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India Auto News DriveInside.com |
Auto News Highlights - Jaguar-Land Rover gets $277 million loan from SBI- Tyre prices go up as demand exceeds supply - Small-car companies may see a reduction in exports to Europe - Mahindra-Renault partnership unstable, thanks to the Logan's falling sales - Delhi Police asks car owners to prevent thefts by installing security devices - The world needs to spend $10 trillion on clean energy alternatives, says IEA |
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Jaguar-Land Rover gets $277 million loan from SBI
UK-based luxury car manufacturer Jaguar-Land Rover (JLR), now owned by Tata Motors, has secured a $277.7 million (175 million pounds) loan from the State Bank of India. JLR's Chief Financial Officer, Kenneth Gregor, said that the company was happy that its banking partners were showing confidence in its business capabilities and that its funding plans were progressing smoothly. Last month, JLR had announced its plan to merge two of its three manufacturing facilities by 2014, to cut costs. |
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Tyre prices go up as demand exceeds supply Car and two-wheeler tyre prices have gone up by 7 per cent in the past few months as a result of supply failing to meet demand. While car production has increased by a large percentage in the festival season, production of tyres has not kept pace. Tyre-making is a capital-intensive activity, and there has been little capacity addition at tyre companies in the past year because of the economic recession. The situation is expected to improve after October, when the festival season ends. |
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Small-car companies may see a reduction in exports to Europe
Several car makers in India whose exports to Europe soared in the past year due to the scrappage schemes offered by various European countries, may now see a reduction in their sales. The incentives offered to those exchanging their old cars for small, fuel-efficient cars will lapse by the end of 2009. While Germany and Austria have already ended their schemes, other European countries will soon follow suit. This is expected to hit the exports of Indian car companies like Maruti Suzuki and Hyundai Motor India Limited. |
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Mahindra-Renault partnership unstable, thanks to the Logan's falling sales
The joint venture between Mahindra & Mahindra and Renault seems to have run into problems. It is believed that Renault is looking for another partner to replace M&M in the venture. The French company reportedly approached Bajaj Auto with the offer, which is likely to turn it down. Mahindra-Renault sells only one product, the Logan, in India. The car's dismal sales have resulted in M&M seeking a bigger say in product re-engineering. Both M&M and Renault have denied that either of them is looking for a split in the partnership. |
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Delhi Police asks car owners to prevent thefts by installing security devices The astounding increase in the number of car thefts in Delhi has led the city police to come up with some innovative ways to prevent stealing episodes. Delhi Police will now write to all car owners in the city asking them to make greater use of car security devices such as GPS systems and clutch locks in their vehicles. 8,844 vehicles were stolen till the end of September in 2009, including 3,300 passenger cars. |
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The world needs to spend $10 trillion on clean energy alternatives, says IEA The International Energy Agency (IEA) says in a new report that the world needs an investment of $10 trillion in renewable energy and other carbon reduction technologies over the next twenty years to fight global warming and save the environment. To cut down on vehicle emissions, sales of vehicles running on internal combustion engines need to go down to 40 per cent by 2030. These vehicles currently account for 95 per cent of total sales. The IEA report says that over the next 20 years, auto companies must switch to electric and hybrid vehicles as far as possible. |
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NEWSLETTER ARCHIVES - Auto News Roundup, 06-October-2009 - Auto News Roundup, 01-October-2009 |
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