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Mahindra & Mahindra Ltd. has declared plans to invest ₹26,000 crore in its automotive industry over the next three years, expecting a spike in auto demand. Of this, Mahindra Electric Automobile Limited (MEAL), the company that makes electric vehicles (EVs), will receive an investment of ₹12000 crore. The funding will be used to create new vehicles and increase capacity between FY25 and FY27.
M&M intends to invest ₹8,500 crore in its SUV division and ₹4,000 crore in commercial automobiles. Additionally, the corporation plans to invest ₹5,000 crore in its farm equipment division. Mahindra & Mahindra is expecting a growth of mid- to high-teens for this financial year and plans to have up to 30% of its SUV portfolio be electric by 2027.
The company plans to ramp up capacity and increase SUV capacity by 5,000 units, electric vehicle capacity by 10,000 units by FY25, and an additional 8,000 units of electric vehicle capacity by the end of FY26. The company aims to have an overall SUV capacity of 72,000 units by FY26. Further, Mahindra & Mahindra plans to introduce 9 new ICE SUVs, 7 Born Electric Vehicles (BEV) and 7 Light Commercial Vehicles (LCV). Out of the 9 ICE SUVs, there will be 3 mid-cycle enhancements, including the launch of XUV3XO.
“The funds (₹12,000 crore) infused by the company will be utilised by MEAL primarily to create and market a world-class electric SUV portfolio with advanced technologies,” M&M said. The fresh investments come even as British International Investment has extended the period for the final tranche of investment into Mahindra’s electric platform. BII has so far invested ₹1,200 crore, and Temasek has invested ₹300 crore in this platform.
In 2022, BII announced a deal to invest up to ₹1,925 crore. Temasek will invest another ₹900 crore as per the earlier agreed timelines. M&M has had a good run over the last year with auto sales zooming. The company crossed 100,000 in unit sales for the first time ever in FY24. In the SUV segment, its revenue market share has moved up 130 basis points to 20.4%, with an 18% growth in volumes.
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