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Luxury carmakers <keyword id="19980471" type="General" weightage="20" keywordseo="Mercedes-Benz" source="keywords" meta.keywordsubtype="org" meta.entityname="Mercedes-Benz" meta.hostid="153" meta.entityid="Mercedes-Benz">Mercedes-Benz</keyword>, <keyword id="19911529" type="General" weightage="20" keywordseo="Audi" source="keywords" meta.keywordsubtype="org" meta.entityname="Audi" meta.hostid="153" meta.entityid="Audi">Audi</keyword>, and <keyword id="19911528" type="General" weightage="20" keywordseo="BMW" source="keywords" meta.keywordsubtype="org" meta.entityname="BMW" meta.hostid="153" meta.entityid="BMW">BMW</keyword> are eyeing robust sales during the festive period this year with demand for <keyword id="20194571" type="General" weightage="20" keywordseo="High-end-cars" source="keywords">high-end cars</keyword> continuing to see an upward trend in India. In an interaction with PTI, Mercedes-Benz India MD and CEO Santosh Iyer said the luxury car segment is set for its best-ever performance this year with <keyword id="19894908" type="General" weightage="20" keywordseo="Festive-season" source="keywords">festive season</keyword> offtakes playing a major role in the overall performance. He noted that the festive season generally gives high double-digit <keyword id="20040491" type="General" weightage="20" keywordseo="Sales-growth" source="keywords">sales growth</keyword>, helping the automaker to average out single-digit growth of the earlier quarter. "So in that sense, on an average, then we are able to get a double-digit growth during the festive season," Iyer stated. Elaborating on the overall industry, which still remains a very small part of the overall passenger vehicle market in the country, he said the segment is headed for record volumes this fiscal year but not all players are witnessing growth." Some (companies) are even degrowing, some are flat and they are facing headwinds, but because we are the primary player in the market, we still feel the luxury car market should cross 50,000-51,000 cars this year," Iyer said. The luxury car market in India currently remains very small accounting for less than 2 % of the overall passenger vehicle market in the country. Audi India Head Balbir Singh Dhillon said the automaker anticipates positive buying trends to continue during the festive season. "Our best-selling models - the A4, A6, Q3, Q3 Sportback, Q5, Q7, and the newly launched Q8 - continue to drive robust demand," he added. The company is equally optimistic about the e-tron range, the e-tron GT and RS e-tron GT, Dhillon said. BMW Group India President Vikram Pawah said the fundamentals of the Indian economy are sturdy and consumer confidence in the luxury segment is on the rise. "For BMW Group India, the order bank is solid and we are trying our best to speed up deliveries for our customers. Along with additional bookings around Diwali and Dussehra, we are confident of closing the year on a high note while clocking impressive growth," he stated. He noted that the group is witnessing very strong demand for products across all segments. Pawah said that in the run-up to the festive season, the company has introduced several special editions of its existing model range. The festive season usually commences with Onam and ends with Diwali every year.

