India Auto EY report Oct 2009

Dear reader,I am pleased to bring forth the latest issue of Auto Track, Ernst & Y oung’s newsletter on the IndianThe journey of change in the global automotive industry continues. China has overtaken US as the biggestautomotive market in the world with an annual estimate of 12 million light vehicle sales for 2009 as against10.5 million in the US. Europe’s leading car manufacturer Volkwagen is hair’s-breath-close to General Motors inglobal volumes and is all set to gain no.2 position after T oyota.The Indian automotive industry has performed well in the first half of the current fiscal posting a growth ofmore than 15% in the domestic markets. Activity level was high in the recently concluded festive season and as I write, there is anexpectation that the growth story will continue in the month of October also.India’s contribution to the global automotive industry needs a special mention and accolades. Reportedly, there are only two-carcompanies globally which have posted profits in Q1FY10, Honda and Suzuki and both of these companies have attributed this to theperformance of their Indian JVs, Hero Honda and Maruti Suzuki respectively. Another key aspect has been the increasing export ofcars from India which now stands larger than China’s. Between India and China, Indian automotive industry is reportedly considereda better place to invest given a 100% FDI allowance as against the strict rule of necessity of a local JV partner in China. In anotherdevelopment, China’s largest car maker Shanghai automotive Industry Corporation is contemplating a collaboration with GM India Forewordto produce light commercial vehicles in latter’s plant in T alegaon located in Maharashtra. GM tying up with Reva, India’s first electriccar company, to produce an electric variant for one of its existing products, is a point in case for India’s growing engineering andtechnology capabilities.The general sense of optimism is increasing with each month passing. Rising financial markets and increase in foreign capital inflowsare positive signals for the Indian economy which is showing signs of revving up, again. And this is great news for the commercial vehicleindustry which is so heavily dependant on the level of economic activity. There has been a significant improvement from the slumpwitnessed in Q3FY09. Sales for Light Commercial Vehicle (LCVs) have already started to pick-up and have secured a handsome growth of20% for Apr-Sep09 over same period last year. But the entire industry is not out of the woods completely. Medium & Heavy CommercialVehicle (MHCV) are still down y-o-y so are the CV exports.The Indian CV industry has a huge potential. This industry has been dominated by domestic players, however is attracting a lot of internationalplayers. The capacities are being added and the international players are expected to contribute heavily towards this growth in capacity.In this edition of Auto-track, we take a look at how the CV industry has been performing, how competitive scenario is shaping up, what are thevarious trends emerging and the way forward.I look forward to your feedback and comments.Rakesh BatraAutomotive Sector LeaderErnst & Y oung, IndiaRakesh.Batra@Ernst & Y oung’s Auto-track October 20092 (4)555678 (10)1313131415161718212231. Industry growth patternsa). Spectacular growth between FY03and FY07The Indian CV industry witnessed spectacular growthbetween FY03 and FY07, growing at a CAGR of more than 25%. A favourable macroeconomic environment, increased industrial activity and easy financing, among others reasons, were significant drivers of growth in the domestic market. Trend in total CV sales (domestic + exports)Source: SIAM, EY analysis-300,000-200,000-100,0000100,000200,000300,000400,000500,000600,000-40%-20%0%20%40%60%80%DomesticExportsDomestic growthExports growthExports accounted for approximately 10% of the total volumes.In 2004, the rule commonly known as Golden Pass, under which trucks were allowed to carry more load than the law sanctioned on the payment of meager penal charges, was withdrawn. This led to