Updated March 11th, 2024 at 20:29 IST

Mahindra & Mahindra targeting sales of 8 lakh utility vehicles in FY24

M&M is set to introduce three pure electric utility vehicles, complementing its existing XUV 400 electric model.

Reported by: Business Desk
Mahindra | Image:Mahindra
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M&M focus on utility vehicles: India’s leading SUV manufacturer, Mahindra & Mahindra (M&M) reaffirms its dedication to the utility vehicles segment, projecting sales of over 8 lakh units in the ongoing fiscal year, compared to 6.9 lakh units in FY'23. Baneswar Banerjee, M&M's national sales head, shared that the trend from April to February indicates strong performance, with 7.56 lakh units sold across passenger and commercial segments, including three-wheelers. The company's commitment to the utility vehicles (UVs) and sports utility vehicles (SUVs) segment remains steadfast.

M&M is set to introduce three pure electric utility vehicles, complementing its existing XUV 400 electric model. These new electric vehicles (EVs) will be developed on an all-new EV platform, underlining the company's dedication to the UVs and SUVs segment. Despite the ongoing evolution of the electric vehicle charging infrastructure in the country, M&M expresses confidence in its strategy.

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Banerjee stated, "We will continue to focus solely on the utility vehicles segment in the passenger car segment, even as we aggressively pursue pure EV models." While no specific timeline for the new EV platform's launch was provided, at least one model is anticipated to debut early in the next fiscal year.

In February, Mahindra's SUV sales surged by 40 per cent year-on-year, reaching 42,401 units, with expectations of sustained momentum in March. Banerjee remains optimistic about the demand for electric UVs and SUVs, especially with the continuous expansion of EV charging stations. The company is also exploring alternative fuels such as hydrogen and LNG, showcasing a commitment to innovation and sustainability.

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With PTI Inputs

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Published March 11th, 2024 at 20:29 IST