M&M aims to deliver 20,000 XUV400 SUVs in first year itself; shares inch lower

Mahindra & Mahindra (M&M) shares struggled below the flatline on Tuesday, a day after the auto major launched two variants of its first electric SUV, the XUV400. The company said it aims to delivery 20,000 units of the XUV400 within the first year of the launch.

M&M shares moved largely in the negative zone on Tuesday. At 2 pm, the M&M stock traded lower by Rs 4.2 or 0.3 per cent at Rs 1,312 apiece on BSE, having gyrated within a range of Rs 1,304.3-1324.9 apiece earlier in the day.

The auto giant's all-electric SUV will be available starting at Rs 15.99 lakh, according to a company statement. Unveiled by the carmaker in September 2022, the XUV400 will be launched in two variants across 34 cities in the first phase: the XUV400 EL and the XUV400 EC.

M&M said it would will start taking bookings for the XUV400 from January 26, and begin deliveries from March 2023 for the XUV400 EL variant. Deliveries for the XUV400 EC variant will start in the Diwali festive season, according to the company.

ALSO READ: Mahindra rolls out XUV400 in 2 variants. Check out booking dates, price, colors, other details you cannot miss

The introductory prices are applicable for the first 5,000 bookings of each of the variants -- the XUV400 EC and the XUV400 EL.

“The launch of the XUV400 is a momentous occasion in Mahindra’s electric SUV journey. The XUV400 offers a compelling proposition of superior Performance, Design, Space and

Technology at an attractive price," said Veejay Nakra, President-Automotive Sector at Mahindra & Mahindra.

The XUV400 will play in the compact electric SUV segment, currently dominated by Tata Motors' NexonEV range, which is available at a price range of Rs 14.99-20.04 lakh.

Mahindra & Mahindra shares have rewarded investors with a return of 45.7 per cent in the past one year, a period in which the Nifty50 benchmark has declined 1.8 per cent.