Split (1)

train · 2.61k rows

text_chunk stringlengths 202 3k ⌀
EV startup Vidyut raises USD 10 mn to build full-stack ecosystem New Delhi: EV startup Vidyut on Tuesday said it has raised USD 10 million in its Series A fundraise (a mix of equity and debt funding) led by 3one4 Capital, and will deploy new funds to scale its new offerings that include EV insurance, lifecycle management and EV resale. The round also witnessed participation from new and existing investors namely, Saison Capital, , Force Ventures, a venture debt fund Alteria Capital and CEO of Udaan, . Founded in 2021, the startup said it aims to expand its presence to 40 cities and will double its team size by the end of FY25 as it prepares to build a full stack EV ecosystem. "Our focus is not just on financing but on elevating the entire EV ownership journey for India's SMBs, who are the backbone of our economy," said , co-founder of Vidyut. The company already offers ownership solutions for Mahindra, Piaggio, Altigreen, Murugappa Group's Montra Electric, Euler Motors and OSM vehicles. "Vidyut's model removes EV adoption barriers, especially in the large but price sensitive driver cum owner segment. At 3one4 Capital, we are excited to back the Vidyut team in their mission to simplify EV ownership," said , Vice President, Investments, 3one4 Capital. "After hitting an inflection point, customised financing and lifecycle management solutions will play a central role in large scale EV adoption, requiring lenders to evaluate asset risk alongside borrower risk," added , Vice President, Alteria capital.
Payment woes delay supply of Russian Sokol oil to India -sources Shipments of Russian Sokol to have been delayed by payment problems, forcing India's biggest refiner to draw from its inventories and buy more from the Middle East, two sources familiar with the matter said. IOC is the only state refiner that has an annual deal to buy a variety of Russian grades, including Sokol, from major Rosneft. Sokol oil is supplied to IOC by Sakhalin-1 LLC, a unit of Rosneft, sources said. Indian state refiners settle oil trade with Russia in United Arab Emirates dirhams after the government advised them against use of the Chinese yuan, though private refiners are still paying in yuan owing to a lack of alternatives. IOC's payments for Sokol oil have been hampered because Sakhalin-1 LLC has been unable to open an account with a bank in the UAE to accept dirham payments, said the sources, who declined to be identified because they are not authorised to speak to the media. Representatives of IOC and Rosneft did not immediately respond to requests for comment. IOC was supposed to receive six Sokol cargoes from late November to December, shipping data showed. This included NS Century, which was placed under U.S. sanctions last month. These cargoes are now mostly floating around India and Sri Lanka while NS Century is heading towards Singapore, the data shows. "The supplier has an intent to deliver crude oil. Hopefully a solution will be found soon," one of the sources said. India has emerged as the biggest buyer of sea-borne Russian oil since the retreat by European customers after Russia's invasion of Ukraine last year. India's oil ministry has told a parliamentary panel that state oil companies face challenges in paying for Russian oil because not all Indian banks can process payments in U.S. dollars for Russian oil, according to a report tabled in parliament last week. Indian refiners buy Russian oil on a delivered basis because western sanctions pose challenges in arranging ships, insurance and payments. Last year India set up a mechanism to pay in rupees for imports including crude. However, suppliers have expressed concern about the repatriation of funds and high costs associated with conversion of funds along with exchange fluctuation risks, the ministry told the parliamentary panel. It added that suppliers had asked IOC to bear additional transactional costs for accepting payments in rupees. The ministry also told the panel that Indian refiners are abiding by the $60 per barrel price cap imposed by G7 nations on oil at Russian ports.
Should Tata, Mahindra, and other Indian automakers worry about Tesla & co. The recent announcement of import duty concessions in the (EV) policy is set to boost the Indian electric vehicles market without negatively impacting local players, according to a senior government official. Rajesh Kumar Singh, Secretary of the Department for Promotion of Industry and Internal Trade ( ), told PTI that the policy is designed to benefit the public interest as a whole. "We are not trying to, you know, tailor a package for anybody. This is open to everybody. The idea is to kickstart the four- wheeler e-car manufacturing in India, with very stringent kind of value-addition norms, while also ensuring that we allow imports in a very limited quantity. we will be allowing only 8,000 for a company in a year and a maximum cap of 40,000. It's not zero (duty)," he told reporters. In the past, M&M and Tata Motors had advised govt not to lower import duty on electric vehicles and protect domestic firms and their foreign investors. "It should be a level playing field and investing in India is important," Mahindra Managing Director Anish Shah told Reuters in January this year. "Our approach is essentially to create a stronger industry in India, and not to be in a situation where manufacturing is done outside India, and India just becomes an importer of products," he added. Reuters had in December claimed that Tata Motors argued against lowering importduties on EVs during a meeting with Prime Minister Narendra Modi. The government on March 15 approved an electric-vehicle policy, under which import duty concessions will be given to companies setting up manufacturing units in the country with a minimum investment of USD 500 million, a move aimed at attracting major global players like US-based . The companies that would set up manufacturing facilities for EV passenger cars will be allowed to import a limited number of cars at lower customs/import duty of 15% on vehicles costing USD 35,000 and above for a period of five years. At present, cars imported as completely built units (CBUs) attract customs duty ranging from 70% to 100%, depending on engine size and cost, insurance and freight (CIF) value less or above USD 40,000. Meanwhile, DPIIT Secretary Rajesh Kumar Singh reiterated that the government's intention is not to undermine the market share of domestic players but to expand the EV market by introducing new players and advanced technology to consumers. "Our intention therefore is really not to cannibalize their (domestic players) market but to expand the EV market by bringing in new players, give the consumers the latest technology, kickstart the transition to EVs by bringing in you know proven technology and while at the same time creating a competitive framework where the domestic manufacturers can also grow in that same space," Singh said. Citing an example, he said when these EV manufacturers come in, the ecosystem also comes including vendors and the market is
the domestic manufacturers can also grow in that same space," Singh said. Citing an example, he said when these EV manufacturers come in, the ecosystem also comes including vendors and the market is expanded. "It's not that the market cannibalizes on anybody's existing share...," he said, adding that few cars are being sold in the domestic market in the price range of USD 35,000. In the USD 35,000 plus price range, in India, the total number of vehicles being sold is about less than a lakh. "So it's not where people are present, domestic manufacturers are operating," Singh said adding there is no concessions other than the import duty thing. When questioned about discussions with Tesla and other potential investors, he said discussions happen with everyone but that doesn't influence the government's decision. "The final call we take is based on what is good for the country and what is good in the public interest. The policy again is not tailored for any company," he said. "It is a very limited concession for a very limited number of imports and it is underwritten by very stringent performance criteria guarantee from him," he said. For up to USD 35,000 import price, the customs duty is 70% and above that, it is 100% and it is one of the highest in the world, Singh said. When asked except for Tesla, any other car companies interested in setting up plants here, without taking the name of any firm he said: "Yes there are. I would just say that there are multiple such expressions of interest in it. At least two are there.. But there could be more".
India's ONGC willing to wait to regain oil from Russian project By Rod Nickel India's state-run Oil and Natural Gas Corp wants to eventually receive a share of crude from a Russian project it partly owns, but is willing to wait because Russian oil is hard to ship right now, the head of 's overseas investment arm, , said on Tuesday. Russian President last year removed an Exxon Mobil subsidiary as operator of the in Russia's Far East and transferred it to a new operator. ONGC Videsh has since regained its 20% stake in the project and is in talks with Russian government officials and company shareholders to resume taking oil under a production-sharing arrangement, said Rajarshi Gupta, CEO of ONGC Videsh. "If we can be in a position to lift our oil and market our oil, that would be better," Gupta said in an interview at the World Petroleum Congress in Calgary, Canada. "As of now, there are so many restrictions on that oil, so if someone else is dealing with that, I'm OK with it for the time being." Western governments have slapped sanctions on Russian oil over the war in Ukraine, which Russia calls a special military operation. It is difficult to secure insurance and shipping to transport Russian oil, Gupta said, and such shipments must abide by an international price cap. The cap allows third countries to buy Russian fuel using Western ship insurance if there is proof the purchase does not exceed price limits of $60 per barrel for crude. The talks with Russia and other project shareholders may take six months to conclude, Gupta said. Sakhalin-1 produces about 200,000 barrels of oil per day. Other shareholders include Japan's Sodeco and Russia's Rosneft. ONGC, India's top explorer, has investments in three Russian projects in total but the company is not actively looking to invest further in Russia for now, he said. "There are not enough sellers, not enough buyers," Gupta said. "People are waiting for things to evolve (with the Russia-Ukraine war)." ONGC accounts for about two-thirds of India's oil production and about 58% of its gas output. The country relies on imports for most of its oil and gas. India's crude oil imports fell for a third month in a row in August, government data showed on Tuesday, as refiners in the world's third biggest importer carried out maintenance and reduced shipments from Russia.
Hopes for India-UK FTA talks impetus with new PM Rishi Sunak As takes over as Britain's first Indian-origin Prime Minister on Tuesday, there is renewed hope that the (FTA) will get a much-needed impetus after the Diwali deadline for draft completion was missed amid political turmoil in the UK. While the October timeline was set by former prime minister Boris Johnson during his India visit in April, Sunak is on the record expressing his commitment to an FTA with India while Chancellor of the Exchequer at No. 11 Downing Street. He has flagged financial services as a particularly "exciting" aspect of the and pointed to enormous opportunity for both countries in fintech and the insurance sector. "I'm very supportive of India playing an increasingly influential role in the region, and indeed, in the world as a massive economy and the world's largest democracy and an FTA would prove a greater champion of that cause," Sunak told reporters back in July. "Financial service is an area where there's enormous opportunity for both of our countries. India's goal is to spread insurance across the entire economy, because insurance is a great thing for enabling protection for individuals and growth. We can help with that in the UK, because we have a fantastic insurance industry," he said. The City of London Corporation, the financial hub of the UK capital, expressed the hope that Sunak's focus on services would take the FTA in the right direction. "An India trade deal could be one of the most ambitious and commercially meaningful deals to the UK," said Chris Hayward, Policy Chairman at the City of London Corporation. "With negotiations going beyond Diwali, this presents us with an opportunity to prioritise the content of the deal. And we hope the new Prime Minister will provide a fresh impetus in securing a deal," he said. "Services make up around 70 per cent of annual trade between our countries. So, a deal that doesn't deliver for this sector would be a missed opportunity. Firms will be keen to see the agreement focus on enabling smoother digital trade, free flow of data and make it easier for people to work and live in each other's countries. This will ultimately bring significant benefits to both consumers and businesses across the UK and India," he added. Other strategic experts point out that he is yet to visit India during his tenure as Chancellor of the Exchequer and takes over at 10 Downing Street at a particularly tumultuous period to be able to focus on ties on India. "Rishi Sunak is yet to be tested on foreign policy and defence issues," says Rahul Roy-Chaudhury, Senior Fellow for South Asia at the International Institute for Strategic Studies (IISS) think tank in London. "Having been born in the UK with parents originating from East Africa, Rishi Sunak has not been a public advocate of strong ties with India during his parliamentary and ministerial stints. Indeed, as Chancellor of the Exchequer for over two years, he did not visit India even once.
has not been a public advocate of strong ties with India during his parliamentary and ministerial stints. Indeed, as Chancellor of the Exchequer for over two years, he did not visit India even once. There is no indication that this outlook is likely to change as Prime Minister when he needs to focus on a much larger foreign and security canvas," he said. Meanwhile, Sunak's commitment to achieving a partnership of equals between India and the UK with two-way flows of talent is expected to distance the government from former home secretary Suella Braverman's recent controversial statements on Indians as the largest group of visa overstayers - which pushed the FTA negotiations further off track. "The UK doesn't have a monopoly on opportunity. There's an enormous amount of opportunity in India, we also want to make sure that if this living bridge is going to be a real thing, we have got to make it easier for people in the UK to go to India, to study at world class institutions to go work in all these amazing start-ups," Sunak had said while he was the finance minister. The National Indian Students and Alumni Union (NISAU) UK has called upon him to be the Prime Minister who addresses a long-standing issue and removes international students from being counted as part of the country's migration figures. "I hope that Rishi as PM will champion the skills and knowledge exchange critical to the growth of both our countries and not bow down to noise on immigration from the far right," said NISAU UK chair Sanam Arora. "I sincerely hope Rishi also recognises the bizarre situation of counting international students as migrants and we call on him to be the PM who changes this, a move that can be transformative for the British economy and higher education sector," she said.
Chinese EV-makers rush in and upend a country's entire auto market Ma Haiyang and eight of his colleagues arrived in Thailand a year ago to establish the first overseas operation for , an electric vehicle maker from China. They had no office, no factory, no local employees, and, basically, no clue. The team set up a shop in a Bangkok hotel, commandeered conference rooms, and held meetings in the lobby. They had a long list of things to do: Find office space, recruit dealers, and devise a business strategy. The team worked around the clock and, 74 days after arriving in Thailand, sold its first electric vehicle. "The window of opportunity for Chinese new energy vehicles going overseas will be relatively short," said Ma, general manager at Aion for Southeast Asia, using China's preferred phrase for fully electric and gas-electric hybrid vehicles. "This is why we wanted to hurry up," he added. Chinese electric vehicle manufacturers such as Aion are stampeding into overseas markets. Thailand is one of the first countries to experience the sudden influx of China's automobile brands, and is confronting how their ambition and competitiveness are reshaping its car industry. The arrival of China EV Inc. is evident everywhere in Thailand. Billboards are blanketed with advertisements for Chinese cars. Land prices are soaring because so many Chinese firms are building car factories. The fast changes in the Thai auto market also show how Chinese companies are leaping ahead of their global rivals in Japan, which has shunned EVs, and the United States, where Tesla dominates the sector. Last year, sales of popular Japanese brands such as Nissan, and Mitsubishi plummeted as consumers bought new electric cars from Chinese manufacturers instead. Dealers that had worked with Japanese and American automakers for decades were now turning over showrooms to make way for Chinese vehicles. Amid an increasingly crowded field, Chinese brands are slashing prices on . The overseas push is the next phase in Beijing's long-term strategy to focus on new energy vehicles and upend the balance of power in the automobile industry. After years of government support for the sector, Chinese manufacturers are adept at mass-producing electric vehicles. They have established dependable supply chains, while working out the kinks to reduce prices. That international push has been met with tariffs in two major auto markets to prevent a glut of Chinese vehicles from crushing homegrown competitors. Last month, the European Union said it would impose tariffs of up to 38% on electric vehicles imported from China into the bloc. A month earlier, the United States quadrupled tariffs on EVs built in China. Thailand is small by comparison, but it is the biggest market in Southeast Asia. Known as the "Detroit of Asia," it serves as a regional manufacturing hub. Its proximity and strong trade ties to China also allow Chinese cars to be imported quickly and inexpensively. "It's a beachhead market," said
of Asia," it serves as a regional manufacturing hub. Its proximity and strong trade ties to China also allow Chinese cars to be imported quickly and inexpensively. "It's a beachhead market," said Tu Le, a managing director of the consultancy Sino Auto Insights. "It suits a lot of Chinese brands because of the lower price point." In a market once considered a Japanese stronghold, a changing of the guard is already happening. Japanese automobile brands accounted for 86% of new car sales in 2022. That figure dropped to 75% last year, with China's , Great Wall Motor and SAIC Motor grabbing significant market share. In 2021, Thailand said it wanted electric vehicles to account for 30% of its automobile production by the end of the decade, an ambitious goal that seems unattainable without Chinese companies. Its government also put in place subsidies and tax breaks to spur demand. A weak Thai economy has contributed to a significant decline in overall car sales this year. Electric vehicle sales have slowed a lot but are still up 50% over last year. Chinese automakers have responded by cutting prices, leaving some competitors worried about a race to the bottom. Chong Baoyu, general manager of Great Wall Motor in the Thailand unit, said an all-out price war would "kill the industry" because customers would hold off on buying a vehicle, expecting prices to fall further. "The price cut is a short-term solution but not long-term," he said. Four years ago, Great Wall Motor acquired General Motors' factories as part of a retreat by the American carmaker. In May, with the EU tariffs on China looming, Great Wall Motor announced that it would close its regional headquarters in Munich, citing an "increasingly challenging European electric vehicle market." The company plans to continue operating in Europe, Chong said, but the prospect of tariffs makes Thailand an even more important market for Chinese brands. Six Chinese electric vehicle companies are already selling cars in Thailand, and three more entrants are coming this year. BYD, Aion, Great Wall, Hozon Auto's Neta and Chery are among those that have opened or are building factories in Thailand. "When the Chinese see an opportunity, they just go," Wirat Tatsaringkansakul, deputy secretary-general of the Thailand Board of Investment, said at an automotive conference for Chinese suppliers last month. Japan's dominance over Thailand's automotive industry dates to the 1960s when Nissan Motor and its local partner, Siam Motors, opened the country's first car factory. Japan's support helped establish the Phornprapha family, which owns the privately held Siam Motors, as the first family of Thailand's car industry. But even within the Phornprapha family, alliances are shifting. Pratarnwong Phornprapha and Pratarnporn Phornprapha, the grandchildren of Siam Motors' founder, control Rever Automotive, which is the exclusive distributor for BYD cars in Thailand. BYD, China's leading EV company, competes directly with Siam
the grandchildren of Siam Motors' founder, control Rever Automotive, which is the exclusive distributor for BYD cars in Thailand. BYD, China's leading EV company, competes directly with Siam Motors' longtime partner, Nissan. BYD sold more cars in Thailand than Nissan did last year, even though the Chinese automaker had only three models available. Pratarnwong Phornprapha, who is Rever's chief executive, and Pratarnporn Phornprapha, his sister and vice chief executive, said their company was completely separate from Siam Motors, which is run by their uncle and cousin. This month, BYD said it had acquired a 20% stake in Rever for an undisclosed sum. In less than two years, Rever has opened 110 showrooms across the country, with the goal of another 50 by the end of 2024. Pratarnwong Phornprapha said there had been no tension within the family, because Rever was focused on electric vehicles and Siam Motors made traditional cars. "For now, I don't think there is any conflict," he said. The Phornprapha siblings said one of the biggest challenges they faced was to assuage concerns about the reliability of Chinese automobiles -- especially because Japanese brands are held in high regard. "I'd be lying if I said it wasn't a hurdle when we started," Phornprapha said. "Chinese products, 10 years ago, aren't what we see today." V Group Cars, a dealer network with 44 showrooms, said a majority of its locations sold only Chinese brands. The dealer network stopped working with Suzuki. It converted Mazda, Mitsubishi and Ford Motor showrooms into sales locations for Aion, Neta, Chery's Omoda and Jaecoo brands, and Zeekr. Aion, in its first year in Thailand, has opened 41 showrooms and started production at a new factory this month. It has announced plans to open a plant in Indonesia and start selling its cars in nine countries across Southeast Asia. Last month, Phanthakan Wongsa and his wife bought an Aion Y Plus sport utility vehicle at a showroom in Bangkok. They own a gasoline-powered Suzuki but wanted an energy-efficient car. Wongsa, 35, an engineer, paid around $25,000 after a government subsidy and a 20% price cut. On a recent afternoon at an Aion showroom in the eastern part of Bangkok, the company was offering a $25,000 package for the Y Plus that included an eight-year warranty, installation of a home charger and 12 months of insurance. V Group, the dealer network, had converted the showroom from a Mazda dealership last year. Mazda sales "plummeted in recent years," said Pananya Jira-alongkorn, vice president of V Group. Thai consumers were more interested in electric vehicles, she said, and Mazda had "none to offer." Aion adapted its Chinese cars for the local market, turning up the power of the air conditioning and strengthening the chassis for poor road conditions. On his desk at Aion's offices in a Bangkok high-rise, Ma displayed a miniature model ship that captures the spirit of Chinese automakers prospecting for customers. Written on the ship's
conditions. On his desk at Aion's offices in a Bangkok high-rise, Ma displayed a miniature model ship that captures the spirit of Chinese automakers prospecting for customers. Written on the ship's sails is a Chinese phrase: "Ride the wind, cleave the waves and return with a full load."
