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Maruti Suzuki March 2026 Sales Total 225,251 Units
April 1 (Reuters) - Maruti Suzuki India Ltd MRTI.NS:
MARCH 2026 SALES TOTAL 225,251 UNITS
Source text: ID:nBSE3Gtj7M
Further company coverage: MRTI.NS
April 1 (Reuters) - Maruti Suzuki India Ltd MRTI.NS:
MARCH 2026 SALES TOTAL 225,251 UNITS
Source text: ID:nBSE3Gtj7M
Further company coverage: MRTI.NS
Maruti Suzuki Gets Order Confirming A Tax Demand Of 384.2 Mln Rupees, Interest And Equal Penalty Of 384.2 Mln Rupees
March 31 (Reuters) - Maruti Suzuki India Ltd MRTI.NS:
MARUTI SUZUKI - GETS ORDER CONFIRMING A TAX DEMAND OF 384.2 MILLION RUPEES, INTEREST AND EQUAL PENALTY OF 384.2 MILLION RUPEES
Source text: ID:nBSE4hHlT6
Further company coverage: MRTI.NS
March 31 (Reuters) - Maruti Suzuki India Ltd MRTI.NS:
MARUTI SUZUKI - GETS ORDER CONFIRMING A TAX DEMAND OF 384.2 MILLION RUPEES, INTEREST AND EQUAL PENALTY OF 384.2 MILLION RUPEES
Source text: ID:nBSE4hHlT6
Further company coverage: MRTI.NS
India asks auto industry to optimise production as Iran war hurts energy supplies
Repeats to additional subscribers, with no change to text
By Aditi Shah
NEW DELHI, March 26 (Reuters) - India has asked automakers and parts suppliers to tighten production schedules to conserve fuel amid fears of shortages caused by disrupted oil and gas imports from the Gulf due to the Iran war, a government memo seen by Reuters shows.
The heavy industries ministry has also urged companies to shift factory operations from oil-based fuels to electricity and to use recycled aluminium or alternative materials as shortages and costs rise, according to the March 25 advisory.
For India, one of the world's largest oil and gas importers, the advisory underscores the government's mounting concern over the conflict and its disruption to energy flows, supply chains and availability of raw materials.
India's ministry of heavy industries did not immediately respond to a request for comment.
The government has already prioritised use of gas for households over industries, which get only about 80% of their average needs.
Some parts suppliers to India's leading carmakers like Maruti Suzuki MRTI.NS, Tata Motors TAMO.NS and Mahindra MAHM.NS are already reporting a shortage of gas to power operations at a time when vehicle sales are booming.
The ministry wants the sector to do more.
"Wherever technically feasible, a transition from oil-based fuels to electricity may be considered. Further, production schedules may be optimised to minimise idle and standby fuel consumption," the ministry said in its note.
The government wants companies to use recycled aluminium where possible and explore the use of alternative materials for packaging and other non-critical applications to reduce "demand pressure" amid shortages which are already affecting beer makers.
"I don't know how much we can change in the factory, but the takeaway is that this war is going to go on for a long time and we should be prepared," said an executive at an Indian carmaker.
(Reporting by Aditi Shah, Editing by William Maclean)
((aditi.shah@tr.com; +91-11-4954 8023, +91-11-3015 8023; Reuters Messaging: twitter: @aditishahsays))
Repeats to additional subscribers, with no change to text
By Aditi Shah
NEW DELHI, March 26 (Reuters) - India has asked automakers and parts suppliers to tighten production schedules to conserve fuel amid fears of shortages caused by disrupted oil and gas imports from the Gulf due to the Iran war, a government memo seen by Reuters shows.
The heavy industries ministry has also urged companies to shift factory operations from oil-based fuels to electricity and to use recycled aluminium or alternative materials as shortages and costs rise, according to the March 25 advisory.
For India, one of the world's largest oil and gas importers, the advisory underscores the government's mounting concern over the conflict and its disruption to energy flows, supply chains and availability of raw materials.
India's ministry of heavy industries did not immediately respond to a request for comment.
The government has already prioritised use of gas for households over industries, which get only about 80% of their average needs.
Some parts suppliers to India's leading carmakers like Maruti Suzuki MRTI.NS, Tata Motors TAMO.NS and Mahindra MAHM.NS are already reporting a shortage of gas to power operations at a time when vehicle sales are booming.
The ministry wants the sector to do more.
"Wherever technically feasible, a transition from oil-based fuels to electricity may be considered. Further, production schedules may be optimised to minimise idle and standby fuel consumption," the ministry said in its note.
The government wants companies to use recycled aluminium where possible and explore the use of alternative materials for packaging and other non-critical applications to reduce "demand pressure" amid shortages which are already affecting beer makers.
"I don't know how much we can change in the factory, but the takeaway is that this war is going to go on for a long time and we should be prepared," said an executive at an Indian carmaker.
(Reporting by Aditi Shah, Editing by William Maclean)
((aditi.shah@tr.com; +91-11-4954 8023, +91-11-3015 8023; Reuters Messaging: twitter: @aditishahsays))
India asks auto industry to optimise production as Iran war hurts energy supplies
By Aditi Shah
NEW DELHI, March 26 (Reuters) - India has asked automakers and parts suppliers to tighten production schedules to conserve fuel amid fears of shortages caused by disrupted oil and gas imports from the Gulf due to the Iran war, a government memo seen by Reuters shows.
The heavy industries ministry has also urged companies to shift factory operations from oil-based fuels to electricity and to use recycled aluminium or alternative materials as shortages and costs rise, according to the March 25 advisory.
For India, one of the world's largest oil and gas importers, the advisory underscores the government's mounting concern over the conflict and its disruption to energy flows, supply chains and availability of raw materials.
India's ministry of heavy industries did not immediately respond to a request for comment.
The government has already prioritised use of gas for households over industries, which get only about 80% of their average needs.
Some parts suppliers to India's leading carmakers like Maruti Suzuki MRTI.NS, Tata Motors TAMO.NS and Mahindra MAHM.NS are already reporting a shortage of gas to power operations at a time when vehicle sales are booming.
The ministry wants the sector to do more.
"Wherever technically feasible, a transition from oil-based fuels to electricity may be considered. Further, production schedules may be optimised to minimise idle and standby fuel consumption," the ministry said in its note.
The government wants companies to use recycled aluminium where possible and explore the use of alternative materials for packaging and other non-critical applications to reduce "demand pressure" amid shortages which are already affecting beer makers.
"I don't know how much we can change in the factory, but the takeaway is that this war is going to go on for a long time and we should be prepared," said an executive at an Indian carmaker.
(Reporting by Aditi Shah, Editing by William Maclean)
((aditi.shah@tr.com; +91-11-4954 8023, +91-11-3015 8023; Reuters Messaging: twitter: @aditishahsays))
By Aditi Shah
NEW DELHI, March 26 (Reuters) - India has asked automakers and parts suppliers to tighten production schedules to conserve fuel amid fears of shortages caused by disrupted oil and gas imports from the Gulf due to the Iran war, a government memo seen by Reuters shows.
The heavy industries ministry has also urged companies to shift factory operations from oil-based fuels to electricity and to use recycled aluminium or alternative materials as shortages and costs rise, according to the March 25 advisory.
For India, one of the world's largest oil and gas importers, the advisory underscores the government's mounting concern over the conflict and its disruption to energy flows, supply chains and availability of raw materials.
India's ministry of heavy industries did not immediately respond to a request for comment.
The government has already prioritised use of gas for households over industries, which get only about 80% of their average needs.
Some parts suppliers to India's leading carmakers like Maruti Suzuki MRTI.NS, Tata Motors TAMO.NS and Mahindra MAHM.NS are already reporting a shortage of gas to power operations at a time when vehicle sales are booming.
The ministry wants the sector to do more.
"Wherever technically feasible, a transition from oil-based fuels to electricity may be considered. Further, production schedules may be optimised to minimise idle and standby fuel consumption," the ministry said in its note.
The government wants companies to use recycled aluminium where possible and explore the use of alternative materials for packaging and other non-critical applications to reduce "demand pressure" amid shortages which are already affecting beer makers.
"I don't know how much we can change in the factory, but the takeaway is that this war is going to go on for a long time and we should be prepared," said an executive at an Indian carmaker.
(Reporting by Aditi Shah, Editing by William Maclean)
((aditi.shah@tr.com; +91-11-4954 8023, +91-11-3015 8023; Reuters Messaging: twitter: @aditishahsays))
Suzuki to invest INR 102 billion in second Gujarat auto plant by 2029
- Maruti Suzuki agreed with Gujarat to build a second automobile plant in Sanand, India.
- The first production line is planned for 250,000 units of annual capacity and is targeted to start operations by 2029.
- Planned investment for the first line is INR 101.9 billion, covering plant buildings, production equipment, and common infrastructure.
- Land acquisition for the site was announced at INR 49.6 billion.
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Suzuki Motor Corporation published the original content used to generate this news brief on March 24, 2026, and is solely responsible for the information contained therein.
- Maruti Suzuki agreed with Gujarat to build a second automobile plant in Sanand, India.
- The first production line is planned for 250,000 units of annual capacity and is targeted to start operations by 2029.
- Planned investment for the first line is INR 101.9 billion, covering plant buildings, production equipment, and common infrastructure.
- Land acquisition for the site was announced at INR 49.6 billion.
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Suzuki Motor Corporation published the original content used to generate this news brief on March 24, 2026, and is solely responsible for the information contained therein.
India's auto boom at risk as Iran-Israel war chokes gas supplies, straining supply chains
India most exposed to conflict due to energy reliance on Gulf nations
Suppliers to Maruti, Tata, Mahindra warn gas shortages to hit production
S&P cuts India's 2026 light vehicle production forecast to 6.3% from 7.4% earlier
Disruption comes as car sales in India touch record high
By Aditi Shah
NEW DELHI, March 19 (Reuters) - India's automakers and parts suppliers are bracing for production slowdowns and assembly-line disruptions as the Iran conflict chokes gas availability, threatening growth in the world's third-largest car market.
Some parts suppliers to India's leading carmakers like Maruti Suzuki, Tata Motors and Mahindra are already reporting a shortage of gas to power operations, an early sign that supply chain issues are developing, according to two dozen executives at car companies, part makers and dealers.
The disruption comes at a time when India's car demand is soaring to record levels, with sales expected to cross 4.5 million units in the current fiscal year to March 31, leaving little excess inventory with manufacturers and dealers.
"At this point in time it is about survival. First and foremost we need to ensure production continues. The buffer stocks will not last long," said a senior executive with a leading carmaker.
INDIA MOST EXPOSED TO WEST ASIA CONFLICT
India relies heavily on the Middle East for energy supplies, importing 50% of its natural gas needs mostly from Qatar, which has been forced to shut its refinery after a wave of Iranian attacks.
Shipments of oil and gas through the Strait of Hormuz have also tanked after Iranian attacks on vessels.
While India is working to secure gas from the U.S., Norway and Russia, the government has prioritised supplies for homes over factories. In auto sector plants, the fuel is critical to high-heat processes like forging and casting, and in the paint shop.
Suppliers Reuters spoke to in India's western and northern car manufacturing belts said production will be managed until end-March. But the stress in the system is showing, with at least four executives saying Tata and Mahindra are operating some factories below capacity.
Mahindra said in a statement that the company has not lost any production this month versus its "plan to date", while a spokesperson for Tata Motors said operations at its plants are "near normal".
Tata said it is working with suppliers to ensure continuity and optimising production where required.
Small and medium manufacturing units, which form the car industry's backbone, are most vulnerable, as they rely more on gas and are unable to switch to other sources quickly.
Kirloskar Ferrous KRFI.BO, a supplier of iron castings, told an Indian stock exchange this week it has stopped some production at a factory in Western India "until further notice".
Metal producer Hindalco HALC.NS declared force majeure to some of its customers last week, warning them of potential disruptions amid gas shortages.
