automotive Updates - 24th June 2014

• Mercedes Benz India on Tuesday launched the limited edition variant called 'Edition 1', celebrating the first year anniversary of its new generation compact cars 'A Class' and 'B Class.' Edition 1, carries a price tag of Rs 26.17 lakh and Rs 28.75 lakh ex-showroom Mumbai respectively. Only available in the diesel variant, only 100 units of each of A and B Class will be up for sale. 

• Nissan Motor Co Chief Executive Carlos Ghosn, one of the highest-compensated executives in Japan, said he was paid 995 million yen ($9.8 million) in the financial year that ended in March, up 0.7 per cent from the previous year.

• Times of India reports that Suzuki Motorcycle India is set to launch 6 new locally made scooters and motorcycles, apart from CBU and CKD models, over the next three years. At present the company’s product portfolio is populated by three scooters and three motorcycles in addition to CBU and CKD imports.

• Dana Holding Corporation, which supplies highly engineered driveline, sealing, and thermal-management technologies that help improve the efficiency and performance of vehicles with both conventional and alternative-energy powertrains, has received Hino Trucks’ ‘Excellence in Quality Improvement’ award.  Dana accepted the award, which recognises superior improvement in parts-per-million (PPM) defect performance at Hino's annual supplier business meeting this month.

• In less than two months since its Indonesian launch, the Datsun Go+ has received over 3,500 bookings.

• With uncertainty looming over excise duty structure on automobiles as reduced rates expire on June 30, Hyundai Motor India may raise vehicle prices if the cess rate is reverted back to the levels before the interim Budget in February.

• The Kinetic Group and Belgium-based Ikaros Solar Group, a leading global player in the photovoltaic (PV) market, have set up a joint venture company named Ikaros Kinetic Solar Pvt Ltd. The JV will provide customised solutions to cater to low-capacity solar PV installations of 20KWp to 1 MW focusing on residential and commercial roof-top installations.  It will also cater to EPC requirements of utility scale PV projects from 1 MW and above for developers under the National Solar Mission, state policies, large manufacturing plants in the automotive, steel, pharma and textile sectors. It is also keen to develop solar farms. The shareholding pattern of the JV is Ikaros 51 percent, Kinetic Group 25 percent and Pune-based power electronics company Intelux India, 24 percent. Autocar Professional had broken this news story on May 20.

• Mahindra & Mahindra has issued a statement at the National Stock Exchange that it has no definite plans to set up a plant in Brazil, contrary to what was reported by the media recently.The publication reported with a quote from Dr. Pawan Goenka, Executive Director and President, M&M (automotive and farm equipment sector), that the automaker is considering a production plant in Brazil to circumvent the heavy tax structures.

• TRW Automotive is to launch its next-generation seatbelt retractor – the Floating Spool 1 (FS1) – which offers reduced weight and smaller dimensions when compared with previous systems. The global FS1 technology is starting production with several vehicle manufacturers in Asia, Europe, North America and South America during the second quarter of 2014.

• Volvo Cars starts production of the new Volvo S60 and V60 Polestar at its Torslanda plant. A total of 750 cars will be produced of the S60 and V60 Polestar model this year, heading to customers in Canada, the Netherlands, Japan, Sweden, Switzerland, United Kingdom and the USA. 

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•  image from hindubusinessline.com