Mahindra XUV300 electric SUV launch date announced, to reveal full EV plan soon
Mahindra on Thursday has announced that it will launch the fully electric version of the XUV300 SUV in India in the third or fourth quarter of 2023. Also, the homegrown auto manufacturer has said that it will reveal its complete EV strategy in near future. The Mahindra XUV300 electric SUV will come as one of the key products from the homegrown auto major.
Mahindra has always had the first-move advantage in the Indian EV space. However, lack of product innovation and aggressiveness pushed the carmaker back in the segment, while other automobile brands like Tata Motors, Hyundai and MG Motor grabbed the front seats. Maruti Suzuki too is gearing up to launch its WagonR EV in the Indian market soon. However, with the new electric vehicle lineup, Mahindra is aiming to regain its position.
The homegrown car brand that specialises in SUVs already showcased the e-KUV100 at Auto Expo a few years back. However, the electric variant of the micro SUV is yet to enter production. The Mahindra XUV300 EV that has been announced for the launch in 2023 will compete with rivals such as Tata Nexon EV, MG ZS EV and Hyundai Kona EV.
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Currently, Mahindra sells its e-Verito compact electric sedan. However, this EV is available for government agencies and fleet operators, but not for private individual buyers.
Anish Shah, Managing Director and CEO of Mahindra Group on Thursday has also said that the automaker will focus on electric three and four-wheeler segments as of now. He also said that a detailed EV product strategy will be announced soon. The automaker said that its upcoming EVs will include some models that are available in ICE variants. This indicates that the e-KUV100 launch could be a possibility in near future.
“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," Shah added in his statement.
Meanwhile, the automaker on Thursday has revealed that it has been witnessing a demand surge lately compared to pandemic-hit 2021. However, the production of Mahindra has come under pressure from the prolonged chip crisis and rising raw material costs that are eventually impacting vehicle costs.
"Our auto business has done well despite supply-side challenges, while our farm business has shown market share increase despite a slowdown in the market," Anish Shah said in a statement.
The automaker has revealed that its revenue from the auto sector has increased 15 per cent during the third quarter of the current financial year. It also revealed that the carmaker is witnessing a strong booking pipeline with more than 155,000 pending orders.