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Domestic passenger vehicles wholesales posted a record in May at 3,34,247 units growing at 13.54 per cent as compared to the same month last year, riding on robust growth of utility vehicle sales, the <keyword id="82374" type="General" weightage="80" keywordseo="society-of-indian-automobile-manufacturers" source="Orion">Society of Indian Automobile Manufacturers</keyword> said on Tuesday. As per the latest data issued by <keyword id="1577311" type="General" weightage="80" keywordseo="society-of-indian-automobile" source="Orion">Society of Indian Automobile</keyword> Manufacturers (SIAM) dispatches of passenger vehicles (PVs) from manufacturers to dealers were at 2,94,392 units in May 2022. SIAM Director General <keyword id="217489" type="General" weightage="80" keywordseo="rajesh-menon" source="Orion">Rajesh Menon</keyword> said sales of passenger vehicles in May 2023 have been the highest ever witnessed for the month of May. Utility vehicle wholesales, excluding that of <keyword id="42747" type="General" weightage="80" keywordseo="tata-motors" source="Orion">Tata Motors</keyword> which shares its numbers quarterly, grew by 33.5 per cent last month at 1,55,184 units, as compared to 1,16,255 units in the year-ago period. Two-wheeler domestic wholesales were at 14,71,550 units, as against 12,53,187 units in May last year, a growth of 17.42 per cent. Motorcycles sales grew by 20.63 per cent at 9,89,120 units last month, as compared to 8,19,940 units in May 2022, SIAM said. Scooter sales also rose 12.18 per cent at 4,46,593 units, as against 3,98,099 units in the year-ago month. Similarly, three-wheeler wholesales were higher at 48,732 units, as compared to 28,595 units in May 2022. Total vehicle dispatches across categories, excluding Tata Motors, were at 18,08,686 units as compared to 15,32,861 units in May 2022, SIAM said. "All the segments viz. passenger vehicles, two-wheelers and three-wheelers have posted growth in double-digits in May 2023, compared to May 2022. We anticipate this trend to continue supported by the prevalent economic environment," SIAM President <keyword id="230167" type="General" weightage="80" keywordseo="vinod-aggarwal" source="Orion">Vinod Aggarwal</keyword> SIAM said. Menon said while two-wheelers also posted a growth of 17.4 per cent in May 2023 compared to last year, the sales were "still lower than 2016-17 levels". He further said, "Domestic sales of three-wheelers in May 2023 grew by 70.4 per cent compared to May 2022, although on a low base, but still lower than the 2018-19 levels." SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/indigo-aircraft-suffers-tail-strike-on-arrival-at-delhi-airport/articleshow/100959637.cms">IndiGo aircraft suffers tail strike on arrival at Delhi airport</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/markets/news/urja-global-mistaken-identity-with-musks-tesla-not-the-only-problem/articleshow/100958807.cms">Mistaken identity with Musk’s Tesla is not the only problem for this penny stock</a>

