Tata Motors, India’s leading automaker by revenue, will increase the prices of its commercial vehicles by up to 2% from July 1. This price hike aims to offset the impact of rising commodity prices. The increase will apply to all models and variants of commercial vehicles, with specific percentage adjustments varying depending on the model.
Tata Motors has achieved a major milestone with its subsidiary, Tata Passenger Electric Mobility Ltd (TPEM), announcing that the Punch EV and Nexon EV have secured a 5-star safety rating from Bharat-NCAP. This is a significant achievement, as TPEM becomes the only OEM with the safest SUV portfolio scoring 5-stars across Bharat-NCAP and Global-NCAP tests. The Punch EV received the highest ever scores achieved by any vehicle till date for adult occupant protection (AOP) and child occupant protection (COP), while the Nexon EV also scored highly in both categories. This achievement aligns with the Indian government’s vision for safer vehicles in the country and emphasizes the role of Bharat-NCAP in making India’s automobile industry ‘aatmanirbhar’.
Tata Motors shares witnessed a steep decline of 8-9% following the announcement of disappointing March quarter earnings. The company’s market capitalization dropped significantly, impacting both BSE Sensex and NSE Nifty firms. Tata Motors’ weak sales outlook for commercial vehicles and Jaguar’s contracting order book further contributed to investor concerns.
Delhi Chief Minister Arvind Kejriwal was released on interim bail from Tihar Jail on Friday. The Supreme Court granted him bail till June 1 to allow him to campaign for the ongoing Lok Sabha elections. Meanwhile, Tata Motors reported a significant jump in its consolidated net profit for the fourth quarter of FY24.
South Korea’s Hyundai Motor Group, the parent of Hyundai and Kia brands, has announced plans to launch its first India-manufactured electric vehicles (EVs) by 2025. This move aims to strengthen its presence in the growing Indian EV market, currently dominated by Tata Motors. Hyundai’s EVs will be produced locally by the end of 2024, with Kia’s India-made EV also scheduled for launch in 2025. The Hyundai Motor Group plans to unveil five EV models by 2030. Both Hyundai and Kia will use batteries manufactured by Exide Energy Solutions to power their EVs. India represents a significant market for Hyundai outside of North America and Europe, where it is the second-largest carmaker. The company’s Indian subsidiary is gearing up for a $3 billion IPO, poised to be the country’s largest. Hyundai currently offers two electric models in India, the Kona and IONIQ 5, which are not domestically produced. Kia’s EV offering, the EV6, is imported. Hyundai has reaffirmed its goal of reaching annual production of 1 million units by 2025, with plans to expand Kia’s capacity from 300,000 to 432,000 units. The combined production capacity will grow to 1.5 million units. Earlier this year, Hyundai acquired a former Chevrolet plant in Maharashtra to bolster its production capabilities. These announcements were made during Hyundai Motor Group Executive Chair Euisun Chung’s visit to India, his second in less than a year.
