The automobile company plans to launch four electric vehicles manufactured on the new INGLO platform in December 2024 and October 2026
Automobile major Mahindra & Mahindra (M&M) is all set to launch four electric vehicles (EV) models under the brand names XUV and BE. These new variants will be manufactured on a newly developed platform, INGLO.
The first car, XUV.e8, will be launched in India in December 2024, while XUV.e9 will arrive in April 2025. BE.05 will debut in October 2025 and BE.06 will be launched in October 2026.
M&M plans to invest Rs 10,000 crore on the INGLO platform and has collaborated with Volkswagen for components such as electric drivetrain, battery system, and battery cells. Design inputs for these vehicles will be taken from its India, UK, and Italy centers, brokerage firm Emkay said in a report.
Riding The EV Wave
M&M’s total investment in the electric passenger vehicle entity is expected to be Rs 10,000 crore. This would cover the cost of developing the INGLO platform and the upcoming four EV models.
The company plans to stagger this investment over the coming years, with Rs 2,000 crore in FY22-23 and FY23-24, respectively. It will invest the remainder of Rs 6,000 crore during FY25-27.
M&M plans to meet a part of the funding over FY24-27 directly or through debt and third-party investors. The infusion from the British International Investment Plc (BII) would be at Rs 1,925 crore.
The announcement of model pricing and order bookings is expected in January 2023. The model is to be launched in a staggered manner, with 16 cities in the first phase.
Earlier this month, M&M company launched the XUV 400 EV. On upcoming powertrains, M&M’s management has indicated that it will not venture into hybrids and will focus only on EVs, Emkay says.
What’s New About INGLO
The new INGLO platform would include blade and prismatic batteries with a 60-80 kilowatt per hour (kWH) capacity. Promising fast charging of up to 175 kWH, it will allow 80 per cent charging within 30 minutes.
The 170-250 kWH output will support the acceleration of 0-100 kilometers per hour in under six seconds. It would also allow variable lengths between 4.3-4.8 meters, says Emkay.
Vehicles developed on this platform will have an optional all-wheel drive (AWD), multiple drive modes and an advanced driver-assistance system (ADAS).
Led by multiple products, the aspirational EV volume target by FY27 stands at 200,000 units. This implies a 30 per cent penetration in the EV market, Emkay adds in a report authored by Raghunandhan NL.
The brokerage company has a positive view of M&M due to its sales upcycle across segments and a large order book in passenger vehicles which stands at over 270,000 units. It raised its FY23-25 estimated EPS by 3-7 per cent, factoring in an increase in volume assumptions. It has also reaffirmed a buy rating on the stock for a target price of Rs 1,490.