Both companies count Mahindra as a customer. Mahindra did not offer a direct comment about the two suppliers, but said its teams are working on the supply chain and taking action as needed.
CARMAKERS YET TO OFFICIALLY CUT PRODUCTION SCHEDULES
Automakers are operating in a state of high-alert diplomacy with their suppliers to keep assembly lines moving, and have not officially cut production schedules yet.
"We have received some information about challenges in energy supply for our in-house and our suppliers' production operations," said Rahul Bharti, senior executive officer for corporate affairs at Maruti MRTI.NS, India's biggest carmaker.
"As of now, our operations are running as per plan," he told Reuters.
S&P Global Mobility has already begun slashing its India outlook, now forecasting 6.3% growth in light vehicle production for 2026, down from 7.4% projected before the war.
"Depending on when the conflict ends, we may need to further revise the forecast," said S&P's Gaurav Vangaal.
(Reporting by Aditi Shah; Editing by Jan Harvey)
((aditi.shah@tr.com; +91-11-4954 8023, +91-11-3015 8023; Reuters Messaging: twitter: @aditishahsays))
India most exposed to conflict due to energy reliance on Gulf nations
Suppliers to Maruti, Tata, Mahindra warn gas shortages to hit production
S&P cuts India's 2026 light vehicle production forecast to 6.3% from 7.4% earlier
Disruption comes as car sales in India touch record high
By Aditi Shah
NEW DELHI, March 19 (Reuters) - India's automakers and parts suppliers are bracing for production slowdowns and assembly-line disruptions as the Iran conflict chokes gas availability, threatening growth in the world's third-largest car market.
Some parts suppliers to India's leading carmakers like Maruti Suzuki, Tata Motors and Mahindra are already reporting a shortage of gas to power operations, an early sign that supply chain issues are developing, according to two dozen executives at car companies, part makers and dealers.
The disruption comes at a time when India's car demand is soaring to record levels, with sales expected to cross 4.5 million units in the current fiscal year to March 31, leaving little excess inventory with manufacturers and dealers.
"At this point in time it is about survival. First and foremost we need to ensure production continues. The buffer stocks will not last long," said a senior executive with a leading carmaker.
INDIA MOST EXPOSED TO WEST ASIA CONFLICT
India relies heavily on the Middle East for energy supplies, importing 50% of its natural gas needs mostly from Qatar, which has been forced to shut its refinery after a wave of Iranian attacks.
Shipments of oil and gas through the Strait of Hormuz have also tanked after Iranian attacks on vessels.
While India is working to secure gas from the U.S., Norway and Russia, the government has prioritised supplies for homes over factories. In auto sector plants, the fuel is critical to high-heat processes like forging and casting, and in the paint shop.
Suppliers Reuters spoke to in India's western and northern car manufacturing belts said production will be managed until end-March. But the stress in the system is showing, with at least four executives saying Tata and Mahindra are operating some factories below capacity.
Mahindra said in a statement that the company has not lost any production this month versus its "plan to date", while a spokesperson for Tata Motors said operations at its plants are "near normal".
Tata said it is working with suppliers to ensure continuity and optimising production where required.
Small and medium manufacturing units, which form the car industry's backbone, are most vulnerable, as they rely more on gas and are unable to switch to other sources quickly.
Kirloskar Ferrous KRFI.BO, a supplier of iron castings, told an Indian stock exchange this week it has stopped some production at a factory in Western India "until further notice".
Metal producer Hindalco HALC.NS declared force majeure to some of its customers last week, warning them of potential disruptions amid gas shortages.
Both companies count Mahindra as a customer. Mahindra did not offer a direct comment about the two suppliers, but said its teams are working on the supply chain and taking action as needed.
CARMAKERS YET TO OFFICIALLY CUT PRODUCTION SCHEDULES
Automakers are operating in a state of high-alert diplomacy with their suppliers to keep assembly lines moving, and have not officially cut production schedules yet.
"We have received some information about challenges in energy supply for our in-house and our suppliers' production operations," said Rahul Bharti, senior executive officer for corporate affairs at Maruti MRTI.NS, India's biggest carmaker.
"As of now, our operations are running as per plan," he told Reuters.
S&P Global Mobility has already begun slashing its India outlook, now forecasting 6.3% growth in light vehicle production for 2026, down from 7.4% projected before the war.
"Depending on when the conflict ends, we may need to further revise the forecast," said S&P's Gaurav Vangaal.
(Reporting by Aditi Shah; Editing by Jan Harvey)
((aditi.shah@tr.com; +91-11-4954 8023, +91-11-3015 8023; Reuters Messaging: twitter: @aditishahsays))
Maruti Suzuki Gets Tax Order Of 57.86 Billion Rupees
March 17 (Reuters) - Maruti Suzuki India Ltd MRTI.NS:
MARUTI SUZUKI - GETS TAX ORDER OF 57.86 BILLION RUPEES
Source text: ID:nBSE1fS15b
Further company coverage: MRTI.NS
March 17 (Reuters) - Maruti Suzuki India Ltd MRTI.NS:
MARUTI SUZUKI - GETS TAX ORDER OF 57.86 BILLION RUPEES
Source text: ID:nBSE1fS15b
Further company coverage: MRTI.NS
India car sales to dealers rise for fifth month in February, industry body says; Mideast risks loom
March 13 (Reuters) - India's domestic car dispatches to dealers rose for the fifth straight month in February, data from an industry body showed on Friday, helped by tax cuts that have lowered prices across most models.
"While the month of March has festive drivers... the recent conflict in West Asia remains a concern... could impact the manufacturing processes and exports," Rajesh Menon, Director General of Society of Indian Automobile Manufacturers (SIAM), said.
Here are some key details:
Passenger vehicle dispatches jumped 10.6% to 417,705 units in February, compared with 377,689 units a year earlier.
Tax reductions continue to fuel growth, extending momentum for fifth consecutive month.
In September 2025, India slashed taxes on larger SUVs to 40% as an additional levy was dropped and on small cars and two-wheelers to 18% from 28%, helping support demand across segments.
Vehicle sales picked up during the ongoing wedding season, supported by strong bookings, inventory build-up and new model launches.
Domestic demand is expected to remain strong, though exports could soften on reduced shipments to Africa and the Middle East, analysts added.
SIAM warns the ongoing Middle East crisis could hit production and exports if supply chains are disrupted.
A shortage of gas - crucial for paint shops and component manufacturing - may affect production, analysts said, though they expect only near-term impact on Indian manufacturers due to inventory buffers.
Domestic demand to stay robust but exports could weaken due to reduced shipments to Africa and the Middle East- Axis Capital
India, the world's third-biggest car market, has an auto industry that accounts for 7.1% of its GDP.
Tax cut-driven growth is likely to sustain for several quarters, a dealer's body said last week.
(Reporting by Meenakshi Maidas and Urvi Dugar in Bengaluru)
((Meenakshi.Maidas@thomsonreuters.com; +91 8921483410;))
March 13 (Reuters) - India's domestic car dispatches to dealers rose for the fifth straight month in February, data from an industry body showed on Friday, helped by tax cuts that have lowered prices across most models.
"While the month of March has festive drivers... the recent conflict in West Asia remains a concern... could impact the manufacturing processes and exports," Rajesh Menon, Director General of Society of Indian Automobile Manufacturers (SIAM), said.
Here are some key details:
Passenger vehicle dispatches jumped 10.6% to 417,705 units in February, compared with 377,689 units a year earlier.
Tax reductions continue to fuel growth, extending momentum for fifth consecutive month.
In September 2025, India slashed taxes on larger SUVs to 40% as an additional levy was dropped and on small cars and two-wheelers to 18% from 28%, helping support demand across segments.
Vehicle sales picked up during the ongoing wedding season, supported by strong bookings, inventory build-up and new model launches.
Domestic demand is expected to remain strong, though exports could soften on reduced shipments to Africa and the Middle East, analysts added.
SIAM warns the ongoing Middle East crisis could hit production and exports if supply chains are disrupted.
A shortage of gas - crucial for paint shops and component manufacturing - may affect production, analysts said, though they expect only near-term impact on Indian manufacturers due to inventory buffers.
Domestic demand to stay robust but exports could weaken due to reduced shipments to Africa and the Middle East- Axis Capital
India, the world's third-biggest car market, has an auto industry that accounts for 7.1% of its GDP.
Tax cut-driven growth is likely to sustain for several quarters, a dealer's body said last week.
(Reporting by Meenakshi Maidas and Urvi Dugar in Bengaluru)
((Meenakshi.Maidas@thomsonreuters.com; +91 8921483410;))
India's Maruti Suzuki set for market‑share rebound after recent lag - Motilal Oswal
** Maruti Suzuki MRTI.NS poised for market-share recovery despite recent underperformance due to weak near-term wholesales and soft Q3, Motilal Oswal says
** Adds near-term wholesale constrained by capacity limits; expected to ease from April 2026 with new capacity expansion
** MRTI falls 2.25% to 13,194 rupees amid weaker markets; Nifty auto index .NIFTYAUTO down 2.4%
** Brokerage reiterates "Buy", raises PT to 17,406 rupees from 13,497 rupees
** Says co poised to outgrow industry in FY27, supported by strong launches that include new Brezza variant, recent Victoris and e-Vitara, plus another model next year
** Adds export momentum remains healthy as co targets 750,000-800,000 units by FY31 and already surpassed FY26 goal last month
** YTD, MRTI down 20%
(Reporting by Urvi Dugar in Bengaluru)
** Maruti Suzuki MRTI.NS poised for market-share recovery despite recent underperformance due to weak near-term wholesales and soft Q3, Motilal Oswal says
** Adds near-term wholesale constrained by capacity limits; expected to ease from April 2026 with new capacity expansion
** MRTI falls 2.25% to 13,194 rupees amid weaker markets; Nifty auto index .NIFTYAUTO down 2.4%
** Brokerage reiterates "Buy", raises PT to 17,406 rupees from 13,497 rupees
** Says co poised to outgrow industry in FY27, supported by strong launches that include new Brezza variant, recent Victoris and e-Vitara, plus another model next year
** Adds export momentum remains healthy as co targets 750,000-800,000 units by FY31 and already surpassed FY26 goal last month
** YTD, MRTI down 20%
(Reporting by Urvi Dugar in Bengaluru)
FACTBOX-China, India lead car exports worth billions of dollars to the Middle East
March 6 (Reuters) - The U.S.-Israel war with Iran, which entered its seventh day on Friday, threatens to disrupt the shipment of vehicles from Asia to the Middle East, a major export market for Asian automakers.
Chinese, Indian, South Korean and Japanese automakers export cars worth billions of dollars to the Middle East through the Strait of Hormuz and shipping along the route has ground to a halt over fears of attacks by Tehran.
CHINA
The Middle East is the second-largest overseas market for China-made vehicles and an increasingly important region for the Asian giant as it looks to offset weak demand at home.
Of the 8.32 million cars shipped overseas by Chinese automakers in 2025, 1.39 million, or one-sixth, were to Gulf countries like Saudi Arabia and the United Arab Emirates, according to the China Passenger Car Association.
Major car exporters include Chery Automobile 9973.HK, BYD 002594.SZ, SAIC Motor 600104.SS, Changan Automobile 000625.SZ and Geely 0175.HK.
China joint ventures of Kia 000270.KS, Hyundai Motor 005380.KS and Toyota Motor 7203.T are also among the top 10 car exporters to the Middle East, according to data from Gasgoo Automotive Research Institute, China's largest supply chain platform.
INDIA
India exported $8.8 billion worth of cars in 2025, of which 25% went to the Middle East, mainly Saudi Arabia, according to commercially available customs data.
Hyundai Motor is most exposed with half its 2025 global shipments of $1.8 billion from India going to countries in the Gulf region.
