TATAMOTORS

March 21 (Reuters) - Mahindra and Mahindra MAHM.NS will increase prices of its SUVs and other commercial vehicles by up to 3% from April, the company said on Friday, becoming the latest Indian carmaker to raise prices to combat rising costs.

Already, market leader Maruti Suzuki MRTI.NS, Tata Motors TAMO.NS and Hyundai Motor India HYUN.NS have said they will hike prices between 2% and 4% from next month.

These higher expenses are due to rising commodity prices, elevated import duties on raw materials and supply chain disruptions.

Mahindra and Mahindra said its price increases will vary depending on the model of the vehicle.

(Reporting by Ananta Agarwal in Bengaluru; Editing by Savio D'Souza)

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MUMBAI, March 20 (Reuters) - India's Tata Motors TAMO.NS plans to raise 20 billion rupees ($231 million) through the sale of bonds maturing in two years and three years, the company said in a stock exchange notice on Thursday.

The company will raise 5 billion rupees through two-year bonds, and 7 billion rupees and 8 billion rupees via two separate tranches of three-year papers, according to the notice.

It will pay an annual coupon of 7.65% on each issue, and the same would be allotted to investors on March 27.

Here is the list of deals reported so far on March 20:

*Size includes base plus greenshoe for some issues

($1 = 86.3460 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala)

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March 19 (Reuters) - Tata Motors Ltd TAMO.NS:

• TATA MOTORS: APPROVES ISSUE OF NON-CONVERTIBLE DEBENTURES UPTO 20 BILLION RUPEES

• TATA MOTORS: TO ISSUE NON-CONVERTIBLE DEBENTURES ON PRIVATE PLACEMENT BASIS

Further company coverage: TAMO.NS

(([email protected];))

Recasts paragraph 1 with Tata Motors price hike, adds details throughout

March 17 (Reuters) - Automakers Tata Motors TAMO.NS and Maruti Suzuki India MRTI.NS said on Monday that they will increase the prices of vehicles to offset raw material and operational costs.

Tata Motors will hike prices of its commercial vehicles, including trucks and buses, by up to 2% from April, while Maruti Suzuki said it will increase car prices by as much as 4% next month.

The price bumps will vary depending on the model, the companies said.

Indian automakers are seeing higher costs due to rising commodity prices, elevated import duties on raw materials, and supply chain disruptions.

Tata Motors last increased prices of its commercial vehicles up to 2% in January.

Maruti's price hike follows a 4% increase in December, which took effect in January.

Maruti had also raised prices by 1,500 rupees ($17.29) to 32,500 rupees for several models last month.

($1 = 86.7740 Indian rupees)

(Reporting by Meenakshi Maidas in Bengaluru; Editing by Rashmi Aich and Sonia Cheema)

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March 13 (Reuters) - Tata Motors Ltd TAMO.NS:

• TATA MOTORS - TO APPOINT DELOITTE HASKINS & SELLS LLP AS STATUTORY AUDITORS FROM FY28

Source text: ID:nNSE3pHKJp

Further company coverage: TAMO.NS

(([email protected];))

By Aditi Shah

NEW DELHI, March 12 (Reuters) - Jaguar Land Rover has shelved plans to build electric vehicles at parent company Tata Motor's TAMO.NS upcoming $1 billion factory in southern India, four people with knowledge of the matter said.

The British luxury car unit was unable to find the right price-quality balance for locally sourced EV parts, three of them said, adding that the decision also reflects slowing demand for electric cars.

"For India, all the work (on JLR electric vehicles) has stopped. Everything has been suspended since about two months," said a supplier source.

Global car brands are revamping their electrification plans amid stiff competition from Chinese players, a shift in demand in favour of hybrids and as governments ease timelines to meet emission rules and EV sales targets.

JLR's decision is also expected to delay plans for Tata Passenger Electric Mobility, Tata's local electric car unit, to launch the first of its premium Avinya models, the sources said.

The cars are to be built on the same platform as JLR's electric vehicles and some components were to have been jointly sourced.

Tata began construction of the new factory, which will also assemble vehicles other than EVs, in September. The plant is slated to produce over 250,000 cars a year when it reaches full capacity in about 5-7 years.

The shelved plans called for JLR to manufacture more than 70,000 electric cars there and Tata's EV unit to build 25,000, the sources said.

The sources were not authorised to speak to media and declined to be identified.

Tata said in a statement to Reuters that the production timelines and choice of models to be built at the new factory in the state of Tamil Nadu will be aligned with Tata and JLR's broader strategy and market requirements.

Tata, the biggest seller in India's nascent EV market, faces growing pressure from rivals like JSW MG Motor and Mahindra and Mahindra MAHM.NS which have launched new, feature-rich models with longer driving ranges.

Tesla TSLA.O is also finalising plans to launch EVs in India, which is the world's third-largest car market with 4 million vehicles sold annually. EV sales currently account for about 2% of total car sales.

ECONOMICS NOT WORKING OUT

In November, JLR hosted a meeting with local suppliers in Mumbai where it shared details of its plans and talked about locally sourcing components.

Some suppliers were asked to provide initial information on the pricing of parts but those talks have now been suspended, according to the sources.

JLR has most of its production in Britain, Europe and China. But it assembles some of its cars like the Range Rover SUVs at Tata's plant in Pune in the western state of Maharashtra.

Tata's EV unit had planned to firm up orders with some suppliers by the end of January but is now making changes to its designs as the economics of its plan are not working without JLR, two of the sources said.

Tata in January pushed back the launch of its Avinya EV to 2026-2027 from an earlier plan for this year. It was not immediately clear if the current situation will cause further delays.

"As part of our rigorous product development process, we continuously evaluate key factors such as design, supply chain readiness, and unit economics to ensure a competitive and high-quality offering," Tata said in its statement.

(Reporting by Aditi Shah; Editing by Edwina Gibbs)

(([email protected]; +91-11-4954 8023, +91-11-3015 8023; Reuters Messaging: twitter: @aditishahsays))

Repeats item first published on Wednesday with no changes to text

By Shivangi Acharya and Aditi Shah

NEW DELHI, March 5 (Reuters) - The United States wants India to eliminate tariffs on car imports under a proposed trade deal between the two nations, but New Delhi is reluctant to immediately bring down such duties to zero even as it considers further cuts, sources told Reuters.

India's high auto tariffs will feature in formal talks for a bilateral trade deal that are yet to begin, said one of the three sources, all of whom were briefed on the matter, paving the way for American electric vehicle maker Tesla TSLA.O, which is gearing up for an India launch.

Taxes on cars imported into India are as high as 110%, which Tesla chief Elon Musk has criticised as being among the steepest in the world. The EV giant last year shelved its plans to enter the world's third-largest car market for a second time.

Musk has now found support from U.S. President Donald Trump, who has repeatedly railed against India's high taxes and in an address to Congress on Tuesday slammed the country's auto tariffs of more than 100%, threatening reciprocal action.

