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Mahindra is expected to launch at least three electric vehicles by the end of the current fiscal year. The company has had great success with the current crop of electric three-wheelers sold in the Indian market.
According to the latest reports from Gaadiwaadi, the company plans to expand its range of electric vehicles in the near future. Mahindra plans to launch the Atom electric and the Treo Zor as the demand for commercial electric vehicle continues to grow in the market.
Alongside the two commercial oriented EVs, the company is also working on introducing the eKUV100 which has been in the pipeline for a long time. Once it arrives, it is expected to be the cheapest electric car sold in the Indian market.
Mahindra Electric reported that it sold over 14,000 EVs last year, mostly coming from the Tero electric autorickshaws. Despite the ongoing challenging times and production disruptions in the auto sector, the company plans to stay focussed on the electric vehicles segment. The reports also suggest that due to the increased demand for Treo, it has encouraged the company to fast-track the launch process for the Tero Zor as well.
The company has confirmed that it will be working on launching electric vehicles for commercial use alongside mainstream vehicles such as the eKUV100. It reports that the timelines for primary electric vehicles will not be affected due to the increased focus on the commercial segment.
Speaking on this Pawan Goenka, MD and CEO, Mahindra and Mahindra had said, "Scale for EVs is very important and we would be subscale if we do everything on our own. To get larger volumes and reduce costs we need strategic investments. It is too early to talk about an IPO, we need to first work on profitability and bring down our stake."
However, Mahesh Babu, MD and CEO of Mahindra Electric, has recently stated that the company has had a great Q4 in the last financial year and reported positive in EBITDA. The company is not looking to sell any of its stakes and is currently looking to increase the investment.
He also stated that the company is looking for PE co-investors who will be a partner to the company, but Mahindra Group will continue to be the majority stakeholder in the company. Mr Babu further stated that the company is looking to set up a new global R&D centre shortly as well.
Thoughts About The Mahindra To Launch Three Electric Vehicles In Current Financial Year
Mahindra Electric reported that the current challenges in the import of some of the components from China owing to the ongoing tensions between the two countries is temporary. The electric vehicle industry of India will be restored soon as the demand is growing at a rapid rate. As a result, we can expect the upcoming electric vehicles to launch soon in the Indian market.