Auto industry News

This allows manufacturers to remotely add new features, upgrade existing capabilities, and reduce reliance on physical recalls, all through over-the-air (OTA) software updates, the report stated. 

Nitin Gadkari said the automakers should work towards ramping up their production capacity and support the country to become the largest auto industry in the world.

The Indian Auto Component industry is witnessing remarkable growth in exports, currently valued at $13.3 billion in FY21. 

Finance Minister Nirmala Sitharaman proposed to further provide impetus to green mobility by extending subsidy on electric vehicle batteries. 

The biggest focal point of the Indian automotive industry currently is Electric vehicle which is on the rise in terms of adoption and awareness.

Due to less challenges of COVID-19 pandemic, and "an element of pent up demand", the year 2022 turns out to be the best in the Indian automotive industry.

Zee Auto Awards 2022 LIVE updates: Here are all the live proceedings of the event with panel discussions, categories, nominations, winners, and Union Minister Nitin Gadkari's speech.

After a stupendous first edition, the Zee Auto Awards are back to business to honour the best launches from the Indian automotive industry in the past one year.

The sales of 3W are shifting from ICE to EV This could be the best year for auto sales 2W companies raised prices by 5 times in the past year

Indian government anticipates the vehicle sector to attract $8 to $10 billion in investment Govt. issued PLI scheme for the automobile and auto component industry worth ₹ 25,938 crores The Indian auto industry is expected to record strong growth in 2022-23

Javadekar said he will definitely discuss the automotive industry's demand for Goods and Services Tax reduction with Prime Minister Narendra Modi and FM Nirmala Sitharaman "We may not agree immediately for reduction in GST but that is not a final no. There can definitely be a way forward which I also see, progress will be done," he said Two-wheelers are neither a luxury nor sin goods and so merit a GST rate revision, FM Sitharaman had said at an industry interaction last month

According to Maruti Suzuki Chief Executive Kenichi Ayukawa, the government is sensitive to the implications of the auto sector slowdown and is taking steps to reverse it.

According to the Engineering Export Promotion Council (EEPC) of India analysis, the export market for auto manufacturers, along with their component vendors, has been depressed, in-sync with other key engineering export items from the country.

The automobile industry value chain includes parts manufacturers, OEMs, dealerships and workshops. The entire value chain is one of the largest employers in the country and has a substantial contribution to the country's GDP.

Passenger vehicle sales have fallen 18.4% in the first quarter and monthly passenger vehicle sales in June fell by the biggest margin in 18 years.

The FM announced massive spending on rural and urban infrastructure as also lower tax rates for small and medium enterprises.

After GST implementation, the government exempted compensation cess only on ambulances that can carry up to nine persons.

The industry body urged the government to come up with a legislation to ban such old polluting vehicles across the country.

Auto industry Wednesday expressed disappointment over the lack of higher incentives for hybrid and electric vehicles, besides ignoring of suggestions for fleet modernisation scheme in the Budget.

Post demonetisation, used car dealers are reporting a dip in business of around 60 percent, while new car sales have dropped by nearly 40 percent.