HM to get new investor, Mitsubishi plans 5 new models by 2016

Hindustan Motors (HM) is in an advanced stage of negotiations with a strategic foreign investor. This was revealed by Uttam Bose, managing director, HM. The official announcement, however, will be made during the first quarter of FY’15 (April-June).

Meanwhile, speaking to Autocar Professional, Mitsubishi’s executive officer and corporate general manager (Asia and ASEAN office), Ken Horinouchi revealed that the company is working on a new-model strategy that will see five new models go on sale in India by 2016. The cars will, at least initially, be imported from ASEAN markets, although assembly at the HM’s Chennai facility is likely at a later stage.

While exact details and launch dates weren’t confirmed, one of the cars that has been confirmed for launch is the Mitsubishi Mirage hatchback. While the ‘Mirage’ name was previously used for the Mitsubishi Lancer sedan and coupé in certain markets, it now refers to the company’s new compact hatchback. A rival to the likes of the Maruti Celerio and Hyundai i10, the Mirage is powered by a 77bhp, 1.2-litre, three-cylinder petrol engine in ASEAN markets in which it is already on sale. Apart from a manual gearbox, it also gets a CVT automatic option.

Photograph: Mitsubishi’s Ken Horinouchi and HM’s Uttam Bose.