Homegrown auto major Mahindra & Mahindra will be unleashing six new vehicles, including a compact sports utility vehicle and a shorter version of its sedan Verito, by the end of the next fiscal.
"Between now and the end of the next fiscal, there will be six new models from us. These should strengthen the success we have had so far," Mahindra & Mahindra President (Automotive and Farm Equipment sector) Pawan Goenka said on the sidelines of Auto Expo at New Delhi.
He said in the beginning of next fiscal, the company will launch a van based on the platform of commercial vehicle Maxximo.
"Around Diwali we will have three products, which include the NXR (from Mahindra Reva), Rexton (from Ssangyong) and a compact SUV," Goenka said.
The SUV will be on an existing platform, he said without sharing details but added it would be a volume player. "The sub-four metre Verito will allow us to take advantage of the excise duty benefit small cars," he said.
The electric car NXR and the Rexton are of strategic importance as they would allow the company to get into eco-friendly technology segment and move up in the premium segment respectively, he added.
Asked about investments for the next fiscal, he did not share the exact number but said till FY14 the company has announced investment of Rs 5000 crore on new products and capacity expansion.
Commenting on the market situation, Goenka said :"The industry is hoping that by the second half of this calendar sales will start picking up to about 10 per cent."
The high interest rates which are still prevalent now are expected to come down, while the rupee related forex situation will also improve, he added.