Mahindra & Mahindra has a big EV plan for the Indian market. The indigenous automaker has confirmed seven new BEVs (Battery Electric Vehicles) based on the INGLO platform over the next 4-5 years. The first model to roll out under this strategy will be the Mahindra XUV.e8 concept-based SUVslated to hit the roads in December 2024. This will essentially be the electric version of the popular XUV700. Besides expanding its EV product portfolio, the carmaker is considering hybrid technology for its future models, depending on market demand.
During the Q4 earnings call, Anish Shah, Managing Director & CEO of M&M, said that the company views “hybrids as an extension of ICEs” (internal combustion engines), but with slightly different powertrains. If there is demand for hybrid vehicles, Mahindra will be ready for it. He further mentioned that hybrid vehicles might have a marginal advantage in fuel efficiency. However, hybrid vehicles are more expensive to develop and manufacture due to the use of dual powertrains. Furthermore, the emission levels of hybrids are higher than those of EVs.
The carmaker has confirmed that its primary focus will be on ICE-powered vehicles, as these will be in demand for the next 5-7 years. Mahindra has planned an investment of Rs 27,000 crore for its automotive business over the next three years, including Rs 14,000 crore for ICE-powered models and Rs 12,000 crore for EVs from FY25 to FY27.
Talking about Mahindra’s upcoming ICE models, the company will introduce a range of new SUVs, including the 5-door Thar and the new-generation Bolero. The 5-door Mahindra Thar is set to make its global debut on 15th August 2024, followed by its market launch in the second half of 2024. It will be a more practical alternative to the 3-door Thar, with two powertrain options. The higher trim of the new Thar 5-door could be exclusively offered with a single-pane sunroof.
