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The <keyword id="23021375" type="General" weightage="20" keywordseo="domestic-passenger-vehicle-industry" source="keywords">domestic passenger vehicle industry</keyword> volumes declined by low single digit in August 2024 as compared with August 2023, because of weak retail demand trends and higher <keyword id="21396778" type="General" weightage="20" keywordseo="inventory-levels" source="keywords">inventory levels</keyword> at the dealerships according to Kotak Institutional Equities. The report suggests that the major reason for the sluggishness in sales of tractors is the uneven spatial distribution of rainfall, particularly in northern and eastern regions. It also highlights that growth will pick up in the coming months on the back of <keyword id="23021373" type="General" weightage="20" keywordseo="improved-monsoon" source="keywords">improved monsoon</keyword> conditions. The upcoming festive season will also improve the situation as traditionally it is a peak period for auto sales. Strong festive demand could help offset some of the losses experienced in the first half of the fiscal year. The weak wholesale figures in August were driven by private vehicles (PV), commercial vehicles (CV) and tractor original equipment manufacturers (OEM). Retail sales declined in single digits (yoy) for most of the companies. The PV segment saw a low single-digit decline in domestic wholesale volumes year-on-year (YoY) in August 2024, driven by weak retail demand and elevated inventory levels at dealerships, which stood at approximately 70 days. The retail sales fell by mid-single digits YoY during the month. Maruti Suzuki India Limited (MSIL), the largest player in the segment, reported a 4 per cent YoY drop in total volumes, including a 5 per cent decline in domestic sales but it was partially offset by a 6 per cent rise in the export volumes. MSIL's wholesale market share is estimated to have slipped by 250 basis points YoY to approximately 40.5-4 per cent says the report. Other major players also faced challenges in sales. Tata Motors recorded a 3 per cent YoY decrease in PV volumes, while Hyundai Motors reported an 8 per cent drop. However, Mahindra &amp; Mahindra (M&amp;M) bucked the trend with a 16 per cent YoY increase in PV volumes, and Toyota India posted a significant 37 per cent YoY growth on low volumes. Kia and MG Motors also experienced an uptick in sales. The two-wheeler (2W) segment showed resilience with high single-digit YoY growth in domestic wholesale volumes, largely driven by channel filling ahead of the festive season. Retail sales of the internal combustion engine (ICE) two-wheelers grew by mid-single digits YoY, while electric two-wheeler (EV 2W) sales surged by 41 per cent YoY, propelled by new mass-market EV launches and attractive discounts. Among the key players, Hero MotoCorp (HMCL) saw a 5 per cent YoY rise in volumes, and TVS Motor reported a robust 14 per cent YoY increase, with growth in both domestic and export segments. Bajaj Auto's volumes grew by 18 per cent YoY, driven primarily by domestic sales. However, Royal Enfield faced a 5 per cent YoY decline in volumes. Going forward, the report highlighted that the Commercial Vehicle (CV) segment underperformed during the month, with domestic volumes declining by low double digits YoY, primarily due to weakness in the Medium and Heavy Commercial Vehicle (MHCV) truck and Light Commercial Vehicle (LCV) segments. Tata Motors experienced a 15 per cent YoY drop in domestic CV volumes, with sharp declines in Small Commercial Vehicle (SCV) cargo (down 23 per cent) and MHCV trucks (down 15 per cent). Ashok Leyland also reported a 7 per cent YoY decline in CV volumes, while VE Commercial Vehicles (VECV) managed a modest 1 per cent YoY increase. In August, the domestic tractor segment remained flat YoY with volumes coming in 5-6 per cent. During this period, M&amp;M's tractor volumes grew by 1 per cent YoY, while Escort Kubota's volumes remained unchanged compared to the same period last year. The report says that strong festive demand could help offset some of the losses experienced in the first half of the fiscal year, particularly if economic conditions and consumer sentiment improve.

