India’s passenger EV market will hot up in next 3-4 years
Currently Tata Motors held over two-thirds of the country's EV market, but Mahindra & Mahindra and BYD are emerging players in the Indian market.
Auto major Mahindra & Mahindra’s (M&M) second quarter profit after tax (PAT) dropped by 88 per cent to Rs 162 crore as it was impacted by low sales during the period. The company had posted a PAT of Rs 1,355 crore during the July-September period last fiscal.
On the other hand, its revenue rose by 6 per cent to Rs 11,590 crore in the second quarter as against Rs 10,935 crore in the same period last fiscal.
The Mumbai-based firm said it sold 87,332 units in the second quarter, down 21 per cent from 1,10,824 units in the year-ago period.
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Tractor sales, however, increased by 31 per cent to 89,597 units in the July-September period as compared to 68,359 units a year ago, it added.
M&M shares were trading 0.37 per cent up at Rs 618.60 apiece on the BSE.
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