Mahindra to launch new multi-use vehicle this yearOctober 31st, 2008 - 4:30 pm ICT by IANS
Mumbai, Oct 31 (IANS) Auto major Mahindra and Mahindra (M&M) Friday said it would launch a multi-utility vehicle (MUV) within the next two months.The new MUV, Mahindra Xylo, was codenamed Ingenio in the development stage.
“Xylo has been developed by a project team consisting of 160 experts who have created new benchmarks in terms of styling, technology and performance,” Pawan Goenka, president of M&M’s automotive division, said.
Goenka said the vehicle has been tested in India and overseas in different terrain conditions.
The car, which is speculated to be priced in the range of Rs.650,000-700,000 (about $14,500-$15,500) is expected to compete with Toyota’s Innova and Chevrolet’s Tavera in the Indian market.
M&M recently posted a year-on-year fall in its quarterly profit by over 35 percent to $41.2 million.