile makers are facing the heat <div type="image" title="Auto stocks performance in April 2021" msid="82195352" hostid="261" caption="&amp;lt;p&amp;gt;Share price of the top 10 automobile companies in India.&amp;lt;/p&amp;gt;"></div> The negative consumer sentiment and the possibility of another lockdown has had an impact on auto ancillary makers as well. However, some of them have managed to weather the storm for now. <div type="image" title="Ancillary auto stocks performance in April 2021" msid="82195370" hostid="261" caption="&amp;lt;p&amp;gt;Ancillary auto companies share price.&amp;lt;/p&amp;gt;"></div> This will have collateral damage too “If the markets are shut, then demand will fall. Any prolonged shutdown will mean demand will go down. Production cannot continue if sales stop. You can’t run factories if dealerships are shut. It doesn’t make sense,” RC Bhargava, Chairman, Maruti Suzuki (India’s largest car maker) told <a href="https://timesofindia.indiatimes.com/business/india-business/lockdowns-not-a-solution-will-hit-economy-force-workers-to-leave-maruti/articleshow/82172302.cms">TOI</a>. The impact of lockdowns and curfews will have a spillover effect on auto dealers as well. John K Paul, managing director of Popular Vehicles, one of Kerala’s largest Maruti Suzuki dealers, told <a href="https://auto.economictimes.indiatimes.com/news/passenger-vehicle/cars/lockdown-in-6-states-to-impact-31-of-indias-car-market/82154934">ET Auto</a> that he expects retail sales for the last year to be down 45%-50%. The slump in auto sales last year led to large scale layoffs in the auto sector and the same threat looms large again. The future’s looking bleak One could take heart from the swift recovery in car sales after last year’s lockdown but that miracle may not repeat itself this time. Optimism is scarce and people have lesser savings than they did last year. So, the pent-up demand may be missing this time around, according to analysts. Making matters worse, both two wheeler makers and car makers have had to increase prices due to the shift to BS-6 models (with less emissions) as well as a rise in raw material prices. The rise in price may be a deterrent for those on the fence about buying a new vehicle. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"><colgroup></colgroup><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Models </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BS6 models Price hike (compared to April 2020) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><a href="https://www.carandbike.com/tvs-bikes/apache-rtr-160" data-type="tilCustomLink">TVS Apache RTR 160 Rear Drum</a> </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+14.7% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hero Moto: Deluxe SS </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+8.3% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><a href="https://www.carandbike.com/bajaj-bikes/pulsar-150" data-type="tilCustomLink">Bajaj Pulsar 150 ABS</a> </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+7.2% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Royal Enfield Classic 350 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+6.5% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Honda Activa 5G DLX </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+6.4% </td></tr></tbody></table>Source: Motilal Oswal The big companies may even recover later. Another slump in the sector may be fatal for many small businesses that depend on the big industry for their survival. Millions of people who work in the sector, directly or indirectly, are likely to save more expecting hard times ahead. That is if they still manage to keep their jobs. The reduced consumption is likely to take a further toll on the economy. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/elon-musk-tesla-is-reportedly-looking-for-a-showroom-space-in-india-picks-an-exec-to-lobby-for-them/articleshow/81969189.cms">Elon Musk's Tesla reportedly shortlists New Delhi, Mumbai and Bengaluru to open its first showrooms in India</a> <a href="https://www.businessinsider.in/business/auto/news/elon-musk-announced-now-you-can-buy-tesla-cars-with-bitcoin/articleshow/81667459.cms">You can now buy a Tesla with Bitcoin, tweets Elon Musk</a> <a href="https://www.businessinsider.in/business/auto/news/nissan-india-to-increase-prices-of-all-models-for-nissan-and-datsun-from-april-1/articleshow/81647750.cms">Nissan India to increase prices of all models for Nissan and Datsun from April 1</a>

