Priced at Rs. 4.58 - 5.58 lakh (ex-showroom Bangalore)
MUMBAI: Mahindra & Mahindra (M&M) on Friday announced the launch of a new variant of its highly successful sports utility vehicle (SUV), the new Bolero. The new product has been styled with a range of interior and exterior features that, according to the company, would appeal to the younger generation.
Addressing the media here, Pawan Goenka, President, Automotive Sector, M&M, said, the company was in the process of enhancing Bolero capacity at its Nashik unit to 1.50 lakh units from the current one lakh units annually at a cost of Rs. 150 crore. "Although there are 450 new parts in the new Bolero, we invested only Rs. 30 crore in the development,'' he said
Phased roll out
The company plans to roll out the new Bolero across the country in a phased manner, starting next week, and it is competitively priced from the Bolero DI at Rs. 4.58 lakh to the Bolero SLX at Rs. 5.58 lakhs (ex-showroom Bangalore). M&M has dropped the price of the Bolero from the earlier Rs. 4.95 lakh and Rs. 5.74 lakh for the entry level and top-end variants, respectively.
Of the Bolero range, Mr. Goenka said, the company was only re-introducing the Bolero SUV, while the Bolero Camper and the Single Cab version would remain, although a new look for the Camper would happen "in a phased manner.''
Further, Mr. Goenka said "the Bolero is the leader in its segment and since its launch in 2000, it has been seeing a compounded annual growth rate (CAGR) of 35-40 per cent. In fact, in the last two years, it has seen a 50 per cent growth rate. Its volumes are larger than our Scorpio and we have been the largest selling SUV for two years in a row. We sold 42,335 units in calendar 2006 and are looking at double digit growth in the current year as well.''