Financial Daily from THE HINDU group of publications
Sunday, Jun 05, 2005
Financial Daily from THE HINDU group of publications Sunday, Jun 05, 2005 |
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Corporate
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Announcements Marketing - New Products & Services Premier Auto launches 2 new vehicles in Kerala Our Bureau
Kochi , June 4 PREMIER Automobiles Ltd, which is making a comeback to the Indian automobile scene after a few years' absence, on Saturday launched a multi-purpose vehicle (MPV) and a light commercial vehicle (LPV) in the Kerala market. The maker of Premier Padmini' cars that ruled Indian roads for decades along with Hindustan Motors' Ambassador, has introduced the MPV `Sigma' at Rs 3.95 lakh (for the base version) and the LCV `Roadstar' at Rs 3.25 lakh (ex-showroom Pune). The Sigma is a seven-seater van that will take on the likes of Maruti's Versa. Roadstar is a two-tonner small truck that is suitable to manoeuvre through city lanes as well as for long hauls on highways, company officials said here at a press conference. According to Mr Atul Akolkar, Head-Sales and Marketing, Premier Auto has tied-up with China Motor Corporation, a Mitsubishi affiliate in Taiwan, to develop both the vehicles. While body parts would come from China Motor, the company is sourcing the two-litre diesel engine that powers the vehicles from Hindustan Motors, Mr Akolkar said. Premier has also tied-up with State Bank of India to finance the vehicles. SBI will provide loans up to 90 per cent of the ex-showroom price. The company has invested Rs 75 crore to set up the assembling facility in Pune. "By March 2006, our production will reach 10,000 units. Our full capacity is 18,000 units," he said, but refused to say the sales targets for the company for the current year. He said more variants of the MPV, such as ambulance and cargo carrier are also on the anvil. "Our plan is to focus on this niche segment where no other manufacturer has an offering," he said. It is also establishing a new dealership network across the country in a phased manner.
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