Suzuki Plans to Sell 5 Million Cars by 2030 to its Retain 50% of the Market
Japanese car maker, Suzuki, plans to retain its 50% share in the Indian car market by selling 5 million cars in the country by 2030. This plan would require the car makers to triple its current sales volume.
The car makes are also planning on investing around Rs.90 billion to increase its market penetration strategy. Suzuki expects the Indian market to grow to 10 lakh vehicles every year by the year 2030 and hopes to control 50% of the market. The automakers already have the majority share in the passenger car section and intends on retaining that share in 2030.
An investment of Rs.134 billion has already been made at the car manufacturer's Gujarat facility.
7 September 2018
Launch of 2018 Maruti Suzuki Ciaz in India
The 2018 Maruti Suzuki Ciaz facelift will be launched in India in a few weeks time. The tentative launch date of the car is August 20. Pre-bookings for the car have already begun, and Nexa dealerships are accepting a booking amount between Rs.10,000 and Rs.25,000 for the vehicle.
The 2018 Maruti Suzuki Ciaz will have a sleeker front design and enhanced aesthetics. The headlamps of the car will also be reprofiled with new LED DRLs. The C-shaped chrome inserts and revamped grille are other significant features of the car.
The car will have a 1.5 litre petrol engine that churns out maximum power of 104 PS and peak torque of 138 Nm. This is an improvement of 13 PS and 8 Nm over the current model. The car will continue to be offered with the existing 1.3 litre diesel engine.
The interiors of the car will feature an upgraded dashboard and enhanced infotainment screen. The price of the facelifted version of the car will be slightly higher than the current model.
2 August 2018
Launch of Volvo XC40; prices start at Rs.40 lakh
Volvo India is launching its much-awaited SUV, the XC40, in a single ‘R-Design’ variant. The car will use the CMF platform that was developed along with Volvo’s parent company Geely.
The car will take on rivals, the Audi Q3, BMW X1, and Mercedes-Benz GLA.
The vehicle will have a 12.3 inch LCD screen that replaces the instrument cluster. The climate control facility, touchscreen infotainment system, and panoramic sunroof are highlights. Safety features in the car include cruise control through radar, lane-keeping aid, parking assist, and hill start and descent setup.
The 2-litre diesel engine will generate power of 190 PS and peak torque of 400 Nm. The petrol version of the vehicle will have a 2-litre engine that juices out maximum power of 250 PS and top torque of 350 Nm. The pricing of the car starts from Rs.40 lakh, ex-showroom.
4 July 2018
More than 1.72 lakh cars sold by Maruti Suzuki in May 2018
Maruti Suzuki, India’s largest car manufacturer sold 1,63,200 cars in May 2018, selling an average of 5,264 cars in a day. The company recorded a growth of 24.9% year-on-year and this growth is attributed to the sale of Maruti Suzuki’s utility and compact vehicles. The carmaker had also recently sold around 3 lakh cars that featured its AGS technology. On the other hand, the Mini segment of Maruti Suzuki comprising of cars such as Alto K10, Alto 800, and Wagon R showed a deterioration in the sales. The cars that showed robust growth in sales were Maruti Suzuki Celerio, Baleno, Swift, Ignis, and Dzire. These cars recorded a growth of more than 50%.
The compact segment saw a sale of 77,263 units in May 2018 as against 51,234 units sold during May last year. The sales of Maruti Suzuki Ciaz declined as its facelift version is scheduled to be launched in August 2018. The Utility Vehicle segment sold a total of 25,629 units and the cars driving the sales were Maruti Suzuki S Cross, Vitara Brezza, and Ertiga.
6 June 2018
Tata Motors' Tiago becomes the second most sold car
After Maruti Alto, Tiago becomes the second most sold car in the market. Tata Tiago has defeated Hyundai Eon and Renault Kwid to take the second position. According to the data compiled by the Society of Indian Automobile Manufacturers (SIAM), 23,100 units of Tiago were sold from January to March 2018. From 15,383 units sold in January-March 2017, the sales volume of Tiago has increased by 50% in 2018. During 2017-18, Tata Motors has sold 78,829 units of Tiago which is 40% higher than the previous fiscal. Tiago is the best selling car in Tata Motor's domestic passenger vehicle business at 42% (sales). Since its launch, 1,34,952 units of Tiago has been sold so far.
