Japanese automotive antenna maker Yokowo to venture into India with JV
NEW DELHI, NNA - Japanese automotive antenna maker Yokowo Co. will launch a joint venture in India by March with a local auto components manufacturer, marking its first foray into the emerging market, with prospects for growing demand.
Yokowo and India’s Lumax Auto Technologies Ltd. will establish Lumax Yokowo Technologies Pvt. Ltd, a 50-50 joint venture, in Gurugram, near the capital, aiming to start mass-production of antennas around November of 2021. Lumax Auto Technologies makes products such as frames and chassis.
The Japanese and Indian partners signed the contract on Feb. 7. Details about the joint venture, such as an investment amount and production capacity, are undetermined.
India is a promising market, given an increasing population, particularly young consumers with a keen interest in purchasing cars, Yokowo said in a statement released on Monday.
Through a vast sales network that Lumax Auto Technologies has developed, the joint venture will produce and sell automotive antennas to Indian, Japanese, and European automakers, a Yokowo spokesman told NNA on Wednesday.
The partnerships will also consider the development of advanced driver assistance systems designed to avoid a car collision by sensing other cars, he added.
Sales of automotive antenna and related-components at Yokowo account for about 65 percent of the total, the spokesman added, while revenue in antennas and other products from the home market represent about 40 percent. He declined to break down the remaining 60 percent from overseas markets by country.