Schedule a Call Back
Mahindra's bold move: 30% of auto production to be electric by 2027
Industry News- Jan 23,24
Anish Shah, the Managing Director and CEO of Mahindra and Mahindra, unveiled the company's strategic vision at the Davos 2024 World Economic Forum.
Mahindra and Mahindra, a prominent player in India's automotive sector, is set to undergo a substantial change in its production approach. The company aims to shift 30% of its total automotive manufacturing to electric vehicles (EVs) by the fiscal year 2027. This ambitious strategy stems from the company's dedication to sustainability objectives and the imperative to remain competitive in the swiftly expanding EV market.
Anish Shah, the Managing Director and CEO of Mahindra and Mahindra, unveiled the company's strategic vision at the Davos 2024 World Economic Forum. He articulated that the company strives to have 30% of its entire production dedicated to electric vehicles in the next three to four years, achieving this target by FY27. Looking further into the future, Shah expressed optimism that this figure would rise to approximately 50% by FY30. The company also envisions manufacturing one million EVs in India by fiscal 2030.
This strategic pivot coincides with the potential entry of global electric vehicle giant Tesla into the Indian market in 2024. Mahindra and Mahindra's proactive stance on electric mobility aims to position the company as a formidable competitor in the evolving automotive landscape.
Anish Shah confidently asserted the company's capacity to outperform competitors, highlighting Mahindra's successful track record with models such as the Thar, Scorpio, and Bolero. He conveyed the belief that Mahindra would surpass rivals, including Tesla.
Mahindra and Mahindra is already making significant progress in its electric vehicle lineup, with plans to introduce around five electric SUV models by December. The company's commitment to EV production aligns with the broader industry trend as global automakers pivot towards sustainable and environmentally friendly transportation solutions.
In addition to the emphasis on electric vehicles, Shah provided insights into Mahindra Group's wider ambitions, spotlighting the group's IT business arm, Tech Mahindra. The IT division is actively involved in artificial intelligence (AI) research and is developing a distinctive AI search engine. Shah underscored the significance of technology and innovation as Mahindra Group positions itself for 5X growth in the next five to seven years.
As the automotive industry undergoes a transformative shift towards electric mobility, Mahindra and Mahindra's strategic initiatives underscore its commitment to staying ahead in the competitive market while contributing to environmental sustainability.
Source: Punepulse
Related Stories
Auto & Auto Components
Mahindra’s Thar ROXX, XUV 3XO, and XUV400 earn 5-Star Bharat-NCAP rating
Thar ROXX has made history by becoming the first body-on-frame SUV to secure a 5-star Bharat-NCAP rating, achieving the highest overall score by any ICE vehicle in Bharat-NCAP testing.
Read moreAuto & Auto Components
Mahindra debuts electric origin SUVs named XEV 9e and BE 6e
The SUVs will premiere globally at UNLIMIT INDIA, on November 26, 2024, in Chennai.
Read moreRailways
Railway stocks to be in focus as FM Sitharaman reviews capex plan
The Finance Minister emphasised the need for the ministry to meet the capex target for the fiscal year 2024-25 within a set timeframe, building on the progress made in the first 100 days of the Modi..
Read moreRelated Products
Tata Motors unveils facilities for development of Hydrogen propulsion tech
AUTO COMPONENTS & ACCESSORIES
Tata Motors, India?s largest automobile company, unveiled two state-of-the-art & new-age R&D facilities for meeting its mission of offering sustainable mobility solutions. The unveilings constitute of Read more
Tata Motors plans petrol powertrain for Harrier and Safari SUVs
AUTO COMPONENTS & ACCESSORIES
Tata Motors is in the process of developing a new petrol powertrain for its premium sports utility vehicles, the Harrier and Safari, as confirmed by a senior company official. Currently, these models Read more
Electric Vehicle Charger
AUTO COMPONENTS & ACCESSORIES
RRT Electro is engaged in manufacturing of customized Power Electronic Products over two decades having capability to Design, Develop, Prototyping, Regulatory Compliance testing & Certification, Manuf Read more
latest News
Subscribe to iNoW
For Industry News on WhatsApp, Give a Miss Call on: +91 84228 74016
