Growth in the electric vehicle sector will be driven by the quality of new products, said Mahindra And Mahindra Ltd.'s managing director and chief executive officer Anish Shah.
“The markets will expand because the quality of these products is very different from what we have seen in the market today," he said, while speaking to NDTV Profit on Monday.
Speaking about the company's third quarter results, he emphasised the tremendous efforts put in by all associates, which resulted in consistent growth and a 20% sequential increase. “This quarter's results have been a tremendous amount of effort put in by all our associates. This is a result of multiple businesses firing on all cylinders,” Shah stated.
Shah highlighted the company's ability to maintain margins despite fluctuations in commodity prices, particularly in the tractor business. “Over time in the tractor business, we have been able to maintain margin despite fluctuations...we have also been able to manage the commodity prices well,” he said.
He acknowledged that there will be challenges along the way but expressed confidence in the company's agility to address them. “We will see quarters where prices go up or where demand has slackened a little bit, but I think we are well prepared to address it,” Shah added.
Shah also touched upon the company's strategy for EV exports, emphasising the focus on meeting domestic demand first. “EVs will be focussed on India, so we do expect a lot more demand than what we can service, and it is important for us to be able to meet the demand in India before we go to markets outside,” he noted. However, he acknowledged the significant growth potential in international markets as well.
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