Mahindra & Mahindra was founded as a steel trading company on October 2, 1945, in Ludhiana as Mahindra & Mohammed by brothers Kailash Chandra Mahindra and Jagdish Chandra Mahindra, along with Malik Ghulam Muhammad.[8]Anand Mahindra, the present Chairman of Mahindra Group, is the grandson of Kailash Chandra Mahindra. In 1948, Ghulam Mohammed decided to move to the newly formed Pakistan.The Mahindras were left with stationary and company stamp that said M&M. They didn't have the financial resources to change the name. Since there were two Mahindra brothers in the business they decided to change the company name to Mahindra & Mahindra.[9]
Beginnings with Jeep
They eventually saw a business opportunity in expanding into manufacturing and selling larger multi utility vehicle (MUVs) and started assembling under the licence of WillysJeep in India. Soon, M&M was established as the Jeep manufacturer in India and later commenced manufacturing light commercial vehicles (LCVs) and agricultural tractors. Jeep was bought by American Motors Corporation in 1970; Jeeps continued to be built by Mahindra under licence from AMC and, in turn, under Chrysler after Chrysler bought AMC in 1987.
Acquisitions
In 1999, Mahindra purchased 100% of Gujarat Tractors from the Government of Gujarat, and in 2017, Mahindra renamed it Gromax Agri Equipment Limited as part of its new brand strategy, and the models continue to be sold as Trakstar.[10][11]
In 2007, M&M acquired Punjab Tractor Limited (PTL), making it the world's largest tractor manufacturer.[12][13] Subsequent to this takeover, the former PTL was merged into M&M and transformed into the Swaraj division of Mahindra & Mahindra in 2009.[14]
Over the past few years, the company has taken an interest in new industries and foreign markets. In 2008, they entered the two-wheeler industry by taking over Kinetic Motors in India.[15]
In 2011 Mahindra acquired a majority stake of South Korea's SsangYong Motor, turning it into a subsidiary.[18] In December 2020, after Mahindra stopped funding it, SsangYong entered into receivership, de facto no longer being a Mahindra subsidiary from that point on,[19] and de jure after November 2022, when a KG Group-led consortium completed the acquisition procedures for a controlling stake, moving SsangYong out of receivership.[20][21]
In March 2016, Mahindra acquired 35% of Finland-based Sampo Rosenlew, entering the combine harvester business, subsequently increasing its stake in the company to 49.04% in December 2019.[26][27]
In January 2017, Mahindra and Mahindra Ltd acquired a 75.1 equity stake in Hisarlar Makina Sanayi ve Ticaret Anonym Şirketi (Hisarlar), a farm equipment company, marking its entry into Turkey and in September 2017 acquired another Turkish tractor and foundry business Erkunt Traktor Sanayii AS for ₹800 crore.[28][29]
In January 2018, Mahindra announced its foray into the sprayers business through the acquisition of a 26% equity stake in M.I.T.R.A. Agro Equipments Pvt Ltd, a Maharashtra-based AgTech company (MITRA).[30][31] In March 2020, Mahindra further increased its stake in the company to 39%.[32][33]
In February 2018, Mahindra acquired a minority stake of 22.9% percent in Carnot Technologies. Carnot Technologies owns and operates smart car firm CarSense.[34]
In May 2018, Mahindra signed a share subscription agreement to acquire up to 10% share capital of Canada's IT firm Resson Aerospace Corporation.[35] Resson has developed a system that captures and interprets images to give farmers information about the state of their fields and crops.[36]
In June 2019, Mahindra purchased an 11.25% stake in Switzerland-based agro technology firm Gamaya.[37] The acquisition enabled Mahindra to further develop and deploy next-generation farming capabilities such as precision agriculture and digital farming technologies.[38][39]
In December 2023, Mahindra & Mahindra acquired a 60.01% stake in Emergent Solren Private Limited, a solar power generator subsidiary of Mahindra Holdings Limited, for ₹288.05 crore.[40]
Licensed production and joint ventures
In November 2017, Mahindra signed a memorandum of understanding (MOU) agreement with Belgium-based Dewulf, a supplier of a full line of potato and root crop machinery.[41] Under the agreement, Mahindra will manufacture and market potato planting equipment in India, for which the co-branded planter is developed.[42]
In April 2010, Mahindra and Renault ended its joint venture which operated from 2005 onwards, with Mahindra buying out Renault's stake. Renault continues to license and supply key components such as engines and transmissions to Mahindra & Mahindra.[43]
Mahindra & Mahindra (M&M) and Ford Motor Company (Ford) first formed a joint venture to manufacture Ford cars in India, Mahindra Ford India. The JV manufactured its cars including the Ford Escort, at Nashik factory of Mahindra. In 2003, Ford increased its stake in the company to 72% and renamed it Ford India.
