Mahindra & Mahindra (M&M) plans to introduce an electric version of XUV300 SUV in the January-March quarter of the current financial year. At 4.2 meters in length, the electric version will be longer than the current ICE powered XUV300.
Also, the company will invest ₹1,900 crore till FY24 for creation of additional production capacity for XUV700 and other models in an effort to reduce the waiting period, which has extended to two years on certain models. The company, however,did not specify the additional capacity that will be created. €the company claims to be sitting on an order book of 1,78,000 units, including 78,000 for the XUV700
M&M has lined up a capital expenditure of ₹17,000 cr across segments between FY22 and FY24. This includes ₹1,900 cr for the automotive segment. M&M’s total additional capital expenditure between FY22 and FY24 is ₹3,300 cr for automotive (including EV) and farm equipment, taking the total capital expenditure for the two segments to ₹15,300 cr for the same period.
In addition to new generation internal combustion engine powered vehicles, M&M is simultaneously working on electric vehicles. The company will reveal its EV vision in mid August which will include models based on born electric platforms. The company joined hands with Volkswagen for sourcing critical components like electric motors, battery system components and battery cells.