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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

Up to 3.72 lakh <keyword id="19895203" type="General" weightage="20" keywordseo="electric-vehicles" source="keywords">electric vehicles</keyword> will be supported under the four-month <keyword id="20961992" type="General" weightage="20" keywordseo="Electric-Mobility-Promotion-Scheme" source="keywords">Electric Mobility Promotion Scheme</keyword> (<keyword id="20951149" type="General" weightage="100" keywordseo="EMPS" source="keywords">EMPS</keyword>) being implemented between April and July with an outlay of Rs 493.55 crore, the government said on Tuesday. Electric Mobility Promotion Scheme (EMPS) - 2024 will provide further impetus to the <keyword id="20156633" type="General" weightage="20" keywordseo="green-mobility" source="keywords">green mobility</keyword> and development of electric vehicle (EV) <keyword id="20071405" type="General" weightage="20" keywordseo="manufacturing-ecosystem" source="keywords">manufacturing ecosystem</keyword> in the country. The maximum number of electric vehicles to be supported under the scheme stands at 3,72,215, including 3,33,387 electric <keyword id="20201345" type="General" weightage="20" keywordseo="two-wheelers" source="keywords">two-wheelers</keyword>, 13,590 e-rickshaws or e-carts and 25,238 electric three-wheelers in the L5 category, according to figures shared by the <keyword id="20021346" type="General" weightage="20" keywordseo="Ministry-of-Heavy-Industries" source="keywords" meta.keywordsubtype="org" meta.entityname="Ministry of Heavy Industries" meta.hostid="261" meta.entityid="Ministry of Heavy Industries">Ministry of Heavy Industries</keyword>. "EMPS 2024 is fund limited, with restricted number of vehicles and a term-limited Scheme, i.e., the <keyword id="19977665" type="General" weightage="20" keywordseo="subsidies" source="keywords">subsidies</keyword> for <keyword id="22519910" type="General" weightage="20" keywordseo="demand-incentive" source="keywords">demand incentive</keyword> are eligible for e-2w and e-3w sold and registered until the funds are available or the number of vehicles supported reaches the maximum number defined category-wise (shown in para above) or until July 31, 2024, whichever comes first," the ministry stated.