Luxury carmakers Mercedes, Audi, BMW expect robust sales this festive season

New Delhi [India], July 12 (ANI): The <keyword id="20025828" type="General" weightage="20" keywordseo="two-wheeler-sales" source="keywords">two-wheeler sales</keyword> in India in June registered a growth of 21.3 per cent year-on-year (Y-o-Y), highlights the sales data released by the <keyword id="20163832" type="General" weightage="20" keywordseo="society-of-indian-automobile" source="keywords">Society of Indian Automobile</keyword> Manufacturers (SIAM) on Friday. The data highlighted that in June the total sales of the two wheelers were recorded at 16,14,154 units which is a 21.3 per cent increase from 13,30,826 two wheeler sold in June 2023. The sales of the scooters also surged to a record 42 per cent Y-o-Y in June to 5.4 lakhs, last year in June it was at 3.8 lakhs. The sales of Bikes also registered two-fold growth with sales increased by 11 per cent in June to 10.3 lakhs as compared to 9.1 lakh last year during the same period. The <keyword id="20028264" type="General" weightage="20" keywordseo="passenger-vehicle-sales" source="keywords">passenger vehicle sales</keyword> also registered a growth of 3 per cent Y-o-Y in June. The total passenger vehicle sales during June stands at 3,37,757 units, it was 3,27,788 units during June 2023. The sales of <keyword id="20412606" type="General" weightage="20" keywordseo="three-wheelers" source="keywords">three-wheelers</keyword> surged twofold by an increase of 12.3 per cent, according to the data total 59, 544 units of three wheelers were sold in June 2024 as against 53, 025 units sold in June 2023. The sales data for June demonstrates a positive outlook for the Indian <keyword id="20081560" type="General" weightage="20" keywordseo="automobile-industry" source="keywords">automobile industry</keyword>. The substantial growth in two-wheeler sales, particularly scooters and motorcycles, along with the steady increase in passenger and three-wheeler sales, reflects a resilient and expanding automobile market in India. Earlier in May, the sales of passenger cars dropped by over 11 per cent, according to the data by the Society of Indian Automobile Manufacturers (SIAM). The domestic sales of passenger cars also slipped 11 per cent from 1,20,364 units in May 2023 to 1,06,952 units in May 2024. The auto companies also reduced the production of passenger cars by 13 per cent, from 1,63,619 units in May 2023 to 1,42,367 units 2024. Export of passenger cars too saw a drop of about 20 per cent from 35,806 units in May 2023 to 28,802 units in May 2024. However, the sales number of June showed the positive signs of growth in the automobile industry.

Auto sales see a positive trend in June, two-wheeler sales register 21% annual growth: SIAM data

<keyword id="19931193" type="General" weightage="20" keywordseo="Maruti-Suzuki-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Maruti Suzuki India" meta.hostid="261" meta.entityid="Maruti Suzuki India">Maruti Suzuki India</keyword> reported its <keyword id="20025887" type="General" weightage="20" keywordseo="highest-ever" source="keywords">highest-ever</keyword> <keyword id="20423741" type="General" weightage="20" keywordseo="monthly-sales" source="keywords">monthly sales</keyword> volume at 206,434 units. Total sales in the month include <keyword id="20025843" type="General" weightage="20" keywordseo="domestic-sales" source="keywords">domestic sales</keyword> of 163,130 units, sales to other original equipment manufacturers (OEMs) of 10,136 units and the highest-ever monthly <keyword id="19916774" type="General" weightage="20" keywordseo="exports" source="keywords">exports</keyword> of 33,168 units. Festival season and on top of that the deep discounts offered by various automakers have invariably helped dealers sell more cars this October. Here is a table listing out the <keyword id="19909974" type="General" weightage="100" keywordseo="Maruti-Suzuki" source="keywords">Maruti Suzuki</keyword> India car-wise sales figures in October: In October, total sales, domestic plus exports combined, were 3.6 per cent higher year-on-year. So far in 2024-25 - April to October, the total sales were 1.64 per cent higher year-on-year. Coming to exports, the shipments in October and April-October were 51 per cent and 17 per cent, higher year-on-year, respectively. In the fiscal year 2023-24, the company exported over 2.8 lakh units to more than 100 countries, holding a commanding 42 per cent share in the country's passenger vehicle exports. In other news, Maruti Suzuki India recently reached a significant milestone, with ist <keyword id="21943254" type="General" weightage="20" keywordseo="Manesar-facility" source="keywords">Manesar facility</keyword> crossing the 1 crore cumulative production mark. The Manesar plant achieved this feat in just 18 years, making it the fastest among Suzuki's global automobile manufacturing facilities to reach the 1 crore production milestone. The facility, which commenced operations in October 2006, is spread over 600 acres and manufactures a range of models, including Brezza, Ertiga, XL6, Ciaz, Dzire, Wagon R, S-Presso, and Celerio. These vehicles serve both domestic and international markets, with exports reaching regions such as Latin America, the Middle East, Africa, and neighboring Asian countries. Since its inception, Maruti Suzuki has produced over 3.1 crore vehicles, reinforcing its leadership in the Indian <keyword id="19945567" type="General" weightage="20" keywordseo="automotive-industry" source="keywords">automotive industry</keyword>. Maruti Suzuki India Limited also started the export of its acclaimed 'Made-in-India' SUV, the Fronx.

