M&M to restart booking of XUV500 from January 2012
Mahindra & Mahindra Ltd. (M&M), India's leader in the automotive sector, said that it will be increasing the prices of all the variants of its XUV500. This increase in cost of the car will be effective from 1st January 2012. It is said that the price tag of the car at the time of its launch was only an introductory price, so the price rise was impending. Moreover, the increase in raw material costs due to depreciation of the Indian Rupee in the international market is also believed to be one of the factors responsible for this revision in price.
When 2012 commences, the price of W6 variant of the XUV500 will be hiked by Rs. 30000. Likewise, the cost of W8-FWD and W8-AWD variants will go up by Rs. 50000 and Rs. 55000, respectively. Those who have already booked the sensational SUV but have not received it yet would only have to pay half of the hiked cost. The manufacturing of XUV500 is in full swing and M&M will be looking to bolster its production capacity at its Chakan plant in a bid to restart bookings in the first month of 2012.
The XUV500 had been enjoyed a warm reception at the time of its launch and is one of the most demanded vehicles in India currently. It was adjudged as the 'Car of the Year' and 'SUV of the year' by ET – Zigwheels. The car has also been called the 'SUV of the Year' and won the 'Readers Choice Award' from Top Gear Magazine Awards 2011. CNBC TV18-Overdrive Awards 2012 have also termed it the 'SUV of the Year' and 'Viewers Choice Car of the Year Award'. Unsurprisingly, NDTV Car & Bike Awards 2012 also gave it the honourable title of 'SUV of the Year'.
Mahindra Group is a US$ 14.4 billion corporation that operates in automotive, agribusiness, aerospace, components, consulting, defence, energy, finance, real estate, steel, retail and logistics industries. It is one of the most recognisable names in the industrial equipment, tractors, utility vehicles, information technology, vacation ownership and two wheeler sectors. The group employs more than 1,44,000 people located across 100 countries and helps people rise. The automotive branch of the company bought a 70 per cent share in South Korea's Ssangyong Motor Company in 2011.
The group enjoys the position of being one of the most prominent companies in India. Mahindra was placed in Forbes Global 2000, a list of the most powerful listed companies in the world. Dun & Bradstreet judged it as the number 1 automobile company in India's Top 500 business houses. Credit Suisse also placed Mahindra in its list of Great Brands of Tomorrow in the year 2010.
