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Imagine a bustling jewellery market teeming with diamonds and gold. Amidst this glittering chaos, a small stall is trying to sell handcrafted gemstones. Even as newer and shinier outlets keep cropping up, all vying for attention, this gemstone store offers some of the oldest yet valuable jewels at a discount. Though they lack immediate sparkle, these rare gems reveal their value to the discerning buyer. This is how South Korea appears for many experts in global capital markets: a trove of undervalued gems, overshadowed by brighter, more aggressively marketed investment options. This undervaluation, known as the "<keyword id="24399183" type="General" weightage="20" keywordseo="korean-discount" source="keywords">Korean Discount</keyword>," reflects how South Korean companies are priced much lower than their global peers despite robust fundamentals — strong financial performance and consistent profitability. Contributing factors are many, ranging from opaque governance structures to geopolitical risks. But the fact stays, if you are a seasoned conglomerate listed in South Korea, you are likely undervalued. <keyword id="19906087" type="General" weightage="20" keywordseo="hyundai" source="keywords">Hyundai</keyword> Motor India Ltd. (HMIL), a subsidiary of the Korean giant Hyundai Motor Company (HMC), recently sought to escape this valuation trap by listing in India, a market where investor optimism commands premium pricing. But its valuation raised many eyebrows! Now that a month and a half has gone by since its listing, time is apt to examine if this gamble paid off. Will <keyword id="93460" type="General" weightage="100" keywordseo="hyundai-india" source="Orion">Hyundai India</keyword> justify its high valuation? Or does the listing highlight broader questions about the overheated valuation dynamics of Indian markets? A record-breaking <keyword id="19898327" type="General" weightage="20" keywordseo="ipo" source="keywords">IPO</keyword> but questions remain Hyundai Motor India’s mega Initial Public Offering (IPO), launched in October 2024, broke records by raising ₹27,870 crore, making it India’s largest-ever IPO. The offer was oversubscribed by 2.37 times, highlighting robust demand. But many investors remained sceptical: was this IPO an honest attempt to expand Hyundai’s footprint in India or was it trying to offer a way to cashout for existing investors and promoters? Or perhaps, is it an attempt by the Korean chaebol — a large family-owned business conglomerate — to break free from the aforementioned “Korean Discount”? When shares listed on October 22, these concerns seemingly weighed on the minds of most investors and the stock promptly dipped 5% below the issue price on the day. A tepid grey market performance had already foreshadowed this muted debut in the Indian markets. Now, after almost 35 trading sessions on Indian market, the stock remains almost exactly at price it listed on October 22 at Rs 1820—no gain, no loss. <h3>The gamble of hyper-valuation</h3>Much of this hesitation stemmed from Hyundai’s valuation. On listing, Hyundai was valued at $18 billion, positioning it as one of India’s most valuable automotive companies. However, such high valuations often temper investor enthusiasm, resulting in more cautious short-term outcomes. For most investors, the Price-to-Earnings (P/E) ratio is the most preferred parameter to gauge if a company is overvalued or undervalued. With a P/E ratio of 26.3, HMIL was priced significantly above the Indian automotive industry average of 24.4. Globally, automotive companies operate with much lower P/E ratios, reflecting mature market conditions and slower growth trajectories. HMIL’s South Korean parent Hyundai Motor Company (HMC) trades at a meagre 3.07, believe it or not! For Indian investors, the high premium hinted at overvaluation despite Hyundai’s strong domestic position. Such stark difference in valuation obviously sparked debates — is the Indian market assigning a premium to Hyundai Motor India’s growth potential, or is it simply reflecting the general exuberance around the prospects of the Indian economy? Another concern is the allocation of IPO proceeds. Hyundai’s IPO was structured as an offer for sale (OFS), meaning all funds raised would flow to the parent company rather than Hyundai India’s operations. Although Hyundai has committed to investing in R&amp;D for EVs and hybrids, critics argue that the lack of immediate reinvestment in India’s operations reflects a missed opportunity for domestic growth. Despite the early disappointment, Hyundai was confident that the valuation was fair. It did have some factors going for it, in addition to the fact that other auto giants like Mahindra &amp; Mahindra and <keyword id="19909974" type="General" weightage="20" keywordseo="maruti-suzuki" source="keywords">Maruti Suzuki</keyword> command even higher P/E ratios. And looking at the company fundamentals, it does seem like Hyundai is playing a long-term game. <h3>Hyundai in India: A proven track record</h3>Despite the initial stumble, Hyundai India’s long-term story is compelling. Since entering the Indian market in 1996, the automaker has sold over 8 million vehicles and firmly occupies the second spot in the domestic passenger vehicle market, trailing only Maruti Suzuki. Hyundai’s blockbuster SUV offerings, like the Creta and Venue, have been critical in building this dominance. Despite some challenge from Maruti Suzuki Brezza and Tata Punch, Creta has retained the tag of ‘most-selling SUV in India’ successfully so far this year. <div type="image" title="Hyundai" agency="Business Insider India" msid="116156234" hostid="261" caption="&amp;lt;p&amp;gt;Selling over 17,000 units per month on average this year, Creta has edged past major competitors to be the most-selling SUV in India in 2024. As Indian consumers preference continues to shift gradually towards premium products over budget segments, Hyundai stands to benefit (Wikimedia Commons / Canva)&amp;lt;/p&amp;gt;"></div> Selling over 17,000 units per month on average, Creta has edged past major competitors to be the most-selling SUV in India in 2024. As Indian consumers preference continues to shift gradually towards premium products over budget segments, Hyundai stands to benefit (Wikimedia Commons / Canva) Hyundai India’s market share of 14% in October 2024 underscores its clout. The company’s ability to tap into India’s premiumisation trend, where consumers increasingly prefer high-end vehicles, positions it well for growth. With plans to expand in electric vehicles (EVs) and hybrid technology, Hyundai is poised to capitalise on both domestic demand and export opportunities. The company’s ability to capitalize on its strong brand, extensive dealer network, and leadership in segments like SUVs and exports will determine its future performance. Hyundai’s strategic focus on expanding electric vehicle production also aligns with global trends towards sustainability, potentially positioning it as a leader in the segment. By listing in India, Hyundai aims not only to expand its operations but also to make India a global manufacturing and export hub for its products, especially SUVs and EVs. Therefore, despite early setbacks, Hyundai’s gamble seems to have paid off. The stock has rebounded, gaining 5% in the past month. More good news came in this week, as positive projections from Morgan Stanley and JPMorgan forecast an impressive 17-28% upside for the stock over the next year, reflecting growing investor optimism. <h3>A strategic pivot from the Korean Discount?</h3>The Korean Discount has long plagued South Korea’s chaebols, including Hyundai. Experts attribute this to several factors: <ul> <li>Chaebol Governance: South Korea’s conglomerates, known as chaebols, are often criticised for opaque governance structures and excessive family control.</li> <li>Geopolitical Risks: Tensions with North Korea contribute to investor caution, adding a layer of perceived risk.</li> <li>Limited Domestic Liquidity: South Korea’s relatively small investor base can constrain market activity and valuation potential.</li> </ul> By listing in India, Hyundai sought to unlock better valuations for its subsidiary, leveraging the optimism of Indian markets. India’s stock market has a trailing P/E ratio of 24.4, far above South Korea’s Kospi average of 16-17. The Indian market’s appetite for high-growth stories provides a fertile ground for companies like Hyundai to escape the valuation constraints of their home market. A successful IPO could encourage other such conglomerates to follow suit, setting a precedent. While Hyundai India has a robust track record, its future success hinges on navigating key challenges: <ul> <li>Supply Chain Vulnerabilities: Hyundai relies heavily on its Chennai plant, making it vulnerable to disruptions.</li> <li>Intensifying Competition: Domestic rivals like <keyword id="19906967" type="General" weightage="20" keywordseo="tata-motors" source="keywords">Tata Motors</keyword> and MG Motors are making aggressive inroads into the EV market.</li> <li>Policy Risks: The automotive sector’s reliance on government incentives for EVs and hybrids adds a layer of unpredictability.</li> </ul> High valuations come with risks. Hyundai will need to prove that it can sustain its growth trajectory in India, fend off competition from established players like Maruti Suzuki and Tata Motors, and navigate challenges such as supply chain disruptions and regulatory hurdles. If Hyundai successfully capitalises on its strong brand and market leadership, it could not only redefine its value but also serve as a case study for other Korean companies seeking better recognition and valuations in global markets. <h3>Is Hyundai saga a reflection of overheated Indian markets?</h3>The bigger question here is, does Hyundai’s IPO highlights a broader narrative about Indian markets’ premium valuations? With a trailing P/E ratio of 24.4, Nifty 50 index is among the highest in emerging markets. India’s stock markets consistently command a premium due to robust retail participation, strong economic growth prospects, and a burgeoning middle class. While this premium reflects optimism about India’s long-term growth story, it also signals potential risks of overvaluation, particularly in sectors like technology, automotive, and consumer goods. With a record ₹94,017 crore outflow by Foreign Portfolio Investors (FPIs) in October 2024, concerns about overheated valuations are mounting. Sustaining such unprecedented valuations required companies to consistently perform above global averages, and retaining robust earnings growth quarter after quarter remains a challenge in today’s uncertain world. For Hyundai, the high valuation is both an opportunity and a risk. While it underscores investor confidence, it narrows the margin of safety, making the stock vulnerable to corrections during economic downturns. Take for example, the high-profile IPO of Life Insurance Corporation of India (LIC) that raised over ₹21,000 crore. Its listing was met with disappointment as the stock began trading at a 9% discount to its issue price, and subsequent performance has remained subdued. LIC’s post-IPO journey also highlights how inflated valuations can lead to long-term underperformance, as the stock gave only 12% return over the past 30 months when even the Nifty 50 index went up by over 44%. This happens when when the company's growth narrative fails to align with its pricing. Despite being a household name with a dominant market share, LIC's stock has struggled to meet expectations, partly due to concerns about its operating efficiency and the limited use of IPO proceeds for growth initiatives. Make no mistake, Hyundai Motor India’s IPO is a landmark event! It showcases the potential for Korean companies to leverage emerging markets like India for better valuations. It also shows that strong fundamentals can help justify a company such premium valuations even amidst bearish economic prospects. However, it also serves as a cautionary tale about the risks of overvaluation. For Hyundai, the next steps involve proving its long-term growth story, navigating competitive challenges, and maintaining investor confidence. For Indian markets, Hyundai’s IPO underscores the need to balance optimism with realistic expectations as they continue to evolve as global investment hotspots. To sustain the country’s economic narrative as a land of unmatched opportunities, corporate India must work on improving long-term fundamentals and mitigating long-term risks. As global investors watch closely, Hyundai India’s success or failure could shape how international companies view India as a listing destination in the years to come.

