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Fiat Group Automobiles India today launched compact car Punto Evo tagged between Rs 4.55 lakh and Rs 7.19 lakh (ex-showroom Delhi).
The petrol versions of the Punto Evo are priced between Rs 4.55 lakh and Rs 6.65 lakh, while the diesel variants would retail between Rs 5.27 lakh and Rs 7.19 lakh.
The company is looking at strengthening its presence in the Indian market with two more product interventions this year. Nagesh Basavanhalli, president and managing director, Fiat Group Automobiles India said, "We are now strengthening our product portfolio in India with cars that are designed and engineered keeping Indian conditions and need in mind."
The company will launch the compact SUV Avventura within 60 days and Abarth 500 by the end of the year. Overall, Fiat has set a target of putting in place a product line up of five vehicles by December this year, nine by 2016 and a total of 12 vehicles over the next five years. Of the 12, nine would be manufactured locally and the remaining imported.
The Abarth will be followed by models Grand Cherokee and Wrangler from the Jeep brand in 2015. Also on cards next year is Abarth Punto. In 2016, a fresh Avventura based on a new global small platform will be introduced along with a mini-SUV from the Jeep stable, both of which will be locally produced.
In 2017, the group plans to launch new models of the Punto and Grand Sienna from the Fiat portfolio and Wrangler and Grand Cherokee from the Jeep brand. Of these, only the new Wrangler will be imported. The launches will be followed by a fresh Abarth Punto based on a new global small platform in 2018, which will also be locally assembled.
The company is looking at making fresh in-roads in the Indian market after a failed joint distribution venture with Tata Motors. Basavanhalli said the company currently has 116 out lets in 93 cities.
The group's manufacturing facility at Ranjangaon in Maharashtra will roll out six models across three platforms by 2018. The facility will produce six types of engines from the current three. Vehicle production at the unit will nearly double to 245,000 units by 2018 from the current 135,000 units. Engine production capacity will remain almost unchanged at 350,000 units. However, manufacturing capacity for transmissions will go up marginally to 330,000 units from the present 300,000 units.
