Indian auto major Mahindra & Mahindra on the 12th of November revealed plans to launch 16 electric vehicles in the light commercial vehicle and SUV categories by 2027 to bolster the company's leadership position in India's e-mobility sector.
Within three years, the company has set a cumulative revenue growth target of 20 percent. To expand its EV offerings and is keeping its options open to either bring in private equity investors or carve out its EV business into a separate entity to surge its growth.
The company has disclosed its plans to invest ₹3,000 crores (GBP 3.2 million approx) in EVs and is also considering a new brand name for the electric SUVs to be launched by 2027 reflecting its seriousness towards the growth of the e-mobility sector.
"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 utility vehicles (UV) volumes coming from electric vehicles," said company Executive Director Rajesh Jejurikar in a virtual earnings conference. He also mentioned that Mahindra will launch eight vehicles by 2027. Out of these eight, four of them will be derived from the company's range of petrol and diesel products. “By the time we reach 2025, Mahindra plans to launch four new SUVs that will be underpinned by a "born-electric" platform and designed for electrification from scratch”, He added
As the company is already having a market leadership position in the farmer equipment sector, Jejurikar also said that “We believe farm machinery revenue will grow by 10 times over our current levels by 2027 with 15 new products”.
The automaker has also invested in a couple of EV technologies including a project with Israeli startup Ree Automotive and an electric trike project with Amazon India. As per the company, the partnership and investments were made to gain insight into EV technology. “It’s not just for capital. It’s also for any expertise that investors may bring in. In the world that has evolved to where we are today, we’ve seen expertise coming in from sometimes private equity firms or other strategic partners and that will help us grow faster”, Company CEO & managing director, Anish Shah said during a post-earnings media call on 9th November.