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<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

<keyword id="21991719" type="General" weightage="20" keywordseo="passenger-vehicle-exports" source="keywords">Passenger vehicle exports</keyword> from India rose by 2.68 lakh units in the last four financial years with <keyword id="19931193" type="General" weightage="20" keywordseo="Maruti-Suzuki-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Maruti Suzuki India" meta.hostid="153" meta.entityid="Maruti Suzuki India">Maruti Suzuki India</keyword> accounting for nearly 70 per cent of the <keyword id="21991720" type="General" weightage="20" keywordseo="incremental-shipments" source="keywords">incremental shipments</keyword> during the period. As per the industry data, passenger vehicle exports in the 2020-21 fiscal stood at 4,04,397 units. It rose to 5,77,875 units in the 2021-22 fiscal year and to 6,62,703 units in 2022-23 financial year. Last fiscal, exports stood at 6,72,105 units, an increase of 2,67,708 units since 2020-21. In the last three fiscal years, <keyword id="19909974" type="General" weightage="20" keywordseo="Maruti-Suzuki" source="keywords">Maruti Suzuki</keyword> has accounted for 70 per cent of the incremental 2,67,708 units across the industry which were shipped to overseas markets. The auto major's export shipment increased by 1,85,774 units between FY21 and FY24. When contacted, <keyword id="21223168" type="General" weightage="20" keywordseo="maruti-suzuki-india-executive" source="keywords">Maruti Suzuki India Executive</keyword> Officer Corporate Affairs Rahul Bharti said that factors like addition of more models, adherence to global production standards and tie-up with Toyota have helped in ramping up the exports' volume. He noted that the company is currently exporting models to around 100 nations across the globe. Top overseas markets for the company currently are South Africa, Saudi Arabia, Chile and Mexico. Other major markets include the Philippines, Indonesia and Ivory Coast. MSI exports models like Baleno, Dzire, Swift, S-Presso, Grand Vitara, Jimny, Celerio and Ertiga. As per SIAM data, overall <keyword id="21991650" type="General" weightage="20" keywordseo="PV-exports" source="keywords">PV exports</keyword> stood at 6,72,105 units in FY24, an increase of 1.4 per cent over 6,62,703 units in FY2023. MSI exported 2,80,712 units last fiscal, an increase of 10 per cent over 2,55,439 units in FY23. Rival Hyundai shipped 1,63,155 units in FY24 as compared with 1,53,019 units in FY23, an increase of 7 per cent.

Passenger vehicle exports rise by 2.68 lakh units in last 4 years; Maruti accounts for 70% of incremental shipments

As <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>'s <keyword id="19916774" type="General" weightage="100" keywordseo="exports" source="keywords">exports</keyword> in the first quarter of 2024-25 (April-June) crossed the $200 billion mark, the government has expressed its optimism about reaching its full-year target of $800 billion. "We are quite optimistic and it gives us optimism that we'd be crossing our <keyword id="19944038" type="General" weightage="20" keywordseo="USD" source="keywords">USD</keyword> 800 billion of trade this year," Commerce Secretary Sunil Barthwal said on Monday while releasing India's trade data for June. India's overall exports, merchandise and services combined in the month of June were to the tune of $65.47 billion, a 5.4% rise on a yearly basis, commerce ministry data showed. Same month last year it was at $62.12 billion. In break up, <keyword id="22419320" type="General" weightage="20" keywordseo="exports-of-merchandise-goods" source="Orion">exports of merchandise goods</keyword> rose from $34.32 billion to $35.20 billion, and exports of services rose from $27.79 to $30.27 billion. In May, merchandise and services exports combined were to the tune of $68.29 billion, a 10.2% rise on a yearly basis. The country's <keyword id="19933566" type="General" weightage="20" keywordseo="imports" source="keywords">imports</keyword> too increased year-on-year in June, data showed today. The same was the case in May. The overall imports, both merchandise and services combined, increased from $69.12 billion to $73.47 billion, a rise of about 6.3%, in June. In the recently concluded financial year 2023-24, India registered record exports at $778 billion. In 2022-23, the country exported goods and services combined at $776.3 billion. In break up, services exports rose from $325.3 billion to $341.1 billion in 2023-24. Merchandise exports though marginally declined from $451.1 billion to $437.1 billion. Among various steps the government took was to launch a <keyword id="8870884" type="General" weightage="20" keywordseo="Production-Linked-Incentive" source="Orion">Production Linked Incentive</keyword> (PLI) scheme in varied sectors, including electronic goods, to make Indian manufacturers globally competitive, attract investments, enhance exports, integrate India into the global supply chain and reduce dependency on imports. These seemed to have reaped dividends. China, Russia, Iraq, <keyword id="19908927" type="General" weightage="20" keywordseo="uae" source="keywords">UAE</keyword>, and Singapore were among the countries where India's exports in the just-concluded financial year have risen substantially, though with a low base. The other countries in the Top 10 list are the UK, Australia, Saudi Arabia, the Netherlands, and <keyword id="19899437" type="General" weightage="20" keywordseo="south-africa" source="keywords">South Africa</keyword>. Overall imports declined from $898.0 billion in 2022-23 to $853.8 billion. Both merchandise and services exports declined during the financial year. Overall trade deficit significantly improved from $121.6 billion in 2022-23 to $75.6 billion in 2023-24.

