Latest news with #e-Vitaras
New Straits Times
2 days ago
- Automotive
- New Straits Times
India's Maruti Suzuki cuts near-term EV production amid rare earths crisis
NEW DELHI: Maruti Suzuki has cut near-term production targets for its maiden electric vehicle (EV) e-Vitara by two-thirds because of rare earths shortages, a document showed, in the latest sign of disruption to the auto industry from China's export curbs. India's top carmaker, which said on Monday it had not seen any impact yet from the supply crisis, now plans to make about 8,200 e-Vitaras between April and September, versus an original goal of 26,500, according to a company document seen by Reuters. It cited "supply constraints" in rare earth materials that are vital in making magnets and other components across a range of hi-tech industries. Maruti still plans to meet its output target of 67,000 EVs for the year ending March 2026 by ramping up production in subsequent months, the document said. China's curbs on some rare earth exports have rocked the global auto industry, with companies warning of severe supply chain disruptions. While some companies in the United States, Europe and Japan are seeing supplies easing as they secure licences from Beijing, India is still waiting for China's approval amid fears of production stoppages. Launched amid much fanfare at India's car show in January, the e-Vitara is crucial to Maruti's EV push in the country, marking its entry in a segment that Prime Minister Narendra Modi's government wants to grow to 30 per cent of all car sales by 2030 from about 2.5 per cent last year. The setback could also hurt parent Suzuki Motor, for which India is the biggest market by revenue and a global production hub for EVs. The bulk of the made-in-India e-Vitaras are earmarked for export by Suzuki to its major markets like Europe and Japan around summer 2025. Maruti told reporters last week the rare earths issue had no "material impact" on the e-Vitara's launch timeline. Chair RC Bhargava said there was "no impact at the moment" on production, local media reported on Monday. Maruti and Suzuki did not immediately respond to requests for comment on Tuesday. Maruti is yet to open bookings for the e-Vitara, with some analysts warning it is already late to launch EVs in the world's third-largest car market where Tesla is also expected to begin sales this year. Under its previous plan "A", Maruti was to produce 26,512 e-Vitaras between April and September – the first half of the financial year. Under the revised plan "B", it will manufacture 8,221, the document showed, indicating a two-thirds cut in its production schedule. However, in the second half of the financial year – between October and March 2026 – Maruti plans to ramp up production to 58,728 e-Vitaras, or about 440 per day at its peak, versus a previous target of 40,437 for those six months under plan A. Two supply chain sources confirmed Maruti's plan to scale back e-Vitara production because of rare earth magnet shortages but were not privy to the exact numbers. The rare earths crisis comes as Maruti is already grappling to recover market share lost to Tata Motors and Mahindra & Mahindra's feature-rich SUVs. These companies also lead India's EV sales. Maruti's share of India's passenger vehicle market is down to 41 per cent from a recent peak of about 51 per cent in March 2020. Suzuki has trimmed its sales target for India to 2.5 million vehicles by March 2031 from 3 million previously, and scaled back its lineup of EV launches to just four, instead of the six planned before, as competition in the South Asian nation intensifies.
