Mahindra optimistic on upcoming EVs despite industry slowdown

Mahindra BE 6e and XEV 9e electric SUVs will be shown in production form this month.

Published On Nov 08, 2024 12:08:00 PM

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At Mahindra’s Q2FY25 results press conference, the company said that it is “more optimistic” about its upcoming EVs in India despite overall EV sales showing signs of a sharp moderation. The brand is gearing up to introduce two all-new born-electric SUVs in India later this month - the BE 6e and the XEV 9e.

Two born-electric Mahindra SUVs to debut this month
Six Mahindra born EVs to launch by the end of this decade
eSUV sales in India saw 9 percent YoY decline in September

EV penetration in India at a nascent stage

“We are more optimistic than earlier. You have consistently heard us say that the market will do very well with good launches. As the quality of products improve, there will be customers who will come in,” said Rajesh Jejurikar, executive director and CEO of Mahindra's auto and farm sector at the company's post Q2 FY25 results press conference. “The point is there is space for good products.”

In September 2024, sales of EVs in India fell to a 19-month low of 5,733 units, a year-on-year decline of 9 percent. Market leader Tata Motors’ market share fell to 61 percent from 68 percent compared to the same period last year.

Jejurikar added that EV market share in India is at a nascent stage. "The West has seen some kind of stagnation after getting to 15 percent. We are at 1-2 percent penetration. So we have a long way to go."

The upcoming debut of the electric SUVs is part of Mahindra's broader strategy to establish itself as a leading player in the EV sector. The company had earlier shared an expectation of 20-30 percent EV market share by 2027.

More brands line-up electric SUVs for India

Apart from Mahindra, Hyundai and Maruti Suzuki are also planning to unveil their first mass-market electric SUVs in early 2025. Mahindra plans to bring as many as six born electric SUVs by the end of this decade. The company's board had also approved an investment of Rs 12,000 crore into its electric business over the next three years.

Mahindra BE 6e, XEV 9e to debut this month

The XEV 9e and BE 6e are essentially production-spec models of the XUV.e9 and the BE.05 concepts that were shown more than a year ago. The stylish BE 6e is set to be a premium option above the slow-selling XUV400, competing with models such as the Tata Curvv EV, MG ZS EV and the upcoming Maruti e Vitara and Hyundai Creta EV. The slightly bigger XEV 9e coupe-SUV will rival the likes of the upcoming Tata Harrier EV.

"Both these born-electric SUVs will be supported by an additional production capacity of 10,000 units per month by March 2025," Jejurikar added. "We have no immediate plans to add new ICE capacity except for the Thar Roxx."

With inputs from Prerna Lidhoo

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