Passenger vehicle wholesales hit record in May at 3,34,247 units: SIAM

Domestic <keyword id="410427" type="General" weightage="20" keywordseo="Passenger-vehicles" source="Orion">passenger vehicles</keyword> wholesales registered a 2.57 per cent year-on-year increase in July at 3,50,149 units, the <keyword id="82374" type="General" weightage="80" keywordseo="society-of-indian-automobile-manufacturers" source="Orion">Society of Indian Automobile Manufacturers</keyword> said on Thursday. As per the latest data issued by the <keyword id="1577311" type="General" weightage="80" keywordseo="society-of-indian-automobile" source="Orion">Society of Indian Automobile</keyword> Manufacturers (<keyword id="108827" type="General" weightage="20" keywordseo="siam" source="Orion">SIAM</keyword>), dispatches of passenger vehicles (PVs) from manufacturers to dealers were at 3,41,370 units in July 2022. Two-wheeler domestic wholesales were down at 12,82,054 units last month, as against 13,81,303 units in July 2022. Three-wheeler wholesales were higher at 56,034 units, as compared to 31,324 units in the year-ago month. Total vehicle dispatches across categories were at 16,40,727 units, as compared to 17,06,545 units in July 2022, SIAM said. "Though the passenger vehicle and three-wheeler segments are performing well, there has been a de-growth of two-wheelers in July 2023, compared to July 2022. "Overall, we expect that the positive economic environment, good monsoons, and upcoming festive season will support continued growth in the auto industry," SIAM President <keyword id="230167" type="General" weightage="50" keywordseo="vinod-aggarwal" source="Orion">Vinod Aggarwal</keyword> SIAM said. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/cash-card-or-talk-rbi-bats-for-conversational-upi-increased-offline-payments/articleshow/102599474.cms">UPI joins the AI bandwagon, offline payments get a push</a> <a href="https://www.businessinsider.in/india/webstories/children-below-the-age-of-18-may-soon-have-to-get-parental-consent-to-use-social-media/slidelist/102601878.cms">Children below the age of 18 may soon have to get parental consent to use social media</a> <a href="https://www.businessinsider.in/tech/news/hp-omen-17-gaming-laptop-review-price-performance-and-design/articleshow/102570650.cms">HP OMEN 17 review: A powerful but heavy gaming laptop with a large display</a>

Domestic passenger vehicle wholesales rise 2.57% in July: SIAM

Domestic <keyword id="762866" type="General" weightage="20" keywordseo="passenger-vehicle" source="Orion">passenger vehicle</keyword> <keyword id="3240258" type="General" weightage="20" keywordseo="wholesales" source="Orion">wholesales</keyword> grew by 4 per cent to 2,86,390 units last month, the <keyword id="82374" type="General" weightage="20" keywordseo="society-of-indian-automobile-manufacturers" source="Orion">Society of Indian Automobile Manufacturers</keyword> said on Friday. As per the latest data issued by the Society of Indian Automobile Manufacturers (SIAM), dispatches of passenger vehicles (PVs) from manufacturers to dealers were 2,75,352 units in December 2022. Two-wheeler domestic wholesales stood at 12,11,966 units last month as against 10,45,052 units in December 2022, a growth of 16 per cent. Similarly, <keyword id="411593" type="General" weightage="20" keywordseo="three-wheeler" source="Orion">three-wheeler</keyword> wholesales were higher at 50,537 units last month as compared to 38,693 units in December 2022.

Passenger vehicle wholesales rise 4% to 2,86,390 units in December

The <keyword id="34474" type="UNKNOWN" weightage="20" keywordseo="indian-automobile">Indian automobile</keyword> sector aims to contribute over 12 percent to the gross domestic product of the country, and create nearly 6.5 crore additional jobs by 2026 over the next decade, said Kenichi Ayukawa, Managing Director and Chief Executive Officer of <a href="http://www.businessinsider.in/searchresult.cms?query=Maruti+Suzuki+&amp;sortorder=effectivedate">Maruti Suzuki </a>India, on Wednesday. 
 
"Our vision is that over the next decade, the Indian Automobile sector must contribute in excess of 12 percent of the country's GDP. We want to create nearly 65 million additional jobs by 2026," Ayukawa said. 
 
According to Ayukawa, at present the automobile industry contributes around 7.1 percent to the GDP of India and employees nearly 32 million people directly or indirectly. 
 
In the last ten years, the automobile industry has invested around $35 billion. 
 "Our responsibility towards the communities where we are operating also increases. It's our duty to develop a sustainable, mutually beneficial and inclusive socio-economic ecosystem," he said at the <keyword id="756696" type="ORGANIZATION" weightage="20" keywordseo="Society-of-Indian-Automobile-Manufacturer">Society of Indian Automobile Manufacturer</keyword>'s (SIAM) first ever CSR (corporate social responsibility) conclave. 
 
