Truck giant Daimler has announced some high-profile changes in the managements of its Asian entities - Daimler India Commercial Vehicles (DICV) and Mitsubishi Fuso Truck & Bus Corp (MFTBC).
Marc Llistosella, the current managing director and chief executive of Daimler India has been moved to Trucks Asia & DICV as head of its marketing, sales & after-sales business. He will keep on reporting to Daimler Trucks Asia chief Albert Kirchmann, who is also the president & CEO of MFTBC.
The particular episode of Indian fund managers forcing carmaker Maruti Suzuki India Ltd to backpedal on its contentious production deal with its Japanese parent firm Suzuki Motor Corp is being seen as a sign of Indian fund industry's growing activism.
In emerging markets like India, unhappy shareholders usually express their discontent by selling their shares in a company. But in this case, a number of fund managers and institutional investors joined forces and openly criticized the controversial deal.
Japanese auto giant, the Indian unit of Toyota Motor Corp has declared a lockout of its workers in tow of its plants.
The lockout was announced at two plants after salary negotiations failed to reach an agreement and workers stopped production lines. Toyota Kirloskar Motor (TKM) has said in a statement that it has locked out workers at the plants near Bangalore since Sunday. The company did not announce the duration of the lockout.
"The company is left with no other option but to declare a lockout of the premises to ensure the safety of its workers and management personnel," TKM said.
Tata Motors Ltd on Thursday launched a new range of low-priced truck models, as the Indian auto giant is looking to tap the country's high volume multi-axle segment.
The new low-priced truck models, launched under the Prima brand, are nearly 20 per cent cheaper than the company's existing Prima range of trucks, and merely 5 per cent costlier than its conventional trucks.
The price tags for the Prima LX trucks range between Rs 18.5 lakh and Rs 32.5 lakh, while the company Prima trucks cost in the range of Rs 23 lakh to Rs 65 lakh.
Daimler India Commercial Vehicles (DICV), a wholly owned subsidiary of German auto giant Daimler AG, on Thursday laid the foundation stone for a new bus manufacturing & assembling facility in Chennai.
The upcoming manufacturing facility, which will be set up at the company's existing site of Oragadam plant near Chennai, will produce both intra-city and inter-city (luxury and premium) buses.
The Indian arm of Daimler AG has plans to produce two different sets of buses under two different brands, viz. Bharat Benz and Mercedes Benz, to compete with existing competitors.
Passing on recently announced excise duty cuts, many Indian car manufacturers on Wednesday slashed prices of their various models.
Car manufacturers have slashed prices by a minimum of Rs 10,000 for entry level models of their cars to whopping Rs 3.5 lakh and more for luxury sports utility vehicles (SUVs). Luxury car maker Volkswagen announced a cut of Rs 18,000 to Rs 31,000 for its Polo, while the Vento's price was slashed by Rs 14,500 to Rs 27,000.
Shares in Tata Motors Ltd gained more than 5 per cent in morning session trade on Tuesday after the auto giant reported better-than-expected third-quarter results.
Beating analysts' estimates, Tata Motors on Monday reported a rise of 195.14 per cent in its consolidated net profit to Rs 4,805 crore in the October-December quarter of 2013.
Revenue jumped 38.6 per cent year-on-year to Rs 63,877 crore in the three-month period under review. The profit was boosted by strong demand for the company's luxury Jaguar Land Rover (JLR) vehicles.
India automobile giant Mahindra & Mahindra (M&M) has announced its shut its factories for up to three days this month to adjust production to the slowdown in the market.
Mahindra Vehicle Manufacturers Limited, the wholly owned subsidiary of the utility vehicle giant, will also observe 1-3 no production days at its Chakan manufacturing facility during the remaining period of January.
Hinduja Group's flagship firm Ashok Leyland has announced its plan to launch eighteen different types of trucks during 2014 under the brand name of Captain.
Vinod K. Dasari, managing director of Ashok Leyland, said on Monday that the company had invested nearly Rs 600-700 crore in developing the new range of commercial vehicles. Announcing the Captain series of trucks, Dasari said, "During 2014, we plan to launch 18 different types of trucks for different applications under the Captain range."