Mahindra lines up nine new models
Mahindra lines up nine new models. Utility vehicle major Mahindra & Mahindra, which has been on a back foot for the past one year or so owing to falling sales, is gearing up to launch a total of nine new models in passenger as well as commercial vehicle space during the current fiscal. “Our plan is to launch nine new models in this financial year.
Launches refreshed versions of its XUV500 SUV in Hyderabad, priced from `11.30 lakh
Hyderabad: Utility vehicle major Mahindra & Mahindra, which has been on a back foot for the past one year or so owing to falling sales, is gearing up to launch a total of nine new models in passenger as well as commercial vehicle space during the current fiscal. “Our plan is to launch nine new models in this financial year.
The new launches will be in both passenger and commercial vehicle segments. Importantly, three of the new models we are going to roll out in passenger vehicle segment will be brand new offerings,” Ashish Malik, Vice President, Personal Brands and Market Research, Automotive Division, Mahindra & Mahindra, told media here after launching updated version of Mahindra XUV500 SUV.
As lack of Mahindra’s presence in compact sports utility vehicle segment (SUV) which has been clocking higher growth in last years has hits its sales growth, the homegrown automaker is now inching closer to fill the gap. “Among the new launches will be a compact SUV, but we can’t disclose any details about it right now,” he maintained. Malik further said that the new launches would increase the company’s sales volumes during the course of the current fiscal.
“We are expecting healthy sales growth this year driven by our new models,” he stated. Mahindra has been enjoying market leadership in utility vehicle space including SUV segment for the past many years, thanks to its successful models such as Mahindra Scorpio and Balero. However, its market share has come down to 37 per cent now on account of increased competition from the global players such as Ford and Renault.
On the XUV500, Malik said the SUV took Indian automotive sector by storm when it was launched in September 2011. Claiming that it was the first SUV built by an Indian automaker with a monocoque body, he said the model clocked 1 lakh units in total sales in less than three years. Currently, the company is selling 3,000 units of the model a month on an average. According to him, the company has brought in the new XUV500 to take it to the next level.
“We are confident that the New Age XUV 500 with its bold new exterior styling, plush new interiors, first in class cutting edge features will further strengthen the brand appeal and up the ante on the premium quotient of the vehicle, thereby making it an instant hit with consumers,” he said. Available in six variants and seven colours, the new XUV500 which competes in the premium SUV segment is priced from Rs 11.30 lakh (ex showroom, Hyderabad).