General Motors India is working on a mass segment model which will be launched in the next few months. It has firmed up a Rs 600 crore (Rs 6 billion) investment plan for the product extension and the funds will be brought in the next few months.
"We are working on a mass segment model from Chevrolet," Sanjeev Garg, general manager, sales, said. The introduction of a mass model will help General Motors to double its sales.
The company, which sold 8,500 vehicles last year, has targeted sales of 18,000 to 20,000 vehicles in calendar 2003. The figure is expected to touch 32,000 in 2004 and 50,000 in 2005, according to Garg.
GM will be launching three more models this year, under the Chevrolet and Opel brands. It will in the course of time enhance its portfolio to cover the full range of vehicles in India.
General Motors worldwide was working on different models at its GM Daewoo Automotive Technology Centre in Korea for developing joint products, Garg explained.
GM was also working on the diesel version of Vectra, the premium segment Opel vehicle that was launched a couple of months back.
Talking on the potential of the Indian market, Garg said the country has been identified as one of the key growth markets in the region. Given its portfolio expansion, General Motors is widening its service station and dealer networks.
GMI, at present, has 42 dealers and 26 authorised service centres at 58 locations. In the next few months, all of these dealers will be converted into multi-brand outlets where customers will have the option of buying either the Opel brand or the Chevrolet brand under one roof. This will start with Forester, the all-wheel drive all terrain sport utility vehicle imported from Japan.