This is the company's second model under the famous brand. Earlier this year GM launched the Chevrolet Forester, a premium sports utility vehicle (SUV) in the market.

The Optra, which is being imported in completely knocked-down (CKD) units from the General Motors-Daewoo Automotive technologies (GM-DAT) division in Korea, comes with a 1.8-litre engine and is positioned in the upper-C segment. It will compete with cars like the Toyota Corolla and the Skoda Octavia.

While details like engine specifications, features and the price of the Chevrolet Optra will be available only after the commercial launch of the product later this month, company officials say the car will be competitively priced in its segment.

At the launch ceremony attended by Gujarat Chief Minister Narendra Modi, Aditya Vij, president and managing director, GMI said: "The Chevrolet Optra, like all Chevrolet models to be launched by GM India, shall aim to become the smart choice in a mainstream market by delivering better value through styling, features and performance. It will also address key growing and profitable segments."

Terry Johnson, executive director, GM (Asia pacific), said this is just the rollout of the first Chevrolet manufactured in India and the commercial launch of the vehicle will take place shortly. "The Chevrolet brand of vehicles will herald the consolidation of GM's presence in the region, and India will be one of the first countries in the world to locally manufacture and sell the Chevrolet Optra." GMI is also said to be actively considering the relaunch of Daewoo's Matiz in the Indian market.

Johnson said the company is looking at entering the lucrative small-size car segment in India and is weighing the option of reintroducing the Matiz. "The presence of a small car will complete the GMI portfolio." He did not, however, specify the time frame within which the company will introduce the car.

According to Johnsson, GM sees India as an important market and also a vital sourcing base for auto components. GMI exports auto-components to several subsidiaries of its parent in diverse locations across the globe. As per company estimates, exports worth $5 million are made out of GMI annually and this figure is expected to increase further in days to come.

He said GMI has so far invested Rs 950 crore in the Halol facility and is planning to increase this investment to Rs 1,600 crore in a phased manner in the next two years. The company's future plans include consolidating its presence in exporting vehicles manufactured in India to neighbouring countries like Sri Lanka. The company already exports cars to Nepal and Bangladesh.