Bajaj Auto, the world's largest three-wheeler maker, expects to launch its four-wheeled passenger carrier RE60 by end of the current financial year.
"The draft gazette notification (for the four-wheeled vehicle) has gone to the law ministry. After the law ministry, it will get published in the government papers. After that comments will be invited from people," RC Maheshwari, president, sales and marketing commercial vehicles, Bajaj Auto told reporters here.
"Till then we cannot launch this product. We hope that between October and March this year. Somewhere between that period we should be able to launch the product RE 60," Maheshwari said.
Bajaj first unveiled the prototype of RE60 at the Auto Expo in New Delhi in January 2012. A quadricycle is low-speed, lightweight four-wheeler, meant for intra-city commutes.
As the product does not fit into any of the existing category of vehicles, the government needs to add a new section in the Central Motor Vehicle Rules (CMVR) before the quadricycle can be introduced on Indian roads, Bajaj had earlier said.
Replying to a query, he said the company bets big on replacement sales of three-wheelers as it sees huge potential in that category.
According to him, as per estimations, there is a potential of nearly one lakh units from replacement sales in a year and even if Bajaj is able to get 20 per cent of it, it will add big number to the overall sales.
He said by end of next financial year (FY15), Bajaj aims to sell three lakh three wheelers in the domestic market.
"By next year end we want to reach volume of 300 thousand vehicles in the domestic market. Last year we did about 222 thousand vehicles. And by next year with new launches we should be able to touch 3 lakh vehicles in the domestic market," the auto maker said.
In the commercial vehicles category, the company said its sales stood at 41,205 units as against 26,785 units in the same month last year, a jump of 53.83 per cent.
Maheshwari on Thursday launched new range of Bajaj RE Compact passenger three-wheelers in Hyderabad.