India remains a major player in the global automotive industry, with the country recording the highest-ever passenger vehicle sales in November 2023, with 334,130 units sold. This marks a significant achievement for the automotive sector, driven by both domestic demand and exports. The growth in electric vehicles (EVs) is a key factor contributing to the surge in automotive sales.
Mahindra & Mahindra, one of India’s leading automakers, announced an investment of INR 10,000 crores (USD 1.23 billion) in the development of electric vehicles (EVs) under Maharashtra’s industrial promotion scheme. This investment will boost India’s EV manufacturing capacity and accelerate the country’s transition toward a greener automotive future.
India’s automotive sector is benefiting from strong domestic consumption, rising income levels, and government incentives for EV production. The continued focus on sustainability and innovation is expected to fuel further growth in the sector, making India a global hub for both traditional and electric vehicle production