Mahindra & Mahindra beating competitors
India is currently the third-largest vehicle market in the world, surpassing Japan. Local manufacturers like Mahindra & Mahindra (M&M) are thus in a very exciting position as the sector experiences changes to the world’s supply chains, an increase in automation, and a rise in customer interest in electric vehicles (EVs). Anish Shah of the Mahindra Group asserts that India is currently in a very strong position to compete on a global scale.
“We’re in a great situation right now and our quality is on par with that of the international majors. In fact, we are winning against them at their own game. The Scorpio-N had 100,000 sales in 30 minutes, the XUV700 had 50,000 sales in three hours, and the Thar had 50,000 sales in three days, according to Shah, MD and CEO of Mahindra Group, speaking to Business Today at the time.
Twenty years ago, as international majors flocked to India, many were writing us off. Many of them have really left India as a result of our improvement, he said.
He continued by saying that India had not anticipated the pace of EV adoption. “Electricity is becoming much more in demand from consumers. The goods haven’t yet started to arrive. That is about to occur. We just released the XUV400 EV, and starting in the next year, we’ll also release five more electric SUVs. We’ll observe a considerably higher rate of adoption as a wide variety of items enter the market, he continued.
Mahindra & Mahindra
According to Shah, the adoption will occur in three stages. Early adopters are those who place a high value on being green and being environmentally friendly. He claims that during the second stage, consumers will logically examine the automobile and ask themselves, “Am I getting a better vehicle?” When the infrastructure is in place, the third car will be in a lot more mass-market phase, but that won’t happen unless we reduce charging durations to 10 minutes. The time now is 45 minutes. There is yet a ways to go, he noted.
The market is seeing an increase in demand for M&M automobiles. Because of the sophistication we’ve built into the Scorpio model, Shah said, “Scorpio for us at one point was a pretty rural business at some point. We’re seeing huge demand for it from urban regions as well.”
According to him, India is currently in a special position to gain from the restructuring of global supply chains. “We control our own fate. There is a lot of discussion surrounding “plus one,” but why “plus one”? Today, India has the chance to stand on its own two feet. The next five years will be pivotal for India, he predicted.