Tackling the 'Korean Discount': A deep dive into curious case of Hyundai Motor India's market listing

<ul><li>In an exclusive interview with Business Insider, Triton CEO, Himanshu Patel revealed that the company is looking to invest around $650 million to $1 billion in setting up a manufacturing facility in India.</li><li>Patel believes that the Triton N4 model will differ from what the current carmakers have in India.</li><li>He further explained that the solar panel in their car could generate up to 1.3 kilowatts per hour, which will offset mileage losses. “By just doing this, we’re saving about close to 30% of the battery for being used during traffic times,” he added. </li><li>Check out the latest news and updates on <a href="https://www.businessinsider.in/">Business Insider</a>.</li></ul>A US-based carmaker Triton is gearing up to enter India with its electric sedan N4, the same year as Elon Musk, and the company’s founder and CEO, Himanshu Patel, got candid in an exclusive interview with Business Insider. “We’ve really talked through every component, like from the grid infrastructure to the conditions of the roads of India. We’re building the car based on every component of India’s infrastructure,” said Patel, who believes that the solar panel atop Triton’s cars give it the edge over its potential competitors in India. <div type="image" title="WhatsApp Image 2021-01-16 at 9.49.51 PM." msid="80442308" hostid="261" caption="&amp;lt;p&amp;gt;Himanshu Patel, Founder and CEO&amp;lt;/p&amp;gt;"></div> The reason for Triton’s entry at this time is pretty evident. From, Elon Musk-led Tesla registering its Indian subsidiary in Bengaluru to Tatas planning a <a href="https://www.businessinsider.in/business/auto/news/checkout-the-new-electric-car-expected-to-launch-in-2021/slidelist/79584123.cms">slew of EV launches in 2021</a> — everyone wants a bite of India’s booming EV industry. But Patel is confident because, according to him, “the Indian carmakers are just trying to make a very cheap price point to enter the market just like Tatas or any other manufacturers of India. I think that’s the wrong approach in my opinion.” SEE ALSO: <a href="https://www.businessinsider.in/budget/news/from-sunglasses-to-smartphones-global-manufacturers-need-to-understand-the-indian-consumer-before-making-asks-from-the-budget/articleshow/80383039.cms">From sunglasses to smartphones, global manufacturers need to understand the Indian consumer before making asks from the budget</a> “In a majority of the cities people are sitting on an average four to five hours a day in traffic and you have extremely high heat during those times, what happens to your power consumption of your battery? It does chew it up because AC uses quite a bit of power. And, we use solar panel technology on the roof of our car to address that issue. I just think that you know a lot of those guys are not considering those things,” Patel said. Triton is looking to invest around $650 million to $1 billion in setting up a manufacturing facility in India. The company is also in final stage discussion with Bharat Electronics Limited (BEL) to assist it in the manufacturing for its battery, as well as our electronic components. The company is also in talks with different state authorities to set up its facility in India. However, the CEO declined to name those. The company is looking to start manufacturing its first vehicle in 3-6 months from now and aims to roll out the first car by the end of this year. The promise of long battery life He further explained that the solar panel in their car could generate up to 1.3 kilowatts per hour, reducing the AC from 3 KW draw to 1.3 KW draw. “This offsets the losses of mileage or kilometers in India. By just doing this, we’re saving about close to 30% of the battery for being used during traffic times.” The use of solar panels is not new to the EV industry, but it would be new for India. The Korean carmaker Hyundai has also used similar solar roofs in its Sonata Hybrid, which is <a href="https://www.zigwheels.com/newcars/Hyundai/sonata">expected </a>to launch in February this year in India. The Sonata Hybrid is already available in the US and other global markets. <div type="image" title="triton 2" msid="80442339" hostid="261"></div> But would solar panels be enough to feed the battery alone? Although the solar panel will reduce the battery’s load, it wouldn’t be enough for the car to operate on the solar panels alone. And, that is the pain point for the EV makers. The idea of going green looks promising, but the Indian EV infrastructure continues to be a big challenge for them. As of the latest data, India had <a href="https://www.deccanherald.com/opinion/panorama/india-s-ev-conundrum-incentives-in-place-but-no-infrastructure-933477.html">650 places</a> where people could charge the EVs. However, Patel revealed that they are in talks with many dealerships in major cities and other cities to set up their dealer facility to carry their EV fast chargers. “And basically you know what our goal is to not only have multiple dealership outlets, but also, have satellite dealership outlets. So the satellite dealership outlets means that you have less infrastructure, but you have charging stations. We feel this is gonna be a very good starting point to get people to be able to get fast charging from ourselves as far as our building goals,” he said. Meanwhile, the company is also tying up with other charging companies in India cities like Delhi, Mumbai, Gujarat, Hyderabad and Karnataka. SEE ALSO: <a href="https://www.businessinsider.in/budget/news/budget-2021-may-be-an-opportunity-to-help-indian-electric-vehicles-to-compete-with-elon-musks-tesla/articleshow/80243751.cms" data-type="tilCustomLink">India needs Elon Musk’s Tesla as well as local electric cars to compete⁠ — here’s what Finance Minister’s Budget 2021 may do</a> <a href="https://www.businessinsider.in/budget/news/do-not-panic-when-finance-minister-nirmala-sitharaman-reads-out-the-revised-estimates/articleshow/80400869.cms" data-type="tilCustomLink">Do not panic when Finance Minister Nirmala Sitharaman reads out the revised estimates</a>

An American electric car maker explains why it took a different route than Elon Musk’s Tesla, Tata Motors or Mahindra

