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General Motors, as part of Chevrolet's global growth strategy, on Wednesday said it will invest Rs 6,400 crore ($1 billion) in India to strengthen its market here over the next five years.
The India investment is part of the announcement made yesterday by the company to make investment of $5 billion to strengthen its business in global growth markets.
Through such investments, the company will develop all-new vehicle family that will meet rapidly changing demands of customers in Brazil, China, Mexico and India, Mary Barra, Chief Executive Officer, GM, told reporters here.
The company has invested dollar $1 billion in India since 1996.
"Chevrolet is committed to India for the long term. This will allow us to provide our Indian customers the great vehicles they want and the world-class customer experience they deserve," Barra said.
The new investment is expected to create around 12,000 new jobs for GM India and its suppliers, besides growing the use of the domestic supply base to increase product localisation, she said.
GM India would also roll out 10 new locally produced Chevrolet models within the space of five years(2020). They include the Trailblazer SUV, which will go on sale from October, Spin MPV that will reach the market in early 2017.
To rationalise its domestic manufacturing operations, Chevrolet will also cease production at its Halol facility in Gujarat by second half of 2016.
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