Tag: business

Spinny’s 2024 Trends: 76% First-Time Buyers, Renault Kwid Dominates Sales, 60% Of Women Prefer Automatic Hatchbacks

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As urban India continues to expand and public transport struggles to meet rising demand, car ownership has emerged as the go-to mobility solution for millions of Indians. The convenience, sense of freedom, and joy of owning a car have become integral to the lifestyle of young, aspirational buyers across the country.

In line with these evolving trends, Spinny, India’s leading full-stack used car platform, has released its annual report, shedding light on the key developments that have shaped the used car market throughout 2024.

A significant 76% of Spinny customers in 2024 were first-time car buyers, further solidifying the platform’s position as a top choice for new car owners. This represents a 3% increase from the previous year 73%.

The top three preferred car models saw a shift in 2024. Renault Kwid continues to be the hot favourite and Hyundai Grand i10 maintained their dominance, while Maruti Suzuki Swift entered the top three, replacing the Baleno. Hatchbacks continue to be the most preferred category across. This reflects a growing preference for compact, value-driven vehicles.

The compact SUV segment has seen a 20% growth, with models like the EcoSport continuing to reign supreme. The appeal of compact SUVs, combining space and performance with the “big car” appeal, continues to rise.

Spinny’s hub-based delivery model remains highly favoured, with 74% of deliveries made through Spinny hubs, an increase from 69% in the previous year, showcasing the importance of physical interaction and inspection in the car-buying process.

Petrol remains the dominant fuel type, accounting for 82% of Spinny’s sales. Diesel vehicles have declined to 12%, while CNG and electric vehicles (EVs) hold steady at 4% and 2%, respectively.

Women buyers now represent 26% of Spinny’s customer base, with the absolute number of women buyers growing steadily each year. Among them, 60% prefer automatic hatchbacks, while 18% prefer compact SUVs.

The average age of Spinny’s customers has dropped to 32 years from 34 last year, indicating an appeal to younger buyers who are looking for a reliable and easy car-buying experience.

The report highlights a growing trend in online car buying, with online purchases rising to 75% in 2024, up from 70% in 2023. This shift underscores the increasing convenience and preference for digital transactions in the car-buying process.

This year, 22% of customers opted for an upgrade, compared to 12% in 2023. This increase shows growing confidence in platforms like Spinny, which allows buyers to trade in their old cars and select a new one based on their changing needs. Whether it’s upgrading to a larger vehicle for family requirements or choosing a car suited to their lifestyle or city, the exchange process gives customers flexibility in finding a car that works for them.

56% of Spinny customers chose financing options to facilitate their car purchases, with 60% of these customers falling within the 25-30 age group. This indicates a growing reliance on financing, especially among younger buyers.

Spinny Max, the luxury car segment, has gained significant traction, with premium models from brands like BMW, Mercedes-Benz, and Jeep leading the charge with Jeep Compass holding the maximum share followed by BMW X1 and Mercedes C-Class. Spinny’s partnership with TataEV has also contributed to the growing interest in electric vehicles, especially the Tata Nexon, which accounts for 60% of EV sales in Bengaluru.

Spinny’s stronghold continues to be in major cities such as Bangalore, Delhi NCR, and Hyderabad, which remain the top contributors to sales.

As Spinny looks toward 2025, the company remains focused on enhancing its customer experience, with an unwavering commitment to trust, quality, and customer experience. Addressing the year-end trends, Niraj Singh, Founder & CEO of Spinny, shared, “From delivering our first car in 2015 to over 2 lakh stories by the end of 2024, it has been a humbling journey. This growth fuels our passion to continue offering the  service and experience to our customers as we move forward.’’

Nissan, Honda, And Mitsubishi Motors Sign MOU On Collaborative Considerations

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Nissan Motor Co., Ltd. (“Nissan”), Honda Motor Co., Ltd. (“Honda”), and Mitsubishi Motors Corporation (“Mitsubishi Motors”) have signed a memorandum of understanding (MOU) to explore the possibility of Mitsubishi Motors’ participation, involvement, and synergy sharing in relation to the business integration through the establishment of a joint holding company outlined in an MOU signed between Nissan and Honda.

Nissan, Honda, and Mitsubishi Motors have reached a basic agreement to proceed with discussions based on the framework established in the MOU signed by Nissan and Honda on August 1 regarding the commencement of a strategic partnership focused on intelligence and electrification. Mitsubishi Motors has been participating in this framework, and the three companies have been proceeding with discussions.

Following the agreement between Nissan and Honda to start consideration toward a business integration through the establishment of a joint holding company amid the dramatic changes in the environment surrounding both companies and the automotive industry, the three companies have agreed to explore the possibility of achieving synergies at an increased level through Mitsubishi Motors’ participation or involvement in the business integration. Mitsubishi Motors aims to reach its conclusion by the end of January 2025 on the participation or involvement in the business integration between Nissan and Honda.