In October 2019, Mahindra entered into a joint venture with Ford by establishing Ford India in which Mahindra & Mahindra acquired a controlling 51% stake.[44][45]
In January 2021, Mahindra ended its collaboration with Ford owing to global economic and business conditions caused by the pandemic.[46]
Operations
Under the “Mahindra” brand name, the company produces SUVs, Multi utility vehicles, pickups, lightweight commercial vehicles, heavyweight commercial vehicles and tractors. Mahindra maintains business relations with foreign companies like Renault SA, France.[47] M&M has a global presence[48] and its products are exported to several countries.[49] Its automotive global subsidiaries include:
Mahindra began assembling the Jeep CJ3 in 1954, and light commercial vehicles in 1965. In 1979 the licensed assembly of Peugeot diesel four-cylinder engines and transmissions began, and in 1982 a tie-up with Kia Motors to build their four-speed KMT90 transmission and transfer case was announced.[53] Mahindra's MM range was a mainstay of the lineup and was eventually also offered with a 1.8-liter Isuzu petrol engine in addition to International and Peugeot diesels.[54]
In 1965 Mahindra and Mahindra Ltd & Rubery Owen a Darlaston based engineering firm formed a joint venture in Pimpri, Pune named Roplas India Ltd.[55] to manufacture after market fibre glass bodies for Mahindra 91, 101, and 104.5 licensed versions of Jeep CJ which included every possible configuration service vans, police bodies, off-roader and ambulance models.[56] They collaboratively also formed Mahindra Owen at Pune in 1958 an engineering company to manufacture truck trailers, one of the first trailer manufacturer of India.
In December 1989 Mahindra launched its 4x4offroad SUV range which consisted of licence-built versions of the Jeep CJ named Brave, Chief, and Baja. These were powered by four-cylinder, 2.1-litre Peugeot diesel engines producing 62hp and were available in 2032mm and 2311mm wheelbase variants. These were sold under motor industry investments, a joint venture between Paul Stoddart an Australian businessman and Roger Bastable founder of Abby Hill Group.[57]
Mahindra started making passenger vehicles firstly with the Logan in April 2007 under the Mahindra Renault joint venture.[58] M&M made its maiden entry into the heavy trucks segment with the Mahindra Truck and Bus Division, the joint venture with International Truck, USA.[59] Mahindra produces a wide range of vehicles, including MUVs, LCVs and three-wheelers. It manufactures over 20 models of cars, including larger, multi-utility vehicles like the Scorpio and the Bolero. It formerly had a joint venture called Ford India Private Limited to build passenger cars.[60]
At the 2008 Delhi Auto Show, Mahindra executives said the company was pursuing an aggressive product expansion program that would see the launch of several new platforms and vehicles over the next three years, including an entry-level SUV designed to seat five passengers and powered by a small, turbocharged Diesel engine.[61] True to their word, Mahindra & Mahindra launched the Mahindra Xylo in January 2009, selling over 15,000 units in its first six months.[62]
Also in early 2008, Mahindra commenced its first overseas CKD operations with the launch of the Mahindra Scorpio in Egypt,[63] in partnership with the Bavarian Auto Group. This was soon followed by assembly facilities in Brazil.
