Mahindra & Mahindra may have a grand scale vision as far as electric vehicles (EVs) are concerned but the company isn’t ditching its old internal combustion engine (ICE) work horses any time soon. After upgrading Thar and Scorpio with new generation models, it is time for another old work horse to get a comprehensive makeover.
As per a new report, Mahindra will be upgrading the Bolero with a new generation model. Underpinned by a new architecture called U171, the new Bolero is expected to come out by 2026 or 2027. Apparently, the company will make an investment over Rs 2,000 crore for the development of this new architecture.
New Mahindra Bolero on cards
The report further mentions that this new architecture will underpin at least half a dozen new models including SUVs and pickup trucks. At least three SUVs are likely to be built on this new architecture which could bring Mahindra an annual volume of about 1.5 lakh units. Once the pickup trucks based on the same are launched, the sales volume can potentially double up.
Prior to the launch of the new-gen Thar, XUV700, and Scorpio N; Bolero was the primary bread and butter for Mahindra. The rugged ladder-on-frame vehicle still registers sales figures of around 8,000-9,000 units every month, including Bolero Neo, which translates to around 20 percent of Mahindra’s total passenger vehicle sales. With this new architecture, we expect Mahindra to offer the new Bolero in both SUV and pickup truck avatars.
Thanks to the Bolero pickup, Mahindra has a 60% market share in the segment. The Bolero range continues to enjoy strong loyalty in Tier 2, Tier 3 centres of the country and beyond for more than two decades.
Speaking to Autocar Pro, Rajesh Jejurikar, ED and CEO, Auto and Farm sectors, M&M, conceded that “there is adequate and more than adequate focus on the ICE vehicles for future”. He further admitted that even if penetration of EVs were to reach 30% in the next 3-5 years, there will still be a very large percentage of the market that is 70% which will be in the ICE space.
Out of the current backlog, which stands at 2,86,000 bookings, nearly 99% of the bookings are for ICE vehicles. Besides the new Bolero, Mahindra has a couple of more launches in the ICE segment next year. The Chakan-based carmaker is expected to launch the facelifted XUV300 and the five-door Thar in the first half of 2024.
Source: Autocar Proffessional
