We want to rejuvenate the EV market and shift the perception of EVs as a choice driven by cost, to one driven by desire, M&M's Veejay Nakra said.
14 Jan 2025 | 4803 Views | By Prerna Lidhoo
Ahead of the Bharat Mobility Global Expo 2025, Mahindra & Mahindra (M&M) said that its latest launches, the BE 6 and XEV 9e, are part of its larger strategy to make luxury electric SUVs more mainstream. The company that launched the premium variants of its BE 6 and XEV 9e ...
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Ahead of the Bharat Mobility Global Expo 2025, Mahindra & Mahindra (M&M) said that its latest launches, the BE 6 and XEV 9e, are part of its larger strategy to make luxury electric SUVs more mainstream. The company that launched the premium variants of its BE 6 and XEV 9e electric SUVs at Rs 26.90 lakh and Rs 30.50 lakh (ex-showroom), respectively, added that these models challenge the traditional definition of EVs in the market.
The Indian EV market experienced strong growth in CY 2024, expanding by 20% with total sales reaching 99,068 units. Tata Motors led the way with 61,435 units sold, followed by JSW-MG Motor with 21,464 units, and Mahindra with 7,105 units.
Unlike traditional high-end EVs that are often out of reach for most consumers, Mahindra’s new strategy focuses on offering cutting-edge design, advanced features, and sustainability at an affordable cost, Veejay Nakra, President of Mahindra’s Automotive Sector and Joint Managing Director, Mahindra Electric Automobile Limited told Autocar Professional.
This strategy, he adds, aligns with the company’s broader vision of making electric vehicles not just a niche product for early adopters, but something that the mainstream consumer can aspire to own. The BE 6 and XEV 9e are built on Mahindra’s new born-electric IN-GLO platform, which forms the foundation for the company’s future EV offerings. Nakra emphasized that while these models are designed as aspirational products, the aim is to make them accessible to a larger audience. “Our goal is to democratize luxury. We want to bring world-class technology and features at a price point that appeals to the mass market,” Nakra said.
Nakra explained that while the BE 6 and XEV 9e are premium in terms of design, features, and build quality, the focus is on broadening the appeal of EVs in India. “It’s not about exclusivity for the elite few. We are bringing innovation that everyone can benefit from, making luxury and cutting-edge technology accessible to a much larger base,” he said. The move is a bold step as several key players, including Tata Motors, MG Motor, and Hyundai, are ramping up their efforts in the electric vehicle market. With major competitors preparing to launch electric models in the coming year, Mahindra is positioning itself to lead the charge in making EVs both desirable and attainable for a wider range of consumers.
The upcoming Bharat Mobility Show is set to feature new electric models from major players, including Maruti Suzuki’s e-Vitara and Hyundai’s Creta Electric, both likely to be priced in a similar range to the Mahindra BE 6. Toyota has also unveiled the Electric Urban Cruiser, which shares components with the e-Vitara. Meanwhile, Mahindra is preparing to expand its lineup with two additional models based on its IN-GLO platform. Tata Motors is also making strides, with the upcoming Sierra EV and Harrier EV further heating up competition in India’s rapidly evolving electric vehicle market.
Nakra said that the demand for M&M’s new range of EVs isn’t limited to urban centers. Tier 2 and Tier 3 cities, with their rising affluence and greater ease of setting up charging infrastructure, are increasingly becoming important markets. “Tier 2 and Tier 3 cities are home to a large number of professionals and entrepreneurs with high aspirations, and they are equally keen on owning premium products,” he said, adding that localized charging solutions in these regions make it easier for consumers to switch to electric.
Despite the overall slowdown in the growth of mass-market EVs, Mahindra remains optimistic about the future. “Innovation and fresh offerings are key to driving growth in any category. We aim to rejuvenate the EV market and shift the perception of electric vehicles as a choice driven by cost, to one driven by desire,” he said.
With the BE 6 and XEV 9e, Mahindra also plans to capture first-time customers. Nakra mentioned that the company’s EV strategy is expected to attract a mix of customers, including high-net-worth individuals who may be new to the Mahindra brand but are seeking premium, aspirational vehicles.
As with any new technology, Mahindra faces challenges in localizing its EV offerings, especially in areas like battery production and component sourcing. However, Nakra affirmed that the company is committed to achieving 50% localization under the Production Linked Incentive (PLI) scheme, which will help reduce costs and make the vehicles more affordable.
In a departure from the trend of dedicated EV dealerships, Mahindra will sell the BE 6 and XEV 9e alongside its existing range of ICE vehicles, including the popular Thar, Scorpio, and the XUV7OO. This move aims to provide customers with a broader selection of vehicles in one place, giving them the freedom to choose between electric and internal combustion models, based on their needs. While some cannibalization between models may occur, Nakra sees this as an opportunity to strengthen customer retention by offering a wider variety of products under the same roof. “We want customers to have the freedom of choice, and our multi-segment approach ensures they can find exactly what they’re looking for, whether it’s an EV, an ICE vehicle, or a combination of both,” he said