By Shailesh Yadav
Paris [France], June 2 (ANI): French automotive supplier Valeo has reaffirmed its commitment to continue investing in India following a one-on-one meeting between CEO Christophe Perillat and India’s Commerce and Industry Minister Piyush Goyal during the minister’s three-day visit to France.
Valeo, a global leader in automotive technology headquartered in France, expressed strong optimism about India’s economic prospects and its ongoing transformation toward electric vehicles (EVs). The company’s Pune facility stands at the forefront of India’s EV revolution, supporting the nation’s ambitious mobility goals through expanded operations and cutting-edge technologies.
Speaking to ANI after the meeting, Perillat conveyed enthusiasm about India’s growth trajectory. “There is a lot of optimism in the Indian economy. We are investing a lot in India. Very happy to share this with the Minister, and we’re happy to be there and happy to continue the growth story of Valeo over there,” he stated.
He highlighted key drivers behind their confidence in the Indian market: “We think that the passenger car market is going to significantly increase. We’ve seen that in recent years thanks to better infrastructure, good utilities, a lot of talents from the management we have there (India), from the people we are there. So very excited. It was a fantastic meeting.”
Minister Goyal also shared his views on social media, writing on X:
“Held a meeting with Mr. Christophe Perillat, CEO of @Valeo_Group, a global automotive supplier company with a strong footprint in India. Appreciate the company’s trust in India’s growth story and their plans to enhance investments in the country. We discussed avenues to scale up their manufacturing presence in India.”
Valeo’s assessment points to India rapidly accelerating its EV adoption at an unprecedented pace. While EVs accounted for approximately 5 percent of India’s total vehicle sales in 2023, this figure is projected to surge dramatically. By 2030, the market is expected to grow nearly 30 percent annually, driven by electrified two-wheelers and the iconic three-wheel tuk-tuk, which made up nearly half of all EV sales. Electric SUVs are also increasingly visible on Indian roads.
As a global leader in electric powertrain technologies—equipping one in three new vehicles worldwide—Valeo plays a major role in meeting India’s growing EV demand. Its Pune plant manufactures a comprehensive range of EV technologies for local automakers, including Tata Motors and Mahindra & Mahindra, supplying components for two-wheelers, three-wheelers, and SUVs.
The Indian government, under Prime Minister Narendra Modi’s leadership, has introduced a forward-looking scheme to promote domestic manufacture of passenger cars with a special focus on electric vehicles. This initiative aligns with India’s national goals of achieving net zero emissions by 2070, fostering sustainable mobility, driving economic growth, and reducing environmental impact.
Recently, the Ministry of Heavy Industries issued detailed guidelines for the Scheme to Promote Manufacturing of Electric Passenger Cars in India (SPMEPCI), announced on March 15, 2024. Concurrently, the Department of Revenue, Ministry of Finance, issued notifications reducing import duties in line with the scheme’s provisions.
To encourage global manufacturers, approved applicants will be allowed to import Completely Built-up Units (CBUs) of electric four-wheelers with a minimum Cost, Insurance, and Freight (CIF) value of USD 35,000 at a reduced customs duty of 15 percent for five years from the date of application approval. They must also commit to a minimum investment of Rs 4,150 crore under the scheme.
This initiative aims to position India as a premier global destination for automotive manufacturing and innovation while fulfilling the “Make in India” objectives. It seeks to attract investments from global EV manufacturers, generate employment, and elevate India’s standing on the global EV manufacturing map.
Valeo’s continued commitment to its Indian operations underscores the growing confidence international automotive companies have in India’s transition to sustainable transportation and its potential as a global manufacturing hub. (ANI)
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