| |
| Daewoo
Motors India Ltd |
Daewoo India unveils three new cars.
 Daewoo
India unveiled three new cars, viz., Magnus,
Lanos II and Nubira II in Pune. The company also
gave a preview of the Tacuma a MPV on the concept
of a luxury car. The company had also organized
a road show on the occasion.
Speaking on the occasion, Mr. Cho Young Tae, the
Executive Director, Sales and Marketing of the company,
said that the bad days of Daewoo Korea and Daewoo
India were over and the company was all set to focus
on the mid size segment for future growth. While
Lanos II and Nubra II aimed to focus on the mid-size
segment, the Magnus would focus on the Luxury Segment.
 Briefing
newsmen during a special preview of the cars, DMIL
executive director Y T Cho said "The mid-size
segment is expected to grow at an average of 21
per cent over the next five years and is poised
to lead the next phase of the growth in the Indian
car market."
Giving details about the models, Mr Tae said that
the Magnus would have an Anti Locking system and
a Blue two-way mirror, which extended the area of
visibility, thus making for greater safety on the
roughest of roads.
 Nubira
II was designed as a sports car with 'powernomics',
that is power and economy, which would ensure precise
steering, smooth cornering and positive braking.
'Lanos II', would have an e-tec engine designed
for optimum fuel efficiency.
Addressing the Press, a Daewoo Company spokeswoman
informed reporters that 75% of the losses incurred
in India was on account of the companies Engine
and Gear Box Plant, which, despite a capacity of
three lakh units, was running at seven per cent
of its installed capacity. The company, she averred,
was due to hive off the plant into a 100% subsidiary
in August this year and then would search for a
Joint Venture Partner to run the plant.
The company had, according to the spokeswomen, right
sized its staff in India by 1000 workers and had
also achieved a savings of 58 crores of the target
of 60 crores set for the first year.
 Asked
if the company could sustain the drain on its bottom
line by the huge debt the company had, she replied,
"the company has an outstanding debt of
730 crores and talks were on with the financial
institutions to restructure the debt. I am confident
that the banks seeing our progress will do the needful
and we will be able to show a profit in the financial
year 2001-2002."
The company had sold 49,000 cars last year and hoped
to sell 55,000 cars this financial year.
The three new models are scheduled to hit the Indian
road late this calendar year or early next year
Rahul Surkund
Photos: Daewoo Motors |
|
|
|
