India's iconic Ambassador car brand sold to Peugeot for just $12 millionFebruary 13, 2017 - 16:11 AMT PanARMENIAN.Net - India's Hindustan Motors has sold its Ambassador car to France's Peugeot for just $12 million, capping a spectacular downfall for a vehicle once emblematic of the country's political class, AFP reports. The CK Birla group, the owners of Hindustan Motors, have sold the car brand for 800 million rupees to the French auto makers, a company spokesman confirmed to AFP on Sunday, February 12. Hindustan Motors, India's oldest car maker, stopped production of the Ambassador in 2014 citing debt and lack of demand for the vehicle which was designed on Britain's long-defunct Morris Oxford. "We have sold it for just 800 million rupees but we had already stopped production at the plant nearly three years back. The plant has been closed since," the official said. Last month, the Birla group had signed a separate agreement with Peugeot to set up two joint ventures with production capacity initially estimated at 100,000 vehicles per year by 2020. The PSA Group, which makes Peugeot and Citroen cars, said at the time it had not yet decided which model it will build in India. The curvy Ambassador once ruled India's roads and for years was the only car driven by politicians and senior government officials. But the car was muscled out over the years by the entry of more modern vehicles, particularly SUVs increasingly favoured by senior bureaucrats. The car still remains popular with some taxi drivers and politicians and tourists looking for nostalgia. The PSA group was among the first foreign car manufacturers to make a foray into India in the Nineties after the government opened up investment. But after a fall-out with their local partners, the company withdrew from India in 1997. Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | Narek Manasyan wins European Boxing Championships silver for Armenia Armenia’s Narek Manasyan (92kg) won Armenia’s second silver medal at the European Boxing Championships 2024 on April 28. Blinken urges Azerbaijan to continue negotiations with Armenia Secretary of State Antony J. Blinken has urged Azerbaijani President Ilham Aliyev to continue negotiations with Armenia. Pashinyan, Blinken talk Armenia-U.S. ties over the phone Prime Minister Nikol Pashinyan had a phone conversation with US Secretary of State Antony Blinken on April 28, Pashinyan’s office reports. Titus, Bilirakis lead legislation to sanction Azerbaijani war criminals Representatives Dina Titus (D-NV) and Gus Bilirakis (R-FL) have introduced the bipartisan legislation. |