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Tesla to recall 200,000 vehicles in US to fix rearview glitch – NHTSA

Tesla to recall 200,000 vehicles in US to fix rearview glitch – NHTSA

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(Reuters) – Tesla (TSLA.O), opens new tab is recalling nearly 200,000 Model S, X, and Y vehicles in the U.S. due to a software malfunction that could obstruct drivers’ visibility while reversing, the National Highway Traffic Safety Administration (NHTSA) said on Friday.
The development comes less than two months after the company recalled nearly all its vehicles in the United States to install new safeguards in its Autopilot advanced driver-assistance system.

Continue reading “Tesla to recall 200,000 vehicles in US to fix rearview glitch – NHTSA”

Essar Oil UK rebrands as EET Fuels

Essar Oil UK rebrands as EET Fuels

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Source : PTI | New Delhi: Essar Oil UK has become EET Fuels as it delivers on its plan to become the UK’s first low-carbon refinery, the firm said on Thursday. Essar Oil UK owns the Stanlow refinery in the UK and is developing low-carbon energy transition projects.

For a century, the refinery based at Stanlow, on the River Mersey, has provided the fuel and chemical building blocks that people rely on for their everyday lives. EET Fuels remains committed to sustainably meeting the energy needs of the country.

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IGL net profit jumps 41% on higher CNG, piped gas sales

IGL net profit jumps 41% on higher CNG, piped gas sales

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Source : PTI | New Delhi: Indraprastha Gas Ltd, India’s leading CNG retailer, has reported a 41 % jump in third quarter net profit, as the firm recorded higher sales of CNG to automobiles and piped cooking gas to households and industries. The company clocked a net profit of INR 392.07 crore in October-December – the third quarter of current fiscal that started in April 2023 – compared to INR 278.26 crore in the same period in the previous year, it said in a statement.

IGL operates city gas distribution (CGD) networks across 30 districts in 11 geographical areas across four states of Delhi, Uttar Pradesh, Haryana and Rajasthan. Continue reading “IGL net profit jumps 41% on higher CNG, piped gas sales”

Govt halves Budget support to oil firms, defers filling strategic oil reserves

Govt halves Budget support to oil firms, defers filling strategic oil reserves

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Source : PTI | The government has halved the amount of equity infusion in state-owned fuel retailers to INR 15,000 crore for supporting their investments in energy transition projects, the finance ministry has said. Finance Minister Nirmala Sitharaman had on February 1 last year while presenting the annual Budget for 2023-24 fiscal (April 2023 to March 2024) announced equity infusion of INR 30,000 crore in Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) to support the three state-owned firms’ energy transition plans.

Alongside, she had also proposed INR 5,000 crore for buying crude oil to fill strategic underground storages at Mangalore in Karnataka and Visakhapatnam in Andhra Pradesh that India has built to guard against any supply disruptions. That plan has also been deferred in view of emerging trends in oil markets, the finance ministry said. Continue reading “Govt halves Budget support to oil firms, defers filling strategic oil reserves”

Union minister R K Singh says if required, more funds can be given for transport sector under green hydrogen mission

Union minister R K Singh says if required, more funds can be given for transport sector under green hydrogen mission

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Source : PTI | Union Minister R K Singh on Thursday assured stakeholders that if required, additional funds will be allocated under the National Green Hydrogen Mission for the decarbonisation of the transport sector. Chairing a meeting of government and industry stakeholders from the transport sector in the national capital, he emphasised the government’s commitment to energy transition and India’s Nationally Determined Contributions (NDC) commitment to reduce emissions intensity.

The minister said that, if necessary, the government would be ready to allocate additional funds beyond the already earmarked INR 496 crore for the transport sector under the National Green Hydrogen Mission, according to an official statement. Continue reading “Union minister R K Singh says if required, more funds can be given for transport sector under green hydrogen mission”

Govt, RBI actively engaged on digital currency: FM

Govt, RBI actively engaged on digital currency: FM

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Source : PTI | New Delhi: Finance Minister Nirmala Sitharaman on Thursday said the government and the Reserve Bank are actively engaged in improving the central bank digital currency (CBDC) so that it can be used for cross-border payments. RBI began the pilot project wholesale CBDC and picked up nine banks — State Bank of India, Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, YES Bank, IDFC First Bank, and HSBC.