Maruti Suzuki India registers highest-ever monthly sales in festive-filled October

The rise in <keyword id="20532742" type="General" weightage="20" keywordseo="EV-battery-manufacturing" source="keywords">EV battery manufacturing</keyword>, alongside the '<keyword id="20018809" type="General" weightage="20" keywordseo="Make-in-India" source="keywords">Make in India</keyword>' initiative, will lower manufacturing costs and boost <keyword id="19914921" type="General" weightage="20" keywordseo="EV-sales" source="keywords">EV sales</keyword> in the country, according to industry experts. According to Liz Lee, Associate Director at Counterpoint Research, <keyword id="21214947" type="General" weightage="20" keywordseo="Indias-EV-landscape" source="Orion">India's EV landscape</keyword> is on the cusp of significant growth. "Government initiatives such as the <keyword id="8941225" type="General" weightage="20" keywordseo="PLI-scheme" source="Orion">PLI scheme</keyword> for <keyword id="16365365" type="General" weightage="20" keywordseo="Advanced-Chemistry-Cells" source="Orion">Advanced Chemistry Cells</keyword> (ACC) and the recent reduction in import duties on EVs under $35,000 to 15 per cent are game changers," said Lee. All this not only opens doors for <keyword id="107096" type="General" weightage="20" keywordseo="Tesla" source="Orion">Tesla</keyword> but also signals India's readiness to welcome significant investments and foster a new ecosystem for EVs and their component suppliers. "It is a clear sign that India's journey to become a major player in the global <keyword id="186291" type="General" weightage="100" keywordseo="EV" source="Orion">EV</keyword> market is accelerating," Lee noted. The EV ecosystem is in a fairly nascent stage. "While the conventional automobile manufacturing ecosystem is mature, the building blocks for a robust smart car manufacturing ecosystem, from the battery to infotainment to sensors to full ADAS/ADS, beckon," said Research Vice President Neil Shah. "This would span from the likes of Qualcomm and MediaTek designing and offering advanced auto components to BlackBerry providing safety and security software, to Foxconn reducing barriers for new entrants to India with its innovative MIH consortium-based 'localised' design and manufacturing model," Shah explained.

India's EV landscape set to be transformed with key govt initiatives: Industry experts

<keyword id="19903807" type="General" weightage="100" keywordseo="Elon-Musk" source="keywords">Elon Musk</keyword>, the CEO of electric car maker Tesla and rocket manufacturer <keyword id="19905255" type="General" weightage="20" keywordseo="SpaceX" source="keywords" meta.keywordsubtype="org" meta.entityname="SpaceX" meta.hostid="261" meta.entityid="SpaceX">SpaceX</keyword>, may become the world's first <keyword id="20204152" type="General" weightage="20" keywordseo="trillionaire" source="keywords">trillionaire</keyword> by 2027, while Indian tycoon <keyword id="19929098" type="General" weightage="20" keywordseo="Gautam-Adani" source="keywords">Gautam Adani</keyword> may attain that status in the following year, and Asia's richest man <keyword id="19916798" type="General" weightage="20" keywordseo="Mukesh-Ambani" source="keywords">Mukesh Ambani</keyword> may do so in 2033, according to an Informa Connect Academy report. For Musk, the richest in the world with $237 billion net worth, to become the world's first trillionaire, his wealth needs to grow at an average annual growth rate of 110%, the report said. <keyword id="19898586" type="General" weightage="20" keywordseo="Adani" source="keywords">Adani</keyword>, who is ranked 13th on the world billionaire index with a wealth of just under $100 billion, maybe the second trillionaire (net worth equal to at least one trillion US dollars) if his ports-to-power conglomerate was to continue growing at the current 123% average annual rate, it added. Rival <keyword id="19898589" type="General" weightage="20" keywordseo="Ambani" source="keywords">Ambani</keyword>, now ranked Asia's richest with a net worth of $111 billion, may achieve the same status in 2033, according to the report. His oil-to-telecom-and-retail conglomerate is slated to hit trillion-dollar market cap status in 2035. Ambani's <keyword id="19938772" type="General" weightage="20" keywordseo="Reliance-Industries-Ltd" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Industries Ltd" meta.hostid="261" meta.entityid="Reliance Industries Ltd">Reliance Industries Ltd</keyword> is the only Indian company projected to hit that mark. The companies that will hit the trillion-dollar market cap mark include Taiwan's semiconductor maker TSMC, which has a market cap of $893.7 billion now and is expected to achieve that status in 2025. It will be closely followed by Berkshire Hathaway, pharma giant Eli Lilly, technology company Broadcom and electric automobile firm Tesla. The report said, "No one in the world has claimed trillionaire status - at least not yet. However, there are some likely candidates. The following are multi-billionaires who will probably become trillionaires sooner or later". After Elon Musk and Gautam Adani, NVIDIA founder Jensen Huang, Indonesian mogul Prajogo Pangestu, French businessman Bernard Arnault, and Facebook CEO <keyword id="19952202" type="General" weightage="20" keywordseo="mark-zuckerberg" source="keywords">Mark Zuckerberg</keyword> come next as prospective trillionaires. Currently, there are only a handful of companies that have crossed the $1 trillion in valuation. This includes Microsoft, Nvidia, Apple, Alphabet, Amazon, Saudi Aramco, and Meta. The most recent case is that of <keyword id="19921921" type="General" weightage="20" keywordseo="warren-buffett" source="keywords">Warren Buffett</keyword>'s Berkshire Hathaway in late August. Nvidia also joined the $ 1 trillion club in May 2023 and reached $ 3 trillion in June, becoming the second most valuable company in the world, with Microsoft ahead and Apple behind.

