Despite the car having a very low localisation level of around 50 per cent, as the engine and transmission is imported into the country, M&M says the reduction has been a result of rationalisation efforts undertaken by the company at its plant in Nashik.
Hopes to launch e-scooters within two years
Mahindra will serve as a mentor and sounding board for the managing director on issues to be presented to the board, especially in the areas of strategic planning, risk mitigation and external interface. In addition, he will be available to provide feedback and counsel to the managing director on key issues facing the enterprise.
This will help M&M secure a stable line of dealerships fairly quickly, which otherwise is time-consuming and painstaking. Chrysler LLC last month decided to terminate business with 789 dealers -- nearly 25 per cent of its total dealership -- as part of its restructuring process. Mahindra is moving into the US at a time when recession has forced companies to slash jobs, pushing auto sales to the lowest in three decades.
Nanda will also continue as the chairman of Club Mahindra and Mahindra Consulting Engineers and take over from Anand Mahindra as the chairman of Mahindra Lifespaces, M&M said.
Mujhe bahar nikalo (Pull me out) had been her repeated plea, he said.
Mahindra & Mahindra on Friday confirmed its bid to acquire the Romanian government's stake in SC Tractorul UTB SA, Brasov.
Slowdown in vehicle demand also behind decision.
M&M said the ongoing economic slowdown in the automotive industry was mainly on account of inadequate funding and high interest cost. The company's domestic sales in November were down by 41.55 per cent at 10,430 units compared to 17,844 units last year.
Workers at Mahindra & Mahindra's largest plant, at Nashik, have gone on an indefinite 'tools down' strike, denting the company's revenue by Rs 25 crore a day.
M&M also saw its domestic passenger vehicle sales grow by 1 per cent, while Toyota Kirloskar Motor witnessed a decline in its PV sales.
Satyam's revenue per employee is low, but manpower rationalisation can solve only part of the problem, says Shyamal Majumdar.
For Tech Mahindra, the successful bidder for Satyam Computer Services, it was "a game-changing day," according to Anand Mahindra, vice-chairman & MD of Mahindra & Mahindra.
XYLO (pronounced Zy-lo) is an indigenous vehicle made by the Mahindras under the project Ingenio. The vehicle has gone through testing in India and other countries.
M&M said it is also in talks with Renault to bring in a new product in the JV, but nothing has been finalised
'The promises of netas and babus and new laws, however well-meaning, mean little.' 'What matters is implementation on the ground.' 'Every law is finally implemented by a vast army of offici
Major Indian automobile companies like Tata Motors, Bajaj Auto and Mahindra & Mahindra seem to have put up a robust performance in Q3 FY 10, paying advance tax of Rs 100 crore (Rs 1 billion), Rs 320 crore (Rs 3.2 billion) and Rs 195 crore (Rs 1.95 billion), respectively.
Mahindra & Mahindra has raised the prices of Scorpio by Rs 5,000 to 6,000 due to the increase in input costs.
Excise duty cut of Rs 6,000 on big cars to be passed to customers; LCDs cheaper by Rs 3,500.
M&M president for automotive sector Pawan Goenka told reporters that there has been a surge in commodity prices, specially that of rubber and sheet metals, which has resulted in pressures on margins.
Celebrating the poet-saint's legacy in our times.
While a unique business model, growth opportunity and consistent track record are the positives for the issue, the pricing appears stiff.
CEOs have complained that high interest rates have blocked their investment decisions. At the same time, customers are also deferring their purchases for new consumer durables, cars, and homes.
India's largest sport utility vehicle maker Mahindra & Mahindra's plan of launching its vehicles in the US has suffered a delay of almost 12 months following clearance awaited from the US homologation department.
The XYLO is perhaps the most complete car with luxury comforts to enter the Indian market with everything that today's sedans offer and much more.
Leading Indian utility vehicle player Mahindra & Mahindra is likely to buy out its local partner in Mahindra South Africa, which is currently a 92 per cent subsidiary.
Renault, which has a joint venture with M&M that sells entry level sedan Logan, has been a subject of speculation over its relationship with the Indian partner and declining sales of the car had put a question mark over the future of the JV -- Mahindra Renault Pvt Ltd, in which the French firm has 49 per cent stake.
Last month, M&M's exclusive US distributor, Global Vehicles, had filed a lawsuit against the Indian firm before an Atlanta District Court, alleging an inordinate delay in the launch of the pick-up truck. GV had claimed to have made an overall investment of $103.5 million (about Rs 480 crore) along with franchisees to sell M&M's pick-up truck based on Scorpio platform.
Workers of the Nashik plant had gone on an indefinite 'tool down strike' from May 4 in protest against the suspension of Mahindra Union president Madhav Dhatrak by the management and the company's alleged delay in signing a wage agreement for the past 22 months.
The company's Nashik plant, where the Xylo is made, has been paralysed for the past five working days due to an intense labour strike. Although M&M had to ramp up Xylo's production to more than what was projected, it has been falling short of the demand.
After a strong start to the week on Tuesday, the Sensex this morning opened 15 points higher at 16,868 amid subdued global cues.
M&M conducted raids across six auto spare part makers and sales outlets.
The NSE Nifty gained 77.85 points, or 0.71 per cent, to finish at 11,008.30. Intra-day, it shuttled between 10,821.55 and 11,035.65.
Auto component companies -- especially the mid-size and small ones -- are facing an uphill task to stay afloat as banks have become tight-fisted in giving credit and vehicle makers are cutting orders to combat the slowdown in sales.
At a price starting from Rs 849,000 and going up to Rs 12.14 lakh, the XUV300 competes with the Maruti Brezza, Tata Nexon, Ford EcoSport, and Honda WR-V.
Renault and M&M had planned to bring the seven-seater MPV through their JV under which the French company's mid-sized sedan 'Logan' is manufactured and sold in India. The MPV was displayed at the Auto Expo held earlier this year.
India's biggest utility vehicle player Mahindra & Mahindra will spend close to Rs 300 crore ($60 million) towards brand-building and promotion as it prepares to launch its vehicles in the largest automotive market in the world - the United States.
After a worrying 7 per cent fall in sales in January, Maruti Suzuki, Hyundai Motors, Tata Motors, Mahindra & Mahindra and Honda Siel have notched up an impressive 18.78 per cent growth in sales in February. Strong demand for the SX4 and DZire models helped Maruti Suzuki, the country's largest passenger car maker, record an impressive 19 per cent jump in sales in the domestic market, hitting a new record of 70,625 units in February.
Among the cars unveiled at the Auto Expo on Wednesday was Mahindra and Mahindra's e-KUV for Rs 8.2 lakhs ex-showroom Delhi. With a single charge range of 150 km and a 55 min fast charging upto 80 pc, it was both a head-turner and a conversation-starter.
M&M for sell-off of PSIDC stake in Punjab Tractor
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances