TVSMOTOR

Adds details, background from paragraph 2

April 6 (Reuters) - India’s auto dealers on Monday warned of possible supply or dispatch disruptions in the near term as the West Asia conflict drove up raw material costs, even as the fiscal year's total sales hit a record high.

The broader operating environment is clouded by the conflict, the Federation of Automobile Dealers Associations (FADA) said in a statement.

The war has pushed up oil and gas prices, raising fuel and logistics costs across the auto supply chain, while also driving up prices of key metals such as aluminium, copper and steel used in vehicle manufacturing.

Last week, India's top carmaker, Maruti Suzuki MRTI.NS, said that it will likely raise prices as the war pushed up commodity prices.

A FADA survey showed that more than half of the dealers experienced some form of supply or dispatch disruption linked to the ongoing conflict, with 17.1% reporting significant delays of three or more weeks.

On the fuel-price front, 36.5% of dealers reported that rising fuel prices are moderately to significantly affecting customer purchase decisions, it added.

While the impact was most pronounced in the commercial vehicle segment, passenger vehicle and two-wheeler dealers have also flagged selective delays based on different variants.

Indian retail auto sales rose 25.28% in March, the association said.

Passenger vehicle sales rose 21.48% year-over-year in March, while two-wheeler sales rose 28.68% and commercial vehicle sales rose 15.12%, closing the financial year on a strong note on sustained momentum from tax cuts that improved affordability, FADA said.

The total retail sales for the financial year rose 13.3%.

FADA also said passenger vehicle inventory, or the average time a car remained on the showroom floor, fell for a sixth consecutive month, to about 28 days in March, compared to 52 days in March last year.

(Reporting by Meenakshi Maidas in Bengaluru; Editing by Harikrishnan Nair)

((Meenakshi.Maidas@thomsonreuters.com; +91 8921483410;))

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))

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))

March 24 (Reuters) - TVS Motor Company Ltd TVSM.NS:

• DECLARES DIVIDEND OF 12 RUPEES PER SHARE

Source text: [ID:]

Further company coverage: TVSM.NS

((Reuters.Briefs@thomsonreuters.com;))

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;))

Rewrites, adds details, background, auto body president comment

By Meenakshi Maidas and Yagnoseni Das

March 5 (Reuters) - India's retail vehicle sales jumped 25.6% in February, as last year's tax cuts and a pick-up in weddings drove demand for two-wheelers and passenger vehicles, the auto dealers' body said on Thursday.

Analysts had expected double‑digit year‑on‑year growth in February, supported by price cuts, new model launches and firm rural demand, after India cut taxes on vehicles last September to boost consumption in the wake of steep U.S. tariffs.

Two-wheeler sales jumped 25% from a year ago in February, while passenger vehicle sales climbed 26.1%, the Federation of Automobile Dealers Associations said, adding that demand was supported by weddings with enquiries rising across rural and urban markets.

The dealer body's president, C.S. Vigneshwar, told Reuters that growth is likely to sustain for several quarters, if not years, noting that the industry had always expected the impact of the tax cuts to be "seismic" rather than seasonal.

Over two-thirds of dealers surveyed by the association expect retail sales to grow in March, buoyed by festival-driven demand and fiscal year-end purchases. However, dealers have flagged supply constraints for some models.

Vigneshwar said that there has been no immediate impact on logistics for vehicles from the Middle East war.

Passenger vehicle inventory, or the average time a car remained on the showroom floor, fell for a fifth consecutive month to 27–29 days from 32-34 days in January.

(Reporting by Meenakshi Maidas and Yagnoseni Das Bengaluru; Editing by Eileen Soreng and Mrigank Dhaniwala)

((Meenakshi.Maidas@thomsonreuters.com; +91 8921483410;))

Feb 26 (Reuters) - TVS Motor Company Ltd TVSM.NS:

• ANNOUNCES STRATEGIC EXPANSION INTO SOUTH AFRICA

• PARTNERS WITH NEXUS COLLECTIVE IN SOUTH AFRICA

Source text: ID:nBSE2mLtn4

Further company coverage: TVSM.NS

((Reuters.Briefs@thomsonreuters.com;;))

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

((Reuters.Briefs@thomsonreuters.com;;))

Feb 1 (Reuters) - TVS Motor Company Ltd TVSM.NS:

• TVS MOTOR - RECORDS 511,766 UNITS SOLD IN JANUARY 2026

Source text: ID:nBSE95FXWG

Further company coverage: TVSM.NS

((Reuters.Briefs@thomsonreuters.com;))

Adds details, background throughout

Jan 30 (Reuters) - India's Ola Electric OLAE.NS said on Friday it would lay off 5% of its workforce in a restructuring effort aimed at improving profitability through greater automation.

