Mahindra & Mahindra Plans to Sell 2 Lakh Electric Vehicles by FY-27

Mahindra & Mahindra hopes to sell 2 lakh electric vehicles by FY-27, as it embarks on a new path to capture a share of the electrification shift. M&M intends to have a portfolio of five electric vehicles in the next five years after investing more than $1 billion in the EV business.

According to Rajesh Jejurikar, ED at Mahindra & Mahindra, the company expects EVs to account for 20-30% of its volume by FY-27, which translates to approximately 2 lakh units.
British International Investment (BII) provided $250 million to the company on Thursday for its new wholly-owned electric vehicle company. The investment was worth up to Rs 70,070 crore ($9.1 billion).

"We are very confident that we will take a leadership position in this space. We have an external endorsement of our plans through this fund infusion. This is the starting point, we will bring in more investment in the future with a higher valuation," said Anish Shah, MD of Mahindra & Mahindra.

The company plans to unveil its EV vision on the 15th of August in Oxfordshire, UK and it begins this new journey with the unveiling of the XUV 400 in September 2022.