a spurt in the growth of CVs in the goods carrier segment.b). Growth slowed in FY08 and fell in FY09A corrective period followed the five-year phase that witnessed growth of more than 25%. In FY08, easyfinancing, which was a significant growth driver , declined significantly. The interest rate began to increase, thereby impacting borrowing cost and subsequently the total cost of ownership. With as many as 90 out of 100 vehicles being sold on finance, the liquidity crunch came as a big blow. Non-banking finance companies (NBFCs) virtually stopped lending to first-time users and small-fleet operators. T otal creditdisbursement in the CV industry is estimated to have declined by 33% in FY09 over FY08.The global slowdown adversely impacted both global anddomestic demand in FY09. Industrial activity plummeted, and GDP growth projections were reduced with every subsequent revision. The third quarter of FY09 saw the worst for the Indian automotive industry in recent times, with CV sales falling by 48% in the domestic market. Exports also slumped by 40% in the same period.Despite some revival in consumer demand toward the end of FY09, industrial activity remained sluggish, with negative growth in the Industrial Index of Industrial Production (IIP) in the fourth quarter of FY09. The sales volume in this quarter , however , improved sequentially over the third quarter.Correlation between IIP and CV sales-55101520A p r -A u g -D e c -A p r -A u g -D e c -A p r -A u g -D e c -A p r -A u g -D e c -A p r -A u g -D e c -A p r -A u g -D e c -A p r -A u g -D e c -A p r -A u g -D e c -A p r -i n p e r c e n t a g e10203040506070i n '000 u n i t sIIP (% change)T otal CV demandSource: CRIS INFAC, EY analysis5Ernst & Y oung’s Auto-track October 2009During FY09, CVs de-grew by 22% and exports declined by 28%. Although all segments were impacted, higher tonnage vehicles were worse hit. The MHCV segment de-grew by 33% as compared to a 7% decline in LCVs in the domestic market.Within the domestic HCV segment, a slowdown inconstruction and mining and delays in awarding licenses and construction projects affected the sales of tippers and dumpers, which contribute around 30% of total heavy truck sales.While considering classifications based on load, thepassenger carrier (bus) segment, which is considered to be non-cyclical, witnessed a 7% y-o-y decline in domestic sales during FY09. In contrast, the goods carrier segment, which constitutes more than 80% of total CV sales, was down 24% y-o-y.Goods carriers: segment-wise domestic sales trend (FY09)50002500045000LCVMHCV U n i t sSource: SIAMPassenger carriers: segment-wise domestic sales trend (FY09)U n i t sSource: SIAMLCVMHCVc). Government stimulus packageFollowing the economic downturn and a sharp decline in sales volume, the government initiated measures to help revive sales in the CV industry. The government’s stimulus package featured two primary components:1. Government grant for buses: Under the JawaharlalNehru Urban Renewal Mission (JNNURM), thegovernment agreed to provide a 50% subsidy of the cost of new buses purchased till 31 December 2009 for urban transportation. T otal funds allocated to state governments were INR42,000 million. It is estimated that6Ernst & Y oung’s Auto-track October 2009Source: SIAMCV: FY10 growth trends in domestic market (y-o-y)P e r c e n t a ge -60%-40%-20%0%20%40%MHCVLCVCVUnder the Jawaharlal Nehru Urban Renewal Mission, the government has allocated Rs. 42,000 million to the cost of new buses purchased till 31 December 2009.around 10,400 buses, equivalent to approximately four months of sales, have already been ordered underthe scheme. This is significantly lower than the total grant which could potentially cover 60,000 buses based on theanalysis below.Source: EY analysis2. Government grant for trucks: T o create surplus demandfor trucks, the government launched the following initiatives:R educing excise duty on CVs from 10% to 8% • Depreciating 50% on CVs purchased till•30 September 2009Directing public sector banks to increase funding to•NBFCs to help revive CV demandd). A