General Motors Co announced its plans to quit operations in two BRICS (Brazil, Russia, India, China, South Africa) nations, South Africa and India at the end of the year.
The American Vehicle manufacturing company said it will stop selling cars and operations in India and South Africa to focus on fewer, more profitable markets.
Both India and South Africa are the key members of BRICS. South Africa joined the important bloc of emerging economies in December 2010, in line with the country’s foreign policy to strengthen they Country’s relations with the super-powers such as Russia and China.
The company said it will sell operations in South Africa to Isuzu Motors, the latest steps in a strategy of focusing cash and engineering effort on fewer, more profitable markets.
General Motors will cancel most of a planned R13.5 billion ($1 billion) investment to build a new line of low-cost vehicles in India.
GM intends to cease local manufacturing and selling Chevrolet vehicles in the domestic market by the end of 2017.
GM said it would continue work at its design and engineering