The company is "doubling down" on speed and discipline through increased automation across its front-end operations, it said in a statement, adding that it is building a "leaner organisation" positioned for long-term, profitable growth.

The layoffs translate to roughly 620 jobs, based on the company's headcount of 12,396 employees as of March 31, 2025, according to its annual report and Reuters calculations.

The SoftBank-backed company had slashed more than 1,000 jobs at its front-end operations in March last year, citing increased automation, which improved margins.

Ola Electric, once commanding half of India's e-scooter market, has lost ground to legacy players such as Bajaj Auto BAJA.NS and TVS Motor TVSM.NS, which widened distribution and rolled out competing models, as well as to rival Ather Energy ATHR.NS.

After its stellar stock market debut in August 2024, the company was hit by a series of setbacks, from servicing delays to registration issues, knocking it down the pecking order of India's electric two-wheeler market.

While the company's shares doubled within weeks of its listing, rising customer complaints over service issues and stalling sales have since pushed its stock down by more than 57%.

MARCH TO PROFITABILITY

Sales for Ola Electric, which is yet to turn a profit, slumped 51% in 2025, government data showed, with registration issues impacting volumes early on in the year.

During its second-quarter earnings, Ola lowered full-year revenue target and maintained its margin forecast for the core automotive business as it shifts focus to profitability over volumes.

The Bengaluru-based firm expects fiscal 2026 revenue to be between 30 billion rupees and 32 billion rupees ($326.3 million-$348.1 million), compared with 42 billion–47 billion rupees forecast earlier. Its revenue was 46.65 billion rupees in fiscal 2025.

Ola is betting on in-house cell manufacturing to turn a profit, and recently announced that it would separately sell those cells to startups and businesses.

($1 = 91.9310 Indian rupees)

(Reporting by Nandan Mandayam in Bengaluru; Writing by Abinaya Vijayaraghavan; Editing by Janane Venkatraman and Shilpi Majumdar)

((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))

** Shares of TVS Motor TVSM.NS fall as much as 1.9% to 3,657.30 rupees

** Co missed Q3 profit view due to a one-time charge linked to new labour codes, although strong two-wheeler demand and export growth boosted sales

** Profit jumped 52% to 9.4 billion rupees vs analysts' estimates of 9.8 billion rupees, per data compiled by LSEG

** Jefferies remains positive on two-wheeler demand, and like TVSM's rising domestic and export franchise but sees the recent metal price rally posing some margin pressure over next few quarters

** ICICI Securities expects TVS' outperformance to continue led by ramp-up in EV volumes, new product launches and premiumisation

** Analysts have a "buy" rating on avg; median PT is 4,100 rupees - data compiled by LSEG

** TVSM down 1.7% so far in January

(Reporting by Urvi Dugar in Bengaluru)

((UrviManoj.Dugar@thomsonreuters.com;))

Jan 28 (Reuters) - TVS Motor TVSM.NS reported a lower-than-expected quarterly profit on Wednesday after taking a one-time charge linked to India's new labour codes, although strong two-wheeler demand and export growth boosted sales.

Profit jumped 52% to 9.4 billion rupees ($102.47 million) for the quarter ending December 31, from 6.18 billion rupees a year earlier. However, it came in below analysts' expectations of 9.8 billion rupees, per data compiled by LSEG.

The company booked a 413.7‑million‑rupee charge due to India’s new labour codes implemented in November last year, denting its profit.

The Jupiter scooter maker's revenue rose 37% to 124.76 billion rupees ($1.36 billion) in the quarter, beating analysts' estimate of 122.89 billion rupees, sending shares up as much as 3.4%.

TVS Motor's shares were down 1.4% ahead of the results.

The rollout of new tax reforms last year improved affordability and boosted disposable income, fuelling demand for two‑wheeler sales in the country.

India slashed taxes on two-wheelers with engine capacities of up to 350cc to 18% from 28%, which covers most of TVS’ lineup.

The tax cuts, coupled with festive buying, propelled domestic two-wheeler sales to around 5.7 million units, a record figure for the third-quarter.

TVS' overall two‑wheeler and three-wheeler sales rose 27% in the quarter, while two-wheeler sales in international business grew 35%, the company said in a press release.

The company's domestic two-wheeler sales alone grew almost 23%, ahead of the industry's 16.9% expansion.

The Apache maker's operating earnings before interest, taxes, depreciation and amortization margin rose to 13.1% from 11.9%, which analysts said was driven by sale of more profitable vehicles and favourable forex.

Rivals Bajaj Auto BAJA.NS and Hero MotoCorp HROM.NS will report quarterly results on January 30 and February 5, respectively.

