Despite a number of market setbacks, Mahindra & Mahindra has charted out a plan to launch at least 10 new products and refreshes in the next two and a half years.
Mahindra group chairman Anand Mahindra (2nd from right) and other officials unveiling the Centuro in Jaipur on Monday. PTI
"Sceptics always asked us why we entered the two-wheeler business. We believe we do have a right to win," said Anand Mahindra, chairman and managing director of Mahindra group at the launch of its latest 110 cc bike, Centuro in Jaipur on Monday.
Centuro, the bike the company claims is loaded with high end features and has a mileage of 85 kilometre per litre is priced Rs. 45,000 (ex-showroom Delhi).
Mahindra entered the two-wheeler sector five years ago by acquiring Kinetic Motors and enjoyed limited success with its scooter models Rodeo and Duro
Its sales, however, fell by 20% to 1,05,537 during 2012-13 while its accumulated losses, according to reports based on Registrar of Companies data, stood at Rs. 527 crore.
Three years since it had withdrawn its first product Stallio on quality issues, Mahindra invested Rs. 700 crore and re-entered the motorcycle market early this year with 110 cc Pantero in the executive segment.
"It is important how quickly we learn from our mistakes," said Mahindra referring to initial setbacks.
(The writer's travel and stay were sponsored by the Mahindra group)