Mahindra & Mahindra - owned SsangYong Motor Company (SMC) will launch four new sports utility vehicles for various global markets by 2015.
The Korean arm of the Indian firm is also looking to introduce a compact SUV in India in the sub 4 meter range. It unveiled a concept SUV - XIV 2 at the ongoing Geneva Auto Show and will launch this model within next four years.
“After Mahindra took over, the company is looking to aggressively expand its product portfolio. As part of this plan, we will launch four new SUVs by 2015,” SsangYong Motor Company President and CEO Yoo II Lee told PTI.
On the new concept XIV 2, he said it will go for commercial production in 2015 and will be launched in 25-40 different regions across the globe.
“In India, we will launch this concept in a modified version. We will produce it as a compact SUV targetting length of less than 4 meters to avail the excise duty benefit,” Lee said.
As per India government’s policy, small cars with length of up to 4 metres and engine capacity of 1,200-cc for petrol and 1,500-cc for diesel attract 10 percent excise duty.
On the other hand, those longer than 4 metres and engine capacity of over 1,200 cc for petrol and over 1,500 cc for diesel attract excise duty at the rate of 22 percent, plus Rs 15,000.
Last year Mahindra & Mahindra had completed acquisition of 70 percent stake in SsangYong for USD 463 million.