Mahindra XUV300 Electric or eXUV300 will be the next big electric car to launch in India. The company has finally announced its plans with the launch. The brand was also expected to launch a budget-friendly eKUV100 but that may happen at a later date. Mahindra announced that the eXUV300 will be launched in FY23 Q3-Q4. Also Read - PMV Electric launches EaS-E electric vehicle in India at Rs 4.79 lakh: Check specs, availability
Mahindra & Mahindra, during the Q&A session, revealed its plans to launch the new electric vehicle during the announcement of the Q3 financial results of the company. The company has also announced that it will soon formally announce the plans around the launch of its EV portfolio. Also Read - BYD Atto 3 electric SUV launched in India: Check price, specs, availability
Veejay Nakra, CEO, Mahindra and Mahindra Automotive said, “We had already announced our plan about bringing in electric cars to India. In Q3 or Q4 of FY23, we will launch the all-electric XUV300. We are in the process of announcing our portfolio plan as regards EVs in India and we’ll tell you more about it soon.” Also Read - Electric scooter battery explodes in Odisha turning the EV into ashes
The XUV300 Electric will be directly pitched against Tata Motors’ Nexon EV, which has mostly been unrivaled in its segment. The XUV300 Electric was first showcased at the Auto Expo 2020. The car that was showcased at the Expo had an electric motor that can churn around 130hp power. The car came with a 40kWh battery. To put this in perspective, the Tata Nexon EV comes with a 30kWh battery pack. However, there’s a new long-range Nexon EV in the pipeline, which might be competing with the XUV300 Electric. The XUV300 Electric could provide a range north of 300 km.
Mahindra has announced that they will be investing Rs 3000 crore in electric vehicles. The fact that this is almost a quarter of their total investment in all sectors, shows that Mahindra is planning to aggressively take on the EV sector. Mahindra has set aside a total of Rs 13,000 crore for all businesses. The company is expected to transition around four of its ICE-powered SUVs to electric powertrains.