Electric Mobility Promotion Scheme to support up to 3.72 lakh EVs: Govt

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

<ul><li><keyword id="19895203" type="General" weightage="20" keywordseo="electric-vehicles" source="keywords">Electric vehicles</keyword> (EVs) are gaining popularity worldwide</li><li>However, concerns remain about their environmental impact</li><li> <keyword id="21881868" type="General" weightage="20" keywordseo="alternative-fuel" source="keywords">Alternative fuel</keyword> vehicles like hydrogen fuel cells and biofuels are some more alternatives we can tap into</li></ul> Electric vehicles or EVs are in their prime right now, with the demand crossing an all-time high. A trend noticeable around the world, EVs are not only becoming increasingly popular but also fairly affordable. Slowly but surely EVs are overcoming the challenges that crossed them — design, features, safety, and most importantly range. A major credit to this trend can be given to consumer acceptance, policy backing, and improving infrastructure. However, there is a downside to EVs as well. Having featured multiple EVs with our series<a href="https://www.youtube.com/watch?v=TCR3PaYxcmk&amp;t=1s" data-type="tilCustomLink" target="_blank"> Short Spin, </a>I developed a strong reference point. This made me wonder why are we so heavily reliant on them. Over its life cycle, EVs cannot be termed as particularly environmentally friendly, which has been their main selling point over the past few decades. <h2>The ‘Red’ side of EVs</h2> There is a bit of red within the go-green agenda that EV manufacturers push. EVs as a whole do come with benefits like low maintenance, improved efficiency and ultimately lower fuel emissions. However, <keyword id="21357488" type="General" weightage="100" keywordseo="EV-production" source="keywords">EV production</keyword> and disposal can have detrimental effects on the natural environment. Here are some socio-ecological concerns over EVs: 1. High carbon footprint in battery production: EV battery production is energy-intensive and often relies on electricity from fossil fuels, leading to a high initial carbon footprint. This is elaborated in a story recently published by Earth Org. 2. Resource constraints and ethical concerns: Particularly with the extensive mining of cobalt and other minerals for EVs, there has been a global outcry. Limited availability of critical minerals like lithium, cobalt, and nickel, shady mining practices long work hours, unsafe work environments, and use of child labour in underdeveloped parts of the world have raised several ethical issues around the sustainability of EVs. This issue can be explored further in this essay by Al Jazeera. 3. Recycling and end-of-life challenges: EV battery recycling is currently inefficient, costly, and poses significant environmental risks, with a huge amount of batteries ending up in landfills. 4. Manufacturing costs and economic barriers: High production costs, especially for batteries, make EVs more expensive than conventional vehicles and require significant investments in new manufacturing facilities and supply chains. 5. Supply chain and geopolitical risks: Critical mineral resources necessary for EV production are concentrated in a few countries. This leads to vulnerabilities in the complex supply chain and often risks disruptions due to geopolitical tensions, trade conflicts, or natural disasters. China as of today controls 83% of EV battery production in the world, with a major stronghold on the supply chain. While I am in no way suggesting to drop out of EVs, I believe sticking to just one alternative risks replicating the same mistake we did for ICE vehicles. So, what are the alternatives? <h2>The alternates fuel vehicles (<keyword id="23193800" type="General" weightage="20" keywordseo="AFVs" source="keywords">AFVs</keyword>)</h2> AFVs are a growing segment of the automotive industry that utilize fuels other than traditional gasoline or diesel. These vehicles offer similar potential benefits such as reduced greenhouse gas emissions, improved air quality, and reduced dependence on fossil fuels. While EVs are also a form of AFVs, here we will list out other major alternatives like hydrogen fuel and biofuel options. Hydrogen fuel cells: Convert hydrogen gas into electricity, emitting only water vapour. Currently, <keyword id="19906788" type="General" weightage="20" keywordseo="Toyota" source="keywords" meta.keywordsubtype="org" meta.entityname="Toyota" meta.hostid="261" meta.entityid="Toyota">Toyota</keyword> and Hyundai are the only hydrogen-based cars in the Indian market. Hydrogen internal combustion engines: These vehicles use hydrogen as a fuel in modified combustion engines. While road-legal vehicles for this fuel type aren’t out, BMW with hydrogen 7 is working on a prototype. Ethanol: This is a renewable fuel made from plant materials, commonly mixed with gasoline. In America, Ford F-150 Flex-Fuel and Chevrolet Silverado Flex-Fuel are utilizing this technology. Biodiesel and renewable diesel: Derived from vegetable oils, animal fats, or recycled grease, these fuel types can be used in diesel engines. Compressed Natural Gas (CNG): Perhaps the most famous alternative for cabbies in Delhi, CNG is in popular demand. Technically it is used in specially modified internal combustion engines, primarily for lower emissions. Propane (Liquefied Petroleum Gas, LPG): A byproduct of natural gas processing and crude oil refining, used in internal combustion engines. As technology continues to advance, these AFVs are becoming more accessible and affordable, making them a promising option for sustainable transportation. If you are an eco-conscious buyer in today’s auto market, bear in mind that there are options beyond EVs as well. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/mercedes-expands-bev-range-rolls-out-second-locally-produced-model-in-india/articleshow/113388002.cms" data-type="tilCustomLink" target="_blank">Mercedes expands BEV range; rolls out second locally produced model in India</a> <a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-adoption-in-india-rising-13-share-expected-by-2026-27-jefferies/articleshow/113361787.cms" data-type="tilCustomLink" target="_blank">Electric two-wheeler adoption in India rising, 13% share expected by 2026-27: Jefferies</a>

EVs are not the only options for alternative fuel — make way for hydrogen and bio-fuel

