Mahindra targets leadership position for Thar range in mid-size SUV segment in next 3-5 yrs
Mahindra & Mahindra on Thursday said it aims to make Thar range leader in the fast-growing mid-sized sports utility vehicle segment over the next 3-5 years.
The company on Wednesday rolled out five-door Thar Roxx and may also introduce new products under the brand over the next few years to cater to different sets of customers.
“The opportunity that gets presented to us with the launch of Thar Roxx is that we would like to make it (the Thar portfolio) the number one brand over the next 3-5 years in the more than ₹12.5 lakh price point,” Mahindra & Mahindra (M&M) Executive Director and CEO for auto and farm director Rajesh Jejurikar told reporters here.
Also Read : Mahindra Thar Roxx launched in India, priced from ₹12.99 lakh
He noted that Thar Roxx has not been designed as a niche product but as a mainstream SUV, keeping in mind the needs and requirements of the buyers in the segment.
Jejurikar said the automaker has invested around ₹1,100 crore in the development, including creating additional production capacity for the new model. Replying to a query, he stated that the company has no plans to export the model.
The Mumbai-based automaker has a market share of around 19 per cent in terms of volumes in the domestic SUV segment. In the mid-sized SUV segment, the company has a market share of around 27 per cent.
Also Read : 2024 Mahindra Thar Roxx launched: Variant-wise price & feature list explained
The SUVs priced over ₹12.5 lakh currently account for around 45 per cent of the overall volumes in the vertical in the country. The rest of the volume comes from the lower-priced models.
Hyundai Creta, Maruti Suzuki Grand Vitara, Kia Seltos and Toyota Urban Cruiser Hyryder are some of the leading brands in the mid-size SUV segment. The Mumbai-based automaker also sells models like XUV700, Scorpio Classic and Scorpio N in the SUV segment.
Also Read : Mahindra Thar Roxx vs Mahindra Thar: What exactly has changed
M&M said bookings for the Thar Roxx will open from October 3, 2024, and deliveries will commence on Dussehra (October 12). Designed at the Mahindra India Design Studio (MIDS) in Mumbai, the new model is being built at the company’s manufacturing plant in Nashik, Maharashtra.
First Published Date: 15 Aug 2024, 17:34 PM IST
