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The <keyword id="20143656" type="General" weightage="20" keywordseo="turnover" source="keywords">turnover</keyword> of India's automotive component industry registered a <keyword id="19910261" type="General" weightage="20" keywordseo="growth" source="keywords">growth</keyword> of 9.8 per cent in the financial year 2023-24, according to the Automotive Component Manufacturers Association of India (<keyword id="20475655" type="General" weightage="20" keywordseo="ACMA" source="keywords">ACMA</keyword>). The turnover stood at Rs 6.14 lakh crore (USD 74.1 billion) during the year, said the ACMA, the body representing India's auto component manufacturing industry, in its review for the fiscal year 2023-24, as per a release. <keyword id="20373789" type="General" weightage="20" keywordseo="shradha-suri-marwah" source="keywords">Shradha Suri Marwah</keyword>, President, ACMA, and CMD, Subros, said that apart from an increase in <keyword id="21825714" type="General" weightage="20" keywordseo="vehicle-production" source="keywords">vehicle production</keyword>, higher value addition from the component sector has led to growth in the auto components sector. "On the front of trade, whilst overall merchandise <keyword id="19916774" type="General" weightage="20" keywordseo="exports" source="keywords">exports</keyword> from India witnessed degrowth in FY24, auto component exports have grown despite geopolitical challenges and an increase in logistics costs," Marwah said. Elaborating on the mood of the industry and outlook for the near future, Marwah mentioned, steady growth in the vehicle industry has resulted in the industry reaching pre-pandemic levels of performance in 2023-24 in most segments, however, the first quarter of FY25 witnessed somewhat slower offtake in <keyword id="20051501" type="General" weightage="20" keywordseo="vehicle-sales" source="keywords">vehicle sales</keyword>, especially in passenger vehicles and commercial vehicles, given the high base, due to inclement weather conditions and elections. "With strong macro-economic indicators, conducive government policies, and over 7 per cent growth projected for the Indian GDP, we are hopeful that the auto components industry will continue to perform well in 2024-25," Marwah added in the release. Following are some of the key findings of the ACMA Annual Industry Performance Review: Auto component sales to Original Equipment Manufacturers (OEMs) in the domestic market were at Rs 5.18 lakh crore (USD 62.4 billion), growing 8.9 per cent compared to the previous year. Consumption of increased value-added components, a thrust on localisation, and a shift in market preference towards larger and more powerful vehicles contributed to the increased turnover of the auto-components sector. Exports of auto components witnessed growth of 5.5 per cent to Rs USD 21.2 billion in 2023-24 in contrast to USD 20.1 billion in 2022-23. North America accounted for 32 per cent of exports. Europe accounted for another 33 per cent and Asia for 24 per cent, respectively. Exports to Europe grew by 12 per cent while to Asia remained flat. The key export items included drive transmission and steering, engine components, body and chassis, suspension and braking systems. Component imports grew by 3.0 per cent in 2023-24 to USD 20.9 billion from USD 20.3 billion in 2022-23. Further, increased vehicle movement and a surge in demand for used vehicles led to buoyancy in the aftermarket across all segments. The turnover of the aftermarket in 2023-24 stood at Rs 93,886 crore (USD 11.3 billion) compared to Rs 85,333 crore (USD 10.6 billion) in the previous year. The aftermarket, with an increase in e-commerce, is witnessing enhanced penetration, especially in the hinterland, and a gradual evolution into the organised sector. (ANI)

Indian auto component industry turnover grows 9.8% in 2023-24; outlook positive: ACMA review

