With an investment of Rs 1,925 crore from British International Investment, M&M's EV business valued at $9.1 billion—on par with Tata Motors' EV business
It’s been a phenomenal two years for Mahindra. And there seems to be no stopping the Mumbai-based carmaker.
It all started with the launch of the second generation Mahindra Thar—the first was introduced in 2010—in October 2020. The Thar, an iconic off-road SUV, was launched with a revamped and rugged design, the latest infotainment options, an automatic gearbox to target the urban clientele, and a refreshed engine, among a slew of changes in Mahindra’s attempt to reclaim its losing turf in the domestic automobile market. Even today, the vehicle has a waiting period of up to 12 months despite selling 3,000 units a month.
Then, a year later, Mahindra brought in its flagship model, the XUV 700, among the best-selling cars in India today, clocking bookings of over 10,000 units a month. The waiting period for the car now extends to over a year and a half, and despite that, the company continues to receive fresh bookings.