Indian Auto Industry Update

18 May 2017

IndustryJhunjhunwala sells Tata Motors DVR shares worth over Rs 133 crore

Interviews amp FeaturesWill invest Rs 75 crore into Katolec Pune facility Sudhir Jain Group CFO Minda Industries

90 of cars are going to be connected by 2020 Sanjay Brahmawar IBM

Cars SUVs MUVsGM senior official from Detroit Singapore in India likely to make new announcement tomorrow

Fresh battle of sub-compact sedan Maruti Suzuki Dzire vs competition specs amp price comparison

Fords global job cut unlikely to have major impact in India

Maruti Suzuki Dzire launched Is the new compact sedan better than Hyundai Xcent and Tata Tigor

Luxury CarsMercedes India aims to retain pole position

Mercedes-Benz ownership eases further

Commercial VehiclesVolvo banks on Eicher for global truck play

Construction amp Agri MachineryMampM aims at solution sales

GST Please tax us say tractor makers

23 WheelersRoyal Enfield identifies 4 core markets overseas to double retail presence

E-BikesComponents

Rane Brake Linings reports Q4 net profits at Rs 441 crore

Sebi hauling up Crisil and CARE in the Amtek case is good regulation of ratings agencies

Allied IndustriesApex court starts proceedings in Falcon Tyres case

Apollo Tyres earmarks Rs 2500 crore capex for FY18

Electric vehicles can unplug portsamprsquo cargo handling

Emissions EnvironmentFinance amp Insurance

New MV Act to cut insurance losses

Oil Lubricants amp Alternative FuelsOil dips on rising US crude inventories defies expected supply cut extension

News MagazinesAudi to unveil Android infotainment system at Google conference

With Dzire Maruti still sees growth in compact sedans

Maruti S-Cross facelift India launch around Diwali

2017 Harley-Davidson Street Rod 750 review test ride

International NewsUS factory output posts fastest growth in 3 years on autos

Audi CEOs contract to be extended through end-2022 sources

UK union suspends BMW strike action to consider new pensions deal

Ford to cut 1400 jobs in North America Asia

Italy asks EU to postpone launching legal case over Fiat Chrysler emissions

Daimler Trucks takes on Japanese market with new FUSO truck

German prosecutors start formal investigation of Porsche SE execs

VW CEO under probe for Dieselgate market manipulation Prosecutors

Opel bears fruit for Peugeot maker PSA in Aisin gearbox talks

PSA Group to invest euro130 million in Uzbekistan will setup a LCV production plant

Rupert Stadler reappointed as Audis CEO for next five years

VWs JV in China to recall nearly 600000 vehicles over headlight fuse issue

Reports of large-scale Ford job cuts meet indifference on Wall Street

Israel to test roads that will charge EVs as it drives on it

Volvo Cars to stop developing new diesel engines CEO

BlackBerry working with automakers on anti-hack tool analyst

European Union to launch legal case against Italy over Fiat emissions sources

Google now wants Android to power your car too

Absent from America French carmakers Peugeot Renault drive into Iran election

EU starts legal action against Italy over Fiat Chrysler emissions

Tiny coupeacute turns aggressive

Malaysia eyes sale of Proton as Mahathir Mohamadamprsquos auto dream dies

Fiat shares fall as EU expected to start legal action over emission tests

EconomyRupee sheds 7 paise at 6415

Sensex ends at record high of 30659 Nifty jumps to 9526

ClosingLast Financial Closing

Industry

Jhunjhunwala sells Tata Motors DVR shares worth over Rs 133 crore PTISee this story in The Economic Times (Web Edition)

Ace investor Rakesh Jhunjhunwala sold 50 lakh Tata Motors DVR (Differential Voting Rights) shares for over Rs 133 crore throughan open market transaction

According to the bulk deal data available with NSE Jhunjhunwala offloaded 50 lakh shares at an average price of Rs 2665 apiecevaluing the transaction at Rs 13325 crore

The buyer of the shares could not be ascertained immediately

Tata Motors DVR shares ended the day on NSE at Rs 27180 up 180 per cent from previous closehttpeconomictimesindiatimescommarketsstocksnewsjhunjhunwala-sells-tata-motors-dvr-shares-worth-over-rs-133-crorearticleshow58719741cms

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Interviews amp Features

Will invest Rs 75 crore into Katolec Pune facility Sudhir Jain Group CFO Minda Industries The Economic Times (Web Edition)

The demonetisation scheme affected the two wheeler and four wheeler segments but everything is normal now revealed SudhirJain Group CFO Minda Industries He also shared his companyamprsquos recent investment in Katolec

Edited Excerpts

It is a great quarter for you We have seen a 32 and 35 rise in sales and profits respectively What have been the main drivers

We have added capacities for the existing products as well as introduced new products during 2016-2017 that has contributed tothis kind of (32) growth in the top line in this quarter and 39 growth year on year For example we had set up additional capacityfor alloy wheel plant at Bawal in 2016-2017 so that has contributed to the sale We acquired Rinder Spain during 2016-2017effective June 2016 Rinder is into automotive lighting and that also contributed to the top line In any case the auto sector has alsogrown on an overall 6 that has also added to our top line and all put together 32 quarter on quarter and 39 year on year

What was your capacity utilisation Has there been a full recovery from demonetisation Have things returned to normalcy

As far as the demonetisation effect is concerned practically there is a full recovery as you are aware that about 50 of the groupturnover comes from two wheeler and balance 50 from the four wheeleramprsquos segment

Demonetisation did affected two wheeler sales for few months but after it is normal now As far as capacity utilisation is concernedwe are a multi-product multi-location company on an average all put together we are at 80-82 capacity utilisation and we keep onadding capacities in our existing plants depending upon the requirements of the OEM As you are aware that Suzuki is setting upplant in Gujarat HMIS has already set up so we are also creating additional capacities in Gujarat to meet the OEMs requirements

While your margins have been in double digits do you think they are sustainable at these levels how do you plan to tackle the risinginput cost

There is a continuous effort within the organisation to improve productivity and offset these cost increases from productivityimprovement with better capacity utilisations and expansion of capacities We are able to increase our margins to 117 in thisquarter which we hope to maintain in coming quarters also or may be improve upon that

Can you update us on your joint venture with Katolec What does it entail and what kind of investment will you do into this Punefacility

We have entered into joint venture with Katolec to provide electronic manufacturing services within and outside the organisationWe are planning to invest in phase I about Rs 75 crore in this project in Pune and this is part of our overall strategy to enter into andto strengthen electronics as part of our component affiliated to the OEMs We plan to enter into electronics auto electronics in a bigway and after Katolec we are just in last 15 days we enter into one more joint ventures with TT Electronics Taiwan where we willmake reverse parking assistance systems plus other related products

By when would this plant be operational and what update do you have on the Minda plant being set up in Gujarat

The Katolec as well as TT plants would be operational in six to nine months For Minda plant all necessary internal approvals havebeen taken and construction etc will start shortly and the plant should be operational in 9 to 12 months timehttpautoeconomictimesindiatimescomnewsauto-componentswill-invest-rs-75-crore-into-katolec-pune-facility-sudhir-jain-minda-industries58717593

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90 of cars are going to be connected by 2020 Sanjay Brahmawar IBM Ravi BalakrishnanThe Economic Times (Web Edition)

Excerpts from an interview with IBMs general manager and head of global sales for IBM Watson Internet of Things (IoT)

What are some of the sectors that are really getting behind IoT

The sectors that take value out of it include auto 90 of cars are going to be connected by 2020 Its driven by the need for us tooperate better in our cars but also allows manufacturers to have a better understanding of the operation of the car How youmaintain the vehicle helps them upsell or cross sell

The second sector is retail How do we leverage data to help the consumer have a richer experience With non-invasive sensorsyou can understand where people are browsing and connect that with data on customer profiles You get a lot more visibility to whatpeople are doing Retailers can create a 360 degree view of the stores know where to product place what to do and how tomanage the store

An industry thats very exciting for us in India is insurance The entire industry is moving to usage based insurance Rather than thetraditional models of risk based on demographics or age you can calculate on personal usage If your car has a sensor thatcollects data on how you drive where you brake and how you accelerate that data is available to the insurance company

They know if you are safe or not In the UK for example if you are younger than 20 the insurance is killing But if you can see howthe person drives it does not need to be that ridiculously expensive

The final sector would be electronics Whirlpool and Electrolux are embedding sensors into devices like washing machines andfridges The data helps not just with maintenance but to provide new offers and better service to customers

IoT facilitates the shift from products to services For a product company if your dependence is on creating brand new products thesell is hard Whirlpool wants to sell the washing machine as a service - pay per wash If you are a young family and buy a washingmachine you dont think of the asset any more Whirlpool has got the job to refresh the asset for you as you progress and have alarger family So they are very keen to move from just products to products and services

How enthusiastic have Indian companies been

We are talking to Reliance the Tatas the Birlas amphellip We have signed deals with the largest Indian tyre OEM based in Chennaiweve tied up with the largest car manufacturer and possibly the worlds second largest agricultural equipment provider We alsohave an insurance company on board

Could you give us some consumer facing applications of IOT

We are working with Harman Kardon infusing intelligence into their speaker We are talking about a speaker that put in a contexthas a better understanding of the environment and person it is interacting with A speaker in a hotel room in the Hilton couldbecome a guests very own concierge service But its a very personalised service Considering Hilton has a lot of regularcustomers the speaker would know your history background and preferences

We are working with BMW to create a cognitive car thats leveraging natural language (which understands the intent behind text)and other APIs with Watson to create an intuitive environment in the car

Whats the strategic intent driving your ad campaigns around Watson

For us its not about replacing the human being but partnering with people Giving them the best possible support capabilities Ourpath is to monetise but we have a larger mission at hand which we are also communicating through the campaignshttpautoeconomictimesindiatimescomnewsindustry90-of-cars-are-going-to-be-connected-by-2020-sanjay-brahmawar-ibm58709784

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Cars SUVs MUVs

GM senior official from Detroit Singapore in India likely to make new announcement tomorrow Nabeel A KhanThe Economic Times (Web Edition)

New Delhi Senior officials of General Motors from Detroit and regional office in Singapore are here in India to finalise the Indiaaction plan These officials reached here on Tuesday (May 16) and since then they have been deliberating on the situation andoptions for the company The American carmaker is likely to announce the next course of action for GM in India on Thursday (May18) a close source informed ETAuto

The beleaguered American carmaker may be winding up its domestic sales here while service support and exports from India willcontinue

In April GM stopped production at its first Indian plant at Halol Gujarat as part of the consolidation of manufacturing operations inthe country The plant is expected to be taken over by its Chinese partner SAIC CCI has approved SAICs plan to acquire GeneralMotors facility in Halol Gujarat MG Motor India a subsidiary of SAIC will move into Halol only if pending labour issues are settled

General Motors India will now operate all its manufacturing operations from its second plant at Talegaon in Maharashtra The Halolplant had about 1100 employees

The Halol factory which had a total annual manufacturing capacity of 11 lakh units annually was originally planned to be shut bymid-2016

The American carmaker that ruled as the worlds largest automaker for 77 years is on a consolidation spree GM lost its number onespot to Toyota in 2008 Volkswagen topped global sales for the first time in 2016 GMamprsquos president Dan Ammann is keen onkeeping only the profit-making units It recently sold the Opel brand in Europe to PSA Group while several other plants were shutwhich includes manufacturing in Australia Indonesia while investments in Brazil have also been canceled

The carmaker started its first-ever debut in India in 1928 with assembly of Chevrolet cars trucks and buses which was terminated in1954 General Motors again ventured into the Indian market in 1996 In 1994 GM formed a joint venture owned 50 percent byHindustan Motors and 50 percent by General Motors to produce and sell Opel branded vehicles

GM bought out the Hindustan Motors share in 1999 and continued to produce Opel cars at the Halol facility until 2003 After 2003GM started producing Chevrolet cars at the Halol plant which is now expected to be the first plant for Chinaamprsquos first carcompany in Indiahttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsgm-senior-official-from-detroit-singapore-to-decide-on-indian-operations58713834

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Fresh battle of sub-compact sedan Maruti Suzuki Dzire vs competition specs amp price comparison Ronak ShahThe Economic Times (Web Edition)

New Delhi Five months into the calendar year and sub-compact sedan space seems to have won the first half of the year with newand fresh launches

The new generation Maruti Suzuki Dzire has been launched Hyundai Xcent has undergone a massive facelift and Tata Tigor has

been clocking good numbers since its launch March 2017 Honda Amaze too got a fresh look in late 2016

The sub-compact sedan segment or the sub-4 meter sedans account for about 10-12 of total car sales On an average about25000-28000 units of these sedans are sold every month and the segment is also known as volume driver segment Until nowMaruti Suzuki Swift Dzire dominated the market with over 60 market share and now with the new generation of the car will go solowith the badge Maruti Suzuki expects to further expand its market share

Other underrated cars in this space are the Ford Figo Aspire and Volkswagen Ameo All the cars in this space havesimilardimensions but with the new products each carry a different look and give a separate sense of individuality Tata Tigor is aligned tothe looks of its Tata Tiago hatch and the rear of the car indeed is stylish and very different from the traditional looks these sedanscarried earlier

It is the same story with Ford Figo Aspire it follows its design elements from the Figo hatch and the extended rear gives a sense ofspace and is considered to be the car with the right proportions

Volkswagen India was late to enter the segment but still got the design and exteriors of the Ameo right The aggressive pricing andthe DSG gearbox on the diesel version has helped the company to average domestic sales of 1500 units last financial year TheIndian arm of the German car maker had invested Rs 720 crore to make the sub-4 meter sedan Ameo

Tata Tigor is the third product from Tata Motors in the sub-4-meter sedan category after Tata Indigo and Tata Zest It gets the petroland diesel engine as seen on the Tata Tiago with some changes on the overall tuning

Hyundai Xcent received a major facelift and a new diesel engine on offer The design on the car is now more aligned to its sedanfamily as we have seen on the Hyundai Verna and Hyundai Elantra Hyundai Xcent 2017 petrol manual claims a mileage of 2014kmpl and the claimed mileage on the automatic variant is 1736 kmpl

New Maruti Suzuki Dzire is no longer related to its Swift hatch The car now is based on the 5th generation Heartect platform whichit shares with Maruti Suzuki Baleno If compared to the previous generation Swift Dzire then 2017 Dzire now sits 40 mm lower inheight at 1515mm The wheelbase of the sub-compact sedan has gone up 20 mm to 2450 mm and the width of the car nowmeasures 1735 mm which is 40 mm wider

Additional wheelbase on the Dzire has helped Maruti Suzuki to increase its boot capacity to 376L as compared to 310L on theexisting Swift Dzire The company has also redesigned its A-pillar which has enhanced the overall sedan-ish look It looks fresh andis aligned to the looks of the next gen Maruti Suzuki Swift which will break covers in India at the 2018 Auto Expo

Both Hyundai Xcent and Maruti Suzuki Dzire now get touch screen infotainment systems that support both Apple Car Play andGoogle Android Auto Tata Tigor too gets a touchscreen infotainment system which is developed in collaboration with HarmanVolkswagen Ameo gets a touchscreen system and supports mirror link for android devices but doesnt support Apple Car Play orAndroid Auto

Petrol variants of Maruti Suzuki Dzire Honda Amaze Hyundai Xcent and Ford Figo Aspire also get the option of an automaticgearbox or a CVT gearbox On the diesel version only Volkswagen Ameo is offering a 7-speed DSG gearbox on its top-variantsThe engine and the power output of the cars are similar

Maruti Suzuki has invested along with its suppliers Rs 1000 crore for the development of the new Dzire This indicates that MarutiSuzuki is striving for more market share and is looking to continue its domination in the sub-compact sedan spacehttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsfresh-battle-of-sub-compact-sedan-maruti-suzuki-dzire-vs-competition-specs-price-comparison587138762017 Maruti Dzire vs rivals Specifications comparisonAutocar Indiahttpwwwautocarindiacomauto-news2017-maruti-dzire-vs-rivals-specifications-comparison-404819aspx0

