Eyeball events mark new launches

Several car manufacturers in Asia’s third biggest car mart are racing to introduce new models to woo buyers with exciting marketing strategies and eyeball events.

From market leader Maruti Suzuki to Hyundai, Mahindra, Honda, among others, aggressively tap into every gimmick to catch potential buyers attention during the festival season. The season starts in August in some parts of the country and goes on till December, which marks model year ending, with heavy discounts to lure customers.

Hyundai joins car-sharing firm Revv to expand biz

Hyundai Motor Co-mpany, South Kore-a’s biggest car maker, has partnered with self-drive car sharing company Revv to develop an innovative car sharing service in India. The market for self-drive services is expected to grow to $1.5 billion by the end of 2018 from $900 million in 2016, and is projected to expand to $2 billion by 2020.

New bikes from the stable of Royal Enfield

Royal Enfield, the Eicher Motors-owned cruiser and touring bike specialist, plans to start bookings for its much awaited all new Continental GT 650 and the Interceptor INT 650 bikes this November.

It will be a global launch event for all markets.

Royal Enfield is the global leader in mid-size motorcycle segment.

These two new bikes were showcased in November last year at the EICMA, the Milan Motorcycle Show, Italy.

Maruti Suzuki, Mercedes hike car prices

Mercedes-Benz and Maruti Suzuki have decided to rai­se prices of their cars, blaming rising input costs and upwards forex movement.

While prices of Merce­des-Benz cars will go up  by up to 4 per cent from Septe­m­ber 1, cost of Maruti Suzuki vehicles will rise by up to Rs 6,100 (ex-showroom Del­hi) with immediate effect. 

Announcing the hike, the German luxury brand said rising inflation due to geo-political dynamics, coupled with rising input costs and increasing forex rates were exerting significant pressure on overall operations.

Pune bank loses Rs 94.42 cr in two days as hackers clone debit cards

In a major cyber fraud, hackers stole Rs 94.42 crore over two days by hacking into the ATM Switch (servers) of the Pune-based Cosmos Cooperative Bank, one of the oldest urban cooperative banks in the country.

The bank on Monday paid the entire amount of Rs 94.42 crore to the American Visa and Indian RuPay payment gateways and settled the liability.

Hackers cloned Cosmos Bank debit cards of Visa and RuPay internet payment firms.

Polaris launches off-road adventure track near Pune

Polaris India, a wholly owned subsidiary of New York Stock Exchange-listed American Polaris Industries, world’s biggest off-road vehicle maker, is targeting to more than double its off-road adventure track locations within two years.

“Our all terrain vehicle business in India is growing and increasing our topline,” Pankaj Dubey, managing director at Polaris India told Financial Chronicle, without disclosing numbers.

Piaggio to invest Rs 100 cr in five years

Piaggio Vehicles, the Indian arm of the Italian auto major Piaggio group, plans to invest over Rs 100 crore to develop new vehicles and new engine technology for the world’s fourth biggest automobile market.

“We are a profitable company. The growing Indian market is important for us and we are going to invest around Rs 100 crore over the next five years in developing new power trains, products, including electric vehicles for the Indian market,” Diego Graffi, managing director and chief executive officer at Piaggio Vehicles said.

Harley Davidson to introduce 250-500 cc bikes in India

Harley-Davidson, the American iconic superbike maker, is planning to challenge the leadership of Royal Enfied by introducing a mid-size motorcycle in the 250-500 cc range for the lucrative Indian market and the emerging market such as China and other Asian markets.

The US-headquartered company, famed for its super big bikes, also plans to forge a strategic alliance with another motorcycle manufacturer to develop and sell these motorcycles in these markets.

Mahindra to launch new global MPV Marazzo in September

Mahindra and Mahindra, India’s second biggest utility vehicle maker by sales, on Tuesday announced name of its global new multi-purpose vehicle (MPV) model codenamed U321 as ‘Marazzo’.

The Mumbai-based auto major did not disclose its total investment in developing this new vehicle.

But when asked Pawan Goenka, managing director at M&M said to develop any new platform to produce a vehicle the standard investment is between Rs 1000 to Rs 1,500 crore.