Auto Sector

Honda maintains earnings projections despite financial crisis

Honda Motor CoTokyo - Japan's second-largest automaker, Honda Motor Co, said Thursday that it sees no need to revise its earnings projections for the current fiscal year despite worries about a global economic slowdown.

The remarks by Honda President Takeo Fukui came after his counterpart at market leader Toyota Motor Corp said the business outlook for the automotive market was "very severe."

As world stock markets fall as part of the global financial crisis, consumer spending has been affected, Toyota President Katsuaki Watanabe said.

Gujarat Changed Industrial Policy For Nano: Congress

Nano car project is facing new challenges day by day. Now, the state congress demanded details of the deal signed between Gujarat government and Tata motors. 

The party has demanded the detail through Right to Information (RTI) Act. The party alleged that the state has changed the entire industrial policy for the sake of small car project of TATA group. 

The Congress spokesperson, Arjun Modhvadia has also demanded proper compensation for affected farmers of Sanand.
Gujarat Congress president, Sidhdharth Patel said that the party wanted to disclose the incentives being offered to the landholders. He also alleged the change in industrial policy of the state for the benefits of TATA. 

Tatas Acquire 50.3% Stakes In Norwegian Miljo Grenland

Tatas Acquire 50.3% Stakes In Norwegian Miljo GrenlandTATA group owned Tata Motors has acquired a 50.3% stakes in Miljo Grenland/Innovasjon for Rs 9.4 crore. TATA Motors's UK arm would provide the required funds for the acquisition. Miljo is a Norway-based electric vehicle major. It was founded in 1997 to provide zero emission vehicles. It would start a new era of battery-operated vehicles in the Indian market. India is still lagging behind in electric vehicles category due to non-availability of required technology.

Tata Daewoo develops LPG truck prototype

Tata Daewoo develops LPG truck prototypeTata Motors, Country’s largest automobile company has informed that its Korean commercial vehicle subsidiary Tata Daewoo has developed the prototype of the 4.5 tonne LPG truck in association with the Korean government. 

The company quoted during a press release that the vehicle was developed by Tata Daewoo in association with the Ministries of Commerce, Industry and Energy, Korea Energy Management Corporation and a consortium of 12 organizations. 

Car sales grow by 5.39%

Car sales grow by 5.39%Car sale in India witnessed 5.39% growth rate which is lower than the growth rate in the corresponding period of the previous year. The growth rate of the popular brands has declined overall. However, sale of some brads increased due to heavy discounts on some models.

The data released by the Society of Indian Automobile Manufacturers (SIAM) revealed that 6,00,385 units of cars were sold during April-September period of the year. The M800 is the biggest loser with sale decline of 17 percent. However, the dealers claimed that its LPG version would perform better.

Another Car Manufacturer Waiting To Enter Singur: WB

Another Car Manufacturer Waiting To Enter Singur: WBThe West Bengal government would provide all assistance to entrepreneurs who want to invest in the state. This is assured by the transport minister of West Bengal, Subhas Chakraborty. 

The minister said that one more car manufacturer is in touch with the government for setting up a car manufacture plant in the state. However, he declined to disclose the name of the investor group. The government would sign a MoU for this project within a month.