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.
Mahindra & Mahindra 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
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 Rs 12.5 lakh price point," Mahindra & Mahindra (M&M) Executive Director and CEO for auto and farm director Rajesh Jejurikar told reporters here.
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 Rs 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.
The SUVs priced over Rs 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.
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.