Utility vehicles major Mahindra & Mahindra hopes the new XUV 500 (to be launched in December) and two products from its Korean Ssangyong Motors by mid-2012 will take its position in the sport utility vehicles (SUV) segment to a new height.
?We have been outperforming the market for many months. All our new products have been received well and have been growing fast. Our core products like Bolero, Xylo, Scorpio have been growing at a phenomenal rate. We hope to end the current financial year with strong growth,? Vivek Nayer, senior vice-president (marketing), M&M, said on Friday.
?Bolero, in particular, has been growing at 27% CAGR for the last five years and we have sold little over 83,000 units last financial year. With the introduction of new Bolero with added features and tech upgradation, we expect to post better than what we have achieved over the years as far as Bolero is concerned,? he said. The company has been selling 7,500 units of Bolero a month on average.
According to Nayer, M&M is set to benefit immensely as the SUV segment is growing aggressively. ?With the launch of XUV 500 in December and two more products to join the SUV segment from our Korean Ssangyong Motors platform ? Korando and Rexton ? by mid-2012, we are placed better than our competitors,? he said.
M&M has decided to position XUV 500 between R10 lakh and R20 lakh, where there is a huge vacuum.