Firm mum on production capacity of the car, which took 4 yrs to develop and has a top speed of 70 km
"The commercial production of RE60 will begin by the end of this fiscal and the launch will also happen at the same time," Bajaj Auto Ltd (BAL) Senior Vice-President (Business Development) S Ravikumar told PTI.
He, however, declined to comment on other details such as the possible production capacity for the vehicle.
During the Auto Expo in the National Capital in January this year, BAL had unveiled the RE60 that will be targetted to the three wheeler customers.
The company had in 2008 showcased a concept small car that was supposed to be developed in association with Renault -Nissan, but decided not to go ahead with the project.
The RE60, powered by a 200 cc rear mounted petrol engine could also be sold in overseas markets where BAL's three wheelers are exported, the company had said.
The company had spent nearly four years in developing the product that has a top speed of 70 kilometre per hour with a highest mileage of 35 kilometre per litre.
When asked about developing a small car with the Franco Japanese alliance Renault-Nissan, Ravikumar said: "We have shown the product to them. However, we have not received any reply from them yet."
As per an agreement with Renault-Nissan, BAL was supposed to develop and manufacture the vehicle and sold under the badge of the alliance.
In January 2008, BAL had unveiled its concept passenger car with an expected price of $3,000. It had partnered Renault-Nissan for the ultra low cost (ULC) car project.
The ULC was first scheduled to hit the roads in India in 2011, but was delayed due to differences between the partners on pricing and design.
Commenting on BAL's holding in Austrian bike maker KTM, Ravikumar said: "Currently we own about 47% stake and the promoters have 51%. Further stake increase is not on the cards immediately."
BAL will focus more on joint product development with KTM and launching those in emerging markets in the future, he added.
Amid controversies over allegations of irregularities in allocation of coal mines, the Coal Ministry has identified 54 blocks to be allocated to ...