Auto Major M&M to Launch 16 EV Models by 2027

Home-grown automaker Mahindra and Mahindra (M&M) is very bullish on the Indian automobile market and has set a cumulative revenue growth target of 15-20% by the year 2025.

The company also said that it plans to launch 16 electric vehicles (EVs) by 2027 across SUV and light commercial vehicle (LCV) categories to strengthen its leadership position in India’s electric mobility segment.

At present, India’s small electric passenger vehicle market is dominated by another home-grown company Tata Motors, which has 3 EVs and 10 more in the pipeline.

M&M said it 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.

“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% of the total UV (utility vehicles) volumes coming from EVs…So you can clearly see a strong focus on electric,” said M&M Executive Director Rajesh Jejurikar.

On the farm equipment sector where M&M has a market leadership position, Jejurikar said that farm machinery revenue will grow by 10 times over our current levels by 2027 with 15 new products.

M&M on Tuesday reported an over eight-fold increase in its standalone profit after tax (PAT) at Rs 1,432 crore for the second quarter ended September 30, 2021, riding on the back of robust sales.

Jejurikar said that they had a blockbuster XUV7OO launch witnessing bookings of more than 70,000.

“The demand for our other key automotive products also remains strong. With better availability of semi-conductors, we hope to maintain the volume growth momentum Q3 onwards. We are poised well to deliver very strong growth and returns through an exciting new product portfolio.”

In July this year, the Mumbai-headquartered auto major adopted a 58 MWp captive solar plant that is expected to generate about 100 million units of power annually beginning 2022.