The Apollo Tyres stock plummeted 20.87 per cent to Rs 72.80 in the late morning trade on Thursday on the BSE after the company announced that it will acquire the US-based Cooper Tire & Rubber Company in an all-cash transaction of around Rs 14,500 crore ($2.5 billion). A consortium of four banks — Morgan Stanley, Deutsche Bank, Goldman Sachs and Standard Chartered — will raise $2.5 billion of new debt to fund what is one of the largest overseas acquisitions by an Indian company.
Under the terms of the deal, which has been unanimously approved by the boards of directors of both companies, Cooper stockholders will receive $35.00 per share in cash. Apollo is paying Cooper shareholders a 43 per cent premium over yesterday’s closing price on the New York Stock Exchange.
According to Neeraj Kanwar, Vice-Chairman and Managing Director, Apollo Tyres, this deal will propel Apollo Tyres from 16th to 7th position in the global tyre manufacturing rankings, and get deeper market access in the US, Europe and China. Cooper Tire is ranked 11th globally with revenues of around $4 billion. As part of the deal, Apollo Tyres will take over 14,000 employees and the operations of Cooper’s eight plants across the world, taking Apollo’s headcount to 30,000.
After the merger goes through, Apollo will have 14 plants worldwide, and will more than double its capacity to 3,500 tonnes per day from 1,500 tonnes per day now. The deal is expected to be concluded in the second half of this year, after regulatory approvals as well as getting approval from Cooper’s stockholders.
Apollo was founded in 1972 and is reputed for high performance tires across a range of well-known premium and mid-tier brands, including the flagship Apollo brand and Vredestein. Cooper was founded in 1914 and today supplies premium and mid-tier tires worldwide through renowned brands such as Cooper, Mastercraft, Starfire, Chengshan, Roadmaster and Avon.
With the car market continuing on a downhill drive, India’s largest carmaker, Maruti Suzuki India has announced an exchange programme for its existing customers which will be valid for the whole of June 2013.
The company is targeting to reach out to over 5 lakh customers across the country with special discounts and offers through the network of its pre-owned car business called ‘True Value’. A mega carnival will be held across 112 cities on June 15th and 16th as a part of the initiative. The carnival will go beyond the metro cities covering tier 1 and tier 2 locations like Ranchi, Patna, Indore, Bhubneshwar, Raipur, Karnal, Hubli, Sagar, Mandi, Vapi, Vardha, Jamnagar etc. to name a few.
The month long Mega Carnival is an initiative for driving exchange and facilitating the new car sales. It will be led by our True Value chain which will act as catalyst to spur growth in of this segment. Maruti Suzuki is the market leader in this format of business. This initiative will provide a boost to an overall sluggish market and also create a positive sentiment for the entire automobile industry.
– Mayank Pareek, chief operating officer, Maruti Suzuki India
On offer will be a number of spot booking benefits, including attractive EMI schemes with bank partners, exchange bonus and loyalty bonus for the full range of Maruti Suzuki cars, during the month-long exchange campaign at all dealerships across India.
Car sales in India fell for a record seventh consecutive month in May with a decline of 12.26 per cent at 1,43,216 units, prompting industry body SIAM to caution that the prolonged slump in the market could result in job losses in the automobile sector. Maruti Suzuki India registered 8.25 per cent decline in domestic sales at 66,342 units in May.
General Motors (GM) India has suspended production of the diesel variants of its newly launched Chevrolet Sail sedan and the Sail U-VA hatchback, suspecting problems with the 1.3-litre diesel engine used in these cars.
GM India has also suspended production of the BS III variant of the Chevrolet Tavera due to emission concerns. Not only might the delivery of these cars might be delayed, the issue may lead to a product recall of all diesel models of the Sail saloon and Sail hatchback manufactured over a certain period. GM India, for now, did not say if a recall of the cars was likely. P Balendran, vice president, GM India, said, “We will come back to you with an update after thorough investigation in the coming days.”
Neither issue is safety-related. The Tavera BS-IV and Sail HB & NB petrol models are unaffected and production of these vehicles is continuing.
It is not clear when the company will resume production the three vehicles. GM launched the Sail U-VA hatchback last year and the Sail sedan this year in the country.
India will witness the revival of the iconic Datsun brand at Kingdon of Dreams in Gurgaon, Haryana on the 15th of July this year. Datsun has announced that the first car of their comeback will be unveiled at the event, and Carlos Ghosn, global CEO of the Renault-Nissan alliance, is expected to do the honours. The new Datsun will be a hatchback based on the previous generation Nissan Micra.
