Mahindra & Mahindra, the first mover in the half-tonne , four-wheeler, pick-up segment, is planning to bring out an all new 'micro truck' as its first offering in the segment, Gio, is losing out to Tata Zip.
Gio sells around 450 units a month while Tata Zip and its passenger carrier version Iris clock 4,000 units.
M&M, in fact, is in for a strategy overhaul as Gio, based on its three-wheeler platform, did not appeal to small truck buyers.
"A ground-up product would do better. We are working on a new product. It will take some time," said Rajan Wadhera, CTO, M&M, on the sidelines of the launch of the upgraded version of Maxximo mini truck.
M&M on Monday launched Maxximo Plus at ₹ 3.49 lakh for the BS IV version in Mumbai.
The new edition will replace the existing version which is ₹9,000 cheaper.
"Sales will improve with a fall in interest rates," said Vivek Nayar, chief marketing officer, M&M.