Financial Daily from THE HINDU group of publications
Thursday, May 20, 2004
Financial Daily from THE HINDU group of publications Thursday, May 20, 2004 |
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Corporate
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Announcements Marketing - New Products & Services General Motors launches MUV Tavera Our Bureau
Mr Aditya Vij (left), President and Managing Director, General Motors India, with Mr Nick Reilly, Vice-President, General Motors and President, GM Daewoo, at the launch of Chevrolet Tavera in the Capital on Wednesday. - Ramesh Sharma
New Delhi , May 19 GENERAL Motors today announced the launch of its multi-utility vehicle (MUV), Chevrolet Tavera in the Indian market. The entry-level model of the 10-seater vehicle, which is based on the platform of the Isuzu Panther, has been priced at a competitive Rs 5.44 lakh (ex-showroom Delhi). The car has been launched with six variants, with the most expensive one priced at Rs 8.45 lakh. The base model however does not have power steering or an air conditioner. According to industry analysts, the launch is likely to hit sales of the Toyota Qualis, particularly sales in the fleet operator segment. According to Mr Aditya Vij, the vehicle currently has a localisation level of 85 per cent which will be increased to 93 per cent by end of 2004. The MUV is equipped with a 2.5 litre turbo diesel engine, which has been developed at Hindustan Motors plant at Pithampur. "We will begin selling the Tavera by around mid-June. Our target is to sell 10,000 units this year and are expecting the vehicle to garner annual volumes of about 30,000 units," he said. The MUV segment in India is estimated to be at about 94,000 units this year. With the emergence of the service industry and changing consumer tastes, the MUV segment in India is estimated to grow at a CAGR of 20 per cent between 2002 and 2008. Meanwhile, as an introductory offer, the company is offering a warranty offer on the engine for five years or 150,000 km to its consumers.
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