Mahindra and Mahindra, major players in India’s automotive industry, bring the latest electric vehicles that prioritize single-charge distance and advanced technology.
Mahindra’s current electric offering, the XUV400, is a precursor to a broader foray into the EV market. Their “Born Electric” range, set for launch starting Q1 2025, aims to introduce seven new models by 2023. However, despite a remarkable 91% surge in FY24, India’s electric four-wheeler market exhibits signs of a slowdown, with April sales dipping by 22%.
According to R. Velusamy, M&M’s president of automotive technology and product development, the short-term focus on Total Cost of Ownership (TCO) appeals to early adopters, long-term success hinges on range, technology and overall user experience.
He underscores that customers prioritize connectivity, multiple screens, and personalisation, regardless of whether the vehicle is electric or traditional.
Puneet Gupta, director at S&P Global Mobility, observes that India’s EV market is in its infancy, attracting experiential, aspirational, and youthful buyers. These tech-savvy consumers are willing to pay a premium for vehicles loaded with high-tech features, indicating a promising outlook for Mahindra’s strategy.
With a customer base accustomed to spending over Rs. 20 Lakh on petrol and diesel models, Mahindra’s pivot towards premium EVs seems strategic. Gupta further highlights Tata Motor’s competitive edge in pricing, which is attributed to their comprehensive involvement in the EV ecosystems and focused incentives.
He then compares the strong customer reception to Mahindra’s XUV70 and Scorpio N SUVs despite their comparatively higher price tags.
He also compares the perspectives of today’s car buyers who are not looking at a car to commute from one point to another but see it as a moving office, home, or a cafe. Therefore, one is no longer discussing what is the right thing from an engineering perspective but what’s right from the customer’s point of view, added Velusamy.
