Setco Automotive Ltd, one of India’s largest Medium and Heavy Commercial Vehicles (MHCV) clutch manufacturers, reported a 10% increase in revenue from operations in Q2 FY25 to Rs 159.9 crore up from Rs 145.7 crore in Q2 FY24. The company’s EBITDA for Q2 FY25 was Rs 26.0 crore, a 104% year-on-year growth from Rs 12.7… Continue reading Setco Auto records highest ever revenue in H1FY25 led by strong demand
Category: US Motoring Press
GM lays off 1,000 employees amid reorganization, cost-cutting
The GM logo is seen on the facade of the General Motors headquarters in Detroit on March 16, 2021. Rebecca Cook | Reuters DETROIT – General Motors laid off roughly 1,000 employees on Friday as the automaker attempts to cut costs and realign priorities amid changing market conditions, according to a person familiar with the… Continue reading GM lays off 1,000 employees amid reorganization, cost-cutting
Hyundai names North American exec Jose Munoz as CEO, effective Jan. 1
Hyundai CEO Jaehoon Chang (left) and José Muñoz, Hyundai president and global chief operating officer, attend the 2024 New York International Auto Show Michael Wayland | CNBC DETROIT – Hyundai Motor Co. on Thursday named Jose Munoz as the next president and CEO of the South Korean automaker, effective Jan. 1. Munoz, an auto industry… Continue reading Hyundai names North American exec Jose Munoz as CEO, effective Jan. 1
Benefit-in-kind reporting for company cars to be phased out
HM Revenue and Customs is phasing out annual benefit-in-kind reporting for company cars. The reforms come into effect from 6 April 2026 and, with draft legislation not due until 2025, many fleets are facing short deadlines to comply with those changes. Starting with the 2026/27 tax year, employers must report the value of any workplace… Continue reading Benefit-in-kind reporting for company cars to be phased out
Cyient and Allegro MicroSystems establish center of excellence in Hyderabad for automotive semiconductor development
Cyient, a global engineering services company, has announced an expanded partnership with Allegro MicroSystems, a provider of power and sensing solutions, through the launch of a Center of Excellence (CoE) in Hyderabad, India. Situated at Cyient’s Manikonda Campus, the CoE will focus on the development of magnetic sensors and power semiconductor products for the… Continue reading Cyient and Allegro MicroSystems establish center of excellence in Hyderabad for automotive semiconductor development
Safety tops the charts: Festive car buying trends highlight India’s evolving preferences
Cyient and Allegro MicroSystems establish center of excellence in Hyderabad for automotive semiconductor development Autocar Pro News Desk 15 Nov 2024 The new CoE will focus on creating advanced magnetic sensors and power semiconductors, supporting innovations in electric vehicles, ADAS, and embedded systems, while enhancing Allegro’s presence and expertise in India. Read more Go to Source
‘We have a three-pronged strategy for sustainable mobility’: Volvo Group’s Maria Ebbesson
Sweden’s Volvo Group is making a strong move towards sustainable mobility, with a clear focus to offer a completely fossil fuel free product portfolio by 2040. As a result, with a 10-year average product lifecycle of heavy commercial vehicles (trucks and buses), the company envisions achieving fossil-fuel free products in the market by 2050. According… Continue reading ‘We have a three-pronged strategy for sustainable mobility’: Volvo Group’s Maria Ebbesson
A veteran steps away: Ashish Tandon exits Tata Motors
Ashish Tandon, a seasoned executive and key architect behind Tata Motors’ small commercial vehicle (SCV) strategy, has resigned from his post, sources close to the matter revealed. Tandon, who held the title of Senior General Manager, informed colleagues of his departure through an internal email. Efforts to secure a comment from Tata Motors’ spokesperson went… Continue reading A veteran steps away: Ashish Tandon exits Tata Motors
Vecmocon secures Rs 83 Crore in series A funding to advance EV Technology
Vecmocon, a vehicle intelligence company, has secured Rs 83 Crore in the first phase of its Series A funding. The funding round was led by Ecosystem Integrity Fund (EIF) with participation from Blume Ventures and British International Investment (BII). This follows Vecmocon’s earlier pre-Series A funding round in 2022, where it raised Rs 43.16 Crore… Continue reading Vecmocon secures Rs 83 Crore in series A funding to advance EV Technology
Mercedes-Benz India announces price hike of up to 3% across all models from January 2025
Mercedes-Benz India has announced a revision in the ex-showroom prices of its entire model range, effective from January 1, 2025. The price increase will be up to 3%, depending on the model. This adjustment is attributed to rising input costs, inflationary pressures, and increased logistics expenses, which have been impacting the company’s operational costs and… Continue reading Mercedes-Benz India announces price hike of up to 3% across all models from January 2025