Mahindra & Mahindra is planning to launch a range of new products in the Indian market. The brand will be investing the money in the automotive department as well as the farming equipment sector. The brand will also allocate a large sum into group companies for further development.
The brand is planning to invest INR 17,000 Crore over the next three years. The brand will be spending around INR 12,000 Crore out of the total CAPEX on the Automotive and Farm sector. Sources report that out of the INR 12,000 Crore, INR 9,000 will be spent on developing internal combustion engine (ICE)-powered SUVs while the rest INR 3,000 Crore will be spent on electric vehicles. The remainder INR 3,000 out of the total CAPEX allotted to Auto and Farming will develop farm equipment. Mahindra will invest the remaining INR 5,000 Crores out of the total INR 17,000 in group companies.
Mahindra plans to develop 23 products in the passenger vehicle and commercial vehicle segment. The brand will develop nine SUV in the passenger vehicle segment, out of which six SUVs will be fully electric. The brand will also develop 14 commercial vehicles, out of which six commercial vehicles will also be fully electric. In addition to this, the brand plans to introduce 37 new products in the farming sector. The brand will develop the new tractors under Project K2 by the year 2026.
In the current financial year, the brand plans to launch two new SUVs in the Indian market. Regular readers would know that the brand has been extensively testing the XUV700 and the all-new Scorpio. The brand also plans to launch the eKUV100 and eXUV300 in 2022. For electric vehicles, the brand plans to roll out 5 lakh electric vehicles by 2025. In 2023, Mahindra is also likely to launch the five-door Mahindra Thar. In 2024, Mahindra intends to relaunch the XUV500 in a new avatar allowing it to compete with the Hyundai Creta SUV. The brand is likely to introduce a new coupe SUV, the XUV900 codenamed W601, to the Indian market with futuristic technologies.
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