"Over the past 10 years, the Indian automobile industry has made significant contribution to the socio-economic development of village communities. Fortunately, our efforts are well aligned with the Government's flagship missions of <a href="http://www.businessinsider.in/searchresult.cms?query=Clean+India+&amp;sortorder=effectivedate">Clean India </a>and <a href="http://www.businessinsider.in/searchresult.cms?query=Skill+India&amp;sortorder=effectivedate">Skill India</a>." 
 
Ayukawa said by 2026, the automobile industry not only seeks to increase mobility, but will also focus on promoting safe, comfortable and environment friendly mobility. 
 
"Our responsibility also entails minimising the negative impacts of use automobiles. We have to address issues like congestion, air pollution, global warming and road accidents," said Ayukawa. 
(image: IndiaTimes)

Indian auto industry targets to create 6.5 crore jobs in next ten years

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

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

New Delhi, Nov 27 () Auto industry body SIAM on Wednesday said it has signed a pact with Korea Automobile Manufacturers Association (KAMA) for cooperation and support in promoting a sustainable, safe, clean, affordable and efficient automobile industry.
An MoU to this effect was signed between Society of Indian Automobile Manufacturers (SIAM) and KAMA during an event in Mumbai, SIAM said in a statement.
 The two organisations will set up regular information exchange mechanism to maintain their cooperative dialogues and deliberate on issues on the subjects of their common interests, it added.
 Commenting on the partnership, SIAM President Rajan Wadhera said in context of the auto sector, ties between India and South Korea can be traced back to 1996, when Hyundai Motors entered the Indian market.
 Indian manufacturers, like Tata Group and Mahindra &amp; Mahindra, have made significant investment in Korea's auto industry till date, he added.
 Wadhera further said Since 2000, these companies have invested USD 3.8 billion in India across various sectors such as electronics, automobiles, metallurgy, earth movers. Recently, Kia Motors has entered India.
 "The success of these ventures is a reflection of the strong ties between both the countries and associations. We hope that this MoU will benefit both the organisations in facilitating further collaboration in areas of technology advancements, and research and development in the automotive sector," he said.
KAMA President &amp; CEO Jeong Marn-Ki hoped that the MoU would work as a catalyst to strengthen the ties so that "we can enjoy mutual benefits, constantly increasing investment and trade between both the countries".
 The MoU was signed on the occasion of Organisation Internationale des Constructeurs d'Automobiles (OICA) general assembly meeting in Mumbai.
 OICA comprises 39 countries' automotive industry trade associations. RKL RKL ANU
ANU

SIAM signs MoU with Korea's KAMA for cooperation in automotive industry

Automobile manufacturers recently met <keyword id="2343915" type="UNKNOWN" weightage="100" keywordseo="Commerce-Minister-Nirmala-Sitharaman">Commerce Minister Nirmala Sitharaman</keyword> to convince her to extend the validity of excise duty cuts on cars, two-wheelers and commercial vehicles beyond June 20. 
 
The industry has also sought reduction in excise duties on large cars and lowering of duty slabs for the sector to boost domestic demand. 
 The minister, in a meeting with the industry chambers last week, had questioned the need for budgetary concessions for the <keyword id="20077" type="UNKNOWN" weightage="100" keywordseo="automobile-industry">automobile industry</keyword>. However, in Monday’s meeting, the members of the <keyword id="2343914" type="UNKNOWN" weightage="100" keywordseo="Society-for-Indian-Automobiles-Manufacturers">Society for Indian Automobiles Manufacturers</keyword> (<keyword id="108827" type="CITY" weightage="100" keywordseo="SIAM">SIAM</keyword>) had more opportunity to justify their demands. The meeting specifically focused on the automobile industry. 
 
The industry also talked about falling sales of automobiles and the need to motivate the sector to spur manufacturing. This, in return, will increase employment, an official added. Domestic sales of passenger vehicles in 2013-14 were 6% lower than the previous year while exports remained flat. 
 