Auto Industry sales to surge on the back of improved monsoon, festive season demands: Report

Up to 3.72 lakh <keyword id="19895203" type="General" weightage="20" keywordseo="electric-vehicles" source="keywords">electric vehicles</keyword> will be supported under the four-month <keyword id="20961992" type="General" weightage="20" keywordseo="Electric-Mobility-Promotion-Scheme" source="keywords">Electric Mobility Promotion Scheme</keyword> (<keyword id="20951149" type="General" weightage="100" keywordseo="EMPS" source="keywords">EMPS</keyword>) being implemented between April and July with an outlay of Rs 493.55 crore, the government said on Tuesday. Electric Mobility Promotion Scheme (EMPS) - 2024 will provide further impetus to the <keyword id="20156633" type="General" weightage="20" keywordseo="green-mobility" source="keywords">green mobility</keyword> and development of electric vehicle (EV) <keyword id="20071405" type="General" weightage="20" keywordseo="manufacturing-ecosystem" source="keywords">manufacturing ecosystem</keyword> in the country. The maximum number of electric vehicles to be supported under the scheme stands at 3,72,215, including 3,33,387 electric <keyword id="20201345" type="General" weightage="20" keywordseo="two-wheelers" source="keywords">two-wheelers</keyword>, 13,590 e-rickshaws or e-carts and 25,238 electric three-wheelers in the L5 category, according to figures shared by the <keyword id="20021346" type="General" weightage="20" keywordseo="Ministry-of-Heavy-Industries" source="keywords" meta.keywordsubtype="org" meta.entityname="Ministry of Heavy Industries" meta.hostid="261" meta.entityid="Ministry of Heavy Industries">Ministry of Heavy Industries</keyword>. "EMPS 2024 is fund limited, with restricted number of vehicles and a term-limited Scheme, i.e., the <keyword id="19977665" type="General" weightage="20" keywordseo="subsidies" source="keywords">subsidies</keyword> for <keyword id="22519910" type="General" weightage="20" keywordseo="demand-incentive" source="keywords">demand incentive</keyword> are eligible for e-2w and e-3w sold and registered until the funds are available or the number of vehicles supported reaches the maximum number defined category-wise (shown in para above) or until July 31, 2024, whichever comes first," the ministry stated.

Electric Mobility Promotion Scheme to support up to 3.72 lakh EVs: Govt

<ul class="summary-list"><li>We still don't know who will control the House next year, and it could take days to count votes.</li><li>Trump will have a GOP Senate, but either parties has a path to control of the lower chamber.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/donald-trump">Donald Trump</a> is now the <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-wins-presidential-election-race-2024-11">president-elect</a>, and Republicans have <a target="_blank" class="" href="https://www.businessinsider.com/republicans-win-senate-election-majority-election-2024-11">gained control</a> of the US Senate.But we still don't know who controls the House of Representatives, and the outcome will have major implications for the first two years of Trump's second term.As of Wednesday morning, both Democrats and Republicans had a plausible path toward winning the 218 seats necessary to hold the majority, though Republicans were projecting confidence that they would pull it off."As more results come in it is clear that, as we have predicted all along, Republicans are poised to have unified government in the White House, Senate, and House," said House Speaker Mike Johnson in a statement on Wednesday morning. "We will continue to monitor the results and ensure every legal ballot is counted throughout this process."Democrats have declared victory in three GOP-held seats in New York, and the party is projected to pick up an additional seat in Alabama. But Republicans picked up Democratic-held seats in Pennsylvania and Michigan, along with three seats in North Carolina.In order to flip the chamber, Democrats would need to make a net gain of four seats.The results in several other battleground districts have yet to be determined, and many of them are in California, which has historically taken days to count ballots.<h2 id="0b437f38-9c8b-46ab-aa1e-9c60229bfcea">A Democratic House would be a major constraint on Trump's power</h2>Historically, newly elected presidents have typically enjoyed unified government at the beginning of their terms.The last time that a president entered office without control of both chambers of Congress was in 1988, when President George H.W. Bush was elected alongside Democratic majorities in both the Senate and House.But to get an idea of what it would look like for Trump to share power with a Democratic-led House, one only needs to look back to the 2018 midterm elections, when a Democratic takeover in the House drastically altered the course of Trump's first term.The most significant impact was that Democrats had the power to investigate and impeach Trump, which they ultimately did twice: Once in 2019 over Trump's attempt to leverage military aid in order to get Ukraine to investigate then-Vice President Joe Biden, and again in early 2021 after the January 6 insurrection. Trump was acquitted by the Senate both times.Furthermore, Trump was no longer able to pursue the kinds of party-line priorities of his first two years, including the Tax Cuts and Jobs Act of 2017 and an attempt to repeal the Affordable Care Act.Aside from must-pass legislation like government funding and defense bills, the only major legislative accomplishments of that period included massive economic stimulus bills to address the effects of the COVID-19 pandemic in 2020.Many of the provisions that tax bill are set to expire next year, including income tax cuts, an expanded child tax credit, a deduction for small businesses, and a rollback of the estate tax. Allowing those provisions to simply expire would cause most Americans to experience a major tax hike.Republicans have <a target="_blank" class="" href="https://www.businessinsider.com/tax-cut-tariff-plan-outlook-presidential-election-scenarios-harris-trump-2024-10">promised to extend</a> those tax cuts, but if Democrats control the House, the parties will have to work together to get it done — and Democrats will be able to make demands.

