JOIN USMahindra and Mahindra (M&M), the country’s largest utility vehicle manufacturer, on Tuesday launched the Jeeto — a small commercial vehicle — with prices starting at Rs 2.32 lakh (ex-showroom Telangana).
Positioned against Tata Ace, Tata Zip and Piaggio’s Ape Extra LD, the Jeeto range promises a mileage of between 27.8 km and 37.6 km per litre depending on the variant.
Jeeto, available in eight variants, offers range with payloads between 600 kg and 700 kg, with deck lengths between 5.5 feet and 6.5 feet. It comes in two engine variants— 11 HP and 16 HP.
M&M has so far invested Rs 100 crore in developing the m-Dura engine. It has invested another Rs 300 crore in the LCV (light commercial vehicle) manufacturing plant here, out of which, Rs 50 crore has been set aside for Jeeto’s development.
Passenger variant too
The company is coming up with a small commercial passenger vehicle based on its Jeeto platform powered by m-Dura, a new direct injection diesel engine from the M&M stable, according to its executive director Pawan Goenka.
“We are planning to come with a passenger variant too based on the Jeeto platform. The launch of the new product will be more than a year away from now,” Goenka said.
“The small (three-wheeler), micro and mini-truck segment in India is pegged at 250,000 units a year. The catchment for this segment is large and M&M sees this as a big volume opportunity,” he said.
The Zaheerabad plant currently has the capacity to churn out 92,000 units of Jeeto per year, with scope to scale up to 150,000 units.
“We just started the ramp-up with 120 Jeeto vehicles per day,” Goenka said, adding the company would be simultaneously exporting Jeeto to neighbouring countries like Sri Lanka, Bangladesh, Nepal and Bhutan.
CV, UV share at 43%
M&M commands a 43 per cent market share in the commercial and utility vehicle segment, which is expected to grow between five per cent and seven per cent this financial year. The company enjoys 16 per cent market share of the up to two-tonne small CV segment.
“The monsoon has arrived and the interest rates are under control. We are equipped to leverage the turnaround in the economy... as and when it happens,” Goenka said.