Apollo Global set to invest $125 mn in Hero FinCorp Management has agreed to invest around INR 940 crore ($125 million) of growth capital to buy into , the lending arm of the , said people aware of the development. This is part of a larger INR 2,000-crore capital raising exercise from existing and new investors. The country's largest two-wheeler maker Hero MotoCorp last month said its board has approved investing up to INR 700 crore in the . Apollo’s investment is linked to certain financial parameters and values the lender at around INR 12,000 crore ($1.6 billion), post money. The board approval came earlier in the week, the officials mentioned above added. The company last raised equity funding in the financial year 2019-20 when existing investors invested over INR 1,074 crore. That round valued the company at around $1.3 billion. Apollo will end up owning a 9%-11% stake in the NBFC on a fully diluted basis and have a board seat. Other than flagship Hero MotoCorp that owns 40% of the company, the Munjal family, the promoters of Hero MotoCorp also have substantial shareholding in Hero Fincorp of 30-35%. The other shareholders including ChrysCapital, Credit Suisse and Apis Partners as well as dealers of Hero MotoCorp, continue. Apollo declined to comment. Mails sent to Abhimanyu Munjal, CEO, HeroFinCorp did not generate a response. ET in its June 25 edition reported the company is planning a fund raise and is in talks with PE investors like Apollo. Hero Fincorp was originally known as Hero Finlease. The company has been in existence for almost three decades. It was initially engaged in suppliers of Hero Honda. The company assumed its current form after the restructuring of Hero Honda Motors in 2011 which led to the exit of Honda as the company’s joint venture partner. After 2013, Hero Fincorp forayed into financing of two wheelers and expanded in the SME and corporate financing segment. It also obtained a housing finance business licence in 2017. The company has a current loan book of around INR 28,000 crore which is between the retail (50%) and SME (30%) corporate loan (20%) segments. It had a capital adequacy ratio of 19%, well above prescribed regulatory limits, for the financial year ended 2020-21 and this fundraise will strengthen their balance sheet further. Hero Fincorp posted consolidated revenue of INR. 4330 crore in the financial year ended 2020-21. It reported net profit of Rs 52 crore in FY21. The company’s housing finance arm is a 100% subsidiary, with revenues over INR 2400 crore and break-even profitability. The networth of Hero Fincorp was last reported at INR 4750 crore and the company is rated AA+. The company rides on a network of 858 Hero Motocorp dealerships where it offers two wheeler loans. The company’s financial services are available at over 4000 touch points across 1900 cities, towns and villages, according to details in its annual report. It has 3.1 million retail customers. The non-retail business is present in 50
available at over 4000 touch points across 1900 cities, towns and villages, according to details in its annual report. It has 3.1 million retail customers. The non-retail business is present in 50 locations. This will be the third investment from Apollo in India in recent times. In 2021, they invested $100 million into JSW Cement and $500 million into Piramal Finance’s AIF. Apollo’s team is led by Utsav Baijal who oversees their private equity and credit businesses and Nipun Sahni who leads their real estate practice. Apollo recently announced its merger with insurer Athene and has become more active in Asia. Also Read:
Popular pickups fail the IIHS seat belt reminder test New Delhi: are falling short when it comes to effective seat belt reminders. Out of 10 recently evaluated by the Insurance Institute for Highway Safety, only one — the crew cab — earns a good rating, while five are rated poor. “National belt use observations show that people driving or riding in pickups are less likely to buckle up than occupants of other vehicles, so effective reminders are especially important for these vehicles,” said President David Harkey. Nearly a third of pickup occupant deaths in 2020 occurred in rollover crashes, in which seat belt use plays a key role because of the risk of an ejection, reports IIHS. IIHS launched a new rating program in March to encourage manufacturers to improve their seat belt reminders. Federal standards specify that seat belt reminders must include an audible signal that lasts for 4-8 seconds total and a visual alert that lasts at least 60 seconds when the driver’s seat belt is unbuckled at ignition. However, previous IIHS research has shown that more noticeable and persistent alerts could increase belt use among those who do not routinely buckle up by as much as 34 percent, preventing around 1,500 fatalities a year. “This is a solvable problem,” Harkey added. According to IIHS, to earn a good rating from IIHS, a seat belt reminder system must generate an audible signal and visual alert on the dashboard display, overhead panel, or center console when the vehicle is moving at least 6 mph and the system detects an unbelted occupant in the driver or passenger seat or the unfastening of a second-row belt that was previously buckled. Along with other specifications, the audible alert must be loud enough to be heard over the background noise in the vehicle cabin and last at least 90 seconds. A visual indicator must show second-row belt use when the driver starts the vehicle, and an audible and visual reminder lasting at least 30 seconds is required when a fastened second-row belt is unbuckled. Of the pickups evaluated — all crew cab versions — only the Tundra meets all those requirements, IIHS stated. Two small pickups, the Hyundai Santa Cruz and Nissan Frontier satisfy the requirements for the front row but only earn an acceptable rating because neither vehicle features a second-row reminder. Five of the 10 vehicles tested are rated poor: the , , , and . Most of these pickups have front-row reminders that are loud enough, but all are shorter than 8 seconds in duration — the minimum length needed for a marginal rating added IIHS. The Ram 1500 and Toyota Tacoma each earn marginal ratings. Both vehicles meet the volume and frequency requirements for the front-row belt reminder. However, at only 30 seconds in duration, Tacoma’s reminder is too short. The Ram 1500’s reminder does not begin soon enough when a front occupant is unbuckled at the 25 mph test speed.
Tata Motors bags order for 1,300 CVs from VRL Logistics New Delhi: , , on Thursday bagged an order for 1,300 commercial vehicles from Limited. The order comprises vehicles from Tata Motors’ Medium & Heavy Commercial Vehicle and Intermediate & Light Commercial Vehicle range, suited for logistics operations of the company, across India, the automaker said in a release. The vehicles were selected based on the superior drivability, high fuel efficiency and low total cost of ownership, which will enable VRL Logistics to increase its fleet efficiency. Rajesh Kaul, vice president, Sales & Marketing, Commercial Vehicle Business Unit, Tata Motors, said, “We are delighted to secure the prestigious order for 1300 vehicles from VRL Logistics ltd. I’m confident that our vehicles will bring great value to their operations. We, at Tata Motors, endeavour to engineer our vehicles to offer the lowest total cost of ownership and our widest service network will ensure best-in-the-industry service support in all corners of the country. We look forward to a fruitful partnership with VRL Logistics ltd. and will offer the best support for their seamless operations.” According to the company, are designed and engineered on the ‘Power of 6’ philosophy, which delivers best-in-class driveability, total cost of operations, comfort and convenience, and connectivity. The range comes with the standard fitment of Fleet Edge – Tata Motors’ next-gen digital solution for optimal fleet management, to further increase the uptime and reduce the total cost of ownership. Tata Motors also offers its flagship initiative, Sampoorna Seva, a bouquet of service offerings including Repair Time Assurance, Breakdown Assistance, Insurance and Accidental Repair Time, Extended Warranty, and other add-on services for vehicle maintenance and upkeep. Also Read:
ONGC weighs raising stakes in Russian oil despite Shell snub is weighing the options of placing more bids for Western companies' stakes in multiple Russian oil and gas fields even as its first bid for 's 50% stake in in has not been accepted, people familiar with the matter said. "The war will not last forever, nor will the sanctions. We must move to secure our energy supplies," said one of these persons. "We understand the risk and we are willing to take the risk." The company is evaluating the option to bid for Shell's 27.5% interest in the Sakhalin-II oil and gas project and ExxonMobil's 30% stake in the Sakhalin-I project, looking to acquire energy assets cheap as western oil companies exit Russia in the wake of the Ukraine invasion, they said. These bids are still being discussed and have not yet been considered by the board of the company. ONGC, Bharat Petroleum, , and have also held preliminary discussions among themselves to evaluate buying BP's 20% stake in Russian energy giant Rosneft, they said. ONGC had Proposed Future Oil Revenues to Shell ONGC is learnt to have made an offer to purchase Shell's stake in Salym, a joint venture with Russia's Gazprom Neft, which is developing the Salym fields in western Siberia. But Shell is said to have conveyed to ONGC that it can't accept the latter's offer. ONGC's offer didn't involve any immediate cash payment to Shell. Instead, ONGC had proposed future oil revenues to Shell from the Salym fields, sources said. Salym produces 17,000 barrels of oil per day and 274 million cubic meters of associated gas in a year. It couldn't be ascertained if ONGC is willing to make an improved offer for the Salym stake. In their bids for Russian assets, Indian companies are likely to face competition from China and firms based elsewhere. ONGC, , Indian Oil, and Oil India didn't respond to queries. Shell said it doesn't comment on acquisitions or divestment. Western oil companies BP, Shell, and ExxonMobil announced their intention to exit the Russian oil and gas sector soon after its forces invaded Ukraine. The West has sought to isolate Moscow and stop countries, including India, from buying Russian oil. India continues to buy oil from Russia and hopes to lock in some good upstream assets there at a cheaper rate as Western majors offload investments. ONGC has a 20% stake in Sakhalin-I, where Exxon, the operator, declared force majeure recently following shipping insurance troubles that have led to production cuts. India has traditionally shared close ties with Russia and has invested billions of dollars in various Russian oil and gas fields that until a few months ago were seen as much less risky than other investment destinations such as Africa or Latin America. The Russian energy sector hasn't been sanctioned by the West thus far and some Russian lenders are still part of the SWIFT payment system, enabling buyers to source crude and pay for it through regular banking channels. "Buying Russian crude is one thing.
West thus far and some Russian lenders are still part of the SWIFT payment system, enabling buyers to source crude and pay for it through regular banking channels. "Buying Russian crude is one thing. In case of sanctions intensifying, you could wind it back in just a couple of months. But investing in upstream could have deeper repercussions, including tougher reactions from the West," said another source, highlighting the risks involved in buying Russian assets now. Indian investments have suffered in Iran and Venezuela due to US sanctions. Sanctions have primarily prevented ONGC from developing a prolific discovery it made in Iran more than a decade ago. The company has also been unable to repatriate dividends from its oilfields in Venezuela due to sanctions. The departure of oil majors also means an erosion in capabilities for Russian projects. "Western companies brought in a lot of technical competence to Russian projects and their departure might impact the progress of projects," said another person. "Without them, it might be challenging to maintain efficiency in some of the projects located in harsh geographical conditions."
Tesla shares suffer New Year's hangover on demand worries, delivery issues shares kicked off 2023 with a thud, plunging more than 12% on Tuesday on growing worries about weakening demand and logistical problems that have hampered deliveries for the world's most valuable automaker. Once worth more than $1 trillion, lost more than 65% in market value in a tumultuous 2022 that saw it increasingly challenged by other automakers and face production issues stemming from COVID lockdowns in China. Tuesday's slide knocked off nearly $50 billion in market value, roughly equal to the valuation of rival , which last year sold three times as many cars as Tesla. The sell-off came after Tesla missed market expectations for fourth-quarter deliveries despite shipping a record number of vehicles. "Tesla, as it has grown is now entering a phase of still solid but slower growth," Morningstar analyst Seth Goldstein said. Being a major auto producer, it "is likely to feel more of an impact from an economic slowdown", he added. Several Wall Street analysts said they expected more pressure on the stock in the coming months from increasing competition and weaker global demand. Global automakers have in the past few months battled a demand downturn in China, the world's top auto market where the spread of COVID-19 has hit economic growth and consumer spending. Tesla is offering hefty discounts there and a subsidy for insurance costs. At least four brokerages cut their price targets and earnings estimates on Tuesday, pointing to the deliveries miss and Tesla's decision to offer more incentives to boost demand in China and the United States, the two largest global auto markets. The company's stock was the worst performer on the benchmark S&P 500 index on Tuesday as it fell as low as $104.64 a share - the lowest since August 2020. More than 220 million shares exchanged hands during regular trading hours. The electric-vehicle maker's performance in 2022 was among the worst on the S&P 500 index. "You have so many things working against the stock. One obviously is 's involvement in Twitter," said Dennis Dick, market structure analyst and trader at Triple D Trading. Tesla's market value has declined by about $370 billion since Chief Executive closed the deal to buy social media firm Twitter. Some of that drop has come from his share sale to fund the $44 billion deal, while the stock also declined due to worries among investors that Musk has been distracted by the social media company. At a value of about $341 billion, Tesla is still the world's most valuable automaker, even though its production is a fraction of rivals such as Toyota Motor Corp. Tesla delivered 405,278 vehicles in the fourth quarter, short of analysts' estimates of 431,117. For all of 2022, its deliveries rose by 40%, missing Musk's 50% annual target. The result "came at the cost of higher incentives, suggesting lower pricing and margin," brokerage J.P.Morgan said in a note, lowering its price target by $25 to
missing Musk's 50% annual target. The result "came at the cost of higher incentives, suggesting lower pricing and margin," brokerage J.P.Morgan said in a note, lowering its price target by $25 to $125. The median price target of 41 analysts on the stock was $250, more than double the current price, according to Refinitiv data. The lowest price is $85, from Roth Capital Partners. The shortfall highlighted the logistics hurdles facing the company which is known for its end-of-quarter delivery rush. The gap between production and deliveries has widened to 34,000 vehicles as more cars got stuck in transit. The automaker plans to run a reduced production schedule in January at its Shanghai plant, extending the lowered output it began in December into 2023, Reuters reported. Also Read:
Hardeep Puri hails ONGC's highest-ever share surge New Delhi: Union Minister for Petroleum and Gas, Hardeep Singh Puri, on Tuesday hailed the new achievement by the public sector upstream giant Oil and Natural Gas Corporation ( ) as its shares touched a record new high. ONGC's share price surged past INR 323 apiece with a 5.18 per cent intraday gain on Monday, propelling its market capitalisation to INR 4.06 lakh crore. "Congratulations to ONGC for this milestone achievement. The surge in the share prices -- the highest ever in ONGC's history -- is similar to share price performance across ," Minister Puri posted on X social media platform. On Tuesday, the ONGC stock was trading at INR 325 apiece, even higher than Monday's close. ONGC is now the 15th most valuable listed company in the country and the third most valued PSU after the State Bank of India and the Life Insurance Corporation of India. The Union Minister said that Prime Minister 's guidance, leadership and timely decisions "have transformed our PSUs into confident and professional global energy leaders". ONGC to start gas production soon from the eastern offshore : Last month, Minister Puri said that ONGC will start gas production from its eastern offshore deep-water field in the Krishna-Godavari block 'KG-DWN-98/2' soon. ONGC has floated a tender to get an international tech partner, said the minister, adding that oil production will increase to 45,000 barrels per day very soon. The combined profit of the public sector oil marketing companies for FY 2023-24 stood at INR 86,000 crore, over 25 times higher than the extraordinarily difficult previous fiscal year. The government last month reduced the windfall tax on petroleum crude to INR 3,250 per metric tonne from INR 5,200, as prices of crude oil have declined in the international market compared to the previous fortnight. Upstream oil exploration and production companies ONGC and Oil India Ltd will benefit from the announcement as they have to pay the windfall tax on their crude oil output.
Electric vehicles offer INR 3 lakh crore opportunity for India: CRISIL Electric vehicles (EVs) present an opportunity of almost INR 3 lakh crore for various stakeholders in India in the five years through fiscal 2026, says an analysis by CRISIL. The opportunity includes potential revenue of about INR 1.5 lakh crore across vehicle segments for original equipment manufacturers (OEMs) and component manufacturers, and INR 90,000 crore in the form of disbursements for vehicle financiers. Shared mobility and insurance account for the balance, the agency said in a press release. The rating agency said that EV adoption continues to surge as more people shift from internal combustion engine (ICE) vehicles. Data on the Vahan portal shows that the share of electric three-wheelers (3Ws) increased to almost 5% of 3Ws registered in fiscal 2022 from less than 1% in fiscal 2018. For electric two-wheelers (2Ws) and buses, the percentages rose to almost 2% and 4%, respectively. The shift is not limited to large cities either. Smaller towns are also entering the fray, driven by the government’s fiscal and non-fiscal measures. As per Vahan statistics, the contribution of the top 10 districts in nationwide sales of electric cars and 3Ws dropped from 55%-60% in fiscal 2021 to 25%-30% in fiscal 2022. For 2Ws, the percentage declined from 40%-45% to 15%-20%, CRISIL said. Drivers of EV adoption The drivers of EV adoption are the rising fuel prices and higher cost of ICE vehicles that impact their affordability. Government support for EVs is also playing a big role. Central schemes such as Faster Adoption and Manufacturing of Hybrid and Electric Vehicles in India (FAME-India), Phased Manufacturing Plan, and Production Linked Incentive have jump-started the country’s EV journey. Startups with new-age business models as well as OEMs with an established business have evinced interest in manufacturing EVs. Many state governments have also provided demand incentives, and capital assistance for setting up greenfield manufacturing plants, CRISIL added. In addition, CRISIL’s analysis of the total cost of ownership suggests electric 2Ws and 3Ws attained parity with ICE vehicles last fiscal even when running a mere 6,000 km and 20,000 km, respectively, annually. By 2026, the analysis indicates, adoption of 2Ws and 3Ws will rise even without subsidy, due to parity of ownership cost with ICE vehicles. Hemal Thakkar, director, CRISIL Limited, said, “Considering the improving cost parity and the government’s focus on electrification of vehicles, we should not be surprised if EV penetration reaches 15% in 2Ws, 25%-30% in 3Ws, and 5% in cars and buses by fiscal 2026 in terms of vehicle sales.” New trends Several new trends and business models are expected to emerge as all that growth materialises. Battery-as-a-service and public charging stations, for one, typically has a pay-per-use model and aims to reduce the initial outgo of the customer, improve viability, address range anxiety and,
Battery-as-a-service and public charging stations, for one, typically has a pay-per-use model and aims to reduce the initial outgo of the customer, improve viability, address range anxiety and, in turn, increase asset utilisation. Mobility-as-a-service is yet another new trend. It focuses on shared mobility by linking operations with charging infrastructure. Here, too, the vehicle and charging infrastructure are deployed on a pay-per-use model. Then there is micro-mobility, which provides last-mile distribution of cargo by way of micro-rental of electric 2Ws and 3Ws, operating on a self-drive rental model. The model is asset-light and based on open-source operations, where the user can hire and deploy vehicles. Jagannarayan Padmanabhan, director, CRISIL Limited, said, “In sum, the emergence of EVs is an opportunity for both the present and new industry participants to innovate and capitalise on the quickly evolving passenger and cargo mobility. To address the ecosystem challenges of the EV industry, the government is considering rolling out a structured battery swapping policy. Such facilitations will go a long way in realising the EV potential. In addition, improvement in availability of finance will push EV adoption.”
Zuno General Insurance introduces EV add-on cover New Delhi: Wednesday announced the launch of an innovative Electric Vehicle (EV) add-on cover, said to be a first-of-its-kind in the insurance industry. This offering is specially designed to provide comprehensive protection for electric vehicles and cater to their unique needs. The future of mobility is electric, and Zuno is committed to providing innovative insurance solutions that empower EV owners with peace of mind and comprehensive protection. Recognizing the distinctive characteristics of electric vehicles, Zuno has developed a range of industry-first that will help reimagine the landscape of motor insurance, the company said in a press release. Zuno General Insurance’s EV add-on covers are designed to complement its standard private car policies and cater specifically to the unique needs of electric and hybrid vehicles. With various first of its kind policy features, the EV Add-On Cover includes three essential components to ensure EV owners have a robust and tailored insurance coverage: : Extending coverage to include charging cables, connectors, adapters, and all standard charging accessories for protection against accidental damage and theft. Comprehensive coverage for privately-owned charging stations solely used for charging insured vehicles, safeguarding them against fire, theft, and accidental damage – another industry-first. Personal accident cover: Customers will have the choice to add personal accident coverage for cases of injury or death resulting from a fire, blast, or short circuit at their private charging station while charging the insured vehicle. Battery coverage: Provide coverage for loss or damage to your insured vehicle caused by fire, self-ignition, or short circuit while it's either charging its battery or parked at a charging station. Battery Protection in case of consequential loss to battery or parts of battery due to water ingression due to insured peril/Short circuit. , MD & CEO, Zuno General Insurance, said, "The introduction of the EV Add-On cover is in line with our strategic objective to build an EV based motor insurance portfolio. Our Electric Vehicle Add-On Insurance Cover marks a significant step in this direction, introducing industry-first features designed to cater to the unique requirements of electric vehicle owners.” "With customers increasingly interested in purchasing electric vehicles, this shift in mindset will bring about a dramatic change in the industry. Our goal is to support this transition by offering innovative, industry-first add-ons. These offerings will not only encourage more people to confidently embrace electric vehicles but will also contribute to widespread EV adoption, redefine insurance practices, and simplify our customers' experiences,” she added.