Besides, RBI has already rolled out a pilot in the retail version of CBDC or the e-rupee on December 1, 2022. The e-rupee is in the form of a digital token that represents legal tender.

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HPCL net profit trebles to INR 529 cr in Q3

HPCL net profit trebles to INR 529 cr in Q3

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Source : PTI | New Delhi: Hindustan Petroleum Corporation Ltd (HPCL) on Thursday reported trebling of profit in the December quarter as robust marketing margin negated inventory losses. Standalone net profit of INR 529.02 crore, or INR 3.73 per share, in the December quarter, as compared to INR 172.43 crore, or INR 1.22 a share, in last year, the company said in a statement.

The 21-month record freeze in retail fuel prices despite fall in input raw material (crude oil) prices helped raise marketing margins but refining margins were lower and the firm also suffered inventory losses because of the lag in buying and processing oil during which time rates fell.

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Rane Group posts 66.3% fall in Q3 net profit to INR 11.2 cr

Rane Group posts 66.3% fall in Q3 net profit to INR 11.2 cr

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Source : PTI |Auto components maker Rane (Madras) on Thursday reported a whopping 66.3% fall in standalone net profit to INR 11.2 crore in the October-December quarter over the same period last year. The standalone net profit in the third quarter of FY23 was at INR 33.3 crore, the company said.

The total revenue for the quarter under review stood at INR 521.4 crore as compared to INR 546.3 crore in Q3 of FY23, the company said in a statement.

Continue reading “Rane Group posts 66.3% fall in Q3 net profit to INR 11.2 cr”

GM Cruise robotaxi unit faces US probes over dragging incident, vows reforms

GM Cruise robotaxi unit faces US probes over dragging incident, vows reforms

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SAN FRANCISCO/WASHINGTON,(Reuters) – GM’s (GM.N), opens new tab Cruise self-driving car unit on Thursday revealed probes by the U.S. Justice Department and Securities and Exchange Commission stemming from an October accident in which one of its robotaxis struck a pedestrian and dragged her 20 feet.
Cruise reported the government investigations in a blog post in which the company also vowed to reform its culture stemming from a “failure of leadership” around the incident. One expert said the actions that Cruise took immediately after the accident were “egregious.”

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Honda, GM fuel cell venture launches commercial production

Honda, GM fuel cell venture launches commercial production

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BROWNSTOWN, Michigan, (Reuters) – General Motors (GM.N), opens new tab and Honda (7267.T), opens new tab have begun shipping fuel cell power systems to customers from a factory near Detroit, they said on Thursday, a new test of whether hydrogen power technology can achieve mass-market success.
Initial production of fuel cell power units will be relatively small, with Honda executive Jay Joseph saying at an event on Wednesday that his company is aiming to deliver 2,000 fuel cell power units annually by the middle of this decade.

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Tesla erases $80 bln in valuation after Musk’s sales warning

Tesla erases $80 bln in valuation after Musk’s sales warning

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(Reuters) – Tesla (TSLA.O), opens new tab tumbled over 12% on Thursday after CEO Elon Musk warned sales growth would slow this year despite price cuts that have already hurt margins at the world’s most valuable automaker and fueled investor concerns about soft demand and Chinese competition.
Musk said on Wednesday that growth would be “notably lower” as Tesla focuses on a cheaper, next-generation electric vehicle to be made at its Texas factory in the second half of 2025, which is expected to spark the next boom in deliveries.

Continue reading “Tesla erases $80 bln in valuation after Musk’s sales warning”

More funds for steel sector under green hydrogen mission if required, says R K Singh

More funds for steel sector under green hydrogen mission if required, says R K Singh

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Source : PTI | Union Minister R K Singh on Wednesday assured stakeholders that additional funds will be allocated for decarbonisation of the steel sector under National Green Hydrogen Mission, if required. Singh chaired a meeting of government and industry stakeholders of the iron and steel sector in order to discuss pilot projects under the mission, an official statement said.

Officials of Ministry of New & Renewable Energy, Ministry of Steel and industry representatives from the iron and steel sector participated in the deliberations. Continue reading “More funds for steel sector under green hydrogen mission if required, says R K Singh”

Exide Industries Q3 results: PAT rises 2.3% YoY to INR 203 cr

Exide Industries Q3 results: PAT rises 2.3% YoY to INR 203 cr

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Source : PTI | Battery maker Exide Industries Ltd on Wednesday reported 2.3% increase in consolidated profit after tax at INR 202.69 crore for the third quarter ended December 31, 2023. The company had posted a consolidated profit after tax (PAT) of INR 198.14 crore in the same quarter last fiscal, Exide Industries said in a regulatory filing.