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Fords global job cut unlikely to have major impact in India PTISee this story in The Economic Times (Web Edition)

New Delhi The Indian operations of US auto major Ford that has announced around 1400 job cuts in North America and AsiaPacific are unlikely to be majorly affected by the exercise

The company said it plans to reduce 10 per cent of its salaried costs and personnel levels in North America and Asia Pacific thisyear using voluntary packages

We expect 1400 salaried positions to be affected and for people to depart by the end of September Ford said in a statement

While the company will be communicating to employees in early June the full details of its separation programme sources said theIndian arm may not be majorly affected as its operations here are mostly in the domains which it has excluded from the exercise

Ford stated that while most skill teams in North America and Asia Pacific will be involved in the separation scheme the companysproduct development financial services arm Ford Credit manufacturing IT global data and analytics will be exempted from theexercise

Most of the companys operations in India are in the exempted categories

We remain focused on the three strategic priorities that will create value and drive profitable growth which include fortifying the

profit pillars in our core business transforming traditionally underperforming areas of our core business and investing aggressivelybut prudently in emerging opportunities the company said in its statementhttpeconomictimesindiatimescomindustryfords-global-job-cut-unlikely-to-have-major-impact-in-indiaarticleshow58720496cmsFords global job cut unlikely to have major impact in IndiaDaily News amp Analysis (Web Edition)httpwwwdnaindiacombusinessreport-ford-s-global-job-cut-unlikely-to-have-major-impact-in-india-2442247

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Maruti Suzuki Dzire launched Is the new compact sedan better than Hyundai Xcent and Tata Tigor Gulshankumar WankarHindustan Times (Web Edition)

New Delhi Maruti Suzuki has finally announced the prices of its new Dzire -- petrol range between Rs 545 - 841 lakh and dieselrange between Rs 645 - 941 lakh heating up the competition in the compact sedan segment where Hyundai Xcent Ford FigoAspire Honda Amaze and Tata Tigor ampldquoStylebackamprdquo are the popular contenders

All these cars are very differently styled -- some minimalistic some classy and some ornamented with loads of chrome They comefrom companies which make cars with different philosophies and have their distinct brand image However they cars cater to thesame set of car-buyers with same purpose -- a family car

But the latest of the lot -- the Tigor launched in March the Xcent in April and now the Dzire in May -- are the rivals to watch out for in2017 Letamprsquos stack these three compact sedans against each other and find out which one to buy for

StylingThe three cars are designed with different philosophies Tata Tigor is based on the same platform as Tiago but is coupe-styled withthe roofline sloping till the edge of the boot The face is almost similar to the Tiago but the rear is fresh and quite unlike a Tata car

The Xcent is based on the new Grand i10amprsquos platform as well as design though the boot gets more distinct a change than theface The tail-lamps now in two parts are more ampldquofluidicamprdquo as Hyundaiamprsquos design philosophy goesAt the front thepolygon gets a cascade grille with horizontal slats with the overall face remaining quite the same

The face of the Dzire launched on Tuesday is similar to the new upcoming Swift but itamprsquos not quite the same Also MarutiSuzuki has redesigned the compact sedan completely on a new Heartect platform so as the company puts it the Dzire isampldquonot just a Swift with a bootamprdquo The designers have been too generous with usage of chrome around the grille and nearfog lamps which can catch the fancy of some while others may find it tacky But it does add to the up-market feel of Dziredistancing it by miles from the taxi version -- Dzire Tour

On the rear all three cars get a thick chrome slat running across the boot

While Tigor is the most stylish one of the three Xcent is decently styled for a typical family sedan while Dzire too feels bigger andmore premium than the outgoing versionhttpwwwhindustantimescomautosmaruti-suzuki-dzire-launched-is-the-new-compact-sedan-better-than-hyundai-xcent-and-tata-tigorstory-KnvdlepVdfuRgU5SROPphOhtml

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Luxury Cars

Mercedes India aims to retain pole position Lalatendu MishraThe Hindu (Web amp Print Edition)

Mumbai Mercedes Benz India said it was confident of maintaining its leadership position in the luxury car segment in the countrydespite intensified competition

ampldquoWe are always checking where we standamprdquo said Roland S Folger MD and CEO Mercedes Benz India responding toa question on the aggressive plans of its competitors to take the top slot in the market

ampldquoFrankly speaking we can keep the pace with our existing customers and why should we be afraid of competitionamprdquohe said

Mercedes Benz India has been holding on to its market leadership position for the last two years despite its German competitorsBMW and Audi upping the ante

ampldquoIt does not mean that I donamprsquot respect their efforts It keeps us on our toes It keeps us getting better each day as anorganisation We have certainly learned our lessons from the past that we will never let our customers down to such a degree thatthey might be inclined to look at somebody elseamprdquo said Mr Folger

Mercedes Benz which enjoyed a monopoly in the luxury car segment till the entry of BMW and Audi in India started losing groundto both from 2009 onwards till it regained the leadership position in 2015 in which year it recorded a growth of 32 In between

BMW was market leader for four years from 2009 till 2012 followed by Audi which held the number one position for two years viz in2013 and 2014

In 2016 while Mercedes Benz sold 13231 units others did not reveal their numbers But according to industry officials BMW andAudi sold under 8000 units each in that year

Now having learned a lesson and fine-tuned its strategy Mercedes Benz which sold most luxury cars last year despite diesel banand demonetisation said it has now got right its formula to remain at the top

amplsquoFuture planningamprsquo

ampldquoWe are making massive investment in customer focus initiatives at dealerships and we have brought in more relevantproducts to the Indian marketfor example the E Class the AMG We are doing future planning and we are focusing onIndianisation (making India relevant products)amprdquo he said

He said there had been a massive change in the product and customer focus from earlier times ampldquoWe knew the same thingsbut we did not make use of it because we had a monopoly situation Now with comparative products in place we are always on ourtoes and are fighting harder for our customers than beforeamprdquo he added

Mercedes Benz which has been positioned as a rich and elderly gentlemanamprsquos car has changed its strategy Currently withnew products in the offering the average age of its customers is down to 37 in India as compared with 60 in South Africa and 56 inGermany After it has introduced AMD a sub-brand the performance luxury car brand in India in an appropriate engine packagethe average age of the customers is down to 30

ampldquoAMG as a solitary brand is the most attractive performance luxury brand we have in the market place This year the focuswill be on AMG We already have a market share of 50 and expect moreamprdquo he said

For this year he said the first quarter had been encouraging But still concerns remained on GST as no one was clear on the taxstructure on luxury cars He said he had better hopes for the second half of the year

He said the government by bringing down the taxation levels in GST or by not adding anything to the 28 taxes can help doublethe sales of luxury cars He said unless the company reached a volume of 50000 to 60000 vehicles a year exports would not befeasiblehttpwwwthehinducomtodays-papertp-businessmercedes-india-aims-to-retain-pole-positionarticle18476705ece

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Mercedes-Benz ownership eases further Autocar India

In a bid to further enhance the ownership experience for its vehicles Mercedes-Benz launched its amplsquoAdvance AssuranceProgrammeamprsquo an enhanced extended warranty offering in partnership with Reliance General Insurance and Daimler financialservices This is the second aftersales initiative launched by Mercedes-Benz India this year after it announced a new line of servicepackages earlier in February

Roland Folger MD amp CEO Mercedes-Benz India said that ampldquothe objective is of creating a new benchmark in the luxury carindustry whereby the customer gets to enjoy service excellence the lowest cost of ownership and complete peace of mindamprdquo

Under the new amplsquoAdvance Assurance Programmeamprsquo after completion of the standard three-year warranty customerscan extend the same for the fourth or up to the sixth year of ownership Option costs for the fourth year ranges from Rs 33000 forthe A-class to Rs 198000 for the S-class which Mercedes says is cheaper than its earlier extended warranty offerings

The programme will be available for vehicles across Mercedesamprsquo range both imported and locally assembled and without amileage cap for personal buyers It can be availed for up to 36 months after the vehicleamprsquos date of sale The extendedwarranty is also transferable under this programme and will help owners fetch higher resale prices for their vehicles also there isan inbuilt exit clause for owners who want to opt out of this programmehttpwwwautocarindiacomauto-newsmercedes-benz-ownership-eases-further-404919aspxMercedes-Benz vehicles now available with a six year warrantyThe Financial Express (Web Edition)httpwwwfinancialexpresscomautocar-newsmercedes-benz-vehicles-now-available-with-a-six-year-warranty672480Mercedes-Benz India join hands with Reliance General Insurance to offer Advanced Assurance ProgrammeIndia Todayhttpindiatodayintodayinautostorymercedes-benz-india-join-hands-with-reliance-general-insurance-to-offer-advanced-assurance-programme1956237htmlMercedes-Benz India Collaborates With Reliance Insurance to Launch Advanced Assurance ProgrammeNews 18httpwwwnews18comnewsautoadvanced-assurance-programme-extended-warranty-product-launched-by-mercedes-benz-india-1403941html

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Commercial Vehicles

Volvo banks on Eicher for global truck play Murali GopalanThe Hindu Business Line (Web amp Print Edition)

Mumbai Volvo is banking on its India joint venture with Eicher Motors VE Commercial Vehicles to take its global script in trucksand engines to the next level

ampldquoAsia is a big growth engine for Volvo and Indiaamprsquos role becomes critical We had the entire management team fromVolvo visit our Pithampur plant in Madhya Pradesh recently and they were delighted with the pace of progressamprdquo says VinodAggarwal MD amp CEO VE Commercial Vehicles

What was especially reassuring was the level of manufacturing competencies at the Pithampur facility The most recent mandate issupply of five and eight-litre engines to Volvo Penta which will be used for industrial applications

ampldquoWith this we are getting more inroads into the Volvo groupamprdquo says Aggarwal

Engine capacity at the new plant is 60000 units annually which can be increased to one lakh units

Apart from Penta shipments are also made to UD Trucks part of the Volvo group for the Quester truck in the Asia-Pacific regionOther new models are planned under the UD brand where once again engines will be supplied from Pithampur

Beyond the global business Aggarwal is pleased with the pace of progress at VE Commercial Vehicles since the time the jointventure came into being in July 2008 ampldquoOur nine year journey has been very satisfying with our market share improvingacross segmentsamprdquo he says

The best showing has come about in light and medium duty trucks where VE Commercial Vehicles has a 335 per cent share and isa ampldquostrong No 2amprdquo

This was 26 per cent when the joint venture was created in 2008 Likewise the share of buses has grown over the years from sixper cent to 175 per cent though the heavy duty space has been relatively modest from one per cent to five per cent

ampldquoWe would like to become a more respectable player in heavy duty trucks with a 12-15 per cent share by the end of thedecadeamprdquo says Aggarwal

This may seem a bit too ambitious given the slow pace of growth since the Volvo-Eicher partnership was formed nearly a decadeago Yet the CEO is convinced that the new range under the Pro series umbrella can deliver the goods

Pro seriesThe heavy duty space also offers tremendous potential in value terms though competition is stiff from established players like TataMotors and Ashok Leyland as well as aggressive newcomers like Bharat Benz

Aggarwal believes that the Pro 5000 series launched some weeks ago will complement its 6000 and 8000 series siblings in theheavy duty space for a host of applications

ampldquoWe launched the Pro series in December 2013 and they are doing well even though the industry is not graduating quicklyenoughamprdquo admits Aggarwal For now the Pro 6000 and 8000 series are jointly doing about 250 units each month when theirnumbers could be a lot more

While fleet operators are clearly not moving up the value chain at the desired pace all this could change in the coming months

ampldquoWith the Goods and Services Tax regime coming in coupled with better infrastructure development we are confident thatthe Pro series trucks will do well They can do long distances and better efficiencies will attract a new generation of truckersamprdquosays Aggarwal

The confidence is based on the premise that younger fleet operators are more progressive in their outlook with a keen desire forbetter technologyhttpwwwthehindubusinesslinecomtodays-papertp-newsvolvo-banks-on-eicher-for-global-truck-playarticle9706055ece

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Construction amp Agri Machinery

MampM aims at solution sales Ritwik SharmaBusiness Standard

As Mahindra and Mahindra (MampM) sets about its goal of turning into a global brand in the farm equipment category thehome-grown auto major is aiming to cater to the entire value chain by going beyond tractors The company is targeting a$150-billion global farm equipment market of which the non-tractor segment is worth $90 billion

According to Rajesh Jejurikar president farm equipment sector MampM timely acquisitions and utilising the companyamprsquospresence in global markets are part of the new strategy which includes organic as well as inorganic growth MampM expects the share

of its non-tractor farm equipment business revenue to grow to 20 per cent by FY19 and global operations to account for 50 per centof revenues of the division from 30 per cent in 2015 In the third quarter of FY17 MampMamprsquos revenue from the automotivesegment declined seven per cent year-on-year to end at Rs 745308 crore while its farm equipment revenues jumped 203 percent to reach Rs 432214 crore

MampM attributes the growth of the farm equipment to external factors like good monsoon and increased government support to ruraland agri sector as well as external ones like products and service readiness product launches and strengthened channel network

Jejurikar points to three acquisitions that were carried out to cater to different categories of farm mechanisation ampldquoWeacquired 33 per cent stake in Mitsubishi Mahindra Agricultural Machinery Japan in May 2015 to cater to the global rice value chain35 per cent stake in Sampo Rosenlew Finland in March 2016 to address the global combine harvester business and 751 per centstake in Hisarlar Turkey to address global range of soil preparation All these deals will help us get into new segments andgeographiesamprdquo he says Second the company is aiming to utilise its presence in the US China and Japan to expand itsnetwork ampldquoThrough this we recently entered the Mexico and Brazil markets We have chosen these markets carefullyunderstanding its current and future farming potentialamprdquo

The company is also bringing in innovation in terms of reaching out to customers addressing several aspects from productpositioning and advertising to the way it explains the sales story on the ground ampldquoWe play an important role by establishingin-depth relationship with farmers by understanding their environment and challenges so that we can offer tangible solutionsUnderstanding these evolving requirements we have launched three new tractor platforms in the last three yearsamprdquo JejurikarsaysThe three models are ampmdash Mahindra Arjun Novo in 2015 a tractor with futuristic features in the below 50 HP categoryMahindra Yuvo (2016) that caters to five products in 30-45 HP segments and targets 70 per cent of the tractor industry andMahindra Jivo this year a small tractor platform in the sub-25 HP category suitable for row crop and horticulture farming Thenewest model is equipped with Mahindraamprsquos digital technology model DiGiSENSE which gives farmers real-time updates ontheir tractorsamprsquo performance

The company stresses the importance of live information and complete crop solutions for farmers and hence the need forinnovation With its on-demand farm equipment rental service Trringo it tries to tap technology and digitisation to make tractors andimplements more accessible to the small and marginal farmers ampldquoTrringo completed its first year of operations in Marchreaching 12000 farmers and 4000 hours of operation in four statesamprdquo says Jejurikar

In India the company promises to change the face of agriculture with the help of its initiative called Farming 30 ampldquoFarming30 is about boosting production reducing wastage integrated value chain connecting consumers to technology platformsdata-driven advisory spreading agri know-how through digital platforms developing smart machineries like autonomous tractorsdrones and sensors supporting high-tech applications strong irrigation infrastructure and innovation led-technologiesamprdquoJejurikar explains

With its thrust on ampldquosolution sellingamprdquo that goes beyond selling only tractors MampM aims to play a proactive role in drivingmechanisation in the Rs 5000 crore Indian market for non-tractor equipment

Experts agree that companies need to increasingly move beyond selling of tractors and into farm equipments which in India islargely driven by small-time unorganised players

