Mahindra & Mahindra, India’s largest SUV maker, is unfazed by the entry of Tesla into the country’s electric vehicle market, its CEO said just days ago.
“We’ve seen tremendous competition in India over the last 20 years. We are very confident in our ability to compete with anyone in the EV space” Anish Shah, CEO of Mahindra & Mahindra.
Going further, Shah pointed to Mahindra’s track record of success in the Indian market, where it is the leader in SUVs. The company has also been investing heavily in electric vehicles, and has launched the XUV 400 EV recently which is the electric version of Mahindra XUV 300 with a larger wheelbase. Mahindra’s confidence is not misplaced. The company has a strong brand in India, and it has a wide dealer network that can support the launch of new EVs. The company also has a track record of innovation, and it has been developing EVs for several years. Currently, the company only has 2 electric cars in its line up.
Tesla’s entry into India is likely to heat up the competition in the EV market. However, Mahindra is well-positioned to compete, and it is confident that it can maintain its leadership position in the SUV market. In addition to its strong brand and dealer network, Mahindra also has the financial resources to invest in EVs. The company has a great market share in the Indian market, and it has been generating strong profits in recent quarters.
Mahindra is also benefiting from the government’s push for EVs. The government has announced a number of incentives for EV buyers, and it is working to create a more supportive regulatory environment for the EV industry. All of these factors make Mahindra a formidable competitor in the Indian EV market. Tesla will need to come up with a compelling product with a competitive price and a really good marketing strategy if it wants to succeed in India.
Mahindra Records Highest Monthly Sales in July
In addition to its confidence in the EV market, Mahindra is also seeing strong demand for its traditional SUVs. The company reported its highest monthly sales in July 2023, with 55,928 units sold. This was a 50% increase from July 2022. The Thar, Scorpio-N, and XUV700 were the top-selling models for Mahindra in July. The Thar, a rugged off-roader, saw sales of 10,202 units, while the Scorpio-N, a premium SUV, saw sales of 10,126 units. The XUV700, a midsize SUV, saw sales of 9,375 units.
Mahindra’s strong sales in July are a sign of the growing demand for SUVs in India. The company is well-positioned to capitalize on this demand, and it is likely to continue to grow its market share in the coming years.
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