Clocking USD 74.1 billion turnover and a growth of 9.8 percent in FY2023-24 on a year-on-year basis, the Indian auto components industry body (the Automotive Components Manufacturers Association) ACMA has announced the finding of its ‘Industry Performance Review’ for FY2023-24. 

The report mentions that the turnover growth of the automotive component industry is influenced by factors such as the rise in consumption of increased value-added components, thrust on localisation and a market shift in terms of increasing preference for larger and more powerful vehicles. 

On the exports front, the report highlighted a growth of 5.5 percent to USD 21.2 billion in FY2023-24 as compared to USD 20.1 billion in the last fiscal. North America accounted for 32 percent of the exports with a growth of 4.5 percent. Europe accounted for another 33 percent with a growth of 12 percent. Asia accounted for 24 percent of the export market with the growth remaining flat. The key components that were exported in FY2023-24 were drive transmission and steering, engine components, body and chassis, suspension and braking systems etc. 

The report also stated that exports, with trade surplus (CAGR of export is twice that of the import) have remained study in the wake of political challenges. 

Witnessing a growth of three percent in FY2023-24 to USD 20.9 billion as compared to USD 20.3 billion in FY2022-23, imports were of the following nature: engine components, body and chassis parts, suspension and braking parts, drive transmission and steering parts.

Asia accounted for 66 percent of imports followed by Europe and North America at 26 percent and eight percent respectively, imports from Asia grew three percent and that from Europe by four percent. Imports from North America remained flat in FY2023-24. 

On the aftermarket front, the increased movement of vehicles and surge in demand for used vehicles led to buoyancy across segments. The turnover of the aftermarket in FY 2023-24 was USD 11.3 billion. In FY2022-23, it was USD 10.6 billion. The e-commerce sector involvement has led to the aftermarket witnessing gradual shift into organised trade. The digital route is also leading to higher penetration in the hinterland of the country.  

The supply to electric vehicles accounted for six percent of the auto components industry turnover of USD 74.1 billion. The Indian auto component industry is optimistic on the back of the robustness exhibited by the economy.  

Regarding the performance of the auto component industry, Vinnie Mehta, Director General, ACMA, said, “On the back of steady vehicles’ production in the country, a robust aftermarket and growth in exports, the auto component industry grew to Rs. 6.14 lakh crore (USD 74.1 billion) registering 9.8 percent growth in FY23-24, thus outpacing the turnover of Rs. 5.59 lakh crore (INR 55.9 billion) in the previous fiscal. Component supply to OEMs in the domestic market grew by 8.9 percent to Rs.5.18 lakh crore (INR 51.8 billion), with supply to the EV manufacturing industry accounting for 6% of the total component production in the country. Exports grew by 5.5 percent to USD 21.2 billion while imports grew by three percent to USD 20.9 billion, thus resulting in a trade surplus of USD 300 million. The Aftermarket, estimated at Rs. 93,886 crore (USD 11.3 billion) also witnessed growth of 10 percent.”  

Shradha Suri Marwah, President, ACMA, and Chairman & Managing Director, Subros, mentioned, “It is pertinent to note that apart from increase in vehicle production, higher value addition from the component sector has led to growth in the auto components sector. On the front of trade, whilst overall merchandize exports from India witnessed degrowth in FY24, auto components exports have grown despite geopolitical challenges and increase in logistics costs. That apart, growth in imports has been comparatively lesser, leading to trade surplus, indicating thrust by the industry on front of localisation.”

“Steady growth in the vehicle industry has resulted the industry reaching pre-pandemic levels of performance in FY24 in most segments, however, the first quarter of FY25 witnessed somewhat slower offtake in vehicle sales, especially in PVs and CVs, given the high base, due to inclement weather conditions and elections. With strong macro-economic indicators, conducive government policies and over seven percent growth projected for the Indian GDP, we are hopeful that the auto components industry will continue to perform well in FY25,” she articulated. 

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Tata Elxsi, a leading design and technology solutions company, has announced its financial results for Q1 FY2027, reporting operating revenue of INR 10.21 billion, up 2.8 percent over the previous quarter and 14.5 percent YoY.

For Q1 FY2027, the company’s EBITDA came at INR 2.16 billion with a margin of 21.2 percent and a profit after tax (PAT) of INR 1.7 billion, up 18.2 percent YoY.

The company’s revenue from the transportation segment grew 13.3 percent YoY, supported by engagements in off-road and aerospace segments. Automotive OEM revenue now accounts for 78 percent of the division's total revenue. The media & communications segment revenue grew 22.2 percent YoY, while healthcare and life sciences clocked 1.7 percent growth QoQ.

Manoj Raghavan, CEO and Managing Director, Tata Elxsi, said, “For the quarter, Tata Elxsi delivered a healthy performance with growth in our two primary verticals, supported by strong deal execution and continued momentum in large strategic engagements. We also crossed a key milestone of reporting operating revenue of more than Rs. 1,000 crores in the current quarter. The performance in the quarter reflects the strength and increasing relevance of our design-led and AI-enabled engineering capabilities in our chosen industries.”

