Mahindra electric XUV400 bookings to open on Jan 25, and the firm’s working on new EVs under brand BE

Mahindra and Mahindra Ltd. is expected to start the bookings for its upcoming electric vehicle (EV) XUV400 from January 25, 2023, and prices will be announced mid-January, Rajesh Jejurikar, Executive Director of auto and farm sectors, told CNBC-TV18. He said Mahindra is looking to start deliveries of XUV400 by February. Mahindra was the biggest Nifty gainer on Monday and the auto stock is now just 4 percent away from a 52-week-high.

The homegrown company claims that this EV will be the first Indian-made passenger vehicle with the fastest acceleration in the non-luxury segment and can reach from 0-100 kph in 8.3 seconds. The company also said that the car would have a top speed of 150 kph and offer a driving range of 456 kilometres on a single full charge. Mahindra unveiled its first fully electric SUV, XUV400, at World EV day in September 2022.

As the company nears the rollout of its first electric SUV, Jejurikar hinted the company is working on another new EV brand, 'BE'. The company’s chief design officer Pratap Bose shared a teaser of this upcoming SUV on his social handles. Mahindra is likely to unveil this new SUV sometime in 2023. As per reports, Mahindra’s new offering will go up against the likes of Tata Harrier, Hyundai Creta, Kia Seltos and Maruti Suzuki Grand Vitara and its counterpart Toyota Urban Cruiser Hyryder.

Rajesh Jejurikar said there are multiple reasons why people don't want an EV and they think that they need to be close to a charging space. But then, he added, there are those who want to buy because of optimised costs, and there are those who want to buy it as a "lifestyle statement".

Jejurikar said the company was not yet planning to get into the shared mobility electric segment and is also not looking at venturing into lower-priced electric vehicles at this point.

While sharing the company's near-term outlook in EVs and internal combustion engine (ICE) cars, Jejurikar stated that Mahindra was focused broadly on the SUV market. He said that the company’s current revenue market share is 19.5-20 percent and it aims to become the number one player in the Indian SUV market space.

Jejurikar said that if there’s any delay in the production of the electric vehicles, it shouldn’t be because of a struggle in the plant but will most likely be related to delays in getting battery packs and semiconductors.

Recently, Mahindra announced that its investment of Rs 10,000 crore for EVs had been approved under the Maharashtra government’s industrial promotion scheme for such vehicles. The company, through its subsidiary, will invest the amount over eight years to set up a manufacturing facility and for the development and production of Mahindra’s upcoming Born Electric platform.

Based on the INGLO EV platform, Born Electric models include the e-SUVs under the brand XUV and the all-new electric-only brand ‘BE’.