M&M to launch fully electric version of XUV 300 SUV in Q1 of 2023, unveil its electric vehicle business strategy in August

Mahindra & Mahindra (M&M) is planning to launch the fully electric version of its XUV 300 SUV in the market in the first quarter of next year, a PTI report said quoting the company. It will unveil its electric vehicle business strategy, 'Born Electric Vision' of EV concept  in August of this year, the home-grown auto major has revealed.

To explore the use of the latter's modular electric drive matrix (MEB) components that can be used in its electric cars, the Mumbai-based firm has recently partnered with Volkswagen.

According to PTI, the MEB electric platform and its components enable automakers to swiftly and cost-effectively expand their electrified vehicle portfolio.
 
"We will be launching the electric version of XUV 300, which we hope to have in the first quarter of the next calendar year," M&M Executive Director Rajesh Jejurikar said at a media conference on Monday.

Despite the fact that it is termed the electric version of the XUV 300, he claims it is a 4.2 metre long car, not a sub-4 metre vehicle.

The 'Born Electric Vision' will be unveiled in the UK on August 15, according to Jejurikar.

Despite a waiting period of 18-24 months, Jejurikar claims that the recently debuted XUV 700 has received only 10%-12% cancellations.

"XUV 700 has been a huge success and even with the kind of period we have now, which is 18-24 months and despite producing 5,000 vehicles a month, we are getting bookings of more than 9,000-10,000 units every month," he said.

He, however, said that if the company ramps up capacity and semiconductor supplies increase further, the wait time will shorten.

On Saturday, Mahindra & Mahindra announced an almost five-fold increase in standalone profit for the quarter ended March 31, 2022, at Rs 1,192 crore.

According to the company, it had a profit of Rs 245 crore in the previous financial year, said PTI.

Revenue increased by 28 percent to Rs 17,124 crore in the quarter under review, compared to Rs 13,356 crore in the March quarter of 2020-21, according to the company.

(With the inputs of PTI)