Mahindra is going to make a new beginning in the electric vehicle segment. Through the teaser video, the company has confirmed that it will be revealing 5 new electric SUVs on this 15th August. In the latest teaser, the company has said that it will introduce 5 electric SUVs in its Bourne Electric range. These will be unveiled in the UK. That is, the company is moving forward keeping in mind the global market. Mahindra has called it the world premiere. It is believed that the company will offer 5 different styling electric SUVs including a coupe SUV, a compact SUV and a mid-size SUV. Mahindra, which is coming with the intention of strengthening the competition in the electric vehicle market, had released many teasers even before this.
Of the 5 models, four will be ground-up electric vehicles. While a model is expected to be the XUV400, which is to be launched by the end of 2022. The company has also showcased a new coupe SUV which is likely to be called the Mahindra XUV900 Electric SUV Coupe. The company may also showcase an electric mid-size SUV, which will be the size of the XUV700.
Recently, Mahindra’s Chief Executive Officer Anish Shah said during a press briefing that we are confident that we will lead in this area. He had said that it is not just an investment. it’s a start. Going forward, we will also bring in more investors at higher valuations. The Mumbai based company sells several popular vehicles like Scorpio and Thar and is now aiming to dominate the electric vehicle market in the country.
Mahindra has also announced the formation of its new EV subsidiary company. The company has also received an investment of Rs 1,925 crore from British International Investment (BII). Both the companies will work together to strengthen themselves in this segment. Under this partnership, BII will invest money at a valuation of up to Rs 70,070 crore. This money will be invested in the form of compulsory convertible instruments. This will give BII a stake between 2.75 per cent and 4.76 per cent in Mahindra’s new EV company.