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Mahindra looks to bolster play in core SUV, electric vehicle segments

Economic Times

Economic Times · 6h ago

Mahindra looks to bolster play in core SUV, electric vehicle segments

Mahindra & Mahindra remains committed to producing premium, differentiated vehicles with a focus on SUVs and electric vehicles (EVs) to strengthen its standing in the domestic passenger vehicle market. The company aims to sell around 7,000 EV units by the fiscal year's end and foresees EVs making up 25% of its total sales by 2028. Mahindra sets aside CNG and alternative fuel technologies to concentrate on its core SUV and EV segments.

Related News

Can bring in a hybrid in a ’reasonable’ time frame if market demands: M&M’s Anish Shah | Mint

Livemint

Livemint · 1y ago

Can bring in a hybrid in a ’reasonable’ time frame if market demands: M&M’s Anish Shah | Mint

Mahindra & Mahindra (M&M) is confident in its ability to bring a hybrid SUV to market in a reasonable timeframe and expects a strong demand for its upcoming electric vehicle range. The company's CEO, Anish Shah, stated that M&M can meet consumer demand for hybrids or other powertrains if needed. Shah's comments come amid a renewed interest in hybrid vehicles in India following a government directive on road-tax waiver. M&M reported a 20% YoY increase in operational profit for Q1, with market share gains and strong volume growth in its SUV, light commercial vehicle, and tractor segments.

Tata Motors speeds past Hyundai, M&M to 2nd spot in PV race, extends lead over JSW MG in EV registrations

Economic Times

Economic Times · 1m ago

Tata Motors speeds past Hyundai, M&M to 2nd spot in PV race, extends lead over JSW MG in EV registrations

Tata Motors regained the No. 2 position in India's passenger vehicle market, surpassing Hyundai and Mahindra & Mahindra in September, driven by strong SUV and electric vehicle (EV) sales. Tata registered 40,594 units, marking a 28% increase from the same month last year. Increased EV registrations played a significant role, with Tata's Nexon, Tiago, and Punch EV models contributing to their success. Maruti Suzuki remained the leader, while Hyundai and Mahindra held third and fourth positions, respectively.

M&M shares surge on record SUV and tractor sales in October

Money Control

Money Control · 1y ago

M&M shares surge on record SUV and tractor sales in October

Shares of Mahindra & Mahindra surged over 5% after the company reported a 25% YoY increase in SUV sales, reaching a record 54,504 units in October. The company's stock climbed nearly 3% to Rs 2,894, outperforming the Nifty 50. M&M's auto and tractor segments also achieved record monthly sales. Overall vehicle sales, including exports, totaled 96,648 units. The domestic tractor sales witnessed a jump from 49,336 units last year to 64,326 units. Following the positive update, Kotak Institutional Equities upgraded M&M to a 'Buy' rating.

BII bullish on Indian EVs, expects to invest $300M in 3 yrs: MD Abhinav Sinha

YourStory

YourStory · 1y ago

BII bullish on Indian EVs, expects to invest $300M in 3 yrs: MD Abhinav Sinha

British International Investment (BII), a major development finance institution in the UK, plans to invest an additional $300 million in the Indian electric vehicle (EV) industry over the next three years. BII has already invested around $300 million in the country's EV sector, including backing Mahindra group's EV arm and other startups. BII sees significant growth potential in India's EV manufacturing, components, and financing segments. The company expects India to surpass Europe and the US in terms of EV adoption and aims to play a major role in the country's EV ecosystem.

June sees first decline in SUV sales in India in over five years amid economic challenges

Economic Times

Economic Times · 3m ago

June sees first decline in SUV sales in India in over five years amid economic challenges

In June, India experienced its first decline in SUV sales in over five years, with a 2.1% drop to 175,000 units due to economic challenges like IT sector layoffs and geopolitical uncertainties. SUV sales, which usually dominate the passenger vehicle market, reached 55% of total vehicle sales. Despite this, SUV sales for the first fiscal quarter grew by only 5.6%, marking a significant slowdown. Automakers like Maruti Suzuki and Mahindra remain optimistic about future growth.

Singapore-based Temasek to invest Rs 1,200 crore in Mahindra Electric at $9.8B valuation

IndianStartupNews

IndianStartupNews · 2y ago

Singapore-based Temasek to invest Rs 1,200 crore in Mahindra Electric at $9.8B valuation

Mahindra & Mahindra, which operates in sectors including automotive, farm, and services businesses, said Singapore-based Temasek will invest Rs 1,200 crore in Mahindra Electric Automobile, the four-wheeler (4W) passenger electric vehicle company.

BYD’s senior management set to visit India as Modi-Xi reset ties

Economic Times

Economic Times · 2m ago

BYD’s senior management set to visit India as Modi-Xi reset ties

BYD Co. is preparing to expand in India as India-China diplomatic ties improve, facilitating easier travel for Chinese executives. The company plans to launch the Atto 2 compact electric SUV in India, aiming to challenge local rulers like Mahindra and Tata. BYD is also seeking to increase its vehicle import quota by securing local regulatory approval. The warming relations are further propelled by shared economic concerns and potential collaborations with Indian conglomerates.

Mahindra's EV arm attracts another offshore investor

VCCircle

VCCircle · 10m ago

Mahindra's EV arm attracts another offshore investor

Mahindra & Mahindra's electric vehicle arm, Mahindra Electric Automobile Ltd (MEAL), has attracted a new offshore investor. This follows previous investments from British International Investment and Singapore's Temasek. The company aims to raise up to Rs 12,000 crore to boost its electric vehicle division. This investment highlights the growing interest and confidence in Mahindra's EV initiatives as the company continues to expand its presence in the electric vehicle market.

Auto players line up array of new EV models in coming years on govt push to green mobility

Thehindubusinessline

Thehindubusinessline · 1y ago

Auto players line up array of new EV models in coming years on govt push to green mobility

The Indian auto industry is preparing to introduce a range of electric vehicle models in response to the government's new policy promoting eco-friendly mobility solutions. Major players such as Maruti Suzuki, Hyundai, Mahindra & Mahindra, and Tata Motors are developing new electric vehicles to meet demand. Mahindra & Mahindra is set to launch five new battery electric SUVs starting January 2025, while Maruti Suzuki plans to produce a high-spec EV with a 550 km range in FY24-25. Hyundai, Tata Motors, Audi, and Mercedes-Benz also have electric vehicle expansion plans for the Indian market.

M&M down 6%, top Nifty 50 loser on profit booking, XUV 7OO price cut

Money Control

Money Control · 1y ago

M&M down 6%, top Nifty 50 loser on profit booking, XUV 7OO price cut

Indian automotive company Mahindra & Mahindra (M&M) has seen its shares drop over 6% after deciding to reduce prices on its top-selling SUV due to low demand. As the competition heats up in the SUV market, M&M has cut the price of its AX7 range of the XUV 700 by INR2 lakh ($2,700). This move comes as the company aims to make the vehicle more accessible to a wider range of customers. M&M shares have risen 80% over the past year.

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