General Motors Co will invest $US1 billion in the next few years to turn operations in India into a new global auto manufacturing and export hub aimed at boosting sales in fast-growing emerging markets, top executives said on Wednesday.
The investment is part of GM’s plan to invest $US5 billion over several years to develop a global family of Chevrolet vehicles with Shanghai Automotive Industry Corp (SAIC), the state-owned Chinese automaker that is GM’s primary partner in China.
GM Chief Executive Officer Mary Barra said at a briefing in New Delhi that the investment in India was expected to create 12,000 jobs at the company and its suppliers in Asia’s third-largest economy.
GM will also launch 10 new domestically manufactured vehicles in India over the next five years in a push to double its market share in the country by 2020, Stefan Jacoby, GM’s chief of international operations, told a news conference.
GM sold 56,700 vehicles in India in 2014 and had a market share of 1.8 per cent.
(Reporting by Aditi Shah; Editing by Kenneth Maxwell)
More from Reuters:
- United Airlines data breached by China-backed hackers: Bloomberg
- Retired professor charged with 1990 California abduction of daughter
- Ex-State Department counterterrorism official pleads guilty to voyeurism
- CGI exiting low-margin markets, eyes M&A in cyber security
- Legionnaires’ disease kills two, sickens 31 in New York City
Business Insider Emails & Alerts
Site highlights each day to your inbox.