Wed Sep 18 03:11:48 UTC 2024: ## Mahindra & Mahindra Launches Veero LCV Series, Aiming to Expand Market Share
**Mumbai, India** – Indian automaker Mahindra & Mahindra (M&M) has unveiled its new Veero series of Light Commercial Vehicles (LCVs), targeting the 2-3.5 tonne segment and priced starting at ₹7.99 lakh. This move comes as M&M looks to solidify its leadership position in the LCV market, where it currently holds a 50% share.
The Veero series is built on Mahindra’s Urban Prosper Platform (UPP), developed with a ₹900 crore investment. The company plans to produce 5,000 units of the Veero in the first phase, with an annual production capacity of 1.2 lakh units. Mahindra also announced plans to introduce an electric LCV and export the Veero series.
“In phase 1, with diesel and CNG powertrains, we will manufacture 5,000 per month,” said Veejay Nakra, President of Mahindra’s Automotive Division. “As we get electric and add in another avatar, which will come in the one-tonne segment, we will scale the capacity up to 10,000 units per month. The investments in the electric and the other variants will be incremental.”
Despite a recent dip in demand for commercial vehicles, M&M remains optimistic about the future. “The less-than-3.5-tonne segment has nearly five lakh units and 3.3 lakh units in the 2-3.5 tonnes segment,” said Nakra. “Every time a new product is launched, the category has seen growth.”
M&M’s market share in the LCV segment has seen significant growth. In FY22, its market share in the 2-3.5 tonne segment was 55%, now reaching 63.1%. Similarly, its share in the less than two-tonne segment has increased from 40% to 51%.
The company attributes this success to strong rural demand and expects the upcoming festive season to further boost sales. “About 53-54% of our sales happen in rural areas,” said Nakra. “The festive season is giving us confidence that rural has been good.”
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