General Motors India has achieved break-even and become a profitable company, a top company official said, according to the Hindu Business Line.
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“We are a profitable company now which was not the case last year,” GM India president and managing director Aditya Vij told reporters after the company launched its Chevrolet Tavera multi-utility vehicle (MUV).
The report said General Motors secured permission to enter India in 1994, launched its first product in June 1996 and floated the fully-owned subsidiary in 1998.
Launching the Tavera, GM India noted that between 2002 and 2003, the segment grew by 47 %, and is projected to grow at a compounded annual rate of 20 % between 2002 and 2008.
GM India reportedly plans to sell 10,000 units of the Tavera in 2004-05. It sold 15,155 vehicles in 2003-04 and this year is aiming for close to 30,000 units.
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By GlobalDataAccording to the report, the capacity of the company’s Halol plant in Gujarat will be expanded to 50,000 units per year during 2004-05 from the present level of 33,000.
