Pune: Homegrown auto major Mahindra & Mahindra on Thursday launched its global sports utility vehicle, XUV500 at an introductory price between Rs 10.8 lakh and Rs 11.95 lakh (ex-showroom, Delhi).
The vehicle, which was designed and developed by the company's Chennai-based research team will be launched in South Africa on Friday.
"In the next six months, it will be launched in Australia, South and Central America, Western Europe and SAARC countries," M&M President (Automotive and Farm Equipment) Pawan Goenka told reporters here.
In the domestic market, it will be available in Delhi, Mumbai, Bangalore, Chennai and Pune for the first time. It will be pitched against the likes of General Motors' Captiva and the Toyota Fortuner, which are priced at around Rs 19-20 lakh.
M&M Chief of Operations (Automotive Sector) Rajesh Jejurikar said the price of the XUV500 could be revised after three months depending on commodity prices and other input costs.
Stating that the new vehicle is a reflection of the firm's ever-growing global aspirations,M&M Vice-Chairman Anand Mahindra said: "XUV500 is much more than a car. It will be another cult vehicle, as Scorpio was."
Goenka said the XUV500, on which M&M spent Rs 650 crore to develop,is the first product from its Chennai research and development centre. It will be produced at the Chakan plant.
He said the new vehicle would "redefine M&M as the Scorpio did nine years back".
While the company did not specify sales targets for the new vehicle, officials said M&M has made arrangements for an initial production capacity of 2,000 units a month.
Powered by a 2.2-litre diesel engine, the XUV500 has a six-speed transmission and is also available in a four-wheel drive variant.