General Motors, has today announced that it is going to, from this year end will be ceasing it domestic sales operation in the Indian vehicle market and that will now be exclusively focusing on its export operations out of its Talegaon assembly plant.
As GM moved to consolidate Indian manufacturing at its Talegaon assembly plant, the company ceased manufacturing at its Halol assembly plant on April 28, 2017.
Isuzu will take over GM's commercial-vehicle factory in the coastal city of Port Elizabeth and will also buy the USA automaker's 30 percent share of a truck manufacturing joint venture, GM said in a statement on Thursday.
While GM will continue building products in India to sell in other countries, its decision to pull out of the market in the world's second-most populous country reflects a wider recalculation of where it should be laying bets.
SNAPPED: Chelsea boss Conte jokes about Diego Costa buffet jaunt
Swansea City will make an attempt to sign Chelsea captain John Terry, manager Paul Clement has confirmed. "Next time I will tell him to think of me as well and share".
"Difficult as it has been to reach this decision, it is the right outcome to support our global strategy and deliver appropriate returns for our shareholders, Jacoby said".
The company said its customer support centre will remain open and all warranties and service agreements, as well as ongoing service and parts requirements for all vehicles, will continue to be honoured.
The decisions to significantly scale down GM's operations in India are results of months of analysis over "where we are going to place our bets (globally) as a company", Ammann said in an interview.
The company has less than one per cent market share in the passenger auto segment and has failed to make any profit in its two-decade-long operations in the country. Read Also: General Motors India to consider fresh VRS applications at Halol unit GM's sales in India were down almost 21 per cent in 2016 -17 to 25,823 units.
James Rodriguez and Morata on target as Real Madrid steamrolls Granada
However, once again the likes of Cristiano Ronaldo weren't missed as Real have won all four of those games, scoring 17 goals in the process.
South Africa informed employees and unions of the announcements this morning and will begin the formal consultation process with them immediately. The Talegaon plant has a production capacity of 130,000 vehicles a year.
"From 2018‚ Isuzu dealers will provide aftersales and service support to Chevrolet and Opel customers until the details of our discussions with PSA have been finalised".
GM will continue using the country as an export hub. We recently launched the new Chevrolet Beat hatchback for export to Mexico and Central and South American markets and will launch the Chevrolet Beat sedan later this year for those markets. Last month the company had stopped production at the Halol plant, a move that affected around 1,100 employees. In late 90s it went solo to sell Chevrolet brand of vehicles. In 2009, GM turned its Indian operation into a 50-50 venture with its main partner in China, Shanghai Automotive Industry Corporation (SAIC). A few officials in the know-how also said that there were multiple options to survive in the Indian market and this includes either getting products tailor-made for the market here or to stop implementing global standards for the products being made for the local market.
General Motors Company (GM) Shares Sold by Equitec Specialists LLC
The average 12-month price target among brokerages that have updated their coverage on the stock in the previous year is $13.47. ILLEGAL ACTIVITY NOTICE: This piece of content was first reported by Transcript Daily and is owned by of Transcript Daily.