Pune, Sept. 29: Automotive major Mahindra & Mahindra (M&M) is looking to play a global role in the SUV segment with the launch of the XUV500 here today.
It proposes to sell the vehicle in South Africa, central and South America, western Europe, Australia and the Saarc countries apart from India.
M&M chairman Anand Mahindra said, On June 19, 2002, we stated our aspirations with the launch of the Scorpio, today we realise those aspirations with the launch of the XUV500.
The domestic SUV market is only 15 per cent, while it is 40 per cent globally.
We are trying to cash in on this large market abroad. We are aware of the global economic slowdown but even when we launched the Xylo in India in 2009, the domestic market was going through a slowdown. The Xylo was a precursor to the unprecedented turnaround in the market at that time. Today, we are hoping to repeat that feat again with the XUV500, Mahindra said.
The introductory price of the XUV500 for two months is Rs 10.8 lakh to Rs 12.8 lakh.