Mahindra XUV 500 receives 7200 bookings within two days of third phase of bookings
India’s home grown auto maker Mahindra and Mahindra, famous for making SUVs and MUVs in India made an announcement today that the company has received more than 7200 bookings for its flagship SUV Mahindra XUV 500 within two days after the company opened third phase of bookings. The third phase of bookings for the SUV was opened across the nation on June 8, 2012. The SUV is available at more than 100 dealerships scattered in India including cities where the SUV had been launched before.
The SUV which was launched last year in the month of September received an overwhelming response from the customers. Mahindra is planning to raise the production of Mahindra XUV 500 by 5,000 units a month, but this would be done around the month of September or October. At present the production capacity of Mahindra XUV 500 is around 4,000 units, the monthly production capacity is being raised to meet the out stripping demand for the SUV. The company officials also mentioned that the production capacity of the SUV that totals up to the production of nine months has already been sold out. Due to the high demand for the SUV, the bookings were stopped for the SUV temporarily in the month of October because the production of more than four months that is close to 8,000 units were already sold out within 10 days of the SUV’s launch.
CLSA last week upgraded the auto maker to surpass the target price of Rs 770 per share. The company expects that the demand for this spectacular SUV will further surge in the coming time. The company has also revised fiscal year 2013-2014 EPS by 10-13% with over 4% more volumes. Pravin Shah, the chief Executive, Automotive Division, Mahindra & Mahindra said that the company is elated over the response it has received for XUV 500. He further stated that in an extremely competitive industry where it has become difficult to survive XUV 500 is doing extremely well. Launched last year on September 29, 2012 XUV 500 is undoubtedly a market leader in the SUV segment.
Mahindra has now expanded its reach to international markets and launched its flagship SUV, Mahindra XUV 500 in the Australian car market. In Autralia, the Mahindra XUV 500 price starts at 29,900 Australian dollars which is close to Rs 16.58 lakh while the AWD variant is priced at 32,900 which is equal to Rs 18.24 lakh. Mahindra XUV 500 is probably the cheapest seven seater SUV available in Australia. The mighty machine is powered with a 2.2 litre four cylinder diesel motor that outputs a maximum power of 140 PS and a peak torque of 330 Nm of torque. Inside the SUV, the car is stuffed with features like touch screen-enabled satellite-navigation system with LCD, an Italian leather upholstery, headlamps with LEDs, Bluetooth-ready audio system, tire pressure monitor and chrome-plated twin exhaust tips. All this and a lot more is offered in the SUV, the price of the SUV is tagged absolutely competitively which is on reason that this SUV is selling in good numbers. Mahindra and Mahindra eyes to launch the SUV in other countries also.
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