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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

Mumbai (Maharashtra) [India], July 31 (ANI): The <keyword id="417639" type="General" weightage="20" keywordseo="automotive-sector" source="Orion">automotive sector</keyword> is poised for a robust performance in July 2024, driven by an expected double-digit year-on-year (y/y) growth in two-wheeler (2W) <keyword id="21974415" type="General" weightage="20" keywordseo="wholesale-volumes" source="keywords">wholesale volumes</keyword>, according to a recent report by <keyword id="20548750" type="General" weightage="20" keywordseo="Anand-Rathi" source="keywords" meta.keywordsubtype="org" meta.entityname="Anand Rathi" meta.hostid="261" meta.entityid="Anand Rathi">Anand Rathi</keyword>. The surge is attributed to solid retail demand, estimated at approximately 15 per cent y/y, strategic inventory build-up, and a favourable base effect. Excluding Honda, the growth remains robust at around 14 per cent. Additionally, <keyword id="20163833" type="General" weightage="20" keywordseo="passenger-vehicle" source="keywords">passenger vehicle</keyword> (PV) volumes are likely to have increased, supported by improved retail activity and inventory accumulation. Meanwhile, sales of <keyword id="20023450" type="General" weightage="20" keywordseo="commercial-vehicles" source="keywords">commercial vehicles</keyword> (CVs) and tractors are expected to remain broadly flat. Overall, the outlook for the <keyword id="19979339" type="General" weightage="100" keywordseo="auto-sector" source="keywords">auto sector</keyword> remains positive. In the passenger vehicle (PV) segment, volumes are also expected to see an uptick, largely due to better retail performance and inventory accumulation. The report predicts a slight growth of around 3 per cent y/y for PV volumes. On the commercial vehicles (CV) front, the outlook is more mixed. The report forecasts that overall CV volumes will remain relatively flat, with a small drop of approximately 3 per cent y/y, primarily due to lower light commercial vehicle (LCV) volumes. However, there are bright spots within the segment. Volumes for VECV's CVs are expected to have risen by 15 per cent, and the medium and heavy commercial vehicle (M&amp;H CV) growth forecast has been revised upwards to high single digits from mid-single digits, driven by robust demand for buses and ongoing replacement demand. The M&amp;H CV segment is further bolstered by increased infrastructure and economic activity, as well as a favourable comparison base from Q1 and Q4 of FY24.

Auto sector poised for robust growth in July 2024 with double-digit surge in two-wheeler sales: Anand Rathi report

<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>US stocks rose as September's wholesale price data showed cooling inflation.</li><li>The producer price index was flat, and core PPI rose less than expected in September.</li></ul>US stocks edged higher on Friday after Producer Price Index data for September came in lower than expected, signaling a continued cooling of wholesale inflation.The producer price index was flat month-over-month, below economist estimates of a 0.1% rise. Meanwhile, Core PPI rose 0.1% in September, compared to an expected rise of 0.2%.TradeStation strategist David Russell told Business Insider the data supports another interest rate cut from the Federal Reserve."CPI might have seemed hot, but PPI was not. Overall, these numbers are getting less impactful as inflation moderates. The Fed could still be on track for 25 basis points at the next two meetings. Yields have surged lately, but it's not clear they have much more reason for continued upside," Russell said.Investors are also digesting <a target="_blank" class="" href="https://www.businessinsider.com/jpmorgan-earnings-q3-jamie-dimon-economy-geopolitics-banking-wall-street-2024-10">earnings results from JPMorgan,</a> Wells Fargo, and BlackRock. All three stocks moved higher after the results, which beat analyst estimates on most fronts.JPMorgan CEO Jamie Dimon praised his bank's performance in the earnings release, but <a target="_blank" class="" href="https://www.businessinsider.com/jpmorgan-earnings-q3-jamie-dimon-economy-geopolitics-banking-wall-street-2024-10">warned that geopolitical conditions</a> are "treacherous and getting worse."Apart from earnings results, retail sales data, set to be released on October 17, <a target="_blank" class="" href="https://www.businessinsider.com/us-economy-outlook-retail-sales-no-landing-inflation-jobs-report-2024-10">is the next big data release for investors to watch.</a>Bank of America analysts expect September retail sales data to show a 0.8% surge, while consensus estimates expect just 0.2% growth.Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Friday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,785.90, up 1.25% </li><li><a target="_blank" href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 42,617.12, up 0.38% (+163 points)</li><li><a target="_blank" href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 18,219.70, down 0.34% </li></ul>Here's what else is going on:<ul><li><a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-tesla-robotaxi-cybercar-analysts-self-driving-fleet-ai-2024-10">Tesla unveiled its robotaxi in an event Thursday night, but Wall Street isn't impressed.</a></li><li><a target="_blank" class="" href="https://www.businessinsider.com/chinese-carmaker-chery-russia-sanctions-west-assets-seizure-volkswagen-mercedes-2024-10">A Chinese automaker has taken over Russian plants abandoned by Volkswagen and Mercedes.</a></li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/currencies/russia-economy-moscow-china-yuan-sanctions-bank-transactions-ruble-dollar-2024-10">Russia's ruble hit its lowest level in a year against the dollar and the yuan.</a></li></ul>In commodities, bonds, and crypto:<ul><li><a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">West Texas Intermediate</a> crude oil was down 0.69% to $75.33 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a>, the international benchmark, was lower by 0.69% to $78.85 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> was up 0.97% to $2,664.90 an ounce.</li><li>The 10-year Treasury yield was higher by 3 basis points at 4.101%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> was higher by 1.78% to $61,351.</li></ul>

