Mahindra & Mahindra to introduce 16 EV models by 2027

11 Nov 2021 CW Team

Indian automaker Mahindra and Mahindra is planning to launch 16 electric vehicles (EVs) in the SUV and light commercial vehicle categories by 2027, bolstering its leadership position in India's electric mobility segment.

The company is keeping its options open to either bring in private equity investors or carve out its EV business into a separate entity to drive its growth, which has set a cumulative revenue growth target of 15-20% by 2025.

Mahindra and Mahindra is considering a new brand name for the electric SUVs it plans to launch by 2027, after announcing plans to invest Rs 3,000 crore in EVs.

Between 2025 to 2027, four new electric SUVs are expected.

According to Jejurikar, eight EVs will be launched in the light commercial vehicle (LCV) segment by 2027, out of a total of 17 new product launches.

Jejurikar told the media that M&M is open to looking at funding coming in from outside that will help us grow much faster not just in the EV, but also in other segments such as farm machinery and the company's growth gems.

M&M's ambition to be a leader in electric mobility in India, according to Jejurikar, is to have a lot of core capabilities in the segment and to have a market share of 68% in the electric three-wheeler segment in the second quarter.

The company's consolidated revenue for the second quarter ended September 30 was Rs 21,470 crore, up 12% from the previous fiscal's second quarter.

The domestic farm machinery industry is expected to grow from its current value of Rs 5,000 crore to around Rs 12,000 crore by 2027, according to the company. By then, he estimates that M&M will have generated about Rs 4,000 crore in revenue from domestic sales and Rs 1,000 crore in revenue from exports from India.

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Also read: Goa govt plans to convert state buses into electric vehicles

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