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Mahindra Electric seeks partners to strengthen its EV Portfolio in India

Mahindra & Mahindra’s EV division is almost ready with the eXUV300 or XUV300 Electric subcompact crossover

To strengthen the Indian automotive market’s infant yet growing EV scenario, Mahindra & Mahindra group is looking for strategic partners to scale up its subsidiary, Mahindra Electric. Despite facing a 94 per cent decline in profits for the June quarter due to COVID-19 and regional lockdown protocols, the Indian automaker states that its EV-launch plans stay unaffected. Mahindra Electric is arguably the pioneers of the nation’s push towards electric mobility in PV (passenger vehicle) segment.

Immense interest in India’s EV space

According to Pawan Goenka, Managing Director of Mahindra & Mahindra, the company has “invested significant capital in the segment”. He added that M&M officials are in talks with “multiple interested parties” to invest in Mahindra Electric. “We are fairly well invested (to drive the EV market),” states Pawan Goenka. In addition to a dedicated facility in Bangalore, the company has invested in its Chakan manufacturing facility to develop high-range battery packs.

Mahindra & Mahindra group aims to be a dominant player in the global EV space with Mahindra Electric in the affordable PV segment. Higher up on the price ladder, Mahindra-owned Italian automaker Automobili Pininfarina will introduce performance-focused electric products (major portfolio expansion in the plans).

Mahindra Funster Electric Concept
Mahindra Funster Electric Concept

The iconic design firm has only one product at present, Pininfarina Battista electric hypercar. It was unveiled at 2018 Pebble Beach Concours d’Elegance and production (limited to just 150 units) was scheduled to start sometime this year. However, COVID-19 and related confusions pushed the production timeline to 2021.

Mahindra & Mahindra recently shared that it is looking forward to a new partnership to run the South Korean subsidiary, SsangYong Motor Company. Mahindra has decided to back off from investing further in SsangYong, except about $32 million to help it stay afloat. Certain parties have already shown interest in the company.

Mahindra eXUV300

The much-awaited Mahindra eXUV300 (or XUV300 Electric) will directly rival Tata Motors’ Nexon EV. Based on the brand’s all-new MESMA 350 architecture, the all-electric subcompact crossover (or “compact SUV”) promises a range of over 370km (under ARAI testing) on a full charge. Real-life range figures would exceed 300km.

‘MESMA’ expands to Mahindra Electric Scalable and Modular Architecture. It supports 60-280kW motors as well as battery capacities ranging up to 80kWh. Dual-motor setups (electric AWD) are also possible. The 2021MY SsangYong E100, the Tivoli-based electric crossover, is developed over MESMA. It is worth mentioning that the SsangYong Tivoli formed the base for Mahindra’s successful XUV300.

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