Stock market today: US stocks edge up after wholesale inflation comes in cool

It took something surprisingly small — something that's been described as "teeny tiny" and "ultra-cropped" — to propel <keyword id="19948011" type="General" weightage="100" keywordseo="Prada" source="keywords" meta.keywordsubtype="org" meta.entityname="Prada" meta.hostid="261" meta.entityid="Prada">Prada</keyword> to its place as one of the year's few luxury winners. In fact, it measures under 10 inches long. <keyword id="20885719" type="General" weightage="20" keywordseo="Miu-Miu" source="keywords" meta.keywordsubtype="org" meta.entityname="Miu Miu" meta.hostid="261" meta.entityid="Miu Miu">Miu Miu</keyword>'s micro miniskirt, which debuted in 2021 and subsequently went viral, taking over both TikTok and magazine front covers, is emblematic of the brand's show-stopping couple of years — and has no doubt helped its parent company, Prada, do what few luxury companies have been able to do this year: grow. "I think the 'miracle' at Prada is Miu Miu," Luca Solca, a senior analyst at Bernstein, told Business Insider. Thanks to <a target="_blank" href="https://www.businessinsider.com/miu-miu-revenue-jumps-93-gen-z-asia-sales-prada-2024-7">Miu Miu's hot streak</a>, as well as a series of smart business moves at Prada itself — a focus on a controlled retail pipeline and store productivity, plus some experienced new hires — the company is <a target="_blank" href="https://www.businessinsider.com/zara-inditex-pandora-thrive-amid-luxury-downturn-aspirational-consumer-trends-2024-9">bucking negative luxury trends</a>. It's selling well in Asia, its stock is up, and investors are excited. Net revenue for the first half of the year was 14% higher than in the same period in 2023 and 34% more than 2022. At luxury bellwethers LVMH and Kering, first-half sales fell 1% and 11%, respectively, compared to last year.Its stock is up more than 30% year-to-date, even more than that of <a target="_blank" href="https://www.businessinsider.com/hermes-became-ultimate-status-symbol-2024-2">Hermès, luxury's perennial market leader</a>. Along with Moncler, it's one of only two buy-rated luxury stocks at HSBC. The 111-year-old, family-run, Milanese leather goods shop turned cutting-edge fashion superhouse is now enjoying one of its greatest runs in history. <h2>The trendy little sister</h2>As any elder sibling knows well, sometimes the flashy, fun younger sister can outshine even the most well-prepared eldest. Miu Miu is doing just that. The more experimental brand has become the "It" girl of the fashion industry. It's number two on The Lyst Fashion Index, a quarterly measure of the hottest fashion brands. Searches for Miu Miu are up 47% this year on luxury resale platform The RealReal. The micro minis that stormed the runway in 2021, a sneaker collab with New Balance, and the quilted Wander bags have become must-have looks. That's translated into impressive results: <keyword id="19957111" type="General" weightage="20" keywordseo="retail-sales" source="keywords">Retail sales</keyword> were up 50% in 2023 and 86% in the first half of this year. Last quarter, website traffic was up 110% year over year, Stifel's Rogerio Fujimori reported in his July note. The brand will likely hit $1 billion in revenue this year. <div type="image" title="Miu Miu micro miniskirt" height="3109" width="4663" msid="113815737" hostid="261"></div>Part of it is the brand's messaging. "Miu Miu is resonating with consumers because of a savvy mix of product and communication marketing," Solca said. In a recent note, he highlighted the brand's events — a tennis club, literary club, and film series — that go beyond just fashion to form a "cultural aesthetic." Miu Miu has embraced stars (Sydney Sweeney and Gigi Hadid were featured in recent campaigns), which has energized its following. The brand has also managed to tap into Asian markets — one of the <a target="_blank" href="https://www.businessinsider.com/china-luxury-retail-sales-slowdown-brands-fashion-2024-7">most challenging sectors for luxury brands</a>. Again, some smart marketing has helped. The brand enlisted K-pop icons as ambassadors and dressed Chinese stars Lexie Liu, Zhao Jinmai, and Wu Yanshu. It also increased spending on Little Red Book, a social media platform in China, and threw events in Tokyo, Taipei, and Nanjing. In short — pun intended — you can't get trendier than Miu Miu right now, and being trendy is good for business. <h2>The business behind the boom</h2>But Miu Miu's popularity, as attention-grabbing as it is, is only part of the story. The brand accounted for 15% of Prada's sales last year. HSBC analysts called its growth a "(big) cherry on the cake" — the cake being Prada (which didn't respond to a request for comment from Business Insider for this story). Behind Miu Miu's Mary Jane shoes and Arcade bags is a success story at its parent company. The group's namesake line is growing, albeit at a slower and steadier pace. Prada's retail sales were up 3% in the first half of the year compared to last year and 7% in 2023. It's been among Lyst's top five hottest brands since 2022. This didn't happen by accident: In 2017, Prada committed to a turnaround strategy following a few losing yearsand a drop in profitability. At more than 100 years old, Prada hadn't entered the new millennium: Its full product line wasn't available through