Weekly News Wrap: Tata Raises Iveco Stake, Mahindra Accelerates Expansion, Bosch Eyes Chip Growth 

India's automotive industry witnessed several major developments between November 2 and 8, with Tata Motors moving closer to full ownership of Iveco Group, Mahindra & Mahindra outlining an aggressive capacity expansion and product launch programme, and automakers reporting strong demand ahead of Diwali.

Tata Motors increased its provisional stake in Iveco to 96.29%, crossing the threshold required to initiate a squeeze-out of remaining shareholders. Mahindra announced plans to increase its monthly SUV manufacturing capacity by 27% to 82,000 units by March 2027 and introduce five new vehicles during the first half of calendar year 2027.

Festive demand remained a major theme. Maruti Suzuki, Tata Motors and Hyundai Motor India expected substantial deliveries during Dhanteras and Diwali.

Meanwhile, FADA's October retail data showed a year-on-year decline in passenger vehicle and two-wheeler registrations because of the shifting festive calendar, even as electric passenger vehicle sales rose sharply.

The week also saw developments in electrification, auto-component manufacturing, corporate investment and quarterly earnings, along with a dispute over ethanol blending levels in petrol.

Acquisitions, Investments and Expansion

Tata Motors Raises Iveco Stake to 96.29%, Plans Squeeze-Out

Tata Motors has increased its provisional shareholding in Iveco Group to 96.29% following the reopening period of its voluntary tender offer for the Italian commercial vehicle manufacturer.

An additional 18.31 million Iveco shares were tendered during the reopening period, taking the total holding to approximately 256.47 million shares. The additional shares carry an aggregate consideration of €263.65 million.

Having crossed the 95% ownership threshold, Tata Motors plans to initiate a Dutch legal squeeze-out process for the remaining shares, subject to confirmation of the provisional results. Final acceptance results are expected on November 12, while payment for the additional shares is scheduled for November 13.

The development follows the initial settlement completed in the previous week and moves Tata Motors closer to full ownership of the European commercial vehicle maker.

Mahindra to Increase SUV Capacity 27% by March 2027

Mahindra & Mahindra plans to increase monthly SUV manufacturing capacity by 27% to 82,000 units by March 2027 as strong demand continues to stretch its factories.

The automaker began FY27 with monthly capacity of 64,500 SUVs, which increased to 68,000 units by September. The planned expansion will add capacity for combustion-engine and electric SUVs.

Further additions at Chakan and a new factory in Nagpur are expected to take Mahindra's combined monthly SUV capacity to 1.32 lakh units by FY31, more than double its FY26-end level.

The company also plans five major vehicle launches by June 2027, including a model based on its NU_IQ architecture, an all-new electric SUV, the Scorpio Lifestyler pickup, a refreshed SUV and a new light commercial vehicle.

Mahindra Plans to Double Last-Mile Mobility Capacity by FY29

Mahindra's last-mile mobility business has lined up eight products and plans to double manufacturing capacity by FY29 as demand for its electric three- and four-wheelers exceeds available production.

Domestic sales increased 36.7% year-on-year to 52,869 units during Q2 FY27, with electric vehicles accounting for nearly 86% of volumes.

The company said strong demand for its Udo electric vehicle had put pressure on existing manufacturing capacity. Mahindra is targeting growth at twice the industry rate, supported by new products and higher production.

Mahindra Approves Up to Rs 1,450 Crore Investment in SML Mahindra

Mahindra & Mahindra has approved an investment of up to Rs 1,450 crore in SML Mahindra's proposed rights issue, strengthening its financial commitment to the commercial vehicle subsidiary.

The automaker will subscribe to its full rights entitlement of approximately Rs 855 crore and has approved an additional Rs 595 crore for further subscriptions, including any portion of the issue that remains unsubscribed.

The investment comes as Mahindra seeks to strengthen its presence in commercial vehicles alongside its expanding SUV and last-mile mobility businesses.

Castrol India Open Offer Valued at Over Rs 5,100 Crore

A Stonepeak-led consortium has announced an open offer worth up to Rs 5,129 crore for Castrol India, following the indirect acquisition of control in the lubricants company.

Motion JVCo Limited and persons acting in concert have offered to acquire up to 25.72 crore shares, representing 26% of Castrol India's equity, at Rs 199.45 per share.

The offer follows Stonepeak's acquisition of control through a 51% stake and represents a significant ownership development in India's automotive lubricants market.

Festive Demand and October Retail Trends

Maruti, Tata Motors and Hyundai Expect Strong Dhanteras-Diwali Deliveries

Leading passenger vehicle manufacturers reported strong festive demand ahead of Dhanteras and Diwali, with new model launches and continued consumer interest supporting deliveries.