Revenue from operations in the quarter under review was at INR 3,979.83 crore as compared to INR 3,538.5 crore in the year-ago period. Total expenses were higher at INR 3,724.3 crore as against INR 3,286.36 crore in the same quarter a year ago, the company said. Continue reading “Exide Industries Q3 results: PAT rises 2.3% YoY to INR 203 cr”

Hyundai Motor projects slower growth in 2024 on weak demand, macro uncertainty

Hyundai Motor projects slower growth in 2024 on weak demand, macro uncertainty

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Summary

  • Hyundai Motor Q4 net profit up 31%, misses forecast
  • N. America 2024 sales tipped to rise, China to fall
  • EV market may have ‘bit of a hiccup’, exec says
SEOUL, Jan 25 (Reuters) – South Korea’s Hyundai Motor (005380.KS), opens new tab on Thursday predicted slower sales growth this year due to weak demand and economic uncertainties such as interest rates and inflation, signalling further challenges for the auto industry.

Continue reading “Hyundai Motor projects slower growth in 2024 on weak demand, macro uncertainty”

EU top court backs Audi in trademark dispute with spare parts firm

EU top court backs Audi in trademark dispute with spare parts firm

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BRUSSELS, (Reuters) – The European Union’s top court has ruled in favour of Volkswagen’s (VOWG_p.DE), opens new tab Audi in a dispute that could limit the ability of spare parts manufacturers to use markings similar to an automaker’s logo.
The case, brought before a court in Warsaw, involves an online Polish retailer that sold spare radiator grilles adapted for older Audi models which contained a carved out space for Audi’s four-ring logo.

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Biden vetoes law blocking EV charging stations’ ‘Buy America’ waiver

Biden vetoes law blocking EV charging stations’ ‘Buy America’ waiver

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WASHINGTON,(Reuters) – U.S. President Joe Biden on Wednesday vetoed legislation aimed at reversing his administration’s waiver of “Buy America” requirements for government-funded electric vehicle (EV) charging stations, according to a senior U.S. official.
Lawmakers narrowly passed a bill that would block the Federal Highway Administration’s waiver of U.S. content requirements for steel, iron and construction materials. Opponents of the administration’s policy said it would result in U.S. taxpayers subsidizing Chinese-made products.

Continue reading “Biden vetoes law blocking EV charging stations’ ‘Buy America’ waiver”

Tesla CEO Musk: Chinese EV firms will ‘demolish’ rivals without trade barriers

Tesla CEO Musk: Chinese EV firms will ‘demolish’ rivals without trade barriers

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SAN FRANCISCO, (Reuters) – Tesla (TSLA.O), opens new tab CEO Elon Musk said on Wednesday that Chinese automakers will “demolish” global rivals without trade barriers, underscoring the heat the U.S. electric vehicle market leader faces from the likes of BYD, who are racing to expand worldwide.
Musk’s comments come after Warren Buffett-backed BYD (002594.SZ), opens new tab – with its cheaper models and a more varied lineup -overtook Tesla as the world’s top-selling EV company last quarter, despite the U.S. automaker’s deep price cuts through 2023.

Continue reading “Tesla CEO Musk: Chinese EV firms will ‘demolish’ rivals without trade barriers”

Norway’s traffic regulator says it won’t recall Tesla cars

Norway’s traffic regulator says it won’t recall Tesla cars

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STOCKHOLM, Jan 25 (Reuters) – Norway’s traffic safety regulator said on Thursday it had found no basis for ordering a recall of Tesla’s (TSLA.O), opens new tab S and X Model vehicles following an investigation into a suspension safety issue.
The Norwegian regulatory review was prompted by over a dozen customer reports to the agency in 2022 about suspension parts such as the rear lower control arm suddenly breaking.

Continue reading “Norway’s traffic regulator says it won’t recall Tesla cars”

Tesla set to erase $50 billion in valuation after Musk’s sales warning

Tesla set to erase $50 billion in valuation after Musk’s sales warning

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Jan 25 (Reuters) – Tesla (TSLA.O), opens new tab tumbled more than 8% on Thursday after CEO Elon Musk warned sales growth would slow this year despite price cuts that have already hurt margins and raised investor concerns at the world’s most valuable automaker.
Musk said growth would be “notably lower” as Tesla focuses on a cheaper, next-generation electric vehicle to be made at its Texas factory in the second half of 2025, which is expected to spark the next boom in deliveries.

