Indian automobile market updates - 3rd June 2014

• Japanese car giant Honda plans to nearly double sourcing of auto components, including engine parts, from India to over Rs 800 crore during 2014-15.The company's wholly-owned subsidiary Honda Cars India Ltd (HCIL) is also planning to double exports of vehicles from the country to other parts of the world. 

•  Tata Motors' Jamshedpur plant has reasons to cheer. After months of below average production of vehicles, the local unit has received an impressive order for production of trucks in the first quarter of the current financial year beginning April 1, 2014.The plant has seen a steep rise in production from 2,500 trucks per month on an average over the past six months to 6,000 per month since May this year.

• Following the recent launch of 2015 BMW X5 at the hands of Sachin Tendulkar, BMW has a host of upcoming launches in the form of 7-series ActiveHybrid L, the new BMW i8 and introduction of 2015 Mini range. Besides these new launches, the company is also eager to expand their reach in the country with added emphasis on urban markets to take total outlets to 50 by end of 2015.

• Ankush Arora, who quit Tata Motors as its senior vice-president (passenger vehicle business unit) on May 31, is set to join the Mansour Group of Egypt by the middle of this month.

• Employees at Continental AG worldwide have contributed to handsome savings of over 160 million euros (Rs 1,294 crore) through the Continental Idea Management (CIM) program. In 2013, employees at over 140 locations around the world helped boost efficiency and cost effectiveness at the international automotive supplier, tyre manufacturer, and industrial partner with 440,000 implemented ideas. On average, around 178,000 employees submitted more than two ideas per employee in 2013.

• The Brose Group, which is among the top 40 global automotive suppliers, is targeting an increase in sales revenue from 8 percent to about 5 billion euros (Rs 40,440 crore) in 2014.  To drive growth, the company’s shareholders have given a nod to a 920 million euro (Rs 7,440 crore) investment program

• Anil Dua, Hero MotoCorp’s senior vice-president (Sales & Marketing), has called it a day at the country’s largest two-wheeler company. A statement issued by the company says that he will continue in his current role till June 24, 2014

• Tata Motors has announced the retirement of Ravi Kant, its non-executive vice-chairman, from the company’s board with effect from May 31, 2014 on attaining the age of 70 which is the company’s retirement policy

• Hyundai India will be driving in its compact SUV next year. The update comes from Rakesh Srivastava, Senior Vice President, Marketing and Sales, Hyundai Motor India Limited. Hyundai India will launch a compact SUV next year. The compact SUV segment in India, which is composed of the Renault Duster, Nissan Terrano and Ford EcoSport.

• image from indianexpress.com