The global auto makers are eyeing on India as there is an average of 20 percent annual increase which seems to be a lucrative spot for global automakers. The foreign car manufacturers are trying their best to hit this hot spot for car sales in India. The car population in India is growing in a speedy way. And India being the second most populous country in the world offers a very promising automotive industry economy. Some of the car makers like Renault, Hyundai are on the verge of trooping over to be the part of the success with low price tag and squeezing margins.
Nissan Motor Co. Executive Vice President, Carlos Tavares said in a statement that car makers not making an entry to India would be a great strategic mistake, is something like a future investment.
Looking into the total sales figure of India, we will know that as March ended, India had recorded the total car sales of 1.1 million for the year. Out of these three quarters of that volume was taken by the compact hatchbacks class. Though the sales, it reveals the growth of Indian auto industry.
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The Indian auto growth is remaining the same and by 2012 the car sales will be doubled to 2 million and 3 million for Indian manufacturers. It is the well known fact that Indian markets the best growth potential.
Some of the Japanese automakers like Toyota Motor Corp., Honda Motor Co., and Suzuki Motor Corp has already set their foot prints in the Indian auto industry and also expanded their sales and production in India. French automaker like Renault SA of France and Nissan entered India this year. Both the car makers have tied up a passenger car venture with India’s local automaker Mahindra & Mahindra Ltd. As a plan of expansion the group plans to build a plant in Chennai city. Nissan will use the plant to export compact vehicles to the European market.