($1 = 91.7350 Indian rupees)

(Reporting by Meenakshi Maidas, Nandan Mandayam and Surbhi Misra in Bengaluru; Editing by Eileen Soreng)

((Meenakshi.Maidas@thomsonreuters.com; +91 8921483410;))

Jan 13 (Reuters) - Ashok Leyland Ltd ASOK.NS:

• INDIA AUTO INDUSTRY BODY SIAM - INDIA'S DEC TOTAL DOMESTIC PASSENGER VEHICLE SALES 3,99,216 UNITS

• SIAM - LOOKING AHEAD, INDUSTRY EXPECTS POSITIVE MOMENTUM TO CONTINUE WELL INTO 2026

• INDIA AUTO INDUSTRY BODY SIAM - INDIA'S DEC DOMESTIC 3-WHEELER SALES 61,924 UNITS

• INDIA AUTO INDUSTRY BODY SIAM - INDIA'S DEC DOMESTIC 2-WHEELER SALES 15,41,036 UNITS

• SIAM - WHILE REMAINING WATCHFUL OF GEOPOLITICAL DEVELOPMENTS, INDUSTRY EXPECTS FY2025–26 TO CLOSE ON POSITIVE GROWTH TRAJECTORY

Source text: [ID:]

Further company coverage: ASOK.NS

((Reuters.Briefs@thomsonreuters.com;;))

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

((Reuters.Briefs@thomsonreuters.com;))

Jan 1 (Reuters) - TVS Motor Company Ltd TVSM.NS:

• Q3FY26 SALES GROW BY 27%

• MONTHLY SALES OF 481,389 UNITS IN DECEMBER 2025

Source text: ID:nBSE2T9Cpd

Further company coverage: TVSM.NS

((Reuters.Briefs@thomsonreuters.com;))

Dec 30 (Reuters) - TVS Motor Company Ltd TVSM.NS:

• SIGNS MOU WITH MANBA FINANCE LIMITED

Source text: ID:nBSE2F39mM

Further company coverage: TVSM.NS

((Reuters.Briefs@thomsonreuters.com;))

Corrects to show deal is with Mitsubishi Fuso Truck and Bus, not Mitsubishi Motors, in paragraph 3 and bullet point 1. Corrects to show representative was from Mitsubishi Fuso, not Mitsubishi Motors, in paragraph 6. Removes Reuters Instrument Code of Mitsubishi Motors.

By Stefanno Sulaiman

JAKARTA, Nov 20 (Reuters) - Indonesia's state-led Agrinas Pangan Nusantara is negotiating the purchase of 160,000 trucks and as many motorbikes to kick off a $12 billion programme to build cooperative markets across the archipelago, CEO Joao Mota told Reuters on Thursday.

The vehicles are a part of President Prabowo Subianto's plan, launched in July, to establish 80,000 cooperatives to stimulate local businesses. The large-scale purchases are a boost for the country's flagging auto industry, with monthly car sales in contraction since May 2025.

The previously unreported purchase plan includes a soon-to-be-signed deal to buy 35,000 six-wheeler trucks from local partners of Japanese automakers Mitsubishi Fuso Truck and Bus and Isuzu 7202.T, Joao said in an interview at his office.

"Mitsubishi can provide up to 20,000 units, while Isuzu up to 15,000 (six-wheeler) units," Joao said, adding that 45,000 more trucks might be imported from potential suppliers such as China's Dongfeng Motor Group 0489.HK and Indian firm Tata Motors TAMO.NS.

He said his firm is also in talks with Isuzu, Tata Motors and Mahindra for purchases of 80,000 4x4 vehicles.

Local representatives from Mitsubishi Fuso, majority owned by Daimler Truck, and Isuzu as well as Tata, Dongfeng and Mahindra did not respond to an email request for comments.

'PRODUCE AT COMPETITIVE PRICES'

The cooperative programme aims to boost economic activities in villages as the administration targets 8% GDP growth by 2029 from 5% currently.

The construction of these markets aims to cut out middlemen by allowing farmers and other small and medium enterprises to sell products directly to customers.

The programme will include several other services, such as providing microloans, opening and operating small health clinics, cold storage for meat, and selling subsidised medicines, staple foods and cooking gas.

Motorbike-pulled carts, which will be used to transport the cooperatives' products to end-customers, are expected to be sourced from many brands, including Indian automaker TVS Motor Company TVSM.NS and local brand Viar Motor Indonesia.

"Our main goal is to cut logistics costs... this will enable people to produce things at a competitive price; they are no longer consumers, but becoming producers," Joao said, adding they are in talks with German software maker SAP and Indonesian telco firm Telkomsel to set up the cooperatives' IT system and e-commerce platform to market the farmers' products.

The $12 billion used for the cooperatives' construction and vehicle purchases will come in loans from all of the state banks, including Bank Mandiri BMRI.JK, Bank Rakyat Indonesia BBRI.JK and Bank Negara Indonesia BBNI.JK, the finance ministry has said. The loans will then be guaranteed by the government.