"The U.S. ask is for India to bring tariffs down to zero or negligible in most sectors, except agriculture," the first source said, adding the expectation on New Delhi eliminating auto tariffs was "clearer than any other".

A second source said India was "listening to the U.S." and had not pushed back, adding it would respond with its position on the tariffs after consulting local industries.

The office of United States Trade Representative, India's trade ministry, and the foreign affairs ministry did not respond to requests for comment.

TRADE WORTH $500 BILLION

After a meeting between Trump and Indian Prime Minister Narendra Modi last month, the two nations agreed to resolve tariff rows and work on the first segment of a deal by the fall of 2025, aiming for bilateral trade worth $500 billion by 2030.

Indian trade minister Piyush Goyal is on a nearly week-long trip to the U.S. and on Tuesday met U.S. Commerce Secretary Howard Lutnick to pursue trade talks. He is also expected to meet the United States Trade Representative Jamieson Greer.

While India is unlikely to relent to U.S. demands to reduce tariffs on auto imports to zero immediately, it has been priming the industry to prepare for a lower tariff regime and be open to competition, said the first source and a fourth person.

Last month, the Indian government met domestic carmakers to decide on any tariff cuts and understand their reservations over taxes going down to zero immediately, the first source added.

India's 4 million-vehicles-a-year car market is one of the most protected in the world and its domestic players have previously argued against lowering tariffs, saying such a move would dry up investment in local manufacturing by making imports cheaper.

The likes of Tata Motors TAMO.NS and Mahindra & Mahindra MAHM.NS have especially lobbied against lowering import tariffs on EVs, saying it would hurt the nascent sector in which they have invested heavily.

Vowing to avoid protectionist signals on trade, India last month cut import tariffs on nearly 30 items including high-end motorcycles and said it will review surcharges on luxury cars.

(Reporting by Shivangi Acharya and Aditi Shah in New Delhi, additional reporting by Aftab Ahmed; Editing by Alex Richardson)

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March 5 (Reuters) - Hindustan Petroleum Corp Ltd HPCL.NS:

• TATA MOTORS - HPCL PARTNERS WITH CO TO LAUNCH CO-BRANDED GENUINE DIESEL EXHAUST FLUID

Further company coverage: HPCL.NS

(([email protected];))

By Ira Dugal

This was originally published in the India File newsletter, which is issued every Tuesday. Sign up here to get latest news from India and how it matters to the world.

Elon Musk's Tesla TSLA.O seems to be nudging closer to selling its electric vehicles (EVs) in India, unnerving its automakers. How much of a headache will Tesla be for Indian automakers? That's the focus of our analysis this week.

Also, Indian insurers may pitch for a one-of-its-kind charge linked to New Delhi's air pollution. And the central bank announces a mega cash infusion to ease rates. Scroll down for more on both those stories.

This week in Asia

** Trump orders use of CFIUS to restrict Chinese investments in strategic areas

** Bangladesh and Pakistan resume direct trade after more than 50 years

** Bank of Korea resumes rate cuts as economic risks grow

** OpenAI removes users in China, North Korea suspected of malicious activities

** DBS set to cut 4,000 jobs over 3 years due to AI, CEO says

Namaste India

Tesla is getting ready to hit Indian streets.

The company has selected showrooms in New Delhi and Mumbai and is stepping up hiring plans. Signs that Musk is fast-tracking plans to enter the country come shortly after his meeting with Prime Minister Narendra Modi in Washington earlier this month.

If Musk pushes ahead with his plans to enter India, automakers, who are already struggling with pockets of weak demand and intensifying competition, will have one more battle to fight - holding on to their better-off customers.

Passenger vehicle sales in India grew 4% in 2024, the slowest in four years, industry data showed. And EVs, where many automakers have focused their new launches expecting a consumer shift, have seen patchy demand because of high prices and an inadequate charging network.

Musk has long delayed plans to sell his EVs in India, partly due to the high import duties of nearly 100% that the country levies on them. While that is yet to change, India is reviewing import duties across a number of categories, under the threat of reciprocal tariffs by the United States.

Musk's close relationship with U.S. President Donald Trump may allow him to wrangle some concessions without giving India what it really wants – for Tesla to manufacture in India. Trump has already made his dislike for that idea public, saying it would be "unfair" to the U.S. for Musk to manufacture in India to avoid paying the high levies placed on imported vehicles.

Read this BreakingViews piece by Shritama Bose to understand why Musk is not India's ideal foreign investor.

Technology vs pricing

Tesla's impending entry hit shares of major Indian automakers on Friday. Mahindra and Mahindra MAHM.NS slid 6.2%, while Tata Motors TAMO.NS and Hyundai Motor India HYUN.NS dropped 2.5% and 3.5%, respectively.

Both Mahindra and Tata Motors have previously lobbied against a cut in import taxes on EVs.

Analysts differ on just how much of a dent Tesla can make in the incumbents' market positions in India.

Citi believes Tesla's technology will give it an edge.

Tesla and China's BYD 002594.SZ – which is also expanding its offerings in India – have access to proven technology and manufacturing processes, which will offset the advantages of the incumbents including their wide sales and service networks, said Citi in a February 21 note.

The "hegemony" that local automakers have enjoyed in combustion engine cars has led to many foreign automakers meeting with limited local success in India but that may not hold in EVs, Citi said.

CLSA, though, feels Tesla's tech advantage will be taken away by its pricing.

With various taxes and the import levies, the cheapest Teslas, priced at $35,000 in the U.S., could be sold at around 3.5 million Indian rupees ($40,377). That is almost three times the 1.2-million-rupee average selling price of cars in India.

About two-thirds of the EVs sold are priced under 2 million rupees, according to an estimate from Macquarie Research.

"Factors such as spacious interiors, features, aesthetics, better resale value visibility and right pricing are the key drivers in car purchase decisions, regardless of the powertrain, in our view," CLSA said in a February 21 note.

Will Tesla leave existing brands in the rear view mirror? Write to me with your views at [email protected].

Quote of the week

"We have to start thinking about pollution as a separate factor in the pricing (of insurance) in the sense that can we then start executing a particular charge for the areas which are impacted by it?"

Amitabh Jain, the operating chief of Star Health STAU.NS, India's No.1 standalone health insurer, is among industry executives pitching for an increase in health insurance premiums for New Delhi, which has seen toxic air year after year.

The pollution has led to more Delhi residents seeking treatment for asthma, chronic obstructive pulmonary disease (COPD) and cardiovascular conditions in 2024, higher than in any prior year, insurers are arguing.

Read that Reuters exclusive here.

Market matters

The Indian central bank announced a mega $10 billion forex swap as a way to infuse cash into the Indian banking system.

The swap followed large dollar sales from the central bank to protect the rupee, which in turn had withdrawn rupee liquidity from the banking system, hurting the central bank's effort to bring down interest rates and lift growth.