Elon Musk may be world's first trillionaire by 2027, Adani to touch the mark by 2028, Ambani in 2033: Report

<keyword id="20163833" type="General" weightage="100" keywordseo="Passenger-vehicle" source="keywords">Passenger vehicle</keyword> wholesales in India declined 2.5 per cent year-on-year to 3,41,510 units in July, impacted by high base effect as well as companies reducing vehicle dispatches to dealers amid moderation in demand. The overall passenger vehicle (PV) dispatches from companies to dealers stood at 3,50,355 units in July 2023, <keyword id="20081560" type="General" weightage="20" keywordseo="automobile-industry" source="keywords">automobile industry</keyword> body <keyword id="20185536" type="General" weightage="20" keywordseo="SIAM" source="keywords">SIAM</keyword> said on Wednesday. <keyword id="21653561" type="General" weightage="20" keywordseo="utility-vehicles" source="keywords">Utility vehicles</keyword> continued to drive sales of PVs, clocking 1,88,217 units last month, as against 1,80,831 units in July 2023, a growth of 4.1 per cent, as per the data issued by the Society of Indian Automobile Manufacturers (SIAM). Passenger cars, however, recorded a drop of 12 per cent at 96,652 units, as against 1,09,859 units in the same month last year. Industry observers pointed out that after high-paced growth witnessed in the past couple of years, the industry is witnessing moderation in demand. Besides, Original Equipment Manufacturers (OEMs) also undertook stock corrections in July to reduce inventory in the network. As per SIAM data, <keyword id="22783202" type="General" weightage="20" keywordseo="two-wheeler-wholesales" source="keywords">two-wheeler wholesales</keyword> grew by 12.5 per cent to 14,41,694 units last month, as compared to 12,82,054 units in July 2023. <keyword id="20067449" type="General" weightage="20" keywordseo="motorcycles" source="keywords">Motorcycles</keyword> wholesales were up 4.1 per cent at 8,50,489 units in July 2024, as against 8,17,206 units in the year-ago month, SIAM said. Scooters sales were up 29.2 per cent at 5,53,642 units last month, as against 4,28,640 units in the year-ago period. Three-wheeler wholesales also rose 5.1 per cent to 59,073 units from 56,204 units in July last year. "Though three-wheeler and two-wheeler segments are performing well, there has been some de-growth of passenger vehicles and commercial vehicles in July 2024, compared to July 2023," SIAM President Vinod Aggarwal said in a statement. He, however, said the above average rainfall coupled with upcoming festive season is likely to again propel growth in the short term. "In addition, enabling budget announcements which emphasise on overall economic growth with fiscal support for infrastructure and rural sector should augur well for the auto sector in the medium-term," Aggarwal said.

