Mahindra & Mahindra Ltd.'s newly launched Thar ROXX registered 1,76,218 bookings within 60 minutes of its availability, starting at 11 a.m. on Thursday. This is much higher than the estimates of some of the brokerages.
In its report, Nomura stated that it expected roughly 50,000 bookings for the Thar Roxx.
The Thar has been an iconic model for Mahindra, with a cult-like following. The Thar 3-door has an approximate waiting time of eight weeks, and customers have been waiting for the same without too many cancellations.
Competitors such as Maruti Suzuki attempted to compete with the Thar via the Jimny, but it did not go as planned. Currently, Jimny only sells a few hundred of its models per month, positioning itself as an export product.
In comparison, the Thar 3-door sells roughly 6,000 vehicles per month. With the introduction of the Thar Roxx, brokerages do expect an additional 2,000–3,000 units of vehicles per month to the existing Thar sales, and they expect some cannibalisation on the existing model as well. For 2023, the Thar sold 61,748 units, which is a growth of 33% compared to 46,297 sold in 2022.
However, this booking number of 1.76 lakh units is extremely healthy given the company's current annual sales of between 70 and 75 thousand vehicles per year.
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