General Motors India will launch a range of mini-trucks and passenger vehicles in its joint venture with China's SAIC two years from now, a senior company official said on Friday.
The company plans to launch two mini-trucks and three passenger vehicles in India, which would be sold under the Chevrolet brand, General Motor's India head Karl Slym told reporters at a press conference.
Light commercial vehicles in India are set to grow by 24 percent on average in the next 3-4 years, said Slym. This gives us scope of tremendous growth in the market.
The light trucks, in the sub-one tonne and one tonne categories, would be priced competitively, he said.
General Motors models in India include the Chevrolet Beat, the Chevrolet Spark and the Chevrolet Tavera utility.
Roughly half of all commercial vehicles sold in India are light trucks, in which Tata Motors has a dominant presence of nearly 90 percent share.
The demand for light trucks is fueled by rapid economic growth in India, which is creating many more centers of distribution, so that products have to be carried over shorter distances.
More players are entering this segment such as utility vehicles makers Mahindra & Mahindra, which launched its Gio mini-trucks last year to compete with the Tatas.
Japan's Nissan has a joint venture with domestic player Ashok Leyland to make light trucks, while Germany Daimler will also be making light trucks at its truck-making facility in southern India.
(Reporting by Niladri Bhattacharya; Writing by Janaki Krishnan; editing by Jui Chakravorty)