 |
 |
India Auto News Friday, 28 May 2010 |
National - Mahindra acquires 55 percent stake in Reva- GM to scrap electric vehicle deal with Reva - Ford India to launch new car by 2011 - VW India to launch premium sedan Phaeton in June 2010 - Demand for Chevrolet Optra falls as Cruze gains in popularity - Nissan begins production of Micra; bookings open from May 25, 2010 - Delhi govt hikes road tax on new vehicles |
||||
Mahindra acquires 55 percent stake in Reva
Mahindra & Mahindra (M&M)
has acquired a 55.2 percent stake in Bangalore-based Reva Electric Car Company (RECC) headed by the Maini Group. The acquisition will help M&M establish a firm foothold in the rapidly growing electric vehicle segment. Mr Pawan Goenka, President of M&M (Automotive and Farm Equipment), said at a press conference that the company expected alternative technology to go mainstream in 5-10 years. The joint venture will be named Mahindra Reva Electric Vehicle Company Limited. |
||||
GM to scrap electric vehicle deal with Reva
General Motors India has decided to end its alliance with Reva Electric Car Company, following the latter's tie-up with M&M. GM India Vice President and Director, Mr P. Balendran, told mediapersons that the company "may not continue the Spark electric vehicle programme with Reva" and that it would pursue its own electric vehicle programme. However, top officials at both M&M and Reva said that they were open to a tie-up with GM. |
||||
Ford India to launch new car by 2011
Ford India is planning to launch a car built on a new global platform by 2011. The company will also upgrade the Fiesta, the Endeavour and the Ikon to improve sales in India. Mr Michael Boneham, President and CEO of Ford India, said that the company's strategy was to launch a new car every 12-18 months and to not limit itself to a specific segment. The Indian market currently contributes less than 1 percent to Ford's total revenues. |
||||
VW India to launch premium sedan Phaeton in June 2010
Volkswagen India
will be launching its premium luxury sedan, the VW Phaeton, in June 2010. The car will be brought to India as a Completely Built Unit (CBU) and will be priced at approximately Rs 76 lakh. It will compete with the Mercedes S-Class,
the BMW 7-Series and the Audi A8. Mr Neeraj Garg, Director and Member of Board, Volkswagen Passenger Car India, said that the Phaeton would help the company showcase its capacity for innovation. |
||||
Demand for Chevrolet Optra falls as Cruze gains in popularity
The Chevrolet Cruze is giving tough competition to the much
older Chevrolet Optra, with the latter's sales falling by 5 to 10 percent ever since the Cruze was launched. While the base variant of the Cruze is priced at Rs 11.39 lakh, the top-end variant of the Optra costs Rs 10.62 lakh. In March 2010, GM sold 135 units of the Optra as against 715 units of the Cruze, while in April it sold 63 units of the Optra and 692 units of the Cruze. |
||||
Nissan begins production of Micra; bookings open from May 25, 2010
Nissan India has started the commercial production of its small car, Micra, at its Chennai plant. Bookings for the car will begin on May 25, 2010, and it will be available for sale from July 2010. The Micra, built on Nissan's new 'V' platform, will come with a 1.2 litre petrol engine, and will compete with the Maruti Swift and the Hyundai i10 and i20. Production for export will start in July 2010. |
||||
Delhi govt hikes road tax on new vehicles
The Delhi government has increased the road tax on private vehicles in the city to generate more revenue and also to encourage the use of public transport. The hike will come into effect on June 1, 2010. The road tax on private cars that cost up to Rs 6 lakh has been increased to 4 percent. Cars that are priced between Rs 6 lakh and Rs 10 lakh will attract a tax of 7 percent, while those priced at more than Rs 10 lakh will attract 10 percent. |
||||
|
||||
|
||||
|
NEWSLETTER ARCHIVES - Auto News Roundup, 25-May-2010 - Auto News Roundup, 13-May-2010 |
||||
|
Send questions, thoughts, concerns and criticism to: editor@driveinside.com How to Advertise About DriveInside.com Unsubscribe from this mailing list. |
||||
