General Motors India expects the Indian automobile industry will be back on growth track by October – November 2013. In current scenario, the automotive market performance is lacklustre with slowing down demand due to global economic tensions and high interest rates.
Rajesh Singh, GM India, vice president (vehicle sales, service and marketing) told media persons that passenger motor vehicle sales in India is down by 18 percent in the current fiscal year as compared to last year during the same period.
Despite the current dipping Indian automotive market condition, General Motors India remains positive about double digit growth sales volume in the second quarter of this fiscal year (April-June), compared to the corresponding period last fiscal.
GM India has launched three new models in last three months to woo customers in the domestic market. He said, “We are expecting this growth on the strength of the new models we have launched”. Recently, the company launched Chevrolet Enjoy, a multi-purpose vehicle. Singh said, “As a new leader in the segment, we expect the Enjoy to be very popular.”
However, the revival of the auto industry will depends on multiple factors such as domestic and global economic conditions, consumers demand and interest rates.