Continue reading “Tesla set to erase $50 billion in valuation after Musk’s sales warning”

Biden vetoes law blocking EV charging stations’ ‘Buy America’ waiver

Biden vetoes law blocking EV charging stations’ ‘Buy America’ waiver

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WASHINGTON, (Reuters) – U.S. President Joe Biden on Wednesday vetoed legislation aimed at reversing his administration’s waiver of “Buy America” requirements for government-funded electric vehicle (EV) charging stations, according to a senior U.S. official.
Lawmakers narrowly passed a bill that would block the Federal Highway Administration’s waiver of U.S. content requirements for steel, iron and construction materials. Opponents of the administration’s policy said it would result in U.S. taxpayers subsidizing Chinese-made products.

Continue reading “Biden vetoes law blocking EV charging stations’ ‘Buy America’ waiver”

GM to invest $1.4 billion in Brazil by 2028

GM to invest $1.4 billion in Brazil by 2028

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SAO PAULO, (Reuters) – General Motors (GM.N), opens new tab is set to invest 7 billion reais ($1.42 billion) in Brazil between this year and 2028, the company said on Wednesday, in a bid to boost “sustainable mobility”.
The sum will fund a “complete renewal” of the automaker’s vehicle portfolio in Latin America’s largest economy and will help develop technologies and create new businesses, GM said in a statement.

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Carmaker Audi’s Mexico union workers strike over wage increase

Carmaker Audi’s Mexico union workers strike over wage increase

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MEXICO CITY, (Reuters) – Union workers at Audi’s Mexico unit went on strike on Wednesday after failing to reach an agreement with the carmaker for a new contract, the company’s union leader said, with the company saying the two sides are far apart on a wage increase.
Approximately 1,000 workers protested outside the Audi plant in the central state of Puebla, shouting, “We are workers, not beggars.”
Audi said the union declined its offer for a 6.5% salary raise and asked for a 15.5% increase. Union leader Cesar Orta did not immediately confirm the figures.

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Ford sees $1.7 bln hit to fourth-quarter results

Ford sees $1.7 bln hit to fourth-quarter results

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(Reuters) – Ford Motor (F.N), opens new tab said on Wednesday it expects to record a pre-tax remeasurement loss of about $1.7 billion, related to its employees pension and other post-retirement benefits, in its fourth-quarter results.
On an after-tax basis, Ford says the loss will lower its net income by around $1.3 billion.
The Detroit automaker said the loss was driven by lower discount rates from a year ago.

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Exclusive: Tesla plans to build new electric vehicles in mid-2025

Exclusive: Tesla plans to build new electric vehicles in mid-2025

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SAN FRANCISCO/DETROIT, (Reuters) – Tesla (TSLA.O), opens new tab has told suppliers it wants to start production of a new mass market electric vehicle codenamed “Redwood” in mid-2025, according to four people familiar with the matter, with two of them describing the model as a compact crossover.
Tesla CEO Elon Musk confirmed on a post-earnings call on Wednesday that the company expects to start production of its next-generation EV at its Texas factory in the second half of 2025.

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UAW, Fain endorse Biden, say Trump ‘stands against everything we stand for’

UAW, Fain endorse Biden, say Trump ‘stands against everything we stand for’

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WASHINGTON, (Reuters) – The United Auto Workers union endorsed U.S. President Joe Biden’s reelection bid on Wednesday, with the union president delivering a fiery speech in Washington that was also harshly critical of Republican former President Donald Trump.
In a full-throated endorsement of the Democratic incumbent, UAW President Shawn Fain cited Biden’s pro-union record and his decision to become the first president to join a union picket line this summer during a successful autoworkers strike for higher pay. “Instead of talking trash about our union, Joe Biden stood with us,” Fain said. Fain and Biden previously had sharp differences over electric vehicle policy, and the endorsement could be a strong boost to Biden in Michigan and other manufacturing states.

