Auto companies capex are all set to cross the $3 billion margin in FY23

No doubt it sounds like no less than an explosion but the aggressive growth in the automotive market has left the entire world speechless. It is being predicted that within FY23, the automotive market capex will be crossing $27000 crore, which has been estimated by Axis capital.

Two wheeler makers are increasing their capital allocations rapidly. As per information fetched, Tata motors raised their capex spendings to $6000 crore from $3500 crore, which they spent on FY22. Two wheeler makers are focusing more and more strongly each and every day to increase their capital allocation to EV products. By the end of current fiscal year, TVS Motor and Bajaj Auto will have more than one million EV installed capacity.

This incredible pace of growth is being considered as the second highest after the metal sector. This is clear evidence that the use of motor vehicles as well as the awareness about EV vehicles are constantly increasing day by day for several purposes.