PUNE: 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 renowned 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. The conference was organized by Crescendo Worldwide at the JW Marriott, Pune. On this occasion, Senior FDI Consultant of Michigan Economic Development Corporation Paul Krepps, CEO and Managing Director of Crescendo Worldwide Vishal Jadhav, Vice President Rupesh Patil, and many senior dignitaries in the automotive sector were present.
In this conference, companies from the automotive industry came together to strengthen the relationship between the US and India, apart from promoting their economic development. The conference aimed to create a discussion about the automotive sector and provide a platform for companies to partner. On this occasion, Detroit-Michigan and Pune-Maharashtra, two major automotive cities worldwide, are coming together to support trade and investment.
The conference 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.
Mr. 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. The relationship between Prime Minister Modi and US President Joe Biden will take us to the next level.
Mr. Roopesh Patil, AVP at Crescendo Worldwide stated, “MEDC provides a platter of investment opportunities for Indian automotive companies interested in exploring the U.S. automotive market and companies willing to be a part of MEDC.”
Crescendo Worldwide, India’s leading international trade and foreign direct investment supporting organization, has successfully introduced 100+ companies coming across India from the automotive sector willing to expand in MEDC. These companies also aim to do re-exports to Canada and Mexico, considering Michigan as a strategic location.
The Michigan Economic Development Corporation (MEDC) operates as a public-private partnership between the state of Michigan and local communities. Its primary mission is to promote smart economic development and provide support to Michigan businesses and communities to foster growth and success.
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