Mahindra Aims for 30% EV Production by FY27 and 1 Million EVs by 2030

Mahindra and Mahindra, a top automotive manufacturer, plan to shift 30% of their overall auto production to electric vehicles (EVs) by the financial year 2027. Anish Shah, the group MD and CEO, shared this goal at the World Economic Forum in Davos. The company is set to launch around five electric SUV models by December and aims to produce one million EVs in India by fiscal year 2030.

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Key Points: Mahindra

1. EV Production Goals:Mahindra aims for 30% of its entire production to be electric vehicles by FY27 and hopes to increase this number to around 50% by FY30. The ambitious target is part of the company’s sustainability and growth strategy.
2. Upcoming Electric SUVs: The firm is on track to launch about five models of electric SUVs starting from December this year. This move aligns with the growing trend and demand for electric vehicles in the automotive market.
3. Competition with Tesla: Addressing competition concerns, Shah expressed confidence that Mahindra will surpass all competitors, including Tesla. He highlighted the company’s successful models like Thar, Scorpio, and Bolero, asserting their position in the market.
4. Corporate Clean-up and Growth: Shah mentioned that Mahindra Group has completed its corporate clean-up, positioning the company for significant growth. They have set a high bar for growth, aiming for 5X growth in the next five to seven years.
5. Tech Mahindra’s AI Ambition: The IT business arm, Tech Mahindra, is actively involved in AI research and is developing a unique AI search engine. The company sees AI as a crucial part of its future endeavors.
6. EV Ecosystem in India: Shah emphasized the rapid development of the electric vehicle ecosystem in India, driven by the right set of incentives. He stated that hybrid models are a short-term solution, and Mahindra’s focus is on pure electric vehicles for a more efficient future.

1. Challenges and Safety: When discussing EV challenges, including charging infrastructure, Shah highlighted the importance of investing in EVs to create the necessary infrastructure. Safety is a top priority, ensuring the protection and chemistry of EV batteries.
2. Future of Driverless Cars in India: Shah expressed a cautious approach to driverless cars in India, stating it’s “way off in the distance.” He mentioned waiting to observe global adoption and technological advancements before considering its implementation in the Indian context.