| (From left) GM India officials Ankush Arora, Rajeev Chaba and P. Balendran in New Delhi on Wednesday. A Telegraph picture
New Delhi, Jan. 18: General Motors India today unveiled three cars, including a premium hatchback ' Aveo U-VA. The other two were the Aveo, a mid-size sedan, and sportsback Optra SRV.
The company did not participate in the recently concluded auto expo.
However, the company will put the cars in the domestic market between February and June.
Refusing to divulge the prices of these cars, GM India president and managing director Rajeev Chaba said, “We will reveal the prices as and when we launch our cars.”
These cars will be available in two engine capacities ' 1.4 litre and 1.6 litre ' in petrol variants. In future, the company may also introduce the hatchback with a diesel engine variant, GM India vice-president, marketing and sales, Ankush Arora said.
“We are studying the possibility,” said Arora.
Industry sources, however, have placed the hatchback at Rs 4.5 lakh and the mid-size sedan at approximately Rs 5.5 lakh.
The Optra SRV is likely to carry a price tag anywhere between Rs 8.5 lakh and Rs 9 lakh.
Chaba said, “Chevrolet is among the fastest growing car brands in India and would push up the company’s sales on a higher trajectory.”
“GM regards India as one of the key markets for investments,” he said adding that the company will get more aggressive in the near future.
At present, the Aveo U-VA sells in more than 50 markets across the world, including the US, where the company claims it is “a runaway success”. Last year, the U-VA was launched in China where it sells 10,000 units a month.
In India, the U-VA is set to compete with Maruti’s Swift and Hyundai’s Getz.
The Aveo, which was launched in Korea last year, will now make its debut in Europe, China, the US, Thailand, West Asia and Latin America.
The sedan will face stiff competition from the Honda City, the Ford Fiesta and the Hyundai Accent.
The Optra SRV sells in China, Singapore, Australia and Korea.
GM India is increasing capacity at its Halol plant in Gujarat from 60,000 units to 85,000 units with an investment of Rs 100 crore. This will take its total investment to Rs 1,400 crore.
Also, it will increase headcount from 425 to 500 at its research and development centre in Bangalore by the year-end.
GM India is eyeing a 10 per cent market share by 2010.