Indian automaker Mahindra & Mahindra (M&M) on Tuesday said its new offering XUV700 garnered 50,000 bookings in just three minutes of the commencement of the process last week.
“XUV 700 response has exceeded our expectations. We received 50,000 bookings in three hours and even after 50,000 bookings getting locked in, enquiries continue to go up,” Rajesh Jejurikar, ED-auto and farm sectors, M&M told CNBC-TV18.
Speaking about when customers would get to drive the new XUV700, he said the delivery of the petrol variant will begin by end of October and the diesel variant towards the end of November.
Mahindra & Mahindra had on October 5 announced the addition of two new variants to its newly-launched SUV— XUV700 AX7 Luxury MT and AX7 Luxury AT+AWD (All-Wheel Drive). The new variants are priced at Rs 19.99 lakh and Rs 22.89 lakh respectively.
The XUV700’s two primary models — the MX and the AX series— were unveiled in August. The SUV is the first model to wear the carmaker’s new logo.
The new XUV700 is packed with a host of features including a large (8-inch) infotainment touchscreen, a built-in Amazon Alexa, and Android Auto and Apple CarPlay. The SUV also has a Sony music system and an Advanced Driver Assistance System.
Meanwhile, Jejurikar pointed to August and September as the worst months in terms of semi-conductor shortage. He, however, said, “We feel the worst is over. The availability of chips is improving.”
He also emphasised that the demand situation is very strong, which is a good indication of where the economy is heading. “Rural demand continues to be strong,” he added. However, due to high fuel prices, Jejurikar said, the commercial segment is expected to be badly hurt, adding that the entry-level car segment has also been impacted.
On the delivery of cars, he said, the overall long waiting period will continue for a few quarters but it is set to reduce from December onwards.
While M&M will launch an electric SUV in the next calendar year, the company will also tweak and calibrate future launch plans due to the chip shortage, Jejurikar said.