Bosch Group is planning to invest Rs 1,700 crore in India over the next three years owing to the growing demand in the domestic automotive market, reported Mint.
The German auto parts maker will boost investments in electric vehicles, self-driving tech, diesel engines and artificial intelligence, the chief executive officer Volkmar Denner said at a press conference in Bengaluru.
The firm plans to spend additional Rs 600 crores to revamp one of its manufacturing facilities in Bangalore to keep pace with rapid changes in the automotive industry. It plans to focus on advanced technologies such as Internet of Things, the report said.
Keeping in mind the government’s push towards electric cars, Bosch anticipates electric vehicle technologies will grow further in India.
“We believe electrification is the future but an adequate transition period is required and 2030 is too short a timeline,” Denner said.
India is one of the fastest-growing auto makets in the world, however, electric car sales accounted for less than 0.1 percent of annual sales of more than 3 million passenger cars in FY18, the report said.
Limited range, lack of a vast charging network as well as high price are some reasons behind the low demand.