Mahindra & Mahindra (M&M) aims to expand its global footprint by tapping into newer markets by 2030. In an investor presentation, the company has highlighted its ambitions to foray into markets such as the UK, and Western Europe. Uniquely, the company has headquartered its design centre – Mahindra Advanced Design Europe (MADE) – in Oxfordshire, England – wherein it is presently undertaking the key design activities of its future EV portfolio.
M&M will tap into these new markets along with continuing its global play in its existing overseas locations – SAARC, Australia and New Zealand, Africa and Middle East, and Latin America. Armed with a new range of all-electric SUVs, wherein it plans to introduce 7 new EVs by 2030, the company will strive to deliver high-on-performance products that woo customers across diverse geographies with their strong appeal, led by innovation, and democratisation of technology.
M&M is betting big on its upcoming EV introductions, which will initially commence with the launch of the XUV700-based XUV.e8 around end-CY24, followed by new ground-up EV products under its sub-brand – BE that stands for Born Electric. The BE sub-brand will spawn three models – BE.05, BE.07, and BE.09 – first of which is likely to be introduced in late CY25.
Mahindra has now also revealed plans to introduce the electric versions of its popular ICE models – Thar, Scorpio, and Bolero – under the Thar.e, Scorpio.e, and Bolero.e nameplates, thereby taking the total count to seven by the turn of the decade. The company states that it will rely on customer focus, value creation, and technological innovation in these products to win market share.
In terms of innovation, the SUV specialist aims to offer highly-refined and sophisticated e-SUVs that will be high-on-safety, and will also boast superior off-road capabilities. In addition, the carmaker will focus on democratising technology, for instance, its latest Adrenox suite of connected applications running on its XUV700, Scorpio, and now on the latest XUV 3XO offering.
To fulfil its future growth ambitions in the EV segment, M&M also plans to ramp up EV capacity to 10,000 units by end-FY25, and further scale it by an additional 8,000 by end-FY26. The company aims a 3.5-times overall capacity growth by FY26, over FY20. M&M aims to create strong standalone brands within its EV portfolio, and will leverage the brand power to appeal to both domestic, as well as customers in overseas markets.