Let’s see what’s new for the Automotive sector in India

Hyundai is investing US$530 million in India to bring more electric vehicles to the country, while Ola, a local EV startup, has raised US$139 million in funding with a loss forecast for fiscal 2021.

Hyundai to launch a new EV lineup in India

Hyundai has announced that it will invest around Rs 4,000 crore to launch six all-electric vehicles in India by 2028, which is great news for the Indian automotive industry.

Hyundai said in a statement that it will introduce a variety of models, including an SUV, a sedan, and a compact crossover, based on existing platforms that have been modified to include an electric powertrain, as well as models based on its dedicated EV architecture, known as the Electric Global Modular Platform (e-GMP).

Hyundai Motor India MD & CEO Seon Seob Kim confirmed to PTI that the first of these six models, the all-new Hyundai Ioniq 5 crossover, will be launched in 2022.

Ola raises US$1390 million

Ola has raised US$139 million in a Series J round, according to the Economic Times. Ola’s company was valued at US$7.3 billion, according to official filing papers. COVID caused the company’s revenue to drop dramatically year over year in the fiscal year 2021, but losses after tax narrowed to US$478 million.

Starlink looks to obtain a license next year

According to the Economic Times, SpaceX is applying for a commercial license in India for its Starlink satellite broadband service. Pre-orders for the company’s services have surpassed 5,000, with the service set to launch in 2022.

Car sales decreased 2.7% in November

According to India Infoline, FADA data showed that total retail vehicle sales fell 2.7 percent in November compared to the same month in 2020 and 20 percent compared to the same month in 2019. Retail sales of three-wheelers and commercial vehicles increased by 67 percent and 13 percent, respectively, in November 2021.

Handset launches in 1Q22 to decline 20%

According to the Economic Times, the chairman of the India Cellular Electronics Association (ICEA) predicts a 20% drop in handset launches in the first quarter of 2022 due to the Omicron variant of COVID-19 and component shortages.

Source

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

More like this

ICC ODI World Cup: Top 5 Highest Score in World Cup history - all the details you need to know about!

ICC ODI World Cup: Top 5 Highest Score in...

The ICC Men's Cricket World Cup has been a stage for cricketing excellence ever since it...
Haier Expands Manufacturing Footprint with ₹1,000 Crore Investment

Haier Expands Manufacturing Footprint with ₹1,000 Crore Investment

Haier India is strengthening its manufacturing presence in the country with a fresh investment of ₹1,000 crore...
India win the ICC Champions Trophy 2025, ending their 4,277-day ODI title drought!

India win the ICC Champions Trophy 2025, ending their...

As the final ball was bowled at the Dubai International Cricket Stadium on March 9, 2025, a...
ICC Champions Trophy Prize Money: How much Money will India receive by Winning the tournament?

ICC Champions Trophy Prize Money: How much Money will...

As cricket fans worldwide eagerly await the ICC Champions Trophy 2025, set to begin on February 19...
GDP

India’s Economic Rollercoaster: GDP Growth Defies Expectations in 2025

Hold onto your chai, folks! India's economy is on a wild ride, and it's time to buckle...

LATEST NEWS

EA FC25 Late to the Party Evolution: Unlock Hidden Gems and Supercharge Your Ultimate Team

In the ever-evolving world of EA FC25, a new feature has taken the Ultimate Team mode by storm. The Late to the Party Evolution...

EA FC25 Late to the Party Evolution: Unlock Hidden Gems and Supercharge Your Ultimate Team

In the ever-evolving world of EA Sports FC 25, a new feature has taken the Ultimate Team mode by storm. The Late to the...

Wamiqa Gabbi Dazzles in Strapless Purple Maxi Dress at Diamond Brand Launch: A Fashion Triumph

In the glittering world of Bollywood, where every public appearance is a potential fashion moment, Wamiqa Gabbi has once again proven why she’s one...

Ranbir Kapoor Dapper Transformation: Three-Piece Suit and Rs 8.7 Lakh Goyard Briefcase Steal the Show

In the ever-evolving landscape of Bollywood fashion, where every public appearance is scrutinized and trend-setting moments are born, Ranbir Kapoor has once again proven...

Featured