Trump's first 2 years will be shaped by who wins the House. We may not know the outcome for days.

<keyword id="19963112" type="General" weightage="20" keywordseo="Electric-vehicle-sales" source="keywords">Electric vehicle sales</keyword> registered a 55.2 per cent on-year growth at 1,79,038 units in July driven by a massive 96 per cent jump in e-two-wheeler sales, automobile dealers' body <keyword id="20108734" type="General" weightage="20" keywordseo="FADA" source="keywords">FADA</keyword> said on Tuesday. The total <keyword id="6354973" type="General" weightage="20" keywordseo="electric-vehicles" source="Orion">electric vehicles</keyword> sales for July 2023 were at 1,16,221 units, according to the monthly sales data from Federation of Automobile Dealers' Association (FADA). The electric two-wheelers sales during the previous month stood at 1,07,016 units, up 95.94 per cent, from 54,616 units sold in July last year, while the electric three-wheeler sales grew 18.18 per cent at 63,667 units, from 58,873 units year earlier, as per FADA. The commercial vehicle sales during the reporting month was also on an upward trajectory, growing two-fold on a year-on-year basis to 816 units, from 364 commercial vehicles sold in July 2023, it stated. Passenger vehicles, however, declined 2.92 per cent at 7,541 units in July, as against 7,768 units in the same month of last year, as per data. "The rising market share in the 2W and 3W <keyword id="22689146" type="General" weightage="20" keywordseo="EV-segments" source="keywords">EV segments</keyword> for July 2024, with YoY growth rates of 95.94 per cent and 18.18 per cent respectively, and a market share of 7.4 per cent and 57.6 per cent, respectively for the month, is a clear indication of the growing acceptance and demand for electric vehicles in India," FADA President Manish Raj Singhania said. The PV segment, while showing a marginal year-on-year decline of 2.92 per cent, maintains a market share of 2.4 per cent, Singhania said, adding that the CV segment has shown remarkable growth with a year-on-year increase of 124.2 per cent and a current (July) market share of 1.02 per cent. The combination of attractive discounts and the anticipation of the discontinuation of the EMPS (Electric Mobility Promotion Scheme), despite its extension, has significantly boosted sales, he said. Announced by the Ministry of Heavy Industries in March, for a four months period-April 1,2024 to July 31,2024 to boost the adoption of EVs across the country with a total outlay of Rs 500 crore, the EMP scheme has now been extended by September 30, while the scheme's outlay has also been increased to Rs 778 crore. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/unicommerce-esolutions-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112307438.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/unicommerce-esolutions-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112307438.cms" target="_blank">Unicommerce eSolutions IPO – Price band to risk factors, all you need to know</a> <a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-sales-cross-the-1-lakh-mark-after-four-months-ola-electric-leads-the-market/articleshow/112288793.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-sales-cross-the-1-lakh-mark-after-four-months-ola-electric-leads-the-market/articleshow/112288793.cms" target="_blank">Electric two-wheeler sales cross the 1 lakh mark after four months, Ola Electric leads the market</a> <a href="https://www.businessinsider.in/sports/news/neeraj-chopras-paris-olympics-journey-to-begin-with-qualification-round-today-top-rivals-to-look-out-for/articleshow/112311760.cms">Neeraj Chopra qualifies for finals with a first throw of 89.34m – top rivals to look out for</a>

