Chennai, Jan 21 (Inditop.com) Automobile maker Mahindra and Mahindra Ltd (M&M) plans to roll out a passenger vehicle using its half-tonne cargo carrier Gio platform.
“At M&M, we look at developing vehicle platforms on which different kinds of vehicles can be built,” said Vivek Nayer, senior vice president of the company’s automotive sector here Thursday.
“A CNG (compressed natural gas) powered cargo variant is also planned,” Nayer told reporters at the launch of Gio in Tamil Nadu.
Competitor Tata Motors has launched Tata Magic, a passenger car, on its popular one-tonne cargo carrier Tata Ace.
According to Nayer, Gio is targeted at owners of three-wheeler cargo carriers and mini trucks, vehicles that can carry one tonne of cargo.
“While the market size of half tonne load carriers is around 70,000 units per annum, our addressable market taking into account three-wheeler and mini truck owners is around 160,000 units.”
Nayer admitted Gio would cannibalise sales of its Alfa and Champion cargo three-wheelers but added: “The sales of Gio will more than offset the loss of three-wheeler sales.”
According to him, M&M has a market share of 18 percent in the three-wheeler cargo carrier segment — the lowest compared to other segments in which the company operates.
“We want to change this and have a major share in the cargo carrier market,” he said.
