It is nothing new that our auto industry aims to make its place in the top 3 largest auto industries all around the globe, and the majors of the industry are taking significant steps one by one in that respect. Cumulatively, Fiat, Hyundai, Maruti, and the newcomers Kia, SAIC, Changan and Beiqi Foton are the companies that are going to make a jaw-dropping investment of $8 to 10 billion in the next 4 years either to expand or to set up in India further.
Out of this, our leading manufacturers, Maruti Suzuki will invest $780 million in its Gujarat plant and $290 Million in R&D section of Rohtak plant by 2020, confirmed.
Hyundai, on the other hand, shall invest $2 billion on increasing the models of the vehicles sold and by 2020.
The investment shall improve the volumes produced in India by up to 1.5 million units along with a better employment of 30 thousand people with the coming of newer brands in our country. With the onset of industrialisation, there has been a rise in the monetary influx and the direst need for transportation. This has led to a greater population portion becoming a customer in the auto sector. The end of this year might bring about 5 million units sales in India alone. Not only this, India is a strong export base for many companies like Hyundai and Volvo.
As is recorded by SIAM ( Society of Indian Automobile Manufacturers) if the trends follow, our country will grow by Rs 16.16-18.18 lakh crore by 2026.
