Nine Indian passenger car makers accounting for 97 percent of domestic car sales are planning to create additional capacity of 3 million cars per year, an increase of 52 percent compared to the current annual industry capacity of 5.77 million car, according to CRISIL Intelligence and Analystics.
The new car plants of these nine companies will come into production in phases starting from November 2024 and will touch peak capacity by 2031, it said.
The companies which have launched capacity expansion projects are Maruti Suzuki, Hyundai Motor, Tata Motors, Mahindra & Mahindra, Kia Motors, Toyota Kirloskar, Honda Cars India, Skoda Auto Volkswagen and MG Motors.
Once the capacity is available, four auto companies - Maruti, Hyundai, Tata Motors and Mahindra & Mahindra - will control 81 percent of the country’s car making capacity.