Mahindra aims to be among top two players in Indian compact SUV segment by 2027
Mahindra & Mahindra (M&M) aims to be among the top two players in the Indian compact SUV segment in the next three years, the homegrown automaker has revealed while launching its latest product XUV 3XO on Monday. While launching the Mahindra XUV 3XO compact SUV, which is essentially a significantly updated iteration of the Mahindra XUV300, the OEM's Executive Director and CEO (Auto and Farm Sector) Rajesh Jejurikar said the company anticipates SUV volume growth in the mid-to-high terms, reported PTI.
The SUV segment in the Indian passenger vehicle market is one of the most competitive spaces, which sees fierce rivalry among the products in this category launched by various auto OEMs. The compact SUVs being affordable and more practical propositions for Indian consumers have further ramped up the appeal of the utility vehicle segment over the last few years, prompting the automakers to launch a plethora of products in this space and eventually propelling overall growth of the Indian auto industry.
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The Mahindra XUV 3XO, which has been launched at a starting price of ₹7.49 lakh (ex-showroom), faces steep competition from rivals like Tata Nexon, Maruti Suzuki Brezza, Hyundai Venue etc. However, despite the fierce competition, Mahindra is hopeful to grab a sizeable chunk of the market pie in this segment.
Speaking about the OEM's ambition in this segment, Jejurikar reportedly said that currently Mahindra is in fifth position in the category and aims to be at the pole position or at number two by 2027. "We are number five in the segment and in the next three years we want to be number one or number two," he reportedly said. The M&M top official is confident that this segment will grow amid the rapidly growing SUV phenomenon. “We are staying with the comment that we made in the last result call. In FY25, we want to grow in the mid-teens. We have focus on products and waiting to get everything right on 3XO. That size is of six lakhs. We will have to look at incremental value," he further added.
Mahindra betting big on XUV 3XO to fulfil its dream
In an attempt to reach its target of becoming among the top two players in the compact SUV segment of the Indian passenger vehicle market by 2027, Mahindra is betting big on the XUV 3XO. Besides making the product an upmarket and feature-packed model, Mahindra is also emphasising on the production capacity. The production capacity for this compact SUV has been pegged at 9,000 per month which, according to Jejurikar, can go up to 10,500 units a month with a small investment, the report stated. He also reportedly revealed that the entire project of Mahindra XUV 3XO involves a cost of ₹650 crore.
The SUV has been conceptualised at the Mahindra India Design Studio (MIDS) in Mumbai. It has been engineered and developed at the Mahindra Research Valley (MRV) near Chennai, while the SUV has been built at its Nashik manufacturing facility in Maharashtra.
Mahindra has revealed that the bookings for XUV 3XO will commence online and simultaneously at the company's dealerships from May 15, while the deliveries of the XUV 3XO will commence from May 26.
