It is priced between Rs.4.09 lakh and Rs.4.67 lakh.

With an aim to create some excitement in the domestic auto industry bogged down by slowdown blues, country's largest carmaker Maruti Suzuki India (MSI) today launched its compact car Stingray, priced between Rs 4.09 lakh and Rs 4.67 lakh (ex-showroom Delhi).

“The launch of Stingray is in line with our strategy to provide new and refurbished models to our customers to create excitement in the market place. Indian auto industry has been going through a slowdown, but despite this customers continue to buy Maruti cars," MSI Managing Director and CEO Kenichi Ayukawa told reporters here.

The company will now have nine models in its compact car portfolio with the addition of Stingray.

With the new model, the company hopes to replicate the success it got with WagonR brand, which has cumulatively sold 1.3 million units in India since its launch in December, 1999. It is also the second highest sold car in India after Maruti Suzuki's Alto.

Stingray, targeted at young customers, is about Rs 20,000 more expensive that the existing WagonR, which would continue to be in the market. It is powered by a 998 cc petrol engine and is available in three variants. The company will also roll out a CNG model soon.

With the launch of the car near to the commencement of the festive season in the country, the company is hopeful of some respite.

"We are hoping sales will pick up in the festive season but we are not expecting very strong sales during the period considering the current macro-economic conditions. It won't be as euphoric as last year," MSI Chief Operating Officer (Marketing & Sales) Mayank Pareek said.

Pareek also said the rupee depreciation has put pressure on margins but ruled out passing the burden to customers. "We are giving discounts to push sales. So going for a price hike now does not make sense," he said.

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