Mahindra plans big for Indian PV market, from 23 cars to local EV battery making

  • Mahindra is adopting a multipronged strategy to increase its market in the Indian passenger vehicle space, in both ICE and EV segments.
Mahindra
Mahindra is adopting a multipronged strategy to increase its market in the Indian passenger vehicle space, in both ICE and EV segments.
Mahindra
Mahindra is adopting a multipronged strategy to increase its market in the Indian passenger vehicle space, in both ICE and EV segments.

Mahindra is aiming to grab a larger chunk of the rapidly bulging Indian passenger vehicle market pie. In an attempt to grab that, the homegrown automobile giant is taking a multipronged approach. The automaker is not only focusing on strengthening its position in the internal combustion engine-propelled passenger vehicle segment but emphasising on electric vehicle space as well. While the auto giant is planning to launch a wide range of passenger vehicles in the country market, it is also focusing on developing a robust supportive ecosystem for electric vehicles, by locally manufacturing the battery packs and investing heavily on EV charging infrastructure.

Here is a quick and comprehensive look at Mahindra's strategy to ramp up its effort and market share in the Indian passenger vehicle market.

Mahindra to launch 23 new vehicles by 2030

Mahindra Group is planning to invest a whopping 37,000 crore over the next three years across its business verticals. A major part of this investment is earmarked for the automobile sector. The automaker has already revealed its plan to introduce 23 new vehicles, which will include nine internal combustion engine-propelled SUVs, seven battery-electric vehicles and seven light commercial vehicles. These vehicles are slated to be introduced by 2030.

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Local manufacturing of EV battery packs

Mahindra is looking at an opportunity to locally manufacture the battery packs for its range of electric vehicles, which are slated to launch starting in January 2025. The automaker's MD and CEO Anish Shah has stated that Mahindra is looking at exploring partnerships with global players to locally manufacture electric vehicle batteries in India. This strategy will help the homegrown carmaker to launch EVs at competitive pricing, which is key to success against tough competitors such as Tata Motors.

A robust EV charging infra in plan

One of the leading factors that have been impacting growth of the electric vehicles, especially electric cars in India is range anxiety among consumers. While the availability of fuel stations dispensing petrol and diesel is plenty across the country, the availability of EV charging infrastructure is not adequate. Mahindra sees this as a potential challenge for the overall growth of the Indian electric vehicle industry and aims to address this by focusing on building a robust EV charging infrastructure.

Speaking about this, Shah said that India currently has around 27,000 public charging stations for electric vehicles, while the number in the US is 1.76 lakh. In China, the number is even higher.

First Published Date: 18 Jun 2024, 06:18 AM IST
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