The central bank had infused liquidity worth 3.6 trillion Indian rupees over the past five weeks but analysts had said more will be needed.

Short-term bond yields and the forward premium on the rupee fell in response to the RBI's swap.

($1 = 86.6840 Indian rupees)

(Reporting by Ira Dugal; Editing by Muralikumar Anantharaman)

(([email protected]; +91-9833024892;))

India File is published every Tuesday. Think your friend or colleague should know about us? Forward this newsletter to them. They can also subscribe here.

Feb 25 - By Ira Dugal, Editor Financial News, with global Reuters staff.

Elon Musk's Tesla TSLA.O seems to be nudging closer to selling its electric vehicles (EVs) in India, unnerving its automakers. How much of a headache will Tesla be for Indian automakers? That's the focus of our analysis this week.

Also, Indian insurers may pitch for a one-of-its-kind charge linked to New Delhi's air pollution. And the central bank announces a mega cash infusion to ease rates. Scroll down for more on both those stories.

THIS WEEK IN ASIA

** Trump orders use of CFIUS to restrict Chinese investments in strategic areas

** Bangladesh and Pakistan resume direct trade after more than 50 years

** Bank of Korea resumes rate cuts as economic risks grow

** OpenAI removes users in China, North Korea suspected of malicious activities

** DBS set to cut 4,000 jobs over 3 years due to AI, CEO says

NAMASTE INDIA

Tesla is getting ready to hit Indian streets.

The company has selected showrooms in New Delhi and Mumbai and is stepping up hiring plans. Signs that Musk is fast-tracking plans to enter the country come shortly after his meeting with Prime Minister Narendra Modi in Washington earlier this month.

If Musk pushes ahead with his plans to enter India, automakers, who are already struggling with pockets of weak demand and intensifying competition, will have one more battle to fight - holding on to their better-off customers.

Passenger vehicle sales in India grew 4% in 2024, the slowest in four years, industry data showed. And EVs, where many automakers have focused their new launches expecting a consumer shift, have seen patchy demand because of high prices and an inadequate charging network.

Musk has long delayed plans to sell his EVs in India, partly due to the high import duties of nearly 100% that the country levies on them. While that is yet to change, India is reviewing import duties across a number of categories, under the threat of reciprocal tariffs by the United States.

Musk's close relationship with U.S. President Donald Trump may allow him to wrangle some concessions without giving India what it really wants – for Tesla to manufacture in India. Trump has already made his dislike for that idea public, saying it would be "unfair" to the U.S. for Musk to manufacture in India to avoid paying the high levies placed on imported vehicles.

Read this BreakingViews piece by Shritama Bose to understand why Musk is not India's ideal foreign investor.

TECHNOLOGY VS PRICING

Tesla's impending entry hit shares of major Indian automakers on Friday. Mahindra and Mahindra MAHM.NS slid 6.2%, while Tata Motors TAMO.NS and Hyundai Motor India HYUN.NS dropped 2.5% and 3.5%, respectively.

Both Mahindra and Tata Motors have previously lobbied against a cut in import taxes on EVs.

Analysts differ on just how much of a dent Tesla can make in the incumbents' market positions in India.

Citi believes Tesla's technology will give it an edge.

Tesla and China's BYD 002594.SZ – which is also expanding its offerings in India – have access to proven technology and manufacturing processes, which will offset the advantages of the incumbents including their wide sales and service networks, said Citi in a February 21 note.

The "hegemony" that local automakers have enjoyed in combustion engine cars has led to many foreign automakers meeting with limited local success in India but that may not hold in EVs, Citi said.

CLSA, though, feels Tesla's tech advantage will be taken away by its pricing.

With various taxes and the import levies, the cheapest Teslas, priced at $35,000 in the U.S., could be sold at around 3.5 million Indian rupees ($40,377). That is almost three times the 1.2-million-rupee average selling price of cars in India.

About two-thirds of the EVs sold are priced under 2 million rupees, according to an estimate from Macquarie Research.

"Factors such as spacious interiors, features, aesthetics, better resale value visibility and right pricing are the key drivers in car purchase decisions, regardless of the powertrain, in our view," CLSA said in a February 21 note.

Will Tesla leave existing brands in the rear view mirror? Write to me with your views at [email protected].

QUOTE OF THE WEEK

"We have to start thinking about pollution as a separate factor in the pricing (of insurance) in the sense that can we then start executing a particular charge for the areas which are impacted by it?"

Amitabh Jain, the operating chief of Star Health STAU.NS, India's No.1 standalone health insurer, is among industry executives pitching for an increase in health insurance premiums for New Delhi, which has seen toxic air year after year.

The pollution has led to more Delhi residents seeking treatment for asthma, chronic obstructive pulmonary disease (COPD) and cardiovascular conditions in 2024, higher than in any prior year, insurers are arguing.

Read that Reuters exclusive here.

MARKET MATTERS

The Indian central bank announced a mega $10 billion forex swap as a way to infuse cash into the Indian banking system.

The swap followed large dollar sales from the central bank to protect the rupee, which in turn had withdrawn rupee liquidity from the banking system, hurting the central bank's effort to bring down interest rates and lift growth.

The central bank had infused liquidity worth 3.6 trillion Indian rupees over the past five weeks but analysts had said more will be needed.

Short-term bond yields and the forward premium on the rupee fell in response to the RBI's swap.

($1 = 86.6840 Indian rupees)

(Reporting by Ira Dugal; Editing by Muralikumar Anantharaman)

(([email protected]; +91-9833024892;))

Repeats for Indian morning readership, no change to text.

By Aditi Shah

NEW DELHI, Feb 21 (Reuters) - India's EV policy, which offers import tax cuts for foreign automakers investing in the country, will restrict them from using funds spent on charging infrastructure for such relief, increasing their car manufacturing, a government document shows.

India last year announced a policy aimed at attracting Tesla TSLA.O to manufacture EVs in the country and let such foreign carmakers import cars at a 15% tariff, from around 100% now, but only if they invest at least $500 million for a factory.

But the policy will mandate that automakers can count only 5% of their total EV investment as coming from creation of charging infrastructure, even if they spend much more on the power network, according to government document detailing draft rules which is not public but was seen by Reuters.

The government's plan comes just as Tesla gets closer to entering India with imported cars, having finalised two locations for showrooms. The restriction could upset those automakers who may want to invest a bigger chunk of their planned India investments into creating charging networks, which remain far and few in India.

An industry source privy to discussions with the government said the call is being taken as New Delhi wants companies to prioritise manufacturing, and not just charging networks.

In India's nascent EV market, many buyers have shied away from making purchases due to lack of fast chargers.

"Expenditure incurred on charging infrastructure would be considered up to (a) maximum 5% of the committed investment," the 47-page draft document from January 2025 stated.

The government is holding consultations with carmakers and other stakeholders on the draft rules and will finalise them by next month, said a source with direct knowledge of the matter.

India's ministry of heavy industries, which is spearheading the new policy, did not respond to an email seeking comment.

