The voice about India’s car market staring at stagnancy is growing amid much selling by foreign investors in the stock market. Auto sticks of OEMs and suppliers have taken a beating lately. The reasons for stock market decline are said to be structural issues as well as geopolitical issues. In other words, they are local as well as global in their nature. The Indian auto industry – as the largest contributor of GST to the exchequer and among the highest contributor to the country's manufacturing GPD – is also quite local and global in its ways of working. 

Like any other developing nation, it is a market where the scope for an increase in automobile population is bright. It is also a market that is beset by structural issues nonetheless. With 34 cars owned per 1,000 people, the country with a population estimated to be 1,463,865,525 in 2025 has ample scope for auto sales growth. 

But as banks struggle for liquidity and a reduction in repo rate by the apex bank fails to reflect in the reduction of loan interest rates or equated monthly instalments, the structural issues facing the automobile industry are too stark to overlook.

Adding to the structural issues are perhaps developments such as the recent announecement by Maharashtra Government to levy six percent motor vehicle tax on premium electric vehicles. The leading industrialised state also has among the highest road toll taxes among other Indian states. The highway network in the state is among the most lacking and unsafe. Most roads in the state have either deteriorated or are under a seemingly unending period of repairs. 

The state government in its 2025 budget has also announced that it has raised the motor vehicle tax by one percentage point on individual-owned non-transport four-wheeler CNG and LPG vehicles. Such vehicles currently attract a seven to nine percent tax depending on their type and price.

While electricity costs have been rising with distribution companies like MSEDCL pushing for a revision in fixed and energy charges for various categories in order to bridge revenue gap, owning electric vehicles and CNG vehicles is becoming costlier though eco-friendlier.

Attracting over 200 percent in taxes, petrol and diesel prices have been at an all-time high. A timely upward revision in toll prices is only adding further to the cost of motoring in a country where close to or more than 50 of the vehicle purchase price amounts to taxes. Spares are also taxed at a hefty 28 percent and the labour costs have steeply risen post Covid-19 pandemic.

With vehicle prices being jacked up by automakers under the pretext of rising input costs by about four to five percent if not more, the Indian auto industry is clearly under pressure to maintain its margins and stay profitable.

Against the operating costs, the foot falls in the showroom are taking longer to realise into actual sales. Discounts are gaining speed and indicative of sales losing stream in some of the segments that were until recently doing very well.

Any excitement about a rebate in Income Tax up to INR 1,200,000 – it takes over INR 1,000,000 to purchase a decent car in India today – seeming to have faded into thin air, the talk about government announced a reduction in GST taxes has gained speed. When it would actually come into effect is yet to be known but the narrative has started building. The stock market does not look excited however and the money lost by domestic investors may take a long time to come back, it seems.

As US President Donald Trump speaks about exposing India’s ‘wrong’ tariff policies in the absence of any statement from the Indian government striking out his claims, the Indian market for automobiles and other consumer goods looks destined for a rough ride. Stagnancy will be a part of the plot, the repercussions of which would stem from domestic structural issues as well as geopolitical shifts where calls like ‘China Plus One’ hold no value at all anymore.

With the entry of Tesla – which has seen its sales and stock prices plummet in many of existing markets off late – set to enter India with the government lowering tariff under pressure from the US President, the subject of too much regulation needs to be examined in terms of structural strength and the industry’s ability to be competitive. Local manufacture is also a subject that needs to be looked at as MSME sector continues to shrink and take down with it the PMI index.

Skilling is also a subject that should be looked at as engineering courses lose interest with the young in the country. A manufacturing-less economy that is also witnessing the services sector face a slowdown – again due to structural and geopolitical issues – may not spell a good omen for growth in the long run. This, particularly in the case of a country whose median age in 29 years.

China’s ‘Deep seek’ has shown how the prowess in technology can shift overnight and highly influence the economy of a nation, its stock markets suddenly. In India, the auto industry should nurture the MSME sector as much as the government should. A services alternative in terms of growth over manufacturing may not hold forth in the long-term. Manufacturing exports can shrink abruptly anytime under the shifting regulatory and other market issues in the domestic marketplace and under the shifting geopolitical situations in various parts of the world that also make lucrative export markets.  

