Mahindra and Mahindra revealed plans to launch up to 16 new models in India over the course of the next 6 years. At its FY2024 financial results press conference, the company revealed that it planned to launch 9 new internal combustion SUVs in the market by 2030 along with as many as 7 new electric SUVs. The 9 combustion engine models include three facelifts starting with the recently launched Mahindra XUV 3XO while the first of the new EVs is due to arrive in Q4 FY2025 (Jan-March 2025).
Also read: Mahindra Reports Open Bookings Of Over 2.20 Lakh Units; Targets Further Ramp-Up in Production
The new product offensive is being backed by a notable investment to the tune of Rs 27,000 crore into its automotive business over the next three financial years. This investment which includes both passenger vehicles and commercial vehicles will see the carmaker focus on not just new models but also expanding production capacity to meet future demand.
Mahindra plans to introduce 7 all-new electric SUVs in India by 2030.
The headline figure here is the investment of Rs 12,000 crore into Mahindra Electric Automobile Limited (MEAL). MEAL is the new electric four-wheeler company of the Mahindra Group under which it plans to introduce its upcoming range of Born Electric SUVs. The investment will not only go into the development of the electric vehicles but also in unlocking production capacity to cater to model demand. Speaking of production capacity Mahindra has revealed that it plans to have an EV production capacity of 10,000 units per month by the end of the current financial year. This is to further be expanded to 18,000 units per month by the end of FY2026. 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.
Also Read: Mahindra XUV 3XO Bookings Cross 50,000 Units
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Mahidnra's upcoming EVs are expected to be sold under the BE and XUV.e branding.
The carmaker however said that it still expects a bulk of its sales to come from internal combustion vehicles going forward with the EV penetration still low in the passenger vehicle market.
“As of now, as we’ve said earlier, EVs will be 20-30 per cent of our SUV portfolio in the year 2027 which means that still 70 per cent of our portfolio will be ICE (internal combustion engines),”said Rajesh Jejurikar , Executive Director & CEO, Auto and Farm Sector, Mahindra and Mahindra.
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The new XUV 3XO is the first of nine new SUVs arriving by 2030.
He added that the segment (ICE) was still growing at a healthy rate and offered good financial returns to the company thus it made sense to stay involved. He said that the company would continue to have “a very aggressive ICE portfolio over the next 10 years.”
The company however did not rule out shifting focus to EVs should demand patterns change. Dr Anish Shah, MD and CEO, Mahindra Group said that the company would however continue to observe the EV market over the next three years. He said that if there was any substantial change in demand the company would take decisions to shift its portfolio focus accordingly.
The production derivative of the Global Pik-Up concept showcased last year could also be considered for an India launch
Speaking of internal combustion models, Mahindra said it plans to invest Rs 8,500 crores into the business. The carmaker plans to introduce 9 new SUVs in India by 2030 – 3 facelifts and 6 all-new models. As mentioned above, the first of these new launches was the recently launched XUV 3XO that looks to have gotten to a flying start in the market with over 50,000 bookings received within an hour of order books opening. Another of the new models is set to the new Thar 5-Door due to arrive later this year with facelifts of the Scorpio-N and XUV700 also likely to be part of the line-up.
Also read: Auto Sales April 2024: Mahindra Auto Sales Grow 13% Year-On-Year
Upcoming Thar 5-Door also to be part of the new model offensive.
The company said it also plans to invest Rs 4,000 crore over the next three years into its light commercial vehicle portfolio to bring in seven new models including two EVs.
Mahindra’s Auto business is a key source of revenue and profits for the Group with the sector reporting 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. The Auto business was already one of the brand’s leading sources of revenue reporting total revenue of Rs 76,156 crore – up from Rs 61,564 crore in the last financial year. The Mahindra Group reported a cumulative revenue of Rs 1,39,078 crore with consolidated profit after tax of Rs 11,269 crore – up 25 per cent over last year.
