Mahindra to launch pick-up in U.S. by year end
MUMBAI (Reuters) - Mahindra & Mahindra, India's largest utility vehicles and tractor maker, said on Wednesday it would launch its compact diesel pick-up truck in the United States by the end of the year.
The launch, which will be a year behind schedule, was delayed because of changes needed to conform with U.S. regulations following extensive road tests in America.
"We wanted to give the best product to the American consumer and thereby wanted to be absolutely sure on parameters before its launch," President Pawan Goenka said in a statement.
Mahindra, which has built the pick-up on the platform of its flagship Scorpio sport utility vehicle, expects to get U.S. Environmental Protection Agency certification by July and production should start in mid-September.
The trucks would arrive in U.S. showrooms by late December, the company said.
By 0732 GMT, shares in Mahindra, worth $7.1 billion, were trading down 2 percent at 548.60 rupees in a weak Mumbai market, but have gained 3.6 percent this year while the main index is down 4.6 percent.
In 2009, the stock had nearly quadrupled, beating an 81 percent jump in the index.
(Reporting by Janaki Krishnan; Editing by Ranjit Gangadharan)
(For more business news on Reuters Money visit www.reutersmoney.in)
- Tweet this
- Share this
- Digg this
- U.S. strikes have slowed Iraq militants but not weakened them - Pentagon
- Japan and India vow to boost defence ties during summit
- Government urges court to leave some coal blocks with companies
- Ukraine accuses Russia of "undisguised aggression" as rebels advance
- UPDATE 9-Pakistani protesters clash with police, soldiers secure state TV
The Nifty surged past the psychologically important 8,000 level for the first time on Monday as blue-chips such as ICICI Bank gained after better-than-expected quarterly economic growth data. Full Article
Government urges Supreme Court to not cancel some 'illegal' coal mines Full Article