News18
2 days ago
- Business
- News18
Stocks To Watch: Maruti Suzuki, IndiGo, Texmaco Rail, Wipro, Reliance Infra, And Others
Last Updated: Stocks to watch: Shares of firms like Maruti Suzuki, IndiGo, Texmaco Rail, Wipro, Reliance Infra, and others will be in focus on Wednesday's trade Stocks to Watch on June 11, 2025: Markets traded in a subdued manner and ended almost unchanged on Tuesday, taking a pause after the recent surge. Today, shares of Maruti Suzuki, IndiGo, Texmaco Rail, Wipro, and others will be in focus due to various news developments. IndiGo IndiGo, the domestic airline, announced plans to enhance its international capacity to Central Asia by launching direct flights to three key destinations: Almaty (Kazakhstan), Tashkent (Uzbekistan), and Tbilisi (Georgia). Texmaco Rail Texmaco Rail and Engineering reported receiving an order worth ₹44.04 crore from Mumbai Railway Vikas Corporation. Max Financial Max Financial has appointed Sumit Madan as Managing Director and CEO of Axis Max Life for a term of five years, effective from October 1. Maruti Suzuki Maruti Suzuki has cut near-term production targets for its first electric vehicle, the e-Vitara, by two-thirds due to rare earth shortages, according to a company document seen by Reuters. Initially planning to produce 26,500 e-Vitaras between April and September, the company now plans to manufacture only 8,200 units. Marksans Pharma OrbiMed Asia IV Mauritius FVCI Ltd, a global healthcare investment firm, has launched a block deal to sell 2.27% of its stake in Marksans Pharma, amounting to ₹256.8 crore. Aditya Birla Capital Jomei Investments, a special purpose vehicle owned by Advent International Corporation, has launched a block deal to sell a 1.4% stake in Aditya Birla Capital Ltd for ₹856 crore, as reported by CNBC-TV18. The floor price has been set at ₹237.80 per share. Kaynes Technology Kaynes Technology India's subsidiary, Kaynes Semicon Pvt Ltd, has entered into an asset purchase agreement with Japan's Fujitsu General Electronics Limited. Signed on June 9, 2025, the deal involves acquiring production lines for power modules for a total consideration of 1.59 billion yen. IIFL Finance IIFL Finance plans to raise up to ₹600 crore through the issuance of non-convertible debentures (NCDs) via private placement. The funds will be used to augment long-term resources and support the growing lending book. Wipro Wipro has extended its partnership with Metro AG, an international food wholesaler, for an additional two years. Under the renewed agreement, Wipro will continue to provide integrated digital services, including cloud, data, application development, and AI-enabled IT support services. Bharti Airtel The Department of Telecommunications has imposed a penalty of ₹1,01,000 on Bharti Airtel for inadequate verification of customers. Airtel stated in an exchange filing that it was penalised for violating subscriber verification norms, which require telecom companies to ensure proper verification before enrolling customers. Disclaimer:Disclaimer: The views and investment tips by experts in this report are their own and not those of the website or its management. Users are advised to check with certified experts before taking any investment decisions. First Published:
Asahi Shimbun
2 days ago
- Automotive
- Asahi Shimbun
India's Maruti Suzuki cuts near-term EV production amid rare earths crisis
A model poses next to Maruti Suzuki's first EV, the e Vitara SUV, on display at India's auto show in New Delhi, India, on Jan. 17. (REUTERS/File Photo) NEW DELHI--Maruti Suzuki has cut near-term production targets for its maiden electric vehicle e-Vitara by two-thirds because of rare earths shortages, a document showed, in the latest sign of disruption to the auto industry from China's export curbs. India's top carmaker, which said on Monday it had not seen any impact yet from the supply crisis, now plans to make about 8,200 e-Vitaras between April and September, versus an original goal of 26,500, according to a company document seen by Reuters. It cited "supply constraints" in rare earth materials that are vital in making magnets and other components across a range of hi-tech industries. Maruti still plans to meet its output target of 67,000 EVs for the year ending March 2026 by ramping up production in subsequent months, the document said. China's curbs on some rare earth exports have rocked the global auto industry, with companies warning of severe supply chain disruptions. While some companies in the United States, Europe and Japan are seeing supplies easing as they secure licenses from Beijing, India is still waiting for China's approval amid fears of production stoppages. Launched amid much fanfare at India's car show in January, the e-Vitara is crucial to Maruti's EV push in the country, marking its entry in a segment that Prime Minister Narendra Modi's government wants to grow to 30% of all car sales by 2030 from about 2.5% last year. The setback could also hurt parent Suzuki Motor, for which India is the biggest market by revenue and a global production hub for EVs. The bulk of the made-in-India e-Vitaras are earmarked for export by Suzuki to its major markets like Europe and Japan around summer 2025. Maruti told reporters last week the rare earths issue had no "material impact" on the e-Vitara's launch