Mahindra & Mahindra has revealed its plans to launch 16 electric vehicles (EVs) by 2027, which will include a mix of SUVs and light commercial vehicles. With the proposed portfolio, the company aims to strengthen its leadership position in India’s electric mobility segment. Also Read - Tesla Cyberquad for kids launched: The electric ATV has a top speed of 16 kmph
The automotive company under its plans to expand its EV offerings has stated that it is open to bringing in private equity investors or carving out its EV business into a separate entity to drive its growth. Apart from this, the company has already announced plans to invest Rs 3,000 crores in EVs. Also Read - Elon Musk has an interesting counter offer for people buying Apple Cloth, check it out here
M&M plans to launch 13 new SUVs by 2027, and out of the 13 eight will be electric. Four out of these electric SUVs are expected to launch between 2025-27. In the light commercial vehicles (LCV) segment, the company has announced that it will launch 17 new products by 2027, out of which eight will be EVs. Also Read - Nissan to invest whopping $18 billion in EV development in next five years
M&M Managing Director and CEO Anish Shah has said that the company is not only focussing on EVs but also in other segments such as farm machinery and its other “growth gems.” The company is open to looking at funding coming in from outside, not just for the capital but also for the expertise that investors may bring in.
He also added that the company plans to see revenue growth of 15-20 percent over a three-year cumulative period by 2025. To recall, it had posted a consolidated revenue of ₹21,470 crores in the second quarter ended September 30, up 12 per cent from the same period last fiscal year.
Apart from EVs, M&M is also betting big on its farm equipment sector, which it believes will grow by 10 times over current levels by 2027 with 15 new products. The company expects the domestic farm machinery industry to grow from its current value of ₹5,000 crores to around ₹12,000 crores by 2027.