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Tesla warns of slowing growth before new model launch next year

Tesla warns of slowing growth before new model launch next year

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(Reuters) – Tesla (TSLA.O), opens new tab expects to start production of its next-generation electric vehicle at its Texas factory in the second half of 2025, Chief Executive Elon Musk said on Wednesday, after warning of a sharp slowdown in sales growth this year.
But Tesla shares were down 6% in after-hours trading as Musk noted that ramping up production of the new vehicle would be challenging. Musk said it would take “a tremendous amount of new revolutionary manufacturing technology” required – a sign that any boost to Tesla’s declining pace of growth would take time.

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Coal production to touch 1 billion tonne for first time: Union Minister Pralhad Joshi

Coal production to touch 1 billion tonne for first time: Union Minister Pralhad Joshi

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Source : PTI | Union Minister for Coal and Mines Pralhad Joshi on Tuesday said for the first time, the country’s coal production is going to cross 1 billion tonne. India is going to stop the import of substitutable coal from next year, Joshi said at the second State Mining Ministers’ Conference here.

The union minister said there are going to be many difficulties in the coming days as the country will have to do gasification of coal. Continue reading “Coal production to touch 1 billion tonne for first time: Union Minister Pralhad Joshi”

CESC seeks to acquire 50,000 acres land in Rajasthan, Gujarat for green energy push

CESC seeks to acquire 50,000 acres land in Rajasthan, Gujarat for green energy push

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Source : PTI | CESC Ltd, RP Sanjiv Goenka group’s flagship company, is looking to acquire over 50,000 acres in Rajasthan and Gujarat to fuel its 3 GW hybrid renewable energy portfolio. The company is exploring possibilities to make substantial investments in renewable energy generation of up to 3 GW in a hybrid portfolio through its subsidiaries in more than one state in the country.

The company’s green ambition envisages a mix of solar, wind, and green hydrogen projects. “We are carrying out a study exploring increasing our renewable energy footprint and partially meeting renewables purchase obligations of our distribution business,” a top company official told PTI.

Continue reading “CESC seeks to acquire 50,000 acres land in Rajasthan, Gujarat for green energy push”

Govt aiming to increase scrap share in steel making to 50% by 2047 to aid green steel initiative: Scindia

Govt aiming to increase scrap share in steel making to 50% by 2047 to aid green steel initiative: Scindia

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Source : PTI | The government is aiming to increase the share of scrap in steel making process to 50 % by 2047, Union minister Jyotiraditya Scindia said on Wednesday. The steel minister emphasised on usage of scrap in steel making as manufacturing the metal through scrap and other waste products is less polluting and termed it as a step “towards green steel initiative”.

“As per our ministry’s vision 2047 document, in the next 25 years, the percentage of scrap will be 50 % along with the balance 50 % as iron ore,” Scindia said at the 11th International Material Recycling Conference in Kolkata.

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Mahindra Logistics to invest INR 170 cr on warehousing facility near Pune

Mahindra Logistics to invest INR 170 cr on warehousing facility near Pune

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Source : PTI | Mahindra Logistics Limited (MLL) on Tuesday announced the construction of its warehousing facility in Phaltan, near Pune with an investment of INR 170 crore. Spread over 6.5 lakh square feet (sq ft), the new facility will be developed in two phases. The first phase, comprising 3.5 lakh sq ft, is scheduled to be operational by the end of 2024, the company said in a statement.

Mahindra Logistics will manage inbound logistics to manufacturing and distribution solutions of diverse clients in automotive and manufacturing sectors located in the region, the company said.

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Bajaj Auto Vice Chairman Madhur Bajaj steps down due to health reasons

Bajaj Auto Vice Chairman Madhur Bajaj steps down due to health reasons

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Source : PTI | New Delhi: Bajaj Auto Ltd on Wednesday said its Vice Chairman Madhur Bajaj has resigned due to health reasons. In a regulatory filing, Bajaj Auto said Madhur Bajaj has tendered his resignation from his position in the company with effect from the close of business hours on January 24, 2024.

In his resignation letter, Bajaj said considering his age and current health and after being associated with the company for 44 years he wished to step down as the Vice Chairman and non-executive Director of Bajaj Auto.

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Amara Raja aims to start operating giga factory before end of 2025

Amara Raja aims to start operating giga factory before end of 2025

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Source : PTI | Automotive battery maker Amara Raja Batteries Ltd on Wednesday said its first giga factory will start operating before the end of 2025. The company also said that giga factories require an integrated approach that marries high technology, large capex, giga scale factories with an ecosystem.

