GM to invest $300 mn in India, launch 6 new models
Passenger car-maker GM India has drawn up plans to invest $300 million (R1,335 crore) in the next two years, a company official said.autos Updated: Nov 21, 2010 22:16 IST
Passenger car-maker GM India has drawn up plans to invest $300 million (R1,335 crore) in the next two years, a company official said.
"We are investing $300 million in the next two years for launching six new products," vice-president (marketing), GM India, P Balendran said.
He said the industry arithmetic was that a new car platform typically required an investment of $50 million (R222 crore).
The new products, he said, would comprise a compact car, a sedan, multi-utility vehicles, van and pick-ups. He said the company had tied up with a consortium of banks for funding the required investment.
He said GM India was expecting a growth of more than 70% in the current calendar year: "This year, we are expecting to sell more that one lakh units."
In 2009, the company had sold 69,000 units. Balendran said the company was making operational profits, but was yet to clock net profit.
First Published: Nov 21, 2010 22:15 IST