Quotes from Auto industry for the year ender stories

1. Farrokh Cooper, Chairman & Managing Director, Cooper Corporation said“The manufacturing industry is currently struggling with a difficult environment. The global economic impact of the COVID 19 pandemic has been significant. The COVID-19 crisis has affected all sectors, with varying degrees of severity.  However, I am confident that India’s growth story is strong, but it is hampered by the current Covid scenario. The pandemic has a substantial impact on current infrastructure; additionally, there are supply and logistical constraints. Businesses are also experiencing several challenges, such as a shortage of semiconductor chips and other critical components required by manufacturers. In addition, I anticipate that 2022 will be a challenging and unprecedented year for the manufacturing industry. We will, however, must face this collectively. Corona variants will come and go. We will have to fight them to survive and succeed. I strongly feel that everyone should be vaccinated and adhere to all health and safety regulations in the manufacturing industry, as I have always believed that “Human life is invaluable, and hence – Safety First, Quality Production Must.”

2. Anurag Garg, Managing Director & Country Head, Vitesco Technologies, India said “We are heading towards electrification transformation. Government initiatives, rising awareness, and entry of global EV OEMs has created a new demand among people. More people are opening to adoption of EVs. While the infrastructure catches up with the increasing demand, 48V systems are a cost-effective and powerful alternative, and can aid the electrification transformation.

Entry of EV OEMs in India

Realizing the opportunity that India presents, many startups and global EV OEMs have entered the market. This not only furthers technological advancements in the sector, but also helps in raising more awareness about EVs among the general population, and vehicle enthusiasts. Electrification has opened doors for many advanced technologies. The global OEMs entering the Indian market would give Indians an opportunity to explore next-generation vehicles without paying luxury taxes, creating more demand among HNIs etc.

Sustainability

I mean even our organization has all its forces combined and put in action, SUSTAINABILITY IS AT THE CORE OF OUR MISSION.  WE TAKE RESPONSIBILITY – ECONOMICALLY, ECOLOGICALLY, SOCIALLY. Just to give you a brief, Sustainability is an integral part of Vitesco Technologies’ business model. With innovative and efficient solutions, we aim to reduce the environmental impacts of the automotive industry worldwide and promote emission-free mobility in the long term. Our leadership is fully committed to actively manage the transformation of our portfolio into the electrified future, aiming for profitable growth and continue delivering on operational excellence. Beyond our products, we actively drive sustainability in all business activities along the value chain. Our DIRECTION 2030 reflects this ambition in the claim “Driver of Sustainability”, which is one of our five strategic focus areas. A defined environmental, social and governance concept will lead us on our path.

OUR SUSTAINABILITY AGENDA defines Through clearly defined topics, targets and KPIs, we will drive sustainability along the value chain. Our strategic approach reflects Vitesco Technologies’ business model and values, our commitment to rules, policies and international frameworks, legal requirements, as well as expectations from customers and future investors.

Government Schemes:

The most critical move announced in the Union Budget 2021-22 was the long-awaited vehicle scrappage policy. The policy, which allows people to get rid of vehicles older than 20 years, also offers a few incentives to do so. This includes a 5% rebate on new vehicle purchases, and discounts and waivers on road taxes and vehicle registration fees.

The scrappage policy will be instrumental in encouraging demand and will also help consumers move towards cleaner and more sustainable vehicles.

While we await the details of the entire vehicle scrappage policy, which will be implemented later this year, there are other announcements that have an immediate impact on the demand of EVs”.