By Sonia Shenoy and Prashant Nair
Mahindra and Mahindra (M&M) is gearing up for launches in both internal combustion engine (ICE) and electric vehicle (EV) segments.
“We would have some new products in the ICE segment and the whole electric vehicle portfolio, which will come in early 2025. So we believe that will help open up a new category of customers. People who are looking for exciting designs, technology, and a whole totally new driving experience – we believe that is what will drive the future,” stated Rajesh Jejurikar, the Executive Director and CEO of Auto and Farm Sectors at Mahindra and Mahindra.
In an interview with CNBC-TV18, he highlighted M&M’s recent success on the tractor side, stating, “We are bringing exciting products, brought some really good products on the tractor side.” Despite the overall industry facing challenges, M&M has managed to gain market share, showing growth even during a period of sluggish tractor industry performance.
“Typically spending in rural areas does go up, but the election period itself is not a great buying period because a very large chunk of people are engaged around the election, election campaigning. Election months normally are a little bit slow, but that catches up later,” explained Jejurikar, shedding light on the unique challenges faced by the industry during election seasons.
However, this year has presented an unexpected scenario for the tractor industry. Jejurikar expressed, “But this year the tractor industry is slow. We were anticipating – we had started by saying low single digits. More recently, we are saying it will be flattish for the industry for the year. We have gained market share over 1 share point, and we have been showing some growth as a consequence of that. So in November, we grew 4.7%.”
According to Jejurikar, the timing of the monsoon has played a significant role in the slow growth of the tractor industry. Despite this, Mahindra and Mahindra remains optimistic about the future, with strategic launches planned in both traditional ICE and the cutting-edge EV segments, aiming to captivate customers seeking exciting designs and advanced technology.
As 2025 approaches, M&M positions itself as a key player in shaping the future driving experience.