Marking the announcement, Nissan Director, President, CEO and Representative Executive Officer Makoto Uchida said: “Honda and Nissan have begun considering a business integration, and will study the creation of significant synergies between the two companies in a wide range of fields. It is significant that Nissan’s partner, Mitsubishi Motors, is also involved in these discussions. We anticipate that if this integration comes to fruition, we will be able to deliver even greater value to a wider customer base.”

Honda Director and Representative Executive Officer Toshihiro Mibe said: “At this time of change in the automobile industry, which is said to occur once every 100 years, we hope that Mitsubishi Motors’ participation in the business integration discussions of Nissan and Honda will lead to further social change, and that we will be able to become a leading company in creating new value in mobility through business integration. Nissan and Honda will start the discussion from today onwards with an aim to clarify the possibility of business integration by around the end of January in line with the consideration of Mitsubishi Motors.”

Comment from Mitsubishi Motors Director, Representative Executive Officer, and President and CEO Takao Kato said: “In an era of change in the automotive industry, the study between Nissan and Honda about a business integration will accelerate synergy maximization effects, bringing high value also to the collaborative businesses with Mitsubishi Motors. In order to realize synergies and to make the best use of each company’s strengths, we will also study the best form of cooperation.”

Nissan Announces Senior Management Appointments

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Nissan Motor Co., Ltd. has announced the appointment of a new leadership team, effective January 1, 2025. Nissan is carrying out its recently announced turnaround actions, designed to restructure the company’s operations for enhanced efficiency and resilience. As part of these actions, the appointments are aimed to respond quickly to current issues, restructuring the management following the appointment of a chief performance officer (CPO) effective December 1. In April 2025, Nissan will make further changes to management to create a lean, flat structure that can respond flexibly and quickly to changes in the business environment.

Stephen Ma, currently chief financial officer (CFO), is appointed as chairperson of the Management Committee for China. He will continue to report to Makoto Uchida, chief executive officer (CEO). With extensive experience and knowledge of China, along with his global leadership background, Ma will focus on shaping the future strategy for the region and enhancing local operations.

Jeremie Papin, currently chairperson of the Management Committee for Americas, is appointed as CFO. In this role, he will report to CEO Uchida. Prior to his current role, Papin amassed many years of experience in finance, strategy, and business development within Nissan and the Alliance. Papin also worked more than 10 years in investment banking focusing on the automotive sector.

Christian Meunier joins Nissan and is appointed as chairperson of the Management Committee for Americas. He will report to Guillaume Cartier, chief performance officer (CPO). Most recently, he served as the CEO for Jeep and was a member of the Executive Committee at Stellantis. Meunier returns to Nissan with a wealth of marketing and sales experience from his previous leadership roles in Nissan US, Canada, Brazil, and global INFINITI.

Asako Hoshino, currently serving as Chief Brand & Customer Officer (CBCO) and Chairperson of the Management Committee for Japan/ASEAN, will retire from her role overseeing Japan/ASEAN operations. She will continue in her capacity as CBCO, where she will focus on enhancing brand and customer experience. Her efforts will be instrumental in ensuring that customer engagement and satisfaction strengthen Nissan’s brand presence in the market.

Shohei Yamazaki, currently serving as chairperson of the Management Committee for China, has been appointed as chairperson of the Management Committee for Japan/ASEAN. His experience in the highly competitive China market will bring valuable insights to the Japan/ASEAN role to help further strengthen Nissan’s presence in the region. In this capacity, he will report directly to CPO Cartier.

Commenting on the changes Nissan President and CEO Makoto Uchida said: “These leadership appointments will bring the necessary experience and urgency to the countermeasures we are taking to get the company back on track. With the support of our leadership team, we will carefully execute our turnaround actions to secure sustainable profits while focusing on future growth.”

Your Next Uber Could Be One Of The World’s Most Luxurious Electric Cars

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This October, Uber riders in London will have the chance to experience high-end luxury and sustainability in one ride, as a fleet of ultra-luxurious Lotus Eletre Hyper-SUVs joins the Uber Green fleet for a limited time. Riders can book these cutting-edge electric vehicles via the Uber app’s Uber Green option and experience the future of zero-emission transport.

With nearly 30% of Uber’s miles in London now fully electric, the initiative supports the city’s journey toward a cleaner, greener future. To encourage more riders to go electric, Uber has launched a special competition: the rider who saves the most emissions by the end of November by taking Uber Green trips will win free Uber Green rides for a decade.

Riders will have until November 30 to rack up their electric miles. All Uber riders can track the emissions they’ve saved by taking Uber Green using the in-app Emissions Savings tool, which launched earlier this year.

