GM makes $400 million investment to double up production
General Motors, the American auto maker after fighting the bankruptcy for an year in United States is coming back to profitability and continuing the success story. The company has decided to double its production annually in India. As per the company's estimates, this increase in production will lead to 4.05 lakh units capacity by the year 2013, and to reach this target, the company will have to make an investment of $400 million (Rs 1,800 crore).
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In India, General Motors Cooperation operates through a fully owned subsidiary, General Motors India. With this successful subsidiary, the company is aiming a market share of 10% in the domestic market. Moreover an increase in sales by three times is also aimed by the company amounting to 3 lakh cars till the year 2013.
Addressing the decision, Tim Lee who is the International Operations President in General Motors commented that the company's approach towards the Indian Auto market is changing and now the company is working hard to capture the emerging markets and strengthen the grip in markets like China, Brazil, India and Russia. He said that the company's focus has been changed to these emerging economies with a view to get the largest share in maximum segments. He also claimed that the company will be working hard to bring best technologies and increased localised content in order to maintain high profitability in this lucrative market.
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