Mahindra & Mahindra Expands Global Presence to Boost Revenue

Mahindra & Mahindra (M&M), one of India’s leading sport-utility vehicle manufacturers, aims to increase revenue by expanding its global footprint and diversifying its operations. The company’s focus on the international market will be driven by its refreshed portfolio, including vehicles like the XUV700 and its upcoming electric vehicle range.

The renowned maker of Scorpio-N and Thar SUVs is targeting a nearly threefold increase in international revenue over the next two years and beyond, according to Rajesh Jejurikar, the executive director and chief executive of M&M’s Automotive & Farm Equipment division. Jejurikar stated, “We are developing products that can compete with the best in the world, offering affordable prices. We believe our products have reached a stage of maturity where we can compete globally.”

Currently, Mahindra exports vehicles to 30 countries across South Asia, the Middle East and Africa, South Africa, Australia, New Zealand, and select left-hand drive markets in Latin America. The XUV700 and Scorpio-N were recently launched in Australia and New Zealand, following their successful introduction in South Africa last year. Jejurikar highlighted their success in South Africa, stating, “Mahindra is the fastest growing brand in South Africa, and we have an assembly base there.”

In addition to the XUV700 and Scorpio-N, Mahindra unveiled a concept pickup truck in August, considering key global markets for pickups. Jejurikar noted, “Within the global market of five million pickups, we are targeting the segment of two million units. These mid-size global pickups will cater to various needs such as commuting, lifestyle, off-roading, and sports.”

Furthermore, the Mumbai-based automaker is venturing into the European market with its Born Electric range of electric vehicles. Mahindra has partnered with Volkswagen to utilize components from the German automaker’s MEB platform for electric vehicles on its Inglo platform, creating a global EV portfolio. The company has also collaborated with other global suppliers, including Bosch, Harman, Dolby, Qualcomm, NXP, Aptiv, Visteon, Valeo, Vitesco, Tenneco, HL Klemove, ZF, and Webasto, to develop global products.

Jejurikar emphasized the potential for growth through exports and the global market, stating, “We believe exports/global presence will be a lever for growth.”

Meanwhile, to meet local market demands and enhance exports, Mahindra is expanding its monthly production capacity from about 29,000 vehicles in FY22 to 49,000 vehicles by March 2024, thereby reducing waiting periods.

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