Tough days ahead for auto component manufacturers

A number of global auto giants such as General Motors, Ford, Daimler, Nissan, Toyota have been trimming their output and dismantling their plants due to the ongoing financial crisis. The Indian auto component industry had been busy working out plans to tide over the crisis as even the rupee depreciation is doing little to keep their businesses intact. For the past few months; the Indian suppliers are experiencing a 20-30 per cent drop in orders. Automotive Component Manufacturers Association (ACMA) has warned that if the slump in auto sales continued, exports could also be negative this year. On the contrary, imports are expected to grow owing to cheap components shipped in by Indian auto companies from countries such as China and South Korea. Component exports from India, that touched $3.6 billion in 2007-08, are estimated to be near flat in 2008-09.
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Refurbished Skoda Octavia likely to be released in next few years

According to a report, Skoda Auto India in its bid to reinforce a sizeable presence in the D-segment cars, is evaluating the possibility to launch an upgraded version of its Octavia model in the next few years. Furthermore, HT has also reported that the refreshed model would be finetuned in such a way as to make it more India-specific. It is believed that the Indian arm of the Czech automaker is considering building the car on a new platform from its existing Chakan facility near Pune in Maharashtra in the next few years. At this juncture, the company has not revealed any details like specifications, pricing and versions.
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SIAM : Overall auto industry grows by 6.53 per cent in May 2009

According to the figures released by Society of Indian Automobile Manufacturers (SIAM), the cumulative production data for April-May 2009 shows production growth of 8.28 percent over April – May 2008. In May 2009, overall production grew by 6.53 per cent over the same month last year. In April 2009, production grew at 10.19 per cent.
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Hyundai Verna Transform launched in S. Korea, could be in India by 2010

Hyundai Motor Company has recently launched a revised version of the Verna (sold as the Accent in some markets) in South Korea. Called the Verna Transform, the new variant is scheduled to go on sale in its home market later this month and it’s widely believed that the Korean auto giant will also launch this facelifted version in various other markets – including India – by the end of 2010. The C-segment sedan has received a number of technical enhancements as well as heavily updated exterior and a few minor interior upgrades.
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Jenson Button wins 2009 Turkish GP F1, Force India performs dismally

On 7th June, 2009, Brawn Mercedes driver Jenson Button won FIA Formula One 2009 ING Turkish Grand Prix on the Istanbul Racing Circuit at Istanbul, Turkey, thereby clinching his sixth victory of the season after seven races. He thus becomes the fifth driver in F1 history after Alberto Ascari, Juan Manuel Fangio, Jim Clark and Michael Schumacher (twice) to achieve such a feat.
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