German carmaker BMW launches new model in India

Bangalore, Feb 4 (ANI): The German luxury carmaker launched a limited edition of BMW Gran Turismo, priced at Rupees 6.3 million on Wednesday.

The limited edition of the Gran Turismo comes with a 3.01 litres diesel engine and only 100 units of the car will be available. It will be brought as a completely built unit (CBU) from the company's plants overseas.

BMW is investing 50 million dollars in its Chennai plant to increase its production capacity, which is at present 3,000 units per year, said Peter Kronschanbl, President, BMW India Private Limited.

"At the end of the year BMW will launch BMWX1 into the Indian market. BMWX1 will be locally assembled at the Chennai plant for that we need to get ready the plant; this means that we will increase the production capacity," Kronschanbl added.

BMW is also aiming to ramp up dealership network in the country from 12 outlets at present to 22 outlets.

BMW, which is pinning special hopes on the latest version of the five Series, which hits the market in late March, forecast record sales again this year in China, Brazil and India.

BMW holds 41 percent share in the luxury market sector. With an indication to increase 20 percent all alone from the Indian market, the company is eyeing the Indian market for its sales in the coming years.

The world's biggest premium automaker forecast a modest rise in car sales this year and confirmed it expected a 2009 pretax profit thanks to cost cutting and other efficiency measures that helped offset a 10.4 percent decline in sales to just under 1.29 million vehicles.

BMW said 2009 group revenue fell 4.7 percent to 50.68 billion euros. Revenue in its core automobiles segment fell 10.3 percent to 43.74 billion. (ANI)