Mahindra & Mahindra Ltd is set to significantly electrify its portfolio by the year 2030. This strategic initiative is aimed at enhancing the company's competitive edge against both domestic and international rivals in the swiftly expanding electric vehicle (EV) market. As reported by Bloomberg, Anish Shah, the group chief executive officer and managing director of Mahindra, indicated that the company aims for an EV adoption rate of between 20 per cent and 30 per cent.

At present, electric vehicles make up only five per cent of Mahindra's total offerings. Nevertheless, the company intends to increase its EV production in the forthcoming years, mirroring the global automotive industry's transition towards more sustainable options.

This approach is in line with India's objective to lower greenhouse gas emissions and achieve carbon neutrality by 2070. As the third-largest greenhouse gas emitter globally, India is actively encouraging the adoption of EVs through various policy incentives and the development of necessary infrastructure. The government aims for an eight-fold increase in EV adoption by the end of this decade to attract international investments in the EV sector and stimulate local manufacturing.

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The Indian electric vehicle (EV) sector is experiencing rapid growth, characterized by intense competition. In this arena, Mahindra faces off against well-established domestic competitors such as Maruti Suzuki India Ltd. and Tata Motors Ltd., as well as international players like BYD Co. from China and SAIC Motor Corp. Ltd. Each of these companies is striving to capture a portion of the burgeoning EV market by introducing new models specifically designed for Indian consumers.

In the current landscape of Indian EVs, manufacturers are concentrating on two primary challenges: alleviating range anxiety and ensuring affordability. By addressing these concerns, they seek to expedite the transition to electrification and position EVs as a viable option for the average Indian consumer.

Moreover, Mahindra's aspirations align with growing speculation regarding Tesla Inc.'s possible entry into the Indian EV market. Although Tesla is anticipated to focus on a distinctly different market segment, its involvement could heighten competition and stimulate innovation throughout the industry.

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