Even as companies are giving pink slips to their employees as a result of global meltdown, GM India is ramping up its employee strength from the present 4,000 to 4,500 by 2009, a top official of the company said.
"We will be increasing our number of employees from 4,000 to 4,500 by 2009", P Balendran, vice-president GM India told the press in Bangalore on Friday.
"The 500 include 300 for the car plant in Talegaon and 200 for powertrain facility also in Talegaon and engineering centre in Bangalore", he said.
On slashing down prices, Balendran said the firm which had been offering discounts ranging from Rs 20,00 to Rs 50,000 across the range, besides a discount of Rs 3,000 to Rs 5,000 to government and PSUs during the festival season would continue it (discount) till the end of this month.
However, the firm is planning a price hike of 2-3 per cent in January 2009, he said.
The market, Balendran said, was sluggish and usual sales growth during festive season which used to be in the range of 25-30 per cent had come down to 5-7 per cent this season.
"The main reason for sluggishness is there is no liquidity in the market. Eightyfive per cent of GM's vehicles are financed out of which 70 per cent are by private banks", he said.
On the Talegaon plant, Balendran said "the capacity of Talegaon car plant which commenced operations in September 2008 can go up from 1.40 lakh units at present to 3 lakh units as and when the company desires", Balendran said.
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