<keyword id="19897758" type="General" weightage="20" keywordseo="Samsung" source="keywords">Samsung</keyword> views India as a crucial market with <keyword id="19895934" type="General" weightage="20" keywordseo="Noida" source="keywords">Noida</keyword> and Bengaluru becoming one of its biggest <keyword id="21081461" type="General" weightage="20" keywordseo="RD-centres" source="keywords">R&amp;D centres</keyword>, and is in talks with Indian <keyword id="22430808" type="General" weightage="20" keywordseo="component-partners" source="keywords">component partners</keyword> to strengthen its operations, a senior official said. Samsung Electronics President and Head of Mobile eXperience (MX) Business <keyword id="20372974" type="General" weightage="20" keywordseo="TM-Roh" source="keywords">TM Roh</keyword> was speaking at a media roundtable here on the sidelines of Samsung Unpacked 2024. "The Indian market is very important to Samsung. We have operated the manufacturing facility since 1996, and we also have R&amp;D centres in India. Noida and Bengaluru R&amp;D centres have become one of the biggest R&amp;D centres of Samsung and MX business. "They are busy developing flagship products as well as contributing to the development of <keyword id="22430809" type="General" weightage="20" keywordseo="Galaxy-AI-technologies" source="keywords">Galaxy AI technologies</keyword>," Roh said, adding that these collaborations and efforts will continue in the future. In January this year, Roh termed India as one of Samsung's important manufacturing bases and said that the Korean electronics major will start manufacturing laptops this year at its Noida facility. "We are also working closely with component partners in the Indian market to strengthen infrastructure and supply chain. We have done so, and we will continue to do so going forward," Roh said. At Samsung Unpacked 2024, the tech giant expanded its wearables portfolio with the launch of Galaxy Ring, a health and wellness wearable device powered by Galaxy AI. It also unveiled its sixth generation foldable smartphones Galaxy Z Fold6 and Z Flip6, along with Galaxy Buds3 and Galaxy Buds3 Pro. Both Galaxy Z Fold6 and Z Flip6 are manufactured at the Noida facility. "The Indian market is one of the markets where the foldable range is growing exponentially, and at the centre lies Galaxy foldables. "Particularly, making health AI possible on our new products like watches and foldables, the contribution and efforts of Indian R&amp;D centres were immense," Roh said. He further said that the company expects the market demand to grow this year and has high expectations around Indian customers and consumers adopting the new foldable range with the incorporation of optimised Galaxy AI. "We will come closer to the consumers through diverse initiatives like first-hand experience programmes, game-related promotional activities, and Olympic sponsorship-related activities as well," he said. On the monetisation of AI services, Roh said mobile AI technologies and their usage patterns are progressing at such a speed that it would be too premature to comment on how it could be monetised. "I believe monetisation-related decisions should be and will be made based on a comprehensive review of the customer voice and customer needs, market demands, market needs, and technological trends and changes," he said. SEE ALSO:<a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-added-3-45-million-subscribers-in-may-2024-while-vi-lost-nearly-a-million/articleshow/111800758.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-added-3-45-million-subscribers-in-may-2024-while-vi-lost-nearly-a-million/articleshow/111800758.cms" target="_blank">Reliance Jio and Airtel added 3.45 million subscribers in May 2024, while Vi lost nearly a million</a><a href="https://www.businessinsider.in/tech/mobile/news/oneplus-nord-4-with-metal-back-snapdragon-7-gen-3-launched-in-india-starting-at-32999/articleshow/111787031.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-nord-4-with-metal-back-snapdragon-7-gen-3-launched-in-india-starting-at-32999/articleshow/111787031.cms" target="_blank">OnePlus Nord 4 with metal back, Snapdragon 7+ Gen 3 launched in India starting at ₹29,999</a><a href="https://www.businessinsider.in/budget/news/budget-2024-expectations-fame-scheme-aid-for-vehicle-scrapping-and-other-expectations-of-the-auto-industry/articleshow/111783199.cms" target="_blank"></a> <a href="https://www.businessinsider.in/budget/news/budget-2024-expectations-fame-scheme-aid-for-vehicle-scrapping-and-other-expectations-of-the-auto-industry/articleshow/111783199.cms" target="_blank">Budget 2024 Expectations: FAME scheme, aid for vehicle scrapping and other expectations of the auto industry</a>

