Maruti Suzuki Ltd has stopped manufacture of its popular hatchback, Swift. The company plans to launch a new, costlier version of the car under a new brand towards the end of August.
While the Swift currently sells at between Rs 4.09 lakh and Rs 5.56 lakh (ex-showroom, Delhi), the price range of the new model is expected to higher, according to sources.
The Swift, introduced in May 2005, has so far sold over six lakh units.
‘Model refreshments'
“We are moving towards a trend where there will be more and more model refreshments so as to retain customer loyalty and interest. In US, for instance, there is at least one model up-gradation per year.
“With competition hotting up and Indian auto market becoming more and more developed, we may see a similar drift here as well”, says Rakesh Batra, Leader Auto Practice, Ernst and Young.
The new Swift version will continue to be manufactured at Maruti's Manesar facility, which witnessed a 13-day worker's strike only last month.