Mumbai: Automobile major General Motors on Friday said it would launch the electric version of its small car ‘Spark’ in the Indian market by the end of this year.

“We are set to launch our electric car, E-Spark, by the end of this year in India,” GM Motors’ marketing director Gaurav Gupta said.

“It will be an electric version of our small car Spark and will be the first four-door passenger car in the world in this segment,” he said.

Considering the extra cost incurred on electric engines, Gupta said the E-Spark’s price may be a little higher than the Spark.

“The acquisition price may be slightly higher. But the operating costs will be very low,” he said.

The company is entering into the light commercial vehicle (LCV) segment as well this year, he said. The vehicles would be produced by the joint venture formed with Chinese company SAIC.

When asked if there was any plan to export engines to China, Gupta said the company would look at all business opportunities allowed by the laws of both the countries.

“As a global company, we will not miss any opportunity. If the norms prevailing in both the countries allow, we will look at export of engines,” he said.

GM is expecting to sell 1-lakh units in India this year, Gupta said.

“We are on the growth path. Last year, we sold around 70,000 units. We hope, this year, we can improve this figure to 1-lakh, with a growth rate of about 50%. We are upbeat on our ‘Beat’ from which we see more than 40% sales emanating,” he said.

The company is strongly focusing on localisation with a view to drive down costs, he said.

The company is planning to phase out its model, Aveo, gradually.

“Our aim is to capture a double-digit marketshare in India in a few years,” Gupta said.