Samsung in talks with component partners to boost ops in India: TM Roh

India's auto components industry is expected to grow around 10-15 per cent in FY24, driven by both domestic and export market demand despite fears of recession in major markets of US and <keyword id="28249" type="General" weightage="80" keywordseo="europe" source="Orion">Europe</keyword>, Automotive Component Manufacturers Association of India said on Monday. The auto components industry which clocked a turnover of USD 56.5 billion in FY22 with a growth of 23 per cent over the previous year is expected to end FY23 with a growth of 15 per cent. The domestic components industry stands to gain from the manufacturing of components for internal combustion engines (<keyword id="51841" type="General" weightage="80" keywordseo="ice" source="Orion">ICE</keyword>) moving to India as the major Western markets of US and Europe migrate towards electric vehicles. "In the first nine months that have gone by, that is until December 2022, our export and import continue to be really very well balanced and they are both at USD 15.1 billion," Automotive Component Manufacturers Association of India (<keyword id="224858" type="General" weightage="100" keywordseo="acma" source="Orion">ACMA</keyword>) Director General <keyword id="192232" type="General" weightage="80" keywordseo="vinnie-mehta" source="Orion">Vinnie Mehta</keyword> told reporters in an interaction here on the sidelines of an event organised by the industry body. He said, "We are wary of the fact of the headwinds because of recessionary trends in Europe and the US. Despite these trends, we feel that our exports are growing in the expected trajectory. We haven't found any slowdown happening in exports. Also imports, because the domestic market has picked up quite strongly." When asked about the outlook for FY24, Mehta said, "On a conservative approach, for FY24 (we) will surely grow in the range of 10-15 per cent." ACMA President <keyword id="125340" type="General" weightage="80" keywordseo="sunjay-kapur" source="Orion">Sunjay Kapur</keyword> said, "So given the fact that it (growth) is continuing, we expect things to continue in the same way. We're not seeing any signs of a major recession in the US, the way people have talked about it last year, or the last quarter of the last calendar year. As per industry feedback, he said, "From what we're hearing, the January numbers have been good and strong, and therefore, we hope and foresee that it will continue." Also, Kapur said, "The domestic industry is looking very positive in terms of growth and we will see good growth and then carry forward whatever we lack in exports, we will see that covered by the domestic industry." Further, he said in the short to medium term Indian auto components industry is gaining from the transition to EV in the developed markets in the <keyword id="6576454" type="General" weightage="50" keywordseo="west" source="Orion">West</keyword>. "Anything that's happening in the ICE space, a lot of it is moving to India because a lot of tier one suppliers have discontinued investing in the ICE design and development for OEMs because of the roadmap of going electric," he added. Moreover, a lot of the traditional components that are being manufactured, also have the option to move to India, as they discontinue manufacturing in the Western world, Kapur said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/armed-with-better-credit-scores-female-borrowers-grow-in-numbers-cibil/articleshow/98452170.cms">Armed with better credit scores, female borrowers grow in numbers: CIBIL</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/women-led-startups-on-shark-tank-india-s2/slidelist/98446643.cms#slideid=98447418">From Hoovu Fresh to TeaFit, women-led startups that shone on Shark Tank India S2</a>

Auto components industry to grow 10-15% in FY24: ACMA

New Delhi, <keyword id="32870" type="General" weightage="20" keywordseo="auto" source="Orion">Auto</keyword> component maker Samvardhana <keyword id="135627" type="General" weightage="20" keywordseo="motherson" source="Orion">Motherson</keyword> International on Friday said it has inked a pact to fully acquire Bengaluru-based Rollon Hydraulics for an undisclosed amount. Rollon is engaged in manufacturing, assembly and supply of high-precision turned parts, spools, and other machined components with critical engineering applications for the agriculture and off- Highway segment from its two facilities based out of Bengaluru. "Our focus on being a solutions provider to our customers has been a driving force for this acquisition. We are getting access to a new industry segment of construction and material handling for our precision metal business," Motherson Chairman Vivek Chaand Sehgal said in a statement. The company believes this business is highly synergistic with Motherson's existing business and offers ample opportunities to grow this business in India, Mexico &amp; other geographies, he added. "This is our fifth acquisition in India in the past 12 months, reaffirming India's importance in our future plans," Sehgal noted.

Auto component maker Motherson to acquire Bengaluru-based Rollon Hydraulics

Automotive Component Manufacturers Association of India (ACMA), the apex body representing India's <a href="https://www.businessinsider.in/business/auto/news/top-cars-and-suvs-with-the-longest-waiting-period-in-india/slidelist/88393252.cms" data-type="tilCustomLink">auto</a> component manufacturing industry, on Tuesday announced that the turnover of the industry stood at Rs 1.96 lakh crore for the period April 2021 to September 2021, registering a growth of 65 per cent over the first half of the previous year. Exports of auto components grew by 76 per cent to Rs 68,746 crore in the first half of 2021-22 from Rs 39,003 crore in the first half of 2020-21. Europe accounting for 31 per cent of exports, saw an increase of 81 per cent, while North America and Asia, accounting for 32 per cent and 25 per cent respectively also registered increase of 81 and 73 per cent respectively. "Despite the slow offtake in vehicles sales due to supply side issues, especially in the first quarter, the auto component industry demonstrated a remarkable turn-around in the first-half of FY 2021-22. With significant growth in all segments -- supply to OEMs, exports as also the aftermarket, the component industry grew to Rs 1.96 lakh crore registering 65 per cent growth," Sunjay Kapur, President, ACMA, said in a statement. Imports of auto components grew by 71 per cent from Rs.37,710 crore in the first half of 2020-21 to Rs 64,310 crore in the first half of 2021-22. Asia accounted for 63 per cent of imports followed by Europe and North America, with 29 per cent and 7 per cent respectively. Imports from all geographies witnessed steep increase reflecting growth in domestic manufacturing activities. The aftermarket in the first half of 2021-22 witnessed a growth of 25 per cent to Rs 38,895 crore from Rs 31,116 crore in the first half of 2020-21.