(Reporting by Stefanno Sulaiman; Editing by David Stanway)

((Stefanno.Sulaiman@thomsonreuters.com;))

Corrects to show deal is with Mitsubishi Fuso Truck and Bus, not Mitsubishi Motors, in paragraph 3. Removes Reuters Instrument Code of Mitsubishi Motors

By Stefanno Sulaiman

JAKARTA, Nov 20 (Reuters) - Indonesia's state-led Agrinas Pangan Nusantara is in talks with top global automakers to procure 160,000 trucks and as many motorbikes to kick off of a $12 billion programme to build local cooperative markets across the country, the company's CEO Joao Mota told Reuters on Thursday.

The vehicles are a part of President Prabowo Subianto's plan, launched in July, to establish 80,000 cooperatives in a drive to stimulate local businesses.

The previously unreported purchase plan includes a soon-to-be-signed deal to buy 35,000 six-wheeler trucks from local partners of Japanese automakers Mitsubishi Fuso Truck and Bus and Isuzu 7202.T, Joao said in an interview at his office.

"Mitsubishi can provide up to 20,000 units, while Isuzu up to 15,000 (six-wheeler) units," Joao said, adding that 45,000 more trucks might be imported from potential suppliers such as India's Tata Motors TAMO.NS and China's Dongfeng Motor Group 0489.HK.

He said his firm is also in talks with Isuzu, Indian automakers Tata Motors and Mahindra for purchases of 80,000 4x4 vehicles.

(Reporting by Stefanno Sulaiman; Editing by David Stanway)

((Stefanno.Sulaiman@thomsonreuters.com;))

Adds details paragraph 2 onwards

Oct 7 (Reuters) - Indian dealers' auto sales grew 5.2% year-on-year in September, with upbeat growth across two-wheelers and passenger vehicles, as tax cuts boosted demand during the festive season, the Federation of Automobile Dealers Associations said on Tuesday.

While sales were muted in the first three weeks of September, they surged after September 22, when the revised goods and services tax rates took effect, the auto dealers association said.

Two-wheeler sales climbed 6.5% from a year earlier, while passenger vehicle sales grew 5.8%.

Dealers posted record high sales during the nine-day Navratri festival, the association said, with a 34% year-on-year jump during the period, as a wave of new customers entered showrooms and existing ones upgraded their vehicles, taking advantage of lower taxes and festive schemes.

The auto dealers body expects an above-normal monsoon, strong harvest, and steady lending rates to boost purchasing power of consumers, driving demand.

It also expects "peak sales" during the Diwali festival in October, when Indians typically tend to make high-value purchases.

(Reporting by Kashish Tandon in Bengaluru; Editing by Mrigank Dhaniwala and Ronojoy Mazumdar)

((Kashish.Tandon@thomsonreuters.com; 8800437922;))

Corrects market share to about 0.5% from about 5% in paragraph 4 after company clarification

By Meenakshi Maidas and Yagnoseni Das

Sept 30 (Reuters) - Simple Energy, an Indian electric two-wheeler manufacturer that plans to go public next year, is aiming for a 19-fold jump in retail presence by 2029 as it accelerates expansion in northern India to compete with industry giants, a top executive said.

Bengaluru-headquartered Simple Energy, founded in 2019, opened its first showroom last year and now operates 53 outlets across the country.

In the next three to four years, Simple will be in a hyper-growth phase, essentially to break into the top three, Founder and CEO Suhas Rajkumar told Reuters.

The company currently holds about a 0.5% share of India's EV two-wheeler market, competing with established players such as TVS Motor TVSM.NS, Bajaj Auto BAJA.NS, Ola Electric OLAE.NS, and Ather Energy ATHR.NS.

Scooters make up roughly one-third of India's two-wheeler market and dominate the EV segment, accounting for the majority of the sales.

Simple Energy said in mid-September that it has developed an in-house motor free of heavy rare-earth elements, a move aimed at insulating itself from supply chain disruptions following China's export curbs, which rattled the global auto industry and left manufacturers scrambling for alternative technologies.

Local peer Ola also ramped up its programme to make their own rare-earths-free motors in April in response to global supply constraints, and plans to roll them out in the December quarter.

Simple Energy will keep the motor tech exclusive for now, but may open it to other players within a year if supply chain pressures persist, Rajkumar said.

The company plans to launch an IPO in the second or third quarter of fiscal 2027, aiming to raise $350 million, largely through a fresh issue. The proceeds will be earmarked for retail expansion, research and development, and marketing.

A small portion of the IPO will be an offer for sale, although specific details remain undisclosed. So far, the company has raised $51 million from marquee investors to fuel its growth.

Simple, which sells the 'Simple One' and 'Simple OneS', has sold 5,027 vehicles, as of September 29, according to government data, after facing early delivery hiccups.