<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

<ul class="summary-list"><li>YouTuber <a target="_blank" class="" href="https://www.youtube.com/@JerryRigEverything">Zack Nelson</a> said he's considering selling his Cybertruck due to its polarizing nature.</li><li>Nelson said a sponsor declined to be in the video review because of the Cybertruck.</li></ul>A YouTuber said a sponsor bowed out of participating in one of his videos about the Cybertruck over concerns about being associated with the vehicle.Tech influencer Zack Nelson has been making YouTube videos for about 14 years — and the <a target="_blank" class="" href="https://www.businessinsider.com/cybertruck">Cybertruck</a> has become a "fairly important" part of his business, he told Business Insider.After driving 13,000 miles with it, Nelson made a review video of the Cybertruck as a work truck and shared three things he loves and hates about the truck.He praised aspects like its <a target="_blank" class="" href="https://www.businessinsider.com/tesla-cybertruck-fails-youtubers-bulletproof-test-2024-3">bullet-resistant exterior</a>, steer-by-wire driving system, and eye-catching design.However, after incorporating a sponsored ad read and sending a preview of the video to the brand, Nelson said he got word that the brand didn't want to be featured in Cybertruck content."'We would rather not be featured alongside Cybertruck content at this time,'" Nelson said in the video in a characterization of the brand's response. Business Insider verified that the brand sent an email declining to participate in the video that cited its concern about being associated with any Cybertruck content.The brand's response was understandable, Nelson said in his video review, and "speaks volumes to the polarization of the Cybertruck." Nelson told BI that the brand said it had previously had negative experiences related to being associated with Cybertruck content. The company was interested in working with the YouTuber on other videos in the future, he added.Nelson said in his Cybertruck review video that when Elon Musk writes controversial posts on X, like offering to <a target="_blank" class="" href="https://x.com/elonmusk/status/1833728804579111268">impregnate Taylor Swift</a> or asking why <a target="_blank" class="" href="https://www.businessinsider.com/secret-service-elon-musk-investigation-tweet-biden-kamala-assassination-2024-9">no one assassinated Kamala Harris</a>, it can also impact the YouTuber's business.<div type="image" title="Zack Nelson's Cybertruck with wheelchair logo" height="1512" width="2016" msid="115063729" hostid="261" sizebytes="157656"></div>In addition to his YouTube channel, Nelson has a wheelchair manufacturing company that he funds with revenue from his YouTube channel. That company uses four vehicles, each carrying a logo on the side."Those kinds of statements are not normal, and at the moment, with my business slapped on the side, it looks like I support those kinds of takes — which I most definitely do not," Nelson told his audience in the video.Nelson told BI that "it's not just those two comments" from Musk that he highlighted in his video. It's also that <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-rally-elon-musk-save-department-government-efficiency-2024-10">Musk has been increasingly political</a> and it's difficult to "separate his very unique creation from his very unique political stance."Nelson told BI that he's happy to make YouTube videos about "controversial stuff all day long." However, he wants to protect his <a target="_blank" class="" href="https://notawheelchair.com/">wheelchair business</a>, which he started about five years ago."I have the YouTube side of things, where any exposure is good exposure," Nelson said. "But then I have the wheelchair side of things where negative exposure does hurt the business."Nelson told BI that he owns every other Tesla model and had never received negative reactions toward the non-Cybertruck vehicles. While driving the electric pickup, however, he said he's encountered instances of truck drivers "rolling coal" on him, which is when someone pulls up beside him, hits their accelerator, and covers the vehicle in a cloud of black smoke.Other <a target="_blank" class="" href="https://www.businessinsider.com/tesla-cybertruck-owner-highlights-complaints-2024-10">Cybertruck drivers previously told BI</a> they experienced similarly negative interactions while driving the vehicle, including getting flipped off. Some also reported getting cut off on the road or cursed at.Nelson is now considering selling his Cybertruck and replacing it with a 2025 Silverado EV or a Rivian. Nelson told BI the "the polarization factor is a really big deal, but it's not like the whole deal." In the video, he also mentioned poor visibility in weather as a primary complaint. Nelson lives in Utah where snow is common, and he said it can "accumulate" on the headlight. He also said the headlight can shine directly onto snowflakes as they fall creating a "Star Wars warp speed effect."The Cybertruck has sold well since its launch, becoming something of a <a target="_blank" class="" href="https://www.businessinsider.com/tesla-cybertruck-new-status-car-celebrities-billionaires-2024-2">status symbol</a> for celebrities.Auto-industry tracker Cox Automotive estimates Tesla sold 17,000 of the electric pickup in the third quarter, making it <a target="_blank" class="" href="https://www.businessinsider.com/tesla-cybertruck-outselling-almost-every-other-ev-in-us-2024-10">the third-best selling electric vehicle in the US</a> — behind only the Model 3 and Y.

