The Mahindra Group’s CEO and Managing Director, Anish Shah, remains unfazed by the prospect of global giants like Tesla entering India’s competitive electric vehicle (EV) market. Shah, in an interview, highlighted Mahindra’s history of thriving amid intense competition, recalling how the company emerged as a leader even when global majors entered India. Despite reports of Tesla’s plans to penetrate India’s EV sector, Shah emphasized Mahindra’s resilience and market share dominance, boasting about their significant presence in segments like light commercial vehicles and farm equipment.
Recently, Mahindra raised $145 million from Temasek for its EV unit, Mahindra Electric Automobile Limited, reflecting its commitment to EV growth. Shah mentioned that the company expects EVs to constitute 20-30% of total SUV sales by 2027. A report by Arthur Little projected India’s EV market to exceed 10 million units by 2030, acknowledging the current low adoption rates due to inadequate infrastructure. Shah stressed the importance of building a robust domestic value chain to address supply chain disruptions and to align with India’s self-reliance policies.
Despite the global nature of auto industry technology, Shah underlined Mahindra’s efforts in technology development through its research center in India. However, he acknowledged the dependency on global technology, particularly semiconductors. The challenges posed by semiconductor shortages in recent years highlighted the interconnectedness of the industry. In conclusion, Mahindra’s optimism in the face of competition, commitment to EV growth, and emphasis on building a self-reliant value chain underline their confidence in navigating India’s evolving EV landscape.