e-commerce, and its advertising wasn't digitized. "In 2015, the tide really turned for them," Jelena Sokolova, a senior analyst for Morningstar, told Business Insider. "They fared worse than the industry: Sales were negative for a number of years; their earnings plummeted." In response, Prada focused on retail, a channel in which it can control prices and cut back on wholesale, which now represents only 11% of sales. It made an effort to cut down on discounts — a problem that has <a target="_blank" href="https://www.businessinsider.com/how-burberry-became-fashions-biggest-fail-stock-drop-ceo-ousting-2024-8">plagued labels like Burberry</a> and Gucci and can lead to diminishing brand perception. At its retail stores, new CEO Andrea Guerra, who arrived in 2023 from LVMH, has drilled down on productivity, or how much money each square foot of retail space generates, by launching in-store installations, forming one-to-one relationships between sales associates and customers, and infusing stores with wearable pieces and collaborations. The company closed stores that weren't performing and renovated the ones that were. It's worked: Retail productivity has increased 32.5% between 2019 and 2023. <div type="image" title="Prada store" height="3333" width="5000" msid="113815742" hostid="261"></div>There has also been a slew of management changes. In 2020, the company brought on Raf Simons, heralded as one of the biggest stars in the design world, as co-creative director, sharing the title with Muccia Prada — the company's billionaire heiress who The New York Times has <a target="_blank" href="https://www.nytimes.com/2023/10/04/style/miu-miu-chanel-louis-vuitton-paris-fashion-week.html">referred</a> to as "the most influential woman in fashion." Prada now has more time to use her keen sense of design at Miu Miu. In the years following, it recruited talent from LVMH and Goldman Sachs to join its top ranks. And then there is the sheer cyclicality of fashion and the fact that, after a few years of being less-than-hot, Prada is once again on the rise. It has embraced the 1990s and Y2K aesthetic — a heyday for Prada — popular with Gen Z and was the most searched brand among the demographic on The RealReal. Hit products pushed the profitable leather goods category to revenues of more than $2 billion last year. There was a reimagining of the early 2010s it-bag, the Galleria, complete with a Scarlett Johansson-led campaign. Other handbag rereleases, like that of the Nylon, have taken off, while new purse styles like the Buckle and Arqué got callouts in last year's earnings report. That momentum gave the brand an upper hand going into the luxury downturn. "People prioritize which brands they want to spend on. With a limited budget, first, you drop the ones that were not hot to begin with," Sokolova said. <h2>Can Prada's hot streak last?</h2>Just as fashion comes in, it can come out. And Prada's story — particularly Miu Miu's rapid-fire growth — in some ways mimics that of <a target="_blank" href="https://www.businessinsider.com/gucci-sales-profit-reputation-falling-luxury-kering-michele-china-2024-5">Gucci's hype-driven rise and plummeting fall under Alessandro Michele</a>. "You kind of become a victim of your own success," Sokolova said. Both Prada and Miu Miu are susceptible to volatility, though for different reasons. Miu Miu is still relatively small, meaning its brand identity is not yet established enough to withstand the whims of consumers. CEO Guerra has acknowledged that such incredible growth can lead to a challenge. "There appears to be a glass ceiling," Solca wrote in a recent note. "Being prominent brings fatigue: after a while, consumers feel they have seen and done enough with these brands and move on." Prada, meanwhile, is more exposed in the cyclical ready-to-wear category — which makes up 32% of sales — than other brands like Gucci and YSL. But there are signs of continued growth: Miu Miu is adding 10 to 15 stores next year, while Prada is adding five to 10, the company has said. The brand's retail footprint is particularly underpenetrated in the US. The company's beauty business is still nascent. Last year, it launched skincare and makeup through a partnership with L'Oréal, and there is more money to be made in that sector. With so much control of its sales chain, the company can raise prices and limit overexposure through low-end collaborations or expansion into cheap categories. Plus, the slowdown hasn't happened yet: Miu Miu website traffic and sales continued to grow between the first and second quarters, and the company maintains it's not a flash in the pan. "This is a result of many years of work on the brand, on the products, on the people," Guerra said about Miu Miu's success on the company's most recent earnings call. Meanwhile, <a target="_blank" href="https://www.businessinsider.com/prada-white-tank-top-status-symbol-2024-2">Prada has maintained its brand value</a>. But the woman Miuccia Prada herself knows the pressure is on. "I was very nervous for this show," she told reporters backstage at the line's fashion show earlier this month about the new collection, <a target="_blank" href="https://www.nytimes.com/2024/09/20/style/prada-fendi-milan-fashion-week.html">The New York Times reported</a>. "Much more than usual." September 30, 2024 — An earlier version of this story misspelled the name of Miuccia Prada.

