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Maruti aims long-term growth from shot-term price cuts
NEW DELHI July I The recent decision by India's largest car-maker Maruti Udyog Ltd (MUL) to combat sluggish sales by cutting prices is a quick fix move that holds little prospects of generating longterm growth, analysts say, reports AFP.
"Maruti will be able to win back some share. However, the effect of the price cut Is likely to be watered down over a period of time," said Sangeeta Pu-rushottam. head of research at S.G. Securities.
She said Maruti desperately needed to launch new low cost small cars as the Maruti 800 was suffering from brand fatigue after an unchallenged reign of more than 15 years on Indian roads.
Many jaded consumers were opting for shiny new small cars — launched by competitors Hyundai Motors. Daewoo Motors and India's Teh o in the last year—despite the Maruti 800 continuing to be the cheapest Indian small car. she said.
Maruti introduced new environment-friendly versions’(Trits'
800 model earlier this year, but analysts said they had failed to make an Impact as they were introduced too late and looked much the same as the old versions.
The price cuts announced Saturday by Maruti of its 800cc variants ranged from 10,000 to 20,000 rupees (230 dollars to 460 dollars).
"Since the Maruti 800 accounts for 49 per cent of MUL's total sales. I expect this will lift the sales volumes." said Taher Badsha. automobile analyst at Motilal Oswal Securities.
In May, Maruti had seen a drop in sales of nearly 20 per cent to 27,533 units compared to 33.680 in the same month last year. Sales in April had also dipped to 30.016 units from 31.351 over the same time period.
"Indian people are now looking for choice. The new models of other companies needed a certain time period for acceptance. which has happened now." said Taher Badsha. an automobile analyst at Motilal Oswal Securities.
Th e "flurnnof" Immchrs-saw
the small car market in India growing by more than 50 per cent in the year ending March 2000, while Maruti sales grew by about 30 per cent-- leading to a loss of market share.
Analysts forecast the rival models would eat up more of Maruti's market share over the long term as the Maruti 800 s cost of production was bound to increase as a result of technology upgrades.
The launch of an upmarket small car. the Wagon R. has also so far failed to spark significant sales volumes.
Maruti officials say the sales drop in the last two months has been fuelled by an increase in sales tax by various state governments which has translated to a price rise of 10.000 to 12.000 rupees per car.
It said the price reductions would only be for three months, but analysts expect it to continue unless there is a significant sales boost.
Badsha said other car makers may also be forced to match Maruti's moves which •crmld again bhrnr-tTrprtre edge