GM Intends Profitability in India as Soon as 2020
Automakers are investing in India in an effort to become the brand du jour in the emerging market, and General Motors is under the impression that it is on course to reverse its fortune and turn a profit in the country by 2020.
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According to a report from Reuters, GM’s Managing Director for India, Arvind Saxena, believes that the company will have a “green balance sheet” within the next five years. Currently, GM is not profitable in India to the degree that a filing with India’s corporate affairs ministry showed that the automaker had lost 38.5 billion rupees (approximately $581 million) through March.
GM seems to have a plan, however; it announced in July that it will be investing upwards of $1 billion in India to make the headquarters for its global exports moving forward.
Analysts predict that India will be the third largest passenger car market behind China and the United States by 2020, a time by which GM plans to have launched as many as 10 new vehicles all built in-country.
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News Source: Reuters