India's Apr-Jun quarter exports cross $200 bln, government optimistic of reaching  $800 bln annual target

The <keyword id="21233022" type="General" weightage="20" keywordseo="Indian-textile-industry" source="keywords">Indian textile industry</keyword> is set to experience developments in 2024, driven by improving demand in <keyword id="21017131" type="General" weightage="20" keywordseo="export-markets" source="keywords">export markets</keyword>, resilient consumer spending in key sectors, and favourable geopolitical conditions, according to the B&amp;K Securities report. In the ready-made garments (RMG) sector, the demand offtake in export markets is anticipated to show substantial improvement in 2024. While domestic demand is expected to remain moderate due to lower discretionary spending and overstocking from the previous fiscal year, the recovery in export demand is promising. The domestic market could see a boost in the second half of FY25, supported by an increase in wedding days and festive season, although the rise in realisations is likely to be marginal. The export growth in RMG is expected to be driven by a combination of factors including restocking by Western retailers, increased demand for spring-summer collections, and a general uptick in retail sales. The anticipated interest rate cuts in the US will further stimulate demand. India's RMG exports will also benefit from stable cotton prices and uninterrupted supply, enhancing cost competitiveness on the global stage. The ongoing crisis in Bangladesh, a major player in the global RMG market, presents a temporary tailwind for Indian exporters. However, the benefits for India are expected to be short-lived due to differences in product portfolios and Bangladesh's trade agreements with the European Union. Over the medium to long term, India could see more substantial gains as global buyers continue to diversify their <keyword id="19959553" type="General" weightage="20" keywordseo="supply-chains" source="keywords">supply chains</keyword> away from China and Bangladesh, particularly as Bangladesh faces challenges such as rising wages and the loss of its Least Developed Country (LDC) status by 2029. The <keyword id="21356289" type="General" weightage="20" keywordseo="home-textiles" source="keywords">home textiles</keyword> segment is poised to continue its growth trajectory, primarily driven by robust consumer spending in the United States, which accounts for approximately 60 per cent of India's home <keyword id="21353395" type="General" weightage="100" keywordseo="textile-exports" source="keywords">textile exports</keyword>. The market share of Indian players in the US has been steadily increasing, supported by the China+1 strategy adopted by big box retailers to diversify their supply chains. India's competitive advantage in raw material costs and increased domestic capacity will likely sustain its dominance in the US home textiles market. The Free Trade Agreement (FTA) negotiations with the UK and the European Union offer additional opportunities for growth, potentially leading to higher margins and increased market share for Indian players. While the industry is on a positive trajectory, it faces near-term challenges such as logistical disruptions due to the Red Sea crisis and uncompetitive domestic cotton prices. Moreover, as sustainability becomes a major theme in <keyword id="21977676" type="General" weightage="20" keywordseo="western-markets" source="keywords">Western markets</keyword>, <keyword id="804823" type="General" weightage="20" keywordseo="Indian-textile" source="Orion">Indian textile</keyword> companies will need to invest in compliance with these evolving norms to remain competitive. (ANI)

Indian textile exports to remain strong amid global shifts; FTA negotiations with EU to offer growth opportunities

