Bajaj said reducing the size of the car and limiting its performance in terms of power and speed are ways of cutting the cost of the vehicle, besides technology breakthroughs.
Indian companies are also spending more on research and development as they seek to become self-reliant in technology and explore new product categories.
R&D expenses have increased by as much as 70% over the past three years for companies such as TVS Motor Co. Ltd, India’s third largest maker of two-wheelers. As a percentage of net sales too, this number is closer to 2.5% compared with 1-1.5% a few years ago.
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