Andrew Brem, General Manager for Uber UK, said: “We’re thrilled to team up with Lotus to combine cutting-edge luxury with sustainable travel. Uber drivers are already leading the way, going electric far quicker than regular motorists – making London Uber’s global capital for electrification. Now we’re excited to allow our riders to experience one of the world’s most exciting electric cars.”

Conor Horne, Commercial Director of UK and Ireland at Lotus said: ”We are incredibly excited to partner with Uber to have a fleet of our all-electric Lotus Eletre available in London via the app for passengers to experience and enjoy. We hope this initiative will not only enhance the riding experience for Uber customers but also contribute to a greener city, something we at Lotus are very passionate about.”

Uber Green, which first launched in central London in 2021, allows riders to book a zero-emissions ride for the same price as an UberX, since its launch Uber has saved 55,000 tonnes of carbon emissions in London. Drivers taking Uber Green trips also earn 10% more on those trips compared to an UberX. Uber drivers are making the switch five times quicker than regular motorists.

The Eletre, Lotus’ first all-electric Hyper-SUV, redefines the passenger experience by combining luxurious comfort with cutting-edge technology. Passengers can enjoy a spacious interior designed for relaxation, featuring premium materials and a world-class infotainment system.

Through the combination of exceptional aerodynamics, outstanding comfort, and true Lotus performance, the Eletre is the perfect option for those seeking an exceptional drive with a new luxury experience.

The cars will be licensed and managed via Otto Cars, London’s largest private hire provider. Gurinder Dhillon, Otto Cars CEO, said: “We are delighted to power-up this concept for Uber and Lotus. Let’s prove that a sustainable ride can be a thrilling experience, without the smoke.”

Kia India Surpasses 250,000 Vehicle Exports Milestone

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Kia India has announced the achievement of a significant milestone of surpassing 250,000 vehicle exports. Since 2019, the company has shipped 255,133 units internationally to over 100 markets from its Anantapur manufacturing facility. The Seltos has been the major contributor, accounting for 59% of the company’s overall overseas dispatches. Kia’s other innovations – Sonet and Carens follow in second and third places, contributing 34% and 7%, respectively.

Kia India is one of the key export hubs for the Kia corporation. However, in recent years, the company has focused more on selling its cars in the domestic markets and is now going to make 90% of products for India from this year. At present Kia India exports to over 100 international markets from its Anantapur facility. A few of the major markets for Kia India exports include South Africa, Chile, Paraguay and Latin America. Kia’s dedication to innovation and excellence has secured its place as a global leader in the automotive industry, both in India and globally.

Mr. Myung-sik Sohn, Chief Sales Officer, Kia India said, “Our dedication to quality and innovation has driven us to this milestone. The success of our Made in India vehicles internationally shows our commitment to quality. We’ve quickly become a major market for Kia Corporation and aim to maintain this momentum. While our focus is on the domestic market, we plan to keep our exports steady this year.”

Kia’s Anantapur plant, which commenced production around five years ago, has quickly become a crucial export hub within the company’s global network. The facility’s advanced production capabilities and adherence to the highest quality standards have enabled Kia to meet the demand for RVs worldwide.

BYD Rolled Off Its 7 Millionth New Energy Vehicle

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On March 25, BYD, the world’s leading manufacturer of new energy vehicles and power batteries, became the world’s first automaker to roll off its 7 millionth new energy vehicle, the DENZA N7, which was unveiled at its Jinan factory in China, symbolizing another groundbreaking accomplishment for the brand.

BYD reached the production of 1 millionth NEV in May 2021 and rapidly multiplied this figure threefold within 18 months, then surpassed 5 million units in merely 9 additional months. In just 7 months from this mark, BYD accelerated to the
7 million milestone, showcasing a robust end-to-end supply chain and the effect of scale. In 2023, BYD’s cumulative annual sales of NEV soared to 3.02 million units, solidifying its status as the global leader in NEV sales. A variety of models from its extensive brand portfolio consistently led sales rankings within their individual categories.

Proactively engaging with the international market, BYD quickly expanded its global footprint in 2023, witnessing a surge in overseas new energy passenger car sales that exceeded 240,000 units—a 337% year-on-year growth—making it the top Chinese exporter of NEVs in 2023. Up to now, BYD’s new energy passenger vehicles have been introduced to 64 countries and regions globally, with strategic investments in manufacturing facilities in Thailand, Brazil, Uzbekistan, and Hungary. This year, BYD also becomes the official partner of UEFA European Football Championship 2024™, showcasing its new energy vehicles on the world stage.

Looking ahead, BYD commits to broadening and deepening localization strategies for its products, technologies, and brand presence across international markets, continuing to drive the global automotive industry towards a greener era.