Mahindra & Mahindra unveils two new EVs priced under Rs 22 lakh, shares up by 3%

Auto major Mahindra & Mahindra (M&M) made headlines on Tuesday by expanding its electric vehicle (EV) portfolio with the launch of two all-new ground-up models—BE 6e and XEV 9e. The move positions M&M aggressively in the competitive EV market, attracting attention from investors and customers alike.

The BE 6e and XEV 9e come with starting prices of Rs 18.9 lakh and Rs 21.9 lakh (ex-showroom), respectively, with deliveries expected to commence in February-March 2025. Rajesh Jejurikar, Executive Director and CEO for the auto and farm sectors stated, “We believe we have a very competitive offering that will create a category.”

The BE 6e boasts an impressive range of 682 km, while the XEV 9e offers 656 km per charge. A phased rollout of these models will begin in January 2025, with a dedicated team of 500 specialists ensuring a premium pre-purchase experience.

To strengthen its EV push, Mahindra is setting up a Rs 12,000 crore investment in its EV business, including a new manufacturing line at Chakan with an annual capacity of 1.2 lakh units.

Stock and Financial Performance

Shares of M&M have surged 92% in the past 12 months and are up 76% in 2024, reflecting robust investor confidence. The company reported a 35% YoY growth in Q2 FY25 PAT at Rs 3,171 crore and a 10% revenue increase to Rs 37,924 crore.

With a focus on innovation and investment, Mahindra’s EV strategy could further bolster its market position in the burgeoning electric mobility space.