Speaking to CNBC-TV18 from the company's new facility in Karnataka, Goenka said M&M is planning India's first high-end electric sports car.
The project could entail an investment of Rs 300-400 crore but to justify that kind of investment, one would need government support besides ascertaining that a market for electrical vehicles in India exists, he added.
Also read: Auto sector hit by excise duty revision, fuel prices,says M&M
Below is the verbatim transcript of his tic-tac with CNBC-TV18
Q: How were the sales for September?
A: The month of September was a bit positive. September is bit dangerous to draw conclusions from because you look at September-October together and some of the manufacturers would probably do over billing in September and do less in October and so on. The retail figures too are not known.
However, if I go by billing, the industry has been little better in September than it has been in monsoon that is in June-July-August. But I will wait till October and Diwali to decide whether the worst is over.
Q: Do you see any significant uptick in the festival season?
A: There is little bit of positive sentiment building up. I would still be surprised if it is the same level as last year overall, but perhaps better than what we thought a month ago.
Q: M&M particularly has had a very tough FY14. What kind of sales do you see yourself ending this fiscal with?
A: Hard to say that. Right now we are running about 7-8 percent behind last year. We will certainly try and catch up little bit of that in the second half of the year.
We have a slue of new products that we have planned. We have already talked about the Maxximo and Gio, commercial vehicles to have electric power. In fact my colleagues are working on that right now and we would be ready by March to be able to launch those vehicles.
We are working closely with government of Delhi to see if we can go pilot of those vehicles in Delhi with 50 vehicles to start with and then it could catch on from there.
Then we have the Verito platform that we are working on, which we will be ready to launch about in May-June. However, the most exciting project is high-end electric vehicle - a sports car that we want to work on and that is going to take little bit of an investment.
Q: You have started thinking about having that vehicle, as thinking within the company has started?
A: Yes, we have started thinking and we have done some styling and it looks exciting. So, if we can get some traction with the current volume then we would make decision to invest in that project. That will cost us Rs 300-400 crore.
We have to get to a point where we believe that electrical vehicles will have a market in India, and will have appropriate government support for us to be able to justify the investment.
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