Models multiply in motown
Automakers are gearing up to meet booming domestic demand with new variants, capacity addition. HT reports. Car buyers, rejoice! | Buyers, be carefulautos Updated: Aug 26, 2010 22:55 IST
Automakers are gearing up to meet booming domestic demand with new variants, capacity addition.
Tata Motors to raise $1 bn
Tata Motors could raise around $1 billion (Rs 4,700 core) to fund its acquisition plans and augment capacity expansion, chief executive Carl-Peter Forster said on the sidelines of a SIAM (Society of Indian Automobile Manufacturers) conference in New Delhi on Thursday. Forster refused to give any timeline for the fund raising initiative.
A month ago, the company had said it plans to invest close to Rs10,000 crore over the next two to three years on product development, modernisation and capacity expansion.
Forster added that demand for Jaguar and Land Rover vehicles has exceeded the company's expectations.
Maruti to set up third plant
Maruti Suzuki is planning to set up a new production facility at Manesar, near Gurgaon, to meet increasing demand for cars in the country.
The third production unit would entail an investment of around Rs 1,700 crore and would have a production capacity of around 2,50,000 cars per year.
"We are preparing a project report for the third unit in Manesar, which will come up for discussion before the board," said R C Bhargava, chairman Maruti Suzuki India.
Recently the company had forecast that car sales in India could double to five million units annually by 2015.
Maruti's move to increase production capacity is an effort to increase supply.
Ford plans 8 new models
Ford Motor Co will launch eight new vehicles in India by 2015 in its bid to tap the rapidly growing car market here.
"India is a key market for Ford and we have big plans for the country and this region," said Joe Hinrichs, president of Ford Asia Pacific and Africa (APA).
Hinrichs added that company would introduce new vehicles in India from its global platforms in segments appropriate for this market.
He added that from next year the company would export Figo cars manufactured in India to 50 new markets, including Mexico, North Africa and Middle East. Figo, launched in the first quarter of this year, has sold around 30,000 units.
Renault to launch 5 cars
After bowing out of its Logan joint venture with Mahindra, French carmaker Renault will return to the Indian market space by launching five cars between mid-2011 and mid-2013. The new launches would also include small cars.
"We will launch the small car for Indian market in 2012," said Marc Nassif, country general manager, Renault India.
He said the cars would be sold under the Renault brand and would be manufactured at its partner Nissan's factory at Chennai.
Nassif also said the prototype of its ultra low-cost car being developed in partnership with Nissan and Bajaj would be ready by early next year.