Mahindra has announced the launch of its all-electric XUV400 SUV for September 2022; Three Born Electric Concept SUVs to be unveiled on 15th August; Mahindra’s new subsidiary ‘EV Co’ receives Rs 1925 crores in investment.
Mahindra & Mahindra has committed to launch its first-ever long-range all-electric SUV in September 2022. Based on the Mahindra XUV300 sub-compact SUV, this EV will be called the XUV 400. The company will also unveil its three Born Electric Vision Concept SUVs on the 15th of August. Further, moving ahead on the path of electrification, the home-grown SUV maker has set up a new subsidiary named ‘EV Co’, primarily for the development of its electric vehicles.
Mahindra XUV400 EV: Details
The XUV400 all-electric SUV will be based on its ICE counterpart (XUV300) but the company will increase its length to accommodate the larger EV powertrain components. Originally based on SsangYong Tivoli’s modular architecture, this four-wheeler will offer more space and practicality. The details about its battery and powertrain are still unknown, but we expect the vehicle to offer an electric range of around 400 to 450 kilometres on a single charge. In terms of design, it is expected to closely mimic the eXUV300 Concept which was showcased at the Delhi Auto Expo 2020.
At launch, the XUV400 will primarily rival the likes of Nexon EV MAX and MG ZS EV. The EV is expected to sit in between the two models in the price chart creating a sweet spot for itself in the market.
Mahindra Born Electric Vision and Mahindra’s new EV Sub-Brand
As promised by Mahindra, three of its concept electric SUVs based on the Born Electric Vision platform will debut on the 15th of August 2022. All the three vehicles have been designed at Mahindra’s Advanced Design Studio in the UK under the leadership of Pratap Bose.
Along with this, Mahindra has also announced the incorporation of its new subsidiary ‘EV Co’, aimed at the development of all-new electric vehicles with advanced tech for global markets. The market valuation of this subsidiary stands at Rs 70,070 crores and Mahindra has already raised an investment of Rs 1925 crores from British International Investment (BII). Based on this investment, the BII has a 2.75% to 4.76% stake in EV Co. UK’s Development Finance Institution and M&M have joined hands to bring like-minded investors into the subsidiary in several phases to meet the funding requirements. Mahindra’s EV subsidiary will most likely receive an additional funding of around Rs 8000 crores by FY 2027 for the extension of its product line-up.
