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Automobiles

Maruti Suzuki and Hyundai tighten grip on India as U.S. rivals exit

EVs offer rare chance to disrupt dominance of the 2 market leaders

Customers look at Ford Figo Aspire car in a New Delhi showroom. Ford said it will exit Indian production by June 2022.   © Reuters

MUMBAI -- The Indian auto market dominated by two companies, Maruti Suzuki and Hyundai Motor, is becoming even more so now that Ford announced its departure last month following the exit of American compatriot General Motors last year. But electric vehicles could challenge the duo, as U.S. upstart Tesla prepares to enter the market.

"Despite investing significantly in India, Ford has accumulated more than $2 billion of operating losses over the past 10 years and demand for new vehicles has been much weaker than forecast," CEO Jim Farley said in a statement.

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