timeline. Chair RC Bhargava said there was "no impact at the moment" on production, local media reported on Monday. Maruti and Suzuki did not respond to requests for comment on Tuesday. Maruti shares trading on the Indian stock exchange fell as much as 1.4% to the day's low after the news. Maruti is yet to open bookings for the e-Vitara with some analysts warning it is already late to launch EVs in the world's third-largest car market where Tesla is also expected to begin sales this year. Under its previous plan "A," Maruti was to produce 26,512 e-Vitaras between April and September - the first half of the fiscal year. Under the revised plan "B," it will manufacture 8,221, the document showed, indicating a two-thirds cut in its production schedule. However, in the second half of the financial year - between October and March 2026 - Maruti plans to ramp up production to 58,728 e-Vitaras, or about 440 per day at its peak, versus a previous target of 40,437 for those six months under plan A. Two supply chain sources confirmed Maruti's plan to scale back e-Vitara production because of rare earth magnet shortages but were not privy to the exact numbers. The rare earths crisis comes as Maruti is already grappling to recover market share lost to Tata Motors and Mahindra & Mahindra's feature-rich SUVs. These companies also lead India's EV sales. Maruti's share of India's passenger vehicle market is down to 41% from a recent peak of about 51% in March 2020. Suzuki has trimmed its sales target for India to 2.5 million vehicles by March 2031 from 3 million previously, and scaled back its lineup of EV launches to just four, instead of the six planned before, as competition in the South Asian nation intensifies.
The Hindu
2 days ago
- Automotive
- The Hindu
Maruti Suzuki cuts near-term EV production amid rare earths crisis
Maruti Suzuki has cut near-term production targets for its maiden electric vehicle e-Vitara by two-thirds because of rare earths shortages, a document showed, in the latest sign of disruption to the auto industry from China's export curbs. India's top carmaker, which said on Monday it had not seen any impact yet from the supply crisis, now plans to make about 8,200 e-Vitaras between April and September, versus an original goal of 26,500, according to a company document seen by Reuters. It cited "supply constraints" in rare earth materials that are vital in making magnets and other components across a range of hi-tech industries. Maruti still plans to meet its output target of 67,000 EVs for the year ending March 2026 by ramping up production in subsequent months, the document said. China's curbs on some rare earth exports have rocked the global auto industry, with companies warning of severe supply chain disruptions. While some companies in the United States, Europe and Japan are seeing supplies easing as they secure licences from Beijing, India is still waiting for China's approval amid fears of production stoppages. Launched amid much fanfare at India's car show in January, the e-Vitara is crucial to Maruti's EV push in the country, marking its entry in a segment that Prime Minister Narendra Modi's government wants to grow to 30% of all car sales by 2030 from about 2.5% last year. The setback could also hurt parent Suzuki Motor, for which India is the biggest market by revenue and a global production hub for EVs. The bulk of the made-in-India e-Vitaras are earmarked for export by Suzuki to its major markets like Europe and Japan around summer 2025. Maruti told reporters last week the rare earths issue had no "material impact" on the e-Vitara's launch timeline. Chair RC Bhargava said there was "no impact at the moment" on production, local media reported on Monday. Maruti and Suzuki did not respond to requests for comment on Tuesday. Maruti shares trading on the Indian stock exchange fell as much as 1.4% to the day's low after the news. Maruti is yet to open bookings for the e-Vitara with some analysts warning it is already late to launch EVs in the world's third-largest car market where Tesla is also expected to begin sales this year. Under its previous plan "A", Maruti was to produce 26,512 e-Vitaras between April and September - the first half of the fiscal year. Under the revised plan "B", it will manufacture 8,221, the document showed, indicating a two-thirds cut in its production schedule. However, in the second half of the financial year - between October and March 2026 - Maruti plans to ramp up production to 58,728 e-Vitaras, or about 440 per day at its peak, versus a previous target of 40,437 for those six months under plan A. Two supply chain sources confirmed Maruti's plan to scale back e-Vitara production because of rare earth magnet shortages but were not privy to the exact numbers. The rare earths crisis comes as Maruti is already grappling to recover market share lost to Tata Motors and Mahindra & Mahindra's feature-rich SUVs. These companies also lead India's EV sales. Maruti's share of India's passenger vehicle market is down to 41% from a recent peak of about 51% in March 2020. Suzuki has trimmed its sales target for India to 2.5 million vehicles by March 2031 from 3 million previously, and scaled back its lineup of EV launches to just four, instead of the six planned before, as competition in the South Asian nation intensifies.