India's auto component manufacturing industry grew 65% during H1 2021

India's auto components industry witnessed a 34.8 per cent growth to Rs 2.65 lakh crore in first-half of 2022-23, riding on domestic demand, particularly from the passenger vehicles segment, the Automotive Component Manufacturers Association of India said on Wednesday. During the period, exports of components grew by 8.6 per cent to USD 10.1 billion (Rs 79.03 lakh crore), while imports climbed 17.2 per cent to USD 10.1 billion (Rs 79.8 lakh crore), Automotive Component Manufacturers Association of India (ACMA) said. "We've seen great growth come out of passenger cars and commercial vehicles... The festive season was very positive for two-wheelers, and we hope that two-wheelers will be back on the growth track, like they have been in the past," ACMA President <keyword id="125340" type="General" weightage="80" keywordseo="sunjay-kapur" source="Orion">Sunjay Kapur</keyword> told reporters in a virtual conference. He further said moderation in the supply-side issues, such as availability of semiconductors, high input raw-material costs and non-availability of containers, also helped in the growth witnessed in the first half of the ongoing fiscal. ACMA Director General <keyword id="192232" type="General" weightage="80" keywordseo="vinnie-mehta" source="Orion">Vinnie Mehta</keyword> said, "In the first half, 47 per cent of our revenue to the supply to the <keyword id="176215" type="General" weightage="80" keywordseo="oem" source="Orion">OEM</keyword>s, which is USD 28.6 billion dollars, came from passenger vehicles. Interestingly, in the first half of last fiscal, the passenger vehicles accounted for about 38 per cent of our revenue from the OEM". There has been a demand shift towards SUVs, and the value proposition has also been enhanced, he added. However, he said as the two-wheeler industry was under pressure, it accounted for about 18 per cent of the revenue against 21 per cent in the first half of the last fiscal. On the export front, the association said it grew by 8.6 per cent to USD 10.1 billion (Rs 79,033 crore) in H1 2022-23 from USD 9.3 billion (Rs 68,746 crore) in H1 2021-22. <keyword id="6378080" type="General" weightage="80" keywordseo="north-america" source="Orion">North America</keyword> accounted for 33 per cent of the total exports, an increase of 12 per cent. <keyword id="28249" type="General" weightage="80" keywordseo="europe" source="Orion">Europe</keyword> and <keyword id="21718" type="General" weightage="80" keywordseo="asia" source="Orion">Asia</keyword>'s shares stood at 30 per cent and 26 per cent, respectively -- a rise of 4 and 11 per cent, respectively. On the other hand, imports also grew by 17.2 per cent to USD 10.1 billion (Rs 79,815 crore) in H1 2022-23 from USD 8.7 billion (Rs 64,310 crore) in H1 2021-22. Asia accounted for 65 per cent of imports, followed by Europe and North America, with 26 per cent and 8 per cent, respectively. Imports from Asia grew by 21 per cent, from Europe by 6 per cent and North America by 29 per cent, the association noted. <keyword id="6371425" type="General" weightage="80" keywordseo="mehta" source="Orion">Mehta</keyword> said that while the components industry closed the last fiscal with a trade surplus of USD 700 million, in the current fiscal, it has become neutral with exports and imports finely balanced. "The sharper growth in the import has been because of the uptick in the domestic market, very much correlated to growth in the domestic market for the OEM segment," he added. In terms of new technology, Mehta said electric vehicles accounted for about 1 per cent of the overall turnover of the auto component industry. Although it is growing, it has not created a market shift yet, but the industry sees more contributions from the segment going forward. On the outlook, <keyword id="1735" type="General" weightage="80" keywordseo="kapur" source="Orion">Kapur</keyword> said the industry is cautiously looking at global events, including the COVID-19 situation in China and the Ukraine-Russia war. "For the medium to long term outlook, we need to be wary of the impending recession in Europe and the US as also the supply chain issues, which are not fully behind us," he said. For the ongoing year, he said, "I am optimistic that the current fiscal year will witness another good performance from the auto components sector. Further, with growth in consumption of EVs, we are witnessing a fast transformation of the auto components sector to be an integral part of the EV manufacturing supply chain". ACMA said the aftermarket segment witnessed a growth of 8 per cent to Rs 42,007 crore (USD 5.4 billion) from Rs 38,895 crore (USD 5.3 billion) in H1 2021-22. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/bajaj-platina-110-abs-the-cheapest-bike-with-abs-launched-in-india/slidelist/96390020.cms">Bajaj Platina 110 ABS, the cheapest bike with ABS launched in India – price, features, and more</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/reliance-jio-continues-to-lead-the-telecom-industry-as-its-active-subscribers-increase-by-4-9-million/articleshow/96395806.cms">Reliance Jio continues to lead the telecom industry as its active subscribers increase by 4.9 million</a>

