Mahindra & Mahindra (M&M), one of the country's leading automakers, is embarking on an ambitious strategy to boost its revenue. The company plans to expand its presence in global markets and diversify its operations. M&M's focus lies on the international market, where it intends to introduce its latest products like the XUV700 and Scorpio-N, alongside a new range of electric vehicles. In the Indian sports utility vehicle (SUV) market, M&M already commands a substantial share.

A senior official mentioned that the company aims to triple its revenue from international operations within the next two years, with further growth planned beyond that. Rajesh Jejurikar, the Executive Director and Chief Executive of Automation and Farm Equipment at M&M, expressed, "Our goal is to increase international operations revenue by 2.5 times by FY26 and beyond." He emphasised that M&M is dedicated to developing products that meet global standards and can compete on a global scale. Jejurikar noted that the company's product line has achieved a level of maturity enabling it to compete effectively worldwide.

Currently, Mahindra exports its vehicles to 30 countries, including nations in South Asia, the Middle East, Africa, South Africa, Australia, New Zealand, and certain left-hand drive markets in South America. The company recently introduced its XUV700 and Scorpio-N models in Australia and New Zealand, where it already sells a pick-up version of the Scorpio. Moreover, M&M launched the XUV700 and Scorpio-N in South Africa last year and has established an assembly base there. According to Jejurikar, the company is the fastest-growing brand in South Africa.

While the XUV700 and Scorpio-N serve as M&M's initial offerings in the global market, the company unveiled a concept pick-up truck in August, specifically tailored for international markets.

In addition to its existing product lines, M&M is aggressively venturing into the electric vehicle segment. The company plans to enter the European market with its upcoming Born Electric (BE) range of vehicles. Mahindra has partnered with the German auto giant Volkswagen to utilise its Modular Electric Drive Kit (MEB) platform in its Inglo platform, aiming to develop a comprehensive global electric vehicle portfolio.

To meet the rising demand, M&M is diligently working to increase its monthly production capacity to 49,000 vehicles by March 2024, up from 29,000 vehicles in the financial year 2021-22. This expansion initiative aims to reduce the waiting period for its popular models, including the Mahindra Thar, Scorpio-N, and XUV700.

Source: Business Standard