Mazda North America launches 2023 CX-5 SUVs in 8 packages Delhi: North American Operations recently announced pricing and packaging for the 2023 CX-5 – the brand's best-selling vehicle in the US. According to the automaker, the 2023 will be available in eight packages. For 2023, the CX-5 is available with an all-new Rhodium White exterior premium paint color, complementing Mazda's Kodo design. As with all of Mazda's , all 2023 CX-5 models will retain standard i-Activ all-wheel drive in the U.S. when they arrive in dealerships nationwide this fall. Mazda believes that colour is a critical part of vehicle design. It accentuates the vehicle's dynamic and delicate expression while complimenting the Kodo - Soul of Motion – design theme, something Mazda takes great pride in offering its customers. The critically acclaimed CX-5 has received several safety awards including the Insurance Institute for Highway Safety (IIHS) TOP SAFETY PICK+. The CX-5 was the first vehicle to earn a Good rating in IIHS's new, tougher side impact test. CX-5 2.5 S: T he CX-5 2.5 S features Mazda's Skyactiv-G 2.5-liter, four-cylinder naturally aspirated engine with cylinder deactivation. This efficient powertrain delivers up to 187 horsepower and 186 lb-ft of torque with either regular 87 octanes or premium 93 octane fuel and is paired with a quick-shifting six-speed automatic transmission with manual mode and sport mode. All CX-5 models will continue to be equipped with G-Vectoring Control Plus and the i-Activ AWD system as standard. Additional features include automatic on/off LED headlights with High Beam Control, rear roof spoiler, roof-mounted shark fin antenna, and automatic rain-sensing windshield wipers. CX-5 2.5 S Select: Moving up to the CX-5 2.5 S Select package adds more conveniences for the owner such as auto-leveling headlights, rear privacy glass, dual-zone automatic climate control, black or silk beige leatherette seats, and Mazda Advanced Keyless Entry. The front seats are upgraded with three-level heating, while the driver's seat has six-way power adjustability, and the passenger has six-way manual adjustability. All occupants will enjoy the six-speaker sound system with rear passengers benefiting from rear air conditioning vents, rear seat center armrest, and two easily accessible USB ports. CX-5 2.5 S Preferred: The CX-5 2.5 S Preferred package adds a power moonroof and inside are black or silk beige leather seats with both driver and passenger power adjustability in eight-way and six-way, respectively. The driver's seat also includes two-position memory. Auto-dimming rearview mirrors with Homelink are also added to this package. CX-5 2.5 S Carbon edition: The 2023 CX-5 2.5 S Carbon Edition continues to offer exclusive styling with Polymetal Gray exterior paint colour and an option between black leather with red stitching or red leather interior. Carbon Edition also features black metallic 19-inch aluminium alloy wheels with matching gloss black side
paint colour and an option between black leather with red stitching or red leather interior. Carbon Edition also features black metallic 19-inch aluminium alloy wheels with matching gloss black side mirrors and front signature wing. The leather-wrapped steering wheel and shifter have red stitching that is complemented with gloss black instrument panel and door trim styling. CX-5 2.5 S Premium: For the CX-5 2.5 S Premium package, Mazda Intelligent Drive Select (Mi-Drive) is added. Mi-Drive enables drivers to select the most appropriate drive mode with a simple switch, offering greater control over the driving experience in a wide variety of conditions. The CX-5 features Normal, Off-Road, and Sport Modes. This model also adds LED daytime running lights and combination tail lights along with a black metallic finish with machine-cut 19-inch aluminium alloy wheels, an Adaptive Front-lighting System, dual heated door mirrors, and a seven-inch LCD multi-information meter display and paddle shifters. CX-5 2.5 S Premium plus: The CX-5 2.5 S Premium Plus package adds a full-color windshield-projected Active Driving Display with available Traffic Sign Recognition with the optional Mazda Navigation System accessory installed, ventilated front seats, heated steering wheel, three-level heated rear seats, windshield wiper de-icer, and automatic power-folding door mirrors. Building off the CX-5 2.5 S Premium package, this model also adds a Bose 10-speaker premium audio system with SiriusXM satellite radio complete with a three-month trial. Additionally, this package includes a power rear liftgate with programable height adjustment based on customer needs. CX-5 2.5 Turbo: The CX-5 2.5 Turbo provides performance-minded customers with a powerful, sporty crossover option. The Skyactiv-G 2.5 Turbo engine delivers 256 horsepower and 320 lb-ft of torque with premium 93 octane fuel. On regular, 87 octane fuel, the engine will provide 227 horsepower and 310 lb-ft of torque, enough to put a smile on any enthusiast's face. The exterior features sleek finishes throughout to support an athletic look with a gloss black front grille, signature wing, door mirrors, lower bumper, wheel arches, and rocker molding. Completing the theme are black metallic finish 19-inch aluminum alloy wheels. The interior features black or parchment leather seats that feature red accents and stitching on the instrument panel, door trim, leather-wrapped steering wheel, and shifter that supports a sporty atmosphere through the cabin. All CX-5 Turbo models include a wireless phone charger. CX-5 2.5 Turbo signature: Elevating to the CX-5 2.5 Turbo Signature perfectly blends premium style and sporty performance. The cladding on the exterior of this model adopts the same unified color scheme as the rest of the body and is contrasted by bright silver finish 19-inch aluminum alloy wheels with a matching front grille and signature wing. The interior is appointed with premium quality materials such as
of the body and is contrasted by bright silver finish 19-inch aluminum alloy wheels with a matching front grille and signature wing. The interior is appointed with premium quality materials such as Caturra Brown Nappa leather and genuine woodgrain. The bright silver finish is also found throughout, which is highlighted by LED interior lighting and ambient foot illumination. The black headliner and unique steering wheel are among other sophisticated styling found in the cabin of the CX-5 2.5 Turbo Signature. The Mazda Navigation System is installed in this model, allowing the Active Driving Display to include Traffic Sign Recognition. Owners can also benefit from the complementary three-year SiriusXM Traffic & Travel Link subscription that provides current information on traffic, weather, sports scores, fuel prices, and nearby parking, which are all very useful features to use in the city. Finally, this model is fully equipped with Mazda's latest i-Activsense safety features which add the 360° View Monitor with front and rear parking sensors, Rear Smart City Brake Support, Traffic Jam Assist, and Driver Attention Alert. Also Read:
RBI bond auction of about Rs 23,000 crore finally sails through MUMBAI: About Rs 23,000 crore of scheduled federal borrowing through was garnered without any hiccups this week on investor optimism that New Delhi will raise more than Rs 50,000 crore by selling a minuscule portion of its stock in the initial public offering ( ) of India’s biggest insurer. “The central bank’s auction cancellation earlier had surprised market participants,” said Madan Sabnavis, chief economist at Bank of Baroda. “This time around, the auction went unhindered, reflecting the need for funds. Amid the ongoing geopolitical crisis, the government may be looking to be better equipped financially ahead of the targeted disinvestments.” Earlier this month, the ( ) cancelled two auctions, due on February 11 and February 18, respectively, for up to Rs 48,000 crore of bonds, citing the government’s (favourable) cash balance. North Block is aiming to divest about 5 percent in the Life Insurance Corporation, which is expected to launch its IPO by March end. Mint Road Friday accepted all bids for three sets of sovereign papers. The benchmark bond formed more than half of the total auction size. The central bank received more than double the bids for the series at Rs 13,000 crore. The cut-off yield above which none can be allotted securities was 6.776 percent, about three basis points higher than the secondary market level that yielded 6.75 percent Friday. One basis point is 0.01%. “The rise in yields is no more exclusive to India but a global phenomenon,” Gurumurthy R K, head – treasury at Dhanlaxmi Bank. “We won’t be surprised if the government announces one or two more auctions before the financial year ends. With Russia-Ukraine war clouding prospects of the equity market, the government will likely drive efforts to tighten its financial strength.” Better finances should also boost the prospects of the LIC IPO, billed as India’s biggest to date. “This in turn would be helpful to sell the prestigious IPO for the country’s insurance behemoth,” he said. Two other sets of papers were included in the auction. While the bonds maturing in 2061 obtained bids three times higher than the actual size at Rs 6,000 crore, a floating rate series maturing in 2028 fetched nearly three times higher subscription bids than the slated size of Rs 4,000 crore. In between, RBI Friday revised Treasury Bill auction target. It will now aim to sell Rs 1.86 lakh crore worth of shorter duration sovereign papers between March 2 - 30 this fiscal, which is higher by Rs 60,000 crore from its December estimate. “The likelihood of higher yields may have prompted the RBI to cancel auctions earlier,” said a fund manager from an insurance company. “The government wants to ensure a smooth sailing for the LIC IPO, for which it decided to retain the auction even at relatively higher yields,” the person said. On Friday, the BSE Sensex recouped nearly half its losses logged a day earlier, when Russia began its military
it decided to retain the auction even at relatively higher yields,” the person said. On Friday, the BSE Sensex recouped nearly half its losses logged a day earlier, when Russia began its military operations across the Ukraine frontier. Also Read:
RBI Governor-headed FSDC sub-committee reviews economic situation Mumbai: The sub-committee headed by Reserve Bank Governor on Thursday reviewed the economic situation in the backdrop of the COVID-19 pandemic and resolved to keep a close watch on the unfolding developments with a view to ensure financial stability. The meeting of the Financial Stability and Development Council (FSDC) Sub-Committee (FSDC-SC) was held via video conferencing and attended by all financial sector regulators including SEBI, IRDAI, PFRDA and IBBI. "The members resolved to maintain a close watch on the unfolding developments and act proactively to ensure that financial institutions and financial markets remain resilient amidst the challenges posed by the resurgence of the pandemic," the RBI said in a release. The sub-committee reviewed the major developments in the global and domestic economy as well as in various segments of the financial system and discussed the assessments of members about the scenario emerging from the third wave of the pandemic. Among others, it discussed various inter-regulatory issues and matters relating to the use of Aadhaar-based e-KYC and Aadhaar Enabled Payment System by regulated entities. It also reviewed the activities of various technical groups under its purview and the functioning of State Level Coordination Committees (SLCCs) in various states and Union Territories. The meeting was attended T V Somanathan, Finance Secretary and Secretary, Department of Expenditure; Ajay Seth, Secretary, Department of Economic Affairs; Tarun Bajaj, Secretary, Department of Revenue; Rajesh Verma, Secretary, Ministry of Corporate Affairs; Ajay Prakash Sawhney, Secretary, Ministry of Electronics and Information Technology; and Shashank Saksena, Secretary, Financial Stability and Development Council. Other members of the Sub-Committee, including Ajay Tyagi, Chairman, Securities and Exchange Board of India (SEBI) and Supratim Bandyopadhyay, Chairman, Pension Fund Regulatory and Development Authority (PFRDA), also attended the meeting. Besides, RBI deputy governors Michael Debabrata Patra and T Rabi Sankar; and executive directors O P Mall, J K Dash and Rohit Jain participated in the meeting. Vandita Kaul, Additional Secretary represented the Department of Financial Services; T Alamelu, Whole Time Member, Insurance Regulatory and Development Authority of India (IRDAI) and Navrang Saini, Chairman (Additional Charge), Insolvency and Bankruptcy Board of India (IBBI) attended the meeting on behalf of their respective institutions. Also Read:
Maharashtra govt to form corporation for auto, taxi drivers and owners Maharashtra Chief Minister Eknath Shinde on Tuesday announced a corporation for the welfare of autorickshaw and and owners, which will offer them insurance and gratuity benefits. Addressing a gathering, Shinde said the state government will form the Maharashtra Autorickshaw and Taxi Drivers Owners Welfare Corporation. "The corporation will focus on all autorickshaw and taxi drivers in the state to provide them financial assistance and gratuity benefits," he said. Registered members will receive INR 50,000 in case of accidents, he said, adding that a detailed policy will be formulated soon. The corporation will also provide scholarships to children of registered members and assistance for those who wish to pursue higher education. The state government will also offer support through the skill development department, he said. "Additionally, retired taxi and drivers above 60 will receive gratuity. A corpus fund will be created, with contributions from the departments of industries and transport and the government," Shinde said. To avail of the gratuity benefits, drivers will have to contribute INR 300 annually till the age of 60, he said. Shinde said the decision sets a new precedent, as no previous government has undertaken it. The chief minister also spoke about the self-employment scheme by the state Industries department, which offers a 35% subsidy. Chief Minister Shinde also highlighted job opportunities in Germany, citing four lakh vacancies for drivers with a monthly salary of INR 3 lakh. He said eligible candidates for heavy and passenger vehicles can apply for these positions, as the state has signed a memorandum of understanding with the German government.
Ships get older and slower as emissions rules bite LONDON: If is the beating heart of , its pulse is about to get slower. Faced with uncertainty about which fuels to use in the long term to cut greenhouse gas emissions, many shipping firms are sticking with ageing fleets, but older vessels may soon have to start sailing slower to comply with new environmental rules. From next year, the (IMO) requires all to calculate their annual carbon intensity based on a vessel's emissions for the it carries - and show that it is progressively coming down. While older ships can be retrofitted with devices to lower emissions, analysts say the quickest fix is just to go slower, with a 10% drop in cruising speeds slashing fuel usage by almost 30%, according to marine sector lender Danish Ship Finance. "They're basically being told to either improve the ship or slow down," said Jan Dieleman, president of , the freight division of commodities trading house Cargill, which leases more than 600 vessels to ferry mainly food and energy products around the world. Supply chains are already strained due to a surge in demand as economies rebound from lockdowns, pandemic disruptions at ports and a lack of new ships. If older vessels move into the slow lane as well, shipping capacity could take another hit at a time when record freight rates are driving up inflation. At the moment, only about 5% of the world's fleet can run on less-polluting alternatives to fuel oil, even though more than 40% of new ship orders will have that option, according to data from shipping analytics firm . But the new orders are not coming in fast enough to halt the trend of an ageing fleet across all three main types of cargo vessels: tankers, container ships and bulk carriers, the data provided to Reuters by Clarksons Research shows. The average age of bulk carriers, which carry loose cargo such as grain and coal, had jumped to 11.4 years by June 2022 from 8.7 five years ago. Container ships now average 14.1 years, up from 11.6, while for tankers the average age was 12 years, up from 10.3 in 2017, according to the data. "Some ship owners have preferred to buy second-hand vessels because of the uncertainties around future fuels," said Stephen Gordon, managing director at Clarksons Research. TALL ORDER Orders for new container ships surged to a record high in 2021 and are still coming in at healthy clip this year, but as the appetite for new tankers and bulk carriers is much lower, the current order book across all three types of vessel only stands at about 10% of the fleet, down from over 50% in 2008. Shipping companies are responsible for about 2.5% of the world's carbon emissions and they are coming under increasing pressure to reduce both air and marine pollution. The industry's emissions rose last year, underlining the scale of the challenge in meeting the IMO's target of halving emissions by 2050 from 2008 levels. The organization is now facing calls to go further and commit to net zero by
year, underlining the scale of the challenge in meeting the IMO's target of halving emissions by 2050 from 2008 levels. The organization is now facing calls to go further and commit to net zero by 2050. Some companies are testing and ordering vessels using alternative fuels such as methanol. Others are developing ships that can be retrofitted for fuels beyond oil, such as hydrogen or ammonia. There's even a return to wind with vast, high-tech sails being tested by companies such as Cargill and Berge Bulk. But many of the potential low-carbon are in the early stages of development with limited commercial application, meaning the majority of new orders are still for vessels powered by fuel oil and other fossil fuels. Of the vessels on order, more than a third, or 741, are set to use liquefied natural gas (LNG), 24 can be driven by methanol and six by hydrogen. Another 180 have some form of hybrid propulsion using batteries, Clarksons data shows. Many shipping firms are hedging their bets mainly because prolonging the life span of vessels is cheaper and lower risk than new builds. They also gain breathing space while waiting for the winning new technologies to become mainstream. "We have a clash between an industry that is very long-term investment oriented and a very fast pace of change," said John Hatley, general manager of market innovation in North America at Finnish marine technology company . Cargill says that as of now it doesn't expect to have many new-build ships in its fleet, instead fitting energy saving devices to older vessels and prolonging their use, while there's still uncertainty about future technology. They're not alone, with more than a fifth of global shipping capacity fitted with such devices, according to Clarksons. Devices include Flettner rotors, tail spinning cylinders that act like a and let ships throttle back when it's windy, or air lubrication systems that save fuel by covering the hull with small bubbles to reduce friction with seawater. While energy saving devices go a long way to tackling emissions, ultimately, newer vessels are a better bet, said Peter Sand, analyst at shipping and air cargo data firm Xeneta. "The next generation of fuel oil ships will be much more carbon efficient, they will be able to transport the same amount of cargo emitting only half of the emissions that they did over a decade ago," he said. THE POSEIDON PRINCIPLES Shipping firms are set to come under growing pressure to comply with targets set by the IMO, which will rate the energy efficiency of ships on a scale of A to E, as the ratings will have a knock-on effect when it comes to finance and insurance. In 2019, a group of banks agreed to consider efforts to cut carbon emissions when lending to shipping companies and established a global framework known as the Poseidon Principles. The Poseidon Principles website shows that 28 banks, which include , Citi, Danske Bank , Societe Generale and Standard Chartered , have committed to being
framework known as the Poseidon Principles. The Poseidon Principles website shows that 28 banks, which include , Citi, Danske Bank , Societe Generale and Standard Chartered , have committed to being consistent with IMO policies when assessing shipping portfolios on environmental grounds. "Lending decisions on second-hand ships are going to become an issue on older tonnage," said Michael Parker, chairman of Citigroup's global shipping, logistics and offshore business, adding that environmental factors would be taken into account when lenders decided whether to refinance vessels. "Second-hand ships will continue to get financing, provided that the owner is doing the right things about keeping that vessel as environmentally efficient as possible," he said. One early adopter of new technology is shipping giant A.P. Moller-Maersk. It has ordered 12 vessels which can run on green methanol produced from sources such as biomass, as well as fuel oil as there is not yet enough low carbon fuel available. The Danish company doesn't intend to use LNG because it is still a fossil fuel and it would prefer to shift directly to a lower carbon alternative. Wartsila, meanwhile, is launching an ammonia-fueled engine next year, which it says is generating a lot of interest from customers, as well as a hydrogen engine in 2025. Ship owners are facing a lot of uncertainty over how to "future proof" their fleets and avoid regretting investment decisions now within a couple of years, said Wartsila's Hatley. "They would rather wait for maybe the whole life of the ship of 20 years, but that's even more uncertain now because of the pace of change."
Ford taps masses of vehicle data to stay ahead in commercial van market 's push to use reams of data generated by its vans and trucks - from engines to oil filters or brake pads - to attract more customers in the European and U.S. plays out on a 9-metre-long (30 ft) screen at its UK headquarters in Dunton east of London. During a recent visit by Reuters, that screen showed real-time data from 114,000 vans in Britain so far covered by Ford's monthly subscription service. Ford employees were focused on the 98.3% of the vans that were in service - and of those, roughly 8% in need of repairs fairly soon or urgently - but concentrated even more so on the 1.7% vehicles out of action. The tracks 4,000 data points via modems it has installed in all since 2019 - and can warn paying customers of engine problems and basics such as brake pad wear, low oil or diesel additives that are cheap to maintain proactively but expensive to fix if not addressed. The automaker has connected all of its UK dealers to its system, so it can arrange repairs and have parts ready for vans before they arrive at a dealership. Ford, which leads the commercial vehicle market in both Europe and the United States, launched the system in 2021. Hans Schep, European head of Ford Pro, the company's commercial vehicle business, said it is already close to hitting long-term targets of increasing vehicle "up time" by up to 60%. Ford estimates that downtime, when a van is out of action, costs an average of 600 pounds (USD 724) daily per van. "This has already been a major game-changer," Schep said. After a successful test run in Britain, Ford is also rolling out the FORDLiive service in mainland Europe and the United States. The automaker has focused more on its profitable Ford Pro business in Europe than lower-margin mass-market . Ford recently announced engineering job cuts in Europe, but is still hiring software experts for its data services. Data is a huge battleground for commercial vehicle makers and competition will only intensify with electric models, which are essentially computers on wheels. Using data to show where vans are, how they consume fuel, how drivers use or misuse them, whether they can skip an oil change, but above all avoiding downtime is becoming as important as the vehicles themselves. There is also an ongoing fight pitting insurers, leasing companies and car repair shops against carmakers in the European Union over access to data and the vast potential revenue it could generate. "We plan to grow our leadership position," said Ted Cannis, chief executive of Ford Pro. "We are going to have many, many more markets that we were not even previously in." EASING THE ELECTRIC JOURNEY Electric vans provide far more data points for Ford and its rivals to work with - including tracking how much range they have left and providing easy, comprehensive charging solutions. Ford's Schep said providing that data is crucial for van fleets because according to the automaker's research,
how much range they have left and providing easy, comprehensive charging solutions. Ford's Schep said providing that data is crucial for van fleets because according to the automaker's research, 60% of its corporate customers "are really worried about the journey to electric." The UK operations of DHL Express, part of the Deutsche Post DHL Group, has 270 electric with firm orders for 120 more, and is signing up for FORDLiive. Fleet director Richard Crook said aside from monitoring those vans' batteries, he wants to tap Ford's predictive maintenance capabilities. "We need to get ahead of things and plan maintenance schedules because the vehicle is actually telling you 'I have a problem,'" Crook said. Ford rival General Motors Co has also rolled out telematics services including "in-vehicle coaching," where a voice nicknamed "Karen in the vehicle" coaches drivers against excessive braking, speeding or other bad habits. Michelle Calloway, director of OnStar Business Solutions at GM, said "Karen" cut fuel use by 30% in 30 days in one customer's fleet. "Those are impactful savings scaled across a large fleet," Calloway said. Starting with 2024 models, GM will provide a range of OnStar data services free for fleet vehicles. Ed Peper, who heads GM's fleet sales, said once customers try those services, they are likely to pay for more. Italian truck, van and bus maker Iveco Group NV has around 150,000 connected vehicles using telematics services and has seen a 30% increase in uptime, plus a "single-digit percent" drop in warranty costs so far, said chief technology officer Marco Liccardo. Liccardo estimates subscription services will generate 40% to 50% of commercial vehicle makers' profits by 2030 and help franchise dealers survive the shift to electric with fewer parts to service. "Data will be the oxygen to do that," Liccardo said.
Citroën India launches E-C3 all-electric at an introductory price of INR 11.5 lakh New Delhi: has launched the All-Electric in four variants: Live at a special introductory price of INR 11.5 lakh, Feel (INR 12.13 lakh), Feel vibe pack(INR 12. 28 lakh), and Feel dual tone vibe pack (INR 12.43 lakh). (Prices, ex-showroom Delhi). This full is from the C-Cubed family of vehicles and is built at its manufacturing facility in Thiruvallur, Tamil Nadu, the company said. Deliveries of the new Citroën E-C3 to the will begin from this month-end through the La Maison Citroën phygital showrooms in 25 cities across the country. They are: New Delhi, Gurgaon, Mumbai, Pune, Ahmedabad, Kolkata, Bangalore, Hyderabad, Kochi, Chennai, Chandigarh, Jaipur, Lucknow, Bhubaneswar, Surat, Nagpur, Vizag, Calicut, Guwahati, Bhopal, Karnal, Dehradun, Rajkot, Mangalore and Coimbatore. All showrooms will be equipped with provided by Jio-bp and will cater to all electric vehicle owners, the company said in a media release Major Indian cities will be covered by its 100% direct online buying – Buy online. Through this direct online initiative customers can order directly from the factory and get doorstep delivery of the new Citroën , the release said. Citroën will also launch connectivity apps like MY CITROËN CONNECT and C-BUDDY on the New E-C3 All-Electric. Available on both iOS and Android, My Citroën Connect hosts 35 smart features including Driving behaviour analysis, Vehicle tracking, Emergency services call, auto crash notification, over-the-air software updates, Usage-based insurance parameters and first in segment 7-year subscription, the release said. For the aftersales network named the L’Atelier Citroën, the company will offer unique services like remote diagnostics and 100% parts availability to assure New Citroën E-C3 All-Electric customers of a stress-free ownership experience. Citroën Service on Wheels will enhance reach and availability for customers covering most common repairs at customer’s doorstep. This represents the Citroën Service Promise that extends “Comfort at Your Fingertips” for customers. Roland Bouchara, CEO & Managing Director, Stellantis India, said, “The launch of the New Citroën E-C3 All-Electric is a key milestone for Stellantis in India. With this launch, Citroën moves from being a newcomer in the ICE passenger vehicle segment to a key player in the electric vehicle segment. Thanks to the engineering and development by our teams and local suppliers on the , we have been able to bring this affordable full BEV within 6 months of the launch of the ICE variant of the New C3 and that is a commendable achievement.” Saurabh Vatsa, Brand Head, Citroën India, said, “We are excited to launch the New Citroën E-C3 All-Electric for the young and progressive customers who will enjoy the Clever, comfort & cool product propositions. The vehicle was developed keeping in mind the Indian audience and their unique needs and preferences. E-C3 delivers a certified
who will enjoy the Clever, comfort & cool product propositions. The vehicle was developed keeping in mind the Indian audience and their unique needs and preferences. E-C3 delivers a certified driving range of 320 km per charge (MIDC cycle), 100% DC fast charging capability, and a plethora of intuitive technology-driven features. With the famed Citroën Advanced Comfort on board combined with an efficient e-powertrain, we are certain that the New Citroën E-C3 All-Electric will meet the expectations of both the private customers’ and the fleet operators." Also Read:
Sumithasri Eranti is the new Chairperson of Schaeffler India board of directors Pune: Leading automotive and industrial supplier has appointed as the new Chairperson of its board of directors. With over 25 years of experience in business leadership, technology, consulting and financial services industry, Ms Eranti brings a wealth of knowledge and experience to her new role, the company said. She has held various roles in technology companies - global service portfolio leadership, , , large account management, business consulting and product development. She possesses multi-cultural experience of living/working in 11 countries including Germany, India, the US, the UK and The Netherlands. Ms Eranti has been an independent director of Schaeffler India Limited Board since 2020. She is also the chairperson of board of directors at Aviva Life Insurance company India limited and has been associated with other companies as a board member. Ms Eranti takes over as the Chairperson from Avinash Gandhi who retired after leading the company for over 20 years. She will lead the board in its mission to drive Schaeffler India's growth and success. Under her guidance, it aims to continue its focus on innovation and commitment to excellence, the company said in a media release. "I am honoured to have been chosen as the new Chairperson of the Board. I thank the board of directors for their trust and support. I am excited to work with the talented members of the board and the management team of Schaeffler India," Ms Eranti said. Also Read:
Citroen opens new showroom in Puducherry , the French automaker, Thursday opened ‘La Maison Citroen’ phygital showroom in Puducherry. The new dealership was inaugurated by N Rangasamy, Chief Minister, and N. Namassivayam, Home Minister, of Puducherry . The conveniently located new dealership will make Citroen’s offerings easily accessible for the city’s residents who are planning to buy a new car. The entire Citroen India range, which currently includes , , and ë-C3, will be available for retail at the phygital showroom, the company said in a media release. In addition to customer-focused, digital-driven sales services, the dealership will also house L’Atelier Citroen to ensure customers have seamless access to a robust range of after-sales services as well. B Gnanaprakash, Dealer Principal, La Maison Citroen Puducherry, said, “We are delighted to bring La Maison Citroen phygital showroom experience to Puducherry. With the entire Citroen product range and a team of passionate experts, we are poised to deliver an experience that goes beyond expectations. Our team is driven by a passion for excellence, and we pledge to go the extra mile to make the car-buying experience seamless and enjoyable for the people of Puducherry .” L’Atelier Citroen, the brand’s after-sales workshop, offers innovative care and maintenance services for Citroen cars in India at customers’ doorsteps. Among other things, Citroen car owners in Puducherry will have access to services such as Virtual Remote Diagnostics, Genuine Spare Parts availability within 24 hours, 180 minutes-RSA Guarantee, etc. L’Atelier Citroen also offers ‘anytime, anywhere’ access and pickup and drop services to further ease the ownership experience. Citroen is present across India through 51 La Maison Citroen Phygital showrooms across 46 cities. As part of the 360° Comfort strategy for India, Citroen also offers a range of services to build trust with consumers with unmatched comfort, never experienced before. These services include attractive finance and leasing services through Citroen Finance and Insurance and 30 30-minute Guaranteed Trade-In facility, the release said.
