Mahindra expects the transition toward electric vehicles will begin with fleet and SUV segments in the Indian market.
Mahindra and Mahindra with a focus on its electrification goals are in the process of lining up new products in the electric vehicle segment as it remains positive about the transition of the auto industry in the country. Mahindra’s senior company official shared that the automaker is expecting the change to take place in a gradual manner starting with fleet and SUV segments leading the transformation.
Based on its internal research, Mahindra said that existing SUV buyers are considering going for an electric SUV as their next purchase. “Our internal research tells us that 25 per cent of the existing SUV buyers would like to consider an electric SUV as their next purchase. The research also tells us that over the next 2-3 years we will see this kind of transition happening,” stated Mahindra & Mahindra Executive Director (Auto and Farm sectors) Rajesh Jejurikar. He also added that the automaker is expecting around 20 to 30 per cent of its SUVs to be electric in the next five years.
Bullish on electric mobility, Mahindra has lined up five new electric SUVs in its EV segment. Among these, four electric SUVs will hit the Indian market between December 2024 and 2026. It has planned to introduce five electric SUV models under two brands — XUV and the all-new electric-only brand called ‘BE’. While the legacy models will come under the XUV arm, the new electric vehicle will be rolled out under the BE brand.
Jejurikar stated adoption of EVs in the hatchbacks and sedans in the personal segment would be slow as the customers might not be interested to pay a higher price upfront for the only car in the family along with the absence of adequate charging infrastructure. “In the SUV space, whether entry or mid-sized, there will be a much faster adoption as they are typically part of households which have more than one car,” he added. Mahindra has already unveiled its first electric SUV under the XUV brand– the mid-sized XUV 400 which would be rolled out from its Nashik plant in Maharashtra.
(With inputs from PTI)
First Published Date: 11 Sep 2022, 14:41 PM IST