Automotive Updates - 17th September 2015

•  Gurgaon-based automotive component manufacturer Lumax group is targetting Rs 2,500 crore consolidated revenue this fiscal year. It expects the revenue to double to reach Rs 5,000 crore over the next five years. The auto component group, which includes listed Lumax Auto Technologies and Lumax Industries, posted revenue of about Rs 2,100 crore in the last fiscal year ended on March 31. (Etauto)

• Scania has rolled out the 1,000th truck from its facility in Narasapura, Bangalore.The truck facility at Narasapura was inaugurated in October 2013 and the bus plant in March 2015. With a collective investment of Rs. 3 billion, this facility houses a service workshop and a central parts warehouse as well. At present, Scania has a current production capacity of 2,500 trucks and 1,000 buses. The company aims to double its capacity by 2020 and has a target of selling 5,000 trucks and 2,500 buses annually. (team-bhp)

• Tata Motors-owned Jaguar Land Rover (JLR) has no plans to set up a manufacturing facility in India to make premium cars as the country currently is not a market for them, its CEO Ralf Speth said on Tuesday. "Localisation is a step by step process. Manufacturing is always a possibility in India. It will depend on India developing its economy. At this moment, India is not a market for premium cars in terms of volumes that justify building a plant there," he said."If it were to explode in terms of GDP and come closer to the Chinese market of 24 million cars a year, we can think about a unit in India," he said.(cartrade)

• India Yamaha Motor, which is riding high in terms of sales, and for the first time in its history, has sold more than 60,000 two-wheelers in a single month (August 2015: 61,440 units), has received a good initial response from the market for its entry level midsized sportsbike, the YZF-R3. The liquid-cooled, twin-cylinder, 321cc, 41bhp YZF-R3, which is imported into India in the form of completely knocked down (CKD) kits and locally assembled at the company’s Surajpur (Uttar Pradesh) facility, has recorded total despatches of 140 units during August 2015. Yamaha is currently assembling close to 10 units of the YZF-R3 per day, confirms the company. - See more at: http://www.autocarpro.in/news-national/yamaha-yzf-sales-india-9301#sthash.QxqORTV6.dpuf

•  Standard & Poor's has cut the long term credit rating of Amtek Global, reflecting the "heightened liquidity risks" at its parent company Amtek Auto, which might default on loan obligations."The downgrade reflects heightened liquidity risks at India-based parent company Amtek Auto. We see a risk that Amtek Auto may not have sufficient liquidity to meet its interest or debt obligations, which could lead to a default at Amtek Auto, or a debt restructuring," S&P Rating Services said in a statement.(Etauto)

• Hero Cycles, the world’s largest cycle manufacturer by volume, has announced its acquisition of India’s leading premium cycle maker Firefox bikes. The acquisition bolsters the former’s bid to expand its presence in the premium bicycle sector and offers a strong financial impetus to the latter’s growth prospects.As a part of the deal, the two entities have mutually agreed that Firebox Bikes will retain its brand identity and will continue to operate as a separate unit post acquisition.(rushlane)