Mahindra & Mahindra, the major utility manufacturing company of India has announced that it will be introducing six new models, including shorter version of its saloon Verito and compact sports utility vehicle by 2013. According to the reports, Mr. Pawan Goenka, President (Automotive and Farm Equipment Sector) at Mahindra & Mahindra said that, they will be introducing six new vehicles by the end of fiscal year. This should strengthen the success, they have had so far. He also stated that in the beginning of next year, M&M will introduce a van, based on platform of Maxximo, a commercial vehicle. Around Diwali, the company will have three models such as compact sport utility vehicle, NXR from Mahindra Reva and Rexton from Ssangyong.
The sport utility vehicle will be based on the existing platform, Goenka said without disclosing details. The Verito will allow the company to avail the benefit of excise duty benefit compact cars. As per the reports, the Rexton and electric car NXR are of strategic significance as they will allow Mahindra & Mahindra to get into eco-friendly technology class and move up in premium class respectively. The company’s partnership with Navistar will also introduce a 49 tonne truck and has invested around Rs. 5000 crores on capacity expansion and new products. The high interest rates that are still common now are likely to come down, while the rupee related forex situation will also enhance, Goenka added mentioned in reports.