Fiat Professional LCVs likely to come to India
- Former Ranji player held, Sreesanth and others to be produced in court today
- Li Keqiang pitches for more Chinese investments as he backs trade balance
- All eyes on Narendra Modi as BJP set to discuss strategy for Lok Sabha polls
- SC agrees to hear PIL to stay IPL matches due to spot-fixing
- Monstrous tornado rips through US city of Oklahoma, 90 dead
Italy's top automotive group Fiat may soon enter the light commercial vehicles (LCV) market. The automaker is doing a market study to launch the Fiat Professional brand of utility/passenger vans and small pick-up trucks.
Enrico Atanasio, managing director of Fiat Group Automobiles India, said: "The incumbents are very strong in the segment, but it represents a huge potential market for us. We are looking at how to bring products at the right competitive price. It may require significant investments in local production and suppliers, but if we can show volumes, the money is available."
The list of carmakers wanting a piece of the LCV market includes General Motors, Maruti Suzuki and Renault-Nissan. Although dominated by Tata Motors and Ashok Leyland, several auto companies have been eyeing the LCV market which reported a 16% rise in volumes between April and December to 3.78 lakh units.
In LCVs, Tata Motors leads the market with 57% share (December 2012) with products like the Ace (0.5-1 tonne) and Xenon XT. This is followed by Mahindra (Maxximo, Genio, Bolero Pik-up), Ashok Leyland (Dost), Force Motors (Trump) and Piaggio (Ape). Tata Motors' LCV sales were up 15% to 2.17 lakh units in April-December FY13.
Fiat is also studying the market for its Iveco brand of trucks and buses. Fiat already sells cars and tractors (Case New Holland) in India and is preparing to launch its SUV brand Jeep in October this year. Jeep, part of the US auto giant Chrysler in which Fiat acquired a controlling stake in 2009, will launch two products initially — the Grand Cherokee and Wrangler. Jeep will have its own dealers, starting with 10 in the first year.
Rapid expansion plans with multiple new brands comes after Fiat and Tata Motors decided to end their marketing and distribution partnership in May last year. Fiat has since been appointing solo dealerships across the country. However, the partners chose to continue the second aspect of the joint venture.
- 'Sophisticated' Indian cyberattacks targeted Pak military sites: Report
- Talkative Li quoted Weber, Hegel, Jobs, said PM is large-hearted
- Bihar food corp ends up with chaff as rice worth Rs 535 cr vanishes from mills
- In 7 lucrative minutes on May 9, Sreesanth bowled 6 balls, bookie made Rs 2.5 cr
- India and China ask border envoys to work on more steps
- Former Ranji player among 3 more held