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March 31, 2001
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Money > Business Headlines > Report March 31, 2001 |
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Fiat's Palio launch seen before X'masBS Bureau Fiat India Ltd, the Indian subsidiary of Italian Auto major Fiat, is planning to introduce 'Palio' before Christmas in an effort to boost its sales in the country. The car will be positioned in the upper end of the B segment and would be available in both diesel and petrol variants, Maurizo P Bianchi, managing director, Fiat India, said. He declined to state the likely price of Palio. Bianchi said that Fiat would be investing $250 million into the Palio project and added the technological superiority of Palio would create a new segment. The company had planned to achieve localisation level of 85 per cent by 2002 for the Palio project. Bianchi hoped that after the launch of Palio, the combined sales of all its offerings would increase to 50,000 units in 2002. During last year, it had sold only 12,200 units (Uno, Sienna, Sienna Weekend). "We will be adopting more aggressive marketing strategy along with increased customer focus for increasing our market share," he said. To a question whether Fiat India plans to import completely built units (CBUs), he replied that their aim at the moment was to make cars in India and also increase the localisation level. For the Sienna model, the company had achieved a localisation level of 72 per cent. The company also hoped to double it's exports to $160 million in 2001, up from the present level of $80 million in 2000. It had mostly exported components to South Africa, Turkey, Poland and Italy.
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