Mahindra To Stay Busy Over The Next 5 Years, To Launch A Horde Of New SUVs
The automaker aims to spend Rs. 9000 crores to develop and manufacture 9 new SUVs, including 2 EVs.
Mahindra will invest Rs. 9000 crores into manufacturing its upcoming SUVs over the next 3 years as it focuses on regaining lost market share.
The new road map to revive growth has been devised by Mahindra’s new Chief Executive Officer, Anish Shah and more than a quarter of the investment will go toward developing electric vehicles (EVs).
While it essentially had half of the SUV segment to itself 7 years ago, now, Mahindra holds only 14 percent market share, and even slipped to fourth spot in the passenger vehicle segment.
Executive Director (Auto and Farm Sectors) at Mahindra, Rajesh Jejurikar, said on a call with analysts recently that the company wants to create a “strong, sophisticated SUV brand.”
Thus, a total of 9 upcoming Mahindra SUVs will be put on sale by 2026 in India. These include the new Bolero, Scorpio, 5-door Thar, (next-generation) XUV300, XUV700, XUV900 and a model code-named V201.
Interestingly, some of the upcoming Mahindra SUVs will come with electrified powertrain options, while 2 new “born electric” (essentially battery electric vehicles) will also be launched by the brand come 2026.
During the same 5-year period, Mahindra also aims to spend a further Rs. 3000 crores to launch new products in its farm equipment segment.
Source – BloombergQuint.com
