2024 was a year of both triumphs and challenges for the automotive industry, marked by innovative announcements, ground-breaking developments, and significant shifts in the market. Here’s a look at the defining moments that stood out in the past 12 months.
VinFast Ventures into India
VinFast, the Vietnamese electric vehicle (EV) manufacturer, made waves by announcing its plans to enter the Indian market. In January, the company entered into a Memorandum of Understanding (MoU) with the Tamil Nadu government to establish a plant with the potential to produce up to 150,000 units annually. The investment, valued at USD 500 million in its first phase, is part of a long-term plan to invest USD 2 billion in India, which will also serve as a hub for global exports. This deal represents VinFast’s third global manufacturing site, after its home country and the United States.
Revolutionary Infrastructure Projects
Mumbai saw two major infrastructural feats in 2024: the inauguration of the Mumbai Trans Harbour Link and the Mumbai Coastal Road. The Trans Harbour Link, India’s longest sea bridge at 21.8 km, significantly cuts travel time between South Mumbai and Navi Mumbai’s new international airport. The Coastal Road, also part of the city’s modernization, drastically reduces commuting times by connecting key suburbs and featuring India’s first undersea tunnel.
Bharat Mobility Global Expo Debuts
The first-ever Bharat Mobility Global Expo (BMGE) took place in New Delhi from February 1 to 3, attracting over 800 exhibitors and 1.5 lakh visitors. The BMGE, merging the legacy Auto Expo and the Automotive Component Manufacturers Association of India’s aftermarket expo, highlighted India’s growing influence in global mobility. Key showcases included Tata Motors’ EV innovations like the Curvv, Skoda’s Enyaq iV, and Maruti Suzuki’s WagonR Flex Fuel.
Strategic Partnership: MG Motor & JSW Group
In a landmark development, MG Motor’s parent company SAIC Motor and India’s JSW Group formed a strategic joint venture to push the new energy vehicle (NEV) market in India. The partnership, unveiled in March 2024 as JSW MG Motor India Pvt Ltd, sets ambitious goals of selling 10 lakh NEVs by 2030. Additionally, the JV is constructing a battery production plant in Odisha, further boosting India’s EV capabilities.
Ford’s Return to Indian Manufacturing
Ford made a dramatic return to the Indian manufacturing scene by confirming the restart of production at its Maraimalai Nagar plant in Tamil Nadu. After ceasing local manufacturing in 2021, Ford now plans to focus on exporting vehicles and possibly assembling the Ford Everest, with hints of a low-cost EV under development.
A Historic Guinness World Record
Autocar India achieved a remarkable feat in September when it set a new Guinness World Record for the longest distance traveled by an electric vehicle on a single charge. A Mercedes EQS covered 949 km from Bengaluru to Navi Mumbai, surpassing the previous record of 916.74 km, despite challenges like inclement weather and unexpected road conditions.
A Sobering Loss: Ratan Tata’s Passing
In a year marked by both growth and innovation, the Indian automotive industry mourned the loss of Ratan Tata, the visionary leader who transformed Tata Motors into a global automotive powerhouse. Tata’s passing in October left a profound impact, as his legacy includes the development of the Tata Indica and the Tata Nano, both of which reshaped India’s automotive landscape.
Hyundai Motor India’s Landmark IPO
Hyundai Motor India made history with its Initial Public Offering (IPO), the largest in the country’s automotive sector in over two decades. The IPO raised Rs 27,870 crore, marking Hyundai’s continued importance in the Indian market, where it remains the third-largest automaker globally.
Jaguar’s Bold Rebranding
In November, Jaguar revealed a radical transformation of its brand identity, moving towards an all-electric future. The new logo and the Type 00 concept car, which previews the brand’s first all-electric model, signified Jaguar’s shift towards a bold, modern image to align with global trends in electric mobility.
Maruti Suzuki WagonR Turns 25
Maruti Suzuki’s iconic WagonR reached a significant milestone in 2024, celebrating 25 years of success in the Indian market. Known for its practicality and distinctive tall-boy design, the WagonR has sold over 32 lakh units and remains a favorite among Indian buyers, further cementing its place in automotive history.
In conclusion, 2024 has been a year of transformation, with the automotive industry embracing new technologies, forging strategic partnerships, and breaking barriers. From electric mobility to infrastructure advancements, the industry is poised for an exciting future, led by visionaries and innovators shaping the road ahead.
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