<ul><li><keyword id="596" type="CITY" weightage="20" keywordseo="Hyundai">Hyundai</keyword> holds the second-largest share of the pie in India after Maruti Suzuki.</li><li>The market which was then dominated by popular automobile manufacturers — Maruti, Hindustan Motors, Premier Automobiles — was a tough one to crack for a company which was unknown to almost every Indian.</li><li>However, to give a tough competition, the carmaker came up with a different strategy. It introduced cars with extra comfort and more features.</li><li>In 1998, Hyundai made their first move with the Hyundai Santro. This car instantly won hearts with its unique tall boy design and spacious interiors.</li><li>Check out the latest news and updates on <a href="https://www.businessinsider.in/">Business Insider</a>.</li></ul>It has been a runaway success, from debuting its first model Santro to selling more than 9 million cars in India, for the South Korean carmaker Hyundai Motor Company, in India. The market which was dominated by the top three major automobile manufacturers in early 90s — Maruti, Hindustan, Premier — was a tough one to penetrate for a company which was unknown to every Indian. The journey began in 1996, and Hyundai launched its first car Hyundai Santro in 1998. The Korean giant gained immense popularity in Indian market, making it the second-largest automobile manufacturer in India, within a few months of its inception. <div type="image" title="Hyundai 6" msid="81054284" hostid="261" caption="&amp;lt;p&amp;gt;Bollywood star and Hyundai brand ambassador Sharukh Khan&amp;lt;/p&amp;gt;"></div> And, since then the company has maintained the second-largest share of the pie in India after Maruti Suzuki. Hyundai holds a 17% market share as of January 2021, in India, as per Federation of Automobile Dealers Associations of India. It is also the largest car exporter in the country. Hyundai through Indian subsidiary exports to more than 88 countries across Africa, Middle-East, Latin America, Australia and the Asia-Pacific. <div type="image" title="PV market" msid="81054301" hostid="261"></div> What worked for Hyundai in India Hyundai knew it couldn’t beat Maruti in terms of price, so it adopted a different strategy. The company came in with a car with extra comfort and more features. The strategy still holds strong 20 years later and Hyundai is a household name today. <div type="image" title="Hyundai 1" msid="81054320" hostid="261" caption="&amp;lt;p&amp;gt;Hyundai Motor India managing director, S.S. Yang and the president of Hyundai Motor India Limited, B.V.R. Subbu pose with the newly launched Sonata Embera motor-car in New Delhi, 17 August 2005.&amp;lt;/p&amp;gt;"></div> From Multi Point Fuel Injection (MFPI) based Santro replacing Maruti’s 800 model in the early days to launching SUVs and EVs such as <a href="https://www.carandbike.com/hyundai-cars/creta" data-type="tilCustomLink">Creta</a> and Kona — the company has revolutionised the Indian auto sector. Hyundai has invested over $4 billion in India, so far. While Maruti’s monopoly with stranglehold in the car market has been here for several decades now, Hyundai quest to be the most trusted brand in India with a major fan following. From entry-level cars to SUVs, the company’s strong grip on the Indian passenger vehicle market prevails. <div type="image" title="Hyundai 2" msid="81054346" hostid="261" caption="&amp;lt;p&amp;gt;Arvind Saxena,Vice President,Marketing &amp;amp;amp; Sales, Hyundai Motor India Ltd with Wang Sik Min,Executive Director, Marketing Sales at the launch of Hyundai new Getz Prime in Bangalore in 2007.&amp;lt;/p&amp;gt;"></div> Here’s a timeline of events that changed Hyundai’s destiny in India. <ul><li>In 1996 the company laid its foundation stone at Irungattukottai in Sriperumbudur in Tamil Nadu.</li></ul><ul><li>In 1998, Hyundai made their first move with the Hyundai Santro, also known as the Atoz in international markets. This car instantly won hearts with its unique tall boy design and spacious interiors.</li></ul> <div type="image" title="Hyundai 3" msid="81054407" hostid="261" caption="&amp;lt;p&amp;gt;Arvind Saxena, VP, marketing and sales, Hyundai motor India Heung Soo Lheem, CMD Hyundai Motor India at the launch of Hyundai&amp;#39;s new Verna CRDi SX in Hyderabad.&amp;lt;/p&amp;gt;"></div> <ul><li>After Santro, the company launched its sedan Hyundai Accent in 1999. Despite the sedan market being at a nascent stage in India, it was only a matter of time that the car gained immense popularity among the younger generation.</li></ul> <div type="image" title="Finance Minister P Chidambaram looks at a car in the Auto Expo in New Delhi on Jan.14,08. Also seen in the picture is H S Lheem, MD, Hyundai Motors India Ltd. a" msid="81054478" hostid="261"></div> <ul><li>The company then tapped the premium sedan segment with its Hyundai Sonata. The car did manage to get a lot of eyeballs due to its similar resemblance to Jaguar models. Adding to it, Sonata Gold was one of the most luxurious cars on sale in India at the time of its launch.</li></ul> <div type="image" title="Hyundai 4" msid="81054537" hostid="261" caption="&amp;lt;p&amp;gt;HS Lheem,(Left) Managing Director of Hyundai Motor India along with Arvind Saxena , Vice President (Sales and Marketing) launched Hyundai i 10 small segment car in Bangalore on Thursday, 01 November 2007.&amp;lt;/p&amp;gt;"></div> <ul><li>However, things changed for Hyundai dramatically with the introduction of its new family design philosophy, which it named the Fluidic Design Philosophy. Hyundai’s design identity is based on the brand’s philosophy to embrace harmony with nature. Over the years, Hyundai has tweaked this philosophy to keep design universally appealing and progressive.</li></ul><ul><li>The company <a href="https://www.thehindubusinessline.com/companies/hyundai-exports-2-lakh-creta-from-india/article32860730.ece">achieved</a> five-lakh exports in 2008 and over the next 12 years, 25 million more units were shipped abroad from its plant that has a capacity of producing 7.5-lakh units annually.</li></ul> <div type="image" title="Hyundai 7" msid="81054734" hostid="261" caption="&amp;lt;p&amp;gt;Hyundai Motor India Limited Managing Director H.S. Lheem poses with the Hyundai&amp;#39;s newly launched premium compact car i20 in New Delhi on Dec.29, 2008. &amp;lt;/p&amp;gt;"></div> <ul><li>The i20 was the best-selling car in its segment for many years until the <a href="https://www.carandbike.com/maruti-suzuki-cars/baleno">Maruti’s Baleno</a> came into the picture. </li><li>The company also holds many firsts in the Indian market, such as the Kona Electric being the first zero-emission SUV.</li></ul> <div type="image" title="Hyundai 8" msid="81054787" hostid="261" caption="&amp;lt;p&amp;gt;Hyundai Motor car manufacturing plant in Irungattukottai near Chennai &amp;lt;/p&amp;gt;"></div> <ul><li>In December 2020, Hyundai recorded its highest production output in a single month of 71,000 units, the company said.</li></ul><ul><li>Over the past few years, the company has been strengthening its portfolio with the addition of new hatchbacks and SUVs such as Grand i10 Nios, Creta, i20, that is helping in posting strong sales volumes.</li></ul>SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/indian-hotel-companies-have-shown-resilience-during-the-pandemic-and-now-the-markets-are-celebrating-them/articleshow/81032369.cms">Indian hotel companies have shown resilience during the pandemic and now the markets are celebrating them</a> <a href="https://www.businessinsider.in/science/news/its-round-its-two-sided-and-it-could-be-the-most-accurate-world-map-created-till-date/articleshow/81033263.cms">It’s round, it’s two-sided and it could be the most accurate world map created till date</a>

Hyundai nears 25 years of success in India — here’s how this carmaker crossed the 9 million-mark, beating peers like Mahindra and Tata Motors

New Delhi, Mar 13 () MG Motor India on Friday said it has shortlisted Driftly Electric, a smart EV charging solutions provider, under its developer program and grant for support. Launched in January 2020, Driftly will receive grant to further expand its services through a peer-based ecosystem approach. The start-up helps electric vehicle (EV) owners to find nearby charging points through a multi-platform app by connecting EV users to charging points set up by private individuals, MG Motor India said in a statement. The charging point owners can earn revenue as users come to charge their EVs. This helps in easier monetisation for owners of EV charging points, thus bridging a major need-gap in the Indian EV market. Commenting on the development, MG Motor India President &amp; Managing Director Rajeev Chaba said, "Through this grant, we are looking forward to supporting its growth, as it is in sync with our long-term vision of catalysing India's nascent EV market by creating an end-to-end and well-integrated charging ecosystem." The aim behind the MG Developer Program &amp; Grant is to support and accelerate the evolution of the ecosystem of smart mobility in Indian automotive landscape by bringing innovative ideas and solutions to the fore, he added. Driftly Electric co-founder Sneha Roy said the lack of a reliable and versatile charging network is the most prominent hurdle to faster EV adoption in India. "Driftly aims to address this need-gap by adopting a peer-based approach that helps hosts monetise their existing charging points while allowing EV owners to seamlessly discover charging locations close to them," she added. RKL RVK

MG Motor India to provide grant to EV charging solutions provider Driftly Electric