rebound in FY10FY10 has begun on a positive note. Increased industrial activity in the first half of FY10, along with variousgovernment benefits provided to boost sales, have yielded positive results. LCVs have started growing, posting a y-o-y increase of 20% in the first six months of FY10. T otal CVs, however, fell by 1% due to significant de-growth in MHCVs.Source: SIAMWhile the domestic markets have seen some respite, the export markets are still not out of the woods due to a more severe slowdown in the global markets. For the first sixmonths of FY10, exports have declined by 36% as compared to same period last year .7Ernst & Y oung’s Auto-track October 2009e). OutlookShort-term outlookConsidering the strong correlation between CV sales and economic activity, FY10 may prove to be a tough year for CVs. While we expect that the economy is likely to start looking up after the first half of FY10, we do not expect the recovery to immediately translate into higher sales of CVs. Moreover, exports are likely to be under severe pressureSources: JD Power , CIA World Factbook, Global Insight, EY analysisNote: numbers have been estimated from various sources using the latest available data and should be considered as indicative. The bubble size indicates the expected growth in industrial production.(10,000)Paved roads/total landdue to the slowdown in the global markets, which is not expected to recover in the short term. LCVs are expected to outperform MHCVs in both the domestic and export markets.Long-term outlookCurrently, India has the lowest MHCV penetration among the BRIC economies and a higher-than-average paved road penetration. Both are reflective of the significant opportunity share for the CV industry in India. However , there are a fewer number of expressways in India as compared to its peers. This will have to be increased to boost CV industry growth.There are a fewer number ofto boost CV industry growth.8Ernst & Y oung’s Auto-track October 2009While we expect that the economy is likely tostart looking up after the first half of FY10,we do not expect the recovery to immediatelytranslate into sales of CVs at levels prior to FY09.9Ernst & Y oung’s Auto-track October 20092. Competitive landscape: international presence to increase sevenfoldSharing more than 90% of the total market collectively, local players such as T ata Motors, Ashok Leyland, M&M and Eicherhave traditionally dominated the CV industry.CVs: market share trend6%4%4%0%25%50%75%100%DomesticInternationalconsumer needs and a low-cost product CVs: domestic market share in MHCV segment for FY09Eicher 7.4%T 61.9%0.1%Source: SIAMCVs: domestic market share in LCV segment for FY09Source: SIAMT 59.91%4.49%10Ernst & Y oung’s Auto-track October 2009Growth opportunities lured various international players such as Mazda, Volvo and T etra Vectra. Despite entering the Indian market more than five years ago, they have not been able to garner a sizable market share. New players such as Daimler , Piaggio, MAN AG and Hino have entered the CV industry recently.Capacity additionThe Indian CV industry currently has the capacity toproduce 0.85 million units. Actual production in FY09 was 0.42 million, signifying low plant capacity utilization. From 0.38 million units currently, the domestic market is estimated to reach 1 million units by FY20.CVs: share of total installed capacity90 %T otal: 0.85 millionT otal: 1.5 million20082013Source: EY analysis, industry articles and press releases via Dow Jones FactivaT o tap the industry’s potential, significant capacity additions are expected. It is anticipated that international players will contribute more than 70% of the incremental capacity. As such, their share in total industry capacity is projected to increase to 37% in the medium term from the current 10%.In the Indian market, collaborating with a local player has been a time-tested strategy to gain quick access to local intelligence and to understand the complexities of dealing with various regulatory and statutory authorities. Apart from leveraging the advantages of an already established