Tata Motors, M&M to Cut SUV Prices

10 Jul 2024 , 12:21 PM

Leading automakers Tata Motors and Mahindra & Mahindra (M&M) announced hefty discounts on select and popular SUVs on Tuesday, citing declining demand and increased inventories.

As the Mahindra XUV700 approaches its three-year anniversary in India, M&M has announced four-month-long festive discounts of more than ₹2 lakh on its range-topping AX7 models, according to TOI.

Effective Wednesday, the AX7 range begins at ₹19.49 lakh, down from ₹21.54 lakh.

Mahindra celebrated the manufacturing of the 200,000th unit of the model, just three years after its launch, making it one of the most popular vehicles on the market.

Tata Motors, too, has reduced costs by up to ₹70,000 on various models as part of the ‘King of SUVs festival’, as well as advantages of up to ₹1.4 lakh on its range of fossil fuel and EV SUV variants.

According to media reports, the automaker has reduced the starting costs for the Tata Harrier and Safari SUVs.

Notably, these modifications come a day after the Uttar Pradesh government cancelled registration fees for powerful hybrid vehicles, effectively lowering on-road prices by up to ₹3 lakh.

India’s vehicle retail sales increased by only 0.73% year on year in June, owing to delayed monsoons in several parts of the nation.

Furthermore, PV and CV sales declined by 7.18% and 12.42% month on month, respectively, showing weak market sentiment.

“Inventory levels are at an all-time high, ranging from 62 to 67 days. Despite increased product availability and significant reductions targeted at driving demand, market sentiment has remained muted due to excessive heat, leading in 15% fewer walk-ins and delayed monsoons,” FADA stated.

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