Pick-up is small truck with an open cargo space in rear
Rural economy has been fueling the growth of pickups even in the face of slowdown in the domestic automobile space. Even as other automotive segments like cars, SUVs and heavy vehicles have struggled to stay firm, the pick-up category has grown by 10 per cent. Typically, pickup is a small truck with an open cargo space in the rear.
“Since, pickups are extensively used in agriculture and ferrying agriculture produce, these have not been affected by the general slowdown witnessed in other segments, including automobile,” Mahindra & Mahindra Senior General Manager (Marketing) Mahesh Kulkarni told Business Standard .
Owing to good monsoons last year, the growth in agriculture sector had been encouraging, which was equally feeding the growth of farm tractor space, he added.
Last year, the domestic pick-up segment was pegged at 1,90,000 units per annum as compared to 12,000 units in 2000-01. This translates in compounded annual growth rate (CAGR) of 26 per cent. Mahindra commands a share of 61 per cent in the composite pick-up segment in India.
Meanwhile, the company on Wednesday launched a refurbished ‘Bolero Pickup Flat Bed’ in the state market. In phases, the company would launch the new product in other markets.
“We chose Uttar Pradesh as the first stop of launch, as we have a dominating presence in the region. The size of the market is also big here,” he added.
The new pick-up comes with a price tag of Rs 5.59 lakh (ex-showroom) in Lucknow and offers a mileage of 13.86 km a litre. Pan-India, Mahindra has 800 service points, including 50 in UP.
Energy-starved Pakistan is looking at buying electricity from India, with Prime Minister Nawaz Sharif approving such a deal.
This is aimed at improving ease of doing business and attracting foreign direct investment into the country