Mumbai-headquartered automotive major Mahindra & Mahindra has announced its financial results for FY2025 with revenue of INR 1,592 billion, up 14 percent YoY and a net profit of INR 129 billion, up 20 percent YoY.

The robust financial performance was underpinned by strong automotive sales across key segments. Mahindra stated it continue to top the SUV sales with a revenue market share of 22.5 percent. Furthermore, the OEM held the top spot in the Light Commercial Vehicle (LCV) segment under 3.5 tonnes, commanding a market share of 51.9 percent. The Tractor division also achieved its highest ever full-year market share at 43.3 percent.

Going forward, the company continues to maintain an optimistic outlook for SUV and EV sales. The company has announced that it will unveil a new platform 'Vision' on 15 August 2025, which will further expand its product portfolio.

Furthermore, Mahindra is set to increase its manufacturing capacity for XUV 3X0 and Thar Roxx by 3,000 units, a new platform capacity in Chakan for 120,000 units per annum and a new greenfield facility by FY2028, which will primarily focus on the passenger vehicle segment. The company is also looking at different states and the kind of incentives it gets, before finalising the location.  

“Our current capacity utilisation on the SUV side is almost over 90 percent with Scorpio very close to capacity, Thar Roxx and 3X0 fully on capacity and Bolero is lesser in capacity,” said Rajesh Jejurikar, Executive Director & CEO – Auto and Farm Sector, Mahindra & Mahindra.

Furthermore, the company’s born electric platform, which has spawned the BE 6 and XEV 9e has recently crossed the 6,300 sales mark. At present, the EVs have around 40,000 bookings with an average waiting time of 4-5 months.

Jejurikar explained that an EV customer usually sees around 2 hours of discussion time at the dealership, which is significantly higher than that of an ICE-vehicle customer.

“There's also work to be done by way of enabling charging infrastructure to be facilitated, set up, which means working with their societies or their office complexes wherever they want the charger and all of that needs to be coordinated well and then there's an installation process to be done at home. We have seen that this process is very important to customers to make sure that the experience is very seamless. As we think about ramping up, this is an added thing over and above the input quality which of course is a very important parameter because there is a lot of high tech and so we want to be very calibrated in the way we ramp up. As we have said earlier, that even though we have capacity, we are not operationalising all of that,” added Jejurikar.

A significant highlight was the positive performance of Mahindra's EV division. The company reported being EBITDA positive in the first quarter of the fiscal year within its EV segment, even without considering certain incentives (PLI). This achievement was attributed to a favourable variant mix. While celebrating this milestone, the company cautioned that achieving EBIT margin positivity in the EV sector is anticipated to take several quarters, potentially extending to a year or 18 months. This timeline reflects the ongoing investments required to scale up their EV operations, for which incentives are intended to provide support. The company anticipates that significant EBITDA positivity in the EV segment will become more pronounced as production volume increases.

On the other hand, responding to slowdown in the passenger vehicle sales, Jejurikar stated, “I think there are several enablers which will start kicking in – government spending, infrastructure spending, all of that which will lead to demand picking up. The smaller segments will start gaining out of the income tax benefit that will start kicking in from the front. We think that will be an enabler as well as interest rates come down over time, I think that will be another positive enabler. I do think that over the next few months, the sentiment will start kicking up. But it's a world with a lot of uncertainty at the moment. Multiple things are happening around the world so we don't see any uncertainty that comes out of that.  But, overall I think many macroeconomic factors are positive.”

Dr Anish Shah, Managing Director, Mahindra & Mahindra, added, “I just want to reflect on the numbers – both revenue growth and bank growth – where the stress isn't particularly visible. Yes, there is some level of commercial urban stress, but from our product standpoint, we haven't seen significant impact. Even when we look across other businesses, overall, the picture remains positive. The recent actions around liquidity and interest rates should start to drive greater demand and improved functionality. So, on balance, I’d say we aren’t seeing substantial urban stress at this point – perhaps a slight slowdown or a temporary blip, but nothing major. I believe that's something we’ll bounce back from.”

Looking beyond the domestic market, Mahindra expressed considerable optimism regarding its expansion in North America. The launch of the OJA tractor series in the North American market is reported to be gaining significant traction. Specifically, in the less than 110 horsepower tractor segment, where Mahindra has a strong presence, their retail market share has reportedly surged from 3 percent to 10 percent over the past four months. This sub-110 horsepower category constitutes a substantial 40 percent of the total market volume. This significant growth in their key segment underscores the strategic importance of the OTA series and justifies the investments made in its creation.

Responding to a question regarding potential entry into the insurance market, a Dr Shah stated that this has been under consideration for several years. While acknowledging the complementary nature of their existing business and the large market size, he indicated that any entry would be contingent on identifying a suitable approach that ensures successful returns. But no immediate plans for entering the insurance sector were announced.

Going forward, Mahindra is said to be open to new partnerships and acquisitions.

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Stellantis-owned electric vehicle brand Leapmotor recently showcased its new range of product offerings at the Brussels Motor Show.

The OEM utilised the platform to display its latest vehicle technologies and models as part of an expansion strategy within the European market. The lineup featured both battery electric vehicles (BEVs) and hybrid electric vehicles (HEVs) equipped with range extenders.

The event saw the European debut of the B03X, a model designed to showcase the brand's approach to electric technology. Additionally, Leapmotor provided the first public viewing of the B05 interior, highlighting a design philosophy focused on digital integration and materials.

