With the entry of new international players, Mahindra thinks the Indian electric vehicle industry is making great strides. The domestic automobile behemoth, which recently unveiled its revived EV push with models like the XEV 9e and BE 6, also asserted that its own products hold up admirably against the competitors entering the market. Mahindra's statement occurs just after Tesla debuted its first Indian showroom earlier this month. VinFast has also begun taking pre-orders in the nation for its VF6 and VF7 electric SUVs.

After an earnings analyst conference, Mahindra & Mahindra (M&M) Group CEO & MD Anish Shah stated that new competitors in the Indian EV market are now competing for market share in terms of volume. Because our products will be priced at considerably higher revenue price points, "We believe that our goals should be around the revenue market share," he stated in what seemed to be a reference to global EV behemoth Tesla, which earlier this month entered the Indian market with the introduction of its Model Y crossover at ₹59.89 lakh (ex-showroom). "We believe that more players will come in, and that is fundamentally the right direction for the country. We are seeing very good progress with new players coming in."

Speaking about the increasing competition in the Indian electric vehicle market, M&M Executive Director & CEO (Auto and Farm Sector) Rajesh Jejurikar said that it has always made the company stronger. "What we've seen is that competition has always made us stronger. One difference we see this time is that usually, in the past, when competition came in, we had to improve our offerings, which we did, and we were able to combat competition well," he added, "We will start now seeing a rapid growth in EV penetration in the same system structure that we make, and that will be in the next few months. Overall, it depends on the markets and the process." He also stated that the Mahindra electric vehicles in its lineup actually compare favorably to the competition coming in.

At the same time, Mahindra also noted that despite the fact that urban attitude toward demand is now poor throughout the nation, the underlying fundamentals are still solid. Earlier, the company's consolidated net profit for the June quarter increased 24% year over year to ₹4,083 crore due to widespread growth across all business sectors. In a regulatory submission, Mahindra said that the company's net profit for the April-June quarter of the previous fiscal was ₹3,283 crore. The total revenue from operations increased from ₹37,218 crore in the June quarter of the previous year to ₹45,529 crore. The auto company said that its auto and agricultural operations continue to deliver on growth and margins, with profits up by 20%.

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