distribution network, associating with a local player increases brand awareness.CVs: comparative market size (India = 100)200400600800100012001400160018002000IndiaUS China Japan France Mexico South KoreaBrazil Thailand UK GermanySource: SIAM, CRIS INFACNote: Data for FY08 for India and for CY07 for all other countries11Ernst & Y oung’s Auto-track October 2009E = Expected once operation commenceOther possible entrantsCollaborating with an overseas partner is beneficial to Indian players as well, since it provides them with access to better technology and a wider product range, thereby facilitating diversification.Ashok Leyland is planning to enter the LCV segment with Nissan.•Force Motors, primarily an LCV player , entered the MHCV segment with MAN AG.•M&M, which ranks second in the LCV segment, is planning to enter the MHCV space with Navistar .•12Ernst & Y oung’s Auto-track October 20093. Emerging trendsSource: SIAM, EY analysis0%20%40%60%80%100%S h a r eSCV LCVMHCVCVs: composition of SCV and three-wheeler salesb). Alternative fuelsDiesel has been one of the traditional fuels used for CVs. However , the focus is gradually shifting toward CNG as a result of growing concerns around rising pollution and climate change. Both customers (owing to the lower running costs of CNG) and manufacturers (owing to CNG’s pollution-reducing nature) are becoming increasingly inclined toward CNG. As the number of cities the CNG distribution network covers is expected to increase from 30 to 250 by 2018, CNG vehicle are expected to increase.The following are among the initiatives players have taken in the CNG segment:M&M launched a CNG version of its Maxi Truck LCV in •June 2009.Ashok Leyland has announced its plans to launch a •CNG HCV.In association with Australia’s Eden Energy, Ashok•Leyland has developed a hythane (blend of natural gas and hydrogen)-powered, 92-KW engine.T ata Motors has announced its plans to develop a hybrid•bus, which is expected to run on CNG or a diesel-electric engine combination.13Ernst & Y oung’s Auto-track October 20094. Positive trends for the CV industrya). Sustained levels of investment in varioussectors of the economyThe sustained level of additional investments in various sectors consuming CVs is expected to increase activity in these sectors. This, in turn, will positively impact CV demandin the next two three years. Source: CRIS INFACFor instance, India’s organized retail sector is under-penetrated and has been growing at close to 30% annually in the past few years, with the exception of a slowdown in FY09. Players in this sector have plans to increase their presence significantly in tier-2 and tier-3 cities. As LCVs are largely used for the redistribution of consumption goods, enhanced presence in smaller cities is expected to increase the demandfor LCVs.b). Freight transportation by road isexpected to increaseUntil 2007, both India’s GDP and IIP witnessed robustgrowth. This resulted in increased road freight movement in the country. Although the railway network is heavily targetingTrend in the share of road in total freight movementSource: BMI40455055602006200720082009f 2010f 2011f 2012f 2013fShare of road in total freight movement (%)the movement of commercial goods at present, it is expected that the share of freight movement by road will increase. An increase in freight availability boosts the demand for trucks, primarily heavy trucks used to transport manufactured goods and agricultural produce.T o complement this trend, the government has been increasing its allocation for road infrastructure. Oneparticular milestone has been the construction of the Golden Quadrilateral, an expressway that connects all four metros in India. The expressway is 97% complete. Such initiatives are expected to reduce transportation time and increase competition for the railways.c). Other changesGovernment has taken positive steps to introduce new•emission and safety standards for commercial vehicle industry which is expected to enhance the road safety and will be more beneficial for the environment.There has been a notable increase in