No plans to cut investments in India: GM
Global auto major General Motors said it has no plans to cut down on its investment in India despite a slump in car salesautos Updated: Feb 24, 2009 19:26 IST
Global auto major General Motors on Tuesday said it has no plans to cut down on its investment in India despite a slump in car sales.
“We have so far invested USD one billion in India and there is no question of putting a cap on it”, Karl Slym, President and Managing Director of India operations told reporters in New Delhi after unveiling the SUV Chevrolet Captiva Automatic and small car Spark Muzic Special Edition.
The company plans to release two more new models this year, he said, adding that the Cruise Sedan will be rolled out by the middle of this year and the Global Mini Car by end of 2010.
GM has invested Rs 250 crore this year for releasing the three models, including Chevrolet Captiva Automatic, he informed.
On global meltdown he said, it had impacted the car market in India. However despite the slowdown, the firm had grown at 10 per cent last year and is optimistic to maintain the growth rate this year as well, Slym said.
The company sold a total of 32,000 Sparks last year and is eyeing to sell 40,000 units during the current calendar year, he said.