“FY2027 marks a year of future focus for the company, as we prepare and equip ourselves for a world reshaped by AI. We are making targeted investments in specialized talent, AI powered platforms, tools and infrastructure, to pivot to a Domain + AI future. These investments are enhancing customer value creation with tangible outcomes and opening new avenues for growth and positioning us for the year and decade ahead,” he concluded.

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Chinese automotive major BYD Group showcased eight model debuts at the 2026 Goodwood Festival of Speed, where it occupied a 2,016 square metre stand. The display featured vehicles from the BYD, DENZA and YANGWANG brands, with several models participating in the hillclimb event.

At the event, BYD introduced the DOLPHIN G DM-i, a supermini featuring Dual Mode Super Hybrid technology that pairs an electric motor with a 1.5-litre petrol engine. The manufacturer also presented the SHARK pickup, which produces 436PS and accelerates from 0-62mph (0-100 kmph) in 5.7 seconds.

DENZA unveiled the Z sports car, a coupe with 1604PS and a top speed of 217mph (350 kmph), which was presented by Stella Li and 2009 Formula 1 World Champion Jenson Button. The brand also displayed the BAO 5 SUV, which incorporates DMO (Dual Mode Off-road) technology. Additionally, DENZA demonstrated charging speeds of up to 1,500kW, allowing vehicles to charge from 10-70 percent in five minutes.

YANGWANG exhibited the U9 Xtreme, a production car with a top speed of 308.3mph (496 kmph) and a 1200V powertrain. The brand also displayed the U8L SUV and the U7 saloon.

Stella Li, Executive Vice President, BYD, said, "It's been an exciting privilege to play such a central role at this year's Goodwood Festival of Speed. Our stand has been the focal point for thousands of visitors, who've been able to explore a host of new models – our incredible DENZA Z and DENZA BAO 5, as well as the BYD SHARK and, for the first time in the UK, the DOLPHIN G DM-i. We've really enjoyed meeting car enthusiasts from around the world, and it's been a particular thrill to see our cars, such as the YANGWANG U9X, going up the iconic hillclimb. Goodwood really is a global centrepiece for car culture, and we're delighted to have been able to show how our new-energy technologies are creating advances in sustainable mobility around the world."

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European commercial vehicle major IVECO and PETRONAS Lubricants International (PLI) have renewed their strategic partnership for five years, extending the agreement through 2032.

The collaboration continues the supply and joint engineering of lubricants for IVECO’s vehicle portfolio in Europe, including engine oils, transmission fluids, brake fluids and coolants.

The partnership focuses on the development of IVECO URANIA engine oils and IVECO TUTELA technical fluids. These products are recommended by IVECO and result from joint research and development. Recent innovations include the launch of Urania Next 0W-16, a lubricant formulated for heavy-duty applications.

Domenico Nucera, Chief Quality & Operations Officer, Iveco Group, said, "The renewal of the agreement with PETRONAS Lubricants International confirms the strength of a long-standing collaboration built on shared technical expertise and a common ambition to continuously improve performance, efficiency, and sustainability across our vehicle and powertrain portfolio. Through the co-engineering of our IVECO URANIA and IVECO TUTELA ranges, we are able to deliver solutions that maximise vehicle uptime, optimise total cost of ownership, and support our customers and dealer network with the highest standards of quality and reliability."

Domenico Ciaglia, Group Chief Strategy & Transformation Officer, PETRONAS Lubricants International (PLI), said, "This partnership renewal demonstrates what can be achieved through a long-term forward-thinking collaboration, with consistency, and a shared commitment to excellence. Through continuous product innovation, we have been able to co-develop market-leading solutions such as the Urania Next 0W-16 engine oil formulation, seamlessly integrated into IVECO's ecosystem. This collaboration enables us to deliver greater value to the industry by combining our expertise and driving innovation together. Looking ahead, PETRONAS Lubricants International remains fully committed to supporting the IVECO Group with forward integrated reliable, high-performance products and solutions that create lasting value for its network and customers. This renewed collaboration further reinforces the foundation of PLI's broader strategic roadmap, demonstrating how technical excellence and trusted partnerships can drive sustainable, long-term value internationally."

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L&T Technology Services (LTTS), a leading engineering research & development (ER&D) company, has concluded its Engineering Intelligence (EI) OpenHack 2026, an innovation challenge held simultaneously across nine locations in India, the US and Europe. The event involved nearly 4,000 engineers across 770 teams.

Participants worked on over 500 challenge statements related to software-defined mobility, plant modernisation, energy, automation and AI infrastructure. The solutions developed during the 24-hour event focused on areas such as industrial automation, cybersecurity, autonomous systems and healthcare.

A jury evaluated the entries based on innovation, technical execution, scalability and relevance. The winning teams received prizes totalling over INR 3 million. Promising projects were selected for further development through the company’s Project Equinox platform and patent-worthy concepts were identified for intellectual property recognition.

Mritunjay Kumar Singh, Chief Operating Officer, L&T Technology Services, said, “The EI OpenHack 2026 reflects LTTS’ vision of Engineering Intelligence, where engineering expertise and AI come together to solve real-world industry challenges. What stood out was not only the scale of participation, but the ability of our engineers to apply contextual understanding, domain knowledge and AI prowess to develop solutions with tangible business relevance. Initiatives like OpenHack create opportunities for our talent to experiment, collaborate and develop solutions that will shape the future of engineering.”

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