Domestic or global focus for India’s vehicle companies?

Car and light commercial vehicles (LCV) production in India was about 4.64 million in 2023, falling to just under 4.6 million in 2024. The biggest producer was Maruti Suzuki with 1.72 million units produced in 2024, a very slight rise over 2023. Next came Hyundai-Kia which made roughly 1.1 million in each year. In third place was Tata with 750,000 units in 2024 (up from around 725,000 in 2023). In fourth was Mahindra & Mahindra with 450,000 units in 2024. Toyota (260,000 in 2024), Volkswagen (102,000), Renault-Nissan (84,000) and Honda (71,000) are some way back. In addition, BMW, Volvo, Mercedes and Stellantis (Citroen and Jeep) have sub-50,000 upa kit or small manufacturing operations. Most of the vehicles made in India are sold there but there is a major push, supported by the government, for Indian vehicle plants to export. The government wants half of Indian vehicle production to be exported by 2030.