Car lover loosen your seat belts! It would be a sparkling Diwali even in Motown this year as leading carmakers gear up to launch new products in the local market, never mind the slump in the autoville from high prices and an impending credit squeeze.

While at the top end, you can get into gleaming beauties like Ferrari, Alfa Romeo, Lexus, Aston Martin and Maserati that are waiting to finally make their Indian debut, at the modest-end there would be surprises from players like Maruti Suzuki, Hyundai Motors, Honda Siel and Mitsubishi Motors.

Ferrari?s range of cars for the Indian market could be the V8-powered F430 as well as a few of its 12-cylinder cars, including the 620 bhp 599 GTB, which is the fastest 12-cylinder car in the world. The car is available through National Garage in Mumbai. But going forward, there could be big dealerships in key metros as the company gears up to tap the growing Indian demand for the most expensive cars the world over.

The story doesn?t end here. While Fiat India is roping in its luxury brand Alfa Romeo to rev up competition in the ultra-luxury car segment, Lexus, Aston Martin and Maserati are also expected to be on the Indian roads soon.

?The luxury & ultra luxury segment in India is not expected to witness a slowdown in demand, no matter what may come. Car admirers of brands like the Ferrari and Lexus have ample money to splurge on cars that takes them to a status unmatched by others,? says a Delhi-based luxury car dealer.

He says since this low-volume segment is not affected by inflation and high interest rates, it would continue to see robust growth in the next few years.

?While the top-end cars like these have been an all-time favourite of celebrities in India, gradually, even the high salaried people at the extreme top-end are dreaming to drive an Aston Martin or Maserati, and they do not mind shelling out for something of that stature,? says an industry expert.

The buzz is no different in other segments. While the A-Star from Maruti Suzuki India, the country?s largest passenger car manufacturer, will make its debut in October, around the same time Tata Nano is scheduled to debut, a Hyundai i20 will be round the corner in November.

Even Mitsubishi is planning to launch its new sedan, the Lancer Gallant, and compact SUV Outlander in October. Complementing this would be M&M?s Ingenio MUV, Fiat?s Linea sedan and the new 7-Series from BMW.

All this action is not without reason. For several months in a row, the automobile industry has been under pressure from the multiple effects of high commodity prices, and the resultant high car prices, high interest rates, unavailability of funds and purchase procastination by the middle-income group. While the overall growth in the passenger car industry has come down to single digit, around 7-8% vis-?-vis 12-15% last year, July was the worst month for all players. For the first time in little less than three years, the passenger car industry in India saw a dip of 1.71%.

Industry players, however, believe the recently launched models as well as the upcoming ones will collectively drive up growth in the festive season. ?All players, including Maruti, are looking forward to the festive season as it is expected that the government employees will get the revised salaries during that period, which would mean more cash in hand,? says a Maruti official.

?Though there has been a slump in demand in the last few months due to factors more than one, there continues to be a huge potential in the domestic market and the company is optimistic that new launches will bring back customers into the market,? adds Arvind Saxena, senior vice-president, HMIL.

Companies like Honda Siel and Tata Motors? are betting big on the new models and the variants that they have launched recently. ?On the back of our new launches, which includes the Accord and the Civic Hybrid, we are hoping that sales will pick up in the festival season,? says Jnaneswar Sen, vice-president (marketing), HSCI.

Tata Motors is also optimistic that the industry will see a trend change with the company?s newly launched Indica Vista.

More beauties to your driving spirit!