General Motors said on Thursday it will stop selling cars in India's highly competitive market this year and use its manufacturing facility in the country for exports.
The move is part of the US automaker's restructuring of its international business to focus on the markets with higher returns.
Stefan Jacoby, GM's executive vice president and president of GM International, said that the company has seen its exports from India tripled over the past year "and this will remain our focus going forward."
GM said its manufacturing facility at Talegaon in the western state of Maharashtra will continue as an export hub for Mexico and Central and South American markets. The plant has a capacity of 170,000 units per year and employs more than 2,500 workers.
The automaker will stop sales of Chevrolet vehicles in the domestic market by the end of 2017.
"We determined that the increased investment required for an extensive and flexible product portfolio would not deliver a leadership position or long-term profitability in the domestic market," Jacoby said.
GM has struggled in the Indian car market, which is dominated by local and Asian carmakers and saw passenger car sales of 2.1 million in the 2016-17 financial year.
The company had earlier put on hold its ambitious investment plans to roll out India-produced models for the local market.
Last month it shut its facility at Halol in Gujarat, where it produced Opel and Chevrolet cars. The plant had an annual capacity of 110,000 units.
GM India produced more than 83,000 cars in 2016-17 and most of these were exported. -- Bernama
Bernama
Thu May 18 2017
Stefan Jacoby speaks next to the company's "Trailblazer" sports-utility vehicle during a news conference in New Delhi, India, July 29, 2015. REUTERS / File Photo
Niaga AWANI: Data & Statistik: 4.2% KDNK suku pertama 2024, melebihi sasaran
Bank Negara Malaysia memaklumkan, semua sektor ekonomi berkembang positif dengan Keluaran Dalam Negara Kasar Malaysia disumbang terutamanya oleh sektor perkhidmatan (59.3%), pembuatan (23.1%) dan pembinaan (3.9%).
#NiagaAWANI
#NiagaAWANI
Niaga AWANI: Hala tuju baharu tiga agensi Bumiputera kementerian ekonomi
Tiga agensi mandat Bumiputera di bawah Kementerian Ekonomi iaitu Yayasan Peneraju, TERAJU dan Ekuinas akan mengumumkan program-program khusus yang dibuka kepada bakat-bakat niagawan Bumiputera untuk mencapai anjakan sekali gus menskalakan agenda penciptaan nilai Bumiputera ini.
#NiagaAWANI
#NiagaAWANI
Dron Turki mungkin kesan tapak nahas helikopter, 73 pasukan SAR dikerah
Persatuan Bulan Sabit Merah Iran memaklumkan, tapak nahas berkenaan dikesan dron milik Turki.
Niaga AWANI: Sentimen pengguna lemah, reformasi ekonomi perlu lebih strategik?
Apakah impikasi jangka panjang sekiranya sentimen atau keyakinan pengguna terus melemah dan apakah langkah reformasi yang perlu dilakukan? Kupasan bersama Ketua Ekonomi, Bank Muamalat Malaysia Bhd, Dr Mohd Afzanizam Abdul Rashid.
#NiagaAWANI
#NiagaAWANI
Kecoh himpunan 250 ekor 'oyen'
Orang ramai terutama pencinta kucing begitu teruja menyaksikan gelagat kucing berbulu oren daripada pelbagai baka.
[TERKINI] Pembentangan hala tuju baharu agensi bermandat Bumiputera
Pembentangan Hala Tuju Baharu Agensi Bermandat Bumiputera: Yayasan Peneraju, TERAJU Dan Ekuinas akan diadakan di Cyberview Resort & Spa, Cyberjaya. Menteri Ekonomi, Rafizi Ramli turut hadir menyampaikan ucapan khas.
AWANI Ringkas: Operasi SAR dipergiat
Ikuti rangkuman berita utama yang menjadi tumpuan sepanjang hari di Astro AWANI menerusi AWANI Ringkas.
Tragedi kren tumbang kekal terpahat dalam ingatan
Kejadian kren tumbang yang berlaku pada September 2015 itu mengorbankan lebih 100 jemaah dan mencederakan lebih 230 lagi.
AWANI Pagi: Salahkah tayang bahagia di media sosial?
Kini ramai yang menggunakan media sosial untuk memaparkan kebahagiaan mereka. Adakah media sosial ketika ini menjadi penentu atau kayu ukur kebahagiaan? Salah atau perlu berpada-pada? Ikuti perkongsiannya dalam AWANI Pagi.
Islam Makhachev tak tolak kemungkinan lawan McGregor
Katanya, dia bukan bercakap besar atau memperkecilkan kemampuan McGregor tetapi keyakinannya berpandukan kepada realiti sebenar.
400,000 kenderaan Volkswagen di Britain perlu jalani pengubahsuaian enjin
Pengubahsuaian enjin melibatkan kenderaan dengan kapasiti 1.6 liter, sementara kemaskini perisian hanya melibatkan enjin dengan kapasiti 2.0 liter.