Punjab-based International Cars & Motors Ltd (ICML), a Sonalika Group company, has deferred its plan to launch World Car, which was to roll out by 2010 in Europe, the US, and India, due to the current market condition.
The company’s plan to launch its concept car ‘Inspire’, which was showcased at the Auto Expo 2008, is however on schedule and is likely to hit the Indian roads by 2010.
“The automobile industry is going through a very difficult and challenging time. We therefore had to change our plan as the World Car project focused on both export and domestic markets,” said Raman Mittal, executive director, ICML without giving further details.
It may be recalled that the company had entered into a technical collaboration with Italian design house Pininfarina for the World Car project last year. The company proposed to invest about Rs 700 crore in the design and production of these cars, to be funded through internal accruals, debt and equity placements.
The company plans to manufacture the car at Amb in Himachal Pradesh and assemble at various places across the world to cater the export market.