Maruti launches concept MPV at auto expo

Maruti Suzuki plans to create a new segment with the launch of its new 7 seater family car, MD & CEO, Shinzo Nakanishi was quoted as saying. The company showcased its new MPV Multi Purpose Vehicle at the auto show in Delhi. Nakanishi said that Maruti Suzuki hopes to maintain sales growth in calendar 2010 despite rising raw material costs, inflation and the rise of the yen against the rupee. "This is not an easy job this year with so many new cars being launched," he said, when asked if Maruti will be able to maintain its 50% market share. "We have to make preparations for this," he added. Separately, the company’s finance head Ajay Seth was quoted as saying that Maruti Suzuki will decide later this month on a proposal to expand capacity. The company has cash reserves of Rs50bn and will utilize that for the expansion, he said. Maruti has no plans to take loans, Seth said. Maruti Suzuki expects sales this fiscal year (FY10) to reach a record 1 million units, Nakanishi said in New Delhi.