Daimler CEO says carmakers could face chip shortage into 2023

By Ilona Wissenbach and Nick Carey MUNICH (Reuters) – Soaring demand for semiconductor chips means the auto industry could struggle to source enough of them throughout next year and into 2023, though the shortage should be less severe by then, Daimler AG’s CEO said on Sunday. Carmakers, forced by the COVID-19 pandemic to shut down … Read more

Tata Motors reaffirms plan to become debt free by FY24

Last year i.e., 2020, at its annual general meeting, Tata Motors had announced its aim to become a debt free company within the next three years. Timelines seems to have shifted by a year. However, given Covid related disruptions, it’s still acceptable. For reference, the Company reported a Gross debt of Rs 1,50,211 crore and … Read more

Demand revival puts auto sales in top gear, Maruti posts 50% growth

Auto sales, a key indicator of the macro economy, showed significant growth in July, with passenger vehicle volumes improving on the back of a healthy order book and an uptick in enquiries and bookings in urban and rural areas. The wage revisions for government employees have also likely aided demand.   India’s largest carmaker, Maruti … Read more

Amara Raja Batteries to diversify into emerging energy opportunities

Amara Raja Batteries Ltd (ARBL) on Monday announced energy and mobility as its strategic focus going forward to capitalise on emerging opportunities.   It announced expansion of lead acid batteries business and establishment of a new energy strategic business unit encompassing lithium cell and battery pack, EV chargers, energy storage systems, advanced home energy solutions … Read more

Auto sales take fast lane in Dec; carmakers see double-digit rise in sales

Indian automakers replenished stocks before the new year, helping wholesale auto sales witness healthy growth. Inventory was lower than usual for passenger vehicles and tractors, leaving headroom for higher inventory filling in the coming months, industry executives said. They said spillover demand from the festive season and inventory refilling would drive demand for passenger vehicles … Read more