New Delhi: Maruti Suzuki, India’s top carmaker on Thursday said that it had priced newly launched five-seater multipurpose car Eeco at Rs2,59,000 ($5,640), as competition for low-cost vehicles heats up.

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Maruti, 54.2% owned by Japan’s Suzuki Motor Corp, will sell the seven-seater version of Eeco at Rs2,75,000, the company said at the Delhi auto show, where it also showcased an electric version of the vehicle. The Eeco is expected to initially sell 40,000 units annually, Maruti has said.

Indian customers’ unmatched sensitivity to pricing has meant the market has been dominated for nearly 30 years by Maruti Suzuki, which sells one of every two cars on Indian roads.