Auto company Mahindra Group Has made a big announcement to increase its market share. The company plans to launch several new models to strengthen its dominance in the SUV and EV segments. In this regard, Mahindra Group Managing Director and Chief Executive Officer (CEO) Anish Shah said on Thursday that the group plans to invest Rs 37,000 crore in the next three years, a major part of which will go to the automobile segment. The company plans to introduce 9 SUVs, 7 electric vehicles (EVs) and 7 light commercial vehicles with conventional engine ICE by 2030. The company will invest Rs 14,000 crore in the ICE segment by introducing new models as well as upgraded versions of existing models.
There will be six brand new models
Of the nine ICE SUVs to be introduced during this period, six will be brand new models while three will be upgraded versions of existing models. We are looking at infusing cash of Rs 37,000 crore in the next three years, Shah told reporters at a discussion on Mahindra & Mahindra’s quarterly results. A large part of this is going to the vehicle segment. The company has earmarked Rs 27,000 crore for the auto segment between financial years 2024-25 and 2026-27.
There will be investment of Rs 12 thousand crore in EV segment.
Shah said that the company will also invest Rs 12,000 crore in the EV segment. On arranging finance for this investment, Shah said that the company will not need money from outside and the vehicle business will raise the cash itself. Apart from this, the company will also invest Rs 5,000 crore in agriculture and services business. Rajesh Jejurikar, executive director and CEO (automobiles and farm equipment), Mahindra & Mahindra, said the company plans to increase its SUV manufacturing capacity to 64,000 units per month from the current 49,000 units by the end of next year.
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