New Delhi: Buoyed by robust response to its newly-launched mini SUV KUV100, Mahindra & Mahindra (M&M) is looking to enhance its market share in the utility vehicles segment beyond 40 per cent.
The company is banking on the KUV100, which has crossed 21,000 bookings a month after launch, and its another new model TUV300, to gain additional volumes.
"Since its launch last month, the KUV100 has been received well in the market. We have crossed 21,000 bookings and 1.75 lakh inquiries," M&M President & Chief Executive (Automotive) Pravin Shah told PTI.
He said the new model will help the company enhance its market share in the utility vehicles segment.
"This is a segment (mini SUV) which we have entered newly. This will not only help us gain additional volumes but will also help increase our market share in the utility vehicles segment, which is nearly 40 per cent at present," Shah said.
The company also expects the other new model TUV300 to contribute to the effort as "we are doing around 3,500 to 4,000 units a month", he added.
In the April-January period this fiscal, M&M had sold a total of 1,74,276 units of utility vehicles out of a total industry sales of 4,68,323 units in the segment.
Commenting on the demand for KUV100, Shah said at present the waiting period is around 3-4 months depending on the variant.
"We are looking to increase production, as we have stated at the time of launch. Today, we have a capacity to produce 9,000 units of the XUV500 and KUV100 combined. Within a couple of months we will increase it by an additional 3,000 units," he said.
The company's new petrol engine MFalcon G80, that powers the KUV100, has also been received well, Shah said.
"As of today half of the total demand is for petrol variant," he said.
The KUV100 is priced between Rs 4.45 lakh and Rs 6.84 lakh (ex-showroom Delhi).