Mahindra targets 7,000 monthly EV sales by year-end
What's the story
Mahindra & Mahindra is gearing up for a major expansion in its electric vehicle (EV) business. The company plans to ramp up its monthly EV sales to about 7,000 units by the end of the current fiscal year. At present, Mahindra sells between 4,000 and 5,000 electric SUVs every month. The ambitious target comes as part of the company's broader strategy to make EVs account for about a quarter of its total sales by FY28.
Production boost
Production capacity and new EV launch
Rajesh Jejurikar, Executive Director and CEO of Mahindra's auto and farm divisions, revealed that the company is working to increase its electric vehicle production capacity to 8,000 units per month by fiscal year-end. This ramp-up will support their goal of selling 7,000 units a month. The announcement comes just after the launch of XEV 9S, a new seven-seat electric SUV in Mahindra's expanding portfolio.
Market performance
Mahindra's EV sales and revenue
In the last seven months alone, Mahindra has sold over 30,000 EVs. This impressive sales performance has resulted in a revenue of nearly ₹8,000 crore. The company is also working on expanding its charging network with plans to install around 1,000 charging points by 2027. These points will be mainly set up in high-traffic urban areas to meet the growing demand for electric vehicles.
Export strategy
Cautious approach to international shipments
On the export front, Jejurikar said Mahindra would take a gradual approach. He said, "We have an overall path to exports for the electric SUV portfolio but we will do it in a calibrated manner." The company plans to focus on right-hand drive markets first and then expand based on response from these markets.
Sustainability focus
Battery recycling and supply-chain resilience efforts
Mahindra is also looking into solutions for end-of-life batteries. The company's electric three-wheeler business, which predates its SUV EV line, will be the first to deal with large-scale battery disposal. Jejurikar said they are "very seriously looking at" this issue and working on recycling systems. On the supply-chain front, Mahindra is diversifying suppliers and implementing contingency measures to ensure uninterrupted availability of EV components.