Southeast Asian car marketplace Carro takes 50% stake in Indonesian rental firm SINGAPORE - Singapore-headquartered Carro, a Southeast Asian , has acquired a 50% stake in the rental unit of Indonesian automotive group for nearly $54 million, both companies said in a joint statement on Monday. PT Mitra Pinasthika Mustika Rent (MPMRent) is one of Indonesia's leading car rental firms with a fleet of more than 13,000 cars and provides financing services. Carro counts 's Vision Fund investment arm, Singapore sovereign fund GIC and state investor Temasek among its biggest investors. Since being founded in 2015, Carro has raised more than $600 million in equity and nearly $300 million in debt. Carro's platform allows consumers and wholesale businesses to buy and sell used vehicles and also offers insurance and financing services. ($1 = 1.3753 Singapore dollars)
PNB stops 0.75% incentive on fuel purchases via digital modes With the oil marketing companies discontinuing to pay the incentive of 0.75% while buying fuel via any mode at petrol pumps, state-owned has stopped passing on the benefit to its customers. The city-headquartered Punjab National Bank ( ) discontinued to pass on the benefit from last month, citing that the facility has been withdrawn by the OMCs (Oil Marketing Companies). Bharat Petroleum Corporation has informed that the OMCs (IOCLHPCL) have decided to discontinue 0.75% incentive on fuel purchases across all digital modes of payments, according to a PNB notification on its website. The lender said it has discontinued to pass on the 0.75% incentives from May this year. "Punjab National Bank has implemented the said changes with effect from May 10, 2022 and as such no incentive be passed on to the cardholders for their transactions on PNB PoS (Point of Sale) terminal at any fuel outlet henceforth," PNB said. The government had asked ( ), Bharat Petroleum Corp Ltd ( ) and ( ) to give a 0.75% discount on card payments for fuel purchases after a widespread cash crunch in late 2016 following demonetisation of 86% of currency notes in circulation. Digital payments include making payments through credit cards, debit cards, online payment and other modes such as (Unified Payments Interface) applications of , Google Pay and . Initially, the 0.75% petro incentive was removed while making payments through credit cards following withdrawal of such facilities on debit card payments. The OMCs have now withdrawn the petro incentive facility on all other digital payments as well. From December 13, 2016, a discount of 0.75% was offered to those using plastic money to buy petrol and diesel. This discount was given by way of cashback, which was credited to the buyer's account within three days of transaction. This was in the aftermath of demonetisation of old 500 and 1,000 rupee notes on November 8, 2016. A month later on December 8, 2016, the government announced a raft of measures, including discounts on online payments for insurance policies, rail tickets and highway toll charges as it looked to promote digital cash post note ban.
Lyft says lower prices to hit profit, shares drop 30% on Thursday forecast current-quarter profit far below targets as the ride-hailing service lowered prices, triggering a 30% drop in shares on concerns it was falling behind bigger rival . Lyft also forecast revenue below analyst expectations for the current quarter. Investors are watching how the two companies rebound from the global pandemic and whether they can grow profits, which is often seen as a matter of pricing power. President said in an interview with Reuters that the company planned "lower prices" and fewer hours of peak pricing, which he called "less prime time." Lyft had room to lower prices because the market was strong, he added. "Given the healthy marketplace, which hasn't been the case coming off of the pandemic, it's important for us to take advantage of that opportunity," he said. The plunge in Lyft's share price translated into a nearly $2 billion loss in market cap; its shares were the most traded on the in after-hours trade. Uber shares were down 2.5%, a day after Uber reported a surprise fourth-quarter profit and forecast a current-quarter profit well above the average analyst estimate. "They are clearly struggling here" compared to Uber, said Tejas Dessai, an analyst at Global X ETFs. "They need to evaluate their operations." Lyft forecast first-quarter revenue of about $975 million, below analyst estimates of $1.09 billion, according to Refinitiv data. Lyft forecast first-quarter adjusted earnings before interest, taxes, depreciation and amortization ( ), a key measure of profitability that strips out some costs, of between $5 million and $15 million. The average analyst target was $81.1 million. Chief Financial Officer Elaine Paul blamed the forecast on seasonality and lower prices, including fewer Prime Time hours. Changes in insurance renewal timing also pressured profits. "The guidance was a disaster and Lyft continues to be the little brother of Uber," Wedbush analyst Dan Ives said. Lyft's bigger presence on the U.S. West Coast, a region that analysts have said is trailing the rest of the in its return to pre-COVID demand and where rideshare drivers are in short supply, could be hurting its recovery compared with Uber. Zimmer said the West Coast had "not fully" recovered, but he noted a "material improvement." For the fourth quarter, Lyft reported adjusted EBITDA of $126.7 million, excluding $375 million it had set aside for increasing insurance reserves. Analysts had forecast $91.01 million. "We wanted to ensure we strengthened our insurance reserve. ... The purpose of doing that is to ensure we don't have that type of volatility going forward," Zimmer said in an interview. Active riders rose 8.7% to 20.36 million for the fourth quarter, Lyft said, above the FactSet estimate of 20.30 million. Also Read:
Budget 2022 – Striking a balance between Nature & Nurture 2022 Indian budget was a tough balancing act between the need to nurture and support the economy with fiscal stimulus in view of slow emergence out of pandemic vs. concerns around high inflation and liquidity tightening both globally and India prompting expectations around rise in interest rates and fiscal prudence. Government has done a good job by keeping FY 22 deficit in line with budget at 6.8% - 6.9% and budgeting fiscal deficit at 6.4% of . Around 35% higher budgeted capex from FY22 is a step in right direction to support the recovering economy by focusing on revival and supporting demand through government capex. Focus on infrastructure businesses. This will also broad base economic growth to manufacturing and industries along with consumption and services which were the main drivers in the last few years. Weaker or ailing have been provided added support through extension of emergency credit linked scheme to March 2023 and an additional outlay of INR 50k. This will ease some pressure on defaultsunderpenetrated part of India is the initiative to introduce core banking system in 1.5 lakh post offices. This will help not only in operating accounts seamlessly across the country but will also pave way for smooth investments and insurance penetration in this segment going forward. Personal Income tax slab rate and standard deduction limits has been left unchanged however state government employees have been brought at par with Central government employee by bringing tax deduction limit for NPS contribution to 14%. Contrary to certain rumors around increase in LTCG from 10% to 15% andSTT around investments. No reference on re-introduction of Wealth or inheritance tax is good, especially in times when country is witnessing one of the highest personal tax-slab rate in the world. A welcome move for individuals earning more than INR 2 cr annual income comes from capping of surcharge rates on LT capital gains on all assets to 15% (this was earlier capped for listed Equities digitization (e-passports) and blockchain (digital currency). The trick now is in efficient execution on a well-intended and carefully planned strategy to cave way of a golden decade ahead. Also Read:
State seeks Centre’s help to make repeat traffic violators pay higher MV insurance Bhubaneswar: frequently violating traffic rules may be forced to shell out a higher with the state government seeking the Centre’s intervention to introduce the penal provision. Commerce and transport secretary Usha Padhee on Tuesday wrote to the secretary of ministry of (MoRTH) Anurag Jain and said an enhanced insurance premium will serve as a deterrent for rash drivers and improve the road safety scenario in the state. Padhee wrote that the state government is committed to discourage repeat offenders from flouting road safety norms. She said in a review meeting held under the chairmanship of chief secretary Pradeep Kumar Jena, it was decided to take steps for charging higher insurance premium for vehicle owners who have been violating traffic rules repeatedly. A meeting with general insurance companies was held on March 30 where their officials agreed to extend all possible cooperation to the state government. “E-challan system has been introduced in Odisha as well as many other states. The e-challan details, including the offenders can be accessed through the Vahan portal. By integrating the Vahan database with that of the Insurance Regulatory and Development Authority of India (IRDAI), the repeat offending vehicles can be detected. Accordingly higher insurance premium can be charged from them at the time of renewal,” Padhee’s letter read. The state government has proposed that the higher premium should be treated as traffic violation premium, and it should be charged in addition to the existing own damage, third-party and personal premiums offered by the motor insurance companies. The government has also proposed that the additional premium collected from the vehicle owners should be shared with the state for taking up various road safety and awareness activities. “The detailed modalities of revenue sharing may be finalised later. As the premium issues are dealt by the IRDAI, the issue may kindly be taken up at the appropriate forum,” the letter said. Police said a system should be in place to maintain a database of by monitoring their compliance and violations of traffic rules. The nature of traffic violations of each driver should be linked to the driving licence.
Russia poised to largely skirt new G7 oil price cap By Noah Browning, Dmitry Zhdannikov and Jonathan Saul Russia can access enough tankers to ship most of its oil beyond the reach of a , industry players and a U.S. official told Reuters, underscoring the limits of the most ambitious plan yet to curb Moscow's wartime revenue. The Group of Seven countries agreed last month to cap sales at an enforced low price by Dec. 5 but faced consternation from main players in the global oil industry who feared the move could paralyse the trade worldwide. Months of discussions between the United States and those insurance, trading and shipping firms have mollified concerns on their exposure to sanctions but all parties now realize Russia can largely skirt the plan with their own ships and services. The forecasts on the resilience of the and details of the discussions between Washington and the global oil and services industry have not previously been published. Estimates that 80-90% of Russian oil will continue to flow outside the cap mechanism are not unreasonable, a U.S. Treasury official told Reuters. As a result, only between 1 and 2 million barrels per day (bpd) of Russian crude and refined products exports could be shut in if the country refuses to abide by the cap, said the official, who declined to be named due to the sensitivity of the situation. Russia exported over 7 million bpd in September. That could pose financial and technical difficulties for Russia but would also deprive the world of 1-2% of its global supply just as inflation is on the rise and a recession looms. The United States is aware of some ships changing their countries of origin and trading entities being moved beyond the G7 to order to evade the plan, the official added. Russia would incur costs from having to conduct longer voyages and being relegated to subpar insurance and financing, the official said, making the United States optimistic Russia will be compelled to sell within the price cap over time. SHADOW FLEET Industry and policy veterans have seen the limits of a plan which at first appeared to have the entire Russian oil trade in its crosshairs but whose scope could now be greatly diminished. "In theory there is a big enough shadow fleet to continue Russian crude flows after Dec. 5," Andrea Olivi, global head of wet freight at commodities trading giant Trafigura told Reuters. "A lot of these shadow vessels will be able to self-insure or they will be able to be insured by Russian P&I", he added, referring to protection and indemnity insurance. Bank JP Morgan sees the impact of the price cap as muted, with Russia almost completely skirting the ban by marshalling Chinese, Indian and its own ships - whose average age is nearly two decades old - relatively ancient by shipping standards. That could leave Russian exports in December reduced by just 600,000 bpd compared with September, the bank added. Not just ships but the services needed to keep them and their oil cargoes flowing
That could leave Russian exports in December reduced by just 600,000 bpd compared with September, the bank added. Not just ships but the services needed to keep them and their oil cargoes flowing are on the move, according to Norbert Rucker, head of economics at Swiss asset manager Julius Baer. "Oil traders dealing in Russian oil are no longer in Switzerland, Geneva or London. They are more coming out of the Middle East," Rucker told Reuters. "If you look at the Asian buyers of the oil, the ships, the insurance - this seems to be increasingly done out of Asia." SHOT IN THE FOOT? The G7 price cap plan agreed in September was shopped by the United States to industry players as a safety valve to total EU bans on Russian shipments ratified in June. P&I services heeding EU law insure 95% of the world's shipborne oil trade, meaning the EU move could have halted most of Russia's exports. That may have boomeranged back on the sanctioning countries by sending energy prices soaring amid an already deep cost of living crisis as a potential global recession looms. Insurance and shipping industry figures still saw themselves at risk of sanctions which could upend the trade even in the G7 price cap workaround. The EU ratified the price cap this month but details on implementing it remain forthcoming. The U.S. official said the policy has been tailor-made so that it is easy for firms to verify, or attest, that prices were sold below the cap. The cap, the official added, aims not be punitive toward the industry and will allow them to keep the attestations and not force them to submit it to a central registry. This would be lax enough to allow insurers to ask buyers of Russian oil to pledge in writing that sales would occur at, or below the price cap for the duration of their policy period. One industry official familiar with the matter viewed this attestation policy as "positive" and believes Washington now understands that insurers cannot enforce the policy themselves. Another said that with six weeks to go before the sanctions take effect, the insurance industry still wants more details on how the attestations would work and is concerned that EU regulations still do not mention the process or set out their obligations. Daniel Ahn, a former chief economist at the U.S. State Department, says the countries sanctioning Russia overestimated their control of the global oil trade and that changes and clarifications to their policy aimed at reducing self-harm. "All it's going to do is reroute oil ... and make life difficult for everyone else, which is what is happening right now anyway," said Ahn, a global fellow at the . "It's going to be less damaging than a complete seaborne import ban. They shot themselves in the foot, but they're now kind of trying to bandage it a bit." Read More:
More people believe that EVs will overtake diesel, petrol vehicles by 2030: Report New Delhi : The future of in India seems to be bright. A majority of - 57% - who participated in a survey of over 1000 people, want to invest in electric vehicles (EVs) because of their practical advantages, while 56% want to purchase EVs because they are good for the . These are some of the prominent findings of the latest report launched by Acko, a tech-first insurance company, and , a survey company. The report surveyed 1018 respondents from (NCCS) A & B households between the age groups of 28 and 40 who were either owners of an electric vehicle or were intending to buy one in the next 12 months. Consumers believe the future is electric While the majority of respondents - 60% - believe that India's current public is not equipped to support electric vehicles and feel the need for drastic improvement, there is a great deal of optimism bout the future. The survey revealed that 89% of the respondents think India will be infrastructurally ready for EVs by 2030. In fact, 66% of respondents believe that EVs will surpass petrol and diesel cars and will be able to save money in the long run. Why EV? 44% of intenders want to invest in an EV because they like the flexibility it offers. In addition, they believe that the availability of both the hybrid or full electric options, will give them the best of both worlds. 47% of intenders believe that EVs offer a significant reduction in cost per mile compared to traditional options. 56% of intenders said that they want to be part of the responsible change in approach towards the environment and are interested in new technology. What's very interesting to note is that when it comes to , the need to do good for the environment trumps the practicalities that the intenders prefer. For example, 63% of EV owners stated that their choice to go for an EV is a part of their effort to reduce their carbon footprint. Among the intenders, 62% are concerned about rising fuel prices, and 57% of them are interested in the latest technology. 51% said that using an EV has lower running costs compared to petrol and diesel cars. In fact, 48% of the owners said EVs are more cost-efficient per mile than traditional cars. The hurdles So what's stopping people from investing in EVs? The report has all the answers. The lack of availability of charging provisions is the biggest concern, followed by the safety issues which keep making headlines. 40% of intenders are concerned about the lack of charging facilities in and around residential spaces. They also expressed a need for more clarity regarding the time taken to charge a vehicle fully. In addition, 40% of intenders have also expressed worry about EV fire-catching incidents that have been all over the news. Among other reasons of concern are the cost of battery replacement and how frequently it would be needed, as it is one of the primary costs of an EV. They are also concerned about the plausibility
Among other reasons of concern are the cost of battery replacement and how frequently it would be needed, as it is one of the primary costs of an EV. They are also concerned about the plausibility of long-distance travel in an EV. Moreover, 41% of EV owners believe that EV takes a lot of time to charge, and 40% of owners are worried about the lack of charging provisions in residential complexes. 49% of EV car owners also believe that battery replacement cost forms a substantial part of EV ownership. One glaring concern is that 43% of EV owners believe that their vehicles' driving experience and performance are not up to the mark compared to traditional vehicles. "India is the world's fourth largest car market. We worked with YouGov India and spoke to respondents who are either current owners or people who intend to buy EVs in the upcoming year, to better understand consumer opinions about EVs. As a result, we have been able to identify the key concerns and barriers towards adoption of electric vehicles in India, what EV owners would like manufacturers and intenders to know, the need for EV-specific insurance policies, and safety concerns around EVs," said Animesh Das, Senior Director- Motor Underwriting, ACKO. Knowledge gap The report also highlights a lot of knowledge gaps that need to be filled related to EVs. For example, 63% of respondents don't know that sand is the most convenient solution for putting out an EV fire. There are also knowledge gaps regarding the life of the battery. For example, 66% assume that battery life only lasts between 2 to 5 years. The good news is that 8 in 10 correctly recognize that charging behaviour has a role in the EV's battery life. Another important aspect of owning an EV is insurance, and with the growing popularity of EVs, the demand for customized insurance products has also gathered steam. 79% of respondents said they want a customized insurance solution for their EVs and 67% are ready to pay a premium for that. However, 53% said that there is a lack of trusted partners who provide EV specific insurance products. When it comes to buying a policy, EV intenders and owners have opted for online insurance providers. 59% of intenders want to buy a policy from online players like ACKO. A key takeaway from the report is that there is an urgent need to create awareness around EVs and different aspects related to EVs. It's evident that Indians are excited about EVs and acknowledge them to be the future of mobility - but the lack of information in the market combined with the communication gaps is holding them back. Also Read:
Putin bans Russian oil exports to countries that implement price cap President Vladimir on Tuesday delivered 's long-awaited response to a Western price cap, signing a decree that bans the supply of crude oil and oil products from Feb. 1 for five months to nations that abide by the cap. The Group of Seven major powers, the European Union and Australia agreed this month to a $60-per-barrel price cap on Russian seaborne crude oil effective from Dec. 5 over Moscow's "special military operation" in Ukraine. The cap is close to the current price for , but well beneath the windfall price Russia was able to sell for this year and that helped offset the impact of financial sanctions on Moscow. Russia is the world's second largest oil exporter after Saudi Arabia, and a major disruption to its sales would have far reaching consequences for global energy supplies. The decree, published on a government portal and the website, was presented as a direct response to "actions that are unfriendly and contradictory to international law by the United States and foreign states and international organisations joining them". "Deliveries of Russian oil and oil products to foreign entities and individuals are banned, on the condition that in the contracts for these supplies, the use of a maximum price fixing mechanism is directly or indirectly envisaged," the decree stated, referring specifically to the United States and other foreign states that have imposed the price cap. "The established ban applies to all stages of supply up to the end buyer." The decree, which includes a clause that allows for Putin to overrule the ban in special cases, stated: "This...comes into force on Feb. 1, 2023, and applies until July 1, 2023." Crude will be banned from Feb. 1, but the date for the oil products ban will be determined by the Russian government and could be after Feb. 1. WIDER DEFICIT The price cap, unseen even in the times of the Cold War between the West and the Soviet Union, is aimed at crippling Russian state coffers and Moscow's military efforts in Ukraine. Some analysts have said that the cap will have little immediate impact on the oil revenues that Moscow is currently earning. However, Finance Minister Anton Siluanov said on Tuesday that Russia's budget deficit could be wider than the planned 2% of GDP in 2023, with the oil price cap squeezing export income, an extra fiscal hurdle for Moscow as it spends heavily on its military campaign in Ukraine. Russia has been promising to respond officially for weeks, and the eventual decree largely established what officials had already said publicly. The G7 price cap allows non-EU countries to continue importing seaborne Russian crude oil, but it will prohibit shipping, insurance and re-insurance companies from handling cargoes of Russian crude around the globe, unless it is being sold for less than the price cap. EU countries have separately implemented an embargo that prohibits them from purchasing seaborne Russian oil.
of Russian crude around the globe, unless it is being sold for less than the price cap. EU countries have separately implemented an embargo that prohibits them from purchasing seaborne Russian oil. Russian Urals oil traded above $56 per barrel on Tuesday, below the price cap level. Brent crude oil moved a little higher on the news and was up 1.4% at $85.1 by 1743 GMT. Also Read:
Vehicles without valid docus to get e-challans in Chhattisgarh Raipur: The Chhattisgarh government, in its crack down on vehicles without a fitness certificate, tax payment and valid documents, will launch the e-detection system of the transport department at all the highway toll gates from Thursday. Chhattisgarh is the second state after Odisha to introduce this system. As per sample data collected from toll gates on the national highways, it was observed that a substantial number of vehicles are plying without valid documents. In order to detect such vehicles plying through national highways in Chhattisgarh, the transport department has developed the e-detection portal in collaboration with the NIC, said Dipanshu Kabra. The main objective of the e-detection portal is to collect data from various toll gates on national highways and find out the validity of the vehicles using the e-portal. In the first phase, toll gates on national highways have been integrated with the e-detection portal. The service will be extended to mining and industrial areas of the state, said the transport commissioner. The data will be collected in accordance with the data fetched through the and images captured when a vehicle passes through a toll gate. The e-detection portal will automatically E-challan any vehicle that is plying without valid legally required documents. Kabra has urged vehicle owners to keep their vehicle documents up-to-date to avoid penalties for fitness, tax, insurance, and PUC. Meanwhile, the state government is contemplating over developing a policy guideline following the recommendation of the Supreme Court Committee on Road Safety (SCCoRS). Recently, the secretary of the Committee, Sanjay Mital, visited some districts and reviewed corrective measures initiated to reduce road fatalities in the state, which has been a priority of the state government, he said. Assistant transport commissioner Shailabh Sahu, while stating one of the salient features of this e-detection system, said, “We can find out stolen vehicles in certain cases through this system. If a stolen four-wheeler is bearing the registration number of a truck or bogus number, it will be detected by our system. We will put such vehicles in the suspicious category and take necessary action.”
