Electric Vehicles May Take 2-5 Percent Of Indian Market In Few Years, Says Auto Giant Mahindra

The Miami ePrix, held in downtown Miami, was attended by thousands of people.

On Formula E's possible debut in India, he said as of now India is not in the circuit but the organisers are interested in doing a race in the country.

He, however, said that for the race to come to India someone has to take ownership and talks are on with corporations and cities to see the level of interest.

"I am sure if we are able to organise the Formula E race in India, there will be tremendous interest but somebody has to come forward to organise it. It takes a lot of effort and since it is a street race, the city has to allow as a lot of area has to be cordoned off for a couple of days," he said.

Mahindra has had to grapple with a decline in sales with the company registering a 10 per cent decline in total sales in February.

Goenka attributed the drop in tractor sales last year to a downturn in the industry.

In the automotive segment, he said the Indian market has struggled quite a bit in the last two years and a turnaround has begun to happen only now.

He said Mahindra had a very good run in 2012-13 when it significantly outperformed the industry but in fiscal year 2014-15 it underperformed primarily because of a shift in consumer demand that has gone from full size SUVs to compact SUVs.

"Our products in the compacts SUV segment will begin to be launched in this calendar year and so while in the last two years we have had some loss in market share and volume, we hope that starting this year we will catch up," he said.

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