Mahindra & Mahindra’s new range of electric cars will prioritize the newest technologies and the distance they can travel on a single charge rather than just being affordable. According to R. Velusamy, president of automotive technology and product development at M&M, in an interview with ET, while the TCO (total cost of ownership) approach to EV development, or how much one saves when switching from petrol or diesel cars to EVs, may work in the short term for “early adopters,” in the long run, it’s the range, technology, and overall experience that will help in creating new market segments and to grow sales.
As long as you have the required range and can deliver an incredible experience, the customer doesn’t care whether you drive an electric or internal combustion engine vehicle. Many other OEMs (original equipment manufacturers) have computed TCO erroneously, claims Velusamy. “Today’s consumer demands it all—from multiple screens and connectivity to their gadgets and personalised experiences,” he said.
Mahindra’s New EV Goals
Mahindra now only provides an electric version of the XUV4OO. The company is preparing to enter the electric vehicle market with a bang, launching its completely redesigned “Born Electric” range in the first quarter of 2025. By 2030, Mahindra plans to launch seven new plug-in hybrid automobiles.
The market for electric four-wheelers in India seems to be slowing down after expanding by more than 91% in FY24. Sales in April fell to 7,415 units, the lowest level since January, a 22% sequential decline. The market leader in EVs, Tata Motors, stated that the early adopter phase of the EV industry is drawing to a close. As P. Balaji, the chief financial officer of Tata Motors Group, put it in a post-earnings call earlier this month, “We are clear that the phase of early majority wanting to come in on an enthusiastic mode is probably getting over.”