Maruti Suzuki expected approximately 30,000 vehicle deliveries on Dhanteras, while Tata Motors Passenger Vehicles estimated more than 12,000 deliveries during the day. Hyundai Motor India expected around 16,000 deliveries across Dhanteras and Diwali, nearly 14% higher than last year.

Maruti's sales had increased 36% year-on-year through Dussehra, while Tata Motors reported more than 20% growth since Ganesh Chaturthi.

Separately, Maruti Suzuki disclosed that its Baleno facelift had sold 50,000 units within two months, while the Brezza's waiting period had exceeded three months. The automaker also reported approximately 1.2 lakh pending CNG bookings amid component supply constraints, with production expected to improve gradually from January 2027.

Passenger Vehicle Retail Sales Fall 14.23% in October

Passenger vehicle retail registrations declined 14.23% year-on-year to 5,07,768 units in October, according to the Federation of Automobile Dealers Associations (FADA). However, registrations increased 18.86% over September, making it the third-best October on record.

FADA attributed the annual decline largely to a high comparison base, as both Navratri and Diwali fell in October last year, alongside a demand boost following GST rationalisation. This year, Diwali fell in November, shifting a significant part of festive purchases into the current month.

Maruti Suzuki retained market leadership with a 41.75% share, followed by Tata Motors at 14.47% and Mahindra at 12.80%. Dealer inventory remained elevated at 43-45 days, with FADA expecting the Dhanteras-Diwali buying period to help reduce channel stock.

Two-Wheeler Retails Decline 28.35%; Honda Moves Ahead of Hero

Two-wheeler retail registrations fell 28.35% to 23.21 lakh units in October, compared with 32.40 lakh units a year earlier, according to FADA.

Despite the year-on-year decline, volumes increased nearly 30% sequentially from September. FADA attributed the annual contraction to the festive calendar shift and the high base of October 2025.

Honda Motorcycle and Scooter India emerged as the largest two-wheeler manufacturer by retail volumes during the month, with 6,37,630 registrations and a market share of 27.47%. Hero MotoCorp followed with 5,98,433 units and a 25.78% share.

Electric two-wheelers accounted for 9.65% of registrations, up from 4.66% a year earlier.

Electric Mobility and New Products

Electric Passenger Vehicle Retails Jump 76% in October

India's electric passenger vehicle retail sales increased 76.47% year-on-year to 37,049 units in October, according to FADA data. Electric vehicle penetration reached 7.3% of passenger vehicle registrations, compared with 3.5% a year earlier, although it declined from 8.5% in September.

Tata Motors retained its leadership in the electric passenger vehicle market with 14,669 registrations, followed by Mahindra at 8,538 units and JSW MG Motor India at 5,939 units.

VinFast recorded 2,571 registrations, while Maruti Suzuki reported 1,200 electric passenger vehicle registrations as competition continued to expand.

India Could Localise EV Battery Cells in Two to Three Years: Tata Motors

India could achieve substantial localisation of EV battery cells and their components within two to three years, according to Shailesh Chandra, Managing Director and CEO of Tata Motors Passenger Vehicles.

Speaking at Autocar Professional's India EV Conclave 2026, Chandra said domestic battery cell manufacturing was expected to begin within a year, followed by deeper localisation of battery materials and components.

He noted that several battery pack components, including cooling plates and busbars, were already manufactured domestically. However, battery cells and some electronic components continued to depend on imports, while critical minerals would remain an area of external dependence.

Agratas Develops Digital Battery Manufacturing Network Across India and UK

Tata Group's battery manufacturing arm Agratas is developing a common digital manufacturing architecture across its plants in Sanand and Somerset as it prepares to establish large-scale battery cell production.

The company plans to standardise manufacturing execution systems and information technology infrastructure across both facilities to enable consistent operations, data-driven monitoring and transfer of manufacturing processes.

Agratas is also working on battery chemistry development, battery management systems and greater control over production technology as it prepares to supply cells for Tata Motors and Jaguar Land Rover.

The strategy reflects the Tata Group's broader effort to establish battery manufacturing capabilities in India and the UK while reducing dependence on external technology suppliers.

Honda Names First Made-in-India Electric SUV ALPHA

Honda Cars India announced ALPHA as the name of its upcoming electric SUV, which is scheduled to make its global debut in India on December 2, 2026.

The model will be Honda's first electric SUV manufactured in India, with the country also expected to serve as its global production base.

Honda has not yet disclosed the model's battery specifications, driving range, pricing, or market launch timeline.

