Investment of Amtek Auto was overvalued in the liquidation reports. New Delhi: The National Company Law Appellate Tribunal (NCLAT) on Friday ordered liquidation of debt-ridden Amtek Auto as it declined lenders’ request for extension of insolvency resolution process deadline. Amtek Auto was among the first list of 12 companies which were referred by the RBI… Continue reading NCLAT orders liquidation of Amtek Auto
Author: Economic Times of India Online News
Over 3,000 temporary jobs cut due to slowdown: Maruti Suzuki
“This is a part of the business, when demand soars, more contract workers are hired and reduced in case of low demand,” said MSI chairman RC Bhargava New Delhi: Over 3,000 temporary employees have lost jobs with the country’s largest carmaker Maruti Suzuki India (MSI) due to the ongoing slump in the automobile industry, a… Continue reading Over 3,000 temporary jobs cut due to slowdown: Maruti Suzuki
We will have zero capex this year and a large part of next year: Baba Kalyani
This is the fourth one that we will be seeing from 2008. So downturns do come, industrials are a cyclical business, commercial vehicle also is a cyclical business. Everything that goes down, also goes up at some point in time. So, I would not be too worried about it, says Baba Kalyani, CMD, Bharat Forge.… Continue reading We will have zero capex this year and a large part of next year: Baba Kalyani
Tata Motors Group July global sales down by 14% at 78,600 units
Global wholesales of passenger vehicles have increased by 4 per cent in July 2019, compared to the same month last year, with 52,432 units sold. New Delhi: Tata Motors Group has registered a 14 per cent decline in its global wholesales with 78,000 units sold in July 2019. The number includes Jaguar Land Rover global… Continue reading Tata Motors Group July global sales down by 14% at 78,600 units
S&P reaffirms B+ rating on Tata Motors with negative outlook
The ratings agency, however, cautioned that it may lower the ratings by one notch if it sees diminishing prospects of turnaround at JLR. NEW DELHI: Ratings agency S&P has reaffirmed Tata Motors‘ long-term issuer and issue credit ratings to be ‘vulnerable to nonpayment’ while keeping the outlook negative. S&P Global Ratings said it has reaffirmed… Continue reading S&P reaffirms B+ rating on Tata Motors with negative outlook
PSA, Dongfeng to drop two China auto plants, halve workforce
Underperforming vehicles will be dropped as the Peugeot and Citroen lineups are streamlined around more profitable models, mirroring the European turnaround strategy now powering record margins in PSA’s home markets. BEIJING/PARIS: Peugeot maker PSA Group and partner Dongfeng Group have agreed to cut thousands of jobs in China and drop two of their four shared… Continue reading PSA, Dongfeng to drop two China auto plants, halve workforce
Indonesia president signs new EV decree to bolster industry
JAKARTA: Indonesian President Joko Widodo said on Thursday he signed a decree that lays out government support to build an electric vehicle (EV) industry in Southeast Asia’s largest economy, the Cabinet Secretariat said in a statement. Widodo did not elaborate, but a draft of the decree reviewed by Reuters ahead of the signing showed it… Continue reading Indonesia president signs new EV decree to bolster industry
Continental’s powertrain business gravitates towards electric
With this strategy and gradual optimizations to the portfolio, Continental aims to ensure that the powertrain business remains financially strong, competitive and sustainable in the long term. New Delhi: German car parts group, Continental is making a big move towards electric mobility by putting a stronger focus on electrified drive systems. This is due to… Continue reading Continental’s powertrain business gravitates towards electric
Auto industry seeks stimulus package from government
The auto industry also wants the government to direct banks not to reduce lending to those segments which has the lowest NPA, such as the passenger vehicles segment. NEW DELHI: Auto industry leaders on Wednesday asked the government for a stimulus package, including GST reduction on vehicles, for the sector which has been hit by… Continue reading Auto industry seeks stimulus package from government
Tens of thousands losing jobs as India’s auto crisis deepens
The malaise has been spreading across much of the industry, both in terms of vehicle type and components as well as geographically in India’s manufacturing hubs. By Sudarshan Varadhan, Aditi Shah and Aftab Ahmed NEW DELHI : Slumping sales of cars and motorcycles are triggering massive job cuts in India’s auto sector, with many companies… Continue reading Tens of thousands losing jobs as India’s auto crisis deepens