Auto Industry News

Royal Enfield reported overall sales of 63,643 motorcycles in May 2022, with highest-ever monthly sales of 10,118 motorcycles in overseas markets.

MG Motor India registered retail sales of 4,008 units in May 2022, which is a growth of 294.5 per cent compared to May 2021 and 99.6 per cent compared to April 2022.

The Central Government approved new base premium rates for third party motor vehicle insurance, which will be applicable from June 1, 2022. These will in turn also hike the prices of all new cars and bikes.

The target to cut 90% of all Russian imports by the end of 2022 includes seaborne deliveries as well as Poland and Germany stopping their own imports of Russian oil via pipeline.

Tehran seized the Greek ships on Friday after Athens impounded the Iranian-flagged Pegas in April. The United States, which has imposed a tough sanctions regime on Iran, confiscated the Iranian oil cargo that was on the Pegas.

Brent crude futures dashed to two-month highs above $123 a barrel and could rise further, analysts warn, citing Europe's decision to slash Russian oil imports, high U.S. summer demand and the easing of Chinese lockdowns at a time of tight global crude supply.

Two thirds of the Russian oil imported by the EU comes via tanker and one third by the Druzhba pipeline. The embargo on seaborne oil imports would therefore apply to 2/3 of all oil imported from Russia.

The ban on seaborne imports of Russian oil will be imposed with a phase-in period of six months for crude oil and eight months for refined products, a European Commission spokesperson said.