Jeep India set to launch new products this year; positive about industry outlook
Jeep India is positive about the domestic automobile industry outlook and is looking to launch new models in the country this year. The company witnessed a 130 per cent volume growth last year despite a bumpy year due to the pandemic as well as parts shortage.
The car manufacturer also anticipates the market to grow further despite the concerns over the impact of the Omicron variant, Jeep India Head Nipun Mahajan told PTI.
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The company sold 12,136 units last year driven by the facelift version of SUV Compass and the locally-assembled Wrangler. While in the year-ago period, it sold 5,282 units. This reflects a 130 per cent growth in its vehicle sales.
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Jeep currently has two products in its India portfolio - Compass and Wrangler. While it has been producing Compass at its Ranjangaon facility near Pune since June 2017, it started local-assembling of Wrangler from mid-March last year from the same facility. "We are pretty positive on the outlook because of the market resilience," Mahajan told PTI.
He noted that 2021 had a 20 per cent growth across segments over 2020, adding that he “market will grow (further)". “We will have, of course, some disturbances as we are starting with Omicron, but despite that, the Indian consumer has the capability and requirement to grow automotive industry. That will help the market to grow over 2021," he added.
Jeep India has already invested $250 million for the development of new products will continue to invest here in new products, Mahajan further stated. "2022 is going to be a very big year for us when we will be launching two new products. And we will have lot of action on Compass as well, starting with Compass Trailhawk in February this year," he said.