TNN

New Delhi, Jun 6: Bankrupt US carmaker General Motors on Friday listed India among the "very important" markets that held the key to its turnaround and 
said it hoped to achieve a double digit share by 2010 on the back of higher sales of mini cars. The company's Indian subsidiary, that will launch two news cars in the coming months, also plans to start export of a new mini car to Europe and Asia Pacific by the end of 2010 that will further boost its sales and revenues.

"US, China and India are among the key markets for the new GM that has been formed after bankruptcy. While home market US is certainly the most important, China is equally important as it is big in numbers where we sold one million units. India is also key as opportunities here are similar," Karl Slym, president of GM India, said.

The company, that hopes to achieve a 10% growth in India sales this year, has started a series of new campaigns to shrug the negative effects of the bankruptcy news. Being splashed across the internet and newspapers, these reassuring campaigns include `Chevrolet Confidence' where the company signs off with a `There for you, there for India' tagline, reiterating its commitment to the market in terms of investments, sales and service, and new model launches.

GM India sold 65,702 cars and SUVs in India last year, 9.5% more than a year earlier. And Slym said that despite a not-so-encouraging start to this year, he expected a similar growth rate for 2009 as well on the back of new model launches. The company, in fact, has decided to hold on to its previously-announced 10% market share target in India by 2010, which appears ambitious considering it just had around 3.5% share last year.

But Slym said the extra focus on the high-volume small car market, after the launch of the new mini car based on the `Beat' concept, would boost the company's sales. Currently, the company sells the Spark and the U-VA in the segment, the former accounting for the majority of sales.

"Apart from the new mini that would be available in both petrol and diesel options, we would also be launching the Cruze sedan here in the coming months. These models will add to our portfolio and help us strengthen our numbers," he said.

Slym denied that the company was facing difficulty in getting funding for the company's engine plant. "The powertrain plant remains on schedule for end 2010. Everything is on schedule and we are confident of getting the funds for it though a mix of various sources, that includes internal accruals, financial institutions and GM Asia-Pacific," he said.