Toyota, too, has a large exposure with about two-thirds, or more than $300 million, of its total India exports of $470 million last year going to the Middle East, according to the data.
Maruti Suzuki MRTI.NS sends less than 15% of its exports by value to the Gulf region, the data showed. Of its total exports of $3.2 billion in 2025, cars worth $457 million were shipped to the region.
Nissan Motor's 7201.T exposure from India is about $318 million, or 38% of its total exports in 2025, the data showed.
SOUTH KOREA
South Korea's total car exports by value in 2025 hit a record $72 billion, of which $5.3 billion of vehicles were sent to the Middle East, up 2.8% from 2024, according to the Korea International Trade Association.
Hyundai Motor's exports to the Middle East and Africa accounted for 8% of its total wholesale sales in 2025 of 4.14 million units. This adds up to about 317,000 cars that were shipped to the combined region.
Kia shipped 8% of its 2025 wholesale sales of 3.1 million units to the Middle East and Africa.
JAPAN
Toyota exported 320,699 vehicles from Japan to the Middle East in 2025, which was a 5.4% increase over the previous year, according to data published by the company. This made up just over 15% of the company's total exports of over 2 million units last year.
The automaker will produce nearly 40,000 fewer vehicles bound for Middle East markets due to logistical concerns stemming from the U.S.-Israeli campaign against Iran, the Nikkei reported.
(Reporting by Aditi Shah in New Delhi, Zoey Zhang in Shanghai, Heekyong Yang in Seoul and Maki Shiraki in Tokyo; Editing by Miyoung Kim and Jamie Freed)
((aditi.shah@tr.com; +91-11-4954 8023, +91-11-3015 8023; Reuters Messaging: twitter: @aditishahsays))
March 6 (Reuters) - The U.S.-Israel war with Iran, which entered its seventh day on Friday, threatens to disrupt the shipment of vehicles from Asia to the Middle East, a major export market for Asian automakers.
Chinese, Indian, South Korean and Japanese automakers export cars worth billions of dollars to the Middle East through the Strait of Hormuz and shipping along the route has ground to a halt over fears of attacks by Tehran.
CHINA
The Middle East is the second-largest overseas market for China-made vehicles and an increasingly important region for the Asian giant as it looks to offset weak demand at home.
Of the 8.32 million cars shipped overseas by Chinese automakers in 2025, 1.39 million, or one-sixth, were to Gulf countries like Saudi Arabia and the United Arab Emirates, according to the China Passenger Car Association.
Major car exporters include Chery Automobile 9973.HK, BYD 002594.SZ, SAIC Motor 600104.SS, Changan Automobile 000625.SZ and Geely 0175.HK.
China joint ventures of Kia 000270.KS, Hyundai Motor 005380.KS and Toyota Motor 7203.T are also among the top 10 car exporters to the Middle East, according to data from Gasgoo Automotive Research Institute, China's largest supply chain platform.
INDIA
India exported $8.8 billion worth of cars in 2025, of which 25% went to the Middle East, mainly Saudi Arabia, according to commercially available customs data.
Hyundai Motor is most exposed with half its 2025 global shipments of $1.8 billion from India going to countries in the Gulf region.
Toyota, too, has a large exposure with about two-thirds, or more than $300 million, of its total India exports of $470 million last year going to the Middle East, according to the data.
Maruti Suzuki MRTI.NS sends less than 15% of its exports by value to the Gulf region, the data showed. Of its total exports of $3.2 billion in 2025, cars worth $457 million were shipped to the region.
Nissan Motor's 7201.T exposure from India is about $318 million, or 38% of its total exports in 2025, the data showed.
SOUTH KOREA
South Korea's total car exports by value in 2025 hit a record $72 billion, of which $5.3 billion of vehicles were sent to the Middle East, up 2.8% from 2024, according to the Korea International Trade Association.
Hyundai Motor's exports to the Middle East and Africa accounted for 8% of its total wholesale sales in 2025 of 4.14 million units. This adds up to about 317,000 cars that were shipped to the combined region.
Kia shipped 8% of its 2025 wholesale sales of 3.1 million units to the Middle East and Africa.
JAPAN
Toyota exported 320,699 vehicles from Japan to the Middle East in 2025, which was a 5.4% increase over the previous year, according to data published by the company. This made up just over 15% of the company's total exports of over 2 million units last year.
The automaker will produce nearly 40,000 fewer vehicles bound for Middle East markets due to logistical concerns stemming from the U.S.-Israeli campaign against Iran, the Nikkei reported.
(Reporting by Aditi Shah in New Delhi, Zoey Zhang in Shanghai, Heekyong Yang in Seoul and Maki Shiraki in Tokyo; Editing by Miyoung Kim and Jamie Freed)
((aditi.shah@tr.com; +91-11-4954 8023, +91-11-3015 8023; Reuters Messaging: twitter: @aditishahsays))
India Automakers Delay Mideast Shipments As Iran War Snarls Exports- Bloomberg News
March 5 (Reuters) -
INDIA AUTOMAKERS DELAY MIDEAST SHIPMENTS AS IRAN WAR SNARLS EXPORTS- BLOOMBERG NEWS
INDIA AUTOMAKERS DELAY MIDEAST SHIPMENTS AS IRAN WAR SNARLS EXPORTS- BLOOMBERG NEWS
Source text: https://tinyurl.com/zk49bzrx
Further company coverage: HYUN.NS
March 5 (Reuters) -
INDIA AUTOMAKERS DELAY MIDEAST SHIPMENTS AS IRAN WAR SNARLS EXPORTS- BLOOMBERG NEWS
INDIA AUTOMAKERS DELAY MIDEAST SHIPMENTS AS IRAN WAR SNARLS EXPORTS- BLOOMBERG NEWS
Source text: https://tinyurl.com/zk49bzrx
Further company coverage: HYUN.NS
India's Tata Motors targets mass EV adoption with low-priced, fast-charging Punch
Low-priced cars dominate market, but few are EVs
Tata aiming to crack segment with new Punch EV
Government seeking to boost EV adoption, but sales lagging
By Aditi Shah
NEW DELHI, Feb 20 (Reuters) - Tata Motors TAMO.NS is betting that its new low-priced Punch EV will succeed in cracking the dominant budget segment of the world's third-largest car market for electric vehicles, its CEO said ahead of the model's launch on Friday.
Around 65% of the 4.6 million passenger vehicles sold in India last year were priced below $13,200. But, of those affordable cars, just 1.6% were EVs, compared to 10% of those in higher price categories.
There currently are only a small number of EV models available in the lower price range in India. And range anxiety and concerns around their slow charging times and battery life reliability are holding back buyers, Shailesh Chandra told reporters.
"The real challenge is the entry segment. Until we crack this, we will not be able to mainstream EVs," Chandra said.
The new Punch EV is priced from $10,650, with a long-range variant that can cover a distance of 350 kilometres (217 miles) on a single charge selling for $13,850.
The Punch can be charged from a 20% battery level to 80% in 26 minutes with a fast charger, the company says, and comes with a lifetime battery warranty.
Tata is also offering an option to decouple the price of the car from the battery, reducing the EV's upfront cost to $7,100. The battery can then be paid for separately at a price of 3 cents per km.
GOVERNMENT WANTS MORE EV ADOPTION, BUT SALES LAGGING
India's government is pushing to increase EV sales to 30% of the total market by 2030 from around 5% currently to reduce the country's dependence on imported fuel and bring down high levels of pollution in its cities.
However, EV sales growth has slowed, pushing carmakers to offer discounts.
Chandra said Tata Motors is sacrificing margins "to some extent" on its EV range to ensure there is long-term progress towards electrification, but added that profits are not far below its combustion engine car business.
"EVs have moved from being experimental to being a serious play," he said.
Tata, India's largest seller of electric vehicles, competes with JSW MG Motor, SAIC's 600104.SS India venture, and Mahindra & Mahindra MAHM.NS.
Maruti Suzuki MRTI.NS, India's biggest carmaker, is the latest to enter the EV segment with its e-Vitara SUV, priced from around $12,000 for the base variant in which the battery is leased separately and $22,000 for the long-range model.
(Reporting by Aditi Shah; Editing by Joe Bavier)
((aditi.shah@tr.com; +91-11-4954 8023, +91-11-3015 8023; Reuters Messaging: twitter: @aditishahsays))
Low-priced cars dominate market, but few are EVs
Tata aiming to crack segment with new Punch EV
Government seeking to boost EV adoption, but sales lagging
By Aditi Shah
NEW DELHI, Feb 20 (Reuters) - Tata Motors TAMO.NS is betting that its new low-priced Punch EV will succeed in cracking the dominant budget segment of the world's third-largest car market for electric vehicles, its CEO said ahead of the model's launch on Friday.
Around 65% of the 4.6 million passenger vehicles sold in India last year were priced below $13,200. But, of those affordable cars, just 1.6% were EVs, compared to 10% of those in higher price categories.
There currently are only a small number of EV models available in the lower price range in India. And range anxiety and concerns around their slow charging times and battery life reliability are holding back buyers, Shailesh Chandra told reporters.
"The real challenge is the entry segment. Until we crack this, we will not be able to mainstream EVs," Chandra said.
The new Punch EV is priced from $10,650, with a long-range variant that can cover a distance of 350 kilometres (217 miles) on a single charge selling for $13,850.
The Punch can be charged from a 20% battery level to 80% in 26 minutes with a fast charger, the company says, and comes with a lifetime battery warranty.
Tata is also offering an option to decouple the price of the car from the battery, reducing the EV's upfront cost to $7,100. The battery can then be paid for separately at a price of 3 cents per km.
GOVERNMENT WANTS MORE EV ADOPTION, BUT SALES LAGGING
India's government is pushing to increase EV sales to 30% of the total market by 2030 from around 5% currently to reduce the country's dependence on imported fuel and bring down high levels of pollution in its cities.
However, EV sales growth has slowed, pushing carmakers to offer discounts.
Chandra said Tata Motors is sacrificing margins "to some extent" on its EV range to ensure there is long-term progress towards electrification, but added that profits are not far below its combustion engine car business.
"EVs have moved from being experimental to being a serious play," he said.
Tata, India's largest seller of electric vehicles, competes with JSW MG Motor, SAIC's 600104.SS India venture, and Mahindra & Mahindra MAHM.NS.
Maruti Suzuki MRTI.NS, India's biggest carmaker, is the latest to enter the EV segment with its e-Vitara SUV, priced from around $12,000 for the base variant in which the battery is leased separately and $22,000 for the long-range model.
(Reporting by Aditi Shah; Editing by Joe Bavier)
((aditi.shah@tr.com; +91-11-4954 8023, +91-11-3015 8023; Reuters Messaging: twitter: @aditishahsays))
Maruti Suzuki's EV aggressively priced in India, but not profitable, Nomura says
** India's top carmaker Maruti Suzuki's MRTI.NS first EV in country priced attractively, but not profitable, says Nomura ("Neutral", PT: 16,118 rupees)
** e VITARA launched at 1.1 million rupees (around $12,100) with battery rental plan at 3.99 rupees/km; full-purchase price at 1.6 million-2 million rupees
** Rivals Tata Motors' TAMO.NS and Hyundai's HYUN.NS competing models cost between 1.8 million rupees and 2.4 million rupees
** MRTI to suffer 150K-200K rupees loss per unit at full price; Forecasts combined domestic sales of 12,000 units (FY26), 24,000 units (FY27) for e VITARA and Toyota version - Nomura
** Brokerage says total ownership cost for battery rental plan more expensive over 8-year period
** Adds, industry-wide sales from battery rental plans contribute single digit percentage to overall pie
** Warns MRTI needs strong cost-cutting for future EVs to prevent margin drag as e VITARA sets pricing benchmark
** MRTI down 0.6% at 15,070 rupees on Thursday
($1 = 90.9920 Indian rupees)
(Reporting by Nandan Mandayam in Bengaluru)
((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))
** India's top carmaker Maruti Suzuki's MRTI.NS first EV in country priced attractively, but not profitable, says Nomura ("Neutral", PT: 16,118 rupees)
** e VITARA launched at 1.1 million rupees (around $12,100) with battery rental plan at 3.99 rupees/km; full-purchase price at 1.6 million-2 million rupees
** Rivals Tata Motors' TAMO.NS and Hyundai's HYUN.NS competing models cost between 1.8 million rupees and 2.4 million rupees
** MRTI to suffer 150K-200K rupees loss per unit at full price; Forecasts combined domestic sales of 12,000 units (FY26), 24,000 units (FY27) for e VITARA and Toyota version - Nomura
** Brokerage says total ownership cost for battery rental plan more expensive over 8-year period
** Adds, industry-wide sales from battery rental plans contribute single digit percentage to overall pie
** Warns MRTI needs strong cost-cutting for future EVs to prevent margin drag as e VITARA sets pricing benchmark
** MRTI down 0.6% at 15,070 rupees on Thursday
($1 = 90.9920 Indian rupees)
(Reporting by Nandan Mandayam in Bengaluru)
((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))
India's Maruti Suzuki launches first EV with battery rental scheme
Feb 17 (Reuters) - India's top car maker, Maruti Suzuki MRTI.NS, launched its maiden electric vehicle on Tuesday, accompanied by a battery rental plan.
