Thursday 19 April 2018

Peugeot buys Ambassador car brand from Hindustan Motors

Peugeot has staged a coup in the Indian market
Peugeot has staged a coup in the Indian market

Peugeot has bought a famous Indian car brand from its maker Hindustan Motors.

The C.K. Birla Group that owns Hindustan Motors signed an agreement with the French company to sell the Ambassador for 800 million rupees (£9.6 million).

The Ambassador sedan, once used by prime ministers and visiting heads of states, was long viewed as a car of the Indian elite.

Hindustan Motors stopped production of the Ambassador in 2014 with around 2,200 cars sold in 2013.

First manufactured in 1948, the Ambassador was the only luxury car available in India until the mid-1980s.

By the early 1990s, economic reforms opened India's doors to many small car manufacturers.

AP

Press Association

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