Mumbai: Mahindra & Mahindra is plotting a calibrated push into key overseas markets, anchored by a new modular platform that will spawn its next generation of SUVs. The automaker will however continue to prioritise leadership in revenue market share over sheer volume gains, said a senior company executive.
"Volume share gains are happening on their own, but our metric remains revenue market share," Rajesh Jejurikar, CEO and executive director, auto and farm sectors at M&M told ET. "Chasing volumes could lead us to the wrong strategic choices."
The maker of Thar and XUV7OO SUVs leads India's SUV market in revenue share though it ranks second in volume. M&M clocked record sales of 152,100 SUVs in Q1 FY26. M&M is expecting the next phase of growth to be driven by the newly-developed NU IQ. It is the company's first-ever architecture capable of churning internal combustion and electric powertrains, along with front- and all-wheel drive options, and both left- and right-hand drive formats.
On Friday, the company unveiled the Vision.S, Vision.T, Vision.SXT, and Vision.X SUV concepts based on the NU IQ. The platform is designed for high modularity and component commonality, enabling faster development, lower costs, and the agility to adjust product offerings in line with shifting consumer preferences and technology trends.
"Once you create a platform, you can't reinvent it every time customer choices change. Modularity gives us the ability to respond quickly," said Jejurikar. M&M's INGLO platform will continue to underpin larger e-SUVs, while NU IQ will be used for compact and subcompact SUVs, with both coexisting in the portfolio.
To support future growth, the company will expand annual capacity at its plant in Chakan, Pune, by 240,000 vehicles, taking total capacity there to 750,000-760,000 units. It is also scouting for a greenfield facility for longer-term expansion.
The international rollout will follow a "saturation-first" playbook, entailing building build presence, dealer networks, and service capability in one market before moving to the next, said Jejurikar. South Africa served as the first proving ground, followed by Australia and New Zealand, he added.
It is now preparing to enter the UK, as well as other right- and left-hand-drive markets, including select markets in Europe, the Middle East, Africa, and Latin America, to tap into premium SUV "white space" opportunities, said Jejurikar.
The platform strategy is aimed at delivering aspirational SUVs to both local and overseas buyers, avoiding brand dilution from chasing entry-level markets. "We don't want to dilute our identity by entering segments that aren't core to us," said Jejurikar, adding that M&M's average selling price remains well above the industry average.
By consolidating multiple powertrains on one platform, the automaker is aiming to future-proof its product range against uncertainty in adoption curves for EVs, hybrids and advanced ICE vehicles.
"Volume share gains are happening on their own, but our metric remains revenue market share," Rajesh Jejurikar, CEO and executive director, auto and farm sectors at M&M told ET. "Chasing volumes could lead us to the wrong strategic choices."
The maker of Thar and XUV7OO SUVs leads India's SUV market in revenue share though it ranks second in volume. M&M clocked record sales of 152,100 SUVs in Q1 FY26. M&M is expecting the next phase of growth to be driven by the newly-developed NU IQ. It is the company's first-ever architecture capable of churning internal combustion and electric powertrains, along with front- and all-wheel drive options, and both left- and right-hand drive formats.
On Friday, the company unveiled the Vision.S, Vision.T, Vision.SXT, and Vision.X SUV concepts based on the NU IQ. The platform is designed for high modularity and component commonality, enabling faster development, lower costs, and the agility to adjust product offerings in line with shifting consumer preferences and technology trends.
"Once you create a platform, you can't reinvent it every time customer choices change. Modularity gives us the ability to respond quickly," said Jejurikar. M&M's INGLO platform will continue to underpin larger e-SUVs, while NU IQ will be used for compact and subcompact SUVs, with both coexisting in the portfolio.
To support future growth, the company will expand annual capacity at its plant in Chakan, Pune, by 240,000 vehicles, taking total capacity there to 750,000-760,000 units. It is also scouting for a greenfield facility for longer-term expansion.
The international rollout will follow a "saturation-first" playbook, entailing building build presence, dealer networks, and service capability in one market before moving to the next, said Jejurikar. South Africa served as the first proving ground, followed by Australia and New Zealand, he added.
It is now preparing to enter the UK, as well as other right- and left-hand-drive markets, including select markets in Europe, the Middle East, Africa, and Latin America, to tap into premium SUV "white space" opportunities, said Jejurikar.
The platform strategy is aimed at delivering aspirational SUVs to both local and overseas buyers, avoiding brand dilution from chasing entry-level markets. "We don't want to dilute our identity by entering segments that aren't core to us," said Jejurikar, adding that M&M's average selling price remains well above the industry average.
By consolidating multiple powertrains on one platform, the automaker is aiming to future-proof its product range against uncertainty in adoption curves for EVs, hybrids and advanced ICE vehicles.
You may also like
Tragedy near Humayun's Tomb sparks concern for appropriate care of heritage buildings: Expert
Jamie Carragher outlines Liverpool's biggest concern in Premier League title race
UDF seeks CM Vijayan's resignation after Vigilance Court rejects clean chit to top cop
Rajesh Khanna's 'surrogate wife' Anita Advani makes shocking revelations about Bollywood's 1st superstar: 'He was very quiet but...'
Seven-month-old boy 'kidnapped' as mum attacked outside California store
