Mahindra Focuses on SUV & EV Growth Strategy

New Delhi, Nov 30 (PTI) Mahindra & Mahindra plans to stick to its strategy of offering premium and differentiated vehicles, comprising internal combustion engine-powered SUVs and electric vehicles, in order to further strengthen its presence in the domestic passenger vehicle segment, according to a top company executive.

The Mumbai-based auto major has no immediate plans to introduce CNG and other alternate fuel technologies in its product range as it wants to stick to its core brand identity and cater to a customer base which seeks differentiated products.

"Our focus has been ICE and electric, and we are fairly growing in these areas. In our personal vehicle portfolio, the customers want to have differentiated products; they do not want to be in the mass market," Mahindra & Mahindra President - Automotive Business R Velusamy told PTI in an interaction.

He noted that the company remains firmly focussed on the SUV segments with plans to drive in multiple models over the next four years.

The automaker, however, has no immediate plans to cater to the multi-purpose vehicle (MPV) segment, he added.

Velusamy noted that the automaker is focussing on maintaining its competitive edge in the domestic passenger vehicle segment through various initiatives like operational efficiency and technological advancements.

He noted that the SUV segment is still growing and the company plans to drive in more models between now and 2029.

In the electric vehicle segment, the company plans to sell around 7,000 electric vehicle units by the end of this fiscal year.

The company aims for the electric range to account for around 25 per cent of its overall volumes by 2028.

Mahindra has already sold over 30,000 EVs (BE 6 and XEV 9) over the last seven months, raking in a revenue of around Rs 8,000 crore.