Updated from The Mint on Apr 11, 2017 12:58 Pm IST | By: Mint News Service Bharat Benz has changed its pricing strategy to corner a bigger share of India’s truck market dominated by Tata Motors and Ashok Leyland Erich Nesselhauf, managing director, Daimler India Commercial Vehicles. Bharat Benz, which has been in the Indian truck market for five years, has been selling its products at a premium of 15% to rival offerings. Photo: AFP Mumbai: The Indian truck market, which has been dominated by Tata Motors Ltd and Ashok Leyland Ltd for decades, now has a formidable third contender. The implementation of the Bharat Stage IV emission standards may usher in several changes in the market that has been relatively slower in upgrading technology compared to cars and two wheelers. Daiml
Updates from Auto Magazine NEW DELHI: Two-wheeler market leader Hero MotoCorp has said it has "almost" sold out all of its BS-III inventory ahead of the Supreme Court imposed ban on such vehicles kicking in April 1. The company had offered discounts on its BS-III scooters and motorcycles to up to Rs 12,500 in order to liquidate the stocks. "In the past two days, we have taken tactical steps to assist our dealers and incentivise the customers with an objective to liquidate the remaining BS III stocks," Hero MotoCorp Chairman, Managing Director and CEO Pawan Munjal said in a statement. He further said: "By the end of today, March 31, we would have sold almost all of our BS III inventory." Hero MotoCorp had switched to manufacturing only BS IV compliant vehicles since March 1
Updates from Auto Magazine Mumbai: The used-car industry, or its financing, isn’t foreign to a shortage economy. But for buyers of pre-owned motorcycles and scooters, India has never had an organized funding system – a gap in the market that four former Bajaj Auto executives are keen to fill. Led by the erstwhile president of Bajaj Auto’s motorcycle business Srinivas Kantheti, the former executives have come together to establish WheelsEMI, a start-up that will lend money to India's used two-wheeler market that is now pegged at 17 million units annually. It is a category left largely alone by the banks and non-banking financial companies (NBFCs), and is expanding in double digits annually. The pace of growth drew K Srinivas and the three WheelsEMI co-founders to the opportunity,
Updates from Auto Magazine NEW DELHI: The government has withdrawn incentives given to mild hybrid vehicles under FAME India scheme, impacting the country's largest carmaker Maruti Suzuki India the most. The company's popular models, multi utility vehicle Ertiga and mid-sized sedan Ciaz with mild hybrid technology had benefited from the scheme that was launched in April 2015 to popularise the use of electric vehicles in the country. Mild hybrid technology will stand excluded from the benefits of the FAME India scheme with effect from April 1, 2017, a notification by Ministry of Heavy Industries and Public Enterprises said. Earlier, mild hybrid, strong hybrid, plug-in hybrid and pure electric vehicles were given incentives under the scheme. While extending the Phase I of the ...