Page 30 - Mahindra & Mahindra

Mahindra & Mahindra total sales dip 25% to 39,149 units in January

Auto major Mahindra & Mahindra (M&M) on Monday reported 25.49 per cent decline in total sales at 39,149 units in January. The company had sold 52,546 units in the same month last year, M&M said in a statement. In the domestic market, passenger vehicle sales were up 4 per cent to 20,634 units last month, compared to 19,797 units in January 2020. Exports increased by 30 per cent to 2,286 units in the month under review, as against 1,761 units in the year-ago month. In the commercial vehicles segment, the company sold 16,229 vehicles as against 30,988 units earlier, a dip of 47.62 per cent. "We have witnessed a growth of 5 per cent in utility vehicles for the month of January. We have also seen strong bookings fueled by continued demand," M&M Automotive Division CEO Veejay Nakra said. Supply shortage of micro-processor semiconductors continues to be a serious challenge for the auto industry, he noted. "Going forward we are working with our supplier partners to gear up ...

Mfg can add half a trillion dollars to economy in next 5 yrs: Pawan Goenka

In a Q&A, the MD-CEO of Mahindra and Mahindra says budget should be sharply focused on demand generation and should lay a clear path to make manufacturing more competitive

Mahindra lays off two-thirds of staff at its North American subsidiary

Firm attributes move to pandemic and legal spat with Fiat Chrysler, says it is in line with group's strategy to re-think capital allocation and drive efficiency

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M&M cuts over half of North America workforce over pandemic: Report

Positions include engineers and manufacturing jobs at its plant in Detroit that produces the off-road vehicle Roxor, as well as sales executives

M&M reclaims Rs 1-trn m-cap mark as stock surges 5%, hits over 2-yr high

The stock rallied 5% to Rs 817, its highest level since October 2018.

Ford has an uphill drive in India after snapping ties with Mahindra

Lack of scale despite a quarter century in India could stall its growth in the market after the break-up with Mahindra & Mahindra

Mahindra & Mahindra hikes prices of personal, commercial vehicles by 1.9%

Mahindra & Mahindra (M&M) on Friday announced hike in prices of its range of personal and commercial vehicles by around 1.9 per cent with immediate effect. Mahindra & Mahindra (M&M), part of the USD 19.4 billion Mahindra Group, will raise the prices of range of personal and commercial vehicles by Rs 4,500 - Rs 40,000, depending on the model and variant, the Mumbai-based automaker said in a regulatory filing. M&M said in the case of new Thar, the current price increase will be effective for all bookings done between December 1, 2020 and January 7, 2021. All fresh bookings for the new Thar, effective January 8, 2021, will have prices as applicable on the date of delivery, the company added. Veejay Nakra, CEO Automotive Division, M&M said the price increase was necessitated due to unprecedented increase in commodity prices and various other input costs over the past many months. "We have made all efforts to reduce our costs and deferred price increase for a ...

M&M hits 52-week high on price hike of personal, commercial vehicles

The price will increase by around 1.9 per cent, resulting in an increase of Rs 4,500 - Rs 40,000, depending on the model and variant

MG Motors sees no impact of Indo-China tension, expects sales to rise 75%

MG Motors on Thursday launched the seven-seater version of its premium SUV, Hector, at a price of Rs 13.34 lakh

2021 will be year of reinvention and regeneration: Anand Mahindra

Mahindra group has emerged stronger from the COVID-19 crisis and the 'strange & sinister year' 2020 will be transformed into a year of 'reinvention & regeneration' in 2021, according to the chairman of the conglomerate, Anand Mahindra. In his New Year address to the 2.56 lakh employees of the group across 100 countries, Mahindra said in spite of all the problems brought about by the pandemic last year, "someunexpectedly great things had emerged from what seemed like an impossibly bad situation". Drawing parallels to the development of COVID-19 vaccines, in which researchers and regulators have fast-tracked the vaccine development process to 10 months which otherwise takes 10 years, he said there are lessons for the group to learn from it in terms of following purpose-driven business, rebooting and re-evaluating. "I thinkthe first important learning from that story is that the day of the purpose-driven business has arrived," he said adding manufacturing the vaccine is a true ...

Mahindra and Ford Motor Co call off proposed JV citing pandemic

Mahindra also expects to close deal with a potential buyer for a stake sale in Ssangyong

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M&M says likely to conclude deal to sell stake in Ssangyong by Feb end

Company says may sign term sheet next week, deal is more or less agreed; Post sale, Mahindra will hold less than 30% in the firm

Ford Motor, Mahindra call off JV over global economic, business conditions

The latest move will not have any impact on its product plan, Mahindra and Mahindra said

Ford Motor, Mahindra call off JV over global economic, business conditions

The latest move will not have any impact on its product plan, Mahindra and Mahindra said

Ford Motor pulls the plug on plans to cede India business to Mahindra

Ford took a $799 million impairment charge in 2019 in anticipation of the asset transfer to Mahindra to account for what it called fair value less cost to sell

US regulator modifies ban to allow Mahindra to sell new Roxor models

The International Trade Commission (ITC) said the post-2020 model year Roxor did not violate the "trade dress" of FCA's Jeep Wrangler SUV

JP Morgan demands loan repayment of Rs 268 cr from M&M SsangYong Motor Co

JP Morgan has sought repayment of loan worth 40 billion Korean wons from Mahindra & Mahindra's troubled foreign arm SsangYong Motor Company (SYMC) but the South Korean auto maker has expressed its inability to pay the amount now. Following the Korean automaker's application for rehabilitation dated December 21, JP Morgan issued a notice to the cash-strapped firm demanding the repayment of an outstanding loan amount of 40 billion KRW (around Rs 268 crore with interest), M&M said in a regulatory filing. "SYMC has today intimated to the Korean Stock Exchange that it could not repay the loan amount of 40 billion KRW to JP Morgan on account of its application for rehabilitation," it added. The Korean automaker has outstanding loans aggregating to 100 billion Korean Won (around Rs 680 crore) from Seoul-based branches of JP Morgan Chase Bank, BNP Paribas and Bank of America. Last week, M&M had informed the bourses that SYMC has missed repayments of loans aggregating to 60 ...

Mahindra-owned SsangYong files for bankruptcy second time in 11 years

The development comes a week after the struggling automaker missed repayment of 60 billion Korean Won to JP Morgan Chase Bank, South Korea, which was due on Dec 14