M&M share price zooms over 5% to a record high on XUV 3XO launch
M&M shares jumped as much as 5.15% to a new high of ₹2,169.25 apiece on the BSE. The auto major launched the XUV 3XO with prices starting from ₹7.49 lakh for the base MX1 variant. The new compact SUV is likely to compete with the likes of Tata Nexon, Hyundai Venue and Maruti Suzuki Brezza in a highly contested market segment.
The XUV 3XO’s bookings will open online and simultaneously at Mahindra dealerships from May 15 and the deliveries will commence starting from May 26, M&M said in a release. Also Read: Mahindra XUV 3XO launched in India, starting at ₹7.49 lakhs: Details on design, interior, features and more M&M’s latest compact SUV will be built in its Nashik facility. It will be available in petrol and diesel options.
The XUV 3XO is equipped with 6-speed AISIN 3rd Gen Automatic Transmission. Each engine is available with a 6-speed manual gearbox and an added option of 6-speed AISIN automatic transmission for the petrol engines and 6-Speed AutoSHIFT+ for the diesel variants. “From those upgrading from a hatchback to their first SUV to luxury seekers looking for high-end features at a competitive price, the XUV 3XO offers a unique blend of innovation, safety, comfort, and performance," said Veejay Nakra, President – Automotive Division, Mahindra & Mahindra.
M&M share price has risen over 25% in 2024 so far, while the stock is up more than 76% in the past one year. M&M auto sales in the month of April are estimated to decline 3% to 60,400 units from 62,294 units in the same month last year, dragged by weak exports, according to brokerage firm Anand Rathi. Also Read: Nifty Auto soars 75% in FY24; what lies ahead for the sector? Here's what experts predict For the fourth quarter of FY24, M&M is expected to report
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