Merecedes-Benz Reaches Key Milestone
Mercedes-Benz has reached a major milestone with cumulative production of one lakh cars in India, according to a report.
This came with the rolling out of an E-Class sedan from its Chakan plant near Pune. The German luxury car maker, which launched in India 24 years ago, said the next production milestone will be achieved sooner considering the growth that the Indian automotive market has witnessed over the past few years.
Ferrero Plans Major Investment In India
Ferrero will invest another 500 crore rupees to take its total investment to 2,000 crore rupees in India, says a report.
This is part of the Italian confectionery major plans to expand its production facility and distribution network, said a top company official. The company is now aiming to further penetrate into tier II and III cities by doubling its distribution network over the next 2-3 years. Ferrero offers brands like Ferrero Rocher, Kinder, Tic Tac and Nutella
JioPhone Tops Global Market
Reliance Jio’s feature phone, JioPhone, has take the number one spot in the feature phone market globally, according to a report.
The 4G feature phone from the retail arm of Reliance Industries, has won a 15 per cent share of the global market, with Finland’s Nokia having 14% share, African major Itel at No.3 with 13% and South Korean smartphone giant Samsung and Itel’s sister brand Tecno sharing No.4 position with 6% each in the quarter ended March 2018, According to Hong Kong-based Counterpoint Research, JioPhone, which it sold effectively free of cost, also pushed the global feature phone market up by 38% year-on-year. India alone contributed to almost 43% of the total feature phone shipments in the quarter.
VW May Skip Hatchback Segment
Volkswagen Group, which was once seen as a stiff challenger to market leader Maruti Suzuki, may skip the crucial hatchback segment in India because it is low on priority for the carmaker’s vision “India 2.0 strategy”, says a report.
While the small car market makes up for more than half of the country’s 3.4 million passenger vehicle market, VW is stressing on meaningful market share with profit as priority over large volumes. The small car market is very crowded, instead the company can make deeper inroads into the relatively under penetrated sedan and SUV market, where VW or Skoda can stick to their DNA and yet make money, according to an official.
Software Firm To Focus On India
India is at the centre of NYSE-listed Zendesk’s global growth strategy over the next two years, says a report.
The customer service software firm is looking to double down on investments to scale its India team and grow its existing client base, both in number and services offered to them. The company recently surpassed a $500-million annual revenue run rate and is aiming to be a $1billion business by 2020 with India expected to be one of the core growth markets.
DHL To Invest More In Trucking Firm
German logistics major DHL is planning additional investments on top of the already committed 250 million euros in a specially created trucking company, saya a report.
The company aims to have 3,500 trucks by 2020 and take it up to 10,000 in a decade, but did not give details of the investments which would be ploughed-in. The firm had announced launch of an asset-heavy trucking company, DHL Smartrucking, promising to deliver on time and save costs using technological tools, better fleet of trucks and manning the cabin with two drivers.
Housing Sales Surge 13%
Housing sales across top eight Indian cities recorded a 13% increase in FY18 in a sign of recovery of the residential property market, according to a report.
This growth, led by affordable housing and mid-income segments, comes after the market witnessed a 5% rise in sales last year. Of the key markets, Mumbai Metropolitan Region witnessed the maximum growth of 25%, showed data from Liases Foras Real Estate Rating & Research. Affordable housing continued to be the mainstay of demand as the contribution of this segment to the overall sales in tier I cities, including Mumbai, Delhi-NCR, Bengaluru, Pune, Hyderabad, Chennai, Kolkata and Ahmedabad, stood at 18% during the fourth quarter.