Mercedes-Benz Commits Additional Rs 200 Crore to India

Mercedes-Benz India announced an additional investment of Rs 200 crore in manufacturing operations, new products and factory digitisation, taking its cumulative investment in the country to Rs 3,200 crore.

The announcement coincided with the launch of the locally produced electric GLC 400 4MATIC at Rs 78.50 lakh, ex-showroom. The model is assembled at the company's Chakan facility on a flexible production line shared with combustion-engine vehicles.

In an exclusive interview with Autocar Professional, Mercedes-Benz Group Chairman Ola Källenius said the company's planned 40-model offensive over three years would expand electric vehicle choices and help accelerate EV adoption.

He also maintained that demand for combustion-engine vehicles would continue to be served alongside the company's expanding electric portfolio.

Renault's Duster Hybrid Strategy Comes Under Focus

Renault's efforts to strengthen its Indian business came under focus in Autocar Professional's Deep Drive discussion on the Duster Hybrid.

The discussion examined whether the hybrid SUV, priced below Rs 17 lakh, could help Renault improve its market position after a slow start and a phased launch that missed the festive season.

It also covered the vehicle's hybrid technology, pricing, product gaps, potential additional powertrain options and the importance of strengthening Renault's dealer network and retail execution in India.

Auto Components, Technology and Earnings

Bosch to Form Dedicated Semiconductor Division, Targets €5 Billion Sales by 2030

German technology supplier Bosch plans to establish a dedicated semiconductor division in 2028, targeting annual semiconductor sales of €5 billion by 2030.

The new unit will consolidate the company's global chip operations, currently part of its Mobility Electronics business, under a separate organisational structure.

Bosch plans to expand its semiconductor business beyond traditional automotive applications into areas such as robotics, consumer electronics and artificial intelligence infrastructure. Its existing Mobility Electronics division will continue to oversee automotive electronic control units and power electronics.

Schaeffler to Cut Nearly 3,500 Jobs, Close Five European Plants

German auto-component manufacturer Schaeffler plans to eliminate 3,460 jobs and close five European factories, according to a Reuters report.

The restructuring will affect 16 locations, including four plants in Germany and one in Belgium. Approximately 2,660 jobs are expected to be cut in Germany by 2028.

The company is responding to weaker demand for combustion-engine components, slower-than-expected electric vehicle adoption and rising competitive pressure.

Schaeffler expects the programme to generate annual savings of approximately €300 million by 2030, although implementation will involve one-time charges of around €480 million.

Minda Corporation Secures Over Rs 1,400 Crore in Display and EV Charger Orders

Minda Corporation has secured orders worth more than Rs 1,400 crore for automotive TFT displays and electric vehicle chargers, with production under both programmes expected to begin in FY28.

Of the total, orders exceeding Rs 1,000 crore are for displays ranging from five to 12 inches, covering two-wheelers, three-wheelers, passenger vehicles and commercial vehicles.

The company has also received an order exceeding Rs 400 crore for 3.5kW chargers from an electric three-wheeler manufacturer.

The orders reflect growing demand for connected vehicle features and electrification-related components. The values represent the cumulative revenue expected over the respective supply programmes.

Motherson Targets Over 1,000 Automation Projects by 2027

Samvardhana Motherson International is stepping up the use of robotics, artificial intelligence and digital technologies across its global manufacturing operations.

The auto-component maker has identified approximately 940 automation projects and aims to implement more than 1,000 projects by 2027.

The programme includes industrial robots, collaborative robots, automated guided vehicles, digital twins and AI-based production systems. The company is targeting a 15% improvement in efficiency as part of its Vision 2030 strategy.

Motherson reported a 27% increase in consolidated revenue to Rs 38,280 crore during Q2 FY27, while EBITDA increased 23% to Rs 3,353 crore.

Uno Minda Targets 18-20% Returns on Rs 5,300 Crore Project Pipeline

Uno Minda is executing manufacturing expansion projects involving approximately Rs 5,300 crore, with management targeting pre-tax returns on capital of 18-20% by the third full year of production.

The investments span alloy wheels, aluminium die-casting, sunroofs and other automotive components.

The company expects initial asset turnover of around 1.8-2 times across the investment pipeline, although returns will vary by business.

Uno Minda reported a 38% year-on-year increase in consolidated revenue to Rs 6,655 crore during Q2 FY27, while profit attributable to shareholders grew 38% to Rs 420 crore.

Bosch Approves Stock Split and Bonus Issue

Bosch Ltd's board approved a stock split and bonus issue, subject to shareholder approval. The company plans to subdivide each equity share with a face value of Rs 10 into five shares of Rs 2 each, followed by a bonus issue of three shares for every one share held after the split.

