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India Auto News Tuesday, 30 Mar. 2010 |
National - Domestic auto sales at all-time high; to cross 12.2 million units in FY 2009-10- M&M may freeze investments in Mahindra-Renault JV - Brand new Nano catches fire in Mumbai; Tata Motors calls it 'stray incident' - Mercedes to launch premium compact car A-Class in India within 2 years - Toyota to launch Etios by end of 2010, to export cars from Ennore port - BMW to start sourcing car components from India in 2 years International - Chinese automaker Zhejiang Geely buys Volvo Cars from Ford |
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Domestic auto sales at all-time high; to cross 12.2 million units in FY 2009-10
Auto sales in India this year have risen by an astounding 25.5 percent compared to sales in 2008-09. According to the Society of Indian Automobile Manufacturers (SIAM), it is estimated that auto sales in FY 2009-10 will cross 12.2 million units, up from 9.7 million units in 2008-09. The high growth in sales comes on the back of a low base last year, several new launches and the financial stimulus provided by the government. In 2006-07, auto sales in the country stood at 10.1 million units - the highest until this year. |
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M&M may freeze investments in Mahindra-Renault JV
Mahindra & Mahindra (M&M) may not make any new investments in its joint venture with French carmaker Renault, and is likely to hand over the management and control of the JV to the latter.
Mahindra-Renault sells only the Logan in India right now, which has failed to give the company the expected sales volumes. The two companies will make an official announcement regarding the future of the JV in the first week of April 2010. |
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Brand new Nano catches fire in Mumbai; Tata Motors calls it 'stray incident'
A brand new Tata Nano caught fire in Mumbai last week, once again raising questions about the safety aspects of the car. Last year, three fire incidents involving the Nano were reported in Ahmedabad, Delhi and Lucknow.
The fires were attributed to a faulty combination switch which was then replaced by the company. Regarding the most recent incident in Mumbai, Tata Motors spokesperson Debasis Ray said that it was 'one stray incident and not a generic issue with the Nano.' |
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Mercedes to launch premium compact car A-Class in India within 2 years
German luxury car company Mercedes-Benz is planning to launch its premium compact car, the A-Class, in India within the next two years. Mr Peter Trettin, President and CEO of Daimler, Central and Eastern Europe, Africa and Asia, said that the A-Class would be brought to India as the
company's entry-level car and that it would be priced competitively. The car was launched globally in 2004 and has sold 680,000 units so far. |
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Toyota to launch Etios by end of 2010, to export cars from Ennore port
Toyota Kirloskar Motor will start producing its small car Etios at its second unit in Bangalore by the end of this year. TKM Managing Director, Mr Hiroshi Nakagawa, said last week that the company would first see the response to the Etios in the domestic market, and would later start exporting it to
neighbouring countries, possibly from the Ennore Port in Tamil Nadu. Mr Nakagawa was speaking at the Toyota 'Q' World show in Chennai, where the company showcased 10 of its models. |
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BMW to start sourcing car components from India in 2 years
German auto company BMW is planning to start sourcing car components from India within the next two years. The company already sources motorcycle components including gears and castings from India. Mr Klaus Draeger, Member of Board of Management, BMW, said that the company would use its purchasing office in India to source car parts,
specifically diesel engine components. It is estimated that by 2016, the Indian auto component industry will draw more than half of its turnover from exports. |
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Chinese automaker Zhejiang Geely buys Volvo Cars from Ford
Chinese auto-company Zhejiang Geely last week signed a deal with USA's Ford Motor to buy the latter's Swedish unit,
Volvo Cars, for $1.8 billion. This will be the largest overseas acquisition by a Chinese automaker. The deal was finalized by Zhejiang Geely's Chairman Mr Li Shufu and Ford Motor's Chief Financial Officer Mr Lewis Booth in Gothenburg, Sweden. Mr Li told Chinese news agency Xinhua that Volvo Cars would eventually operate independently with its own management team and a new Board of Directors. |
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NEWSLETTER ARCHIVES - Auto News Roundup, 25-March-2010 - Auto News Roundup, 23-March-2010 |
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