Tesla in a job advert last week said it is also looking for a "charging developer" who would "develop and manage pipeline of new charging" sites, and select locations for deployment.

The EV giant's chief Elon Musk put on hold his manufacturing investment plans for India last year, amid falling electric car sales globally.

Tesla's immediate India plan is to import cars and sell them in India. Musk and U.S. President Donald Trump however have repeatedly said India's tariffs for cars are too high.

The new draft rules said companies which commit to India manufacturing will also need to meet a minimum turnover of $577 million by the end of the fourth year of operation, and $866 million by the fifth year, to be eligible for lower tariffs on up to 8,000 electric cars per year.

If they fail to do so, they will need to pay a penalty of between 1%-3% of the revenue shortfall.

Other foreign automakers like Hyundai 005380.KS, HYUN.NS and Toyota Motor 7203.T have shown interest in making EVs in India at their existing and new factories.

(Reporting by Aditi Shah; editing by David Evans)

(([email protected]; +91-11-4954 8023, +91-11-3015 8023; Reuters Messaging: twitter: @aditishahsays))

By Aditi Shah

NEW DELHI, Feb 21 (Reuters) - India's EV policy, which offers import tax cuts for foreign automakers investing in the country, will restrict them from using funds spent on charging infrastructure for such relief, increasing their car manufacturing, a government document shows.

India last year announced a policy aimed at attracting Tesla TSLA.O to manufacture EVs in the country and let such foreign carmakers import cars at a 15% tariff, from around 100% now, but only if they invest at least $500 million for a factory.

But the policy will mandate that automakers can count only 5% of their total EV investment as coming from creation of charging infrastructure, even if they spend much more on the power network, according to government document detailing draft rules which is not public but was seen by Reuters.

The government's plan comes just as Tesla gets closer to entering India with imported cars, having finalised two locations for showrooms. The restriction could upset those automakers who may want to invest a bigger chunk of their planned India investments into creating charging networks, which remain far and few in India.

An industry source privy to discussions with the government said the call is being taken as New Delhi wants companies to prioritise manufacturing, and not just charging networks.

In India's nascent EV market, many buyers have shied away from making purchases due to lack of fast chargers.

"Expenditure incurred on charging infrastructure would be considered up to (a) maximum 5% of the committed investment," the 47-page draft document from January 2025 stated.

The government is holding consultations with carmakers and other stakeholders on the draft rules and will finalise them by next month, said a source with direct knowledge of the matter.

India's ministry of heavy industries, which is spearheading the new policy, did not respond to an email seeking comment.

Tesla in a job advert last week said it is also looking for a "charging developer" who would "develop and manage pipeline of new charging" sites, and select locations for deployment.

The EV giant's chief Elon Musk put on hold his manufacturing investment plans for India last year, amid falling electric car sales globally.

Tesla's immediate India plan is to import cars and sell them in India. Musk and U.S. President Donald Trump however have repeatedly said India's tariffs for cars are too high.

The new draft rules said companies which commit to India manufacturing will also need to meet a minimum turnover of $577 million by the end of the fourth year of operation, and $866 million by the fifth year, to be eligible for lower tariffs on up to 8,000 electric cars per year.

If they fail to do so, they will need to pay a penalty of between 1%-3% of the revenue shortfall.

Other foreign automakers like Hyundai 005380.KS, HYUN.NS and Toyota Motor 7203.T have shown interest in making EVs in India at their existing and new factories.

(Reporting by Aditi Shah; editing by David Evans)

(([email protected]; +91-11-4954 8023, +91-11-3015 8023; Reuters Messaging: twitter: @aditishahsays))

Recasts with India sales target, EV plans, analyst comment

By Daniel Leussink and Aditi Shah

TOKYO, Feb 20 (Reuters) - Japanese carmaker Suzuki Motor has trimmed its sales target in India, its "most important market", and scaled back its line-up of electric car launches, even as it plans to expand global sales by a third to 4.2 million vehicles by fiscal year 2030.

Suzuki 7269.T expects to sell about 2.5 million cars in India by March 2031, down from an October 2023 target of 3 million, and will launch just four EVs in the country instead of six planned, the company said on Thursday.

The sales cut in India, Suzuki's biggest market by revenue and volumes, comes as local unit Maruti Suzuki MRTI.NS has been losing ground to new, feature-rich cars and SUVs from rivals Tata Motors TAMO.NS and Mahindra & Mahindra MAHM.NS.

The scaleback on EV launches coincides with a slowdown in their sales globally and Tesla's TSLA.O impending entry in India, the world's third-largest car market, where it has finalised locations for its first showroom.

Maruti's share of India's passenger vehicles market is down to 41% from a recent peak of about 51% by March 2020. It had set a market share target of 50% by March 2026 which it now expects to achieve by March 2031.

"The competitive environment is becoming increasingly severe, and the quality of product functions, equipment and services required by customers is increasing," Suzuki said in a presentation laying out its five-year strategy to March 2031.

A shift in buyer preferences in India has brought a steep decline in the sales of small cars, a mainstay for Suzuki, and a rise in the popularity of mid-sized SUVs which the Japanese company has been late in introducing.

Suzuki now plans to beef up its line-up of SUVs in India and expand manufacturing capacity there to 4 million units a year "at appropriate time" from about 2 million. The company had earlier planned to scale up to 4 million units by March 2031.

India is still at the forefront of Suzuki's expansion and will receive 60% of a planned investment of 2 trillion yen ($13 billion) by that date, and will be its production hub for global exports to the Middle East and Africa, including for EVs.

"India is Suzuki's most important market where we are putting the most effort," President Toshihiro Suzuki told a strategy briefing in Tokyo on Thursday.

"The sales situation of BEVs is not favourable, particularly in Europe. This shows that new technologies cannot grow without customer acceptance," he said, adding that Suzuki was working on a mix of technologies including hybrids and bio gas.

Suzuki also said it would target an overall operating profit margin of at least 10% by 2030, up from 9.2% in the past financial year, and aims for revenue of 8 trillion yen by the 2030 financial year, a jump of 49%.

Gaurav Vangaal, an S&P Global analyst in India, said the mid-year plan reflected a strategic recalibration in response to competition and a slowing global approach towards EV transition.

($1=150.1200 yen)

(Reporting by Daniel Leussink in Tokyo and Aditi Shah in New Delhi; Editing by Edwina Gibbs and Clarence Fernandez)

(([email protected]; Twitter: @danielleussink;))

Feb 13 (Reuters) - Tata Motors TAMO.NS, India's EV market leader, said on Thursday it will more than double its charging points to 400,000 over the next two years to address concerns over range and inadequate charging infrastructure that have dogged EV sales.

That effort would see the company and its electric vehicle charger operators, including Tata Power TTPW.NS and Statiq, set up 30,000 new public charging points as well as a verified 'Mega Charger' network across 500 locations over the next two years.