Despite unfavourable economic conditions in major markets such as the European Union (EU), the US, and West Asian nations, Indian <keyword id="21353395" type="General" weightage="100" keywordseo="textile-exports" source="keywords">textile exports</keyword> grew by 9.59 per cent compared to the previous year in May 2024, the Confederation of <keyword id="22064995" type="General" weightage="20" keywordseo="Indian-textile" source="keywords">Indian Textile</keyword> Industry (CITI) said in a report. Simultaneously, <keyword id="22064997" type="General" weightage="20" keywordseo="Indian-apparel-exports" source="keywords">Indian apparel exports</keyword> saw a growth of 9.84 per cent during the same period. The CITI in its report highlighted that the cumulative exports of textiles and apparel during May 2024 registered a growth of 9.70 per cent over May last year. The country's overall exports for May 2024 surged to USD 68.29 billion. This was a substantial year-on-year increase of 10.2 per cent, according to data released by the Commerce Ministry on June 14. The analysis noted that during Apr -May' 24, Indian textile exports registered a growth of 6.04 per cent over the previous year, while apparel exports registered a growth of 4.46 per cent during the same time period. The cumulative exports of textiles and apparel during April-May 2024 saw a surge of 5.34 per cent as compared to the same period last year. The recently released export data revealed that sectors such as electronic goods, drugs and pharmaceuticals, organic and inorganic chemicals, engineering goods, petroleum products, plastics &amp; linoleum, cotton yarn/fabs made-ups ( textiles manufactured), handloom products, etc., man-made yarn/fabs./made-ups, handloom products etc. performed well in the exports from the country. Other merchandise products, such as meat, dairy and poultry products, mica, coal and other ores, minerals including processed minerals, RMG of all textiles, tea, coffee, rice, tobacco, carpet and handicrafts, oil seeds; and fruits and vegetables, did well too. On Friday, AshwKumar, President of the Federation of Indian Export Organisations (FIEO), highlighted that a positive trajectory was seen in May 2024, driven by robust order bookings. Among the top ten export markets for India were the US, UAE, Netherlands, UK, China, Singapore, Saudi Arabia, Bangladesh, Germany and France. Considerably, in these markets, the exports registered a double-digit growth rate. Breaking down export data released yesterday, the merchandise exports witnessed a 9.1 per cent rise to USD 38.13 billion, while service exports climbed by 11.7 per cent, reaching USD 30.16 billion. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/news/hyundai-motor-india-files-draft-papers-with-sebi-for-indias-biggest-ipo/articleshow/111014559.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/hyundai-motor-india-files-draft-papers-with-sebi-for-indias-biggest-ipo/articleshow/111014559.cms" target="_blank">Hyundai Motor India files draft papers with SEBI for India’s biggest IPO</a><a href="https://www.businessinsider.in/tech/mobile/news/tata-group-reportedly-looking-to-acquire-a-majority-stake-in-vivo-india/articleshow/110987274.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/tata-group-reportedly-looking-to-acquire-a-majority-stake-in-vivo-india/articleshow/110987274.cms" target="_blank">Tata Group reportedly looking to acquire a majority stake in Vivo India</a><a href="https://www.businessinsider.in/sports/webstories/kkr-beats-mi-in-terms-of-brand-value-csk-and-rcb-continue-to-lead/slidelist/110963926.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/kkr-beats-mi-in-terms-of-brand-value-csk-and-rcb-continue-to-lead/slidelist/110963926.cms" target="_blank">KKR beats MI in terms of brand value, CSK and RCB continue to lead</a>

