Total revamp: An Indian worker cleans newly launched Mahindra GUSTO Scooters at a warehouse on the outskirts of Ahmedabad. The 76-year-old conglomerate is exiting money-losing businesses and writing down almost all losses in a restructuring. — AFP
MAHINDRA & Mahindra Ltd, the Indian sports utility vehicle (SUV) maker better known for its tractors and farm equipment, is betting on electric cars and digital services to revive its fortunes under new chief executive officer Anish Shah.
Shah, 51, has his task cut out for him. The US$19bil (RM78.68bil) group’s SUV market share has plunged to 13%, from 50% seven years ago. It has struggled with failing investments and the pandemic’s blow to the automobile industry, which led it to report quarterly losses last year, its first in nearly two decades. Last week, it ended plans to collaborate with Ford Motor Co.
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