Know all about bike insurance risk cover and claims What is a ? A plan is a type of insurance cover that protects bikes and scooters. There are two main types of two-wheeler insurance covers: 1. : As the name suggests, a third-party plan provides coverage against all third-party liabilities. If you happen to get involved in an accident and damage another vehicle, you will be liable to pay for the repairs. Also, if a third party or their property is harmed, you will have to compensate them. A third-party plan comes in handy then because the pays the third party on your behalf. 2. : Under the comprehensive bike insurance coverage, you get all the third party covers, and also get coverage for your own vehicle. A comprehensive plan is more expensive, but it has a greater umbrella of coverage. You can keep your vehicle safe and secure at all times with the help of a good and wholesome comprehensive two-wheeler insurance plan that is easily available. Choose the type of plan that you think would be best suited for your two-wheeler, and when there is a need, make a claim on the cover. How to make a third-party bike insurance claim? It is very simple to make a claim. All you have to do is: File an FIR at the closest police station and as early as possible. Get the third-party bike insurance details from the owner of the other vehicle involved in the accident. Obtain a copy of the chargesheet filed by the police. Submit all the documents, along with a duly filled claim form, to the insurance provider. Once you follow these steps, you can get the claim amount smoothly. How to make a comprehensive bike insurance claim? If you are filing a claim under a comprehensive bike insurance plan, you have to follow these steps: Inform the insurance provider : The first and most important thing for you to do is inform the insurance provider. You should ideally inform the insurer at the earliest as any delay in this step can hamper the entire process of getting the claim. You can call your insurance provider and tell them about the accident, theft or any other type of mishap. You can also inform them via email. File an FIR : As soon as you are done informing the insurance provider, rush to the nearest police station and file an FIR. If there is an accident or theft, you will need to get hold of the charge sheet copy and submit it along with the claim form to your motor insurance company. Get the damage evaluation done : In the case of serious and severe damage, the insurance provider will send a surveyor to evaluate the damage. After that is done, the surveyor will submit a report to the insurance provider, and your final claim amount will depend on the report. Get the evaluation done at the earliest so that there is no delay in getting the claim. Wait for the claim : After you follow the steps and submit the claim, you will simply have to wait for the insurance provider to pay the claim out to you. You can get the claim quite quickly, provided it is a valid claim, and
you follow the steps and submit the claim, you will simply have to wait for the insurance provider to pay the claim out to you. You can get the claim quite quickly, provided it is a valid claim, and all the documents are in place. Cashless settlement in bike insurance claims There are two types of claims in bike insurance. The first one is the cashless claim, and it is, by far, the most popular form of claim. Your motor insurance company has tie-ups with several motor garages. These are called network garages and are spread all over the country. As a policyholder of the insurance company, you can take your vehicle to any of the network garages after an accident and get it repaired. You don't have to make any payment. Just inform the insurer and they will pay the garage directly on your behalf. You just have to pay the copay amount as per the clauses of the policy. Reimbursement claims in bike insurance The other form of claim in bike insurance is a reimbursement claim. Here, you pay the bill amount to the garage. You keep all the bills with you and later file a claim with the bike insurance company, along with all the required documents. A reimbursement claim is usually made when the vehicle is taken to a non-network garage or when the claim is for theft or fire damage. Check the exclusions Every two-wheeler insurance policy has a set list of exclusions. This is applicable to comprehensive as well as third-party bike insurance plans. You must read the exclusions very carefully and understand the scope of coverage. For example, if an accident happens due to drunk driving, you cannot make any claim. Once you know what you can make a claim for, the process becomes quicker and easier. Conclusion As you might have already realised, you need to follow some very simple steps to get a two-wheeler insurance claim. You need to file a claim based on the type of plan you have. You should go through the policy document very carefully to ensure your claim is legitimate and valid. Then, submit the documents with care, and your claim will be processed. Also, remember to renew your bike insurance policy on time. Unless you have a valid two-wheeler insurance cover, you cannot even make a claim. So, don't allow your plan to get delayed for even a day, for you never know when the need for a claim may arise. (This article is generated and published by the ET Spotlight team. You can get in touch with them on etspotlight@timesinternet.in )
What the fresh march higher in oil means for world markets Oil prices are up around 16% so far this year near USD 90 a barrel, with supply worries high given escalating Middle East tensions and tit-for-tat attacks on energy infrastructure between Ukraine and Russia. Investors are paying attention. After all, it was an energy price surge two years ago that helped drive inflation and interest rates higher on a scale not seen in decades. The on Tuesday described an "adverse scenario" in which an escalation of conflict in the Middle East would lead to a 15% jump in oil prices and higher shipping costs that would hike global inflation by about 0.7 percentage points. The tightness in oil supplies, and higher prices, has been underpinned by oil producing group and other big oil producers curbing their output. has lifted its third quarter Brent crude oil forecast by USD 4 per barrel to USD 94. With oil prices expected to stay high, we look at the fallout for world markets. INFLATION WATCH After U.S. inflation came in higher than expected for a third straight month in March, the spectre of inflation staying higher has returned with bets on interest rate cuts scaled back sharply. Softening energy prices have been a principal driver of lower inflation expectations recently. Higher oil prices are seen as a threat to this trend. A key market gauge of long-term euro zone inflation expectations, which generally track oil, on Tuesday hit its highest since December at 2.39%. The European Central Bank has a 2% inflation target. ECB chief Christine Lagarde said on Tuesday fresh turbulence in the Middle East had so far had little impact on commodity prices. Oil, while near recent highs, has eased a little this week. Still, the ECB has said it is "very attentive" to the impact of oil, which can hurt economic growth and boost inflation. Zurich Insurance Group chief markets strategist Guy Miller said economies can survive, and producers are reasonably happy, when oil is around USD 75-USD 95 a barrel. "But were we to see this to break higher then, yes, that would be a concern both from a growth and inflation perspective," he said. GO ENERGY STOCKS Energy stocks are a clear winner from higher oil prices. The S&P 500 oil index and European oil and gas stocks remain close to record highs. U.S. oil stocks have jumped almost 13% so far this year, outperforming the broader S&P 500's 6% gain. Ed Yardeni, founder of , said a rise in Brent crude to USD 100 in coming weeks was a possibility, recommending an "overweight" position on energy stocks. Oil was last above USD 100 in 2022. It briefly spiked to around USD 139 after Russia invaded Ukraine, its highest since 2008. "I believe you have to overweight energy as at least a shock absorber in your portfolio in the event that oil prices continue to go higher," said Yardeni. Barclays head of European equity strategy Emmanuel Cau has had an overweight position on Europe's energy stocks since October, saying the sector tends to
prices continue to go higher," said Yardeni. Barclays head of European equity strategy Emmanuel Cau has had an overweight position on Europe's energy stocks since October, saying the sector tends to perform well in inflationary and stagflationary environments. In contrast, Nordea CIO Kasper Elmgreen said he was negative on energy stocks because the costs associated with an energy transition were not correctly priced yet. "They (energy firms) are going to have to carry a much higher burden for the drive to net zero, and that's not being reflected in the share price," said Elmgreen. ROBUST DOLLAR 2024 kicked off with expectations the dollar would decline as inflation weakens and allows the Federal Reserve to start cutting rates. Instead, the greenback is up 4.7% this year as rate-cut bets are slashed. Higher oil prices could feed dollar strength. Bank of America said that while it remained negative on the dollar over the medium term, elevated oil prices meant the U.S. currency had "upside risks". That exacerbates pressure on economies such as Japan battling currency weakness, keeping traders nervy over possible intervention to support a yen languishing at 34-year lows. "The yen and the euro will see their terms of trade worsen as energy prices rise. This implies they will be weaker if energy prices rise," said Mizuho Corporate Bank senior economist Colin Asher. FRESH EM PAIN Higher for longer oil prices will also sting many emerging market economies, such as India and Turkey, that are net oil importers. India's rupee hit record lows against the dollar this week . With oil priced in dollars, many importers are also exposed to higher prices caused by currency fluctuations. Even in Nigeria, typically Africa's largest oil exporter, a plunging naira currency has hit government coffers due to capped gasoline pump prices and a lack of local oil refining.
Audi Approved: plus facility on stream in Lucknow New Delhi: Audi, the , today inaugurated a pre-owned car facility, Audi Approved: plus, in Lucknow.. This is ’s 19th such facility in the country. Balbir Singh Dhillon, Head of Audi India, said, “Today, we have inaugurated our 19 th Audi Approved: plus facility. Lucknow continues to be an important market for Audi India and we are confident that customers in the city will benefit from this pre-owned car facility. Our Audi Approved: plus business has grown by 73% in the January – September 2022 period and we are confident that our expansion to other cities will further aid growth. By the end of this year, we will have twenty-two Audi Approved: plus facilities in India.” Every pre-owned vehicle displayed and sold at Audi Approved: plus showrooms undergo mechanical, bodywork, interior and electrical inspections at 300+ multi-point checks and thorough multiple-level quality checks along with a full on-road test to ensure customers’ peace of mind while buying the car. Under the Audi Approved: plus programme, 24x7 Roadside Assistance and complete vehicle history before purchase. Additionally, customers can also avail easy financing and insurance benefits through the programme Gautam Garg, Dealer Principal, Audi Lucknow, said, “Today, we are very happy to inaugurate our – Audi Approved: plus in Lucknow. There is an increased demand for pre-owned cars in Lucknow and the nearby areas and we are confident that this new facility will make pre-owned cars more accessible for our customers in this region. We look forward to welcoming our customers.” Read More:
ACKO partners with Hero MotoCorp for removable EV battery warranty plan New Delhi: , a private sector general insurance company in India, has introduced an extended battery warranty plan tailored for removable batteries of electric vehicles (EVs). The plan is available with the , the first EV launched under the emerging mobility brand, from the house of . The plan covers the vehicle for the fourth and fifth year and up to 60,000 km. The plan helps eliminate customer concerns around the battery life and performance, paving the path toward better EV acceptance, the release said. As per ACKO’s EV report, 49% of EV owners believe battery replacement costs are a significant part of EV ownership, and to provide a solution to this, the extended coverage safeguards the vehicle owner against unforeseen repair costs thereby instilling confidence in customers for owning an electric vehicle. The association also aligns with the (BWMR), ensuring responsible disposal of used batteries. Animesh Das, Chief Underwriting Officer, ACKO, said, “In alignment with the Government’s vision for a 100% electric vehicle nation by 2030, encouraging electric mobility among masses is our priority. Our battery warranty plan is poised to bring access to high-quality EVs in India by boosting confidence toward battery-damage and skepticism amongst customers. We’re confident that Hero’s cutting-edge technology and our extended warranty solutions will make premium electric scooters accessible to a broader audience by augmenting the avenues for financing.” The plan seeks to bring in a synergy that reshapes the narrative of EV ownership, making it inclusive, financially viable, and environmentally responsible, the company said in a media release.
Russian oil prices soar amid falling freight rates, strong demand export revenues are set to rise in March as falling freight rates and strong demand pushes Russian towards a USd 60 per barrel Western price cap, based on traders' and Reuters' calculations, challenging the view that the mechanism was increasing pressure on Moscow. The European Union, G7 countries and Australia introduced a USD 60 per barrel price cap on Russian oil from Dec. 5, aiming to curb Russia's ability to finance the war in Ukraine. US Treasury Secretary Janet Yellen said on Thursday the caps helped to cut Moscow's oil revenues. "Last month, the Kremlin's was nearly 60 per cent lower than in the immediate aftermath of the invasion," she said. However, the latest Russian oil pricing figures, as assessed by traders, suggest Russian exporters are collecting only 20-25 per cent less for their crude than US exporters for similar types of oil. Reuters calculations based on market data show Urals prices for loading in early March rose to around USD 55 per barrel at Baltic ports versus USD 39-USD 45 in January, excluding the cost of shipping and insurance. In comparison, a similar type of crude sold in a US port on similar conditions would generate around USD 65-69 per barrel. The EU, G7 nations and Australia introduced the USD 60 per barrel price cap on Russian oil in addition to the EU's embargo on imports of by sea and similar pledges by the United States, Canada, Japan and Britain. The price cap allows non-EU countries to import seaborne Russian crude oil, but prohibits shipping, insurance and re-insurance companies from handling cargoes of Russian crude unless it is sold for under USD 60. Moscow's oil export revenues fell by 40 per cent year-on-year in January, Russia's finance ministry has said, as Russian crude was sold at discounts of USD 15-USD 20 per barrel to China, India and Turkey, while shipping it also cost USD 15-USD 20 per barrel. But freight rates for Russian oil eased in February from December-January levels as more shipowners entered the market, raising tanker availability for Russian barrels, traders said. "Freight cost to travel from the Baltic to India has fallen sharply, supporting the prices (for Urals)," a trader for the Russian crude oil grade said. Traders estimated and Reuters calculations showed the cost of shipping a 100,000 tonne cargo from a Baltic port to India amounted to USD 8.5 million-USD 9 million in March or USD 11.8-USD 12.5 per barrel compared with USD 16.6 per barrel in February. Indian buyers, which have in recent months taken more than half of Urals seaborne exports, are offering higher prices because of rising competition from China, which is also keen to take on more Russian oil as demand rebounds, another trader said. Two traders familiar with Russian oil exports estimated the discounts on Urals have narrowed to USD 12-16 per barrel currently from USD 15-USD 20 per barrel in recent months. Also helping to strengthen the value of Urals
with Russian oil exports estimated the discounts on Urals have narrowed to USD 12-16 per barrel currently from USD 15-USD 20 per barrel in recent months. Also helping to strengthen the value of Urals was news about Russian output and export cuts. Russia had already announced plans to cut its oil production by 500,000 barrels per day in March, amounting to 5 per cent of its output or 0.5 percent of global production. On Wednesday, sources said Russia plans to cut oil exports from its western ports by up to 25 percent in March versus February. Also Read:
Hyundai, Kia cars easier to steal, claims study for US market The latest study conducted by the Insurance Institute for Highway Safety, US, suggests that and cars can be 'easy targets' and more susceptible to car theft. A spike in car theft was also reported during the pandemic. Bargain-priced vehicles of Kia and Hyundai are now top targets like muscle cars and luxury SUVs, according to a Highway Loss Data Institute analysis. A lot of these cars being targetted in the US are not equipped with an electronic immobiliser that prevents thieves from bypassing the ignition system. "Our earlier studies show that vehicle theft losses plunged after immobilizers were introduced. Unfortunately, Hyundai and Kia have lagged behind other automakers in making them standard equipment," explains Highway Loss Data Institute senior vice president Matt Moore. There have been viral videos on social media platform showing teenagers stealing and driving Kia and Hyundai vehicles using a cord, according to a CNBC report. This , which uses the hashtag " ," reportedly has over 33 million views. In Los Angeles, officials say the viral trend targeting these easy-to-steal vehicles has resulted in an 85% increase in thefts of Kia and Hyundai vehicles compared with last year. Among newer models, whole vehicle theft claims were highest for the Dodge Charger SRT Hellcat, relative to its numbers on the road over 2018-22. But among 2015-19 model-year vehicles, theft claims were nearly twice as common for Hyundai and Kia vehicles as a group as for all other manufacturers, according to a recent HLDI report. “Car theft spiked during the pandemic,” said HLDI Senior Vice President Matt Moore. “These numbers tell us that some vehicles may be targeted because they’re fast or worth a lot of money and others because they’re easy to steal.” “Our earlier studies show that vehicle theft losses plunged after immobilizers were introduced,” said Moore. “Unfortunately, Hyundai and Kia have lagged behind other automakers in making them standard equipment.” Immobilisers were already standard on 62 percent of models from other manufacturers in the model year 2000. But even in the model year 2015, when immobilizers were standard on 96 percent of other manufacturers’ vehicles, they were standard on only 26 percent of Hyundai and Kia vehicle models. “If it doesn’t have an immobiliser, it does make it somewhat easier to steal,” said Darrell Russell, a former auto theft investigator who is now director of operations, vehicles, at the National Insurance Crime Bureau (NICB). “Hyundai Motor America is concerned about the recent rise in auto thefts of certain Hyundai model vehicles,” the company said in a statement. “While all of our vehicles meet or exceed Federal Motor Vehicle Safety Standards, unfortunately, our vehicles have been targeted in a coordinated effort on social media.” Also Read:
Russian oil logistics in chaos with weeks until sanctions bite , and the world’s most powerful governments are becoming increasingly fixated upon one question in the oil market: can the petroleum industry’s supply chain handle the harshest sanctions on Russian exports in history? A vast shadow fleet of tankers with unknown owners is being amassed to service Moscow’s interests. Intense US-led diplomatic wrangling to soften aggressive sanctions has been going on for months but time is ticking. Will it be enough? With about six weeks until the bloc’s measures enter into force, little clarity exists on whether these steps will really suffice to help the world’s third-biggest oil producer to get much of its output to buyers to fend off a supply shock. The US has been sounding the alarm for months that Europe’s sanctions on Russia could trigger such a shock. It’s pushing for companies to be allowed to access EU services -- especially insurance -- to avoid a price spike before the mid-term elections in November. To do that, buyers would have to sign up to a controversial oil price cap. “If you look at how many ships have been sold over the past six months to undisclosed buyers, it’s very clear that a fleet is being built up in order to transport this,” said Christian Ingerslev, chief executive officer of Maersk Tankers A/S in Copenhagen, which runs a fleet of 170 ships -- none of them serving Russia. In the run-up to Dec. 5, when the EU is due to ban Russian crude imports and halt the provision of shipping, financing and insurance cover to related trades, the most important question is whether there will be enough vessels. Shipbroker Braemar estimates that to support four million barrels a day of Russian exports to the far east, many of the recently-transacted vessels will need to be added to the 240 ships -- 102 Aframaxes, 58 Suezmaxes and 80 very-large crude carriers -- that have carried Iranian and Venezuelan crude in the past year to form a large shadow fleet that will support Moscow. “There’s been a sharp rise in the tanker trading since the war and in the run-up to the Dec. 5 deadline by undisclosed entities based in countries such as Dubai, Hong Kong, Singapore and Cyprus,” said Anoop Singh, head of tanker research at Braemar. Many are older ships and will find their way to the shadow fleet, with Russian shipowner Sovcomflot PJSC supplying some tankers as well. Beyond that, there will also almost certainly be a surge in ship-to-ship transfers -- cargoes being switched from one tanker to another at sea. That’s a result of both the sanctions risk from handling exports directly from Russian ports and the need to collate a few small cargoes onto larger tankers for long-haul voyages. That, though, is a logistical challenge in itself, especially from the Baltic Sea, Russia’s top export region. Ship-to-ship transfers involve one vessel maneuvering itself alongside another, attaching a pipe to allow the cargo to be pumped between the two carriers. It can
