Auto major Mahindra & Mahindra today launched its global sports utility vehicle, XUV500, priced between Rs10.8 lakh and Rs11.95 lakh (ex-showroom, Delhi).
The vehicle, designed and developed by the company's Chennai-based research team, would be launched in South Africa tomorrow.
M&M president (automotive and farm equipment) Pawan Goenka told reporters in Mumbai that in the next six months, the vehicle would be launched in Australia, South and Central America, Western Europe and SAARC countries".
The domestic market would first see it in Delhi, Mumbai, Bangalore, Chennai and Pune. It would take on the likes of General Motors' Captiva and the Toyota Fortuner, which are priced at around Rs19-20 lakh.
According to M&M chief of operations (automotive sector) Rajesh Jejurikar, the price of the XUV500 could be revised after three months, depending on commodity prices and other input costs.
Stating that the new vehicle was a reflection of the firm's global aspirations, M&M vice-chairman Anand Mahindra said XUV500 was much more than a car. He said it would be another cult vehicle, like Scorpio.