Chandigarh: Pune-based commercial vehicle maker Force Motors on Tuesday said it aims to sell 40,000 vehicles in 2012-13, a growth of 25 percent from the last fiscal.
The company, which is targeting a turnover of Rs 2,750 crore in the current financial year, also said it will roll out a high-end passenger vehicle in 2013.
"We are targeting sales of 40,000 vehicles in the current fiscal compared to 32,000 units sold in last financial year," the company's President and COO Naresh Kumar Rattan told reporters here on Tuesday.
"There are signs of recovery in the commercial vehicle segment, though there was a slowdown during past two months," he said, adding that verticals like tours and travels, educational institutions and corporates are driving the commercial vehicle market.
Force Motors, which has an installed capacity of 66,000 units per annum, has forayed into 20-30 seating capacity of vehicle in light commercial vehicle (LCV) segment with the launch of 'Traveller 26'.
Companies like Tata Motors, Swaraj Mazda and Eisher are also present in this segment.
"Market size for vehicles with 20-30 seating capacity is pegged at 22,000 units per annum and we are aiming at 20 percent market share in 2013-14 with entry into this segment," he said.
Force Motors claims to have over 50 percent market share in 9-20 seating capacity vehicles under LCV segment. Commercial vehicles segment accounts for 85 percent of company's total business.
After the launch SUV 'Force One', the company now wants to launch high-end passenger vehicle in 2013 which will have less than 10 seats.
"Our new high end van will be competing with Toyota's Innova and other brands operating in this space," Rattan said without divulging about the price of the vehicle.
On tractors segment, Force Motors plans to sell 2,400 units of tractors in current fiscal against sale of 1,650 units in the last year, he said.
He further said Force Motors has already invested Rs 250 to 300 crore as part of Rs 1,000 crore expansion programme for passenger and commercial vehicle segment.
Force Motors is eyeing a total turnover of Rs 2,750 crore for the current fiscal against Rs 2,085 crore sales recorded in the last fiscal.
To expand network, the company would open 50 more dealerships by March 2013 which will take the strength to 223, he said.