Sea, Russia’s top export region. Ship-to-ship transfers involve one vessel maneuvering itself alongside another, attaching a pipe to allow the cargo to be pumped between the two carriers. It can take up to two days and is best done in the calmest waters possible with good weather. Some can involve a multi-stage process of transferring oil from an initial tanker to a floating storage facility, before another step to move the cargo to another ship. While vessels often used to straight to European buyers, Asia -- notably China and India -- seem certain to become the top destinations after Dec. 5. Once the sanctions kick in, European seas will almost certainly be off limits for these so-called STS transfers, and it’s won’t be very helpful for Russia or its buyers to do them inside the Baltic Sea. That’s because, ideally, Asia-bound oil will be transfered onto giant supertankers that are too big to get out of the Baltic with cargoes on board. The initial vessel would turn around after discharging its cargo to that supertanker and return for more , creating a shuttling effect. These STS locations can take the form of safe harbors or relatively calm out-at-sea waters that don’t fall into jurisdictions that have sanctions or curbs against Kremlin. While some shipbrokers floated possible suggested locations like Gibraltar and Ceuta, others had doubts citing their links to UK and Spain, which that restrict trade with Russia. Another STS transfer option could be out on the high seas, even in the middle of the Atlantic Ocean where waters fall outside maritime jurisdictions controlled by European nations. Shippers zeroed in on an area in the mid-North Atlantic near a cluster of islands known as Azores, an autonomous region of Portugal, as a possibility. While STS operations tend to be costly with an element of risk, this practice will be paramount in ensuring the continued flow of Russian crude -- both logistically and to help some buyers to keep their activities private. While it’s not uncommon for shipments from sanctioned regimes to undergo one STS, shippers are not ruling out the possibility of two transfers -- one inside the Baltic, a second one outside -- to help bring the barrels to market. Over the past months, there’s been a frenzy of buying activity in the used tanker market, specifically concentrated on the type and class of ships that will be heavily used to move Urals and ESPO from their export terminals. One such tanker type is Aframaxes, the smallest mainstream international tanker that can carry about 650,000 to 750,000 barrels of oil through shallower waters and from shallower ports. Aframaxes with ice-breaking capabilities have been in the spotlight as they’ll be essential for exports of Urals from the Baltic this winter. Ice-class Aframaxes are fetching double the price from a year ago with buyers preferring to keep their identities a secret. Shipbrokers also observed a rise in trading activities for non-ice class aframaxes aged 15 years
fetching double the price from a year ago with buyers preferring to keep their identities a secret. Shipbrokers also observed a rise in trading activities for non-ice class aframaxes aged 15 years or older. Some of these tankers are expected to turn up in east Siberia, where they’ll help to transport Russian ESPO crude to buyers including Chinese and Indian refiners. If all those things aren’t challenging enough, many of these issues will be compounded by difficulties finding industry standard insurance. Most tankers are covered against risks including oil spills by 13 member organizations within the International Group of P&I Clubs, many of which are in Europe. The EU’s sanctions mean the bloc’s firms would have to stop providing cover while the IG itself couldn’t count on reinsurance from EU companies. The UK has yet to fully follow the EU, meaning that some cover could still be available. The IG itself is in London. The price cap would make European services and insurance available to companies who pay adhere to a price ceiling for Russian oil. Not withstanding whether Russia would cooperate with the cap program, the EU’s participation is far from straightforward. In signing up, the bloc had two important stipulations. First, that shipping companies -- including the giant Greek fleet -- would be included. In other words, a trader could theoretically only hire a Greek tanker if that trader paid a capped price for oil. Second, the EU’s rules as currently written state that a tanker anywhere in the world will not be allowed to access the bloc’s insurers and reinsurers -- for any future cargo, including non-Russian -- if they purchase if they transport a oil that wasn’t bought under the cap. Europe is a center for insurance and reinsurance and without it, owners risk being under covered against risks including oil spills. That makes adhering to EU sanctions -- and the cap -- a very polarizing and uncertain issue for tanker owners. The EU’s implementation of a cap has yet to be formalized and also depends on other G-7 nations taking similar actions. Read More:
How 21North is Fuelling Auto Commerce in the New Normal The striking growth of over the past few years has transformed how consumers shop and interact with businesses. In fact, according to a report by Statista, the eCommerce sector is expected to generate around $5.42 trillion in annual sales by 2022. By the end of 2040, as per an estimation by Nasdaq, nearly 95% of all sales will be occurring through eCommerce. Adopting a digital-first strategy and leveraging the eCommerce opportunities have become a necessity for modern global businesses. But while eCommerce has made its way to sectors like retail, FMCG, services, electronics and even pharmaceutical sectors, the auto sector still lags behind. There are, however, some enterprises trying to fill these gaps by driving a distinct eCommerce trend in the auto industry. This ' ' is the new backbone of the auto sector's new normal. Businesses around the globe are exploring the potential of VR showrooms and experiences alongside using AI for predictive maintenance. To pave the way for such technologies, is solving the vehicle mobility problem for auto businesses. With an aim to enable a store to door experience to end-users, 21North is providing a sustainable well-trained supply of drivers to businesses and a seamless, transparent and digital experience to end-users who have now become exceedingly comfortable in managing their requirements through apps like Zomato, Swiggy, UrbanCompany, etc. Let’s take a look at why this service is not only a value-add but at a necessity in the new normal: Erratic consumer behaviour and supply The COVID-19 pandemic brought about a massive bedlam not only in global industrial production but also in the marketplace. As the pandemic reached its peak in 2020, the auto businesses were facing newer issues like slumping car sales and changing customer behaviour, alongside the already existing ones like global chip shortage and environmental issues. Amidst nationwide lockdown and restrictions, buying cars did not seem like a good financial decision. Those who did not wish to rely on cabs and wished to make a purchase for safety and convenience were unable to or unwilling to make offline trips to showrooms. To combat these limitations, many auto businesses attempted to provide doorstep services but were unable to reach their customers at the right time due to an erratic supply of manpower. Omnichannel - A necessity The aftermath of the pandemic is replete with new opportunities. The devastations wrought by the COVID-19 in the auto industry have left doors open to new interventions and initiatives. It is high time that auto businesses start leveraging these new scopes to expand their horizon and revitalize their business strategy by adopting a digital-first approach. Taking the auto business on a digital platform will overcome the issue of low customer footfall to physical stores and dealerships, while simultaneously enabling a consistent effortless doorstep experience. This
business on a digital platform will overcome the issue of low customer footfall to physical stores and dealerships, while simultaneously enabling a consistent effortless doorstep experience. This will also allow businesses to achieve higher volumes at lower fixed costs. And this is where 'auto commerce' comes in! How is 21North unlocking digital opportunities? The new normal demands a continuous and customer-oriented digital solution that brings together auto businesses and their customers. 21North is bridging the gap between auto by harnessing its fleet potential with technology. 21North’s drivers, better known as Ambassadors, are selected cautiously, trained thoroughly and monitored continuously. Auto Businesses can leverage 21North’s white-labelled technology platform and services to provide doorstep Test Drives, Deliveries, Pickup & Drop for Servicing, Insurance, Rentals and more. The instant fulfilment of demand combined with trust and transparency through live tracking, estimated invoice updates, cashless payments, etc. are instilling consumers’ faith in-store to door experience. Auto businesses too can focus on their core responsibilities and leave the hassle of booking and fleet management to a trusted partner. As a preferred Pickup & Drop partner of eminent OEMs, Retailers, Resellers, Insurance Providers and Car Rentals in India and across the globe, 21North is actively exploring new solutions to make vehicle mobility in the Indian automotive space simpler, digitally abled and transparent. With the rapid growth in Southeast Asian countries like Indonesia and Malaysia along with confident strides in Europe with launches in Italy, Greece and Belgium, 21North is geared up to make the automotive space effortless, digitally abled and consumer centric. To know more, please visit:
Dumped and forgotten, they need quick disposal New Delhi : Hundreds of dust-covered, damaged vehicles are a usual sight outside the city’s police stations or at . Often dumped in a brand new condition, these vehicles rot there till the time they can be turned into scraps. Sometimes, mysterious fires, or even thefts, pave the way for their disposal. Monday’s blaze, which destroyed vehicles worth crores, has yet again brought the spotlight back on this issue. Many police officers blame the centuryold under which a vehicle connected with an offence becomes a “case property” and is kept under police protection until the case is settled. The number of vehicles were few when the law was made, but “today, hundreds of vehicles are involved in accidents or used in crime every month in a city like Delhi, requiring quick disposal of such vehicles”, said a senior cop. The slow legal process adds to the woes. “The vehicles keep rotting till the case is settled after years. A miniscule number of vehicles are released on superdari (returning seized goods). With cramped spaces in and around police stations, vehicles are doomed once they reach the yard. The red tape is such that many interested owners also give up to avoid running around,” a retired officer said. The case properties not only crowd the police station areas but also the centralised malkhana in Wazirabad. Monday’s fire happened at the vacant land behind the malkhana, which was being used as a vehicle pit. A few years ago, Delhi Police had in2 its custody around 31,000 vehicles, worth over 100 crores, despite a large number of vehicles being disposed of, said an officer. “In a year, we seize over one lakh vehicles and a major chunk is disposed of. In a span of five years, we had seized around 7.6 lakh vehicles and disposed of around 7.3 lakhs,” recalled a cop, citing the data from a few years ago. According to Delhi Police, in many accident cases when vehicles are badly damaged, neither the owners nor the insurance companies come to claim them. “If avehicle is insured, the owner might collect compensation from the insurance company and abandon the car at the poli ce station. Insurance agents typically only recover the vehicles they can sell after minor repairs. Otherwise, they don’t bother due to the added costs of towing and storage.” Officers added that many were linked to drug trafficking or arms dealing cases. “If the owner is involved in such activities, the vehicle release is unlikely,” said an officer, adding that even if it’s registered under someone else’s name, nobody usually comes to claim avehicle associated with a criminal activity. “These abandoned vehicles, often left in malkhanas or pits, take up significant space and resources.” So, what is the way out? Auctioning is one option. Recently, the deputy commissioners of police were empowered to initiate e-auctioning and dispose of the vehicles seized under 66 Delhi Police Act. However, its impact is yet to be analysed. Many officers also
the deputy commissioners of police were empowered to initiate e-auctioning and dispose of the vehicles seized under 66 Delhi Police Act. However, its impact is yet to be analysed. Many officers also suggest options like recycling, loaning to institutions for training and experiments, besides giving to art colleges for model sculptures etc.
Irdai permits general insurers to issue sophisticated add-ons for motor insurance Insurance sector regulator on Wednesday permitted general insurers to issue sophisticated add-ons for policy. These are telematics-based motor insurance plans for which the premium depends on usage of vehicle or driving behaviour. "The is constantly evolving. The advent of technology has created a relentless pace for the insurance fraternity to rise up to interesting yet challenging demands of the millennials. The general insurance sector needs to keep pace with and adapt to the changing needs of the policyholders," Irdai said in a statement. In its perpetual endeavour to protect the interest of the policyholders and increase the insurance penetration in India, India (Irdai) has been seeking to facilitate the industry to move with the times, it said. As a step towards facilitating technology enabled covers, Irdai has permitted general insurance companies to introduce tech-enabled concepts for the Motor Own Damage (OD) cover including Pay as You Drive and Pay How You Drive. Pay as You Drive is a comprehensive motor plan where premium would depend on usage of vehicle while Pay How You Drive premium would be linked to driving behaviour. The regulator has also allowed floater policy for vehicles belonging to the same individual owner for two wheelers and private cars These covers will be provided as add-ons to the basic policy of Motor Own Damage and introduction of these will aid in giving the much needed fillip to Motor OD Insurance in the country and increase its penetration, it said.
Exponent Energy and Alt Mobility introduce 5-year financing with 30% lower EMI New Delhi: , an energy-tech startup that has unlocked a 15-minute full charge for EVs, has formed a partnership with , a commercial fleet leasing and lifecycle management platform, to lease 1000 neEV Tez electric 3-wheelers, powered by Exponent. The Alt Mobility platform offers full-stack integrated including leasing, insurance, service management to maximise fleet uptime and lower operating costs to provide the lowest total cost of ownership for fleet partners. To enable rapid adoption of s, Exponent has effectively tackled significant obstacles of financier confidence arising from poor battery health data availability and earning potential stemming from low productivity of EVs due to long charging time. This accomplishment not only instils confidence among financiers but also results in a remarkable 5-year financing (from the industry standard of 3 years) aiding in a 30% reduction in monthly EMIs thereby enhancing accessibility and affordability in the EV market. In the past, the EV industry encountered numerous challenges, such as elevated vehicle costs due to large battery packs, and apprehensions regarding battery dependability and transparency in EV battery health data resulting in limited financing options. As a result, financiers lacked the confidence to offer competitive interest rates for EV financing. By introducing smaller battery packs that reduced the price of the vehicle and providing complete transparency on battery life degradation for over 3000 cycles, Exponent Energy has instilled confidence in financers and potential EV owners alike. Furthermore, the ground-breaking advancement of 15-minute full charging for EVs has significantly increased EV owners’ earning potential which helps mitigate the risk associated with lending for EVs, making it more attractive for financiers to offer competitive financing terms. Dev Arora, CEO and co-founder, Alt Mobility, said, “We are thrilled to partner with Arun, Sanjay and the Exponent team to join our mission of EVs affordable, reliable and seamless. Alt has been at the forefront of underwriting EV technology and partnering with exceptional technology providers to co-create comprehensive leasing offering with longer tenures and lowest monthly lease. Our data driven asset underwriting, continuous fleet monitoring and management, is driven towards improving asset bankability, prolonging asset life with the ultimate objective to reduce the cost of financing and maximising asset resale value.” Arun Vinayak, CEO and co-founder, Exponent Energy, said, “We are excited to join forces with Alt Mobility to bridge the gap between technology and financing. Their exceptional full-stack leasing and lifecycle management platform is helping break down barriers hindering the rapid adoption of EVs. With competitive financing rates, and extended EMI tenures, we are making electric mobility accessible, financially viable, and
is helping break down barriers hindering the rapid adoption of EVs. With competitive financing rates, and extended EMI tenures, we are making electric mobility accessible, financially viable, and convenient. Combining this with our breakthrough advancements in 15-minute EV charging, we are empowering individuals & businesses to unlock more revenue than ever before.” The partnership between Exponent Energy and Alt Mobility is set to redefine the future of the EV industry and foster widespread adoption. Earlier this year, Exponent Energy and Altigreen launched the world's fastest charging electric 3-wheeler cargo vehicle - Altigreen neEV Tez at a starting price of INR 3,55,000.
Maruti Suzuki partners with SMAS Auto Leasing for vehicle subscription program New Delhi: is partnering with . It becomes the 5th partner with Maruti Suzuki Subscribe to offer a range of Maruti Suzuki vehicles on white plate subscription. Maruti Suzuki Subscribe with SMAS is now available across the cities of Delhi, Gurgaon, Noida, Mumbai, Pune, Bengaluru, Hyderabad, Chennai and more, the company said on Wednesday. Maruti Suzuki Subscribe has witnessed strong customer acceptance with over 386 percent growth in volumes in the current fiscal year. The programme provides convenience and flexibility for a experience. Customers can drive their dream car without having to make a down payment upfront and can choose from multiple tenure options at an all-inclusive fixed monthly rental, the company said in a media release. Shashank Srivastava, Senior Executive Officer, Marketing and Sales, Maruti Suzuki India Limited, said, “Since its introduction two years ago, the Maruti Suzuki Subscribe program has proven to be well suited for today’s asset-light generation who prefer flexible buying decisions. We have received a phenomenal customer response for the Maruti Suzuki Subscribe program, which is reflective of its incremental volume growth. This has boosted our confidence tremendously and helped us expand with more subscription partners and in more locations. I am thrilled to announce the latest addition of SMAS as a partner under the Maruti Suzuki Subscribe programme. Through new partnerships and city expansions, we wish to expand our reach even more and serve our customers with more ease and convenience.” Meherban Singh, General Manager & Head: Strategic Sales & Business Planning, SMAS Auto Leasing, said, “Car Subscription is gaining popularity among Indian customers across all major segments be it individual buyers, professionals, business owners or corporates. New Age Car buyers prefer a convenient, hassle-free and flexible vehicle ownership experience, and Car Subscription provides a one-stop solution for all their needs. SMAS India and Maruti Suzuki are committed to offer the finest Car Subscription experience to our customers for the entire range of cars in Maruti Suzuki’s portfolio.” Maruti Suzuki Subscribe partners are: Orix, ALD Automotive, Quiklyz by , Myles and SMAS. They are present across 25 cities pan-India and offer vehicle price, registration and expenses, insurance (new and renewals), service and maintenance, along with roadside assistance Maruti Suzuki offers car ownership options with monthly rentals starting from INR 12999 and the subscription tenures are available for up to 5 years, in addition to the existing tenures of 1, 2, 3 and 4-year options, the company said. Also Read:
Tesla changes insurance incentive scheme in China to urge purchases SHANGHAI/BEIJING - said it has raised insurance incentives for car orders in China placed before Nov. 30, but reduced them for orders made next month, a move to urge consumers to place orders earlier. The U.S. automaker previously offered an insurance incentive of 7,000 yuan ($970) for orders between Oct. 1 and Dec. 30. But on Tuesday Tesla said the incentive for November was raised to 8,000 yuan and reduced for December orders to 4,000 yuan. "As long as you like it enough, pick up Tesla immediately!" Tesla said in its official Weibo account when announcing the policy change. The insurance incentive is a cash rebate offered to buyers to buy insurance from Tesla's partner insurers. Tesla delivered 71,704 China-made electric vehicles (EVs) in October, down 14% from a record high in September, according to the China Passenger Car Association last week. Tesla also slashed starter prices in China for Model 3 and Model Y cars and closed what had been its flagship showroom in the country last month. ($1 = 7.2403 yuan)
Car more than 15 years old? State govts announce discounts for scrapping; 5 things to know about how to scrap an old car Do you own a car that is more than 15 years old? Then you should know that 21 states and union territories (UTs) are offering up to 25% discount on personal vehicle price or for customers who scrap their old vehicles and buy a new one, stated a Times of India news report. For commercial vehicles, the discount is 15%. The Voluntary Vehicle Fleet Modernization Program aims to eliminate old and unfit vehicles that cause pollution and harm the environment. The policy will start after the car registration is completed, and the vehicle will undergo a fitness test after a certain period. According to the Motor Vehicle Laws, a vehicle is considered fit for only 15 years. After 15 years, the vehicle pollutes the environment more than any new vehicle. In 2022, automated testing was used to inspect commercial vehicles. Starting June 1, 2024, all passenger vehicles over 15 years old will also be subject to this same rigorous testing. Concessions offered by states Several states, including Bihar, Madhya Pradesh, Uttar Pradesh, Haryana, Karnataka, Maharashtra, Gujarat, Punjab, and Kerala, have announced concessions to promote the scrapping of old and unfit vehicles. The central government has made it mandatory for states to promote this initiative. Dipak K Dash of Times of India reported that discounts range from 10% to 25% and are based on different criteria, such as the scrap value or price of the new vehicle. For instance, Haryana offers a discount of 10% or lower than 50% of the scrap value, while Uttarakhand provides a 25% discount or a maximum of INR 50,000, whichever is less. Karnataka, on the other hand, is offering a fixed discount on road tax based on the price of the new private vehicle. For example, vehicles priced above INR 20 lakh are eligible for a discount of INR 50,000. Lastly, Puducherry is giving a generous 25% discount or a maximum of INR 11,000, whichever is less. These discounts are expected to provide relief to private vehicle owners who are struggling amidst the ongoing pandemic. If you own a vehicle that is more than 15 years old, here is all you need to know about scrapping your car. What is the age of your car Different age criteria apply to commercial and private vehicles. Under the , personal vehicles purchased with petrol or diesel fuel require re-registration after 15 years. The approval is valid for only 5 years. If you wish to continue driving your vehicle after 20 years, it must undergo fitness tests every 5 years. However, Delhi-NCR has different rules. Petrol vehicles have a maximum age limit of 15 years, while diesel vehicles have a maximum age limit of 10 years. If a car older than the limit is found on Delhi's roads, there will be a fine of INR . 10,000, and it will be sent directly for scrapping. Old vehicle problems If your car or bike is older than 15 years, you may have to pay a green tax on
on Delhi's roads, there will be a fine of INR . 10,000, and it will be sent directly for scrapping. Old vehicle problems If your car or bike is older than 15 years, you may have to pay a green tax on re-registration. The tax can be up to 50% of your road tax and is based on the pollution level in your state. Electricsuccession certificate in case the registered owner has passed away. The cost of scrapping a vehicle is determined by its weight. You can expect to pay roughly INR 15 for every kilogram of metal parts that need to be scrapped. If the vehicle is in good condition and its parts can be sold, you may receive a higher price for it.
