The Tata Nexon EV, MG ZS EV, and Hyundai Kona EV will compete against the Mahindra XUV300 electric SUV.
Mahindra announced on Thursday that the fully electric version of the XUV300 SUV will be available in India in the third or fourth quarter of 2023. In addition, the domestic automaker has stated that it will reveal its entire EV strategy in the near future. The Mahindra XUV300 electric SUV will be one of the company’s most important products.
In the Indian EV market, Mahindra has always had the first mover advantage. However, the carmaker’s lack of product innovation and aggressiveness pushed it back in the segment, with Tata Motors, Hyundai, and MG Motor grabbing the front seats. Maruti Suzuki is also preparing to launch its WagonR electric vehicle in India. Mahindra, on the other hand, is hoping to reclaim its position with its new electric vehicle lineup.
The e-KUV100 was first shown at Auto Expo a few years ago by the homegrown car brand that specialises in SUVs. The electric version of the micro SUV, on the other hand, has yet to be released. The Mahindra XUV300 EV, which is set to debut in 2023, will compete against the Tata Nexon EV, MG ZS EV, and Hyundai Kona EV.
Mahindra is currently selling its e-Verito compact electric sedan. This EV, on the other hand, is only available to government agencies and fleet operators, not to private individuals.
On Thursday, Mahindra Group’s Managing Director and CEO, Anish Shah, stated that the company’s current focus will be on electric three and four-wheeler segments. He also stated that an EV product strategy will be released soon. The automaker stated that some of its upcoming EVs will be available in ICE versions as well. This suggests that the e-KUV100 could be released in the near future.
“We had already stated our intention to bring electric vehicles to India. We plan to launch the all-electric XUV300 in Q3 or Q4 of FY23. “We’re in the process of announcing our portfolio plan for EVs in India, and we’ll let you know more about it soon,” Shah said.
Meanwhile, the automaker announced on Thursday that demand has increased recently compared to the pandemic-affected year of 2021. However, the prolonged chip crisis and rising raw material costs have put a strain on Mahindra’s production, which is affecting vehicle costs.
“Despite supply-side challenges, our auto business has performed well, and our farm business has increased market share despite a market slowdown,” Anish Shah said in a statement.
During the third quarter of the current fiscal year, the automaker reported a 15% increase in revenue from the automotive sector. It also revealed that the automaker has a healthy booking pipeline, with over 155,000 pending orders.