"WE ARE ATTRACTING FIRST-TIME EV BUYERS, AND MANY ARE NEW TO MAHINDRA"

M&M's Executive Director and CEO for Auto and Farm Sector, RAJESH JEJURIKAR, speaks on how the automaker is balancing growth and innovation, while expanding its consumer base through electric SUVs and fresh product strategies in this interview with BW Businessworld's Group Editorial Director, NOOR FATHIMA WARSIA

- 

This year, Mahindra has outlined aggressive growth targets across SUVs, EVs and commercial vehicles. Could you elaborate on how you plan to balance volume growth with margin preservation, especially given recent cost-saving initiatives on ICE platforms?

Our approach to balancing volume growth with margin preservation is rooted in disciplined cost-saving initiatives, as already demonstrated on our ICE platforms. We continuously work on value engineering and product reengineering as our models mature, which helps us reduce costs without compromising quality or customer experience.

For example, with models like the Thar and XUV3XO, we have been running at full capacity and are expanding production to meet strong demand, which will help us achieve scale efficiencies. Additionally, our manufacturing facilities, such as the Chakan plant, operate on renewable energy, which also contributes to cost optimisation and sustainability goals.

Both Thar Roxx and XUV3XO now have a full 12-month run. Can you share early data or anecdotal feedback on how they are performing in terms of engagement, urban acceptance and dealer sentiment?

The Thar Roxx has been a game changer, with strong sales and winning 36 awards, including the Indian Car of the Year (ICOTY) 2025. This has accelerated the Thar brand's growth, with combined Thar and Thar Roxx sales reaching record numbers in FY2025. The XUV3XO has become our second-best-selling SUV, reflecting robust urban acceptance and strong demand from both new and existing customers. Dealers have reported high enthusiasm for both models, and their success has contributed to Mahin-dra’s overall sales momentum and market leadership in the SUV segment.