In January this year, the auto major received an approval from the Maharashtra government to set up a Rs 10,000-crore electric vehicle plant in Chakan near Pune.
The company, through its subsidiary, will make this investment over a period of 7-8 years for setting up the manufacturing facility, development and production of its upcoming Born Electric (BE) models.
“We are looking at doing a number of 2 lakh units (at Chakan plant) between 2027 and 2029,” Nakra said here.
The first product under the BE range is expected to hit the markets by end of next year and the production at Chakan plant is expected to begin 4-5 months prior to that, he added. M&M sells a single electric model — XUV400 — in the passenger vehicle segment which is rolled out from its Nashik plant in Maharashtra. It however is the leading player in the domestic electric three-wheeler space with over 70 per cent market share. Based on the INGLO EV Platform, the automaker plans to introduce five electric SUV models under two brands — XUV and the all-new electric-only brand called BE.
Legacy brands will come under XUV brand while the all new electric model would be rolled out under the BE lineage.
Mahindra had showcased some of the battery electric vehicle concepts last August in Oxfordshire, UK.
When asked about the percentage of sales the company expects from EVs as compared to the internal combustion engine portfolio, Nakra said:”About 30 per cent of our portfolio would be from electric vehicles between 2027 and 2030.”
Replying to a query regarding separate showrooms for BE products in India, Nakra said it “is a work in progress.”
He further said: “We are at the moment defining the customer journey and the experience we want to give the customer and then from there we will draw back what’s going to be our point of contact or channels.”
Earlier this month, Singapore’s sovereign investment firm Temasek announced an investment of Rs 1,200 crore in M&M’s four-wheeler passenger electric vehicles arm — Mahindra Electric Automobile Ltd (MEAL).
In July last year, M&M had announced an investment of up to Rs 1,925 crore by British International Investment (BII) in MEAL.
M&M is also looking to scale up its electric vehicle play in the international markets.
The auto major said it plans to sell its BE products in advanced markets like Europe and the UK.
With EVs, new pick-up truck and its existing SUV line-up, M&M is looking at significant jump in sales in the overseas markets.
The company already sells SUVs in markets like Australia, New Zealand and South Africa.
“So let’s call the current phase as phase one, which is where we’ve taken our authentic SUVs into multiple markets like Australia, New Zealand, South Africa.. We could be playing a very small game, we could be at a 1- 2 per cent share with these products. We will target a much higher market share, which itself is a very, very significant part of the global strategy,” Nakra said.
There is a large market where the company is present and it aims to have a “respectable market shares” in these markets with introduction of new products in the second phase, he noted.
“A double-digit market share is what is a good aspiration that we are setting for ourselves for these markets,” he noted.
On Tuesday, Mahindra unveiled a pick-up concept which it plans to introduce in various international markets and India as well.
The company also showcased the “Vision Thar.e”, an electric version of its SUV Thar.
MEAL also unveiled a new visual identity for its forthcoming range of BE vehicles.
M&M launched a brand anthem conceived in collaboration with music maestro A R Rahman. It also unveiled a sonic identity in collaboration with Rahman.
The sonic identity extends far beyond the brand anthem, encompassing over 75 unique sounds tailored for various aspects of Mahindra’s forthcoming all-new portfolio of global electric SUVs.
These sounds include interior and exterior drive sounds, experience zone modes, infotainment cues, and functional signals such as seat-belt alerts and turn indicators.