Financial Daily from THE HINDU group of publications
Monday, May 06, 2002
Financial Daily from THE HINDU group of publications Monday, May 06, 2002 |
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Corporate
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New Products & Services Fiat India pins hopes on new Siena variants to break even Our Bureau
Mr M.P. Bianchi, Managing Director, Fiat India, at the launch of the new Fiat Siena in Bangalore on Saturday.
BANGALORE, May 5 BUOYED by robust sales of the Palio, Fiat India has launched its refurbished-sedan new Fiat Siena and expects the new variants will help it report break-even in the current year. The company expects to achieve break-even at a volume of 50,000 units. "We expect to sell 5,000-6,000 units by December'', the Commercial Director, Mr Vijay Chandorikar, said. "The new Siena with its wide range at different price points will help us break-even this year...We are on target," the Managing Director, Mr M.P. Bianchi, said. The new Siena base model with 1.2 litre petrol engine is priced at Rs. 4.8 lakh and the luxury version Siena Maestro with 1.6 litre petrol engine is priced at Rs. 6.7 lakh. Moreover, the company is "looking seriously" at the idea of launching Alfa Romeo through the import route, Mr Chandorikar said. However, he did not detail any time-frame for a possible launch. "The luxury segment is very small and it does not make sense to import such cars now," Mr Bianchi added. The company will launch the weekend version of its top-selling hatch-back Palio in a month's time, which will be followed by the launch of the `Adventure' version of the same car, Mr Chandorikar said. The 1.9 litre version of Palio will be launched early 2003, he added. A 1.2-litre and 1.6-litre petrol engines currently powers the Palio. Fiat has invested $150 million in its Indian Palio project, which includes the setting up of the Ranjangaon plant and the launch of new models. On the need to start manufacturing at its Ranjangaon plant, Mr Bianchi said: "Currently, there is no need...as demand picks up we will see". The company, currently, makes the Palio from the Kurla plant, where it manufactures 220 cars a day on a two-shift basis. The Kurla plant has a capacity to make 60,000 cars annually and is in a position to ramp up production as per the need of the market. The Ranjangaon facility has a capacity to make 1,00,000 cars.
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