Mumbai, August 29, 2007: Hindustan Motors plans to launch premium sports utility vehicles (SUVs) in the price range of Rs 1.5-2.5 million in a tie-up with Mitsubishi within six months, reports Economic Times. The cars will be manufactured at the company`s Chennai plant. There has been a rise in sales of Mitsubishi range of products during the last fiscal with an increasing demand and sale of premium SUVs Pajero and Montero.

Hindustan Motors also manufactures and markets two other Mitusbishi cars, Lancer and Cedia. The company has a collaboration with Mitsubishi Motors of Japan to manufacture and market the latter`s cars in India. It will be investing Rs 750 million in the auto component business in the next two years and plans to export auto components to European markets.