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India Auto News Wednesday, 02 June 2010 |
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National - Tata Motors reports Rs 2,571-crore net profit in FY 2009-10- GM-SAIC joint venture to introduce LCVs, passenger cars in India in 2011 - Ford Figo to be costlier from June 1, 2010 - M&M, Ruia, Renault bid for bankrupt Korean company, Ssangyong - Tata Motors to inaugurate Sanand plant on June 2, 2010 - Proton to develop small car on EMAS platform for India, China |
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Tata Motors reports Rs 2,571-crore net profit in FY 2009-10
Tata Motors
has reported a net profit of Rs 2,571 crore for the year ended March 31, 2010. The company had posted a loss of Rs 2,505 crore in the previous year. Apart from Tata Motors' high sales in the domestic market, there was also a marked improvement in the performance of UK-based Jaguar and Land Rover
(JLR). JLR's sales from January to March 2010 doubled to 57,004 units, mainly due to a revival in demand in North America and China. |
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GM-SAIC joint venture to introduce LCVs, passenger cars in India in 2011
General Motors India will be launching Light Commercial Vehicles (LCVs) along with its Chinese partner, Shanghai Automotive Industry Corporation (SAIC), by the end of 2011. The JV will manufacture LCVs at GM's Halol plant at an investment of several million dollars. While SAIC's passenger cars will carry the Chevrolet badge when introduced in India, the two companies have not yet taken a decision on the branding of the LCVs. |
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Ford Figo to be costlier from June 1, 2010
Ford India will
be hiking the price of its popular compact car, the Ford Figo, from June 1, 2010. The car is currently priced at Rs 3.5 lakh (ex-showroom, Delhi) for its entry level petrol variant and Rs 4.48 lakh for the diesel variant. Ford India Executive Director (Marketing, Sales and Services), Mr Nigel Wark, told mediapersons that the hike would be "well below two percent". The Figo was launched in India in March 2010, and has received over 20,000 bookings so far. |
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M&M, Ruia, Renault bid for bankrupt Korean company, Ssangyong
Auto company Mahindra & Mahindra and the Kolkata-based Ruia Group have both put in their bids to buy the bankrupt South Korean company, Ssangyong Motor Corp. Mr Pawan Kumar Ruia, who heads the Ruia Group, said that the Group's expertise lay in "turning around sick companies", and that it had identified value in Ssangyong. M&M's interest in the company may have to do with its plans to enter the US market. According to industry analysts, the company's acquisitions are aimed at filling gaps in its portfolio. |
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Tata Motors to inaugurate Sanand plant on June 2, 2010
Tata Motors will inaugurate its manufacturing plant in Sanand, Gujarat on June 2, 2010. The company will manufacture its small car, Tata Nano, at the new plant which has been built at an investment of Rs 2,000 crore. Tata Motors Chairman, Mr Ratan Tata, and Gujarat Chief Minister, Mr Narendra Modi, will be present at the inauguration ceremony. The plant will have an initial production capacity of 2.5 lakh units an year, which will later be scaled up to 5 lakh units. |
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Proton to develop small car on EMAS platform for India, China
Malaysian auto company, Proton, is planning to develop a compact car for the Indian market, based on its EMAS concept. The company showcased its hybrid EMAS concept car at the recent Geneva Auto Show. For the Indian market, however, it will develop a new car based on the same platform. The Proton Group's Managing Director, Mr Syed Zainal Abidin Syed Mohammed Tahir, said that apart from the Indian market, the company was also focusing on the Chinese and Middle Eastern markets. |
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NEWSLETTER ARCHIVES - Auto News Roundup, 28-May-2010 - Auto News Roundup, 25-May-2010 |
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