Auto firms like M&M, Tata Motors, Maruti, Hyundai, Renault and Nissan to spend Rs 10,000 crore on new models, facelifts
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MUMBAI: Automobile makers in India have lined up more than Rs 10,000 crore of investment to develop new passenger vehicles and soup up existing ones despite a slowdown in sales, as they strive to meet changing customer demands in a market where products become outdated fast, according to industry executives.
Companies such as Mahindra & Mahindra, Tata Motors, Maruti SuzukiBSE 0.56 % as well as the local units of Hyundai Motor, Renault and Nissan Motor are working on all-new platforms to bring out new products.
Twenty-two all-new models and as many facelifts along with 12 new model-year updates and seven new power-train options have been lined up for the Indian customer in 2014 — the most elaborate product action plan by auto makers in recent years. And, this is happening just after the passenger vehicle market recorded its worst sales decline since 1976.
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Fintech firm BharatPe on Tuesday said it has elevated its interim CEO and chief financial officer Nalin Negi as full-time chief executive officer.
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