An electric version of the LCV would be introduced at a later stage.
In an interaction with PTI, Mahindra & Mahindra (M&M) President Automotive Division Veejay Nakra said the model will help the company further strengthen its leadership in the LCV (less than 3.5 tonne) segment.
The product, with multiple fuel options and payloads, will be useful for various applications, he added.
"We have a market share of around 51% in the less than 3.5 tonne LCV segment... now this range comes in 2-3.5 tonne segment where we have a market share of 63%. So it will help us further strengthen market share beyond 63%," Nakra said.
The Veero range, which is based on the company's all new Urban Prosper Platform, would be produced at the company's Chakan plant, he said.
Asked about investment on development of the new range, Nakra said for diesel and CNG versions, the company has invested close to INR 900 crore.
"Electric variant, we will launch in the due course," he added.
On the overall LCV segment, Nakra said in the 2-3.5-tonne vertical there has been a marginal de-growth this year as compared to last year.
The less than 2 tonne segment has seen a de-growth of 12%, he stated.
"Now with the Budget approved and over INR 1 lakh crore committed by the government on capital expenditure, we believe that will really sort of help turn around the marginal de-growth," Nakra said.
The sales of tractors and two-wheelers have started to pick up and the positivity would also start to reflect in the small commercial vehicle segment, he said.
"We are seeing positive traction as we get into the festive season. This new range will further help the segment in recovery," Nakra said.
The diesel trims of Veero offer a mileage of 18.4 km/litre while the CNG variants offer 19.2 km/kg, the company said.
"Designed to support multiple powertrain options, including electric in the near future, it addresses the diverse operational needs of businesses, offering flexibility like never before," M&M President, Automotive Technology and Product Development, R Velusamy, said.
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