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Malaysian industrial and automotive conglomerate Sime Darby plans to establish a luxury car retail business in India and expand in Indonesia to capitalise on the economic growth potential of both countries.
According to the CEO of Sime Darby, India is a market that cannot be ignored and the company is looking for opportunities to work with local partners to develop its automotive retail business.
The company also plans to expand in Indonesia, and has established joint ventures with local companies to sell BMW cars in Jakarta and Medan.
Sime Darby derives 35% of its revenue from China, and while demand for cars in China remains strong, supply issues have caused manufacturers to cut prices, squeezing retail distributor profits.
(Source: Reuters Image source: freepik)
