Latest news with #PrimeMinisterModi
Globe and Mail
3 hours ago
- Automotive
- Globe and Mail
Tesla (TSLA) Will Open New Showrooms in India Next Month
EV maker Tesla (TSLA) is finally entering the Indian market and is starting with new showrooms in Mumbai and New Delhi. Indeed, the Mumbai location is expected to open in mid-July, with the New Delhi showroom following shortly after. This move comes just months after Tesla CEO Elon Musk met with Indian Prime Minister Narendra Modi to discuss import taxes and local manufacturing, as India currently imposes a steep 70% tax on fully-built imported cars that cost under $40,000. Confident Investing Starts Here: Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter Interestingly, Bloomberg reported that Tesla has already shipped five Model Y SUVs from its Shanghai factory to Mumbai. These vehicles were valued at about 2.77 million rupees, or roughly $32,000, but were hit with over 2.1 million rupees in import duties, which raised the sticker price to more than $56,000. That's significantly more than the Model Y's U.S. price of around $40,000, which could be a challenge in a country where electric vehicles make up just 5% of new car sales, while luxury EVs make up less than 2%. Still, Tesla plans to grow in India, with new warehouses coming to Karnataka and Gurugram. To encourage EV adoption and manufacturing, India introduced a policy in March 2024 that allows foreign carmakers to import up to 8,000 EVs per year at a lower tariff if they commit to investing at least $500 million in local production. In response, Tesla has reportedly proposed building a $2–3 billion factory in India that could eventually produce up to 500,000 vehicles annually. What Is the Prediction for Tesla Stock? Turning to Wall Street, analysts have a Hold consensus rating on TSLA stock based on 14 Buys, 12 Holds, and nine Sells assigned in the past three months, as indicated by the graphic below. Furthermore, the average TSLA price target of $286.14 per share implies 10.4% downside risk. See more TSLA analyst ratings
Malay Mail
11-06-2025
- Automotive
- Malay Mail
India's Maruti Suzuki cuts near-term EV production amid rare earths crisis
NEW DELHI, June 11 — Maruti Suzuki has cut near-term production targets for its maiden electric vehicle e-Vitara by two-thirds because of rare earths shortages, a document showed, in the latest sign of disruption to the auto industry from China's export curbs. India's top carmaker, which said on Monday it had not seen any impact yet from the supply crisis, now plans to make about 8,200 e-Vitaras between April and September, versus an original goal of 26,500, according to a company document seen by Reuters. It cited 'supply constraints' in rare earth materials that are vital in making magnets and other components across a range of hi-tech industries. Maruti still plans to meet its output target of 67,000 EVs for the year ending March 2026 by ramping up production in subsequent months, the document said. China's curbs on some rare earth exports have rocked the global auto industry, with companies warning of severe supply chain disruptions. While some companies in the United States, Europe and Japan are seeing supplies easing as they secure licences from Beijing, India is still waiting for China's approval amid fears of production stoppages. Launched amid much fanfare at India's car show in January, the e-Vitara is crucial to Maruti's EV push in the country, marking its entry in a segment that Prime Minister Narendra Modi's government wants to grow to 30 per cent of all car sales by 2030 from about 2.5 per cent last year. The setback could also hurt 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. Maruti told reporters last week the rare earths issue had no 'material impact' on the e-Vitara's launch timeline. Chair RC Bhargava said there was 'no impact at the moment' on production, local media reported on Monday. Maruti and Suzuki did not respond to requests for comment yesterday. Maruti shares trading on the Indian stock exchange fell as much as 1.4 per cent to the day's low after the news. Maruti is yet to open bookings for the e-Vitara with some analysts warning it is already late to launch EVs in the world's third-largest car market where Tesla is also expected to begin sales this year. Under its previous plan 'A', Maruti was to produce 26,512 e-Vitaras between April and September — the first half of the fiscal year. Under the revised plan 'B', it will manufacture 8,221, the