SML Isuzu, a well-known commercial vehicle manufacturer is looking to increase its share in the Light Commercial vehicle(LCV) segment up to 10 percent by March 2015.
SML Isuzu launched its XM series LCV of 10 to 13 tonne vehicle range, which is priced at INR 13 Lakh onwards (ex. showroom, Delhi). Priced at INR 13 Lakhs, the company expects to sell 100 units of the XM series monthly.On the launch, the company also announced that it would explore new markets in Africa to boost exports.
We would try to expand our market share up to 10 per cent by the end of next financial year from the current 8-9 per cent. We are expanding in the LCV segment...This new model (XM series) would help us in this," SML Isuzu Managing Director and Chief Executive Officer Eiichi Seto said.
According to a report from the Society of Indian Automobile Manufacturers (SIAM), the size of the LCV market in the country shrank by 13.9 per cent to 3,25,617 units in the period of April-December last year.
On the export front, SML Isuzu Vice President Marketing K B Prasad said: "We are exploring new markets in Africa. We are already exporting to Ghana and Nigeria and may add more but it also depends on the economy of that country. The company is also exporting to Sri Lanka and Bangladesh. We export about 1,000 vehicles annually and it needs to be expanded."
We would also keep on launching three to four models based on Isuzu technology every year to enhance our portfolio. It would be different variants based on the same wheel base to give a new look," he added.
SML Isuzu sold about 13,000 vehicles in the previous financial year and expects sales of about 10,000 by the end of 2013-14. It sold 11,000 vehicles in 2011-12.