Shares of Mahindra and Mahindra (M&M) rallied 5% to touch a new record high on Tuesday, a day after the auto major launched its compact SUV - XUV 3XO, which will compete with the likes of Maruti Suzuki Brezza, Hyundai Venue, and Tata Nexon. The country’s leading SUV (sport utility vehicle) manufacturer has set the starting price of XUV 3XO at ₹7.49 lakh, for which bookings will open online and simultaneously at Mahindra dealerships from May 15, 2024. The deliveries of the XUV 3XO will commence on May 26, 2024.
Extending the gaining streak for the second day, Mahindra and Mahindra shares opened higher at ₹2,073.15, up 0.5% against the previous closing price of ₹2,062.85 on the BSE. During the session so far, the auto heavyweight gained as much as 5% to scale a fresh all-time high of ₹2,166, while the market capitalisation climbed to ₹2.68 lakh crore.
The share price of M&M has risen 79% against its 52-week low of ₹1,208.90 touched on May 5, 2023. The stock has given 75% returns to its shareholders in the last one year; 49% in six months; and 27% in the calendar year 2024. The counter has gained 13% in the past month and 5% in a week.
M&M, the flagship company of Mahindra Group, launched the XUV 3XO in the compact SUV segment on Monday. The XUV 3XO was conceptualised at the Mahindra India Design Studio (MIDS) in Mumbai, and engineered and developed at the Mahindra Research Valley (MRV) near Chennai. “The XUV 3XO represents the world-class capabilities of Mahindra’s global design and engineering team. Built at Mahindra's state-of-the-art facility in Nashik using advanced manufacturing processes, it offers customers a high-quality SUV that is robust and engineered to last,” it says in a release.
Veejay Nakra, President – Automotive Division, M&M, says, "With the launch of the XUV 3XO, starting at an attractive price of ₹7.49 Lakh, Mahindra is redefining what an SUV can be. Engineered to deliver 'Everything you want & more,' the XUV 3XO is designed to cater to a broad spectrum of customers.”
“From those upgrading from a hatchback to their first SUV to luxury seekers looking for high-end features at a competitive price, the XUV 3XO offers a unique blend of innovation, safety, comfort, and performance. Each variant is a strategic response to the nuanced needs of different customer segments, effectively making each variant a disruptor in its segment," he adds.
As per the company, the XUV 3XO has been designed, developed, and engineered to meet rigorous global standards, ensuring that it delivers exceptional quality and performance to customers.
"The XUV 3XO exemplifies Mahindra's dedication to blending top-tier safety, cutting-edge technology and thrilling performance with standout design. Built on a durable, well-tested platform, it is engineered to meet the highest global safety standards, including the B-NCAP,” says R Velusamy, President, Automotive Technology and Product Development, M&M.
“The XUV 3XO also meets the benchmarks established by our XUV700 – offering best-in-class forward visibility and the quietness of its gasoline variant is comparable to that of the gasoline,” Velusamy says.
Mahindra also plans to introduce the XUV 3XO in global markets, for which details will be announced shortly.
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