professional third-•party transportation and supply chain services ( 3PL) which will be more conducive for the growth of the CV industry.Fleet owner are increasingly focused on lowering of total•cost of ownership i.e. Rs./tonne km for the entire life of asset, instead of intial purchase price of the asset .14Ernst & Y oung’s Auto-track October 20095. Industry challenges). Driver tr ining: Except the basic requirementsassociated with a driver’s license, no fixed standards of training are required to drive a CV in India. The shortage of trained drivers is one of the major challenges the CV industry is facing.b). Spare part availability: Traveling across the countryby road entails passing through many small andinaccessible villages, which have neither proper service stations nor spare parts. India is a geographically vastcountry with diverse terrains and territories, and the regular availability of spare parts is a major challenge for vehicle manufacturers.c). Regional transport offices (RTOs): While travelingbetween states, a fair amount of time is lost insubmitting documents and obtaining clearances at RTOs. Untrained personnel at non-computerized offices, along with bureaucracy and corruption, are the main factors driving this trend.d). Fuel dulter tion: Prevalent more in non-urban areas,fuel adulteration leads to the non-optimal performanceExcept the basic requirementsassociated with a driver’s license, no fixed standards of training are requiredto drive a CV in India.of a vehicle, and may lead to breakdowns and anunproductive increase in journey time. In a sample test conducted with fuel from various petrol stations, the Environmental Pollution Control Authority (EPCA) found that 8.7% of the total sample was adulterated. This number is expected to be higher in smaller cities and rural areas.e). Lower use of technology: While some playersrecently started installing technologies such as GPS in vehicles, Indian vehicle manufacturers typically do not fully leverage different technologies as compared to developed countries.15Ernst & Y oung’s Auto-track October 20091.Acquisitions and alliancesAlliances17Ernst & Y oung’s Auto-track October 20092. Key projects announced18Ernst & Y oung’s Auto-track October 200919Ernst & Y oung’s Auto-track October 200920Ernst & Y oung’s Auto-track October 2009India: EY Automotive Index (EY AX) and BSE SensexNote: EYAX is a market capitalization weighted index comprising 20 automotive companies selected on the basis of their existing market cap. It consists of the large market cap companies in each of the four automotive industry segments(passenger cars, CVs, two- and three-wheelers and auto components).85100115130145160May 2009June 2009July 2009August 2009September 2009BSE Sensex EYAXRegional and world automotive indicesSource: “History Wizard,” Bloomberg, accessed 16 September 2009Note:DJUSAP: Dow Jones US Automobiles & Parts IndexP1ATO: Dow Jones Asia/Pacific Automobiles & Parts IndexMXWO0AC: Morgan Stanley Capital International World Auto and Auto Components Index MXWO: Morgan Stanley Capital International World IndexMXEU0AC: Morgan Stanley Capital International Europe Auto and Auto Components Index9095100105110115120125130135140May 2009June 2009July 2009August 2009September 2009P1ATO Index MXWO0AC Index MXEU0AC IndexMXWO IndexDJUSAP Index3. Global market movesErnst & Y oung Center for Business Knowledge (CBK) research •and analysis“Has the CV industry bottomed out?,” Avendus Research, 28 •February 2009, via Thomson Research.“Automobiles,” Edelweiss, 3 July 2009, via Thomson Research.•“Auto & Auto Parts,” Nomura, 24 February 2009, via Thomson •Research.“Bajaj to use KTM alliance to roll out bigger bikes (plans to•utilise the partnership for jointly manufacturing complex, high-end and powerful engines),” 26 May 2009, Indian BusinessInsight, via Dow Jones Factiva, © 2009 Informatics (India) Ltd.“Bajaj Auto to raise stake in Austria’s KTM,” 14 July 2009,•Business Standard, via Dow Jones Factiva, © 2009 BusinessStandard Ltd.