Rajeev Singh automotive consulting head for Deloitte says that leading firms can build on selling the entire system focus ondifferentiate products with design and stress how buying tractor as well as non-tractor products from one stable can work better forfarmers This may require a firm to help farmers in terms of the affordability of equipments in turn also benefiting dealers withadding value to their offerings On the importance of digital solutions Singh adds ampldquoThe need may not be necessarily alwayscoming from the farmeramprsquos side but a company can come out with new digital solutions which can help farmers specificallyand ensure the uptime of their tractors and equipments are higher

You want to ensure that in case of failure the repair is done at the shortest possible time That is where digital connectivity couldreally helpamprdquo Digital solutions will help farmers as well as OEMs who are not just building brands but also in effect helpingenhance sales of their spare parts he says adding that itamprsquos one area where Indian companies have yet to catch up withsome firms globallyhttpwwwbusiness-standardcomarticlecompaniesm-m-aims-at-solution-sales-117051701739_1html

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GST Please tax us say tractor makers Harish Damodaran The Indian Express

New Delhi One does not know of too many industries today desperately seeking to be taxed Tractor makers are among thoseprobably a handful lobbying hard to get the excise duty exemption now on their product removed ampmdash more so with thescheduled rollout of a nationwide Goods and Services Tax (GST) from July 1

The reason for their apparently strange demand is simple Not being chargeable to excise on output means it is not possible formanufacturers to claim any credit for duties and taxes paid on inputs The tractor industry is at present forking out the Cenvat(Central VAT or value added tax) rate of 125 per cent on most components ampmdash engine gearbox drive shaft differential unitwheelstyres fuel injection pump electricals seats castings forgings sheet metal fabrication etc These cannot be set off

however given that the final product ampmdash tractor ampmdash does not attract any excise

ampldquoGST should technically allow for tax on output to be set off against dutiestaxes paid on inputs But we dread a situationwhere the tax incidence on our inputs may further go up ampmdash because of the standard revenue-neutral GST rate (for the Centreand states combined) being fixed at say 18 per cent ampmdash and the exemption for tractors would still remainamprdquo an industrysource told The Indian Express

Tractors were fully exempted from excise duty ampmdash earlier 16 per cent ampmdash in the 2004-05 Union Budget of the first UnitedProgressive Alliance (UPA) government ampldquoWe never sought it then And now we are all the more desperate that itgoesamprdquo said the source But restoring duty he admitted is politically easier said than done especially in the currentenvironment where the Opposition is looking to somehow corner a ruling party thatamprsquos truly on a roll Removal of exemption fortractors and other farm machinery ampmdash when thereamprsquos simultaneous talk of also taxing agricultural incomes ampmdashcould provide just that godsend opportunity

The industryamprsquos contention however is that farmers are as it is indirectly paying taxes and duties on the components partscapital equipment and services used in tractor-making Since the manufacturers are in no position to claim input credit they aresimply passing these on to farmers by hiking ex-factory prices Farmers are in other words effectively paying more even thoughthere is no ampldquovisibleamprdquo excise duty on tractors

The total tax incidence on domestically produced tractors works out to around 1375 per cent of the pre-tax price as per industrycalculations (see table) That includes the 5-55 per cent VAT being levied on tractor sales by most states a two per cent CentralSales Tax or CST on inter-state purchase (roughly 70 per cent of inputs are procured locally and the balance from outside the stateof manufacturefinal assembly) and the 125 per cent Cenvat on components and parts If tax on various service inputs which arealso non-creditable gets added the overall incidence would be 1385 per cent or so ampldquoThus if a farmer is paying Rs 6 lakhfor a standard 40-horsepower tractor over Rs 73000 constitutes duties and taxesamprdquo claimed the source

The industry has ampldquogiven in writingamprdquo to the government that the final price to the farmer will not go up even if a 12 percent GST rate is levied on tractors ampldquoIf the cumulative input duties and taxes which we now incur and pass on can be set offwhy should we raise end-user prices at all The people in the government appreciate our logic but weamprsquore not sure whetherthat will lead them to bring back duty on tractors Politically itamprsquos a decision not easy to sellamprdquo the source pointed out

All this comes even as the GST Council comprising the finance ministers of all states and the Centre is slated to meet in Srinagaron May 18-19 to decide on the rates to be applicable on different commodities In the case of tractors one option might be to fit theGST rate at the 5 per cent slab which is also equal to the existing VAT levied by states But this is obviously not acceptable to theindustry as it will enable only partial setoff of duties on inputs which in turn may even attract a higher GST slab of 18 per cent

A second option ampmdash politically more palatable ampmdash is to have a ampldquozero-ratedamprdquo duty on tractors Manufacturersof ampldquozero-ratedamprdquo goods are entitled to claim full refund of duties and taxes paid on inputs This is as opposed toampldquoexemptedamprdquo goods where input tax credit cannot be availed even if the end-product is not taxed For the industryhowever ampldquozero-ratingamprdquo is the least desired option

ampldquoClaiming refund from government would mean waiting for a minimum of six months besides endless paper work towardssubmitting claims In the meantime there will be huge liquidity and working capital pressures as zero-rating also mandates us toimmediately reduce prices in line with the GSTamprsquos anti-profiteering provisions The industry wants neither zero-rating norexemption A 12 per cent GST on tractors which will allow set offs against input taxes through the normal process is all what wedesireamprdquo added the source

Tractor manufacturers saw their domestic sales boom during the UPA regime from 2004-05 to 2013-14 trebling from under two lakhto 63 lakh-plus units Sales collapsed in the first two years of the current government to well below 5 lakh units due to acombination of low crop prices and consecutive droughts In 2016-17 there was a recovery of sorts with sales crossing 58 lakhunits (see chart)

ampldquoLast year sales were flat in the South where it didnamprsquot rain much and also partly impacted by demonetisation ButNorth West and Central India registered a rebound on the back of a good monsoon and bumper crop production This year shouldhopefully be better If the Met Departmentamprsquos prediction of a normal monsoon comes right we could look forward to recordsalesamprdquo said TR Kesavan president and chief operating officer of the Chennai-based Tractors and Farm Equipment Limitedthe countryamprsquos second largest tractor maker after Mahindra amp Mahindra

A fix on GST will of course only helphttpindianexpresscomarticlebusinesseconomyfarm-mechanisation-please-tax-us-say-tractor-makers-gst-regime-4661221

Top

23 Wheelers

Royal Enfield identifies 4 core markets overseas to double retail presence T E NarasimhanBusiness Standard

Chennai Royal Enfield (RE) the motorcycle manufacturer plans to almost double its exclusive retail presence abroad

The Chennai-based entity has identified Thailand Indonesia Colombia and Brazil as having the potential to become very large

markets for itself over time It will be investing in all four

Siddhartha Lal managing director of Eicher Motors the parent entity of RE said there were around 25 exclusive stores abroad andthe plans was to add another 20-25 this year The pace would continue in the coming year too

On the four country markets mentioned earlier RE has five or six exclusive stores in Colombia and only a single one in the otherthree

RE is adding single stores in a couple of other markets too with the hope that they reach a stage in the next year or two for anexpansion

ampldquoWe expect that over the next five years the developing markets will be on a different order of magnitude Therefore ourretention would be much higher thereamprdquo said Lal

Adding ampldquoOur North America market our first owned subsidiary there has taken us a little bit of time -- we have just beenadding dealers and getting up to speed in the US marketamprdquo He said he expected a good year in America and Europe Thereare five countries in the latter -- Britain Germany France Italy and Spain ampndash where RE has about 50 dealers each Some areexclusive to it but most are multi-brand The company is selling well in some of these markets but the size in each is low Andnormally of slightly higher powered motorcycles than RE has in its current portfolio

ampldquoThat means we are still a niche player here than a mainstream player which we plan to be in developing marketsamprdquosaid Lal The oldest of its brand is Royal Enfield itself in continuous production with the focus on 350-500cc ones

With a compounded annual growth rate of a little more than 50 per cent in the past six years Enfield has become one of the mostprofitable automobile brands in the world It sold a little more than 660000 units globally in 2016-17 and intends to expand theannual production capacity to 900000 motorcycles by the end of 2018httpwwwbusiness-standardcomarticlecompaniesroyal-enfield-identifies-4-core-markets-overseas-to-double-retail-presence-117051700145_1html

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E-Bikes

Components

Rane Brake Linings reports Q4 net profits at Rs 441 crore PTISee this story in The Economic Times

Chennai Rane Brake Lining LtdBSE 238 manufacturer of brake linings and disc pads has reported net profits at Rs 441 crorefor the fourth quarter ending March 31 2017

The Chennai-based company part of the Rane Group of Companies had registered net profits at Rs 913 crore during thecorresponding quarter of the previous year Rane Brake LiningsBSE 000 said in a BSE filing

For the financial year ending March 31 2017 net profits surged to Rs 3471 crore from Rs 2575 crore registered during the yearago period

Total revenue for the January-March 31 2017 quarter went upto Rs 13536 crore from Rs 12571 crore registered during year agoperiod

For the financial year ending March 31 2017 total revenue rose to Rs 49195 crore from Rs 45164 crore registered duringcorresponding period of last year

Rane Brake Linings reported a strong financial performance in FY17 on the back of a robust demand from Indian OEMs (OriginalEquipment Manufacturers) in the passenger vehicle segment along with significant improvement in profitability Rane GroupChairman L Ganesh said

Sustained cost reduction initiatives and implementation of business excellence model has helped RBL to deliver strong operationalperformance he said

The Board of Directors at its meeting today recommended a final dividend of Rs nine per equity share of Rs 10 each for the financialyear 2016-17 subject to approval

Shares of the company ended at Rs 103835 apiece up by 238 per cent over previous close in BSEhttpeconomictimesindiatimescommarketsstocksearningsrane-brake-linings-reports-q4-net-profits-at-rs-4-41-crorearticleshow58719164cmsRane Brake Q4 profit

httpwwwthehinducomtodays-papertp-businessrane-brake-q4-net-declinesarticle18476712ece

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Sebi hauling up Crisil and CARE in the Amtek case is good regulation of ratings agencies The Financial Express

Given how badly CARE Ratings and Crisil failed to monitor the quality of Amtek Autoamprsquos bonds and the quality of JPMorganamprsquos bond fundamprsquos holdings respectivelyampmdashand brought on a redemption crisis in August 2015 when AmtekAuto was on the verge of defaulting on Rs 800 crore of bond repaymentsampmdashmarket watchdog Sebi has rightly hauled them upWhile CARE failed to warn the market sufficiently ahead of time about Amtekamprsquos position and suspended its ratingabruptlyampmdashbefore suspension it had given Amtek a AA- rating which hid its inability to service financial obligations ontimeampmdashCrisil didnamprsquot give adequate consideration to information in the public domain about the Amtek bonds that the JPMorgan MF heldSo when it assessed the JP Morgan schemes investing in low-credit-rated paper it gave the schemes the highest portfolio creditquality rating Between September 1 and 29 Crisil brought down its rating by eight notches before announcing withdrawal of ratingson October 15 It was as if Amtek paper became junk overnight and this would have seriously hurt buyers and investors in the JPMorgan fund Similar laxity on the part of reviewers in the US helped precipitate the 2008 financial crisis

The role of the Big ThreeampmdashStandard amp Pooramprsquos Fitch and Moodyamprsquosampmdashhas come under legal scrutiny inboth the US and Europe Indeed Moodyamprsquos earlier this year agreed to pay $864 million as penalty for its shoddy rating ofmortgage securities in the US while SampP had to pay $1375 billion after the US launched a $5-billion suit against it Though the USgovernment has moved to repeal the 2010 Dodd-Frank legislation that gave more teeth to ratingsamprsquo regulation faultyassessment of risk associated with debt securities needs to be taken seriouslyhttpwwwfinancialexpresscomopinionsebi-hauling-up-crisil-and-care-in-the-amtek-case-is-good-regulation-of-ratings-agencies673813

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Allied Industries

Apex court starts proceedings in Falcon Tyres case Sangita MehtaThe Economic Times

Mumbai The Supreme Court has set the ball rolling on the bankruptcy proceedings against Falcon Tyres even as it has agreed tohear a plea by defaulter Pawan Ruia (in photo) who had claimed that the principles of natural justice is denied to him on the groundsthat he was not given adequate time to respond to the lenderamprsquos notice

In April lenders led by Edelweiss Asset Reconstruction Company had approached National Company Law Tribunal (NCLT) toproceed under the Insolvency and Bankruptcy Code (IBC) on defaulting company Falcon Tyres after the ARC acquired 90 per centof debt loans from banks

Falcon Tyres did not respond to an email sent by ET

Officials from Edelweiss ARC declined to comment on the matter

ampldquoThe series of developments highlights the kind of challenges that lenders would face in resolving a case under IBC

But as a major stakeholder we are determined to do everything to make IBC successfulamprdquo said Siby Antony CEO ofEdelweiss ARC

After the case was admitted before the NCLT for IBC proceedings Falcon Tyres promoter Pawan Ruia objected that they did notget adequate time respond to the notice issued by lenders which was in the form of advertisement in newspapers

NCLT agreed to hear the borroweramprsquos objection But Ruias instead of filing objections at NCLT approached the KarnatakaHigh Court seeking intervention

KHC ruled in Ruiaamprsquos favour

It said there is merit in the borroweramprsquos case and set a hearing in June

Further in a big blow to the lenders KHC directed NCLT not to take any decision until they hear the case Edelweiss ARC thenapproached Supreme Court on the grounds that a delay of over a month will affect the resolution

As per the law lenders have to come up with a workable resolution plan to revive the company within 180 days of the case beingadmitted before the NCLT failing which the assets of the company would be liquidated

The Supreme Court ruled that the timeline set by NCLT is sacrosanct and therefore lenders can proceed with the insolvency

process such as appointing interim resolution professional and arriving at a consensus with all creditors on recovering their dues

However the Supreme Court ruled that the borroweramprsquos objection could be heard in June

Edelweiss ARC has appointed consulting firm Deloitte as interim resolution professional

Senior officials from banking circles said that Apollo Tyres JK Tyres and Ceat Tyres have evinced interest in acquiring the FalconTyreshttpautoeconomictimesindiatimescomnewstyresapex-court-starts-proceedings-in-falcon-tyres-case58719165

Top

Apollo Tyres earmarks Rs 2500 crore capex for FY18 PTISee this story in The Economic Times

New Delhi Apollo Tyres has lined up Rs 2500 crore capex for the current fiscal as it eyes a double- digit volume growth

The company which recently commissioned its new manufacturing plant in Hungary expects construction activity to commence atits new plant in Andhra Pradesh in the second half of the current year

In rupee terms overall for India and Europe would be about Rs 2500 crore almost split equally between India and Europe ApolloTyres Chief Financial Officer Gaurav Kumar said in an analyst call

For the European operations the company has earmarked a capex of about 180 million euro for the current fiscal

In FY18 the European capex which is Hungary and small maintenance etc would be about 180 million euro Kumar said

Besides Hungary the companys other European manufacturing plant is in the Netherlands

On the outlook for the current financial year Kumar said growth prospects look good with the government focusing on infrastructuredevelopment

We expect the demand outlook to be good I would say we are internally looking at again a double-digit volume growth even inFY18 he added

On the companys upcoming plant in Andhra Pradesh Kumar said We continue to work on acquiring the land for our nextgreenfield in India in Andhra Pradesh the construction on that would probably start in the second half of this year

The company plans to produce tyres catering to all product categories including two-wheelers from the Andhra plant

The firm which entered the two-wheeler segment last year with Acti series expects its volumes to go up in this space gradually

We continue to grow in that (two-wheeler) segment though realistically given the size that we came in volumes would go upgradually Kumar maintained

The company currently rolls out about 1 lakh two-wheeler tyres per month

We continue to be very bullish on the product segment and it will keep growing gradually and ultimately become a significantportion of Apollos portfolio Kumar noted

