Nashik: Home-grown auto major Mahindra & Mahindra (M&M) on Monday launched its new utility passenger vehicle Marazzo at a starting price of Rs 9.99 lakh, which will compete with segment leader Toyota Innova Crysta.
The vehicle has been developed from engineering collaboration between Mahindra Automotive North America (MANA), Detroit and Mahindra Research Valley (MRV) Chennai, and designed by Pininfarina, Italy and Mahindra Design Studio in Mumbai, according to M&M executive chairman Anand Mahindra.
"We have launched globally developed Marazzo for the Indian market," Mahindra told reporters here.
The company has spent around $200 million to develop this product, he said, adding it hopes to launch more luxury vehicles in collaboration with MANA, MRV and Pininfarina in the future.
The new vehicle will be manufactured at the company's Nashik facility, and besides Innova Crysta, will also be competing with other brands in the segment such as forthcoming second-gen Maruti Ertiga and Renault Lodgy.
Replying to a query on the rising competition, Mahindra said, "We are not focused on market share but making sure our products are a hit."
Marazzo will be available at Mahindra dealerships across the country, at a launch price of Rs 9.99 lakh (ex-showroom) for the M2 variant, and will go up to Rs 13.99 lakh for M8 top end model for a limited period, according to M&M managing director Pawan Goenka.
It will be available in four variants - M2, M4, M6, M8 - and in six colours Mariner Maroon, Poseidon Purple, Aqua Marine, Iceberg White, Oceanic Black and Shimmering Silver.
"The Marazzo turns a new leaf in Mahindra's evolution in the UV segment; it embodies Mahindra's new, increasingly global approach to product development. It will use nearly 10 per cent of imported components," said Goenka.
The vehicle is powered by a 1.5 litre, four-cylinder D15 diesel engine, and will come in seven and eight-seater options, with the seven-seater option offering captain seats in the second row.
Goenka said the company hopes to launch petrol version once the BS-VI gets implemented by 2020.