HM sells ‘Ambassador’ brand to Peugeot for 80 Cr
“Hindustan Motors (HM) has executed an agreement with Peugeot SA for the sale of the Ambassador brand, including the trademarks, for a consideration of Rs 80 crore”, HM said in a regulatory filing. The tie-up entails two joint venture agreements between the companies of the two groups.
Peugeot coming to India and it’s also said that the plant is likely to come up in Nadu.
The initial manufacturing capacity will be set at about 1 lakh vehicles per year and followed by incremental investment to support a progressive ramp-up of the long-term project.
The HM’s Ambassador was discontinued in 2014 as sales dropped continuously and it could not keep up with the new generation of cars in the Indian market. In the 1980s, 24,000 units of the car were sold every year, whereas the annual sales trickled down to an average of 6,000 units in the 2000s. We’ve already stated some interesting facts about the car and there’s no denying that the bond of this car with the country is a strong one.