GM To Launch Electric Car Soon (12-Mar-2010)
GM India vice-president P. Balendran stated that General Motors India will launch its electric car by October 2010.
It will be the battery-operated version of Spark which is the company''s mini car presently available in the market.
Meanwhile, the company will launch its CNG vehicle in two months, after the launch of Chevrolet Cruze Automatic in the State.
Mr. Balendran said that the electric car will be launched in cities where power charging points are in place.
New Delhi had many such charging points and many States are expected to provide the facility in various cities.
When asked whether the electric vehicle will be launched in Kerala, he said the company was planning a country-wide launch.
Earlier, General Motors India stated that they will double production from its Talegaon facility from March onwards, 4 months ahead of schedule.
This will be done in order to meet increased demand in the market and it will also hire 800 people in the next 7-8 months.
Last month, they had record sales and the demand is rising while they had decided to start second shift in the Talegaon facility from June but it will be advanced to March.
Previously, General Motors stated that if they buy one of the US firm''s models, it would give owners of Toyota cars and trucks 1,000 dollars or free financing.
A day after Toyota suspended sales of 8 models in the US due to accelerator problems, arch-rival GM raced into the breach with the offers.
The incentives are available through the end of February, stated GM, which was overtaken as the world''s largest automaker by Toyota in 2008.
Additionally, General Motors stated that with a 246-million-dollar facility that will produce motors for its cars starting in 2013, it would become the first major US automaker to produce its own electric engines.
It said that in its "Two-mode Hybrid technology" cars, the first GM-designed and built electric motors are scheduled to commence in 2013.
It said that by controlling design, materials selection and production processes, the move will reduce costs and boost performance, quality, reliability and manufacturability of electric motors.
Moreover, General Motors launched Chevrolet Beat in India at an unbeatable price at the Auto Expo that starts today.
It''s not just new small cars that will be capturing the limelight, even global auto giants have lined up a range of new launches for one of the fastest growing four-wheeler market in the world.
However, earlier, General Motors Co. and its main Chinese partner announced a venture to sell vehicles in India, uniting in the two fastest-growing car markets in a deal that reflects GM''s reduced status as a global automaker.
As part of the deal, GM gave majority ownership of its main China joint venture to Shanghai Automotive Industries Corp., which is to invest up to $350 million in the India initiative.
GM said they also would collaborate in future efforts to sell vehicles in other emerging markets such as Southeast Asia.
Meanwhile, General Motors, the auto-maker of US, signed a pact with Oriental Bank of Commerce for vehicles financing.
According to GM India Vice-President (Sales and Marketing) Ankush Arora, "(Oriental Bank of Commerce) its extensive reach will help our customers to get loan facilities to buy our products.
Low interest rates and low processing charges are some of the benefits of opting for Oriental Bank of Commerce as the preferred financier for our vehicles", Arora said.
On the other hand, General Motors Co. stated that it lost $1.2 billion from the time it left bankruptcy protection through September 30 and a sign that it is starting to turn around its business.
It also says it will begin repaying $6.7 billion in US government loans with a $1.2 billion payment in December and could pay off the full amount by 2011, 4 years ahead of schedule.
General Motors Company, also known as GM, is a United States based automaker with headquarters in Detroit, Michigan. GM plans to focus its business on its four core US brands - Chevrolet, Cadillac, Buick, and GMC.
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