On July 12, 2023, Mahindra & Mahindra shares slipped around 2% in early trade as profit-booking skidded into the counter after fresh gains. The stock increased nearly 6% in the past week, which gave investors more room to book incomplete profits.

At 9.44 am, M&M shares were trading at Rs 1,556.85 on the NSE, down nearly 1% from the preceding close.
The carmaker also described a 19.1 annual rise in production to 64,063 units in June. Not just manufacturing, but total vehicle sales also plunged 16.7% in June to 59,924 units from 51,319 units sold a year back.

Passenger vehicle sales zoomed 26% to 38,965 units in June from 30,888 units last year. Utility vehicle sales augmented to 32,585 units from 26,620 units in this period.

Exports, as well as commercial vehicle sales, continued weak. While commercial vehicle sales tumbled 2.5% on-year, exports registered a 9.7% drop.

The firm’s managing director and CEO said that M&M is also discovering options to pare around a 2-3% stake in its electric vehicles business.

The automobile firm was in advanced negotiations with British International Investment (BII) and some other worldwide investors to raise up to Rs 5,000 crore ($605 million) for its Electric Vehicles (EV) unit.
In July 2022, BII contracted a pact with Mahindra Electric to pump in Rs 1,925 crore ($250 million) through required convertible preference shares.

The automaker eyes will roll out 5 new EV models between April and October 2025 and have also earmarked a capital expenditure of Rs 10,000 crore to set up an industrial facility for electric three-four wheelers in Telangana between FY22 and FY27.