In a bid to revamp its current Indian portfolio amidst the slump growth in the automotive sector, General Motors India has announced the launch of two new models from its stable for the country.
On behalf of the Indian subsidiary of the American auto giant, Mr. P. Balendran, Vice-President – Corporate Affairs, GM India confirmed the launch of new Chevrolet Sail premium hatchback during September-October this year and new Chevrolet Enjoy, the much awaited MPV by the end of the current calendar year.
At present, the Indian auto market is hit hard by the mounting interest rates and high petrol prices ruling out the demand for petrol run cars compelling automakers to drastically cut their production so as to avoid inventory accumulation.
While speaking about the current market scenario on the sidelines of launch of new Chevrolet Cruze in Kerala, Mr. Balendran quoted, "Unless you create an excitement in the market, you won't survive there. We launch these cars with a long-term perspective keeping in mind."
He further acknowledged that the auto sector in India is showcasing lethargic response owing to the high interest rates, petrol prices and commodity prices along with inflationary conditions. Over 85 percent of car sales in India are financed and till the interest rates remain on a higher note, the growth rate will not improve. However, the sales are expected to surge during the Diwali season.
GM has recorded 1.1 lakh car sales in 2011 in India with 2 percent growth expectation for this year. The company has recently launched upgraded Tavera and Captiva along with next generation Cruze with a view to revamp its Indian portfolio.
