European carmaker Volkswagen's first compact car to be produced in India rolled off the assembly line at its plant at Chakan Saturday - as the company said it aimed to capture up to 10 per cent of India's car market in four to six years, DPA reported.
Volkswagen plans to sell cars under three brands, including Skoda and Audi besides the Polo, the production of which began today at the Chakan plant, near the western Indian city of Pune, the Economic Times reported.
The company did not give the price of the Polo which is expected to start selling in March.
"We aim to achieve a market share of 8 to 10 per cent in the next four to six years with the three Volkswagen Group brands, Audi, Skoda, and Volkswagen," Volkswagen Group board member Jochem Heizmann was quoted as saying in a statement.
The Chakan factory, which has the capacity to produce 110,000 cars a year, was a "key element" in Volkswagen's strategy for India, the statement said.
Several international car companies are looking to strengthen their presence in India which recently announced a boost in car sales despite the economic slowdown. The largest market share in India is captured by small car segment.
Volkswagen, which announced a tie-up with Japan's Suzuki Motors Wednesday, has said it plans to develop with Suzuki, a new small car costing between 4,300 and 5,400 dollars for the Indian market.
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