Not many years ago, what was once a loss making company, is a class leading and emerging car manufacturer today. Mahindra and Mahindra (M&M) has come a long way since Anand Mahindra took over the proceedings of the group the group back in 1991. A company that was badly affected by losses that it all caused it to sell some real estate to balance the equation has now become a company that has opened its doors to foreign investment, M&M has finally risen up from the ashes.
M&M have come really a long way in the past 20 years with Anand Mahindra at the driving seat. Continuously dominating the entry level SUV segment is their Scorpio at $22000 making it their most expensive vehicle until recently with the launch of the XUV 500 which has received so many bookings that M&M had to put thoughts of the vehicle’s export on a hold to satisfy the domestic demand first. The manufacturer also bought stakes in Ssangyong, Satyam Computer Services, Indian electric car manufacturer Reva, Kinetic, Punjab Tractors and Gippsland Aeronautics. The company was interested to make forays into the US auto industry but has only managed to launch their tractor plants there and not passenger vehicles as initially planned.
The new XUV500 SUV is manufactured at the company’s Chakan unit and was launched recently in India, and then South Africa. The Mahindra XUV500 SUV will also be launched in Australia, China, Sri Lanka and Western Europe. The overwhelming booking of 8000+ units in the first 10 days of launch reflects Mahindra’s ability to stay ahead in the auto business both in domestic and foreign markets. Bookings for the SUV have been temporary suspended and production will be increased.