Mahindra launched its relatively heavily publicized SUV, XUV500, code-named as W201 in September 2011. The new SUV by Mahindra was designed in-house and it was developed on the first global SUV platform that could be used for developing more SUVs. In India, the new Mahindra XUV500 came in a price range between ₹1,140,000–1,500,000. The company was expected to launch three products in 2015 (two SUVs and one CV) and an XUV500 hybrid. Besides India, the company also targeted Europe, Africa, Australia and Latin America for this model.[64] Mahindra President Mr. Pawan Goenka stated that the company planned to launch six new models in the year.[65] The company launched the CNG version of its mini truck Maxximo on 29 June 2012.[66] A new version of the Verito in Diesel and petrol options was launched by the company on 26 July 2012 to compete with Maruti's Dzire and Toyota Kirloskar Motor's Etios.[67]
On 30 July 2015, Mahindra released sketches of a new compact SUV called the TUV300 slated to be launched on 10 September 2015.[68] The TUV300 design took cues from a battle tank and used a downsized version of the mHAWK engine found on the XUV500, Scorpio and some models of the Xylo. This new engine was dubbed the mHAWK80.[69]
In 2015, Mahindra introduced an app based intra-city cargo platform known as SMARTSHIFT, a load exchange platform for small commercial vehicles.[70] In 2018, Mahindra announced the merger of SMARTSHIFT with Mumbai-based logistics provider Porter.[71][72]
In January 2016 Mahindra launched a sub-compact monocoque SUV called the KUV100. The KUV100 received a major refresh in the form of the KUV100 NXT launched in October 2017.[73][74]
On 3 September 2018, Mahindra Marazzo the shark inspired vehicle was launched in collaboration with Mahindra Research Valley (MRV), MANA and Pininfarina in four variants.[75]
In February 2019, Mahindra launched its XUV300, a sub-4m compact monocoque SUV. The XUV300 was found to be the safest vehicle made in India in an independent crash test conducted by GNCAP, earning it a 5-star adult safety rating along with India's first ‘Safer Choice’ Award.[76][77]
In October 2020, Mahindra launched the second-generation Thar 2020 – the All-New Thar.[78]
On June 27, 2022, Mahindra released the Scorpio N, also called the "Big Daddy of SUVs". The previous generation will now be called, "Scorpio Classic".[80]
Mahindra in North America
Mahindra planned to sell the diesel SUVs and pickup trucks starting in late 2010 in North America[81] through an independent distributor, Global Vehicles USA, based in Alpharetta, Georgia.[82] Mahindra announced it would import pickup trucks from India in knockdown kit (CKD) form to circumvent the Chicken tax.[83] CKDs are complete vehicles that were assembled in the United States from kits of parts shipped in crates.[83] On 18 October 2010, however, it was reported that Mahindra had indefinitely delayed the launch of vehicles into the North American market, citing legal issues between it and Global Vehicles after Mahindra retracted its contract with Global Vehicles earlier in 2010, due to a decision to sell the vehicles directly to consumers instead of through Global Vehicles.[84] However, a November 2010 report quoted John Perez, the CEO of Global Vehicles USA, as estimating that he expected Mahindra's small Diesel pickups to go on sale in the United States by spring 2011, although legal complications remained, and Perez, while hopeful, admitted that arbitration could take more than a year.[85] Later reports suggested that the delays may be due to Mahindra scrapping the original model of the truck and replacing it with an upgraded one before selling them to Americans.[86] In June 2012, a mass tort lawsuit was filed against Mahindra by its American dealers, alleging the company of conspiracy and fraud.[87] Mahindra Automotive North America (MANA), the company's U.S. subsidiary, opened a car manufacturing plant in Detroit, Michigan on 20 November 2017. The plant employs 250 people and is the first automotive production facility to open in Detroit in 25 years.[88] The first product from the new facility was launched on 2 March 2018 as the Mahindra Roxor.[89]
