Page 13 - Mahindra & Mahindra

Auto players line up array of new EV models in coming years on govt push

The Indian auto industry is gearing up to roll out an array of electric vehicle models over the next few years amid a renewed push by the government to encourage environment-friendly mobility solutions with the unveiling of a new policy. Mass market players like Maruti Suzuki, Hyundai, Mahindra & Mahindra and Tata Motors are lining up new models to cater to the demand across segments. Mahindra & Mahindra CEO Automotive Sector Nalinikanth Gollagunta told PTI that starting January 2025, the company will be rolling out five new battery electric vehicles in the coming years. "These electric SUVs will be built on Mahindra's innovative INGLO platform and aim to cater to a variety of consumers through their diverse range. The launch of these SUVs is part of Mahindra's broader strategy to lead in the electric vehicle sector, and we expect 20-30 per cent of our portfolio to be electric by 2027," he noted. Maruti Suzuki India Executive Officer (Corporate Affairs) Rahul Bharti said the ..

M&M, Adani Total Energies join to set up EV charging infra across India

Mahindra & Mahindra on Thursday said it has tied up with a unit of Adani Total Gas to establish electric vehicle charging infrastructure across the country. The auto major and Adani Total Energies E-Mobility Ltd (ATEL) have inked a memorandum of understanding (MoU) in this regard. The MoU sets a roadmap for the creation of an expansive EV charging infrastructure across the country, it added. Moreover, the partnership will also entail rolling out e-mobility solutions to provide seamless access to the charging network for the customers covering discovery, availability, navigation, and transactions, the Mumbai-based automaker said. With this association, electric vehicle XUV400 customers will now have access to more than 1,100 chargers, it added. "This alliance is a cornerstone in enhancing the EV charging infrastructure, ensuring our customers enjoy seamless access to charging network and digital integration for an unparalleled EV experience," M&M President - Automotive ...

M&M posts 40% growth in SUV sales in Feb, overall production grows by 26%

The company has been increasing its production steadily and as of February 1, it had opened bookings for around 226,000 SUVs

Auto retail sales jump 13%, PV sales scale record high in February

PV sales moved up by 12 per cent to 330,107 units as compared to 293,803 units in February last year

Mahindra & Mahindra wholesales increase 24% to 72,923 units in February

Mahindra & Mahindra on Friday said its total sales increased 24 per cent to 72,923 units in February. The company's total dispatches to its dealers stood at 58,801 units in February 2023. The Mumbai-based auto major's passenger vehicle sales in the domestic market rose 40 per cent to 42,401 units last month against 30,358 in February last year, the auto major said in a statement. "In our endeavour to make some of our SUVs available faster to consumers, we launched the Scorpio N Z8S variant and the Thar Earth edition this month," Mahindra & Mahindra President (Automotive Division) Veejay Nakra said. The company's total tractor sales last month stood at 21,672 units, a dip of 16 per cent as compared to 25,791 units in the same month last year.

M&M hits new high on strong Feb auto sales; soars 20% in 1 month

The company reported a healthy 24 per cent YoY growth in total auto sales at 72,923 vehicles for the month of February 2024.

JSW Group, Volkswagen begin talks to set up electric vehicle joint venture

Talks with JSW came within days of the German carmaker announcing it would supply components for EVs and battery cells to Mahindra & Mahindra

Mahindra partners with Volkswagen to get electric components, battery cells

BERLIN (Reuters) -Volkswagen and Mahindra & Mahindra Ltd have signed a supply agreement on the use of key electric components of the German carmaker's open platform for electric vehicles (EVs), the companies said in a statement on Friday.

M&M hits new high, up 12% in 2 days; strong Q3, Volkswagen deal aid buying

M&M and Volkswagen have signed supply agreement on the use of key electric components of the German carmaker's open platform for electric vehicles (EVs).

Strong auto business likely to offset tractor slowdown for M&M stock

The auto business is expected to be the growth driver for the next two years due to a healthy order backlog and new launches

Mahindra & Mahindra rallies 6%, nears record high on solid Q3 performance

The company said the automotive business continues to gain market share with SUV at 21.0% and LCV at 49.6%, and the farm market share has improved 80 bps to 41.8% despite a decline in the industry.

Mahindra & Mahindra's Q3 result: Profits up 60%, miss expectatios

The 'Scorpio' SUV-maker's standalone profit after tax rose 60.6 per cent to Rs 2,454 cr ($295 million) in the three months to Dec. 31, missing analysts' estimate of Rs 2,512 cr, per LSEG data

Mahindra Group appoints Amarjyoti Barua as group chief financial officer

Mahindra Group on Friday announced the appointment of Amarjyoti Barua as its Group Chief Financial Officer with effect from May 17 this year. He will be replacing Manoj Bhatt, who is appointed as Managing Director and CEO of Mahindra Holidays & Resorts India Ltd (MHRIL) succeeding Kavinder Singh, the company said in a statement. The change of guard at MHRIL comes following Singh's resignation, according to Mahindra Group. Appointments of Barua and Bhatt are effective from May 17. Currently, Barua is serving as Executive Vice President for Group Strategy. "Talent Development is a key priority at the Mahindra Group, which has enabled us to attract and retain top talent. In addition to world-class development programs, we have mapped career paths for each leader, which include experience across multiple roles," Anish Shah, Group CEO and Managing Director of M&M, said. The company also said, Vimal Agarwal, CFO of Mahindra Lifespaces Developers Ltd (MLDL), will move as CFO for ...

