Reuters’s Report According to Mahindra’s Chief Executive Officer Anish Shah said during a press briefing that we are very confident that we will lead in this area. He said that this is not just an investment. it’s a start. Going forward, we will also bring in more investors at higher valuations. The Mumbai-based company sells popular vehicles like the Scorpio and Thar and is now aiming to dominate the electric vehicle market in the country.
A few days back, the company had detailed its plans to foray into the electric segment with the launch of the eXUV400. The vehicle is expected to be launched in September 2022. Mahindra is planning to invest more than $1 billion to strengthen itself in electric vehicles.
Recently, a statement of Mahindra’s chairman Anand Mahindra has also come to the fore. A Twitter user had asked Anand Mahindra what he thought about Tata vehicles. In response, Anand Mahindra said that having such a rival motivates us to do better. He wrote that it is fortunate to have strong competitors like Tata Motors. He constantly reinvents himself, which motivates us to do better.
Mahindra’s first electric SUV will be the eXUV400. Its direct competition will be from Tata Nexon EV. Its sales are expected to start in the first quarter of next year. It could come with a range of 300 km, compared to the certified range of the Nexon EV of 312 km. By the year 2026, Mahindra is preparing to launch 4 more electric SUVs.