Advertisement

HindustanTimes Thu,23 Oct 2014

GM India unit to cut production on slow demand

Reuters  Mumbai, June 29, 2012
First Published: 13:22 IST(29/6/2012) | Last Updated: 13:25 IST(29/6/2012)

The Indian unit of General Motors expects to stop production at its plants for one day a week until the festive season, due to slow demand, its head said on Thursday.

Advertisement


General Motors India expects the car market to pick up by the festive season in October, its president and managing director Lowell Paddock told reporters.

General Motors, like many carmakers in India such as Ford and Renault, has seen sales slump in recent months due to high interest rates, high fuel prices and slowing economic growth in Asia's third-largest economy. Tata Motors, India's largest truck and bus manufacturer, closed one of its factories for three days this week to align production with demand, following a similar initiative from top carmaker Maruti Suzuki.


Advertisement
more from Business

HDFC profit rises 7% to Rs. 1,358 cr; revenue up 12%

India’s largest private sector mortgage lender, Housing Development Finance Corp, on Wednesday posted a 7% year-on-year rise in standalone net profit to Rs. 1,358 crore during the second quarter against Rs. 1,266 crore in the year-ago period.
markets
Advertisement
Most Popular
Advertisement
Advertisement
Copyright © 2014 HT Media Limited. All Rights Reserved