How President and Managing Director Karl Slym is steering General Motors India after its US parent filed for bankruptcy.
Beleaguered American auto maker General Motors is in emergency talks with its lenders over a multi-billion dollar debt-for-equity deal which could save the company from filing for bankruptcy, a media report on Sunday said.
General Motors is now worth just a few millions in stock valuation whereas the auto maker boasted of a market capitalisation of nearly $11 billion, exactly a year ago. With the iconic auto maker all set to steer itself into bankruptcy, each share of the company is just than a penny in value. At the closing of the market on May 29, the scrip of General Motors was available for as low as 750 cents and the market capitalisation stood at $457.2 million.
"We probably could have sold another 20-30 per cent if there was an easy availability of vehicle finance. People continue to be interested in buying cars, but the sheer lack of finance is a concern.The buyer has to decide what his money can get him. I don't feel threatened that a customer of Chevrolet is going to buy the Nano instead," says Karl Slym, president and MD, General Motors India.
According to the daily, the move comes as the government is getting ready to lift another auto maker Chrysler from bankruptcy protection 'as soon as next week'. Attributing to a source, The Washington Post said under the GM draft bankruptcy plan, the company would receive just short of $30 billion in additional federal loans.
The company had identified some emission-related issue with Tavera and some quality issue with Sail.
"Out of the total sales, we feel that Chevrolet Spark would enjoy major share in total car sales for this year as small cars continue to have largest share in passengers cars market in the country," General Motors India Director (Operations) S Garg told reporters in Chandigarh on Friday.
General Motors India, 100 per cent subsidiary of General Motors Corporation, on Thursday said the company's entry level Chevrolet Spark has crossed the mark of 3 million customers globally.
The mini car is likely to be based on the auto maker's Beat concept, showcased at the New York Auto Show two years ago. It would offer the option of diesel or petrol engines and will be the third small car in GM's offering in the country after Spark and Aveo U-VA. India would be the company's export hub for the mini car, said Karl Slym, president and managing director, General Motors India.
The US government, that invested $49.5 billion in the Detroit automaker to save thousands of jobs at the height of the financial crisis five years ago, lost about $10 billion, Treasury Secretary Jacob Lew said on Monday.
GM will join a very short list of S&P 500 companies, including Hershey Co and American Water Works Co, with women serving as CEO and CFO.
The note mentioned "domestic problems".
General Motors, the world's largest automaker, said it would buy South Korea-based Daewoo Motors' assembly unit in India for an undisclosed price.
General Motors India is in talks with the creditors Daewoo Motors India to acquire the car assembly unit of the failed carmaker and has set a timeframe to clinch the deal.
Maharashtra has the highest share - over 16 per cent -- in the motor insurance premium (own damage category) of about Rs 17,098 crore (Rs 170.98 billion) collected as of 2012-13 in the country, whereas Gujarat tops in terms of annual growth rate, an Assocham study said.
Operations of several top companies, located in central and south Gujarat, continued to be affected on Friday with torrential rains lashing several parts of Gujarat for close to a week.
Leading manufacturers, including Maruti Suzuki, Hyundai and General Motors, are planning to raise prices of each of their models starting from the last week of this month or early next month.
Production was halted at the Halol plant of General Motors in Gujarat because of heavy rains, a senior company official said on Thursday.
The Spark will be available for Rs 2.79 lakh (ex-showroom Delhi) compared with its usual price of Rs 3.32 lakh. Hyundai Motor India (HMIL) will offer a discount of up to Rs 40,000 across various models till the end of next month aiming to cash in on the festive season.
General Motors Asia-Pacific on Friday announced the appointment of chief operating officer, Rajeev Chaba, as president and managing director of General Motors India with effect from June 1.
R Balendran, director and vice-president, corporate affairs, General Motors India, said on Wednesday that the company might bring in the SUV as either a completely built unit or a completely knocked down unit.
General Motors India on Monday launched a new variant of Chevrolet Tavera priced at Rs 599,000.
The index is currently trading at 149 per cent of its historical P/B valuation, surpassing its previous peak of 125 per cent made in 2020-21.
The new financial year started on a mixed note for car makers.
MNC auto firms that sold cars below cost, at a loss, thereby paying lower excise duty are prime targets.
The worker said there was a natural source of water in the tunnel but they had no clothes to change.
'If you want it to grow well and serve the true needs of the economy, it needs a lot of freedom and flexibility, which comes in terms of the reform objective set by the regulator.'
George Acland from Great Britain ran a coffee plantation in Sri Lanka and set up India's first jute mill in 1855. He raised capital and imported the machinery for the mill on the banks of the Hooghly in West Bengal. His company wasn't a great success, but his pioneering work paved the way for India to dominate the jute industry.
General Motors India on Wednesday launched three new cars in the Indian markets
General Motors India, the 100 per cent subsidiary of the world's largest vehicle manufacturer, has achieved break-even and become a profitable company, a top company official said on Monday.
General Motors India on Tuesday introduced a new version of its multi-utility vehicle Chevrolet Tavera, the Elite range even as the company prepares to rev up capacity at its Halol plant to meet rising demands.
A government-instituted panel which probed the extent of non-compliance by General Motors in re-fitting pre-approved engines on Tavera models sent for inspection to meet specified emission norms, submitted its report late on Monday evening, holding the company responsible for corporate fraud.
General Motors Corp. plans to source $1 billion worth of automobile parts from India each year by 2008 as part of cost-cutting measure at the world's biggest automaker, a senior executive at its local subsidiary said Friday.
ICICI Lombard General Insurance on Thursday said it has started offering zero depreciation add-on cover and consumable items add-on cover for motor insurance products.
Global auto giant, General Motors Daewoo has sued a Chinese car-maker for allegedly copying the design of Matiz, one of its small car and is demanding a compensation of nearly $10 million.
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