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India Sees Automobile Export Growth, Business and Industry Trends Analysis

The automobile market in India has the potential to grow to much higher numbers over the mid-term.  The Society of Indian Automobile Manufacturers reported that 3.89 million passenger vehicles were sold in that nation during the 2022-2023 fiscal year, up from 3.07 million the previous year.  (In addition, the nation builds millions of motor scooters, motorcycles and three-wheelers each year, plus a modest number of commercial vehicles.)  Although India is nowhere near as large a market as China, it is attracting the attention of leading global manufacturers.  As India’s middle class continues to grow over the long-term, it may eventually become one of the world’s larger car markets.
GM previously had two manufacturing plants in India but stopped selling cars in the country in late 2017.  In 2017, GM sold its factory based in Halol, Gujarat to China’s SAIC, which is very active in India.  GM also plans to divest its other plant, a 300-acre facility in Talegaon.
The port city of Chennai has attracted a number of automobile and parts manufacturers in recent years.  Hyundai, Ford, Nissan/Renault and Daimler have invested large sums in new manufacturing facilities.
Tata Group, an Indian industrial conglomerate, is another large presence in the car market.  While selling steel to giants such as Honda and Toyota, the company also has its own major automobile venture in India, Tata Motors, which makes the Indica economy model.  The company manufactures commercial and passenger vehicles and also provides automobile financing services.  Tata Motors is also among the world’s leading bus manufacturers, and it has expanded these activities through strategic partnerships with Tata Hispano Motors Carrocera SA, a Spanish bus and coach manufacturer, as well as Marcopolo, a Brazil-based company engaged in the manufacture of bodies for buses and coaches.  The firm has also expanded its international presence through such activities as the manufacture and marketing of pick-up trucks in Thailand and the marketing of Fiat-branded cars in India, as well as through vehicle sales in several countries in Europe, Africa, the Middle East, Australia and Asia.  Tata Motors also owns the Jaguar and Land Rover brands, an operation encompassing roughly 26 major vehicle subsidiaries worldwide.

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