The company has built and assembled military vehicles, commencing in 1947 with the importation of the Willys Jeep that had been widely used in World War II.[90] Its line of military vehicles under Mahindra Emirates Vehicle Armouring (MEVA, Mahindra Armoured) include the Mahindra Armored Light Specialist Vehicle (ALSV) and the Mahindra Armored Straton Armoured Personnel Carrier (APC),[91] and discontinued vehicles such as the Axe. It also maintained a joint venture with BAE Systems, Defence Land Systems India; one of the first vehicles made under this was the Mahindra Mine Protected Vehicle-I (MPV-I).[92]
In 2018, the company signed a multi-million dollar aerospace deal with Airbus Group for the manufacture and supply of metallic components.[93]
Industrial gensets
Mahindra & Mahindra entered the energy sector in 2002, in response to growing demands for increased electric power in India, over 450,000 Mahindra Powerol engines and Diesel generator sets (gensets) hd its entry into gas powered genset with the launch of its first CNG/NG gensets.[94] Mahindra Powerol was awarded the Deming Prize in 2014.[95]
Mahindra began manufacturing tractors for the Indian market during the early '60s. It is the top tractor company in the world (by volume) with annual sales totaling more than 200,000 tractors. Since its inception, the company has sold over 2.1 million tractors.[96] Mahindra & Mahindra's farm equipment division (Mahindra Tractors) has over 1,000 dealers servicing approx. 1.45 million customers.[97]
Mahindra tractors are available in 40 countries, including India, the United States, China, Australia, New Zealand, Africa (Nigeria, Mali, Chad, Gambia, Angola, Sudan, Ghana, and Morocco), Latin America (Chile, Argentina, Brazil, Venezuela, Central America, and the Caribbean), South Asia (Sri Lanka, Bangladesh, and Nepal), the Middle East (Iran and Syria) and Eastern Europe (Serbia, Turkey, and Macedonia).[97] Mahindra Tractors manufactures its products at four plants in India, two in Mainland China, three in the United States, and one in Australia. It has three major subsidiaries: Mahindra USA, Mahindra (China) Tractor Company, and Mahindra Yueda (Yancheng) Tractor Company (a joint venture with the Jiangsu Yueda Group).[97]
Mahindra Arjun 605 DI tractor with trailer
In 2003, the Farm Equipment Sector of Mahindra & Mahindra won the Deming Application Prize.[98][99] In 2007 it received the Japan Quality Medal for implementing Total Quality Management in its entire business operations.[100] The company has garnered the highest customer satisfaction index (CSI) in the industry at 88 percent.[97] It earned a 2008 Golden Peacock Award in the Innovative Product/Services category for its in-house development of a load car.[101] In its 2009 survey of Asia's 200 most admired and innovative companies, the Wall Street Journal named Mahindra & Mahindra one of the 10 most innovative Indian companies.[97]
In addition to tractors, Mahindra sells other farm equipment. It has expanded its product-line to include farm mechanisation products via Mahindra AppliTrac.[102]
In 2017, Mahindra & Mahindra Ltd's Farm Equipment Sector (FES) launched 'JIVO' a small tractor platform in the sub 25HP category.[103]
In 2020, the company launched the Sarpanch Plus range. This ranges between 30bhp and 50bhp, and has undergone a subtle improvement as compared to the Sarpanch 575 tractor which was launched earlier.[104] In 2020, Mahindra also launched new equipment for potato planting. PlantingMaster Potato + is designed in collaboration with Dewulf.[105] On 2 October 2020, Mahindra rolled out Krish-e centers under its new ‘Farming as a Service’ business. This business vertical provides progressive, affordable and accessible tech-driven services to farmers.[106]
In October 2021, Mahindra's FES launched a next-generation Yuvo tractor platform - a new-age advanced tractor range called the Yuvo Tech+.[107]
Most commercial and passenger vehicles made by the company follow the rule of ending with an 'O', like in Scorpio, Verito and XUV700. In 2013, the then president Pawan Goenka confirmed that this was after the success of Bolero and Scorpio, the company thought the ‘O’ at the end of the vehicle was lucky and it has become a tradition.[112]
Awards and recognitions
Bombay Chamber Good Corporate Citizen Award for 2006–07.[113]
Businessworld FICCI-SEDF Corporate Social Responsibility Award 2007.[114][115]
The Brand Trust Report ranked M&M as India's 10th Most Trusted Brand in its India Study 2014 survey (from 20,000 brands analyzed).[116][117]
The Farm Equipment division received the Deming Prize in 2003.[98]
