logo
Maruti Suzuki e-Vitara production plan recalibrated, 8,200 units to be built in Q1 and Q2 against 26,500 units planned

Maruti Suzuki e-Vitara production plan recalibrated, 8,200 units to be built in Q1 and Q2 against 26,500 units planned

Hindustan Times5 days ago

A model poses next to Maruti Suzuki's first EV, the e-Vitara SUV, on display at Bharat Mobility Global Expo 2025. (REUTERS)
Notify me
Maruti Suzuki has slashed near-term production targets for its maiden electric car, e-Vitara, by two-thirds owing to the ongoing rare earth magnet shortages. The Maruti Suzuki e-Vitara electric SUV, which is the carmaker's first-ever electric car, is slated to be launched in India in September 2025. Ahead of that, the carmaker previously revealed its plan to make 26,500 units in the first and second quarters of this fiscal, between April and September. However, with the ongoing supply chain crisis, Maruti Suzuki has slashed the target significantly to 8,200 units. This comes as the latest sign of disruption to the Indian auto industry owing to China's export restrictions on rare earth magnets.
Reuters has reported, citing a company document, that Maruti Suzuki now plans to make about 8,200 units of e-Vitara SUVs between April and September this year, versus an original target of 26,500 units during the same period. However, the report stated that Maruti Suzuki still plans to meet its output target of 67,000 e-Vitara for this financial year ending in March 2026. For this, the auto company aims to ramp up production in the subsequent months. The report has stated that the company document cited supply constraints in rare earth materials that are vital in making magnets and other components across a range of high-tech industries.
Also Read : Upcoming cars in India
Maruti Suzuki e-Vitara is crucial to the car manufacturer's electric mobility push in the country. The automaker previously showcased the EV in its production guises, and the latest was in production-ready form at the Bharat Mobility Global Expo 2025. Upon launch, this will mark the entry of the automaker in the Indian electric vehicle market, where some of the key rivals such as Tata Motors, Hyundai, MG, and Mahindra have already launched their respective products.
Despite being a late entrant in the Indian electric passenger vehicle market, Maruti Suzuki hopes to become a leading player in the segment. For this, the OEM is betting big on the e-Vitara. In such a situation, this setback could also hurt Maruti Suzuki's parent, Suzuki Motor, for which India is the biggest market by revenue and a global production hub for EVs. The bulk of the made-in-India e-Vitaras are earmarked for export by Suzuki to its major markets like Europe and Japan around summer 2025.
Interestingly, this development comes days after Maruti Suzuki's Chairman RC Bharagava claimed that there was no impact on production due to the rare earth magnet crisis.
Get insights into Upcoming Cars In India, Electric Vehicles, Upcoming Bikes in India and cutting-edge technology transforming the automotive landscape.
First Published Date: 16 Jun 2025, 09:18 AM IST

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

UAE rule, wary I-T to deter dodgy crypto deals
UAE rule, wary I-T to deter dodgy crypto deals

Economic Times

time40 minutes ago

  • Economic Times

UAE rule, wary I-T to deter dodgy crypto deals

Mumbai: In the lane to launder money, the skill to move cryptos to control companies and properties in Dubai has been honed over the past few years. But treading that alley would soon become tougher. Dual, albeit unrelated, developments in India and the UAE would force money movers to devise new tricks. First, Income tax (I-T) officials, hunting for illicit homes of Indians over the past six months, now strongly suspect that some property purchases were made with cryptocurrencies; second, a new regulatory regime in the Middle East country, would soon end payment in cryptos, other than stable coins, to freely buy goods and services. "When Indian residents use crypto to purchase real estate, they bypass Indian banking channels and FEMA scrutiny. But, under the new UAE regulations (expected from August), merchants would no longer accept crypto directly. Only entities licensed by the UAE Central Bank would be allowed to convert stablecoins to AED after collecting full KYC. While this framework ensures the buyer's identity is recorded, it remains unclear whether such data would be shared under the India-UAE tax treaty," said Purushottam Anand, founder of the law firm Crypto raiding a leading UAE developer having roots in Mumbai and clients across India, a northern office of the I-T department found that more than 460 buyers in the 650-odd property deals have no record of having remitted money through banks to acquire the properties. According to findings which were shared with other I-T centres two months ago, the arm of the UAE realtor which brokered the deals was aided by a network of 86 sub-brokers who later shared details with the tax office. According to tax circles, some of the clients had paid in cryptos, probably under the belief it would go untraced. Earlier this year, the department had found that hundreds of mule accounts were opened by a few persons in Kerala to deposit cash, use the money to buy cryptos -either on local platforms or through peer-to-peer transactions-and then move the coins to other wallets before encashing the them in UAE, or buying assets like properties, or transferring them to third parties. "When digital assets move from exchanges to P2P platforms or private wallets, monitoring becomes difficult, creating opportunities for illegal activities such as ransomware attacks, laundering, tax evasion, and potentially terrorist financing. Although the exchanges are required to report 'suspicious transactions', including withdrawals, with the Financial Intelligence Unit-India, such risks can be further addressed through stricter enforcement of TDS provisions, i.e. Sections 194S or 195, ensuring tax compliance for all crypto transactions, whether conducted on or off exchanges. Additionally, specifying the reporting entities and the format for disclosures under Section 285BAA will improve traceability," said Ashish Karundia, founder of the CA firm Ashish Karundia & Co. 'PAYMENT TOKEN REGULATIONS' The new 'Payment Token Services Regulation' lays down the rules and conditions established by the UAE Central Bank for granting a licence or registration for payment token services-which include payment token issuance, token conversion, and token custody and transfer. Under the rules no merchant or anyone in the UAE selling goods or services can accept a virtual asset unless it's a dirham payment token issued by a licensed issuer. Also, a bank cannot act as a payment token issuer. UAE is working on Dirham-linked stable coin (like USDT or Tether which is pegged to the dollar)."This would have implications for India which has close economic and financial ties with the UAE. By bringing digital assets such as payment tokens under a structured licensing and anti-money laundering framework, the regulation adds a layer of safety and transparency to cross-border digital financial flows. For Indian individuals and businesses engaging in the UAE's digital economy, on one hand this means greater clarity, reduced risk of fraud, and alignment with global best practices; on the other hand, the clear prohibition on anonymous crypto instruments like privacy tokens reinforces the global trend toward traceable and regulated digital transactions. This is something India is also actively pursuing through its own financial intelligence mechanisms. This would deter transactions in property, high value luxury products bought by Indians in UAE using crypto tokens," said Siddharth Banwat, partner at CA firm Banwat & Associates dealers said the UAE rules are not entirely fool-proof as coins can be routed through platforms in multiple jurisdictions whose cooperation would be vital to spot the trail. But the very presence of licensed intermediaries collecting and storing information would deter money movers.

