Mahindra will be ready for at least 20 per cent of its total volumes from electric vehicles in the near future
In the burgeoning electric vehicle space in the domestic market, Tata Motors and Mahindra are showing strong intentions to make a big impact. Mahindra will continue to concentrate on its core SUV models like the Bolero, the Scorpio and the XUV range, and it will likely establish a new company dedicated to zero-emission vehicles as it is currently under discussion.
Mahindra & Mahindra is planning to launch a number of new models over the next five years in the ICE space. In addition, the Chennai-based manufacturer will also look to introduce as many as eight electric vehicles by 2027, and interestingly, four of these will be derived from the brand’s existing portfolio powered by petrol and diesel engines.
It was confirmed by Rajesh Jejurikar, executive director, Auto and Farm Equipment Sector, Mahindra & Mahindra. Mahindra will introduce four new Sports Utility Vehicles based on the Born Electric platform and is specifically developed for EVs. He further elaborated that M&M will be ready for at least 20 per cent of its total volumes from eco-friendly models.
He noted that his brand will be ready for higher penetration if the charging infrastructure across India grows in the coming years. With a total of eight new products, Mahindra is planning to be at the top of the food chain as far as electric SUV sales are concerned, and it is no doubt that its primary nemesis will be Tata Motors.
Across different sectors, Mahindra will invest Rs. 13,500 crore over a period of three years and the new EV vertical will face a major share of the cash in. Moreover, the company is expected to invest in EVs more compared to the IC-engined models as the years go on. Mahindra is also open to receiving fresh investments from private equity firms, besides the Rs. 3,000 crore.
Mahindra showcased the near-production versions of the electric XUV300 and KUV previously and they could be part of the launch plans as well. Up next, Mahindra is expected to bring in the new generation Scorpio in 2022.