Maruti Suzuki India (MSI) on Wednesday launched a compact car Stingray, priced between Rs 4.1 lakh and Rs 4.67 lakh (ex-showroom Delhi).Stingray is a souped version of WagonR. It will be more expensive than the existing Wagon R by about Rs 20,000. The car, which is powered by a 998 cc petrol engine, is available in three variants and the company will also roll out a CNG model soon.

“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 said.

With this, the company will have nine models in its compact car portfolio, he said, adding that the WagonR would continue to be in the market.”We have sold around 1.3 million units of the WagonR since its launch in December 1999. We are doing on an average of about 12,000 units a month,” he added.

The launch comes when the auto industry is gearing up to boost sales in the upcoming festive season.”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.