Mahindra will invest Rs 37 thousand crores within 3 years. More than half of the money will be spent on developing new models. The company is preparing to launch 23 cars during this period.
New Delhi. Auto companies are excited to see the increasing sales of cars in the country. Domestic company Mahindra has made a great plan for the next 3 years. The company has said that it will invest more than Rs 37 thousand crore within 3 years. More than half of this will be spent in developing new models. The company is preparing to launch 23 cars during this period. Not only this, 6 of these will be from SUV segment only.
Mahindra Group Managing Director and Chief Executive Officer (CEO) Anish Shah said on Thursday that the group plans to invest Rs 37,000 crore in the next three years, a major part of which will go to the automobile segment. The company plans to introduce nine SUVs, seven electric vehicles (EVs) and seven light commercial vehicles with conventional ICE engines by 2030.
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6 new models of SUV
The company said, out of the 9 ICE SUVs to be introduced during this period, six will be brand new models while three will be upgraded versions of the existing models. While discussing the quarterly results of Mahindra & Mahindra, Shah said, ‘We are looking at infusing cash of Rs 37,000 crore in the next three years. A large part of this is going to the automobile segment.
Will invest Rs 27 thousand crores in 2 years
The company has earmarked Rs 27,000 crore for the automobile segment between financial years 2024-25 and 2026-27. The company will invest Rs 14,000 crore in the ICE segment by introducing new models as well as upgraded versions of existing models. Shah said that the company will also invest Rs 12,000 crore in the EV i.e. electric vehicle segment.
no need to ask money from anyone
In response to the question from where the company will get the money for this investment, Shah said that the company will not need money from outside and the vehicle business will raise the cash itself. Apart from this, the company will also invest Rs 5,000 crore in agriculture and service business. Rajesh Jejurikar, executive director and CEO (automobiles and farm equipment), Mahindra & Mahindra, said the company plans to increase its SUV manufacturing capacity from the current 49,000 units to 64,000 units per month by the end of next year.
Tag: Anand Mahindra, auto sales, car, Mahindra Thar
first published : May 16, 2024, 8:33 pm IST
