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<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

<keyword id="21999883" type="General" weightage="20" keywordseo="Passenger-vehicle-retail-sales" source="keywords">Passenger vehicle retail sales</keyword> in India witnessed a 5 per cent on-year decline in August on account of delayed customer purchases, poor consumer sentiment and persistent heavy rains, industry body <keyword id="20108734" type="General" weightage="20" keywordseo="FADA" source="keywords">FADA</keyword> said on Thursday. The overall <keyword id="762866" type="General" weightage="100" keywordseo="Passenger-vehicle" source="Orion">passenger vehicle</keyword> (PV) registrations last month stood at 3,09,053 units, as compared to 3,23,720 units in August 2023. "Even with the arrival of the <keyword id="19894908" type="General" weightage="20" keywordseo="Festive-season" source="keywords">festive season</keyword>, the market remains under significant strain... Inventory levels have reached alarming levels, with stock days now stretching to 70-75 days and inventory totalling 7.8 lakh vehicles, valued at an alarming Rs 77,800 crore," Federation of Automobile Dealers Associations (FADA) President Manish Raj Singhania said in a statement. Rather than responding to the situation, PV Original Equipment Manufacturers (OEMs) continue to increase dispatches to dealers on a month-on-month basis, further exacerbating the issue, he added. "FADA urgently calls upon all banks and NBFCs to intervene and immediately control funding to dealers with excessive inventory," Singhania said, adding that dealers must also act swiftly to stop taking on additional stock to protect their financial health. The OEMs, too, must recalibrate their supply strategies without delay, or the industry faces a potential crisis from this inventory overload, he said. "If this aggressive push of excess stock continues unchecked, the <keyword id="23047448" type="General" weightage="20" keywordseo="auto-retail-ecosystem" source="keywords">auto retail ecosystem</keyword> could face severe disruption," Singhania said. Commercial vehicle registrations saw a 6 per cent year-on-year dip in August, while tractor retail sales also witnessed a drop of 11 per cent as compared to the year-ago period. Two-wheeler sales, however, increased 6 per cent year-on-year to 13,38,237 units in August, as compared to 12,59,140 units in the same month last year, on the back of improved stock availability and the onset of the festive season, Singhania said. Three-wheeler retail sales also increased by 2 per cent to 1,05,478 units last month, as compared to 1,03,782 units in the year-ago period. Overall registrations last month saw an increase of 3 per cent year-on-year at 18,91,499 units, as against 18,38,501 units in August last year. On business outlook in the near term, FADA said it remains cautiously optimistic. While the festive season and improved rural demand present promising opportunities for growth, ongoing weather uncertainties and high inventory levels may temper the overall recovery, it stated. To navigate these challenges, strategic inventory management and targeted marketing initiatives will be crucial in maximising festive sales and mitigating risks from adverse weather conditions, it added.

Passenger vehicle retail sales dip 5% in August 2024; FADA raises alarm over rising inventory level

