Shares of Mahindra & Mahindra (M&M), a major player in India’s SUV market, are gaining attention today after the company revealed that its newly launched Thar ROXX received an astounding 1.76 lakh bookings in just the first hour after its release.
The booking period began at 11:00 AM, marking the highest first-day bookings for any product from Mahindra. Deliveries for the Thar ROXX are set to start on Dussehra day, with the company promising to provide updates to customers about their expected delivery schedules in the coming three weeks.
The overwhelming response to the Thar ROXX shows that it has struck a chord with consumers. Mahindra stated, “The unprecedented response reflects the broad appeal of Thar ROXX, captivating customers nationwide.” The SUV is designed to combine style with a strong driving experience, better performance, and high safety features. It aims to make a mark in the competitive SUV market, where it goes up against well-known models like the Hyundai Creta.
This impressive demand follows Mahindra’s strong performance in September, where the company reported a significant 24% year-on-year (YoY) growth in SUV sales, delivering over 51,000 units. Exports were also robust, with a 25% YoY increase, totaling 3,027 units.
On Thursday, M&M’s shares closed at ₹3,129.20, down 1.2% on the Bombay Stock Exchange (BSE), while the benchmark Sensex fell 2.1%. The company’s shares have risen 84% in 2024 and 150% over the past two years, giving it a market capitalization of ₹3,89,125 crore.
In addition to the Thar ROXX announcement, Mahindra & Mahindra also revealed its entry into the electric small commercial vehicle segment. The company launched the ZEO electric four-wheeler, designed for last-mile mobility needs, with prices starting at ₹7.52 lakh. The Mahindra ZEO features an efficient high-voltage 300+ V architecture that offers superior energy efficiency, greater range, and faster charging. It is powered by an advanced Permanent Magnet Synchronous Motor that delivers 30 kW power and 114 Nm torque, supported by a powerful 21.3 kWh liquid-cooled battery for excellent performance.
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