M&M to focus on the distance travelled in a single charge, in its EVs

28 May 2024 , 12:27 PM

Instead of focusing just on affordability, Mahindra & Mahindra’s new line of electric vehicles will prioritise the newest technologies and the distance they can cover on a single charge. While the TCO (total cost of ownership) approach to EV development, or how much one saves when switching from petrol or diesel cars to EVs, may work in the short term for ‘early adopters’, in the long run, it’s the range, technology, and overall experience that will help in creating new market segments and to grow sales, according to R. Velusamy, president, automotive technology and product development at M&M, in an interview with ET.

The consumer doesn’t care if you drive an ICE car or an electric vehicle as long as you have the necessary range and can provide an amazing experience. According to Velusamy, a large number of other OEMs (original equipment manufacturers) have calculated TCO incorrectly. “Today’s consumer demands it all—from multiple screens and connectivity to their gadgets and personalised experiences,” he stated.

Mahindra now only offers the XUV4OO as an electric variant. The carmaker is getting ready to make a significant move into the electric vehicle market with the launch of its “Born Electric” range, which was created from the ground up, in the first quarter of 2025. Mahindra intends to introduce seven new plug-in hybrid vehicles by the year 2030.

India’s electric four-wheeler market appears to be cooling off after rising over 91% in FY24. In April, sales dropped 22% sequentially to 7,415 units, the lowest level since January.

Tata Motors, the market leader in EVs, acknowledged that the EV sector’s early adopter phase is coming to an end. In a post-earnings call earlier this month, P. Balaji, the chief financial officer of Tata Motors Group, stated, “We are clear that the phase of early majority wanting to come in on an enthusiastic mode is probably getting over.”

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