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Korean global Sports Utility Manufacturer (SUV) SsangYong Motor Corporation Ltd., announced the introduction of a new model concept at the Frankfurt Motor Show 2011, while hinting at roll out of at least two models in India in the first quarter of next financial year.
"Now part off the Indian automotive major Mahindra & Mahindra Ltd., SsangYong has seen good volumes growth during the year. We are looking at sales of at least 1,20,000 vehicles, reflecting a growth of over 50 per cent over last year (2010) sales of 80,000 vehicles due to new products from SsangYong stable," Dr Pawan Goenka, President of Automotive and Farm Equipment Sectors of Mahindra & Mahindra, said.
Dr Goenka was at the auto show along with CEO of SsangYong, Mr U.L. Lee and its Vice-President, Technical Development, Mr Jae Wan Lee, to take part in the show and announce the roll out of what they described as exciting user interface vehicle named XIV-1, a premium crossover utility concept.
The company CEO said this is a new form of compact utility vehicle in the B-Segment and is significant departure from other SUVs. The design is creative and ideally suited for city life. All the seats can be moved and rotated as per the passengers liking.
Dr Goenka told Business Line, "for India, we are looking towards roll out of at least two models initially. These would be Rexton II and crossover Korando in the first quarter of next financial year. We are working towards a new vision for SsanngYong and the year so far has been very promising.
"For M&M this is an imporrtant acquisition as it has brought a lot of design and product development capability which both the companies could work together. The International design is at the back end of thee joint work both the companies are doing. Though we have not made any specific plan, we plan to invest more in new product lines," Dr Goenka said.
Asked to comment about the slowdown in the automotive sector, Dr. Goenka said that the last two years have been quite buoyant registering double digit growth. During the year so far, there is clear sign of some slowdown. That means though the general auto sector in the country may end with single digit, M&M will definitely register high double digit growth.
"Over the next few months we will seek to further consolidate SsangYong business and also strategise for working closely with development teams," he said.
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