Mahindra & Mahindra Ltd
(M&M Ltd) has announced the introduction of leasing for retail buyers, a
unique ownership experience for customers of its personal range of vehicles.
This offering has been designed at a monthly lease rental starting at Rs.
13,499/- per month for KUV100NXT and Rs. 32,999 per month for XUV500.
The benefits of leasing to the
customers include total convenience, lower or no down payment, zero risk on
resale value of the vehicle and a fixed EMI inclusive of maintenance cost. As a result, leasing is gaining increasing
acceptance in the market and offers greater convenience compared to actually
owning a car. It also makes the entry easier with no initial down payment.
Customers also have the flexibility to upgrade their models. Once the lease
scheme is over, the person can return the vehicle to the company without the
hassle of reselling it, and get a new vehicle.
The lease offering will
include services such as insurance, end to end maintenance, on road assistance,
accidental repairs, 24 hours replacement vehicle, etc, ensuring a hassle-free
experience while using Mahindra vehicles.
Mahindra’s lease offering will
cater to individual leasing for working professionals and SMEs and will be available
across 6 cities namely- Pune, Ahmedabad, Bangalore, Hyderabad, Mumbai and New
Delhi in the first phase of launch.
In its next phase, the lease
offering will be extended to 19 more cities across India. The lease offer will
be available on Mahindra’s personal portfolio of vehicles such as the KUV100,
TUV300, Scorpio, Marazzo and XUV500. The company has partnered with Orix and
ALD Automotive, globally renowned and leading leasing service companies, for
this offering. The leased vehicle will be available for period of up to 5 years
depending on the city and model selected.
V S Parthasarathy, Group CFO
& Group CIO, Mahindra & Mahindra Ltd said, “Our Leasing model is a
category creating product offering, a ‘no-worry’ experience for customers who
prefer convenience over ownership. It aims to bring a new class of customers,
including professionals, small businessmen and millennials, into the M&M
car experience – who were waiting on the side-lines. Going forward, I am
confident that leasing will gain more currency and the penetration levels will
move in line with global trends”.
According to Veejay Ram Nakra,
Chief of Sales and Marketing, Automotive Division, Mahindra & Mahindra
Ltd., “We are happy to introduce this unique leasing offering for our retail
customers in association with Orix and ALD Automotive. Our lease offering for
retail buyers aligns with our larger vision of transforming the face of
mobility in India, disruption being at the very core. With this offering, we
hope to help our customers fulfil their aspiration of driving their desired
vehicles without necessarily owning them, thereby elevating customer engagement
experience to the next level”.
BorgWarner has clinched an agreement with a major North American OEM to supply its bi-directional 800V Onboard Charger (OBC) for the automaker’s premium passenger vehicle battery electric vehicle (BEV...
Uno Minda, a leading tier 1 supplier of proprietary automotive solutions to original equipment manufacturers (OEMs), has unveiled an innovative range of side stand sensors and switches that use advanc...
As the adoption of electric vehicles (EVs) continues to grow, Honeywell has created innovative solutions to address safety concerns across the spectrum of EV manufacturing and use.