Indian textile exports surge by 9.59% in May despite global economic challenges

<keyword id="19894886" type="General" weightage="20" keywordseo="China" source="keywords" meta.keywordsubtype="org" meta.entityname="China" meta.hostid="153" meta.entityid="China">China</keyword>, <keyword id="19895159" type="General" weightage="20" keywordseo="Russia" source="keywords" meta.keywordsubtype="org" meta.entityname="Russia" meta.hostid="153" meta.entityid="Russia">Russia</keyword>, Iraq, <keyword id="19908927" type="General" weightage="20" keywordseo="UAE" source="keywords" meta.keywordsubtype="org" meta.entityname="UAE" meta.hostid="153" meta.entityid="UAE">UAE</keyword>, <keyword id="19895045" type="General" weightage="20" keywordseo="Singapore" source="keywords" meta.keywordsubtype="org" meta.entityname="Singapore" meta.hostid="153" meta.entityid="Singapore">Singapore</keyword> are among countries where <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords" meta.keywordsubtype="org" meta.entityname="India" meta.hostid="153" meta.entityid="India">India</keyword>'s <keyword id="19916774" type="General" weightage="100" keywordseo="exports" source="keywords">exports</keyword> in the just-concluded <keyword id="19910979" type="General" weightage="20" keywordseo="financial-year" source="keywords">financial year</keyword> have risen substantially, though with a low base. The other countries in the Top 10 list are the UK, Australia, Saudi Arabia, the Netherlands, and South Africa. India's overall exports, merchandise and <keyword id="19896799" type="General" weightage="20" keywordseo="services" source="keywords">services</keyword> combined, in the just-concluded financial year 2023-24 are estimated to be USD 776.68 billion, largely steady on a yearly basis, commerce ministry data showed on Monday. In a break up, exports of merchandise goods declined 3.1 per cent to USD 437.06 billion, and exports of services rose 4.4 per cent to USD 339.62 billion. Coming to exports in March 2024, merchandise exports declined 0.7 per cent to USD 41.68 billion, and services exports declined 6.3 per cent to USD 28.54 billion. India's overall exports 2022-23 were worth USD 775.87 billion, a growth of over 14 per cent and almost USD 100 billion on a yearly basis. Coming to <keyword id="19933566" type="General" weightage="20" keywordseo="imports" source="keywords">imports</keyword>, India's overall imports in 2023-24 declined 4.8 per cent to USD 854.80 billion. In March 2024, merchandise and services exports declined 5.41 per cent and 2.46 per cent, respectively. Among various steps the government took was to launch a Production Linked Incentive (PLI) scheme in varied sectors, including electronic goods, to make Indian manufacturers globally competitive, attract investments, enhance exports, integrate India into the global supply chain and reduce dependency on imports. These seemed to have reaped dividends.

India's exports to China, UAE, Russia, Singapore rose in 2023-24

The country's drugs and <keyword id="20006091" type="General" weightage="20" keywordseo="pharmaceuticals" source="keywords">pharmaceuticals</keyword> exports increased 9.67 per cent year-on-year to USD 27.9 billion in 2023-24, even as the total exports dipped by 3 per cent in the last fiscal. According to the commerce ministry data, <keyword id="20988985" type="General" weightage="20" keywordseo="pharma-exports" source="keywords">pharma exports</keyword> in March grew by 12.73 per cent to USD 2.8 billion. In 2022-23, the exports stood at USD 25.4 billion. The top five export markets, for the sector during the last fiscal, are the US, the UK, the Netherlands, the United Kingdom, South Africa and Brazil. The US accounts for over 31 per cent of <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>'s total pharma exports, followed by the UK and Netherlands (about 3 per cent each). In 2023-24, the outbound shipments also entered new geographies like Montenegro, South Sudan, Chad, Comoros, Brunei, Latvia, Ireland, Chad, Sweden, Haiti and Ethiopia. An industry expert said that increasing market opportunities and healthy demand in countries like the US are helping exports to record healthy growth rates month after month. Experts have said that India's pharmaceutical business may exceed USD 130 billion by 2030, supported by expanding market opportunities and heightened demand in the overseas markets. The business stood at over USD 50 billion for the 2022-23. On average, India exports pharma products worth USD 2-3 billion every month. India's pharmaceutical industry is the third largest by volume and the 13th largest by value in the world, producing more than 60,000 <keyword id="20581305" type="General" weightage="20" keywordseo="generic-drugs" source="keywords">generic drugs</keyword> across 60 therapeutic categories. The government has rolled out two production-linked incentive (<keyword id="19958919" type="General" weightage="20" keywordseo="pli" source="keywords">PLI</keyword>) schemes to promote domestic manufacturing of key pharmaceutical ingredients and generic medicines. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/realme-narzo-70-narzo-70x-5g-smartphones-launched-in-india-starting-at-11999/articleshow/109557895.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/realme-narzo-70-narzo-70x-5g-smartphones-launched-in-india-starting-at-11999/articleshow/109557895.cms" target="_blank">Realme Narzo 70, Narzo 70X 5G smartphones launched in India starting at ₹11,999</a> <a href="https://www.businessinsider.in/tech/news/apple-let-loose-event-scheduled-for-may-7-ipads-expected-to-be-launched/articleshow/109553148.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/apple-let-loose-event-scheduled-for-may-7-ipads-expected-to-be-launched/articleshow/109553148.cms" target="_blank">Apple Let Loose event scheduled for May 7 – New iPad models expected to be launched</a><a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-8a-may-be-more-expensive-than-its-predecessor-as-per-a-new-leak/articleshow/109499394.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-8a-may-be-more-expensive-than-its-predecessor-as-per-a-new-leak/articleshow/109499394.cms" target="_blank">Google Pixel 8a may be more expensive than its predecessor, as per a new leak</a>

