The flagship model of Mahindra and Mahindra, the XUV 500, could not be afforded by all due to its exorbitant price. However, the company will be introducing a lower variant of the sports utility vehicle by the end of the financial year. This move will be taken by Mahindra and Mahindra in order to boost sales in the currently sluggish market.
Pravin Shah, Mahindra and Mahindra Chief Executive Automotive Division, said, “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”. The XUV 500 was launched by the auto giant back in 2011 and it offers three variants of the model in the Indian market at the moment.
The vehicle has been priced between Rs. 12.13 lakh to Rs. 14.77 lakh, (ex-showroom price Delhi). Since the launch, the company has sold around 63,000 units in just 20 months. The sales of the vehicle dropped when Mahindra and Mahindra had to deliver it through the draw of lottery. While talking about the vehicle market in the country, Shah said that it has been facing a downhill. However, the company was still able to achieve positive sales growth despite the unfavorable factors.