Domestic auto giant Mahindra & Mahindra is in a bid to extend its portfolio, to compete against other auto makers in near future. The aggressive strategy of the company comes to play after witnessing 2 years of consecutive slump in the market. The auto maker had earlier reported a decline of 12.55 per cent with sales of 39,611 units in December 2013 as compared to 45,297 units being sold in the corresponding month of previous year.
Expressing his views on this development, Mahindra & Mahindra's Automotive Division Chief Executive, Pravin Shah was quoted as saying, “We will introduce 7-8 variants in our portfolio. Eagerly waiting for better circumstances to revive soon in automotive industry, Shah further added by saying, “While an immediate turnaround is not expected without certain policy correction and support, the worst seems to be over (for the auto sector).” The prolonged down-swing in market has made almost all auto majors to reassess their policies and come up with lucrative schemes to lure prospective buyers. Such a declaration by Mahindra & Mahindra is not astounding as the company is majorly perturbed in such down market scenario.
Recently reports suggested that its completely owned division, SsangYong Motors accomplished new figures in sales globally. The South Korean auto maker's domestically produced Rexton has been quite in demand in the Asian markets as well as other international regions. Similar results were witnessed in the Indian market where this iconic Sports Utility Vehicle (SUV) of the company successfully contended its rivals Toyota Fortuner and Ford Endeavour. Interestingly, this car has also been accorded with prestigious titles of global standards. Furthermore, SsangYong plans to bring its highly acclaimed car Korando C to Indian auto market in February 2014. It will be manufactured at Mahindra & Mahindra's Chakan plant and is expected to be in the range of Rs. 15 lakh – Rs. 18 lakh.
Notably, Mahindra 2-wheelers had a remarkable time in motorcycle market during 2013. High demand in rural areas has lead to a mammoth 252 per cent rise in the company's annual sale as against previous year. The company's newly launched bike Centuro was lauded by auto aficionados for its exemplary performance and this bike itself comprises most of the share in overall sales. Also, the company is proposing to launch its new creation Mojo 300 in the domestic auto market soon. Expected to be a proper street bike, Mahindra Mojo 300 will be incorporated with a 300 cc engine, producing a decent power output. It is anticipated to be in the range of Rs. 1.5 lakh – Rs. 2.5 lakh and will be pitched against the likes of recently launched KTM Duke 390 and upcoming Honda CBR 300R.
Experts are of a view that extending its portfolio will be beneficial for the company to stabilise its presence in the Indian market and will certainly redefine its brand image. 2014 will perceive a series of launches; however Mahindra & Mahindra has not divulged the segments in which its upcoming models will be introduced. Seemingly, the company is putting great efforts in its innovation and is expected to startle domestic buyers with new technologies.
