M&M Plans To Launch Electric Variants For Its Crossover SUVs

Mahindra and Mahindra Ltd. plans to launch electric variants of all its crossover SUVs, as government pushes to electrify all vehicles on road by 2030.

At the launch of a refreshed variant of KUV 100, M&M’s Managing Director Pawan Goenka said the next step would be to introduce an electric variant of the compact SUV. M&M is the only Indian maker of electric vehicles.

India’s largest utility vehicle maker launched the entry-level KUV 100 NXT starting at Rs 4.39 lakh (ex-showroom) for the petrol variant and Rs 5.39 lakh for the diesel offering. The new variant comes less than two years after the launch as M&M looks for a bigger share of the fast-growing segment.

Compact SUVs dominate the utility vehicle sales in India. Maruti Suzuki Ltd.’s premium offering, the Vitara Brezza, is the highest selling SUV and averages 9,000-11,000 units a month. In comparison, M&M sold around 60,000 units of the KUV 100 in the 21 months since launch. Sales of compact-SUVs are growing at over 60 percent, the company said.

M&M usually comes out with a refreshed variant after 30 months of a launch. “The timelines are being shortened. Refreshes are now being planned after 18-20 months,” Goenka said. Work begins on refreshes before a model is launched, he said.

The KUV 100 update includes cosmetic changes like a new front grille, LED lights, a new spoiler, and an increase in length. The company has also added a new infotainment system, and standardised safety features. The cost to develop the refurbished compact SUV was a “frugal investment” of Rs 90 crore, the company said.

M&M is offering Rs 25,000-50,000 discount on its compact-SUV, Rajan Wadhera, the president of the company’s automotive division, told BloombergQuint. That’s putting pressure on margins, he said.

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