Automaker Mahindra today extended its mini-pickup platform Jeeto into the passenger vehicle segment with a five-seater minivan offering to take on autorickshaws and Tata's Iris.
Jeeto Minivan comes with a 625-cc diesel engine and in two variants-- semi hardtop & hard top- and is priced at Rs 3.45 lakh in Mumbai. But the company said petrol and CNG variants are on the way.
Mahindra & Mahindra president for automotive business Rajan Wadhera said the company has invested Rs 500 crore into the Jeeto platform which has three offerings now which enjoy around 21 per cent market share.
"With the Jeeto Minivan, we want to end the year with 30 per cent market pie of the 12,500 units a month segment," Wadhera said.
"While this segment had peaked with 15,000 units a month in FY15, the first quarter of this year saw the segment declining by 1 per cent against which we grew 11 per cent, senior VP for sales and marketing Vijay Ram Nakre said.
He also said Jeeto was being exported to Nepal, Sri Lanka and Bangladesh, where it has opened an assembly line last month.
The Jeeto commercial model clocks around R 2500 units a month, Nakre said, adding the vehicle is being built at its Chakan, Pune plant with an annual capacity of 90,000 units.
Mahindra's small vehicle segment has three platforms-the Subro, Magic and Jeeto, Wadhera said, adding that he expects most of his customers to come from auto segment who are looking for an upgrade.
Accordingly, the company is offering a lot of incentives to autorickshaw upgraders with a Rs 10 lakh accident cover, which is also available for its other commercial vehicle customers.
Jeeto Minivan promises 26 kmpl and offers a two-year warranty/40,000 km.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)