New Delhi/Mumbai: To boost its existing SUV presence in the Indian market, Mahindra & Mahindra (M&M) on Monday said it will be introducing a new vehicle platform on August 15 this year.
“There is a new platform vision which will have a series of new products that will come,” Rajesh Jejurikar, ED and CEO – Auto and Farm Sectors, M&M said during the company’s Q4 earnings media call.
During the current fiscal year, the automaker is targeting a capacity increase of 3,000 units for XUV3XO and Thar Roxx. For the new vehicle platform, it will be creating capacity in the Chakan plant of 1.2 lakh per annum.
Mahindra is also looking to open a new plant; however, the final location has not yet been decided. The decision will depend largely on the subsidies and incentives offered by various state governments.
“We will start working on a complete new greenfield project to be up by FY28,” Jejuriker said.
“It will be a large, futuristic plant that will be set up. At this point, we are thinking of it as a primarily passenger vehicle plant, but we would keep provisions open for some other elements of our business to come in as we start conceptualising it,” he added.
Mahindra BEVs
Last year, the Mumbai-based automaker announced its plan to introduce seven battery electric vehicles (BEVs) by 2030. Since then, it has delivered 6,300 units of its two electric SUVs—XUV 9e and BE 6—which were launched last year, with customer deliveries commencing on March 20 this year.
Jejuriker said that unlike ICE SUVs, Mahindra’s goal for eSUVs is not to chase volume market share, but revenue market share. “Our average selling price is much higher than most of our other players, which is what makes us comfortably revenue number one in SUV. So that’s really the goal post, and stays like that.”
The company noted that its BEV business has achieved EBITDA positivity even without the support of the Production-Linked Incentive (PLI) scheme. However, it anticipates that reaching a positive EBITDA margin will take a few more quarters– potentially up to a year and a half.
For FY26, it expects its SUV portfolio (including electric models) to register a double-digit increase, projecting a mid-to-high teens growth rate.
Mahindra attributes the high consumer demand for its SUVs to product uniqueness, its quality and that customers are getting a very high quality at a very reasonable price as well.
For calendar year 2026, the plan is to launch 3 ICE SUVs including two mid-cycle enhancements along with 2 LCVs, including one ICE and one EV in the less than 3.5 T category.
Addressing the industry-wide concern of high inventory build-up, the company expressed confidence that its dealership inventory remains ‘well under control.’
