New Delhi, Aug. 4: Fiat Chrysler Automobiles today launched premium sports hatchback Abarth 595 Competizione, priced at Rs 29.85 lakh (ex-showroom, Delhi).

The car has a 1.4 litre turbo petrol engine and can accelerate to 100 km per hour in 7.4 seconds at a top speed of 210 km per hour.

The Italian auto major also showcased the new Punto Abarth with a 1.4-litre four-cylinder turbocharged T-Jet engine. The locally manufactured hatchback will hit the roads around the festive season.

"India is a strategic market for us and this is an integral part of our commitment to widen our portfolio and to provide greater value not only to our customers but other stakeholders as well," president and managing director Kevin Flynn said.

The high-end car market has grown eight times to 33,000 units in 2014 from 4,000 units in 2007. According to analysts, car sales are expected to reach 100,000 units in the segment by 2020.

The Abarth 595 Competizione will be imported as a completely built unit.

Admitting that the company has been up against negative brand perception in the country, Flynn said the priority was to gain consumer confidence and make business for its dealer partners viable in the long-term.

Last month, the company had announced that it would invest $280 million in its manufacturing joint venture with Tata Motors to support the production of the Jeep, which is likely to be rolled out in the second quarter of 2017.

"With the Jeep coming in, it will open up our product family further. It is part of a bigger plan for India," Flynn said.

Ranjangaon will be the fourth plant outside the US for volume production of the Jeep.

In 2014, Fiat Chrysler had said it would launch 12 models in India in five years.

Honda bikes

Honda Motorcycle & Scooter India today launched sports bike CBR 650F at a price of Rs 7.3 lakh (ex-showroom Delhi), as part of its plans to roll out 15 products this year. The company also showcased the 160cc bike CB Hornet 160R and updated versions of CBR 250R and CBR 150R models.