Mahindra XUV300 electric SUV to launch in 2023, will be longer than 4-meter models
The company also revealed that its electric car business plan, dubbed "Born Electric Vision," will be unveiled in August of this year. The Mumbai-based startup has recently joined with Volkswagen to investigate the usage of the latter's modular electric drive matrix (MEB) components in its electric vehicles.
FollowMahindra & Mahindra may soon enter the Indian electric car market, as the domestic automaker wants to release a completely electric version of its XUV300 SUV in the first quarter of 2023. The company also revealed that its electric car business plan, dubbed "Born Electric Vision," will be unveiled in August of this year. The Mumbai-based startup has recently joined with Volkswagen to investigate the usage of the latter's modular electric drive matrix (MEB) components in its electric vehicles.
The MEB electric platform and its components enable automakers to rapidly and cost-effectively expand their electrified vehicle line. "We will debut the electric version of the XUV 300, which we aim to have in the first quarter of next calendar year," M&M Executive Director Rajesh Jejurikar said during a press conference.
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He stated that, although being marketed as the electric version of the XUV 300, it is a 4.2-meter-long car rather than a sub-4-meter-long vehicle. Jejurikar stated that the 'Born Electric Vision' would be unveiled in the United Kingdom on August 15. Despite a waiting period of 18-24 months, Jejurikar claims that the recently debuted XUV 700 has received just 10-12 percent cancellations.
"XUV 700 has been a big success and even with the sort of time we have today, which is 18-24 months, and despite producing 5,000 vehicles per month, we are getting bookings of more than 9,000-10,000 units per month," he continued.
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He did, however, say that when the business ramps up capacity and semiconductor supplies increase more, the waiting period would shorten. Mahindra & Mahindra announced an almost five-fold increase in standalone profit for the quarter ended March 31, 2022, at Rs 1,192 crore.
The firm reported a profit of Rs 245 crore in the previous fiscal year. Revenue increased by 28% to Rs 17,124 crore in the fiscal year under review, compared to Rs 13,356 crore in the March quarter 2020-21.
M&M reported the highest-ever standalone revenue for the car and farm businesses in FY22, at Rs 55,300 crore, a 29 percent increase over the previous year. It also stated that the company's auto business recorded the largest quarterly UV (utility vehicle) volumes in Q4 ever, with a 42 percent year on year increase.