Together, the proposed corporate actions would result in 20 shares for every existing share. The announcement followed Bosch's Q2 FY27 results, in which consolidated net profit increased 19% to Rs 840 crore, while revenue rose 28% to Rs 7,655 crore.

Mahindra Cuts FY27 Tractor Industry Growth Outlook to Flat

Mahindra & Mahindra lowered its FY27 tractor industry growth forecast to broadly flat, from its earlier expectation of mid-single-digit growth. The company cited deficient rainfall, lower reservoir levels, pressure on farm incomes and rising agricultural input costs.

The slowdown has affected profitability. Mahindra's core tractor operating margin declined 300 basis points year-on-year to 17.6% during Q2 FY27, while tractor sales volumes, including exports, fell 6% to approximately 1.16 lakh units.

The revised outlook reflects growing concern about rural demand and farm-sector profitability during the remainder of the financial year.

Policy and Industry Developments

Karnataka and Oil Refiners Dispute E20 Petrol Testing Results

A dispute emerged over ethanol blending levels in petrol sold at retail outlets in Karnataka. Karnataka authorities alleged that some fuel samples contained ethanol concentrations of up to 31.2%, exceeding the prescribed E20 blend level of 20%.

Public sector oil marketing companies Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation disputed the findings, questioning the sampling procedures and testing methodology. The companies said their fuel complied with the applicable Bureau of Indian Standards specifications.

The disagreement has brought renewed attention to fuel quality monitoring and compliance with India's ethanol blending programme.

Entry, Exit, and Elevation

Toyota Redraws India MD and CEO Masakazu Yoshimura's Regional Responsibilities

Toyota Motor Corporation has restructured the responsibilities of Toyota Kirloskar Motor Managing Director and CEO Masakazu Yoshimura as part of a global management reshuffle.

Effective January 1, 2027, Yoshimura will oversee a newly defined India and Middle East region, while East Asia and Oceania will be separated into a different region under Takanori Azuma.

The restructuring is aimed at improving regional focus and enabling faster decision-making in markets with different growth opportunities and business requirements.

Apollo Tyres Appoints Ravi Kumar Shingari as CFO

Apollo Tyres has appointed Ravi Kumar Shingari as Chief Financial Officer, succeeding Gaurav Kumar, who stepped down in October 2026.

Shingari joined Apollo Tyres in 2018 as Group Head of Finance and has overseen budgeting, accounting, investor relations, and legal affairs.

Before joining the company, he spent more than 16 years with KPMG. He will report directly to Vice Chairman and Managing Director Neeraj Kanwar.

Tenneco Automotive India Names Arvind Gautam Managing Director

Tenneco Automotive India has appointed Arvind Gautam as Managing Director, replacing R.C. Subramaniam, who is moving to a new global leadership role within the Tenneco Group.

Gautam has more than 25 years of automotive manufacturing experience, including senior positions at SKH Group and Autoliv India. He will oversee business operations, profitability, workforce management, customer relationships and strategic growth.

Marelli Appoints Laurent Favre as CEO

Automotive technology supplier Marelli has appointed Laurent Favre as Chief Executive Officer with immediate effect, succeeding interim CEO Frederick Henderson.

Favre previously held senior positions at ThyssenKrupp, ZF, Benteler and Plastic Omnium, now known as OPmobility. 

He will lead Marelli through its emergence from Chapter 11 restructuring and focus on improving financial performance and strengthening customer relationships.

Separately, the company's lenders plan to appoint former Audi CEO Bram Schot as Chairman following completion of the restructuring, subject to relevant conditions.

Minda Corporation Appoints Amit Srivastava as CEO of SSD and ASEAN Business

Minda Corporation has appointed Amit Srivastava as CEO of its SSD and ASEAN Business, effective November 6, 2026.

Srivastava brings more than three decades of experience across automotive and manufacturing businesses, having previously held senior roles at Remsons Industries, Bridgestone, Hindalco Industries and AMW Auto Component.

His responsibilities will cover the company's SSD and ASEAN operations, drawing on his experience in business strategy, operations and international market development.

Former Agratas Executive Deepak Khare Joins Exide Energy Solutions as COO

Deepak K Khare has joined Exide Energy Solutions as Chief Operations Officer. Khare was previously Vice President, Manufacturing Operations and Site Head at Agratas, the Tata Group's battery manufacturing business, where he was involved in developing the battery gigafactory at Sanand.

He brings nearly three decades of experience across automotive manufacturing, electric vehicle production and industrial operations, including roles at Lucid Motors, Ford, Airbus and Caterpillar. His appointment comes as Exide expands its lithium-ion battery manufacturing business.