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India Auto News Thursday, 19 Nov. 2009 |
National - Hyundai to launch another small car positioned below Santro- Honda small car may come earlier than expected - Fiat completes small-car design; to launch first CNG model in India in 2010 - Tata Group looking for a successor to Ratan Tata - Michelin to set up tyre plant in Chennai - JLR receives 170 million pound loan from GE Capital - Delhi vehicles to switch to low-sulphur diesel from April 2010 - Nissan India sets up corporate office in Chennai - Digital automobile ads on the rise in India International - GM to repay $6.7 billion loan before time |
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Hyundai to launch another small car positioned below Santro
Car maker
Hyundai Motor India is planning to launch another small car, to be placed below the Santro. The new MD and CEO of Hyundai Motor India Limited (HMIL), Mr HW Park, told mediapersons that the company was developing a small car in Korea, specifically for the Indian market, at an investment of Rs 800 crore. Details about the car's pricing and launch schedule are not yet known. Mr Arvind Saxena, the company's Senior VP (Marketing and Sales) said that it was prepared to face competition from other brands entering the small-car market, and was confident of retaining its 21 per cent market share in India.
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Honda small car may come earlier than expected Honda Siel Cars India (HSCI) may launch its small car earlier than 2011-12, to give competition to other small cars scheduled for launch around the same time. Codenamed 2CV, the car is being developed specifically for the Indian market. It is expected to come with a 1.1 litre petrol engine, and will be priced between Rs 4 lakh and Rs 4.5 lakh. The car will be positioned below the Honda Jazz, but is likely to be built on the same platform. It may also share the iV-TEC technology with the Jazz.
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Fiat completes small-car design; to launch first CNG model in India in 2010
Italian carmaker Fiat's first small-car to be built specifically for the Indian market is off the drawing board, and will reach the road-testing stage within an year. Its 700-1,000cc engine is already being tested on Indian roads, and will be adapted to the country's driving conditions to ensure optimum mileage and power. Meanwhile, Fiat India is planning to launch a few CNG models in the country, the first of which will be introduced in the second quarter of 2010. The company is also considering launching the Bravo in 2-3 months. The car was scheduled to be launched in mid-2009, before the economic slowdown led to a change in plans.
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Tata Group looking for a successor to Ratan Tata
In an interview with The Wall Street Journal this week, Tata Group Chairman Mr Ratan Tata said that a formal process was on to search for his successor. Mr Tata's tenure as Chairman ends in 2012. He said that the Tata Group had a few consultants outside India, and that there was a possibility of his successor being a non-Indian. 71 year old Tata has been at the helm of the company's affairs since 1991. So far, only one of the Group's Chairmen has been from outside the Tata family.
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Michelin to set up tyre plant in Chennai
Tyre manufacturer Michelin will soon set up a world-class production plant near Chennai, in Tamil Nadu. The company signed a Memorandum of Understanding (MoU) with the Tamil Nadu government this week to build a production facility spread over 290 acres, at Thervoy Kandigai in Thiruvallur district. It will invest Rs 4,000 crore in the plant, and will produce radial truck/bus tyres, starting from 2012. The project will generate employment for over 1,500 people.
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JLR receives 170 million pound loan from GE Capital
Tata Motors-owned Jaguar-Land Rover (JLR) will be receiving a working-capital facility worth 170 million pounds from GE Capital for a five-year term. GE Capital said in a statement this week that the deal would help reduce the time gap between production and distribution of cars. It added that the agreement with JLR was further evidence of its commitment to supporting important industries in Britain and Europe and finding funding solutions for them. The innovative capital facility will finance JLR finished vehicle stocks between points of production and sale to dealers.
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Delhi vehicles to switch to low-sulphur diesel from April 2010
As a measure to reduce the pollution caused by the large number of diesel vehicles plying on Delhi roads, the Delhi Government has decided to switch to the use of Ultra Low Sulphur Diesel (ULSD) from April 1, 2010. The sulphur content in ULSD is one-seventh of that in the diesel which is available right now. The decision will come into effect at the same time as the introduction of Euro IV emission norms in the city. Government officials are not yet sure about the percentage of rise in diesel prices that will come about after ULSD is introduced.
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Nissan India sets up corporate office in Chennai
Japanese auto company Nissan has set up a new corporate office in Chennai's T Nagar. The office, spread over 10,000 square feet, was inaugurated this week by Nissan Motor India Private Limited (NMIPL) MD and CEO, Mr Kiminobu Tokuyama. Mr Tokuyama said in press release that Nissan had come to India to become a major player, and that Chennai would play a strategic role in its operations in the country. The Chennai office will be the company's nodal hub for its Indian operations, and will serve as a headquarters for its corporate planning, finance, HR, after-sales and export divisions.
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Digital automobile ads on the rise in India
Indian car companies are increasingly turning towards cell-phones and the internet to advertise their products. According to latest estimates by Carsonlite, mobile phone advertisements constitute 31 per cent buying decisions among Indians, which is a lot higher than the global average of 8 per cent. Also, the number of car buyers who evaluate models on the internet before making final purchase decisions is increasing rapidly. In India, approximately 22 per cent customers are influenced by website banner advertisements, while the global average is only 10 per cent.
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GM to repay $6.7 billion loan before time
Auto company General Motors (GM) has decided to pay back a $6.7 billion loan to the US government before the scheduled time. The company will pay the US treasury $1 billion per quarter, starting late this year, and will repay the entire amount by the middle of 2011. In December 2008, GM received a $50 billion bailout from the treasury which was to be repaid through a $6.7 billion senior note and a 60 per cent equity stake.
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NEWSLETTER ARCHIVES - Auto News Roundup, 17-November-2009 - Auto News Roundup, 12-November-2009 |
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