How Prada is beating the odds and bucking the luxury slump 

Prime Minister Narendra Modi, on Wednesday, congratulated Reserve Bank of India's (RBI) Governor, Shaktikanta Das for bagging an A+ grade rating in the Global Finance Central Banker Report Cards 2024. Prime Minister in a post on social media "X" said, "Congratulations to RBI Governor Shri @DasShaktikanta for this feat, and that too for the second time. This is a recognition of his leadership at the RBI and his work towards ensuring <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword> and stability." <keyword id="20850250" type="General" weightage="20" keywordseo="RBI-Governor-Das" source="keywords">RBI Governor Das</keyword> has been awarded the A+ grade rating for the second consecutive year. The Central Banker Report Cards, published annually by Global Finance since 1994, grade the central bank governors of nearly 100 key countries, territories, and districts, as well as the European Union, the Eastern Caribbean Central Bank, the Bank of Central African States and the Central Bank of West African States. Grades are based on an "A+" to "F" scale for success in areas such as <keyword id="21364628" type="General" weightage="20" keywordseo="inflation-control" source="keywords">inflation control</keyword>, economic growth goals, currency stability and <keyword id="22859834" type="General" weightage="20" keywordseo="interest-rate-management" source="keywords">interest rate management</keyword>. "A" represents an excellent performance, down through "F" for outright failure. "Central bankers have waged war against <keyword id="19895000" type="General" weightage="20" keywordseo="inflation" source="keywords">inflation</keyword> over the past few years, wielding their primary weapon: higher interest rates. Now, countries around the world are witnessing the tangible results of these efforts, as inflation has dropped significantly," said Global Finance founder and editorial director Joseph Giarraputo. The RBI has been successful in controlling the larger macroeconomic situations in the country. The apex bank is actively working to push economic growth through its <keyword id="20900764" type="General" weightage="20" keywordseo="monetary-policies" source="keywords">monetary policies</keyword>. The RBI recently kept the the <keyword id="20094323" type="General" weightage="20" keywordseo="repo-rate" source="keywords">repo rate</keyword> unchanged at 6.5 per cent after the deliberations of the Monetary Policy Commitee meeting earlier this month. The move reflects the central bank's cautious approach amid ongoing economic uncertainties. Announcing the monetary policy decisions, Das had said that the decision to keep the repo rate steady comes amidst persistent concerns about inflation, which remains above the RBI's target range. RBI Governor Das said that the inflation will moderate from July onwards as the monsoon has improved and global food prices have shown signs of easing in July. The Q1 <keyword id="19999655" type="General" weightage="20" keywordseo="Consumer-Price-Index" source="keywords">Consumer Price Index</keyword> (CPI) inflation for the current financial year (2024-25) is projected at 4.5 per cent. CPI inflation for the first quarter of the next financial year (Q1 2025-26) is projected at 4.4 per cent, as announced by the RBI Governor. India's retail inflation, after breaching 5 per cent in June, softened drastically in July. In line with the moderation in retail inflation, wholesale inflation in India too witnessed a sharp decline in July. The annual rate of inflation based on all India Wholesale Price Index (WPI) numbers is 2.04 per cent (provisional) for July 2024 (over July 2023).

