Mahindra & Mahindra plans to begin exporting its electric vehicles to Britain, leveraging opportunities created by the recently concluded India-U.K. free trade agreement (FTA). Group Chief Executive and Managing Director Anish Shah said the deal would support the company’s expansion into the U.K.’s competitive auto market and deliver broader benefits to the Indian industry.
“We are looking forward to exporting our electric vehicles to the U.K. and taking a bigger share of the U.K. market… on the back of this FTA,” Shah told PTI. He described the pact as ‘balanced’ and credited the Indian government with ‘a fine job’ in negotiations, adding that it would encourage two-way trade and strengthen India’s export potential across sectors.
The Mumbai-based automaker is a key player in India’s growing EV market, aiming for electric models to make up 30% of sales by 2030. In 2022, it established Mahindra Advanced Design Europe in Banbury, Oxfordshire, as a creative hub for its electric portfolio. Shah said the trade deal could boost innovation, manufacturing, and position India as “the auto manufacturing hub of the world,” aided by lower logistics costs, reduced import duties, and improved regulations.
Shah emphasized that Mahindra welcomes competition, citing the arrival of Tesla and VinFast in India as opportunities rather than threats. He recalled similar doubts when Ford, Hyundai, and Kia entered the market, noting that Mahindra emerged stronger, with SUV market share rising from 11% to 27% and a 5.7% point gain in the last quarter.
Focusing on SUVs as its core strength, the company plans to expand into select global markets, starting with models tailored to local demand. Future offerings may include smaller SUVs with refined design and advanced technology. On acquisitions, Shah contrasted Mahindra’s selective approach with large-scale global buyouts, saying the company seeks deals that elevate its growth trajectory, such as its recent stake in SML.
While acknowledging supply chain risks, including shortages of rare earth magnets, Shah expressed confidence in finding alternatives, citing the semiconductor crisis as an example of resilience. He said government initiatives are also underway to address such challenges.
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