The 'Mega Charger' network, which the company said would feature 120-kilowatt fast-charging guns, will be open for use to other EV manufacturers.

Electric models made up about 2.5% of the 4 million cars sold in the country last year amid concerns over range and inadequate charging infrastructure, and the government wants to grow this to 30% by 2030.

The government plans to give 20 billion rupees ($230 million) in incentives for setting up public fast-charging stations in a market where the majority of EV users currently charge their vehicles at home.

($1 = 86.9600 Indian rupees)

(Reporting by Nandan Mandayam in Bengaluru
Editing by Bernadette Baum)

(([email protected]; Mobile: +91 9591011727;))

Feb 12 (Reuters) - India's Ashok Leyland ASOK.NS reported a bigger-than-expected third-quarter profit on Wednesday as a rise in exports more than offset sluggish domestic demand for its trucks and buses.

Shares of the Hinduja Group flagship company rose 4.4% after results.

Its standalone profit rose 31.3% to 7.63 billion rupees ($87.83 million) in the three months ended December 31, beating analysts' average estimate of 6.66 billion rupees, according to data compiled by LSEG.

Revenue from operations rose 2.2% to 94.79 billion rupees.

Cost of materials and services, which account for most of the total expenses, fell 2.9%.

For further earnings highlights, click (Full Story)

KEY CONTEXT

Ashok Leyland's exports rose by a third in the quarter. Total sales, however, fell 2.2%, hurt by sluggish capex spending in the country, analysts said.

"Sales in international markets are showing strong growth, and we expect this momentum to accelerate with the launch of new products," Dheeraj Hinduja, executive chairman of the company, said in a statement.

India's overall commercial vehicles sales rose 1.2% in the quarter, helped by a rise in the demand for light commercial vehicles, which forms only around 34% of Ashok Leyland's total sales.

Analysts also said most commodity prices remained stable in the quarter and prices of steel, one of the key raw materials used in the industry, remained soft.

Bigger rival Mahindra & Mahindra MAHM.NS reported a 19% rise in quarterly profit last week, while Tata Motors' TAMO.NS third-quarter profit came in below market expectations.

PEER COMPARISON

* The mean of analysts' ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell

** The ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT

OCTOBER-DECEMBER STOCK PERFORMANCE

-- All data from LSEG

-- $1 = 86.8825 Indian rupees

(Reporting by Meenakshi Maidas in Bengaluru; Editing by Sumana Nandy and Saumyadeb Chakrabarty)

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Feb 6 (Reuters) - Ashok Leyland Ltd ASOK.NS:

• INDIA'S FADA: OVERALL AUTO RETAIL GREW BY 6.6% YOY IN JAN

• INDIA'S FADA: PERSISTENT CASH-FLOW CONSTRAINTS, SUBDUED INDUSTRIAL DEMAND COULD CAP UPSIDE POTENTIAL

• INDIA'S FADA: SUPPORTIVE POLICIES, POST-BUDGET STIMULUS MAY HELP SUSTAIN SECTOR’S EARLY-YEAR GAINS

• INDIA'S FADA: ONGOING FESTIVE/WEDDING DEMAND, FRESH PRODUCT INTRODUCTIONS COULD SUSTAIN FOOTFALLS IN NEAR-TERM

• INDIA'S FADA: NEARLY HALF OF DEALERS ANTICIPATE GROWTH IN FEB,43% EXPECT SALES TO STAY FLAT,11% FORESEE DIP

• INDIA'S FADA: AUTO RETAIL SECTOR ENTERS FEBRUARY WITH CAUTIOUS OPTIMISM

Source text: [ID:]

Further company coverage: ASOK.NS

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Feb 1 (Reuters) - India's overall car sales to dealers saw a slight increase in January, data released by automakers on Saturday showed, as inflation-wary customers continued to delay purchases.

Domestic sales of India's top four carmakers - which form 80% of the country's car market - rose 1.8% from a year ago, helped by sales of market leader Maruti Suzuki's MRTI.NS small cars and Mahindra & Mahindra's MAHM.NS sports utility vehicles.

Peers Hyundai India HYUN.NS and Tata Motors TAMO.NS saw sales declining 5.5% and 10%, respectively, hurt by increased competition.

WHY IT'S IMPORTANT

Car sales in India, the world's third-largest car market, have slowed after two years of rapid growth as higher inflation has squeezed buyers' pockets.

Higher raw material costs have forced carmakers to raise prices even as they offer discounts to perk up demand.

The government's proposal to slash personal income tax rates in its annual budget on Saturday has raised hopes of a consumption boost in the world's fifth-largest economy, which could possibly entice more people to buy cars.

India's auto index .NIFTYAUTO rallied on the day, settling 1.9% higher.

BY THE NUMBERS

*Exports included

(Reporting by Nandan Mandayam in Bengaluru; Editing by Mrigank Dhaniwala)

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Jan 30 (Reuters) - Indian carmaker Tata Motors TAMO.NS fell more than 7% in early trade on Thursday after reporting a bigger-than-expected drop in quarterly profit, which pushed a slew of brokerages to slash price targets on the stock.

The automaker's stock was on track for its worst day in nearly five months, and was the top loser on the benchmark Nifty 50 .NSEI index, which was trading flat in early trade.

At least seven brokerages lowered price targets on the Tata Motors stock, while three lowered their ratings, as per data compiled by LSEG, after it posted a 22% drop in its third-quarter profit on Wednesday.

($1 = 86.5820 Indian rupees)

(Reporting by Manvi Pant in Bengaluru; Editing by Mrigank Dhaniwala)

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Jan 29 (Reuters) - Tata Motors Ltd TAMO.NS:

• TATA MOTORS - FOR JLR ON TRACK TO ACHIEVE ITS PROFITABILITY AND CASH FLOW TARGETS IN FY25

• TATA MOTORS - FOR JLR ON TRACK TO ACHIEVE EBIT MARGIN ≥8.5% AND POSITIVE NET CASH

• TATA MOTORS - FOR JLR MINDFUL OF THE CHALLENGING ECONOMIC BACKDROP

• TATA MOTORS - FOR JLR ELECTRIFICATION PLANS ARE PROGRESSING

Source text: [ID:]

Further company coverage: TAMO.NS

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Jan 28 - By Nick Carey, European Autos Correspondent

Greetings from London!

The tussle over tariffs imposed by the European Union last October on Chinese-made EVs reached a new phase this past week as BYD, Geely and SAIC all filed legal challenges to the border duties, as did BMW and Tesla.

The challenges were filed with the Court of Justice of the European Union (CJEU), where proceedings last an average of 18 months and can be appealed.

The European Commission said it was aware of the cases and has two months and 10 days to prepare a defence. The Commission issued two reports spanning more than 900 pages on Chinese subsidies for companies including automakers to fend off legal challenges, so it is unclear how well the automakers will fare in court.

In the meantime, Beijing and Brussels have been in talks on possible minimum price commitments instead of tariffs since September, which seem more likely to bear fruit.

