GM Looking To Gain 5 Percent Market Share Within 10 Years

American based carmaker General Motors is looking at gaining 5 percent market share in India within 10 years. India is on the way of overtaking Japan, with a projected annual car sales of 8 million vehicles by 2025.

General Motors, although having been in India for 18 years, is losing money here. The carmaker is now looking at not just reviving sales, but making India a manufacturing hub since labour prices in South Korea have gone up in recent years.

The carmaker is looking at launching new subcompact cars in India since consumers are looking at vehicles with more interior room.

Stefan Jacoby, GM's Chief of international operations says after Narendra Modi has taken charge of the country, he will jump start Asia's third largest economy.

GM feel it is confident and see a growth potential in India for Chevrolet to gain decent market share. The company feels that India has buying power and GM is aiming to sell 400,000 cars by 2015.