Tata Motors Joins Hands with United Bank of India:
Here is yet another tie up between made by Tata Motors. It has join hands with the United Bank of India to aid passenger car finance for car buyers.
United Bank of India is one of the largest Public Sector Banks in the country which caters the needs of the industry as well as retail segment. The bank has a strong network in India with nearly 1450 branches that also includes extension counters across the country.
The bank will provide car loans of up to 90% on-road price for a term of 6 years at a very competitive interest rate. According to the agreement, customers can avail this facility at all the branches of United Bank of India as well as in 470 sales touch points of Tata Motors. Just like Tata Motors tie-ups with other banks, this bank will also open opportunities for both cars as well as car loans and will make car buying easier for customers. Looks like Tata Motors is not going to put an end to bank tie-ups. The customers will get to see more banks venturing with Tata Motors.
General Motors to Introduce a Mini Car by Year End: 
Nano’s launch has created a fear among the car manufacturers. The little car has made the competition tougher for the car models in the market. After the launch of ultra-cheap car, General Motors has decided to launch a ‘Mini Car’ by 2009 end.
According to Karl Slym (President & Managing Director, General Motors), “The company has decided to launch a ‘Mini Car’ by end of 2009. The ‘Mini Car’ has nothing to do with the launching of Nano car by Tata, as General Motors India has brought to the Indian market unmatched international standards and customer care in the automobile sector”. Details on the ‘Mini Car’ like price and specifications are still undercover. Further talking about the Halol plant and Talegaon plant in Maharashtra, Slym added that the plant carries a production capacity of 85,000 units of Chevrolet brand annually. But due to the global recession, the company was able to sell only 65,702 units in the year 2008. As an expansion plan for its product line in India, General Motors is planning to introduce three new products which include CNG, LPG and 'Mini Car'.
Mahindra and Mahindra Launches Xylo in South Africa:
Mahindra & Mahindra launched its new car Xylo in South Africa. It is a versatile and spacious car that is expected to redefine road travel in South African market. The range of model introduced comprises - the luxury model 'E8' and the people mover 'E2'. It is believed that Mahindra has invested more than 100 million dollars for developing the Xylo. The development of the car also includes the establishment of new robotic body shop at its Nashik plant where more than 100 of new auto components were produced for the Xylo. Hyundai Motor India Ltd (HMIL), the second largest car manufacturer and the largest passenger car exporter, in a bid to enhance financing options for its customers, signed a Memorandum of Understanding (MOU) with Bank of India, a major public sector bank today.
Under the MOU, Bank of India, a premier nationalized bank, will be financing prospective constituents to acquire Hyundai cars at an attractive rate of interest of 10.25% for 3 years and concessional processing charges (Rs.1,000/- flat ). The MOU, signed by Arvind Saxena, Sr VP, Marketing & Sales, Hyundai Motor India Ltd, and Nagesh Pydah, General Manager, Bank of India, Local Head Office, Chennai, will assist in giving a boost to auto sales at a time when the auto industry is facing a slowdown.
Bank of India, with a business mix in excess of Rs. 310,000 crore is a front runner in terms of profitability, growth and sustainability having won four awards recently in the banking space (K P M G, Business World, NDTV Profit, Dun & Bradstreet), with over 2,978 branches including 26 overseas centers (of which 2,575 are under the C B S Platform). This strategic alliance with HMIL will help both the partners to reach out to a wider market and make available auto loans for prospective car owners on user-friendly terms.
Speaking on the occasion, Arvind Saxena, Sr. Vice President, Marketing & Sales, HMIL, said, "We are glad to partner with Bank of India as with its competitive products and wide reach we see it as value addition for our customers. Considering the slowdown in the auto industry, this association with Bank of India at this juncture is an effort to ensure that we are able to reach out with more finance options with rationalized interest rates for the benefit of our customers.”
This tie-up is extended to cover financing by all the branches of Bank of India in India. The two partners will utilize and leverage each other`s strengths to cross sell Hyundai vehicles and the bank`s car loans and other schemes.
After signing of the MOU, Nagesh Pydah, General Manager, Local Head Office, Southern Zones, Bank of India said, “This tie-up with HMIL offers a tremendous opportunity for both our respective organizations to proliferate our businesses and contribute widely to demand creation in a scenario which otherwise is witnessing a demand contraction. For Bank of India in particular it would result in addition to the customer base providing an opportunity to cross sell to them the other products of the bank as well. We are very bullish in the outcome of today’s event.
| < Prev |
|---|
