Magnet mayhem could halt Bajaj Auto's August EV output
Bajaj Auto
could have a "zero month" in August for its
electric scooter
Chetak and electric three-wheeler GoGo because of the shortage of
rare earth magnets
, managing director Rajiv Bajaj said in an interview. That would make it the first automaker to halt output on account of export curbs imposed by China on the key component.
The scarcity due to China's move forced India's second-largest electric scooter maker by volume to halve EV numbers this month though it managed to report full production in June thanks to existing inventory, Bajaj said.
Explore courses from Top Institutes in
Please select course:
Select a Course Category
Project Management
Digital Marketing
healthcare
Data Analytics
Product Management
PGDM
Data Science
Leadership
Data Science
Degree
Artificial Intelligence
MBA
Technology
Management
others
Others
Operations Management
Public Policy
Design Thinking
MCA
Healthcare
Cybersecurity
Finance
CXO
Skills you'll gain:
Portfolio Management
Project Planning & Risk Analysis
Strategic Project/Portfolio Selection
Adaptive & Agile Project Management
Duration:
6 Months
IIT Delhi
Certificate Programme in Project Management
Starts on
May 30, 2024
Get Details
Skills you'll gain:
Project Planning & Governance
Agile Software Development Practices
Project Management Tools & Software Techniques
Scrum Framework
Duration:
12 Weeks
Indian School of Business
Certificate Programme in IT Project Management
Starts on
Jun 20, 2024
Get Details
China is the world's dominant supplier of rare earth magnets, vital for EV manufacturing as well as others such as internal combustion engine (ICE) powered models, renewable energy, consumer electronics, defence and aerospace, and other industrial applications.
EV calculator
How much will I save if I choose an electric vehicle?
SELECT vehicle type
Calculate
Bajaj urged the government to provide all stakeholders greater clarity on the prevailing scenario and the near-term outlook.
On whether the auto industry's effort to seek relaxation of domestic value add (DVA) norms under the production-linked incentive (PLI) programme has yielded any result, Bajaj said there has been no conclusive information in this regard from the relevant ministry or any other regulatory authority.
Live Events
To qualify for auto PLI incentives, EV makers must meet rising DVA targets over time.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
an hour ago
- Time of India
Gloom lifts, India Inc ready: Consumer cos step up festive ad spends after slow H1; expect 15–20% jump
Companies across consumer sectors are readying to loosen their purse strings to step up advertising during the upcoming festive season, with ad spends expected to increase 15-20% year-on-year according to industry executives, after having curtailed spending in the first half of 2025 on account of geopolitical issues, including the India-Pakistan conflict, and a rain-soaked summer. Media buyers said companies from the personal care, food, automobiles, retail, electronics, hospitality and real estate sectors have taken the lead in booking advertising slots. Explore courses from Top Institutes in Please select course: Select a Course Category Others MCA Degree Product Management CXO Digital Marketing Healthcare others Technology Data Science Public Policy Project Management Management Leadership Operations Management Data Analytics Design Thinking PGDM MBA Artificial Intelligence Finance healthcare Data Science Cybersecurity Skills you'll gain: Duration: 16 Weeks Indian School of Business CERT-ISB Transforming HR with Analytics & AI India Starts on undefined Get Details Skills you'll gain: Duration: 28 Weeks MICA CERT-MICA SBMPR Async India Starts on undefined Get Details Skills you'll gain: Duration: 9 months IIM Lucknow SEPO - IIML CHRO India Starts on undefined Get Details Skills you'll gain: Duration: 7 Months S P Jain Institute of Management and Research CERT-SPJIMR Exec Cert Prog in AI for Biz India Starts on undefined