The <keyword id="698382" type="General" weightage="20" keywordseo="Commercial-vehicle-industry" source="Orion">commercial vehicle industry</keyword> volume is expected to grow in the range of 7-10 per cent in the next financial year, rating agency <keyword id="6354972" type="General" weightage="20" keywordseo="Icra" source="Orion">Icra</keyword> said on Tuesday. The volume growth would be on account of government infrastructure spending, replacement demand, back-to-school and office scenarios and e-commerce expansion, it noted. The growth will, however, moderate from 24-26 per cent in the current financial year, it added. Icra noted that the growth trends were visible in third quarter of the current fiscal, with wholesale dispatches reporting a growth of 16 per cent on a year-on-year basis, supported by replacement demand, improvement in the macroeconomic environment, and healthy traction in the underlying industries such as steel, cement, mining, automobiles, and e-commerce. Freight rates continued to hold up, which, coupled with healthy freight availability, is supporting fleet operator viability, it noted. The growth trends continued to be broad-based across all the three sub-segments -- <keyword id="3393306" type="General" weightage="20" keywordseo="medium-heavy-commercial-vehicles" source="Orion">medium &amp; heavy commercial vehicles</keyword> (M&amp;HCV), <keyword id="163353" type="General" weightage="20" keywordseo="light-commercial-vehicles" source="Orion">light commercial vehicles</keyword> (LCV), and buses, in the third quarter and nine months ended December 31, 2022, Icra said. "Sales in the domestic CV industry continue to be propelled by multiple tailwinds including replacement of ageing vehicles, pick-up in mining, infrastructure and construction activities, improvement in the overall macroeconomic environment and healthy fleet utilisation levels resulting in improved fleet operator viability," Icra Assistant Vice President &amp; Sector Head - Corporate Ratings Sruthi Thomas. Furthermore, the continued thrust of the government on infrastructure development, as evidenced in the increased capex outlay of ₹10 trillion in the Union Budget for 2023-24, would augur well for sustained growth, especially in the heavy truck segment over the near-term, she added. Icra also expects an improvement in the financial performance of the CV OEMs, led by the benefit of operating leverage and the easing commodity prices; accordingly, aggregate operating profit margin of CV OEMs is expected to revive to 6-7 per cent in FY2023 and improve further in the next fiscal. "This in turn, will support the gradual improvement in their credit metrics as well. In terms of the investment outlay, while CV OEMs have limited plans for capacity expansion over the near term, investments in new product development, electric and other alternative fuel vehicles, and tightening emission norms, etc. would continue," Thomas said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/digiqure-the-latest-startup-to-appear-on-shark-tank-india-s2-aims-to-tackle-healthcare-services-in-rural-area/articleshow/97911962.cms">The untimely death of 7-year-old girl inspired this startup to start e-clinics in villages</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/real-estate-financial-services-top-pesky-callers-list-localcircles-survey/articleshow/97910227.cms">Real estate, financial services top pesky callers list: LocalCircles survey</a>

Commercial vehicle industry volumes to see 7-10 pc growth in FY24: Icra

<ul class="summary-list"><li>Two new <keyword id="11965072" type="UNKNOWN" weightage="60" keywordseo="marine-corps" source="Orion">Marine Corps</keyword> amphibious vehicles were disabled just off the California coast this week.</li><li>One vehicle rolled over and another broke down in high surf.</li></ul>The US Marine Corps has suspended operations at sea for its new Amphibious Combat Vehicles after a training mishap in high surf saw two ACVs disabled this week.One of the armored vehicles rolled over onto its side and another broke down in the surf after a large wave crashed over it during a training event at Camp Pendleton in California Tuesday, <a href="https://www.sandiegouniontribune.com/news/military/story/2022-07-20/marine-amphibious-pendleton-accident">The San Diego Union-Tribune first reported</a>.The vehicles were attached to the 3rd Assault Amphibian Battalion of the 1st Marine Division, and the incident, which did not result in any injuries, was captured in a video <a href="https://news.usni.org/2022/07/20/video-two-marine-amphibious-combat-vehicles-disabled-by-surf-no-injuries">published by USNI News</a>.Commenting on the decision to ground the Corps' ACV fleet, Lt. Gen. David J. Furness, the deputy commandant of the Marine Corps for Plans, Policies, and Operations, <a href="https://www.marines.mil/News/Press-Releases/Press-Release-Display/Article/3100504/marine-corps-pauses-waterborne-acv-operations/">said in a statement</a> "this is the right thing to do."Furness noted that "a pause on ACV waterborne operations will give us time to conduct an investigation, learn from this event, and ensure our assault amphibian community remains ready to support our nation."The <keyword id="12745331" type="UNKNOWN" weightage="60" keywordseo="amphibious-combat-vehicle" source="Orion">Amphibious Combat Vehicle</keyword> is a new type of amphibious landing vehicle built to transport Marine infantry from warships to a hostile shore. The suspension of waterborne operations this week is the second since the ACVs were introduced in fall 2020 as a replacement for the Corps' aging fleet of Assault Amphibious Vehicles (AAVs).A pause on operations at sea was first put in place for the new ACVs in September 2021 in response to a towing mechanism issue that was resolved by January of this year. The investigation into the latest ACV incident will determine the length of the current pause, <a href="https://www.marinecorpstimes.com/news/your-marine-corps/2022/07/21/marines-pause-amphibious-combat-vehicle-waterborne-operations-following-rollover-in-california-high-surf/">Marine Corps Times reported</a>.The introduction of the Amphibious Combat Vehicle in 2020 followed a tragic AAV accident in July of that year in which a vehicle sank off the coast of California, killing eight Marines and a sailor. The incident was the deadliest in the decades-long history of the vehicle.An <a href="https://www.businessinsider.com/what-happened-to-marine-corps-aav-that-sank-killed-nine-2021-3">investigation into the incident concluded</a> that the accident was preventable and was the result of "a confluence of human and mechanical failures," specifically inadequate training, poor leadership decisions, and improper maintenance.In the aftermath, the Corps suspended waterborne operations for the AAV, and after briefly allowing them back in the water, the Marines decided to pull the Vietnam-era vehicles <a href="https://www.businessinsider.com/marine-corps-is-pulling-aav-from-regular-deployments-from-water-2021-12">out of the water for good</a> unless a crisis demanded their use at sea.

