Possibly as an Electric Vehicle
For decades, the illustrious Ambassador car ruled the streets of India heralding the prestige and status of the powerful elite. It was known as the ‘King of Indian roads’.
But with the launch of more affordable cars, the Ambassador’s manufacturer Hindustan Motors struggled to maintain its dominant market share. And so, the company decided to decommission the car’s production in 2013.
Now, almost a decade later, the car is set to return. And in a completely new avatar!
According to reports, Hindustan Motors is collaborating with the European electric vehicle manufacturer Peugeot to introduce the Ambassador with a new engine and design. The manufacturing is set to take place in HM’s Chennai plant, with the re-launch aimed to take place in 2024.
Manufacturing automobiles can be incredibly laborious, cost-intensive, and above all, risky. Problems with the end product or its design, accidents at the plant, unexpected loss of profits, are common risks that vehicle manufacturers have to contend with.
So, to make things easier, they opt for Auto Manufacturer’s Liability Insurance.
This is principally a Product Liability cover that offers protection against risks of third party lawsuits faced by automotive manufacturers. These businesses can get reimbursed for any losses arising out of product defects, product recalls, third party damage, and claims of damage made by retailers.
This kind of insurance is essential for manufacturing businesses, especially those in the automobile industry, as they regularly run the risk of getting sued for faulty design, functional defects, and other mishaps that can be disastrous for the business’s reputation.