Financial Daily from THE HINDU group of publications
Sunday, Mar 16, 2003
Financial Daily from THE HINDU group of publications Sunday, Mar 16, 2003 |
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Corporate
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Announcements Marketing - New Products & Services GM India to launch 3 new vehicles Our Bureau
Mr Sanjeev Garg, General Manager, Vehicle and Part Sales, at the launch of the Opel Vectra in Kolkata on Saturday.
KOLKATA, March 15 GENERAL Motors India Pvt. Ltd is hopeful of selling 50,000 vehicles in 2005. The automobile major, that sold 8,600 Opel-series cars in 2002, hopes to sell between 18,000 and 20,000 in 2003. Stating this at a press conference held here today to mark the launch of the Opel Vectra, Mr Sanjeev Garg, General Manager (Vehicle & Part Sales), said that the company would launch "two or three'' new products over the next few months. The company was also working on three models of the Chevrolet. The idea was to be present across all vehicle segments, including the multi-utility vehicle segment in the long run. At present, the Opel Vectra was being imported from Germany as a completely built unit, he said. "We wish to be present across all segments'', Mr Garg said, adding that GMI would position the "Chevrolet brand and alliance products'' in the Indian market. These products would be designed by the GM Daewoo Automotive Technology unit, which designs products for the Asia-Pacific markets. However, Opel would continue to remain as a premium brand in India. According to Mr Garg, the capacity of GMI's manufacturing facility in Gujarat is being augmented to 50,000 units per annum from 25,000 units per annum at present. This would entail a fresh investment of Rs 600 crore that would be spread over the next 18-24 months. Earlier, an investment of Rs 300 crore has been made. He said that, by 2005, India would emerge as a prominent market for General Motors. At present, the global car major's more prominent markets in the Asia-Pacific region were China and Australia. In fact, vehicle sales in China were growing in excess of 100 per cent annually. In 2002, GMI exported a few Opel cars to Nepal and Bangladesh. The company has lately received an order to export 200 cars to Bangladesh.
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