Mahindra & Mahindra is all set to launch its new compact SUV named Mahindra XUV300 in February 2019. The sub-4-meter SUV is built on the X-100 platform will be launched in both petrol and diesel variants by mid-February, 2019. The 5-seater XUV300 will be manufactured at M&M’s Nashik facility. The expected price of the SUV is likely to be between Rs 8 lakh and Rs 12 lakh (ex-showroom).
In the overall SUV volumes, the compact SUV segment currently accounts for about 60 percent, according to M&M managing director Pawan Goenka. He added that the company looks to corner about 15 percent market share of the segment with the new vehicle. Mahindra’s Korean subsidiary SsangYong has sold over 2.6 lakh SsangYong Tivoli in over 50 countries since its launch in 2015.
To help it tuck under four meters in length, Mahindra XUV300 has been completely redesigned in front and rear profile. It also comes with 17-inch machine-finished wheels, just like Ford Eco Sport S. The car will come with standard safety features like dual airbags, rear disc brakes, rear parking sensors, Isofix child seat mounts and ABS with EBD.
The compact SUV segment has been growing at a compounded annual growth rate (CAGR) of 44 percent over the last five years while the current market size its stands at around 35-40,000 vehicles per month.
“We have given some very advanced and unique features in our XUV300. So, within the compact SUV segment, we are going to position it as the premium product,” Goenka told reporters, as cited by PTI. He said as of now the company does not have a very strong product in the compact SUV segment and Mahindra XUV300 will fill this gap. “It is a fast growing market and we want to capture a sizable markets share out of the segment,” Wadhera said.
Goenka said that the company plans to launch the new vehicle in one-two overseas markets as well along with its rollout in the domestic market. He also said that the company is working on the electric version of the new compact SUV, which is expected to hit the market in 2020.