Mahindra Plans to Be Major Player in Electric Car Market
Mahindra & Mahindra Ltd, India’s largest sports utility vehicle and tractor maker, is bullish on its latest acquisition of REVA Electric Car Company. The company has big plans of being a leading player in the electric vehicles (EVs) market, globally. Pawan Goenka, president (automotive and farm equipment sectors) for M&M, shared some of his plans for the new company, Mahindra REVA Electric Vehicle Company Ltd, with Mahesh Kulkarni. Edited excerpts:
It seems Mahindra is on an acquisition spree. You acquired the two-wheeler business from Kinetic and you bought back stake in a JV with Renault and now you have acquired REVA. What is the plan?
It is the first acquisition for Mahindra’s automotive division. The buyback of holding in Mahindra Renault is not an acquisition for us. We are looking at our needs and what we need to do to fill the gap in what we want to do. By buying back stake from Renault, we wanted to ensure continuity for our customers of the Logan (car) in terms of after-market support. Logan has more potential.
With REVA, we continue to provide sustainable mobility solutions. We have done many things on our own. We pioneered a micro-hybrid vehicle in India. We have 50,000 vehicles on the road already. REVA has brought in the right mix for us. They had both technology and the product. In the EV space, REVA is the best bet for us right now, globally.
Mahindra Group is very aggressive. We know no limits. Everything we are doing is through a clear strategy. After taking over Kinetic, we have grown the two-wheeler business to over 10,000 units a month. We are also developing new products in that space.
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