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Once a leader in the electric vehicle business, Mahindra and Mahindra, is all set to power ahead with this electric vehicle plans in India by introducing 16 new electric vehicles in the next 7 years. These 16 EVs include 8 electric SUVs and 8 electric light commercial vehicles. The company is making an investment of ₹ 3000 crore towards electric vehicles and this is from a total of ₹ 13,000 crore that it plans to invest in the rest of the businesses which includes automotive, Farm Equipment business among others.
4 SUVs from the company's current portfolio will make the transition to becoming all electric models, while there will be 4 all new electric SUVs that will be introduced in the company's portfolio. We expect the Thar, XUV700, XUV300 and the Scorpio brands to make the EV transition, while we wait to see what the other 4 SUVs will be.
The XUV700 is likely to make the EV transition
Mahindra currently is not a significant player in the EV space in India. It has a significant market share in the electric three wheeler business (more than 60 per cent) but once a leader in the EV space, it certainly has gotten left behind, with companies like Tata Motors and many others in the space.
Mahindra currently has more than 60 per cent market share in the three-wheeler EV space in India
Speaking to the media during the company's financial results meeting, Rajesh Jejurikar, Executive Director, Auto and Farm Equipment, Mahindra Group, said, "We do not feel left out in the EV business currently. We are on track with our plans for the Indian market and we will be bringing these new electric SUVs in the next few years. The current penetration of EVs in India is miniscule and our products will boost the demand in the market further."
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