From continuing fires in electric vehicles (EVs) to cheaper e-bikes in Delhi, here is what dominated the auto sector this week.
EV fires to only dent sales for 1-2 months: FADA
President of Federation of Automobile Dealers Associations (FADA) Vinkesh Gulati suggested that despite the frequency of fires breaking out in electric vehicles, the month of June may still be the best for private vehicle sales. “You will see a subdued retail happening for at least a month or two, but this phenomenon will not continue for long,” he said. Data from VAHAN, national register for e-services, showed that e-scooter sales went down by 20 percent in May compared to April.
Hero MotoCorp announced that it will be hiking the prices of its two-wheelers and scooters by up to Rs 3,000 depending on the model, starting from July 1. This is the second hike in the year that the two-wheeler manufacturer has instituted to meet rising input costs.
Tata launches probe on Nexon EV fire
Tata Motors has said that it had launched an investigation into a Tata Nexon EV catching fire in Mumbai. This incident was the first-ever recorded in the Nexon EV model. "A detailed investigation is currently being conducted to ascertain the facts of the recent isolated thermal incident that is doing the rounds on social media," Tata Motors said in a statement. "We will share a detailed response after a complete investigation. We remain committed to the safety of our vehicles and their users."
Delhi e-cycle portal goes live
New Delhi will be offering those looking to purchase an e-bicycle a subsidy of up to Rs 7,500 for the first 1,000 applicants under the Delhi Electric Vehicle (EV) Policy. The city has approved 11 models of four brands to be eligible for subsidies. All residents of Delhi will be eligible for the subsidy scheme.
Maruti looking to SUVs to regain market share
Maruti Suzuki’s market share dropped to the lowest it has been in eight years. The company is now looking to the quickly growing in the SUV segment to reclaim its lost market share even as it remains the largest OEM in the country. “Clearly, we need to strengthen our portfolio in the SUV segment and that's what we intend to do going forward,” said Shashank Srivastava, Senior ED, Marketing and Sales at Maruti Suzuki.
Switch Mobility plans to go public after 2024
Ashok Leyland’s electric vehicle arm has plans to go public after 2024, as the company ramps up its EV expansion. “We are looking for about $300 million in investment to develop new products and also to expand our footprint in manufacturing in India,” said Mahesh Babu, CEO of Switch India adding that the company already had 600 orders for its EV bus platform.