<ul><li>Among the three players, Bajaj Auto has reported poor performance in the March quarter although it managed to grow on a yearly basis.</li><li><keyword id="46156" type="General" weightage="20" keywordseo="TVS-Motor" source="Orion">TVS Motor</keyword> and Hero MotoCorp delivered strong profit and sales growth in FY23 as well as in the recent March quarter.</li><li>All the automakers have delivered growth in profitability and sales.</li><li>This is reflected in the overall growth of the domestic two wheeler industry in FY23, which rose 17% on year after three years of decline.</li></ul>The most popular brands in the <keyword id="3312762" type="General" weightage="20" keywordseo="Indian-two-wheeler-industry" source="Orion">Indian two wheeler industry</keyword> -- Bajaj Auto, Hero MotoCorp and TVS Motor have come out with their performance for the financial year 2023 and all of them have beat analysts estimates. All the automakers have delivered growth in profitability and sales. This is reflected in the overall growth of the domestic two wheeler industry in FY23, which rose 17% on year after three years of decline. The industry clocked sales of 15.86 million units in FY23 from 13.57 million in the last fiscal year, according to Society of Indian Automobile Manufacturers (SIAM) However, reports say that the segment is still at a nine year low. Among the three players, Bajaj Auto has reported poor performance in the March quarter although it managed to grow on a yearly basis. Bajaj Auto’s Q4 standalone net profit fell 2% on year to ₹1,433 crore. Rising input costs and shrinking exports ate into the two-wheeler maker's volumes as well as bottomline, even as the company’s topline expanded by 12% to ₹8,905 crore during the quarter. In fact, analysts believe it may continue to underperform its peers because of weak presence in the domestic market. “Even so, we believe the company would underperform peers such as Eicher Motors (12% growth in FY24E) and TVS Motors (10% growth). Bajaj Auto’s underperformance is likely to persist owing to its weak presence in scooters in the domestic market, not to mention its large exposure to overseas markets,” said a report by Nuvama Institutional Equities. Stress of rising input costs in FY23 was clearly visible – Bajaj Auto’s input costs rose by nearly 9% to ₹24,073 crore, eating into its profits. Comparison of the three two wheeler maker’s financial performance <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TVS Motor </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Auto </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hero MotoCorp </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY23 Net profit </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,491 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹5,628 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,911 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% YoY </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">67% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">12% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">18% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY23 Revenue </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹26,378 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹36,428 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹33,806 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% YoY </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">27% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">16% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY23 Margin </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.7% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15.5% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8.6% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">YoY growth </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">140 basis points </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">40 basis points </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10 basis points </td></tr></tbody></table> Meanwhile, TVS Motor and Hero MotoCorp delivered strong profit and sales growth in FY23 as well as in the recent March quarter. Hero MotoCorp beat analyst <a href="https://economictimes.indiatimes.com/markets/stocks/earnings/hero-motocorp-q4-results-pat-beats-estimates-jumps-37-yoy-to-rs-859-cr-revenue-up-12/videoshow/99989882.cms">estimates</a> to deliver a 37% YoY rise in standalone net profit to ₹859 crore in Q4, aided by price hikes, cost cutting and improved product mix. Further, the company said that in the coming fiscal year, it has lined up a slew of product launches in different segments with an aim to strengthen its premium portfolio as well as premiumisation of existing models, which will help deliver improvement in market share. On the other hand, TVS Motor outperformed the other two and registered 67% on year growth in net profit along with sharp 140 basis points expansion in operating margin as well. After posting strong March-quarter earnings, the shares of the motorcycle manufacturer hit a 52-week high at ₹1,235, up nearly 6% on Friday. The management said that it expects to outperform the industry in both domestic and export segments due to demand recovery led by the premium and electric vehicle (EV) segment. “With supply challenges now largely over, we expect TVS’ outperformance to continue on the back of the ramp-up of its launches. Even in EVs, it seems to be ahead of its listed peers with a strong product pipeline in place for the next 24 months; it has signed up with industry experts and joint venture partners to emerge as a leading player in EVs,” said a report by HDFC Securities. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/paytm-brokerages-looking-up-to-59-growth-in-one97-communications/articleshow/100070477.cms">Paytm shares surge 5% on sustained Q4 growth, brokerages see up to 59% upside</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/beauty-the-best-luxury-cosmetics-behemoth-este-lauder-hunkers-down-on-india-as-its-sales-double-in-2-years/articleshow/100064628.cms">Beauty &amp; The Best: Luxury cosmetics behemoth Estée Lauder hunkers down on India as its sales double in 2 years</a>

FY23 Scorecard: TVS Motor fares better than Bajaj Auto, Hero MotoCorp on profits and margins

<ul><li>The future looks bright for India’s two-wheeler makers, who are now expected to outpace their peers in the passenger vehicles segment over the next two years.</li><li>The two-wheeler segment is expected to benefit from an imminent replacement cycle as well as a shift in consumer buying towards electric vehicles, and premium scooter and bikes.</li><li>Overall, the outlook for the Indian auto sector across segments is positive, with Jefferies expecting a volume growth in the range of 11% to 18% in FY24 and FY25.</li></ul>The future looks brighter for India’s two wheeler makers who have seen a volume decline of nearly 35% between FY19-22. Going forward however, global brokerage Jefferies expects the two-wheeler segment to outpace the passenger vehicle segment sales growth over FY24-25. The replacement cycle, which was delayed by the pandemic, will kick in the current and next fiscal years, believe analysts at Jefferies. Overall, its outlook for the Indian auto sector across segments is positive, with Jefferies expecting a volume growth in the range of 11% to 18% in FY24 and FY25. “We remain positive on Indian autos with the sector in midst of a strong earnings cycle. Strong top-line growth and better margins should fuel double-digit earnings per share compounded annual growth rate (CAGR) for most companies,” said Jefferies. Despite a challenging global environment in FY23, Indian auto companies made the most of the first disruption-free year after the Covid-19 pandemic. Domestic sales rose 21% year-on-year in the 11 months of FY23 when compared to the same period in FY22. Industry body <keyword id="610395" type="General" weightage="50" keywordseo="federation-of-automobile-dealers-association" source="Orion">Federation of Automobile Dealers Association</keyword> (<keyword id="354719" type="General" weightage="50" keywordseo="fada" source="Orion">FADA</keyword>) <a href="https://www.businessinsider.in/finance/news/after-21-growth-in-fy23-auto-sales-to-hit-slow-lane-in-fy24-fada/articleshow/99235136.cms">underlined</a> that FY24 will be a year of consolidation, with growth expected to be in the low single digits due to price hikes and inflation impacting entry-level sales, among other factors. <cmsannotation type="cmsannotation" annotationid="Two-wheelers to undergo premiumisation" comment="subhead" text="Two-wheelers to undergo premiumisation">Two-wheelers to undergo premiumisation</cmsannotation> Heading into FY24, the analysts at Jefferies note that factors like a low base and replacement demand will aid volume growth in the two-wheeler segment. It’s not just the volumes which are expected to pick up – other factors like shifting consumer preferences towards more premium vehicles and softening commodity prices are expected to aid the margins of auto companies going forward. “We expect 1% to 4% earnings before interest, taxes, depreciation and amortisation (EBITDA) margin expansion for most of our covered auto OEMs over FY23-25E, led by better pricing power amid good demand, and operating leverage benefit,” said Jefferies. While passenger vehicles witnessed premiumisation in FY23 as well, as witnessed by the sustained growth in demand for the costlier sports utility vehicles (SUV) over entry-level options, analysts suggest a similar trend of premium two-wheelers is also emerging. According to Jefferies, while sub-125cc two-wheelers share will drop from 52% in FY22 to 45% by FY26, the share of premium scooters and bikes is expected to rise from 44% to 53% in this period, with electric vehicles also aiding this shift. <cmsannotation type="cmsannotation" annotationid="TVS Motor, Tata Motors top picks as EVs gather pace" comment="subhead" text="TVS Motor, Tata Motors top picks as EVs gather pace"><keyword id="46156" type="General" weightage="100" keywordseo="tvs-motor" source="Orion">TVS Motor</keyword>, <keyword id="42747" type="General" weightage="80" keywordseo="tata-motors" source="Orion">Tata Motors</keyword> top picks as EVs gather pace</cmsannotation> While the outlook for the Indian auto sector remains healthy over the next two years, the analysts at Jefferies have picked <keyword id="62356" type="General" weightage="50" keywordseo="tvs" source="Orion">TVS</keyword> Motor and <keyword id="8555" type="General" weightage="80" keywordseo="tata" source="Orion">Tata</keyword> Motors as their favourites, apart from auto components manufacturer Sona BLW. The common factor between these three companies is that they cater to the electric vehicle demand. In the listed space, TVS Motor leads the market in terms of electric two-wheelers, while <a href="https://www.businessinsider.in/business/news/tata-motors-rallies-nearly-8-on-strong-jlr-sales-in-march-quarter-analysts-bullish-with-an-eye-on-margins/articleshow/99372607.cms">Tata Motors</a> has a market share of 80% in electric passenger vehicles. “TVS should be a key beneficiary of the potential two-wheeler demand recovery in both India and export markets. It has also risen to the second position in electric two-wheelers with its EV market share approaching that of internal combustion engine (ICE) scooters,” the brokerage said. Tata’s early shift to electric vehicles reflects its dominance in this space (electric passenger vehicles), and also in its own portfolio – electric vehicles now account for nearly 15% of Tata Motors’ portfolio. Its British subsidiary, JLR, also has a strong order book and its focus on selling higher-margin SUVs should help boost Tata Motors’ overall margins, too. On the whole, despite concerns of a global economic slowdown, Indian auto companies are looking at a healthy growth over the next two years thanks to robust domestic demand, and an expected recovery in global markets. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/retail-investors-increase-stakes-in-all-adani-stocks-after-hindenburg-report/articleshow/99429000.cms">Retail investors ‘buy the dip’ in all ten Adani group stocks</a> <a href="https://www.businessinsider.in/finance/news/strong-q4-on-the-cards-but-concerns-emerge-on-fall-in-casa-deposits-and-credit-offtake-slowdown/articleshow/99396102.cms">Strong Q4 on the cards, but concerns emerge on fall in CASA deposits and credit offtake slowdown</a> <a href="https://www.businessinsider.in/stock-market/news/fpis-offload-it-oil-gas-stocks-worth-13734-crore-in-march/articleshow/99375107.cms">FPIs offload IT, oil &amp; gas stocks worth ₹13,734 crore in March; remain net sellers of Indian stocks for 2 years running</a>

