Mumbai: Mahindra &amp; Mahindra on Friday reported an 18% increase in consolidated profit to Rs 2,637 crore for the March quarter and highest-ever annual profit of Rs 10,282 crore in FY23, driven by robust performance across business verticals.
The automaker also said that it will be spending Rs 15,900 crore on capital expenditures (capex) between fiscal years 22 and 24, up from the previous estimate of Rs 15,075 crore.
The Mumbai-based firm's PAT for the first three months of the fiscal year 2021-22 was Rs 2,237 crore.—Inputs from Agencies

Mahindra & Mahindra on Friday reported an 18% increase in consolidated profit to Rs 2,637 crore for the March quarter and highest-ever annual profit of Rs 10,282 crore in FY23, driven by robust performance across business verticals.

Mahindra Q4 profit rises 18 pc to Rs 2,637 cr; FY23 profit up 56 pc; company raises capex outlay

New Delhi: Having completed six years in the Indian market, luxury carmaker Lexus plans to enter the used car sector there in the coming year, according to a senior company official.
Currently, the Japanese automaker distributes its products through 23 retail locations, but it plans to expand the scope of some of these stores to include the pre-owned vehicle market.
While it has made a name for itself with its self-charging hybrid vehicles, Lexus is preparing to launch its first electric model in the United States by 2025.—Inputs from Agencies

Having completed six years in the Indian market, luxury carmaker Lexus plans to enter the used car sector there in the coming year, according to a senior company official.

Lexus to enter used car market; launch first EV in India by 2025

New Delhi: On Tuesday, the automotive industry praised India's first crash testing programme, Bharat NCAP, saying that the initiative will raise safety standards for vehicles in the country and that consumers would benefit from the program's objective ratings.
In addition to Hyundai Motor India, Mahindra &amp; Mahindra, and Renault, the plan has the full support of the market leader in India's automobile industry, Maruti Suzuki India, which has pledged to provide at least three vehicles for testing under the programme in the first batch alone.
Bharat NCAP (New Car Assessment Programme) was unveiled on Tuesday by Union minister Nitin Gadkari with the goal of enhancing the safety of automobiles weighing up to 3.5 tonnes on public roads.—Inputs from Agencies

On Tuesday, the automotive industry praised India's first crash testing programme, Bharat NCAP, saying that the initiative will raise safety standards for vehicles in the country and that consumers would benefit from the program's objective ratings.

Bharat NCAP to help elevate vehicle safety standards in India: Automakers

Jan 03: Tesla delivered a record number of electric vehicles (EV) in the fourth quarter, beating market estimates and meeting its 2023 target, but lost its spot as the top EV maker by sales to China's BYD.
Tesla delivered 484,507 EVs in the October-to-December period, falling short of the 526,409 vehicles that Warren Buffett-backed BYD handed over - mostly in China - suggesting that car buyers were looking for cheaper models in a high-interest-rate economy.  While the US automaker's year-end sales push mostly paid off, helping it deliver 1.8 million vehicles this year, it fell short of CEO Elon Musk's ambitious 2 million annual internal target.  However, it is still ahead of BYD for the whole year. The Chinese firm delivered a total of 3.02 million vehicles, including about 1.4 million plug-in hybrid EVs.  Tesla stock, which doubled last year, was nearly flat on Tuesday in a broadly weaker market.  BYD's deliveries show price cuts are working for the Chinese company, said Susannah Streeter, head of money and markets at Hargreaves Lansdown.
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"The fight will hurt margins for both companies, but BYD clearly believes it's a price worth paying to increase market share and recognition," she added.  Tesla increased discounts and offered incentives like six months of free fast charging if customers took deliveries by December-end, in a bid to boost sales before some variants of its compact Model 3 sedan lose US federal tax credits in 2024.  That helped it post a growth of 11 per cent over the immediately previous quarter and higher than estimates of 473,253, according to 14 analysts polled by LSEG.  It made a record 494,989 vehicles in the quarter after a production halt in the third quarter to upgrade assembly lines, taking total production in 2023 to 1.85 million units.  On Wednesday, China Passenger Car Association (CPCA) data showed Tesla sold 94,139 China-made electric vehicles (EVs) in December, up 68.7 per cent from a year earlier.
Tesla's delivery numbers are "much, much, much better than domestic US car companies," said Gary Bradshaw, portfolio manager at Tesla shareholder Hodges Capital.  Smaller rival Rivian also reported deliveries on Tuesday, with the company missing market estimates amid a broader pullback in EV demand.  The weakness has led US automakers including Ford and General Motors to become more cautious about their EV production capacity plans.  Tesla is also facing scrutiny from regulators over its self-driving technology with the company recalling more than 2 million vehicles last month to install new safeguards in its Autopilot advanced driver-assistance system, after a federal safety regulator cited safety concerns.  Consumer Reports — an influential US non-profit group that conducts extensive reviews of cars, kitchen appliances and other goods — said its preliminary evaluation suggests the software update to fix issues were not sufficient and did not go far enough to prevent misuse and driver inattention.
Tax credits  Some analysts said Tesla could have to continue the price cuts it started in January last year to maintain demand, after the end of the tax incentives under the Inflation Reduction Act (IRA) brought forward sales into the fourth quarter.  "Tesla may have to cut prices further, especially for a vehicle like the versions of the Model 3 that lost their tax credit," said Seth Goldstein, equity strategist at Morningstar.  The rear-wheel drive and long-range variants of Tesla's Model 3 no longer have federal tax credits of $7,500 this year as updated requirements on battery material sourcing kick in, under the IRA.  Goldstein, however, said that most of the price cuts were in response to higher interest rates by the US Federal Reserve so Tesla may maintain prices if borrowing costs start coming down.  Model 3 cars and Model Y sports utility vehicles accounted for 461,538 deliveries in the quarter, while Tesla handed over about 23,000 units of its other models.  Tesla did not disclose if the deliveries included the newly launched Cybertruck.
—Reuters

Tesla delivered a record number of electric vehicles (EV) in the fourth quarter, beating market estimates and meeting its 2023 target

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Mahindra Q4 profit rises 18 pc to Rs 2,637 cr; FY23 profit up 56 pc; company raises capex outlay

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Mahindra Q4 profit rises 18 pc to Rs 2,637 cr; FY23 profit up 56 pc; company raises capex outlay

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