Get Details Beverage maker Coca-Cola's global chief executive James Quincey said on an investor call earlier this week, "In India, after a strong start to the year, volume declined as our business was impacted by early monsoons and geopolitical conflict in the important summer season. In response, Coca-Cola is developing more granular, execution strategies... tailored to festivals and regional needs," he said. Discretionary sectors, which saw subdued sales growth of 4-5% in the past 12 months owing to a combination of factors, are pinning hopes on the next five months for momentum to pick up, hoping that the income tax relief on salaries of up to ₹12 lakh annually, favourable monsoon, easing of some commodity inflation and stability in geopolitical sentiment could bring back demand. "While the auto industry has faced subdued demand, we expect good revival in the coming months backed by favourable monsoon and upcoming festive season starting with Onam from August. We will enhance our marketing campaigns and introduce product updates to catch this uptick in buying season," said Kunal Behl, vice president, marketing and sales, Honda Cars India. Banking on demand revival The festive season, comprising a series of festivals in different parts of the country, from Raksha Bandhan and Janmashtami in August to Dussehra and Diwali in October and Christmas in December, is traditionally associated with an uptick in spending and provides businesses an opportunity to push sales on these auspicious occasions. 'Companies that had held back ad budgets so far this year, are expectedly ploughing them back into the next two quarters, hoping for demand recovery in the second half of the year,' said Shashi Sinha, chairman at media planning and buying firm IPG Mediabrands, which represents companies such as ITC , Mahindra Group and PhonePe digital wallet app. Car and two-wheeler sales in India, the world's third largest automobile market, slipped in the June quarter, snapping a four-year growth streak. 'But a busy pipeline of new model launches in the run-up to the festive season and a weak demand is prompting auto companies to jack up advertising, marketing and sales promotion spend,' an executive at a large passenger vehicle maker said on condition of anonymity. 'Automakers are leveraging digital-first strategies to drive festive demand and clear elevated inventory levels.' Launching ahead Summer-centric companies such as those making cold beverages, air-conditioners, ice-cream and refrigerators, in particular, were caught off guard in the crucial April-June quarter, which contributes more than half to their annual sales, on account of consistent unseasonal rains. Many such companies, which had stalled launches during the season and hence ad and marketing spends, are now reviving their plans, supported by an advertising push. 'With the festive season bringing a wave of optimism and increased consumer spending, we will now introduce Jumpin's ready-to-drink portfolio, to capitalise on the favourable environment,' said Piruz Khambatta, group chairman of concentrate mix and fruit drinks maker Rasna. The company had acquired Jumpin from Hershey's India this year in peak summer in May for a valuation of an estimated Rs 350 crore. 'Given how much hinges on the festive quarters this year, we are seeing advertising focusing on exchange schemes and financing offers for additional incentives to urge consumers to spend, instead of routine seasonal festive campaigns that usually focus on launches and new collections,' said an executive at a creative agency, which is currently creating such advertising for two large brands. 'This is happening across sectors, whether it's jewellery, phones, electronics or cars.' A report by Sam Balsara-owned Madison Advertising, along with Pitch, forecasted that India's advertising expenditure would increase 11% year-on-year to Rs 1,19,857 crore in 2025. The report referred to 'positive market sentiment following the budget as a key driver for recovery'.