Auto components industry grows 34.8 pc to Rs 2.65 lakh crore in H1 FY23

New Delhi, US-based electric vehicle maker <keyword id="107096" type="General" weightage="20" keywordseo="tesla" source="Orion">Tesla</keyword> is looking to source components worth around USD 1.9 billion this year against USD 1 billion in the last year, Commerce and Industry Minister Piyush <keyword id="6361408" type="General" weightage="20" keywordseo="Goyal" source="Orion">Goyal</keyword> said on Wednesday. The minister said that going forward, demand for electric vehicles will increase and it will help in pushing the growth of the sector. "Tesla already last year bought one billion dollars of components from I think all of you sitting here.... I have the list of companies who supply to Tesla. This year their target is nearly USD 1.7 billion or USD 1.9 billion what they mentioned," he said here at an annual session of ACMA. When asked about foreign firms looking to invest in India as part of their China plus one strategy, Goyal said that global companies are coming to India because of its attractiveness. "I totally debunk and reject the China plus one theory. That's not what is going to drive India...India of today stands on its own feet. The India of today has offerings for the rest of the world... both for investment and trade," he said. Goyal added that India provides them good business environment, skills, managerial talent, a big market, and demand generated by 1.4 billion people. "It's a rules-based economy..., it's a young democracy.....one of the fastest growing large economies. All of this makes it a compulsive investment destination. "Therefore companies around the world have gone beyond the China-plus-one story, they have gone beyond the ABC philosophy of anything but China, they have gone beyond friend-shoring or near-shoring and is looking at India as a trusted partner, he added.. The electric auto industry, as it grows worldwide, will see growth in India also, he said. In many cases, for example in taxis, and public transport buses, India is already seeing electric vehicles becoming a very compulsive investment case.. "...as we get large scale production ... we will start enjoying the fruits of economies of scale, will start enjoying the fruits of new technologies, innovation R&amp;D coming into India, he said.

Elon Musk's Tesla looking at sourcing components worth $1.9 billion from India: Goyal

New Delhi, The <keyword id="735152" type="ORGANIZATION" weightage="20" keywordseo="Automotive-Component-Manufacturers-Association">Automotive Component Manufacturers Association</keyword> of India on Wednesday reported a de-growth of 34% in <keyword id="6354887" type="UNKNOWN" weightage="20" keywordseo="Industry">industry</keyword>'s <keyword id="6408832" type="UNKNOWN" weightage="20" keywordseo="turnover">turnover</keyword> during April to September 2020 period on a year-on-year basis. Accordingly, the turnover of the automotive component industry stood at ₹1.19 lakh crore (USD 15.9 billion) for the period April 2020 to September 2020. "The auto industry witnessed a downturn in FY2019-20, the situation further aggravated with the outbreak of the pandemic and the lockdown," said Vinnie Mehta, Director General, ACMA. "While the <keyword id="6408941" type="UNKNOWN" weightage="20" keywordseo="first-quarter">first quarter</keyword> for FY20-21 was significantly stressed, however with unlocking of the economy, the sales of vehicles witnessed improvement, month-on-month, in the second quarter." However, for the first time ever, the industry witnessed a trade surplus with <keyword id="6853295" type="UNKNOWN" weightage="20" keywordseo="Auto-component-exports">auto component exports</keyword> at ₹39,003 crore ($5.2 billion) and imports at ₹37,710 crore ($5 billion); both exports and imports declined by 23.6% and 32.7%, respectively, he said. "The aftermarket, estimated at ₹31,116 crore, also witnessed de-growth of 15%. Component sales to OEMs in the domestic market contracted the most to ₹87,120 crore (USD 11.6 billion), declining 42%." SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-idbi-bank-pnb-bank-axis-bank-mm-embassy-reit-pvr-and-others/articleshow/79750662.cms">Top stocks to watch — IDBI Bank, PNB Bank, Axis Bank, M&amp;M, Embassy REIT, PVR, and others</a> <a href="https://www.businessinsider.in/defense/news/india-inaugurates-new-railway-line-with-bangladesh-to-save-its-chickens-neck-from-china-on-vijay-diwas/articleshow/79750869.cms">After 55 years, India will inaugurate a new railway line with Bangladesh to save its ‘Chicken’s Neck’ from China</a> <a href="https://www.businessinsider.in/business/auto/news/indias-auto-stocks-cheer-after-parliamentary-panel-agrees-that-they-need-more-stimulus-and-the-dealers-need-loans-with-less-collateral/articleshow/79760354.cms">India's auto stocks cheer after Parliamentary Panel agrees that they need more stimulus and the dealers need loans with less collateral</a>

