We challenge OEMs to invest in India, compete with us: M&M's Anish Shah

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₹10,000 crore in its born-electric sports utility vehicle (SUV) program, with five EVs slated for launch on its grounds-up electric platform called Inglo. The first of these EVs will hit the market towards the end of 2024. The auto major has also inked global sourcing agreements for key components for the vehicles and has onboarded marquee investors such as British International Investment (BII) and Temasek for its EV subsidiary.

Mahindra, through this EV subsidiary, will make this ₹10,000 crore investment over a period of 7-8 years for setting up the manufacturing facility, development, and production of its upcoming BEVs. The auto major on Friday reported a standalone net profit of ₹3,452 crore in the second quarter of FY24, an improvement of 67% from ₹2,068 crore for the same quarter last year. Its standalone revenue from operations in the same quarter jumped 15.7% to ₹24,310 crore from ₹21,010 crore on a year-on-year basis, with SUV revenue alone clocking a 28% year-on-year surge.

The SUV-maker said its open bookings for SUVs currently stood at 286,000 units, reflected sustained demand for its products. M&M also said it has seen a 90 basis points increase in its revenue share in the SUV segment, accounting for over 19% of the segment's revenues over the last five months. Rajesh Jejurikar, CEO, auto and farm divisions, said that the market for tractors is expected to see a flattish growth over last year, as the month of March is expected to record a dip in sales because of the absence of the Navratri festival in the month of March this year, unlike the last.