New Delhi [India], December 17 : When India started as an independent automaker, the world believed that there was very little chance of survival, said Mahindra Group Chairman Anand Mahindra on Tuesday.
He shared his views after Mahindra & Mahindra automaker achieved a remarkable milestone by becoming the 11th largest automaker in the world by market capitalization, reaching USD 43.12 billion.
This recognition comes as part of a global ranking of the most valuable car manufacturers, released by the social media platform World of Statistics.
Reflecting on this achievement, Anand Mahindra recalled the challenges faced by India's automobile industry in its early years.
He stated, "In 1991, when the Indian economy opened up, the world believed there were scant chances of our survival as an independent automaker."
He emphasized the importance of collaborations with global players like Stellantis (Peugeot) for engine expertise, and Ford and Renault for building modern cars.
Mahindra expressed gratitude for these partnerships, which helped the company gain knowledge and solidify its foundation in the automotive sector.
He also acknowledged the significance of this achievement while maintaining a pragmatic outlook. He said, "I have to admit to a tinge of gratification at seeing this ranking. We understand that such lists are a roller coaster, and we have to battle every day to survive and thrive."
He further stressed the importance of customer-centricity, which he described as the key to staying relevant in the competitive global market.
The global ranking was led by Tesla with a staggering market capitalization of USD 1.23 trillion, followed by Toyota at USD 233.26 billion and BYD at USD 107.52 billion. Among Indian automakers, Maruti Suzuki India also featured on the list, securing the 13th position with a market cap of USD 41.81 billion.
Anand Mahindra concluded with a note of commitment and pride, stating, "We will continue doing our best to make India proud."
The achievement not only marks a proud moment for the company but also reflects the strength and potential of India's automotive industry on the world stage.
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