Mahindra & Mahindra expanded its light commercial vehicle (LCV) range by introducing a new product line based on an entirely new platform, developed with an initial investment of Rs 9 billion. The company launched the Veero light commercial vehicle in the under 3.5 tonne category, available in both diesel and CNG trims, with prices starting at Rs 07.99 million (ex-showroom). An electric version of the LCV is planned for a later release. In an interaction with PTI, Veejay Nakra, President of the Automotive Division at Mahindra & Mahindra, stated that this new model would help the company further solidify its leadership in the LCV segment under 3.5 tonne. He mentioned that the product, which offers multiple fuel options and payload capacities, is expected to be beneficial for a range of applications. Nakra noted that Mahindra & Mahindra currently holds about 51 per cent of the market share in the less than 3.5 tonne LCV segment. With this new range, which falls in the 2-3.5 tonne segment where the company has a 63 per cent market share, the company aims to further increase its market share beyond 63 per cent. The Veero range, developed on the company's new Urban Prosper Platform, will be manufactured at the Chakan plant. Regarding the investment for the development of this new range, Nakra explained that approximately Rs 9 billion had been invested in the diesel and CNG versions. He also mentioned that the electric variant would be launched in due course. On the broader LCV segment, Nakra observed that there had been a slight decline in the 2-3.5 tonne category compared to the previous year, and the less than 2 tonne segment had experienced a 12 per cent decline. However, he expressed optimism that the recent government commitment of over Rs 1 trillion for capital expenditure, following the approval of the Budget, would help reverse the marginal decline