Homegrown SUV and MPV major Mahindra & Mahindra, which has already beaten Tata Motors in the domestic passenger car market in the market share sweepstake, plans to pip the country’s biggest auto company in Sri Lanka, too, in the next two years, a company official has said.
Stating that the difference is only a few thousands between the two firms in the island country, Mahindra & Mahindra vice-president, international operations for automotive and farm equipment sectors Pradeep Kumar said, “We hope that in the next two years, we become No 1 in auto (segment) in Sri Lanka. We should be able to overtake them (Tata Motors) in a few years time.”
Sri Lanka is the largest export market for Mahindra & Mahindra, but behind the Tatas and the company had sold 11,000 vehicles last fiscal.
“In 2010 fiscal, we sold 500 vehicles and last year, we sold 11,000 vehicles. This is the kind of growth, we have been getting from the market there,” Mahindra & Mahindra chief executive, international operations for automotive and farm equipment sectors M Ruzbeh Irani said.
Addressing the shareholders of Tata Motors, which is the largest CV maker in the country, but has lost the market in the passenger car space of late, Ratan Tata said he had great respect for Mahindras for their success even though he has a degree of sadness and shame to see that M&M has overtaken his company in the market sweepstakes.
The overall market in Sri Lanka is estimated to be around 35,000 vehicles, the company said.
Mahindra & Mahindra plans to sell 15,000 vehicles this fiscal in its race to gain the leadership position in Sri Lanka.
“This year, we are gunning for 15,000 automobiles till March,” Irani said. (Economic Times)