Mahindra & Mahindra plans seven new EVs by 2030, increases production, and reports strong financial growth amidst a global slowdown.
Mahindra & Mahindra has reaffirmed its commitment to electric vehicles pledging confidence in the Indian market even as the global economy slows. Mahindra expects to have seven EVs by 2030, with models being added from 2025. The company has projected to take a 15,000 monthly production capacity for the current fiscal year to reach the new total monthly capacity of 64,000 units out of which 10,000 units will be the EVs.
Market Perspective
“Some of the markets around the world are experiencing some noise because there is no charging structure but those markets are at approximately 20% market penetration; India today is at 1.5% percent and is moving forward,” M&M’s MD & CEO Anish Shah said. Both Jeremy and Shah highlighted the great role in speeding up the change towards electrification in the Indian market that can be played by desirable products.
Current and Future Offerings
At the moment, Mahindra & Mahindra just has XUV400 in the EVs segment, but in the next few years, it wants to add more models using a more economical LFP technology than NMC, which European players prefer. The 5-door Thar Roxx is expected to be launched on August 15, and its production preparations are already being made. This year in January, M&M has inked a pact with the Volkswagen Group for sourcing some electrical components and the cells from Volkswagen MEB for the second joint electric architecture INGLO.
Financial Performance
In terms of the firm’s financial performance, operating in the red figure, M&M posted a twenty percent rise in its consolidated PAT at INR 3,283 crore for the first quarter that ended on June 30, 2024. This is a rise from INR 2,745 crore declared in the same period last year. Even the revenue stood at INR 37,218 crore up by 10% yoy compared to the corresponding quarter of the previous FY15 at INR 33,892 crore.
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