Placing huge faith in Modi government, General Motors set to storm India as Korea costs climb
BEIJING/NEW DELHI: General Motors aims to grab at least 5 per cent market share in India within the next decade, as it sees that market overtaking Japan as the world's third biggest with projected annual sales of 8 million vehicles by 2025.
The Detroit carmaker, which is losing money in India even after 18 years there, will unleash a product blitz aimed at reviving sagging sales, and will make India a new global manufacturing and export hub, taking some of the strain off South Korea, w ..
As part of a strategic plan due to be announced later this year, GM will launch newly designed subcompact cars into India, where buyers are shifting from no-frills econo-cars to models offering more room and functionality.
"India may be the last big white sheet of paper in the automotive industry," Stefan Jacoby, GM's chief of international operations, told Reuters in a recent interview.
India's auto market has been steady for the past few years, with annual sales of just abo .. KOREA MOVE?
Under Jacoby, GM has been realigning its global manufacturing operations to squeeze out better profits. It has shuttered plants in Australia and Indonesia and is to scale down operations in Thailand.
"India's going to become a key global production and export hub for GM," said James Chao, Shanghai-based Asia-Pacific managing director at industry consultant IHS Automotive, noting India will partially replace South Korea as GM's key Asian export base.
South Korea has for years b ..
Read more at: Placing huge faith in Modi government, General Motors set to storm India as Korea costs climb - The Economic Times