Hind Motors sells Peugeot brand ambassador for Rs 80 crore
French car manufacturer Peugeot Buy Iconic Indian Car Brand.
NEW DELHI In an agreement that marks the end of an era in the history of the automobile in India.
French carmaker Peugeot bought the most iconic car brand in India to its manufacturer, Hindustan Motors weekend on February 10, CK Birla Group owns Hindustan Motors said it had signed an agreement with Peugeot SA to sell the Ambassador of 800 million rupees 12 million.
The hulking Ambassador sedan remained largely unchanged for more than five decades, conveying the elite of India, including prime ministers, heads of state and visiting celebrities It was a return to a time when politics the economic self-sufficiency meant India cars produced in the country were the norm.
First manufactured in 1948, the ambassador was the only luxury car available in India until the mid-1980s In the early 1990s, economic reforms have opened the doors of India at many small automakers .
Hindustan Motors stopped making ambassadors in 2014 after about 2200 cars were sold in 2013.
Affectionately called Amby, the ambassador was modeled on the British Morris Oxford III Its forest form, often compared to a bowler hat on wheels, was adapted for the rough roads of India and the rugged terrain But consumption poor gasoline and a lack of luxury features led an Indian middle class passing aspire to own cheaper, newer models that were easier to maneuver in crowded cities.
Moved by Japanese and Korean cars, robust ambassadors were relegated to the use of taxi services and government services, but even that has changed with the Indian Government, the shift to smaller cars that Ambassador more fast bulbous.
It is not known exactly what the French automaker plans to do with the brand Ambassador.
Peugeot pulled out of India after a joint venture effort in the 1990s collapsed last month, it signed an agreement with Birla to return to the fast-growing market, saying it will invest 107 million in a plant Hindustan Motors manufacturing in the Indian state of southern Tamil Nadu.
The agreement includes the increase of 100,000 vehicles per year production capacity, to take advantage of the rapid growth of India, where sales of cars expanded by seven percent to 2 96 million cars last year .
French car maker Peugeot Buy Iconic Indian Business Car Brand, French manufacturer, Peugeot.