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.
Mahindra & Mahindra (M&M) on Sunday reported a 14.5 per cent fall in its overall sales in October at 44,359 vehicles.
The company had sold 51,896 units in October last year.
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The passenger vehicle segment of the company which includes utility vehicles, cars and vans recorded a 1 per cent growth in sales at 18,622 vehicles last month, M&M said in a statement.
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Its utility vehicle segment, however, witnessed a 3 per cent growth at 18,317 units in October 2020, compared to 17,785 vehicles in October 2019.
Commenting on the passenger vehicles performance, Veejay Nakra, Chief Executive Officer, Automotive Division, M&M Ltd said: “We are happy to achieve a growth of 3 per cent in utility vehicles, despite certain supply constraints. Our brands Scorpio, Bolero and XUV 300 continue to do well, while the bookings for the All-New Thar have set new records within just a month of its launch.”
He noted that for Mahindra, the festive season has started on a positive note with deliveries and bookings being higher than last year.
“Going forward, this augurs well for a robust festive demand which in turn will help the industry in the short term,” Nakra said.
Sale of Mahindra’s commercial vehicles including three-wheelers dropped 22.8 per cent to 23,716 units in October.
On the sales of commercial vehicles, Nakra said: “We are witnessing a strong demand for our Bolero Pik Up, Supro and Jeeto and have recently launched our BS6 version of the Alfa 3-wheeler, both load and passenger. We are aligning our supply chain and ramping up to meet this demand.”
M&M’s exports for the month of October 2020 were at 2,021 vehicles, 25 per cent lower on a year-on-year basis.
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