India’s single producer levy, prospects of falling financing costs, and higher farm income underpinned by monsoon rains should help carmakers accelerate the rate of growth in Asia’s third-biggest economy, said the head of the country’s biggest SUV manufacturer.
The $17 billion Mahindra Group is ‘accelerating’ its focus on electric mobility with another Rs 600 crore investment in e-vehicles — taking its cumulative investment to Rs 1,200 crore — that will see the company rolling out an electric bus in a year’s time and e-rickshaws by this year end.
In May, Maruti Suzuki has overtaken Mahindra & Mahindra (M&M) to become India’s largest utility vehicle (UV) maker. The manufacturer of Brezza and SCross vehicles has overcome the sustained dominance from the maker of Scorpio and Bolero for the second successive month, underscoring the shifting trends on the utility vehicle leader board.
Maruti Suzuki has been achieving new feats each passing day. Earlier this month, it became the first automaker to hit a market capitalisation (m-cap) of Rs 2 lakh crore on a closing basis. Now, it is eying driving Tata Motors and Mahindra & Mahindra duo out of the m-cap race altogether.