(Reporting by Meenakshi Maidas and Yagnoseni Das in Bengaluru; Editing by Sherry Jacob-Phillips)

((Meenakshi.Maidas@thomsonreuters.com; +91 8921483410;))

Sept 17 (Reuters) - TVS Motor Company Ltd TVSM.NS:

• TVS MOTOR COMPANY LTD - LAUNCHES TVS KING DELUXE PLUS CNG IN TANZANIA

Source text: ID:nBSE957gYM

Further company coverage: TVSM.NS

((reuters.briefs@thomsonreuters.com;))

Sept 15 (Reuters) - Ashok Leyland Ltd ASOK.NS:

• SIAM - INDIA'S AUGUST 2-WHEELER SALES 18,33,921 UNITS

• SIAM - INDIA'S AUGUST 3-WHEELER SALES 75,759 UNITS

• INDIA AUTO INDUSTRY BODY SIAM - INDIA'S AUGUST TOTAL DOMESTIC PASSENGER VEHICLE SALES 3,21,840 UNITS

Source text: [ID:]

Further company coverage: ASOK.NS

((Reuters.Briefs@thomsonreuters.com;;))

Adds new quotes

Sept 4 (Reuters) - India late on Wednesday announced tax cuts on hundreds of consumer items ranging from soaps to small cars to spur domestic demand, and simplified its complicated goods and services tax structure to two rate slabs from four, with some exceptions for luxury and "sin" goods.

The benchmark BSE Sensex .BSESN and Nifty 50 .NSEI rose as much 1.1% on Thursday. By 11:55 IST, they pared some gains and were up about 0.5% each.

Here is how the industry has reacted:

ANISH SHAH, GROUP CEO & MD, MAHINDRA GROUP

"The next-generation GST reforms... mark a defining moment in India's journey towards building a simpler, fairer and more inclusive tax system.

"At Mahindra, we view these reforms as transformative. They simplify compliance, expand affordability, and energise consumption, while enabling industry to invest with greater confidence."

SAURABH AGARWAL, PARTNER & AUTOMOTIVE TAX LEADER, EY INDIA

"The rationalization of GST rates on automotive vehicles and parts is a truly welcome and significant development. By making vehicles more affordable across all segments, this move will not only boost consumer spending but also simplify complex classification disputes that have long burdened the industry."

SAMIR SHAH, EXECUTIVE DIRECTOR & CFO, HDFC ERGO GENERAL INSURANCE COMPANY

"The GST Council decision to exempt individual health insurance from GST is a welcome development. This move aligns perfectly with the broader ambition of the regulator of 'Insurance for All by 2047,' providing a tangible step forward in that direction.

NILESH SHAH, MANAGING DIRECTOR, KOTAK MAHINDRA ASSET MANAGEMENT CO

"The GST announcement lowers inflation, increases growth, boosts consumer sentiment, doesn't disturb the path of fiscal consolidation, improves ease of doing business and partially offers adverse effects of tariffs."

SHAILESH CHANDRA, PRESIDENT, SOCIETY OF INDIAN AUTOMOBILE MANUFACTURES

"This timely move is set to bring renewed cheer to consumers and inject fresh momentum into the Indian automotive sector... these announcements will significantly benefit first-time buyers and middle-income families, enabling broader access to personal mobility."

C S VIGNESHWAR, PRESIDENT, FEDERATION OF AUTOMOBILE DEALERS ASSOCIATIONS

"This is a decisive step that will boost affordability, spur demand, and make India's mobility ecosystem stronger and more inclusive.

"One area that may need earliest clarification is about levy and treatment of cess balances currently lying in dealers' books, so that there is no ambiguity during transition."

SANJEEV ASTHANA, CEO, PATANJALI FOODS LIMITED

"At Patanjali Foods, we are fully committed to passing on these benefits to our consumers. This initiative will not only enhance FMCG penetration across urban and rural India but also act as a catalyst for broader economic revival... categories such as ghee, soaps, biscuits, noodles, honey, and chyawanprash will benefit from this reduction."

RADHIKA RAO, SENIOR ECONOMIST AT DBS BANK

"Lower GST rates will be positive for growth in the second half of the year and FY27, besides improving operational efficiency and expanding the size of the formal economy."

SHRIPAL SHAH, MD & CEO, KOTAK SECURITIES

"The GST rate cuts ... should directly boost demand, help traders and businesses see higher volumes, and may even favourably impact next quarter's earnings... The key will be how quickly companies pass on the benefits to customers."

DEVARSH VAKIL, HEAD OF PRIME RESEARCH, HDFC SECURITIES

"The GST reforms represent a paradigm shift toward economic rationality... Combined with RBI rate cuts, FY26 income tax rebates and moderating inflation, these reforms create multiple stimuli for consumption and economic growth."