The company said its e VITARA SUV would be priced at 1.1 million rupees (around $12,100), with the battery priced at 3.99 rupees per kilometre. It did not share further details.
Maruti exported 13,000 units of the e VITARA to 28 countries in 2025 after starting production in August.
The car has been developed under parent Suzuki Motor's 7269.T global design and manufacturing partnership with Toyota 7203.T and is built in India.
($1 = 90.6900 Indian rupees)
(Reporting by Nandan Mandayam in Bengaluru; Editing by Mrigank Dhaniwala)
((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))
Feb 17 (Reuters) - India's top car maker, Maruti Suzuki MRTI.NS, launched its maiden electric vehicle on Tuesday, accompanied by a battery rental plan.
The company said its e VITARA SUV would be priced at 1.1 million rupees (around $12,100), with the battery priced at 3.99 rupees per kilometre. It did not share further details.
Maruti exported 13,000 units of the e VITARA to 28 countries in 2025 after starting production in August.
The car has been developed under parent Suzuki Motor's 7269.T global design and manufacturing partnership with Toyota 7203.T and is built in India.
($1 = 90.6900 Indian rupees)
(Reporting by Nandan Mandayam in Bengaluru; Editing by Mrigank Dhaniwala)
((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))
India Auto Industry Body SIAM Says India's Jan Total Domestic Passenger Vehicle Sales 449,616 Units
Feb 13 (Reuters) -
INDIA AUTO INDUSTRY BODY SIAM - INDIA'S JAN TOTAL DOMESTIC PASSENGER VEHICLE SALES 4,49,616 UNITS
SIAM - INDIA'S JAN 2-WHEELER SALES 19,25,603 UNITS
SIAM - INDIA'S JAN 3-WHEELER SALES 75,725 UNITS
SIAM: NEW BUDGET INITIATIVES, POLICY TAILWINDS EXPECTED TO DELIVER LONG-TERM BENEFITS, SUPPORT GROWTH IN MEDIUM TERM
Feb 13 (Reuters) -
INDIA AUTO INDUSTRY BODY SIAM - INDIA'S JAN TOTAL DOMESTIC PASSENGER VEHICLE SALES 4,49,616 UNITS
SIAM - INDIA'S JAN 2-WHEELER SALES 19,25,603 UNITS
SIAM - INDIA'S JAN 3-WHEELER SALES 75,725 UNITS
SIAM: NEW BUDGET INITIATIVES, POLICY TAILWINDS EXPECTED TO DELIVER LONG-TERM BENEFITS, SUPPORT GROWTH IN MEDIUM TERM
India File: IT giants face heat from AI disruption
India File is published every Tuesday. Think your friend or colleague should know about us? Forward this newsletter to them. They can also subscribe here.
Feb 10 - By Nidhi C Sai, Editor Online Production, with global Reuters staff
A global selloff in software stocks sparked by rapid advances in artificial intelligence has rippled to India's shores.
For its $283 billion IT industry built on labour-intensive outsourcing, the ramifications could be substantial. Is this just a bout of AI anxiety that will pass or does the industry need to evolve structurally? That's our focus this week.
Plus, India has scrapped proposed concessions for small cars in upcoming fuel-emissions rules to level the playing field. Scroll down for more on that.
THIS WEEK IN ASIA
China critic Jimmy Lai sentenced to 20 years in jail after landmark Hong Kong trial
As Japan's Takaichi creates election history, only markets stand in her way
China set to widen footprint in Bangladesh as India's ties decline
Thai PM Anutin's poll win calms turmoil but hard economic test awaits
Bangladesh votes in world's first Gen Z-inspired election
A 30-YEAR LEGACY UNDER PRESSURE
Indian IT stocks are facing a moment of reckoning. The launch of plug-ins for Anthropic's Claude Cowork agent, designed to automate tasks across legal, sales, marketing and data analysis, has rattled investors and triggered a sharp selloff last week in what has long been one of India's most reliable growth engines.
Indian software exporters lost $22.5 billion in market value last week, with the Nifty IT index .NIFTYIT falling about 7%, marking its steepest weekly fall in more than four months. The rout mirrored a brutal global selloff. Roughly $800 billion was wiped off the S&P 500 software and services index .SPLRCIS before a rebound, its worst performance against the broader market in 25 years, according to SocGen.
Some analysts warn that the IT sector, the flagship for India's exports since the 1990s, could be vulnerable to rapid advances in AI.
"The market fears (the AI tools) may replace IT services that are currently outsourced. What the real impact will be remains to be seen," said VK Vijayakumar, chief investment strategist at Geojit Investments.
Jefferies struck a darker tone. "There is more pain ahead for Indian IT," it said, adding that Anthropic's and Palantir's PLTR.O claims highlight how AI could potentially erode application-service revenues. "With application services accounting for 40%–70% of revenues, firms face growth pressures, and consensus growth estimates do not fully reflect this, posing downside risks to valuations," Jefferies said.
Brokerage Motilal Oswal estimates that 9%-12% of industry revenues could be eliminated over the next four years due to AI-led disruption.
The timing is particularly relevant. India's IT industry is otherwise benefiting from geopolitical tailwinds, with trade deals struck with the United States and the European Union expected to support cross-border services exports and reinforce India's position as a trusted technology partner.
But those policy positives offer little insulation from technological shock. While trade deals can help expand the volume of outsourced work, AI-led automation threatens to compress project timelines and reduce billable hours, striking at the labour-intensive model that has underpinned India's IT boom for decades.
PANIC OR EARLY WARNING?
Not everyone feels this is an existential threat. Some analysts see a classic case of markets running ahead of fundamentals.
Centrum Broking's Piyush Pandey called the selloff a “knee-jerk” reaction. "AI tools have been in the works, and this is how the industry is now shaping up. However, they are not expected to materially disrupt the industry as of now," he said.
JPMorgan said it was "illogical to extrapolate the launch of some tools to an expectation that companies will replace every layer of mission-critical enterprise software," while Kotak Institutional Equities described the decline as "plenty of panic over a little flutter".
That view is echoed at the very top of the AI value chain. Nvidia NVDA.O CEO Jensen Huang dismissed fears that AI will replace software as "the most illogical thing in the world". "If you were a human or robot… would you use tools or reinvent tools? The answer, obviously, is to use tools," he said.
Still, others remain cautious. "Surely, there would be other tools in the making… we don't foresee the glory days of the IT sector… returning soon," CapGrow Capital's Arun Malhotra said.
It is not that India's IT behemoths - TCS TCS.NS, Infosys INFY.NS and Wipro WIPR.NS - are sitting quietly. Infosys is forming new AI-led partnerships, TCS is embedding AI more deeply into its services, and Wipro is saying AI now underpins many of the deals it is chasing globally.
But can they adapt fast enough, or is AI rewriting the rules of outsourcing? Write to me at nidhi.csai@thomsonreuters.com.
MARKET MATTERS
The U.S.–India trade deal has lifted the cloud over an unloved Indian rupee and may be enough to pause relentless foreign selling in stocks. But investors say a durable turnaround will require a rebound in earnings growth and stronger fundamentals.
The long-awaited agreement, announced first by President Donald Trump last week, sparked a market rally and the rupee's best gain in seven years, signalling improving diplomatic and trade ties with Washington.
Read this analysis on how India's markets are getting tariff relief but are not a buy yet, by Reuters journalists Jaspreet Kalra, Ankur Banerjee and Karin Strohecker.
Read more on how the India-U.S. trade deal is giving tariff-free access to Harley bikes, but no reprieve for Tesla TSLA.O.
THIS WEEK'S MUST READ
India has dropped a proposed fuel-efficiency concession for small cars after rival automakers argued it would disproportionately benefit market leader Maruti Suzuki MRTI.NS.
The revised draft tightens emissions rules across the board, removes weight-based leniency and introduces a steeper reduction pathway, increasing pressure on all car makers to accelerate electric and hybrid vehicle sales.
Read this exclusive report by Reuters journalist Aditi Shah.
Revenue breakdown of top Indian IT companies by segment https://reut.rs/4avX34B
Foreign buying of Indian stocks jumped on US trade deal announcement https://reut.rs/4rsXeDo
(Reporting by Nidhi C Sai; Editing by Muralikumar Anantharaman)
((Nidhi.CSai@thomsonreuters.com; +91 70456 55251))
India File is published every Tuesday. Think your friend or colleague should know about us? Forward this newsletter to them. They can also subscribe here.
Feb 10 - By Nidhi C Sai, Editor Online Production, with global Reuters staff
A global selloff in software stocks sparked by rapid advances in artificial intelligence has rippled to India's shores.
For its $283 billion IT industry built on labour-intensive outsourcing, the ramifications could be substantial. Is this just a bout of AI anxiety that will pass or does the industry need to evolve structurally? That's our focus this week.
Plus, India has scrapped proposed concessions for small cars in upcoming fuel-emissions rules to level the playing field. Scroll down for more on that.
THIS WEEK IN ASIA
China critic Jimmy Lai sentenced to 20 years in jail after landmark Hong Kong trial
As Japan's Takaichi creates election history, only markets stand in her way
China set to widen footprint in Bangladesh as India's ties decline
Thai PM Anutin's poll win calms turmoil but hard economic test awaits
Bangladesh votes in world's first Gen Z-inspired election
A 30-YEAR LEGACY UNDER PRESSURE
Indian IT stocks are facing a moment of reckoning. The launch of plug-ins for Anthropic's Claude Cowork agent, designed to automate tasks across legal, sales, marketing and data analysis, has rattled investors and triggered a sharp selloff last week in what has long been one of India's most reliable growth engines.
Indian software exporters lost $22.5 billion in market value last week, with the Nifty IT index .NIFTYIT falling about 7%, marking its steepest weekly fall in more than four months. The rout mirrored a brutal global selloff. Roughly $800 billion was wiped off the S&P 500 software and services index .SPLRCIS before a rebound, its worst performance against the broader market in 25 years, according to SocGen.
Some analysts warn that the IT sector, the flagship for India's exports since the 1990s, could be vulnerable to rapid advances in AI.
"The market fears (the AI tools) may replace IT services that are currently outsourced. What the real impact will be remains to be seen," said VK Vijayakumar, chief investment strategist at Geojit Investments.
Jefferies struck a darker tone. "There is more pain ahead for Indian IT," it said, adding that Anthropic's and Palantir's PLTR.O claims highlight how AI could potentially erode application-service revenues. "With application services accounting for 40%–70% of revenues, firms face growth pressures, and consensus growth estimates do not fully reflect this, posing downside risks to valuations," Jefferies said.
