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.
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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