Pick-up category to grow 15-16 percent in 2012: Mahindra
January 28th, 2011 - 6:45 pm ICT by IANSKolkata, Jan 28 (IANS) The top category of small commercial vehicle (SCV) segment is expected to grow at an annual rate of about 15-16 percent next fiscal in India from the current five-seven percent, a Mahindra & Mahindra Ltd official said here Friday.”Pick-up category, the top category in SCV segment, is currently growing at a very low rate of about five to seven percent. As the company is the market leader in the category, we think with the launch of next generation commercial vehicle ‘Genio’, the top category in SCV segment is poised to double its growth rate in FY12,” Vivek Nayer, senior vice-president, marketing (automotive sector) at Mahindra & Mahindra Ltd told reporters after announcing Genio’s launch.
Informing that the market of top category in SCV segment was of 85,000 units, he said the company held 75 percent market share in this category.
Stating that “Genio” was being manufactured at the company’s new Chakan plant in Maharashtra, Nayer said a total of Rs.225 crore was invested for the newly-launched car.
“Rs.100 crore was invested in product development and Rs.125 crore was spent in manufacturing,” he added.
He informed that another variety of “Genio” with double cab will be launched but he declined to divulge details about when the company would launch it.
“Mahindra’s total market share in SCV segment is about 33 percent now,” Nayer added.
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Tags: chakan, crore, double cab, India, jan 28, launch, mahindra, market leader, market share, next generation, rs 125, segment, senior vice president, senior vice president marketing, vice president marketing, vivek