Electric vehicle sales rose 55.2% to 1.79 lakh units in July: FADA

<ul><li>Apple is scheduled to report its fiscal second-quarter earnings on Thursday after the market close.</li><li>Investors are focused on Apple's iPhone sales in China as competition ramps up.</li><li>Here's what Wall Street expects from Apple's upcoming earnings report.</li></ul>All eyes are on <a href="https://markets.businessinsider.com/stocks/aapl-stock?utm_medium=ingest&amp;utm_source=markets">Apple</a> as it gets ready to report its fiscal second-quarter earnings on Thursday after the market close.Analysts are dialed in on Apple's iPhone business in China, <a href="https://www.businessinsider.com/apple-china-iphone-shipments-fell-february-data-smartphones-2024-3">which has faced a surge in competition over the past year,</a> as well as its capital return plans and guidance as it prepares to release its next-generation iPhone later this year.Here are the quarterly figures Wall Street expects, according to data from Bloomberg.<ul><li>Revenue: $90.33 billion</li><li>Earnings per share: $1.50</li><li>Gross margin: 46.6%</li></ul>The sentiment on Wall Street is that Apple, which has seen little-to-no revenue growth over the past year, is due for a big iPhone replacement cycle when it launches its next-generation iPhone 16 later this year. Rumors that <a href="https://markets.businessinsider.com/news/stocks/apple-stock-price-prediction-upside-ahead-ai-enabled-iphone-16-2024-4">the iPhone 16 will include AI capabilities is exciting Wall Street,</a> but whether it will be able to spark a return to growth for the company remains to be seen.Here's what Wall Street analysts are saying about Apple's upcoming earnings report.<h3>Wells Fargo: 'Tough near-term setup'</h3><a href="https://markets.businessinsider.com/stocks/wfc-stock?utm_medium=ingest&amp;utm_source=markets">Wells Fargo</a> said Apple faces a "tough near-term setup" due to weak iPhone sales in China, which has led the company to lose market share to local competitions like Huawei and Xiaomi. The bank said Apple will likely see a 2% decline in its iPhone business this year, as its iPhone 15 has not lived up to the hype of sparking a replacement cycle for its massive user base."We now see F2Q24 iPhone ship b/w 50-52M; slightly below our 52.9M est," Wells Fargo said in a recent note. The bank said it expects a 20% year-over-year decline in Apple's China iPhone business, as well as the average selling price of the iPhone hitting $870, which is about $20 below Wall Street's estimates of $890.Overall, Wells Fargo expects Apple to report a slight beat on revenue and earnings per share in the quarter, but said more importantly the focus will be on Apple's guidance and capital allocation plans. "We think a dividend increase of 10% and another $90B in new share repurchase authorization would be viewed positively," Wells Fargo said.Wells Fargo rates Apple at "Overweight" with a $225 price target.<h3>Barclays: Better Mac and iPad sales to offset iPhone weakness</h3>Channel checks at Barclays suggest "slightly better" iPad and Mac revenues will help offset weak iPhone revenue, according to a recent note.The firm said Wall Street estimates on Apple are too high, with analysts underestimating the ongoing weakness in China."Our latest checks also indicate iPhone 15 sell-through in China continues to show DD declines on a Y/Y basis over the last few weeks, after being down 20% in C1Q, with a higher mix of the base models, leading to negative mix shift and margin headwinds, with likely ASP declines on a Y/Y basis," Barclays said.And while Apple management might talk up the Vision Pro on its earnings call, investors shouldn't put too much weight into it as financial results from the product will be "immaterial".Finally, Barclays said the AI-capable iPhone 16 won't deliver the growth that some investors expect. "We don't expect iPhone 16 to have significant design changes, and any differentiated GenAI applications with the iPhones will likely not launch until 2025 at the earliest. The initial build plan for iPhone 16 is expected to be in low 80Ms range, implying flattish unit growth Y/Y," Barclays said.Barclays rates Apple at "Underweight" with a $158 price target.<h3>Goldman Sachs: Risk in Apple stock is well understood by investors</h3><a href="https://markets.businessinsider.com/stocks/gs-stock?utm_medium=ingest&amp;utm_source=markets">Goldman Sachs</a> expects Apple to deliver an in-line quarter when it comes to its second-quarter revenue and earnings per share, and said that the risks in Apple stock are well understood by investors.The bank said that any weakness in Apple stock following its earnings report, perhaps sparked by underwhelming third-quarter revenue guidance, would be an attractive entry point for investors.The bank said investor focus should shift from Apple's earnings to its second half-of-the-year catalysts, which include new product announcements like the iPhone 16 and new product launches across its iPad and Mac lineup."June quarter earnings could mark a turning point in sentiment, with the next catalysts being Apple's Worldwide Developers Conference on June 10-14, where it will discuss the latest operating systems and potentially discuss new generative AI features and the launch of iPhone 16 in September," Goldman Sachs said.Goldman Sachs rates Apple at "Buy" with a $226 price target.<h3>JPMorgan: 'Cyclical headwinds prior to AI tailwinds'</h3>Low expectations heading into Apple's second-quarter earnings release are warranted, according to <a href="https://markets.businessinsider.com/stocks/jpm-stock?utm_medium=ingest&amp;utm_source=markets">JPMorgan</a>, but the "cyclical headwinds" could soon turn into "AI tailwinds," according to a recent note."The upcoming earnings print will still matter for investors in offering insights into the magnitude of the cyclical challenges on account of pressured consumer spending as well as the headwinds in relation to market share moderation in China," JPMorgan said.The bank said investor expectations might be so low that a slight miss from Apple could spark a turnaround in the stock price as the result may be better-than-feared.JPMorgan said that based on the latest demand trends, it expects Apple to report a modest revenue miss in the quarter, as well as a "more significant" miss to revenues when it reports third-quarter revenue guidance.JPMorgan rates Apple at "Overweight" with a $210 price target.