Auto cos seek continued push to green mobility, infra development in Budget

The government needs to continue with favourable policies to promote green mobility while also focussing on infrastructure development at a robust pace in the upcoming Budget, according to some leading firms in the automobile space. The Union government is all set to present the interim budget on February 1. "We expect capex on infrastructural projects to continue, aiding the automotive sector. The policy push for green mobility should remain a key focus for the government, encouraging faster adoption of electric vehicles," Mercedes-Benz India MD and CEO Santosh Iyer said. The luxury car industry has a significant value contribution to the GDP and the segment aspires for a rationalised duty structure and GST on priority, he added. "Overall, we expect consistency in various policies and no surprises in the upcoming budget," Iyer stated. Luxury vehicles currently attract the top GST slab of 28 per cent with an additional cess of 20 per cent on sedans and 22 per cent on SUVs, taking

Mahindra expects to sustain growth momentum in SCV segment in FY25

Mahindra & Mahindra expects to sustain growth momentum in the small commercial vehicles segment in the next fiscal, as it looks to keep refreshing the range as per customer needs, a senior company official said on Thursday. The company on Thursday introduced the new Supro Profit Truck Excel series, available in both diesel and CNG Duo variants, priced between Rs 6.61 and Rs 6.93 lakh, respectively. The Small Commercial Vehicles (SCVs) are designed to cater to the needs of last-mile connectivity. "We are expecting the industry to grow 5-10 per cent next fiscal and we would like to do better than that," Mahindra Auto Vice President and Head of Sales Baneshwar Banerjee told PTI. He said the company keeps working towards continuous interventions in its product range as per customers' requirements. As part of that, the company plans to introduce air conditioning in its pick-up range in the coming months, Banerjee said. He noted that while the industry has witnessed a 22 per cent dip

Mahindra Aerostructures to supply 5,000 varieties of components to Airbus

Mahindra Aerostructures will supply close to 5,000 varieties of metallic components to Airbus in Germany, under a new manufacturing and supply contract with the European aviation major, the company said on Wednesday. The latest award from Airbus Aerostructures GmbH covers all Airbus commercial aircraft models, including A320 family aircraft, Mahindra Aerostructures Pvt Ltd (MASPL) said in the statement. The contract adds to existing MASPL programs to deliver parts directly to Airbus at their facilities in Toulouse, France, it said. "With this new contract we further expand our relationship (with Airbus Aerostructures Gmbh) and increase our participation in the 'Make In India' initiative of the Indian government. We look forward to delivering on our commitments and continuing this journey of collaborative growth," said Vinod Sahay, President, Aerospace & Defence & CPO, Auto & Farm Sectors, Mahindra & Mahindra Ltd. The Bengaluru-based MASPL has been a direct supplier to .

Auto sector will contribute to India's rise as 3rd largest economy: Pandey

The Ministry of Heavy Industries is overseeing the Rs 25,938 crore Production Linked Incentive (PLI) scheme for Automobile and Auto Components (PLI-AUTO Scheme)

M&M calls for level playing field for EVs amid Tesla's India entry plans

DAVOS, Switzerland, Jan 16 (Reuters) - Indian automaker Mahindra & Mahindra has told the government there must be a level playing field between domestic and foreign players and local manufacturing must be promoted, a top executive said, as New Delhi seeks to lure carmakers such as Tesla.

India-Japan Fund to invest Rs 400 crore in Mahindra & Mahindra's unit

Mahindra & Mahindra on Thursday said India-Japan Fund will invest Rs 400 crore in its unit Mahindra Last Mile Mobility Ltd. India-Japan Fund (IJF) will invest Rs 400 crore at a valuation of up to Rs 6,600 crore, resulting in IJF's ownership ranging between 6.06 per cent and 8.25 per cent stake in Mahindra Last Mile Mobility Ltd (MLMML), Mahindra & Mahindra (M&M) said in a statement. The Mumbai-based automaker and IJF, a fund managed by National Investment and Infrastructure Fund Ltd (NIIF), have executed a binding agreement in this regard, it added. MLMML houses the automaker's last-mile mobility business, including three-wheelers (Alfa, Treo, Zor) and four-wheeler SCV (Jeeto) brands. "The robustness of our business model has attracted marquee investors such as IFC in the past and now IJF, which will help us move closer to our mission to be 'Planet Positive' by 2040," Mahindra Group's Group Chief Executive Officer and Managing Director Anish Shah said. IJF is a Rs 4,900 ...

NIIF's India-Japan Fund to put Rs 400 cr in M&M's last-mile mobility arm

IJF will invest Rs 400 crore at a valuation of up to Rs 6,600 crore, resulting in ownership ranging between 6.06 per cent and 8.25 per cent stake in MLMML