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Bajaj Auto’s total sales slump 70% to 127,128 units in May

In April, like some other automakers, Bajaj Auto’s domestic sales were nil. But it exported 37,878 units including two and three wheelers after ports had resumed operations.

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MUMBAI: Two-and three-wheeler manufacturer, Bajaj Auto Ltd’s total sales in May declined a sharp 70% to 127,128 units from 419,235 units sold during the same month last year.

The volumes include total domestic sales at 40,074 units and exports at 87,054 units, which indicates that operations across plants and dealerships in the country are yet to be scaled up to pre-coronavirus levels.

Though the company had resumed operations at its manufacturing units in Aurangabad and Pantnagar in April, it dealerships and service workshops reopened from 4 May. Later, the Chakan factory, which manufactures motorcycles under KTM, Husqvarna and Dominar brands, restarted operations on 5 May with one shift.

In April, like some other automakers, Bajaj Auto’s domestic sales were nil. But it exported 37,878 units including two and three wheelers after ports had resumed operations.

Bajaj Auto’s total two-wheeler sales, including domestic and exports, were at 112,798 units in May, down 69% year-on-year (YoY). Total three-wheeler sales were 14,330 units, down 74% YoY.

The company’s domestic two-wheeler wholesales were at 39,286 units in May, as against 205,721 units during the same period last year. Two-wheeler exports, however, have fared better at 73,512 units for the last month compared to 159,347 units in May 2019.

Domestic three-wheeler wholesales were 788 units versus 30,103 units units sold a year ago. Three-wheeler exports have taken a hit too, at 13,542 units against 24,064 units in May last year.

Mint recently reported that the company is also rejigging its export strategy with a focus on the Asean region as its key export markets in Africa are under stress due to crash in crude oil prices and the risk of currency devaluation.

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No BS-IV vehicles will be registered if sold after March 31: Supreme Court

This comes as India has decided to switch to the world’s cleanest emissions standard from April 1. It has gone straight to Euro-VI emission standards from Euro-IV.

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BS IV

NEW DELHI : The Supreme Court on Wednesday observed that no BS-IV vehicles will be registered if sold after March 31, 2020.

A bench of the Apex Court, headed by Justice Arun Mishra was hearing the matter pertaining to sale of BS-IV vehicles during COVID-19 lockdown, via video conferencing.

The top court recalled its earlier March 27 order allowing sale of BS-IV vehicles for 10 days post lockdown. The apex court had back then allowed marginal relief to auto dealers and auto companies, permitting sale of 10% unsold BS-IV inventory.

Justice Arun Mishra said, “Please do not take advantage of this court by playing fraud. You have told us no sales have taken place. You are understating your values.”

He said, “no vehicle could be registered without our order.” “You have sold more than allowed,” the court noted.

KV Vishwanathan, lawyer for FADA, said, the apex court allowed registration in March 2020.

However, the Bench asked how vehicles were sold during lockdown.

“It would be violation of the spirit of the court order if we allow sales after opening of lockdown,” the Apex Court said.

This comes as India has decided to switch to the world’s cleanest emissions standard from April 1. It has gone straight to Euro-VI emission standards from Euro-IV.

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Tesla delivers over 90K vehicles in Q2 2020, stock up 9%

Tesla’s revenue in Q1 2020 reached $5.9 billion, an increase of nearly $1.5 billion a year ago. The company ended the quarter with $8.1 billion of cash.

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Tesla CEO Elon Musk

San Francisco, July 2 : Tesla stocks were up 9 per cent on Thursday after the electric car maker posted stronger-than-expected quarterly deliveries.

The Palo Alto-based company said it delivered 90,650 vehicles in the June quarter. It achieved the feat despite its Fremont, California based factory was out of action owing to Covid-19 lockdown for most part of the quarter.

Tesla delivered 80,050 Model 3s and Model Ys in the quarter and 10,600 of its Model S luxury sedan and Model X SUVs.

“In the second quarter, we produced over 82,000 vehicles and delivered approximately 90,650 vehicles,” Tesla said in a statement.

Tesla market cap was over $200 billion and its stock closed at a record $1,133.36 on Wednesday.

“While our main factory in Fremont was shut down for much of the quarter, we have successfully ramped production back to prior levels,” it added.

Tesla reopened its Fremont, California-based factory after a long fight with the local authorities as sheltering-at-home rules were in place in May.

The company posted a surprise profit of $16 million in the first quarter of 2020 despite temporary disruptions in productions due to COVID-19 restrictions.

Tesla’s revenue in Q1 2020 reached $5.9 billion, an increase of nearly $1.5 billion a year ago. The company ended the quarter with $8.1 billion of cash.

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Tesla shares surpass record $1,000 mark for first time

The truck is slated to cost around $150,000 for the 300-mile model and around $180,000 for the 500-mile model, said the report.

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Tesla CEO Elon Musk

San Francisco, June 10 : Electric car maker Tesla”s stock surpassed all-time high of $1,000 mark on Wednesday morning trades after its CEO Elon Musk said it was time to begin ”volume production” of its new commercial Semi truck.

Shares of the California-based Tesla were up nearly 7 per cent 6.8% in the morning trade.

Wedbush analyst Dan Ives said that demand in China for Model 3 is going stronger than expected.

“We believe that the China growth story is worth at least $300 per share to Tesla as this EV penetration is set to ramp significantly over the next 12 to 18 months,” Ives wrote in a note to clients.

According to Tesla”s website, Semi is powered by four independent motors and requires the “lowest energy cost per mile”.

The truck was first unveiled in 2017.

Tesla”s Nevada factory would likely produce the truck”s battery and powertrain, while the remaining work will be carried out in other locations around the country, according to a memo Musk sent to Tesla employees, TheStreet reported on Wednesday.

“It”s time to go all out and bring the Tesla Semi to volume production,” Musk was quoted as saying in the email.

“It”s been in limited production so far, which has allowed us to improve many aspects of the design.”

The truck is slated to cost around $150,000 for the 300-mile model and around $180,000 for the 500-mile model, said the report.

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