Mahindra to launch 16 new cars in India by 2030
Mahindra has unveiled its plan to introduce up to 16 new models in India within the next six years. The announcement was made during the company's FY2024 financial results press conference. The expansion strategy includes the launch of nine new internal combustion SUVs and seven electric SUVs by 2030. The nine combustion engine models include three facelifts, beginning with the recently unveiled Mahindra XUV 3XO. The first of the new EVs is slated for release next year.
Mahindra pledges ₹27,000 crore investment in automotive business
Mahindra has committed a substantial investment of ₹27,000 crore into its automotive business over the next three years. This funding will be allocated toward both passenger and commercial vehicles, with a focus on introducing new models and expanding production capacity. A significant chunk of this investment, ₹12,000 crore, will be directed toward Mahindra Electric Automobile Limited (MEAL), the group's new electric four-wheeler company.
EV production capacity to reach 18,000 units by FY2026
Mahindra has disclosed plans to ramp up its EV production capacity to 10,000 units per month by the end of the current financial year. This capacity is projected to further increase to 18,000 units per month by the end of FY2026. The first 'Born Electric' SUV is scheduled for release in Q4 FY2025, with subsequent models following thereafter.
Sales expected primarily from internal combustion vehicles
Despite its focus on electric vehicles, Mahindra anticipates that a majority of its sales will continue to come from internal combustion vehicles due to low EV penetration in the passenger vehicle market. Mahindra Group's MD and CEO, Dr. Anish Shah, stated that the company will continue to monitor the EV market over the next three years. Mahindra will adjust its portfolio focus if there is a substantial change in demand for electric vehicles.