The new car is expected to arrive with a host of styling changes compared to the dated Micra, and will be smaller in terms of exterior dimensions but roomier inside. It will be powered by the Micra’s 1.2 litre petrol engine with no information about a diesel unit yet.
Datsun is aiming to sell 1.50 lakh to 2 lakh cars in India every year and is therefore expected to price their models very competitively. In agreement with their philosophy of quality at a budget, rumours are that the Datsun hatchback will be priced under Rs 4 lakh. This puts it into direct competition with the likes of the Maruti Suzuki Alto 800 and Hyundai Eon, which offer comparatively smaller engines (796 and 814cc respectively). The Datsun may already have an advantage, being more powerful than all its rivals while also matching their fuel efficiency.
A larger model with a seven-seater option is also being planned for the Datsun range of cars in India. This model is expected to compete with the likes of the Maruti Suzuki Ertiga. and the Japanese automaker plans to launch all three models at the 2014 Auto Expo.
Despite the extremely poor reception to hybrid cars in India (both the Honda Civic and Toyota’s own Prius failed miserably), Toyota has announced that it will launch the Camry Hybrid in August. Toyota believes it can sell around 20-25 Camry Hybrids a month, which makes up around 5-6 percent of total Camry sales. It’s planning to locally assemble the Camry Hybrid in India alongside the 2.4-litre petrol model.
The Camry Hybrid will get a host of exterior and interior changes to differentiate it from the regular Camry. At the front, it comes with a new bumper having a wider air dam, as well as restyled fog lamps with chrome inserts. The front grille also features a chrome strip. There isn’t anything new about the rear, except for the blue badge that reads ‘Hybrid Synergy Drive’. On the inside, we get a redesigned dashboard and three dials in the instrument cluster. Toyota will also use a different seat fabric to add to the premium feel.
The 2.5-litre engine, mated to a hybrid powertrain, will see a bump up in power thanks to the use of an electric motor. This engine comes mated to an e-CVT (electronic continuously variable transmission) gearbox. The hybrid powertrain features a water cooled system that reduces the temperature of the exhaust gas and then reroutes this to the intake to control emissions. The system has also been tweaked to increase efficiency by reducing transaxial losses and improving motor control. The car will also have an EV drive mode, with which it can be driven on the electric motor alone for 2.5 km, provided the car doesn’t cross 40 kmph. Toyota will also tweak the chassis a bit to compensate for the extra weight of the electric powertrain.
Even with all the extra features, an expected price of Rs. 36 Lakh (about Rs. 12 Lakh over the regular Camry) seems too high to attract enough customers. Watch this space for updates on the Toyota Camry Hybrid!
While the top-end models of the Tata Vista hatchback and Manza sedan are shipped with an infotainment system featuring integrated satellite navigation (sat-nav), Tata Motors has now entered into an association with which the sat-nav device will be offered as a standard feature in the Vista D90 ZX+ with maps from MapmyIndia.
Tata Motors is known as a vehicle manufacturer with a deep understanding of customer needs; the car models reflect this philosophy. Similarly, at MapmyIndia we take into account customer feedback and incorporate it into our product offerings. We are extremely happy to have partnered with Tata Motors to bring a superior GPS ‘navitainment’ experience to Tata Vista D90 customers. We remain committed to developing superior products and set new benchmarks with best in-class features that meet the needs of the Indian car buyer. – Shivalik Prasad, Executive Director, MapmyIndia
Owners of the Tata Vista D90 ZX+ and of the VX, GVX, EX and GEX variants of the Manza will now be able to use updated maps from MapmyIndia, covering 10.33 million locations, 1.9 million road kilometres, 6,00,000 villages, 4,787 cities at street-level, 50 cities at house-level, 46 cities in full 3D and driving directions to 30,000 tourist locations. The navigation system will also offer features like extended lane guidance, sign-posts, rich points of interest, regional voice guidance and regional maps, turn-by-turn and voice-guided navigation, 3D imagery for India which includes full scale 3D landmarks across the country snd 3D city models which will include 3D buildings for residential and commercial areas across 36 major cities in India.
Sat-nav systems are of great help in finding locations reducing wastages of time and fuel while also making one’s drive comfortable and safer. Sat-nav systems are yet to pick up in India due to incomplete and inaccurate mapping, however organisations such as MapmyIndia are working to provide an updated range of maps across cities outside the metros. Expect to see more indigenous cars with in-built and functional sat-nav systems in the coming years.
