M&M launches new model, aims 20% growth

Mahindra & Mahindra today launched the new Bolero Pick Up FB with Power steering. With this launch, the company hopes to achieve a growth rate of 20 per cent in this fiscal year.

It is also planning to increase its market share by 5 per cent in pick up category pan India. At present, it has market share of 63 per cent in pick up category across India, whereas in the northern region (comprising Delhi, Uttarakhand, Uttar Pradesh, Punjab, Haryana, Jammu and Kashmir), the company has a market share of 75 per cent.

In an interaction with Business Standard, General Manager (North) Gaurav Saxena said, "With this new model launch, we hope to achieve a growth rate of 20 per cent in this fiscal year in overall category."

Regarding the sales target of the new model, he said, "In the northern region, we hope to sell 1,000 units of this newly launched model in this fiscal year."

Commenting upon market size and potential, he said, "The overall market size for pick up vehicles in India is 1.5 lakh units which would maintain a steady growth of 21 per cent till the financial year 2010. So there is huge potential to be tapped in this category. In the northern region, of the total market size, there is demand of 22,000-25,000 pick up vehicles annually."

He also said the expansion of retail chains had pushed the sales. Moreover, the bumper apple crop in Himachal Pradesh and industrialisation in Jammu and Kashmir and Haryana have pushed the sales to a great extent.

He added the company had plans to set up new manufacturing facilities. "We are working on the modalities and we are in talks with the Tamil Nadu and Maharashtra government for the new proposed unit."