Mahindra and Mahindra (M&M) is going all-in on an electric vehicle (EV) strategy, with passenger cars (PVs), e-three wheelers, and specialty e-farm products. Analysts expect that the car segment would increase by 23% between FY22 and FY25, thanks to the company’s distinct EV and SUV plans.
Mahindra and Mahindra is already a market leader in electric three-wheelers, with a 36% market share, and its Zaheerabad plant in Telangana is ready to meet demand.
Mahindra and Mahindra intends to focus on specialty electric items in the farm area.
However, Mahindra and Mahindra’s main focus will be on electric SUVs. It has already begun to increase its PV capacity, which is already 39,000 per month. This will be increased to 49,000 per month by FY24.
Furthermore, it is establishing a Rs 10,000-crore EV plant in Pune, where it will launch the XUVe8, its new SUV based on the INGLO platform. Four additional EVs will follow on the INGLO platform until October 2026 and beyond. Mahindra and Mahindra’s foray into electric vehicles began in 1999 with the Bijlee, an electric three-wheeler. In 2002, the 10-seater car was priced at Rs 330,000 in Delhi. It introduced the e2O in 2013 on the Reva platform, which it had bought in 2010.
Mahindra and Mahindradiscontinued the product in 2019 because to declining sales and stricter requirements. With a new EV strategy in place, the business expects EVs to account for 20-30% of total sales by 2027, or around 200,000 vehicles per year.
In related news, the Mahindra XUV 400 EV has been inducted into the India Book of Records for driving the electric SUV across the Rann of Kutch on a single charge. The Mahindra XUV400 is the first EV to accomplish this feat. The expedition began on March 23, 2023, at 6:19 am from Bajana in Gujarat. It lasted over 12 hours and continued through the Rann of Kutch, ending at 6:34 pm at the White Rann, a part of the Greater Rann of Kutch. The car travelled 337 kilometres at an average speed of 35.9 kilometres per hour.
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