Which brings us to today’s Auto File…

• Stellantis, VW retry old routine to please Trump

• A cheap EV for Tesla investors?

• Rivian feels the love

VW, Stellantis aim to please Trump

Volkswagen and Stellantis are the two European automakers most exposed to the impact of the 25% tariffs U.S. President Donald Trump has threatened.

So, it was not surprising to see both companies talking up U.S. investments within days of Trump taking office last week.

Stellantis said it would now go ahead after all with plans to build a new midsize pickup truck at its Belvidere plant in Illinois. The plant had been the focal point of an acrimonious dispute with the United Auto Workers union, which filed unfair labor practice charges last year claiming Stellantis was delaying planned investments there – $3.2 billion in a battery plant and $1.5 billion to build the pickup truck.

But now, it’s all back on track.

VW CFO Arno Antlitz said the automaker will make additional investments in the United States.

Automakers learned from Trump 1.0 that what he wants is to make headlines with big U.S. job-creating investments by foreign-owned companies and claim victory.

So, watch for more such announcements from global automakers looking to avoid tariffs and be in Trump’s good graces.

Recommended reading:

• Hyundai Steel considering U.S. plant

• Portuguese lithium deposit bigger than expected

• CATL warns of revenue drop

Tesla investors still hope for cheap EV

Investors in Tesla hope their long wait for a lower-cost EV model to boost the automaker’s flagging sales will end when the company reports quarterly results this week.

As my Reuters colleague Akash Sriram reports here, investors hope for details on a cheaper car which could help Tesla hit its target of 30% higher deliveries after posting its first ever decline in 2024.

But investors have already been waiting years for a lower-cost EV.

Last April Tesla ditched ambitious plans to produce an all-new model that had been expected to cost $25,000, saying it would launch cheaper cars based on its current platforms and their existing production lines in the first half of 2025.

In the meantime, fast-moving rivals like China’s BYD have been launching model after model, making Tesla’s small, ageing lineup look even older.

Even if details are lacking, some investors may shrug it off.

The world's most valuable automaker has seen its stock market valuation soar more than 60% to $1.3 trillion since Trump’s election victory with the financial backing of CEO Elon Musk, as investors bet the new administration will ease regulations on the self-driving vehicle systems Tesla champions. 

VW cash brings Rivian some love

The joint venture between U.S. EV maker Rivian and Volkswagen is in talks to supply software and electrical architecture to other automakers, with a senior Rivian executive saying that other car companies “are knocking on our door.”

Not so long ago, Rivian was locked in a race against time to scale up as it burned through mountains of cash. A number of other EV startups, including Fisker, Arrival and Canoo have already failed to get there.

But as my Reuters colleague Abhirup Roy reports here, that changed when the German automaker agreed in November to invest $5.8 billion in the joint venture to integrate advanced electrical infrastructure and Rivian's software technology for both companies' future electric vehicles.

That enables Rivian to negotiate better supplier deals and reduce costs. It also gives other traditional automakers confidence in Rivian as they seek quick and easy access to the technology and software that they have struggled to build for years.

Investor pressure for Vingroup

Vietnamese conglomerate Vingroup is facing scrutiny from foreign investors over its continued backing for loss-making  EV maker VinFast.

As my colleagues Francesco Guarascio and Phuong Nguyen report here, Vingroup’s shares have fallen to near multi-year lows, pushing its borrowing costs up.

Pressure on Vingroup intensified this month as Moody's and Fitch issued 'junk' ratings for its most profitable unit, real estate firm Vinhomes, as well as a planned $500 million international bond sale.

Vingroup and its founder, Pham Nhat Vuong, had poured $13.5 billion into VinFast as of October in loans and grants, and promised  nearly $3.5 billion more in November, despite concerns raised by investors at the company's last two annual shareholders' meetings.

Despite the pummeling from investors, Vingroup says it will continue to back VinFast.

Fast Laps

Global sales of fully electric and plug-in hybrid vehicles will rise by at least 17% this year to over 20 million cars helped by China's ongoing auto  trade-in subsidies, according to a forecast from research firm Rho Motion.

Tesla launched a redesigned version of its best-selling Model Y crossover in the United States, Canada and Europe on Thursday, weeks after it was first released in China.

India’s Tata Motors is betting that investments in locally-manufactured EV batteries will help it maintain its edge despite intensifying competition, its group CFO told Reuters.

Aptiv plans to spin off its electrical distribution systems (EDS) business into a new company, as it aims to focus on its advanced driver assistance technology.

Nissan will procure batteries for EV sold in the U.S. from South Korea's SK On from around 2028 onwards as the troubled Japanese automaker looks to ramp up its EV business.

Think your friend or colleague should know about us? Forward this newsletter to them. They can also subscribe here.

(Edited by Christina Fincher)

Jan 27 (Reuters) - Jaguar Land Rover (JLR) will invest 65 million pounds ($80.71 million) to expand its luxury paint services in the UK and Slovakia to meet increased demand for personalised cars from high-end clients, it said on Monday.

The luxury car maker joins rival Rolls-Royce Motor Cars, a unit of BMW BMWG.DE, in trying to cash in on the trend.

JLR will more than double the capacity of its SV Bespoke Paint matching service, allowing Range Rover SV clients to paint their cars in any colour, including those matching their private jets or yachts.

The company will open new paint facilities in Castle Bromwich, West Midlands and Nitra, Slovakia.

Rolls-Royce said earlier this month it will invest 300 million pounds to focus more on bespoke cars, featuring anything from gold sculptures to mother-of-pearl artwork.

($1 = 0.8053 pounds)

(Reporting by Yamini Kalia in Bengaluru; Editing by Sahal Muhammed)

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repeats earlier story, no changes

By Aditi Shah

NEW DELHI, Jan 22 (Reuters) - Tata Motors, India's biggest electric car maker, is betting that locally manufactured EV batteries will help it maintain its edge in an industry where competition is intensifying with new launches, its group CFO said in an interview.

Tata's TAMO.NS EV market lead shrunk to 62% in 2024 from 73% a year ago as rival JSW MG Motor gained share with its new cars. This year, Mahindra & Mahindra, Hyundai Motor and market leader Maruti Suzuki will also launch EVs in India. Global EV giant Tesla TSLA.O has long eyed India too.

Tata Group's $1.5 billion initial investment to build a battery gigafactory in India and supply Tata Motors will allow it to further integrate its supply chain, P.B. Balaji, group CFO at Tata Motors, told Reuters.

"The work on the entire ecosystem is something that we have. We will be a dominant player in this market," Balaji said on the sidelines of India's car show last week where EVs from domestic players as well as China's BYD 002594.SZ and Vietnam's Vinfast 0TL.F took centre stage.

Tata, the owner of Britain's iconic Jaguar Land Rover, has EV models ranging from around $10,000 up to $27,000 and draws on other group companies that supply components and set up chargers to keep its investment and costs low.