Domestic passenger vehicle wholesales dips 2.5% at 3,41,510 units in July: SIAM

The country's <keyword id="21969771" type="General" weightage="20" keywordseo="airport-industry" source="keywords">airport industry</keyword> is projected to report a <keyword id="20385116" type="General" weightage="20" keywordseo="profit-before-tax" source="keywords">profit before tax</keyword> of <keyword id="21969772" type="General" weightage="20" keywordseo="USD-1-3-billion" source="keywords">USD 1.3 billion</keyword> in the current financial year. The profit is anticipated to be Rs 256.1 (USD 3.1) per passenger in the fiscal ending March 2025, aviation advisory firm CAPA India said while giving projections at its <keyword id="21969773" type="General" weightage="20" keywordseo="aviation-summit" source="keywords">aviation summit</keyword> in the national capital on Friday. In the current fiscal, <keyword id="21969774" type="General" weightage="20" keywordseo="passenger-throughput" source="keywords">passenger throughput</keyword> at Indian airports is estimated to rise to 404.9 million. Out of the total, 81.1 per cent will be domestic and 18.9 per cent will be international traffic, it said. As per the report, the <keyword id="20006900" type="General" weightage="20" keywordseo="Airport-Authority-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Airport Authority of India" meta.hostid="261" meta.entityid="Airport Authority of India">Airport Authority of India</keyword>'s (AAI) profitability is likely to remain robust in FY2024 and FY2025. "The topline will grow due to an increase in aeronautical revenue along with the receipt of revenue share from the recently privatised six non-metro airports, without having to incur any expense associated with it - resulting in higher profitability," it added. The industry's profit before tax is expected to be USD 1.3 billion in this fiscal. "India's airport operators are forecast to register Rs 359.8 billion (USD 4.3 billion) in revenue for FY2025, representing a growth of 14.8 per cent y-o-y from FY2024," CAPA India said. Noting that airport infrastructure at metros and non-metros is ahead of demand, it said there is an ongoing USD 11 billion pipeline of investment, including in Tier 2 and Tier 3 airports. SEE ALSO:<a href="https://www.businessinsider.in/tech/news/computex-2024-intel-debuts-lunar-lake-chips-with-focus-on-microsofts-ai-ambitions-for-pcs/articleshow/110745670.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/computex-2024-intel-debuts-lunar-lake-chips-with-focus-on-microsofts-ai-ambitions-for-pcs/articleshow/110745670.cms" target="_blank">Computex 2024: Intel Debuts Lunar Lake Chips With Focus On Microsoft’s AI Ambitions For PCs</a><a href="https://www.businessinsider.in/business/auto/news/may-auto-sales-tata-motors-and-hyundai-continue-to-fight-for-the-second-spot-as-car-sales-grow-by-4/articleshow/110649713.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/may-auto-sales-tata-motors-and-hyundai-continue-to-fight-for-the-second-spot-as-car-sales-grow-by-4/articleshow/110649713.cms" target="_blank">May Auto Sales – Tata Motors and Hyundai continue to fight for the second spot as car sales grow by 4%</a><a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-june-2024/slidelist/110591467.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-june-2024/slidelist/110591467.cms" target="_blank">Upcoming cars and two-wheelers launching in India in June 2024</a>