document showed, indicating a two-thirds cut in its production schedule. However, in the second half of the financial year — between October and March 2026 — Maruti plans to ramp up production to 58,728 e-Vitaras, or about 440 per day at its peak, versus a previous target of 40,437 for those six months under plan A. Two supply chain sources confirmed Maruti's plan to scale back e-Vitara production because of rare earth magnet shortages but were not privy to the exact numbers. The rare earths crisis comes as Maruti is already grappling to recover market share lost to Tata Motors and Mahindra & Mahindra's feature-rich SUVs. These companies also lead India's EV sales. Maruti's share of India's passenger vehicle market is down to 41 per cent from a recent peak of about 51 per cent in March 2020. Suzuki has trimmed its sales target for India to 2.5 million vehicles by March 2031 from 3 million previously, and scaled back its lineup of EV launches to just four, instead of the six planned before, as competition in the South Asian nation intensifies. — Reuters
Zawya
10-06-2025
- Automotive
- Zawya
India's Maruti Suzuki cuts near-term EV production amid rare earths crisis
Maruti Suzuki has cut near-term production targets for its maiden electric vehicle e-Vitara by two-thirds because of rare earths shortages, a document showed, in the latest sign of disruption to the auto industry from China's export curbs. India's top carmaker, which said on Monday it had not seen any impact yet from the supply crisis, now plans to make about 8,200 e-Vitaras between April and September, versus an original goal of 26,500, according to a company document seen by Reuters. It cited "supply constraints" in rare earth materials that are vital in making magnets and other components across a range of hi-tech industries. Maruti still plans to meet its output target of 67,000 EVs for the year ending March 2026 by ramping up production in subsequent months, the document said. China's curbs on some rare earth exports have rocked the global auto industry, with companies warning of severe supply chain disruptions. While some companies in the United States, Europe and Japan are seeing supplies easing as they secure licences from Beijing, India is still waiting for China's approval amid fears of production stoppages. Launched amid much fanfare at India's car show in January, the e-Vitara is crucial to Maruti's EV push in the country, marking its entry in a segment that Prime Minister Narendra Modi's government wants to grow to 30% of all car sales by 2030 from about 2.5% last year. The setback could also hurt 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. Maruti told reporters last week the rare earths issue had no "material impact" on the e-Vitara's launch timeline. Chair RC Bhargava said there was "no impact at the moment" on production, local media reported on Monday. Maruti and Suzuki did not respond to requests for comment on Tuesday. Maruti shares trading on the Indian stock exchange fell as much as 1.4% to the day's low after the news. Maruti is yet to open bookings for the e-Vitara with some analysts warning it is already late to launch EVs in the world's third-largest car market where Tesla is also expected to begin sales this year. Under its previous plan "A", Maruti was to produce 26,512 e-Vitaras between April and September - the first half of the fiscal year. Under the revised plan "B", it will manufacture 8,221, the document showed, indicating a two-thirds cut in its production schedule. However, in the second half of the financial year - between October and March 2026 - Maruti plans to ramp up production to 58,728 e-Vitaras, or about 440 per day at its peak, versus a previous target of 40,437 for those six months under plan A. Two supply chain sources confirmed Maruti's plan to scale back e-Vitara production because of rare earth magnet shortages but were not privy to the exact numbers. The rare earths crisis comes as Maruti is already grappling to recover market share lost to Tata Motors and Mahindra & Mahindra's feature-rich SUVs. These companies also lead India's EV sales. Maruti's share of India's passenger vehicle market is down to 41% from a recent peak of about 51% in March 2020. Suzuki has trimmed its sales target for India to 2.5 million vehicles by March 2031 from 3 million previously, and scaled back its lineup of EV launches to just four, instead of the six planned before, as competition in the South Asian nation intensifies.