SUDARSHAN VENU, CHAIRMAN, TVS MOTOR COMPANY

"It's a welcome move as it will help two wheelers become more accessible and also help those looking to upgrade."

NEERAJ AKHOURY, PRESIDENT, CEMENT MANUFACTURERS' ASSOCIATION AND MANAGING DIRECTOR, SHREE CEMENT

"Bringing GST down to 18% corrects a long-standing anomaly, aligns cement with other core building materials and enhances global competitiveness."

NITIN RAO, CEO, INCRED WEALTH

" (I am ) positive this will play out, though a small concern remains where recent measures like the rate cuts and budgetary measures taken on reduced taxes have not created the necessary consumption boosters."

RAHUL SINGH, CIO-EQUITIES, TATA ASSET MANAGEMENT

"The GST rate rationalisation, following the income tax cuts and lower interest rates, is a serious effort to boost consumption and hence the overall economic growth outlook.

"While the direct beneficiaries include consumer, autos, cement, healthcare and insurance sectors, the second order beneficiaries in terms of growth will be retail banks & NBFCs."

RAJNEESH KUMAR, CHIEF CORPORATE AFFAIRS OFFICER, FLIPKART GROUP

"By lowering input costs for farmers, simplifying compliance for MSMEs and enabling small sellers, artisans/weavers and smallholder farmers to seamlessly join e-commerce across states, these reforms will further strengthen India's growth engine."

SHEETAL ARORA, CEO, MANKIND PHARMA

"By removing GST on lifesaving rare-disease and oncology therapies and reducing it on essential medicines and diagnostics, the government has signalled that affordability and innovation can go hand in hand."

AMIT PAITHANKAR, CEO OF WAAREE ENERGIES

"The reduction will lower project costs and accelerate the capacity addition needed to meet India’s clean energy targets."

ARNAB BANERJEE, MD & CEO, CEAT

"By addressing a long-standing demand of the industry, the Council has not only provided a boost to the automotive ecosystem but also created room for greater formalisation, compliance, and sustainable growth in the sector."

SHENU AGARWAL, MD & CEO, ASHOK LEYLAND

"The specific relief for the commercial vehicle industry is especially welcome. On one hand, it will spur freight traffic, and on the other, it will bring down the cost of buses and trucks."

AASIF MALBARI, CHIEF FINANCIAL OFFICER, GODREJ CONSUMER PRODUCTS LTD

"This is a positive trigger for demand and a strong driver of volume growth. This move will ultimately contribute to overall economic momentum. We are fully committed to ensuring that the GST rates reduction benefits are passed on to consumers."

VENKATRAM MAMILLAPALLE, MANAGING DIRECTOR, RENAULT INDIA

"We believe the reform will accelerate rural and urban demand alike, boost manufacturing and contribute strongly to India's economic momentum."

UNSOO KIM, MANAGING DIRECTOR, HYUNDAI MOTOR INDIA

"The GST overhaul will directly benefit the automotive sector. The announced reforms align seamlessly with the government's commitment to Viksit Bharat and the Make in India initiative, encouraging domestic manufacturing and boosting demand across both urban and rural markets."

(Reporting by Chandini Monnappa, Bharath Rajeswaran, Manvi Pant, Kashish Tandon, Meenakshi Maidas, Nandan Mandayam, Yagnoseni Das, Vivek Kumar M and Hritam Mukherjee in Bengaluru; Editing by Mrigank Dhaniwala and Nivedita Bhattacharjee)

((Chandini.M@thomsonreuters.com; https://www.linkedin.com/in/chandini-monnappa-8a37b013b/;))

Sept 1 (Reuters) - India's Mahindra & Mahindra MAHM.NS reported its first sales decline over three years in August as the Scorpio SUV maker said it moderated dispatches to dealers as it awaits a government decision on lower consumption tax.

Its SUV sales fell 9% last month, but are still up 15% so far in the fiscal year to March 2026.

Analysts at Nomura said automotive dealers stocked up conservatively for August ahead of the key tax cut decision, so as not to hold on to higher-cost inventory. Buyers are delaying festive season purchases as they expect lower prices.

India's goods and services tax (GST) council is due to meet later this week to discuss the most significant overhaul of the tax system since its launch, after Prime Minister Narendra Modi announced the proposal last month.

Despite the drop in August, Mahindra has defied a wider industry slowdown in the world's third-largest car market, backed by strong demand for its newer SUVs and EVs.

Market leader Maruti Suzuki MRTI.NS and rivals Hyundai India HYUN.NS and Tata Motors TAMO.NS are yet to report their monthly sales numbers.

(Reporting by Urvi Dugar, additional reporting by Mridula Kumar; Editing by Sonia Cheema)

((UrviManoj.Dugar@thomsonreuters.com;))

By Aditi Shah, India Autos Correspondent

Aditi.shah@thomsonreuters.com

Greetings from New Delhi!

