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Home News Automakers to invest $8-10 bn to build factories

Automakers to invest $8-10 bn to build factories

Automakers to invest $8-10 bn to build factories

Automakers are expected to invest $8-10 billion (Rs 51,600-64,500 crore) in India to set up factories and expand production in the country. The investment will span over a period of next three-fours years. Companies which are going to be at the forefront of this investment includes India’s largest car manufacturer Maruti Suzuki, South Korea based Hyundai Motor Company and Kia Motors, Chinese manufactures SAIC, Changan and Beiqi Foton, and Italy’s Fiat. The report further said this decision will most probably increase the production of passenger vehicles in India by 1.3-1.5 million units a year and generate employment for 20,000-25,000 people. The passenger vehicles industry currently has a production capacity of over 5.5 million, according to industry sources. This investment is an addition to the Rs 1 lakh crore which the Indian auto sector is likely to invest for upgrading products to meet various upcoming regulations related to emissions, safety and fuel efficiency, according to industry body Society of Indian Automobile Manufacturers (SIAM).

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