Airport industry to see profit before tax of $1.3 billion this fiscal

<ul class="summary-list"><li>Tesla has reportedly been considering building a new factory in India, the world's third-largest car market.</li><li>MG Motor India executive Rajeev Chaba told CNBC the move could boost India's EV market. </li></ul><a target="_blank" href="https://www.businessinsider.com/tesla">Tesla</a> has been eyeing an expansion into India — and one local auto executive thinks it'll be good for business.MG Motor India's CEO Emeritus Rajeev Chaba <a target="_blank" href="https://www.cnbc.com/2024/04/24/elon-musk-teslas-entry-into-india-ev-market-is-good-news-mg-motor-india-.html">told CNBC</a> that Tesla's potential entry into the Indian market could help boost the country's low rate of EV adoption."Tesla is really welcome. It'll be good for the industry, good news for the country, and for serious players like us," Chaba told CNBC.MG Motor currently sells two types of EVs in India; it recently <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-03-20/china-s-mg-motor-venture-bringing-electric-sports-car-to-india">announced</a> a joint venture with JSW Group to roll out more EVs in and capture a larger slice of the market there."I wish more and more players come, with more and more choices. Because that will give the consumer a chance to look at the various options and go for it," he added.The auto exec told CNBC that a lack of competition was hampering India's EV industry.The Indian government has set a target of <a target="_blank" href="https://www.reuters.com/business/autos-transportation/electric-vehicle-plans-indian-automakers-2024-03-15/">30% of all vehicle sales</a> to be electric by 2030. Between October 2022 and September 2023, EVs accounted for around 5% of total vehicle sales, according to data from <a target="_blank" href="https://www.bain.com/insights/india-electric-vehicle-report-2023/">Bain and Company</a>."Competition is limited at this point of time. Numbers are still constrained because consumers don't have compelling choices," Chaba said.Tesla has been eyeing India as a potential area for expansion as it grapples with a <a target="_blank" href="https://www.businessinsider.com/elon-musk-tesla-avoid-ev-sales-slowdown-china-byd-2024-1">slowdown in EV demand</a> and <a target="_blank" href="https://www.businessinsider.com/elon-musk-china-is-tesla-main-rival-in-ev-war-2023-11">growing competition in markets such as China</a>.Foreign EV companies have previously been deterred from entering the world's <a target="_blank" href="https://asia.nikkei.com/Business/Automobiles/India-tops-Japan-again-as-world-s-No.-3-auto-market#:~:text=GANDHINAGAR%2C%20India%20%2D%2D%20New%20car,released%20the%20data%20on%20Friday.">third-largest vehicle market</a> because of high import taxes on electric cars.However, a new policy that provides an exception for automakers who invest at least $500 million to produce their cars in the country and who set up manufacturing facilities within the next three years — suggests that may be about to change.Reuters reported earlier this month that Tesla is planning to build a new factory in the country as part of <a target="_blank" href="https://www.reuters.com/business/autos-transportation/teslas-musk-likely-unveil-2-3-bln-india-investment-during-visit-sources-say-2024-04-17/#:~:text=NEW%20DELHI%2C%20April%2017%20(Reuters,familiar%20with%20the%20discussions%20said.">a $2 to $3 billion investment</a>, and CEO Elon Musk was due to meet Indian Prime Minister Narendra Modi this week to announce the move.Those plans may have to wait. Musk postponed his trip to India due to <a target="_blank" href="https://www.businessinsider.com/elon-musk-cancels-trip-to-india-tesla-layoffs-struggles-2024-4">"very heavy Tesla obligations,"</a> with the automaker recently <a target="_blank" href="https://www.businessinsider.com/elon-musk-sent-tesla-employees-email-announcing-layoffs-read-memo-2024-4">announcing a 10% cut to its staff</a> and a high-profile <a target="_blank" href="https://www.businessinsider.com/tesla-cybertruck-accelerator-pedal-recall-fix-includes-drilling-hole-2024-04">Cybertruck recall</a>.Tesla did not immediately respond to a request for comment made outside normal working hours.

Tesla is eyeing India &mdash; but a rival says that's 'good for the industry' 