“Hero steps out from Daimler JV (because of tough economic •conditions and a lull in commercial vehicle sales in India),” 26April 2009, Indian Business Insight, via Dow Jones Factiva, ©2009 Informatics (India) Ltd.“JBM to buy European firm for Rs 300 crore,” 16 June 2009, •Business Standard, via Dow Jones Factiva,© 2009 Business Standard Ltd.Sohini Das, “M&M may buy out partner in Mahindra South•Africa,” 11 June 2009, Business Standard, via Dow JonesFactiva, © 2009 Business Standard Ltd.“T ata Motors may buy Thonburi stake in Thai truck JV,” 10•August 2009, Business Standard, via Dow Jones Factiva, ©2009 Business Standard Ltd.“Sumitomo Metal to make car engine parts in India via joint•venture,” 18 May 2009, Kyodo News, via Dow Jones Factiva, © 2009 Kyodo News.“Chery, Great Wall mull to enter Indian car market,” 1 May•2009, Auto China, via Dow Jones Factiva, © 2009 China DailyInformation Company.“Fiem Industries enters into an agreement with Japanese firm,”•11 May 2009, The Press Trust of India Limited, via Dow JonesFactiva, © 2009 Asia Pulse Pty Limited.“Japanese firm gets nod to form JV with Kailash Vahan Udyog,”•9 June 2009, The Press Trust of India Limited, via Dow JonesFactiva, © 2009 Asia Pulse Pty Limited.“Magna Seating, Krishna Group establish joint venture in India,”•6 August 2009, Datamonitor News and Comment, via DowJones Factiva, © 2009 Datamonitor plc.“Modi Rubber back in tyre biz, after 8 years,” 13 June 2009,•Business Standard, via Dow Jones Factiva,© 2009 ElsevierEngineering Information.Sindhu Bhattacharya, “Setco to make clutches for cars,” 23 May•2009, DNA - Daily News & Analysis, via Dow Jones Factiva, ©2009. Diligent Media Corporation Ltd.“Japan’s T achi-S, Lear to build carseat plants in India, Thailand,”•27 July 2009, Asia Pulse, via Dow Jones Factiva, © 2009 AsiaPulse Pty Limited.“TRF forms joint venture to make auto components•(at the T ata Motors vendor park in Lucknow),” 3 June 2009,Indian Business Insight, via Dow Jones Factiva,© 2009 Informatics (India) Ltd.“Allison Transmission India to export parts (is setting up a plant•in India, which it plans to make an export hub for automatictransmission parts),” 1 June 2009, Indian Business Insight, viaDow Jones Factiva, © 2009 Informatics (India) Ltd.“Country’s 2nd electric car unit near Chennai,” 13 July 2009,•Business Standard, © 2009 Business Standard Ltd. via DowJones Factiva, © 2009 Business Standard Ltd.“Bosch Automotive unit on stream,” 27 May 2009,•The Hindu, via Dow Jones Factiva, © 2009 Kasturi & Sons Ltd.“Bridgestone Invests 2.6 bil. Rupees in Indian Tyre Plant•Expansion,” 24 July 2009, IHS Global Insight Daily Analysis, viaDow Jones Factiva, © 2009, IHS Global Insight Limited.“Jagdish Khattar’s Carnation Auto to invest Rs 1,000 cr in•expansion,” 2 June 2009, United News of India (UNI).“Cummins Rs 750-cr project near Pune,” 27 June 2009,•T endersinfo, via Dow Jones Factiva.“Mercedes-Benz India plans to invest E700 million to increase•truck production,” 6 August 2009, Datamonitor News andComment, via Dow Jones Factiva, © 2009 Datamonitor plc.“Mercedes-Benz spending on car factory, dealers,” 1 July 2009,•Just-Auto, via Dow Jones Factiva, © 2009 Aroq Limited.“Falcon Tyres plans to raise Rs 100 cr for expansion,” 23 July•2009, Business Line (The Hindu), via Dow Jones Factiva, ©2009 The Hindu Business Line.“Fiat India to raise $510 mn loan,” 21 July 2009,•The Economic Times (MCT) (India), via Dow Jones Factiva, ©McClatchy - Tribune Information Services.“GM Exec: Expect T o Start India Engine Plant By Early 2010,”•2 June 2009, Dow Jones International News, via Dow JonesFactiva, © 2009 Dow Jones & Company, Inc.“Hindustan Motors revamps auto component unit,” 25 July•2009, Business Line (The Hindu), via Dow Jones Factiva,©2009 The Hindu Business Line.“Honda Siel to set up engine plant in India,” 15 June 2009,•Auto Business News, via Dow Jones Factiva, © 2009, ElectronicNews Publishing.“Hyundai to start diesel engine production by next year-end,” 8•July 2009, Business Line (The Hindu), via Dow Jones Factiva, ©2009 The Hindu Business Line.“Solvay to have presence in India,” 19 June 2009, Indian•Business Insight, via Dow Jones Factiva, © 2009 Informatics (India) Ltd.