Thursday, 14 December, 2017

Chevrolet to pull out of India, South Africa

Chevrolet to pull out of India, South Africa Chevrolet to pull out of India, South Africa
Ben Pena | 18 May, 2017, 20:12

GM will withdraw sales of the Chevrolet brand from the market.

While GM will continue building products in India to sell in other countries, its decision to pull out of the market in the world's second-most populous country reflects a wider recalculation of where it should be laying bets.

India's vehicle market is fragmented, and auto makers that succeed there typically have a frugal approach to engineering.

GM said the actions will save it $100 million annually.

"Car penetration levels are quite low in India, but with increasing disposable income" the opportunities are many, he said.

The decision follows a comprehensive review of future product plans for GM India and is part of a series of actions taken by General Motors to address the performance of its operations worldwide, the company said in a statement. The departures follow GM's decision to pull out of Russian Federation in 2015 and the pending sale of its European division, Opel, to Peugeot. GM India President and Managing Director Kaher Kazem said at a conference call that the development will impact 400 employees associated with sales and after sales service.

However, struggling to make a turnaround in India, the company put on hold the plan and undertook a full review of its future product portfolio here. Production is seen jumping from the current sixth place to fourth, behind only China, the US and Japan. Business will continue as usual at its Bengaluru tech-centre as well.

Overarching security crucial against ransomware attack: Mojo
The problem was then isolated, before work was undertaken to cleanse and fix it from a malicious programme known as ransomware. The malware, known as " WannaCry ", paralysed computers running factories, banks, government agencies and transport systems.

'What are we spending our time doing?' Ammann said. Isuzu also will assume control of a parts distribution center in the country. GM India has been incurring losses over the years but it managed to cut net loss to Rs 1,003.39 crore in 2014-15 from Rs 3,812.46 crore in 2013-14. $838 million in 2016.

GM expects to book a charge of about $500 million during the current quarter to cover the moves in India and South Africa.

The home page of GM SA's website on Thursday morning was changed to a frequently asked questions site for owners of its Chevrolet and Opel brands.

But the cars themselves failed to draw much interest from Indian buyers.

IHS sees the country as the world's third-biggest auto market in 2020, trailing only the US and China. At that time, around $1 billion United States dollars was invested into both the Halol and Talegaon plants. GM sells more cars in the U.S.in less than half a typical workweek. Now though, the Indian arm of General Motors (GM) has announced that it will cease domestic sales on December 31, 2017. Its market share was a meagre 0.85 percent. Several auto makers have gained steam recently by launching small crossover SUVs that are agile enough for congested cities but seen as durable enough to handle battered roads. These exports are said to have tripled in the last few years. In 2009, GM turned its Indian operation into a 50-50 venture with its main partner in China, Shanghai Automotive Industry Corporation (SAIC).

-Christine Rogers contributed to this article.

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