Is India set to become the new beauty destination for global brands?
The Indian beauty market is estimated to reach $2.27 billion by 2028, with a CAGR of 10.91% during the forecast period (2023-2028).
Homegrown auto major Mahindra & Mahindra today unveiled six new electric concept vehicles and models as it showcased its strategy to shape the ‘Future of Mobility’ at the Auto Expo here.
The company also lifted cover on its South Korean arm SsangYong’s G4 Rexton SUV, which will be launched in the Indian market later this year under the Mahindra badging. It also showcased the concept of TUV Stinger, a convertible SUV.
“As India aspires to global leadership on climate action, the time is right to develop sustainable mobility solutions for the future,” Mahindra Group Executive Chairman Anand Mahindra said while unveiling the products here.
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He further said, “Mahindra’s electric pavilion at the Auto Expo showcases our vision of the ‘Future of Mobility’, one that offers clean, connected and convenient vehicles to our customers and around the world.”
Mahindra said the auto industry is today at the crossroads faced with the challenge of how to redefine itself in order to play a bigger role in improving the quality of lives of people.
M&M Managing Director Pawan Goenka said the company has already invested Rs 600 crore on its electric vehicle (EV) programme and has committed another Rs 700 crore in the next 2-3 years on it.
He said M&M would want the government to give emphasis on faster development of charging infrastructure for electric vehicles and support local manufacturing.
The company’s products on display in the EV segment includes UDO, a concept two-seater electric mobility pod; ATOM, a last mile urban mobility concept vehicle and a lithium ion battery-powered three-wheeler, Treo along with e-KUV100, an electric version of its compact vehicle KUV100.
It also displayed e-COSMO electric bus and e2o NXT, which is a refreshed version of its electric small car e2oPlus.
On the conventional vehicles front, Goenka said based on customer feedback, the company has decided to bring Ssangyong G4 Rexton in India under Mahindra badge.
M&M also showcased its new format next generation ‘dealership of future’ designed by Pininfarina.
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