TechnologyMahindra's big preparations for electric vehicles, there will be investment of Rs...

Mahindra’s big preparations for electric vehicles, there will be investment of Rs 120 billion

Mahindra & Mahindra, one of the largest automobile companies, has planned to expand its Electric Vehicles (EV) business. For this, the company will invest about Rs 120 billion in its EV unit. It plans to sell some assets related to its EV business to its EV unit for Rs 7.96 billion.

The company’s profit in the fourth quarter of the last financial year has been higher than expected. The reason behind this is the increase in sales of Sports Utility Vehicles (SUV). Mahindra has one EV model – XUV400. The company said that it will increase the range of EV by next year. The XUV400 competes with MG’s ZS EV and Tata Motors’ Nexon EV. Features like electronic stability program, tire pressure monitoring, cruise control and fog lamps have been provided in it. Sales of electric vehicles in the country have increased rapidly in the last few years. Many automobile companies are launching their new models in this segment. Tata Motors has the highest share in this segment.

The company’s recently launched sub-compact SUV XUV 3XO has received good response from customers. Mahindra has received more than 50,000 bookings within 60 minutes of its booking opening. Its delivery will start from May 26. The price of XUV 3XO ranges between Rs 7.49 lakh to Rs 15.49 lakh (ex-showroom). Booking for this can be done for Rs 21,000 through Mahindra dealerships or its website. It will compete with Maruti Suzuki’s Brezza, Hyundai’s Venue and Kia’s Sonet. The company’s President (Automotive Division), Veejay Nakra, said, “XUV 3XO has received more than 50,000 bookings within a short time of the launch of bookings. This is a testament to the faith customers have in the company.”

Mahindra has provided panoramic sunroof for the first time in this segment. It will have floating infotainment system and digital instrument cluster. Its 1.2 liter petrol engine generates maximum power of 109 bhp and peak torque of 200 Nm. Apart from this, 1.2 liter GDi petrol engine gives power of 129 bhp and peak torque of 230 Nm. Its 1.5 liter diesel engine has a maximum power of 115 bhp and peak torque of 300 Nm.

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Automobile, Manufacturing, Sales, Profit, Market, Demand, SUV, Features, Electric Vehicles, Tata Motors, Investment, Battery, Prices

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