Automotive Updates- 09/05/2014

• In a bid to consolidate its presence in the Rs 14,000 crore car servicing industry, Mahindra First Choice Services, the multi-brand car service division of the Mahindra Group, said it plans to set up 450 outlets in the country in next three years. 

• Rane TRW Steering Systems Ltd (RTSSL), the 50:50 joint venture between Rane Investments and TRW, has expanded operations to manufacture TRW airbags and the latest generation of seatbelt systems.

• Audi yesterday unveiled a new 3.0 TDI V6 engine at the Vienna Motor Symposium. The Clean Diesel engine is Euro 6 compliant with a displacement of 2,967 cc and a cylinder bank angle of 90 degrees.Audi have not listed out the models the engine would go into, but the current 3.0-liter motor is used right from the A4 till the Q7, covering a wide spectrum of Audi sedans and SUVs. Skoda and Volkswagen share this engine for their bigger vehicles.

• Eicher Motors Ltd today posted a 42 per cent increase in consolidated net profit to Rs 139.12 crore in the first quarter ended March 31.The company had posted a profit of Rs 97.94 crore in the same period of 2012-13.

• German automotive and industrial supplier Stabilus is planning to sell shares worth up to 292 million euros ($401 million) in its market debut on May 23.

• Atuo major Mahindra & Mahindra (M&M) Ltd today said a section of its employees who were not reporting to duties at the company's tractor manufacturing plants at Mohali, Punjab, have resumed their work with effect from May 8. 

• Domestic giant Tata Steel has said despite a tough year for automobile sector, FY 14 saw sales of its special grade steel used in vehicles jump 15 per cent. The player which is counted among top 10 steel producers in the world, in a latest publication has said that despite a negative growth of 16 per cent and five per cent in commercial vehicles and and passenger cars it could achieve growth in automative sales mainly on the back of replacing imports.

•  Ford is recalling more than 692,000 Escape small SUVs and C-Max gas-electric hybrids in North America to fix two safety problems.The recalls cover vehicles from the 2013 and 2014 model years. Most of the Escapes have both problems.

• India's popular motorcycle marque, Royal Enfield, has started the New Year on a thumping note. For Eicher Motors Ltd, which is the parent company of Royal Enfield, has reported its highest ever total income from operations at Rs 1924.2 crores, highest ever EBIT at Rs 174.2 crores and highest ever PAT at Rs 156.2 crores for the quarter ending March 31, 2014.

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