In this year 2024 Auto companies are showing enthusiasm due to record high sales, the country’s largest four auto companies making passenger vehicle are planning to invest Rs 1 lakh crore.
Industry experts say that 42.3 lakh passenger vehicles has sold in the year 2024 and there will be a huge growth in the coming years. Big companies like Maruti Suzuki, Hyundai motor India, Tata Motors, Mahindra and Mahindra (M&M) and JSW-MG motor India have shown their interest in investment. The investment will be divided into two parts, one part of the investment will be done to increase the capacity of Internal Combustion engine vehicles (ICEV) and the other part of the investment will be used for platforms , products and development for electric vehicles (EVs).
Maruti Suzuki is the biggest company of the country, the owner of the company plans to achieve 50% market share again in the next few years. The company plans to invest Rs 10,000 crore in this financial year to launch new products or increase production.
Hyundai Motor India LTD has achieved the highest sales in the financial year 2024. The company has an investment plan of Rs 13,180 crore during the financial year. The company’s focus is on increasing manufacturing capacity. Approximately Rs 6,180 crore will be spent in setting up a greenfield plant in Chennai and will be invested in overhauling the product line at the Taalegaon plant in Maharashtra.
Mahindra & Mahindra (M&M) has announced an investment of Rs 27,000 crore during the financial year 2025-27 with which the company plans to develop its automotive product segment, production capacity and technology advancement.
Tata Motors has announced to invest Rs 43,000 crore in this financial year, which will be used for product and technology. An investment of around Rs 35,000 crore will be made by its British subsidiary, Jaguar Land Rover.