Manufacturing Financial News

Elon Musk’s long courtship of Indian officialdom may have finally paid off. Prime Minister Narendra Modi wanted him to open one of his Tesla “gigafactories” in the country, as part of its efforts to expand its long-moribund manufacturing sector; Musk, meanwhile, wanted India to address tariffs on electric vehicle imports that rendered foreign-made Teslas uncompetitive. On March 15, the government announced a new scheme to promote investment in EVs. Any company willing to invest $500 million in a new manufacturing facility that begins production in three years (and with at least a quarter of its components added locally, to begin with) will also be allowed to import 8,000 high-end vehicles a year at a lower tariff of 15%. It’s generally assumed that this quid pro quo will be enough to get Musk — and, hopefully, one or two other companies, like Vietnam’s Vinfast Auto Ltd. — to bite. Certainly, the EV producers that currently dominate the Indian market are already bracing for competition. On the one hand, this looks like business as usual. Officials have made a habit of using the supposed potential of the domestic market as an inducement for foreign investors. The stick of high tariffs together with the carrot of possible consumer demand growth should be enough to lure in people like Musk, they think.

₹1-trillion corpus for financing private sector research and innovation in sunrise sectors. The government’s scheme for attracting investments into manufacturing through production-linked incentives, too, covers sectors like electronics, pharmaceuticals, telecom, medical devices and drones. The measures being worked on broadly follow the NDA government’s approach of undertaking reforms that help the overall economy and strengthen the exchequer for social transfers rather than offering upfront tax cuts or subsidies.

India units of luxury car manufacturers such as Mercedes-Benz, BMW and Audi may steer clear of the government’s new electric vehicle (EV) policy, which stipulates a sharp cut in import duty on condition that a $500 million investment is made in local manufacturing. The luxury car makers that have already been present in India for decades would rather accelerate local assembly of EV models in the country as the money will need to be ploughed in within three years of receiving approval under the scheme, said auto executives. The aforementioned companies didn’t officially comment on investments under the new policy. Given that luxury car manufacturers have already invested in India through plants and operations, they don’t see much benefit in another large investment for a segment that’s currently less than 2% of the broader car market. Besides, assembling kits in India already allows for a lower duty structure.

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India has called for prioritising issues such as access to finance including trade finance, manufacturing concentration, food security, and reducing transaction costs in international trade and services for discussions in various bodies of the World Trade Organization (WTO). «Cross-cutting real-life trade issues which impact the developing countries disproportionately» such as access to technology, bridging digital divide, supply chain resilience, and enhancing effective aid for trade that is effective, demand driven, untied, and has recipient ownership should be taken for discussion on a priority basis," New Delhi said in its submission on 30 years of WTO and how the development dimension has progressed. «If a large part of the membership believes that their agenda is not in lockstep with the priorities of this organisation or the messaging being delivered to the external world...a sense of defeatism and decline in members' interest in the working of this organisation is imminent,» it said.

(This March 22 story has been refiled to change SABIC to side air bag inflatable curtain in paragraph 4)

Tim Cook said artificial intelligence is an essential tool for helping businesses reduce their carbon footprint, as he joined a climate change dialog Sunday at the China Development Forum. Cook took part in a discussion at the annual Beijing event as the culmination of a week of public displays of his company’s commitment to China. He earlier met Commerce Minister Wang Wentao and announced plans to invest further in Apple’s supply chain, stores and research in the country.

₹350-400 crore." The manufacturing business is projected to grow 20-30% in FY25, buoyed by the around ₹2 trillion worth of central sector transmission projects in India. The company is also in talks with private equity investors for raising funds for its transmission business, he said. “That is the business where we operate like a highway operator, where we build, own and operate transmission lines, providing transmission services to end users, generators, and consumers.

Care Edge Ratings shows that the demand for vehicles powered by traditional fuels is progressively shifting towards those that utilise alternative fuels. The share of petrol vehicle sales, as a percentage of total vehicle sales, has recorded a significant decline, decreasing from 86 percent in 2020 to 76 percent in 2023 while for diesel vehicles it has slightly decreased from 12 percent in 2020 to 11 percent in 2023. The sales volume of alternative fuel-driven vehicles recorded a growth of more than 400% in Calendar Year (CY) 2023 as compared to CY2020, though on a much smaller base.

GTRI said on Sunday. China's automotive industry, buoyed by substantial state support, has grown rapidly in electric vehicle technology, making it a leading exporter of EVs and related components, the Global Trade Research Initiative (GTRI) said. The renewed policy push to make India a hub for e-vehicle manufacturing and efforts of the private sector will lead to a sharp increase in dependence on auto component imports from China, the report said. India's auto component imports were USD 20.3 billion in 2022-23 of which 30 per cent came from China.