Business Recorder
2 days ago
- Automotive
- Business Recorder
India's Maruti Suzuki cuts near-term EV production amid rare earths crisis
NEW DELHI: Maruti Suzuki has cut near-term production targets for its maiden electric vehicle e-Vitara by two-thirds because of rare earths shortages, a document showed, in the latest sign of disruption to the auto industry from China's export curbs. India's top carmaker, which said on Monday it had not seen any impact yet from the supply crisis, now plans to make about 8,200 e-Vitaras between April and September, versus an original goal of 26,500, according to a company document seen by Reuters. It cited 'supply constraints' in rare earth materials that are vital in making magnets and other components across a range of hi-tech industries. Maruti still plans to meet its output target of 67,000 EVs for the year ending March 2026 by ramping up production in subsequent months, the document said. China's curbs on some rare earth exports have rocked the global auto industry, with companies warning of severe supply chain disruptions. While some companies in the United States, Europe and Japan are seeing supplies easing as they secure licences from Beijing, India is still waiting for China's approval amid fears of production stoppages. India's Maruti says no immediate impact from China rare earth magnet curbs Launched amid much fanfare at India's car show in January, the e-Vitara is crucial to Maruti's EV push in the country, marking its entry in a segment that Prime Minister Narendra Modi's government wants to grow to 30% of all car sales by 2030 from about 2.5% last year. The setback could also hurt parent Suzuki Motor, for which India is the biggest market by revenue and a global production hub for EVs. The bulk of the made-in-India e-Vitaras are earmarked for export by Suzuki to its major markets like Europe and Japan around summer 2025. Maruti told reporters last week the rare earths issue had no 'material impact' on the e-Vitara's launch timeline. Chair RC Bhargava said there was 'no impact at the moment' on production, local media reported on Monday. Maruti and Suzuki did not respond to requests for comment on Tuesday. Maruti shares trading on the Indian stock exchange fell as much as 1.4% to the day's low after the news. Maruti is yet to open bookings for the e-Vitara with some analysts warning it is already late to launch EVs in the world's third-largest car market where Tesla is also expected to begin sales this year. Under its previous plan 'A', Maruti was to produce 26,512 e-Vitaras between April and September - the first half of the fiscal year. Under the revised plan 'B', it will manufacture 8,221, the document showed, indicating a two-thirds cut in its production schedule. However, in the second half of the financial year – between October and March 2026 - Maruti plans to ramp up production to 58,728 e-Vitaras, or about 440 per day at its peak, versus a previous target of 40,437 for those six months under plan A. Two supply chain sources confirmed Maruti's plan to scale back e-Vitara production because of rare earth magnet shortages but were not privy to the exact numbers. The rare earths crisis comes as Maruti is already grappling to recover market share lost to Tata Motors and Mahindra & Mahindra's feature-rich SUVs. These companies also lead India's EV sales. Maruti's share of India's passenger vehicle market is down to 41% from a recent peak of about 51% in March 2020. Suzuki has trimmed its sales target for India to 2.5 million vehicles by March 2031 from 3 million previously, and scaled back its lineup of EV launches to just four, instead of the six planned before, as competition in the South Asian nation intensifies.
