India is emerging as the third largest auto market. Auto majors around the globe are eyeing this market. Soon after the campaign ended in UP, the Prime Minister’s office was thronged by several auto giants such as Toyota and Suzuki Motors. Market insiders said that this meeting was extremely high profile and has been kept under wraps.
Some of the details that have been revealed about the meeting clearly stated that the top honchos of the companies were meeting the PM to inform him about the partnership they had inked with the Japanese Government and how it will impact Indian automobile market in the years to come.
To explore the potential of the Indian automobile market, Volkswagen also wishes to expand its footprint in this fast emerging market.
Several other automobile giants have also visited India in the recent times. Skoda Auto’s global CEO, Bernhard Maier; General Motors CEO, Mary Barra; and Ford Motors’ executive chairman, Bill Ford visited the country to revamp the local operations to meet the surging demand of the market.
As per the rating agency, CARE, Indian automobile industry has showcased its potential and performed extremely well in 2016.