Sunday, June 7, 2009

GM Looking Indian Market For Further Growth

. Sunday, June 7, 2009

By stockOzone team

Luxury car maker General Motors, who recently filed for bankruptcy, considers India as a very important destination for its products and hopes to recover its past prestige by pushing sale of mini cars in the domestic market of the country.

The 100-year-old US auto giant, under debt of $37-billion, is optimistic to attain double digit share in car market by 2010. GM motors, through its Indian Subsidiary, is working out plans to introduce two new car models in the next few months, to increase its sales and hence making its financial position stronger. The company is also eying on good revenue generation by exporting mini car models to the European and Asia Pacific market in coming months.

Karl Slym, President of GM India, said, "US, China and India are among the key markets for the new GM that has been formed after bankruptcy. While home market US is certainly the most important, China is equally important as it is big in numbers where we sold one million units."

Mr. Slym informed that GM reported 9.5 per cent growth rate by selling 65,702 cars and SUVs in India and hopes to attain 10 per cent growth rate in the current fiscal, adding more products in its high-volume small car portfolio.

The company is optimistic for its Talegaon power train facility to produce compact cars by the end of 2010. Recently, it introduced environment friendly version of Spark in the price range of Rs 352,000 to Rs 369,000.

Disclosure: Author does not own any of the stocks discussed here.

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