Time of India
an hour ago
- Time of India
India ensures safeguards for sensitive sectors in UK FTA
New Delhi: Only about a fourth of the UK's exports by value will enjoy immediate duty-free access to the Indian market, while most of the sensitive sectors have been protected, the government said on Friday. Briefing the media on Friday, commerce secretary Sunil Barthwal said product-specific rules of origin have been put in place. These stipulate value-addition norms that don't allow transshipment or third-country benefits. Explore courses from Top Institutes in Please select course: Select a Course Category Product Management PGDM Data Science MBA others Operations Management Data Analytics CXO Design Thinking Artificial Intelligence Cybersecurity Digital Marketing Leadership Project Management Degree Others Public Policy healthcare Management Finance MCA Healthcare Technology Data Science Skills you'll gain: Product Strategy & Roadmapping User-Centric Product Design Agile Product Development Market Analysis & Product Launch Duration: 24 Weeks Indian School of Business Professional Certificate in Product Management Starts on Jun 26, 2024 Get Details Skills you'll gain: Product Strategy & Competitive Advantage Tactics Product Development Processes & Market Orientations Product Analytics & Data-Driven Decision Making Agile Development, Design Thinking, & Product Leadership Duration: 40 Weeks IIM Kozhikode Professional Certificate in Product Management Starts on Jun 26, 2024 Get Details Skills you'll gain: Creating Effective Product Roadmap User Research & Translating it to Product Design Key Metrics via Product Analytics Hand-On Projects Using Cutting Edge Tools Duration: 12 Weeks Indian School of Business ISB Product Management Starts on May 14, 2024 Get Details India has safeguarded its sensitive sectors - from dairy, cereals and millets, pulses and vegetables, to high-value items like gold, jewellery, lab-grown diamonds and certain essential oils. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Are you Smarter than Average? Test Now! Try Now Undo Critical energy fuels, marine vessels, worn clothing, and critical polymers and their monofilaments, smartphones, and optical fibres are also excluded. For strategically important products, particularly those where domestic capacity is being built under Make in India and production-linked incentive schemes, concessions are being provided over periods of five, seven and 10 years. Live Events India and the UK signed a Comprehensive Economic Trade Agreement (CETA) on July 24 after years of meetings and consultations. The accord with the UK differs from other free trade agreements as it reflects India's transition to a more mature economy, said Barthwal. India will enter areas that hadn't been touched upon in other trade deals as it transitions to developed country status, he said. 'Balancing Strengths and Sensitivities' The accord balances 'sensitivities and strengths,' the official said. 'We wanted to remove the tag of tariff king and FTA is a way to do that,' Barthwal said. 'FTAs bring a lot of certainty and predictability to businesses which this UK FTA will ensure. FTAs are give and take and when we build a narrative, we are sensitive that it's not one-sided.' US President Donald Trump had referred to India as a tariff king. Barthwal also referred to negotiations with the US and the European Union. 'Detailed talks are happening in the EU FTA. Talks with the US are going on — it will fructify,' he said. The India-UK friendship is based on fair play, equity and mutual benefit, the commerce secretary said. 'We protected our sensitivities and they protected theirs. This FTA has been a balance of sensitivities and strengths. It's a complex and comprehensive deal… Our defensive interests have been taken care of,' he said. The UK may take less than a year to ratify the CETA and India will use that time for building the capacity of its exporters and educating them on how to benefit from the accord. The government is conducting an exercise with states and export promotion councils on how they will be impacted. 'We are doing granular studies,' he said. India and the UK have agreed to negotiate mutual recognition agreements (MRAs) to facilitate the movement of professionals such as nurses, accountants and architects to Britain. 'Non-tariff barriers will be eased, and regulatory systems and MRAs would be improved,' Barthwal said. Scotch, cars Barthwal said that Scotch is a GI (geographical indication) product, and there is always a production limit. The duty on Scotch whisky will be reduced to 40% over 10 years. Limited duty cuts, up to 75% over 10 years, have been offered on other alcoholic beverages, with concessions applicable only above a set minimum import price — $6 for bottled and $5 for bulk whisky. The FTA will help in exports of Indian blended whisky, he added. 'Indian malt whisky is blended with imported Scotch. So, when bulk whisky comes, it's like an intermediate product,' the official said. In terms of market access to automobiles, India has committed to a calibrated, phased, and development-oriented quota-based liberalisation strategy. Under this, a total annual quota of up to 37,000 cars has been provided at a reduced tariff, with a graded structure for both quota and concessions have been given to electric vehicles, hybrids and hydrogen-powered cars in the first five years.
