‘Mahindra's KUV100 Electric To Be Priced Under ₹9 Lakh’

Automobile major Mahindra & Mahindra (M&M) said India's electric vehicles dream is not far from realisation but it needs steps like priority financing and duty reduction on certain parts to push e-mobility.

Mahindra & Mahindra MD Pawan Goenka said the company plans to launch e-KUV100 in the first quarter of next fiscal which would be priced competitively and cost less then Rs 9 lakh. "We have the Atom (quadricycle), last-mile connectivity four-wheeler that will be launched in the third quarter of the coming financial year and that would hopefully redefine last-mile connectivity," he said.

He further said M&M will launch high-range electric XUV300 in 2021, and "that will be our first entry into the personal use segment" while all other products are designed for shared mobility.

The company, which sells various electric models like e-Verito and e2O, said that with more manufacturers like Tata, Hyundai, MG Motors and Maruti Suzuki coming in the segment, there will be more acceptance of electric vehicles (EVs).

Goenka said it was time for manufacturers to work towards reducing EV prices in order to make it viable for personal usage even as new business models in the shared mobility space proving it to be a sound proposition.

"OEMs (original equipment manufacturers) need to reduce prices of electric vehicles by 8-10%. We are working on it. Reduced prices would help in better offtake of such vehicles," Goenka said.

Commenting specifically on Mahindra, he said the company would like to reduce the price of e-Verito to around Rs 11 lakh from Rs 12 lakh currently.

"To achieve that, we are focussing on localisation and also with cell prices going down, it should help. Right now, there is 5% duty on import of cells, if that can be reduced then there can be a reduction of at least Rs 20,000 in vehicle price," he said.