Brokerage Motilal Oswal estimates that 9%-12% of industry revenues could be eliminated over the next four years due to AI-led disruption.
The timing is particularly relevant. India's IT industry is otherwise benefiting from geopolitical tailwinds, with trade deals struck with the United States and the European Union expected to support cross-border services exports and reinforce India's position as a trusted technology partner.
But those policy positives offer little insulation from technological shock. While trade deals can help expand the volume of outsourced work, AI-led automation threatens to compress project timelines and reduce billable hours, striking at the labour-intensive model that has underpinned India's IT boom for decades.
PANIC OR EARLY WARNING?
Not everyone feels this is an existential threat. Some analysts see a classic case of markets running ahead of fundamentals.
Centrum Broking's Piyush Pandey called the selloff a “knee-jerk” reaction. "AI tools have been in the works, and this is how the industry is now shaping up. However, they are not expected to materially disrupt the industry as of now," he said.
JPMorgan said it was "illogical to extrapolate the launch of some tools to an expectation that companies will replace every layer of mission-critical enterprise software," while Kotak Institutional Equities described the decline as "plenty of panic over a little flutter".
That view is echoed at the very top of the AI value chain. Nvidia NVDA.O CEO Jensen Huang dismissed fears that AI will replace software as "the most illogical thing in the world". "If you were a human or robot… would you use tools or reinvent tools? The answer, obviously, is to use tools," he said.
Still, others remain cautious. "Surely, there would be other tools in the making… we don't foresee the glory days of the IT sector… returning soon," CapGrow Capital's Arun Malhotra said.
It is not that India's IT behemoths - TCS TCS.NS, Infosys INFY.NS and Wipro WIPR.NS - are sitting quietly. Infosys is forming new AI-led partnerships, TCS is embedding AI more deeply into its services, and Wipro is saying AI now underpins many of the deals it is chasing globally.
But can they adapt fast enough, or is AI rewriting the rules of outsourcing? Write to me at nidhi.csai@thomsonreuters.com.
MARKET MATTERS
The U.S.–India trade deal has lifted the cloud over an unloved Indian rupee and may be enough to pause relentless foreign selling in stocks. But investors say a durable turnaround will require a rebound in earnings growth and stronger fundamentals.
The long-awaited agreement, announced first by President Donald Trump last week, sparked a market rally and the rupee's best gain in seven years, signalling improving diplomatic and trade ties with Washington.
Read this analysis on how India's markets are getting tariff relief but are not a buy yet, by Reuters journalists Jaspreet Kalra, Ankur Banerjee and Karin Strohecker.
Read more on how the India-U.S. trade deal is giving tariff-free access to Harley bikes, but no reprieve for Tesla TSLA.O.
THIS WEEK'S MUST READ
India has dropped a proposed fuel-efficiency concession for small cars after rival automakers argued it would disproportionately benefit market leader Maruti Suzuki MRTI.NS.
The revised draft tightens emissions rules across the board, removes weight-based leniency and introduces a steeper reduction pathway, increasing pressure on all car makers to accelerate electric and hybrid vehicle sales.
Read this exclusive report by Reuters journalist Aditi Shah.
Revenue breakdown of top Indian IT companies by segment https://reut.rs/4avX34B
Foreign buying of Indian stocks jumped on US trade deal announcement https://reut.rs/4rsXeDo
(Reporting by Nidhi C Sai; Editing by Muralikumar Anantharaman)
((Nidhi.CSai@thomsonreuters.com; +91 70456 55251))
EXCLUSIVE-India drops small car concession in new fuel emission rules
Repeats February 6 story. No change to text.
Carve-out for small cars was seen benefiting only Maruti Suzuki
New proposal comes after pushback from rivals Tata, Mahindra
No weight-based concessions to be offered under new rules
India aims to cut average fleet emission to as low as 76 gms/km by 2032
Failure to comply will attract penalty of up to $550 per car
By Aditi Shah
NEW DELHI, Feb 9 (Reuters) - India has scrapped a planned concession for small cars in upcoming fuel-efficiency rules after automakers including Tata Motors and Mahindra & Mahindra argued it would benefit only one company, a government document shows.
A September draft had proposed leniency for petrol cars weighing 909 kg (2,004 lb) or less - a carve-out widely seen as favouring Maruti Suzuki, which controls 95% of India's small‑car market.
India's Power Ministry has now removed that exemption and tightened other parameters, increasing pressure on all automakers to ramp up electric and hybrid car sales, according to the latest 41-page draft reviewed by Reuters.
The new rules curb over-compensation for vehicle weight, aim to level the field between light and heavy fleet manufacturers, and are designed to deliver real-world efficiency gains, the document said.
They introduce "a substantially steeper reduction pathway" for emissions, it added.
The power ministry did not respond to a request for comment.
PROMOTING ELECTRIC, HYBRID MODELS
Transport accounts for about 12% of India's energy use and is a major driver of petroleum imports and carbon emissions. Passenger vehicles make up nearly 90% of transport-related emissions, the document says.
Corporate Average Fuel Efficiency norms dictate permissible CO2 emissions across a manufacturer's fleet of passenger cars weighing less than 3,500 kg (7,716 lb). Updated every five years, they push automakers towards cleaner technologies including electrification, compressed natural gas and flex-fuel.
The new rules will apply from April 2027 for five years and are central to automakers' product and powertrain investment plans. It was not immediately clear when the rules will be finalised.
The September draft would have allowed fuel-consumption targets to rise faster with vehicle weight, easing compliance for makers of heavier cars such as Mahindra MAHM.NS, Tata TAMO.NS and Volkswagen VOWGp.DE, while tightening demands on lighter-fleet players such as Maruti MRTI.NS. That imbalance prompted the carve-out.
The revised plan reduces the extent to which heavier vehicles gain more relaxed targets.
"Manufacturers with heavier fleets ... are required to achieve stronger intrinsic efficiency improvements," the document said.
A credit system will reward companies that sell more EVs and plug-in hybrids, and pooling of fuel-consumption performance between companies will be allowed. Non-compliance will draw penalties of up to $550 per car.
The revised plan aims to cut average fleet emissions to about 100 grams/km over the five years to March 2032 from 114 grams/km. With credits, that could fall to as low as 76 grams/km if electric models reach 11% of total car sales by 2032.
(Reporting by Aditi Shah. Editing by Mark Potter)
((aditi.shah@tr.com; +91-11-4954 8023, +91-11-3015 8023; Reuters Messaging: twitter: @aditishahsays))
Repeats February 6 story. No change to text.
Carve-out for small cars was seen benefiting only Maruti Suzuki
New proposal comes after pushback from rivals Tata, Mahindra
No weight-based concessions to be offered under new rules
India aims to cut average fleet emission to as low as 76 gms/km by 2032
Failure to comply will attract penalty of up to $550 per car
By Aditi Shah
NEW DELHI, Feb 9 (Reuters) - India has scrapped a planned concession for small cars in upcoming fuel-efficiency rules after automakers including Tata Motors and Mahindra & Mahindra argued it would benefit only one company, a government document shows.
A September draft had proposed leniency for petrol cars weighing 909 kg (2,004 lb) or less - a carve-out widely seen as favouring Maruti Suzuki, which controls 95% of India's small‑car market.
India's Power Ministry has now removed that exemption and tightened other parameters, increasing pressure on all automakers to ramp up electric and hybrid car sales, according to the latest 41-page draft reviewed by Reuters.
The new rules curb over-compensation for vehicle weight, aim to level the field between light and heavy fleet manufacturers, and are designed to deliver real-world efficiency gains, the document said.
They introduce "a substantially steeper reduction pathway" for emissions, it added.
The power ministry did not respond to a request for comment.
PROMOTING ELECTRIC, HYBRID MODELS
Transport accounts for about 12% of India's energy use and is a major driver of petroleum imports and carbon emissions. Passenger vehicles make up nearly 90% of transport-related emissions, the document says.
Corporate Average Fuel Efficiency norms dictate permissible CO2 emissions across a manufacturer's fleet of passenger cars weighing less than 3,500 kg (7,716 lb). Updated every five years, they push automakers towards cleaner technologies including electrification, compressed natural gas and flex-fuel.
The new rules will apply from April 2027 for five years and are central to automakers' product and powertrain investment plans. It was not immediately clear when the rules will be finalised.
The September draft would have allowed fuel-consumption targets to rise faster with vehicle weight, easing compliance for makers of heavier cars such as Mahindra MAHM.NS, Tata TAMO.NS and Volkswagen VOWGp.DE, while tightening demands on lighter-fleet players such as Maruti MRTI.NS. That imbalance prompted the carve-out.
The revised plan reduces the extent to which heavier vehicles gain more relaxed targets.
"Manufacturers with heavier fleets ... are required to achieve stronger intrinsic efficiency improvements," the document said.
A credit system will reward companies that sell more EVs and plug-in hybrids, and pooling of fuel-consumption performance between companies will be allowed. Non-compliance will draw penalties of up to $550 per car.
The revised plan aims to cut average fleet emissions to about 100 grams/km over the five years to March 2032 from 114 grams/km. With credits, that could fall to as low as 76 grams/km if electric models reach 11% of total car sales by 2032.
(Reporting by Aditi Shah. Editing by Mark Potter)
((aditi.shah@tr.com; +91-11-4954 8023, +91-11-3015 8023; Reuters Messaging: twitter: @aditishahsays))
EXCLUSIVE-India drops small car concession in new fuel emission rules
Carve-out for small cars was seen benefiting only Maruti Suzuki
New proposal comes after pushback from rivals Tata, Mahindra
No weight-based concessions to be offered under new rules
India aims to cut average fleet emission to as low as 76 gms/km by 2032
Failure to comply will attract penalty of up to $550 per car
By Aditi Shah
NEW DELHI, Feb 6 (Reuters) - India has scrapped a planned concession for small cars in upcoming fuel-efficiency rules after automakers including Tata Motors and Mahindra & Mahindra argued it would benefit only one company, a government document shows.
A September draft had proposed leniency for petrol cars weighing 909 kg (2,004 lb) or less - a carve-out widely seen as favouring Maruti Suzuki, which controls 95% of India's small‑car market.
India's Power Ministry has now removed that exemption and tightened other parameters, increasing pressure on all automakers to ramp up electric and hybrid car sales, according to the latest 41-page draft reviewed by Reuters.
The new rules curb over-compensation for vehicle weight, aim to level the field between light and heavy fleet manufacturers, and are designed to deliver real-world efficiency gains, the document said.
They introduce "a substantially steeper reduction pathway" for emissions, it added.
The power ministry did not respond to a request for comment.
PROMOTING ELECTRIC, HYBRID MODELS
Transport accounts for about 12% of India's energy use and is a major driver of petroleum imports and carbon emissions. Passenger vehicles make up nearly 90% of transport-related emissions, the document says.
Corporate Average Fuel Efficiency norms dictate permissible CO2 emissions across a manufacturer's fleet of passenger cars weighing less than 3,500 kg (7,716 lb). Updated every five years, they push automakers towards cleaner technologies including electrification, compressed natural gas and flex-fuel.
The new rules will apply from April 2027 for five years and are central to automakers' product and powertrain investment plans. It was not immediately clear when the rules will be finalised.
The September draft would have allowed fuel-consumption targets to rise faster with vehicle weight, easing compliance for makers of heavier cars such as Mahindra MAHM.NS, Tata TAMO.NS and Volkswagen VOWGp.DE, while tightening demands on lighter-fleet players such as Maruti MRTI.NS. That imbalance prompted the carve-out.
The revised plan reduces the extent to which heavier vehicles gain more relaxed targets.
"Manufacturers with heavier fleets ... are required to achieve stronger intrinsic efficiency improvements," the document said.
