Auto industry to invest USD 7 bn in 5 years to deepen parts localisation
The Indian auto industry is set to invest up to USD 7 billion by FY28 to deepen localisation of advanced components, including electric motors and automatic transmissions, to reduce imports and capitalize on multinationals' 'China Plus One' sourcing strategy. The Automotive Component Manufacturers Association (ACMA) reports that automakers and suppliers are likely to make this investment between FY24 and FY28.
Tags : auto parts localisation China Plus One auto industry Indian auto industry electric motors automatic transmissions Automotive Component Manufacturers Association SIAM ACMA
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