Mahindra & Mahindra announces 13 new launches by 2027, 8 of them to be electric SUVs

Homegrown automaker Mahindra & Mahindra (M&M) on Tuesday said it plans to launch 13 new SUVs by 2027, out of which eight are slated to go electric. The Mumbai-based firm said that Bolero, Scorpio, XUV and Thar will be its key focus areas going forward. “These will be our core brands but it doesn’t mean we’ll discontinue other brands. Bolero, Scorpio, XUV and Thar will be a core part of our brand architecture. There’s a wide range (including electric) which is at different stages of production which will make our product portfolio very exciting and a new electric brand,” Rajesh Jejurikar ED, AFS (Automotive and Farm Sector), M&M said. Out of the company’s eight new electric SUV launches, four will be completely new launches and the rest will be derived out of existing products.

 

Jejurikar added that by 2027, we’ll he expects at least 20 per cent of the total UV (utility vehicle) volumes coming from EVs. “That could move faster depending on charging infrastructure. If it moves faster, we’re ready for faster penetration. We would leverage our experience of being in the electric vehicle space for over 10 years,” he said.

 

The company has set aside Rs 3,000 crore investment in the current three-year cycle for its EV business. “As we move into our next strategy and investment cycle, we expect that investments in EVs will be higher than investment in ICE. We were among the first ones to [enter into electric] and we have a lot of expertise coming out of it. We have a cumulative 340 million EVs running on roads in India,” Jejurikar said.

 

Company’s MD and CEO Anish Shah said that even beyond the said Rs 3,000 crores, the company has been investing in EVs for 20-odd years. “We are open to looking at investment options. We just want to make sure we have great products that can give us market leadership again,” he said.

 

On the SUV front, Shah said that the company is bullish to become a top player in the core SUV segment. “We’ve seen four consecutive blockbuster launches. We’re looking forward to a fifth one in Scorpio that is coming up in few months. That really positions us very well to regain leadership in the core SUV space,” Shah said.

 

The company locked 70,000 bookings for its latest launch, XUV700. “We want to be No 1 in the core SUV segment and 70 per cent of the UV industry would qualify as core, as per our definition. We are talking about high ground clearance and a high seating measure. Our purpose is to create an authentic SUV brand and that’s the heritage of Mahindra. We believe that adventure-ready capability is a critical characteristic of who we are,” Jejurikar adds.

 

The new Mahindra Scorpio is expected to be the next launch from the company. The XUV700 is currently overbooked, the waiting period for which is close to six months. In 2020, the company also launched the second-generation Thar, one of the most popular Mahindra products. It is reportedly working on a five-door version of Thar to compete in the pickup segment that has products like Isuzu D-Max and the Hilux, that Toyota is planning to launch in the Indian market.

 

M&M’s net profit for July-September quarter stood at Rs 1,432 crore and the company's revenue grew 15 per cent year-on-year (YoY) to Rs 13,305 crore during the quarter under review, while earnings before interest, tax, depreciation and amortisation (EBITDA) declined 19 per cent to Rs 1,660 crore. The company said its auto business continues to maintain strong booking pipeline for its key products. The company sold 9 per cent higher vehicles during the quarter at 99,334 units, while its tractor sales declined 5 per cent to 88,920 units.

Also Read: Mahindra & Mahindra Q2 results: Net profit rises multifold to Rs 1,432 cr, revenue up 15%

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