Be it a result of consumers’ feedback or competition posing from Renault Duster, Mahindra & Mahindra has finally decided to launch a Lower priced variant of the highly popular crossover Mahindra XUV500.
The XUV500 is one of the most popular bid of Mahindra in the SUV segment which undoubtedly took the company to the new heights. The company sold the crossover in magical numbers until and unless Renault Duster entered the market. Mahindra XUV500 was launched in 2011 and was very well received by the consumers. However, the company failed to give it any kind of upgradation or facelift till then.
As of now, the XUV500 is selling for a price range of Rs 12.13 lakhs to Rs 14.77 lakhs facing a stiff competition from the recently launched Renault Duster selling for a price range of Rs 8 to 12 lakhs. Launching a lower priced variant of XUV500 seems a perfect strategy to beat the competition.
“We constantly keep on getting customer feedback and taking that into account, we plan to launch a lower variant of XUV 500 by the end of the current fiscal. In the financial year 2013, utility vehicles segment grow by 50 per cent but in the first two months of this fiscal, it has grown by just 4 per cent only. With the UV segment, those which have come under the extra 3 per cent excise duty, sales have declined by 14 per cent so far in this financial year. With the launch of Verito Vibe, we will expand our market opportunity five times to a million cars with this launch. Currently six engines of different horse powers and different fuels, including petrol and diesel, are being developed with Ssangyong” said Mr Pravin Shah, CEO, Automotive Division, Mahindra & Mahindra Ltd to the press.