M&M hopes to hit peak production of 2 lakh EVs at Chakan plant between 2027 and 2029
The company estimates electric vehicles to account for 30% of overall volumes by 2030.
Mahindra & Mahindra expects electric vehicle production at its upcoming plant in Chakan, Maharashtra to hit a peak production mark of two lakh units per annum between 2027 and 2029.
The company estimates that electric vehicles (EV) would account for 30% of the overall volumes by 2030.
In January this year, the auto major received approval from the Maharashtra government to set up a Rs 10,000-crore EV plant in Chakan near Pune.
The company, through its subsidiary, will make this investment over a period of seven to eight years to set up the manufacturing facility, for the development and production of its upcoming Born Electric models.
"We are looking at doing a number of 2 lakh units (at the Chakan plant) between 2027 and 2029," said Veejay Nakra, President - Automotive Sector, Mahindra & Mahindra (M&M).
The first product under the Born Electric range is expected to hit the market by the end of next year, and the production at the Chakan plant is expected to begin four to five months prior to this, said Nakra.
M&M currently sells the electric model XUV400 in the passenger vehicle segment. It is rolled out from its plant in Nashik, Maharashtra.
The company is the leading player in the domestic electric three-wheeler space with over 70% market share.
Based on the INGLO EV platform, the automaker plans to introduce five electric SUV models under two brands—XUV and the all-new electric-only brand called Born Electric.
Legacy brands will come under the XUV brand, while the all new electric model would be rolled out under the Born Electric lineage.
The company had showcased some of its EV concepts last August in Oxfordshire, UK.
Nakra said, "About 30% of our portfolio would be from electric vehicles between 2027 and 2030."
On a query regarding separate showrooms for Born Electric products in India, Nakra said it is "a work in progress".
He also said, "We are at the moment defining the customer journey and the experience we want to give the customer, and then from there we will draw back what's going to be our point of contact or channels."
Earlier this month, Singapore's sovereign investment firm Temasek announced an investment of Rs 1,200 crore in M&M's four-wheeler passenger electric vehicles arm, Mahindra Electric Automobile Ltd.
In July last year, M&M had announced an investment of up to Rs 1,925 crore by British International Investment in Mahindra Electric Automobile Ltd.
M&M is also looking to scale up its EV play in the international markets.
The auto major said it plans to sell its Born Electric products in advanced markets like Europe. M&M is looking at a significant jump in sales in the overseas markets with EVs, new pick-up trucks, and its existing SUV lineup.
The company already sells SUVs in the markets of Australia, New Zealand, and South Africa.
"Let's call the current phase as phase one, which is where we've taken our authentic SUVs into multiple markets like Australia, New Zealand, South Africa. We could be playing a very small game, we could be at a 1- 2% share with these products. We will target a much higher market share, which itself is a very, very significant part of the global strategy," Nakra said.
There is a large market where the company is present and it aims to have a "respectable market share" in these markets with the introduction of new products in the second phase, he noted.
"A double-digit market share is what is a good aspiration that we are setting for ourselves for these markets," he said.
On Tuesday, M&M unveiled a pick-up concept, which it plans to introduce in various international markets and India as well.
The company also showcased 'Vision Thar.e', an electric version of its SUV Thar.
Mahindra Electric Automobile Ltd unveiled a new visual identity for its forthcoming range of Born Electric vehicles.
M&M also launched a brand anthem conceived in collaboration with music maestro A R Rahman. It also unveiled a sonic identity in collaboration with Rahman.
The sonic identity extends far beyond the brand anthem, encompassing over 75 unique sounds tailored to various aspects of Mahindra's forthcoming all-new portfolio of global electric SUVs.
These sounds include interior and exterior drive sounds, experience zone modes, infotainment cues, and functional signals such as seat-belt alerts and turn indicators.
Edited by Swetha Kannan