Looks like Mahindra and Mahindra is all set to double down on the electric vehicle sector in the coming years. At a recent press conference, Rajesh Jejurikar, executive director, Auto and Farm Equipment Sector, M&M, revealed the company’s EV ambitions. “The brands which we will focus on are the Bolero, Scorpio, XUV and Thar,” he said. “These will be the core brands, but it doesn’t mean that we will discontinue other brands. We may do a new brand for electric vehicles as we go along, but that's under discussion.”

• Mahindra to launch eight EVs by 2027
• Expects 20 percent of its sales to be electric by then
• Gunning to become the largest core electric SUV maker in India  

One in five Mahindra SUVs sold from 2027 expected to be electric

Jejurikar revealed that Mahindra will launch eight electric vehicles by 2027. Four of these will be derived from the company’s range of petrol and diesel products. Then, beginning 2025, Mahindra will launch four new SUVs that will be underpinned by a “born-electric” platform and designed for electrification from the ground up. 

Having planned for a strong EV portfolio, Jejurikar mentioned, “By 2027, we will be ready for at least 20 percent of our total UV volumes to be coming from electric vehicles.” Responding to a media query, he stated, “If the charging infrastructure grows faster, we'll likely be ready for an even higher penetration [of EVs].” 

Despite competitors like Tata firmly having the grip over the electric passenger vehicle market right now, Mahindra is confident of its upcoming EV portfolio. “We would be number one in core electric SUVs with the eight new products,” said Jejurikar. 

Mahindra’s investment in EV segment

Mahindra has earmarked a substantial outlay in order to aggressively expand its all-electric range. Jejurikar said over a three-year period of FY2022-FY2024, the company will invest Rs 13,500 crore in different sectors, with the EV vertical getting significant attention. Giving a break-up of the planned investment, he said, “We have put aside Rs 6,000 crore for auto conventional products, Rs 3,000 crore for auto electric products, Rs 3,000 crore for the farm sector and Rs 1,500 crore for other subsidiaries or businesses.”

However, he added, “As we move into the next cycle [beyond FY2022-FY2024], we obviously expect that investments in EVs will be higher than investment in ICE [internal combustion engine].” 

Responding to queries about Mahindra following Tata to create a separate subsidiary for its EV business and seeking external funding, Dr Anish Shah, MD and CEO, M&M, said, “We are open to getting more investments than the Rs 3,000 crore [already allocated] from private equity firms or others outside. We are open to all of those options because we see EVs being a major play for us going forward.”

He continued, “We are now open to funding coming in from outside that will help us grow much faster, but it's not just for capital, it's also for any expertise which we may get. In the current world, we sometimes expertise coming in from private equity firms or other strategic partners.”