Auto component industry grows 9.8% to clock ₹6.14 lakh cr turnover in FY24
Exports grew by 5.5% to $21.2 billion while imports grew by 3% to $20.9 billion, thus resulting in a trade surplus of $300 million.
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Uno Minda shares soar 19% to hit record high on deal with Chinese firm
Uno Minda partners with China's Suzhou lnovance Automotive Co to manufacture high voltage electric vehicle products for passenger and commercial vehicles in India
Capex for EV components to exceed ₹25,000 cr in 3-4 years
ICRA says demand for EV batteries in India is expected to reach around 15 gigawatt hours (GWh) by 2025 and 60 GWh by 2030.
Ramkrishna Forgings wins deal to supply auto components to Tesla
Ramkrishna Forgings expects the EV segment to contribute 6% to the company's consolidated revenue
Auto Parts Makers Self-Drive Profit
Despite headwinds, auto component exports — which contribute around 30% to the total turnover of India's auto ancillary industry — have remained steady.
Centre extends auto PLI scheme by a year
If an approved company fails to meet the threshold for an increase in determined sales value over the first year's threshold, it will not receive any incentive for that year.
Auto component industry grows 12.6% to ₹2.98 lakh cr in first half of FY24
Exports of auto components grew 2.7% to $10.4 billion (₹85,870 crore) in H1 FY24 from $10.1 billion (₹79,033 crore) in H1 FY23.
Govt extends auto PLI scheme by a year, mulls quarterly incentives
More testing agencies will be added to give faster clearances, says Union Minister for Heavy Industries Mahendra Nath Pandey.
The New Auto Champions
As industry enters a new growth phase, emerging ancillary players are shaking up the status quo.
Samvardhana Motherson shares jump 4% on SAS acquisition
The Samvardhana Motherson stock climbed 4% in intraday trade to ₹83.50 apiece on the National Stock Exchange (NSE).
