GM Indias future secure

In fact,were it not for the fate of its parent company,GMI is in no way unique among Indian automobile manufacturers in this trying economic climate. During the first six months of 2008 along with the rest of the industry,it posted strong double-digit growth on the back of which it managed a cumulative growth of 9.44 per cent for January-December 2008 when the industry average was a decline of 2 per cent. Sales were at their worst for the industry and GMI in December 2008 when they fell by 35.95 per cent but recent months though still negative show a declining trend that is consistent with other players in the segment.

Balendran thinks that sales could only really go up for the industry when the liquidity position improves and interest rates marginally decline in the coming months. The Spark and Captiva continue to grow in terms of sales over their 2008 numbers. The company will also be proceeding with its new product launch lineup for 2009 as per schedule.

In its 14 years of established operations in this country,GM India has invested over Rs 5,000 crore to create a manufacturing capacity of 2,25,000 vehicles per annum through its plants in Halol,Talegaon,Bangalore and Gurgaon. We are deeply committed to this market,our customers,suppliers,dealers and all other stakeholders. We are not going anywhere and we are here to stay for the long term, said Karl Slym,president and MD.