The five electric SUVs will be sold under two distinct brands—XUV and BE. While Mahindra and Mahindra said it aims to leverage the strong presence of the XUV brand in the market to gain acceptance, BE will be a new brand focused on electric vehicles.
The first launch will be the XUV e8 in December 2024, with the remaining four planned over the next two years.
Mahindra and Mahindra’s EV ambition will be significantly aided by its partnership with Volkswagen Group, which will supply parts used in its MEB electric vehicle architecture.
On the sidelines of the Born EV unveil, Volkswagen and Mahindra signed the commercial papers for the partnership, stating their intent to further evolve the agreement into a deeper, strategic alliance with respect to new vehicle projects, localizing battery cell manufacturing and developing charging infrastructure in India.
Thomas Schmall, chief executive of Volkswagen Group Components, said the partnership intends to have a volume of more than one million units by 2030.
Schmall said the Volkswagen Group expects the number of electric vehicle platforms in the world to consolidate from thousands to only a handful in the years to come and is looking for partners to work with to “define industry standards" in this space. Both automakers emphasized the partnership will positively impact cost structures and aid the localization of the supply chain.
“The Inglo platform is a great starting point to the strategic relationship. Going forward, we can explore new products and concepts," said Rajesh Jejurikar, executive director-farm and auto division, Mahindra and Mahindra.
“We plan to go big on electric four-wheelers than we did in the electric three-wheeler space, not just in India, but also globally," said Anand Mahindra, chairman of Mahindra and Mahindra. “We can and will lead the electric passenger vehicle segment in India", he added, reiterating the group’s stance that half of India’s passenger vehicle sales will be electric by 2030.
In July, British Investment International invested $250 million in Mahindra and Mahindra’s electric vehicle (four-wheelers) business at a valuation of up to $9 billion. It then said it plans to sell 200,000 electric vehicles by FY27.
Mahindra and Mahindra currently does not have electric SUVs in the market, even as rival brands Tata Motors and MG Motor India have captured a significant chunk of the electric vehicle market with a portfolio of electric vehicles derived from their internal combustion engine products.
The writer was in Oxfordshire, UK, at the invitation of M&M.