PM Modi congratulates RBI Governor Das on A+ rating in Global Finance Report

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

<ul class="summary-list"><li>Kenon Chen, a member of BI's <a target="_blank" class="" href="https://www.businessinsider.com/workforce-innovation-board-tackles-topics-such-as-c-suite-innovation-ai-worker-wellness-2024-8">Workforce Innovation board</a>, is Clear Capital's strategy and growth EVP.</li><li>He views AI as a chance to improve workplace processes and give employees the tools to innovate.</li></ul>Business Insider's "Workforce Innovation" series is gathering perspectives from a wide variety of industry verticals and corporate roles to talk about the drivers of change in companies — particularly artificial intelligence, diversity, equity, and inclusion, worker well-being, and C-suite transformation.Kenon Chen, the executive vice president of strategy and growth at Clear Capital, is spending a lot of his time looking at the intersection of AI and worker well-being.His company provides technology solutions for valuing real estate. "Clear Capital is really about helping people make good decisions on properties based on accurate data," Chen said. He leads Clear Capital's strategy and go-to-market team and manages product partnerships, marketing, and sales.In an interview, Chen said that workers were understandably nervous about the potential for AI to take jobs.As a participant in BI's Workforce Innovation board, he's hoping to talk about how to surface the positive outcomes of AI."It could also be the thing that helps workers have a better work experience," he said. "Because they have the right tools they need to do their job really well and be efficient and then focus on the things that really need human expertise, the harder problems to solve."The following has been edited for length and clarity.Why is the topic of workforce innovation a priority now?It's important for a few different reasons. One, culture and people are extremely important to our business. We have a number of core values that put people at the center of what we do, and how we think about being successful is really all around this idea of finding ways to improve the lives of those around you — whether it's little things throughout the day that remove stress or large solutions for how we can take care of our customers.But in a post-COVID-19 remote environment, workforce innovation is so important because how do you maintain a strong sense of your core values and culture as you're embracing efficiencies and new tools to innovate?You work in the real-estate sector. What workplace issues are specific to your vertical and business?Absolutely. We work with valuation professionals: These are real-estate brokers, agents, and appraisers who have expertise in understanding what a home is worth, and the process of analyzing data to form a credible opinion of the value of a home in any location in the country.We use AI, as well, to create other ways of valuing properties, such as automated valuation models that use AI to predict the value. We have a number of automated tools that let you use computer vision and AI to scan the home and generate an accurate floor plan.There are certainly fears that go along with that. Is AI, while it might have some benefits to create more accuracy, consistency, and better data, going to replace professionals? And what's the interplay between what highly trained certified professionals with local-market understanding bring to the table [and] innovation going with AI and data?How we bring workforces together with modern tools in a way that doesn't just replace people but provides a better end product is a lot of what the industry's struggling with right now.What are some concrete examples of how you're integrating AI innovation into the workforce?We acquired a company called CubiCasa a few years ago that has an automated-floor-plan app that anyone can use on their phone — no special training or equipment — and walk through a home, scan the home, and it generates an automated floor plan and all of the data associated with that.We see that as an opportunity to enhance the process, not necessarily replace people but put better tools into people's hands.So I think there is a path where technology makes the process more consistent but also gives options to our clients who have different risk levels for what types of tools they need for a particular decision. It's just a question of knowing how to make those options available and also equip people with the right technology at the right time.What are the leadership challenges AI companies are facing now?I hear a lot of conversations that go to concerns around people's jobs being replaced or people's skill sets maybe not being as appreciated anymore if there's an AI equivalent available. One of the quotes I heard from the CTO of United Wholesale Mortgage is that it's not going to be AI that replaces people but people who use AI that will replace people, in terms of jobs.I don't think it has to be a binary conversation: Is AI going to replace people or not replace people? I think there's a very strong link between the idea of worker well-being and AI because whenever there's fear of a new technology that seems powerful enough to cause some disruption, that creates a certain amount of fear and uncertainty for workers.Yet it could also be the thing that helps workers have a better work experience because they have the right tools they need to do their job really well and be efficient and then focus on the things that really need human expertise, the harder problems to solve.In what other ways is AI driving change?One of the things I've been thinking about lately is the human element when we talk about AI, especially when we talk about generative AI. I think it's activated both sides of the brain for the first time. With machine learning and big data, it's activated the logic center of our brain — we're making predictions; we're replacing statistics with supersmart models.But with generative AI, we're talking about some of the creative aspects of things, using it to generate imagery and writing. With that, we now have this opportunity to talk about things like, "If I could create music with this, if I can create these other things, how do I deal with that?"So I think it's worth — instead of thinking about this just as tools and products and tech, we could start having a more holistic conversation about how this actually impacts both our personal lives and the way we go about doing creative things and our business life and the products we create. I think there's room for both at the table for conversation.

