RISE TO CREATE VALUE 31 Developing the EV Strategy In line with our EV vision, we plan to invest INR 12,000 crore in F25-F27 for setting up the manufacturing facility, development and production of our upcoming SUV Electric Vehicles. In F24, external investors continued to show faith in our EV vision. The Last Mile Mobility business entered into agreements to raise INR 1,000 crores from two external investors at a valuation of over INR 6,000 crores. We added another marquee investor, Temasek, in Mahindra Electric Automobiles Limited (MEAL) with investment of USD 150 million (in addition to the previous investment from British International Investment) at a valuation of USD 9.8 billion. We sold 74,217 EV's in F24 as against 46,109 EV's in F23 with a growth of 61%. In F24, our Automotive Sector achieved a total export volume of 24,663 vehicles. This growth was particularly strong in Australia, New Zealand, South and Central America, fuelled by our robust SUV portfolio. Looking ahead, we're excited to explore new potential markets like the UK and Europe with our upcoming Born Electric Range. FARM EQUIPMENT SECTOR We continued to remain the world's largest tractor manufacturer by volume in F24, a testament to our unwavering commitment to transform farming and enrich lives of the farmers we serve. We remain positive about the growth potential in the farm sector, fuelled by an above-average monsoon forecast, government infrastructure development, increased agricultural spending, and improved agri-credit availability. Ÿ Consistently growing the market share We have increased our market share by 3.4% in the last 3 years. F24 saw the successful launch of OJA, Target & Naya Swaraj. Ÿ Significantly grow international business We launched the brand OJA in the US and started the Southeast Asia regional office in F24 and plan to enter the European market in CY25. Ÿ Pioneering technology leadership We deployed over 50 thousand tractors with telematics kit and also launched India's first intelligent harvester. Ÿ Quantum growth in Farm Machinery by building the product portfolio and channel expansion. Ÿ Leverage partnerships for FM and global growth, and for technology solutions. With 3,78,386 tractors sold, F24 marks our second highest ever tractor volumes sales achieved.
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