There is a virtual lockdown in the world’s fourth largest automobile market

(Eds: Adding details) Greater Noida, Feb 5 () China's largest SUV manufacturer Great Wall Motors (GWM) on Wednesday said it will invest USD 1 billion in India, which is set to be among the top three auto markets globally. The USD 1 billion (about Rs 7,100 crore) investment will be made in a phased manner in areas including research and development, manufacturing, and sales and marketing. "We firmly believe that India will become one of the top three auto markets in the world in the next 3-5 years...Our aim is to establish a comprehensive ecological chain covering research, production, sales and marketing...," Hardeep Brar, Director, Marketing and Sales of the Indian subsidiary of GWM, said. Speaking at the Auto Expo here, he said the company also intends to use manufacturing capabilities in India to export to other countries. "We plan to invest an estimated USD 1 billion in a phased manner covering research, manufacturing, supply chain and marketing and sales...GWM will actively respond to the 'Make in India' strategy," he said. The Indian market will play a critical role in the company's global strategy, he added. It also plans to provide about 3,000 direct employment in a phased manner. GWM also plans to invest in battery research and development and manufacturing in India to reinforce and accelerate India's Electrification Strategy'. Brar said the company, which will bring its SUV brand Haval and electric vehicle (EV), will "use India's geographical advantages to export products to other countries as well". GWM has a research facility in Bengaluru. It had recently also inked an agreement to acquire General Motor India's Talegaon facility. The acquisition will be completed in the second half of 2020. GMW will produce its EV and SUV models at the plant. Set up in 1984, GWM employs nearly 70,000 people. It has 10 R&amp;D centres in seven countries, including China, India, the United States, Germany, Japan, South Korea, and Austria. It has 14 global manufacturing facilities. GWM on Wednesday premiered its Haval Concept H and announced the India debut of concept vehicle -- Vision 2025. SR RVK

GWM commits USD 1 billion investment in India

Mumbai, Apr 23 () The Indian automobile industry, already dented by a protracted slowdown before the COVID-19 pandemic struck, is now staring at a severe and prolonged disruption due to domestic and global lockdowns and supply chain interruptions, a report said on Thursday. Currently, India sources 80-85 per cent of components for all vehicle segments domestically, mainly from clusters such as the National Capital Region (NCR, including Gurgaon, Manesar, Faridabad and Greater Noida), Pune (including Chakan, Talegaon and Ranjangaon) in Maharashtra, Mysuru in Karnataka, and Sriperumbudur and Hosur in Tamil Nadu. The rest is sourced through imports. "If rising COVID-19 infections lead to the lockdown being extended again in NCR and Pune clusters, there would be a material disruption in component supplies to vehicle makers - both sourced locally and imported," Ajay Srinivasan, director at rating agency Crisil Research, said. "Any extension of lockdown would dramatically increase the sourcing risk for products such as cast engine parts and transmission drives because major capacities are located in the Pune and Delhi-NCR belts. Passenger vehicles and two-wheelers will be particularly impacted since these two clusters are their major source of components," he added. According to Crisil, while tractors, which have medium-to-high dependence on NCR and Tamil Nadu, also face supply risk, the commercial vehicles are unlikely to be affected much because they source across clusters. As for imports, India is dependent on China for critical components such as electronic control chips, engine control units and sensors. If logistics between the two countries remains disrupted for longer, it may translate into higher procurement costs due to airlifting, the rating agency said in its report. Also, imports of engine components and drive transmission from the US and Germany are likely to be adversely impacted if manufacturing in these regions takes time to bounce back. For other components, there is a moderate dependence on imports. These include alloy wheels, which are mostly imported from countries in south-east Asia and China, it said, adding the two-wheeler players dependent on such imports could be affected. Going beyond these counts, logistics is also expected to cause some anxiety for vehicle makers, which mostly use the JNPT, Chennai and Mundra ports, and have about 95 per cent of goods transported from ports to manufacturing plants through roadways, according to the report. "Congestion following slower clearance of goods at ports stemming from labour shortage and lack of significant uptake in export volumes are expected to push up shipping freight rates, and also extend the turnaround times via road. This will drive up the cost for supply chains in the short term," said Hemal N Thakkar, associate director, Crisil Research. IAS ABMABM

Longer lockdown to badly hurt auto component clusters in NCR, Pune: Crisil Research

