Mahindra wants to go electric
- The Indian carmaker Mahindra has decided to launch the production of battery electric vehicles (BEV), like many Chinese, European and American carmakers. It is actively looking for investors who could help it launch a range of electric vehicles by 2023-2024. Mahindra thinks the Indian market (it sells practically only in India) is now ready for a transition to electric.
- Mahindra plans to launch five battery electric SUVs in different segments over the next few years which, according to him, should represent a third of its total sales in 2027. Remember that Mahindra does not offer sedans because it is traditionally specialized in the SUV category. A first electric model could be launched as early as January 2023. Mahindra will thus be the second Indian carmaker to market electric vehicles after Tata Motors, its rival which dominates the emerging electric car market in India.
- Yet in 2021, BEVs accounted for just 1% of the Indian market, or 30,000 units out of 3 million vehicles. But the Indian government wants to increase this percentage to 30% of the market in 2030 and offers carmakers significant aid to push them to design and produce electric vehicles locally. Mahindra has already approached Volkswagen to buy electric motors and batteries from it, and joint model projects are being considered.
- The American carmaker Fisker is starting to sell its Ocean electric SUV in India and plans to produce locally, while Tesla has decided to abandon its export plans to India due to high customs barriers.
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