French carmaker Peugeot has become the new owner of India's iconic Ambassador car on Saturday (February 11) and is reportedly planning to relaunch the vehicle as a premium sedan in India.
Also read: Hindustan Ambassador, India's indestructible car brand, sold to Peugeot
"Peugeot wanted to acquire the Ambassador brand and launch it as a state-of-the-car targeted at the mid-market segment," Business Standard quoted Rajeev Shah, MD and CEO of RBSA Advisors. RBSA prompted Hindustan Motors to sell the Ambassador brand to Peugeot for Rs 80 crore.
Hindustan Motors launched BS IV-compliant Ambassador Encore at Rs 4.98 lakh in 2013. However, the new Ambassador is pegged to be priced between Rs 5.5-6 lakh to Rs 9 lakh. Hence it is clear that Peugeot is planning the new Ambassador as a premium product rivaling Hyundai Xcent, Honda Amaze, Honda City, Volkswagen Vento and Maruti Suzuki Swift Dzire.
The Ambassador is based on the iconic Morris Oxford and it was once considered a status symbol when the Indian market was in its pre-liberalisation days. It made its first journey way back in1958 and soon became India's state-of-the-art vehicle. Peugeot plans to capitalise on the emotional aspect of the Ambassador with the new sedan. "Every year, 40-50 models of passenger vehicles are launched in India. The Ambassador brand, on the other hand, is deeply ingrained in the psyche of consumers. Peugeot would like to make it the Rolex of cars," Shah added.
Specific details on the new Ambassador are not available at the moment. The new version will get a contemporary design instead of the aged look of its predecessors. It is expected to retain the silhouette of the original ambassador with major restyling in body panels. The new Ambassador may also stick to an advanced 2.0-litre engine.
