New Delhi: SML Mahindra is looking to raise its market share in the commercial vehicle segment to 10-12 per cent by FY31, from around 7.2 per cent currently, a year after the SML acquisition, and cross 20 per cent by FY36, a senior company executive said on Wednesday.
Mahindra & Mahindra completed the acquisition of 58.96 per cent controlling stake in commercial vehicle manufacturer SML Isuzu Ltd and has renamed it as SML Mahindra Ltd (SML) last year.
Read more: SML Mahindra to acquire Mahindra’s truck and bus business for Rs 525 crore
Vinod Sahay, President -- Trucks & Buses, Executive Chairman -- SML Mahindra and Member of the Group Executive Board, Mahindra Group, said, it is targeting at least 10 per cent of the total buses portfolio to become electric in a couple of years.
"So both brand (SML Mahindra and Mahindra & Mahindra) put together, we sold around 16,000 buses last year. We will certainly target to get into at least 10 per cent of that to become electric in couple of years post the (E-Bus) launch," Sahay told reporters here.
Sharing his outlook for the overall commercial vehicle segment, Sahay said he expects high single digit growth for the current financial year, due to a number of factors, including replacement demand kicking in, especially for heavy trucks and the overall momentum in India's economy.
Read more: Mahindra & Mahindra reports 5% growth in domestic tractor sales at 27,595 units in August
"So we still believe that while the base will be higher in quarter four and part of quarter three, but for the full year we should still have at least around higher single-digit growth for sure," Sahay said.
He was speaking on the sidelines of an event where Mahindra Truck and Bus, part of the Mahindra Group, announced the launch of the all-new BLAZO i-TRK, a new generation Heavy Commercial Truck.
