India's largest utility vehicle manufacturer, Mahindra and Mahindra (M&M) is all set to launch its much anticipated Verito Vibe in India on Wednesday (5 June).
The vehicle is powered by 1.5 litre Renault K9K diesel engine which would deliver 65 PS and a mileage of 21 kilometres per liter. The sub-4 metre version of M&M's existing Verito sedan was said to be hatchback model. However, there are also reports saying that the model is going to be a compact salon. The vehcile is expected to fall in the price bracket of ₹5 lakh and is likely to come in three variants like its Verito sedan - D2, D4 and D6.
M&M which is gearing to enter to a new segment with the launch of Verito Vibe hopes to regain its sales in the domestic auto market. The decline of car sales in India has also affected M&M. The company, which is heavily dependent on diesel vehicles, reported 1.2 percent decrease in its total sales at 43,460 units in May 2013. The domestic sales of the company was up by 5.4 percent, clocking at 42,104 units against 39,938 units in the same month last year. On the downside, exports declined by 67 percent at 1,356 units.
"We have achieved an overall growth of 5 per cent in our domestic volumes during May 2013 for our automotive sector, in spite of a challenging environment. The growth in capital investment and private spending have also slowed down which is a cause for concern," said M&M Chief Executive (Automotive Division) Pravin Shah .