Six-airbag rule for cars deferred by 1 yr

The centre has postponed implementing a proposal making it mandatory for passenger cars to have six airbags by a year to 1 October 2023, road transport and highways minister Nitin Gadkari said on Thursday. The domestic automotive industry had sought a rethink on the rule claiming inflation and regulatory costs made passenger vehicles—particularly small and … Read more

M&M benchmarks to Tata. Does a token fund raise in the EV business.

After Tata Motors doing it last year, M&M going for external fund raise in the EV business was widely expected. The Company has now announced raising Rs 1,925 crore from British International Investment Plc (BII) for the same. BII (formerly CDC Group plc) is the Development Finance Institution of the UK Government and invests between … Read more

NBFCs see demand rising for used-vehicle financing

Non-banking financial companies (NBFCs) are seeing a rise in demand for used vehicle financing amid Covid. The pandemicdriven preference for owning second and third cars in households, upgrades by two-wheeler owners to preowned cars and lower cost of used vehicles are some primary reasons for the spike in demand for used vehicles. NBFCs offering loans … Read more

Endurance announces 1st acquisition targeted at the EV opportunity

Electric Vehicles (EV) is a hot theme nowadays. No one wants to be left behind. Endurance Technologies Limited (ETL) has joined the list and is acquiring 100% of Maxwell Energy Systems Private Limited (Maxwell). Key points to note – Maxwell is a Mumbai based wholly owned subsidiary of a US company, ION Energy Inc. (“ION”) … Read more

Mercedes-Benz sees best-ever year in India

Pointing to a strong demand in the luxury car space, German giant Mercedes-Benz has said that it has pending orders in excess of Rs 3,500 crore in India with over 5,000 cars yet to be delivered, as the company expects to clock its best-ever sales in the country this year on the back of a … Read more

RIL, M&M bid for incentives under India’s Rs 18k-cr battery scheme: Report

Indian conglomerate Reliance Industries, South Korea’s Hyundai Motor Co and automaker Mahindra & Mahindra are among companies that have submitted bids under the country’s Rs 18,000-crore billion battery scheme, two sources told Reuters. India last year finalised an incentive program to encourage companies to invest in the local manufacturing of batteries as it looks to … Read more