Maruti Suzuki, India's biggest automaker, is looking to break into the premium car segment with its new seven seater, as a growing number of buyers opt for bigger, feature-packed cars.
Maruti, known for small and compact cars that are mostly priced below 1 million rupees , on Wednesday launched the Invicto seven seater with a hybrid powertrain starting from around 2.5 million rupees .
The company aims to raise its brand image and enter a segment where it sees rapid growth as the purchasing power of Indian car buyers increases, chief executive Hisashi Takeuchi said at the launch. "This is really a big challenge for us to go into this segment because we have no experience selling that sort of product so far," Takeuchi told reporters.
But the market is evolving fast and without a premium multi-purpose vehicle , a segment it expects will grow, Maruti risks losing share to rivals, Takeuchi said. He said Maruti was investing to double its annual production capacity to 4 million cars by the end of the decade from 2.2 million today, an expansion he expects will also double the company's turnover.
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