<img class="gwt-Image" src="/photo/49484661.cms" style="width: 800px; height: 600px;" />In a bid to revive its fortunes in the country, US-based firm <keyword id="4581" type="CITY" weightage="100" keywordseo="general-motors">General Motors</keyword> eyeing to tap the Indian <keyword id="45454" type="COMPANY" weightage="100" keywordseo="SUV">SUV</keyword> market, launched premium SUV <keyword id="55200" type="COMPANY" weightage="100" keywordseo="Chevrolet">Chevrolet</keyword> Trailblazer here at Rs 26.40 lakh (ex-showroom Delhi). Its launch is important for the company as it's the first of the 10 new models that it plans to introduce in India over five years. It had stated that it would roll out 10 models, including <keyword id="3109209" type="UNKNOWN" weightage="100" keywordseo="SUV-Trailblazer">SUV Trailblazer</keyword> and multi-purpose vehicle Spin in early 2017, from the Chevrolet family in the next five years. Trailblazer, powered by 2.8 litre diesel engine, is imported from Thailand. On the positioning of new model, Managing director of General Motors India <keyword id="103787" type="PERSON" weightage="100" keywordseo="Arvind-Saxena">Arvind Saxena</keyword> said: "This will be a halo brand over other models and also an integral part of our product portfolio. This vehicle reflects the true DNA of Chevrolet." 

	Customers will be able to book the Trailblazer on Amazon.in only from October 21-25, at a reservation deposit of Rs 25,000. Bookings can also be made through Chevrolet dealerships. Customers will receive their SUVs from their local Chevrolet dealership.
 

	The company had announced in July a turnaround plan entailing fresh investment of $1 billion (Rs 6,400 crore) and ceasing production at its Gujarat plant to consolidate manufacturing operations in Maharashtra. 
 

	After the consolidation of the manufacturing operations, the company expects 30 per cent of the production from its Talegaon plant to be exported. 
 

	On company's plans to cease production at Halol plant, Saxena said: "We are in constant touch with the state government and employees. We are on track. Currently we are still producing vehicles at the plant but as we said before, it will stop by the middle of next year." 
 

	As per the company's plans, the Talegaon plant in Maharashtra will be strengthened and become an export hub. The move to close the manufacturing facility at Halol will adversely affect 1,100 employees. The plant has a total annual manufacturing capacity of 1.1 lakh units. 
 

	General Motors India is looking at selling vehicles in 30 countries in the next two years. It has set a target of exporting 40,000 units by 2016. This year it is aiming to export 19,000 units globally, including Chile and Mexico. 
	 
	(Image credit: Thomson Reuters)

General Motors launches SUV Trailblazer in India at Rs 26.40 lakh

<img class="gwt-Image" src="/photo/50716600.cms" style="width: 800px; height: 600px;" /> China's biggest automobile manufacturer <keyword id="64310" type="CITY" weightage="100" keywordseo="SAIC">SAIC</keyword> Motor Corp is all set to become the next company to become a part of the Modi Goevrnment’s <keyword id="6354869" type="UNKNOWN" weightage="100" keywordseo="make-in-India">Make in India</keyword> campaign. It plans to buy the Gujarat factory of the American carmaker <keyword id="4581" type="CITY" weightage="100" keywordseo="general-motors">General Motors</keyword>. SAIC, which partners <keyword id="6372405" type="CITY" weightage="100" keywordseo="GM">GM</keyword> in China and holds a single digit percentage share in the US company's India operations, is conducting a due-diligence of the <keyword id="6389723" type="CITY" weightage="100" keywordseo="Halol">Halol</keyword> factory that GM will vacate by July as it focusses on operations through its plant at Talegaon in Maharashtra. "The company is in advanced stages of negotiations with GM on the matter," a top industry official told TOI. 

	SAIC -which also partners German auto giant Volkswagen in China -will be the first major automotive company from dragon land to start manufacturing in India, if the deal with GM materializes. The company is expected to begin its India operations by contract-manufacturing GM India's models that are already being made at Halol, sources said.
 

	A spokesperson for GM India told TNN, "We are examining a number of options in relation to the Halol factory. We have nothing further to announce at this time." 
 

	SAIC had bailed out GM's India operations in 2010 when the company was battling bankruptcy in the US. GM's Indian business has been a laggard for many years. "After getting control of the Halol plant, SAIC may also sell its holding in GM India," a source said. 
 

	Halol, GM's first factory in India, has a capacity of 1.1 kers.

