Here’s another massive blow from Mahindra and Mahindra! Mr. Pawan Goenka, President (Automotive Business), M&M, told reporters: “We have a capital allocation of Rs 5,000 crore for the next three fiscals and plan to launch six new models this fiscal”. As a fact, M&M has an average growth rate of 10 – 12 per cent for the current fiscal and by launching fresher vehicles in the market, the company aims to take it to higher levels. Mr. Goenka also revealed that another Rs. 2,500 Crores will be invested in group companies in next three fiscals.
Talking about the anticipated plant at the southern part of India, Mr. Goenka said that the company is in talks with some states but so far it has not finalised the location. Though we reported that Mahindra & Mahindra is all set to come up with a new 500 acre plant worth Rs. 3,000 Crores at Uttarakhand. Mr. Goenka also shared a few words about the Hot Cake, the XUV 500. He said the XUV 500 will be rolled out in Australia, Chile and Western Europe as early as next month. We have already reported about Mahindra’s plan to export XUV500 to overseas market. Already this highly successful car is being sold in South Africa and Brazil and is selling 150 units a month in South Africa alone.
However, Mr. Goenka didn’t throw any light on the upcoming models and the possible launch dates. Well, we think, by now we all know that one of those six models is the Mini-Xylo that has been caught testing several times. Another could be the upcoming Verito Hatch, that we reported yesterday. But, right now the million dollar question is, what are the other models to be launched? We are committed to bring you the latest news from the automobile industry as and when they happen, so stay tuned for more updates!
News Source: Economic Times