After languishing since FY19, two-wheeler growth to outpace passenger vehicles in FY24-25

<ul><li>The <keyword id="11908705" type="General" weightage="100" keywordseo="ola-s1-pro" source="Orion">Ola S1 Pro</keyword> received the <keyword id="16377536" type="General" weightage="20" keywordseo="move-os-3" source="Orion">Move OS 3</keyword> a few weeks ago, bringing a slew of new features.</li><li>The highlights of the update include support for its hypercharge network, proximity unlock, and more.</li><li>Here’s my review of the new features introduced by <keyword id="4393078" type="General" weightage="50" keywordseo="ola-electric" source="Orion">Ola Electric</keyword> with the Move OS 3 update.</li></ul>Bhavish Aggarwal-led <keyword id="6354720" type="General" weightage="80" keywordseo="ola" source="Orion">Ola</keyword> Electric has become one of the top EV makers in the country and is dominating the electric scooter market. The company recently rolled out the<a href="https://www.youtube.com/watch?v=5wRaJniBnwc%5d"> Move OS 3</a> update, introducing several new features and bringing hyper charging support to its scooters. The Move OS 3 is the company’s latest software update to the operating system that powers the company’s electric scooters. It comes with several new features and improvements, including crucial ones like support for Ola’s hyper charger network, multiple profiles, Bluetooth calling, sound customizations which the company calls ‘Moods’, and more. I have been using the Ola S1 Pro with the latest Move OS 3 for a few weeks now and here is my review of the newly introduced features. <cmsannotation type="cmsannotation" annotationid="Hypercharge support" comment="subhead" text="Hypercharge support">Hypercharge support</cmsannotation> One of the highlights of the Move OS 3 update is the introduction of hypercharging. Ola has installed hyperchargers at its experience centers and two scooters can be charged at once. <div type="image" title="Hypercharging" msid="97806550" hostid="261" caption="&amp;lt;p&amp;gt;Move OS 3 has introduced hypercharging support&amp;lt;/p&amp;gt;"></div> The company has claimed that a 15-minute charge at its hypercharger can give the scooter a 50 km of range. We tested the hypercharger in Hyderabad and found that the charging is close to the company's claims. We did notice that the charging gets a little slower as the battery crosses 70%. The introduction of hyperchargers is a good move as it helps in reducing range anxiety, and you don’t have to worry about running out of juice. The company currently has over 200 experience centers across the country, a lot of which have hyperchargers installed. <cmsannotation type="cmsannotation" annotationid="Moods" comment="subhead" text="Moods">Moods</cmsannotation> <div type="image" title="Eclipse" msid="97806573" hostid="261" caption="&amp;lt;p&amp;gt;The original Eclipse theme&amp;lt;/p&amp;gt;"></div> Ola has added themes to it, which the company has dubbed “Moods.” The original theme has been named “Eclipse.” <div type="image" title="IMG_20230208_192121" msid="97806586" hostid="261" caption="&amp;lt;p&amp;gt;The retro Vintage theme&amp;lt;/p&amp;gt;"></div> In addition to this, the company now offers “Bolt”, which has a modern and futuristic look to it, and “Vintage”, which as the name suggests gives it a retro look. All three themes have their own signature sound and dark and light modes. <div type="image" title="Eclipse" msid="97806605" hostid="261" caption="&amp;lt;p&amp;gt;The modern Eclipse theme&amp;lt;/p&amp;gt;"></div> I liked the Bolt theme, as it looks a bit modern, which an EV should look like. However, I did not like the sounds currently offered with any of the themes and preferred to drive with the sound turned off. <cmsannotation type="cmsannotation" annotationid="Call support" comment="subhead" text="Call support">Call support</cmsannotation> Another interesting feature introduced with the Move OS 3 is the ability to answer calls on the scooter. The calls can be answered and rejected using the volume buttons and the scooter is equipped with a speaker and a microphone for you to talk. <div type="image" title="Calling" msid="97806629" hostid="261" caption="&amp;lt;p&amp;gt;You can answer your calls on the scooter&amp;lt;/p&amp;gt;"></div> In my experience, the calls worked well on empty roads and roads with moving traffic. If you are in a noisy place, the other person may have some trouble understanding what you are saying. Overall, the feature works well and is something I use during my daily commute. <cmsannotation type="cmsannotation" annotationid="Party mode" comment="subhead" text="Party mode">Party mode</cmsannotation> <div type="image" title="Party Mode" msid="97806616" hostid="261" caption="&amp;lt;p&amp;gt;Party mode with the Move OS 3&amp;lt;/p&amp;gt;"></div> Since its launch, one of the features that separated the Ola S1 Pro from its peers was the ability to play music. Now, Ola has introduced a new feature, “party mode.” In this, the lights on the scooter blink when you play music, giving you a disco vibe. Note that this only works when the scooter is parked and will not work while driving it. While this is not a major feature, and you may just use it once or twice, it is a nice feature. <cmsannotation type="cmsannotation" annotationid="Proximity unlock" comment="subhead" text="Proximity unlock">Proximity unlock</cmsannotation> <div type="image" title="IMG_20230208_191732" msid="97806652" hostid="261" caption="&amp;lt;p&amp;gt;Proximity unlock&amp;lt;/p&amp;gt;"></div> Another interesting feature that Move OS 3 has introduced is proximity unlock. Basically, this allows your smartphone to act as a key and the scooter is unlocked whenever you come close to it, allowing you to ride it without having to unlock it yourself. Similarly, the scooter is locked when you move away from it. In my experience, there were some issues initially with proximity unlock as sometimes the scooter failed to unlock. While the scooter now locks and unlocks as I come near it or move away from it, there were a few instances when it took some time. The feature is still in Beta so we expect the feature to become better once the company finishes the beta. <cmsannotation type="cmsannotation" annotationid="Hill hold" comment="subhead" text="Hill hold">Hill hold</cmsannotation> <div type="image" title="IMG_20230208_191821" msid="97806657" hostid="261" caption="&amp;lt;p&amp;gt;Hill hold works for a small duration&amp;lt;/p&amp;gt;"></div> The Ola S1 Pro has finally received hill-hold support. This is useful when you have stopped your vehicle on an incline. The feature is still in Beta so we expect it to improve once a stable version is rolled out. During my testing, I found that the feature does not always work, and even when it does, it works only for a few seconds. <cmsannotation type="cmsannotation" annotationid="Profiles" comment="subhead" text="Profiles">Profiles</cmsannotation> As the Ola S1 Pro does not come with a physical key, you may not want to share your passcode or login details with everyone. If you wish to lend your scooter to someone temporarily, you can use the new profiles feature added by the company. It allows you to share access to the scooter with others; all you have to do is enter their name and phone number. The app gives them their passcode, allowing them to unlock the scooter easily. You can revoke access to others’ right from the app. In my experience, the feature works well, and setting up a new rider takes less than a minute. Overall, Move OS 3 has introduced some good features which improve the user experience. Features like proximity unlock and hill hold need to be improved a bit to make them more useful. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/ola-s1-pro-vs-ola-s1-vs-ola-s1-air-eclectic-scooter-comparison-of-price-range-and-performance/articleshow/97793184.cms">Ola S1 Pro vs Ola S1 vs Ola S1 Air – price, range, performance, and delivery time compared</a> <a href="https://www.businessinsider.in/tech/news/twitter-blue-launched-in-india-pricing-what-it-offers-and-should-you-subscribe/articleshow/97756303.cms">Twitter Blue launched in India – pricing, what it offers, and should you subscribe?</a> <a href="https://www.businessinsider.in/business/auto/news/after-an-ather-450x-catches-fire-the-company-says-its-battery-is-safe-fire-was-due-to-a-wiring-harness-issue/articleshow/97733364.cms">After an Ather 450X catches fire, the company says its battery is safe — fire was due to a wiring harness issue</a>

