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Maruti to replace Esteem with new model
July 23, 2003 19:34 IST
Suzuki Motor Corp, Japan's largest minicar maker, said its Indian unit will release a new model as early as next year to boost sales and increase its market share.
The new model, which will have an engine of between 1.3 litres and 1.6 litres, will replace the mid-size car 'Esteem', said Shinzo Nakanishi, managing director (overseas marketing for automobiles) at a press gathering in Hamamatsu city, southwest of Tokyo, Bloomberg reported.
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The car will be built in India by Maruti Udyog Ltd, the nation's biggest carmaker by sales, he said.
Suzuki is focusing on sales overseas as demand in the mini car market in Japan starts to slow. The company took a controlling stake in Maruti last year and wants to introduce new models to expand its presence in the market.
Separately, Suzuki president Hiroshi Tsuda said first-half profit "is on track" even though domestic compact car sales aren't as good as expected.
Suzuki forecasts 2003 car production to rise two per cent to 1.83 million units this year as the company sells more cars in Asian countries such as China and India and expands in Europe and the US.