Fiat Chrysler To Invest $250 Million In India Unit To Launch New SUVs
BRAND-NEW DELHI: Fiat Chrysler Automobiles NV (FCA) stated on Tuesday it will invest $250 million to grow its presence in India with the launch of 4 new sport-utility cars (SUVs) under its Jeep brand name over the next two years.
The investment will be made to in your area make a mid-size, three-row SUV, put together the Jeep Wrangler and Jeep Cherokee cars in the country and release a new version of its Jeep Compass SUV, FCA said in a statement.
FCA currently has less than a 1% share of India’s traveler vehicle market. Including new vehicles to its portfolio is anticipated to assist the automaker increase local sourcing of parts, accomplish much better economies of scale, reduce expenses and boost sales.
” Our new investment of $250 million will give us an one-upmanship in multiple segments,” Partha Datta, managing director for FCA India stated in the declaration, including that it is determined to increase locally-made parts in its lorries.
The financial investment comes at a time when automakers globally have been damaged by the pandemic, and automakers in India have been additional stung with the domestic market slowing down even ahead of this in 2019.
Japan’s Honda Motor Co has been required to shutter one of its 2 plants in the country, and General Motors last month stopped producing cars and trucks in India for export after ceasing domestic sales in 2017.
India has actually also seen the entry of brand-new car manufacturers over the last number of years including South Korea’s Kia Motors and China’s SAIC Motor Corp.
FCA will produce and assemble the brand-new SUVs at its vehicle plant in western India, which it collectively owns with domestic car manufacturer Tata Motors.
FCA’s three-row SUV is anticipated to take on Ford Motor’s Endeavour and Toyota Motor’s Fortuner SUVs.
The current round takes FCA’s overall financial investment in India to over $700 million, including $150 million in a new international tech centre.
Disclaimer: This post has been auto-published from a company feed without any modifications to the text and has actually not been reviewed by an editor
( the headline, this story has not been released by Crucial India News staff and is published from a syndicated feed.).