The company is enhancing the product portfolio with the new vehicle as it looks to strengthen its position as a leading manufacturer of utility vehicles in India.
"We will be launching our new compact SUV named TUV300 at Chakan plant, where we also produce other products like the XUV500," Mahindra & Mahindra (M&M) President & Chief Executive, (Automotive) Pravin Shah said.
He, however, did not share details of the new product.
A compact sub-four metre SUV, M&M is positioning the TUV300 as a "a true blue SUV" and is expected to compete with the likes of Toyota Etios Cross, Hyundai 120 Active and Fiat Avventura which are priced at a range of Rs 6.23 lakh and Rs 8.89 lakh (ex-showroom Delhi).
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The design of the Mahindra TUV300 has been inspired by a battle tank with raised shoulders, high front nose, flat roof, high ground clearance and straight bonnet, the company said.
The TUV300 is an all-new SUV platform. It has been designed and developed in-house by the Mahindra design team. The research and development of Mahindra TUV300 has been carried out at the Mahindra Research Valley in Chennai, the company said.