Chennai, Sep 9 (IANS): Automobile manufacturer Mahindra & Mahindra Ltd (M&M) is targeting owners of hatchback and sedan cars with an advanced model of its sports utility vehicle (SUV) Bolero, a company official here in Tamil Nadu said Friday.

"The Bolero is fitted with a new engine and has additional technological features. With these features, we will target owners of hatchback and sedan cars," Senior Vice President (marketing and automotive sector) Vivek Nayer told reporters here.

"Till now the vehicle was targeted at small businessmen, traders, semi-urban and up-country markets," he said while launching the new model in the state.

Bolero sold 83,112 units last year, he said.

"It is one of the top-10 passenger vehicle brands and the only SUV in that list. Barring Bolero and Dzire, the other top eight models are small cars," Nayer said.

The project cost for the model revamp is around Rs.50 crore and the new engine will also be fitted in other models rolled out by the company, Nayer said.

The new Bolero is available at a price from Rs.638,000 (ex-showroom Chennai).

Launched in 2000, Bolero was repositioned in 2007 as an entry-level SUV.

M&M had also launched a pick-up truck under the Bolero brand.

The company would launch a model called XUV 500 this December, Nayer said.