The company also plans to hike product prices

We have taken price increases of nearly 6 per cent since the start of the year given the raw material pressure and as mentionedearlier we will need to further take price hikes to negate the entire raw material impact Kumar said

He however did not share details on the quantum and timeframe for the intended price hikehttpautoeconomictimesindiatimescomnewstyresapollo-tyres-earmarks-rs-2500-crore-capex-for-fy1858715751Apollo Tyres to splurgeThe Telegraphhttpswwwtelegraphindiacom1170518jspbusinessstory_152160jspApollo tyres earmarks rs 25k-cr fyamprsquo18 capexThe Pioneerhttpwwwdailypioneercombusinessapollo-tyres-earmarks-rs-25k-cr-fy18-capexhtmlApollo Tyres earmarks Rs 2500 crore capex for FY18Deccan Chroniclehttpwwwdeccanchroniclecombusinesscompanies170517apollo-tyres-earmarks-rs-2500-crore-capex-for-fy18html

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Electric vehicles can unplug portsacirceurotrade cargo handling Mamuni DasThe Hindu Business Line

New Delhi Ports have to gear up for the disruption in cargo handling as electric vehicles see a global surge in demand A chunk ofexisting business for Indian ports comes from handling containers carrying auto-components

ampldquoOne big change that will happen in the cargo space is the advent of electric car If you look at an internal combustionengine it has got bulbs tappets lot of iron castings lot of complex chains transmission gear box So we are sending thousands ofcontainers of auto components An electric car is an electric motor with a thyristor control so it does away with everything in atransmission gear box it is all goneamprdquo Raj Khalid India representative Antwerp Port recently told BusinessLine

He wondered how ports will replace that business if the world moves to electric car by even 10 per cent

Antwerp Portamprsquos consulting arm Port of Antwerp International has provided training facilities to Indian port officials and hasalso done business plans for Kandla and Paradip Ports

Migration to electric cars has implication of weight and commodities being moved ampldquoInternal combustion engines because ofchances of explosion of petroleum are made up of steel An electric car might simply be a motor with fibre plastic andcarbonamprdquo Khalid said adding that in such a case all the steel movement will stop with and there wonamprsquot be all thesepressed steel car bodies and India must think of an alternative

At present India is a net exporter of auto components and ports that handle exports of auto components are JN Port Chennai andKatupalli according to Khalid Auto component exporters include Bharat Forge in Pune TVS near Chennai and Toyota nearKarnataka There also some imports by Volkswagen and Mercedes who assemble their vehicles here

Electric vehicles which are seeing a sharp uptrend globally have also started getting a push in India Globally new registrations ofelectric cars (including both battery electric and plug-in hybrids) increased by 70 per cent between 2014 and 2015 with over550000 vehicles being sold worldwide in 2015 according to IEA The trend continued in 20176 with China the US and Europedriving the adoption of electric cars say reports

India has also committed to adopt electric vehicles At a recent logistics summit here Tata Motors had displayed its electric buseswith quick charging facility and Mahindra which already has passenger electric cars displayed its cargo carrying vehicles a bit likevans

Meanwhile the road transport and highways ministry is also looking to have a policy which will provide financial support to stateroad transport undertakings to convert their diesel buses into electric buses

ampldquoThe day is not far when we will adopt electric vehicles Mahindra is going to run a fleet of 300 odd cars in Nagpur inMay-endamprdquo Road Transport and Highways Minister recently told BusinessLine at the eastern peripheral expressway (EPE) apavement quality road built with an aim to take the truck traffic out of Delhi to rid Delhi of fumes

In fact the fuel stations to be built on wayside amenities along the EPE will provide for charging stations for vehicles The NationalHighways Authority of India (NHAI) has to take a call on whether it will first develop the wayside amenities on eastern peripheralexpressway including charging and fuel outlets and then invite bids from developers to operate them or whether NHAI will invitebids first and get the developers to build the facilitieshttpwwwthehindubusinesslinecomtodays-papertp-newselectric-vehicles-can-unplug-ports-cargo-handlingarticle9706076ece

Top

Emissions Environment

Finance amp Insurance

New MV Act to cut insurance losses Rachel ChitraThe Times of India

Chennai The new Motor Vehicle Amendment Bill 2016 which has been passed by Lok Sabha would help the insurance industrycut its losses said experts For years the industry has been undermined by a particular provision that allows policyholdersfamilymembers to file claims any time they want ampmdash 10 months or 10 years or even 100 years from the date of the accident

But a new amendment to the Act introduces specific timelines for faster processing of third party insurance claims ampmdash aproblem that used to bleed the general insurance industry for years said Mangesh Gandhi head third-party claims Bajaj AllianzGeneral Insurance Co

The Motor Vehicles Act which is likely to be passed in the next session of Parliament directs the victimfamily to file suchapplication within six months of the accident The insurance company is then required to make an offer to the claimant within 30days of receiving the claim If the claimant accepts the offer the insurer is liable to make payments within 30 days

If he does not the claim can be referred to the claims tribunal for a hearing

In the last few years the Bill has faced objections from the opposition and not been passed This time we are more confident that

the Bill will be passed in its current form as it has incorporated the recommendations of the standing committee And the committeehad representations from all major political parties so this time we do not expect any opposition to the Bill said Gandhi

Insurers say that the unlimited liability clause was really hurting their bottomline and loss ratio Faced loss ratios of 110 and higherin motor insurance companies also found themselves increasingly a target of fraudsters because of this clause We are seeingclaims reported 10 years after the incident Apart from the losses we are making because of this clause we are also straining ourbooks - as we have to set aside reserves to cover any possible future claims With the new Bill we need not set aside money forIBNR (incurrent but not reported claims said Gandhi

For the first half of 2016-17 as many as 27 general insurance companies did not report underwriting losses the exceptions wereBajaj Allianz General Company Agriculture Insurance Company of India and Export Credit Guarantee Corporation of India - whichreported profits

The losses were largely due to natural disasters floods and the drought situation in the south But the losses were also in part dueto motor and health insurance continuing to face very high loss ratios With the new Bill you can expect our (industry) losses tocome down And our balance sheet to improve as well need to set aside less reserves said Gandhi The new bill also makesprovisions for creation of a fund for cashless treatment of accident victims during the golden hours

Additionally the Bill proposes to make claims non-payable for drivers without proper licence or permit and driving under theinfluence of liquor or drugsDrivers will then have to compensate the victims themselves without the insurer stepping in on theirbehalfhttptimesofindiaindiatimescombusinessindia-businessnew-mv-act-to-cut-insurance-lossesarticleshow58723270cms

Top

Oil Lubricants amp Alternative Fuels

Oil dips on rising US crude inventories defies expected supply cut extension ReutersSee this story in The Hindu Business Line

Singapore Oil prices fell on Wednesday after data showed an increase in US crude inventories stoking concerns that marketsremain oversupplied despite efforts by top producers Saudi Arabia and Russia to extend output cuts

Brent crude was down 20 cents or 04 per cent from the last close at $5145 per barrel at 0647 GMT

US West Texas Intermediate (WTI) crude was at $4839 down 27 cents or 06 per cent

US crude inventories rose 882000 barrels in the week ending May 12 to 5234 million data from the American Petroleum Institute(API) had showed on Tuesday

Brent reached $5263 a barrel on Monday and WTI rose as high as $4966 a barrel after Saudi Arabia and Russia agreed on theneed for a 18 million barrels per day (bpd) crude supply cut by the Organization of the Petroleum Exporting Countries (OPEC) andsome other producers to be extended until the end of March 2018

Official US storage data will be released by the Energy Information Administration (EIA) later on Wednesday

ampldquoThe vulnerability of OPECs rhetoric was starkly revealed as the US API crude inventories showed an unexpectedincreaseamprdquo said Jeffrey Halley of futures brokerage OANDA

There are also rising amounts of tankers storing oil offshore China as facilities on land are full

The extension of the supply cuts which started in January and were supposed to end in June is seen as necessary by some asthey have not so far significantly tightened the market or propped up prices

The International Energy Agency had said on Tuesday that commercial oil inventories in industrialised countries rose 241 millionbarrels in the first quarter of 2016 despite the cuts

ampldquoThe agreement by OPEC to extend cuts into 2018 is criticalamprdquo said AB Bernstein in a note

Adding to ongoing oversupply concerns North Sea oil production generally seen in terminal decline is expected to jump by a net400000 bpd a fifth of total output in the next two years as producers improve efficiency

This adds to a 10 per cent jump in US production since mid-2016 to 93 million bpd not far off top producers Russia and SaudiArabia

Jefferies bank said it was lowering its oil price forecasts between 3 per cent and 22 per centamprdquo due to this surprisingly strongrise

Jefferies said its new Brent price estimate for the second half of 2017 was $59 per barrel down from $61 previously

It lowered its forecast for 2018 Brent from $72 per barrel to $64 and cut its estimate for 2019 from $85 per barrel to $67httpwwwthehindubusinesslinecommarketscommoditiesoil-drops-on-rising-us-crude-inventories-defies-expected-supply-cut-extensionarticle9703127ece

Top

News Magazines

Audi to unveil Android infotainment system at Google conference Autocar India

Audi which is participating in the Google IO developer conference (May 17-19) will have the world premiere of its concept of anext-generation infotainment system with fully integrated Android

The three-day Google IO at the tech companys headquarters in Mountain View California is considered as the largest and mostimportant developer conference in the software industry worldwide One of the exhibits features Android as a seamlessly integratedsolution for in-car infotainment applications which is being developed by the Android Open Source Community and its millions ofmembers

The Audi Q8 sport concept technology platform which Audi is presenting at Google IO already has Android on board The newfunctions including the streaming service Spotify Google Play Music and Google Assistant all run on the large MMI touch displayin the centre of the dashboard The information is also visible in the Audi virtual cockpit in the driveramprsquos direct field of view

This marks the first time the new services have been fully integrated into Audiamprsquos brand-specific infotainment system Whilethe navigation map continues to use the Audi-typical HERE database the driver can also choose to navigate with Google Maps Amessage centre for incoming messages and calls round out the new services in the show car

Speeding up new applicationsThe seamless integration of Android harbours tremendous potential Android is the worlds most popular mobile platform with morethan 14 billion active users worldwide The open Android communityamprsquos immense breadth of expertise and creativity canspeed up the development of new applications New apps can quickly find their way into the cars as additional connected servicesOther customer advantages alongside shorter update cycles include a significantly greater diversity of services as well as broadinternational availabilityhttpwwwautocarindiacomauto-newsaudi-to-unveil-android-infotainment-system-at-google-conference-404918aspx

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With Dzire Maruti still sees growth in compact sedans Autocar India

While sales of compact sedans have seen a slow down interest in the segment is still very much alive The Dzire has been thesegment leader with sales of over 138 million cars sold so far and the new third-generation Maruti Suzuki Dzire has garnered a lotof attention with bookings crossing 33000 at the time of launch on May 16

Speaking to Autocar at the launch CV Raman executive director (engg) at Maruti Suzuki India said We dont see a dipnumbers are growing for us and I think a sedan today still has that appeal to a customer Yes there has been growth for compactSUVs but I think there will be space for all

Official bookings for the new Maruti Suzuki Dzire began on May 5 at an initial down payment of Rs 11000 Dealer sources say thatthere is a waiting period of 8-10 weeks for the new Dzireamprsquos manual transmission models while the AGS (automated manualtransmission) cars can be delivered within four-five weeks

There are a total of eight variants of the new Maruti Suzuki Dzire including the newly added top-end Z+ variants with AGS gearboxas option from the amplsquoVamprsquo variant onwards There are six colours including Oxford Blue Sherwood Brown and GallantRed which make an appearance for the first time To be manufactured exclusively at Maruti Suzukiamprsquos Manesar plant for nowprices for the new Dzire start at Rs 545 lakh (ex-showroom New Delhi) and go all the way up to Rs 941 lakh for the top (ZDi+AGS) modelhttpwwwautocarindiacomauto-newswith-dzire-maruti-still-sees-growth-in-compact-sedans-404917aspx

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Maruti S-Cross facelift India launch around Diwali Autocar India

Maruti launched the S-Cross its flagship crossover for India in mid-2015 The model is now due for a mid-cycle refresh for ourmarket

Speaking to us at the 2017 new Maruti Suzuki Dzire launch CV Raman executive director - research and development MarutiSuzuki India confirmed that ampldquothe S-Cross will get refreshed and launch will take place around Diwaliamprdquo

Suzuki showcased the updated S-Cross for international markets last year at the Paris motor show 2016 The India-spec model is

likely to get similar styling updates too As reported earlier the front end of the car features an all-new upright grille with verticalslats a redesigned bumper with a larger radiator grille and new projector headlamps

The interior of the S-Cross facelift too gets a number of changes These include updated instrument cluster dials with a new MIDnew interior colour combinations upholstery with contrast stitching and new trim options for the dashboard

Globally Suzuki sells the S-Cross with the options of a 16-litre petrol and a diesel engine The updated car also getsSuzukiamprsquos 14-litre Boosterjet petrol engine that powers the Vitara which is sold overseas However closer home thefacelifted S-Cross is likely to be sold with the same 13-litre and the 16-litre diesel engines currently used in the crossover

The S-Cross will continue to be sold via Marutiamprsquos Nexa premium dealership channel which also sells models like the CiazIgnis the Baleno and the sporty Baleno RShttpwwwautocarindiacomauto-newsmaruti-s-cross-facelift-india-launch-around-diwali-404916aspx

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2017 Harley-Davidson Street Rod 750 review test ride Autocar India

What is it

Harley seems to be hard at work trying to break its typical conventional cruiser image With the Roadster having been launchedearlier this year we now get two motorcycles from Harley-Davidson in 2017 that set out to be sportier than their stablemates Thisnewest little tyke from Harley is the Street Rod a sportier derivative of the brilliant Street 750 While Harley-Davidson does have ahistory of motorcycle racing those days are long gone so its honestly a refreshing move by the bike maker to revisit its sportingheritage We put the Street Rod to test on our Indian road conditions to see if this indeed is the Harley thats versatile enough to bea fun everyday ride

This new Street Rod takes inspiration from the companyamprsquos drag-style bikes such as the V-Rod and the Night Rod and packsin aggressive styling that spells speed from every angle Apart from a healthy dose of matte black paint for the engine and exhaustthe Street Rod gets split seats with a new saddle that helps riders cope with hard acceleration The rear fender too has beenshortened to give it a sportier makeover The drag bike motif continues to the front that has a tall cowl around the round headlightalong with flat amplsquodrag-styleamprsquo handlebars and bar-end mirrors But itamprsquos not just about looking fast Harley-Davidsonhas really put in a lot of effort to ensure that the Street Rod has the performance to match its menacing appearance

How is it to ride

What you get here is the same 749cc eight-valve liquid-cooled V-Twin Revolution X engine that powers the Street 750 withidentical bore and stroke figures but with a new fueling system In this amplsquohigh poweramprsquo guise it features twin-portinjection (as opposed to the single-port on the Street 750) and it gets a larger throttle body as well Along with a bump incompression which now stands at 1201 this motor makes 62Nm of torque (an increase of 3Nm) at 4000rpm While the exactpower figures for either the Street 750 or the Street Rod arent specified the latter is said to see an 11 percent increase inhorsepower coming in at 8250rpm the rev-limiter now kicks in at 9000rpm instead of the Street 750s 8000rpm

With an increase of only 50kg in kerb weight this increased power and torque figures translate to sharper acceleration on theStreet Rod as compared to its cruiser sibling The bike also gets shorter and wider exhausts that add a slightly more aggressivesoundtrack to the motor On the other hand the six-speed gearbox is carried over exactly as from the Street 750 with matchinggear as well as final drive ratios this gearbox has proven to be among the slicker shifting units in Harleyamprsquos line-up

