Mahindra and Mahindra on Monday drove in an all-new multi-utility vehicle Marazzo to recover lost market share in the growing category.
The company, which is India’s second biggest utility vehicles maker by sales, has spent around Rs 1,500 crore to develop the vehicle over the past four years. It hopes to regain some of the utility vehicle (UV) and sports utility vehicle (SUV) market share it has lost to rivals like Maruti Suzuki, Hyundai and Toyota.
With an entry price of Rs 9.9 lakh at pan India showroom and going upto Rs 13.90 lakh, the Mahindra Marazzo MPV comes in four trims, a 1.5-litre diesel-manual combination and seven and eight-seater options.
The range includes starting from the base-specification M2 to mid-specific variants of M4 and M6 and the top-specification M8.
Engineered in Detroit and designed by an in-house team in collaboration with its subsidiary Pininfarina, Italy, the seven-eight seater vehicle was produced at the company’s plant in Chennai.
Marazzo will take on popular Toyota Innova priced starting at Rs 14.06 lakh at the upper end and Maruti Suzuki Ertiga at Rs 6.34 lakh at the entry level.
“The launch of Marazzo is a defining moment in the automotive journey of Mahindra not only within India but globally as well,” Anand Mahindra, executive chairman at Mahindra and Mahindra, said.
“The vehicle is nothing less than a game changer. We are entering a new orbit and hope to deliver yet another iconic offering,” Mahindra said.
More than one in four cars sold in India are utility vehicles as, with rising incomes, buyers move beyond small cars. Mahindra, which was a market leader for years in utility vehicle segment, lost market share to Maruti Suzuki, that has the best-selling Vitara Brezza compact SUV in its portfolio.
Rivals ate into Mahindra’s strength in the UV and SUV space over time and from a commanding market share of over 50 per cent in the category around 2012, it has now been reduced to a little over 25 per cent.
Ashish Modani, assistant VP, corporate sector ratings at Icra told Financial Chronicle that during FY2017-18, UV segment accounted for 28 per cent of total domestic passenger vehicle sales of 3.29 million units.
Last fiscal, Maruti Suzuki’s market share in this segment went up to 27.5 per cent while Mahindra was reduced at 25.4 per cent, he pointed out. In April-July period too, Maruti was ahead with 28.7 per cent share as against Mahindra’s 23.6 per cent.
Popular SUVs like Hyundai’s Creta, Maruti’s Ertiga and Vitara Brezza, and Toyota’s Innova have given a tough run to Mahindra, virtually forcing it to upgrade its line-up while getting in new, globalised products to guard its turf.