It’s been a volatile week with Indian Prime Minister Narendra Modi’s administration trading barbs with U.S. President Donald Trump who is unleashing his tariff fury on the world’s fifth-largest economy.

Trump, who had proposed a 25% tariff on goods from India, has repeatedly threatened to raise rates further over New Delhi’s continued purchase of Russian oil – an attack that Modi’s administration has said is "unjustified".

The stand-off with India, the world’s third-largest car market, comes amid a flurry of trade deals Trump has already agreed with large auto manufacturing nations like Japan and the EU, and most recently South Korea – all of whom will pay 15% tariff on exports to the U.S.

Which brings us to today’s Auto File…

US sets 15% tariff on South Korean imports

Renault’s new CEO has his work cut out

Tesla’s $29 billion share award to Musk

Trump's tariff trade-offs and wars

The U.S. has said it will charge a 15% tariff on imports from South Korea, down from a threatened 25%, as part of a deal that eases tensions with a key Asian ally and trading partner. South Korea, however, will allow American products, including autos, into its markets and impose no import duties on them.

The lower tariff, however, comes with some stringent riders -- an investment of $350 billion by Seoul in the United States in projects selected by Trump and purchase of energy products worth $100 billion. The investment is expected to go towards a shipbuilding partnership, as well as chips, batteries, and biotechnology.

It is therefore no coincidence that days before the trade deal was agreed, Samsung Electronics inked a $16.5 billion chip deal with Tesla and LG Energy Solution also signed a $4.3 billion deal with the EV giant for energy storage system batteries.

Meanwhile, Trump is putting pressure on India to cease oil imports from Russia or face a higher tariff.

While India does not export cars to the U.S., a major impact of higher tariffs will be on $6 billion of auto components it ships to all major automakers including the Detroit Big Three as well as Tesla.

This could become a serious disadvantage for India, which wants to play a bigger part in the global supply chain as companies derisk their manufacturing presence in China, and especially as Trump’s proposed duties on rival manufacturing nations like Thailand and Vietnam are around 20% - giving them an edge over India.

Essential reading:

Nissan’s new CEO Ivan Espinosa grabs hold of multiple lifelines

Tata's deal with Iveco turns attention to its past M&A deals

Tesla's brand loyalty collapsed after Musk backed Trump

Stakes are high for Renault's low-profile, insider CEO

Little-known to those outside Renault, the French carmaker's newly appointed CEO, Francois Provost, is not new to the carmaker's challenges. He spearheaded Renault's previous transformation plan unveiled in 2022 by former CEO Luca De Meo and has now been tasked with steering the French carmaker through growing competition and weak demand.

So, what are some of Provost’s biggest challenges?

While Renault’s major focus on Europe and absence from the U.S. market has largely insulated it from Trump’s trade turmoil, it has also made it more vulnerable to the region’s sluggish growth and growing competition from Chinese brands. It therefore needs to find new and major growth markets.

Renault’s relatively small size – it is at 15th place in global car sales – makes it a challenge for the French carmaker to find money to invest in new technologies like electrification and autonomous vehicles. This has forced it to form partnerships with China’s Geely and Volvo Group, raising concerns among unions that the company could lose its in-house know-how and its independence.

One of his top priorities will be to get Renault’s credit rating back to investment grade to attract new investors, while also boosting its market cap. The French carmaker needs all the money it can find to grow its global footprint and invest in technologies.

Musk’s $29 billion award

Tesla has given its CEO Elon Musk shares worth about $29 billion as a “good faith” payment aimed at keeping the billionaire entrepreneur at the helm during a crucial pivot from its struggling core auto business to robotaxis and humanoid robots.

The payment is to honor Musk's more than $50 billion pay package from 2018 that was struck down by a Delaware court last year.

The move is mainly meant to keep Musk focused on the electric-vehicle maker and is also a move to quell any speculation that the board's patience with him could be wearing thin because of the recent tumultuous months, including the CEO's foray into politics, which dented his and Tesla’s image and hit sales.

Sales have been falling at the company due to its aging vehicle line-up, tough competition and Musk's right-wing political stances that have tarnished its brand.

This has been validated by S&P Global Mobility that shared data exclusively with Reuters showing how Tesla's brand loyalty had plunged at the fastest-rate ever since Musk endorsed Trump last summer. It has recovered as of May to a similar level as Toyota.

Tata’s risky bet on Iveco

In one of its largest ever acquisitions, Indian automaker Tata Motors agreed to buy Iveco’s trucks and bus business in a deal worth $4.5 billion. Its last major deal was when it bought British luxury car unit Jaguar Land Rover from Ford in 2008 for $2.3 billion.

Tata sees this as a once-in-a-lifetime kind of deal which will give its trucks access to new markets like Europe and Latin America where Iveco has a strong presence, and to its technologies like electrification.

