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General Motors to invest $1 billion in India, double market share by 2020

News:

  • India’s automobile market has been sluggish for the past few years, with annual sales of less than 3 million car, by 2020 analysts expect India to become the world’s third-largest passenger vehicle market after China and the US.
  • General Motors Co will invest $1 billion in the next few years to turn operations in India into a new global export hub aimed at boosting sales in fast-growing emerging markets.
  • GM will launch 10 new domestically manufactured vehicles in India over the next five years in a push to double its market share in the country by 2020, said Stefan Jacoby, GM’s chief of international operations.
  • GM’s decision to make India an export base mirrors similar moves by Ford and VW, which are ramping up exports from the country to take advantage of low labour costs and profit from economies of scale.

Source: ET

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