Mahindra and Mahindra Targeting Global Growth and Diversification
Mahindra & Mahindra (M&M), one of India's leading SUV manufacturers, is looking to increase revenue by expanding its global footprint and diversifying its operations.
M&M's refreshed portfolio of vehicles, such as the XUV700, and its upcoming new range of electric vehicles, would drive the company's renewed push into the international market.
According to a top company executive, the maker of the Scorpio-N and Thar SUVs plans to nearly triple revenue from international operations over the next two years and then increase it further.
"Our aim is to scale international operations revenue by 2.5x by FY26 and further onward," Rajesh Jejurikar, executive director and chief executive (Automotive & Farm Equipment), M&M, told ET. "We are making products that can compete with the best in the world, at prices which are affordable. We believe that our products have reached a stage of maturity where we can go and start competing around the world."
Mahindra currently exports vehicles to 30 countries in South Asia, the Middle East and Africa, South Africa, Australia, New Zealand, and some Latin American left-hand drive markets. The XUV700 and Scorpio-N were recently introduced in Australia and New Zealand, following their introduction in South Africa last year.
"Mahindra is the fastest growing brand in South Africa, and we have an assembly base there," Jejurikar stated.
While the XUV700 and Scorpio-N are leading the first wave of global expansion, Mahindra unveiled a concept pickup truck in August. According to Jejurikar, the concept was created with key global pickup markets in mind.