Ola S1 Pro Move OS 3 review – proximity unlock, calling support, hypercharging support, and more

<ul><li><keyword id="3480589" type="General" weightage="20" keywordseo="meesho" source="Orion">Meesho</keyword> is the new kid on the block that has emerged as a challenger to <keyword id="18635" type="General" weightage="20" keywordseo="amazon" source="Orion">Amazon</keyword> and <keyword id="6354742" type="General" weightage="20" keywordseo="flipkart" source="Orion">Flipkart</keyword> with 120 mn users</li><li>Aims to bring 100 mn small sellers across India online</li><li>The newly minted unicorn is looking at going public in less than two years after it turns profitable.</li></ul>Shaan Ansari is a 19-year old entrepreneur who lives in the historic city of Panipat, 100 kms north of Delhi, and he may never qualify for any list celebrating under-20 entrepreneurs, but his story is no less inspiring than Ranveer Singh’s character in Gully Boy. The pandemic put his father out of work and Ansari out of school back in 2020. When crisis struck, Ansari went scouting for opportunities online that would require zero investment and he found it in Meesho, a social commerce platform that is designed to help solo entrepreneurs and small businesses sell their wares to a wider audience. Ansari sourced bath mats and door mats made locally and started selling them on Meesho. When his suppliers could not meet the demand, Ansari borrowed money to start his own factory. Today he manufactures these mats from a rented factory, employs 50 people and clocks revenues of ₹30 lakh a month. It is transformational stories like Ansari’s that keep Meesho’’s co-founder and CEO Vidit Aatrey and his team going. Recalling his trip to Panipat, Aatrey, says, “The neighbourhood that Ansari lives in is a really humble one and his home actually doubles up as a warehouse. When I visited him, his staff and family offered dry fruits with chai. Ansari kept telling us how his family’s fortunes have changed after he discovered Meesho. As a team we travel every quarter to listen to sellers like Ansari on our platform and are now attempting to solve some of their other financial needs so that they don’t have to go to money lenders for working capital needs.” <div type="image" title="Meesho_1 (1)" height="900" width="1200" msid="93702892" hostid="261"></div> 100 million sellers to reach a billion buyers Aatrey’s dream is to get a million local businesses online so that they expand their markets by selling wares across India, irrespective of where they are located. In the last two years, this new kid on the block has emerged as a challenger to the Big Boys of e-commerce. Meesho - which is a short code for ‘my shop’ - has gotten bigger after the pandemic with 120 million monthly active users (MAUs) in a short span of time. Flipkart and Amazon have 200 million registered users each. Meesho’s target is to have 100 million sellers on its platform and sell to a billion buyers. Meesho was born on the premise that for online commerce to genuinely offer value, local retailers had to go online. Unorganized retail accounts for 90% of India’s spends. But when Aatrey and his co-founder Sanjeev Bamwal discovered that the sellers were not coming online because the buyers were not all shopping online. The pandemic has enabled Meesho to bring a lot more local businesses online as it was a matter of their survival. Challenging Amazon and Flipkart In the early days, Meesho’s sales were driven by 15 million women resellers, who bought products from the platform and sold it through WhatsApp and Facebook groups. From being a social commerce platform driven by re-sellers, it today has a share of nearly 30% in total daily online deliveries. Of the 9 million e-commerce orders processed daily, Meesho accounts for 2.7 million, while the two biggies account for 5 million. Clearly, Meesho is the challenger that nobody expected would catch up with Amazon and Flipkart. Another interesting statistic says that of the 70 million shoppers online, only 10 million are digital natives. It is a no-brainer then that India’s small businesses can provide the network effect to any online commerce platform that chooses to target this segment. Meesho waded into this space back in 2015, but found it tough to convince small entrepreneurs to come online because their customers were not online either. Language barriers and quality of internet speeds were only a few reasons why sellers were not online. Even when they brought sellers online, their buyers were still not online nor was Meesho’s app on too many smartphones. This changed after the pandemic but before that it was Meesho’s army of 15 million women resellers that drove its gross merchandise value up until 2020. Meesho is called a social commerce channel because it has been built by women resellers who found a vocation and economic independence by reselling goods purchased from the platform on WhatsApp and Facebook groups. Between 2017 and 2020, 100% sales were happening through resellers. The share of these women resellers is now down to 20% as consumers have now started downloading the app. Meesho’s monthly average users stand at 120 million and 35 million users transact on the app every month. On an average, 110 million Indian shoppers bought on Meesho last year. Not surprising that investors have also queued up to invest in the company. After raising seed capital of $300,000 from angel investors in March 2016, Meesho is valued at $4.9 bn after its latest round of capital raise of $570 mn in September 2021. Its list of marquee investors include Soft Bank Vision Fund 2, Prosus, Fidelity Management and Research, Yuri Milner’s DST Partners, Sequoia, SAIF Partners and Y Combinator among others. Sellers turn brand ambassadors <div type="image" title="Meesho_2 (1)" height="900" width="1200" msid="93702936" hostid="261"></div> Currently, there are six lakh sellers like Ansari on Meesho and the start-up wants to take this to one million. This goal may be work-in-progress, but every week employees join the Meesho Sabha, a meeting where examples like Ansari are discussed at length so that the team does not take its eyes off the goal post. Even though Meesho continues with its outreach programme to help sellers, existing sellers have now become brand ambassadors who are helping others get online. The platform offers peer-to-peer learning in several languages for those who want to get started. Says Dhiresh Bansal, chief financial officer of Meesho, “We still do our outreach programmes but a lot of people are now coming to our platform, as they need to diversify by targeting newer markets. Also the younger generation is more progressive and are taking their family businesses online.” After its success in the last two years, Meesho’s working hard to resolve several issues of sellers on its platform. Most of these sellers have seen a sharp rise in demand for their products after going online and the need for working capital requirement has gone up sharply. Lucknow-based Suman Agrawal used to sell women’s fashion clothing at her boutique but has shut it down after her brand Rudraksh saw sales boom on Meesho. She currently manages 22,000 orders a month. There are several sellers in India who cannot go online because they don’t have the requisite GST number. Aatrey has been a votary of their cause for a while. In June this year, the GST Council cleared a proposal that will no longer require sellers on e-commerce platforms to have a GST registration, if their turnover is less than ₹40 lakh and ₹20 lakh for goods and services respectively. This rule will come into effect from January 2023. Aatrey believes that this will be a game changer for millions of small sellers across India. While the company is not looking to raise capital immediately, it has plans to turn profitable and then hit the markets in a couple of years. The e-commerce player is looking at tightening its belt on costs now that it has attained scale. If it has to turn profitable in under 2 years then Meesho will have to cut back on cashburn and conserve capital. Aatrey says, “This festive season will give us an indication if there is any slowdown. We have not seen that so far, so it will be something that we will learn from.” <div type="image" title="Meesho_3 (1) (1)" height="900" width="1200" msid="93703012" hostid="261"></div> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/sensex-slips-517-points-goes-below-the-60000-mark/articleshow/93701486.cms">Sensex slips 517 points, goes below the 60,000-mark</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/not-just-ev-makers-there-are-many-more-stocks-that-can-gain-from-ev-play/articleshow/93696654.cms">Not just EV makers, there are many more stocks that can gain from EV play</a>

Meet India’s Real Gully Boy: Vidit Aatrey of Meesho is taking the entrepreneurial dream deep inside Bharat

