Mahindra’s Anish Shah Confirms India’s Capability for Cost-effective EV Manufacturing Amid Tesla’s Plans
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Synopsis
On Feb 18, Mahindra & Mahindra's Anish Shah highlighted India's potential to manufacture electric vehicles at scale and lower costs, amid Tesla's recruitment drive following a meeting between Modi and Musk. Shah emphasized the resilience of local manufacturers and the strong fundamentals of the Indian market.
Key Takeaways
- India can manufacture EVs at scale and cost-effectively.
- Mahindra & Mahindra's products are competitive.
- Local manufacturers are rising to global challenges.
- Rural India's economic growth is recovering.
- India is positioned to benefit from favorable US relations.
Mumbai, Feb 18 (NationPress) As the prominent electric vehicle manufacturer Tesla accelerates its hiring process in India, following a successful dialogue between Prime Minister Narendra Modi and Elon Musk in the United States last week, Mahindra & Mahindra expressed on Tuesday that the nation possesses the capability to produce electric vehicles not only at a significant scale but also at a more economical price point.
Anish Shah, Managing Director and CEO of M&M Ltd, remains undeterred by the potential arrival of Tesla in the Indian market this year, asserting that their products are self-evident in quality.
During his address at the NDTV Profit Conclave in Mumbai, he noted that their EVs are completely produced within India.
Shah's comments followed Tesla's announcement of its intent to penetrate the Indian market by listing at least 13 job openings on its LinkedIn page, primarily located in Mumbai and Delhi.
When asked how they plan to compete against the entry of significant international competitors, Shah remarked at the event: “Our teams have demonstrated the ability to manufacture with strength and compete on a global scale.”
According to him, other Indian companies have also embraced the challenge posed by global contenders.
“The resilience and strength shown by domestic manufacturers provide India the potential to become a manufacturing hub,” he stated.
He emphasized that the fundamentals of the Indian market are “very strong” and noted “numerous positives” that the economy has not experienced in the past three decades.
India is “well-positioned”, and rural India has already begun to see a resurgence in growth, Shah added, expressing optimism for continued momentum in the coming year.
Addressing concerns regarding the global market fluctuations due to US trade tariff policies, Shah asserted that India would emerge as a “net gainer”, thanks to favorable bilateral relations with the US.
In Q3 FY25, Mahindra & Mahindra (M&M) announced a consolidated net profit of Rs 3,180.58 crore for Q3, marking a 19.64 percent increase from Rs 2,658.40 crore in the same quarter the previous year (Q3 FY24).
The company’s robust earnings were primarily driven by strong demand for its sport utility vehicles (SUVs) and tractors.
“Our businesses continue to exhibit strength in execution. The auto and farm sectors have shown solid performance in terms of market share and margins, backed by focused execution,” Shah stated.
