excellent (New York Stock Exchange: STLA) is eyeing India for manufacturing as the automaker seeks to distance itself from its pricey home market in Europe.
CEO Carlos Tavares told reporters that factories in Europe are not cost-effective, and this necessitates Examine other sites for manufacturing bases. He noted that India is among the countries being scrutinized for this shift.
So far, Europe is not able to make affordable electric cars. Tavares told Reuters that the big opportunity for India would be to be able to sell compact electric cars at reasonable prices and protect profitability. There is growing tension between China and the Western world. This will have consequences in business terms. India is clearly the power best suited to take advantage of this opportunity.”
He added that the customs duties imposed on imports to the Indian market necessitate manufacturing in India to be sold in the Indian market.
The China automaker joint venture recently filed for bankruptcy.