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Archive for May 2008
PRESS RELEASE
Hyundai goes one better - a people carrier with room for eight
Continue reading ‘Hyundai intros 28mpg full-size diesel i800 van in Europe’ »
PARIS/PUNE/TOKYO – Mr. Rajiv Bajaj, Managing Director of Bajaj and Mr. Carlos Ghosn, President and CEO of Renault and President and CEO of Nissan, today announced they will form a joint-venture company to develop, produce and market the car code-named ULC with a wholesale price range starting from 2500 USD . The new joint-venture company will be 50% owned by Bajaj Auto, 25% by Renault and 25% by Nissan.
Targeting the growing Indian new vehicle market, this ULC will be made at an all-new plant to be constructed in Chakan (Maharashtra state) in India. Initial planned capacity will be 400,000 units per year. Sales will start in early 2011 in India, as a primary market, with growth potential in other emerging markets around the world. Continue reading ‘Bajaj Auto & Renault-Nissan alliance to build car code-named ULC’ »
| The domestic auto market is showing signs of revival thanks to the 4 percentage point cut (400 bps) in excise duty on cars and two-wheelers announced in February. April witnessed a jump of more than 17 per cent in the car segment, while sales in the utility vehicle segment rose by 31 per cent, as compared with the corresponding month last year. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| According to the figures released by the Society of Indian Automobile Manufacturers (SIAM), the passenger-vehicle segment, which also includes multi-purpose vehicles, grew by 21 per cent. The motorcycle sales grew by 8 per cent during the month. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| While 84,283 cars were sold in April 2007, 98,740 cars were sold last month. Sales were led by models from Maruti Suzuki, Hyundai and General Motors (GM). Anticipation of a hike in prices in the coming weeks also pushed sales. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
“Benefits of the excise duty cut can be seen in individual sales of companies, such as Maruti, Hyundai and GM. These collectively command over 66 per cent of total sales,” said an analyst.
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| Maruti Suzuki posted a growth of 22 per cent during the month, selling 59,539 units. Hyundai Motor India sold 21,501 units, up by 36 per cent. Meanwhile, GM sold 5,563 units, growing by 24 per cent. In all, 1,30,013 passenger vehicles were sold in April. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forecasts of a decelerating market due to shrinking credit options and high interest rates had no effect on sales of two-wheelers. Sales of motorcycles and scooters grew by 8.31 per cent and 11.93 per cent, respectively. Electric vehicles, on the other hand, witnessed a declined of 68 per cent in turnover. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Motorcycle manufacturers sold 5,01,592 units this year, as compared with 4,63,091 in April last year. Market leader Hero Honda saw a growth of 9 per cent, selling 2.86 lakh units. Bajaj Auto posted a growth of 23 per cent, selling 2.03 lakh units. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hero Honda said its expansion in rural areas helped boost sales. Bajaj said growth was seen mainly in the 125cc-plus category, where it has a 50 per cent market share. Sales in the overall commercial vehicles for April this year grew by 7.62 per cent: 33,271 units were sold as compared with 30,914 units in April 2007. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
We all saw the report from Murilee just under an hour ago, and now we’re hearing from numerous sources that the 24 Hours of LeMons race has taken a tragic turn. Our sources tell us the driver of the Volvo 242 Turbo in Gulf Oil colors (pictured above before the race, and below from the Thunderhill LeMons race last year) has died. We’re waiting on more as we hear it from team V8olvo as well as others at the Altamont 24 Hours of LeMons. If this news ends up being true, our prayers, thoughts and well-wishes go out to the family, friends and teammates. All we do know for sure is that racing has been halted for the day and will supposedly resume again tomorrow. Although if it is true, that may just be wishful thinking. Updated below the jump — and with new photos below thanks to Mark Pitts