M&M plans to launch nine new products in FY16https://indianexpress.com/article/business/business-others/mm-plans-to-launch-nine-new-products-in-fy16/

M&M plans to launch nine new products in FY16

Goenka said the company does not plan to invest 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.

Mahindra & Mahindra, M&M, Pawan Goenka, sports utility vehicles, SUV, business news, Indian express
M&M Executive Director Pawan Goenka (L) and President & Chief Executive (Automotive) , M&M, Pravin Shah at the launch of an upgraded version of the XUV500.(Source: PTI)

Mahindra & Mahindra (M&M) is looking at launching nine new products over the next three quarters to regain volumes in the passenger vehicle segment. Of these, three products would be completely new models and the rest variants and refreshes.

Pawan Goenka, executive director, M&M, said, “We plan to launch nine products including two all-new compact sports utility vehicles (SUVs) and refreshes of current models during the current fiscal. With these launches lined up, we expect to outperform the industry. We are confident we will be contrbuting more than our share in overall growth in the market this year.” Goenka added the company would price its new offerings lower than its current offering in the segment, Quanto, which is priced between Rs 6.65 lakh and Rs 8.17 lakh (ex-showroom Delhi).

Goenka was speaking at the launch of an upgraded version of the XUV500, priced between Rs 11.21 lakh and Rs 15.99 lakh (ex-showroom, Delhi). Goenka said the launch of the XUV would further strengthen the company’s position in the SUV segment, where it currently commands over 40 per cent market share.

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Goenka said, “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.” The updated version has electric sunroof, push button start and 6-way adjustable seats. Besides these nine scheduled products, M&M will also launch an electric version of sedan Verito in the current quarter. Goenka said the company does not plan to invest 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. 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,” said Goenka.