Source - http://2.bp.blogspot.com/-
India, which is on the verge of emerging the 3rd biggest automobile market in the world is now attracting global companies to drive in and eat the share of pie. Recently KIA, Peugeot & SAIC motors also unveiled their plans to enter the country. In fact as per the recent news KIA is on location hunting process and is likely to finalize Anantpur in Andhra Pradesh as its first plant location and will finalize the deal by February 2017 end.
Recently Toyota Motor president
Akio Toyoda and Suzuki Motor chairman Osamu Suzuki had a meeting with the Prime
Minister Narendra Modi to apprise him about their recent tie up in Japan and
its implications in India.
India is critical for the
Japanese parent with 50% of global sales coming from the country, said Maruti
Suzuki chairman RC Bhargava. So whatever technology it gets from Toyota will
surely be deployed in India, he said
Not only Toyota & Sukuzi, a
number of global bosses are visiting the country to get the hang of market
scenario.
Skoda Auto's global CEO Bernhard
Maier made a trip soon after taking over. General Motors CEO Mary Barra visited
twice in less than a year to restructure local operations and devise a
long-term strategy.
Ford Motor executive chairman
Bill Ford visited late last year to inaugurate the New Product Development
Centre that will create the foundation for India products. Hyundai Motor
chairman Chung Mong-Koo is also expected to visit soon to announce the launch
of the Kia brand in India.
The Indian automotive industry
broke into the top three in 2016, according to rating agency CARE.
With the passenger
vehicle market set to cross the 3 million mark by the end of 2017, India is
seen as a future growth centre by all manufacturers. According to IHS Market
Automotive, India is expected to be among the fastest-growing markets in the
coming five years besides which local regulations are also getting harmonised
with global standards.
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