India's pharma exports rise 10% to $27.9 bn in FY24

<ul class="summary-list"><li>Oil exports from Russia dropped to their lowest level in seven months.</li><li>Crude oil exports peaked in April and have fallen 620,000 barrels a day since.</li></ul>Russian oil exports have dropped to the lowest levels since December.<a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-07-23/russia-s-oil-exports-fall-further-to-the-lowest-in-more-than-seven-months">Bloomberg reported on Tuesday</a> that exports from Primorsk and Ust-Luga, two of the country's main ports, are down 41% in the last month and are on track to keep falling. The decline comes as Russia moves to comply with cuts agreed to by the OPEC+ oil cartel. The country plans to cut production further in the coming months to make up for producing beyond its OPEC+ quota, <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-07-16/russia-plans-to-make-opec-compensation-oil-cuts-in-warm-seasons">sources told Bloomberg</a>.The Kremlin has generally complied with OPEC's guidance, and during a series of cuts in March, President Vladimir Putin <a target="_blank" href="https://markets.businessinsider.com/news/commodities/russia-putin-opec-oil-us-output-cuts-competition-market-share-2024-3">backed the OPEC+'s efforts to maintain oil prices</a> but voiced worries over losing market share to the US.So far this year, Russian crude exports have fallen about 30,000 barrels a day from last year's average, and are down 620,000 barrels a day since peaking in April. The drop in exports of Russian crude oil also comes amid recent sanctions from Ukraine against Russian oil supplier Lukoil, which has diverted some oil flows to European countries like Hungary and Slovakia. Pipes to these countries would need to pass through Ukraine, and exports could rise again as the company diverts flows. Meanwhile, the UK recently sanctioned tankers that move oil from Russia, including some that are part of the country's "shadow fleet." Over 60 tankers that carry Russian crude are now sanctioned.Those sanctions are driving refiners in some countries, like <a target="_blank" href="https://markets.businessinsider.com/news/commodities/india-russian-crude-trade-sovcomflot-shipping-sanctioned-tankers-price-cap-2024-3">those in India</a>, to refuse deliveries of Russian oil.Sanctions on Russian energy are part of a larger effort to crimp the revenue needed to keep funding the war in Ukraine, and have escalated since the conflict began in 2022. Russia contributed to about 12% of global crude oil production in 2023, making it the third biggest crude producer in the world, according to <a target="_blank" class="" href="https://www.statista.com/statistics/236605/share-of-global-crude-oil-production-of-the-top-15-oil-producing-countries/">Statista</a>.

