Mahindra & Mahindra has pledged an investment of ₹4,500 crore towards the development and the establishment of production capacity for its two new ground-up electric brands, as stated by a senior company official on Wednesday. This ₹4,500 crore investment forms a segment of the total ₹16,000 crore capital expenditure that the company has projected for its electric vehicle sector during the fiscal years 2022 to 2027.

The automotive giant located in Mumbai is establishing a production capacity of 90,000 units annually at its Chakan facility for the two newly developed 'Born Electric' models, namely the BE 6e and XEV 9e. 

"We have allocated ₹4,500 crore investment for the two models. The investment would go into the overall development of the electric vehicles," Mahindra & Mahindra (M&M) Executive Director and CEO for auto and farm sectors Rajesh Jejurikar told reporters here.

The production capacity at Chakan has the potential to be increased to 120,000 units annually. On Tuesday, the Mumbai-based automotive giant introduced two new models, the BE 6e and XEV 9e, with deliveries anticipated to begin in the February-March timeframe of the upcoming year. 

The starting prices for the BE 6e and XEV 9e are set at ₹18.9 lakh and ₹21.9 lakh, respectively (ex-showroom). Details regarding the pricing of additional variants for both models will be disclosed at a later date. According to the company, the BE 6e offers a range of 682 kilometers, while the XEV 9e provides a range of 656 kilometers.

Recognizing the increasing demand for electric vehicles, Jejurikar emphasized that the company aims to develop lifestyle-oriented products that remain accessible to consumers.

"We believe volume will come out of accessibility. So, our strategy is always to create a good combination of aspiration and access," he added. "We know there will be some time for people to get used to the idea (EVs), but we are breaking all barriers. In a way, pricing can be a barrier," Jejurikar said.

He pointed out that the company is eyeing markets across the globe for the two electric models after establishing the brand in the domestic market. "As for the overseas markets, we first want to go to the right-hand drive markets... later left-hand drive markets can be covered as well," he stated.

The primary objective of the company, as stated by Jejurikar, is to stabilize operations and concentrate on establishing its brands in India.

The automaker intends to implement a phased go-to-market strategy for its two electric SUVs, scheduled for rollout in the latter part of January 2025.

Deliveries are anticipated to begin towards the end of February or in early March 2025.

The company has announced the recruitment of 500 specialists from luxury and premium brands to enhance the pre-purchase driving experience.

Additionally, approximately 400 technology experts will be engaged to improve customer experience, with dedicated support from Mahindra Research Valley (MRV) located in Chennai.

Currently, Mahindra offers the XUV400 in the electric passenger vehicle market.

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