US auto giant General Motors aims to grab at least 5 percent market share in India within the next decade, Reuters reported, citing a top executive.
“India may be the last big white sheet of paper in the automotive industry,” Stefan Jacoby, GM’s chief of international operations, was quoted as saying in an interview.
By 2025, India is expected to overtake Japan as the world’s third biggest automobile market, with annual sales seen at about 8 million vehicles.
As part of a strategic plan that will be announced later this year, GM will launch newly designed subcompact cars in India, according to the report.
“We’re pretty optimistic. We see growth potential in India, and believe there’s a good opportunity for the Chevrolet brand to take share in this market. There’s more prosperity and buying power,” Jacoby said.
The US firm also plans to make India a new global manufacturing and export hub amid rising costs in South Korea.
GM began rationalizing its Korean operations a few years ago, but the company “needs to face reality in Korea,” Jacoby said.
By 2025, GM hopes to be selling 400,000 vehicles a year in India, a big jump on the 57,600 it sold last year, which gave it 1.8 percent market share.
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