Mahindra & Mahindra has said it will double its electric vehicle production capacity over the next five years. The company is pushing harder into EVs as demand rises in India and it tries to build a stronger line-up against rivals such as Tata Motors and Hyundai.
That plan comes after a 6.8% rise in first-quarter profit. Quarterly revenue climbed 23% to Rs 419.2 billion in the June quarter, helped by the SUV business. SUV revenue rose 24.4% to Rs 310.33 billion.
Its farm segment stayed strong too. Revenue there was up 19% to Rs 109.47 billion, while tractor volumes rose 18% to around 158,000 units.
Higher commodity costs hit the auto business and pulled the standalone operating margin down to 7.1% from 8.9% a year earlier. Mahindra also carried out its second price hike of the year on July 8. It said any further increase will depend on commodity prices.
Writes on vehicle pricing, taxation and the Nepali auto market from ongoing tracking of distributor price lists. Editorial policy.
