E-Paper
20-30% of Mahindra's SUVs to be electric in 5 years: Top official
Mahindra & Mahindra has lined up five new sport utility vehicles (SUVs) of which the first four are expected to hit the Indian market between December 2024 and 2026.
Mahindra & Mahindra is in the process of lining up new vehicles in its electric vehicle (EV) segment as the automaker giant remains very optimistic about the gradual evolution of electric vehicle penetration in India over the next few years.
News agency PTI on Sunday reported that Mahindra & Mahindra expects the transition towards electric mobility to happen step-wise with fleet and sports utility segments expected to lead the transformation in the domestic market.
Rajesh Jejurikar, executive director (auto and farm sectors) at Mahindra & Mahindra said internal research by the automaker showed that 25 per cent of existing sport utility vehicle (SUV) buyers would like to consider an electric SUV as their next purchase.
Jejurikar pointed out that five years from now, the company expects about 20-30 per cent of its SUVs to be electric, and electric penetration in the domestic market will start with households with multiple cars.
Mahindra & Mahindra has lined up five new SUVs of which the first four are expected to hit the Indian market between December 2024 and 2026, PTI further reported on Sunday.
These five SUVs will be under two brands of the automaker- XUV and BE.
Jejurikar said offtake for electric hatchbacks and sedans in the personal segment would be slow as the customers would not like to pay a higher price upfront for the only car in the family in absence of adequate charging infrastructure in place.
However, in the SUV segment, whether entry or mid-sized, there will be a much faster adoption as they are typically part of households which have more than one car, the top Mahindra executive added.
The automaker expects to take a final call regarding the manufacturing infrastructure for its electric SUVs in the next three-six months.
Mahindra & Mahindra already unveiled its first electric SUV under the XUV brand - the mid-sized XUV 400 which would be rolled out from its Nashik plant in Maharashtra.
The automaker is now in talks with three to four state governments, considering the incentives being offered, to finalise the production plan for the remaining products. "We probably will have to decide in the next three-six months," Jejurikar said.
(With PTI inputs)