A credit system will reward companies that sell more EVs and plug-in hybrids, and pooling of fuel-consumption performance between companies will be allowed. Non-compliance will draw penalties of up to $550 per car.
The revised plan aims to cut average fleet emissions to about 100 grams/km over the five years to March 2032 from 114 grams/km. With credits, that could fall to as low as 76 grams/km if electric models reach 11% of total car sales by 2032.
(Reporting by Aditi Shah. Editing by Mark Potter)
((aditi.shah@tr.com; +91-11-4954 8023, +91-11-3015 8023; Reuters Messaging: twitter: @aditishahsays))
Carve-out for small cars was seen benefiting only Maruti Suzuki
New proposal comes after pushback from rivals Tata, Mahindra
No weight-based concessions to be offered under new rules
India aims to cut average fleet emission to as low as 76 gms/km by 2032
Failure to comply will attract penalty of up to $550 per car
By Aditi Shah
NEW DELHI, Feb 6 (Reuters) - India has scrapped a planned concession for small cars in upcoming fuel-efficiency rules after automakers including Tata Motors and Mahindra & Mahindra argued it would benefit only one company, a government document shows.
A September draft had proposed leniency for petrol cars weighing 909 kg (2,004 lb) or less - a carve-out widely seen as favouring Maruti Suzuki, which controls 95% of India's small‑car market.
India's Power Ministry has now removed that exemption and tightened other parameters, increasing pressure on all automakers to ramp up electric and hybrid car sales, according to the latest 41-page draft reviewed by Reuters.
The new rules curb over-compensation for vehicle weight, aim to level the field between light and heavy fleet manufacturers, and are designed to deliver real-world efficiency gains, the document said.
They introduce "a substantially steeper reduction pathway" for emissions, it added.
The power ministry did not respond to a request for comment.
PROMOTING ELECTRIC, HYBRID MODELS
Transport accounts for about 12% of India's energy use and is a major driver of petroleum imports and carbon emissions. Passenger vehicles make up nearly 90% of transport-related emissions, the document says.
Corporate Average Fuel Efficiency norms dictate permissible CO2 emissions across a manufacturer's fleet of passenger cars weighing less than 3,500 kg (7,716 lb). Updated every five years, they push automakers towards cleaner technologies including electrification, compressed natural gas and flex-fuel.
The new rules will apply from April 2027 for five years and are central to automakers' product and powertrain investment plans. It was not immediately clear when the rules will be finalised.
The September draft would have allowed fuel-consumption targets to rise faster with vehicle weight, easing compliance for makers of heavier cars such as Mahindra MAHM.NS, Tata TAMO.NS and Volkswagen VOWGp.DE, while tightening demands on lighter-fleet players such as Maruti MRTI.NS. That imbalance prompted the carve-out.
The revised plan reduces the extent to which heavier vehicles gain more relaxed targets.
"Manufacturers with heavier fleets ... are required to achieve stronger intrinsic efficiency improvements," the document said.
A credit system will reward companies that sell more EVs and plug-in hybrids, and pooling of fuel-consumption performance between companies will be allowed. Non-compliance will draw penalties of up to $550 per car.
The revised plan aims to cut average fleet emissions to about 100 grams/km over the five years to March 2032 from 114 grams/km. With credits, that could fall to as low as 76 grams/km if electric models reach 11% of total car sales by 2032.
(Reporting by Aditi Shah. Editing by Mark Potter)
((aditi.shah@tr.com; +91-11-4954 8023, +91-11-3015 8023; Reuters Messaging: twitter: @aditishahsays))
Maruti Suzuki India Says Jan Total Sales At 236,963 Units
Feb 2 (Reuters) - Maruti Suzuki India Ltd MRTI.NS:
MARUTI SUZUKI INDIA - JAN TOTAL SALES 236,963 UNITS
Source: https://tinyurl.com/yv7avrs5
Further company coverage: MRTI.NS
Feb 2 (Reuters) - Maruti Suzuki India Ltd MRTI.NS:
MARUTI SUZUKI INDIA - JAN TOTAL SALES 236,963 UNITS
Source: https://tinyurl.com/yv7avrs5
Further company coverage: MRTI.NS
India's Maruti Suzuki extends losses after quarterly profit miss
** Shares of Maruti Suzuki India MRTI.NS down 2.6% to 14,495 rupees
** India's top carmaker's Q3 profit rose 4% to 37.94 bln rupees ($412.1 mln), but missed analysts' estimate of 42.61 bln rupees, per data compiled by LSEG
** MRTI set to fall for a seventh straight session, dropping about 11% so far
** Stock remains under pressure after India and European Union on Tues announced tariff cuts on European car imports
** Ambit Capital ("Sell"; PT: 13,286 rupees) says higher EV spending, new capacity costs, and a shift toward lower‑margin models are weighing on MRTI's margins, while volume‑driven strategy risks prioritising market share over profits
** Brokerage Emkay Global ("Buy") says it remains positive on MRTI due to "long-term prospects aided by its aggressive product cycle targets, expectation of rebound in small cars after years of muted demand", but cuts PT by 4.5% to 17,000 rupees on rising commodity pressure
** Avg rating "buy", median PT 18,143 rupees - data compiled by LSEG
** MRTI down 13.6% so far in Jan
($1 = 92.0630 Indian rupees)
(Reporting by Anuran Sadhu in Bengaluru)
((Anuran.Sadhu@thomsonreuters.com; +91 8697274436;))
** Shares of Maruti Suzuki India MRTI.NS down 2.6% to 14,495 rupees
** India's top carmaker's Q3 profit rose 4% to 37.94 bln rupees ($412.1 mln), but missed analysts' estimate of 42.61 bln rupees, per data compiled by LSEG
** MRTI set to fall for a seventh straight session, dropping about 11% so far
** Stock remains under pressure after India and European Union on Tues announced tariff cuts on European car imports
** Ambit Capital ("Sell"; PT: 13,286 rupees) says higher EV spending, new capacity costs, and a shift toward lower‑margin models are weighing on MRTI's margins, while volume‑driven strategy risks prioritising market share over profits
** Brokerage Emkay Global ("Buy") says it remains positive on MRTI due to "long-term prospects aided by its aggressive product cycle targets, expectation of rebound in small cars after years of muted demand", but cuts PT by 4.5% to 17,000 rupees on rising commodity pressure
** Avg rating "buy", median PT 18,143 rupees - data compiled by LSEG
** MRTI down 13.6% so far in Jan
($1 = 92.0630 Indian rupees)
(Reporting by Anuran Sadhu in Bengaluru)
((Anuran.Sadhu@thomsonreuters.com; +91 8697274436;))
Maruti Suzuki Q3 Profit 37.94 Billion Rupees
Jan 28 (Reuters) - Maruti Suzuki India Ltd MRTI.NS:
Q3 PROFIT 37.94 BILLION RUPEES; IBES EST. 42.61 BILLION RUPEES
Q3 TOTAL REV FROM OPS 498.92 BLN RUPEES; IBES EST. 495.93 BLN RUPEES
Q3 RESULTS INCLUDE ONE TIME CHARGE OF 5.94 BLN RUPEES DUE TO NEW LABOUR CODES
Further company coverage: MRTI.NS
Jan 28 (Reuters) - Maruti Suzuki India Ltd MRTI.NS:
Q3 PROFIT 37.94 BILLION RUPEES; IBES EST. 42.61 BILLION RUPEES
Q3 TOTAL REV FROM OPS 498.92 BLN RUPEES; IBES EST. 495.93 BLN RUPEES
Q3 RESULTS INCLUDE ONE TIME CHARGE OF 5.94 BLN RUPEES DUE TO NEW LABOUR CODES
Further company coverage: MRTI.NS
Indian carmakers slide on sharp tariff cuts for European imports
Adds analyst comment in paragraph 7; updates shares
By Kashish Tandon and Chandini Monnappa
Jan 27 (Reuters) - Shares of India's top carmakers dropped as much as 5% on Tuesday after India and the European Union announced sharp tariff cuts on European car imports as part of a trade deal, potentially the most aggressive opening yet of a protected sector.
Mahindra and Mahindra's MAHM.NS stock fell as much as 5.1% to its lowest since August 2025, leading losses on the Nifty auto index .NIFTYAUTO, which was down 2.1%.
Maruti Suzuki India MRTI.NS fell as much as 2.95% and Tata Motors Passenger Vehicles TAMO.NS was down 2.3%.
New Delhi is slashing tariffs on cars to 10% over five years from as high as 110% with a quota of 250,000 vehicles a year, according to an EU statement.
This will likely benefit European automakers such as Volkswagen VOWG.DE, Renault RENA.PA and Stellantis STLAM.MI, as well as luxury brands Mercedes‑Benz MBGn.DE and BMW BMWG.DE.
Indian manufacturers have long opposed such cuts, arguing they would discourage investment in local production by making imported vehicles more competitive.
Any reduction in prices of imported cars will have an impact on domestic carmakers, said Gaurav Vangaal, an analyst at S&P Global Mobility. India's car market is maturing and we are continuously moving upward on average selling prices for SUVs, he added.
European carmakers currently hold a less than 4% share of India's 4.4-million-units-a-year car market, which is dominated by Japan's Suzuki Motor 7269.T and homegrown brands Mahindra and Tata. All three together hold two-thirds of the market share.
(Reporting by Chandini Monnappa and Kashish Tandon in Bengaluru; Editing by Sonia Cheema and Janane Venkatraman)
((Kashish.Tandon@thomsonreuters.com; 8800437922;))
Adds analyst comment in paragraph 7; updates shares
By Kashish Tandon and Chandini Monnappa
Jan 27 (Reuters) - Shares of India's top carmakers dropped as much as 5% on Tuesday after India and the European Union announced sharp tariff cuts on European car imports as part of a trade deal, potentially the most aggressive opening yet of a protected sector.
Mahindra and Mahindra's MAHM.NS stock fell as much as 5.1% to its lowest since August 2025, leading losses on the Nifty auto index .NIFTYAUTO, which was down 2.1%.
Maruti Suzuki India MRTI.NS fell as much as 2.95% and Tata Motors Passenger Vehicles TAMO.NS was down 2.3%.
New Delhi is slashing tariffs on cars to 10% over five years from as high as 110% with a quota of 250,000 vehicles a year, according to an EU statement.
This will likely benefit European automakers such as Volkswagen VOWG.DE, Renault RENA.PA and Stellantis STLAM.MI, as well as luxury brands Mercedes‑Benz MBGn.DE and BMW BMWG.DE.
Indian manufacturers have long opposed such cuts, arguing they would discourage investment in local production by making imported vehicles more competitive.
Any reduction in prices of imported cars will have an impact on domestic carmakers, said Gaurav Vangaal, an analyst at S&P Global Mobility. India's car market is maturing and we are continuously moving upward on average selling prices for SUVs, he added.
European carmakers currently hold a less than 4% share of India's 4.4-million-units-a-year car market, which is dominated by Japan's Suzuki Motor 7269.T and homegrown brands Mahindra and Tata. All three together hold two-thirds of the market share.
