12 Biggest EV Stocks In the World Heading into 2025

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10. Mahindra & Mahindra Limited (OTCPK:MAHMF)

Number of Hedge Fund Holders: N/A

Market Capitalization: $41.2 Billion

Mahindra & Mahindra Limited (OTCPK:MAHMF) offers a diverse range of products and services across automotive, farm equipment, financial services, real estate, hospitality, and other sectors. Some of its offerings include passenger and commercial vehicles, electric vehicles, motorcycles, and defense products. The company also produces construction and road equipment under its EarthMaster and RoadMaster brands.

In August 2024, CEO and Managing Director of Mahindra Group (parent company) Anish Shah said that the company plans to invest over 120 billion rupees (INR 1 = US$0.012) in the next three years to accelerate its electric vehicle rollout. The company aims for 20-30% of its passenger cars to be electric within three to four years.

In November, Reuters reported that Mahindra & Mahindra (OTCPK:MAHMF) introduced two new electric SUVs, the BE 6e and XEV 9e, aiming to strengthen its position in India’s competitive SUV market, currently led by Hyundai and Toyota. Priced at around $22,500 and $26,000, these vehicles offer a range of over 500 km per charge. Unlike rivals’ petrol or hybrid models, Mahindra’s EVs focus on lower running costs. The company plans to produce 90,000 units annually, increasing to 200,000 by March 2026, with deliveries starting in February. Mahindra plans to launch five more models by 2030. This expansion is part of a $2 billion EV budget for 2022-2027, with over $500 million already spent on the new platform and current models.

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