Multi-purpose vehicle segment to see 10% growth this year: Balendran - Times of India

KOCHI: The multi-purpose vehicle (MPV) segment of the country's automobile sector is expected to grow by 10% this calendar year, said P Balendran, VP of General Motors India, on Wednesday. He also launched the company's MPV Chevrolet Enjoy in the Kerala market. "The automotive market is still continuing to be sluggish. The industry was expected to grow by 17 % to 18% in 2012, but ended up with a negative growth. However, we believe in the long-term growth potential of the industry," he said. VBalendran observed that the market is dormant due to the relatively high interest rates. "Eighty five per cent of the vehicles sold in India are financed. Till the rates come down, the market will continue to be sluggish. However we are launching new products here, because if you don't launch a product, you wouldn't be able create excitement in the market. And the products are launched with a long-term perspective," he said. GM sold 1,11,510 cars in 2011 in India, but it came down to 92,435 cars last year . He attributed this decline to the phasing-out of three models - Optra, Aveo and U-VA. The company expects to sell 400 Enjoy a month in the state and plans to increase the number of service points and dealerships to 20. < br> via Technology - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNEQRJ3dVRSg7w7TBVyvvlK6om6BFw&url=http://timesofindia.indiatimes.com/city/kochi/Multi-purpose-vehicle-segment-to-see-10-growth-this-year-Balendran/articleshow/20077953.cms

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