News: M&M in a regulatory filing has informed exchanges that it has received 50,000 units booking for its recent launch XUV 3XO within 60 minutes of opening bookings for the said model yesterday. It has also shared that it has produced over 10,000 vehicles already and has a manufacturing capacity of 9,000 unit per month for this model with deliveries slated to start from May 26, 2024.
Views: With healthy pending orderbook pipeline as well as robust response to its recent launch, we expect M&M to handsomely outperform domestic PV industry for FY25E, 26E by growing its volumes healthy double digit vs. guidance for muted growth by industry players on high base. M&M remains our top bet in the PV OEM space and we hold a positive view on the stock.
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