M&M SUV sales jump 60% in Navratri; new electric vehicle launch planned for November, says exec

Mahindra & Mahindra (M&M) reported a sharp 60 percent rise in SUV retail sales during the Navratri period and expects festive season demand to remain strong through Diwali. The company is also preparing to launch a new electric vehicle (EV) by the end of November, as part of its broader push to expand customer choice across powertrains, according to Nalinikanth Gollagunta, Chief Executive Officer, Auto at M&M.

Speaking with CNBC TV18, Gollagunta said the company has seen robust footfalls at dealerships and strong momentum across models. “Retail dealer sales are up 60 percent on SUVs,” he said, attributing the performance to festive sentiment, a refreshed product lineup, and the benefits of the recent GST 2.0 policy. “We are looking forward to a strong festive season,” he added.To tap demand, M&M has rolled out updated versions of the Bolero and Bolero Neo, adding modern features while retaining their rugged SUV design. Gollagunta said the upgrades were based on customer feedback and aimed at refining what he called an already “attractive value proposition.”EV rollout and evolving customer trends

The company’s upcoming EV launch will build on growing electric vehicle adoption in India, which has begun to see meaningful traction. Gollagunta said registrations on the government’s Vahan portal crossed 14,000 in September for the first time, signalling mainstream acceptance. “EVs are the end state we believe the industry will go towards,” he said.M&M’s broader strategy focuses on offering consumers a wider range of choices rather than competing directly with peers, he explained. Its portfolio spans rural and urban markets and covers multiple powertrain technologies. While the company continues to evaluate alternatives such as compressed natural gas (CNG), Gollagunta said the technology currently does not meet M&M’s performance benchmarks for its power-focused engines.Customer trends and pricing outlook

Following the GST 2.0 reforms, M&M is observing shifts in consumer buying patterns. Some customers are skipping hatchbacks and opting directly for entry-level SUVs, while others are upgrading to higher variants or more premium models within the same budget. The company is closely tracking these trends to adjust its strategy accordingly.On pricing, Gollagunta said M&M’s current focus is on passing GST benefits to customers rather than hiking prices. “As the environment changes or macro changes, we can go back and take a look at it, but at this point in time, we are excited to pass on the GST benefits,” he said.Stock performanceMahindra & Mahindra shares were trading at Rs 3,491 in the early afternoon on Friday, up 0.55 percent. The stock has gained 14 percent over the past year, trading between Rs 2,425 and Rs 3,723.80. The Nifty 50 has risen 1.4 percent in the same period.