The move comes after GM’s efforts at expanding its market share in the country failed to make much traction. India has an extremely low vehicle penetration rate, with only 32 vehicles per 1,000 people as of 2015. In 2015, GM set a target of increasing its market share in India to 3% by 2020. Instead, its market share declined below 1% in the year ended March 31, while the market grew by 9% to cross the 3 million unit mark. The first of these involved taking on significantly higher costs in order to grow its market share.

Source: Forbes May 22, 2017 19:07 UTC