GM increases stake in Indian arm to 93%
US car maker General Motors (GM) has increased stake in its Indian operations to 93% by buying 43% from its Chinese partner Shanghai Automotive Industry Corporation Group (SAIC) for an undisclosed sum. ?The increase in shareholding in the Indian arm by GM is a reflection of the confidence that the company has here and in the long term potential of the country,? GM India president and managing director Lowell C Paddock said. In December 2009, SAIC and GM had announced expansion of their cooperation in Asia and formed a 50:50 joint venture investment company.
Tata Manza Club Class launched
Tata Motors has launched the Tata Manza Club Class sedan in both petrol and diesel versions. The petrol (Safire) version?s price starts from R5.70 lakh (ex-showroom, New Delhi) and the diesel (Quadrajet) price starts from R6.49 lakh. ?With the Tata Manza Club Class, we are once again the first to introduce features never seen in its class,? Tata Motors managing director Karl Slym said. The car is available in six colours and four trim levels. The diesel version is certified to give a mileage of 21.02 km per litre and the petrol a mileage of 13.7 km per litre. Owners will be entitled to privileged services.
Force enters bus mkt with Traveller brand
Force Motors has entered into the bus segment with its ?Traveller? brand and plans to take on the likes of Tata Motors with the first-of-its-kind monocoque bus in this segment called Traveller 26. ?The company has entered the 20-30 seater mid-sized bus that sells around 20,000 units and we will be looking at getting a 20% market share,? Prasan Firodia, MD, Force Motors said. Tata Motors has a 50% share of this market segment. Firodia is looking at a 20% share of the market with FY14 sales of about 4,500 units. The Traveller 26 is priced at R10,87,600 (ex showroom Delhi).
