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Mahindra to introduce more SUVs after Thar’s success, focus on electric models

Mahindra has recently announced that they would terminate their Ford Motor Co. joint venture talks. According to a senior executive, the company has now announced that it will concentrate on improving its core portfolio of sport-utility vehicle (SUV) portfolio and its hybrid variant.

Deputy Managing Director Anish Shah said, according to a Reuters report, that Mahindra will concentrate primarily on big SUVs for its core Indian market in the short term and will switch to electricity in the medium term.

“We are going back to our core,” said Shah, who will take over in April as CEO.

We’re trying to look forward to how we can increase our energy investment and really start heading to the modern century. We obviously have the opportunity to be a global brand, and there’s an important electric journey again, “We are going to look ahead at how we can accelerate our investment in electric and really start moving to the new age. We clearly hold the ambition to be a global brand and there again the electric journey is an important one,” The electric journey is an important one.

We’re trying to look forward to how we can increase our energy investment and really start heading to the modern century. We obviously have the opportunity to be a global brand, and there’s an important electric journey again, “We are going to look ahead at how we can accelerate our investment in electric and really start moving to the new age. We clearly hold the ambition to be a global brand and there again the electric journey is an important one. The electric journey is an important one.

Shah argued that the high-end Pininfarina Battista electric vehicle from Mahindra was a starting point for the venture. He also added that in order to create SUVs for the local and export markets, the automaker will look at building more electric platforms in India.

The former reassessed their capital investment goals after Mahindra and Ford dismissed their joint venture to build vehicles for manufacturing in India for local as well as foreign markets.

The business was not sure if the joint venture would be able to produce the returns the business was hoping for. There was also a determining factor in the higher expenditures due to the Covid-19 pandemic.

According to the report, Shah told reporters that Mahindra originally intended to invest some 30 billion rupees in the company, half of which would be equity. The business currently plans to spend the capital in electric cars, he added, adding that in the future it is open to partnering with Ford, particularly in EVs.

The overall investment of Mahindra in the SUV-maker is $264 million and the scope of the write-off will depend on what arrangement is agreed, Shah said.

The automaker also pulled the plug on its GenZe U.S. electric scooter unit and GippsAero aviation company last year. Peugeot Motorcycles has its other global divisions.

In the last fiscal year ended March 31, Mahindra sold close to 190,000 passenger vehicles in India, giving it close to 7 per cent market share, industry data shows.

 

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