Cybertruck reviewer says a sponsor didn't want to be featured in his video with the vehicle

The <keyword id="23021375" type="General" weightage="20" keywordseo="domestic-passenger-vehicle-industry" source="keywords">domestic passenger vehicle industry</keyword> volumes declined by low single digit in August 2024 as compared with August 2023, because of weak retail demand trends and higher <keyword id="21396778" type="General" weightage="20" keywordseo="inventory-levels" source="keywords">inventory levels</keyword> at the dealerships according to Kotak Institutional Equities. The report suggests that the major reason for the sluggishness in sales of tractors is the uneven spatial distribution of rainfall, particularly in northern and eastern regions. It also highlights that growth will pick up in the coming months on the back of <keyword id="23021373" type="General" weightage="20" keywordseo="improved-monsoon" source="keywords">improved monsoon</keyword> conditions. The upcoming festive season will also improve the situation as traditionally it is a peak period for auto sales. Strong festive demand could help offset some of the losses experienced in the first half of the fiscal year. The weak wholesale figures in August were driven by private vehicles (PV), commercial vehicles (CV) and tractor original equipment manufacturers (OEM). Retail sales declined in single digits (yoy) for most of the companies. The PV segment saw a low single-digit decline in domestic wholesale volumes year-on-year (YoY) in August 2024, driven by weak retail demand and elevated inventory levels at dealerships, which stood at approximately 70 days. The retail sales fell by mid-single digits YoY during the month. Maruti Suzuki India Limited (MSIL), the largest player in the segment, reported a 4 per cent YoY drop in total volumes, including a 5 per cent decline in domestic sales but it was partially offset by a 6 per cent rise in the export volumes. MSIL's wholesale market share is estimated to have slipped by 250 basis points YoY to approximately 40.5-4 per cent says the report. Other major players also faced challenges in sales. Tata Motors recorded a 3 per cent YoY decrease in PV volumes, while Hyundai Motors reported an 8 per cent drop. However, Mahindra &amp; Mahindra (M&amp;M) bucked the trend with a 16 per cent YoY increase in PV volumes, and Toyota India posted a significant 37 per cent YoY growth on low volumes. Kia and MG Motors also experienced an uptick in sales. The two-wheeler (2W) segment showed resilience with high single-digit YoY growth in domestic wholesale volumes, largely driven by channel filling ahead of the festive season. Retail sales of the internal combustion engine (ICE) two-wheelers grew by mid-single digits YoY, while electric two-wheeler (EV 2W) sales surged by 41 per cent YoY, propelled by new mass-market EV launches and attractive discounts. Among the key players, Hero MotoCorp (HMCL) saw a 5 per cent YoY rise in volumes, and TVS Motor reported a robust 14 per cent YoY increase, with growth in both domestic and export segments. Bajaj Auto's volumes grew by 18 per cent YoY, driven primarily by domestic sales. However, Royal Enfield faced a 5 per cent YoY decline in volumes. Going forward, the report highlighted that the Commercial Vehicle (CV) segment underperformed during the month, with domestic volumes declining by low double digits YoY, primarily due to weakness in the Medium and Heavy Commercial Vehicle (MHCV) truck and Light Commercial Vehicle (LCV) segments. Tata Motors experienced a 15 per cent YoY drop in domestic CV volumes, with sharp declines in Small Commercial Vehicle (SCV) cargo (down 23 per cent) and MHCV trucks (down 15 per cent). Ashok Leyland also reported a 7 per cent YoY decline in CV volumes, while VE Commercial Vehicles (VECV) managed a modest 1 per cent YoY increase. In August, the domestic tractor segment remained flat YoY with volumes coming in 5-6 per cent. During this period, M&amp;M's tractor volumes grew by 1 per cent YoY, while Escort Kubota's volumes remained unchanged compared to the same period last year. The report says that strong festive demand could help offset some of the losses experienced in the first half of the fiscal year, particularly if economic conditions and consumer sentiment improve.