Vedanta Ltd will invest USD 6 billion across businesses that span from aluminium and zinc to iron ore, steel and oil and gas as it looks to add at least USD 2.5 billion to annual EBITDA, its executives said in an investor meeting. It has a pipeline of more than 50 active projects and expansions to drive growth, which is expected to generate incremental revenue of over USD 6 billion and boost EBITDA from an expected USD 5 billion in the current fiscal ending March 31 to USD 6 billion in the next and up to USD 7.5 billion by FY27, they added. Vedanta Chairman Anil Agarwal, according to a presentation made at the investor meeting, said the company «will get to a different level in the next 25 years». His brother and vice chairman Naveen Agarwal gave details of the plans.

Saurabh Gupta, Group CFO, Dixon Technologies, says “there’s a $10 billion opportunity in IT hardware for India. $10 billion worth of IT hardware products are imported into India. So, it is a large opportunity for import substitution and if India is able to do a good job as an industry, if you are able to generate that operating leverage and cost competitiveness, in a few years, yes, it can potentially get exported from India as well.” Gupta also is confident that achieving a growth rate of 35-40% annually should not be a challenge over next few years. On EMS, India’s position & Dixon’s share Saurabh Gupta: If you look at the whole electronic manufacturing space, India's share in the global electronic space is just 2%. But if you look at the whole government policy framework, as far as the labour pool availability and labour cost in India is concerned, we are looking at a very significant growth potential in this particular sector. The reason is increasingly, brands want to outsource more and more manufacturing and not only manufacturing, they want to deepen the level of manufacturing and in our sense, it will be more design-led manufacturing for us and also, the government policy framework has been very supportive.

BEIJING (Reuters) -China will carefully study issues of market access and cross-border data flows and will soon issue new regulations in these areas, Premier Li Qiang told an audience of global CEOs and Chinese policymakers on Sunday.

Bajaj Group's commitment to investing ₹5,000 crore in Corporate Social Responsibility (CSR) endeavors over the next five years. The upcoming motorcycle will operate on Compressed Natural Gas (CNG), catering to environmentally conscious consumers while offering enhanced fuel efficiency.

economic outlook for FY25 remains «bright», the finance ministry said on Friday, noting that the economy will close the current fiscal with strong growth accompanied by stable inflation, robust external account and progressive employment scenario. «On the whole, India looks positively towards the dawn of FY25,» the ministry said in its monthly economic report for February. It asserted that the pick-up in investment has been «broad-based», driving growth while consumption remains «steady». The government's capital spending push has helped crowd in private investments, the ministry said. It, however, flagged that an increase in domestic household savings will be necessary to finance private sector capital formation.

copyrights, trademarks and patents in technical textiles, which are meant for non-aesthetic purposes. The textiles ministry has proposed 10 years of exclusive rights for the industry to commercialise the intellectual property (IP) if their funding contribution is at least 50% in projects funded under the National Technical Textiles Mission (NTTM). Similarly, the industry would get exclusive rights for two years for contributing at least 10% in the projects. As per the draft rules, the IP of the research outcome will generally vest with the host institution on behalf of the ministry. For all Indian patents, the government will have march-in rights, including the option of compulsory licence, in case of any exigency arising for the patent and technology to protect the interest of public, it said. The ministry has sanctioned 137 projects valuing around ?474 crore under the NTTM.

Despite regulatory challenges, Paytm shares can cross ₹500, believes Motilal Oswal, sees 30% upside "What we heard on this quarterly call was that the merchandise margin recovery was coming slower largely due to management actions (reducing core product lines) and that sales through 1H25 would remain in negative territory," Barclays analyst Adrienne Yih, was quoted as saying by Reuters The brokerage Barclays slashed its price target by 20% to $114, marking the most significant adjustment on Wall Street following the latest results. Investors were particularly attentive to executives' remarks, highlighting Nike's prolonged direct-to-consumer (DTC) strategy's failure to spur growth as anticipated. Consequently, the leading sportswear manufacturer is pivoting its focus towards revitalizing relationships with its wholesale partners.

Australia is set to provide $3 billion to British industry to support the construction of nuclear-powered submarines and ensure its new fleet arrives on time

Jeep maker Stellantis is laying off about 400 white-collar workers in the U.S. as it deals with the transition from combustion engines to electric vehicles

Stellantis is recalling nearly 318,000 Dodge and Chrysler sedans worldwide because the side air bag inflators can explode with too much force and hurl metal fragments at drivers and passengers

Russia's newly appointed ambassador to Japan has warned Tokyo of serious consequences and retaliatory steps if Patriot missile systems manufactured under U.S. licence in Japan end up in Ukraine, the RIA news agency reported on Friday. RIA cited the new envoy, Nikolai Nozdrev, as saying that Moscow would be watching closely to see where Japanese arms exports ended up after Tokyo softened its export rules at the end of last year. In particular, he said, Russia would be watching to see if and when any Patriot missile complexes and missiles made in Japan under U.S. licence are exported to the United States and then to Ukraine.