Used car loan interest rate: SBI vs ICICI vs PNB Many banks in India offer loans for used cars or pre-owned cars. During the loan term, you can pay back the loan in ( ). However, one should be careful and check other details such as registration documents, car insurance, etc. The eligibility to avail this loan differs depending on the bank and type of vehicle. Here is a look at the interest rates offered by , and for user cars. SBI The eligibility range for SBI pre-owned vehicles is 16 to 67 years old. Keep in mind that the loan must be fully returned before the borrower turns 70. A loan can be obtained for as little as Rs. 3 lakhs or as much as Rs 100 lakhs. Interest rates will range from 9.75% to 13.25%. Credit score-based rates will be applicable. PNB used PNB finances old carjeepSUV, which are not older than three years and unencumbered (i.e., not financed by other Bank/Financial institutions on the date of the loan). auto loans are linked to the repo linked lending rate (RLLR) (RLLR+BSP). Note that BSP is the risk premium added based on the customer risk. For used car loans, the rates will be RLLR+BSP+1.00 for credit scores of 750 & above. Interest rates will be RLLR+BSP+ 0.30% for CIC Scores 700 and up, and RLLR+BSP+ 0.65% for credit scores below 650 to less than 700. ICICI Bank auto loan interest rate Pre-owned car loans from ICICI Bank have attractive interest rates and a repayment period of up to 7 years. For used car loan, interest rates are based on customer relationship, age and segment of car, product variant like purchase, top up, refinance, etc, as per the ICICI Bank website. The interest rate on an ICICI used car loan ranges from 11% to 15.50% depending on the car segment. According to the ICICI Bank website blog, here is a look at who can apply for a pre-owned car loan. Both self-employed and salaried individuals can apply for a Pre-owned Car Loan. The loan is available only to resident Indians. Let’s go through some of the other Pre-owned Car Loan eligibility criteria:
Automakers targeting average households with new crop of EVs WARREN: In their first rollouts of , America's automakers targeted people who value short-range cars. Then came EVs for luxury buyers and drivers of pickups and delivery vans. Now, the companies are zeroing in at the heart of the U.S. auto market: The compact SUV. In their drive to have EVs dominate vehicle sales in coming years, the automakers are promoting their new models as having the range, price and features to rival their gas-powered competitors. Some are so far proving quite popular. Ford's $45,000-plus Mustang Mach E is sold out for the model year. On Monday night, General Motors' Chevrolet brand introduced an electric version of its Blazer, also starting around $45,000, when it goes on sale next summer. Also coming next year: An electric Chevy Equinox, with a base price of about $30,000, whose price could give it particular appeal with modest-income households. There's also the Hyundai Ioniq 5 and Volkswagen's ID.4 in the $40,000s and Nissan's upcoming Ariya around $47,000 with a lower-priced version coming. All start off considerably less expensive than Tesla's Model Y small SUV, the current top EV seller, with a starting price well into the $60,000s. The new models, which can get about 300 miles per electric charge, are aimed at the largest segment of the U.S. market: Modest-size SUVs, representing about 20% of new-vehicle sales. Industry experts say entering the smaller SUV segment, with its reach into a broader demographic of buyers, is sure to boost electric vehicle sales nationally. "Going to the smaller utility segment gives you the opportunity to access the most customers in one (market) segment," said Stephanie Brinley, principal analyst for S&P Global Mobility. "To make a transition from (internal combustion engines) to electric, you have to be in more space. You have to be in more price points. You have to be in more sizes." Brinley noted that the small and midsize SUV segments meet many people's needs, something that previous electric vehicles did not. "If it's a price you can reach but it's a product that you can't put your kids and your dog in, you're not going to buy it," she said. Chevrolet says the Blazer will get a minimum of 247 miles (398 kilometers) per charge. Pricier high-end versions could go up to 320 miles (515 kilometers). The Blazer will be available with Chevrolet's SS performance package with a zero-to-60 mph (97 kilometers per hour) time of under four seconds. There will be a police version, too. "Early on, the demographic composition of an EV buyer was certainly someone that perhaps had higher education, higher household income," said Steve Majoros, Chevrolet's marketing director. "That's very indicative of early adopters. But as we move up that curve, the intention and where we're pricing this product is to certainly make it more available for more mainstream buyers." To attract buyers of modest means, EVs need to be priced even lower, in the
the intention and where we're pricing this product is to certainly make it more available for more mainstream buyers." To attract buyers of modest means, EVs need to be priced even lower, in the $30,000-to-$35,000 range, GM CEO said in an interview this week with The Associated Press. Electric vehicles, she said, also have to have the range and charging network so they can be the sole vehicle that some people own. "Most electric vehicle owners today own multiple vehicles, so they have an internal combustion vehicle to jump into depending on their needs," Barra said. Automakers have been pushing to fully restore a $7,500 tax credit for people who buy EVs to jump-start sales. But the measure is stalled in Congress. It's especially important for GM, Tesla and Toyota, which have maxxed out the number of credits they are allowed and can no longer offer them to buyers. Other automakers are approaching the limit, too. Money for the credits, as well as funding for additional EV charging stations, was in President Joe Biden's $1.8 trillion "Build Back Better" social and environment bill, which is all but dead because of the objections of Sen. Joe Manchin, a West Virginia Democrat. Last week, Manchin also rejected a slimmed-down version that included provisions to combat climate change. He indicated his support for just two items from Biden's broader agenda: Reducing prescription drug costs and bolstering subsidies for families to buy health insurance. His vote in an evenly split Senate would be needed for anything to pass. Even without the tax credit, the industry's march toward electric vehicles is moving apace. Edmunds.com says electric vehicles now account for about 5% of U.S. new vehicle sales with 46 models on sale. S&P's Brinley foresees the market share rising to 8% next year, 15% by 2025 and 37% by 2030. "It seems like the number of choices are growing exponentially for electric vehicles as we move forward," said Erich Merkle, Ford's top U.S. sales analyst. Demand for battery-powered vehicles and gas-electric hybrids has grown as gasoline prices skyrocketed this year. Dealers report that every vehicle delivered is typically already sold or gone soon after it arrives. Jonathan Chariff, CEO of South Motors, an 11-dealer group in South Florida, said it's impossible to assess just how big the demand for electric vehicles is. There's huge interest, especially in electric SUVs, and vehicles are selling fast. But the supply is constrained because automakers don't have enough computer chips to build as many vehicles as they want. Given the enormous consumer interest in EVs, Chariff said he expects the vehicles to continue to sell even if their prices don't fall. "The real question," he said, "is if and when the supply chain can meet the market demand, what is the true price point?"
Steel, iron ore tread narrow path between China and Russia: Russell By LAUNCESTON, Australia: are trying to thread the needle between China's coronavirus lockdowns and the likely loss of . The first factor is bearish for prices, as China's steel output may fall on lockdowns in some producing areas, such as Tangshan, as well as the potential hit to economic growth. The second could be both bearish and bullish, depending on how the conflict between Russia and Ukraine plays out. Both are major steel exporters, with Russia shipping about 28 million tonnes in recent years, to rank just behind Japan, but some distance behind number one China, which exported 52.63 million tonnes of steel products in 2021, official data show. Ukraine exports about 15 million tonnes of steel a year, ranking it eighth, and it is also the world's fifth-biggest shipper of iron ore, although its volumes are small compared to the top exporters, Australia and Brazil. Ukraine exported 21.26 million tonnes of iron ore in 2021, according to Refinitiv research, or about 2.5% of the 884 million tonnes that Australia shipped. Since Russia's invasion of neighbouring Ukraine on Feb. 24, international buyers have been pulling back from purchases of its steel, although it is likely to take several months before the full impact of the self-sanctioning becomes apparent. are also affected, given the proximity of fighting to some major ports, meaning ship owners, insurers and traders will be reluctant to lift cargoes. This would appear bullish for prices of both iron ore and steel, given the likely tightening of supply, especially in Europe, which bought most of the supplies from Russia and Ukraine. But it may also result in more Russian steel being diverted to Asia, as exporters seek new markets for products no longer being purchased by Europeans. This may roil Asia's steel markets, especially if Russian products are offered at steep discounts to those from the region's more usual suppliers, China, India, Japan and South Korea. Conversely, Asian exporters may find new opportunities to ship to Europe, especially if European steel mills are constrained by rising energy costs from boosting their own output. Overall, the impact of Russia's likely exclusion from much of Europe's steel market will be felt in Asia as well, and a re-aligning of trade flows is expected. Much will also depend on China's future steel demand, which in turn will be determined by how long the current lockdowns last, and whether higher stimulus spending follows, as Beijing seeks to rebuild economic momentum. CHINA STEEL TO REBOUND? China's crude steel output dropped 10% in the first two months of the year to 157.96 million tonnes from 174.99 million in the corresponding 2021 period, official data show. Production curbs to lower pollution ahead of the Beijing Winter Olympics are part of the reason for lower output, but high prices for iron ore and coking coal would also have limited mills' efforts to run at high capacity.
pollution ahead of the Beijing Winter Olympics are part of the reason for lower output, but high prices for iron ore and coking coal would also have limited mills' efforts to run at high capacity. China's exports of steel products also slipped in the first two months, coming in at 8.23 million tonnes, down 18.8% from the same period in 2021, according to customs data. But a soft start to the year for China's steel sector doesn't mean the rest of the year will follow the same pattern, and there are already some signs of rising output. The China Iron and Steel Association has said crude steel production rose 4.61% in the 10 days to March 20 from the preceding 10-day period. Amid the uncertain outlook for both China's steel sector and the impact of Russia's invasion of Ukraine, iron ore and steel markets have traded cautiously, with few of the wild price swings seen in crude and natural gas markets. Benchmark 62% iron ore for delivery to north China , as assessed by commodity price reporting agency Argus, ended at $146.40 a tonne on Thursday, up slightly from its $137.20 close on Feb. 23, the day before Russia's attack. Steel rebar futures in Shanghai closed at 4,976 yuan ($782) a tonne on Thursday, up from 4,775 yuan on Feb. 23. The modest price gains for iron ore and steel in Asia reflect a probable market bias that the bullish factors of China stimulus and the loss of Russian and Ukrainian exports will eventually win out. Also Read:
UK set to reap GBP 66 bn annual economic windfall by 2040 from connected and automated mobility: Report The UK stands to gain a significant economic boost of GBP 66 billion annually by 2040, thanks to the adoption of connected and (CAM) technology, as outlined in a new report by the ( ). CAM technology enables vehicles to operate autonomously and communicate with each other and infrastructure. Wider implementation of this technology could solidify the UK's position as a global leader in the field and create 342,000 new jobs across various sectors, with 12,250 of them in automotive manufacturing. Moreover, the report suggests that by 2040, CAM technology could save 3,900 lives and prevent 60,000 serious accidents. It could also lead to reduced insurance premiums, less stressful commutes, and increased mobility for individuals with disabilities, while businesses would benefit from more efficient transportation and industrial processes. Since 2015, there has been a significant investment of over GBP 600 million in CAM testing, both from the public and private sectors. To fully capitalize on these opportunities, the government and industry need to create conditions for the safe deployment of CAM technology in passenger cars, services, and commercial vehicles. While the UK is already well-positioned for CAM implementation in passenger cars, the report identifies significant growth opportunities in eight other markets. The report, which is based on a study by KPMG and funded by Innovate UK with support from the and Zenzic, highlights that on-road logistics holds the potential to be the most substantial market, with an annual revenue of GBP 15.2 billion by 2040, emphasizing the importance of implementing CAM technology in commercial HGVs and vans. Other markets with substantial potential include on-road passenger services (such as buses, taxis, and ride-hailing) and off-road logistics (vehicles used in warehouses, ports, and airports), which could yield annual revenues of GBP 3.7 billion and GBP 2.3 billion by 2040, respectively. Early deployment opportunities may also arise in the mining and agricultural sectors due to their relatively controlled environments. The success of CAM technology adoption largely depends on government action, including the implementation of regulatory and legislative reforms, with a particular focus on self-driving vehicles. Removing barriers to regulatory reform and supporting private sector investment, innovation-driven growth, workforce digital upskilling, and public engagement through educational initiatives are essential steps to realize the potential of CAM technology. In the words of Mike Hawes, SMMT Chief Executive, "Government must work with all stakeholders to implement the necessary framework needed to deliver this exciting revolution swiftly and effectively, ensuring that consumers can reap the lifesaving and cost-saving benefits. Failing to do so risks leaving the UK in the slow lane, jeopardizing our
this exciting revolution swiftly and effectively, ensuring that consumers can reap the lifesaving and cost-saving benefits. Failing to do so risks leaving the UK in the slow lane, jeopardizing our competitiveness and impeding growth and job creation." The report has received endorsements from various industry leaders, who recognize the enormous opportunities presented by the adoption of CAM technology in the UK. They emphasize the potential for economic, societal, and environmental benefits, along with the transformative impact on road safety and accessible transportation. The future of connected and automated mobility in the UK is promising, but it requires decisive action and collaboration between public and private sectors to become a reality.
Russian oil slashes OPEC's share of Indian market to 22-year low New Delhi - 's share of India's oil imports fell at the fastest pace in 202222, a Reuters analysis of the data that dates back to 200123, the data showed, about 23% of its overall 4.65 million bpd imports. The decision by OPEC and their allies, a group known as OPEC+ to cut production in May could further squeeze OPEC's share in India, the world's third largest oil importer, later this year if Russian supplies stay elevated. "Russian crude is already cheaper than the similar Middle Eastern grades and it seems OPEC is harming itself by a reduction in output," said analyst Ehsan Ul Haq. "It will further erode its market share in Asia." Higher intake of Russian oil boosted the share of Commonwealth of Independent States (C.I.S.) countries to a record 26.3%, and reduced that of Middle Eastern and African nations to a 22-year low of 55% and 7.6%, respectively. In 202123. India's oil imports in 202223 at about 5.13 million bpd, government data show. In March, India shipped in nearly 5 million bpd of oil, marginally higher than the previous month, with Russian oil accounting for about 36% of overall imports, the data showed. "OPEC's output cut decision is helping Russia as well," said Haq, adding the planned supply cut has lifted global oil prices and at the same time narrowed the discounts for Russian oil against Brent and Dubai benchmarks. Some Russian cargoes are being priced above $60 a barrel - a cap imposed by the Group of Seven nations, and Australia to curb Moscow's revenues while allowing traders to access western ships and insurance.
Karnataka: No permit required for green vehicles BENGALURU: (EVs) and vehicles that run on alternative fuel such as methanol and ethanol will not require permits to ply in the state. On Friday, the transport department issued a notification stating that transport vehicles operated by battery, ethanol and methanol will be exempted from needing permits. However, department-fixed fare will be applicable for transportation of passengers and goods. In October 2018, the Union ministry of road transport and highways issued a notification to exempt EVs and vehicles run on from needing permits. However, Karnataka is implementing this only now. At present, permits are required by commercial vehicles, including contract and stage carriage buses, goods carriers, and cabs. The move to end the permit era for environment-friendly vehicles is expected to encourage more fleet owners to induct such vehicles. This is also expected to reduce corruption in the issuance of permits. However, these vehicles will have to comply with other rules such as fitness certificate and passenger insurance cover. Officials said they are hoping for an increase in the number of electric buses and battery-run auto rickshaws now. Also Read:
The hustle is on : EVs corner 46% of 3Ws; over 2.5% of all automobile sales in India in FY22 New Delhi: Electric three wheelers registered a blistering 101.74% growth in sales in fiscal 2022 in India notching up a record 45.83% share in the overall segment during the year as per data collated from government's Vahan dashboard by (FADA). Electric three wheelers recorded sales of 1,77,874 units over 88,391 units in the previous fiscal propelling the overall three wheeler segment to a 50.32% growth at 3,88,093 units. "Growth in EVs in intra city logistics, has been aided by the ecommerce growth in the last two years. Three wheelers dominate the EV market and are the most promising in terms of market opportunity and growth," said Saurav Kumar, founder and CEO, . "The enablers of this fast adoption is the expansion in the supply chain infrastructure by ecommerce, and 3PL, coupled with digitalization and growth in retail market, as well as a shift towards sustainable mobility amidst the rising fuel prices." "In the coming years, EV deployments will mount in the first and last mile, with an expected market size of around 600,000 units in 2022-23 in the three wheeler segment. There is now enough awareness on the benefits EVs offer with higher TCOs and lesser operating costs," he added. In two wheelers as well, EVs have started to make their presence felt, especially in the scooter segment. As per Vahan data, electric two wheelers sales galloped over five fold at 231,338 units against just 41,046 units in fiscal 2021, garnering a share of 1.9% in the process. In fiscal 2021, the share was just 0.3%. As a result, the share of EVs in overall automobile sales in the country has breached the psychological 1 percent barrier at 2.6 percent in FY 2022 from 0.88% in fiscal 2021. Further, the Vahan dashboard only captures data for high speed scooters and mobikes with speeds of above 25kph and need to be registered and insured. A significant share of electric two wheeler sales are also in the low speed category that does not get captured in the data. "The only problem in two wheelers is the lack of adequate capacities in the electric segment to meet the demand today and the presence of some non serious players that may hamper consumer sentiment in the short term. If not for that, the share in the next few years would be higher," said Vinkesh Gulati, president, FADA. "In petrol two wheelers, I believe the demand is at its lowest point right now and will start to grow henceforth. The impact of electric two wheelers will only be felt 2025 onwards." Sales went up in the other two segments--passenger and commercial vehicles, as well but not to the same extent. Around 17,802 electric passenger vehicles were sold in the fiscal against 4,984 units in the previous year while 2,203 electric commercial vehicles were sold over just 400 in 2020-21. They had a share of 0.6 and 0.3% respectively.
No accident insurance claim if driver is drunk: Consumer commission The district consumer disputes redressal commission of Bageshwar, in a case of a resident of Bageshwar, whose met with an accident, ruled in favour of United India Insurance Company, and ordered that there was no deficiency in services by rejecting the for the damaged vehicle as the driver was in an inebriated state at the time of the accident. A resident of Bageshwar, Subodh Lal Sah approached the commission seeking compensation of around Rs 2.5 lakh for the damage caused by his mini truck ramming into a shop in 2014. During the survey, the insurance company received the driver's medical report, which stated that he had consumed alcohol. Based on the medical report, the company rejected the . In his petition, Sah said that his car met with an accident on the last day of 2014 and he informed the insurance company on January 1, 2015, after registering an FIR at the Bageshwar Kotwali police station. Sah said that the surveyor of the insurance company has assessed the loss of Rs 2,48,383. He said that after getting the vehicle repaired, he handed over all the documents to the company, but he was not given any compensation. The insurance company told the court that in the second survey it was revealed that the driver Ganesh Singh was in an inebriated state, who was admitted to the government hospital after the accident. Driver Singh's medical report mentioned that "he had consumed alcohol-like substance," which was a clear violation of the policy. After going through the evidence, the commission was satisfied that there was indeed a violation of the policy as the driver of the vehicle was intoxicated when the accident occurred and dismissed the petition, giving relief to the insurance company.
Consumers want safeguards with partial automation: IIHS New Delhi: A recent (Insurance Institute for Highway Safety) survey showed that consumer interest in automated technologies is strong, but drivers appear to prefer partially automated features that require them to stay engaged in driving. “Automakers often assume that drivers want as much technology as they can get in their vehicles,” said , the survey’s primary designer. “But few studies have examined actual consumer opinions about partial driving automation.” To help fill that gap, IIHS researchers conducted a nationwide survey of more than 1,000 drivers that focused on three common features: , , and Most systems are designed to assist with highway driving. Lane centering continuously adjusts the steering to keep the vehicle in the middle of the travel lane, while adaptive cruise control manages the vehicle’s speed and distance from vehicles ahead. Some systems also have an automated lane-changing feature, which enables the vehicle to change lanes without the driver needing to steer. Partial automation still can’t handle many relatively common situations. Thus, systems need to monitor the driver to help ensure they remain ready to intervene if something goes wrong. Most use sensors in the steering wheel or driver-facing cameras for this purpose. The survey showed a high level of acceptance of several types of driver monitoring, a fundamental component of the safeguard ratings that IIHS is developing for partial automation systems. Regardless of whether the feature in question allowed hands-free operation or required the driver’s hands to remain on the wheel, a majority of drivers said they would be comfortable with all three driver-monitoring strategies covered in the survey — sensors on the steering wheel, a camera tracking what the driver is doing with their hands, or a camera aimed at their face tracking where they are looking. “The drivers who were the most comfortable with all types of driver monitoring tended to say they would feel safer knowing that the vehicle was monitoring them to ensure they were using the feature properly,” said Mueller. “That suggests that communicating the safety rationale for monitoring may help to ease consumers’ concerns about privacy or other objections.” “It may come as a surprise to some people, but it appears that partially automated features that require the driver’s hands to be on the wheel are actually closer to one-size-fits-all than hands-free designs,” Mueller added. Also Read:
OPEC+ output cut may lead to higher oil prices, push up India's import bill The ( ) on Tuesday termed the decision of to cut production as "risky for the global economy", saying it may push up already high prices, leading to higher import bills for nations like India. were already set to tighten in the second half of 2023, with the potential for a substantial supply deficit to emerge, said Fatih Birol, head of the Paris-based energy watchdog. Talking to reporters after a bilateral meeting with India's Commerce and Industry Minister here, he said, "The cut of the additional production would mean that we have all the reasons to believe that there could be an upward pressure on the prices". "At this juncture of time when the global economy is still very fragile and many emerging countries have difficulties with economic performance, I found this decision risky for the global economy," he noted. Asked if oil prices could go past USD 100 per barrel again, he said, "I think we are all the day but USD 85 now, and looking at the second half of this year, I have reasons to believe that it can go even higher at current levels". Higher oil prices will not just translate into inflationary pressure on other commodities but will also lead to a larger import bill for nations like India, which are dependent on overseas supplies to meet their requirements. "India is an energy important country, oil important country, a majority of the oil consumed in India is important, such a move could increase India's oil import bill and as such a burden on the Indian economy and Indian consumers," Birol said. Goyal is here to meet his counterpart and French CEOs to promote trade and investments between the two countries. India is the world's third-largest oil-importing and consuming nation. It meets 85 per cent of oil needs through imports. It spent USD 118 billion on oil imports in the first 11 months of the 2022-23 fiscal. Birol said India's economy is strong and continues to be stronger. "We expect the Indian economy will soon be the third largest economy of the world and the growing economy needs... we do revise our numbers all the time but I expect that the Indian economy will still be strong this year, one of the strongest in the world. And as such, we require strong oil and electricity demand," he said. On Russia's invasion of Ukraine, he said the war has led to a big push for clean energy solutions. "In addition to that, we also see that as a result of this war, Russia was a major world's number one natural gas exporter. More and more countries are producing and exporting gas and we expect in the next two to three years... there will be a float of LNG coming to markets and as such, would put downward pressure on the prices and ease gas supply security concerns." Asked about the impact of sanctions on Russia, he said the objective of reducing Russian oil revenue has been achieved. "Our numbers show that in one year of time since the 24th of February, when the war
about the impact of sanctions on Russia, he said the objective of reducing Russian oil revenue has been achieved. "Our numbers show that in one year of time since the 24th of February, when the war started, the Russian oil and gas export revenues declined, dropping by 60 per cent. If we consider that the oil and gas export revenues are a very important input for the Russian budget, it is a major challenge for the Russian economy." Russian oil is being sold at a discount to international benchmarks because some Western nations have stopped buying it and their insurance companies are no longer providing cover for ships carrying such oil. India is one of the countries, which utilised the opportunity to buy discount oil to cut its import bill. The IEA head said India was doing this in a transparent way and within the international rules and regulations. "And India is profiting by...importing of crude at a lower discounted price than the others. This is definitely a legitimate step."