Image for representative purpose only. 

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Antolin, a supplier of automotive interior technology, has announced the appointment of Emma Antolín Granet as its Executive Chair. The Board of Directors also appointed Ernesto Antolin Calzada as Vice-Chairman.

Ernesto Antolín Arribas steps down as chairman after 10 years to focus on the company's institutional affairs and representation. The leadership transition coincides with the development of a strategic plan focused on the company's financial position, margin improvement and cash generation.

The board indicated that the new strategy will build upon the current Transformation Plan. The primary objectives involve reinforcing the balance sheet and accelerating value creation through its three business units: Headliners, Cockpit & Door Systems, and Technology Solutions.

Antolin operates 111 factories in 23 countries and employs 20,000 people. The company reported revenue of EUR 4.19 billion in 2024.

Granet previously served as Vice-Chair and a Member of the Audit and Nominations committees. She holds an MBA and a Master’s in Financial Management from IE University, with further studies from Cambridge and Harvard Business School.

Ernesto Antolín Calzada joins the board after holding roles in project management and industrial operations at Antolin. His background includes experience in the financial department of Telefónica and in mergers and acquisitions at a law firm in London.

Emma Antolin, stated, "I am grateful for the confidence placed in me by the Board of Directors and I take on these new responsibilities with great determination. Over the past several years I have witnessed firsthand the strength of this Company and the talent of our people. My priority is to continue consolidating our market leadership position and delivering sustainable, long-term growth. I would also like to thank Ernesto Antolín for his work, strong commitment and dedication during the past years at the helm of the Company."

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Maruti Suzuki India Limited has achieved a significant milestone in sustainable logistics by securing international recognition for its Gujarat-based in-plant railway siding. This initiative has been officially registered as the world’s first Modal Shift Transportation Project under Verra’s Verified Carbon Standard (VCS) programme. By transitioning vehicle dispatches from road to rail – a considerably more efficient and environmentally friendly mode of transport – the company is establishing a new benchmark in the sector.

The project is estimated to generate approximately 170,000 carbon credits over a 10-year period, spanning from the fiscal year 2023–24 to 2032–33. These emission reductions were calculated using the AM0090 methodology, which aligns with the Clean Development Mechanism of the United Nations Framework Convention on Climate Change. Following a rigorous independent verification of the carbon savings, Verra will officially issue the credits to Maruti Suzuki under its VCS programme.

Beyond its environmental impact, this initiative supports several United Nations Sustainable Development Goals. It notably contributes to Good Health and Well-being (SDG 3), fosters Decent Work and Economic Growth (SDG 8) and takes concrete action on Climate Change (SDG 13), demonstrating a comprehensive approach to sustainable development.

Hisashi Takeuchi, Managing Director & CEO, Maruti Suzuki India Limited, said, “This is a proud moment for Maruti Suzuki as our Gujarat in-plant railway siding is recognised as the world’s first Verra-registered Modal Shift in Transportation project. By transitioning vehicle movement from road to rail, the project demonstrates how scale, operational efficiency and environmental responsibility can seamlessly go hand in hand. Leveraging the inherent efficiency of rail transport, the Gujarat in-plant railway siding has significantly reduced the carbon footprint of our logistics operations while also easing road congestion and lowering overall fossil fuel consumption. We are honoured by the recognition from Verra. This milestone marks a significant step forward in our sustainability journey and reinforces our commitment to setting industry benchmarks that align with India’s strong steps towards net zero emissions.”

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Audi has announced a significant new three-year agreement with Silverstone, beginning in 2026, that establishes the manufacturer as the circuit's Official Car Partner. This strategic alliance unites two iconic entities deeply rooted in motorsport, both celebrated for their dedication to high performance, cutting-edge engineering and creating exceptional experiences.

Under the partnership, Audi will supply a fleet of its luxury vehicles to support VIP transport during major events, most notably the Formula 1 British Grand Prix. This will ensure guests enjoy premium comfort and performance throughout their time at the venue. The collaboration extends to fan engagement, with Audi vehicles becoming a key component of the Silverstone Drive Experiences. This will offer enthusiasts the unique opportunity to drive Audi’s high-performance RS 3 model on the legendary Formula One circuit. Furthermore, Audi will take on the role of Official Pace Car Partner for selected race meetings, underscoring the synergy between the two performance-oriented brands.

