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They provide the flexibility to either pause, increase, decrease or stop at any point

Pre-owned Car Market: The pre-owned car industry, which stayed strong despite challenges in FY22, saw a significant 14-16% growth in FY23. This growth was driven by factors like the market reopening, a growing preference for personal mobility, and rise in disposable incomes. The industry is expected to grow at a rate of 15% in FY24.

GlobalData’s latest report, “Global Sector Overview & Forecast – Electric and Electronic Distribution Systems,” reveals that APAC’s automotive electric and electronic distribution systems market is estimated to reach 613.0 million units in 2023 and 693.8 million units in 2028, driven by increased automotive technological advancements.

Passenger Vehicle Sales: After a historic 27% growth in FY23 with 3.9 million units sold, passenger vehicle (PV) sales in India are expected to grow at a moderated pace of 6-8% in FY24, according to an Olx Crisil Mobility report. Over the long term (5-year period), a healthy growth rate of 5-7% CAGR is projected. India's PV sales continue to advance at a brisk pace. For the third straight year, most other markets, which have seen sales inch up year on year, are still struggling to reach the pre-pandemic levels.

The Company signed a non-binding letter of intent to invest $2.5 million for a 70% stake in a new company to be incorporated that will develop laser- based...