AI can enhance human expertise and worker well-being, Clear Capital's EVP of strategy and growth says

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

<ul class="summary-list"><li>The US unemployment rate was 3.9% in February, according to the Bureau of Labor Statistics.</li><li>The release out Friday also showed there were 275,000 jobs added, larger than the forecast.</li></ul>February's job growth was strong and similar to January's revised job gain.According to Friday's news release from the Bureau of Labor Statistics, the US experienced job growth of 275,000 in February. That was above the <a target="_blank" href="https://www.investing.com/economic-calendar/nonfarm-payrolls-227">forecast</a> of 198,000. That also was larger than January's revised growth of 229,000. <a target="_blank" href="https://www.businessinsider.com/jobs-labor-market-unemployment-rate-wage-growth-january-economy-2024-2">January's prior estimate</a> was 353,000, as noted in the news release published in February."This is exactly the progress that we want to see," Acting Secretary of Labor Julie Su told Business Insider. "And exactly the definition of stable, strong economic growth."Additionally, December's job growth of 333,000 stated in the February release was updated to 290,000 in the new report.Leisure and hospitality saw large job growth in February, with an increase of 58,000."Employment in food services and drinking places increased by 42,000 in February, after changing little over the prior 3 months," the latest news release from BLS stated.Government employment also increased by 52,000. Manufacturing and wholesale trade experienced a decline in their employment levels."I think that the labor market is still quite resilient, but it is cooling and slackening," Julia Pollak, the chief economist at ZipRecruiter, said. "I think that these figures may even overstate the strength of the labor market and definitely overstate the breadth of job gains because of changing seasonal patterns in employment in America since the pandemic."Pollak also pointed out the large job gains seen in December and January were revised downward and an increase in the unemployment rate in February.The unemployment rate ticked up from 3.7% in January to 3.9% in February, per Friday's news release. This rate was <a target="_blank" href="https://www.investing.com/economic-calendar/unemployment-rate-300">expected</a> to come in at 3.7%."We know that increases in the unemployment rate can snowball quite quickly and turn into bigger increases," Pollak said, adding "that when people lose their jobs, they pull back on spending, businesses see their revenue decline and cut jobs more.""So I think that's definitely something to keep watching — both business perceptions of consumer spending and actual hard data on consumer spending as well as this unemployment rate," Pollak added.The labor force participation rate remained at 62.5% in February, which was also the rate a year prior. The employment-to-population ratio also fell from 60.2% to 60.1%.Additionally, the new data release noted average hourly earnings increased 4.3% from February 2023 to this past February. Year-over-year wage growth has been pretty similar in recent months, with most of the recent year-over-year increases in average hourly earnings being around 4.3%. Additionally, average hourly earnings increased from $34.52 in January to $34.57 in February."I think this is a labor market that's sort of returned to some familiar trends," Nick Bunker, Indeed Hiring Lab economic research director for North America, told BI. "One where job gains are strong but not as robust as a couple years ago, but strong enough to keep the labor market pretty strong."Bunker added that despite the increase in the unemployment rate in February, it could end up being what was seen last year "where it rose but then came back down."The Bureau of Labor Statistics also reported on <a target="_blank" href="https://www.bls.gov/news.release/jolts.nr0.htm">job openings and other data</a> for January earlier this week. Job openings fell by 26,000 from December's level to 8.9 million in January. The number of hires also ended up falling, dropping from around 5.8 million to 5.7 million. The number of quits declined as well, and the quits rate ticked down from 2.2% in December to 2.1% this past January. That's also way below the most recent high of 3.0% in April 2022."The once high-flying quits rate continues to fall and is now below its pre-pandemic level, which could signal both that workers that found good opportunities over the past few years and are happy to stay in their new role, and that workers are feeling less confident about their prospects for finding a new job," Bunker said in written commentary earlier this week.Amid the data seen this week, job seekers and workers "should still feel generally positive," Bunker told BI."If you have a job right now, you're in a good position when it comes to job security," Bunker said. "That layoff rates are very low, moves from having a job to unemployment were still quite low in this report as well. Now, if you are someone who has a job, is looking to switch jobs or <a target="_blank" href="https://www.businessinsider.com/how-get-job-this-year-network-resume-skills-certificates-unemployment-2024-1">wants to switch jobs right now</a>, it's going to be tougher than the past."

