Mahindra confirmed to make 3 new EVs: Report

According to Autocar India's report, Mahindra MD Pawan Goenka confirmed at the announcement of the company's first quarter results yesterday that three new EVs would make their way to the market starting late 2019. While the KUV100 electric is expected to be available by around December, the XUV300 electric is expected to be available only by next year. Mahindra's electric version of the Ford Aspire is expected to be available in 2021.

“As far as EVs go, the focus is more on three- and two-wheelers right now but four-wheelers will catch up. With the 5 percent GST reduction, the business case for EVerito becomes almost even. If, for instance, the 5 percent duty on the lithium-ion cell goes away, then the earnings for a shared mobility service provider will be the same for an e-Verito as well as for any diesel or petrol sedan,” Autocar India quoted Goenka as saying. Mahindra, whose EV plant in Chakan recently received an investment of Rs 200 crore, is expected to produce key EV components, such as battery, motor, and transmission, in the coming years.

The earliest reports of Mahindra teaming up with Ford sprouted in April when Ford was reported to have closed its fiscal year with a market share of 2.75 percent. A joint venture between the two car makers is expected to give rise to shared cars and platforms in the future, including a new Ford SUV that shares its underpinnings with the next-generation Mahindra XUV500. Mahindra has yet to share any information on its electric version of the Ford Aspire.