“Discussed issues facing automobile industry with representatives of SIAM,” Sitharaman tweeted after her meeting without revealing the government’s stand. 
 While <keyword id="2261762" type="UNKNOWN" weightage="100" keywordseo="Modi-led-BJP-government">Modi-led BJP government</keyword> may consider retaining lower excise slabs, a further reduction in excise looks difficult due to the existing budgetary constraints, the official said. 
 In the interim Budget announced in the middle of February by the then Finance Minister <keyword id="43940" type="PERSON" weightage="100" keywordseo="P-Chidambaram">P Chidambaram</keyword>, excise duties on small cars, scooters, motorcycles and commercial vehicles were brought down to 8% from 12%. Duty cuts were also made for larger cars and <keyword id="60427" type="ENTERTAINMENT" weightage="100" keywordseo="SUVs">SUVs</keyword> from 30% to 24% and for mid-size cars from 24% to 20%. 
 
In a letter to the revenue secretary last month, SIAM had sought further lowering of duties on large cars to 20% from 24%. It also urged top-level bureaucrats to simplify the excise duty slabs on cars by moving to a two-tier system from a three-tier system. 
 
Earlier, the automobile industry had a five-tier duty structure. It was later reduced to a three-tier structure in the interim Budget, ranging between 8% and 24%. 
 
The industry contributes 25% to the manufacturing GDP and comprises 18% of the total excise collection while employing 19.5 million people, revealed SIAM.

Auto-makers Urge Commerce Ministry To Extend
Validity Of Excise Duty Cut

New Delhi, Mar 23 () Automobile makers and auto component manufacturers in India have been asked to shut their plants by their respective industry bodies in view of the coronavirus pandemic. In view of the deteriorating situation arising out of COVID-19, SIAM (Society of Indian Automobile Manufacturers) and ACMA (Auto Component Manufacturers Association of India) have both requested their members to consider plant shut down. The members of SIAM and ACMA both in original equipment manufacturer (OEM) and auto component industry have been asked to consider plant shut down for a limited time to overcome the critical period so that workers are not exposed to the virus, SIAM President Rajan Wadhera said in a statement. "This is in line with SIAM's motto of 'Building the Nation, Responsibly," he added. Already Maruti Suzuki India, Tata Motors, Hyundai, Toyota Kirloskar Motor and Hero MotoCorp have announced temporary shut down of their respective manufacturing units as the coronavirus outbreak spreads across the country. RKL DRRDRR

SIAM, ACMA ask automakers, auto component manufacturers to shut their plants

The <a href="http://www.businessinsider.in/searchresult.cms?query=Society+of+Indian+Automobile+Manufacturers">Society of Indian Automobile Manufacturers</a> (<keyword id="108827" type="CITY" weightage="60" keywordseo="SIAM">SIAM</keyword>) wants lower <a href="http://www.businessinsider.in/searchresult.cms?query=excise+duty">excise duty</a> on large cars and <a href="http://www.businessinsider.in/searchresult.cms?query=SUV">SUV</a>s. It wants the government to lower the rates from the current 30% to 20% in <a href="http://www.businessinsider.in/searchresult.cms?query=Budget+2016">Budget 2016</a>.This demand for <a href="http://www.businessinsider.in/searchresult.cms?query=excise+duty">excise duty</a> cut is among the top proposals <a href="http://www.businessinsider.in/searchresult.cms?query=Society+of+Indian+Automobile+Manufacturers">SIAM</a> has put forth. 
 
Explaining why they’re asking for these measures <a href="http://www.businessinsider.in/searchresult.cms?query=Society+of+Indian+Automobile+Manufacturers">SIAM</a> Director General Vishnu Mathur told PTI, "From 12.5 to 30 per cent, the differential in <a href="http://www.businessinsider.in/searchresult.cms?query=excise+duty">excise duty</a> has grown over the years. We are asking for two rates - one for small cars and one for large vehicles." 
 
As of now, sub four meters <a href="http://www.businessinsider.in/searchresult.cms?query=passenger+cars">passenger cars</a> have <a href="http://www.businessinsider.in/searchresult.cms?query=excise+duty">excise duty</a> of 12.5%. Cars over four meters but with engine less than 1,500 cc capacity attract 24% duty. 1,500 cc cars are charged <keyword id="6356916" type="UNKNOWN" weightage="80" keywordseo="excise-duty">excise duty</keyword> of 27% and those with ground clearance of more than 170 mm attract an excise duty of 30%. 
 