While the main frame of the bike has been maintained it gets a shorter sub-frame and this is where the Street Rod reallydifferentiates itself from the Street 750 It now gets beefy 43mm inverted forks at the front while the twin rear shocks now getpiggyback reservoirs for improved damping With the new forks the front geometry of the bike has also been altered and now has atighter 27-degree rake angle which also results in a reduced trail of 99mm This has led to a drop of 10mm from the overallwheelbase which now stands at 1510mm

And in order to maximise cornering performance Harley-Davidson has also upgraded the tyres to radials which are now sized at12070 R17 (front) and 16060 R17 (rear) The improved rubber from MRF really ensures that this Street Rod is not just aboutstraight roads A change in foot peg position to make them more rear-set has allowed for much higher cornering clearances oneither side an area where the Street 750 falls behind

Even the brakes have seen an immense improvement thanks to the dual 300mm rotors up front with two-piston calipers asopposed to the single disc on the Street 750 The rear brake stays the same with a single 300mm disc with twin pot calipersHowever Harley is offering ABS as standard on the Street Rod which should really help increase safety to offset the boost inperformance Although the brakes do feel a bit vague and lack feel the stopping power is strong and confidence inspiring

We certainly were impressed with the Street Rods handling The aggressive seating position means youre already quite leanedinto the handlebars So dipping deep into corners feels quite natural the higher cornering clearance makes for much sharperhandling especially when you factor in the increased seat height of 765mm that makes for a higher centre of gravity Once youreinto the corner the Street Rod has a rather composed feel that really encourages you to push it harder And the engine here isdefinitely punchier than the Street 750s once you wring that throttle the bike surges forward with a sense of purpose The StreetRod comes together just brilliantly and really is a hoot to ride Although it would definitely be more than happy to obliterate a set oftwisty mountain roads the seating position may make things a bit uncomfortable on longer hauls Itamprsquos also not as nimble asyou expect a modern sport standard to be

Lets talk about ride quality The Street Rod manages to handle bad roads brilliantly While the suspension is soft it doesnt get the

bike wallowy around turns or hamper precision The only issue wed have to point out is the heating problem Although the 749ccmill is liquid-cooled it does get quite hot in slow-moving traffic or when at a standstill And thanks to the seating position andposition of the cylinder heads your left thigh might touch the cylinder head when you put your feet down and the cylinder headdoes get quite hot That said the side stand is easily accessible and is conveniently placed than youd expect on regular cruisers

Should I buy one

We can confidently say that this is one of the best Harleys weve ridden Unlike some of Harleyamprsquos past efforts in this spacethe Street Rod is a value-heavy proposition At Rs 586 lakh (ex-showroom Delhi) it does command a slight premium over theStreet 750 (priced between Rs 491 lakh and Rs 518 lakh) although it undercuts the Bonneville family and has better componentsAnd even though many may find it uncomfortable or heavy the Street Rod will appeal to customers who wouldnamprsquot haveconsidered a Harley as their next motorcycle From our first ride I can safely say that Harley has finally brought back asport-oriented motorcyclehttpwwwautocarindiacomauto-reviews2017-harley-davidson-street-rod-750-review-test-ride-4049200aspx

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International News

US factory output posts fastest growth in 3 years on autos ReutersSee this story in The Economic Times

Washington US factory output in April rose at its fastest clip in three years on a surge in auto production supporting the view thateconomic growth was rebounding in the second quarter after a sluggish start to the year

The Federal Reserve said on Tuesday manufacturing production rose 10 percent last month the biggest gain since February 2014and much faster than analysts expected

Output of motor vehicles and parts led the expansion growing 50 percent in April after dropping 36 percent a month earlierMachinery output rose 09 percent and factories churned out 05 percent more fabricated metal products

Overall industrial production rose 10 percent last month also the biggest gain since February 2014 with pickups in coal mining andin drilling and support activities in the oil and gas industry

Mining output increased 12 percent last month while utilities output moved up 07 percent as warmer-than-usual temperatures ledpeople to use their air conditioners more the Fed said

Analysts had expected factory output to rise 03 percent last month Manufacturing which accounts for about 12 percent of the USeconomy had been regaining ground as the prolonged drag from lower oil prices a strong dollar and an inventory overhang faded

The sector has benefited from an improvement in business sentiment amid promises by the Trump administration to pursuebusiness-friendly policies including tax cuts and deregulation

Last month manufacturing capacity utilization which measures how fully factories are deploying their resources rose 07percentage point to 759 percent

Overall industrial capacity utilization also climbed 07 percentage point to 767 percenthttpautoeconomictimesindiatimescomnewsindustryu-s-factory-output-posts-fastest-growth-in-3-years-on-autos58717630

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Audi CEOs contract to be extended through end-2022 sources ReutersSee this story in The Economic Times

Berlin Audi Chief Executive Rupert Stadlers contract will be extended by another five years through 2022 people familiar with thematter said

The Volkswagen luxury divisions supervisory board will approve a third term for Stadler at a meeting later on Wednesday twosources close to VW group told Reuters

The contract of Stadler who has been under fire in recent months for his handling of the carmakers diesel emissions scandal willbe extended through Dec 31 2022 the sources said His current contract is due to expire at the end of this year

Audi declined commenthttpautoeconomictimesindiatimescomnewsindustryaudi-ceos-contract-to-be-extended-through-end-2022-sources58716264Audi CEO Rupert Stadleramprsquos contract to be extended to end of 2022The Financial Expresshttpwwwfinancialexpresscomindustryaudi-ceo-rupert-stadlers-contract-to-be-extended-to-end-of-2022673695

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UK union suspends BMW strike action to consider new pensions deal ReutersSee this story in The Economic Times

London Britains biggest trade union Unite said it was suspending further strike action at BMWs British plants so that workers couldconsider a new offer from the German carmaker regarding pension provisions

Last month Unite said it would hold a total of eight strikes at four sites including the Mini and Rolls-Royce factories after 93percent of employees backed industrial action in protest at plans to close the firms final salary pension schemes

The planned strike action will be suspended while members consider BMWs offer over the coming days National Officer FredHanna said

While Unite is not recommending the offer as it will have different outcomes for different people and their pensions membersshould be proud that by standing together they have forced BMW into making this offer

Both Unite and BMW said on Wednesday they would not comment on the details of the new offer until all relevant parties had beeninformed

We believe the offer to be fair and in the long-term interests of both the company and all our employees a BMW spokeswomansaid in an emailed statementhttpautoeconomictimesindiatimescomnewsindustryuk-union-suspends-bmw-strike-action-to-consider-new-pensions-deal58720595

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Ford to cut 1400 jobs in North America Asia ReutersSee this story in The Economic Times

Detroit Ford is cutting 1400 jobs in North America and Asia Pacific this year in an effort to boost profits

The company will offer voluntary early retirement and separation packages to around 10 percent of its non-factory workers indepartments like sales marketing and human resources It expects the actions to be complete by the end of September

Ford believes it will meet its targets by voluntary means and doesnt expect involuntary layoffs spokesman Mike Moran saidWednesday

``We remain focused on the three strategic priorities that will create value and drive profitable growth which include fortifying theprofit pillars in our core business transforming traditionally underperforming areas of our core business and investing aggressivelybut prudently in emerging opportunities Ford said in an email sent to employees early Wednesday Reducing costs andbecoming as lean and efficient as possible also remain part of that work

The offer will be open to about 15300 workers including 9600 in the US 1000 in Mexico 600 in Canada and 4141 in Asia

Certain areas of the business wont be targeted including Fords product development and credit divisions Factory workers andwhite-collar employees in Fords plants wont be affected Information technology and analytics workers also arent targeted

The company says it will release more details to employees in June

Ford has been hiring steadily since the recession as US vehicle sales reached record highs In its 2011 contract with the UnitedAuto Workers union it pledged to hire 12000 factory workers by 2015 Earlier this year it announced it would add 700 workers to asuburban Detroit plant in 2018 to make electric and self-driving vehicles

But investors are clearly worried that sales in the US Fords biggest market are peaking Theyre also unsure about Fords heavyspending on technology with an uncertain future like its recent investment of $1 billion in Argo AI an artificial intelligence startupFords stock price has fallen nearly 40 percent over the last three years

Ford shares fell 6 cents to $1088 in premarket trading after the company announced the reductions

Fords net income fell 35 percent to $16 billion in the first quarter It expects to earn a pretax profit of $9 billion this year down froma record of $104 billion in 2016httpeconomictimesindiatimescomnewsinternationalbusinessford-to-cut-1400-jobs-in-north-america-asiaarticleshow58719449cmsFord to cut 1400 salaried jobs in North America AsiaThe Indian Expresshttpindianexpresscomarticlebusinesscompaniesford-to-cut-1400-salaried-jobs-in-north-america-asia-4660968

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Italy asks EU to postpone launching legal case over Fiat Chrysler emissions ReutersSee this story in The Economic Times

Milan Italy has asked the European Union to postpone its plan to launch legal actions against Rome over emissions at FiatChrysler Transport Minister Graziano Delrio said in a statement on Wednesday

The European Union is set to launch legal action against Italy later on Wednesday for failing to properly police allegations ofemissions-test cheating by Fiat Chrysler after the Volkswagen dieselgate scandal EU sources have said

The European Commission has been mediating a dispute between Rome and Berlin after Germany accused Fiat Chrysler of usingan illegal device in its Fiat 500X Fiat Doblo and Jeep Renegade models That mediation ended without fanfare in March

Considering that after the end of the mediation process we did not receive any request for further information we ask that youdelay starting the infringement procedure while we await a letter asking for clarification on issues raised by your relevant officesDelrio told EU Industry Commissioner Elzbieta Bienkowska according to the ministrys statementhttpautoeconomictimesindiatimescomnewsindustryitaly-asks-eu-to-postpone-launching-legal-case-over-fiat-chrysler-emissions58716675

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Daimler Trucks takes on Japanese market with new FUSO truck The Economic Times

Stuttgart German automaker Daimler today introduced new range of FUSO truck in Japan with capacity of more than 15 tonneWith the new heavy duty truck FUSO Super Great the company is looking to expand its position in the Japanese market accordingto a company statement

ampldquoWith this new vehicle we position ourselves at the top of our market in Japanamprdquo Marc Llistosella President and CEOof FUSO and Head of Daimler Trucks Asia said

ampldquoThe new FUSO Super Great is a completely new development and uses state of the art technologies of the global DaimlerTrucks platforms We will offer our customers the most efficient safest and best-connected truck they can get in the Japanesemarketamprdquo

The new FUSO Super Great will enable Daimler Trucks to execute its global platform strategy The engines transmissions andaxles already established in the triad are supplied from powertrain plants of the sister brand Mercedes-Benz in MannheimGaggenau and Kassel as well as the plant of US-powertrain subsidiary Detroit in Redford Michigan

According to the company the new truck will consumer 15 percent lesser fuel than its predecessor The 107 l engine OM470 usedin the new FUSO Super Great fully complies with the Japanese emission standards JP17 includes the HDEP (Heavy Duty EnginePlatform) fuel efficiency package and was further optimized regarding consumption and emissive efficiency as well as payloadcompared to its preceding powertrain The engine is manufactured in the Mercedes-Benz plant at Mannheim

The automated manual transmission (AMT) installed in the FUSO Super Great also comes from the latest heavy duty transmissiongeneration The shiftpilot transmission is produced at the Gaggenau plant and contributes to the reduction in fuel consumption Theautomated 12-gear-transmission increases the driveramprsquos comfort

On the safety front the new Fuso trucks feature the emergency braking system active brake assist 4 (ABA4) the fatigue alertactive attention assist and the turning assistant active sideguard assist to minimize accidents and danger risks for the driver as wellas all other road users thereby contributing to a safer and more efficient freight transporthttpautoeconomictimesindiatimescomnewscommercial-vehiclemhcvdaimler-trucks-takes-on-japanese-market-with-new-fuso-truck58713728

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German prosecutors start formal investigation of Porsche SE execs ReutersSee this story in The Economic Times

Berlin German prosecutors said they have launched a formal investigation of Porsche SE executives Matthias Mueller and HansDieter Poetsch on grounds of suspected market manipulation

The prosecutors office in Stuttgart said on Wednesday it is investigating Mueller the current Chief Executive of Volkswagen for hisrole as board member of Porsche Automobil Holding SE and Hans Dieter Poetsch who is currently Porsche SE Chief Executive onsuspicion they may have informed investors too late about risks to the Porsche holding firm from Volkswagens diesel emissionsscandal

The inquiry is similar to one launched by prosecutors last year in Braunschweig near VWs Wolfsburg headquarters into currentand former VW board members over whether they delayed the release of information about the cheating of diesel emissions tests

Porsche SE which is headquartered in Stuttgart controls 522 percent of VWs voting shareshttpautoeconomictimesindiatimescomnewsindustrygerman-prosecutors-start-formal-investigation-of-porsche-se-execs58717522German prosecutors start formal investigation of Porsche SE executivesThe Times of India

httptimesofindiaindiatimescomautomiscellaneousgerman-prosecutors-start-formal-investigation-of-porsche-se-executivesarticleshow58715880cms German prosecutors formally probe Porsche SE execsHindustan Timeshttpwwwhindustantimescomautosgerman-prosecutors-formally-probe-porsche-se-execsstory-UPvR60zSR4B0Ee0aaLqgCOhtml

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VW CEO under probe for Dieselgate market manipulation Prosecutors AFPSee this story in The Economic Times

Frankfurt German prosecutors said on Wednesday they had opened a new investigation into Volkswagen chief executive MatthiasMueller and others over market manipulation in the wake of the carmakers dieselgate scandal

The accused are suspected of knowingly delaying telling shareholders about the financial consequences for Porsche SE ofsoftware manipulation in diesel vehicles by Volkswagen AG the prosecutors in southwestern city Stuttgart said

Holding company Porsche SE - separate from VW subsidiary Porsche AG - owns a controlling stake in the worlds largest carmakerwith its stable of 12 brands ranging from luxury Audi to generalist Skoda

Along with Mueller former VW CEO Martin Winterkorn and Porsche SE chairman Hans-Dieter Poetsch are also suspected of failingto share information about the emissions cheating affecting 11 million cars revealed in 2015

Investigators opened the dossier in February in response to charges levelled by German financial supervisor BaFin in summer2016

It is the first time Mueller has been targeted by prosecutors over market manipulation while Winterkorn Poetsch - a former chieffinancial officer at VW - and VW brand chief Herbert Diess already face probes

Volkswagen faces an array of legal challenges in Germany and worldwide relating to its software designed to fool regulatorynitrogen oxide emissions tests

Shareholders and car buyers have launched suits seeking compensation while prosecutors in Brunswick north Germany areinvestigating 37 individuals at the company for fraud

Others face probes over incorrect carbon dioxide emissions data

The gigantic carmaker has so far set aside more than $244 billion to cover fines and compensation related to the dieselgate affairbut experts estimate the final bill could be much higherhttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsvw-ceo-under-probe-for-dieselgate-market-manipulation-prosecutors58718930VW CEO under probe for dieselgate market manipulation ProsecutorsThe Tribunehttpwwwtribuneindiacomnewsbusinessvw-ceo-under-probe-for-dieselgate-market-manipulation-prosecutors408481htmlVW CEO under probe for Dieselgate market manipulation ProsecutorsThe Times of Indiahttptimesofindiaindiatimescomautomiscellaneousvw-ceo-under-probe-for-dieselgate-market-manipulation-prosecutorsarticleshow58717949cms

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Opel bears fruit for Peugeot maker PSA in Aisin gearbox talks ReutersSee this story in The Economic Times

Paris PSA Group is in talks to build Toyota-owned supplier Aisins automatic gearboxes at one of its own plants company sourcestold Reuters in what would be an early reward for the Peugeot makers purchase of Opel