The second wave of the COVID-19 pandemic has stopped in its tracks the green shoots of economic recovery that were visible. Simultaneously, it induced a triple crisis of disrupting the supply chain, demand, and workforce for India's fragile Micro, Small, and <keyword id="126907" type="COMPANY" weightage="20" keywordseo="Medium-Enterprises">Medium Enterprises</keyword> (<keyword id="6393272" type="UNKNOWN" weightage="20" keywordseo="MSMEs">MSMEs</keyword>), which are often cited as the backbone of the Indian Economy. While MSMEs were already finding it difficult to manage their cash flows including the rigorous lending criteria of banks and non-banking finance companies (NBFCs) with limited assets to use as collaterals, this disruption meant a double whammy of further delay in settling of their receivables as well as lenders becoming more risk averse. While the government and the Reserve Bank of India (RBI) announced a slew of measures, including the issuance of credit schemes and calling out financial institutions to adopt cash-flow-based lending, yet the transmission of these relief measures to a majority of MSMEs remains a challenge. This highlights that the crux of the problem is not the lack of schemes, rather the informal nature of MSMEs and lack of organised set of financial documents, which casts a unique challenge for lenders to assess the creditworthiness of these enterprises. Today, just 40% of the sector’s credit demand is met by formal credit. Add to that the information asymmetry between the data available for MSMEs vis-à-vis large and mid-sized corporates where the lenders’ tend to apply the same lens of existing credit-risk assessment processes to MSMEs to those applicable for larger corporates. This often multiplies the operating cost for lenders to serve MSMEs as compared to the return on their loans. Though this scenario and the increasing credit requirements of MSMEs point to a colossal credit gap of ₹ 30 lakh crore, it underscores the critical role financial technology (FinTech) companies and new-age lenders can play in supporting MSMEs to adapt to the changing reality and respond to the challenges. <cmsannotation type="cmsannotation" annotationid="Capitalising on creditworthiness" comment="subhead" text="Capitalising on creditworthiness">Capitalising on creditworthiness</cmsannotation> The marriage between technology and financial services provides digital lenders an opportunity to focus on making MSMEs profitable and creditworthy. Alternative sources of data, such as cash flow, utility bill payments, point-of-sale transaction records, and even information from e-accounting programs can help put in place a comprehensive model to assess MSMEs’ business health. Further, by incorporating Artificial Intelligence, Machine Learning, and analytics into these models, lenders can build a more accurate financial health model with a comprehensive credit risk profile to detect and mitigate fraud and NPA risks. <cmsannotation type="cmsannotation" annotationid="Unlocking cash flow and reducing days sales outstanding" comment="subhead" text="Unlocking cash flow and reducing days sales outstanding">Unlocking cash flow and reducing days sales outstanding</cmsannotation> In addition to simplifying the lending process, innovative technology leveraged by FinTechs can enable electronic invoice presentation, processing, and reconciliation that will also help in better credit monitoring. Considering that chasing late payments is a tiresome process that leads to locked up working capital, e-invoicing can help in significantly removing procedural delays resulting from manual processing of invoices. It also reduces the time required to make and receive payments, gives a real-time status of pending invoices, and helps release locked up cash flow. In addition, MSMEs can also leverage these e-invoices to avail loans instantly, as the process to verify the genuineness of invoices by lenders can be reduced significantly. <cmsannotation type="cmsannotation" annotationid="Financing through digital supply chain platforms" comment="subhead" text="Financing through digital supply chain platforms">Financing through digital supply chain platforms</cmsannotation> <keyword id="168300" type="COMPANY" weightage="20" keywordseo="digitalisation">Digitalisation</keyword> of supply chains has been a game-changer for MSMEs that has enabled faster liquidity for them. While banks continue to assess creditworthiness for collateral-based lending to MSMEs, new-age lending platforms can digitally evaluate transaction data through AI-driven credit models in near real-time and offer trade financing products and services contextualised to the parties involved in the trade. Some platforms allow integration of their products and services into banks’ MSME platforms, which can subsequently be offered to MSME customers through digital medium. While no one solution can bridge the existing credit gap for MSMEs, leveraging alternative financing tools, such as e-invoice financing, peer-to-peer lending, and TReDS can go a long way in addressing this issue and create an enabling environment for MSMEs. Further, with the COVID-19 pandemic continuing to disrupt economic activities worldwide, FinTechs, banks, and NBFCs will have to come together to build differentiated lending models to forge the right balance for financial stability and create solutions for the credit needs of MSMEs. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/sona-comstar-ipo-price-gmp-should-you-subscribe/articleshow/83505013.cms">Sona Comstar IPO worth ₹5,550 crore opens today – find out if this EV battery player has enough juice for a long ride</a> <a href="https://www.businessinsider.in/business/news/why-dodla-dairy-has-no-plans-to-expand-beyond-southern-india/articleshow/83503817.cms">Here’s why Dodla Dairy has no plans to expand beyond southern India for at least the next two years even with its IPO</a> <a href="https://www.businessinsider.in/stock-market/news/adani-group-under-sebi-scanner-on-market-manipulation/articleshow/83501698.cms">Gautam Adani loses over $7 billion in net worth after questions over the meteoric rise in group stocks</a>

Cash, capital and credit trickle down to small businesses at a frustratingly slow pace — tech can speed them up

<ul><li>Maruti’s brand, scale, and reach can be a big boost for electric vehicles in India </li><li>Other leaders in the segment, Mahindra &amp; Mahindra and Tata, had already introduced their EV models in the Indian market </li><li>In India, the sale of electric cars has been sluggish with sales dipping in FY 2017-18 </li></ul>Indian automobile giants have forayed into the electric vehicle market with Mahindra &amp; Mahindra taking the lead and acquiring Reva <keyword id="46640" type="ORGANIZATION" weightage="20" keywordseo="electric-car">Electric Car</keyword> Company in 2011. But it’s only now that the country’s largest carmaker looking to throw in its hat into the ring. <keyword id="44883" type="DOMAIN" weightage="20" keywordseo="Maruti-Suzuki">Maruti Suzuki</keyword> is <a href="https://www.news18.com/news/auto/exclusive-electric-maruti-suzuki-wagon-r-spotted-testing-ahead-of-launch-next-year-1996651.html">reportedly</a> testing the electric version of the good ol’ Wagon R on the Indian roads, although the car will be officially launched in 2020. The launch of Maruti’s electric car will be significant because of the scale that the company brings to the table. Maruti Suzuki saw a domestic sale of 1.3 million until December, 2018 and has over 2000 sales outlets spread across the length and breadth of the country. The brand, with a history of over 37 years in India, has proved that it still has resonance amongst millions of Indians despite the entry of fancy foreign peers. “They might not have the first mover advantage, but the expertise they have is unmatched. Not just distribution, they have a great hold over their brand loyalty and customer development channels, which is also their USP,” said Pranav Jain, an automobile consultant. The pioneer in the segment has been Mahindra &amp; Mahindra with cars like e20, eVerito and eSupro already being commercially sold, while other rivals like Tata finding a foothold in the market with cars like Tata Tigor EV. However, access to these vehicles, recharging stations, and service centres after purchase are crucial factors in the consumers’ decision to purchase. Maruti is a better pick based on these factors than other players because of its existing network in the country. However, the company has taken its time to join the race. Osamu Suzuki, Chairman, Suzuki Motor corporation, during his visit to India for the <a href="https://www.firstpost.com/business/global-mobility-summit-suzuki-motor-corp-to-start-road-test-of-electric-vehicles-next-month-says-chairman-5136281.html">Global Mobility Summit</a> in September had announced that the company will launch 50 EV prototype vehicles in India. The idea behind the testing is to develop safe and easy-to-use EVs for the Indian roads. The Indian Electric Vehicle market saw a growth of 124 per cent with 56,000 units sold in fiscal year 2017-18, but they hold a <a href="https://www.livemint.com/Politics/1x96WeyG6cCVnm5zPcUraK/Govt-proposes-incentives-to-boost-EVsalesin5-years.html">mere 1% </a>of total vehicles sold in India. However, the major share was held by electric two-wheelers with 54,800 units sold reportedly. The sales of electric cars took a mere 1200 units, according to a report done by <a href="https://auto.ndtv.com/news/electric-car-sales-in-india-fall-in-fy18-electric-two-wheelers-record-healthy-growth-1934323">the Society of Manufacturers of Electric Vehicles. </a> Currently, the electric vehicles market in India faces a massive infrastructural problem due to the lack of charging stations (albeit they are slowly coming up in major cities like Bengaluru and Delhi). The government’s delay in bringing about an EV policy too has the industry in a fix. While the entry of big players will give the right impetus to a new generation of cars, the industry will also need a proactive solution from the centre. See Also: <a href="https://www.businessinsider.in/central-govt-has-set-up-a-panel-to-monitor-indigenous-electric-vehicles/articleshow/53595564.cms">Central govt has set up a panel to monitor indigenous electric vehicles</a> <a href="https://www.businessinsider.in/electric-two-wheelers-might-cost-us-less-in-the-near-future/articleshow/53189329.cms">Electric two-wheelers might cost us less in the near future</a> <a href="https://www.businessinsider.in/elon-musk-plans-on-tesla-motors-having-partial-presence-in-india-by-2019/articleshow/66508511.cms">Elon Musk plans on Tesla Motors having ‘partial presence’ in India by 2019</a>

Can latecomer Maruti Suzuki rev up electric car sales in India?

