Fiat Chrysler Automobiles NV (FCA) will invest $ 250 million to expand its presence in India on Tuesday, launching four new Jeep-branded sport utility vehicles (SUVs) over the next two years. Announced.
The FCA said in a statement that it would make an investment to build a medium-sized three-row SUV locally, assemble Jeep Wrangler and Jeep Cherokee vehicles domestically, and launch a new version of the Jeep Compass SUV.
FCA currently has a less than 1% share of the Indian passenger car market. By adding new vehicles to the portfolio, automakers are expected to increase local procurement of parts, realize economies of scale, reduce costs and increase sales.
“The $ 250 million new investment will give us a competitive edge in multiple segments,” FCA India Managing Director Partha Datta said in a statement, deciding to increase the number of locally-made components of the vehicle. I added that there is.
Investment was made during a pandemic hit on global carmakers, with Indian carmakers suffering further from a further slowdown in the domestic market ahead of this in 2019.
Japan’s Honda Motor Co., Ltd. was forced to close one of its two domestic plants, and General Motors stopped producing cars for export after suspending domestic sales last month in 2017.
India has also seen new automakers enter the market in recent years, including Kia Motors in South Korea and SAIC Motor in China.
FCA will produce and assemble a new SUV at a car plant in western India, co-owned by domestic car maker Tata Motors.
FCA’s three-row SUVs are expected to compete with Ford Motor’s Endeavor and Toyota Motor’s Fortuner SUVs.
In the latest round, FCA’s total investment in India exceeded $ 700 million, including $ 150 million in the new Global Tech Center.
Fiat Chrysler invests $ 250 million in Indian unit to launch new SUV under Jeep brand
https://www.thehindubusinessline.com/companies/fiat-chrysler-to-invest-250-m-in-india-unit-launch-new-suvs-under-jeep-brand/article33498741.ece Fiat Chrysler invests $ 250 million in Indian unit to launch new SUV under Jeep brand