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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
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