The Mahindra & Mahindra board has recently announced the investment of ₹12,000 crore, according to multiple sources. The automaker will invest into its electric vehicle subsidiary, Mahindra Electric Automobile Limited (MEAL), up to March 31, 2027.
This investment will mostly go towards developing and promoting a top-tier Electric SUV lineup equipped with cutting-edge technologies.
M&M aims to achieve an electric vehicle production capacity of 10,000 by the conclusion of FY25 and a further 8,000 capacities by the end of FY26.
During an exchange filing, M&M said:
The investment will accelerate the growth of 4 (Four) Wheel Passenger Electric Vehicles Business and get growth capital to fund the said business. MEAL will leverage the manufacturing capabilities and product development of M&M as well as its ecosystem of suppliers, dealers and financiers.
The funds infused by M&M will be utilised by MEAL primarily to create and market a world-class Electric SUV portfolio with advanced technologies. The investment will help M&M to leverage their focus and expertise in ESG and climate change.
Anish Shah, the Managing Director of M&M, mentioned that the company will evaluate in 2027 whether adjustments are necessary in the mix between internal combustion engines (ICE) and electric vehicles (EVs). He added:
Don’t think incentives are required for hybrid vehicles. In case there is demand for hybrid vehicles, we will be ready to get into hybrid vehicles.
Mahindra plans to introduce several electric SUVs, such as the XUV 7XO, XUV 5XO, XUV 3XO, and XUV 1XO. Furthermore, the company intends to develop all these vehicles using the existing INGLO platform.
The battery packs for larger SUVs will have capacities ranging from 60 to 80 kWh. While the XUV 7XO and 5XO may provide both single-motor and dual-motor all-wheel-drive options, the XUV 3XO and 1XO are likely to stick to a single electric motor setup.
The expected range for the XUV 7XO, 5XO, and XUV 3XO is around 400 to 450 km. Conversely, the XUV 1XO may offer a range of 200 to 250 km.
Currently, the Mahindra XUV400 is the only EV in the company’s lineup, but this is expected to change soon. Additionally, Mahindra unveiled a range of upcoming products, including BE.05, BE.07, and RALL-E.