(Reporting by Chandini Monnappa and Kashish Tandon in Bengaluru; Editing by Sonia Cheema and Janane Venkatraman)
((Kashish.Tandon@thomsonreuters.com; 8800437922;))
India's Maruti Suzuki up after $3.9 billion investment at Gujarat plant
** Shares of Maruti Suzuki MRTI.NS close 2% higher at 16,182 rupees, top gainer on Nifty auto index .NIFTYAUTO
** Automaker plans investments worth 350 billion rupees ($3.9 billion) in a plant it plans to set up in the western state of Gujarat
** The plant will add production capacity of up to 1 million vehicles a year and is expected to operate in FY29
** Last week, board approved an initial investment of 49.6 billion rupees to acquire land for the plant
** ICICI Securities says investment strengthens MRTI's long-term growth visibility and reinforce its competitive moat through scale, capacity readiness and an expanded service ecosystem
** Analysts have a "buy" rating on avg; median PT is 18,140 rupees - data compiled by LSEG
** YTD, MRTI down 3.1% vs sub index's 2% decline
($1 = 90.8938 Indian rupees)
(Reporting by Urvi Dugar in Bengaluru)
** Shares of Maruti Suzuki MRTI.NS close 2% higher at 16,182 rupees, top gainer on Nifty auto index .NIFTYAUTO
** Automaker plans investments worth 350 billion rupees ($3.9 billion) in a plant it plans to set up in the western state of Gujarat
** The plant will add production capacity of up to 1 million vehicles a year and is expected to operate in FY29
** Last week, board approved an initial investment of 49.6 billion rupees to acquire land for the plant
** ICICI Securities says investment strengthens MRTI's long-term growth visibility and reinforce its competitive moat through scale, capacity readiness and an expanded service ecosystem
** Analysts have a "buy" rating on avg; median PT is 18,140 rupees - data compiled by LSEG
** YTD, MRTI down 3.1% vs sub index's 2% decline
($1 = 90.8938 Indian rupees)
(Reporting by Urvi Dugar in Bengaluru)
Maruti Suzuki to invest $3.9 billion in new India plant
AHMEDABAD, India, Jan 17 (Reuters) - Indian automaker Maruti Suzuki MRTI.NS will invest 350 billion rupees ($3.9 billion) in a plant it plans to set up in the western Indian state of Gujarat, the state's government said on Saturday.
The plant will add production capacity of up to 1 million vehicles a year for the automaker as it expands manufacturing to meet rising demand in India, the world’s third-largest car market, and for exports, Gujarat said in a statement.
Production at the plant is expected to begin in financial year 2029 and will add to the annual production capacity of 2.4 million vehicles for Maruti, which is majority-owned by Japan's Suzuki Motor 7269.T and is India's top carmaker by sales.
The company has an order backlog of about one and a half months for its entry-level models, its marketing and sales head, Partho Banerjee, said this month. The company said its sales to domestic dealers rose 37% in December to a record 178,646 units.
Maruti’s board of directors this week approved an initial investment of 49.6 billion rupees to acquire land for the plant.
($1 = 90.6820 Indian rupees)
(Reporting by Sumit Khanna in Ahmedabad; writing by Ira Dugal in Mumbai; Editing by William Mallard)
((Ira.Dugal@thomsonreuters.com; +91-9833024892;))
AHMEDABAD, India, Jan 17 (Reuters) - Indian automaker Maruti Suzuki MRTI.NS will invest 350 billion rupees ($3.9 billion) in a plant it plans to set up in the western Indian state of Gujarat, the state's government said on Saturday.
The plant will add production capacity of up to 1 million vehicles a year for the automaker as it expands manufacturing to meet rising demand in India, the world’s third-largest car market, and for exports, Gujarat said in a statement.
Production at the plant is expected to begin in financial year 2029 and will add to the annual production capacity of 2.4 million vehicles for Maruti, which is majority-owned by Japan's Suzuki Motor 7269.T and is India's top carmaker by sales.
The company has an order backlog of about one and a half months for its entry-level models, its marketing and sales head, Partho Banerjee, said this month. The company said its sales to domestic dealers rose 37% in December to a record 178,646 units.
Maruti’s board of directors this week approved an initial investment of 49.6 billion rupees to acquire land for the plant.
($1 = 90.6820 Indian rupees)
(Reporting by Sumit Khanna in Ahmedabad; writing by Ira Dugal in Mumbai; Editing by William Mallard)
((Ira.Dugal@thomsonreuters.com; +91-9833024892;))
Maruti Suzuki Starts Exports Of Victoris SUV
Jan 16 (Reuters) - Maruti Suzuki India Ltd MRTI.NS:
MARUTI SUZUKI - STARTS EXPORTS OF VICTORIS SUV
Source text: ID:nBSE1SlnQn
Further company coverage: MRTI.NS
Jan 16 (Reuters) - Maruti Suzuki India Ltd MRTI.NS:
MARUTI SUZUKI - STARTS EXPORTS OF VICTORIS SUV
Source text: ID:nBSE1SlnQn
Further company coverage: MRTI.NS
Auto File: VW falls to No. 3 in China
Jan 13 - By Nick Carey, European Autos Correspondent
Greetings from London!
China has been a remarkable story in the auto industry and one without parallel. Major global automakers poured into the market in the 1980s and 1990s, confidently agreeing to Beijing’s condition that they had to form a joint venture with a local partner.
For decades, they dominated the market, as early Chinese efforts to make cars were in many cases rank failures – including a model from Brilliance that got zero stars in Euro NCAP crash testing in 2009.
But within the last five years, fast-moving Chinese automakers began churning out slick new models, above all EVs, and have steadily taken market share from their traditional rivals.
Domestic automakers’ share of China’s car market rose to 61% in 2024 from 42% in 2017, and consultancy Alix Partners predicts it will rise to 76% in 2030.
If that forecast pans out, major Western automakers will be left struggling to find a way to stay in the game in China.
Which brings us to today’s Auto File…
VW’s China decline
GM slows EV charge
Self-driving partnerships
VW’s China problem
Volkswagen VOWG.DE has of course become the poster child for the decline of global automakers in China.
The sprawling German car group was the market leader in China for a quarter of a century, but was knocked into second place by BYD in 2024 and last year was another bad one for VW in the world’s largest car market.
The company reported a 17.4% drop in sales in China in the fourth quarter, officially slipping to third place behind BYD and Geely GEELY.UL.
Volkswagen lost market share, but interestingly, so did BYD amid fierce competition from Geely and other Chinese automakers, such as Leapmotor 9863.HK, mainly in the budget car segment.
The German company has responded with a lineup of upcoming EVs developed in China specifically for Chinese consumers, which are set to hit the market over the next few years.
Volkswagen is also looking to export cars developed and made in China to more overseas markets.
But in the meantime, it looks like Volkswagen will continue to lose share in China, confronting CEO Oliver Blume with a rather urgent to-do list.
Recommended reading:
Central banks unite
EVs power Turkish car sales surge
Uber’s safety record on trial
EV pullback bites GM
General Motors GM.N announced a $6 billion charge to unwind some electric-vehicle investments, becoming the latest automaker to pull back from EVs in response to the Trump administration's policies and fading demand for electric cars.
As Reuters colleagues Kalea Hall and Nora Eckert report, most of GM's writedown - a $4.2 billion cash charge - is related to contract cancellations and settlements with suppliers, who had planned for much higher production volumes before the market turned. You can read more about it here.
GM said the writedown would not affect its U.S. lineup of roughly a dozen EV models, which is the U.S. industry’s broadest offering of battery-powered vehicles.
Speaking this week in Detroit, GM CEO Mary Barra said the Trump administration’s moves to kill a $7,500 EV tax credit and rolling back tailpipe-emissions rules had forced GM to rapidly adapt its product plans and cut billions of dollars of investments in EVs.
But Barra said the automaker still believes EVs eventually will take off in the U.S. as charging becomes easier and prices come down, and that GM still sees battery-powered vehicles as “the end game.”
Partnering for self-driving cars
It would be an understatement to say that the self-driving car industry has had a rocky road over the last few years.
After much hyperbole late in the last decade that self-driving cars were within reach – in particular from Tesla TSLA.O CEO Elon Musk – the industry was hit by immensely expensive failures as automakers including GM and Ford shuttered their autonomous vehicle units.
This time tech suppliers, chipmakers including Nvidia NVDA.O, and some automakers are betting on AI and a web of partnerships to spark new progress. AI, they argue, will be a game changer and act as an “accelerant” to make robotaxis a reality. Their core message is that this time, really, everything will be different.
But as Reuters colleague Abhirup Roy reports, many interested automakers still have major questions. You can read all about it here.
Apart from concerns about high costs and scalability, they want to know if there is enough customer demand to make money out of an expensive wager.
Rather than risk fresh investments in fully self-driving capability, major automakers want revenue-generating driver assistance technology that is already available but requires drivers to pay constant attention.
Polestar’s European bet pays off
It’s been a long time since we’ve seen any good news from EV maker Polestar PSNY.O. But as Reuters colleagues Marie Mannes and Zaheer Kachwala report, the company’s fourth quarter sales jumped 27%.
You can read all about it here.
The jump in sales reflects greater focus on Europe, which now accounts for about 78% of Polestar’s sales, as the EV maker faces tough competition in China and tariffs in the United States.
But the automaker still has a long way to go. Even with that jump, Polestar’s sales totalled just over 60,000 cars, making it a minnow in the car industry.
High debt, persistent losses, and launch delays have pummelled Polestar’s shares, prompting a reverse stock split to avoid a NASDAQ delisting.
Polestar has also relied heavily on majority Chinese owner Geely to help fund its loss-making operations.
Fast Laps
- China's car sales are expected to be flat this year after slowing growth in 2025 and last year’s robust EV exports will be hard to sustain, a Chinese industry association said.
- BMW BMWG.DE will launch 10 new cars in India this year, including EVs and its popular MINI brand, while boosting local sourcing to lower costs as luxury car sales in the country remain stubbornly small.
- Indian automaker Maruti Suzuki plans to add up to 1 million units of annual production capacity after buying land worth about $550 million, expanding manufacturing to meet rising domestic auto demand.
- Chinese EV maker Xpeng 9868.HK aims to become better known as a “physical AI” company rather than just a carmaker, as it gears up to launch street trials of robotaxis and start mass producing humanoid robots later this year.
- China's Dongfeng is in talks with an investor about producing passenger cars in Turkey, the company's Turkish distributor said.
- Volvo VOLCARb.ST will launch a new electric mid-sized SUV this month with a driving range of up to 810 km (503 miles) on a single charge, in a bid to win over buyers sceptical of EVs.
Think your friend or colleague should know about us? Forward this newsletter to them. They can also subscribe here.
(Editing by Tomasz Janowski)
Jan 13 - By Nick Carey, European Autos Correspondent
Greetings from London!
China has been a remarkable story in the auto industry and one without parallel. Major global automakers poured into the market in the 1980s and 1990s, confidently agreeing to Beijing’s condition that they had to form a joint venture with a local partner.
For decades, they dominated the market, as early Chinese efforts to make cars were in many cases rank failures – including a model from Brilliance that got zero stars in Euro NCAP crash testing in 2009.
But within the last five years, fast-moving Chinese automakers began churning out slick new models, above all EVs, and have steadily taken market share from their traditional rivals.
Domestic automakers’ share of China’s car market rose to 61% in 2024 from 42% in 2017, and consultancy Alix Partners predicts it will rise to 76% in 2030.
If that forecast pans out, major Western automakers will be left struggling to find a way to stay in the game in China.
Which brings us to today’s Auto File…
VW’s China decline
GM slows EV charge
Self-driving partnerships
VW’s China problem
Volkswagen VOWG.DE has of course become the poster child for the decline of global automakers in China.
The sprawling German car group was the market leader in China for a quarter of a century, but was knocked into second place by BYD in 2024 and last year was another bad one for VW in the world’s largest car market.
The company reported a 17.4% drop in sales in China in the fourth quarter, officially slipping to third place behind BYD and Geely GEELY.UL.
Volkswagen lost market share, but interestingly, so did BYD amid fierce competition from Geely and other Chinese automakers, such as Leapmotor 9863.HK, mainly in the budget car segment.
The German company has responded with a lineup of upcoming EVs developed in China specifically for Chinese consumers, which are set to hit the market over the next few years.
Volkswagen is also looking to export cars developed and made in China to more overseas markets.
But in the meantime, it looks like Volkswagen will continue to lose share in China, confronting CEO Oliver Blume with a rather urgent to-do list.
Recommended reading:
Central banks unite
EVs power Turkish car sales surge
Uber’s safety record on trial
EV pullback bites GM
General Motors GM.N announced a $6 billion charge to unwind some electric-vehicle investments, becoming the latest automaker to pull back from EVs in response to the Trump administration's policies and fading demand for electric cars.