This weekend saw Sebastien Loeb try out the Peugeot 208T16 at Pikes Peak for the first time ahead of this year’s event. His test run was split into two stages, covering the lower half of the run on Saturday and the second half on Sunday. On both occasions he was fastest overall. The divided programme was aimed at building up Loeb’s knowledge and pace notes ahead of his first full runs.
The 9-time WRC champion felt immediately comfortable with the 208T16, even though he only completed his first meaningful run in the car last month.
I feel very confident with the car. That’s a reassuring start, if only because of the speeds we get up to here. We are already getting close to the limit in many places. All we need to do now is make some detail changes and we will be ready for the big day.
– Sebastien Loeb
Peugeot’s sport director Bruno Famin was happy with the weekend’s result saying that the car suited Loeb and barely any changes to the car’s set-up were required. Loeb will participate in three more official practice sessions at the end of this week. The main event takes place on June 30.
Read more about the specially crafted Peugeot 208T16 which is being piloted by Sebastien Loeb at the 2013 Pikes Peak Hill Climb here and here.
After reports from Autocar India about Nissan producing its own version of Renault’s Duster, Nissan has confirmed the rumours by announcing the Terrano and releasing an official sketch.
The Terrano will be produced at Nissan’s Oragadam plant alongside the premium hatchback Micra, Sunny sedan and Evalia urban class utility vehicle, expanding Nissan’s locally-built model range to four.
I am delighted to reveal both the name and the very first image of what will be a very important model for Nissan. You can see from the sketch that the Terrano has a bold and distinctive design that I am confident will appeal to our growing customer base in India, as will its driving performance and range of other features that will be revealed at a later date.
– Kenichiro Yomura, President & CEO, Nissan Motor India
The Nissan Terrano is expected to be launched in India in 2013.
According to a report by Top Gear, famous and defunct British automaker TVR is back from the dead. Former Russian owner Nikolai Smolenski had announced plans to use the company’s production facilities to start churning out wind turbines instead of sports cars. Thankfully, before such plans could materialise, Britisher Les Edgar swooped in and purchased TVR from Smolenski in its entirety. Smolenski bought TVR in 2004 for around 15 million pounds, but never got around to producing a vehicle under the brand’s name. Les Edgar won’t say exactly how much he paid for TVR due to non-disclosure agreements, but he has made it clear he has big plans for the brand, and that past mistakes will not be repeated.
You can’t let these great brands disappear or go abroad. The starting point was ‘let’s get it back’. There’s a huge amount of passion with the TVR brand. You’d be hard-pushed to find a British car brand that generates so much passion.
– Les Edgar
Edgar, a Surrey-based entrepreneur best known for developing video games also played a part in reintroducing Aston Martin to GT racing. Although Edgar could not confirm when we will see the next TVR and what it may look like, he is determined to maintain the brand’s heritage and make sure it stays true to its British roots. We hope for more information about the revival of the very charismatic automaker soon, keep checking this space for updates.
An updated Fiat Linea T-Jet has been launched at a base price of Rs 7.6 lakh (ex-showroom, Delhi). It is available in three trims; Active, Dynamic and Emotion. The base Active trim gets rain sensing wipers, ABS and EBD. The Dynamic trim gets twin airbags, automatic climate control and steering-mounted audio controls with Bluetooth, and the Emotion trim gets 16-inch alloys and leather seats, Disc brakes on all four wheels are standard throughout the range. The Emotion also has an extra 5mm ground clearance at 190mm.
The new Linea T-Jet is powered by the same engine as before, a 1.4-litre turbocharged petrol unit generating 112.4 bhp of power and 207Nm of torque, while returning a claimed fuel efficiency of 15.7 kmpl. The engine is mated to a five-speed manual gearbox. There are no changes to exterior or interior styling and it will be offered in five colour options; Oceanic Blue, Tuscan White, New Pearl White, Hip Hop Black & Minimal Grey.
We are optimistic about our prospect for growth in the Indian car market, which is rapidly becoming one of the major markets in the world. With the launch of 2013 Linea T-Jet, an expanding dealer network and upcoming marketing initiatives, we will be in a strong position to capitalise on this growth. With the differences in the prices of petrol and diesel neutralising, we are witnessing a rise in the consumption of petrol cars once again. The 2013 Linea T-Jet which is available in three variants Active, Dynamic and Emotion, offers a perfect blend of sophisticated style, guaranteed performance, class leading comfort, outstanding ride and handling with unbeatable toughness. The 2013 Linea T-Jet is sure to capitalise in the C plus segment, which is one of the fastest growing segments in the Indian car market.