Marines pull new amphibious vehicles out of the water after one rolled over and another broke down in high surf

<ul><li>Motor Vehicle Amendment has been passed in the Lok Sabha. </li><li>The bill was introduced by Nitin Gadkari, Minister for Road Transport and Highways. </li><li>The bill will include heavy penalties for offenders. </li></ul>The <keyword id="1076454" type="PERSON" weightage="20" keywordseo="Motor-Vehicle-Amendment-Bill">Motor Vehicle Amendment Bill</keyword> was passed by the Lok Sabha today. The bill was tabled by Nitin Gadkari, the Minister for Road Transport &amp; Highways in the Lok Sabha. The Bill intends to change the way Indians drive on the roads. Firstly, the bill will make way for much higher penalties for offenders. Those caught driving while drunk will now have to cough up a lot more as fines. The bill also reduces the validity of the driver license from 20 years to 10 years. Meanwhile, the Bill recognised cab aggregators like Uber and Ola; and they will have to get state licenses as well to operate. The Bill will also constitute a Motor Vehicle Accident Fund, which would provide compulsory insurance cover to all vehicle users in India. The fine for not carrying a valid insurance is raised to ₹2,000.

Motor vehicle amendment Bill has been passed in the Lok Sabha and here's how it will affect you

<ul><li>Once you have reported the theft to the police, get in touch with your insurance provider immediately to report the incident. </li><li>Providing incorrect or misleading information or granting someone else permission to use the vehicle at the time of the theft can lead to claim rejection. </li><li>The amount of motor insurance claim settlement is calculated based on the insured declared value (IDV). </li></ul>In a recent court ruling, an insurance company was asked to pay 70% of the claim amount for a <keyword id="69401" type="General" weightage="20" keywordseo="bike-theft" source="Orion">bike theft</keyword> – this was despite the claim being filed 100 days after the theft. The Insurance Regulatory and Development Authority of India (IRDAI), however, is yet to issue clarifications on the matter. With <keyword id="6514325" type="General" weightage="20" keywordseo="vehicle-theft" source="Orion">vehicle theft</keyword> a serious issue in India, it’s important to know all the rules around vehicle theft claims, so that your claim is not rejected. A comprehensive insurance policy offers protection against vehicle theft, but the insured needs to be completely aware of the claim process. “The first step after your vehicle is stolen is to file a police report [FIR]. This report will provide important details about the theft, such as the date, time, location, and a description of the parking details and last usage details of the stolen vehicle,” says TA Ramalingam, chief technical officer, Bajaj Allianz General Insurance. Notify the insurance company immediately In case of vehicle theft, time is of the essence. “It is recommended that the insurer is immediately notified on the discovery of the vehicle theft, and the claim should also be filed without delay, as any delay in filing the claim can potentially affect the processing and settlement of the claim,” says Parthanil Ghosh, president, retail business, HDFC ERGO General Insurance. The specific time limit for filing a claim for vehicle theft may vary depending on the terms and conditions of the insurer. Your insurer will furnish you with a claims form that will help you through the process of filing the claim. Your insurance company will probably require some supporting documentation to substantiate your claim. This could involve submitting the police first information report (FIR), the original registration certificate (RC), all original keys, and any other pertinent records to your insurance provider. Agrees Yagnesh Dosshi, co-founder and director, Raghnall Insurance Broking and Risk Management. “Once the FIR is filed, the policyholder needs to report the theft to the insurance company immediately