Russian oil exports drop to lowest in 7 months amid OPEC cuts and sanctions

<ul class="summary-list"><li>Jaguar is going dormant until at least 2026. It's retooling to produce only electric vehicles.</li><li>That means prospective buyers won't be able to snag a Jag in the UK until at least mid-2026.</li></ul>Jaguar has stopped selling new vehicles in its home country until at least 2026 as the luxury British automaker prepares to go all-electric.As of Monday, Jaguar Land Rover, owned by India-based Tata Motors, won't be shipping any new vehicles to dealers in the UK — and whatever vehicles are left in their inventories will now be considered used, regardless of what their odometers say, <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-11-12/brits-can-t-buy-new-jaguars-for-over-a-year-as-brand-goes-electric?cmpid=BBD111224_MORNAMER&amp;utm_medium=email&amp;utm_source=newsletter&amp;utm_term=241112&amp;utm_campaign=morningamer">a spokesperson told Bloomberg</a>.It's the first time that prospective UK buyers won't be able to choose a Jaguar — a preferred vehicle of the British royal family and UK prime ministers — since World War II, Bloomberg reported.Meanwhile, US buyers won't have access to new Jags, either: US dealers will be able to sell what's left from the 2024 model year — and will then have to wait to get the new all-electric Jags, <a target="_blank" class="" href="https://www.caranddriver.com/news/a62716329/future-of-jaguar/">Car and Driver reported</a>.The company has said it plans to reveal more details later this year, but for now, its new EVs aren't expected to launch for more than a year — sometime in 2026, a Jaguar Land Rover spokesperson <a target="_blank" href="https://cardealermagazine.co.uk/publish/jaguar-stops-selling-new-cars-in-the-uk-as-brand-readies-rebirth-in-2026/309520">told the UK's Car Dealer Magazine</a>.Jaguar <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2021-02-15/jaguar-going-all-electric-marks-new-ceo-s-turnaround-plan">had earlier announced, in 2021, that it would ditch internal combustion engines </a>and go all-in on EVs. The move came shortly after the UK's prime minister at the time, Boris Johnson, <a target="_blank" class="" href="https://www.businessinsider.com/uk-ban-sale-new-gas-diesel-cars-vehicles-2030-2020-11">outlined his 10-point "green industrial revolution" plan</a>.Jaguar unveiled its <a target="_blank" class="" href="https://media.jaguar.com/en-us/news/2018/09/jaguar-announces-national-marketing-launch-plans-all-electric-jaguar-i-pace">first and only all-electric vehicle in 2018</a>, the <a target="_blank" class="" href="https://www.jaguar.com/electric-cars/all-electric.html">I-Pace SUV</a>, though it <a target="_blank" class="" href="https://www.jaguar.com/electric-cars/vehicles.html">also offers</a> plug-in electric hybrid cars and other hybrids.<div type="image" title="image of electric Jaguar vehicle" height="6069" width="10771" msid="115230046" hostid="261" sizebytes="637934"></div>Earlier this year, Jaguar stopped producing its XE, XF, and F-Type models at its Castle Bromwich plant in the UK, and assembly of its E-Pace and I-Pace models in Austria will cease by the end of this year as the company prepares to announce its new EV models, Car Dealer Magazine reported.Jaguar has already invested about $320 million to prepare its Halewood UK plant for all-EV production, and will inject another $320 million into the plant in the coming years, the <a target="_blank" class="" href="https://media.jaguarlandrover.com/news/2024/09/jlr-invests-ps500-million-creating-ev-factory-future-merseyside">company said in September</a>.In the September <a target="_blank" class="" href="https://cardealermagazine.co.uk/publish/jaguar-dealers-in-for-a-messy-year-says-boss-rawdon-glover/307686">interview with Car Dealer Magazine</a>, Jaguar's managing director Rawdon Glover acknowledged some of the automaker's potential growing pains as it moves through this transitional phase."It will be difficult for this bit in the middle and probably in the early years while we're building up to the full range," Glover told the outlet. "We want people that are in it for the long term that absolutely understand the vision of Jaguar needing to change. They support the elevated positioning and everything else that goes with that because the level of service and even some of our business markets will be different."As part of that elevated positioning, the newly announced Jags are expected to be significantly more upmarket than the ones that are being phased out, Car and Driver reported, citing a Range Rover from the brand's corporate cousin that costs around $400,000 as where the brand wants to be. (Most 2024 Jaguar models have list prices of around $50,000 to $80,000.)Jaguar Land Rover and its parent company Tata Motors did not immediately respond to a request for comment from Business Insider.

You can't buy a new Jaguar in its home country of the UK until 2026. The brand is going dormant to retool as EV-only.