When Agratas, the battery arm of the $165 billion Tata Group, begins production of lithium-ion battery cells in 2026, Tata Motors will have greater control over the most expensive part of an EV.

"Launching a car is a given but can you sustain it forever? We are backend secured," Balaji said, adding that production at the plant in western Gujarat will be at "full blast" in 2028.

New entrants Mahindra MAHM.NS, Maruti MRTI.NS and Hyundai 005380.KS, HYUN.NS do not have a similar integrated supply chain and will source batteries and other parts from suppliers in the market.

Tata Motors is also well funded to withstand a competitive market, Balaji said. It has received $1 billion in funding from U.S. private equity firm TPG and is a beneficiary of India's incentive program for EVs under which it hopes to get about $750 million over the next four years. The first tranche of $17 million has come in, Balaji said.

"There is enough and more money. The full TPG monies have come in, the business is well funded and as battery prices start coming off, most of it starts self-funding," he said.

EV sales in India made up just 2.5% of the 4.3 million cars sold in the country in 2024, but their 20% growth rate outpaced the 5% overall car market growth. Analysts expect EV sales to double in 2025 from 100,000 last year, mainly due to new launches.

Electric models made up about 12% of Tata Motors' 2024 car sales and it wants to grow this to 30% by 2030, it has said.

(Reporting by Aditi Shah, additional reporting by Nandan Mandayam;Editing by Elaine Hardcastle)

(([email protected]; +91-11-4954 8023, +91-11-3015 8023; Reuters Messaging: twitter: @aditishahsays))

By Aditi Shah

NEW DELHI, Jan 22 (Reuters) - Tata Motors, India's biggest electric car maker, is betting that locally manufactured EV batteries will help it maintain its edge in an industry where competition is intensifying with new launches, its group CFO said in an interview.

Tata's TAMO.NS EV market lead shrunk to 62% in 2024 from 73% a year ago as rival JSW MG Motor gained share with its new cars. This year, Mahindra & Mahindra, Hyundai Motor and market leader Maruti Suzuki will also launch EVs in India. Global EV giant Tesla TSLA.O has long eyed India too.

Tata Group's $1.5 billion initial investment to build a battery gigafactory in India and supply Tata Motors will allow it to further integrate its supply chain, P.B. Balaji, group CFO at Tata Motors, told Reuters.

"The work on the entire ecosystem is something that we have. We will be a dominant player in this market," Balaji said on the sidelines of India's car show last week where EVs from domestic players as well as China's BYD 002594.SZ and Vietnam's Vinfast 0TL.F took centre stage.

Tata, the owner of Britain's iconic Jaguar Land Rover, has EV models ranging from around $10,000 up to $27,000 and draws on other group companies that supply components and set up chargers to keep its investment and costs low.

When Agratas, the battery arm of the $165 billion Tata Group, begins production of lithium-ion battery cells in 2026, Tata Motors will have greater control over the most expensive part of an EV.

"Launching a car is a given but can you sustain it forever? We are backend secured," Balaji said, adding that production at the plant in western Gujarat will be at "full blast" in 2028.

New entrants Mahindra MAHM.NS, Maruti MRTI.NS and Hyundai 005380.KS, HYUN.NS do not have a similar integrated supply chain and will source batteries and other parts from suppliers in the market.

Tata Motors is also well funded to withstand a competitive market, Balaji said. It has received $1 billion in funding from U.S. private equity firm TPG and is a beneficiary of India's incentive program for EVs under which it hopes to get about $750 million over the next four years. The first tranche of $17 million has come in, Balaji said.

"There is enough and more money. The full TPG monies have come in, the business is well funded and as battery prices start coming off, most of it starts self-funding," he said.

EV sales in India made up just 2.5% of the 4.3 million cars sold in the country in 2024, but their 20% growth rate outpaced the 5% overall car market growth. Analysts expect EV sales to double in 2025 from 100,000 last year, mainly due to new launches.

Electric models made up about 12% of Tata Motors' 2024 car sales and it wants to grow this to 30% by 2030, it has said.

(Reporting by Aditi Shah, additional reporting by Nandan Mandayam;Editing by Elaine Hardcastle)

(([email protected]; +91-11-4954 8023, +91-11-3015 8023; Reuters Messaging: twitter: @aditishahsays))

Jan 21 (Reuters) - India's Tata Technologies TATE.NS reported a bigger-than-expected third-quarter profit, aided by improved demand in its services and technology segments.

Tata Technologies provides engineering and technology services to automobile, aero and heavy machinery makers.

Consolidated profit after tax fell marginally to 1.69 billion rupees ($19.52 million) in the October-December quarter, from 1.70 billion rupees a year ago.

Analysts, on average, expected a profit of 1.61 billion rupees, as per data compiled by LSEG.

Its services segment revenue - which contributes over 78% to the total - grew 1%, while the smaller technology solutions segment grew 6%.

Engineering, research and design (ER&D) services, which include technology support to industries such as transportation and communications, contribute a sixth of the revenue to India's $254 billion technology sector.

Companies such as Tata Technologies and Tata Elxsi TTEX.NS are expected to benefit from the ER&D sector quadrupling to as much as $170 billion between 2023 and 2030, India's National Association of Software and Service Companies said.

Tata Technologies' revenue rose 2% to 13.17 billion rupees in the third quarter, slightly ahead of analysts' estimate of 13.11 billion rupees.

However, total expenses rose 7% as the company spent more on technology upgrades.

Shares of the company closed 0.5% higher ahead of results.

($1 = 86.5810 Indian rupees)

(Reporting by Aleef Jahan and Ashna Teresa Britto in Bengaluru; Editing by Eileen Soreng)

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Jan 17 (Reuters) -

• TATA MOTORS EXEC: BECOMING GLOBALLY READY TO SELL EVS

• TATA MOTORS EXEC: EV TAKES AWAY HANDICAP OF VARYING EMISSION NORMS GLOBALLY, ALLOWING US TO SELL IT ABROAD

• TATA MOTORS EXEC: HAVE A COMPETITIVE COST STRUCTURE IN INDIA

• TATA MOTORS EXEC: COMPETITION IN INDIAN EV SPACE HAS COME A BIT LATE

• TATA MOTORS EXEC: EV CELL COSTS DOWN 50-60% FROM WHEN WE LAUNCHED OUR FIRST EV

• TATA MOTORS EXEC: COMPETITION COMING IN HELPS EXPAND THE MARKET

• TATA MOTORS EXEC: EXPECT OVERALL EV PENETRATION IN 2030 AT 15-20%

• TATA MOTORS EXEC: TARGETING 30% OF EV SALES BY 2030

• TATA MOTORS EXEC: HAVE REQUESTED INDIA GOVERNMENT TO CONTINUE WITH LOWER TAX RATES FOR EVS

Source text: [ID:]

Further company coverage: TAMO.NS

(([email protected];))

Adds graphic on slowing EV sales growth

By Aditi Shah and Nandan Mandayam

NEW DELHI, Jan 16 (Reuters) - Automakers operating in India plan to launch close to a dozen new electric car models this year, many in the premium market, with longer driving ranges and faster charging times, to attract buyers as demand for EVs slows down globally.

