Ambassador being left behind in strong Indian car market
NEW DELHI // The maker of the Ambassador car, Hindustan Motors, posted more severe losses that spark fears for the company's future. The company reported that losses had widened in the last fiscal year to 429 million rupees (Dh35 million) from 378 million rupees the previous year. "Our operations are looking up," Ravi Kathuria, Hindustan Motors' senior vice-president, told AFP news agency, adding that the company has extensive land assets "which can be leveraged. We're not in a bankruptcy situation." The woes engulfing Hindustan Motors come as the rest of India's vehicle industry booms with firms such as Maruti Suzuki doubling profits in the world's fastest-growing car market. But Hindustan has never been able to return to its glory days in the 1970s, when the snub-nosed "Amby," as the Ambassador was affectionately known, held a market stranglehold of around 70 per cent.