Despite a steady dip in market share, Mahindra & Mahindra's (M&M) fortunes are on an upswing, thanks to Bolero, the utility vehicle major's latest model.
M&M's market share had in recent times dipped to around 46.9 per cent from 54.7 per cent last year, while the company is now riding piggy back on Bolero which was introduced in early August 2000.
Alan E Durante, executive director and president, M&M, said, "We have already sold 900 Boleros in September and have a three-month waiting list."
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Buoyed by the encouraging response, the company has increased production of the model to more than 1,000 vehicles this month. This will be stepped up further in the coming months. It is reliably learnt that M&M will manufacture around 1,100-1,200 Boleros per month.
The introduction of Bolero marks a paradigm shift in M&M's strategy. Earlier, the company's products were primarily directed at the rural segment. In contrast, Bolero is positioned as an urban vehicle.
Durante said that with the advent of heavy demand in the urban market for a multi-utility vehicle, companies are designing their products to cater to the young urban population.
According to industry sources, Bolero is currently commanding "on money" which is basically a premium to get delivery of the car ahead of schedule. This too, they say, is a reflection of the vehicle's growing popularity.