New Delhi: Mahindra Group Chairman Anand Mahindra remarked on Tuesday that when India embarked on its journey as an independent automaker, global perceptions were that its chances of survival were minimal.
His comments followed Mahindra & Mahindra's significant achievement of becoming the 11th largest automaker worldwide by market capitalization, valued at USD 43.12 billion.
This accolade is part of a global assessment of the most valuable automotive manufacturers, published by the social media platform World of Statistics.
In reflecting on this success, Anand Mahindra noted the early challenges encountered by India's automotive sector.
He mentioned, "In 1991, when the Indian economy liberalized, the global consensus was that our prospects as an independent automaker were quite bleak."
He highlighted the critical role of partnerships with international companies such as Stellantis (Peugeot) for engine technology, as well as Ford and Renault for the development of contemporary vehicles.
Mahindra expressed appreciation for these collaborations, which have been instrumental in enhancing the company's expertise and establishing a robust presence in the automotive industry.
He recognized the importance of this accomplishment while adopting a practical perspective. He expressed a sense of satisfaction regarding the ranking, noting, "I must confess to feeling a bit of pride in this ranking. We realize that these lists fluctuate, and we must strive daily to succeed and excel."
He emphasized the critical role of customer-centricity, which he identified as essential for maintaining relevance in the fiercely competitive global market.
Tesla topped the global ranking with an impressive market capitalization of USD 1.23 trillion, followed by Toyota at USD 233.26 billion and BYD at USD 107.52 billion. Among Indian manufacturers, Maruti Suzuki India made its mark by securing the 13th position with a market cap of USD 41.81 billion.
Anand Mahindra concluded with a statement of dedication and pride, affirming, "We will persist in our efforts to make India proud."
This achievement not only represents a significant milestone for the company but also showcases the strength and potential of India's automotive sector on the international stage.