Time of India
4 hours ago
- Time of India
S&P 500, Nasdaq, Dow Jones climb to record high. Check top stocks
U.S. stocks capped another strong week with more records on Friday. S&P 500 rose 0.4% to set an all-time high, the fifth time it did so this week. The Dow Jones Industrial Average climbed 208 points, or 0.5%, and the Nasdaq composite added 0.2% to its own record set the day before. S&P 500 rose 25.29 points to 6,388.64. The Dow Jones Industrial Average climbed 208.01 to 44,901.92, and the Nasdaq composite added 50.36 to 21,108.32. Deckers, the company behind Ugg boots and Hoka shoes, jumped 11.3% after reporting stronger profit and revenue for the spring than analysts expected. Its growth was particularly strong outside the United States, where revenue soared nearly 50%. Explore courses from Top Institutes in Please select course: Select a Course Category Product Management Artificial Intelligence Operations Management Healthcare Digital Marketing PGDM Degree Others Design Thinking Technology CXO Data Science Public Policy healthcare Finance MCA Data Science MBA Leadership others Data Analytics Cybersecurity Project Management Management Skills you'll gain: Product Strategy & Competitive Advantage Tactics Product Development Processes & Market Orientations Product Analytics & Data-Driven Decision Making Agile Development, Design Thinking, & Product Leadership Duration: 40 Weeks IIM Kozhikode Professional Certificate in Product Management Starts on Jun 26, 2024 Get Details Skills you'll gain: Product Strategy & Roadmapping User-Centric Product Design Agile Product Development Market Analysis & Product Launch Duration: 24 Weeks Indian School of Business Professional Certificate in Product Management Starts on Jun 26, 2024 Get Details Skills you'll gain: Creating Effective Product Roadmap User Research & Translating it to Product Design Key Metrics via Product Analytics Hand-On Projects Using Cutting Edge Tools Duration: 12 Weeks Indian School of Business ISB Product Management Starts on May 14, 2024 Get Details Edwards Lifesciences rose 5.5% after likewise topping Wall Street 's expectations for profit in the latest quarter. It said it saw strength across all its product groups, and it expects profit for the full year to come in at the high end of the forecasted range it had given earlier. They helped offset a drop of 8.5% for Intel, which fell after reporting a loss for the latest quarter, when analysts were looking for a profit. The struggling chipmaker also said it would cut thousands of jobs and eliminate other expenses as it tries to turn around its fortunes. Intel, which helped launch Silicon Valley as the U.S. technology hub, has fallen behind rivals like Nvidia and Advanced Micro Devices while demand for artificial intelligence chips soars. The pressure is on companies to deliver solid growth in profits in order to justify big gains for their stock prices, which have rallied to record after record in recent weeks. Wall Street has zoomed higher on hopes that President Donald Trump will reach trade deals with other countries that will lower his stiff proposed tariffs, along with the risk that they could cause a recession and drive up inflation. Trump has recently announced deals with Japan and the Philippines, and the next big deadline is looming on Friday, August 1. Live Events Besides potential trade talks, next week will also feature a meeting by the Federal Reserve on interest rates. Trump again on Thursday lobbied the Fed to cut rates, which he has implied could save the U.S. government money on its debt repayments. Fed Chair Jerome Powell, though, has continued to insist he wants to wait for more data about how Trump's tariffs affect the economy and inflation before the Fed makes its next move. Lower interest rates can help goose the economy, but they can also give inflation more fuel. Lower rates also may not lower the U.S. government's costs to borrow money, if the bond market feels they could send inflation higher in the future. In that case, lower short-term rates brought by the Fed could actually have the opposite effect and make it more expensive for Washington to borrow money over the long term. The widespread expectation on Wall Street is that the Fed will wait until September to resume cutting interest rates. In the bond market, Treasury yields held relatively steady following Trump's latest attempt to push Powell to cut interest rates. Trump also seemed to back off on threats to fire the Fed's chair. FAQs Q1. Which are top three indexes of US Stock Market ? A1. Top three indexes of US Stock Market are S&P 500, Dow Jones, Nasdaq. Q2. Who is Fed Chair? A2. Chairman of Federal Reserve is Jerome Powell.