24 April 2018
ICICI Bank may reduce lending rates due to growth in profits
ICICI Bank reported an increase in its net profit by 11.8% which is Rs. 3,030 crore. This has resulted in the bank expecting to see its lending rates fall as the cost of funds are decreasing. The growth in net profits for July to September can be accredited to the retail loan sector including home loans, car loans, personal loans and credit cards. The bank’s advances grew by 17%, retail advances going up 25% and corporate advances reaching 7%. ICICI Bank is focussing its attention on retail loans to contribute to a rise in its balance sheet. It may also divert some attention to grow the corporate loan sector up to the double digits.
With the festive season in motion, customers can expect special offers and schemes from ICICI Bank.
16 November 2015
ICICI Car Loans to Become Cheaper as ICICI Reduces Base Rate
ICICI Bank, the largest private sector bank in India, reduced its base lending rate marginally from 9.75 percent to 9.70 percent, to offer a lending rate at par with its competitors like HDFC Bank and SBI. As a result, ICICI Bank car loans and home loans will now be cheaper. This is an initiative which is highly beneficial to Indian customers who are looking to apply for car loans or home loans with ICICI Bank. Earlier, the bank had reduced its base rate by 0.25 percent in April.
Some of the leading banks in India such as SBI, Allahabad Bank, Kotak Mahindra Bank, etc. have reduced their lending rates after Raghuram Rajan, the governor of RBI, urged the banks to pass the benefits of policy rates reduction to the customers.
2 July 2015
10 per cent rise in net profit for ICICI
ICICI Bank witnessed a 10 percent rise in net profit for the fourth quarter in 2014. The bank reported Rs. 2922 crore net profit on treasury gains and high loan growth. The Net Interest Margin (NIM) went up to 3.57 percent from 3.46 per cent as the funding costs for the bank went down. ICICI Bank gained Rs. 726 crore in treasury gains this year and the overall retail loan growth was 25 percent. The Managing Director and Chief Executive Officer of ICICI Bank, Chanda Kochhar, told the media their funding costs decreased, giving them the confidence to revise their base rate. She added that ICICI Bank plans to maintain their NIMs at current levels.
12 May 2015
ICICI launches 'Tap-n-Pay' a New Payment Service
ICICI Bank has launched an innovative new payment service called 'Tap-n-Pay' in collaboration with Tech Mahindra. This payment service will be based on the technology called near-field communications or NFC and will enable customers to make cashless over the counter payments. This service will only be available to a few customers. Merchants who want to provide this new payment facility to their customers will have to first register for the service with ICICI Bank. This payment option is aimed at reducing the dependency of customers on cash.
The payment service will not be limited to the customers of ICICI. In fact, individuals who have accounts with other banks can also avail this service. In order to use this service, customers will need to get hold of the NFC tag or configure it on their phone. In order to make payments, they will need to place their phone or the tag near a device that can recognize the tag. Such devices will be installed by the merchants who want to provide the 'Tap-n-Pay' payment system.
28 April 2015
ICICI to Restart Special Unit to Curb Bad Debt
ICICI Bank will soon re-introduce a special unit that will focus on recovering soured loans. The bank is planning to restart the Special Asset Management Group to resolve bad debts that soared to a three year high in the fourth quarter. Similar to the SBI’s Stressed Assets Management Group, this unit will focus on bringing down the write-offs and control the pace at which the restructured loans are turning sour. Compared to the last year, ICICI’s restructured debt has increased by 40% to Rs.120bn. The RBI, in January 2014, has already laid out a clear path to check the incremental bad loans. But, as this does not address the problem of existing bad loans, ICICI has come up with the debt-recovery group.
Nevertheless, ICICI is also coming up with exciting offers on car loans where you can avail up to 100% off the ex-showroom price. Check BankBazaar.com for more offers and affordable car loans that suit your budget.
20 March 2015