Mahindra & Mahindra, the first mover in the half-tonne , four-wheeler, pick-up segment, is planning to bring out an all new ‘micro truck’ as its first offering in the segment, Gio, is losing out to Tata Zip.
Gio sells around 450 units a month while Tata Zip and its passenger carrier version Iris clock 4,000 units.
M&M, in fact, is in for a strategy overhaul as Gio, based on its three-wheeler platform, did not appeal to small truck buyers.
“A ground-up product would do better. We are working on a new product. It will take some time,” said Rajan Wadhera, CTO, M&M, on the sidelines of the launch of the upgraded version of Maxximo mini truck.
M&M on Monday launched Maxximo Plus at Rs. 3.49 lakh for the BS IV version in Mumbai.
The new edition will replace the existing version which is Rs.9,000 cheaper.
“Sales will improve with a fall in interest rates,” said Vivek Nayar, chief marketing officer, M&M.