M&M studying market for 'Korando' launch in India
Kolkata: Auto maker Mahindra & Mahindra, which has launched its premium sports utility vehicle Rexton in India, said it is still studying the market to find an appropriate time to launch SUV Korando from the SsangYong stable.
The company had showcased its Korean subsidiary Ssangyong's two SUVs - Rexton and Korando - for the first time in India during the Auto Expo in January 2012.
"We are working on the products. We studied market for both Korando and Rexton and decided that Rexton has a place in Indian market at present so that was given the first priority," Mahindra & Mahindra Chief Executive ? Automotive Sector P N Shah told reporters here after unveiling the Rexton for the Kolkata market.
However, he added: "We have not shelved our plan to launch Korando in India. We are just looking for the right opportunity."
Rexton, the first product launched by M&M from the portfolio of Korean subsidiary Ssangyong, has been priced between Rs 18.73 lakh and Rs 20.93 lakh, ex-showroom Kolkata.
The Rexton is being manufactured and assembled at the company's Chakan plant near Pune, he said.
Shah said Rexton has already received booking for 1,500 units since its October launch and the company plans to ramp up capacity by 500 units in order to lower waiting period.
At the time of the launch, the company had said it was aiming for a capacity of 5,000 units per annum.
Shah said Mahindra & Mahindra with its Korean subsidiary, Ssangyong Motors, has already announced plans to invest USD 900 million on developing new platform for future models.
This investment would also support development of six new engines.
In November 2010, Mahindra & Mahindra (M&M) had signed a definitive agreement with Ssangyong Motor Company to acquire 70 percent stake in the ailing South Korean automaker at a total cost of USD 463 million (about Rs 2,105 crore).