Mahindra & Mahindra, which is a market leader in the utility vehicle segment, now all set to grab a major chunk of premium sports utility vehicle (SUV) segment too, where it was absent so far. The company marks its debut in the premium segment with the launch of much awaited Mahindra XUV500 in the Indian market by the end of this year. Following this, the company plans to roll-out two more premium SUVs in the country, from its South Korean subsidiary Ssangyong, namely Rexton and Korando, next year.
Speaking to the reporters in Chennai, M&M’s Senior Vice-President Marketing (automotive division) Vivek Nayer said, "We do not have a SUV in the price range between Rs 11 lakh to Rs 20 lakh. Currently, we have the Scorpio priced from Rs 8 lakh to Rs 11 lakh. Our new XUV-500 targeted at the young audience will be launched by this year. This SUV will be priced between Rs 11 lakh and Rs 20 lakh range."
The all new Mahindra XUV-500 will be launched in both Indian and South African markets simultaneously. The SUV will be launched in both two and four wheel drive options in both of these markets. Carrying a wide price range of Rs 11 to 20 lakh, the new SUV will be competing with a number of vehicles of this price segment including the likes of Skoda Yeti, Honda CR-V, Toyota Fortuner, Chevrolet Captiva and Ford Endeavour.
