Eight carmakers including Hyundai, Mahindra and Mahindra face Rs. 7300
Eight automakers violate fleet emissions standards In a major development, eight carmakers including Hyundai, Mahindra and Kia may face fines of up to Rs. 7,300 crore for exceeding the corporate average fuel efficiency (CAFE) norms stipulated in the financial year 2022-23. The penalty is a result of the implementation of stricter emission standards by the Union Ministry of Power's Bureau of Energy Efficiency (BEE). Hyundai, Mahindra face maximum penalties Penalties vary widely among the eight carmakers, with Hyundai facing the highest fine of Rs. 2,837.8 Crore, followed by Mahindra at Rs. 2,837.8 Crore. 1788.4 Crore, Kia’s is Rs. 1346.2 Crores. Other carmakers to be penalized include Honda (Rs 457.7 crore), Renault (Rs 438.3 crore), Skoda (Rs 248.3 crore), Nissan (Rs 172.3 crore) and Force Motors (Rs 180 million). Hyundai's fine is equivalent to nearly 60% of the company's Rs. Profit for FY23 was Rs 4,709 crore, highlighting the financial pressure that fines may put on the automaker. Introducing stricter CAFE…
Chinese carmakers move into abandoned Russian factories
Chery is reportedly building cars at abandoned Mercedes, Nissan and Volkswagen factories October 10, 2024 17:10 Chery has reportedly started assembling cars at a Russian factory previously owned by Mercedes, Nissan and Volkswagen. It is said that after the withdrawal of Western brands, Chinese companies accounted for more than 50% of the country's new car sales. Russia is reportedly raising fees for imported vehicles, which could lead to more Chinese companies setting up shop in the country. Russia's invasion of Ukraine nearly three years ago led to many Western brands pulling out of the country due to sanctions and political pressure. That left a huge gap in the market for everything from cars to fast food, but those gaps have been filled by domestic and international options. One of the biggest winners appears to be Chinese automakers, with Reuters reporting that brands from the People's Republic of China account for more than 50% of new car sales in Russia. This…
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Türkiye Istanbul Solar Photovoltaic Exhibition 2025 Exhibition Guide (Time & Venue + Ticket Booking)
