Mahindra & Mahindra Accelerates in the EV Race Amidst Global Competition

Mahindra & Mahindra is witnessing significant progress in the domestic electric vehicle market as international competitors, including Tesla, have entered the space. The company remains confident in its offerings, which it believes hold their own against burgeoning competition.

Despite a current slump in urban demand sentiment, Mahindra & Mahindra maintains that its overall fundamentals are strong. The company recorded a 24% year-on-year increase in consolidated net profit, driven by broad growth across business verticals.

Revenue also saw a rise, with total income from operations climbing to Rs 45,529 crore. The auto and farm sectors continue to show growth and maintain healthy margins. The company is optimistic about the potential benefits brought by increased competition in the EV market.

(With inputs from agencies.)