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    600104   CNE000000TY6

SAIC MOTOR CORPORATION LIMITED

(600104)
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End-of-day quote Shanghai Stock Exchange  -  2022-06-30
17.46 CNY   -1.97%
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India's Mahindra to explore more partnerships for EV parts -CEO

05/23/2022 | 07:10am EDT
Shah, CEO of India's Mahindra Group poses for a picture after an interview with Reuters in Davos

DAVOS, Switzerland (Reuters) - India's Mahindra and Mahindra will explore sourcing more components from other companies to boost its electric vehicle (EV) portfolio, its chief executive told Reuters.

Anish Shah said Mahindra had over time focussed on developing EV components in-house, but now changed tack to forge partnerships to achieve faster growth in the segment.

Mahindra last week signed a partnership agreement with Volkswagen in which it will explore equipping its electric cars with motors, battery system components and cells made by the German automaker.

"The world is moving towards a lot more partnerships. It's better to source the best that's out there, rather than do everything ourselves," Shah said in an interview at the World Economic Forum summit at Davos.

"It's VW (Volkswagen) at this stage and as we see similar strengths in other areas, we are open to looking at various components that we would bring in, and do what we are very good at in-house as well," he added.

Although Mahindra is placing big bets on developing its EV portfolio, it will face fierce competition from India's Tata Motors in a country where the clean mobility sector is picking up fast.

Prime Minister Narendra Modi is offering companies billions of dollars in incentives to build EVs, as India looks to meet its climate change and carbon reduction goals.

India's EV market represents only 1% of the country's annual sales of about 3 million vehicles, with consumers still opting for fuel-guzzling cars that are far more affordable.

Tata dominates India's EV market and last year raised $1 billion from TPG for the business. MG Motor India, which is owned by China's SAIC Motor, also has plans to raise funds to develop its EV business.

Shah said Mahindra will use "significant funds" for EVs and had them available, adding: "We always will be open to value creation opportunities".

Mahindra has developed a portfolio of EV commercial vehicles in India, but the latest push is focussed on passenger cars, and more particularly, sports utility vehicles (SUVs).

"Our strike zone has been authentic SUVs, that's where we are going to stay ... we are not going to make EV sedans, no hatchbacks," Shah said.

(Reporting by Aditya Kalra in Davos; Editing by Alexander Smith)

By Aditya Kalra


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
MAHINDRA & MAHINDRA FINANCIAL SERVICES LIMITED 1.85% 178.65 Delayed Quote.19.94%
MAHINDRA AND MAHINDRA LTD 1.30% 1107.35 Delayed Quote.32.28%
SAIC MOTOR CORPORATION LIMITED -1.97% 17.46 End-of-day quote.-15.37%
TATA MOTORS LIMITED 0.24% 412.7 End-of-day quote.-14.44%
VOLKSWAGEN AG 0.05% 127.48 Delayed Quote.-28.17%
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Financials
Sales 2022 817 B 122 B 122 B
Net income 2022 25 880 M 3 862 M 3 862 M
Net cash 2022 61 998 M 9 252 M 9 252 M
P/E ratio 2022 7,75x
Yield 2022 3,84%
Capitalization 201 B 29 979 M 29 979 M
EV / Sales 2022 0,17x
EV / Sales 2023 0,13x
Nbr of Employees 15 059
Free-Float 23,0%
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Number of Analysts 22
Last Close Price 17,46 CNY
Average target price 20,23 CNY
Spread / Average Target 15,9%
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Xiaoqiu Wang President & Executive Director
Yong Wei Chief Financial Officer & Board Secretary
Hong Chen Chairman
Xiao Su Chen Chairman-Supervisory Board
Ruo Shan Li Independent Director
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