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.

Hyundai woos with Brilliant Moments

Hyundai, the Korean car brand, which is celebrating 20 years of its operation in India, has its strategic planning, brand marketing and campaigning in place to give its archrival and market leader Maruti Suzuki a run for its money.

Its vision for the next 20 years is to become more premium to become profitable and gain market share. At present with 16 per cent market share, it competes fiercely with Maruti Suzuki, which commands over 50 per cent market share, Tata Motors, Honda, Mahindra, Toyota, Ford, Jeep, among others.

Mahindra aims a full range commercial vehicle brand

Mahindra and Mahindra, India’s second biggest utility vehicle maker, which turned around its truck and bus business, is now targeting a greater pie of the growing commercial vehicle market.

In fact, it is aiming for greater brand presence in the lucrative com-mercial vehicle space in the country.

M&M follows peers, raises vehicle prices by 2%

Mahindra & Mahindra, India’s second biggest utility vehicle maker by sales, on Monday said it will raise prices of its passenger vehicles by 2 per cent (up to Rs 30,000) to offset the rise in the price of raw material.

The new prices will be effective from August 1, 2018.

“With the ongoing increase in commodity prices we plan to take a price hike of up to 2 per cent in some models,” Rajan Wadhera, president, automotive sector at Mahindra & Mahindra, said.