Financial Daily from THE HINDU group of publications
Saturday, Aug 24, 2002
Financial Daily from THE HINDU group of publications Saturday, Aug 24, 2002 |
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Marketing
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New Products & Services M&M unveils Scorpio in Mangalore Our Bureau
MANGALORE, Aug 23 MAHINDRA & MAHINDRA hopes to create a new segment in the automobile market and also plans to increase its overall market share to 45 per cent. Addressing a press conference here today announcing the launch of M&M's Scorpio in Mangalore through Karnataka Agencies, its dealer here, the company's Vice-President (Sales), Mr Gautam Nagwekar, said that with the launch of this new vehicle, M&M hoped to create a new sports utility vehicle category in the automobile market which, according to him, has a demand of around 11,000-12,000 vehicles per month. Four-and-a-half years in the making with a total investment of Rs 550 crore, the vehicle has already been launched in Mumbai, Delhi, Bangalore, Pune and Chennai. According to Mr Nagwekar, the vehicle is now being launched through 45 dealers in the first phase. In the second phase, the vehicle will be launched through 30 dealers and the rest will be covered in the third phase. M&M has tied up with the likes of HDFC Bank, ICICI Bank, Kotak Mahindra Primus Ltd, Citibank and Mahindra & Mahindra Financial Services as the preferred financiers. Standard Chartered Bank, American Express, Cholamandalam Finance, HSBC and Sundaram Finance are some of the other financiers for Scorpio.
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