Latest news with #AutomotiveDivision
Egypt Independent
4 hours ago
- Automotive
- Egypt Independent
Automobile Division expects passenger car prices in Egypt to rise soon
A member of the Board of Directors of the Automotive Division of the Federation of Egyptian Chambers of Commerce, Montaser Zeitoun, announced that the used car market has witnessed increased demand recently, exceeding 50 percent, despite significantly increased prices. Zeitoun attributed this demand to the limited supply, coupled with rising prices of brand new cars in recent years. Used Car Prices The car market, both new and used, has witnessed significant activity in recent months, he said, noting that any change in prices – whether up or down – is directly linked to the dollar exchange rate at banks. Nissan Sunny and Chevrolet Car Prices Zeitoun explained that brands such as Chevrolet, Nissan Sunny, and MG have raised their prices due to delayed deliveries, which has led to a shortage of supply and increased demand. Car Price Forecasts in Egypt Regarding expectations for the coming period, Zeitoun indicated the possibility of price increases during the summer months (June, July, August, and September) due to increased demand before Eid al-Adha, the desire of some parents to purchase cars for their high school students before they enter university, and rising demand before the coastal and summer resort seasons. Edited translation from Al-Masry Al-Youm
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Business Standard
3 days ago
- Automotive
- Business Standard
Mahindra & Mahindra's vehicle sales rise 17% to 84,110 units in May
Mahindra & Mahindra on Sunday reported a 17 per cent year-on-year increase in total sales at 84,110 units in May. In the utility vehicles segment, the Mumbai-based automaker sold 52,431 vehicles in the domestic market, a growth of 21 per cent, as compared to 43,218 units in May last year. "Thanks to continued demand for our products, we were able to deliver industry-leading growth across our ICE and BEV portfolio," Mahindra & Mahindra (M&M) CEO Automotive Division Nalinikanth Gollagunta said. The company said its tractor sales in the domestic market stood at 38,914 units last month, as against 35,237 units in May 2024. Total tractor sales (domestic and exports) last month were at 40,643 units, as against 37,109 units for the same period last year. Early advancement of above-normal Southwest monsoon should bode well for kharif sowing, M&M President - Farm Equipment Business Veejay Nakra said. "Approval of hike in MSP for Paddy and other kharif crops will bring positive sentiments among farmers. Better reservoir levels, government announcement of record foodgrain production and introduction of various schemes will help farmers aim higher productivity going forward and in turn augur well for tractor demand," he added.
India Today
21-04-2025
- Automotive
- India Today
R Velusamy to head Mahindra's auto business, Veejay Nakra to lead farm equipment
In a major senior leadership rejig at Mahindra Group, R Velusamy has been appointed as President of the automotive business, while Veejay Nakra is set to lead the farm equipment business as its was earlier the Automotive Division President, while Velusamy was the Automotive Technology and Product Development President. Both Nakra and Velusamy will continue to report to the Executive Director and Auto and Farm Sector CEO Rajesh replaces Hemant Sikka, who has been appointed as the MD and CEO of Mahindra Logistics following the departure of CEO Ram Swaminathan. "These leadership changes ensure that we have strong, proven leaders at the helm of our key businesses. Their experience will enable us to drive significant growth and create greater value for our customers and shareholders. We thank Ram for his contributions to the company, and wish Hemant, Veejay, and Velu the very best for the journey ahead," Mahindra Group CEO and Managing Director Anish Shah said in an official will also integrate the SUV and LCV (less than 3.5 tonne) businesses under the Automotive Business President, Velusamy. "This would help build greater agility and collaboration, both in engineering our products and taking them to market. The role would have end-to-end responsibility of all functions within the auto business with P&L delivery," the statement Mahindra in 1996, Velusamy was instrumental in the development and successful launch of several internal combustion engine (ICE) and electric vehicle (EV) models of the to Mahindra, the return on capital employed (ROCE) of the farm equipment business is over 60%. Its new President, Nakra, joined Mahindra in 1995 and led several successful launches, including the Scorpio-N and the Thar, in his previous role. He also played an important role in building the company's manufacturing capability and shaping the growth strategy for international to Auto Today Magazine