Reuters
10-06-2025
- Automotive
- Reuters
Exclusive: India's Maruti Suzuki cuts near-term EV production amid rare earths crisis
NEW DELHI, June 10 (Reuters) - Maruti Suzuki ( opens new tab has cut near-term production targets for its maiden electric vehicle e-Vitara by two-thirds because of rare earths shortages, a document showed, in the latest sign of disruption to the auto industry from China's export curbs. India's top carmaker, which said on Monday it had not seen any impact yet from the supply crisis, now plans to make about 8,200 e-Vitaras between April and September, versus an original goal of 26,500, according to a company document seen by Reuters. It cited "supply constraints" in rare earth materials that are vital in making magnets and other components across a range of hi-tech industries. Maruti still plans to meet its output target of 67,000 EVs for the year ending March 2026 by ramping up production in subsequent months, the document said. China's curbs on some rare earth exports have rocked the global auto industry, with companies warning of severe supply chain disruptions. While some companies in the United States, Europe and Japan are seeing supplies easing as they secure licences from Beijing, India is still waiting for China's approval amid fears of production stoppages. Launched amid much fanfare at India's car show in January, the e-Vitara is crucial to Maruti's EV push in the country, marking its entry in a segment that Prime Minister Narendra Modi's government wants to grow to 30% of all car sales by 2030 from about 2.5% last year. The setback could also hurt parent Suzuki Motor (7269.T), opens new tab, 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, opens new tab. Maruti told reporters last week the rare earths issue had no "material impact" on the e-Vitara's launch timeline. Chair RC Bhargava said there was "no impact at the moment" on production, local media, opens new tab reported on Monday. Maruti and Suzuki did not immediately respond to requests for comment on Tuesday. Maruti is yet to open bookings for the e-Vitara with some analysts warning it is already late to launch EVs in the world's third-largest car market where Tesla is also expected to begin sales this year. Under its previous plan "A", Maruti was to produce 26,512 e-Vitaras between April and September - the first half of the fiscal year. Under the revised plan "B", it will manufacture 8,221, the document showed, indicating a two-thirds cut in its production schedule. However, in the second half of the financial year - between October and March 2026 - Maruti plans to ramp up production to 58,728 e-Vitaras, or about 440 per day at its peak, versus a previous target of 40,437 for those six months under plan A. Two supply chain sources confirmed Maruti's plan to scale back e-Vitara production because of rare earth magnet shortages but were not privy to the exact numbers. The rare earths crisis comes as Maruti is already grappling to recover market share lost to Tata Motors ( opens new tab and Mahindra & Mahindra's ( opens new tab feature-rich SUVs. These companies also lead India's EV sales. Maruti's share of India's passenger vehicle market is down to 41% from a recent peak of about 51% in March 2020. Suzuki has trimmed its sales target for India to 2.5 million vehicles by March 2031 from 3 million previously, and scaled back its lineup of EV launches to just four, instead of the six planned before, as competition in the South Asian nation intensifies.
Arab News
05-06-2025
- General
- Arab News
Kohli ‘lost for words' after 11 die celebrating Bengaluru IPL win
BENGALURU: Virat Kohli said he was lost for words after celebrations of a dream IPL title turned to tragedy when 11 mainly young cricket fans were crushed to death in Bengaluru. Hundreds of thousands had packed the streets Wednesday to welcome home their hero Kohli and the Royal Challengers Bengaluru (RCB) after they had beaten Punjab Kings a day earlier in a thrilling Indian Premier League final. But the euphoria of the vast crowds in the southern tech city of Bengaluru ended in disaster, with Prime Minister Narendra Modi calling it 'absolutely heartrending.' Karnataka state Chief Minister Siddaramaiah said most of the 11 dead were young people and there were 47 others injured in the crush after a stampede near the city's M. Chinnaswamy cricket stadium, where the players were parading the trophy for fans. Kohli, who top scored in the final, said earlier it had been 'as much for the fans' after the 36-year-old finally celebrated winning the IPL at his 18th attempt. Later, Kohli wrote on social media: 'At a loss for words. 'Absolutely gutted,' he added, alongside a statement from the RCB team saying they were 'deeply anguished' at what had unfolded. One of the people injured described to AFP how a 'huge crowd' had crushed her. 'They stamped on me,' said the woman, who did not give her name, from a wheelchair. 'I was not able to breathe. I fell unconscious.' Most of the dead were young fans who had gone out just to catch a glimpse of their sporting heroes. Street food vendor Manoj Kumar mourned the death of his 18-year-old son, killed in the stampede, who he said he had stopped from working on his stall so he could study. 'I wanted him to go to college,' Kumar told the Indian Express newspaper. 'I brought him up with a lot of care. Now, he is gone.' A grieving mother outside a city mortuary said her 22-year-old engineering student son had also died in the crush. 'He was crazy about RCB,' she was quoted as saying by the Indian Express on Thursday. 'He died in an RCB shirt. They danced when RCB won and now he is gone. Can RCB give him back to us?' Authorities had already called off RCB's proposed open-top bus victory parade through the streets after anticipating vast crowds. But organizers pressed ahead with the welcome ceremony and celebrations inside the stadium. RCB's social media account posted a video of cheering crowds lining the streets as the players waved back from their team bus on their way to the stadium. The team said they cut short the celebrations 'immediately upon being made aware of the situation.' Siddaramaiah said that the stadium had a capacity of 'only 35,000 people, but 200,000-300,000 people came.'
