Mahindra NU_IQ platform vehiclesThere are growing concerns about a slowdown in SUV sales following geopolitical issues, US tariffs, and IT layoffs. However, Mahindra & Mahindra, the country’s largest SUV maker, remains unfazed and says that off-roaders still have a long way to go, and thus there will be no let-up in sales.
Rajesh Jejurikar, CEO of Mahindra’s auto and farm sectors, says SUVs will continue to power domestic car sales, possibly helping offset any chances of a major slowdown in the industry.
As the company charts out an expansion plan for export markets, with unveiling of four new concept SUVs (called Vision.S, Vision.T, Vision.SXT and Vision.X), that will hit the roads from 2027, it remains confident of its strong SUV showing in India, where it has emerged as the second-best seller, behind Maruti Suzuki.
“We are very optimistic because we believe that vehicles are bought as a symbol of status. Customers want vehicles which have a certain seating height and a commanding view on the road. And, in many cases, good space to take a joint family out. These are the reasons behind the rapid growth in SUV sales. We don’t see any of that changing,” Jejurikar told TOI.
“A lot of the growth has come through core SUVs, which is where we have a strong presence. And we believe that is a strength which is still leverageable.”
While refusing to make direct comments on US tariffs issue, Jejurikar said India’s plans to sign FTAs will be beneficial for companies looking to go big on exports. “I think FTAs are going to be a positive enabler which will allow us to leverage India’s product development capability as well as the manufacturing prowess. FTAs will give us access to more markets. With that, we have to build brand and sales channels in those countries.”
On new SUVs that were showcased for export markets, he said they will be launched in a phased manner from 2027 onwards. The cars have the capability to have both electric and internal-combustion (ICE) powertrains. “The strategy of going global is a phased, calibrated strategy. It’s not like we are going to do a sudden switch one day. I want to reinforce our approach and philosophy, create products which are capable of competing with the best in the world. Then you decide at what stage you want to go global with them. And that’s exactly what our approach has been on the electric origin SUVs.” In Phase 1 of export plans, the company will go to markets where it already has a brand, network and presence. These include South Africa, Australia, New Zealand, Chile, North Africa, Indonesia, and Morocco.
“The second phase will be right-hand drive markets where we will start with electric vehicles. Those will be markets like the UK. The third phase will be markets, which are primarily led by our global lifestyle pickups. ”