The combined scale of PSA and Opel has added impetus to negotiations with Aisin the three sources said helping to overcome theJapanese companys reservations

The Opel acquisition announced in March which valued the General Motors business at 22 billion euros ($244 billion) brings alarger sales volume and therefore more profitability for an investment one source said

PSA currently buys six- and eight-speed Aisin gearboxes made in Japan and China for its Peugeot Citroen and DS brandsAssembling the six-speed in France would secure a competitive supply reduce currency risk and help fill its own plants

For Aisin 34 percent-owned by Toyota and affiliates it would establish a first European production base amid growing demand forautomatic gearboxes which currently equip about one in five PSA cars sold

Automatics are less popular in Europe than in the United States but their growth is set to accelerate with tighter emissions rulesand demand for electric hybrid and increasingly automated cars to which manual gearboxes are unsuited

PSA and Aisin both declined to comment but Aisin has previously signalled an openness to partnerships

Were absolutely not averse to joint programmes with non-Toyota companies President Yasumori Ihara said in January the samemonth that PSA Chief Executive Carlos Tavares told workers at his companys Metz transmissions plant that an unspecifiedproduction deal was under consideration

But the proposal had made little headway until the tie-up with Opel the sources said An agreement could now be finalised withinmonths subject to successful closing of the Opel acquisition later in the year and PSA managers may discuss the plans withunions in works council meetings next month

PSA plans to redevelop future Opels with its own technology - as three models already have been under an earlier partnership -boosting purchasing clout and economies of scale

Bringing production of automatic gearboxes in-house underlines their importance Under Tavares PSA has been outsourcingactivities including some research and development to prioritize core profitability and future growth areas

One option would be for PSA and Aisin to invest jointly in a new production line at a French site

But PSA-owned production under licence is more likely reflecting the Japanese suppliers wariness over investing sources saidThat could evolve into a joint venture or outright sale once the plan had proved its worth

Either way the production investment would pit PSAs Tremery factory near Metz eastern France against the northernValenciennes plant While Valenciennes has more automatic gearbox expertise Metz has more spare capacity

Theres easily enough room on the Metz site said Christian Lafaye an official with the Force Ouvriere union They can come andinstall their tooling tomorrow if they wanthttpautoeconomictimesindiatimescomnewsindustryopel-bears-fruit-for-peugeot-maker-psa-in-aisin-gearbox-talks58720529

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PSA Group to invest acircsbquonot130 million in Uzbekistan will setup a LCV production plant The Economic Times

New Delhi Groupe PSA and SC Uzavtosanoat has joined hands to form a new Joint Venture (JV) - Uzbekistan PCA the companysaid in a media release

With this new partnership the new JV will build a new production plant in the Free Industrial Zone of Jizzakh located 200 km fromTashkent in Uzbekistan and will manufacture Peugeot and Citroen LCVs for passenger and freight carriage

The Charter capital of the new JV will represent circa 30 million euro with equal shareholding Global investments represent around130 million euros

The statemet adds that PSA Group will provide new technologies property and contribute to the implementation of modernproduction processes and organization of training to employees The plant will operate in accordance with the Group modernsystems in production quality purchasing supply and sales

Furthermore the joint venture considers at least 50 of parts localization in the first year of production by attracting domesticcomponent parts manufacturers - 30 large factories owned by SC Uzavtosanoat and more than 160 small and medium enterprises

Christophe Bergerand Eurasia Vice-President for Groupe PSA commented ampldquoThis project is fully in line with our Push to Passplan and this is a great opportunity for Groupe PSA to develop our LCV business and profitable growth plan in the Region Weappreciate the established constructive dialogue with the Uzbek teams and personal support of the President of Uzbekistan ShavkatMirziyoev which was a determining factor in the creation of the joint venture

The production capacity is estimated up to 16000 vehicles per year to be sold in Uzbekistan and exported to foreign countriesPSA believes that with a population of over 32 million there is a huge potential for further development of industrial production andgrowth of the automotive market in Uzbekistan

ampldquoThis LCV segment was the only non-occupied vehicle segment in Uzbekistanamprdquo- noted Mr Yusupov Rustam DeputyChairman of the board of SC Uzavtosanoat ampndash ampldquoSo this project is a significant qualitative leap in the development of thedomestic automotive industry And more globally along with the increase of employment this joint venture will positively contributeto the profitable growth of the Uzbekistan automotive industryamprdquohttpautoeconomictimesindiatimescomnewscommercial-vehiclelcvpsa-group-to-invest-130-million-in-uzbekistan-will-setup-a-production-plant58715778

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Rupert Stadler reappointed as Audis CEO for next five years The Economic Times

New Delhi The Supervisory Board of AUDI AG confirmed the appointment of Rupert Stadler as Chairman of the Board ofManagement for another five years Audi confirmed in a press statement

The board also decided to upgrade and expand the area of responsibility for integrity The Chief Compliance Officer is to reportdirectly to CFO Axel Strotbek

The Chairman of the Supervisory Board of AUDI AG and Chairman of the Board of Management of Volkswagen AG MatthiasMuumlller stated ampldquoWith this unanimous vote the Supervisory Board once again expresses its confidence that Mr Stadler willcontinue to develop Audi successfullyamprdquo

Peter Mosch Chairman of the General Works Council of AUDI AG and a member of the Presiding Committee of the SupervisoryBoard ampldquoWe employees attach very clear conditions to this contract extension Rupert Stadler must safeguard employment atour sites in Germany for the long term ensure good utilization of our plantsamprsquo capacities and systematically promotetechnologies that guarantee a successful future for our companyamprdquo

The Supervisory Board also decided to allocate Board of Management responsibility for integrity to CFO Axel Strotbek withimmediate effect His overall area of responsibility is now Finance IT and Integrity In the context of the Groupamprsquos realignmentthe Chief Compliance Officer will report to Strotbek and thus directly to a Board of Management memberhttpautoeconomictimesindiatimescomnewsindustryrupert-stadler-reappointed-as-audis-ceo-for-next-five-years58722171

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VWs JV in China to recall nearly 600000 vehicles over headlight fuse issue ReutersSee this story in The Economic Times

Beijing Volkswagen AGs joint venture in China FAW-Volkswagen Automobile Co Ltd will recall 577590 Golf and Sagitar cars inthe country because of a headlight fuse defect that may lead to potential safety risks said the states quality watchdog onWednesday

The recall covers Volkswagens 416364 units of Golfs produced between September 2009 and May 2014 and 161226 units ofSagitars produced between July 2010 and March 2012 said the General Administration of Quality Supervision Inspection andQuarantine (AQSIQ)

AQSIQ said fuse defects could cause headlight failure leading to possible security hazardshttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsvws-jv-in-china-to-recall-nearly-600000-vehicles-over-headlight-fuse-issue58711009Volkswagens JV in China to recall nearly 600000 vehiclesThe Times of Indiahttptimesofindiaindiatimescomautomiscellaneousvolkswagens-jv-in-china-to-recall-nearly-600000-vehiclesarticleshow58713220cms

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Reports of large-scale Ford job cuts meet indifference on Wall Street ReutersSee this story in The Economic Times

Investors on Tuesday shrugged off media reports that Ford Motor Co (FN) will announce plans to cut thousands of white-collarworkers highlighting the challenges facing Chief Executive Mark Fields

Fields whose nearly three years at the helm have been marked by a languishing share price is expected to announce as early asthis week Ford plans to cut about 10 percent of its salaried workforce in North America and Asia Ford does not plan any cuts to itshourly workforce or production capacity people familiar with the companys plan said

Ford plans to offer financial incentives to convince salaried employees to depart voluntarily including generous early retirementoffers a person briefed on the plan said

In 2016 Ford cut hundreds of white-collar jobs in Europe to cut costs by $200 million annually

Ford shares were down 013 percent in late afternoon trading and are down nearly 40 percent since Fields took over as CEO inJuly 2014

The focus of the cost-cutting effort is on North America and Asia people familiar with the plans said Ford has about 30000 salariedUS employees a company spokesman said

Ford declined to confirm or deny the planned cuts but said it was working toward reducing costs and becoming as lean andefficient as possible We have not announced any new people efficiency actions

The Detroit automakers are under pressure from President Donald Trump to add jobs in the United States but declining US salesand stalled share values are exerting a stronger force

Ford said in January it was cancelling a planned Mexico plant and adding 700 jobs in Michigan

Ford said last month it plans to cut costs by $3 billion in 2017 despite commodity prices rising by $1 billion On Friday Fields heldan investor lunch in Boston UBS analyst Colin Langan said in a research note that it remains bullish on Ford noting its stock ispriced at seven times earnings per share lower than the long term average of 9 times earnings

Fields was extremely candid about the market challenges including slowing US sales pricing pressure and rising commoditiesUBS said in a research note Monday

US automakers are trimming costs as they brace for slowing auto sales

General Motors Co (GMN) has cut more than 4000 US jobs since November and moved to conserve capital by shedding itsEuropean operations and closing unprofitable operations in Asiahttpautoeconomictimesindiatimescomnewsindustryreports-of-large-scale-ford-job-cuts-meet-indifference-on-wall-street58711593

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Israel to test roads that will charge EVs as it drives on it The Economic Times

New Delhi In the next step to make electric vehicles more feasible Israel is now investing in roads that power electric vehicles

The Government of Israel along with a start-up Electroad will operate a public bus route in Tel Aviv and will use anunder-the-pavement wireless technology to charge the vehicle and eliminate the need for plug-in recharging stations

If this concept comes through experts believe that the three biggest hurdles including cost weight and range will boost the fasteradoption of battery powered vehicles

In an interview to Digital Trends Electroad CEO Oren Ezer said ampldquoWe are currently testing the durability of our under-the-roadinfrastructureamprdquo The report also said that the Israeli startup has received $120000 from the Ministry of Transport and RoadSafety to test its technology on a half-mile stretch of road in Tel Aviv opening next year

If everything goes as per plan then 11 miles of this smart road will be installed between the city of Eilat and the Ramon InternationalAirport

ampldquoThis is the first technology to offer cost effective and safe wireless on-the-go for charging electric vehiclesamprdquo Ezer saidto Digital Trends ampldquoIt is exciting since it deals with the obstacles in the massive shift towards public electric transportation andthus has the potential to create a global transportation and energy revolutionamprdquo

ElectRoad is confident that its inductive charging technology can be scaled up cheaply enough to be adopted on roadwaysworldwide

ampldquoYou only need to pave for the infrastructure one time and thatamprsquos it You can use it for all kinds of vehicles sothatamprsquos a big advantageamprdquo says Oren Ezer chief executive and co-founder of the four-year-old company

If reports are to be believed then the companys ambitious plan includes wireless charging for a two-way street not only from roadto the vehicle but also using regenerative braking to give back certain power to the road

Ezer says ampldquoWe plan to start with buses of course but we believe in revolutionizing the entirety of transportationamprdquohttpautoeconomictimesindiatimescomnewsauto-technologyisrael-to-test-roads-that-will-charge-evs-as-it-drives-on-it58715331

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Volvo Cars to stop developing new diesel engines CEO ReutersSee this story in The Economic Times

Berlin Swedish carmaker Volvo will not develop any new diesel engines as the cost of reducing emissions of nitrogen oxide isbecoming too expensive Chief Executive Hakan Samuelsson was quoted as saying on Wednesday

From todays perspective we will not develop any more new-generation diesel engines Samuelsson told Germanys FrankfurterAllgemeine Zeitung in an interview

Samuelsson said Volvo would keep developing current diesel-powered models introduced in 2013 to meet future emissionsstandards but then the costs of keeping them compliant with higher anti-pollution standards would no longer be worth it with thecurrent generation likely to be produced till about 2023

Instead Volvo will invest in electric and hybrid cars with its first pure electric model due on the market in 2019

We have to recognise that Tesla has managed to offer such a car for which people are lining up In this area there should also bespace for us with high quality and attractive design Samuelsson said

Samuelsson has previously said that tighter emissions rules will push up the price of diesel-engined cars to the point where plug-inhybrids will become an attractive alternative

The average carbon dioxide emissions limit for European carmakers fleets will need to fall from 130 grammes per kilometre to 95grammes in 2021 forcing them to invest more in exhaust emissions technology

Diesel cars account for over 50 percent of all new registrations in Europe making the region by far the worlds biggest dieselmarket Volvo owned by Chinas Geely sells 90 percent of its XC 90 offroaders in Europe with diesel engines

The scandal over Volkswagens cheating of US environmental tests to mask emissions of nitrogen oxides which can cause or

aggravate respiratory disease means manufacturers are facing intense scrutiny over the true level of pollutants being emitted bytheir cars

Goldman Sachs believes a regulatory crackdown could add 300 euros ($325) per engine to diesel costs that are already some1300 euros above their petrol-powered equivalents as carmakers race to bring real NOx emissions closer to their much lowertest-bench scoreshttpautoeconomictimesindiatimescomnewspassenger-vehiclecarsvolvo-cars-to-stop-developing-new-diesel-engines-ceo58715478Volvo Cars to stop developing new diesel engines CEOThe Times of Indiahttptimesofindiaindiatimescomautomiscellaneousvolvo-cars-to-stop-developing-new-diesel-engines-ceoarticleshow58714602cms Volvo Cars to stop developing new diesel engines CEOThe Indian Expresshttpindianexpresscomarticlebusinesscompaniesvolvo-cars-to-stop-developing-new-diesel-engines-ceo-4660171 Volvo says new generation of diesel engines could be the lastFinancial Chroniclehttpwwwmydigitalfccomcarsvolvo-says-new-generation-diesel-engines-could-be-last-438Volvo wonamprsquot make new diesel engines to launch pure electric car by 2019 CEOHindustan Timeshttpwwwhindustantimescomautosvolvo-won-t-make-new-diesel-engines-to-launch-pure-electric-car-by-2019-ceostory-gDwwZj47884h46TM69bg1Nhtml

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BlackBerry working with automakers on anti-hack tool analyst ReutersSee this story in The Economic Times

Toronto BlackBerry Ltd is working with at least two automakers to develop a security service that would remotely scan vehicles forcomputer viruses and tell drivers to pull over if they were in critical danger according to a financial analyst

The service which would also be able to install security patches to an idle car is being tested by luxury automakers Aston Martinand Range Rover Macquarie analyst Gus Papageorgiou said in a note to clients sent late on Monday

Auto security is among several areas that BlackBerry is betting will boost its revenue after the Canadian company lost itsdominance of the smartphone market to Apple Inc and others over the past decade

John Wall the head of BlackBerrys QNX division and company spokeswoman Sarah McKinney both declined to comment

Matthew Clarke a spokesman for Aston Martin said in an email he was not aware of the company testing such a productRepresentatives with Range Rovers parent company Jaguar Land Rover could not be reached for comment

The service could be launched as early as next year generating about $10 a month per vehicle for BlackBerry according toPapageorgiou who has followed BlackBerry for more than 15 years

Vehicles increasingly rely on dozens of computers that connect to each other as well as the internet mobile networks and Bluetoothcommunications systems that make them vulnerable to remote hacks

Although a connected more software-centric automobile offers tremendous advantages to consumers it also opens the doors tohackers Papageorgiou wrote in his note

Automaker interest in cyber security has risen dramatically since 2015 when two hacking experts uncovered vulnerabilities in FiatChrysler vehicles that led to a US recall of 14 million autos

BlackBerry shares rose 53 percent to close at C$1384 after touching C$1415 the highest since March 2015httpautoeconomictimesindiatimescomnewsindustryblackberry-working-with-automakers-on-anti-hack-tool-analyst58709365

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European Union to launch legal case against Italy over Fiat emissions sources ReutersSee this story in The Economic Times

Brussels The European Union will launch legal action against Italy on Wednesday for failing to police allegations of emissions-testcheating by Fiat Chrysler properly following the Volkswagen dieselgate scandal EU sources said