– Nagesh Basavanhalli, President and Managing Director, Fiat Chrysler Operations India
The Fiat Linea T-Jet has the distinction of being the only turbocharged petrol mid-size sedan in India and competes in a crowded segment against the likes of the Maruti Suzuki SX-4, Hyundai Verna, Ford Fiesta, Volkswagen Vento, Skoda Rapid and the Honda City. The new Linea T-Jet will initially only be available for sale in the top eight metros, and detailed pricing is as follows:
It has been reported by Autocar India, that Nissan is going to flex its alliance with Renault to spin off a Duster of its own. Just as it did with the Sunny, Nissan will resurrect the Terrano nametag, a moniker once used for the Pathfinder when it was introduced way back in 1993 and discontinued in 2006. The new model will feature unique sheetmetal to give it a look similar to other Nissan SUVs. But the interior as well as the powertrain is expected to be the same, meaning there will be a range of gasoline and diesel four-cylinder engines with both manual and automatic gearboxes and front- or all-wheel drive. However, the Terrano is expected to be priced Rs. 50,000- Rs. 75,000 more than the Duster, unlike other Nissan models which are priced lower to their Renault counterparts.
This has to do with an agreement in the Renault-Nissan Alliance. When Renault badge engineers a Nissan car, the Renault version has to be priced higher than its Nissan donor and vice versa. This is why the Nissan Sunny is cheaper than its badge-engineered compatriot, the Renault Scala. In this case, since Nissan will be the one borrowing the Duster, the Terrano will be priced higher.
The car will come with a new bumper, tailgate, headlamps and tail-lights. The badge-engineered Terrano is expected to be launched by the end of this year.
The 2014 Toyota Corolla has finally been unveiled, and with it Toyota has released lots of official shots of various versions of the car. Scroll down to compare how different variants of the 2014 Corolla stack up visually, as well as the Euro-spec version featuring a slightly different front-end.
Here are official pictures of the Euro-spec version of the 2014 Toyota Corolla. Note the difference in its front end?
And in these pictures, one can see some of the other colours in the 2014 Corolla range, as well as the visual differences between variants.
The Toyota Corolla is widely known as the best-selling car on the planet and after tons of teasing, the long overdue update has finally been unveiled by Toyota. This is the 2014 Toyota Corolla and it features the new design language, first seen on the Furia Concept, which Toyota calls “Iconic Dynamism.” Likely to be known as the Corolla Altis in India, the car features much sharper styling than its predecessors. In an effort to solve the demerits of a now dated design, Toyota has added nearly 4 inches to the wheelbase. Here are the exact numbers:
Exterior Dimensions (Change compared to current model)
Overall length
182.6 in. (+3.90 in.) 183.1 for S-grade
4639 mm (+99), 4650mm for S-grade
Overall width
69.9 in. (+0.63 in.)
1776 mm (+16)
Overall height
57.3 in. (-0.39 in.)
1455 mm (-10)
Wheelbase
106.3 in. (+ 3.93 in.)
2700 mm (+100)
Front Overhang
37.7 in. (+0.90 in.)
958 mm (+23)
Rear Overhang
38.6 in. (-0.94 in.)
981 mm (-24)
The newly designed front end is testament to Toyota’s ambition of attracting a younger generation to its 47 year old torch bearer, with its aggressive and sporty styling. A prominent shoulder line, the kink in the window line and heavily creased bumpers remain from the Furia concept, adding character to the previously demure image of the Corolla. The wraparound tail-lamps are sharper and the presence of the Furia’s modern, tightly stretched skin is also evident. We wish more attention had been paid to the uninspiring rear end, but have no doubt that the 2014 Corolla’s new image is a very welcome change.
Internationally, engine choices will consist of two 1.8-liter four-cylinder units. One will offer dual VVT-i technology – where the valve timing on both the intake and exhaust are infinitely variable – and will produce 132 horsepower and 128 pound-feet of torque. The other, more efficient version will utilise Toyota’s new Valvematic technology to put out 140 horses and 126 lb-ft of torque. It is not known right now if the Valvematic engine will make its way to India, but the 1.4-litre diesel engine currently offered in the country is expected to be available as well. Here are detailed specs of the two internation 1.8-litre engines:
Engine Specifications
Engine Type
2ZR-FE
2ZR-FAE
Number of Cylinders/arrangement
4 cylinders, in-line
4 cylinders, in-line
Valve Mechanism
16-valve DOHC with Dual VVT-i
16-valve DOHC with Valvematic
Bore x Stroke mm
80.5 x 88.3
80.5 x 88.3
Displacement c.c.