Union Minister for Commerce and Industry Piyush <keyword id="6361408" type="General" weightage="100" keywordseo="goyal" source="Orion">Goyal</keyword> on Monday (local time) visited <keyword id="107096" type="General" weightage="80" keywordseo="tesla" source="Orion">Tesla</keyword>'s manufacturing facility in California's Fremont and said that the US electric car maker is on its way to double its components imports from <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>. Goyal stressed that he is proud to see the growing importance of auto component suppliers from India in the <keyword id="7829399" type="General" weightage="50" keywordseo="tesla-ev" source="Orion">Tesla EV</keyword> supply chain. He said that he missed meeting Tesla CEO <keyword id="6355315" type="General" weightage="50" keywordseo="elon-musk" source="Orion">Elon Musk</keyword> and wished him a speedy recovery. He said that he is "delighted" to see Indian engineers and finance professionals working in senior positions and contributing to Tesla's journey to transform mobility. Taking to social media app X, Goyal stated, "Visited @Tesla 's state of the art manufacturing facility at Fremont, California. Extremely delighted to see talented Indian engineers &amp; finance professionals working at Senior positions and contributing to Tesla's remarkable journey to transform mobility. Also proud to see the growing importance of Auto component suppliers from India in the Tesla EV supply chain. It is on its way to double its components imports from India. Missed Mr @ElonMusk's magnetic presence and I wish him a speedy recovery." Goyal, who is on a visit to the United States from November 13 to 16, arrived in San Francisco Monday morning (local time), will participate in the third in-person Indo-Pacific Economic Framework (IPEF) Ministerial meeting from November 13-14, 2023. During his visit, he will also attend the Asia-Pacific Economic Cooperation (APEC) Summit in San Francisco. Just shortly upon arrival in the US, Goyal met with Singapore's Minister for Trade and Industry Gan Kim Yong. The two leaders discussed ways to accelerate cooperation across sectors to further deepen economic partnership between India and Singapore. Taking to X, Goyal stated, "Met H.E. Gan Kim Yong, Minister of Trade &amp; Industry, Singapore, and discussed ways to accelerate cooperation across sectors to further deepen our economic partnership." (ANI) He also met US Trade Representative Ambassador Katherine Tai on the sidelines of the Indo-Pacific Economic Framework (IPEF) in San Francisco. The two leaders held talks on the IPEF and trade pillars. Goyal is scheduled to hold a bilateral meeting with US Commerce Secretary Gina Raimondo and representatives from various sectors and industries, according to the Ministry of Commerce and Industry earlier press release. These meetings will focus on addressing trade barriers, promoting investments, and fostering greater cooperation in areas such as technology and innovation. One of the key focus of the visit will be the joint event, co-chaired with US Commerce Secretary, Gina Raimondo on "India-USA Innovation Handshake Initiative", with the aim to lift up and connect the two sides' dynamic startup ecosystems, address specific regulatory hurdles to cooperation, and promote further innovation and job growth, particularly in emerging technologies." During his visit to the US, Goyal will also participate in the investors' roundtable along with one-to-one meetings with CEOs, according to the press release. He will also interact with various stakeholders such as students, entrepreneurs, venture capitalists and the Indian diaspora. Piyush Goyal is expected to interact with globally renowned technology, entrepreneurship, and academic communities in the Bay Area, particularly, in Silicon Valley to undertake focused discussions with American companies looking to invest or expand in India across sectors - Electronics (including semiconductors), Technology, FinTech etc. SEE ALSO:<a href="https://www.businessinsider.in/sports/webstories/india-vs-new-zealand-wc-semi-final-preview-head-to-head-form-and-key-battles/slidelist/105180423.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/india-vs-new-zealand-wc-semi-final-preview-head-to-head-form-and-key-battles/slidelist/105180423.cms" target="_blank">Ind vs NZ in World Cup semis again – Head-to-head, form, key clashes and more</a> <a href="https://www.businessinsider.in/tech/news/ex-apple-employees-launch-ai-pin-a-wearable-which-wants-to-replace-your-smartphone/articleshow/105113255.cms">Ex-Apple employees launch AI-Pin, a wearable which wants to replace your smartphone</a> <a href="https://www.businessinsider.in/business/auto/news/british-luxury-carmaker-lotus-cars-enters-the-indian-market-with-2-55-electric-suv/articleshow/105092076.cms">Lotus Cars enters India with Eletre, a luxury electric SUV priced starting at ₹2.55 crore</a>

Piyush Goyal visits Tesla's California facility, says US electric car maker to double Indian component imports

