Mahindra & Mahindra, a home-grown auto manufacturer, announced that it plans to launch an electric version of its XUV300 SUV in the market during Q1 2023.
The company also announced its new electric vehicle business strategy, “Born Electric Vision”, in August 2022.
Recently, the Mumbai-based company collaborated with Volkswagen to explore how it can use its modular electric drive matrix (MEB), components for electric cars.
MEB’s electric platform and its components enable car manufacturers to quickly and economically build their electrified vehicle portfolio. Rajesh Jejurikar, M&M executive director, stated that the electric version of XUV300 will be launched in the first quarter of next year.
He stated that even though it is called the “electric version” of XUV300, it is a 4.2-meter long vehicle and not sub-4 meters. Jejurikar stated that the company will unveil the ‘Born Electric Vision’ in the United Kingdom on August 15.
He said that XUV 700 was a great success, even with the period of 18-24 months, and despite producing 5,000 vehicles per month, we are receiving bookings of over 9,000 to 10,000 units each month.”
However, he stated that the company will reduce the waiting period as it increases its capacity for semiconductor supplies.
Mahindra & Mahindra reported a nearly fivefold increase in standalone profit to Rs 1,192 crore for the quarter that ended March 31, 2022. It stated that the company had made a profit of Rs 245 Crore in the previous year.
It added that revenue grew by 28% to Rs 17,124 crore during the period under review, compared with Rs 13,356 crore for the March quarter of 2020-21.