Mahindra & Mahindra Ltd. aims to grow its EV sales by at least a third by the end of the ongoing fiscal—a crucial milestone if the automaker has to achieve 25% of its sales to be electric in a couple of years.
“We are moving to an operating production capacity of 8,000 (EV) units per month by fiscal end, out of which we hope to sell 7,000 every month,” Rajesh Jejurikar, executive director and chief executive officer (auto and farm sector) at Mahindra Group, told PTI on the sidelines on a launch event on Thursday.
On Thursday, Mahindra launched the XEV 9S—a seven-seater variant of its electric SUV XEV 9E—at around ₹20 lakh, as the company looks to rival industry leader Tata Motors Ltd. in terms of market share. The car has six variants with a range-topping 500-km variant priced at nearly ₹30 lakh. The bookings for the XEV 9S will open on 14 January 2026 while deliveries will start on 23 January.
“With XEV 9S, we are not just playing in the EV segment, we are expanding it,” Nalinikanth Gollagunta, CEO of Mahindra’s automotive division, said in a statement.
Mahindra EV Plans
The launch of the Mahindra XEV 9S comes at a time when electric-car sales in India have picked up pace—from 23,000 units in 2024 to more than 100,000 so far this year, according to the government’s VAHAN website.
Mahindra, which manufactures its electric cars at its Chakan, Pune-based plant, plans to invest an additional ₹2,000 crore on the XEV 9S and a new variant of the BE 6, as part of a planned investment of ₹16,000 crore by FY27 to develop EVs from the ground-up.
The XEV 9S can help M&M cannibalise 5,000-10,000 units per annum from the competition, given that there are only a few options for seven seaters available in the market, according to Rishi Vora, vice president at Kotak Securities Ltd.
Mahindra aims for EVs to make up at least 20% of its SUV sales by 2027. It has sold over 30,000 EVs over the last seven months, raking in a revenue of ~ ₹8,000 crore, according to a presentation at the launch event.
Mahindra is looking at EV exports as well but in a calibrated manner.
“We have an overall path to exports…but we will do it in a calibrated manner, Jejurikar said. “We have said right-hand markets first and then, depending on the response, we will look at the left-hand markets.”
“It’s not something we will rush into.”