Mahindra & Mahindra Limited is all set to launch a lower version of its popular Sports Utility Vehicle (SUV) XUV500 in the Indian zone.
The nation’s top utility vehicle maker said that it will roll out the vehicle by the end of this financial (2013-14) with the aim to boost sales in a lethargic market.
The said declaration has been made by Mr. Pravin Shah, Chief Executive Officer (CEO), automotive section at Mahindra & Mahindra Limited.
“We continuously keep on bagging client response and taking that into account, we propose to roll out a lower option of XUV 500 by the end of the existing financial,” Mr. Shah added.
He also said that the trendy sports utility vehicle is called as the superior Mahindra vehicle up till now and symbolizes the face of M&M’s yet-to-introduced SUVs.
The company had rolled out the popular XUV 500 in the year 2011.
It presently sells 3 options of the vehicle in the Indian zone at a price that ranges between Rs 12.13 lakh to Rs 14.77 lakh (ex-showroom national capital).
The popular XUV500 has posted cumulative sales of around 63K vehicle units thus far during the twenty month period since its introduction in the Indian market. After the opening joy, when the auto giant had to even deliver the vehicle via draw, the sales of XUV500 have slipped down.
In the month of May 2013, Mahindra & Mahindra Limited had sold around 2,200 vehicle units of the said vehicle.
Mr. Shah stated that the domestic automobile zone has been on a decline, and in spite of harsh factors, M&M has been capable of registering optimistic sales expansion.
“In FY13, utility vehicles segment grew by 50 per cent but in the first two months of this fiscal, it has grown by just 4 per cent. Within the UV segment, those which have come under the extra 3 per cent excise duty, sales have declined by 14 per cent so far in this financial year,” he said.
Mahindra & Mahindra Limited is hinging upon fresh launches, which consists of the latest Verito Vibe, to increase sales.
Aside from the forthcoming lower end vehicle of the XUV500 sports utility vehicle, the firm could also be eyeing to roll out facelift edition of its top selling Scorpio in the nation too.
But, the company is yet to disclose actual aspects regarding the refurbished Scorpio sports utility vehicle.
As per reports, the company saw sales of 43,460 vehicle units during the last month as against sales of 43,989 vehicle units during the corresponding period of 2012.
The company witnessed its sales from the passenger vehicle section mounting by 5% during the month of May that remained at 22,244 vehicle units.