In its earnings report for FY 2023–24, Mahindra & Mahindra recently disclosed that, during the just ended fiscal year, the company’s overall earnings for the whole automotive division amounted to Rs 76,156 crores. This resulted in a 24% increase in revenue over the prior fiscal year.
Additionally, the carmaker reported revenue of Rs 20,908 crore for the fourth quarter of the fiscal year that ended, representing a YoY increase of 22% over the same period in the prior fiscal year. Mahindra also provided information about its future goods during yesterday’s earnings call.
Mahindra to launch 16 new SUVs by 2030
By 2030, Mahindra plans to introduce up to 16 new SUVs into the passenger car market. Nine vehicles with combustion engines and seven with all-electric propulsion are included in this. Three of the seven combustion SUVs—including the recently released XUV 3XO—will be mid-cycle facelifts of current models, with the other three being completely new models.
In the upcoming years, Mahindra is anticipated to introduce updated versions of the XUV 700 and Scorpio N in addition to the XUV 3XO. The first of the all-new vehicles to hit the market will be the 5-door Thar, which is reported to be dubbed Thar Armada. It is scheduled to make its world premiere on August 15 of this year.
Mahindra is set to introduce seven new battery electric vehicle (BEV) models, including the Born Electric XUV.e8, XUV.e9, BE.05, BE.07, and BE.09 variants. Mahindra’s Born Electric SUVs will all be built on the INGLO architecture, albeit with different motor and battery options. By the end of this year, Mahindra is anticipated to start producing these SUVs, starting with the XUV.e8.
In addition to the aforementioned models, Mahindra is developing an all-electric Thar variant; a design for the vehicle was unveiled in August of last year. Additionally, it has been rumoured that Mahindra has submitted trademark applications for the XUV 1XO and XUV 5XO, which will be positioned below and above the XUV 3XO, respectively.
Production capacity expansion
Mahindra has a 39,000 unit monthly production capacity for passenger cars at the end of FY2023. The capacity increases to 49,000 units per month by the end of FY 2024.
By the conclusion of FY2025, Mahindra plans to increase its capacity by an additional 64,000 units per month. This entails a 5,000 rise in combustion SUVs and a 10,000 increase in EVs.