and initiate a claim request as soon as possible, ideally within 24-48 hours of the theft.” Why your vehicle theft claim may rejected An insurance company may deny a claim for vehicle theft under certain circumstances. It is important for the policyholder to report the theft to her insurance provider as soon as possible, as any delay in reporting may result in the denial of the claim. Providing incorrect or misleading information to the insurer or granting someone else permission to use the vehicle at the time of the theft can also lead to rejection of the claim. Additionally, if the policyholder's insurance policy was inactive at the time of the theft, the claim may be denied by the insurer. “Also, if the insurance company has reason to suspect that the policyholder was involved in the theft of their own vehicle, they may reject the claim, which is called a breach of trust and is against the principle of utmost good faith in insurance,” says Ramalingam. How much compensation are you entitled to? In the event that a claim for vehicle theft is approved, the amount of compensation you receive will be determined by the terms and conditions of your insurance policy as well as the insured declared value (IDV) of the stolen vehicle. The IDV is the amount that you had declared as the vehicle's value when you purchased the insurance policy, and it serves as the maximum amount that your insurer will pay out in the event of a total loss or theft. “In case the vehicle has been purchased with a bank loan then the insurer will reimburse the payout amount to the bank,” says Ghosh. If the stolen vehicle is found, the insurance company will compensate for any damages that occurred to the vehicle during the theft.

Victim of a car theft? Here is all you need to know about claims

This Swedish startup created an electric, autonomous freight vehicle that it says will hit roads next year

This modular EV vehicle platform can shift into endless types of vehicles from trucks to tiny delivery vehicles — see how it works

Prime Minister <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> wants India to switch to <keyword id="6354973" type="UNKNOWN" weightage="20" keywordseo="electric-vehicles">electric vehicles</keyword> by 2030. In a bid to achieve this target, the Indian government is planning a policy that will include tax breaks, subsidies, etc to rope in aggregators and car manufacturers. In the first phase, India will start with public transport. Also, under the plan, two-wheelers, three-wheelers and non-air-conditioned city buses will be sold without batteries, thus slashing prices by as much as 70%. The batteries will be leased at a specified cost and can be swiftly swapped with recharged ones at stations, he said. "The private vehicles will be the last lap of the scheme. We expect the programme to start scaling in three years. The programme is in the final stages of drafting," an official told ET. "It will take just two-and-half minutes to replace auto batteries and can be done in 10 minutes when city buses rest after about a 30-km trip. The model, however, will not work for AC cars and AC buses," the government official said. A formal policy is expected in next six months as an inter-ministerial committee led by <keyword id="2665691" type="UNKNOWN" weightage="20" keywordseo="Niti-Aayog">Niti Aayog</keyword> is drawing up the details of the plan to promote usage and convert most vehicles to electric by 2030. For taxis, the government is considering fast-charging electric stations. Specifications and guidelines for each type of electric vehicle, lease plans, battery swaps and charging stations are being worked out. The Modi-led government is also likely to involve aggregators and push them to purchase vehicles and lease them to drivers. The tax breaks for manufacturers are expected to give the 'Make in India' programme a boost. "In the pilot phase, cells for the batteries will be imported. As the programme scales up, they can be manufactured locally," the official told ET.

