Mahindra & Mahindra is all set to launch two new vehicles by the next fiscal-end as its looks to consolidate its passenger vehicle segment in India.
Mahindra which sells vehicle predominantly in the utility vehicle segment such as the compact KUV100 to the full-size SUV XUV500 has plans to launch a new electric vehicle in a couple of years.
The first vehicle to be launched will be an MPV codenamed U321 which will rival the likes of Toyota Innova and Tata Hexa in the country.
M&M Managing Director Pawan Goenka told PTI, "We have two products coming in the next two years. One is the U321 (code name) multi-purpose vehicle (MPV) which has been developed on the new global platform developed here in Detroit. It will come out this financial year,"
The second vehicle is code-named S 201, underpinned by SsangYong Tivoli' platform and will hit the Indian market by next financial year.
"Second one is S 201 which is based on SsangYong platform Tivoli. It will come out in the next financial year," Goenka said.
Both the vehicles will be launched in India first, and then the company will consider if its needs to offer these vehicles in other countries. The company is performing consistently in the Indian market with market share of 8 percent. But that has not changed much in the last few years.
On the future, he added: "Clearly, every company will wish to grow its market share, and for that, we need to ensure our current products continue to do well and bring in volumes."
Mahindra & Mahindra recently lost its crown as India's largest utility vehicle manufacturer to Maruti Suzuki. The company will need to re-think before any new vehicles are launched in India so that they have a winner in their product lineup.