NEW DELHI: Fiat Group Automobiles India on Tuesday launched compact car Punto Evo with introductory price ranging from Rs 4.55 lakh to Rs 7.19 lakh (ex-showroom Delhi).
The model will take on the likes of Maruti Suzuki's Swift, Hyundai i20 and Honda Brio, which are priced between Rs 3.99 lakh and Rs 7.76 lakh (ex-showroom Delhi).
The petrol versions of the Punto Evo are priced between Rs 4.55 lakh and Rs 6.65 lakh, while the diesel variants would retail between Rs 5.27 lakh and Rs 7.19 lakh.
Fiat Group Automobiles India President and Managing Director Nagesh Basavanhalli said the company will continue to expand its presence in the Indian market.
"We are now strengthening our product portfolio in India with cars that are designed and engineered keeping Indian conditions and need in mind," he said.
The company is on a comeback trail after failed joint dealership venture with Tata Motors.
Basavanhalli said the company currently has 116 out lets in 93 cities across 23 states in India.
The company will launch the compact SUV Avventura which was showcased at the Auto Expo in February, within 60 days, he said.
Fiat, which is present in the country through a wholly- owned subsidiary, is adding new models in its portfolio this year to rev-up its sales.
It had set a target of a product line up of five vehicles by December this year and nine by 2016 in its Indian line up.
Besides the Avventura, luxury hatchback Abarth 500 will be launched later this year. The Italian-American auto major Fiat Chrysler had announced plans to launch 12 models in India in the next five years and will start producing models from the Jeep brand in the country by 2015.
After the debut of the Abarth brand in India this year, Jeep brands will follow next year, with nine models to be locally assembled and the remaining three to be imported.
In 2015, the group will introduce the much-awaited Wrangler and Grand Cherokee models from the Jeep brand and Abarth Punto. The Grand Cherokee and Abarth Punto will be locally produced, while Wrangler will be imported.
Towards the end of 2016, a fresh Avventura based on a new global small platform will be launched along with a mini-SUV from the Jeep stable, both of which will be locally produced.
In 2017, the group plans to launch new models of the Punto and Grand Sienna from the Fiat portfolio and Wrangler and Grand Cherokee from the Jeep brand. Of these, only the new Wrangler will be imported.
The launches will be followed by a fresh Abarth Punto based on a new global small platform in 2018, which will also be locally assembled.
The group's plant at Ranjangoan in Maharashtra will roll out six models across three platforms by 2018, up from the current three models from a single platform. The facility will produce six types of engines from the current three.
By 2018, the group expects to have a vehicle production capacity of 2,45,000 units annually, compared with 1,35,000 at present.
While the total engine capacity will remain the same at 3,50,000 units, for transmission units, it will go up to 3,30,000 by 2018 from the current level of 3,00,000 units.