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Wednesday, December 07, 2022

Decision of Modi Cabinet: Approval to 70 companies in auto parts sector in PLI

To make India’s auto parts industry self-sufficient and to overcome the shortage of semiconductors, the government on Friday selected 70 companies for the Production Promotion Scheme (PLI). This is expected to create 7.5 lakh new jobs in the auto parts industry. Rajesh Menon, Director General, SIAM, says that supply-related challenges, such as shortage of semiconductors, remain. .

The notification of PLI scheme was issued in September last year. Experts say the auto parts industry will be able to generate an additional Rs 2.31 lakh crore in the next five years. About eight to 13 per cent of the components selected under PLI scheme are related to safety, flex fuel, CNG, LNG, mileage enhancing components and sensors, while 13 to 18 per cent are related to hydrogen and electrical vehicles. Are.

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Earlier on February 11, 2022, the government had approved the PLI scheme application of 12 applicants under the Champion OEM Incentive Scheme for the automotive and auto parts industry. The list of companies selected for the PLI scheme also includes Maruti Suzuki, Toyota Component, Bosch, Minda Industries, Tata Auto Component and Bharat Forge. Apart from this, the government has also selected several companies from Germany, USA, Netherlands, Japan, South Korea, France and Italy for this scheme. This election has been held for 103 vehicle parts under the Champion Component Scheme.

Chip shortage reduces vehicle supply by 23 per cent: SIAM

The auto industry body SIAM said on Friday that the shortage of semiconductors (chips) and challenges in supply have affected production and the demand scenario has been affected due to increase in vehicle prices due to implementation of new rules. Supply fell 23 per cent in February 2022.

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In February 2022, total sales of passenger vehicles, two-wheelers and three-wheelers stood at 13,28,027 units, down 23 per cent from 17,35,909 units in the same month last year, Siam said. Total supply of passenger vehicles declined by six per cent to 2,62,984 units in February 2022 from 2,81,380 units in the same month last year. Wholesale sales of passenger cars last month stood at 1,33,572 units as against 1,55,128 units in February 2021.

However, sales of utility vehicles increased to 1,20,122 units last month from 1,14,350 units in February 2021. Last month, the van sold 9,290 units, down from 11,902 units in February 2021. Similarly, wholesale sales of two-wheelers declined by 27 per cent to 10,37,994 units last month from 14,26,865 units a year ago. Similarly, wholesale sales of three-wheelers declined marginally to 27,039 units last month from 27,656 units in the same period last year.

Russia’s sanctions will deepen the chip crisis

Russia has decided to ban the export of cars and auto parts, including more than 200 products, following sanctions imposed on the country in the wake of the Ukraine-Russia war. The ongoing conflict between Russia and Ukraine is affecting the auto industry not only in Russia but all over the world. This decision will only deepen the crisis of the semiconductor chip facing auto makers in the days to come.

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Russia’s ban on car and auto parts exports will last until the end of this year. Many carmakers have decided to suspend operations in Russia since the conflict escalated last month. Car manufacturers such as Volvo, Ferrari, Honda, Toyota, Volkswagen, General Motors, Jaguar Land Rover, Mercedes-Benz, Ford and BMW have not only suspended their operations, but also banned the export of their vehicles in the country. .

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