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The feat is more significant given many brands struggle to even clock 5,000 units a month in this day and age.The company's board meeting will be held on February 13, to consider and approve the unaudited financial results for the third quarter ended December 31, 2016.At 10:37 hrs Hindustan Motors was quoting at Rs 12.21, up Rs 1.21, or 11 percent on the BSE.Posted by Rakesh Patil Having started operations a year after independence, Hindustan Motors began importing tools and machines of the Amby from Great Britain, which was the centre of production for Series III of the Morris Oxford.At its peak in the 1970s the Ambassador had 75 percent market share.The car used to touch sales figures of 6,000 units a month, in the early 80s. Shares of Hindustan Motors touched 52-week high of Rs 12.80, gains more than 16 percent intraday Monday as it has entered into agreement for sale of its Ambassador brand.The company has executed an agreement with Peugeot S.A. for the sale of the Ambassador brand and certain related rights to Peugeot S.A for a consideration of Rs 80 crore.The sale of the Ambassador brand shall be effective upon fulfilment of the terms & conditions as prescribed in the said abovementioned agreement.The company, which was established in 1942, initially began assembly operations before moving to full-fledged production in the mid-1950s.
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But, automaker Hindustan Motor, who introduced this iconic car brand back in 1954, has witnessed tanking sales figures. We hope that you're all familiar with India's most iconic car brand Ambassador, which was recognized as the symbol of power and respect at one point in time. It introduced the Ambassador brand, that is well-known to every 60s or 70s kid, in 1954 as the Hindustan Landmaster. It was re-modelled and released as the Hindustan Ambassador Mark-1. Thus, the company has today announced that it is handing over Ambassador to French automaker Peugeot S.A in a transaction valued at Rs 80 crore.
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Hindustan Motors sells Ambassador for $12m
Today I can offer you 30 days access for $1 - and that includes just-auto plus. And now there's just-auto plus, our premium membership that gives you exclusive component forecast data, company profiles and extended news coverage - just for premium members. A Message From The Editorjust-auto gives its paid members access to the very best automotive market coverage.But, automaker Hindustan Motor, who introduced this iconic car brand back in 1954, has witnessed tanking sales figures. We hope that you're all familiar with India's most iconic car brand Ambassador, which was recognized as the symbol of power and respect at one point in time. It introduced the Ambassador brand, that is well-known to every 60s or 70s kid, in 1954 as the Hindustan Landmaster. It was re-modelled and released as the Hindustan Ambassador Mark-1. Thus, the company has today announced that it is handing over Ambassador to French automaker Peugeot S.A in a transaction valued at Rs 80 crore.
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collected by :John Max
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