Leapmotor launched the B10 Hybrid EV, which employs a range extender system. Unlike conventional hybrids where the internal combustion engine frequently powers the wheels directly, this architecture uses the electric motor as the sole source of propulsion. The engine serves as a generator to produce electricity for the battery when required and is never mechanically connected to the drivetrain.

This configuration is intended to provide the torque and noise levels of a pure electric vehicle while addressing infrastructure limitations and range anxiety. The system manages energy automatically, allowing for long-distance travel without a reliance on fast-charging stations. Leapmotor positions this solution as a practical transition for regions with varying levels of electrification readiness.

In a standard HEV, the engine drives the wheels, with the electric motor acting in a supporting role. Conversely, Leapmotor's system maintains a consistent electric driving experience because the engine does not provide mechanical drive.

By removing the mechanical complexity of traditional hybrid drivetrains that switch between multiple modes, the company claims a more refined operation. The range extender is designed to operate only in ideal conditions to optimise efficiency and reduce noise.

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Japanese automotive component supplier Toyoda Gosei Co, has announced that its curtain airbag has been adopted for the LS9, a luxury battery electric vehicle (BEV) from the Chinese brand IM Motors.

This marks the first instance of a Chinese manufacturer utilising an airbag system produced by the Japanese company.

The curtain airbag is designed to deploy across windows during side collisions to reduce head impacts. The unit developed for the LS9 is 15 percent smaller in volume compared to previous versions. Despite the reduced size, the component meets the safety criteria of the Chinese New Car Assessment Programme (C-NCAP).

To meet the development timelines required by Chinese manufacturers, Toyoda Gosei used Computer-Aided Engineering (CAE) technology during the design phase. This allowed the company to simulate performance and refine the product without the need for extensive physical prototyping.

The company is expanding its development capacity in China to compete with emerging manufacturers and the growth of the electric vehicle sector. By providing safety systems that meet regional requirements, Toyoda Gosei intends to increase its presence within the Chinese automotive market.

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Mumbai-headquartered automotive major Mahindra & Mahindra has introduced the Thar Roxx Star EDN at prices starting INR 1.68 million for the diesel variant (manual transmission), INR 1.78 million for the petrol variant (automatic transmission) and INR 1.83 million for the diesel automatic.

This marks the expansion of the Thar Roxx range, which now features updated design elements on the interior and exterior.

The new variant incorporates a piano black front grille and matching R19 alloy wheels to update the appearance. The model introduces a Citrine Yellow colour option alongside existing shades of Tango Red, Everest White and Stealth Black.

The interior features black leatherette seats with suede accents. Standard cabin features include ventilated front seats, a sliding armrest and a 26.03-cm HD touchscreen infotainment system. The technology suite comprises a digital instrument cluster, a nine-speaker Harman Kardon audio system and Adrenox connected car features with Alexa integration. For safety, the vehicle is equipped with six airbags, a surround-view camera, and parking sensors at the front and rear.

The Thar Roxx Star EDN retains the engine options from the standard range, featuring the G20 TGDi mStallion petrol engine and the D22 mHawk diesel engine. The petrol unit produces 130 kW and 380 Nm of torque, while the diesel engine delivers 128.6 kW and 400 Nm. These variants are available with a rear-wheel-drive system and a choice of manual or automatic transmissions.

The SUV is built on the M_GLYDE body-on-frame platform and includes selectable terrain modes for snow, sand, and mud. It also features a brake locking differential to assist in various driving conditions.

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Tata Motors Passenger Vehicles (TMPV) has launched petrol and twin-cylinder CNG versions of the Xpres sedan to broaden its fleet-specific offerings. The petrol model is priced from INR 559,000, while the CNG variant starts at INR 659,000 (ex-showroom Delhi).

This expansion follows the introduction of the Xpres EV and is intended to provide a range of powertrains for commercial operators, including cab aggregators, airport transfers, and tourist services.

The Xpres CNG features a 70-litre water capacity fuel tank using twin-cylinder technology. This configuration is intended to maximise travel range while maintaining boot space, a factor that has previously limited luggage capacity in gas-powered vehicles. The petrol variant provides a boot capacity of 419 litres. Both models are powered by a 1.2-litre Revotron engine paired with a manual transmission, designed for the duty cycles required in professional mobility.

The company has stated that the maintenance cost for these vehicles is INR 0.47 per kilometre. To support fleet owners, Tata Motors has established dealerships in selected cities dedicated to commercial sales and service. These facilities are intended to provide faster vehicle turnaround and support.

The vehicles come with a standard warranty of three years or 100,000 km, which can be extended to five years or 180,000 km. The manufacturer has also introduced finance solutions specifically for fleet purchasers to assist with the acquisition of the petrol and CNG models.

Vivek Srivatsa, Chief Commercial Officer, Tata Passenger Electric Mobility, said, “Tata Xpres was created to address the real operating challenges faced by fleet customers, including passengers and owners. Responding to the needs of our fleet customers, we are elated to introduce the first-in-segment 70-litre twin-cylinder CNG variant with best-in-segment usable boot space, alongside a petrol variant with the largest boot space. Built on our proven 1.2-litre Revotron powertrain and supported by long-term warranty, tailored finance and dedicated fleet dealerships, Tata Xpres fleet with its complete range of electric and ICE powertrains will offer a complete, future-ready mobility platform to our customers, in turn expanding our market share across India’s commercial mobility landscape.”

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