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M&M not to ignore ICEs for EVs; will look at hybrid tech closely
Auto major Mahindra & Mahindra says ICEs will continues to be an important part of its portfolio. For the next 3 years, the company has deployed INR 27,000 crore, including INR 14,000 crore for ICEs and INR 12,000 crore for EVs. The development comes even as the automaker has been working on its born-electric Inglo platform and is targeting a market launch for its BEV portfolio during January- March 2025 period. Interestingly, Mahindra also said that while at this point in time, it feel good about the focus on EVs but the automaker is ready for hybrids too. "We are looking at hybrid technology closely."
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Killing me Swift-ly!
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M&M Q4 net PAT up 4% to INR 2,754 cr
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While Chinese EVs get tariff shock in US, Leapmotor prepares for India entry
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Finance Ministry to keep tax on hybrid cars unchanged, boost for electric vehicle sector
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Stellantis considering India manufacturing of affordable EVs
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China may dump EVs, batteries into India with higher US tariffs: GTRI
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Satish Sharma resigns as director of Apollo Tyres, continues as president of APMEA region until month-end
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Passenger vehicle April sales observe slight growth Y-o-Y with 3,35,629 units, says SIAM
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UK finance institution to invest INR 1,925cr in M&M E4W project
The investment by British International Investment will be in the form of compulsory convertible instruments at a valuation of up to INR 70,070 crore, resulting in 2.75% to 4.76% ownership for BII in the EV Co. The EV Co. will focus on four-wheel (4W) passenger electric vehicles, the company said.
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M&M to invest INR 12,000 crore in MEAL over next 3 years to boost EV strategy
The investment will be done for the next three years to accelerate the growth of 4 (Four) wheel passenger EV business and to achieve growth capital to fund the said business. “MEAL will significantly leverage the manufacturing capabilities and product development of the Company as also the ecosystem of suppliers, dealers and financiers of the company,” stated its exchange filing.
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HMSI 125cc motorcycle sales cross 30 lakh in East India
HMSI dominates the 125cc motorcycle segment in East India, which includes the states of Bihar, Jharkhand, West Bengal, Odisha and North-East India, with a market share of 41.5% in FY24.
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Ampere reduces prices of e-scooters
With this, the company’s highest-selling scooters Magnus EX and Magnus LT are now available at INR 94,900 (INR 104,900) and at INR 84,900 (93,900) (ex-showroom), respectively, the company said.
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Volkswagen reaches USD 54 mn 'dieselgate' settlement with Italian owners
The scandal rocked the automotive industry in 2015 when it emerged that vehicles had been fitted with illegal software to cheat environmental emissions tests. It has cost the German carmaker more than 32 billion euros (USD 34.8 billion)in fines, refits and legal costs.
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Citroën signs MoU with OHM E Logistics more 1,000 units of Citroën ë-C3 in 12 months
The first 120 EVs were flagged off by Shishir Mishra, Brand Director Citroën India,and Nirmal Reddy, founder and Chairman, OHM Group, in Hyderabad.
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Anish Shah, reappointed as Group CEO & MD, Mahindra Group, and Rajesh Jejurikar, ED & CEO, AFS, M&M
The company said, Rajesh Jejurikar is re-appointed as the whole-time Director or executive Director and CEO for Auto and Farm Sector of the company. Anish Shah is re-appointed as Managing Director and Chief Executive Officer of the company.
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EMFAI hosts meeting between EVMS members and over 30 EV financiers in Delhi
Aims to propel EV adoption, develop risk mitigation strategies and empower aspiring and existing entrepreneurs in the e-rickshaw sector
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Pricol Q4FY24 PAT up 39.25% to INR 41.5cr
In the fourth quarter of FY24, Pricol achieved revenue from operations of INR 566.21 crore, the company said.
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VE Commercial Vehicles forms JV with iTriangle Infotech to provide automotive solutions
Under this collaboration VECV will hold 51% of the share capital of the joint venture company (“JV Co”) and the remaining 49% will be held by iTriangle. “Upon closing of the Joint Venture Agreement, AMSPL (Aquila Mobility Solutions Private Limited) shall become a JV co with VECV” and iTriangle,” the company said in its exchange filings.
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BMW X3 xDrive20d M Sport Shadow Edition launched in India at INR 74,90,000
This special edition of the successful SAV, BMW X3, is available in the diesel variant at all BMW India dealerships and BMW Online shop.
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Siemens to sell electrical motors business Innomotics for USD 3.8 billion to US equity firm KPS
"By selling Innomotics to KPS, I am pleased that we have made further significant progress in optimising our portfolio," said Siemens chief financial officer Ralf Thomas.
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Honda to double investment in electric vehicles to USD 65 bn by 2030
"Honda is planning to invest approximately 10 trillion yen in resources... through 2030, when the period of full-fledged popularisation of EVs is expected to start," a statement said.
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The inside story of Elon Musk's mass firings of Tesla Supercharger staff
Despite the mass firings, Musk has since posted on social media promising to continue expanding the network. But three former charging-team employees told Reuters they have been fielding calls from vendors, contractors and electric utilities, some of which had spent millions of dollars on equipment and infrastructure to help build out Tesla's network.
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MAHLE finalizes sale of its OEM thermostat business
MAHLE announced the sale of the thermostat product range to ADMETOS in August 2023. With its new strategy, MAHLE is focusing on electrification and systems for thermal management, as well as cost leadership in components for highly efficient, green combustion engines.
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Mufin Green Finance partners with Roadcast for EV leasing
In this collaboration, Mufin Green Finance will lease out E3Ws which will be GPS-enabled by Roadcast.
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ONGC, Oil India to get relief as Centre cuts windfall tax on crude oil
The Central government has cut the windfall tax on petroleum crude to 5,700 rupees (USD 68.34) per metric ton from 8,400 rupees with effect from Thursday, as part of its fortnightly revision that is calibrated with global prices.
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Rupee gains but lags behind Asian peers, forward premiums rise
The U.S. consumer price index rose 0.3% in April, lower than the 0.4% increase anticipated by economists polled by Reuters. Meanwhile, retail sales were flat month-on-month, well below the consensus expectations of a 0.4% rise.