'Tough near-term setup': Here's what Wall Street expects from Apple's 2nd-quarter earnings

The automotive <keyword id="6860334" type="General" weightage="20" keywordseo="electric-2-wheelers" source="Orion">electric 2-wheelers</keyword> (E2W) market grew by more than 300 per cent (year-on-year) in CY2022, a report has said. By 2025, the share of E2Ws and connected 2-wheelers (C2W) will both cross 50 per cent. The share of C2Ws grew over 20 per cent YoY last year and the high-speed electric vehicles market grew 90 per cent, according to <keyword id="611566" type="General" weightage="20" keywordseo="CyberMedia-Research" source="Orion">CyberMedia Research</keyword> (CMR)'s 'India Electric 2 Wheelers (E2W) Report'. "In CY2022, there has been a growing momentum towards electric mobility with connected features. The supply side trends point to support this market momentum, with the automotive E2W market growing at a CAGR of 171 per cent," said <keyword id="318572" type="General" weightage="20" keywordseo="john-martin" source="Orion">John Martin</keyword>, senior analyst, smart mobility practice, CMR. The touchscreen technology market in two-wheelers accounted for around 1 per cernt of the overall 2-wheeler market. The touchscreen technology has expanded in the premium E2W segment (Rs 1,00,000 price segment) through Ather 450x, Hero Vida, Ola S1 Pro, and <keyword id="13129889" type="DOMAIN" weightage="20" keywordseo="tvs" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="tvs" meta.entityname="Chennai Business Consulting Services Ltd." meta.entityid="12015" meta.seoname="chennai-business-consulting-services-ltd">TVS</keyword> iQube ST e-scooters, with an average screen size of 7 inches. <keyword id="4393078" type="General" weightage="20" keywordseo="Ola-Electric" source="Orion">Ola Electric</keyword> led the Indian E2W market in CY2022 with around 18 per cent share, followed by Okinawa Autotech with 17 per cent and <keyword id="195740" type="General" weightage="20" keywordseo="Hero-Electric" source="Orion">Hero Electric</keyword> with 16 per cent share, said the report. Hero Electric grew around 109 per cent during CY 2022. Optima CX was the most in-demand model from Hero Electric. Ampere Energy grew around 538 per cent YoY. Ather Energy grew 222 per cent YoY growth in CY2022. "Driven by the recent Union Budget announcement, we foresee a strong uptick in India's PLI-linked investments for lithium-ion battery manufacturing. This will spur further domestic value addition over the next four years," said Martin. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/you-can-now-record-and-share-voice-messages-on-whatsapp-status-heres-how/articleshow/97792315.cms">You can now record and share voice messages on WhatsApp status — here’s how</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/meta-expands-its-monetisation-feature-gifts-across-us-on-instagram/articleshow/97790553.cms">Meta expands its monetisation feature 'Gifts' across US on Instagram</a>

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Auto Industry sales to surge on the back of improved monsoon, festive season demands: Report

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