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NEW DELHI: Fiat Chrysler Automobiles NV (FCA) stated on Tuesday it’s going to make investments $250 million to develop its presence in India with the launch of 4 new sport-utility automobiles (SUVs) underneath its Jeep model over the following two years.
The funding will probably be made to regionally manufacture a mid-size, three-row SUV, assemble the Jeep Wrangler and Jeep Cherokee automobiles within the nation and launch a brand new model of its Jeep Compass SUV, FCA stated in an announcement.
FCA at the moment has lower than a 1% share of India’s passenger car market. Adding new automobiles to its portfolio is anticipated to assist the automaker improve native sourcing of parts, obtain higher economies of scale, cut back prices and increase gross sales.
“Our new investment of $250 million will give us a competitive edge in multiple segments,” Partha Datta, managing director for FCA India stated within the assertion, including that it’s decided to extend locally-made parts in its automobiles.
The funding comes at a time when automakers globally have been battered by the pandemic, and automakers in India have been additional stung with the home market slowing down even forward of this in 2019.
Japan’s Honda Motor Co has been compelled to shutter one in all its two crops within the nation, and General Motors final month stopped producing automobiles in India for export after ceasing home gross sales in 2017.
India has additionally seen the entry of latest automakers over the past couple of years together with South Korea’s Kia Motors and China’s SAIC Motor Corp.
FCA will produce and assemble the brand new SUVs at its automotive plant in western India, which it collectively owns with home automaker Tata Motors.
FCA’s three-row SUV is anticipated to compete with Ford Motor’s Endeavour and Toyota Motor’s Fortuner SUVs.
The newest spherical takes FCA’s complete funding in India to over $700 million, together with $150 million in a brand new international tech centre.
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