EU officials have become increasingly frustrated with what they see as governments colluding with the powerful car industry and thelegal move is the biggest stick the European Commission has available to force nations to clamp down on diesel cars that spew outpolluting nitrogen oxide (NOx)

EU regulators say Italy has failed to convince them that the so-called defeat devices used to modulate emissions on its vehiclesoutside of narrow testing conditions are justified

They (Italian authorities) still need to provide additional information that would convince us that the devices used in Fiat models are

justified and can therefore be considered legal one EU source said

Italys transport ministry was not immediately available for comment In February it said new tests carried out on Fiat Chryslervehicles found no illegal engine software

Defeat devices have been illegal under EU law since 2007 Their use has come under renewed scrutiny following Volkswagensadmission that it used software in the United States to mask real-world NOx emissions which are blamed for respiratory illnessesand early deaths

European carmakers have argued they are not doing anything wrong citing an exemption that allows them to turn off emissioncontrol systems when necessary for safety or to protect engines

Last December the Commission launched cases against five nations including Germany Britain and Spain for failing to police thecar industry adequately

Despite the accusations levelled against its own carmakers Germany has accused Italys Fiat Chrysler of using an illegal device toscale back emission controls after 22 minutes - just longer than official tests

After Italy rejected Germanys allegations of hidden software on the Fiat 500X Fiat Doblo and Jeep Renegade models Berlin askedBrussels to mediate in the dispute That mediation ended without fanfare in March

Under the current system which the Commission is trying to overhaul national regulators approve new cars and alone have thepower to police manufacturers But once a vehicle is approved in one country it can be sold throughout the bloc

Wednesdays notice will be the first step in EU infringement procedures designed to ensure the blocs 28 member states abide byEU-wide regulations

If member states fail to respond convincingly Brussels can take them to the EU court in Luxembourghttpautoeconomictimesindiatimescomnewsindustryeuropean-union-to-launch-legal-case-against-italy-over-fiat-emissions-sources58709456

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Google now wants Android to power your car too BloombergSee this story in The Economic Times

GAndroid already powers most smartphones on Earth Now Google is placing its mobile operating system right inside cars a bid tocement its core service in the auto industry as more technology sweeps in

On Monday ahead of its IO mobile developers conference Alphabet Incs Google is showing off its next step in automotivesoftware an Android version of touchscreen car consoles and infotainment systems

It will host popular applications like Google Maps and Spotify but also control car features like seat positioning and temperatureThe new system also embeds the Google Assistant - the companys voice control service for searching on the go asking fordirections and making phone calls - in cars for the first time

This isnt Googles first stab at software for cars In 2014 the tech giant introduced Android Auto which lets people project contentfrom their smartphones to their cars screen The new system plunges deeper taking over the underlying software on the car Adriver doesnt need to plug in a phone to run ithttpautoeconomictimesindiatimescomnewsauto-technologygoogle-now-wants-android-to-power-your-car-too58709592

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Absent from America French carmakers Peugeot Renault drive into Iran election ReutersSee this story in Hindustan Times

French carmakers PSA and Renault are turning their US absence into an Iranian advantage by piling into a resurgent market stilloff-limits to foreign rivals fearful of sanctions under Donald Trumpamprsquos administration

The French investment has been seized upon by Iranian President Hassan Rouhani who is seeking re-election this week asevidence that his pursuit of a nuclear detente and attempts to attract foreign money will pay off for the economy

PSA - the maker of Peugeots and Citroens - and Renault have pushed hard into Iran since its 2015 deal with world powers that sawinternational sanctions lifted in return for curbs on Tehranamprsquos nuclear activities PSA has signed production deals worth 700million euros ($768 million) while Renault has announced a new plant investment to increase its production capacity to 350000vehicles a year

The French companies unlike their German American and Japanese competitors do not have manufacturing or sales operationsin the United States This makes them less vulnerable to penalties for any violation of US sanctions still in force which ban financialtransactions with Iran

The prospect of a hardened US stance under President Trump - a consistent critic of the nuclear deal - has deepened the caution of

carmakers with large American exposures

Germanyamprsquos Volkswagen and BMW are among those that have put Iranian ambitions on hold industry sources told Reuters

ampldquoWeamprsquore well aware of the market potential in Iran but we canamprsquot afford to take any risksamprdquo said a sourceclose to VW The company declined to comment on specific investment discussions

PSA and Renault declined to comment on their Iranian operations in detail Earlier this year PSAamprsquos Middle East chiefJean-Christophe Quemard acknowledged that the renewed US pressure under Trump was helping his company stay ahead offoreign rivals who were holding back

ampldquoThis is our opportunity to accelerateamprdquo Quemard said ampldquoWeamprsquove opened up a lead and we plan to hold onto itamprdquo

Early movers to establish Iranian operations could win big in a market deprived for years of affordable state-of-the-art vehicles andwhere sizeable import duties hand a major advantage to locally built cars

Iranian car sales jumped 50 in the first quarter of 2017 according to data provider IHS Automotive with models from PeugeotRenault and Iranamprsquos SAIPA showing solid gains

Tehran car salesman Mehdi Monfared whose dealership mostly sells domestic manufacturer Iran Khodroamprsquos namesakebrand said he had witnessed an ampldquoexplosionamprdquo in demand in recent months

ampldquoPeople are being less careful with their money and are spending their savings on carsamprdquo he told Reuters bytelephone ampldquoAnd the banks are lendingamprdquo

Presidential Peugeot

Rouhani pushed the French investment to the forefront of his election campaign when he attended a ceremony this month to markthe production launch of the Peugeot 2008 the first product of post-sanctions manufacturing deals with foreign carmakers

ampldquoWhen we signed the nuclear deal critics said it was just a piece of paper that would never be implementedamprdquo thepresident whose main challenger is a hardline cleric opposed to opening up Iranian markets said in an Instagram post picturinghim behind the wheel of the mini-SUV at the event in Tehran

ampldquoBut now we can see that auto industry sanctions have been lifted joint venture agreements concluded and a new car isbeing builtamprdquo

PSA and Renault have moved swiftly to sign new production deals to upgrade their pre-sanctions partnerships with Iran Khodro andSAIPA PSA plans to add more Peugeot and Citroen models in coming months while Renault has introduced its Sandero compactalongside the Tondar sedan

By contrast VW which had been considering a production tie-up with Iranamprsquos Mammut Khodro has put the talks on thebackburner because of the uncertainty according to the source close to the group

ampldquoAny company operating in Iran or planning to enter the market needs to ask itself what could happen if there is afundamental change of course by the USamprdquo the person saidhttpwwwhindustantimescomautosabsent-from-america-french-carmakers-peugeot-renault-drive-into-iran-electionstory-KM66arqsNrPz83mwZrkJfLhtml

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EU starts legal action against Italy over Fiat Chrysler emissions ReutersSee this story in Hindustan Times

Brussels The European Commission launched legal action against Italy on Wednesday for failing to respond to allegations ofemission-test cheating by Fiat Chrysler in a procedure that could lead to the country being taken to court

The Commission said Italy had failed to convince it that devices used to modulate emissions on Fiat Chrysler vehicles outside ofnarrow testing conditions were justified

ampldquoThe Commission is now formally asking Italy to respond to its concerns that the manufacturer has not sufficiently justifiedthe technical necessity ampndash and thus the legality ampndash of the defeat device usedamprdquo the Commission said in astatement

Italy has two months to respond to the Commissionamprsquos request and may be eventually taken to the European Court of Justiceif the answer is found to be unconvincing

Italy had asked the European Union to postpone its plan to launch legal action against Rome over emissions at Fiat ChryslerTransport Minister Graziano Delrio said

ampldquoConsidering that after the end of the mediation process we did not receive any request for further information we ask thatyou delay starting the infringement procedure while we await a letter asking for clarification on issues raised by your relevantofficesamprdquo Delrio told EU Industry Commissioner Elzbieta Bienkowska according to the ministryamprsquos statement

The European Commission has been mediating a dispute between Rome and Berlin after Germany accused Fiat Chrysler of usingan illegal device in its Fiat 500X Fiat Doblo and Jeep Renegade models That mediation ended without fanfare in March

EU officials have become increasingly frustrated with what they see as governments colluding with the powerful car industry and thelegal move is the biggest stick the European Commission has available to force nations to clamp down on diesel cars that spew outpolluting nitrogen oxide (NOx)

Delrio however said the material Italy had sent to the Commission during the mediation process showed that the vehiclesamprsquoapproval process was correctly performed

Under the current system which the Commission is trying to overhaul national regulators approve new cars and alone have thepower to police manufacturers But once a vehicle is approved in one country it can be sold throughout the blochttpwwwhindustantimescombusiness-newseu-starts-legal-action-against-italy-over-fiat-chrysler-emissionsstory-G4XfbTGytltBZNqpmKrNvOhtml

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Tiny coupAtildecopy turns aggressive BloombergSee this story in The Economic Times Audi recently unveiled the most powerful TT ever the 2018 Audi TT RS The tiny coupeacute is a mighty effort in so-called `sportpackaging but the engine does pack a legitimate punch Its a step forward for the model that first debuted as a bit of a soft littlecoupeacute but has quickly ramped up to add serious racing elements

The TT RS has a five-cylinder engine that gets 400 horsepower and most of its 354 pound-feet of torque from the rear wheels eventhough it comes with standard perma nent all-wheel drive The TT RS can hit 60 mph in 36 seconds -roughly a half-second fasterthan a Porsche 911 Carrera 4S Top speed is 174 mph with an optional sport package Audi has done much here to play up thesignature five-cylinder sound and gear-shift sequence in this new car Its part of the reason why you might buy this TT as againstsay its natural competitors such as the Jaguar F-Type or Porsche Cayman The extra RS badges let everyone know its the mostpowerful variant in the TT line

The car is lighter than its previous generations Also new this year are comfort auto dynamic and individual drive modes integrated directly into the seven-speed trans mission The new TT RS has optional OLED 3D rear taillights that havent been availablebefore in a series production car from Audi

The lights -and a large rear-wing spoiler --help the car seem more like a true racer than just the little brother of the ex ceptional R8

Inside Audi has added a screen that displays i n for mation on ti re pressure torque and G -forces the coloured background of thescale on the screen also prompts the driver to upshift as the car ac celerates Much like the Audi R8 V10 it also has a three-spokeflat-bottom sport steer ing wheel with shift paddles and two buttons atop it that allow for engine startstop and drive select The carwill go to showrooms later this spring Pricing starts at $64900

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Malaysia eyes sale of Proton as Mahathir Mohamadacirceurotrades auto dream dies Matthew Campbell amp Choong En Hanmint

LondonKuala Lumpur Proton was supposed to drive Malaysia into the futureampmdashnot into a ditch

In its day automaker Proton Holdings was a source of national pride and the centrepiece of a bold strategy by Mahathir MohamadMalaysiaamprsquos leader for more than two decades to turn his country into an industrialized powerhouse equal to Asian Tigers likeSouth Korea and Taiwan The former prime minister founded the company in 1983 calling its first sedan the Saga an icon ofampldquonational dignityamprdquo

Mahathiramprsquos dream is now in tatters and Southeast Asiaamprsquos first auto brand is in severe financial trouble even afterreceiving more than $3 billion in subsidies since its foundation Proton is seeking to sell a stake of as much as 51 to a foreignbuyer in order to keep factories open and develop new models

After months of talks Proton parent DRB-Hicomamprsquos board plans to meet this week to discuss proposals from ChinaamprsquosZhejiang Geely Holding Group Co and Franceamprsquos PSA Group a person with knowledge of the situation said Friday askingnot to be identified because the deliberations are private DRB-Hicom declined to comment on the sale process

Protonamprsquos travails are symbolic of Malaysiaamprsquos broader failure to break out of what economists call the middle-incometrap Despite stacks of studious white papers and a raft of mega-projects intended to jump-start productivity growth in grossdomestic product has declined below 5 trailing government targets and a quarter of the population receives aid from PrimeMinister Najib Razakamprsquos government to top up low incomes

Mahathiramprsquos legacy

With a major part of his legacy at risk Mahathir who led Malaysia from 1981 to 2003 is strenuously opposed to giving foreigninvestors control over Proton which was privatized in 2012 ampldquoMy personal view is that it must remain a national caramprdquo

the 91-year-old said in an interview in Putrajaya the purpose-built capital outside Kuala Lumpur that was another signature projectduring his tenure

ampldquoIt is a national car industry Itamprsquos not just about a car Itamprsquos about engineering A country without engineering skilland knowledge will never become a developed countryamprdquo he said

Proton was conceived as both a statement about Malaysian-style industrial planningampmdashproof that a developing country couldhaul itself to the commanding heights of the global economyampmdashand a practical source of inexpensive vehicles for Asianconsumers When it was launched in 1985 the Proton Saga sedan started at just under 18000 ringgit or about $7200 at the timeand sold briskly in Malaysia and elsewhere in the region as well as the UK

Yet despite the Sagaamprsquos patriotic origins foreign technology played a significant role under the hood The sedan was basedon the chassis of Mitsubishi Motorsamprsquo four-door Lancer Fiore and the Japanese company provided major components formany of Protonamprsquos later models It would take until the late 1990s for Proton to be able to develop new cars completely on itsown

Tariff protection

For most of its history Proton benefited from tariffs of as much as 300 on imported cars Combined with rules that allowedconsumers to spread cheap car loans over as long as nine years the company was able to establish a dominant position in theMalaysian market

Yet even with that home-field advantage Protonamprsquos success proved fleeting At the high-water mark of sales in 1993 Protonaccounted for 74 of new cars sold in Malaysia In 2016 a decade after the government slashed tariffs on foreign-made vehiclesas part of its participation in a Southeast Asian free-trade pact the figure was 125

Aside from tariffs analysts point to multiple culprits for Protonamprsquos failure to compete with international automakers Forexample in its short history the companyamprsquos cars have racked up an unenviable reputation among Malaysians for qualityproblems One notorious issue involved power windows that would jam shut requiring drivers to open their doors and lean out intothe road to hand over cash at toll booths

Dismal record

Meanwhile Protonamprsquos record of acquisitions has been dismal Lotus Cars the iconic British sports-car manufacturer thatProton bought for pound51 million in 1996 has since become something between a curiosity and a non-entity among consumers In allof 2016 Lotus sold just 339 cars in its home country according to registration data from the Society of Motor Manufacturers andTraders in London

Another European foray a euro70 million ($77 million) purchase of Italyamprsquos MV Agusta in 2004 ended in embarrassment Afterfailing to revive sales and manage its debt Proton unloaded its controlling stake in the motorbike producer a year later for one euro

A broader challenge With cars becoming ever more technologically advanced keeping up with developments from the research ampdevelopment departments of globe-spanning producers like Toyota Motor Corp and Volkswagen AG is increasingly difficult forcarmakers without similarly deep pockets The experience of smaller European producers is instructive The UK Sweden andCzech Republic have all seen once-proud national brands absorbed by global auto giants over the last three decades

Fading symbol

Finding a foreign partner for Proton which has about 12000 employees is a logical solution for ampldquoan inefficient loss-makingcompany that was a national symbol but really is deterioratingamprdquo said Peter Mumford the head of Southeast Asia coverage atpolitical consultancy Eurasia Group ampldquoIf the brand is preserved and jobs are preserved this may end up being a populardecisionamprdquo

Privatized in 2012 with a sale to DRB-Hicom a conglomerate controlled by Malaysian billionaire Syed Mokhtar Protonamprsquossearch for a buyer began last year With sales flagging Malaysiaamprsquos government stepped in April 2016 to make a 15 billionringgit ($347 million) loan to the carmaker which allowed it to avoid defaulting on obligations to suppliers The deal came with asignificant catch Proton would need to find a major new investor to put it on a more sustainable financial footing

