Tata Motors on Thursday said it has cut prices of its commercial vehicles (CV) by up to 8.2% to pass on the Goods and Service Tax (GST) benefit to customers.
Tata Motors head of commercial vehicle business unit Girish Wagh said in a statement,“We are offering a price reduction in commercial vehicles (cargo) in the range of 0.3% to 4.21% and in commercial vehicles (passenger transportation) in the range of 0.6% to 8.2%.”
He added that the company is confident that post GST price reduction will enable the customers to bring down their cost of operations and in turn, boost demand.
Commenting on GST implementation, Wagh said the initiative will ...
India and Bangladesh trade has not seen much of a blip with the GST roll-out as the two major land custom stations Petrapole and Mahadipur have completed their switchover to the new tax regime.
Exporters too confirmed that there wasn’t much of a problem with truck movements, as on Monday.
Petrapole (100 kilometer (km) from Kolkata) the largest land port has not seen any problem as such. However, there were some initial hiccups at Mahadipur in Malda (some 370 km from Kolkata) on Sunday. Mahadipur, a distant second, handles around 500 trucks a day.
A senior government official said that “There could have been some issue with the switchover; bu...
The Maharashtra government has decided to increase Motor Vehicle Tax (MVT) by 2% for vehicles costing up to INR 20 lakh.
Luxury vehicles are exempt from the tax hike.
The tax increase is an attempt to compensate for the revenue loss that the state treasury will incur due to the abolition of octroi and local body tax from July 1.
The MVT is levied at the time of purchase of the vehicle. The state government hopes to add INR 700 crore to its kitty from the new tax.
The decision to increase the tax was taken at the state Cabinet meeting on Monday.
A press statement issued by the Chief Minister’s Office said that for two- and thr...
TVS Motor Company has reported an 11% increase in total sales at 2,73,791 units in June.
The Chennai-based company had sold 2,47,364 units in June 2016. Total two-wheeler sales during the month increased 11.8% to 2,68,638 units.
Exports during the month stood at 44,389 units against 39,163 units in June 2016, a rise of 13.3%....
Ashok Leyland today reported 11% increase in total sales at 12,330 units in June.
The company had sold 11,108 units in the same month of last year.
The company said in a statement, Sales of medium and heavy commercial vehicles rose by 6% to 9,202 units as against 8,685 units in the year-ago month.
Light commercial vehicle (LCV) sales grew by 29% to 3,128 units as compared to 2,423 units in June last year, it added....
Ashok Leyland rallied as much as 4.9% in morning trade on Monday after the Indian commercial vehicle (CV) manufacturer registered sales growth of 11% on a year-on-year (YoY) basis to 12,330 units for the month of June 2017.
The company had sold 11,108 units in June 2016 as reported in a BSE filing.
Ashok Leyland was trading 4 % higher at INR 97.55. It hit a low of INR 93.50 and a high of INR 98.50 so far in trade today.
Sales of medium and heavy commercial vehicles (M&HCV) saw a total units sales of 9,202 units last month, up 6% on a YoY basis as compared to 8,685 units in June 2016.
Light commercial vehicles (LCV) sales grew by 29% on a ...
Tata Motors revealed that there has been a dip in the sale of passenger vehicles, although the commercial vehicles (CV) business grew on month-on-month basis, due to BS4 production ramp-up.
According to its sales reports, the total sale of passenger and commercial vehicles, including exports, in June 2017 was capped at 40,358 vehicles, which is 9% lower than the corresponding figures in June 2016.
The company's domestic sales of commercial and passenger vehicles for June 2017 were at 36,854 vehicles, lower by 5% compared to June 2016.
Tata Motors' commercial vehicle segment reported a sale of 25,678 units this year, showing month-on-month growth...
Ashok Leyland expects short-term moderation in medium and heavy commercial vehicle (M&HCV) sales due to the effects of GST transition.
However, the commercial vehicle major has indicated that M&HCV industry is projected to record a growth of 10% during 2017-18 when compared with the flat volume year in 2016-17.
With the possible implementation of GST, fleet operators are likely to hold their decision to purchase, while the manufacturers will align their production and inventory to the GST requirement. Consequently, the near term outlook is moderated, according to the company’s latest annual report.
However, the industry will find its momen...
Orix India has announced a tie-up with Mahindra group to provide vehicle finance on the purchase of medium and heavy trucks of the automaker.
Orix India is a 100% subsidiary of Japan's largest car leasing company Orix Corporation. It is also into self-drive car rental and consumer finance.
The company said in a statement, Orix India and Mahindra & Mahindra's medium and heavy truck division have signed a memorandum of understanding (MoU).
Commenting on the partnership, Orix India MD and CEO Sandeep Gambhir said: "Orix will offer funding up to 90% of the cost of the commercial vehicles with its leasing solutions for tenures ranging up to ...
Shares of Tata Motors Limited on Tuesday fell 3.9% as investors were worried on its declining commercial vehicles (CV) market share.
The stock touched a low of INR 459.50 on BSE and fell as much as 4%.
The scrip lost 3.58% to close at INR 460.90 on BSE. Tata Motors DVR shares fell 2.81% to Rs279.95. India’s benchmark Sensex index fell 0.38% to 31,190.56 points.
On 5 June, the declining market share of medium and heavy duty truck and bus business at India’s largest auto maker Tata Motors has attracted the attention of its board.
In the past couple of years, the leader in high-tonnage trucks and buses has lost much ground to rival A...