As Reuters colleagues Kalea Hall and Nora Eckert report, most of GM's writedown - a $4.2 billion cash charge - is related to contract cancellations and settlements with suppliers, who had planned for much higher production volumes before the market turned. You can read more about it here.
GM said the writedown would not affect its U.S. lineup of roughly a dozen EV models, which is the U.S. industry’s broadest offering of battery-powered vehicles.
Speaking this week in Detroit, GM CEO Mary Barra said the Trump administration’s moves to kill a $7,500 EV tax credit and rolling back tailpipe-emissions rules had forced GM to rapidly adapt its product plans and cut billions of dollars of investments in EVs.
But Barra said the automaker still believes EVs eventually will take off in the U.S. as charging becomes easier and prices come down, and that GM still sees battery-powered vehicles as “the end game.”
Partnering for self-driving cars
It would be an understatement to say that the self-driving car industry has had a rocky road over the last few years.
After much hyperbole late in the last decade that self-driving cars were within reach – in particular from Tesla TSLA.O CEO Elon Musk – the industry was hit by immensely expensive failures as automakers including GM and Ford shuttered their autonomous vehicle units.
This time tech suppliers, chipmakers including Nvidia NVDA.O, and some automakers are betting on AI and a web of partnerships to spark new progress. AI, they argue, will be a game changer and act as an “accelerant” to make robotaxis a reality. Their core message is that this time, really, everything will be different.
But as Reuters colleague Abhirup Roy reports, many interested automakers still have major questions. You can read all about it here.
Apart from concerns about high costs and scalability, they want to know if there is enough customer demand to make money out of an expensive wager.
Rather than risk fresh investments in fully self-driving capability, major automakers want revenue-generating driver assistance technology that is already available but requires drivers to pay constant attention.
Polestar’s European bet pays off
It’s been a long time since we’ve seen any good news from EV maker Polestar PSNY.O. But as Reuters colleagues Marie Mannes and Zaheer Kachwala report, the company’s fourth quarter sales jumped 27%.
You can read all about it here.
The jump in sales reflects greater focus on Europe, which now accounts for about 78% of Polestar’s sales, as the EV maker faces tough competition in China and tariffs in the United States.
But the automaker still has a long way to go. Even with that jump, Polestar’s sales totalled just over 60,000 cars, making it a minnow in the car industry.
High debt, persistent losses, and launch delays have pummelled Polestar’s shares, prompting a reverse stock split to avoid a NASDAQ delisting.
Polestar has also relied heavily on majority Chinese owner Geely to help fund its loss-making operations.
Fast Laps
- China's car sales are expected to be flat this year after slowing growth in 2025 and last year’s robust EV exports will be hard to sustain, a Chinese industry association said.
- BMW BMWG.DE will launch 10 new cars in India this year, including EVs and its popular MINI brand, while boosting local sourcing to lower costs as luxury car sales in the country remain stubbornly small.
- Indian automaker Maruti Suzuki plans to add up to 1 million units of annual production capacity after buying land worth about $550 million, expanding manufacturing to meet rising domestic auto demand.
- Chinese EV maker Xpeng 9868.HK aims to become better known as a “physical AI” company rather than just a carmaker, as it gears up to launch street trials of robotaxis and start mass producing humanoid robots later this year.
- China's Dongfeng is in talks with an investor about producing passenger cars in Turkey, the company's Turkish distributor said.
- Volvo VOLCARb.ST will launch a new electric mid-sized SUV this month with a driving range of up to 810 km (503 miles) on a single charge, in a bid to win over buyers sceptical of EVs.
Think your friend or colleague should know about us? Forward this newsletter to them. They can also subscribe here.
(Editing by Tomasz Janowski)
India's Maruti Suzuki gets board approval to buy land in Gujarat for proposed expansion
Jan 12 - Indian automaker Maruti Suzuki's MRTI.NS said on Monday that its board approved the purchase of a land parcel in the western state of Gujarat, where it proposes to add up to 1 million units of production with a planned investment of about 49.6 billion rupees ($550.01 million).
($1 = 90.1800 Indian rupees)
(Reporting by Mridula Kumar in Bengaluru; Editing by Nivedita Bhattacharjee)
Jan 12 - Indian automaker Maruti Suzuki's MRTI.NS said on Monday that its board approved the purchase of a land parcel in the western state of Gujarat, where it proposes to add up to 1 million units of production with a planned investment of about 49.6 billion rupees ($550.01 million).
($1 = 90.1800 Indian rupees)
(Reporting by Mridula Kumar in Bengaluru; Editing by Nivedita Bhattacharjee)
India Autodealers Body FADA Says Dec’25 Auto Retail At 20,28,821 Units
Jan 6 (Reuters) - INDIA AUTODEALERS BODY FADA:
DEC’25 AUTO RETAIL AT 20,28,821 UNITS
DEALER SENTIMENT REMAINS FIRMLY POSITIVE, WITH OUR SURVEY INDICATING 70.48% EXPECTING GROWTH
OVER NEXT 3 MONTHS, RETAIL OUTLOOK REMAINS DECISIVELY UPBEAT
DEC’25 AUTO RETAIL UP 14.63% YOY
Jan 6 (Reuters) - INDIA AUTODEALERS BODY FADA:
DEC’25 AUTO RETAIL AT 20,28,821 UNITS
DEALER SENTIMENT REMAINS FIRMLY POSITIVE, WITH OUR SURVEY INDICATING 70.48% EXPECTING GROWTH
OVER NEXT 3 MONTHS, RETAIL OUTLOOK REMAINS DECISIVELY UPBEAT
DEC’25 AUTO RETAIL UP 14.63% YOY
India's Mahindra & Mahindra posts 23% rise in December SUV sales
Jan 1 (Reuters) - Indian automaker Mahindra & Mahindra MAHM.NS reported a 23% rise in the December sales of its sports utility vehicles (SUV) to dealers on Thursday, fuelled by a sustained rise in demand following tax reductions.
In September, India cut the tax on SUVs with engines above 1500 cc to 40% from about 50% to boost demand, a change that applies to most of Mahindra's SUV range.
Market leader Maruti Suzuki MRTI.NS, along with Hyundai India HYUN.NS and Tata Motors TAMO.NS, are yet to report their sales figures.
(Reporting by Meenakshi Maidas in Bengaluru; Editing by Janane Venkatraman)
((Meenakshi.Maidas@thomsonreuters.com; +91 8921483410;))
Jan 1 (Reuters) - Indian automaker Mahindra & Mahindra MAHM.NS reported a 23% rise in the December sales of its sports utility vehicles (SUV) to dealers on Thursday, fuelled by a sustained rise in demand following tax reductions.
In September, India cut the tax on SUVs with engines above 1500 cc to 40% from about 50% to boost demand, a change that applies to most of Mahindra's SUV range.
Market leader Maruti Suzuki MRTI.NS, along with Hyundai India HYUN.NS and Tata Motors TAMO.NS, are yet to report their sales figures.
(Reporting by Meenakshi Maidas in Bengaluru; Editing by Janane Venkatraman)
((Meenakshi.Maidas@thomsonreuters.com; +91 8921483410;))
India's Maruti Suzuki hits all-time high, poised for best year since 2017
** Maruti Suzuki MRTI.NS rises as much as 1.7% on Wednesday to a record high of 16,818 rupees
** Stock trims some gains to last trade 0.6% higher
** The auto-maker is on track to gain the most in a year since 2017, up 53% so far this year
** Yearly rise outperforms Nifty Auto index .NIFTYAUTO, which has risen 22% in 2025
** In September, Indian government announced reduction in goods and services tax (GST) rates on various items, including small cars
** MRTI to benefit from small car uptick where lower tax impact is highest - analysts say
** Avg rating of 38 analysts covering the stock is "buy", median PT is 18,000 rupees - data compiled by LSEG
(Reporting by Brijesh Patel in Bengaluru)
((Brijesh.Patel1@thomsonreuters.com; Ph no. +91 9590227221;))
** Maruti Suzuki MRTI.NS rises as much as 1.7% on Wednesday to a record high of 16,818 rupees
** Stock trims some gains to last trade 0.6% higher
** The auto-maker is on track to gain the most in a year since 2017, up 53% so far this year
** Yearly rise outperforms Nifty Auto index .NIFTYAUTO, which has risen 22% in 2025
** In September, Indian government announced reduction in goods and services tax (GST) rates on various items, including small cars
** MRTI to benefit from small car uptick where lower tax impact is highest - analysts say
** Avg rating of 38 analysts covering the stock is "buy", median PT is 18,000 rupees - data compiled by LSEG
(Reporting by Brijesh Patel in Bengaluru)
((Brijesh.Patel1@thomsonreuters.com; Ph no. +91 9590227221;))
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What does Maruti Suzuki do?
Maruti Suzuki India is engaged in the business of manufacturing and sale of passenger vehicles in India. Making a small beginning with the iconic Maruti 800 car, Maruti Suzuki today has a vast portfolio of many car models with large number of variants. Maruti Suzuki’s product range extends from entry level small cars like Alto 800, Alto K10 to the luxury sedan Ciaz. Other activities include facilitation of pre-owned car sales fleet management, car financing. The Company has manufacturing facilities in Gurgaon and Manesar in Haryana and a state of the art R&D centre in Rohtak, Haryana.
Who are the competitors of Maruti Suzuki?
Maruti Suzuki major competitors are Mahindra & Mahindra, Tata MotorsPassenger, Hindustan Motors. Market Cap of Maruti Suzuki is ₹3,97,161 Crs. While the median market cap of its peers are ₹1,11,668 Crs.
Is Maruti Suzuki financially stable compared to its competitors?
Maruti Suzuki seems to be financially stable compared to its competitors. The probability of it going bankrupt or facing a financial crunch seem to be lower than its immediate competitors.
Does Maruti Suzuki pay decent dividends?
The company seems to be paying a very low dividend. Investors need to see where the company is allocating its profits. Maruti Suzuki latest dividend payout ratio is 29.27% and 3yr average dividend payout ratio is 30.88%
How has Maruti Suzuki allocated its funds?
Companies resources are allocated to majorly productive assets like Plant & Machinery
How strong is Maruti Suzuki balance sheet?
Balance sheet of Maruti Suzuki is strong. But short term working capital might become an issue for this company.
Is the profitablity of Maruti Suzuki improving?
Yes, profit is increasing. The profit of Maruti Suzuki is ₹14,672 Crs for TTM, ₹14,500 Crs for Mar 2025 and ₹13,488 Crs for Mar 2024.
Is the debt of Maruti Suzuki increasing or decreasing?
Yes, The net debt of Maruti Suzuki is increasing. Latest net debt of Maruti Suzuki is -₹668.5 Crs as of Sep-25. This is greater than Mar-25 when it was -₹1,105.4 Crs.
Is Maruti Suzuki stock expensive?
Maruti Suzuki is not expensive. Latest PE of Maruti Suzuki is 26.6, while 3 year average PE is 38.47. Also latest EV/EBITDA of Maruti Suzuki is 19.7 while 3yr average is 26.93.
Has the share price of Maruti Suzuki grown faster than its competition?
Maruti Suzuki has given better returns compared to its competitors. Maruti Suzuki has grown at ~14.82% over the last 10yrs while peers have grown at a median rate of 11.12%
Is the promoter bullish about Maruti Suzuki?
Promoters stake in the company seems stable, and we need to go through filings and allocation of resources to gauge promoter bullishness. Latest quarter promoter holding in Maruti Suzuki is 58.28% and last quarter promoter holding is 58.28%.
Are mutual funds buying/selling Maruti Suzuki?
The mutual fund holding of Maruti Suzuki is decreasing. The current mutual fund holding in Maruti Suzuki is 14.44% while previous quarter holding is 14.6%.