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|27th August 2012, 15:42||#1|
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Mahindra to up exports; start with XUV500 to Europe
Having seen steady growth domestically in recent months, Mahindra & Mahindra is now looking to step up its export activities as well.
Mahindra has been steadily chipping away Tata Motors’ lead in terms of sales in the past quarter. Mahindra ultimately caught up, outselling Tata Motors in June 2012. Its success was largely attributed to its flourishing Utility Vehicle portfolio.
XUV500 to Europe
The latest product from this UV portfolio, the XUV500, is all set to be exported to Europe from September 2012. In addition, there are also plans to export this SUV to Central and South America by the end of the fiscal year.
The XUV500 is already being exported to countries like Australia and South Africa. The model has been successful in India since its launch in September 2011. It has already sold 22,544 units in 2012. High demand had delayed export plans for the SUV, prompting Mahindra to increase its production capacity from 4,000 to 5,000 units per month by October.
Export and expansion
Mahindra is India’s largest SUV maker by sales and currently exports models like the Scorpio and Bolero to countries like South Africa, Egypt & Australia. In its quest for global expansion, Mahindra acquired Korean car maker SsangYong Motors and moved unsuccessfully to acquire bankrupt Swedish car maker Saab in 2011. Russia is set to be its next big export destination where its subsidiary Ssangyong already assembles and sells SUVs.
Mahindra XUV500 review
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