Mahindra & Mahindra To Introduce 7 EVs By 2030 M&M currently sells the XUV400 in the EV segment and aims to expand its offerings by adopting more cost-effective lithium iron phosphate (LFP) technology over the more expensive nickel manganese cobalt (NMC) technology favoured in Europe.
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Mahindra & Mahindra (M&M) is planning to roll out seven battery electric vehicles (BEVs) by 2030, starting with new models in 2025.
According to the company, M&M aims to increase its monthly production capacity by 15,000 units, with 10,000 of those being EVs. This will raise its total monthly capacity to 64,000 units.
Addressing a press meet, Anish Shah, Managing Director & CEO, M&M said, "There are certain markets globally that are seeing some noise due to a lack of charging infrastructure but they have about 20 per cent EV penetration. India is at 1.5 per cent EV penetration today, and we have a long way to go. For India, EVs have a direct impact on reduction in fuel cost and emissions."
He emphasised the importance of desirable products in accelerating the transition to electrification in the Indian market and said, "That is something that hasn't quite come into the Indian market yet. As that comes in, it will start creating the demand and we will start seeing a greater pull for EVs."
Rajesh Jejurikar, Executive Director & CEO for Auto and Farm Sector at M&M, expressed his optimism about the company's EV plans.
"We are optimistic about our EV plans and are 'on track' with our renewed EV strategy of launching a series of models starting 2025," Jejurikar stated.
M&M currently sells the XUV400 in the EV segment and aims to expand its offerings by adopting more cost-effective LFP (lithium iron phosphate) technology over the more expensive NMC (nickel manganese cobalt) technology favored in Europe."A lot of what we are doing is only LFP as we go into a new product. So the relative costs compared to NMC are in a better equation," Jejurikar added.
The Mumbai-based automaker continues to offer petrol, diesel, and EV powertrains for its SUVs. Shah also mentioned the possibility of entering the hybrid powertrain market based on consumer demand.
"If there is a very strong consumer demand for hybrid powertrains, we can get that at a reasonable timeframe as well. So from that standpoint, we are pretty confident in terms of where we are positioned right now," Shah noted.
Historically, M&M showcased various hybrid vehicles at the Auto Expo 2008, although previous efforts like the hybrid version of the Marazzo MPV did not reach production.
Preparations are underway for the launch of the 5-door Thar Roxx on August 15.
Earlier this year, M&M signed an agreement with Volkswagen Group for the supply of certain electric components and unified cells from Volkswagen's MEB platform for Mahindra's electric platform INGLO. Both companies continue to explore potential further collaborations.
