India auto giant Mahindra and Mahindra on Tuesday entered the commercial vehicle (ICV) segment with the launch of a truck range for which it has invested Rs 600 crore. The range of ‘Furio’ has been built over four years in association with its group company Pininfarina and will be manufactured at its facility in Chakan near Pune. The Furio is priced between Rs 17.45-18.10 lakh, ex-showroom, in Pune based on the variants.
Speaking at the launch event, Pawan Goenka, Managing Director said that the ICV industry is growing at 17 per cent annually and is now estimated to be at 1.10 lakh units per year.
He said the market is very “mature”, which makes it difficult for having an incremental value proposition. The company has decided to offer owners a ‘truck back guarantee’ if they do not witness a rise in their profits.
Dr. Pawan Goenka, Managing Director, Mahindra & Mahindra Ltd said, “The launch of the new FURIO range of ICV trucks with an unprecedented customer value proposition of ‘Get More Profit or Give the Truck Back’, is a unique and pioneering promise, which reflects our serious commitment to the segment and confidence in our product.
Goenka said the guarantee reflects the company’s “serious commitment” to the segment and also the confidence in the product built by its 500 engineers and 180 suppliers.
Last year on the unveiling of Mahindra Furio, Rajan Wadhera, President, Automotive Sector, Mahindra & Mahindra Ltd., said, “The Mahindra FURIO bears testimony to Mahindra’s capability of bringing the best to Indian customers, since it is based on meticulously gathered customer insights. The launch of the FURIO comes closely on the heels of the successful introduction of Mahindra’s HCV range of trucks, the BLAZO, which also resulted in substantial volume and market share growth for Mahindra. With the addition of this new range of ICVs, MTB will emerge as a complete trucking solutions provider in the Indian CV market.”
The newly launched truck also comes with a five-year or five lakh km maintenance guarantee.
In a statement, the company said the offer of mileage guarantee on the previously launched heavy commercial vehicle had helped it double the market share.
The Mahindra scrip closed 0.45 per cent down at Rs 670.55 a piece on the BSE as against a 0.18 per cent correction on the benchmark.