It has also asked the Modi government to offer an incentive for scrapping old vehicles. Their scrapping incentive is aimed to help reduce air pollution. 
 
"We want this vehicle scrapping scheme to be incentive based and not a mandatory one. Even if 15-20 per cent old vehicles go off the road, it will make a huge difference. Besides, the scheme would be revenue positive for the government," Mr Mathur said. 
 
The government will present <a href="http://www.businessinsider.in/searchresult.cms?query=Budget+2016">Budget 2016</a> on February 29th. 
 
Image credit: Indiatimes

SIAM wants Excise Duty on Large Cars
and SUVs slashed

The <keyword id="20163832" type="General" weightage="20" keywordseo="society-of-indian-automobile" source="keywords">Society of Indian Automobile</keyword> Manufacturers (<keyword id="108827" type="General" weightage="20" keywordseo="siam" source="Orion">SIAM</keyword>) and big auto players have hailed the Cabinet decision of PM e-DRIVE schemes aimed at promoting electric mobility across the country. The Rs 10,900 crore scheme will support 2,479,000 electric 2-wheelers, 316,000 electric 3-wheelers and 14,028 electric buses, along with 88,500 <keyword id="186291" type="General" weightage="100" keywordseo="ev" source="Orion">EV</keyword> charging sites. Shailesh Chandra, President of <keyword id="108827" type="General" weightage="20" keywordseo="siam" source="Orion">SIAM</keyword> and Managing Director of Tata Motors Passenger Vehicles Ltd &amp; Tata Passenger Electric Mobility Ltd, expressed strong support for the government's forward-thinking initiative. Chandra said, "This forward-thinking initiative reflects the Government's unwavering support for <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>'s transition to electric mobility, fostering innovation and investment within the sector. We beli<keyword id="186291" type="General" weightage="100" keywordseo="ev" source="Orion">ev</keyword>e this scheme will not only enhance the growth of the EV ecosystem but also strengthen <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>'s leadership in the global movement towards environmental sustainability." Dr Anish Shah, Group CEO &amp; MD, Mahindra Group also commended government's efforts, specifically highlighting the comprehensive nature of the PM e-DRIVE scheme. Shah said, "We applause the government for launching the PM e-drive scheme. With continued focused support on 2Ws, 3Ws, e-buses and thoughtful addition of e-ambulances, the scheme will drive higher EV penetration in the country." M&amp;M noted that schemes like <keyword id="21028" type="General" weightage="20" keywordseo="fame" source="Orion">FAME</keyword> and <keyword id="48070" type="General" weightage="20" keywordseo="emps" source="Orion">EMPS</keyword> have already driven penetration of electric three-wheelers in India. "Investments laid out for fast charging infrastructure for all segments will help in increasing consumer confidence for faster adoption of EVs. <keyword id="21028" type="General" weightage="20" keywordseo="fame" source="Orion">FAME</keyword> and <keyword id="48070" type="General" weightage="20" keywordseo="emps" source="Orion">EMPS</keyword> have helped in 20 per cent e-3W penetration in the country. With PM e-drive, we foresee India becoming the first country to achieve 100 per cent electrification in this segment by 2030", he added. The Union Cabinet, on Wednesday, cleared the 'PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM e-DRIVE) Scheme,' with a total outlay of Rs 10,900 crore over two years. It includes Rs 3,679 crore in subsidies and demand incentives for e-2Ws, e-3Ws, e-ambulances, e-trucks, and other emerging electric vehicles. It is expected to support the deployment of 24.79 lakh e-2Ws, 3.16 lakh e-3Ws, and 14,028 e-buses, providing a significant push to India's EV ecosystem. A critical aspect of the scheme is the introduction of e-vouchers for EV buyers. At the time of purchase, an Aadhaar-authenticated e-voucher will be generated, which will enable buyers to avail of demand incentives. Additionally, the scheme allocates Rs 500 crore for the deployment of e-ambulances, marking a new initiative to integrate electric vehicles into essential public services. Another Rs 4,391 crore has been earmarked for the procurement of 14,028 e-buses, with a demand aggregation process led by CESL in nine major cities, including Delhi, Mumbai, and Bangalore. Intercity and interstate e-buses will also be supported in consultation with states. Furthermore, Rs 500 crore has been set aside to incentivize the adoption of e-trucks, a critical move given that trucks are one of the largest contributors to air pollution. The scheme encourages those with a scrapping certificate from <keyword id="19897457" type="General" weightage="20" keywordseo="ministry-of-road-transport" source="keywords">Ministry of Road Transport</keyword> and Highways-approved (MoRTH) vehicle scrapping centres to participate in this transition. With an allocation of Rs 2,000 crore, the scheme will support the installation of 22,100 fast chargers for four-wheelers, 1,800 fast chargers for e-buses, and 48,400 fast chargers for two- and three-wheelers. These chargers will be installed in cities with high EV penetration and along selected highways, making long-distance EV travel more viable.