In May last year, the company laid the foundation stone for its first giga factory in Mahbubnagar district in Telangana. It is for producing Lithium Cell and Battery Packs, with an ultimate capacity of up to 16 GWh and 5 GWh, respectively.

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Danish EV charger software provider Monta raises $87mln

Danish EV charger software provider Monta raises $87mln

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LONDON, (Reuters) – Danish firm Monta, which develops software solutions for the electric vehicle charging industry, said on Tuesday that it has raised 80 million euros ($87 million) to increase research and development spending and expand its partner network.
The Series B funding round was led by software investor Energize Capital and investment management firm GreenPoint Partners. The Copenhagen-based company has now raised a total of 130 million euros since its founding in 2020.

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US union membership rate hits fresh record low in 2023 -Labor Dept

US union membership rate hits fresh record low in 2023 -Labor Dept

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(Reuters) – U.S. union membership rates fell to fresh record lows in 2023 despite it being a year of headline-grabbing organized labor strikes from the Rustbelt to Hollywood and some continued organizing successes at companies such as Starbucks.
The union membership rate fell to 10.0% from what had already been a record-low 10.1% in 2022, the Labor Department said on Tuesday in an annual census of the U.S. organized labor landscape that also showed continued growth in union membership among people of color and a narrowing pay advantage for union workers.

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Volkswagen shares rise after “confident” message over 2024

Volkswagen shares rise after “confident” message over 2024

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MILAN,(Reuters) – Shares in Volkswagen (VOWG_p.DE), opens new tab rose over 6% on Tuesday after call with analysts fuelled bets that the German car maker might unveil fourth-quarter sales above current market expectations when it discloses results in March.
The rise briefly set the stock for its biggest one-day gain in eleven months, outperforming European auto stocks (.SXAP), opens new tab and Germany’s benchmark DAX (.GDAXI), opens new tab index. Volkswagen shares rose 5.6% on the day by 1553 GMT, while the DAX fell 0.2%.

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Stellantis CEO says Italy’s hard line on incentives is hurting output

Stellantis CEO says Italy’s hard line on incentives is hurting output

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ATESSA, Italy,(Reuters) – Italy’s penny-pinching approach to incentives has meant several months of reduced automotive production, the head of Stellantis (STLAM.MI), opens new tab, the country’s sole major automaker, said on Tuesday.
“Stellantis has been asking the Italian government for the last nine months to support EV sales,” CEO Carlos Tavares said during a visit to the group’s plant in the town of Atessa, central Italy, Europe’s largest van-making facility.

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Riyadh’s multi-billion EV dream risks crashing into reality

Riyadh’s multi-billion EV dream risks crashing into reality

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Summary

  • Kingdom faces tough competition, from China to United States
  • Only factory so far has reassembled 800 cars
  • Past attempts to attract auto-manufacturers failed
RIYADH,(Reuters) – Riyadh has spent billions to try to turn itself into a hub for electric vehicles and overcome obstacles including a lack of infrastructure, talent and raw materials, as it seeks to catch up in the global race to reap the profits of the new industry.

Continue reading “Riyadh’s multi-billion EV dream risks crashing into reality”

In EV catch-up race, legacy automakers hitch a lift with Formula E

In EV catch-up race, legacy automakers hitch a lift with Formula E

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LONDON, (Reuters) – Legacy automakers playing catch-up with EV leaders like Tesla (TSLA.O), opens new tab are leaning on their Formula E electric racing teams for innovations to build better mass-production EVs with greater range and efficiency, or a lower price tag.
Formula E has struggled to win over many motorsports enthusiasts, with Formula One still attracting significantly bigger audiences because electric cars lack the sustained power and noise of the internal combustion engine.

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PV segment likely to see record 18-20% growth in FY24: Report

PV segment likely to see record 18-20% growth in FY24: Report

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Source : PTI | The Passenger Vehicles (PV) segment volumes are expected to log a record 18-20% growth this fiscal as the pent-up demand levels off amid hike in vehicle prices, CareEdge said in a report on Tuesday. It also projected the PV sales volume to continue this growth momentum in the next fiscal, driven by factors such as strong order book and improvement in supply chain, the credit ratings agency said.

The demand for premium variants is expected to remain healthy, while that of entry-level variants may remain muted due to high interest rates and an inflationary environment, according to CareEdge.

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