Automobile Market Update - 1st June 2014

• Japanese car giant Honda Motor Company will increase output from its plant here by starting a second production shift in seven to eight months to help meet its target of an almost 50 per cent jump in sales to 2 lakh units in 2014-15. 

• The company's wholly owned Indian subsidiary, Honda Cars India Ltd, may also consider ramping up the capacity of theTapukara plant in the next two-three years as it targets sales of 3 lakh units a year by 2016-17. 

• Mahindra Group Chairman, Anand Mahindra is the first Indian recipient of the prestigious Harvard Medal for his dedication, generosity and service to the University. Harvard President Drew Faust, Lincoln Professor of History presented him with the medal at the Annual Meeting of the Harvard Alumni Association during Harvard’s 363rd Commencement Afternoon Program on May 29th, 2014.

• Europe's largest car maker Volkswagen is studying the possibility of introducing a budget brand for the Indian market, a move its Chinese subsidiary is very close to finalizing.

• Japanese two-wheeler maker Yamaha is eying around 10 per cent share in the fast growing scooter market in India this year riding on its three models.

• As part of the nine models planned for an India launch by BMW, the Bavarian auto giant will be launching the 7-Series ActiveHybrid sedan in the country in July this year. The 7-Series ActiveHybrid will be the company’s first hybrid vehicle for India.

•  Ford Motor Co will recall 915,216 Ford Escape and Mercury Mariner SUVs in North America because of a possible loss of power steering, the company and US regulators said on Thursday.

•  image from The Hindu website