Subdued demand in entry-level segments
Entry hatchbacks saw degrowth, mid-hatch flat, while premium hatch grew. Weakness in lower segments remains a challenge.
MARUTI / Q3-FY25 / risks
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Maruti · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
medium
EV profitability unlikely to match ICE in near term
Management acknowledged that EV profitability per vehicle will not match ICE for a long time due to higher costs and government support needed.
Competitive intensity from capacity expansions
Multiple OEMs are expanding capacity, which could increase competitive intensity and pressure margins.
CAFE 3 norms uncertainty
CAFE 3 norms are yet to be announced; management did not provide specific EV penetration targets, relying on technology mix agility.