<ul><li><keyword id="6368965" type="UNKNOWN" weightage="20" keywordseo="zoomcar">Zoomcar</keyword> is partnering with <keyword id="6433699" type="UNKNOWN" weightage="20" keywordseo="Ixigo">Ixigo</keyword>, an online travel booking service, to reach its 130 million users. </li><li>Co-found of Ixigo Rajnish Kumar predicts that car rentals with be "one of the biggest travel trends this year." </li><li>The partnership will help Zoomcar meet its goal to double the demand of its services by the end of the current fiscal year. </li></ul>Zoomcar, a self drive car rental service, just announced that it's partnering with Ixigo reach more users while betting on car rentals to be a travel trend this year. The partnership will give Zoomcar access to <a href="https://www.businessinsider.in/50-of-indias-travel-to-beonline-by-2020-ixigo/articleshow/49060256.cms">Ixigo</a>'s 130 million users as well as the latter's 200 million monthly travel searches as users plan their vacation. "Indian travellers are increasingly opting for a holistic and exclusive vacation experience making on-demand car rentals one of the biggest travel trends of the year," stated Co-founder of Ixigo Rajnish Kumar. Zoomcar has 10,000 cars with plans to expand its fleet to 25,000 cars by the end of year. It also plans to double the demand for its services by the end of the current fiscal. Currently, <a href="https://www.zoomcar.com/bangalore/">Zoomcar</a> has 4.8 million users and clocks over 3,000 rides daily. As an incentive, Zoomcar is also offering a launch discount of 20% on bookings through Ixigo. Users can book a Zoomcar for an hour, a day, a week or even a whole month. Car rentals in India While the market for car rentals in India is growing, it's not quite mainstream yet. "Such collaborations, we believe, will pave the way for the mainstreaming of alternative mobility services, ensuring that users get a seamless experience," said Greg Moran, CEO and Co-Founder of Zoomcar. Last year, Zoomcar raised $40 million through Series-C round headed by Mahindra and Mahindra Limited. Sequoia Capital, Empire Angles and Nokia Growth Partners are also a part of the investor portfolio. "We are looking at closing the Series D round by the second half of this year," Moran told<a href="https://www.cnbctv18.com/auto/zoomcar-allows-users-to-try-electric-vehicles-at-short-term-rentals-says-ceo-greg-moran-4052071.htm"> CNBC TV18,</a> Zoomcar started off by owning the cars that it was renting out but switched over an asset light model when it realised that the maintenance and and owning costs were having a heavy impact on its margins. So, the company introduced peer-to-peer (P2P) marketplace called 'ZAP' where users can put up their own cars to be rented by other users on the platform. Even so, Zoomcar registered ₹116 crore in loss during last fiscal year's earnings, according to its financial data filed with the Registrar of Companies. But its revenue also showed a yearly growth of 31% from ₹120 crore in FY17 to ₹158 crore in FY18. Zoomcar is also pushing electric vehicles (EVs) on its platform in partnership with Tata Tigor expressing its support for the Indian government's <a href="https://www.businessinsider.in/india-now-plans-to-make-evs-comprise-15-of-all-vehicles-sales-by-2023/articleshow/65717759.cms">initiative</a> to convert all vehicles to EVs by 2030. See also: <a href="https://www.businessinsider.in/ola-will-race-zoomcar-in-self-drive-car-rentals-with-a-500-million-bet/articleshow/68614269.cms">Ola will race Zoomcar in self-drive car rentals with a $500 million bet</a> <a href="https://www.businessinsider.in/self-drive-car-in-india-will-supersede-high-volume-sales-of-cars-heres-how/articleshow/60100149.cms">Self-drive car in India will supersede high volume sales of cars. Here's how.</a> <a href="https://www.businessinsider.in/flipkart-amazon-zomato-partner-with-delhi-government-to-deliver-via-electric-vehicles/articleshow/69968501.cms">Flipkart, Amazon, Zomato and others partner with Delhi government to deliver via electric vehicles</a>

Zoomcar eyes a shortcut to 130 million users — partners with Ixigo

<ul><li>American car maker Ford may form a partnership with Indian car maker M&amp;M, Reuters said citing sources.</li><li>India's third-largest car maker M&amp;M is likely to own 51% stake in the venture and Ford may own the rest.</li><li>The two companies came together for the first time in 2017 to build SUVs and electric cars.</li><li>Ford would add 14,000 employees, two plants to M&amp;M and both companies had similar sales in 2018.</li><li>In 2018, Ford's India division swung to profit for the first time in eight years.</li></ul>American car maker Ford's solo drive in India is likely to end. The company may form a joint venture (JV) with the Indian conglomerate, Mahindra &amp; Mahindra, according to a report citing sources from news agency Reuters. Both companies have refused to confirm Reuters' report that said M&amp;M will own 51% stake in the JV, while Ford will own the rest. If this stake sale goes through, this will be a milestone in the history of the Dearborn, Michigan-based company that entered India nearly 25 years ago. "Since its entry in India in 1995, Ford has invested more than US$ 2 billion to expand its manufacturing facilities and sales &amp; service footprint to meet the demand in one of the world's fastest-growing auto markets," according to its website. M&amp;M, on the other hand, is the country's <a href="https://economictimes.indiatimes.com/industry/auto/auto-news/three-launches-help-mm-retain-third-spot-in-passenger-vehicle-sales/articleshow/68770337.cms" data-type="tilCustomLink" target="_blank">third-largest passenger vehicle</a> maker, whose automotive business spans from sports utility vehicles (SUV) to tractors and buses, from heavy engines to electric cars. The company bought over Korean peer Ssangyong in 2011 and an Italian graphic design firm in 2008. However, the country's automobile industry has been reeling under pressure from slowing car sales in recent months. What M&amp;M gets... Most importantly, in 2018, Ford's India division <a href="https://m.economictimes.com/industry/auto/auto-news/ford-motor-india-drives-into-profit-zone-after-eight-years/articleshow/66453826.cms" data-type="tilCustomLink" target="_blank">swung to profit</a> for the first time in eight years. About 85% of the components are locally sourced. Ford has integrated manufacturing facility at Maraimalai Nagar, near Chennai, produces its popular models like Ford EcoSport and Ford Endeavour. It also has, according to the company, a "$1 billion state-of-the-art integrated manufacturing facility in Sanand, Gujarat," which became operational in March 2015. M&amp;M has 16 plants dotted across the country. The annual installed manufacturing capacity is 610,000 engines and 440,000 vehicles. <a data-type="tilCustomLink" target="_blank">Total sales</a> for the year-ended December 2018 were at 265,714 units, just marginally up from a year earlier. In the same time, M&amp;M sold over 250,000 vehicles, including exports. Ford has more than 376 sales and service outlets in 209 cities across India. It will also bring to the table 14,000 employees. The synergies Just like Ford, M&amp;M's top-selling brands are SUVs and that segment is in a tight spot. While the demand is weak, emission norms are scheduled be tightened next year and that would make diesel cars, especially the gas-guzzling SUVs less attractive. Coming together would reduce competition and ease the pressure on the business. The two companies tied up in 2017 to build cars together and the <a href="https://www.livemint.com/Auto/OZIyEUKiu91VH2APzOspjK/Ford-posts-a-profit-in-India-20-years-after-driving-in.html" data-type="tilCustomLink" target="_blank">first model is expected to be out</a> in the financial year ending March 2020. M&amp;M on the other hand has been a pioneer in India's nascent electric car market, a growing space which Ford is absent from. The Mumbai-based company is planning to double its electric vehicle (EV) portfolio in three years. The current EV manufacturing capacity is 5,000 and the <a href="https://economictimes.indiatimes.com/industry/auto/auto-news/mm-plans-to-double-its-electric-vehicles-portfolio-in-3-years/articleshow/63089182.cms" data-type="tilCustomLink" target="_blank">firm plans to increase</a> it to 60,000-70,000 in a year. SEE ALSO: <a href="https://www.businessinsider.in/shark-tanks-kevin-harrington-invests-in-retail-store-the-new-shop/articleshow/68796960.cms" data-type="tilCustomLink" target="_blank">Shark Tank’s Kevin Harrington is back in India after 25 years to invest in a pop-up store chain</a>

You Searched For "EV peers in India" and got 12 results

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