Indian automaker Mahindra and Mahindra has reportedly announced plans to accelerate its electrification efforts by ramping up the production of its electric vehicle models. It also aims to penetrate new foreign markets to expand its customer base.
M&M expects its EVs to contribute 30% of its total volumes by the end of the decade.
“About 30% of our portfolio would be from electric vehicles between 2027 and 2030.”Veejay Nakra, Mahinda Automotive Unit President
M&M unveiled its new EV strategy during a recent event in South Africa on August 15. The local automaker indicated that it aims to electrify the majority of its traditional vehicle offerings, including the Bolero, Thar, etc., in the following days.
“We are looking at doing a number of 2 lakh units (at Chakan plant) between 2027 and 2029.).”Veejay Nakra, Mahinda Automotive Unit President
The Indian automaker also introduced the new electrified counterpart of the Thar SUV, Vision Thar.e concept. It will join the company’s Born Electric (BE) portfolio as soon as it hits production.
As of now, M&M only has one all-eleActric vehicle offering in its home market – XUV400 EV. Nonetheless, the company now aims to expand its portfolio by introducing more EVs.
- Mahindra says Tesla’s presence “does not faze” them
- Mahindra plans to penetrate the Australian EV market
- Mahindra & Mahindra to expand its Zaheerabad Plant for 3-wheeler EVs
- Mahindra & Mahindra to invest Rs. 10,000 crores for its EV manufacturing plant
- Volkswagen, Mahindra partner in India to launch 5 Electric SUVs
M&M’s move to launch a more aggressive electrification initiative will undoubtedly aid the automaker in hitting its 2030 target of having EVs account for 30% of its overall volume. Moreover, it will accelerate EV adoption not only in India but also in the global market.