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U.S. markets recover from steep losses
JAKARTA, June 1 (UPI) -- U.S. automakers Ford and General Motors have their eyes on Indonesia as a car market with growing potential, company executives said.
President of GM International Operations Tim Lee said he was "very, very optimistic" that the Indonesian market would blossom this year. His counterpart, Will Angove, president of Ford Motor Indonesia said, "There's a stable democratic government in place, which is in its second term (and) interest rates are at an all-time low," the Detroit Free Press reported Tuesday.
Angove said, "People are feeling pretty good about things" in the fourth largest country in the world by population.
Lee said GM was aiming to capture 10 percent market share in Indonesia, where GM's current market share is about 1 percent.
GM sold 2,616 vehicles in Indonesia in 2009 with 33 dealerships. Ford last year sold 6,477 vehicles in the country with 35 dealerships.
J.D. Powers and Associates said the first quarter of 2010 was dominated by Toyota, which controls 58 percent of the market share in a market expected to grow from 483,000 vehicle sales in 2009 to 1.3 million by 2015.
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