Chennai: Auto major Mahindra and Mahindra has decided to delay the launch of its latest SUV, XUV-500, in the overseas market by three months due to increasing demand in the domestic market, a top company official said here on Saturday.The company has received 5,000 bookings within a week of the SUV's launch in India.
"We have to delay the launch of XUV-500 in other markets by three months due to overwhelming domestic demand," Mahindra and Mahindra President (Automotive and Farm equipment) Pawan Goenka told reporters here.
He was speaking at the sidelines of the 16th edition of Asia Pacific Automotive Conference (APAC) organised by Society of Automotive Engineers India (SAEINDIA) here.
Mahindra and Mahindra (M&M) had unveiled the XUV 500 in South Africa last week and plans to launch it in markets like Australia, Chile, Sri Lanka and Nepal.
The company has invested about Rs 650 crore for developing the car.
On their electric vehicle, Reva, he said an upgraded version is expected to be launched in India by June 2012.
Later at the valedictory session of the conference, Goenka said the new product launches would help the industry in the present market conditions.
"In the midst of very challenging scenario, new products will help drive the growth of the industry and for that new innovation and technology plays a vital role," he said.
Ashok Leyland Executive Vice-Chairman R Seshasayee also said that technology and innovation are important for driving the growth of the automobile industry in a country like India.
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