Indian homegrown car majors have been always the experts of utility vehicles. Indian car giants Tata Motors and Mahindra & Mahindra have been thus engaged in great rivalry for years, and over two years ago Tata Motors was greatly grieved over the fact that its Indian fellow auto maker Mahindra is the leader of the utility vehicle industry of India riding on its great SUV range.
However, things changed a lot after the advent of the Renault Duster and Ford EcoSport. The runaway success and the rising preference for the new compact SUV segment made Mahindra & Mahindra struggle with its low sales.
Mahindra got another hard hit when the diesel got deregulated, as it is a diesel centric car maker. As the wave turned back on the petrol cars, Mahindra’s worries got worse.
Nevertheless, Indian utility vehicle major has started work with double enthusiasm despite its troublesome time and is busy to set things right with its new market strategy to regain its lost glory and market share. Mahindra is readying a slew of new vehicle including many compact SUV models along with their petrol counterparts.
The executive director of the company, Pawan Goenka said that Mahindra had lost market share because it does not have compact SUVs in its product range. Mahindra’s market share reached to 58 percent in the SUV segments in the financial year of 2013 before the compact SUVs were introduced to India. In 2014 till November, the company’s current market share it is down to around 35 percent. The company hopes to gain back 40 percent of market share after its new launches added Goenka while talking to the media.
He further revealed that the company will soon launch three new vehicle based on completely new platforms. These will comprise of two compact SUV models and one LCV. Next year will also witness of around 3 to 4 refreshed models of the company’s products, while deferring from revealing the names of the models.
Goenka also revealed that Mahindra & Mahindra is all set to fill up the void of petrol vehicles in its range.
He stressed on the fact that the company does need to offer petrol vehicles. He added that currently the company offers nothing other than diesel vehicle in the car market of India. However, Mahindra will make it a point to offer equal numbers of petrol and diesel variants for its future products in the Indian passenger segment. Clarifying more, he said that in future all crossover models will have both petrol and diesel options while, the full-sized conventional SUVs will continue being diesel centric.
Goenka also revealed that the company is going to put its e2o electric car in the taxi segment in order to push its stagnant sales. The same thing is being planned for the upcoming Verito electric that is slated to be launched in India in mid 2015.
He further added that the company is targeting the export markets of Europe, especially UK, Norway and France which are fast growing electric vehicle markets.