	 
	 
	(Image credits: indiatimes)

China's SAIC plans to Make in India soon

<img class="gwt-Image" src="/photo/42332446.cms" style="height: 300px; width: 400px; margin: 10px; float: left;" /><keyword id="798973" type="PERSON" weightage="60" keywordseo="Mary-Barra">Mary Barra</keyword>, <keyword id="4581" type="CITY" weightage="80" keywordseo="general-motors">General Motors</keyword>’ first woman CEO, says the auto maker isn’t bothered about the past and is focused on the future. 
 In an interaction with the media in New Delhi – held between two meetings she had with Prime Minister <keyword id="6354477" type="PERSON" weightage="100" keywordseo="Narendra-Modi">Narendra Modi</keyword> and Commerce Minister Nirmala Seetharaman – the 34-year GM veteran fielded questions with elan. 
 When asked what went wrong with GM in India, with a less than 3per cent <keyword id="34527" type="UNKNOWN" weightage="100" keywordseo="market-share">market share</keyword> after 18 years and $1 billion of investment, she said “a lot of things went right too in India”. 
 
Striving to make a new beginning in Indian operations that have been plagued with alleged technical fudging and safety recalls, Barra said GM plans to start afresh with the Indian unit as an export base, shipping its first car to Chile. Exports to Mexico and Colombia are also on the cards. Edited excerpts: 
 
On General Motors in India and the way forward… 
 
It starts with putting customers at the centre. In India, they have great options and choices. We came to India with vehicles that are great in quality and also bear a good life-time experience. 
 
We were one of the foremost auto makers to start assembly operations as early as 1928 in India. Our two plants in Halol in Gujarat and Talegaon in Maharashtra have seen a cumulative investment of over $1 billion. We have put efforts in India to develop new products with a technical centre for not just the local market but also for global applications. We make sure we understand the customers and develop the right vehicles. 
 
We want GM to be a highly respected, valued company in India and also globally with year after year of growth. We had our global chairman Tim Solso and head of international operations Stefan Jacoby, along with our CFO (Chuck Stevens), in India to demonstrate our commitment and belief in India’s future. 
 
On charges of corporate fraud against the company and the strategy to bring back confidence to the Indian unit… 
 
India is a key strategic market with a great opportunity from the market perspective. There is a huge focus to improve quality across the market we operate in. Our global team visited the Indian plants to improve the quality of our vehicles and product assessment to bring some dramatic improvements. 
 
General Motors operations have seen some quality issues and the integrity of vehicles that were the result of the decisions taken many years ago. We are looking forward to deal with the situation just like in America where we are taking it very straight forward and did the right thing. 
 
On new initiatives… 
 
We have a relatively new leadership team in India with Stefan (Jacoby) in charge. We are really focused and have put five key initiatives globally and for the Indian market. The customers as the main centre of our operations are there for the entire lifetime. We understand the importance of brands that grow with the customer. 
 Our global brands are <keyword id="55200" type="COMPANY" weightage="100" keywordseo="Chevrolet">Chevrolet</keyword> and Cadillac. In India, we are here with Chevrolet that is a great brand in terms of value and we want to introduce model after model and products in this brand. We also want to be a leader in technology and innovation that truly create value for the customer in terms of fuel efficiency or safety or connectivity and any aspect of the vehicle. 
Future product lineup… 
 
We plan to introduce 40 new products across the international market, including India. We would be brining 14 new products in the US and 27 models in the Opel brand in the European market. Also, we plan to bring 17 new and upgraded models in China. On GM India’s strategy to bring 
 
Chinese vehicles from partner Shanghai Automotive Industry Corporation (SAIC), a step that has not fared well… 
 
We have a significant partnership still with SAIC in China. And we assessed and in that cases we did not have the right focus in understanding the right product to the Indian market. We had some quality challenges that have been assessed. We have not closed the books. We have a wealth of products in the General Motors family and need to identify the future models. I’m not here to make any product announcement today. We are here to drive success for the entire company including India that makes us a strong organisation globally. 
 
<div style="page-break-after: always;">
	&#xa0;</div>
India’s contribution to overall volumes… 
 
We see it as a significant market as the industry is going to grow. We think there is an opportunity to grow and we are here to evaluate, also from an overall share perspective as well. We don’t have any specific targets. 
 
On transformation at GM… 
 
We have a very strong leadership team. We have a good balance sheet. We have showed across markets that we have superior products. We have a well-defined game plan. In India, we have a dedicated strategy.

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