Mahindra arm eyes 10% in scooter mkt

Mumbai Mahindra2Wheelers, part of the $7.1 billion (around Rs 33,370 crore) Mahindra Group, plans to double its sales this fiscal. The company is targeting 10% market share in the scooter segment this fiscal, up from the current 6-8%.

The company offers three models of scooters — Flyte, Duro and Rodeo. These sold 70,000 units last year. It will soon be entering the motorcycles segment. The first model in this segment could be a 100 cc bike, say sources.

The company said it is working closely with the Reva Electric Car Company, in which M&M holds a majority stake, to leverage its expertise in the electric drive technology for its products.

“We are working on a number of new platforms, which will fructify in two-three years. We are working on alternative technology (electric and hybrid) and are greatly helped by the controlling stake in Reva as they are very strong in this field (electric technology),” said Anoop Mathur, president, Mahindra2Wheelers, and member of the management board, M&M.

He added, “We sold 70,000 units last year and expect to maintain this trend this year as well. We hope to more than double volumes this year.” Mathur did not divulge the number of new products the company plans to launch, but said that entry into motorcycles will help boost sales.

M&M acquired 80% stake in Kinetic Motor in July 2008 for Rs 110 crore. In September 2009, Mahindra Two Wheelers, the new company, launched Rodeo and Duro models and relaunched Flyte.

Till date, Mahindra has sold one lakh units of all the three models put together. The Flyte, Duro and Rodeo models sell 10,000 units a month.