COVID-19 eats away auto parts turnover as it slips by 34% from March

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

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 ₹150 crore IPO of Craftsman Automation will open on March 15.</li><li>It plans to use the funds to repay its ₹120 crore debt and for general corporate purposes.</li><li>The company’s comprehensive solutions include design, process engineering and manufacturing, including foundry, heat treatment, fabrication, machining and assembly facilities.</li><li>Its customer base includes Tata Motors, Daimler India, Tata Cummins, Mahindra &amp; Mahindra, Royal Enfield, Siemens, Escorts, and Ashok Leyland. </li></ul>The ₹150 crore initial public offering (IPO) of auto and engineering components maker Craftsman Automation is set to hit the capital markets on March 15. The company has fixed a price band of ₹1,488–1,490 a share for its IPO. The three-day public issue will close on March 17. It plans to use the funds to repay its ₹120 crore debt and for general corporate purposes. Craftsman Automation is a diversified engineering company with vertically integrated manufacturing capabilities, engaged in 3 business segments <ul><li>Automotive — powertrain and others</li><li>Automotive — aluminium products</li><li>Industrial and engineering.</li></ul>Craftsman Automation IPO opens next week <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Issue details </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Opens on </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">March 15 </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Closes on </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">March 17 </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Price band </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,488–1,490 per share </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Minimum bid </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10 equity shares </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Reservation for qualified institutional buyers </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">50% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Reservation for non-institutional buyers </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Reservation for retail investors </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">35% </td></tr></tbody></table> Once the IPO is concluded, the equity shares will be listed on both the exchanges — BSE and NSE. Axis Capital and IIFL Securities are the book running lead managers for its public offering IPO. Craftsman Automation: All you need to know <ul><li>The company’s comprehensive solutions include design, process engineering and manufacturing, including foundry, heat treatment, fabrication, machining and assembly facilities.</li><li>It owns and operates 12 strategically located manufacturing facilities across 7 cities in India.</li><li>Craftsman has relationships with several marquee domestic and global OEMs as well as component manufacturers. Its customer base includes Tata Motors, Daimler India, Tata Cummins, Mahindra &amp; Mahindra, Royal Enfield, Siemens, Escorts, and Ashok Leyland.</li><li>The company has received funding from global investors such as International Finance Corporation (IFC) and Marina III Singapore Pte Ltd. Presently, IFC and Marina have 14.06% and 15.50% shareholding, respectively, in the company.</li><li>Its revenue from operations increased by 20% to ₹1,818 crore in March 2019 (YoY). However, in March 2020 the revenue dipped 17% in the corresponding year-ago period.</li><li>The company’s profit also plunged nearly 59% to ₹57.39 crore in FY20 (YoY).</li></ul> SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/gold-prices-are-falling-and-the-worlds-biggest-market-for-the-yellow-metal-is-hoping-for-more-shoppers/articleshow/81406658.cms">Gold prices are falling and the world’s biggest market for the yellow metal is hoping for more shoppers</a> <a href="https://www.businessinsider.in/business/startups/news/ola-loses-another-founding-member-as-pranay-jivrajka-leaves-the-ride-hailing-giant/articleshow/81404690.cms">Ola loses another founding member as Pranay Jivrajka leaves the ride-hailing giant</a>

You Searched For "auto component industry" and got 11 results

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

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Auto components maker Craftsman Automation’s ₹150 crore IPO to hit the capital markets next week — price band fixed at ₹1,488–1,490

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