“JK Tyre looks to set up radial unit in TN,” 3 August 2009, The •Economic Times, via Dow Jones Factiva, © 2009 The Times of India Group.“Leo Fasteners to expand capacity,” 12 August 2009, •The Economic Times, via Dow Jones Factiva, © 2009 The Times of India Group.“Lucas Indian Service enters organised car accessories market,” • 4 June 2009, Business Line (The Hindu), via Dow Jones Factiva, © 2009 The Hindu Business Line.“India’s Mahindra to invest $420 mln in expansion,” 28 May •2009, Reuters News, via Dow Jones Factiva, © 2009 Reuters Limited.“Magna International to set up facility in India (an integrated •manufacturing unit),” 31 May 2009, Indian Business Insight, via Dow Jones Factiva, © 2009 Informatics (India) Ltd.“Mann + Hummel Bosch setting up 2nd plant in Himachal,” 4 •June 2009, Business Line (The Hindu), via Dow Jones Factiva, © 2009 The Hindu Business Line.“Maruti Suzuki to set up stockyards in India,” 5 May 2009, Auto •Business News, via Dow Jones Factiva, © 2009 Electronic News Publishing.“Suzuki makes Haryana hub of its investment in India,” 11 •August 2009, United News of India (UNI), via Dow Jones Factiva, 2009, © HT Media Limited.“Maruti to invest Rs 2K cr to drive up output,” 28 July 2009, •The Economic Times, via Dow Jones Factiva,© 2009 The Times of India Group.“Govt clears Michelin’s Rs11k crore FDI proposal to set up•factory,” 10 July 2009, Indian Business Insight,via Dow Jones Factiva, © 2009 Informatics (India) Ltd.“Mitsui Chemicals to Decide in 2010 on PP-compound Plant in •Brazil / India,” 8 July 2009, Japan Chemical Web, via Dow Jones Factiva, © 2009 The Chemical Daily Co., Ltd.“MUNJAL SHOWA L TD (a new plant to manufacture shock •absorbers),” 26 April 2009, Indian Business Insight, via Dow Jones Factiva, © 2009 Informatics (India) Ltd.“Oeitker opens its lone manufacturing facility in India,” 18 May •2009, The Press Trust of India Limited, via Dow Jones Factiva, © 2009 Asia Pulse Pty Limited.“Peugeot to set up car plant in India,” 5 June 2009, Auto •Business News, via Dow Jones Factiva, © 2009 Electronic News Publishing“Peugeot plans to enter Indian market,” 8 June 2009, Auto •Business News, via Dow Jones Factiva, © 2009 Electronic News Publishing.‘The Statesman (India): Piaggio to make 2-wheelers in India,” 5 •July 2009, The Statesman , via Dow Jones Factiva, © 2009 The Statesman (India).Boby Kurian and S Sanandkumar , “Popular Vehicles may get Rs •110-cr PE funding,” 27 April 2009, The Economic Times, via Dow Jones Factiva, © 2009 The Times of India Group.“Reva Electric Car Company Planning New Plant in India,” 22 July•2009, IHS Global Insight Daily Analysis, via Dow Jones Factiva, © 2009 IHS Global Insight Limited.Sindhu Bhattacharya, “Setco to make clutches for cars,” 23 May•2009, DNA – Daily News & Analysis, via Dow Jones Factiva, © 2009 Diligent Media Corporation Ltd.“SKF’s new unit in Haridwar (to manufacture ball bearings with•an investment of Rs150 crore),” 10 May 2009, Indian Business Insight, via Dow Jones Factiva, © 2009 Informatics (India) Ltd.“Sumitomo to Build Steel Processing Center In India,” 2 May•2009, Nikkei Report, via Dow Jones Factiva, © 2009. Nihon Keizai Shimbun, Inc.“Update: T ata Motors Invests INR10 Bln In New Truck Range,”•28 May 2009, Dow Jones International News, via Dow Jones Factiva, © 2009 Dow Jones & Company, Inc.“T ata Motors to set up truck unit in Myanmar (with the support•of the Government of India),” 31 May 2009, Indian Business Insight, via Dow Jones Factiva, © 2009 Informatics (India) Ltd.Nandini Sen Gupta, “T ata Motors readies 8,000-crore capex,”•14 August 2009, The Economic Times, via Dow Jones Factiva, © 2009 The Times of India Group.“T oyota Kirloskar to invest INR8bn in Bangalore,” 26 June•2009, Auto Business News, via Dow Jones Factiva, © 2009 Electronic News Publishing.“Vibgyor Group to invest Rs800 crore in new ventures,” 10 July•2009, Indian Business Insight, via Dow Jones Factiva, © 2009 Informatics (India) Ltd.“Volkswagen’s Pune plant gets Rs 920 crore from IFC,” 7•August 2009, Indian Express, via Dow Jones Factiva, © Indian Express Pty. Ltd。