Though fuel prices are on the rise followed by steep increase in interest rates General Motors is expecting a 20-25% growth for its Indian units. Auto sales are on the decrease but according to Mr. Karl Slym, President and Managing Director of General Motors India the company recorded a growth rate of 60% in the last financial year.
The company has recorded growth of 34% in first six months of this year though interest rates have been increased 11 times in 17 months and fuel prices too have been steadily increasing.
General Motors will be launching 5 new cars with 14 variants in next one and half years. Petrol, diesel variants will be accompanied by gas versions also. However, Slym said that luxury car market did not seem that promising and hence have decided to hold up launch of marquee Cadillac in India. General Motors have decided to concentrate on launch of Chevrolet which the company hopes will do well in India.