General Motors India is aiming to increase sales three-fold over the next three years, with the five new models it is planning to launch in collaboration with Shanghai Automotive Industry Corporation.
India, one of the world's fastest growing auto markets, will see the launch of over ten vehicles, including small cars during the 10th Auto Expo.
The once-beleaguered auto maker, bailed out by the US government last year, had lost a whopping $13 billion in the 2009 June quarter.
The rise of China and India as car consuming countries and fall of major US automakers last year are candid reflections of the restructuring of the global auto industry, a Congressional report has said.
General Motors, the US auto major, plans to double the level of sourcing of automotive components from India to $1 billion (Rs 4,500 crore) annually in the next two years. For the year 2010, the company has placed $550 million worth of orders to its Indian vendors.
US automaker General Motors' chief executive has apologised for the company's handling of the failed sale of its subsidiary Opel to Canadian manufacturer Magna and Russian investment bank Sperbank.
The decision to retain Opel in addition to restructuring its European operations was taken by the company's board of directors in the backdrop of "improving business environment," GM said.
The version is GM India's first clean-burning liquefied natural gas car in India, built at company's plant at Talegaon in Maharashtra.
American car maker General Motors is likely to pull out of its technological partnership with REVA Electric Car Company, after domestic auto major Mahindra & Mahindra Ltd bought 55.2 per cent equity in the Bangalore-based company to stake its place in the fledgling electric vehicle market.
Bangalore-based Toyota Kirloskar Motor Pvt Ltd, a joint venture between Kirloskar Group and Toyota Motor Corporation, has decided to introduce the newly-developed sedan on the Etios platform, ahead of its much-awaited small car.
Soon after Carl-Peter Foster, former head of General Motors Europe, joined the 65-year-old Tata Motors, he asked for 100 days to come to grips with his job.
The US financial crisis and the resultant economic downturn pushed many a top honchos out of their corner rooms in 2009, but Citigroup's India-born chief Vikram Pandit continues to steer the once financial colossus out of its biggest ever crisis.
The production and concept vehicles which are to be displayed include the company's hybrid sedan Chevrolet Volt, sports-car Chevrolet Camaro, sports utility vehicle Captiva Extreme, electric version of its small car Spark, CNG version of Chevrolet Aveo and its race car WTCC Cruze.
The New York Auto Show 2010 which opened at the Jacob Javits Center on April 2 has some of the hottest cars and trucks ever seen under one roof.
Toyota, General Motors, Volkswagen, Ford, Honda, Renault, Hyundai, Suzuki and Nissan are among those who boast of production of a million unit or more every year.
Workers fear that GM might close down one or two production plants in Germany in the process of restructuring Opel. It may also lay off thousands of workers and force the remaining workers to make sacrifices to protect their jobs.
Green vehicle set to hit Indian roads next year.
Cracking the whip on the practice of exorbitant salaries, the US government's pay czar has slashed the compensation of top executives by 50 per cent at seven largest bailed-out firms including Citigroup and AIG.
The past couple of years have been tough for everyone 'but things are now definitely looking up. There are certain signs of life in the industry,' General Motors Co's North American president Mark Reuss told reporters on the sidelines of the Chicago Auto Show.
GM declined to put a timeframe on when the electric small car would hit the Indian market.
'The immediate impact would be delayed payments, followed by slowly ramping down of existing projects while retaining only the ones that are mission critical,' said Karthik Ananth of Zinnov Management. 'In the long run, it would have a trickle down effect on tier one and tier two suppliers for auto majors. They will indeed see an impact on their business, which in turn will impact the business of Indian service providers, who work with them and have them as key accounts.'
It is usually better to buy those shares which are members of an industry group which is leading the market's move.
The new year has brought good news for almost all car manufacturers, with market leader Maruti Suzuki, Hyundai Motors, Tata Motors, Mahindra & Mahindra, General Motors and even Fiat, posting their highest monthly sales since their inception.
The recession triggered unemployment, which rose to all-time highs in the US and around the world. Markets felt the ripples of the meltdown wiping off trillions of dollars of investor wealth.
General Motors India on Tuesday sought incentives for owners of cars driven on alternative fuel and tax rate cuts to encourage adoption of such eco-friendly vehicles.
GM India is working on launching a BS-IV variant of the car, but is in no hurry.
New units of the iconic Maruti 800, Ford Ikon (1.3 petrol), Fiat Palio, Skoda Fabia (1.2 petrol) and Octavia (1.9 TDI engine), and Chevrolet Tavera (2.5 DI) of General Motors will no longer be sold in the 13 notified cities from Thursday, which constitute 40-50 per cent of total car sales in the country.
The resignation of Fritz Henderson was approved by the board of directors of the company at its meeting on Tuesday.
The head of GM's European operations Nick Reilly assured on Thursday state premier of Thuringia in eastern Germany Christine Lieberknecht that Opel's Eisenach plant in the state will remain open.
Automobile major, General Motors, on said that it would launch the electric version of its small car 'Spark' in the Indian market this year-end.
Most top car makers are offering discounts, targeted specifically at government employees. About 5 million employees are expected to benefit from the government's move to raise its employees' salary by 70 per cent. The revised pay scales will be effective January 2006, which means they will get their pending salaries in bulk. Auto makers are hoping they will use the lumpsum payment to make a down payment for a car.
While the country's largest car maker, Maruti Suzuki India, said its car will become costly by two per cent, Hyundai Motor India said it will result in a price rise of Rs 6,500-25,000 on average.
General Motors India had completed all investments intended for the country well before its parent's bankruptcy filing, said Karl Slym, president & MD.
In a chat with Sohini Das, GM India president and managing director Karl Slym says, with the launch of the new compact car, Beat, and a positive response to the Cruze, GM plans to cross the 100,000-unit mark this year in sales.
General Motors (GM) India Limited plans to export Beat, its compact car to Europe and countries in the Asia Pacific region, from January 2011.
Model 3 received 180,000 orders worldwide.
The companies hope 2010 would be a better year for them as the economy begins to show some signs of recovery.
The Italian car giant surprised the recession-hit global auto industry with an announcement that it is bidding to take over the GM's struggling Opel brand to consolidate its global base. Though Fiat entered India almost six decades ago, it is facing rough competition from car manufacturers from Japan and South Korea. It tied up with Tata Motors for building a manufacturing plant near Pune to increase its supply capacity in 2007.
Contrary to expectations that car sales dip in December, auto majors Maruti Suzuki and Hyundai Motor India are poised to grow 30 per cent in sales (the two companies control 72 per cent of the domestic market). General Motors is looking at 70-80 per cent increase in sales.
Auto major Mahindra & Mahindra on Friday said it will hike the prices of its passenger cars and commercial vehicles by Rs 6,000 to Rs 20,000 from October 1, partly to offset higher input costs and depreciation of rupee against the dollar.
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