Mahindra & Mahindra Ltd.

Mahindra & Mahindra (M&M), country’s major automobile maker, is reportedly planning to introduce cheaper version of its premium sports utility vehicle (SUV) XUV500 by festive season. The company is already in process of manufacturing the low priced SUV, which will be built on existing XUV platform.

The new offering will be priced lower than existing XUV 500 which is currently priced at Rs 12,00,000.

The company, in the recent upgrade of XUV 500, has trimmed the ground clearance and has reduced prices of the SUV by Rs 30,000 as a result of tax savings. XUV 500 sales declined 44 percent on year to 5774 units in the first quarter. Further, the company is also exploring option of reducing ground clearance of other models.