Electric Vehicles

Mahindra Electric planning 6 new EVs, production capacity to be doubled

Written by Nayak

With the growing demand for electric vehicles in the country, Mahindra has set its plans for the future. As per sources, the company aims to expand its business in this segment. Mahindra Electric has a strong presence in the last-mile mobility segment. And the plan is to double the capacity by the end of next year. With this, Mahindra electric will launch around 6 new vehicles spread across three-wheelers and four-wheelers. Mahindra Electric has plans to invest close to INR 300 crore for its last-mile mobility business. And this amount is around 10 per cent of its total allocation for electric mobility.

Future Targets For Mahindra Electric

By the end of FY22, Mahindra aims to sell around 14,000 to 15,000 EVs. And this figure could double by the end of FY23, given the semiconductor shortage issue is overcome. Currently, the production facility at Bengaluru will touch 30,000 units soon. And by 2024-2025, the figure could potentially rise to 1 lakh three-wheeler EVs per annum. Mahindra Electric Mobility mentioned that the demand is strong at a substantial pace, and this will continue for the future as well. The company is expecting to see the scale, size, and sector grow significantly over the next few years.

As per Mahindra, in the next five years, electric vehicles will clinch the 30 per cent mark of the overall three-wheeler volumes. A peak of 5 to 6 lakh units for the three-wheeler segment can be achieved in the next three years. For the current financial year, Mahindra Electric has sold over 7,000 electric vehicles in the last-mile mobility segment. And the company is pretty much prepared to repeat this figure in the next quarter alone. The central government, along with a host of state governments, are also providing EV centric policies, thus boosting the sales further. There are some plans to tie up with Jio BP to enable swappable battery solutions, which could completely change the game in the EV sector.

Also Read: Electric auto Mahindra Treo now on sale in Maharashtra.