GM says no slowdown in investments in India

GM says no slowdown in investments in India
PTI
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First Published: Tue, Feb 24 2009. 05 20 PM IST
Updated: Tue, Feb 24 2009. 05 20 PM IST
Bangalore: Global auto major General Motors today said it had no plans to slow down on its investments in India, despite the sluggish car sale scenario in the country.
“We have so far invested $1 billion in India and there is no question of puting a cap on it”, Karl Slym, President and Managing Director of India operations told reporters here after unveiling the SUV Chevrolet Captiva Automatic, a premium Sports Utility Vehicle and small car Spark Muzic Special Edition.
The company plans to release two more new models this year, he said, adding that the Cruise Sedan will be rolled out by the middle of this year and the Global Mini Car by end of 2010.
An amount of Rs250 crore has been invested into the release of three models this year, which includes Chevrolet Captiva Automatic.
He said the global meltdown had impacted the car market in India. However despite the slowdown, the firm had grown at 10% last year and was optimistic of maintaining the growth rate this year as well.
A total of 32000 Sparks had been sold last year and it has set a target of achieving around 40,000 during the current calendar year, he said.
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First Published: Tue, Feb 24 2009. 05 20 PM IST