From tax breaks to subsidies, here’s what PM Modi is doing to promote e-vehicles and achieve 2030 target

<keyword id="6359783" type="General" weightage="100" keywordseo="bajaj-auto" source="Orion">Bajaj Auto</keyword> Ltd on Wednesday said it will set up an electric vehicle manufacturing facility at Akurdi in Pune with an investment of ₹300 crore. The facility, for which the work has already commenced, will have the capacity to produce 5,00,000 Electric Vehicles (EVs) per annum and cater to both domestic and exports markets, the company said in a release. The first vehicle from the new unit, spread over half-a-million square feet space, is expected to be rolled out by June 2022. The unit will employ around 800 personnel. Akurdi is the site of the original Chetak scooter factory. "In 2001, Bajaj 2.0 took off on the roaring Pulsar, in 2021, Bajaj 3.0 arrived on the charming Chetak. Going forward, for the Bajaj portfolio, except for implementing one state-of-the-art ICE (Internal Combustion Engine) platform that is currently under development, all our R&amp;D drive train resources are now laser focused on creating EV solutions for the future. "This alignment reflects our belief that light electric vehicles for sustainable urban mobility is an idea whose time may finally have come," Rajiv Bajaj, Managing Director of Bajaj Auto, said. He also said the investment at the Akurdi facility will complete the virtuous cycle of hi-tech R&amp;D competencies, high-efficiency engineering capabilities, world class supply chain synergies, and global distribution network which should leapfrog the company into a market leading position in EVs in India and overseas. The investments made by Bajaj Auto will be supplemented by a number of vendors, who will invest a further ₹250 crore ($33 million), the company said. The new unit will have cutting-edge robotic and automated manufacturing systems for everything, including logistics and material handling, fabrication and painting, assembly and quality assurance. These systems have been designed for flexible product mix while keeping in mind the best worker ergonomics and maximum process efficiency, it said. The unit at Akurdi is co-located with Bajaj Auto's state-of-the-art R&amp;D centre to foster greater collaboration, leading to faster time-to-market and should transform the facility into a hub for design, development and manufacturing of a complete range of electric vehicles, according to the statement. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/best-upcoming-electric-cars-in-india-in-2022/slidelist/88565231.cms">Best upcoming electric cars in India in 2022</a> <a href="https://www.businessinsider.in/business/auto/news/ola-electric-to-install-more-than-4000-ev-charging-points-across-cities-in-2022-ceo-bhavish-aggarwal/articleshow/88558896.cms">Ola Electric aims to install more than 4,000 EV charging points across cities in 2022</a>

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

PTI

Passenger vehicle retail sales dip 5% in August 2024; FADA raises alarm over rising inventory level

PTI

Commercial vehicle industry volumes to see 7-10 pc growth in FY24: Icra

PTI

Marines pull new amphibious vehicles out of the water after one rolled over and another broke down in high surf

Ryan Pickrell

Motor vehicle amendment Bill has been passed in the Lok Sabha and here's how it will affect you

Sanchita Dash

Victim of a car theft? Here is all you need to know about claims

Anagh Pal

This Swedish startup created an electric, autonomous freight vehicle that it says will hit roads next year

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This modular EV vehicle platform can shift into endless types of vehicles from trucks to tiny delivery vehicles — see how it works

Brittany Chang

From tax breaks to subsidies, here’s what PM Modi is doing to promote e-vehicles and achieve 2030 target

BI India Bureau

Bajaj Auto to set up electric vehicle manufacturing unit in Pune with a ₹300 crore investment

PTI

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