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GM India to hike production to 50,000 by 2005
By siliconindia
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Monday, 22 December 2003, 20:30 IST
CHENNAI: General Motors India is expanding its manufacturing capacity to produce 50,000 vehicles by 2005.
The company's vice-president (corporate affairs) P Balendran told a press conference on Monday that the company this year had produced 15,000 vehicles and it would go up to 25,000 next year.
By 2005, the number would touch 50,000, he said.
The total investment would go up to Rs 1380 crore by the year 2005, he said.
The company had fixed a target of selling 30,000 cars by December 2004, he said, adding that it had sold 4,000 cars this year.
The aim of the company was to capture 32 per cent of the market share in the mid-luxury car segment by 2005, he said, adding that it currently had a share of 23 per cent.
The company on Monday launched its Chevrolet Optra 1.6 car, costing Rs 7.29 lakh and Opta 1.6 LS costing Rs 7.89 lakh.
Explaining the salient features of the new cars, GM India's chief operating officer Rajeev Chaba claimed the new model offered more power and passenger space than any other car in the segment.