Mahindra faces competition from both domestic and international brands while attempting to align with government plans to enhance EV adoption and manu
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- Mahindra faces competition from both domestic and international brands while attempting to align with government plans to enhance EV adoption and manufacturing.
Mahindra & Mahindra Ltd is planning to turn a big chunk of its portfolio electric by the year 2030. The automaker’s move comes as it positions itself in order to compete with both domestic and international players in the rapidly growing electric vehicle (EV) segment. According to a Bloomberg report, Anish Shah, group chief executive officer and managing director at Mahindra, said that Mahindra plans to achieve between 20 per cent to 30 per cent EV adoption.
Currently, electric vehicles constitute only five per cent of Mahindra’s overall offerings. However, the company plans to ramp up its EV production in the coming years, reflecting the broader shift in the global automotive industry toward greener alternatives.
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Mahindra’s strategy aligns with India’s goal to reduce greenhouse gas emissions and achieve carbon net-zero status by 2070. As the third-largest emitter of greenhouse gases in the world, India has been actively promoting EVs through policy incentives and infrastructure development. The government is eyeing an eight-fold increase in EV adoption by the end of this decade to attract global investments in the EV sector and spur local manufacturing.
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The Indian EV sector is expanding fast and the competition is fierce. On this front, Mahindra is pitted against established domestic players such as Maruti Suzuki India Ltd. and Tata Motors Ltd., alongside international brands like China’s BYD Co. and SAIC Motor Corp. Ltd. Each competitor is targeting a share of the developing EV market through new launches tailored to Indian consumers.
The current Indian EV landscape observes automakers focusing on two key concerns: range anxiety and affordability. By tackling these issues, automakers aim to accelerate the process of electrification and make EVs a mainstream choice for Indian buyers.
Mahindra’s ambitions further coincide with rising speculation about Tesla Inc.’s potential entry into the Indian EV market. While Tesla is expected to target a totally different segment, its presence could further intensify competition and potentially drive innovation across the industry.
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First Published Date: 22 Jan 2025, 12:00 PM IST