1798
1798
Compression Ratio
10.0:1
10.6:1
Fuel System
EFI
EFI
Max Output
132 Hp/ 6000 rpm
140 Hp/6100 rpm
Max Torque
128 lb-ft/ 4400rpm
126 lb-ft/4000 rpm
With the new CVTi-S automatic, Toyota claims a “17 kpl estimated highway fuel economy” with the Eco trim. The CVTi-S also offers a sport mode, which alters shift points and the power steering. With the S model, paddle shifters will also be part of standard equipment on the car. Apart from the new CVT, the base model Corolla L will be offered with a four-speed automatic transmission or a six-speed manual transmission, which is also available in the Corolla S in case you prefer either to paddle shifters for changing your Corolla’s gears.
Euro-spec 2014 Corolla
The S model comes with 17-inch wheels and ventilated disc brakes on all wheels, whereas the base model is equipped with 15-inch wheels with rear drums, however “Vehicle Stability Control (VSC), Traction Control (TRAC), Anti-lock Braking System (ABS), Electronic Brake-force Distribution (EBD) and Brake Assist” will come as standard, as will the Smart Stop Technology brake-override system and the electronic tire pressure monitoring system.
All new interiors make the 2014 Corolla a much nicer place to be than the outgoing model. Official pricing hasn’t been announced yet, but we’ll be sure to update you when Toyota shares any more information about the new Corolla. What do you think about the newest version of the world’ best selling car? Let us know in the comments section below!
Honda has implemented the second phase of its price hike by increasing prices of its new Amaze compact sedan going up by Rs. 3,000 to Rs. 8,000 depending on the variant in Delhi. The price hike has also hit the company’s only SUV in India, the CR-V, with prices going up by Rs 6,000 to Rs 14,000 depending on the variant in Delhi. Both hikes were in effect since 1st June 2013.
April 2013 saw the first phase of a price hike by the Japanese manufacturer across the City (Rs. 3,000), Brio (Rs. 2,000-10,000) and Accord (Rs. 5,000) to offset the increased cost of onboard diagnostic compliance changes (OBDC) and rising freight charges due to hike in diesel prices.
We’re not looking at another round of price increases just yet. Short-term volatility s covered by forward contracts, and only very few car makers have big ticket dollar imports. Like Honda only imports a few parts for the Accord from the US. Our larger imports are either from Japan or from Thailand and if the yen and the baht also depreciate vis-a-vis the dollar, the rupee movement will be neutralized.
– Jnaneswar Sen, Senior VP-Marketing and sales, Honda
The Skoda Octavia vRS is back and its better than ever. The third generation of the Octavia vRS is the fastest production Octavia ever and it ticks all the right boxes with distinct styling and a range of fuel-efficient engines. It will be available both in sedan and station wagon ‘Combi’ bodystyles.
The 2.0-litre turbocharged four-cylinder petrol engine is the same as that used in the international Volkswagen Golf GTI, and puts out 217 bhp. It will allow the Octavia vRS to sprint for 0 to 100 kmph in 6.8 seconds and will hit 248 kmph flat out. Another option is the 2.0-litre TDI diesel unit from the Volkswagen Golf GTD, tuned to produce 182 bhp and 280 lb-ft of torque. It will hit 100 kmph in 8.2 seconds and go on to touch a top speed of 232 kmph. All these figures will apply to the standard six-speed manual gearbox, and a six-speed dual clutch transmission with paddle shifters will be on the options list. Skoda claims both engines are up to 19% more fuel efficient than the outgoing fast Octavias.
The new Octavia vRS comes with sports suspension and front wheel drive, with an electronic XDS differential equipped as standard to help improve traction and reduce understeer. Also featuring is a retuned steering set-up to require less steering angles on more challenging roads.
The vRS can be easily distinguished from standard Octavias due to a host of external modifications, most prominent of which is a new bodykit. Alloy wheels can be ordered in sizes of 17, 18 or 19 inches diameter, and add to the sporty feel of the car. Red brake calipers and bi-xenon lights with integrated LEDs are standard on the Octavia vRS. Compared to the standard model, it rides 12mm lower (13mm in the case of the Combi), has a new front bumper with a bigger air dam featuring a honeycomb grille and sleeker fog lamps as well as a rear diffuser flanked by chrome exhaust pipes on either side. Traditional vRS badges all around ensure that nobody mistakes it for a standard Octavia.
Sports seats, a leather-wrapped sports steering wheel, stainless steel pedals and a new instrument panel can be found inside. The new Skoda Octavia is expected to launch in India later this year, while the Octavia vRS will hopefully follow suit soon after.
