General Motors India expects to register 25 percent growth in current fiscal

Friday 05 August 2011, 10:15 AM by Vikas Yogi

The Indian unit of US based leading car maker General Motors is expecting its Indian operations to register a growth of 20-25 percent in the current financial year. The company's statement came at a time when the growth rate has been slowed down by high inflation and auto interest rate

In a statement given on Thursday, Karl Slym, president and managing director of GM India, said, "Last year, with a sales figure of 110,000 units we registered a 60 percent growth. This year we hope to achieve a growth rate double the industry rate of 10-12 percent."

GM India has registered a growth of 34 percent in the month of July 2011, as compared to overall industry growth of just 5 percent during the month. The company is planning to launch five new cars in 14 variants over a period of next 18 months in the Indian market.

While further elaborating the effect of rising interest rates, Mr. Slym said that the interest rates have been increased 11 times in the past 17 months. He added that coupled with the rising fuel prices and inflation, the industry has slowed, even registering a negative growth in the last month.

The current portfolio of the company in the Indian market include small hatchbacks like Chevrolet Spark and Beat, premium hatchback Chevrolet Aveo U-Va, starting range sedan Chevrolet Aveo, mid-size sedan Chevrolet Optra Magnum, Premium sedan Chevrolet Cruze, Multi Utility Vehicle Chevrolet Tavera, and luxury sports utility vehicle Chevrolet Captiva.

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