Indian automobile major Mahindra & Mahindra (M&M) may introduce new models under its joint

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venture (JV) with Renault by March 2011, even as its top official said the total loss incurred by the Mahindra-Renault JV had touched Rs 120 crore till date.

“We are in talks with Renault on whether it makes sense to bring in more vehicles under the joint venture in the next two years,” Pawan Goenka, president of the company’s automotive sector said on the sidelines of the annual Federation of Automobile Dealers Association (FADA) convention.

A decision on whether these models will be manufactured in India will also be taken in due course, he added.

Goenka said the company’s passenger car business, which sells the Logan, is expected to see a decline this year. “The Logan is faring poorer than the industry and we are expecting a decline in sales by the end of this financial year,” he said.

The company is selling around 700-800 units of the Logan a month. Goenka added the production for the car could be increased at its Chakan plant if the demand for the car picks up in future.

M&M may launch three models next year.

“We are looking to launch a small four-wheeler load carrier, a medium or heavy commercial vehicle and a new sport utility vehicle by the last quarter of the next financial year,” Goenka said.