USA's Auto Industry Opens Its Doors For Indian Companies
The automotive export sector has set a new record, with India-US turnover increasing by $1.95 billion. Therefore, it will be possible to supply the equipment required by the major automotive companies in America from Indian companies. To this end, Crescendo Worldwide and the Michigan Economic Development Corporation (MEDC) have formed a joint venture to connect Indian Small and Medium Enterprises (MSMEs) with the US automotive industry.
Detroit-Michigan and Pune-Maharashtra, two major automotive cities worldwide, are coming together to support trade and investment.
It will open opportunities for exports for Indian automotive parts manufacturing companies to supply big automotive giants in the USA like Ford, Chevrolet, Stellantis, General Motors, Chrysler, Tesla, etc. The export opportunities will be mainly for companies dealing with automotive parts like sheet metals, exhaust systems, chassis, castings and forgings, design engineering, fasteners, steering parts, batteries, electronics, gears and gearboxes, suspension, brake systems, plastics and rubber, vehicle software, IT and IOT devices, etc.
Around 13.5 million vehicles were sold in the USA in FY22, consisting of 2.8 million cars, 7.5 million utility vehicles, 2.5 million pickups, and 0.5 million vans and minivans. 3,20,000 heavy trucks and 4,41,000 2-wheelers are produced in the USA. 7,50,000+ electric cars were registered in the USA in FY22. The 'China-plus-one' strategy is gaining popularity among major global companies, and it holds the potential to be advantageous for India, particularly within the automotive component industry.
Vishal Jadhav, CEO and Managing Director of Crescendo Worldwide, stated, “India will play an important role in the next 5 years and become a major trading partner for the US."
Crescendo Worldwide has introduced more than 100 companies coming across India from the automotive sector willing to expand in MEDC (Michigan Economic Development Corporation). These companies also aim to do re-exports to Canada and Mexico, considering Michigan as a strategic location.
