Mahindra revealed that it is closely examining hybrid technology for the Indian market. The automaker, however, also reaffirmed its focus towards developing electric vehicles for the Indian market with a Rs 12,000 crore investment and revealed that it will only start developing hybrid products according to consumer demand. It also talked about the difficulties associated with building a hybrid powertrain from scratch, and the lack of subsidies for hybrid products, while emphasizing that it is looking for ways to localise the technology.
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Mahindra has reaffirmed its focus towards EVs and plans to invest Rs 12,000 crores
Speaking at the press conference, Anish Shah, Group CEO, Mahindra Group said “From a consumer demand standpoint, if they (hybrids) become a bigger factor, we would be ready for that. We view hybrids as an extension of ICE. If there are significant changes in hybrid technology, that make it much more like an EV, then that's something we would go with much faster. At this point in time, we feel good about the focus on EVs, we are ready for hybrids, and are looking at hybrid technologies closely.”
Mahindra’s announcement comes amidst a global shift from EVs to plug-in-hybrid vehicles. The slow adoption of EVs has prompted manufacturers to shift their focus to PHEVs. Manufacturers like Mercedes-Benz, General Motors and Hyundai Motor have invested large sums of money into developing new plug-in-hybrid products, which they believe will facilitate a smoother transition to EVs.
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The manufacturer plans to introduce seven new electric SUVs for the Indian market by 2030
Mahindra has been very vocal about its EV plans in recent years and revealed in its press conference that it will invest Rs 12,000 crores into its EV business over the next three years. The manufacturer plans to introduce seven new electric SUVs for the Indian market by 2030. The carmaker has said that its first Born Electric SUV is set to arrive in the last quarter of FY2025 (January to March 2025) with subsequent models to follow. Mahindra, however, still plans to produce ICE vehicles well into the decade with an investment of Rs 8500 crores and plans to introduce 9 new SUVs in India by 2030 – 3 facelifts and 6 all-new models.
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Mahindra plans to introduce 9 new SUVs in India by 2030 – 3 facelifts and 6 all-new models
Mahindra’ Auto business reported a consolidated profit after tax of Rs 4,714 crore. This was a marked growth from Rs 1,908 crore in the previous financial year and saw the Auto business vertical overtake the company’s Farm business as its most profitable entity.
