new delhi the chips may be down at mahindra mahindra but the utility vehicle major is all set to take competition headon with two allnew compact suvs the company which has seen passenger vehicle sales slip 19 in 10 months of this fiscal due to stiff competition from models like renault duster and ford eco sport plans to drive in the suvs next year and these will be priced aggressively in the rs 56 lakh segment the new suvs will be raised from two allnew platforms that we are developing pawan goenka president of mms automotive division told toi here the company is spending about rs 1000 crore per platform and these will also be used to drive in other products in the future goenka said while one of the suvs will be focused on metros and bigger cities the other one will be for semiurban and smaller markets the company also has a plan to export the models to neighbouring countries and other markets like south africa chile brazil and indonesia goenka said mahindras absence from the compact suv segment was a major reason behind the poor performance the uv segment is growing in a subsegment where we do not have strong products if you look at the uv segment as in traditional uv segment our market share is intact but that is not the segment that is growing quanto which is the companys lowest priced uv has not been able to make much headway while the xuv500 has also been under pressure goenka however said that the companys old warhorses such as bolero and scorpio continue to do well the real turnaround for us will happen once we launch the new products asked whether the company will be able to manage a high degree of refinement and design elements he said if we have not learned in the last 15 years on how to get the refinement to the level where it can compete with the traditional passengercar players then we dont deserve to remain on the top our test will be that when we launch the product in a competitive rs 56 lakh segment where the famous brands are there will mahindra be able to manage that the pressure from new models at a time when the car market is passing through one of its slowest periods has hit the companys sales hard market share of mm has slipped to around 40 from the high levels of around 55 it once enjoyed goenka said not much should be read into this development when a segment moves from being a duopoly to a dozen players you cannot have a 60 kind of market share in any competitive market 40 market share is a good share if we can maintain 40 in a long term i will be very happy