Automobile industry hails PM e-DRIVE scheme to promote EVs

<ul><li>At a meeting of the Society of Indian Automobile Manufacturers, transport minister <keyword id="26680" type="PERSON" weightage="20" keywordseo="Nitin-gadkari">Nitin Gadkari</keyword> outlined a plan to make EVs comprise 15% of total vehicle sales in <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword> in the next five years. </li><li>This is a significant jump from the 4% target announced by the government in May this year. </li><li>The government plans to boost EV sales by removing permit requirements and levying a modest rate of 12% on them under the GST regime. </li></ul>The Indian government wants you to know that it’s serious about mainstreaming electric vehicles (EVs) and reducing its reliance on oil imports. On September 6th, at a meeting of the Society of Indian Automobile Manufacturers, India’s ministers for transport and highways, Nitin Gadkari, announced that the government was aiming to make EVs comprise 15% of total vehicle sales in India within the next five years. This is a significant jump from the <a href="https://www.livemint.com/Industry/erIpud75QuSBuRaz94bSvN/Govt-sets-modest-target-for-electric-vehicle-sales-as-chall.html">4% target</a> announced by the government in May this year. In March 2018, it also announced a goal to make EVs account for 30% of all cars on Indian roads by 2030. Either way, making EV sales reach the 15% threshold by 2023 won’t be an easy task. <keyword id="381751" type="ORGANIZATION" weightage="20" keywordseo="Electric-vehicle">Electric vehicle</keyword> sales currently comprise a little over 1% iof all car sales in India. However, Gadkari outlined a few measures aimed at achieving this target. Firstly, electric vehicle owners won’t need road permits for their cars. The government has decided to exempt EVs and CNG vehicles from permit requirements in a bid to boost their sales. Secondly, EVs will be taxed at a rate of 12% under the GST without any further taxes. Thirdly, EVs that are imported for the purposes of testing will not exempt from duties. Additionally, government could also require ride-sharing services like Uber and Ola to have a certain amount of EVs in their fleet, a move that will be easier in the absence of permit restrictions. The Indian government will need to complement these measures with the establishment of adequate <keyword id="17408" type="DOMAIN" weightage="20" keywordseo="infrastructure">infrastructure</keyword> like charging stations under its the National E-Mobility Programme. The news comes as a number of car manufacturers are looking to introduce EV models in the country. Through a proposed joint venture, Toyota and Suzuki reportedly plan to <a href="https://economictimes.indiatimes.com/industry/auto/auto-news/toyota-suzuki-revs-up-plan-to-roll-out-hybrid-electric-vehicles-here/articleshow/65693024.cms">launch four models</a> of electric or hybrid vehicles in India by 2021. Maruti-Suzuki is said to be currently testing an electric version of its compact Wagon-R model.

