Mahindra and Mahindra's new global SUV to hit roads by end Dec
Mumbai: Auto major Mahindra & Mahindra (M&M) today said it will launch its new global sport utility vehicle in the domestic market and South Africa by December end.
The company has christened its new model XUV 500, which is Mahindra's first global SUV offering significant inputs in development from customers across the globe. "We plan to sell the XUV 500 in India and South Africa before its introduction in other global markets. I am confident that the XUV 500 will follow the footsteps of its illustrious predecessors to evolve into an iconic brand," M&M president for Automotive and Farm Equipment Business, Pawan Goenka, told reporters here.
The auto giant will manufacture the new SUV at its Chakan plant near Pune, Goenka said.
Besides South Africa, the company also targets Europe, Africa, Australia and Latin America markets for this model. "We will target some other markets also. The starting price of the XUV 500 would be between Rs 12 lakh and Rs 20 lakh," he said. However, Goenka, did not reveal details on the new product.
The company plans to utilise Ssanyong Motor global distribution network for the new SUV to tap the market.
On competition, he said, "we have not done well in our August sales we expected in June and July months. The decline in sales last month was due to stiff competition and entry of new players into the market."
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Acquisitions to bolster its software and outsourcing business
The talks are being held parallel to M&M's plans of bringing the auto component and engineering services companies under the umbrella company Mahindra Systech, making it an end-to-end solutions providers for vehicle manufacturers.