As Sri Lanka is engulfed by its economic crisis, the new destination for Indian auto companies seems to be Bangladesh which is on the brink of a major economic boom, spurring auto majors to look eastwards.

SEMIKRON and Danfoss Silicon Power announced a merger to create a joint business specialised in power electronics focusing on power semiconductor modules.

Triton Electric Vehicle LLC has signed an agreement with the Gujarat government to set up a commercial electric vehicle manufacturing plant at Bhuj in the Kutch district with a total investment of Rs 108 billion.

The Adani Group said that it has signed a non-binding Memorandum of Understanding with Nasdaq-listed Ballard Power Systems.

US truck engine maker Cummins Inc said that it will buy auto parts maker Meritor Inc for $2.58 billion in cash, to beef up its electric and hybrid vehicle parts offerings.

Stellantis N.V. has announced the plan to increase its shareholding in GAC-Stellantis from 50% to 75%.

Indian tech company Ola has announced plans to invest Pound 100 million in the UK to open a research and development facility for a planned electric car, in a significant boost to the British automotive industry.

In defence sector, 68% of the capital procurement budget will be earmarked for domestic industry in 2022-23, up from 58% in 2021-22. Defence R&D will be opened up for industry, start-ups and academia with 25% of defence R&D budget earmarked.

The domestic auto components industry may see a revenue growth of 15-17 % this fiscal and 10-12% in the next financial year on the back of recovery in automobile sales, according to a report.