Indian auto major, Mahindra & Mahindra is all set to launch 16 electric vehicles (EVs) in the coming six years.
M&M EV Launches In Future
By 2027, M&M plans to launch 16 EVs across SUV and light commercial vehicle categories according to its plans revealed on Tuesday.
The carmaker is planning to strengthen the company’s leadership position in India’s electric mobility segment with the proposed portfolio.
Looking For Investors
To achieve this, Mahindra has set a cumulative revenue growth target of 15-20 per cent by 2025.
It seems that the utility vehicle manufacturer is keeping its options open by expanding its EV offerings.
This could be achieved by either bringing in private equity investors or carving out its EV business into a separate entity to drive its growth.
Thirteen New Launches
With this happening, the carmaker has already announced plans to invest Rs 3,000 crore in EVs.
Further, the company is also considering a new brand name for the electric SUVs that it will launch by 2027.
In the same regards, M&M Executive Director Rajesh Jejurikar said, “In SUV, we are looking at 13 new launches by 2027 of which eight will be electric. We think by 2027 we’ll be ready for at least 20 percent of the total UV (utility vehicles) volumes coming from electric vehicles,”.
Out of that, four new electric SUVs are expected between 2025-27.
There will also be eight EVs out of 17 new product launches planned by 2027 in the light commercial vehicles (LCV) segment.
This way, “you can clearly see a strong focus on electric, some of these electrics will be completely new, the balance will be derived from existing products,” Said Jejurikar.
Funding Needs
Coming to fundings, M&M Managing Director and CEO Anish Shah said, “We are open to all options because electric is going to be major and therefore we are not losing any options.”
It is not just the EV but also in other segments such as farm machinery and the company’s “growth gems”, that M&M is open “to looking at funding coming in from outside that will help us grow much faster, ” Shah added.
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