Mahindra and Mahindra is set to introduce approximately five electric SUV models by December, aligning with their commitment to shift 30% of production to electric vehicles (EVs) by the fiscal year 2026-27. CEO Anish Shah has expressed confidence in producing one million EVs in India by the fiscal year 2030, marking a significant step toward sustainable and electric mobility.
Mahindra and Mahindra, a leading automotive manufacturer, are actively pursuing a shift toward sustainability by aiming to allocate 30% of its overall auto manufacturing to electric vehicles (EVs) by the fiscal year 2026-27. Group MD and CEO Anish Shah shared this ambitious goal at the World Economic Forum (WEF) in Davos on January 18. The company is already on track to launch approximately five models of electric SUVs by December of this year.
Shah emphasized Mahindra and Mahindra’s commitment to staying competitive in the growing EV market, stating, “We are looking at 30 percent of our entire production to be electric vehicles in the next three-four years by FY27. We are hoping the number will be around 50 percent by FY30. We hope to make a million EVs in India by fiscal 2030.”
In the face of increasing competition, including the potential entry of Tesla into the Indian market, Shah expressed confidence in Mahindra and Mahindra’s ability to outperform rivals. “I believe that we will beat all competitors. We have done that with our current models as well, and there have been numerous instances in the past where M&M was written off, but we have had great success with models like the Thar, Scorpio, and Bolero… We have got Indian cars today that are the best in the world,” he asserted.
The EV landscape in India has seen major players like Maruti Suzuki entering the electric vehicle market with plans to launch at least six EV models by 2030. However, Tata Motors continues to dominate the EV car market in the country.
Shah highlighted the completion of a multi-year corporate clean-up within the Mahindra Group, which operates across various sectors, including automobiles, technology, financial services, and real estate. The firm is now positioned for significant growth, aiming for 5X expansion in the next five to seven years.
Additionally, Shah discussed the research initiatives within the firm’s IT business arm, Tech Mahindra, particularly in the realm of artificial intelligence (AI). Tech Mahindra is actively engaged in developing a unique AI search engine. “We have a lot of work planned within AI. Tech Mahindra is overseeing this. We have built our engine that looks at various global engines, picks the best out of them, and keeps the data secure for Mahindra, and that is the path we will be taking,” Shah explained.
In summary, Mahindra and Mahindra’s strategic focus on electric vehicles, competitive positioning, and technological advancements signal a forward-looking approach as the company aims for sustainable growth in a rapidly evolving automotive landscape.