Electric vehicles, petrol engines and connected vehicles will be among the key technology focus areas for Mahindra & Mahindra in the wake of changing business landscape, the company has said.
In its annual report for 2018-19, the company's board told the shareholders that Mahindra & Mahindra (M&M) has earmarked Rs 500 crore for its electric vehicle (EV) project under the new EV policy of Maharashtra government.
The new EVs under development include electric versions of SUVs KUV100 and XUV300, the report said.
"The business landscape is changing rapidly and so are the enablers for success. What has been the winning combination in the past, is no more a winning formula today and in times to come," it said.
While getting the right product at the right cost through an efficient channel worked in the past, the company said, "Going into the future, the product, the cost and the channel will be essential, but not sufficient. Much more will be needed to win at the marketplace. The winning mantras are going to be around providing a solution, delivering an experience and having a purpose."