The complete collapse in automobile sales has left many perplexed, with volumes expected to clock a modest 3-5% growth in the new fiscal. In the first three months of the financial year, passenger vehicle sales declined by 18.42%.
While several factors have come together to contribute to the sharp decline in sales, Mahindra & Mahindra managing director Pawan Goenka is of the view that it is hard to point to any one reason that can possibly explain the industry’s worst show in 18 years.
Mahindra & Mahindra (M&M) will increase the prices of its passenger vehicles (PVs) by up to Rs 36,000, effective July 1, on account of new safety features provided to comply with the automotive industry standard (AIS) 145 norms.
As per the AIS 145 norms, cars will have to be equipped with safety features, including overspeed alert, seat belt warning, airbags, speed warning and reverse parking assist.
Mahindra & Mahindra (M&M) and Ford India will jointly develop nine sports utility vehicles (SUVs) starting 2020, with a combined investment of over $600 million (`4,300 crore approx), people aware of the development said.
While six models, including compact and large size SUVs, will be shared by both the companies under a rebadging format, three will be made exclusively for Ford, which will be used by the company in both India and export markets.
Mahindra & Mahindra (M&M), which on Wednesday reported a 19.85% decline in its standalone profit after tax (PAT) to Rs 848.81 crore for the fourth quarter, has earmarked an investment of around Rs 18,000 crore for the next three years. This includes Rs 12,000 crore in capital expenditure and another Rs 6,000 crore in investment towards product development and newer technologies, among others.
Mahindra Lifespace Developers (MLDL), the real estate and infrastructure development business of $20.7 billion Mahindra Group, is expecting an investment of Rs 3,000 crore to Rs 3500 crore from the incoming companies at its just-inaugurated industrial cluster christened ORIGINS in Chennai, when its first phase gets completed with full capacity utilisation.
Indian automobile company Mahindra & Mahindra on Thursday announced the deployment of its electric vehicles (EV) on global ride-sharing platform Uber in Hyderabad. Earlier, Mahindra had announced its strategic collaboration with Uber, to explore the deployment of EVs on its platform in several cities across India.
The two companies will be deploying 50 EVs, which include both e2O hatchback and e-Verito sedan models, in a tie-up with taxi partners such as eee-Taxi to begin with in Hyderabad.
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