M&M aspiring for double digit market share in South Africa, Australia, EVs and pick up trucks to be added in mid-term
M&M has devised a three pronged global expansion strategy that envisages a broader product portfolio including EVs and pick up trucks.
With new capacities coming on stream, Mahindra & Mahindra, the country's largest SUV maker in terms of revenue is looking to accelerate its globalisation plan - which envisages more than doubling its international business in the coming three years.
Veejay Nakra, President of the automotive business at Mahindra & Mahindra said, the company's aspiration would be to target double digit market share in key regions of Australia, South Africa and key Latin American markets and the company has devised a three-pronged international expansion strategy.
As part of a new globalisation plan, M&M plans to expand volumes in existing markets with XUV 700, Scorpio N and other legacy products, besides adding LHD markets in ASEAN and Latin America.
In phase two, once the battery electric vehicles are rolled out in India, the company would like to export battery electric vehicles in the markets of the UK and Europe.
And in phase three- the company would look at acquiring double-digit market share in key existing markets and addition of new markets with an expanded portfolio.
To be sure, Mahindra is the fastest growing brand in South Africa at present and has an assembly base, and very recently it had launched the XUV 700 and Scorpio N in Australia, which has received a very good response.
Along with the SUVs, Mahindra & Mahindra is also looking at bringing an all-new global pick up truck - which was showcased in Capetown on Tuesday. The new global pick up truck has been designed keeping in mind the key markets of ASEAN, South Africa, Australia and Latin America.
Nakra says "EV is at the core of our internationalisation plan. However at present, we are currently mapping out the launch strategy for the pick up trucks. We are currently analysing the potential of each of these markets and it will be a key pillar of global expansion strategy."
At present, the exports merely account for about 5% of its total volumes. The company is exporting about 25,000 to 30,000 units annually.
While there is no specific volume plan shared by the company. At the FY23 earnings conference, Anish Shah, MD of Mahindra & Mahindra had shared that the company is looking at a 2.4X increase in its international business.
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