The Farm Equipment division received the Japan Quality Medal in 2007.[118]
The US based Reputation Institute ranked M&M amongst the top Ten Indian companies in its 'Global 200: The World's Best Corporate Reputations' list for 2008.[119]
Bluebytes News rated M&M as India's second Most Reputed Car Company (reported in their study titled Reputation Benchmark Study) conducted for the Auto (Cars) Sector in 2012.[120][121]
Mahindra won top Corporate Governance and CSR awards at Asiamoney Awards 2016.[122]
Mahindra was named ‘Manufacturing Innovator of the Year’ by TIME India Awards in 2017.[123]
The company became the first Carbon Neutral plant facility in 2018.[124][125]
In 2018, seven automotive plants of Mahindra & Mahindra (M&M) bagged the prestigious Japan Institute of Plant Maintenance (JIPM) award.[126]
Mahindra was named India's Best Brand by Interbrand in 2019.[127]
Mahindra & Mahindra was among 2000 largest companies of the world in the Forbes 2000 list.[128]
The company was 23rd on Fortune's global ‘Change The World’ list 2019.[129]
Mahindra Automotive was recognised as ‘One of the Most Trusted Brands of India 2021’ by Team Marksmen and CNBC TV18.[130]
The automotive industry comprises a wide range of companies and organizations involved in the design, development, manufacturing, marketing, selling, repairing, and modification of motor vehicles. It is one of the world's largest industries by revenue.
The KG Mobility Corporation, abbreviated as KGM, is a South Korean automobile manufacturer. It traces its origins back to Dong-A Motor, a manufacturer established in 1954. The company was named SsangYong Motor Company in 1988, following its acquisition in 1986 by the SsangYong Group, a chaebol. Since then, SsangYong Motor has been acquired successively by Daewoo Motors, Chinese manufacturer SAIC Motor, and Indian manufacturer Mahindra & Mahindra. In 2022, the company was acquired by South Korean chaebol KG Group and adopted its present name in March 2023.
Tata Motors Limited is an Indian multinational automotive company, headquartered in Mumbai and part of the Tata Group. The company produces cars, trucks, vans, and buses.
Jiangling Motors Corporation Limited, abbreviated JMC, is a Chinese automobile manufacturer. According to company and press reports, the largest shareholder of JMC is Jiangling Investment, a company controlled equally by the state-owned enterprises Changan and Jiangling Motors Corporation Group (JMCG).
The Mahindra Scorpio is a mid-size SUV and Compact SUV manufactured by the Indian automaker Mahindra & Mahindra since 2002. It was Mahindra's first model to be built for the global market.
Kotak Mahindra Bank Limited is an Indian banking and financial services company headquartered in Mumbai. It offers banking products and financial services for corporate and retail customers in the areas of personal finance, investment banking, life insurance, and wealth management. As of December 2023, the bank has 1,869 branches and 3,239 ATMs, including branches in GIFT City and DIFC (Dubai).
The automotive industry in India is the world's fourth-largest by production and valuation as per 2022 statistics. As of 2023, India is the 3rd largest automobile market in the world in terms of sales.
Force Motors Ltd is an Indian multinational automotive manufacturing company, based in Pune. From 1958 until 2005, the company was known as Bajaj Tempo Motors because it originated as a joint venture between Bajaj Trading Corporation and Germany's Tempo for manufacturing auto components. The company is known for brands, like the Gurkha, Matador, Minidor and Traveller. Over the last five decades [when?], it has partnered with global manufacturers, such as Rolls Royce, BMW, Daimler, ZF, Bosch, VW, Traton and MAN, for manufacturing auto components.
Tractors in India are a major industry and significant contributor to its agriculture output gains.
The Auto Expo is a biennial automotive show held in Greater Noida, NCR, India.
Mahindra Tractors is an Indian agricultural machinery manufacturer. It is part of the Mahindra & Mahindra corporation. In 2010, Mahindra became the world's highest-selling tractor brand by volume. Mahindra's largest consumer base is in India. It also has a growing market in North America and Australia. The company is the largest tractor manufacturer in India and has the capacity to build 150,000 tractors a year.
