US vehicle-maker Chrysler today said developing countries like India and China could become major auto-suppliers in the US market in the future, given the "amazing" pace at which the two are building their technologies.
"Through time we will see suppliers from countries like China and even India (in the US). It is really amazing how quickly these countries have developed their new technologies," Chrysler Vice-Chairman and President Jim Press said at the Chicago Auto Show here.
Speaking at the Economic Club of Chicago luncheon, Press said since India and China are developing countries, they have a cost advantage over developed ones.
With India and China developing their infrastructure and industries, the costs started rising; on the other hand, "what is happening in the US currently is that it is going the other way. Our costs are quickly coming down," he said.
Later speaking on the sidelines of the event, he said, "India and China are both building their own infrastructure and (economies). Their car companies have massive markets in their own countries and they will be able to take advantage of that scale to move outside as well".