Analysts, however, are sounding alarm bells and investors have pushed Tata’s stock lower over concerns on the amount of debt it will need to take. Jeffries, in a note, called the acquisition “a risky detour” for Tata whereas other brokerage firms say this is a distraction at a time when its domestic car sales are stalling and Jaguar Land Rover faces risks from Trump’s tariffs and Chinese competition.

Tata says the deal will immediately triple Tata's commercial vehicles revenue to 22 billion euros and its “frugal engineering skills” will help bring down high costs at Iveco’s factories.

Fast laps

Thailand has adjusted its EV policy to boost exports amid tepid domestic demand. The changes allow carmakers to count exports as part of their EV production targets eligible for government incentives. This comes amid slowing demand at home and intense competition as Chinese brands flood the market.

India’s Eicher Motors, maker of the Royal Enfield motorbikes, reported that a shortage of rare earth magnets has disrupted some production in the April-June quarter. The company said even as it has started working on magnets using alternate materials, production of some of its performance motorcycles have been impacted.

Meanwhile, India’s top electric scooter maker, TVS Motor, has said it is seeking alternative sources to rare earth magnets from China. It is working on several solutions including ferrite-based magnets and those that do not need heavy rare earths.

(Editing by Alexandra Hudson)

** Shares of 2W makers TVS Motor TVSM.NS and Eicher Motors EICH.NS rise as much as 2.9% to 2,884.1 rupees and 3.7% to 5,670 rupees, respectively

** Both beat Q1 profit view on higher demand

** Jefferies says TVSM market share at 22-yr high; marks as preferred stock

** Adds, EICH's marketing and product push drove volume growth and eased margin concerns

** Premiumisation drives TVS growth, expect 7% volume CAGR during FY25-27 - Asian Market Securities

** Morgan Stanley likes EICH's "growth-focused strategy" as it pursues volume over margins

** Investec says TVSM's strong ICE franchise, margin expansion offsets EV margin drag, projecting 18% EPS CAGR over FY25–28

** Adds, EICH's EBITDA to grow in FY27, but cuts rev estimate ~1% for FY26–28 on slightly lower volume growth

** Average rating for EICH is "hold", TVSM is "buy"; median PT for EICH is 5,703 rupees, TVSM is 2,907.5 rupees - data compiled by LSEG

(Reporting by Meenakshi Maidas in Bengaluru)

((meenakshi.maidas@thomsonreuters.com;))

July 31 (Reuters) - TVS Motor Company Ltd TVSM.NS:

• TVS MOTOR COMPANY LTD - TO RAISE 5 BILLION RUPEES VIA NON-CONVERTIBLE DEBENTURES

• TVS MOTOR - NCD ISSUANCE ON PRIVATE PLACEMENT BASIS

Source text: ID:nBSE1zHJQw

Further company coverage: TVSM.NS

((Reuters.Briefs@thomsonreuters.com;;))

July 25 (Reuters) - TVS Motor Company Ltd TVSM.NS:

• TVS MOTOR COMPANY LTD - TO CONSIDER ISSUE OF NON-CONVERTIBLE DEBENTURES ON PRIVATE PLACEMENT

Source text: ID:nBSE7yqwWQ

Further company coverage: TVSM.NS

((reuters.briefs@thomsonreuters.com;))

Adds details from FADA, industry context paragraph 2 onwards

July 7 (Reuters) - Geopolitical tensions and spillover effects from U.S. tariffs may weigh on consumer sentiment, while China's rare earth export curbs could further tighten vehicle supply and drag on retail sales, India's Federation of Automobile Dealers Associations (FADA) said on Monday.

Retail volumes fell 9.4% in June from a month ago and the average time a car stayed in a showroom, or inventory days, rose to about 55 days from 52-53 days in May, above the FADA's recommended threshold of 21 days.

China's rare earth export curbs have upended global auto supply chains, exacerbating challenges for Indian carmakers already grappling with high inventories and tighter financing amid uncertainty over U.S. President Donald Trump's tariffs.

"As we enter July 2025, dealer sentiment appears tilted towards (a) slowdown - flat and de-growth expectations (42.8% and 26.1%) exceed growth forecasts (31.1%). Similarly, booking-pipeline traction remains uneven," FADA said.

However, above-normal monsoon showers should bolster rural demand in the near term, FADA said, adding that July will likely see mixed fortunes, driven by an agrarian tailwind, yet tempered by seasonal headwinds and elevated price points.

Last month, the FADA warned that demand may remain subdued in June, citing elevated inventory levels, reduced financing and concerns about rare earth shortages.

(Reporting by Chandini Monnappa in Bengaluru; Editing by Sumana Nandy)

((Chandini.M@thomsonreuters.com; +918061822697;))