Aluminium jumps on Russian supply worries, nickel goes limit down again By Pratima Desai jumped more than 5% on Monday after Australia banned the export of materials used to make the metal to Russia as part of its sanctions against Moscow for its invasion of Ukraine. Meanwhile, the London Metal Exchange's benchmark nickel contract fell to $31,380 a tonne, hitting its lower trading limit, now set at 15%, for a fourth session in a row, on selling triggered by expectations of falling prices for the metal. The LME suspended nickel trading on March 8 after prices spiked by more than 50% to over $100,000 a tonne. It resumed trading on March 16 but has adjusted the trading limit down each day since then. Benchmark aluminium traded up 4.2% at $3,524 a tonne in official rings after earlier touching $3,554, its highest level since March 10. Australia imposed an immediate ban on exports of alumina and aluminium ores, including bauxite, to Russia. "Taken together with disrupted exports from Ukraine, Russia's smelters are facing a significant supply shortfall of ," said Julius Baer analyst Carsten Menke. Russia's Rusal, the world's largest aluminium producer outside China, accounts for about 6% of global supplies estimated at around 70 million tonnes this year. NICKEL: Expectations are for to fall until they reach the levels on the Shanghai Futures Exchange (ShFE) after an adjustment for costs such as transport, insurance, import duty and other fees. Nickel on ShFE was trading around 205,670 yuan or $32,390 a tonne. CUTS: Germany-based TRIMET will over coming weeks cut aluminium production at its Essen facility by 50% because of higher energy prices after Russia invaded Ukraine. "The amounts aren't large, but it does raise the prospect of further aluminium production cuts in Europe," a trader said. INVENTORIES: Stocks of aluminium in LME registered warehouses at 704,850 tonnes, down from near 2 million tonnes a year ago, have also fuelled bullish sentiment. Cancelled warrants -- metal earmarked for delivery -- at 34% suggest more aluminium is due to leave the LME system over coming days. OTHER METALS: Copper was down 1.4% at $10,189 a tonne, zinc gained 1.9% to $3,900, lead added 0.3% to $2,259 and tin lost 1.7% to $41,600. Also Read:
Group Landmark owned Volkswagen dealerships in Gujarat and Delhi NCR delivered 100+ cars on March 30, 2023 More than 100 Volkswagens were delivered by Group Landmark's in Gujarat and Delhi NCR on March 30, 2023, setting an incredible milestone. The record-breaking number of delivered in a single day was made possible with the help of the dealership's dedicated team. This achievement also solidified Group Landmark's reputation as Volkswagen India's No.1 Dealer Partner. Group Landmark has been in a partnership with Volkswagen since 2008. The company believes excellent is essential to build relationships and fostering loyalty. Therefore, the team strives to exceed customer expectations in every interaction. The launch of Taigun & Virtus saw an immense jump in brand's popularity. These cars came loaded with some of the much-anticipated features. Safety comes standard when you buy any Volkswagen. The New Taigun had achieved 5 Stars in both in adult and child safety. The new Virtus stole the show with more than 11 awards while the Taigun brought home more than 20+ awards. The high-end cars by Volkswagen include the Tiguan which comes equipped with 2 ltr. engine. With their German-engineered engines, Volkswagen cars are renowned for their build quality, safety, and fun to drive, attributes that can be attributed to their quality construction. Designed for safety, efficiency, and longevity, the engines are configured to deliver long, smooth and enjoyable rides to drivers while providing them with a smooth, enjoyable experience. It has been an exciting few months for Volkswagen as it has seen a tremendous response from corporate clients, entrepreneurs, women professionals, the MSME sector, as well as other segments of the market that make up its client base. Customers have highly regarded their cars' reliability, performance, and cost-effectiveness over the years, making them a popular choice. Aryaman Thakker, Executive Director of Group Landmark, expressed his thoughts on the achievement: "After 25 years of focusing on quality, Group Landmark has built a strong reputation for excellence in every aspect of the business. By leveraging our partnerships, we provide customers with the finest cars and services, cementing our position as India's premier provider of luxury and premium cars. As a testament to Group Landmark's expansive network and delightful customer experiences, the new milestone of Volkswagen's 100+ car deliveries in a single day exemplifies the brand's success. He added, "Volkswagen's new brand design is a huge hit with our customers, who appreciate the vibrancy, product range & services. As a result, we are seeing increased sales and customer satisfaction levels. Furthermore, as we celebrate Group Landmark's 25th anniversary, we offer special opportunities so our customers can have the best car-buying experience, which is our top priority." With the expertise of the staff at Group Landmark's Volkswagen Dealership and the customer-centric
opportunities so our customers can have the best car-buying experience, which is our top priority." With the expertise of the staff at Group Landmark's Volkswagen Dealership and the customer-centric approach they adopt, Group Landmark has achieved significant success. VW customers enjoy the benefit of excellent after-sales services. The company has received numerous accolades for its excellent customer experience. Group Landmark Volkswagen has a well-trained team of customer service representatives who are always willing to help customers. They have consistently exceeded their targets by focusing on providing quality service and ensuring that their customers are satisfied with the service they receive. It has resulted in more than 5 lacs of satisfied customer services being provided. The Group Landmark owned Volkswagen dealerships in Gujarat have been accredited with a place in the (ABR) and India Book of Records (IBR) for 'maximum single model Volkswagen vehicles sold by a dealer in a single day'. The Automark Group has a significant footprint in Gujarat and Delhi NCR, allowing them to cater to the needs of their customers. At present, they operate at Ahmedabad S G Highway, Ashram Road, Naroda, Narol, Rajkot, Vadodara, Vapi, Surat, and Navsari as well as Okhla, and Faridabad. However, to make Volkswagen network more accessible to a significant number of customers, the company is soon expanding its footprint to Gandhinagar, Nikol-Valastral Road (Ahmedabad), Jamnagar, Anand, Bharuch, Bardoli and Morbi. Group Landmark, the largest network in India, opened its first dealership in 1998 and has, since then, expanded its network to include 115 outlets across eight states, operating showrooms for top-tier brands such as Mercedes-Benz, Volkswagen, Honda, Jeep, Renault, and BYD. The company treads beyond your run-of-the-mill automotive dealership to offer customers unparalleled buying experiences from start to finish. The promise of such novel experiences is backed by Group Landmark's robust presence across the automotive retail value chain. This includes myriad services besides sales of new vehicles, such as after-sales service sales of pre-owned passenger vehicles and third-party financial and insurance products. This story is provided by PNN. will not be responsible in any way for the content of this article. (ANI/PNN)
Insurance claims for EVs shoot up Insurance companies are witnessing an increase in the frequency and for (EV) as even minor damages leads to replacement of in the . HDFC ERGO General Insurance says the overall frequency of EV claims has increased by 15% during the current year, when compared with last year. “As the child parts are not available for battery & powertrain in EV vehicles, minor damages also lead to replacement. The cost of replacement of EV parts have increased around 15% as compared with Internal Combustion (IC) vehicles for similar segments,” Parthanil Ghosh, president, retail business, HDFC ERGO General Insurance said. According to the automobile experts, unlike the IC vehicles, EV powertrains have fewer mechanical parts, and batteries, motor, controller and transmission constitute more than 50% of the overall EV cost. Incidents involving battery or powertrain damage results in higher claim sizes than in ICE powertrains. Bajaj Allianz General Insurance says the four-wheeler EV claim size is 60% higher than the IC engine vehicles during Jan-Oct 2023 when compared with the same period (Jan-Oct) 2022. TA Ramalingam, chief technical officer, Bajaj Allianz General Insurance said, it is challenging to get the spare parts required for repair because each company might have unique parts, which are only sometimes readily available. “One of the biggest challenges with electric cars is the availability of child parts & repairability, which are significant concerns in EV four-wheelers,” he said. Neel Chheda, senior executive vice president-Auto, TATA AIG General Insurance said, the claim size for EVs has seen an increase due to the unique composition of EV powertrains. When contacted, Sohinder Gill, director general, Society of Manufacturers of Electric Vehicles said, the issue over the child parts in the EV industry is primarily attributed to the challenges in supply chain management within the EV industry in India. Noting that the decision to import parts from abroad arises from the early stages of domestic manufacturing for EV components in our country, he said. “Furthermore, the industry grapples with significant challenges related to the availability of essential components and raw materials. The low volumes in sales discourage local component manufacturers to produce these parts in bulk thus making them costlier,” he said. Queried about the steps taken by the EV manufacturers to address this issue, he said, India has faced this issue since the entry into the EV domain, prompting the government to come up with initiatives such as the Production Linked Incentive (PLI) scheme. “The primary objective of these measures is to nurture the domestic manufacturing of EV parts within the country. This scheme motivates EV manufacturers to rely more on domestic components and products,” Gill further said.
Being FutuReady: Re-imagining automotive supply chains in post-Covid world The impact of the Covid-19 pandemic on supply chains world-over has been profoundly disruptive, to say the least. Reeling under sudden lockdowns, fluctuations in demand and supply, logistics disruptions and shortages, the automotive industry was left in the deep end for over a year and is still recovering from the shock. Global semiconductor shortages continue to haunt the automotive industry even today. What the pandemic has taught us, above all else, is the need to entirely rethink our strategic objectives when it comes to supply chains. Prior to the pandemic, most supply chains were focused on cost-optimization and throughput— the priority was to source parts at the lowest cost as quickly as possible. We weren’t really thinking about flexibility or business continuity plans, or wondering, what if customer demands shift dramatically overnight? But post Covid-19, these questions have become central to supply chain management. As we venture into the future and plan for 2022 and beyond, it is time to reimagine our supply chain strategies to be FutuReady. Covering bases— On a primary level, it is critical to ensure the supply chains we build function well according to some basic parameters. It is necessary, for instance, that we have complete visibility of our overall supply chain. We must view it across tiers, keeping in mind customer demands, technicalities of the procurement of raw materials, semi-finished goods, or components that go into our finished goods. The further we can go down and into the supply chain, the more effective we’re going to be at planning our supply chain. Closely understanding manufacturing and warehouse processes, logistics, shipping, and third-party logistics can also present optimization opportunities. Further, a solid understanding of the cost structure at a unit level is very important to prevent sudden supplier breakdowns and can help organizations keep costs under check while maintaining steady margins, even allowing them to leverage supplier clusters to minimize cost. Besides this, it is also necessary to diversify the supplier base. It is important that you ensure you have a plan B, a plan C, and backup vendors in case one vendor cannot meet your needs. This may reduce purchasing power with any one given supplier, but that might be a worthy trade-off while gaining flexibility, dependency, and reliability within your supply chain. Your existing suppliers must also be reliable. When determining supplier reliability, make sure you consider some questions like: Is it likely our suppliers will have to shut down or not run-in full capacity during a tumultuous time? Are they proactively collaborating with their supply chain on changes in demand, capacity requirements and other critical factors? Are they adequately staffed? Ensuring business continuity with Once we have addressed our basics, we can optimize the supply chain in several ways.
capacity requirements and other critical factors? Are they adequately staffed? Ensuring business continuity with Once we have addressed our basics, we can optimize the supply chain in several ways. Consider for instance, ways in which you can simplify products and standardize parts. Overly complex products involving a large variety of materials makes the supply chain complex and prone to disruptions. Instead, procuring standard catalogue rather than product-specific parts can help maintain a lean supplier base— case in point: an application specific integrated circuit in the semiconductor industry. Another way to have a minimum disruption supply chain is optimizing logistics. Procuring parts locally instead of obtaining them across the globe can help mitigate geo-political risks. Demand and supply planning can also be critical in enhancing efficiency in the supply chain. Companies that can align demand with supply gain an edge when compared with the rest. Since this delicate balance starts with the proactive management of demand, demand planning and forecasting acquires critical priority. Aligning with your customers’ needs improves the customer experience, accelerates cash flow and brings profit to the bottom line. To understand demand fluctuations, keeping an ear to the ground and getting in touch with stakeholders (customers, sales staff and customer service representatives) can be fruitful. On the supply front, it is important to ensure capacity readiness, and retain agility and flexibility while delivering consistently as per demand. On a broader level, it is also important that we learn to manage risks proactively, rather than reactively. While it is certainly impossible to predict black swan events like the pandemic, one can remain acutely aware of one’s own vulnerabilities, especially vis-à-vis pressure areas in the supply chain. Instituting a comprehensive business continuity plan can prove invaluable in this regard, giving companies a systematic framework to anticipate risks and work towards mitigation. The moment risk is sensed from any sector, this BCP must be set in motion. This can play a crucial role in allowing the OEM to insure itself against long-term damage. A vision for future— Digital, sustainable, productive Ultimately, the supply chain networks of the future must incorporate the larger values of our transforming world. Advancement in online connectivity and digital technology has made itself apparent and has promising potential to revolutionize the functioning of supply chains. Digital tools (a supply chain control tower) can provide real-time data, predict trends, provide early warning signals, and closely track supply performance. At the same time, we must also remain in alignment with the global move towards sustainability. Supply chains must build roadmaps for achieving net zero emissions, water neutrality and full recyclability of materials in the next few decades. Going forward, we must strive to build an agile,
Supply chains must build roadmaps for achieving net zero emissions, water neutrality and full recyclability of materials in the next few decades. Going forward, we must strive to build an agile, productive, resilient, digital and sustainable supply chain, driven by strategic business continuity plans and proactive risk management at the core. Disclaimer: Views and opinions expressed in this article are solely those of the original author and do not represent any of The Times Group or its employees. This article is authored by , Vice President, Passenger Vehicle Business Unit,
Indian job market shows highest growth of 6% y-o-y in March: Monster Employment Index Hiring demand in India witnessed a 6% year-on-year growth in March amid removal of Covid induced restrictions and pick-up in economic activity, shows the ( ). Even as a marginal dip of 2.4% was witnessed in month-on-month hiring activity, owing to appraisal season, the index remained positive from an annual perspective as activity continued across a broad range of sectors. In March, online recruitment activity exceeded the year-ago level in 11 out of the 13 cities monitored by the index. All metros registered a double-digit growth on an annual basis. “Two years into the , it is heartening to see that the Indian economy has overcome setbacks and challenges with hiring momentum exceeding pre-Covid levels by 6% this year compared to 2020,” said Sekhar Garisa, CEO - Monster.com, a Quess company. “As India Inc continues to adopt the hybrid and back-to-office work models, we hope to see a continued recovery and a step forward to normalcy in the coming months,” he said. Mumbai (up 21%) led all the monitored cities for the first time on a yearly basis followed by Coimbatore (up 20%), Chennai and Hyderabad (up 16% each). E-recruitment activity in Bengaluru (up 15%) charted a positive trend but weakened from previous months. While Pune recorded 12% growth, Kolkata and Delhi-NCR registered a growth of 13% each. Bengaluru and Pune are emerging as the secondary hubs for fintech start-ups with several entrepreneurs wanting to tap into the latent tech talent available in the markets. Hiring demand in March was driven by banking steel (down 20%) continued to witness a year-on-year decline in the series since April 2020, registering the sharpest deceleration among sectors. The pace of the growth moderated further for media & entertainment (down 16%) and FMCG, food & packaged food (down 13%) industry and slid in March 2022 annually, according to MEI data. In terms of functions, IT-hardware and software, human resource along with finance and accounts job roles marked a double-digit growth in all metros. More and more organisations have hired top management level employees (up 34%) followed by mid-senior level (up 22%), intermediate level (up 20%) and senior-level (up 13%). Entry-level jobs witnessed a growth of 8% on the back of campus hiring steeping in the Jan-Mar quarter, showed the survey. In BFSI, roles in financial statement, wealth management, investment banking and cyber-security have seen increased job openings. In terms of tech jobs, the emergence of Metaverse and its potential applications has created a lot of career opportunities in new skill areas. While brands and enterprises continue to value creativity and human-centered design with tech-enabled applications, job roles such as design architects, software designers, system validation engineers, 3D Artists, ARgraphics Engineer are expected to be in high demand in the coming months. Also Read:
Mercedes-Benz makes 10 million vehicles with pedestrian emergency braking system in 10 years With more than 40 active assistance systems currently available, is making a decisive contribution to increasing the safety of all road users. In particular, has been helping reduce accidents involving pedestrians and cyclists for many years. This applies to typical driving speeds both in and out of town. The system can give visual and acoustic warnings of an impending collision in front of the vehicle, either from intersecting or oncoming vehicles. If the driver brakes too lightly, the system can provide assistance and increase the braking force to suit the situation. If the driver fails to react at all, initiates emergency braking. In the current generation of vehicles, Active Brake Assist uses camera and/or radar-based sensor technology to detect pedestrians and cyclists in front of the vehicle in the direction of travel. If an imminent risk of collision with these so-called vulnerable road users is detected, the required braking force is calculated in order to avoid a possible collision or to minimize its severity. Now, Mercedes-Benz has achieved another active safety milestone: Since 2012, more than 10 million of all Mercedes-Benz passenger cars sold worldwide have been equipped with the pedestrian . Pedestrians are considered unprotected road users as they are not equipped with airbags, seat belts or protective clothing. Their particular risk is also reflected in accident statistics: according to an analysis by the European Commission, pedestrians made up almost one-fifth of all road fatalities in the European Union in 2020. In the USA, their share of the total number of traffic fatalities in 2021 was 17% according to the National Highway Traffic Safety Administration. Meanwhile, a 2022 study by the American Insurance Institute for Highway Safety concluded that vehicles equipped with a pedestrian emergency braking system have a 27% lower rate of accidents involving pedestrians than vehicles without such technology. Warning and support in the event of acute accident risk Mercedes-Benz introduced the first back in 1996. In 2005, radar technology was used to enhance the brake assist system by making it anticipatory. Just one year later, experts combined the further developed DISTRONIC PLUS distance control system and BAS PLUS Brake Assist to create PRE-SAFE Brake with autonomous partial braking. The important pedestrian detection feature was added in 2013, and first introduced in the E-Class (W212). In 2016, the pedestrian emergency braking system was then installed as standard equipment for the first time as part of the launch of the new E-Class (W213). Since 2021, Active Brake Assist has been standard equipment on all new Mercedes-Benz car models. This means high internal safety demands exceeded legal requirements: so-called city emergency brake assist systems for low-speed driving have only been mandatory for all types of newly approved passenger
means high internal safety demands exceeded legal requirements: so-called city emergency brake assist systems for low-speed driving have only been mandatory for all types of newly approved passenger cars in the EU since July 2022. From 2024, these will be mandatory for every newly registered car. Future assistance systems will be even more powerful thanks to increasingly advanced sensors and help from artificial intelligence. It is already apparent today that active assistance systems make an important contribution to protecting pedestrians and cyclists in particular – so-called vulnerable road users. The real-life safety philosophy: Real-Life Safety" is the safety philosophy of the . The company has been conducting systematic accident research for more than 50 years: its aim is to build vehicles that are not only convincing in defined crash-test scenarios, but also in real-life road accidents. In addition to protecting vehicle occupants, the focus is also on the safety of all road users outside the vehicle. The goal is clear: Vision Zero. This means that there should be no more accidents involving Mercedes-Benz vehicles by 2050.
CerebrumX and BlackBerry join to scale up connected vehicle data offerings has made a strategic in to help it expand its line of . Its (ADLP), which is powered by (AI), collects connected car data regarding vehicle and driver performance, offers it to manufacturers, and assists them in developing goods and services, CerebrumX said in a media release. “CerebrumX has an ambitious vision, together with our partners, customers and stakeholders, to deliver intelligent real-time data insights at scale, and we are excited to have BlackBerry onboard as an investor, who share the same long-term commitment to the global industry,” CerebrumX CEO Sandip Ranjhan said. According to PYMNTS research, developers are creating products that cater to a range of use cases for consumers, professional drivers, and fleet management as the number of connected vehicles on the road rises. According to "Reshaping Global Business With Connected Vehicles," a PYMNTS and American Express collaboration, about four out of ten connected fleet operators who operate commercial fleets reported receiving a return on investment (ROI) within six months, and nine out of ten said they received their ROI within a year. A flurry of alliances and announcements in only the first few weeks of 2023 demonstrated the value businesses have on connected automobiles. Enabling automobiles to link with all aspects of daily commerce and social contact is valuable in the eyes of payments , software developers, dealers, and manufacturers. CerebrumX will increase its capabilities in data collection, data processing, and aiding in the development of new use cases with the increased investment and integration with BlackBerry's cloud-connected automotive AI platform, IVY, the release said. Among the potential use cases for the company's connected car data and insights include fleets monitoring their operations in real time, insurance companies offering plans based on driver behavior, and suppliers of smart mobility solutions optimizing their services. The CerebrumX platform may allow data-driven choices by sorting through millions of linked cars, Vito Giallorenzo, general manager of IVY and BlackBerry's head of corporate development, said. “By integrating with BlackBerry IVY, we’ll be able to take that offering to the next level and enable CerebrumX to perform intensive amounts of data processing at the vehicle edge to deliver real-time insights to automakers and other ecosystem providers, something which would otherwise involve cumbersome and costly cloud computing resources,” Giallorenzo said.
Bajaj Group commits INR 5,000 cr for CSR programs in 5 years New Delhi: Bajaj Group Friday committed INR 5,000 crore to social impact initiatives over 5 years, with a focus on skill development, under ‘Bajaj Beyond’—the Group’s new identity for all its Corporate Social Responsibility (CSR) and charitable programs. This will benefit over 2 crore of tomorrow's youth and enable them to take advantage of the employment and entrepreneurial opportunities offered by India’s growing economy, the company stated in a media release. Social responsibility is deeply entwined in the Bajaj Family’s businesses and its philanthropic endeavours through generations. In the last 10 years alone, the Bajaj Group has contributed close to INR 4,000 crore towards CSR initiatives largely focused on skilling and education, health, livelihood, water conservation, and several other areas of development, the release said. The , Jankidevi Bajaj Gram Vikas Sanstha, and the Kamalnayan Bajaj Hospital, among others, have worked unceasingly to uplift and empower communities. The Group stays firmly committed to co-creating a thriving and inclusive future for all Indians, it added. (BEST) program, launched in 2023, aims to enhance the skills of engineering and diploma graduates in the latest technologies relevant to Industry 4.0. The program has successfully inaugurated its flagship centre in Pune, enrolling 120 students. It is now scaling up with a plan to establish 15 centres across India. Bajaj Finserv Ltd’s Certificate Program in Banking, Finance and Insurance (CPBFI), works to bridge the skilling gap, by linking industry with academia, enabling young first-generation students from tier 2 & 3 towns to take advantage of employment opportunities in the financial services sector. With a presence in 140 towns, the CPBFI program has trained and benefited over 53,000 fresh graduates across India. Bajaj Water Conservation Project, which empowers communities to manage water resources, was launched in 2015, across 161 villages in the Aurangabad district. Over INR 140 crore was dedicated to communities for preventive healthcare, water, and sanitation in the water-scarce regions of Vidharbha. Hamaara Sapna, a Jamnalal Bajaj Trust initiative launched in 2012, endeavours to transform the lives of marginalised women residing in Mumbai's slums through education and entrepreneurship. Regular development activities encompass communication, computer skills, legal and social knowledge, finance management, personality enhancement, health, hygiene, and yoga. Shekhar Bajaj, Chairman and Managing Director, Bajaj Electricals Ltd., said, “Our initiatives have demonstrated the transformative impact of empowering India's youth. Today, we unveil Bajaj Beyond, continuing our mission to equip future generations with the tools they need for success.” Niraj Bajaj, Chairman, Ltd., said, “As stewards of the Bajaj legacy, we recognize our responsibility of giving back to society. Our new initiative, Bajaj Beyond,

Subsets and Splits

No community queries yet

The top public SQL queries from the community will appear here once available.