Economy News
China's tension with West 'very good opportunity' for India: Stellantis CEO

The tension between China and the West is going to be a "very good opportunity" for India economically, said Carlos Tavares, the global chief executive officer of Stellantis, the world's fifth largest automaker. The company plans to export Citroen (C3), the electric version of its compact car, from India to Europe and South East Asia. The global economy is slowing down but India is expected to stay ahead with 6-7 per cent gross domestic product (GDP) growth in 2023, he said. The automaker’s comments about India come at a time when its joint venture in China with the Guangzhou Automobile Group (GAC) is in the process of filing for bankruptcy. Stellantis planned to increase its stake in the joint venture from 50 per cent to 75 per cent, but surprisingly in July it decided to end the partnership. The company reportedly cited "political influence" in business as a reason for its decision.

News Source:- https://www.business-standard.com/article/economy-policy/india-will-stay-ahead-of-curve-amid-global-economic-slowdown-stellantis-122112400278_1.html