A weekly round of the top headlines of the week.
Auto Expo 2018, the week-long glitzy event, concluded this week, having witnessed the participation from dozens of companies exhibiting numerous products. Into its 14th edition the biennial event is a big draw for auto enthusiasts, prospective customers and for companies to showcase their latest technology. Though in recent years some of its sheen has been stolen by smaller similar events happening across the country. This and much more in the weekly round of the top headlines of the week.
Its curtains for Auto Expo 2018
Slightly over 6.05 lakh visitors visited the 14th edition of the Auto Expo 2018, in Greater Noida, that spread over one week. This was only slightly higher than its previous edition when 6.01 lakh visitors had attend the event. The event saw the participation of 119 exhibitors who showcased over 500 products. This included 53 vehicle manufacturers showcasing 100 products including 22 launches, 81 product unveilings and 18 concepts. Companies like Kia, Kawasaki and Cleveland Cyclewerke made up a pack of 14 firms who participated for the first time.
Some big names such as Jaguar Land Rover, Ford, Volkswagen Group, Harley-Davidson, Bajaj Auto, Royal Enfield, VE Commercial Vehicles who made up around 30 brands did not participate in the event citing lack of adequate returns on investment. But without doubt the larger theme for the event was green mobility. With a sustained push from the government to move to clean emission technology almost all big brand vehicle manufacturers showcased at least one electric, hybrid, ethanol or bio-diesel-based vehicle. Maruti Suzuki, Hyundai, Tata Motors, Kia have promised to launch electric cars in the next 2-3 years. Two wheeler makers such as Bajaj Auto and TVS Motors have also committed to launch one bike/scooter with electric powertrain.
Govt does a U-turn on EV Policy
Electric vehicle technology needs to be harnessed and developed instead of trapping it under rules and regulations is what the government stated while doing a U-turn on the promise of coming out with a comprehensive electric vehicle policy. Instead the government will provide action plans for the electric mobility transition providing a breather to many car companies who were asked to fast track the EV development schedules.
The move has been welcomed by several such companies who were battling deadlines as well as challenges in electrifying their cars. Cost of acquisition, charging infrastructure, energy availability, component supply, battery availability and its channel of disposal and most of all consumer acceptance have been the identified areas of concern for companies. Companies like Hyundai and Tata Motors have promised to launch fully electric cars before end of next year while Maruti Suzuki will launch its own by 2020.
Mahindra to invest in Zoomcar
Utility vehicle and tractor major Mahindra & Mahindra will invest Rs 176 crore in self-drive car rental and shared mobility company Zoomcar Inc for acquiring 16 percent in the US-based company. Zoomcar allows customers to book vehicles online for limited duration use (usually a week or month) and has operations in most major cities across the world. The company it has a customer base of over 2 million worldwide.
Last year the company introduced a bicycle sharing service named PEDL for short trips around the city. The cycles come with an intelligent lock system that works with a smart phone. This business is operational across ten cities including Mumbai, Pune, Delhi and Bengaluru.
M&M is not the only company who has invested in Zoomcar. Two years ago Ford Motor Company’s Smart Mobility LLC had led a Rs 160 crore investment in Zoomcar. Other investors in Zoomcar include Sequoia Capital, Nokia Capital, Nokia Growth Partners and Empire Angels.
Customs duty on big bikes slashed
Customs duty on all imported bikes was brought down to 50 percent in a move that many saw as a reversal on government’s stand on its ‘Make in India’ policy. Duty on bikes that have up to 800cc engine used to be 60 percent while anything above that carried a customs duty of 75 percent. This duty cut of 15-25 percent will result in more companies rethinking their investment proposals for an assembly plant in India. BMW Motorrad, Norton, Indian, MV Agusta to name a few were contemplating of setting up a plant in India to beat the high import tariffs.
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at businessleaguein@gmail.com
