General Motors India Private Limited (GMIPL), a subsidiary of the American auto major General Motors Co., has revealed intentions to introduce two new models in domestic market by the end of ongoing financial year 2012-13. The upcoming models are Chevrolet Sail's sedan variant and a Multi Purpose vehicle (MPV) Chevrolet Enjoy, which may see the Indian daylight any time before March 31, 2012.
The news has been confirmed by P. Balendran, Vice President (VP), GMIPL, who said that both Chevy Enjoy MPV and Chevy Sail saloon will be introduced in the Indian market in the fourth quarter of 2012-13 fiscal. Expressing his views on company's take on the recent gloom in the domestic car sector, P. Balendran, said, “The market remains sluggish as the interest rate, inflation and input costs are high. The market sentiment is absolutely low.”
Balendran further added that Indian auto market will remain sluggish as long as the ever increasing and high motor vehicle finance rates are not curtailed to a decent level. However, the VP of GMIPL remained hopeful about Reserve Bank of India (RBI) cutting the motor vehicle interest rates by up to 50 basis points in January 2012, which could come in handy for the company in wrapping up some above average sales in the country.
Reportedly, the American auto giant General Motors' most exported cars come from stables of Chevrolet and the company has export operations in about 16 international auto markets, comprising countries in Latin America, Middle East, Africa and emerging car hub China. Remarkably, Chevrolet cars contribute to over 33 per cent share in the auto markets of Latin American countries, while the company retails around 30,000 units on China turf.
