Mahindra and Mahindra (M&M) has finally revealed that the all-electric version of the XUV300 will be rechristened ‘XUV400’ and this SUV could roll out as early as the first quarter of next year.
Mahindra has also said that the electric SUV will be its first long-range electric vehicle (EV).
 |
| Mahindra XUV400 electric vehicle. |
According to sources, the XUV400 could come with multiple battery packs and the range on a single charge may be around 450 km. According to industry insiders, the XUV400 is likely to carry a price tag of Rs 15 lakh.
Mahindra has already unveiled that its EV would measure 4.2 metres, slightly longer than the XUV300, which is less than 4 metres. The XUV400 would also come with distinctive style changes, mainly in the rear.
Although the XUV400’s design will be “EV-centric”, the silhouette of its internal combustion engine (ICE) counterpart is likely to stay.
India’s EV market is dominated by Tata Motors but comprises only 1 per cent of the total yearly sales of about 3 million vehicles (including petrol and diesel ones).
The Centre is eyeing a growth of 30 per cent for EVs by 2030. With its EVs, Mahindra aims to capture 30 per cent of the market in five years.
Mahindra and Mahindra (M&M) has formed a new EV subsidiary that would focus on marketing world-class electric cars and this could make M&M a big challenger to Tata Motors in the medium-to-long term.
This new company by M&M is set to launch electric four-wheelers for the global market and also intends to be the top player in India. Currently, Tata Motors is the undisputed king in India’s EV space.
Mahindra happens to be the first major original equipment manufacturer (OEM) in the country to enter the electric vehicle space.
After the takeover of Reva, Mahindra Electric was formed, with cars like e2O and e2O Plus hitting the road.
These cars were also launched in global markets. But sales fell far short of the target, prompting M&M to junk the project.
Mahindra has already got a funding boost of Rs 1,925 crore for its EV project from UK-based British International Investment (BII). BII would infuse funds in the form of compulsory convertible instruments at a valuation of up to Rs 70,070 crore.
M&M-BII hopes to bring in some like-minded investors into their EV company to cater to the funding requirements. And, this would be done in a phased manner.
BII’s investment would boost the adoption of electric vehicles across the country and in other markets of M&M.
The funds would be utilised primarily to manufacture and market a portfolio of world-class electric SUVs that come with advanced technologies.
A survey by automotive consulting company Roland Berger says Indian consumers are twice as likely than those in the UK and the US to consider buying an EV.
With Mahindra ‘XUV400’ set to roll out in the first quarter of next year, car buffs are waiting with bated breath to see how it is actually priced, how powerful and dependable the battery is and how it performs compared to the Tata Nexon.
No comments:
Post a Comment