The shape of any investment is still up in the air Under one scenario being discussed Geelyampmdashwhich also ownsSwedenamprsquos Volvo brandampmdashwould take a large minority stake in Proton itself while purchasing a majority of the Lotussubsidiary the person with knowledge of the situation said By contrast PSA Group would prefer to acquire majority control ofProton as a whole another person familiar with the process said Both companies declined to comment

DRB-Hicom shares rose 12 to 182 ringgit in Kuala Lumpur on Wednesday reaching their highest level in two yearsGeelyamprsquos Hong Kong-listed unit climbed 07 while PSA declined 07 in Paris

Political feud

The Malaysian governmentamprsquos willingness to cut Proton loose may have been a function in part of Mahathiramprsquos ongoingfeud with Najib formerly his political protege Mahathir has campaigned for Najibamprsquos removal arguing that graft scandalsmade him unfit to lead Mahathir served as Protonamprsquos chairman from 2014 until last year before resigning as relations with thecurrent prime minister worsened Najib has denied any wrongdoing

Mahathiramprsquos position in the wilderness ampldquomay make it politically slightly easieramprdquo for a sale to take place Mumfordsaid For his part Mahathir largely agrees claiming that ampldquothe government seems to be set on bankrupting Proton and sellingit off because I think it is regarded as my babyamprdquo

Najibamprsquos government argues that Proton can thrive under foreign leadership gaining capital and expertise as an arm of alarger carmaker A partnership ampldquowill allow Proton to expand its technology and marketing baseamprdquo said Madani Saharithe chief executive officer of the Malaysia Automotive Institute a public-sector body that develops policies for the industry The goalMadani added is to ampldquoopen opportunities for more exports from Malaysiaamprsquos supply chainamprdquo

Malaysian carmakers

Nor is Proton Malaysiaamprsquos only carmakerampmdashor even these days its largest That honour belongs to PerusahaanOtomobil Kedua Sdn or Perodua which sells Malaysiaamprsquos most popular car the Myvi compact sedan Yet unlike ProtonPerodua has never aspired to be fully independent Instead most of the major components in its cars come from JapanamprsquosDaihatsu Motor Co a shareholder in the company

Still as Malaysia tries to fulfill a national goal of becoming a ampldquohigh-income societyamprdquo by 2020 itamprsquos probably timeto give up on dreams of becoming an automotive power said Bridget Welsh a political scientist at John Cabot University in Romewho specializes in Southeast Asian states

Neighbouring Thailand which never adopted a national car policy and has been far more welcoming to foreign direct investmentfrom Japanese automakers has a much bigger auto sector Just under 2 million cars were produced in Thailand last yearcompared with about 545000 in Malaysia

ampldquoMahathiramprsquos vision of development was highly focused on traditional models of industrializationamprdquo Welsh saidampldquoWhere does Malaysiaamprsquos competitiveness lie It doesnamprsquot lie in the car industryamprdquo but rather in servicesand light high-tech manufacturing she saidhttpwwwlivemintcomIndustryWfScncX72isx6B6GPCWOGLMalaysia-eyes-sale-of-Proton-as-Mahathir-Mohamads-auto-dreahtml

Top

Fiat shares fall as EU expected to start legal action over emission tests ReutersSee this story in Business Standard

Shares in Fiat Chrysler fell 24 percent in early trade on Wednesday a day after Reuters reported that the European Union will startlegal action against Italy for not policing allegations of emission-test cheating by the car maker

EU regulators say Italy has failed to convince them that the so-called defeat devices used to modulate emissions on its vehiclesoutside of narrow testing conditions are justified

Top

Economy

Rupee sheds 7 paise at 6415 PTISee this story in The Hindu Business Line

Mumbai The rupee failed to maintain its strong initial gains and ended lower by 7 paise at 6415 the second consecutive sessionfall against the US dollar due to sustained demand for the American currency from importers

However robust capital inflows into local equities along with greenbackamprsquos weakness against other currencies overseascapped losses to some extent

Though the movement confined to a narrow range the domestic currency breached the key psychological 64 mark briefly in themorning session to trade at multi year highs before its slide

Expectations that the US Federal Reserve will not tighten its monetary policy amid intensifying political scandal around USPresident Donald Trump supported rupee sentiment initially

The local unit resumed firmly higher at 6399 from overnight close of 6408 at the Interbank Foreign Exchange market on bouts ofdollar selling by exporters

It then strengthened further to touch a high of 6395 before retreating sharply to hit an intra day low of 6416 in late afternoon deals

After trading range bound the domestic unit finally settled the day at 6415 showing a loss of 7 paisehttpwwwthehindubusinesslinecommarketsforexrupee-dollar-live-updatearticle9703132ece

Top

Sensex ends at record high of 30659 Nifty jumps to 9526 Agencies

Najibamprsquos government argues that Proton can thrive under foreign leadership gaining capital and expertise as an arm of alarger carmaker A partnership ampldquowill allow Proton to expand its technology and marketing baseamprdquo said Madani Saharithe chief executive officer of the Malaysia Automotive Institute a public-sector body that develops policies for the industry The goalMadani added is to ampldquoopen opportunities for more exports from Malaysiaamprsquos supply chainamprdquo

Malaysian carmakers

Nor is Proton Malaysiaamprsquos only carmakerampmdashor even these days its largest That honour belongs to PerusahaanOtomobil Kedua Sdn or Perodua which sells Malaysiaamprsquos most popular car the Myvi compact sedan Yet unlike ProtonPerodua has never aspired to be fully independent Instead most of the major components in its cars come from JapanamprsquosDaihatsu Motor Co a shareholder in the company

Still as Malaysia tries to fulfill a national goal of becoming a ampldquohigh-income societyamprdquo by 2020 itamprsquos probably timeto give up on dreams of becoming an automotive power said Bridget Welsh a political scientist at John Cabot University in Romewho specializes in Southeast Asian states

Neighbouring Thailand which never adopted a national car policy and has been far more welcoming to foreign direct investmentfrom Japanese automakers has a much bigger auto sector Just under 2 million cars were produced in Thailand last yearcompared with about 545000 in Malaysia

ampldquoMahathiramprsquos vision of development was highly focused on traditional models of industrializationamprdquo Welsh saidampldquoWhere does Malaysiaamprsquos competitiveness lie It doesnamprsquot lie in the car industryamprdquo but rather in servicesand light high-tech manufacturing she saidhttpwwwlivemintcomIndustryWfScncX72isx6B6GPCWOGLMalaysia-eyes-sale-of-Proton-as-Mahathir-Mohamads-auto-dreahtml

Top

Fiat shares fall as EU expected to start legal action over emission tests ReutersSee this story in Business Standard

Shares in Fiat Chrysler fell 24 percent in early trade on Wednesday a day after Reuters reported that the European Union will startlegal action against Italy for not policing allegations of emission-test cheating by the car maker

EU regulators say Italy has failed to convince them that the so-called defeat devices used to modulate emissions on its vehiclesoutside of narrow testing conditions are justified

Top

Economy

Rupee sheds 7 paise at 6415 PTISee this story in The Hindu Business Line

Mumbai The rupee failed to maintain its strong initial gains and ended lower by 7 paise at 6415 the second consecutive sessionfall against the US dollar due to sustained demand for the American currency from importers

However robust capital inflows into local equities along with greenbackamprsquos weakness against other currencies overseascapped losses to some extent

Though the movement confined to a narrow range the domestic currency breached the key psychological 64 mark briefly in themorning session to trade at multi year highs before its slide

Expectations that the US Federal Reserve will not tighten its monetary policy amid intensifying political scandal around USPresident Donald Trump supported rupee sentiment initially

The local unit resumed firmly higher at 6399 from overnight close of 6408 at the Interbank Foreign Exchange market on bouts ofdollar selling by exporters

It then strengthened further to touch a high of 6395 before retreating sharply to hit an intra day low of 6416 in late afternoon deals

After trading range bound the domestic unit finally settled the day at 6415 showing a loss of 7 paisehttpwwwthehindubusinesslinecommarketsforexrupee-dollar-live-updatearticle9703132ece

Top

Sensex ends at record high of 30659 Nifty jumps to 9526 Agencies

See this story in The Hindu Business Line

Chennai Markets ended at record highs for the third straight session today on sustained foreign inflows and persistent buying byretail investors buoyed by the early onset of monsoon and encouraging quarterly earnings

The benchmark BSE Sensex ended at a new closing peak of 3065877 up 7617 points or 025 per cent and the NSE index Niftygained 1350 points or 014 per cent to a record 952575

Among BSE sectoral indices metal index was the star-performer and was up 237 per cent followed by auto 057 per cent capitalgoods 022 per cent and power 014 per cent On the other hand consumer durables index was down 076 per cent oil amp gas 037per cent healthcare 03 per cent and PSU 023 per cent

Top five Sensex gainers were Tata Steel (+795) Tata Motors (+282) ICICI Bank (+235) TCS (+099) and Asian Paints(+088) while the major losers were Wipro (-17) Adani Ports (-14) Cipla (-094) HDFC (-089) and GAIL (-056)

Shares of Tata Steel rallied as the quarterly loss narrowed and as the company agreed to the main terms of a deal for a pensionscheme for its British workers

Asian sharesUS share futures and the dollar tumbled in Asian trade on Wednesday after reports President Donald Trump asked then-FBIDirector James Comey to end a probe into Trumps former national security advisor

The reports raised questions over whether obstruction of justice charges could be laid against Trump weakening confidence in theUS presidents ability to push through an aggressive stimulus programme that investors had been banking on since his election lastNovember

SampP 500 mini futures the worlds most liquid stock futures dropped 05 per cent in early Asian trade

The SampP 500 and the Dow ended Tuesdays session flat after mixed economic data and retail earnings while the Nasdaq hadanother record close with help from technology stocks

The Dow Jones Industrial Average closed down 219 points or 001 per cent to 2097975 and the SampP 500 lost 165 points or007 per cent to 240067 easing from an intraday record high of 240577

The Nasdaq Composite added 2020 points or 033 percent to 616987 a record close for the indexhttpwwwthehindubusinesslinecommarketsstock-marketssensex-nifty-live-updatearticle9703243ece

Top

Closing

Last Financial Closing

Sensex 3065877 (+7617)NSE 952575 (+1350)US$ spot Rs6416US$ Y1109800US$ 6 months RsYen Rs58Euro spot Rs7121

Gold (10gm) Rs28207Silver (1kg) Rs3919900

Crude Oil (WTI) Crude Oil (Brent) $5197 (+4032)

Scip on BSE Face Value (Rs) Last Traded Value (Rs)Apollo Tyres 1 23735 Asahi Ind 1 24555Amara Raja B 1 93770Ashok Leyland 1 8805Bajaj Auto 10 303970Bharat Forge 2 112420Denso 1 Eicher Motor 10 2911615

Escorts 10 65385Exide Ind 1 24320Force Motors 10 448955Gabriel India 1 13160Hero Motocor 2 364595Hind Motors 5 950Hi-Tech Gear 10 34715Jay Bh Maruti 5 63610

Jamna Auto 5 23840JK Tyres amp Inds 10 17965Kinetic Motors 10 Kinetic Engg 10 KOEL 2 39155Kirloskar Br 2 26435LML Ltd 10 1155LampT 2 175545Lumax Ind 10 143060Lumax Tech 10 51105MampM 5 137880Maruti Suzuki 5 695820Motherson SS 1 41530Minda Inds 2 56010MRF 10 6805470Omax Auto 10 8300Rico Auto 1 5960Sona Koyo St 1 8320

SRF 10 183180Tata Motors 2 44910 TVS Motors 1 53255

Scip on BSE Face Value (Rs) Last Traded Value (Rs)Bhushan Steel 2 9985Hindalco 1 19885Hind Zinc 2 25205JSW Ispat S 10 Jind Steel 1 11645JSW Steel 1 20670Jindal Saw 2 8020National Aluminium 5 6770SAIL 10 6250Tata Steel 10 49390Visa Steel 10 2880

Scip on BSE Face Value (Rs) Last Traded Value (Rs)Ambuja Cement 2 25800Binani Industries 10 8490Birla Corp 10 77440India Cement 10 21720Prism Cement 10 12520JK Cement 10 111465Shree Cement 10 1886995

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NURC MediaNext Pvt Ltd

DirectorSapna KulshresthaMobile 9810975257

Production-in-ChargeS K MandalPhone 011-22626650

Editing-in-ChargeGulab Singh YadavMobile 9999132357

Marketing-in-ChargeRashmi ThakurMobile 9958949710

Accounts-in-ChargeVimal ParasharMobile 9910631712

PLEASE NOTE

NURC Industry Updates contain editedtruncated text of Industry-specific news as it appears in various select dailies and websites These are NOT full stories unless otherwisespecifically mentioned The stories contained herein are informational only and no representation is made or warranty given as to their content reliability truthfulness orusefulness User assumes all risk of use It be clearly understood that NURC updates do not claim to and neither mean to replace the Print or the Internet editions of variousnewspapers whose articles are featured therein For the best and complete news reading NURC urges its readers to read the full text of the stories from the Newspaperswhose credits are given after the headline and visit the related website whose URL is given below the text matter of each news item

NURC News Update - AUTOMOBILES

News on Indian Auto Industry Copyright 1999 NURC MediaNext Pvt Ltd

This update purports to be a compilation of the top stories for the day in the leading Indian and International dailies websites and other information sources and NURCMediaNext Pvt Ltd cannot and does not vouch for their authenticity NURC MediaNext Pvt Ltd cannot be held responsible for any loss(es) arising out of or incidental to theuse of this News Update Reproduction or redistribution without express permission of NURC MediaNext Pvt Ltd is strictly prohibited and is a violation of the subscriptionagreement Such instances will result in immediate cancellation of subscription to the Service without any refund for the remaining period at the sole discretion of NURCMediaNext Pvt Ltd

This email is a solicited newsletter We sent you this email because youyour employer organisation signed up for our daily industry updates If you do not wishto receive these email updates in future please contact us at vimalpnurcmedianextcom to unsubscribe

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NURC MediaNext Pvt Ltd

DirectorSapna KulshresthaMobile 9810975257

Production-in-ChargeS K MandalPhone 011-22626650

Editing-in-ChargeGulab Singh YadavMobile 9999132357

Marketing-in-ChargeRashmi ThakurMobile 9958949710

Accounts-in-ChargeVimal ParasharMobile 9910631712

PLEASE NOTE

NURC Industry Updates contain editedtruncated text of Industry-specific news as it appears in various select dailies and websites These are NOT full stories unless otherwisespecifically mentioned The stories contained herein are informational only and no representation is made or warranty given as to their content reliability truthfulness orusefulness User assumes all risk of use It be clearly understood that NURC updates do not claim to and neither mean to replace the Print or the Internet editions of variousnewspapers whose articles are featured therein For the best and complete news reading NURC urges its readers to read the full text of the stories from the Newspaperswhose credits are given after the headline and visit the related website whose URL is given below the text matter of each news item

NURC News Update - AUTOMOBILES

News on Indian Auto Industry Copyright 1999 NURC MediaNext Pvt Ltd

This update purports to be a compilation of the top stories for the day in the leading Indian and International dailies websites and other information sources and NURCMediaNext Pvt Ltd cannot and does not vouch for their authenticity NURC MediaNext Pvt Ltd cannot be held responsible for any loss(es) arising out of or incidental to theuse of this News Update Reproduction or redistribution without express permission of NURC MediaNext Pvt Ltd is strictly prohibited and is a violation of the subscriptionagreement Such instances will result in immediate cancellation of subscription to the Service without any refund for the remaining period at the sole discretion of NURCMediaNext Pvt Ltd

This email is a solicited newsletter We sent you this email because youyour employer organisation signed up for our daily industry updates If you do not wishto receive these email updates in future please contact us at vimalpnurcmedianextcom to unsubscribe

Powered by Enablingbiz Esoluttions