The timing of the announcement is particularly poignant, coinciding with a pivotal moment in Audi’s motorsport history as it prepares to enter Formula 1 with the Audi Revolut F1 Team. This new chapter builds upon Audi’s illustrious and diverse legacy of competition, which spans the World Rally Championship, endurance triumphs at Le Mans, success in global GT series and recent victories at the gruelling Dakar Rally. Silverstone itself boasts a rich history, having been at the epicentre of global racing for over 75 years.

By merging their respective heritages of innovation and excellence, this collaboration promises to enhance the visitor experience at the Home of British Motorsport while creating unforgettable moments for fans. It represents a forward-looking alignment between two brands dedicated to pushing the boundaries of performance.

José Miguel Aparicio, Director, Audi UK, said, “This partnership represents a powerful synergy between two iconic brands. As Audi enters Formula 1 with the Audi Revolut F1® Team, aligning with Silverstone is a natural step. Together, we will deliver outstanding experiences for fans and customers, showcasing Audi innovation, performance and progressive design at one of the world’s most famous motorsport venues.”

Rachel James, Head of Partnerships at Silverstone said, “We are proud to welcome Audi as our Official Car Partner. This partnership will give our fans the opportunity to explore the Audi brand for themselves. Audi will enhance the Silverstone experience at every level, from VIP transport to Drive Experiences and on-track presence as our Official Pace Car Partner.”

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Stoneridge, Inc. has announced the retirement of Jim Zizelman, President and Chief Executive Officer, effective 20 May 2026, who will be succeeded by Natalia Noblet, the current President of Stoneridge Electronics, as part of a planned transition. The Michigan-based company is a global supplier of safe and efficient electronic systems and technologies.

Zizelman will remain in his current role until 31 March 2026, before moving to a position as strategic advisor. Noblet will assume the role of President and CEO and join the Board of Directors on 1 April 2026. Zizelman will also stand for re-election to the board at the 2026 Annual Meeting of Shareholders.

Jim Zizelman joined Stoneridge in 2019 and became CEO in January 2023. His tenure included the transformation of product lines within the Control Devices segment – which the company recently sold – and an expansion of the technology portfolio focused on electrification and mobility.

Natalia Noblet joined the company in September 2024. During her time as president of Stoneridge Electronics, the segment secured contracts for the MirrorEye Camera Monitor System platform. Noblet previously spent 20 years at WABCO and ZF, where she held senior leadership roles in operations and procurement.

The transition follows the sale of the company's Control Devices segment. Stoneridge is now focused on its Electronics and Orlaco segments, prioritising technologies for vehicle safety and efficiency. Noblet will oversee the company's global operations, procurement and manufacturing footprint.

Bill Lasky, Chairman of Stoneridge’s Board of Directors, said, “Succession planning is a key priority for our Board and this transition reflects our commitment to leadership continuity and long-term value creation during an important period of transformation for the Company following the sale of our Control Devices segment. Over the past year and a half, Natalia has led the Electronics segment with focus and discipline, making this a natural and well-prepared transition. Jim and Natalia will continue to work closely together to ensure a seamless transfer of responsibilities and strategic focus.”

Jim Zizelman, Outgoing CEO, said, “On behalf of the Board, I thank Jim for his leadership and lasting contributions. Under his direction, Stoneridge enhanced its competitive position, advanced its technology roadmap and reinforced a performance-based culture within the Company. We are also pleased that Jim will continue to serve on our Board, where his deep technical knowledge, engineering background and understanding of our business will remain an asset as we move forward.”

Natalia Noblet, incoming CEO, stated, “As the incoming president and CEO, my priority is to deliver outstanding value to our customers and continue working with all of our partners to advance next-generation technologies for safer and more efficient transportation. I am grateful to Jim for his leadership and guidance during this transition and for the strong foundation he has built. I look forward to working closely with our Board, our executive team and our global teams to execute Stoneridge’s strategy, strengthen customer partnerships and drive sustainable, profitable growth.”

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