Wall Street choppy, oil dips as US holds back from Mideast military action
Wall Street choppy, oil dips as US holds back from Mideast military action

Mint

timean hour ago

  • Mint

Wall Street choppy, oil dips as US holds back from Mideast military action

NEW YORK (Reuters) -Major Wall Street indexes closed lower on Friday while oil prices fell after U.S. President Donald Trump held back from immediate military action in the Israel-Iran conflict. All eyes remained trained on the Middle East one week after an initial Israeli assault drew Iranian retaliation. The U.S. imposed Iran-related sanctions a day after Trump said he might take two weeks to decide on further action. According to preliminary data, the S&P 500 lost 0.21%, while the Nasdaq Composite shed 0.49%. The Dow Jones Industrial Average, however, rose 38.47 points, or 0.09%, to 42,210.13. Stocks had been broadly positive at the open, and dipped in and out of negative territory during the session. Global benchmark Brent crude futures fell 2.3% to settle at $77.01 a barrel, but gained 3.6% in the week. Front-month U.S. crude - which did not settle on Thursday due to a U.S. holiday and expires on Friday - ended down 0.28% at $74.93, with a weekly gain of 2.7%. [O/R] "Investors are a little bit nervous about buying stocks right in front of this situation and, more specifically, right in front of this weekend," said Rick Meckler, a partner at Cherry Lane Investments in New Vernon, New Jersey. The new sanctions target entities, individuals and vessels providing Iran with defence machinery, and were seen as a sign of a diplomatic approach from the Trump administration. "However, while Israel and Iran carry on pounding away at each other, there can always be an unintended action that escalates the conflict and touches upon oil infrastructure," PVM analyst John Evans said. European foreign ministers urged Iran to engage with the U.S. over its nuclear programme after high-level talks in Geneva about a potential new nuclear deal ended with little sign of progress. Europe's main bourses [.EU] had ended their session a touch higher, following similar gains across Asia. MSCI's gauge of stocks across the globe fell 0.01% on the day. Gains on Hong Kong's Hang Seng, and South Korea's Kospi linked to newly elected President Lee Jae Myung's stimulus, had boosted Asian shares during that session. Federal Reserve policymakers made their first public comments since Chair Jerome Powell said on Wednesday that borrowing costs were likely to fall this year, but that he expects "meaningful" inflation ahead as Trump's tariffs raise prices for consumers. The close split between governors on how to manage the risks was in full view as Governor Christopher Waller said the central bank should consider cutting as soon as the next meeting, while the Richmond Fed's Tom Barkin said there was no urgency to cut. Powell had also cautioned on Wednesday against holding on too strongly to the forecasts. Treasury yields fell after Waller's comments, and as concerns about the Middle East conflict supported demand for safe haven bonds. The yield on benchmark 10-year notes fell 2 basis points to 4.375%, from 4.395% late on Wednesday. Demand rose for the U.S. dollar, pushing the greenback to a three-week high against the yen. The dollar rose 0.03% against a basket of currencies including the yen and the euro , with the euro up 0.3% at $1.1528. The index is poised to rise 0.6% this week. Prices for gold, another traditional refuge, fell 0.13% to $3,365.91 and were poised for a weekly loss. (Reporting by Isla Binnie in New York, additional reporting by Caroline Valetkevitch, Karen Brettel and Georgina McCartney, Editing by Louise Heavens, Rod Nickel and Marguerita Choy)

Epsilon to challenge China's dominance in EV battery cell materials
Epsilon to challenge China's dominance in EV battery cell materials

Business Standard

timean hour ago

  • Business Standard

Epsilon to challenge China's dominance in EV battery cell materials

May set up ₹9K cr plant for making 100K tonnes of graphite anode Surajeet Das Gupta New Delhi Listen to This Article Rare earth magnet is not the only area where the Chinese dominate the world. They also control two other crucial areas of electric vehicle (EV) battery cell — manufacturing of graphite anode, required for lithium-ion batteries, as well as cathode powder, to make lithium iron phosphate (LiFePO4 or LFP) battery. LFP batteries go into buses and commercial vehicles (CVs), and are considered safer. But an Indian company, Epsilon Advanced Materials, is trying to break into the market. It has finalised plans to set up a plant to manufacture these in Karnataka. To begin with, it is setting up a 100,000

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store