Light commercial vehicle (LCV) manufacturer SML Isuzu is looking to increase its market share in the segment to 10 per cent by March 2015.
The maker of buses, trucks and vans today launched its XM series of vehicles in the 10 to 13 tonne range in the National Capital Region and said it would explore new markets in Africa to boost exports.
"We would try to expand our market share up to 10 per cent by the end of next financial year from the current 8-9 per cent. We are expanding in the LCV segment...This new model (XM series) would help us in this," SML Isuzu Managing Director and Chief Executive Officer Eiichi Seto said.
The size of the LCV market in the country shrank 13.9 per cent to 3,25,617 units in the April-December period, according to the Society of Indian Automobile Manufacturers.
The company expects monthly sales of 100 units of the XM series, which is priced Rs 13 lakh onward (ex-showroom Delhi), he said.
On the export front, SML Isuzu Vice President Marketing K B Prasad said: "We are exploring new markets in Africa. We are already exporting to Ghana and Nigeria and may add more but it also depends on the economy of that country. The company is also exporting to Sri Lanka and Bangladesh."
SML Isuzu exports about 1,000 vehicles annually and it needs to be expanded, he added.
"We would also keep on launching three to four models based on Isuzu technology every year to enhance our portfolio. It would be different variants based on the same wheel base to give a new look," said Prasad.
SML Isuzu sold about 13,000 vehicles in the previous financial year and expects sales of about 10,000 by the end of 2013-14. It sold 11,000 vehicles in 2011-12.
