Mahindra Thar portfolio to get more iterations soon to make it a brand in itself
Mahindra is aiming to dominate the SUV market with its latest launch, the Thar Roxx. The company is banking on this new model to strengthen the Thar brand and achieve leadership in the Rs. 12.5 lakh+ SUV segment. This strategic move follows the tremendous success of the current generation Thar, which has already significantly bolstered Mahindra’s position in the market. Below is a detailed breakdown of M&M’s strategy and expectations.
Key Highlights of Mahindra’s Strategy with Thar Roxx:
- Thar’s Market Success:
Launched in August 2020, the current generation Thar has far exceeded Mahindra’s expectations, achieving a monthly sales figure of 6000 units, well above the projected growth of 30-40%. - Expanding the Thar Portfolio:
The newly launched Thar Roxx, priced from Rs. 12.99 lakhs (ex-showroom), is designed to make the Thar brand more mainstream. Mahindra sees this model as a crucial addition to its lineup, targeting the midsize SUV market and aiming to propel the Thar brand to the pole position in the SUV segment within the next 3-5 years. They will add more iterations to the Thar portfolio. - Market Share and Segment Focus:
Mahindra currently holds a 27% share in the Rs. 12.5 lakh+ SUV segment, which constitutes approximately 45% of the total industry volume. Overall, Mahindra’s share in the SUV market stands at 19.1%, with a revenue market share of 21.4%. - Thar Roxx’s Role in the Portfolio:
The Thar Roxx, a five-door model, is expected to attract a wider customer base as it addresses the limitations of the three-door Thar. Mahindra plans to distinguish between the two models offering more premium features in the bigger Thar. - Production and Investment:
Mahindra has set up a combined monthly production capacity of 9500 units for the Thar and Thar Roxx. The company has invested Rs. 1000 crores in the development of the Thar Roxx and its production facilities. In 2023-24, the Thar sold 65,246 units, averaging over 5400 units per month. - Technological Advancements:
The Thar Roxx is based on the new MGlyde platform, developed over three years. The platform is lighter and more rigid than its benchmarks, with the Mahindra Research Valley team filing for over 60 patents. The Thar Roxx also features India’s first electric locking differential, Level 2 ADAS and over 80 connected features. - Mahindra’s Growth Strategy:
Mahindra aims to continue its volume momentum, targeting a growth rate in the “mid to high teens” for this year. The company believes that maintaining volume momentum will drive better costs, stronger supplier partnerships and overall ecosystem motivation.
Mahindra is confident that with the Thar Roxx, it will capture a significant share of the midsize SUV market, leveraging the emotional appeal of the Thar brand combined with the comfort and features of a C-segment car.
