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Informist, Monday, May 5, 2025

--M&M: Average waiting time for delivery of new models 4 months now

--M&M: To soon apply for PLI incentives for one electric SUV model

--M&M: May take some price hikes on EVs, not decided quantum yet

--CONTEXT: Comments by M&M management in post-earnings analyst call

--M&M: Working on new variants with high battery range in EVs

By Narayana Krishna and Gopika Balasubramanium

HYDERABAD - Mahindra & Mahindra Ltd. on Monday said it might raise the prices of some of its electric vehicles soon, though it hasn't decided on the quantum and time yet. Speaking in a post-earnings conference call, M&M's management said the company was focused on reorientation of its electric vehicle products based on customer experiences and market feedback.

"We will take some price increases soon but nothing planned immediately," the management said. M&M plans to introduce new variants of its electric vehicles with different battery packs and range. The company offers a range of electric vehicles across both the passenger and commercial vehicle segments. In the passenger vehicle category, it currently sells the XUV400, its first mainstream electric SUV, with a claimed range of up to 456 km.

The company recently launched the BE.6 and XUV.e9 under its Born Electric lineup, both mid- to large-size SUVs. In the commercial segment, M&M offers the Treo series--Treo, Treo Yaari, Treo Zor-- and the E-Alfa range, which are electric three-wheelers designed for passenger and cargo transport. According to M&M's March quarter earnings presentation, the company plans to launch at least three new electric vehicles in 2025-26 (Apr-Mar).

M&M's management said electric vehicle customers were looking for a higher range against other features that vehicle manufacturers are offering. The company is working on offering 79 kWH battery pack variants for some models, which may give a range of 450-500 kilometers, which will be a big differentiator in the electric vehicle market, M&M said.

For the March quarter, the company's net profit rose 22% on year to INR 24.37 billion and its revenue rose over 24% to INR 316 billion

M&M's management said the company was eligible to claim incentives under the Centre's production-linked incentives scheme for its XEV9e electric utility vehicle. The company plans to apply for the incentives soon. The management said the company was hoping to get the required certifications during Jul-Sep to complete the application process for the scheme.

On delivery of new models, particularly electric vehicles, the current average wait time is about four months, M&M said, adding that booking momentum for new vehicles was steady and very strong. 

M&M said it is upgrading its sports utility vehicle XUV 700  with new software, which would enhance safety features to control overspeeding. The management said the group had identified six scalable business segments at the consolidated level as growth gems and aimed to take those business to $2 billion - $3 billion valuation by FY30. These business segments are logistics, hospitality, real estate, last mile mobility, Susten, and trucks and buses. 

On Monday, shares of M&M closed at INR 3,021.50 on the National Stock Exchange, up 3.3% from the previous close.  End

Edited by Avishek Dutta

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