Auto Industry sales to surge on the back of improved monsoon, festive season demands: Report

Domestic passenger vehicle wholesales declined by about 2 per cent year-on-year in August as companies curtailed dispatches to reduce inventory at dealers amid a drop in demand. According to data issued by the industry body Society of Indian Automobile Manufacturers (<keyword id="20185536" type="General" weightage="20" keywordseo="SIAM" source="keywords">SIAM</keyword>), the total passenger vehicle dispatches in the domestic market stood at 3,52,921 units last month compared to 3,59,228 vehicles in August 2023, a dip of 1.8 per cent. Two-wheeler wholesales rose 9 per cent to 17,11,662 units last month against 15,66,594 units in the year-ago period, it added. Scooter dispatches last month climbed to 6,06,250 units from 5,49,290 units in August 2023, a growth of 10 per cent. Similarly, motorcycle dispatches from companies to dealers increased by 8 per cent to 10,60,866 units last month from 9,80,809 units in August 2023. The total three-wheeler sales grew 8 per cent to 69,962 units last month against 64,944 units a year ago. "Looking ahead, as the country enters the festive season, demand for vehicles is expected to grow, which will also be duly augmented by the recent announcements of PM E-DRIVE and PM-eBus Sewa Schemes of Government of India," SIAM Director General Rajesh Menon said. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/webstories/western-carriers-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/113312196.cms">Western Carriers IPO – Price band to risk factors, all you need to know</a> <a href="https://www.businessinsider.in/stock-market/news/pn-gadgil-jewellers-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/113302533.cms">PN Gadgil Jewellers IPO allotment – How to check allotment, IPO GMP, listing date and more</a> <a href="https://www.businessinsider.in/tech/mobile/news/iphone-16-pro-is-already-cheaper-than-the-iphone-15-pro-in-india-but-you-can-get-it-for-up-to-30000-cheaper/articleshow/113220789.cms">iPhone 16 Pro is already cheaper than the iPhone 15 Pro in India, but you can get it for up to ₹30,000 cheaper</a>

