Mahindra and Mahindra aims for 30% electric vehicle production by FY 2027
Mahindra and Mahindra aims for 30% electric vehicle production by FY 2027
Mahindra and Mahindra, one of India’s leading automotive manufacturers, is gearing up for a significant shift in its production strategy. The company plans to transition 30% of its overall auto manufacturing to electric vehicles (EVs) by the financial year 2027. This ambitious move is driven by the company’s commitment to sustainability goals and the need to stay competitive in the rapidly growing EV market.
Anish Shah, the MD and CEO of Mahindra and Mahindra, highlighted the company’s strategic vision during the Davos 2024 World Economic Forum. He stated that the firm aims to have 30% of its entire production dedicated to electric vehicles within the next three to four years, reaching this milestone by FY27. Looking further ahead, Shah expressed hope that this number would increase to around 50% by FY30. The company also envisions producing one million EVs in India by fiscal 2030.
This strategic shift comes at a time when global electric vehicle giant Tesla is eyeing entry into the Indian market in 2024. Mahindra and Mahindra’s proactive approach to electric mobility aims to position the company as a strong competitor in the evolving automotive landscape.
Anish Shah confidently asserted the company’s ability to surpass competitors, emphasizing Mahindra’s track record of success with models like the Thar, Scorpio, and Bolero. He expressed the belief that Mahindra would outperform rivals, including Tesla.
Mahindra and Mahindra is already making strides in its electric vehicle lineup, with plans to launch approximately five electric SUV models by December. The company’s commitment to EV production aligns with the broader industry trend as automakers globally pivot toward sustainable and eco-friendly transportation solutions.
In addition to the focus on electric vehicles, Shah provided insights into Mahindra Group’s broader ambitions, highlighting the group’s IT business arm, Tech Mahindra. The IT division is actively engaged in artificial intelligence (AI) research and is developing a unique AI search engine. Shah emphasized the importance 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.
