General Motors to stop selling cars in India; exports to continue
1. General Motors to quit selling cars in India
2. India will remain its export hub
3. The company had 7 models on sale India
US-based General Motors has decided to quit selling cars in world's fourth largest automobile market -- India.
The company is set to make the announcement at 2.3-0 pm on Thursday May 18, 2017.
General Motors (GM) sells cars in India under its brand name Chevrolet and has a manufacturing plant in Talegaon, Maharashtra.
The company, however, will retain the car-making facility and export cars to its other markets from India.
GM's service centres and after-sales will also continue operations to cater to its existing customer base in India.
Although this news doesn't come as a surprise as GM has been bleeding in India since its entry in 1995.
The company has less than 1% market share in India where over 27 lakh passenger vehicles were sold in financial year ended March 31, 2017, up 5.4% from the year before last.
GM, on the other hand, sold less than 6000 cars in the given period -- a contraction of 42% as against 2016.
GM has been reevaluating its plans for India and other markets for quite some time and had decided not to introduce any new cars in the Indian market.
The company currently sells seven models: Spark, Beat, Sail (sedan and hatchback), Cruze, Enjoy, Tavera and Trailblazer.
Spark is its cheapest offering at Rs 3,63,901 with Trailblazer and its most expensive starting at Rs 23,95,000.