Mahindra & Mahindra anticipates reaching a peak annual electric vehicle (EV) production of 2 lakh units at its upcoming Chakan plant in Maharashtra between 2027 and 2029, as revealed by the management. The projection is aligned with their goal of having EVs contribute 30% of total volumes by 2030.
Earlier this year, the company received approval from the Maharashtra government to establish a Rs 10,000-crore EV manufacturing facility in Chakan, near Pune. Over the course of 7-8 years, Mahindra’s subsidiary will invest in setting up this plant, facilitating the development and production of their upcoming Born Electric (BE) models.
The first BE model is expected to debut in the market by the end of the following year, with Chakan plant’s production commencement slated 4-5 months earlier. Presently, Mahindra sells the XUV400 electric model from its Nashik plant in Maharashtra and has a substantial market share in the domestic electric three-wheeler segment.
The company’s EV plans are centered around the INGLO EV Platform, encompassing five electric SUV models categorized under two brands: the existing XUV brand for legacy models and the all-new electric-exclusive BE brand.
Mahindra also aims to extend its EV presence globally, targeting advanced markets such as Europe and the UK. Alongside EVs, new pickup trucks, and existing SUVs, Mahindra envisions significant growth in overseas sales, leveraging its established SUV market presence in countries like Australia, New Zealand, and South Africa.
Recently, Mahindra unveiled an international market-oriented pickup concept and an electric version of the Thar SUV called the “Vision Thar.e.” The company also introduced a new visual identity for its forthcoming BE vehicle lineup. As of Wednesday, Mahindra & Mahindra shares closed at Rs. 1570.60 on the NSE, reflecting a 1.54% increase.