The Economic Times
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| 05 August, 2020, 04:09 PM IST | E-Paper


    Auto industry needs boosters to come out of slowdown: JK Tyres Chairman Raghupati Singhania

    India’s automotive industry needs a series of boosters including an early announcement of the vehicle scrappage policy to come out of the slowdown, which was exacerbated by the coronavirus pandemic, JK Tyre & Industries chairman Raghupati Singhania said.

    Tyre replacement market can recover and grow in FY-21: Anant Goenka, MD, Ceat Ltd

    Anant Goenka, managing director of the RPG Group company, said demand in the segment got back to pre-Covid levels in June and the growth in the coming quarters could even possibly compensate for the lost sales during the June quarter on account of Covid-induced lockdowns.

    Don't see an early end to the 'new normal', yet the show must go on: Apollo Tyres CMD

    Apollo Tyres Chairman and Managing Director Onkar S Kanwar, however, said the company is still bullish about the economy bouncing back and "did see signs of a recovery in the third quarter, but the fourth quarter witnessed headwinds in the form of the COVID-19 outbreak and the subsequent nation-wide lockdown".

    Eyeing leadership position in domestic premium two-wheeler segment: Apollo Tyres

    "We are aiming for a strong foothold in the high-value, highly profitable premium motorcycle tyre market, which caters to the top 20 per cent of motorcycle market in India, and the entire Europe and Americas market," Apollo Tyres Vice Chairman and MD Neeraj Kanwar said.

    Apollo Tyres to reduce over 500 jobs at Netherlands plant, focus on specific segments

    Under the agreement, AVBV will retain 737 job positions against the initial 1,265 and continue to focus on high value segment passenger car tyres and its earlier capacity for agricultural and Spacemaster tyres. In March, the company had said it will cut 750 jobs at the plant over a period of two years in order to have a 'sustainable business' and focus on producing only high-value tyres.

    Apollo Tyres to cut capex by Rs 400 cr this fiscal to preserve cash flow

    The company had earlier earmarked a capex of around Rs 1,400-1,500 crore for the domestic operations for the current financial year. Now due to the uncertain scenario due to rising COVID-19 cases, the company has taken various steps to control cost as much as possible.

    Domestic tyre sales rebound in June

    The replacement tyres in all the sectors did well as production cuts by vehicle manufacturers and falling income from job losses and salary cuts hit OE purchases. ``It is the pent-up demand from April and May. We expect robust demand in the current month too,’’ said Rajiv Budhraja, director general of Automotive Tyre Manufacturers’ Association.

    Bridgestone ties up with Microsoft to develop tyre damage detecting system

    Under the collaboration, Bridgestone will use the Microsoft Connected Vehicle Platform (MCVP), which not only reduces accidents caused by technical failure but also increases road safety.

    Restrictions on tyre imports to curb inflow from China, help domestic industry: ATMA

    Stating that "indiscriminate import of tyres has been the bane of the tyre industry in India", ATMA said most of the imports are from China which accounts for over 40 per cent of Truck and Bus Radial (TBR) tyres and passenger car radial (PCR) tyres shipments to India from overseas.

    Govt imposes curbs on import of certain pneumatic tyres

    "Import policy of new pneumatic amended from free to restricted," the Directorate General of Foreign Trade (DGFT) said in a notification. Putting the goods under restricted category means an importer would now require a licence or permission from the DGFT for imports.

    Maxxis India partially resumes operations at its Sanand-based plant

    Maxxis India partially resumes operations at its Sanand-based plant

    On March 23, the company had shut the operations at the plant for a period of 42 days due to the coronavirus pandemic.

    JK Tyre crosses 2 crore units' production milestone of trucks, bus radial tyres

    JK Tyre crosses 2 crore units' production milestone of trucks, bus radial tyres

    Commenting on the feat, JK Tyre Chairman and Managing Director Raghupati Singhania said, "As a pioneer and market leader, we remain committed to driving innovation and bringing products for our fleet customers that are high on efficiency, safety and cost effectiveness".

    Ceat extends warranty on tyres by three months

    Ceat extends warranty on tyres by three months

    The decision to extend warranty on tyres has been taken to express solidarity with customers amidst the continued lockdown, Ceat Tyres said in a statement. The extention is valid on tyres whose warranty is due to expire between March 1 and May 31, it added.

    JK Tyre resumes partial operations at manufacturing plants across country

    JK Tyre resumes partial operations at manufacturing plants across country

    The tyre maker has commenced production in a graded manner at its manufacturing facilities in Chennai (Tamil Nadu), Kankroli (Rajasthan) and Laksar (through Cavendish industries Ltd - subsidiary company, in Uttarakhand). The company has also resumed operations at its global research and development hub located in Mysore, Karnataka, JK Tyre said.

    MRF Tyres partially resumes operations

    MRF Tyres partially resumes operations

    "We would like to state that based on various relaxations and guidelines issued by the Ministry of Home Affairs, Government of India and by the respective state governments and permissions from local authorities, the company has partially resumed its operations in most of its plants with restricted manpower," MRF said in a filing.

    Tyre firms upbeat about demand for replacements

    Tyre firms upbeat about demand for replacements

    Tyre makers are upbeat about the demand stemming from the replacement of tyres in the second quarter and reckon that original equipment (OE) sector will take more time to recover.

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