Nine Indian car makers who account for 97 per cent of the domestic market sales are creating additional capacity of 3 million cars per annum, an increase of 52 per cent compared to their current capacity of 5.77 million cars, according to data from CRISIL Intelligence and Analytics.
Once the plants are up and running, India will hit a capacity of 8.77 million passenger vehicles per annum. The new capacities will come into the market between November 2024 to financial year 2031 (FY31) in various phases and include not only ICE but electric cars and hybrids.
The companies include Maruti Suzuki, Hyundai Motor, Tata Motors, Mahindra & Mahindra, Kia Motors, Toyota Kirloskar, Honda Cars India, Skoda Auto Volkswagen, and MG Motors. This list does not include the fresh investment announced by Vinfast for making cars in India.
This story is from the June 26, 2024 edition of Business Standard.
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This story is from the June 26, 2024 edition of Business Standard.
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