Mahindra Last Mile Mobility Limited, formerly known as Mahindra Electric Mobility Limited (2016–2023) and Reva Electric Car Company (2010–2016), is an Indian company based in Bangalore that designs and manufactures compact electric vehicles. The company's first vehicle, the REVAi electric car, was available in 26 countries with 4,000 versions sold worldwide by mid-March 2011. Reva was acquired by Indian conglomerate Mahindra & Mahindra in May 2010. After the acquisition, the company launched the electric hatchback e2o in 2013. Today, the company sells electric vehicles in different segments – the electric sedan eVerito, the electric commercial vehicle eSupro, and the Treo range of low maintenance, lithium-ion battery-powered three-wheelers. Recently, Mahindra Electric became the first Indian car manufacturer to cross 170 million kilometres travelled on its fleet.
Ford India Private Limited was a subsidiary of Ford Motor Company for its operations in India. Ford India Private Limited's headquarter were located in Sholinganallur, Chennai, Tamil Nadu. Ford also had operated integrated manufacturing facilities in Sanand, Gujarat. On September 9, 2021, Ford exited the Indian market as it failed to keep up with the competition, and other global economic factors had led to reduction in demand. On 8 August 2022, Ford announced it would be selling its manufacturing plant in the western state of Gujarat for INR 7.26 billion to Tata Motors. Since 2021, Ford India has focused on the businesses of supporting a service network, import and distribution of automotive parts, and the sale of extended warranties.
Ford Motor Company is an American multinational automobile manufacturer headquartered in Dearborn, Michigan, United States. It was founded by Henry Ford and incorporated on June 16, 1903. The company sells automobiles and commercial vehicles under the Ford brand, and luxury cars under its Lincoln brand. The company is listed on the New York Stock Exchange and is controlled by the Ford family. They have minority ownership but a plurality of the voting power.
Mahindra & Mahindra Financial Services Limited (MMFSL) is an Indian rural non-banking financial company headquartered in Mumbai. It is amongst the top tractor financers in India, with 1000+ offices across the country.
Tata Motors Cars is a division of the India-based automaker Tata Motors which produces cars under the brand name Tata Motors. It is currently the 3rd largest car manufacturer in India in terms of sales after Maruti Suzuki, Hyundai and Mahindra in September 2024.
The Mahindra Bolero Neo is a mini SUV manufactured by the Indian automaker Mahindra & Mahindra since 2015.
The Volkswagen Group MEB platform is a modular car platform for electric cars developed by the Volkswagen Group and its subsidiaries. It is used in models of Audi, Cupra, Škoda, and Volkswagen, along with Ford through partnership. The architecture is aimed to "consolidate electronic controls and reduce the number of microprocessors, advance the application of new driver-assistance technology and somewhat alter the way cars are built" by the VW Group.
Jiangling Motors Corporation Group Co., Ltd. (JMCG) is a Chinese state-owned holding mostly operating in the automotive industry. It was established in 1947 and is headquartered in Nanchang, Jiangxi.
↑ "쌍용차 품은 곽재선 회장, KG색깔 어떻게 입힐까"[Kwak Jae-sun takes on SsangYong Motor chairmanship as well as KG's]. Newdaily. 1 September 2022. Retrieved 2 September 2022.
↑ Choi, Seong-hook (11 November 2022). "쌍용자동차 19개월 만에 회생절차 종결"[Ssangyong Motor Company's receivership ends after nineteen months]. Seoul Economic Daily. Retrieved 12 November 2022.
↑ Prachi Ahluwalia / TIMESOFINDIA.COM / Updated: May 20, 2022. “All-New Mahindra Scorpio-N India Launch on 27th June: Biggest Scorpio Ever! - Times of India.” The Times of India, TOI, timesofindia.indiatimes.com/auto/cars/all-new-mahindra-scorpio-n-india-launch-on-27th-june-biggest-scorpio-ever/articleshow/91689231.cms
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14,076,043 vehicles (2022)
₹139,078 crore (US$17 billion) [2] (FY2024)