<ul class="summary-list"><li>The <a target="_blank" href="https://www.businessinsider.com/byd-founder-wang-chuanfu-biggest-chinese-global-ev-automaker-2024-1">world's largest EV maker BYD</a> is getting into the shipping business.</li><li>The company has purchased its first vessel to ship cars around the world.</li></ul><a target="_blank" href="https://www.businessinsider.com/tesla-q4-sales-less-than-china-byd-2024-1">BYD</a>, the world's biggest electric vehicle maker, isn't just hitting roads in a major way — it's hitting the open seas.The Chinese company and <a target="_blank" href="https://www.businessinsider.com/china-byd-evs-beats-tesla-rewards-car-dealers-1-2024">Tesla rival</a> set sail in January with 5,000 cars on its first vehicle carrier, named "BYD Explorer No.1."The new ship represents a major milestone for BYD because it'll help the company meet the growing <a target="_blank" href="https://www.businessinsider.com/tesla-rivals-china-electric-suv-byd-li-auto-geely-2023-1">global demand for its electric cars</a> by reducing the cost of getting them out to the masses.China only has access to a small sliver — 2.8% — of domestic car-carrier vessels, <a target="_blank" href="https://www.technologyreview.com/2024/01/30/1087393/byd-shipping-electric-cars-china/?truid=&amp;utm_source=the_download&amp;utm_medium=email&amp;utm_campaign=the_download.unpaid.engagement&amp;utm_term=&amp;utm_content=01-31-2024&amp;mc_cid=e863ad06ec&amp;mc_eid=114b891668">according to the MIT Technology Review</a>. Car giants like Japan's Toyota have whole fleets in place already to transport their cars around the world.BYD's new roll-on, roll-off (RORO) carrier is now headed for India after making stops in the Netherlands and Germany, <a target="_blank" href="https://www.reuters.com/business/autos-transportation/byds-first-chartered-vessel-sets-sail-with-5000-evs-europe-xinhua-2024-01-16/">according to Reuters</a>.The company <a target="_blank" href="https://newspressuk.com/publicReleaseView/109295/64214?token=B7D3cT8WsLa7BAmvNQBv">said in a press release</a> it plans to add seven more vessels to its fleet in the next two years.BYD sold about 3 million cars in 2023. Though a majority of the vehicles were sold to Chinese buyers, the company exported about 243,000 cars to countries including Australia, Brazil, and Israel, according to Reuters, citing the China Passenger Car Association.Those limited exports were still enough to surpass Tesla for the first time in the fourth quarter. While EV demand in key regions like Europe and the US has waned significantly in the past several months, auto industry experts say much of this softening in demand has more to do with an <a target="_blank" href="https://www.businessinsider.com/electrc-vehicle-demand-problem-affordability-expense-price-cost-2023-10">affordability issue</a> for electric cars and customers adjusting to a more brutal economic environment.This could usher in the next stage of a <a target="_blank" href="https://www.businessinsider.com/cheap-chinese-electric-cars-will-upend-the-us-vehicle-market-2023-5">long-awaited Chinese takeover</a> of the electric vehicle market, with BYD's more affordable models situated well to meet US demand in particular.EV demand hasn't dried up in the US so much as it has <a target="_blank" href="https://www.businessinsider.com/ev-demand-still-strong-despite-slowdown-hybrids-survey-2024-1">changed in the past year</a>, with customers prioritizing price and practicality over style and performance. That leaves a perfect opening for BYD, particularly if lower shipping costs allow the company to keep sticker prices low.

Demand for BYD's cars is so nuts the company had to create its own shipping fleet to export them around the world

New Delhi, Japanese auto major Honda is all set to introduce its India-made mid-sized SUV Elevate in the <keyword id="859755" type="General" weightage="20" keywordseo="japanese-market" source="Orion">Japanese market</keyword> next year. It would be the first instance that a product manufactured by <keyword id="1381889" type="General" weightage="20" keywordseo="honda-cars-india" source="Orion">Honda Cars India</keyword> Ltd (HCIL), a wholly-owned unit of the Japanese firm, will be exported to the highly regulated Japanese market. HCIL is rolling out Elevate from its Tapukara (Rajasthan-based) production facility. "After its successful debut in India earlier this year, Elevate is scheduled for Spring 2024 launch in the Japanese market under the brand name WR-V," an HCIL spokesperson said in a statement. In a first for HCIL, the model will be manufactured in India and exported to Japan, it added. "This strategic move is a strong reflection of manufacturing capabilities of India operations and also solidifies our vision of making the country a key export hub in Honda business," the spokesperson said. The company's Tapukara-based plant is fully equipped to take care of the domestic as well as export requirements, the spokesperson added. HCIL introduced Elevate in the domestic market in September this year. Starting with the model, the company aims to introduce five SUV models in the domestic market by 2030. The company also plans to bring a battery-electric version of Elevate within the next three years. The model is powered by a 1.5-litre petrol engine paired with a six-speed manual and a seven-speed continuously variable transmission (CVT).

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You can't buy a new Jaguar in its home country of the UK until 2026. The brand is going dormant to retool as EV-only.

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