India now plans to make EVs comprise 15% of all vehicles sales by 2023

<keyword id="118101" type="UNKNOWN" weightage="20" keywordseo="automobile-companies">Automobile companies</keyword> think that the decision of the Reserve Bank of India (<keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword>) to cut interest by 25 basis points is "too little, too late." "While this is definitely a welcome move, but it is too little too late. We were expecting a rate cut of 50 basis points," PTI quoted <keyword id="44666" type="COMPANY" weightage="20" keywordseo="General-Motors-India">General Motors India</keyword> Vice President <keyword id="310541" type="PERSON" weightage="20" keywordseo="P-Balendran">P Balendran</keyword>. 
 Similarly, <keyword id="6357085" type="PERSON" weightage="20" keywordseo="Ashok-Leyland">Ashok Leyland</keyword> Vice- President (Buses) T Venkataraman said, "25 basis points cut is way too less." 
 
Society of Indian Automobile Manufacturers (SIAM) Deputy Director General Sugato Sen welcomed the move, but he also added that it was not enough. "The 25 basis points reduction is not going to have any impact on the EMIs. We expect the rates to further come down in the next few months and also the banks to reduce their lending rates," he said. 
 Rakesh Srivastava, senior vice president, sales and marketing, <keyword id="108829" type="CITY" weightage="20" keywordseo="Hyundai-Motor-India">Hyundai Motor India</keyword> Ltd said, "We look forward to further reduction and further initiatives on the ease of getting finance and low cost of financing. This will help the auto industry by bringing down the cost of ownership of vehicles and will act as catalyst to bring growth in the automobile sector." 
 
He further added that the move would help the auto industry and the manufacturing sector in general, which is an integral part of the Narendra Modi government's Make in India campaign.

Automobile Companies Term RBI’s Rate Cut As “Too little Too Late”

New Delhi, May 22 () Auto industry body SIAM on Friday hoped that banks would pass on the benefits of the RBI's interest rate cut saying it would support demand creation for discretionary products like automobiles. Society of Indian Automobile Manufacturers (SIAM) President Rajan Wadhera said the 40-basis point reduction in repo rate, which takes the key policy rate to 4 per cent is a welcome step by the Reserve Bank of India (RBI) to support reduction in the cost of borrowing for traders and consumers and, hence, would positively impact consumer demand. "We are hopeful that banks will pass on the benefit and support demand creation for discretionary products, like automobiles," he added. In a slew of measures to support the economy which is likely to contract for the first time in over four decades, the RBI slashed interest rates, extended moratorium on loan repayments and allowed banks to lend more to corporates. RKL HRS

SIAM expects banks to pass on benefits of RBI's rate cut

There is a good and bad news for the <a href="http://www.businessinsider.in/searchresult.cms?query=Indian+automobile+industry+">Indian automobile industry</a> as the sale of domestic <keyword id="150905" type="UNKNOWN" weightage="80" keywordseo="passenger-cars">passenger cars</keyword> has increased while motorcycle sales have declined in the month of September compared to the same month last year. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=Domestic+passenger+car+">Domestic passenger car</a> sales rose 9.48% to 1,69,590 units in September from 1,54,898 units in September 2014, according to the data released by Society of <a href="http://www.businessinsider.in/searchresult.cms?query=Indian+Automobile+Manufacturers+">Indian Automobile Manufacturers</a> (<keyword id="108827" type="CITY" weightage="80" keywordseo="SIAM">SIAM</keyword>). 
 
In the same period, motorcycle sales have declined 2.87% to 10,20,237 units from 10,50,420 units a year ago. 
 
Total two-wheeler sales in September declined 1.06% to 15,37,137 units as against 15,53,608 units in the same month last year. 
 
Sales of <a href="http://www.businessinsider.in/searchresult.cms?query=Domestic+passenger+car+">commercial vehicles</a> were up 12.07% at 62,845 units in September. 
 
Vehicle sales across categories registered a 0.45% decline to 18,81,673 units from 18,90,218 units in September 2014. 
 
(Image: Indiatimes)

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