India is becoming hotspot for automakers as they are spending billions to expand production in the country. Here’s the list

Automakers such as Maruti Suzuki, Hyundai, Kia Motors, Fiat, etc are expanding their production in India and are spending billions for the same.

India is becoming a hot market for carmakers who may pump in $8-10 billion (Rs 51,600-64,500 crore) over three-four years to establish factories and expand production in the country.

India is expected to become the third-largest for passenger vehicles by the turn of the decade.

For instance, Suzuki is likely to invest $780 million in a third factory in Gujarat by 2020, whereas Maruti will infuse Rs 1, 900 crore on expansion of R&D centre in Haryana.

"We have taken 35 years to reach annual sales mark of 1.5 million units. I do not think it will take as long to sell another 1.5 million vehicles, may be not even 10 years,” Maruti chairman RC Bhargava told ET.

Kia Motors had announced it will invest $1.1 billion to set up a factory in Andhra Pradesh, while Hyundai Motor India has plans to rake in $2 billion on products.

The passenger vehicles industry currently has a production capacity of more than 5.5 million, industry sources told ET.

As per Society of Indian Automobile Manufacturers Association (SIAM), the automotive industry is estimated to grow to Rs 16.16-18.18 lakh crore by 2026.