Industry will grow at 2% this fiscal: GM India

General Motors India on Monday said automobile industry is expected to grow by two per cent in this financial year.

"Last year (2011-12), in the beginning, we (industry) all thought that the market is likely to grow somewhere around 12-14 per cent. By the time the year got close, the growth was somewhere around only two per cent," General Motors India, Vice-President P Balendran said.

He said that the industry would not grow more than two per cent, and if one looked at last year's figures, General Motors sold about 92,435 units in the domestic market, which was down 17 per cent compared to 2011. The company last year phased out three products, including premium sedan Optra, midsize sedan Aveo and hatchback U-VA resulting a decline in sales. "But this year, we should be able to register growth in tandem with the market", he said.

He said the company expects to launch its first multi purpose vehicle 'Enjoy' by March end or April and it would be competitively priced.

After launching the latest sedan 'Sail' in Tamil Nadu at a price of Rs 4.99 lakh onwards (ex-showroom Chennai), he said the company hopes to sell about 48,000 units per annum, including its hatchback. -- Sail U-VA across India.

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