Category — Automobile

India’s Motherson Sumi Expands Internationally

Noida, India-based auto component maker Motherson Sumi Systems consolidated net profit stood at $108.81 million in the quarter ending March 31, 2017, a better-than-expected 20 percent growth. Motherson Sumi’s net sales outside India rose over 14 percent to 94.76 billion rupees (GB Please convert to USD)

CFO of Motherson Sumi Systems, G. N. Gauba told Press Trust of India, “We have earmarked $300 million capex for the current fiscal. The investment will mainly go into the upcoming nine manufacturing plants across the world.”  The company will set up three plants in India, three in Hungary, one each at South Korea, Mexico and the United States, he added.
Auto parts from Motherson Sumi Systems
Currently, the company operates over 180 facilities across the globe catering to various automobile OEMs including Mercedes- Benz, Audi, Toyota, Ford and Suzuki, reports the Economic Times. It has set a target of achieving a turnover of  $18 billion by 2020 through global expansion.

May 22, 2017   No Comments

GM Makes India an Export Hub

While closing down sales of its automobiles in India, Michigan-based General Motors will continue making vehicles in India, primarily as an export hub for Mexico, Central America and South America. The company also plans to maintain its technical center, R&D facilities, and sourcing components.

“As the industry continues to change, we are transforming our business, establishing GM as a more focused and disciplined company,” GM Chairman and CEO Mary Barra said in a statement. “We are committed to deploying capital to higher return initiatives that will enable us to lead in our core business and in the future of personal mobility.”

GM Logo

In addition to ending sales in India, GM will also pull out entirely from South Africa, and the Chevrolet brand will officially exit India and South Africa by the end of 2017, reports FOXBusiness.

May 22, 2017   No Comments

Global Automakers to Invest $8 Billion in India

Over the next four years, automakers will invest $8-10 billion to set up factories in India. Maruti Suzuki, South Korea based Hyundai Motor Company and Kia Motors, Chinese SAIC, Changan and Beiqi Foton, and Italy’s Fiat, are among the companies that plan to expand production in the country.

The Indian subsidiary of SAIC Motor Corp is called MG Motor India and most likely the company will roll out its first vehicle from the country late next year or early 2019, reports ET Auto.

Cars

According to industry body the Society of Indian Automobile Manufacturers, India’s passenger vehicles industry currently has a production capacity of over 5.5 million. The automotive industry, including component manufacturing, is estimated to grow to almost $50 billion in annual sales by 2026 it added.

May 20, 2017   No Comments

‘Make in India’ Attracts Business from Italy

On a three-day business mission to New Delhi, India in April, a delegation led by Italy’s deputy minister for economic development, Ivan Scalfarotto, aimed to strengthen bilateral ties and make the most of the plentiful business opportunities that India has on offer.

The platform, promoted by the Italian Ministries of Economic Development and Foreign Affairs, in partnership with India’s trade bodies FICCI and CII, saw participation by various state representatives, along with 140 big enterprises and SMEs, across varied sectors, from both India and Italy. 80 companies, out of the total industry representation in the forum, in areas such as automotive, healthcare, defense, aviation and railways were from Italy exploring growth opportunities in India.

Ivan Scalfarotto at the India-Italy Business Forum

Ivan Scalfarotto at the Italia-India Meet

Speaking at the event, Scalfarotto said that more than 60 Italian automotive companies were working with 80 manufacturing facilities in India — most of them located in the Maharashtra belt — “and yet keeping an eye on the immense future potential,” reports Autocar Professional.

 

May 12, 2017   No Comments

Kia to Manufacture Cars in India

Kia Motors Corp., affiliate of South Korea’s Hyundai Motor Co., will invest $1.1 billion to build its first factory in the state of Andhra Pradesh in India. The plant will have a production capacity of 300,000 vehicles a year, and it will produce a compact sedan and a sport utility vehicle tailored for the Indian market. “Our new India plant will enable us to sell cars in the world’s fifth-largest market, while providing greater flexibility for our global business,” Kia Motors president Park Han-Woo said.

Kia Motors

Reuters reports that Kia will likely leverage Hyundai’s supply chain network built around its factories in the neighboring state of Tamil Nadu to gain a foothold in the Indian market, tipped to become the world’s third-largest by 2020. Hyundai is India’s No.2 automaker by sales.

May 5, 2017   No Comments