General Motors expects its India operations to grow by 20-25 percent this financial year despite high auto interest rates and inflation that have slowed the country's automobile sales, the company's managing director said Thursday.
"Last year, with a sales figure of 110,000 units we registered a 60 percent growth. This year we hope to achieve a growth rate double the industry rate of 10-12 percent," said Karl Slym, president and managing director of GM India.
"Till July this year, we registered growth of 34 percent while the industry has grown by just five percent," Slym added.
"The interest rates have been increased 11 times in the past 17 months. Coupled with the rising fuel prices and inflation, the industry has slowed, even registering a negative growth in the last month. But we have continued to grow."
Slym was here at the launch ceremony of the diesel variant of its small segment car. The company official said GM will also be launching five new cars in 14 variants, including light commercial vehicles over the next 18 months.
"This means, along with diesel and petrol variants there would also be gas versions."
Slym, however, did not hold much cheer for the luxury car lovers in India and said GM's marquee Cadillac won't be launched soon in India.
"Right now our priority is Chevrolet. Yes, we had done a survey in India about the brand and response was great," he said. "But right now it doesn't come into our immediate focus."