New, Delhi, Mar 27 (ANI): Dispelling apprehensions over the future of the two-wheeler segment with the launch of Nano, Pawan Munjal, the Managing Director and Chief Executive Officer of Hero Honda Motors, said that it will have no bearing in the two-wheeler market.
"I am not saying there will be no impact at all. Some two-wheeler aspirants definitely move to a car. But there will be no major impact. There is not change in the market," Pawan said this on the sidelines of a meeting hosted by the Confederation of Indian Industry (CII) here on Thursday.
Hero Honda Motors promoted by the Munjals of Hero Cycles fame, is among the majors of two-wheeler manufacturers in India.
Tata Motors launched its much-awaited Nano car on Monday.
On that occasion, Ratan Tata, Chairman of Tata Motors had reportedly asserted that the car Nano would be available with the promised price tag of rupees 100 thousand.
It was launched six months behind schedule in a subdued market, with production in the first year severely constrained and the threat of further ratings downgrades hanging over the company.
Amidst all these trends, the company has said that it will take over a year to deliver the first 100,000 cars.
Since the Nano was first shown, the main production plant had to be moved from Singur in West Bengal following protests over the acquisition of agricultural lands by the State Government for the setting up Nano factory.
Consequently, Tata Motors posted its first loss in seven years with its shares declining by 70 per cent and its credit rating downgraded. (ANI)