MUMBAI: Automobile major Mahindra and Mahindra on Friday launched its new version of Bolero at a reduced price, while simultaneously increasing the price of Scorpio.
"Our survey with respect to Bolero has revealed that most of our buyers are in the 25-40 years group. The price has been reduced while enhancing its features, keeping them in mind," Mahindra & Mahindra Auto president Pawan Goenka said.
The price of a basic model of Bolero has now been slashed by Rs 37,000 from Rs 4.95 lakh to Rs 4.58 lakh. An advanced model will also cost less at Rs 5.58 lakh as against Rs 5.74 lakh, a reduction of Rs 16,000, he said at a press conference.
Bolero has emerged as the best selling vehicle in the Mahindra & Mahindra stable for the past two years, overtaking Scorpio.
While the company has slashed Bolero's price it has hiked the price of Scorpio by Rs 1,800.
"In 2006, we sold 42,335 Boleros. Since its launch in 2000, Bolero has been growing at a CAGR of 35 per cent. In the last two years, volumes have gone up 50 per cent," Goenka said. Till date, the company has sold about 1.2 lakh Boleros.
Mahindra and Mahindra spent Rs 30 crore to revamp the model, which it calls the New Generation Bolero.
Mahindra & Mahindra has pumped in Rs 150 crore to enhance its production capacity at its Nagpur factory. The company can make 1.5 lakh Boleros per annum from one lakh.
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