A thermoplastic elastomeric composition is provided exhibiting reduced levels of hardness and enhanced levels of elongation. The composition contains a chlorinated polyolefin and graft copolymer having a rubber substrate present at a level of 65 to 90 percent by weight based on the total weight of the graft copolymer. Preferably the graft copolymer is an acrylonitrile-butadiene-styrene graft copolymer and preferably the chlorinated polyolefin is a chlorinated polyethylene having a high molecular weight and a relatively low chlorine level. The composition is useful for making molded articles such as interior automotive components requiring high elongation and tear resistance, reduced hardness and often high strain recovery.