Electric cars will take centre stage at India's five-day auto show in New Delhi starting Friday with models from new Vietnamese entrant Vinfast 0TL.F shown alongside domestic brands Maruti Suzuki MRTI.NS and Mahindra & Mahindra MAHM.NS as well as global rivals BYD 002594.SZ, Toyota 7203.T and Hyundai 005380.KS.

India's EV market leaders Tata Motors TAMO.NS and JSW-MG Motor, part-owned by China's SAIC Motor 600104.SS, will showcase an expanded line-up in the world's third-largest car market where tighter emission norms starting from 2027 are forcing a move to cleaner cars.

India's EV market is small, with electric models making up about 2.5% of the 4.3 million cars sold in 2024 as high prices and a patchy charging network hold back buyers.

The government wants to grow this to 30% by 2030.

Globally, electric car sales growth slowed to 13% in 2024 from a year ago but crossed 10 million units for the first time, according to data from research firm RhoMotion.

While EV sales growth in India is also slowing, rising 20% in 2024 from a year ago to about 100,000 units, it outpaced the overall car market growth of 5% over the same period.

Auto industry executives say new models with longer ranges and faster charging times could lift demand, with analysts forecasting electric car sales in India to double this year.

The first EVs in India, mostly from market leader Tata Motors, were gasoline cars converted to electric, delivering a range of up to 300 kilometres (186 miles) on a single charge, which many found inadequate for inter-city journeys.

The majority of new launches are designed as EVs from the start at a minimum range of 400 km. Some automakers, such as Mahindra, are offering more than 600 km and fast charging from 20%-80% in under 20 minutes.

Mahindra's two electric SUV launches for this year are priced at $22,000 to $35,000. The average price of a car in India is around $12,000, with more expensive models growing at a faster pace than affordable ones.

EV maker VinFast, which is building a car factory in southern India, will display its mini-SUV VF3, a three-row MPV, the VF9, among others.

"India's burgeoning middle class, coupled with strong government incentives to promote EV adoption, makes it a natural focus for VinFast's global expansion," the carmaker said.

South Korea's Hyundai HYUN.NS will showcase the India-built electric version of its popular Creta SUV, which it hopes will help take on rivals, while BYD will display its Sealion 7 electric SUV.

Maruti, India's largest carmaker by sales, will display its first EV, the e Vitara SUV which will launch later this year. The car has been jointly developed by Maruti's parent Suzuki Motor 7269.T and Toyota.

Some carmakers also plan to show other clean fuel technologies such as plug-in hybrid cars, flex-fuel models, hydrogen fuel cell vehicles and gas-based cars alongside EVs.

"The path to a faster electric takeoff really works better if you have all electrified vehicles being encouraged in a proportionate manner," said Vikram Gulati, country head and executive vice president for corporate affairs and governance at Toyota's India unit.

(Reporting by Aditi Shah, Editing by Louise Heavens)

(([email protected]; +91-11-4954 8023, +91-11-3015 8023; Reuters Messaging: twitter: @aditishahsays))

Jan 14 (Reuters) - India's car sales by manufacturers to dealers grew 4.2% in 2024, their slowest pace in four years, industry data showed on Tuesday, as demand for new cars cooled off amid high inflation.

Sales of passenger vehicles, which include small cars, sedans and sport utility vehicles (SUV), rose to a record 4.27 million units from January to December last year, compared to 4.11 million units in 2023, according to the Society of Indian Automobile Manufacturers, an industry body.

However, sales of small cars dipped 14.4% as their prices exceeded the income levels of their target customers, car manufacturers said. Sales of SUVs and large cars, on the other hand, grew 16.8% last year, albeit slower than the 22% jump they clocked in 2023.

Small cars comprise one-third of total car sales in India, while SUVs and other big cars form the rest.

Manufacturers and dealers were forced to dish out higher discounts in the latter half of 2024.

Analysts expect car sales growth to pick up pace in 2025 on the back of new model launches that are expected to boost demand as well as expectations of an interest rate cut.

(Reporting by Nandan Mandayam in Bengaluru; Editing by Sonia Cheema)

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Jan 9 (Reuters) - Tata Motors Ltd TAMO.NS:

• TATA MOTORS - TATA MOTORS GROUP GLOBAL WHOLESALES AT 341,791 IN Q3 FY25

Source text: ID:nBSE7j0Nwj

Further company coverage: TAMO.NS

(([email protected];))

Jan 8 (Reuters) - Tata Motors Ltd TAMO.NS:

• JLR WHOLESALES IN Q3 FY25 WERE 104,427 UNITS, UP 3% VERSUS. Q3 FY24

• JLR RETAIL SALES IN Q3 FY25 WERE 106,334 UNITS

• JLR RETAIL SALES IN Q3 FY25 WERE 106,334 UNITS, DOWN 3% YOY

Source text: ID:nBSE9BFmc4

Further company coverage: TAMO.NS

(([email protected];))

By Nandan Mandayam

Jan 7 (Reuters) - Indian car dealers clocked a surprise 2% drop in sales in December, with high year-end discounts boosting demand only for a handful of showroom owners, a dealers' body said on Tuesday.

Sales dropped to 293,465 units in the month from 299,351 units last year, according to data from the Federation of Automobile Dealers Association (FADA).

At the start of December, about 80% of FADA's members had said in an online survey that they expected sales to be flat to higher for the month, recovering from a 14% drop in November.

However, demand failed to pick up in the final week of the month, which often accounts for 30-40% of a dealership's sales, FADA President C S Vigneshwar told Reuters.

"While some dealers benefited from year-end schemes and expanded product ranges, overall demand remained subdued," Vigneshwar said in a press release.

Dealers have struggled with tepid demand in the latter half of 2024 following two years of strong growth, forcing them to increase discounts.

Nonetheless, carmakers sales to dealers increased last month, most notably at market leader Maruti Suzuki MRTI.NS, which reported a discount-driven rebound in small-car sales.

The demand for Mahindra & Mahindra's MAHM.NS sport utility vehicles remained strong. Hyundai India's HYUN.NS sales dipped, while Tata Motors' TAMO.NS increased slightly.

A Maruti official said dealer inventory had significantly dropped.

FADA said the average time a car stayed in a showroom, or inventory days, receded to 55-60 days in December from 65-68 days in November as manufacturers moderated dispatches.

Still, the level is below the FADA-recommended 21 days.

Inventory levels are an indicator of demand. High inventory levels have forced automakers to slow sales to dealers and offer higher discounts.

FADA expects new launches, including those of electric vehicles to spur demand this year, but said manufacturers should "carefully manage their supplies in line with market demand."

(Reporting by Nandan Mandayam in Bengaluru; Editing by Savio D'Souza)

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