General Motors India is expanding its manufacturing capacity to produce 50,000 vehicles by 2005.
P Balendran, vice-president (corporate affairs) of the company, told a press conference in Chennai on Monday that the company this year had produced 15,000 vehicles and it would go up to 25,000 next year.
By 2005, the number would touch 50,000, he said.
The total investment would go up to Rs 1380 crore (Rs 13.8 billion) by the year 2005, he said.
The company had fixed a target of selling 30,000 cars by December 2004, he said, adding that it had sold 4,000 cars this year.
The company aimed to capture 32 per cent of the market share in the mid-luxury car segment by 2005, he said, adding its currently share stood at 23 per cent.
The company on Monday launched Chevrolet Optra 1.6, costing Rs729,000 lakh and Optra 1.6 LS, costing Rs 789,000.
Explaining the salient features of the new cars, Rajeev Chaba, chief operating officer, GM India, claimed the new model offered more power and passenger space than any other car in the segment.
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