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Hindustan Motors Plan Joint Venture With Global Auto Firms
Hindustan Motors has been facing financial issues for a while now. However, their worries might come to an end, which does not sound good. The Indian car company is in initial stages of talk with global automobile companies for a joint venture. Their current facility is in Chennai.
In an attempt to reduce its losses further, HM divested part of their manufacturing facility. This was due to immense pressure from shareholders of Hindustan Motors, earlier in the year.
HM is in talks with several automotive companies, to establish a joint venture. They believe a joint venture will help them a lot as well pay dividends to the other party involved.
Hindustan Motors haven't established a period for this joint venture. However, they are optimistic that there will be some good news in the financial year.
HM currently handles Mitsubishi Motors in India, they manufacture vehicles like Cedia and Outlander. They also produce their historically famous Neta's car, the Ambassador.
They currently operate from their Uttarpara facility in West Bengal. However, sales and manufacturing is down due to low demand of their products in the Indian market.
Hindustan Motors have currently begun the manufacturing of the Utility vehicle for Isuzu. The annual expected production of MU-7 & D-Max vehicles is 5,000 vehicles.
Mitsubishi is planning to introduce a fleet of new products in India via Hindustan Motors. They plan to get the Pajero Sport Auto, an entry level sedan called Attrage and a their mirage hatchback. These are expected to be manufactured from their Chennai facility.
It will be a sad sight to watch the loss of an Indian Icon and we hope they find a way to revive themselves, as soon as they can.
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