<ul><li>The Indian passenger vehicles segment has recorded decent growth in March 2024.</li><li><keyword id="44883" type="General" weightage="20" keywordseo="Maruti-Suzuki" source="Orion">Maruti Suzuki</keyword> continues to lead the passenger vehicle segment with <keyword id="596" type="General" weightage="20" keywordseo="Hyundai" source="Orion">Hyundai</keyword> at the second spot.</li><li>Hyundai has beaten <keyword id="42747" type="General" weightage="20" keywordseo="Tata-Motors" source="Orion">Tata Motors</keyword> to reclaim the second spot in the Indian car industry.</li></ul>The auto sales numbers for March 2024 and FY24 have started pouring in, with companies recording decent growth across the board. Maruti Suzuki has once again emerged as the market leader, with Hyundai taking the second spot. Hyundai lost the second position to Indian automaker Tata Motors in February 2024 after it sold around a thousand vehicles less than the latter. The company has now reclaimed the second position and reported a new high for its yearly sales. <cmsannotation type="cmsannotation" annotationid="Maruti Suzuki retains the top spot" comment="subhead" text="Maruti Suzuki retains the top spot">Maruti Suzuki retains the top spot</cmsannotation> India’s largest car maker Maruti Suzuki retained the top spot by reporting sales of 1,52,718 passenger vehicles in March 2024, up from 1,32,763 cars sold in March 2023, registering a 15% year-on-year growth. Coming to the company’s sales during FY24, the Indian automaker sold 17,59,881 vehicles during the year, up from 16,06,870 vehicles sold in FY23, recording a 9.5% growth. The company’s sales have been boosted by the sale of compact vehicles such as the Brezza, Ertiga, Fronx, Grand Vitara and more, which have received a 75% boost during the year. <cmsannotation type="cmsannotation" annotationid="Hyundai reports record sales" comment="subhead" text="Hyundai reports record sales">Hyundai reports record sales</cmsannotation> Hyundai has emerged as the second biggest player in the Indian car market in March 2024 with domestic sales of 53,001 vehicles in March 2024, up from 50,600 vehicles sold in March 2023, recording a growth of around 5%. The company’s exports reported a growth of 16% from 10,900 in March 2023 to 12,600 in March 2024. The company reported record sales during FY24 at 7,77,876 vehicles, up from 7,20,565 vehicles sold in FY23, registering a growth of 8%. This includes an export of 1,63,515 vehicles in FY24 and 1,53,019 vehicles in FY23. <cmsannotation type="cmsannotation" annotationid="Tata Motors takes the third spot" comment="subhead" text="Tata Motors takes the third spot">Tata Motors takes the third spot</cmsannotation> Tata Motors came in third with sales of 50,297 vehicles in March 2024, up from 44,225 vehicles in March 2023, registering a 14% growth year-on-year. Coming to its annual sales, the company sold 5,73,495 vehicles in FY24, up from 5,41,087 vehicles in FY23, registering a 6% growth. The company’s commercial sales during FY24 were 3,78,060 in FY24, down 4% from 3,93,317 vehicles sold in FY23. <cmsannotation type="cmsannotation" annotationid="Mahindra reports growth while MG declines" comment="subhead" text="Mahindra reports growth while MG declines">Mahindra reports growth while MG declines</cmsannotation> Mahindra and Mahindra reported a growth in domestic dispatches from 35,997 vehicles in March 2023 to 40,631 vehicles in March 2024, registering a growth of 13%. During FY24, the company sold 4,59,877 vehicles, up from 3,59,253 vehicles sold in FY23, recording a growth of 28%. On the other hand, MG Motor reported a decline in its sales. The company sold 4,648 vehicles in March 2024, down from 6,051 in March 2023. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/ussd-based-call-forwarding-to-be-suspended-soon-to-curb-fraud/articleshow/108933705.cms">USSD-based call forwarding to be suspended soon to curb fraud</a> <a href="https://www.businessinsider.in/tech/apps/news/from-ai-photo-editing-to-international-upi-payments-here-are-upcoming-whatsapp-features/articleshow/108815797.cms">From AI photo editing to international UPI payments, here are upcoming WhatsApp features</a> <a href="https://www.businessinsider.in/tech/mobile/news/vivo-v30-pro-review/articleshow/108944431.cms">Vivo V30 Pro review: premium cameras in the mid-range segment</a>

You Searched For "Indian car industry" and got 10 results

Luxury carmakers Mercedes, Audi, BMW expect robust sales this festive season

PTI

Auto sales see a positive trend in June, two-wheeler sales register 21% annual growth: SIAM data

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Maruti Suzuki India registers highest-ever monthly sales in festive-filled October

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India's EV landscape set to be transformed with key govt initiatives: Industry experts

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Elon Musk may be world's first trillionaire by 2027, Adani to touch the mark by 2028, Ambani in 2033: Report

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Domestic passenger vehicle wholesales dips 2.5% at 3,41,510 units in July: SIAM

PTI

Airport industry to see profit before tax of $1.3 billion this fiscal

PTI

Tesla is eyeing India but a rival says that's 'good for the industry'

Tom Carter

Piyush Goyal visits Tesla's California facility, says US electric car maker to double Indian component imports

ANI

Hyundai retakes the second spot from Tata Motors, records its highest-ever sales

Sourabh Jain

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