Mahindra has confirmed the launch of the smaller version of its sedan Verito by the end of 2012 as it looks to beat industry growth this fiscal and build on good sales witnessed so far this year.
The sub-four metre Verito will qualify for excise duty benefits on small cars which stands at 12 per cent for those with engine capacity of less than 1,200 cc for petrol and 1,500 cc for diesel and length less than four metres.
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The smaller Verito will be in the same segment as Maruti Suzuki India’s DZiRE and Tata Motors’ Indigo CS.
“In the next couple of months, we will have our compact SUV and by the end of the year, we will launch the sub-four metre Verito. These new products will enable our sales to grow further this fiscal,” Mahindra & Mahindra Chief Executive (Automotive Division) Pravin Shah”.
With launch of more variants and models Mahindra could be the third largest car maker and will comfortably surpass Tata Motors. In May Mahindra sales stood at 21,154 units while that of Tata Motors were at 20,503 units.