Auto insurance

M&M All For Evs, Auto Insurance Gets Exciting, Car Sales Get Ahead

From changes in auto insurance to rising vehicle sales, here’s a look at the auto sector this week.

Mahindra and Mahindra (M&M) have announced their partnership with British International Investment to create a wholly owned subsidiary for its electric vehicle (EV) business. The company is buoyed by its success with back-to-back launches in the SUV segment and has unveiled a roadmap for its EV launches, starting with the XUV400, which will launch in September.

BMW records its best half-year sales

BMW Group India recorded its best half-year performance ever, selling 5,570 cars and 3,114 motorcycles between January and June. The lion’s share of sales came from the BMW brand, which sold 5,191 units, witnessing a growth of 65.5%.

Pay while you drive for insurance

The Insurance Regulatory and Development Authority of India has allowed insurers to provide “pay as you drive” policies where the premium will be determined by the use of the vehicles. Analysis-based insurance policies will determine the premium, also based on driving behavior.

Mahindra’s quarterly SUV sales up 70%

New launches like XUV 700, Thar and Bolero propelled M&M’s quarterly sales to 75,000 units in one quarter, a growth of 70%. The car brand has seen almost 9,000 reservations per month, although most of its portfolio has a waiting time of up to two years. The company also reported an easing in the semiconductor supply situation, which helped sales figures.

Vehicle sales increase by more than a quarter

Total retail vehicle sales rose 27% year-over-year in June across all categories – two-wheelers, three-wheelers, utility vehicles, tractors and passenger vehicles – combined, the Federation said. automobile dealer associations (FADA). Passenger vehicles saw a 40% increase while two-wheeler sales fell 16% from pre-pandemic levels.

(Edited by : Shoma Bhattacharjee)