Mahindra to launch 16 EVs by 2027
Indian automobile manufacturer Mahindra & Mahindra has issued plans to launch 16 electric vehicles by 2027 across SUV and light commercial vehicle categories. Mahindra is also considering a new subsidiary brand name for the electric SUVs.
Mahindra & Mahindra hopes to clear the EV realignment period rather quickly, moving to base up to 20% of their sales on EVs within three years. Additionally, Mahindra is looking to expand into new EV areas, such as utility vehicles. In this area, the margins are expected to grow even faster: “We believe farm machinery revenue will grow by 10 times over our current levels by 2027 with 15 new products,” says M&M Executive Director Rajesh Jejurikar.
“So you can clearly see a strong focus on electric, some of these electrics will be completely new, the balance will be derived from existing products,” Jejurikar added: “We think by 2027 we’ll be ready for at least 20 per cent of the total UV (utility vehicles) volumes coming from electric vehicles.”
This comes at somewhat of a contrast to the other major Indian automotive company Tata, who is focusing on small electric vehicles, and has a bit of a head start in the small vehicle segment compared to Mahindra. However, Tata is not holding back in the utility vehicle segment, either.
Mahindra & Mahindra has been busy investing in EV technologies, such as a project with Israeli startup Ree Automotive, or a major electric trike project announced with Amazon India just a few days later. The company added that the investment and partnerships were not only to help the company accumulate much-needed capital, but also to gain insight into EV technology, as CEO & managing director Anish Shah explains: “It’s not just for capital. It’s also for any expertise that investors may bring in. In the world that’s evolved to where we are today, we’ve seen expertise coming in from sometimes private equity firms or other strategic partners and that will help us grow faster.”