Job growth beats estimates, unemployment rate hits 2-year high

<ul><li>Domestic passenger vehicle dispatches witnessed a 13 per cent year-on-year rise in April.</li><li>Market leader <keyword id="44883" type="General" weightage="80" keywordseo="maruti-suzuki" source="Orion">Maruti Suzuki</keyword> India dispatched 1,37,320 units to dealers last month against 1,21,995 units in April last year.</li><li><keyword id="108829" type="General" weightage="80" keywordseo="hyundai-motor-india" source="Orion">Hyundai Motor India</keyword>, on the other hand, sold 49,701 units in April compared to 44,001 units in the year-ago period.</li></ul>New Delhi, May 12 (PTI) Domestic passenger vehicle dispatches witnessed a 13 per cent year-on-year rise in April as demand remained robust across segments, industry body SIAM said on Friday. The total passenger vehicle dispatches from companies to dealers rose to 3,31,278 units last month compared to 2,93,303 units in April 2022. Market leader Maruti Suzuki India dispatched 1,37,320 units to dealers last month against 1,21,995 units in April last year. Hyundai Motor India, on the other hand, sold 49,701 units in April compared to 44,001 units in the year-ago period. Similarly, two-wheeler dispatches last month increased by 15 per cent to 13,38,588 units from 11,62,582 units a year ago. <keyword id="17392672" type="General" weightage="80" keywordseo="motorcycle-wholesales" source="Orion">Motorcycle wholesales</keyword> rose to 8,39,274 units last month from 7,35,360 units in April 2022. Similarly, scooter dispatches rose to 4,64,389 units in April against 3,88,442 units in the year-ago period. The total three-wheeler sales rose to 42,885 units last month from 20,997 units in April 2022. "All the segments, passenger vehicles, two-wheelers and three-wheelers have posted growth in April 2023, compared to April 2022, which clearly indicates that the industry has been able to transit very smoothly to BSVI Phase 2 emission norms from April 1 2023," Society of Indian Automobile Manufacturers (SIAM) President <keyword id="230167" type="General" weightage="80" keywordseo="vinod-aggarwal" source="Orion">Vinod Aggarwal</keyword> stated. As the industry gradually gets into the monsoon season, among other factors, good rainfall can also help the sector sustain its growth, he added. SIAM Director General <keyword id="217489" type="General" weightage="80" keywordseo="rajesh-menon" source="Orion">Rajesh Menon</keyword> said the sales of passenger vehicles last month were the highest ever in April. Two-wheelers also posted a growth of 15 per cent in April 2023 compared to last year, while the domestic sales of three-wheelers have reached nearer to the pre-COVID levels in April, he added. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/is-whatsapp-secretly-listening-to-your-private-conversations-heres-how-to-check/articleshow/100155980.cms">Is WhatsApp secretly listening to your private conversations? Here’s how to check</a> <a href="https://www.businessinsider.in/tech/news/artificial-intelligence-takes-center-stage-at-google-i/o-here-are-all-the-ai-announcements-made-at-the-annual-conference/articleshow/100151380.cms">Artificial Intelligence takes center stage at Google I/O: Here are all the AI announcements made at the annual conference</a>

