More reports on: Cars
GM reports 45 per cent jump in July sales; raises Rs1,000-crore for new launches news
02 August 2010

General Motors India is on a roll on the back of models like the Beat, Captiva and Cruze that have been hugely successful in the Indian market. GM India recorded a 45 per cent year-on-year growth in sales in July 2010.

To keep this sales momentum going, GM India plans to launch five new vehicles from the fold of its Chinese partner, Shanghai Automotive Industry Corporation (SAIC). These new vehicles will hit the Indian market by 2012.

These include three light commercial vehicle (LCV) models and two passenger vehicles. The passenger vehicles will be manufactured at its Talegaon plant in Maharashtra and launched under the GM Chevrolet brand while the LCVs will be produced at the company's Halol facility in Gujarat.

The models from SAIC are expected to have a localisation of 90 per cent, as the company will produce the engines from its Talegaon plant, which will start production of power trains from November.

The company, meanwhile, is reported to have raised a loan of Rs1,000 crore from a clutch of Indian banks to part-fund the Rs1,160-crore ($250 million) investment required for the new launches. IDBI is the lead bank with SBI, PNB, Canara Bank and Bank of India as co-lenders.

GM India said the increase in sales was primarily driven by the Chevrolet Beat, Cruze and Spark models. Chevrolet Beat and Chevrolet Cruze have become the industry benchmarks in their respective segments and a winner among consumers in India, with their best-in-class design, performance and other product attributes.

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GM reports 45 per cent jump in July sales; raises Rs1,000-crore for new launches