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M&M launches new XUV500 priced up to Rs 15.99 lakh

PTI     May 25, 2015

Home grown auto major Mahindra & Mahindra plans to launch nine models -- including two all-new compact sports utility vehicles and refreshes of current products -- in the ongoing fiscal as part of its plans to strengthen position in the passenger vehicle segment.

The company, which on Monday rolled out an updated version of its sports utility vehicle XUV500 priced up to Rs 15.99 lakh (ex-showroom Delhi), also plans to launch an electric variant of its sedan Verito during the quarter.

"We plan to launch nine products including two all-new compact SUVs and refreshes of current models during the current fiscal," Mahindra & Mahindra Executive Director Pawan Goenka told reporters.

Elaborating on the two new compact SUVs, Goenka said the company would like to price the models lower than its current offering in the segment -- Quanto, priced between Rs 6.65 lakh and Rs 8.17 lakh (ex-showroom Delhi).

When asked about the company's plans regarding its sedan Verito, Goenka said the company is not investing anymore on the diesel and petrol variants of the car but "is looking to exploit the platform" by bringing in an electric variant of the model shortly.

"Its (Verito) not a drag on the business it is just there. Further, there are no plans to spruce it up. With the government bringing in a scheme for electric vehicles, we have plans to bring in an electric version of the car," he added.

On XUV500, Goenka said the launch of the SUV would further strengthen the company's position in the SUV segment, where it currently commands over 40 per cent market share.

While the entry level variant W4 is priced at Rs 11.21 lakh, the highest trim W10 comes with a tag of Rs 15.99 lakh.

"Today, as we launch the new-age XUV500, we have enhanced the finesse and driving experience while retaining the DNA of the cheetah-inspired XUV500," Goenka said.

The updated version has sports added features, including electric sunroof, push button start and 6-way adjustable seats. The Mumbai-based firm had first launched the XUV in September 2011.

Asked about the expected growth for the company during the fiscal, Goenka said: "We expect to grow more than the industry which according to SIAM is expected to grow in high single digit during the fiscal."

Expressing confidence of turnaround in the auto sector after witnessing a slump in the last few fiscals, he said: "The first month of the fiscal April has begun well...We in Mahindra are confident that we should be contributing more than our share in the growth."

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