Passenger vehicle dispatches rise 13% in April as demand remained robust: SIAM

<ul class="summary-list"><li>US stock futures slid on Wednesday ahead of the release of key GDP data.</li><li>An upward revision to the fourth-quarter growth estimate could delay the Fed's interest-rate cuts.</li></ul>US stocks were poised to open lower at Wednesday's opening bell as investors feared resilient economic data would push back the timeline for cuts to interest rates.<a href="https://markets.businessinsider.com/futures/s&amp;p-500-futures?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets" rel="">S&amp;P 500 futures</a> were down 0.3% shortly after 4.30 a.m. ET on Wednesday. Futures linked to the <a href="https://markets.businessinsider.com/futures/nasdaq-100-futures?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets" rel="">Nasdaq 100</a> and <a href="https://markets.businessinsider.com/futures/dow-futures?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets" rel="">Dow Jones Industrial Average</a> were down 0.2% and 0.4% respectively. The key <a href="https://markets.businessinsider.com/rates/u-s--rates-10-years?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets" rel="">10-year Treasury yield</a> was up 0.6% at 4.3%, while the <a href="https://markets.businessinsider.com/index/us-dollar-index?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets" rel="">US Dollar Index</a> rose by 0.3% to 104.15 points. The Fed's campaign to crush inflation by raising its benchmark rate from almost zero at the start of 2022 to more than 5% by mid-2023 has boosted bond yields and the greenback.Wall Street's denizens were holding their breath for the first official revision to fourth-quarter GDP, as stronger-than-expected growth could make the Fed hesitant to cut rates and potentially overstimulate the economy."Good news on GPD data has the potential to be bad news for market sentiment, provided that strong growth and higher inflation would push the Fed rate cut expectations further down the road," Ipek Ozkardeskaya, a senior analyst at Swissquote Bank, said in a morning note."A U-turn in inflation won't only delay the first rate cut but likely slow the pace of the future cuts as well. That's not good news for risk appetite."Investors were also watching out for fresh data on retail and wholesale inventories, the latest figures for the US trade balance in goods, and scheduled comments from three regional Fed presidents.Salesforce, Snowflake, and Monster Beverage were among the companies set to report earnings later on Wednesday.

Stock market today: US futures drop ahead of key economic growth figures

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

New Delhi [India], January 16 (ANI): India's wholesale <keyword id="22195" type="General" weightage="20" keywordseo="inflation" source="Orion">inflation</keyword> based on the <keyword id="59350" type="General" weightage="20" keywordseo="Wholesale-Price-Index" source="Orion">Wholesale Price Index</keyword> for the month of December 2022 was at 4.95 per cent (provisional), against the previous month's 5.89 per cent, official data showed on Monday. In October, it was at 8.39 and has been falling since then. Notably, the wholesale price index (<keyword id="46000" type="General" weightage="20" keywordseo="wpi" source="Orion">WPI</keyword>)-based inflation had been in double digits for 18 months in a row till September. The decline in wholesale inflation in December was primarily due to a fall in prices of <keyword id="6181" type="General" weightage="20" keywordseo="food" source="Orion">food</keyword> articles, mineral oils, crude petroleum and natural gas, food products, textiles and chemicals and chemical products, said the Ministry of Commerce and Industry while releasing the inflation data. Meanwhile, India's retail inflation during the month of December was at 5.72 per cent, data released last week showed. The latest figures showed a marginal decline and further moderation in retail inflation as compared with the previous month. India's retail inflation rate based on Consumer Price Index was 5.88 per cent in November from 6.77 per cent in October. Retail inflation in India had remained above 6 per cent till October for over three quarters, which was beyond RBI's comfort zone. RBI, in its fight against rising inflation, had already hiked the key policy rate by 225 basis points since May to 6.25 per cent to cool off domestic retail inflation that stayed above its upper tolerance limit for nearly three quarters. Raising interest rates typically cools demand in the economy, thereby putting a brake on inflation. The latest hike was on December 7 last year, when the Monetary Policy Committee (MPC) of the RBI increased the policy repo rate by 35 basis points, besides deciding to remain focused on the "withdrawal of accommodation" of monetary policy to ensure that inflation remains within the target going forward while supporting economic growth. The next three-day RBI monetary policy meeting is scheduled for February 6-8. (ANI) SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/india-in-best-position-to-be-a-bridge-between-debt-ridden-developing-countries-and-g20-says-sl-president/articleshow/97007124.cms">India in best position to be a bridge between debt-ridden developing countries and G20, says SL President</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/indias-richest-1-own-more-than-40-of-total-wealth-oxfams-survival-of-the-richest-report/articleshow/97018110.cms">India's richest 1% own more than 40% of total wealth: Oxfam's Survival of the Richest report</a>

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