Even with the worldwide EV sales downturn, Mahindra & Mahindra (M&M) intends to remain true to its initial EV ambitions. “We’re confident about our EV sales,” stated Rajesh Jejurikar, ED and CEO (Auto and Farm Business), M&M. In the Indian market, our EV’s design and technology will establish a new category. The proper answer is electrification, which is the priority of the Indian government.
M&M Vs. Tesla
Jejurikar stated that, at this point, Elon Musk’s Tesla company’s debut in India sounded hypothetical. “Let’s observe how and when Tesla makes its entry into India. On the fringes of the launch of its new small SUV, the XUV 3XO, he told CNBC-TV18, “We’re ready to compete with anyone on a level playing field, new entrants to help to grow the EV category.”
Mahindra and Mahindra, an Indian automaker, want to take a bigger chunk of the SUV market with the XUV 3XO. “3XO is a product disruptor.We’ve made an effort to be the best in every way,” he remarked.
Jejurikar noted that although M&M wasn’t previously successful in the compact SUV market, the company has high expectations for this new launch. He stated that the XUV 3XO has aggressive pricing and that a lot of features are first in the segment.
With three successful SUV launches, M&M has become the industry leader in terms of revenue market share by volume. The top boss stated, “Over the next 2-3 years, we want to become the number one player in the compact SUV segment.”
Mahindra has introduced eight versions of the XUV 3XO, which will be produced at its Nashik, Maharashtra, plant. “The model priced at ₹7.49 lakh caters to entry-level clients and offers numerous features at this cost range. Priced less than ₹10 lakh, the gasoline automatic gearbox version has the potential to disrupt the game, according to Jejurikar.
Additionally, M&M hopes to establish a market for its more expensive varieties. “Many buyers prefer feature-rich SUVs over full-size SUVs. The X7 and AXL versions of the XUV 3XO can compete with full-size SUVs and establish a completely new class,” he claimed.
M&M has more goods planned after launching the XUV 3XO as its first offering for the new fiscal year. “We’re hoping that XUV 3XO will build volumes for the company,” stated Mahindra’s ED. Early in 2025, we will introduce new EVs and five-door Thar vehicles. A very exciting time for M&M this coming year,” he continued.