Passenger vehicle wholesales dip 2% in August as OEMs cut dispatches

<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

<ul class="summary-list"><li>Electric cars are expensive, but tax credits might be able to help.</li><li>Federal tax incentives are crucial for EV buyers. State rebates help, too.</li></ul>While electric-vehicle prices have come down in the past year, affordability is still an issue for US buyers.According to Cox Automotive, new EVs sold for an average of $56,328 in September, while the average price paid for any new car was $48,397.Such high pricing is making it harder for <a href="https://www.businessinsider.com/electric-vehicle-misconceptions-about-the-ev-transition-market-sales-2024-5">a new wave of shoppers</a> to commit to an electric car, but federal and state tax credits that give you money back for buying an EV could mean you're in luck if you're looking to plug in. You just need to know how to cash in.New requirements for a $7,500 federal tax credit under the <a href="https://www.businessinsider.com/how-to-get-electric-vehicle-tax-credit-ira-biden-2022-12">Inflation Reduction Act</a> went into effect at the start of this year. The revised rules <a href="https://www.businessinsider.com/list-evs-electric-cars-qualify-for-federal-tax-credit-2024-1">limited the number of EVs</a> on the market that qualify for the credit, but more vehicles are expected to qualify as automakers adjust. In the meantime, <a href="https://www.businessinsider.com/electric-vehicle-lease-payments-cheaper-affordability-hack-2024-9">a leasing loophole</a> is helping more buyers access the full $7,500 credit.Here's what to know about claiming tax credits and rebates on electric-car purchases.<div type="image" title="Tesla cars on the production line in a warehouse." height="3857" width="5142" msid="115030133" hostid="261" sizebytes="1143850"></div><h2>Federal EV tax credits</h2>The <a href="https://fueleconomy.gov/feg/tax2023.shtml">federal EV tax credit</a> is split: You can get $3,750 if the vehicle meets either the critical-minerals requirements or the battery-component requirements. If it meets both sets of requirements, it qualifies for the full $7,500 credit.Here's a closer look at those requirements:<ul><li>The vehicle must have a battery capacity of 7 kilowatt-hours or more.</li><li>The gross vehicle weight rating must be less than 14,000 pounds. (For context, the gargantuan Hummer EV weighs about 9,000 pounds.)</li><li>Final assembly of the vehicle must take place in North America.</li><li>At least 50% of minerals for the vehicle and battery components must be extracted, processed, or recycled in the US or countries with which the US has a free-trade agreement.</li><li>The manufacturer's suggested retail price can't top $80,000 for vans, SUVs, and pickup trucks, or $55,000 for all other vehicles.</li></ul><div type="image" title="A charger hanging out the side of a car." height="2673" width="3565" msid="115030135" hostid="261" sizebytes="227186"></div>The leasing loophole:<ul><li><a href="https://www.businessinsider.com/electric-vehicle-lease-payments-cheaper-affordability-hack-2024-9">Leased electric vehicles</a> are categorized under the "qualified commercial clean vehicles" tax credit, which has fewer restrictions than the "new clean vehicle" credit outlined above.</li><li>Under these rules, dealers are afforded $7,500 for all-electric vehicles and are not held to the individual buyer standards of income caps, MSRP limits, or mineral and component requirements. Dealers are taking advantage of this by passing along their $7,500 credit to lessees who may not otherwise qualify for the credit if they purchase the vehicle.</li></ul>If you're buying used:<ul><li>The used-EV credit took effect last year.</li><li>The vehicle must be at least two years old, under $25,000, and sold by a licensed dealership.</li><li>Your income can't exceed $150,000 if you're a joint filer or surviving spouse, $112,500 if you're a head of household, or $75,000 if you're a single filer.</li><li>Taxpayers are eligible for a credit of 30% of the vehicle price, up to $4,000.</li><li>The purchaser cannot be the same person who bought it new.</li><li>There can only be one credit taken per vehicle.</li><li>Taxpayers can use this credit once every three years.</li></ul><h2><div type="image" title="Three Ford Mustang Mach-E electric vehicles on a dealer lot." height="1665" width="2220" msid="115030136" hostid="261" sizebytes="198372"></div></h2><h2>State credits</h2>Some states have incentives for EVs in addition to the federal tax credits. Here are just a few examples.Colorado: <ul><li>Residents can get <a href="https://afdc.energy.gov/laws/11702">a tax credit</a> of up to $5,000 for buying or leasing a light-duty EV or truck or a plug-in hybrid EV.</li></ul>Illinois:<ul><li>The state offers <a href="https://www2.illinois.gov/epa/topics/ceja/Pages/default.aspx">rebates</a> of up to $4,000 for residents who buy or lease a new or used EV.</li></ul>New York: <ul><li>Residents can get a $2,000 rebate for EVs with an EPA-rated range greater than 200 miles, $1,000 for EVs rated 40 to 199 miles, and $500 for EVs with a range under 40 miles or with a sticker price under $42,000.</li></ul>Rhode Island:<ul><li>The state offers residents up to $1,500 for the purchase or lease of a new battery-electric vehicle or $1,000 for a used one. It also offers up to $1,000 for the purchase of a new plug-in hybrid vehicle or $750 for a used one.</li></ul>

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