New Delhi, Aug 11: The competition in the compact car segment is hotting up, with market leader Maruti Suzuki India set to launch a brand new model early next year in response to rival Hyundai's soon-to-be-launched Grand i10.
According to sources, the new model along with the upcoming WagonR Stingray will be the key fresh products for Maruti Suzuki India (MSI) to defend its market share amid the ever increasing competition.
"The new compact model from Maruti will be positioned between the WagonR and the Swift. It will make its debut at the Auto Expo next year," a source said.
When contacted, a spokesperson for MSI said: "We do not comment on our future product line-up."
India's Auto Expo will be held between February 6 and 12, 2014, at Greater Noida, moving away from the traditional venue of Pragati Maidan.
Hyundai Motor India is already looking to hit at MSI's successful Swift by bringing the Grand i10, slated for launch nationally on September 3 with both diesel and petrol options.
By bringing the new model a tad below Swift, MSI is looking at the new model to counter the Grand i10.
While the WagonR is currently priced between Rs 3.57 lakh and Rs 4.48 lakh (ex-showroom Delhi), Swift is available in the range of Rs 4.48 lakh to Rs 6.87 lakh (ex-showroom Delhi).
MSI is also gearing up to launch WagonR Stingray ahead of this festive season as it looks to enhance its leadership position in the market.
The Indian passenger vehicles market, including cars, stood at 6,07,469 units in the April-June quarter this fiscal and MSI had a share of 40.38 per cent with 2,45,346 units.
Carmakers are betting on new models to beat the downturn in the market. Sales have been on a continuous decline for a record eighth month in a row in June. In the first quarter of this fiscal, passenger vehicles sales have declined by 7.24 per cent from 6,54,858 units in the same period last fiscal.